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Consolidated Condensed Statements Of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income:        
Interest and fees on loans $ 192,580 $ 163,054 $ 373,044 $ 321,477
Interest on investment securities available-for-sale 25,657 23,953 51,292 48,427
Interest on investment securities held-to-maturity 132 198 329 395
Interest on loans held-for-sale 3,510 1,198 4,793 2,459
Interest on trading securities 9,418 8,020 15,771 15,771
Interest on other earning assets 4,044 953 8,923 2,511
Total interest income 235,341 197,376 454,152 391,040
Interest on deposits:        
Savings 11,194 4,146 20,404 8,336
Time deposits 2,918 2,474 5,751 4,797
Other interest-bearing deposits 5,074 2,526 9,217 4,830
Interest on trading liabilities 4,203 3,782 7,984 7,821
Interest on short-term borrowings 2,903 1,203 4,295 2,331
Interest on term borrowings 8,348 6,981 16,092 14,587
Total interest expense 34,640 21,112 63,743 42,702
Net interest income 200,701 176,264 390,409 348,338
Provision/(provision credit) for loan losses (2,000) 4,000 (3,000) 7,000
Net interest income after provision/(provision credit) for loan losses 202,701 172,264 393,409 341,338
Noninterest income:        
Fixed income 55,110 77,913 105,788 144,890
Deposit transactions and cash management 27,858 26,991 52,423 53,828
Brokerage, management fees and commissions 12,029 10,665 23,935 21,080
Trust services and investment management 7,698 7,224 14,351 13,789
Bankcard income 5,605 6,558 11,060 11,817
Bank-owned life insurance 4,351 3,743 7,598 7,132
Debt securities gains/(losses), net 405 0 449 1,654
Equity securities gains/(losses), net 0 99 0 19
All other income and commissions 14,617 12,321 29,008 25,610
Total noninterest income 127,673 145,514 244,612 279,819
Adjusted gross income after provision/(provision credit) for loan losses 330,374 317,778 638,021 621,157
Noninterest expense:        
Employee compensation, incentives, and benefits 139,088 143,370 274,020 280,521
Occupancy 12,800 12,736 25,140 25,340
Computer software 12,285 11,226 23,084 22,813
Operations services 11,524 10,521 22,399 20,421
Professional fees 9,659 4,284 14,405 9,483
Equipment rentals, depreciation, and maintenance 7,036 7,182 13,387 13,341
FDIC premium expense 5,927 4,848 11,666 9,769
Communications and courier 4,117 3,039 7,917 6,789
Advertising and public relations 4,095 4,481 8,696 9,454
Legal fees 3,496 5,891 8,779 10,770
Contract employment and outsourcing 3,255 2,497 6,213 4,922
Amortization of intangible assets 1,964 1,299 3,196 2,599
Repurchase and foreclosure provision/(provision credit) (21,733) (31,400) (21,971) (31,400)
All other expense 24,404 46,848 43,191 68,927
Total noninterest expense 217,917 226,822 440,122 453,749
Income/(loss) before income taxes 112,457 90,956 197,899 167,408
Provision/(benefit) for income taxes [1] 17,253 30,016 44,307 54,255
Net income/(loss) 95,204 60,940 153,592 113,153
Net income attributable to noncontrolling interest 2,852 2,852 5,672 5,703
Net income/(loss) attributable to controlling interest 92,352 58,088 147,920 107,450
Preferred stock dividends 1,550 1,550 3,100 3,100
Net income/(loss) available to common shareholders $ 90,802 $ 56,538 $ 144,820 $ 104,350
Basic earnings/(loss) per share (in dollars per share) $ 0.39 $ 0.24 $ 0.62 $ 0.45
Diluted earnings/(loss) per share (in dollars per share) $ 0.38 $ 0.24 $ 0.61 $ 0.44
Weighted average common shares (shares) 233,482 231,573 233,280 233,112
Diluted average common shares (shares) 236,263 233,576 236,225 235,121
Cash dividends declared per common share (in dollars per share) $ 0.09 $ 0.07 $ 0.18 $ 0.14
[1] Provision/(benefit) for income taxes for consolidated results and the Corporate segment for the three and six months ended June 30, 2017, relative to the prior year periods, was affected by a decline in the effective tax rate in 2017 primarily related to the reversal of the valuation allowance for the deferred tax asset related to its 2012 federal capital loss carryforward based on capital gain transactions initiated in second quarter 2017. See Note 15 – Income Taxes in the Notes to Consolidated Financial Statements on FHN’s Form 10-K for the year ended December 31, 2016, for additional information.