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Consolidated Condensed Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Interest and fees on loans $ 142,710 $ 151,314 $ 281,367 $ 304,599
Interest on investment securities available-for-sale 23,650 20,664 46,784 41,526
Interest on investment securities held-to-maturity 66 0 132 0
Interest on loans held-for-sale 3,209 3,169 6,424 6,671
Interest on trading securities 7,687 8,770 15,792 17,051
Interest on other earning assets 37 74 444 543
Total interest income 177,359 183,991 350,943 370,390
Interest on deposits:        
Savings 2,792 3,689 5,875 8,086
Time deposits 2,486 4,064 5,548 8,281
Other interest-bearing deposits 746 1,013 1,564 2,158
Certificates of deposit $100,000 and more 869 1,550 1,892 3,111
Interest on trading liabilities 4,087 3,354 7,658 6,550
Interest on short-term borrowings 1,195 1,156 2,300 2,462
Interest on term borrowings 8,416 9,146 16,979 18,341
Total interest expense 20,591 23,972 41,816 48,989
Net interest income 156,768 160,019 309,127 321,401
Provision for loan losses 5,000 15,000 15,000 30,000
Net interest income after provision for loan losses 151,768 145,019 294,127 291,401
Noninterest income:        
Capital markets 47,680 69,265 104,520 148,428
Deposit transactions and cash management 27,911 28,254 54,367 55,910
Brokerage, management fees and commissions 12,843 10,540 25,119 19,888
Mortgage banking 8,861 5,589 27,890 14,962
Bankcard income 7,919 5,299 12,439 10,181
Trust services and investment management 7,309 6,950 14,053 13,278
Bank owned life insurance 3,312 3,946 9,344 9,418
Other service charges 3,143 3,503 5,988 6,589
Insurance commissions 611 730 1,048 1,330
Equity securities gains/(losses), net (1,923) 4 3,734 28
Debt securities gains/(losses), net 0 (355) 0 (355)
All other income and commissions (Note 8) 9,235 8,907 14,129 19,402
Total noninterest income 126,901 142,632 272,631 299,059
Adjusted gross income after provision for loan losses 278,669 287,651 566,758 590,460
Noninterest expense:        
Employee compensation, incentives, and benefits (three and six months ended June 30, 2014, include $1.1 million and $1.7 million, respectively, and three and six months ended June 30, 2013, include $2.9 million and $5.4 million, respectively, of expense associated with pension and post-retirement plans reclassified from accumulated other comprehensive income) 119,659 130,500 238,888 269,684
Occupancy 11,944 11,785 29,536 24,607
Computer software 11,087 9,608 21,743 19,684
Operations services 8,804 8,842 17,786 16,912
Equipment rentals, depreciation, and maintenance 7,442 7,597 15,291 15,417
Legal and professional fees 6,151 14,065 21,190 25,236
Contract employment and outsourcing 5,318 8,581 9,643 17,620
Advertising and public relations 4,312 4,121 10,220 8,068
Communications and courier 3,948 4,531 8,172 8,968
FDIC premium expense 1,136 5,037 5,127 11,048
Amortization of intangible assets 981 [1] 928 [1] 1,963 [1] 1,856 [1]
Foreclosed real estate 439 1,287 1,223 2,726
All other expense (Note 8) (15,889) 20,526 4,764 46,122
Total noninterest expense 165,332 227,408 385,546 467,948
Income/(loss) before income taxes 113,337 60,243 181,212 122,512
Provision/(benefit) for income taxes (three and six months ended June 30, 2014, include $.4 million and $.7 million, respectively, and three and six months ended June 30, 2013, include $1.1 million and $2.1 million, respectively, of income tax benefit reclassified from accumulated other comprehensive income) 32,157 15,008 50,802 32,738
Income/(loss) from continuing operations 81,180 45,235 130,410 89,774
Income/(loss) from discontinued operations, net of tax 0 [2] 1 [2] 0 [2] 431 [2]
Net income/(loss) 81,180 45,236 130,410 90,205
Net income attributable to noncontrolling interest 2,859 2,843 5,672 5,656
Net income/(loss) attributable to controlling interest 78,321 42,393 124,738 84,549
Preferred stock dividends 1,550 1,550 3,100 2,738
Net income/(loss) available to common shareholders $ 76,771 $ 40,843 $ 121,638 $ 81,811
Basic earnings/(loss) per share from continuing operations (Note 10) $ 0.33 $ 0.17 $ 0.52 $ 0.34
Diluted earnings/(loss) per share from continuing operations (Note 10) $ 0.32 $ 0.17 $ 0.51 $ 0.34
Basic earnings/(loss) per share (Note 10) $ 0.33 $ 0.17 $ 0.52 $ 0.34
Diluted earnings/(loss) per share (Note 10) $ 0.32 $ 0.17 $ 0.51 $ 0.34
Weighted average common shares (Note 10) 235,797 239,248 235,492 240,055
Diluted average common shares (Note 10) 237,250 240,891 237,325 241,859
[1] Represents customer lists, acquired contracts, core deposit intangibles, and covenants not to compete.
[2] Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Income/(loss) from discontinued operations, net of tax have been attributed solely to FHN as the controlling interest holder.