Form I-3 Supplement The Modern Rules Of Form I-3 Supplement
MEMPHIS, Tenn., Jan 17, 2020 (GLOBE NEWSWIRE via COMTEX) — Aggregation delivers able achievement and solid antithesis afterwards ‘transformative’ year
2019 after-effects accommodate assisting antithesis area growth, countercyclical business account and able basic deployment
First Horizon National Corp. FHN, -0.65% today appear its 2019 fourth division and abounding year cyberbanking results. The aggregation concluded a year of aerial allotment and able advance by announcement a alliance of equals acceding with IBERIABANK Corporation and an acceding to admission 30 branches. Fourth division 2019 appear antithesis per allotment were $.37; adapted antithesis per allotment were $.47.
“First Horizon had a transformative year and delivered able achievement in 2019. Our drive connected into the fourth division as we accomplished college returns, bigger profitability, antithesis area growth, and abiding acclaim quality,” said Bryan Jordan, administrator and CEO of First Horizon. “In 2019, we delivered on synergies created by the Basic Coffer merger. Those successes accommodate a solid roadmap for our planned alliance of equals with IBERIABANK and the accession of an added 30 branches amid in adorable markets in North Carolina, Virginia and Georgia. Looking ahead, I abide assured in our adeptness to abide to bear on our cardinal priorities, body actor bulk and serve alike added barter and communities beyond the South.”
2019 Abounding Year Cyberbanking Highlights
Additional highlights from the year include:
— Abounding year adulterated EPS of $1.38 in 2019 compared to abounding year adulterated EPS of $1.65 in 2018; 2018 after-effects apprenticed by a $212.9 actor accession from auction of Visa shares
— Abounding year adapted EPS of $1.66 in 2019, up from abounding year adapted EPS of $1.41 in 2018; the admission was due to able accommodation and drop growth, able bulk control, and cogent advance in the anchored assets articulation
— Assisting antithesis area advance apprenticed by accommodation and drop advance in key markets and specialty areas
— Regional coffer boilerplate accommodation advance of 9% and drop advance of 9% compared to 2018, added by the acknowledged accomplishing of the alliance with Basic Coffer
— Countercyclical businesses advice account arduous bulk ambiance with Anchored Assets acquirement up 52% and loans to mortgage companies up 133%
— Adeptness arrangement bigger by ~460bps, compared to 2018
— Able basic deployment acknowledging accommodation growth, acquisitions, allotment buybacks and dividends; absolute payout of 70%
Fourth Division 2019 Highlights
— Adulterated EPS of $.37 up 6% from $.35 in 3Q19, and adapted EPS of $.47 up 9% from $.43 in 3Q19, due to college revenue, acceptable bulk discipline, and assisting antithesis area advance
— Absolute acquirement up 5% compared to 3Q19, apprenticed by NII advance and college fee assets
— Anchored Assets ADR up 7% compared to 3Q19
— Decrease in net charge-offs
— Declared $.14 per accustomed allotment anniversary allotment which was paid on Jan. 2, 2020
— Asset affection remained abiding for the division
These are non-GAAP numbers that are accommodated to appear GAAP numbers in the non-GAAP table that follows
Consolidated 4Q19 highlights include:
— NII up 4% compared to 3Q19 due to college accommodation accession and lower allotment costs, somewhat account by the abrogating appulse of absorption ante on loans (including LIBOR and Prime)
— Net absorption allowance (NIM) added to 3.26% from 3.21% in 3Q19; admission due to the aforementioned factors affecting NII
— Boilerplate accommodation advance of 2% and boilerplate drop advance of 1% compared to 3Q19
Regional Cyberbanking Highlights
Regional Cyberbanking 4Q19 highlights include:
— Boilerplate loans grew 3% from 3Q19 due to increases in C&I and specialty areas, with accurate backbone in loans to mortgage companies; boilerplate deposits grew 1% from 3Q19
— NII up 3% compared to 3Q19 from college accommodation accession and bartering accommodation advance
— Fee assets up 4% compared to 3Q19
Fixed Assets Highlights
Fixed Assets 4Q19 highlights include:
— ADR of $1.1 million, compared to ADR of $994 thousand in 3Q19, up 7% with advance beyond assorted trading desks
— Steeper crop ambit and bazaar animation agreeably impacted 4Q19 action
— Added artefact acquirement up 9% from 3Q19 to $15.4 actor
Capital and Liquidity Highlights
Capital and Liquidity 4Q19 highlights include:
— Declared anniversary accustomed allotment of $.14 per allotment in 4Q19; allotment payout of 37%
— CET1 grew to 9.20% in 4Q19 up from 9.01% in 3Q19
— No allotment repurchases in 4Q19 due to the awaiting alliance of equals with IBERIABANK
Asset Affection Highlights
Asset Affection 4Q19 highlights include:
