FIRST HORIZON CORP — Annual Report 2011

Jun 29, 2011

11-K 1 c66113_11k.htm

SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 11-K

(Mark One)

| x | ANNUAL REPORT PURSUANT TO SECTION
15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
| --- | --- |
| For the Fiscal Year Ended December 31, 2010 | |
| OR | |
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |

For the Transition Period from _ to ___

Commission File No. 001-15185

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN
(Full Title of Plan)

FIRST HORIZON NATIONAL CORPORATION (Issuer of Securities Held Pursuant to Plan)

165 MADISON AVENUE MEMPHIS, TENNESSEE 38103 (Address of Principal Executive Office of Issuer and of Plan)

FIRST HORIZON NATIONAL CORPORATION

SAVINGS PLAN

Financial Statements and Supplemental Schedule

December 31, 2010 and 2009

(With Report of Independent Registered Public Accounting Firm Thereon)

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Index to Financial Statements and Supplemental Schedule

	Page
Report
of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of
Net Assets Available for Benefits, December 31, 2010 and 2009	2
Statement of
Changes in Net Assets Available for Benefits, Year ended December 31, 2010	3
Notes to
Financial Statements	4-13
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets
(Held at End of Year), December 31, 2010	14

Note: All other schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because there is nothing to report.

Report of Independent Registered Public Accounting Firm

To the Pension, Savings and Flexible Compensation Committee First Horizon National Corporation Savings Plan Memphis, Tennessee

We have audited the accompanying statements of net assets available for benefits of First Horizon National Corporation Savings Plan (the “Plan”) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010, in conformity with U.S. generally accepted accounting principles.

Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. Supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year), as of December 31, 2010, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the 2010 financial statements and, in our opinion, is fairly stated in all material respects in relation to the 2010 financial statements taken as a whole.

Memphis, Tennessee June 28, 2011

5100 Poplar Avenue • Clark Tower 30th Floor • Memphis, TN 38137 • Ph. 901.685.5575 • fax. 901.685.5583 • www.thompsondunavant.com a Professional Limited Liability Company

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

S tatements of Net Assets Available for Benefits December 31, 2010 and 2009

	2010
Assets:
Investments - at fair value:
First Horizon National Corporation, common
stock fund	$ 135,923,125	$	150,280,465
Mutual funds	188,230,649		172,881,915
Money market funds	25,646,514		32,540,074
Stable value fund (common/collective trust)	25,403,745		24,649,195
Common/collective trust funds	13,127,587		6,401,805
Segregated participant investments	1,467,150		1,341,638
Total investments - at fair value	389,798,770		388,095,092
Receivables:
Employer contributions	1,666,584		1,621,484
Interest	1,722		1,744
Notes receivable from participants	8,413,459		8,505,297
Due from broker	21,927		—
Total receivables	10,103,692		10,128,525
Total assets	399,902,462		398,223,617
Liabilities:
Expense accrual	133,744		51,142
Due to broker	1,032,281		778,894
Other liabilities	—		141,683
Total liabilities	1,166,025		971,719
Net assets available for benefits, at fair
value	398,736,437		397,251,898
Adjustment to contract value from fair
value for interest in common/collective trust relating to fully
benefit-responsive investment contracts	(780,674	)	(493,395	)
Net Assets Available for Benefits	$ 397,955,763	$	396,758,503

See accompanying notes to financial statements.

2

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

S tatement of Changes in Net Assets Available for Benefits Year ended December 31, 2010

	2010
Additions:
Additions to net assets attributed to:
Investment income:
Net appreciation in investments (See note
8)	$ 8,733,481
Dividend income	10,448,828
Total investment gain	19,182,309
Interest income on notes receivable from
participants	355,949
Contributions:
Participants	20,039,385
Employer	10,535,385
Rollovers	677,120
Total contributions	31,251,890
Total additions	50,790,148
Deductions:
Deductions from net assets attributed to:
Benefits paid to participants or
beneficiaries	48,837,640
Administrative expenses	755,248
Total deductions	49,592,888
Net increase	1,197,260
Net assets
available for benefits:
Beginning of year	396,758,503
End of year	$ 397,955,763

See accompanying notes to financial statements.

