First Horizon National Corp. (NYSE:FHN) today announced its 2019 fourth quarter and full year financial results. The company ended a year of high returns and strong growth by announcing a merger of equals agreement with IBERIABANK Corporation and an agreement to acquire 30 branches. Fourth quarter 2019 reported earnings per share were $.37; adjusted earnings per share were $.471.

“First Horizon had a transformative year and delivered strong performance in 2019. Our momentum continued into the fourth quarter as we achieved higher returns, improved profitability, balance sheet growth, and stable credit quality,” said Bryan Jordan, chairman and CEO of First Horizon. “In 2019, we delivered on synergies created by the Capital Bank merger. Those successes provide a solid roadmap for our planned merger of equals with IBERIABANK and the acquisition of an additional 30 branches located in attractive markets in North Carolina, Virginia and Georgia. Looking ahead, I remain confident in our ability to continue to deliver on our strategic priorities, build shareholder value and serve even more customers and communities across the South.”

Additional highlights from the year include:

  • Full year diluted EPS of $1.38 in 2019 compared to full year diluted EPS of $1.65 in 2018; 2018 results driven by a $212.9 million gain from sale of Visa shares
  • Full year adjusted EPS1 of $1.66 in 2019, up from full year adjusted EPS1 of $1.41 in 2018; the increase was due to strong loan and deposit growth, strong expense control, and significant improvement in the fixed income segment
  • Profitable balance sheet growth driven by loan and deposit growth in key markets and specialty areas
  • Regional bank average loan growth of 9% and deposit growth of 9% compared to 2018, enhanced by the successful implementation of the merger with Capital Bank
  • Countercyclical businesses help offset challenging rate environment with Fixed Income revenue up 52% and loans to mortgage companies up 133%
  • Efficiency ratio improved by ~460bps, compared to 2018
  • Effective capital deployment supporting loan growth, acquisitions, share buybacks and dividends; total payout of 70%