— Decrease in net charge-offs compared to 3Q19 abundantly apprenticed by the Regional Cyberbanking bartering portfolio
— NPLs aural the Regional Cyberbanking and Non-strategic portfolios decreased $5.6 actor and $4.8 actor compared to 3Q19, respectively, primarily apprenticed by improvements in the chump absolute acreage portfolios
— 30 delinquencies decreased 18% compared to 3Q19, and 23% compared to 4Q18
Use of Non-GAAP Measures
Several cyberbanking measures in this absolution are non-GAAP, acceptation they are not presented in accordance with about accustomed accounting attempt (GAAP) in the U.S. The non-GAAP items presented in this absolution are adapted antithesis per allotment (“EPS”), adapted acknowledgment on boilerplate accustomed disinterestedness (“ROCE”), acknowledgment on absolute accustomed disinterestedness (“ROTCE”), adapted ROTCE, and adapted acknowledgment on boilerplate assets (“ROA”). These advantage measures are appear to First Horizon’s administration and admiral through assorted centralized reports. First Horizon’s administration believes these measures are accordant to compassionate the cyberbanking after-effects of First Horizon and its business segments. Non-GAAP measures are not formally authentic by GAAP or codification in the federal cyberbanking regulations, and added entities may use adding methods that alter from those acclimated by First Horizon. First Horizon has accommodated anniversary of these measures to a commensurable GAAP admeasurement below:
(a) 4Q19 includes $15.7 actor of pre-tax acquisition-related costs abundantly associated with the awaiting alliance of equals with IBERIABANK Corporation. (“IBKC”), $11.0 actor of pre-tax bulk accompanying to accommodating contributions, $9.1 actor of pre-tax rebranding expenses, and $1.2 actor of pre-tax restructuring-related costs associated with adeptness initiatives; 3Q19 includes $9.0 actor of pre-tax acquisition-related costs primarily associated with the Basic Coffer Cyberbanking Corp. (“CBF”) acquisition, $7.8 actor of pre-tax restructuring-related costs associated with adeptness initiatives, $7.5 actor net pre-tax bulk accompanying to the resolution of acknowledged matters, $4.0 actor of pre-tax abrogating appraisal adjustments associated with derivatives accompanying to above-mentioned sales of Visa Class B shares, and $3.1 actor of pre-tax rebranding expenses, and accept been adapted application an incremental tax bulk of about 19 percent in 4Q19 and 22 percent in 3Q19.
(b) 2019 includes $39.8 actor of pre-tax restructuring-related costs associated with adeptness initiatives, $39.0 actor of pre-tax acquisition-related costs primarily associated with the awaiting alliance of equals with IBKC and the CBF acquisition, $21.3 actor of pre-tax rebranding expenses, $11.0 actor of pre-tax bulk accompanying to accommodating contributions, $4.0 actor of pre-tax abrogating appraisal adjustments associated with derivatives accompanying to above-mentioned sales of Visa Class B shares, and a net $(.9) actor pre-tax bulk changeabout accompanying to the settlements of action matters; 2018 includes a $(212.9) actor accession from the auction of Visa Class B Shares, $99.4 actor of pre-tax acquisition-related items primarily associated with the CBF acquisition, a $(3.3) actor accession on auction of a building, a $4.1 actor of appraisal adjustments associated with derivatives accompanying to above-mentioned sales of Visa Class B shares, and an $8.7 actor pre-tax acclimation accompanying the acknowledgment on balance fees accustomed from Basic Coffer debit agenda transactions, and accept been adapted application an incremental tax bulk of about 21 percent in 2019 and 24 percent in 2018.
(c) Includes amicableness and added abstract assets, net of amortization.
(d) Includes the boilerplate after-tax appulse of $27.9 actor of notable items accustomed in 2019.
Management will authority a appointment alarm at 8:30 a.m. Central Time today to analysis antithesis and achievement trends. There will additionally be a alive webcast accompanied by the accelerate presentation accessible at https://ir.fhnc.com/Event. The alarm and accelerate presentation may absorb advanced information, including guidance.
Analysts, investors and absorbed parties may alarm toll-free starting at 8:15 a.m. CT on January 17 by dialing 888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from alfresco the U.S) and entering admission cipher 8848081. The appointment alarm will activate at 8:30 a.m. CT.
A epitomize of the alarm will be accessible alpha at apex CT on January 17 until midnight CT on January 31. To accept to the replay, punch 877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the admission cipher is 10137984. A epitomize of the webcast will additionally be accessible at http://ir.fhnc.com/Event by midnight CT on January 17 and will be archived on the armpit for one year.
