MEMPHIS, Tenn., Oct. 20, 2021 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today reported third quarter 2021 net income available to common shareholders ("NIAC") of $224 million, or earnings per share of $0.41, compared with second quarter 2021 NIAC of $295 million, or earnings per share of $0.53.

Third quarter 2021 results were reduced by a net $51 million after-tax, or $0.09 per share, of notable items tied to the IBERIABANK Corporation Merger ("IBKC Merger") and early retirement of certain trust preferred securities compared with a net $26 million after-tax reduction, or $0.05 per share, in second quarter 2021. Excluding notable items, adjusted third quarter 2021 NIAC of $275 million, or $0.50 per share, decreased from $321 million, or $0.58 per share in second quarter. The decrease was led by a $0.04 per share reduction tied to lower provision credit.

"Our results this quarter reflect the emerging benefits of the power of the combined organization," said President and Chief Executive Officer Bryan Jordan. "Operating in high growth markets with an attractive base of specialty businesses positions us well to deliver more resilient results through a range of cycles. We delivered EPS of $0.50 and ROTCE of over 18% on an adjusted basis despite the challenging interest rate environment. Core net interest income was up 1% as we delivered loan growth of 1% before the impact of the PPP portfolio and continued to drive down our funding costs. Additionally as markets reopened during the quarter, we saw growth in more traditional banking fee income businesses including wealth and deposit products."

"We also continued to focus on reallocating capital and investments toward higher growth, higher return opportunities across the franchise, said Jordan. "I am inspired by our associates whose shared passion for building relationships and strengthening the communities we serve helps position us to deliver top-quartile returns in the future."

The third quarter 2021 earnings materials are available on https://ir.fhnc.com. In addition, the financial results and earnings presentation will be furnished on a Form 8-K that will be available on the Securities and Exchange Commission website at www.sec.gov.

Conference call information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 20 dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 3626320. The conference call will begin at 8:30 a.m. CT. Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at http://ir.fhnc.com/Event.

A replay of the call will be available beginning at noon CT on October 20 until midnight CT on November 3. To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10159826. A replay of the webcast will also be available at http://ir.fhnc.com/Event and will be archived on the site for one year.

Contact:  Investor Relations, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868

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SOURCE First Horizon Corporation