3

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

N otes to Financial Statements

December 31, 2010 and 2009

(1) Plan Description

The following description of First Horizon National Corporation Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

The Plan is a defined contribution retirement savings plan established April 23, 1978, for qualified employees of First Horizon National Corporation and certain affiliates (the Company or Plan Sponsor) to provide a savings plan for those employees. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Since inception, the Plan agreement has been amended periodically to conform with provisions of ERISA and other laws and regulations. The Plan is administered by the Pension, Savings and Flexible Compensation Committee of the Company. Wilmington Trust began serving as trustee of the Plan on April 1, 2009. Charles Schwab Trust Company (CSTC) was the trustee prior to April 1, 2009. Pursuant to the Plan document, certain retirees are allowed to segregate and direct their accounts into investments outside the investment options available to active participants and defer payment of benefits. These segregated accounts are presented in a single line item in the financial statements and are trusteed by First Tennessee Bank National Association (FTBNA), the Company’s primary affiliate. Hewitt Associates (now Aon Hewitt) became the recordkeeper of the Plan on April 1, 2009. The 401(k) Company served as recordkeeper of the Plan prior to April 1, 2009.

| (a) |
| --- |
| Under the terms of the Plan, full-time employees are eligible to
participate in the Plan immediately. Part-time employees are eligible to
participate upon completion of twelve months of service in which they have
worked 1,000 hours or more. A participant may authorize payroll deductions
from 1% to 60% of eligible pay (subject to certain legal limitations) as
contributions, to be invested as authorized by the participant. The Plan
allows participants to make pre-tax contributions (from 1% to 50% of eligible
pay) and after-tax contributions (from 1% to 10% of eligible pay).
Participants may also rollover amounts representing distributions from other
defined benefit and/or defined contribution plans. Participants direct their
contributions into various investment options offered by the Plan and may
elect to change their investment authorizations at any time. |
| Effective July 1, 2009, the Plan was amended to include Roth 401(k)
contributions. |
| The Company makes three types of contributions on behalf of
participants to the Plan. |
| Company matching contributions - After one year of service all
participants are eligible for matching contributions. All participants
receive 50% of the first 1% to 6% of participant pre-tax and Roth 401(k)
contributions and are invested in the First Horizon National Corporation
Stock Fund (ESOP). These contributions may be redirected into the other
investment options within the plan. These contributions are 100% vested at
all times. |

4

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| | Company savings contributions – The Company provides Flexible Dollars
to employees to spend on benefits or to deposit into the Plan. Participants’
Flexible Dollars deposited into the Plan are identified as Company savings
contributions and are not eligible for matching contributions. These
contributions are 100% vested at all times. |
| --- | --- |
| | Effective January 1, 2008 the Company began making Employer Non
Elective Contributions (ENEC) for employees who are not participants in the
First Horizon Pension Plan. ENEC contributions, which are based upon Company
performance, are determined annually as a percentage of an eligible
participant’s eligible earnings. These contributions are subject to a two
year vesting schedule at which point they become 100% vested. |
| (b) | Payment of
Benefits |
| | On termination of service due to death, disability or retirement, a
participant or beneficiary may elect to receive a lump-sum amount equal to
the value of the participant’s vested interest in their account, or
installment payouts, as defined. For termination of service for other
reasons, a participant may receive the value of the interest in their account
as a lump-sum distribution. The Plan also provides for in-service and
hardship withdrawals. A participant may request a withdrawal of all or part
of their after-tax, rollover and vested ENEC contributions at any time. Upon
obtaining the age of 59 ½, a participant may request a withdrawal of all or a
portion of the value of their vested account. In-service withdrawals are
limited to four such withdrawals during a calendar year. Hardship withdrawals
are allowed at any time for certain financial needs, as defined. Account
balances invested in the ESOP may be received in the form of shares of
Company common stock. |
| (c) | Participant
Accounts |
| | Each participant’s account is credited with the participant’s
contributions, the Company’s contributions and Plan earnings or losses, and
is charged with an allocation of asset management fees and certain other
recordkeeping expenses. Allocations are based upon participant contributions
or account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant’s vested
account balance. |
| (d) | Vesting |
| | Participants are vested immediately in their contributions, the
Company matching contributions and the Company savings contributions, plus
actual earnings thereon. Vesting in the ENEC portion of their accounts is
based on years of continuous service. ENEC contributions are subject to a two
year vesting schedule at which point the contributions become 100% vested. |
| (e) | Forfeited accounts |
| | At December 31, 2010 forfeited nonvested accounts totaled $63,075.
Forfeited amounts are reallocated to eligible participants based upon eligible
compensation as defined by the plan agreement. |

