First Horizon National Corporation (NYSE:FHN) unfold its third quarter earnings results on Friday 23rd October 2020 before market open.
The bank holding company, reported $ 0.95 income per share for the third quarter. The third quarter 2020 results reflect the impact of the July 1, 2020, IBERIABANK Corporation merger and the July 17, 2020, acquisition of 30 Truist branches and include $ 269 million pre-tax, or $ 0.60 per share, from notable items largely related to the IBKC Merger.
On adjusted basis, First Horizon National Corporation reported income for the quarter of $ 0.35 per share, beat the consensus estimate of $ 0.21 income per share by $ 0.14 or 66.67 percent.
The quarterly earnings increased 171.43 percent compared with the same quarter last year.
First Horizon National Corporation had revenue of $ 1,355.00 million for the quarter, compared to the consensus estimate of $ 799.54 million. The revenues outshined analysts estimates by $ 555.46 million or 69.47 percent.
The financial report showed revenues elevated 187.08 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Bryan Jordan, President and Chief Executive Officer, said, We achieved major milestones in third quarter 2020 with the completion of our merger of equals with IBERIABANK and the Truist branch acquisition. We also
delivered strong results despite continued macroeconomic and interest rate headwinds tied to the pandemic,
highlighted by strong execution in our counter-cyclical fee income businesses and continued expense discipline.
