Form 8-K FIRST HORIZON NATIONAL For: Jan 23

January 23, 2015 7:00 AM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 23, 2015

First Horizon National Corporation
(Exact name of registrant as specified in charter)

TN	�	001-15185	�	62-0803242
(State or other jurisdiction of incorporation)	�	(Commission File Number)	�	(IRS Employer Identification No.)

�	165 MADISON AVENUE, MEMPHIS, TENNESSEE	�	38103	�
�	(Address of principal executive offices)	�	(Zip Code)	�

Registrant's telephone number, including area code: � (901) 523-4444

________________________________________________________________________________
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
�	[ ��]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
�	[ ��]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
�	[ ��]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
�	[ ��]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of First Horizon National Corporation's earnings release for the quarter and year ended December 31, 2014, which is scheduled to be released January 23, 2015.

The foregoing information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition," and Item 7.01, "Regulation FD Disclosure." The exhibit speaks as of the date thereof and First Horizon National Corporation ("First Horizon") does not assume any obligation to update said information in the future.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

The following exhibit is furnished pursuant to Items 2.02 and 7.01, is not to be considered "filed" under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and shall not be incorporated by reference into any of First Horizon's previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.

Exhibit #	Description
99.1	First Horizon National Corporation Earnings Release issued for the quarter and year ended December 31, 2014.

SIGNATURES

��Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

�	First Horizon National Corporation (Registrant)
Date: January 23, 2015	By:��	/s/ WILLIAM C. LOSCH III
	William C. Losch III Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

The following exhibit is furnished pursuant to Items 2.02 and 7.01, is not to be considered "filed" under the Exchange Act, and shall not be incorporated by reference into any of First Horizon's previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.

Exhibit #	Description
99.1	First Horizon National Corporation Earnings Release issued for the quarter and year ended December 31, 2014.

EXHIBIT 99.1

First Horizon Wraps Up 2014 With Strong Finish

MEMPHIS, Tenn., Jan. 23, 2015 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE: FHN) ended 2014 with solid momentum, producing double-digit loan growth in the regional bank and improving efficiency while continuing to make strategic investments in its businesses and returning capital to shareholders. During 2014 First Horizon completed the acquisition of 13 branches and announced a bank acquisition in North Carolina. The company also made significant progress in winding down the mortgage business First Horizon exited in 2008. First Horizon generated earnings per share of $0.20 in the fourth quarter and $0.90 for the year. That compares to EPS of $0.19 for third quarter 2014 and $0.10 for full-year 2013.

"Our employees have built strong relationships with our customers and a solid foundation for us to grow from.�We're beginning 2015 well-positioned for success," said Jordan.�"We remain committed to operating efficiently and growing with an eye toward sustainable profitability.�As the economy improves we will continue to help our customers and communities capitalize on the recovery."��

Financial highlights

Net income available to common shareholders in the fourth quarter was $46 million, or $0.20 per diluted share, compared to third quarter's $45 million of net income, or $0.19 per share.�Net income available to common shareholders for 2014 was $213 million, or $0.90 per share, compared to $24 million in net income, or $0.10 per share, for 2013.�
First Tennessee, the regional bank, had a strong year and a strong fourth quarter.�Average loans were up 10 percent year over year led by commercial loans including asset-based lending and commercial real estate with double-digit percentage increases in Middle Tennessee and the Mid-Atlantic region that includes the Carolinas, Virginia and North Florida.
FTN Financial, the capital markets group, remained a solid contributor to fee income and an important part of First Horizon's business mix.�Average daily revenue was steady for the last half of the year, and net income increased from $3 million in the third quarter to $4 million in the fourth quarter.��
Asset quality trends remain favorable.�Nonperforming assets were down 33 percent and charge-offs were down 28 percent year over year.�
First Horizon remains committed to improving its efficiency ratio, or what it costs the company to earn each dollar, while continuing to make strategic investments to improve its businesses.�Consolidated expenses declined 27 percent from 2013 to 2014.��
First Horizon continued to unwind from the mortgage business the company sold in 2008, resolving FHFA litigation, settling with the Federal Home Loan Mortgage Corp., or Freddie Mac (in addition to a settlement with Fannie Mae in 2013), and selling nonstrategic loans and mortgage servicing during the year.�The company's strategy to reduce nonstrategic loans resulted in the portfolio falling from 20 percent of total average loans in fourth quarter 2013 to 16 percent in fourth quarter 2014.�The prepayment rate on consumer real estate loans in the non-strategic portfolio increased from 18 percent to 25 percent for those same periods.��
First Horizon continued to return capital to shareholders in 2014, repurchasing an additional three million common shares.�The company has used buybacks to reduce its share count 11 percent since October 2011.�Earlier this week the company announced a 20 percent increase to its quarterly cash dividend, increasing the regular annual common dividend rate to $0.24 per share.�The company also acquired bank branches in Tennessee that added $440 million of deposits and agreed to acquire TrustAtlantic Bank in North Carolina, part of First Horizon's Mid-Atlantic growth market.��

Consolidated Summary Results

�

4Q14 Changes vs.

�Twelve months ended

2014 vs.