5

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| (f) |
| --- |
| Active employee participants may borrow from their accounts a minimum
of $1,000 up to the lesser of $50,000 or 50% of their vested account balance.
General purpose loan terms range from 6 to 60 months and primary residence
loan terms range from 6 to 120 months. The loans are secured by the balance
in the participant’s account. Interest rates are set quarterly based on the
interest rate on the 15 th of the month preceding the new quarter
and is based on the prime rate as published in the Wall Street Journal. At
December 31, 2010 interest rates ranged from 3.25% to 8.25%. Principal and
interest is paid ratably through payroll deductions. Prior to April 1, 2009
participants could have up to 3 loans outstanding at one time. After April 1,
2009 up to two loans may be outstanding at one time, but participants can
have only one general purpose loan and one primary residence loan per
calendar year. Participants who rolled over three outstanding loans from
prior to April 1, 2009 will be allowed to keep the outstanding loans. |

(2) Summary of Significant Accounting Policies

| (a) | Basis of
Accounting |
| --- | --- |
| | The financial statements of the Plan are prepared under the accrual
method of accounting, with the exception of benefit payments which are
recorded when paid. |
| | As described in the Accounting Standard Codification 962 (“ASC 962”),
formerly known as Financial Accounting Standards Board (FASB) Staff Position
AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment
Contracts Held by Certain Investment Companies Subject to the AICPA
Investment Company Guide and Defined-Contribution Health and Welfare and
Pension Plans (the FSP), investments in fully benefit-responsive
investment contracts are required to be presented at fair value. However,
contract value is the relevant measurement attribute for that portion of the
net assets available for benefits of a defined contribution plan attributable
to fully benefit-responsive investment contracts because contract value is
the amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. The Plan invests in fully benefit
responsive contracts in the stable value fund. As required by ASC 962, the
accompanying Statement of Net Assets Available for Benefits presents the fair
value of the investments in the stable value fund as well as the adjustment
to contract value relating to the investment contracts. The accompanying
Statement of Changes in Net Assets Available for Benefits is prepared on a
contract value basis. |
| (b) | Use of Estimates |
| | The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of net assets
available for benefits and changes therein, and disclosure of contingent
assets and liabilities. Actual results could differ from those estimates. |

6

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| (c) | Investment
Valuation and Income Recognition |
| --- | --- |
| | Investments in mutual funds are recorded at fair value based on the
closing market prices obtained from national exchanges as of the last
business day of the year. Investments in money market funds are stated at
fair value based on the closing net asset value of shares held by the Plan at
year end. The investment in the stable value fund is stated at contract value
as determined by the issuer based on the cost of the underlying investments
in guaranteed investment contracts plus accrued interest income less amounts
withdrawn to pay benefits. The fair value of the stable value fund is based
on discounting the related cash flows of the underlying guaranteed investment
contracts based on current yields of similar instruments with comparable
durations. Other common/collective trust funds are stated at redemption value
as determined by the trustees of such funds based upon the underlying
securities stated at fair value. Investments in common stocks are valued at
the last reported sales price on the last business day of the year. U.S.
government agency securities are valued at the mean of the bid and ask prices
on the last business day of the year. There were no changes in the valuation
methodologies used at December 31, 2010 and 2009. |
| | The preceding methods described may produce a fair value calculation
that may not be indicative of net realizable value or future fair values.
Furthermore, although plan management believes its valuation methods are
appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement at
the reporting date. |
| | Investment transactions are recorded on a trade-date basis. Interest
income is recorded on the accrual basis and is recognized when earned.
Dividend income is accrued on the ex-dividend date. Realized gains and losses
from investment transactions are reported on the average cost method.
Investment income includes unrealized appreciation and depreciation of
investments. |
| | Pursuant
to the Plan document, certain retirees are allowed to segregate and direct
the investment of their accounts and defer payment of benefits. These
investments are individually valued according to the accounts and are
presented in a single line item in the financial statements. |
| (d) | Contributions |
| | Participant and Employer contributions are recognized when earned.
Rollovers are recognized when approved by the Plan Sponsor. |
| (e) | Benefit Payments |
| | Benefits paid to participants or beneficiaries are recognized when
paid. |
| (f) | Administrative
Expenses |
| | Administrative expenses are recognized when incurred. |

