First Horizon National Corporation, parent of First Tennessee, demonstrated strong first quarter 2018 results, driven by year-over-year loan and deposit growth, higher revenues, improvement in the efficiency ratio and good asset quality trends, according to a corporate statement.
Reported earnings per share were 27 cents, up 17 percent from first quarter 2017; on an adjusted basis1, earnings per share were $0.34. First Horizon enhanced profitability with an increase in return on tangible common equity and return on assets.
The Capital Bank merger, which resulted in a $40 billion organization with more than 300 branches throughout the Southeast, is contributing to overall earnings. The merger is on track with cost savings and revenue synergies, and the systems conversion is scheduled for later this quarter. Info here.