(Dollars in thousands, except per share data)

4Q14

3Q14

4Q13

3Q14

4Q13

2014

2013

2013

Income Statement Highlights�

�

Net interest income

$159,050

$159,541

$157,135

1 %

$627,718

$637,374

(2)%

Noninterest income�

119,598

158,677

132,860

(25)%

(10)%

547,172

582,817

(6)%

Securities gains/(losses), net

�--�

(862)

2,183

2,872

1,760

63 %

Total revenue

278,648

317,356

292,178

(12)%

(5)%

1,177,762

1,221,951

(4)%

Noninterest expense�

209,479

246,186

257,097

(15)%

(19)%

841,211

1,158,601

(27)%

Provision for loan losses

6,000

6,000

15,000

(60)%

27,000

55,000

(51)%

�Income/(loss) before income taxes

63,169

65,170

20,081

(3)%

309,551

8,350

Provision/(benefit) for income taxes

12,278

15,421

(33,813)

(20)%

78,501

(32,169)

Income/(loss) from continuing operations

50,891

49,749

53,894

2 %

(6)%

231,050

40,519

Income/(loss) from discontinued operations, net of tax

�--�

�--�

(6)

�--�

548

�Net income/(loss)

50,891

49,749

53,888

2 %

(6)%

231,050

41,067

Net income attributable to noncontrolling interest�

2,980

2,875

2,934

4 %

2 %

11,527

11,465

1 %

Net income/(loss) attributable to controlling interest

47,911

46,874

50,954

2 %

(6)%

219,523

29,602

Preferred stock dividends

1,550

1,550

6,200

5,838

6 %

Net income/(loss) available to common shareholders

$46,361

$45,324

$49,404

2 %

(6)%

$213,323

$23,764

Common Stock Data

�

Diluted EPS

$0.20

$0.19

$0.21

5 %

(5)%

$0.90

$0.10

Diluted shares (thousands)

235,448

236,862

236,753

(1)%

236,735

239,794

(1)%

Period-end shares outstanding (thousands)

234,220

235,249

236,370

(1)%

234,220

236,370

(1)%

Balance Sheet Highlights (Period-End)

�

Total loans, net of unearned income

$16,230,166

$15,812,017

$15,389,074

3 %

5 %

�

Total deposits

18,068,939

16,144,771

16,734,956

12 %

8 %

�

Total assets

25,672,887

23,986,787

23,789,833

7 %

8 %

�

Total liabilities

23,081,919

21,364,846

21,289,082

8 %

�

Total equity�

2,590,968

2,621,941

2,500,751

(1)%

4 %

�

Asset Quality Highlights

�

Allowance for loan losses

$232,448

$238,641

$253,809

(3)%

(8)%

�

Allowance / period-end loans

1.43 %

1.51 %

1.65 %

�

Net charge-offs�

$12,193

$10,987

$16,901

11 %

(28)%

�

Net charge-offs (annualized) / average loans�

0.30 %

0.28 %

0.44 %

�

Non-performing assets (NPA)�

$241,512

$256,938

$361,918

(6)%

(33)%

�

NPA % (a)

1.44 %

1.57 %

1.95 %

�

Key Ratios & Other

�

Return on average assets (annualized) (b)

0.82 %

0.83 %

0.90 %

�

Return on average common equity (annualized) (c)

8.10 %

7.99 %

9.42 %

�

Net interest margin (d)

2.86 %

2.97 %

2.98 %

�

Efficiency ratio (e)

75.18 %

77.36 %

88.66 %

�

Tier 1 ratio (f)

14.44 %

14.47 %

13.87 %

�

Market capitalization (millions)

$3,180.7

$2,888.9

$2,753.7

�

Certain previously reported amounts have been reclassified to agree with current presentation.

�

NM - Not meaningful

�

* Amount is less than one percent.

�

(a) NPAs related to the loan portfolio over period-end loans plus foreclosed real estate and other assets.

�

(b) Calculated using net income.

�

(d) Net interest margin is computed using net interest income adjusted to a fully taxable equivalent ("FTE") basis assuming a statutory federal income tax rate of 35 percent and, where applicable, state income taxes.

�

(e) Noninterest expense divided by total revenue excluding securities gains/(losses).

�

(f) Current quarter is an estimate.

�

Conference call

Management will hold a conference call at 8:30 a.m. Central Time today to review earnings and performance trends. There will also be a live webcast accompanied by the slide presentation available in the investor relations section of www.firsthorizon.com.�The call and slide presentation may involve forward-looking information, including guidance.

Participants can call toll-free starting at 8:15 a.m. by dialing 888-317-6003 and entering pin number 1398790. The number for international participants is 412-317-6016. Participants can also listen to the live audio webcast with the accompanying slide presentation through the website. A replay will be available from noon today until 8:00 a.m. Feb. 9. To listen to the replay, dial 877-344-7529 or 412-317-0088. The access code is 10058220. The event also will be archived and available on the website by midnight Central Time tomorrow.

Other information

This press release contains forward-looking statements involving significant risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking information. Those factors include general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve, competition, ability to execute business plans, geopolitical developments, recent and future legislative and regulatory developments, inflation or deflation, market (particularly real estate market) and monetary fluctuations, natural disasters, customer, investor and regulatory responses to these conditions and items already mentioned in this press release, as well as critical accounting estimates and other factors described in First Horizon's annual report on Form 10-K and other recent filings with the SEC. First Horizon disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements included herein or therein to reflect future events or developments.

About First Horizon

The 4,300 employees of First Horizon National Corp. (NYSE: FHN) provide financial services through more than 170 First Tennessee Bank locations in and around Tennessee and 27 FTN Financial offices in the U.S. and abroad. The company was founded during the Civil War in 1864 and has the 14^th oldest national bank charter in the country.�First Tennessee has one of the highest customer retention rates of any bank in the country, and FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. First Horizon has been recognized as one of the nation's best employers by Working Mother and American Banker magazines. More information is available at www.FirstHorizon.com.

FHN-G

CONTACT: First Horizon Investor Relations, Aarti Bowman, (901) 523-4017
         First Horizon Media Relations, Jack Bradley, (901) 523-4813

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Form 8-K FIRST HORIZON NATIONAL For: Jan 23

First Horizon Wraps Up 2014 With Strong Finish

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