Disclaimers and Added Advice
Forward- Looking Statements
This advice contains advanced statements involving cogent risks and uncertainties. A cardinal of important factors could account absolute after-effects to alter materially from those in the advanced information. Those factors accommodate accepted bread-and-butter and cyberbanking bazaar conditions, including expectations of and absolute timing and bulk of absorption bulk movements including the abruptness of the crop curve, competition, adeptness to assassinate business plans, geopolitical developments, contempo and approaching aldermanic and authoritative developments, aggrandizement or deflation, bazaar (particularly absolute acreage market) and budgetary fluctuations, accustomed disasters, customer, broker and authoritative responses to these altitude and items already mentioned in this columnist release, as able-bodied as analytical accounting estimates and added factors declared in First Horizon’s anniversary address on Form 10-K and added contempo filings with the SEC. First Horizon disclaims any obligation to amend any such factors or to about advertise the aftereffect of any revisions to any of the advanced statements included herein or therein to reflect approaching contest or developments or changes in expectations.
Important Added Advice
In affiliation with First Horizon’s proposed merger-of-equals transaction with IBERIABANK Corporation, First Horizon has filed with the SEC a allotment account on Form S-4 (No. 333-235757) to annals the shares of First Horizon’s basic banal to be issued in affiliation with the proposed transaction. Back effective, the allotment account will accommodate a collective proxy account of First Horizon and IBERIABANK which will be beatific to the shareholders of First Horizon and IBERIABANK gluttonous their approval of the proposed transaction.
This advice does not aggregate an action to advertise or a address of an action to buy any balance or a address of any vote or approval. INVESTORS AND SHAREHOLDERS OF FIRST HORIZON AND IBERIABANK ARE URGED TO READ, AS FILED TO DATE AND AS AMENDED IN THE FUTURE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/ PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON, IBERIABANK AND THE PROPOSED TRANSACTION.
Investors and shareholders will be able to access a chargeless archetype of the allotment statement, including the collective proxy statement/prospectus, as able-bodied as added accordant abstracts filed with the SEC absolute advice about First Horizon and IBERIABANK, after charge, at the SEC’s website (http://www.sec.gov). Copies of the allotment statement, including the collective proxy statement/prospectus, and the filings with the SEC that will be congenital by advertence in the collective proxy statement/prospectus can additionally be obtained, after charge, by administering a appeal to Clyde A. Billings Jr., First Horizon, 165 Madison, Memphis, TN 38103, blast (901) 523-5679, or Jefferson G. Parker, IBERIABANK, 200 West Congress Street, Lafayette, LA 70501, blast (504) 310-7314.
Participants in the Address
First Horizon, IBERIABANK and assertive of their corresponding directors, controlling admiral and advisers may be accounted to be participants in the address of proxies in account of the proposed transaction beneath the rules of the SEC. Advice apropos First Horizon’s admiral and controlling admiral is accessible in its absolute proxy statement, which was filed with the SEC on March 11, 2019, and assertive of its Accustomed Letters on Form 8-K. Advice apropos IBERIABANK’s admiral and controlling admiral is accessible in its absolute proxy statement, which was filed with SEC on March 28, 2019, and assertive of its Accustomed Letters on Form 8-K. Added advice apropos the participants in the address of proxies in account of the proposed transaction and a description of their absolute and aberrant interests, by aegis backing or otherwise, will be independent in the collective proxy statement/prospectus and added accordant abstracts to be filed with the SEC. Chargeless copies of these documents, back available, may be acquired as declared in the above-mentioned paragraph.
About First Horizon
First Horizon National Corp. FHN, -0.65% provides cyberbanking casework through First Horizon Bank, First Horizon Advisors, and FHN Cyberbanking businesses. The cyberbanking accessory was founded in 1864 and has the better drop bazaar allotment in Tennessee. The aggregation operates about 270 coffer locations beyond the Southeast U.S. and 29 FHN Cyberbanking offices beyond the absolute U.S. First Horizon Advisors abundance administration accumulation has added than 300 cyberbanking professionals and about $4.8 billion in assets beneath management. FHN Cyberbanking is a basic markets industry baton in anchored assets sales, trading and strategies for institutional barter in the U.S. and abroad. The aggregation is accustomed as one of the nation’s best administration by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. Added advice is accessible at www.FirstHorizon.com.
A PDF accompanying this absolution is accessible at http://ml.globenewswire.com/Resource/Download/3b69ae81-3c49-4ac2-9b08-569f4cdd7510
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Form I-3 Supplement The Modern Rules Of Form I-3 Supplement – form i-9 supplement
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