First Horizon recently released their fourth quarter and 2021 year net income report.
Fourth-quarter results were reduced by a net $41 million after-tax, or $0.08 per share, of notable items that tie to the IBERIABANK Corporation Merger. This is a decrease compared to the third-quarter results, with a net $51 million after-tax, or $0.09 per share.
The full year for 2021 finished with $962 million, or earnings per share of $1.74, which is an increase compared with $822 million, or earnings per share of $1.89 in 2020. Results in 2021 included a net $179 million after-tax reduction from items related to the IBERIABANK Corporation Merger that led to an adjusted amount of $1.1 billion for the year.
"Our solid results for the quarter and the year reflect the underlying momentum in our balanced business model and attractive geographic footprint," said President and Chief Executive Officer Bryan Jordan. "Our continued focus on execution drove improved net interest income, further merger savings and revenue synergies, and improved asset quality that more than offset the impact of expected fee income headwinds. We also increased our return of capital to shareholders through common share repurchases."
As of Dec. 31, First Horizon accounted for $89.1 billion in assets, which makes it the leading regional financial service company, dedicated to helping its clients, communities, and associates reach full potential in capital and counsel.
Jordan concluded, "As we look forward to 2022 and beyond, we believe we are well-positioned to benefit from our enhanced capabilities and expertise, dynamic markets, and an improving economic and interest rate environment. We remain focused on growing our core business and selectively transforming by simplifying processes, advancing technology, and redeploying investments to achieve higher-growth and return opportunities and deliver top-quartile results."
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