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FIRST HORIZON First Horizon Corporation Reports Second Quarter Net Income Available to Common Shareholders of $ 295 Million , or EPS of $ 0.53 ; $ 321 Million , or $ 0.58 , on an Adjusted basis * Second quarter 2021 ROTCE of 20.4 % improved from 15.9 % in first quarter 2021 ; Adjusted ROTCE of 22.2 % improved from 20.2 % * Tangible book value per share of $ 10.74 up 4 % from first quarter 2021 MEMPHIS , TN ( July 16 , 2021 ) - First Horizon Corporation ( NYSE : FHN or " First Horizon " ) today reported second quarter 2021 net income available to common shareholders ( " NIAC " ) of $ 295 million , or earnings per share of $ 0.53 , compared with first quarter 2021 NIAC of $ 225 million , or earnings per share of $ 0.40 . Second quarter 2021 results were reduced by a net $ 26 million after - tax , or $ 0.05 per share , of notable items largely related to the IBERIABANK Corporation Merger ( " IBKC Merger " ) compared with a net $ 60 million after - tax reduction , or $ 0.11 per share , in first quarter 2021. Excluding notable items , adjusted second quarter 2021 NIAC of $ 321 million , or $ 0.58 per share , increased from $ 284 million , or $ 0.51 per share in first quarter . " We demonstrated solid performance in the quarter with net income available to common shareholders of $ 295 million reflecting the benefit of improving overall economic conditions and credit quality , our diversified business model , and strong focus on execution spite challenging conditions across the banking industry , " said President and Chief Executive Officer Bryan Jordan . " We remain focused on controlling the things we can control including expenses and deposit pricing and making investments that drive future growth . We are seeing increasing loan pipeline growth and expect demand and economic growth to pick up in the back half of the year as the economy continues to normalize . " " It has been a little more than a year since we closed our merger with IBERIABANK , " Jordan continued , " I am extremely pleased with the progress we have made bringing two companies together and proud of our associates for their extraordinary efforts and unwavering commitment to our clients , communities and company . " Notable and Unusual Items ● Notable Items Quarterly , Unaudited ● ( $ s in millions , except per share data ) Summary of Notable Items : Purchase accounting gain Merger / acquisition expense Other notable expense Total Notable items ( pre - tax ) Total Notable items ( after - tax ) EPS impact of notable items $ 2Q21 $ ( 2 ) $ ( 32 ) 1Q21 1 $ ( 70 ) ( 34 ) $ ( 26 ) ( 10 ) ( 79 ) $ ( 60 ) $ ( 0.05 ) $ ( 0.11 ) $ 2Q20 ( 14 ) Second quarter 2021 earnings were reduced by a net $ 26 million after - tax impact , or $ 0.05 per share , tied to notable items compared with a net $ 60 million impact , or $ 0.11 per share , in first quarter 2021. Second quarter notable items largely related to the IBKC Merger and include : $ 32 million of merger - related expense largely tied to IBKC merger integration costs . $ ( 2 ) million purchase accounting gain adjustment related to the IBKC Merger . Pre - tax merger costs now expected to total ~ $ 500 million , up ~ $ 40 million , given increased complexity tied to product and capabilities enhancements , post - pandemic vendor and staffing constraints and accelerated branch closures / change in mix of branch types than initially planned . ( 14 ) ( 12 ) ( 0.04 ) * ROTCE , PPNR , and " Adjusted " results ( which exclude notable items ) are Non - GAAP Financial Measures ; NII , Total Revenue , NIM and PPNR are presented on a fully taxable equivalent basis ; References to loans include leases and EPS are based on diluted shares ; Capital ratios are preliminary . See page 5 for information on our use of Non - GAAP measures and their reconciliation to GAAP beginning on page 21 . 1