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First Horizon doesn't expect to consider further M&A until late 2018


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First Horizon doesn't expect to consider further M&A until late 2018

First Horizon National Corp. will not be considering further bank M&A until late next year at the earliest, depending on when it wraps up the integration of its still-pending acquisition of Capital Bank Financial Corp.

The Memphis, Tenn.-based company will have a "very low" appetite for doing "anything incremental" until it has made substantial progress in integrating Capital Bank, Chairman, President and CEO D. Bryan Jordan said on a call to discuss third-quarter earnings. It expects to see that progress in mid-2018. "I don't expect that we are going to spend any time thinking about other things until sometime in the back half of 2018 at the very earliest, but maybe not that early," Jordan said.

As for the Capital Bank merger itself, it is still awaiting regulatory approval, and Jordan said he is "fairly confident that we'll get it this quarter, and we'll hit the ground running in 2018."

The bank has already earmarked 26 or 27 branches for closure after the merger, and it sees opportunities to trim more branches over the next few years, based on trends in customer activity.

The company's net income available to common shareholders climbed to $67.3 million, or 28 cents per share, from net income of $63.2 million, or 27 cents per share, a year earlier. The S&P Capital IQ consensus mean estimate for third-quarter earnings was 30 cents per share.