7

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| (g) | Participant Notes
Receivable |
| --- | --- |
| | Notes receivable from participants are measured at their unpaid
principal balances plus any accrued but unpaid interest. Delinquent
participant loans are reclassified as distributions based upon the terms of
the plan agreement. |
| (h) | Recent
Accounting Pronouncements |
| | Reporting of
Subsequent Events: In May 2009, the FASB issued
Statement of Financial Accounting Standards No. 165, Subsequent Events (“ASC 855-10”). Under
ASC 855-10, the effects of events that occur subsequent to the financial
statement date are to be evaluated through the date the financial statements
are either issued or available to be issued. Reporting entities are to
disclose the date through which subsequent events have been evaluated and
whether that date is the date the financial statements were issued or the
date the financial statements were available to be issued. In addition,
reporting entities are required to reflect in the financial statements the
effects of subsequent events that provide additional evidence about
conditions at the financial statement date (recognized subsequent events).
Reporting entities are prohibited from reflecting in their financial
statements the effects of subsequent events that provide evidence about
conditions that arose after the balance-sheet date (nonrecognized subsequent
events), but information about those events is required to be disclosed if
the financial statements would otherwise be misleading. This guidance was
effective for financial statement periods ending after June 15, 2009 with
prospective application. |
| | FASB Accounting Standards Codification: In
September 2009, the FASB issued Statement of Financial Accounting Standards
No. 168, The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles ,
to replace Statement No. 162 , The
Hierarchy of Generally Accepted Accounting Principles , and to
establish the FASB Accounting Standards
Codification TM as the source of authoritative
accounting principles recognized by the FASB to be applied by nongovernmental
entities in the preparation of financial statements in conformity with GAAP. |
| | Rules and interpretive releases of the
Securities and Exchange Commission under authority of federal securities laws
are also sources of authoritative GAAP for SEC registrants. The Codification
was effective for financial statements issued for periods after September 15,
2009. |
| | In April 2009, the FASB issued Staff Position (FSP) No. 157-4,
Determining Fair Value When the Volume and Level of Activity for the Asset
and Liability Have Significantly Decreased and Identifying Transactions That
Are Not Orderly (“ASC 820-10”). This FSP emphasizes that the objective of a
fair value measurement does not change even when market activity for the
asset or liability has decreased significantly. Fair value is the price that
would be received for an asset sold or paid to transfer a liability in an
orderly transaction (that is, not a forced liquidation or distressed sale)
between market participants at the measurement date under current market
conditions. When observable transactions or quoted prices are not considered
orderly, then little, if any, weight should be assigned to the indication of
the asset or liability’s fair value. Adjustments to those transactions or
prices would be needed to determine the appropriate fair |

8

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| | value. The guidance was applied prospectively in 2009, and the impact
of adoption of this standard was not material to the Plan’s net assets
available for benefits. |
| --- | --- |
| | In September 2010, the FASB amended existing guidance with respect to
the reporting of participant loans for defined contribution pension plans.
The guidance requires that loans issued to participants be reported as notes
receivable, segregated from plan investments, and be measured at their unpaid
principal balances plus accrued but unpaid interest. This guidance is
effective for reporting periods ending after December 15, 2010, and is to be
applied retrospectively to all periods presented comparatively. The adoption
of this guidance by the Plan resulted in a reclassification from investments
to notes receivable from participants of $8,505,297 on the statement of net
assets available for benefits as of December 31, 2009. Adoption had no effect
on the Plan’s net assets available for benefits. |
| (i) | Reclassifications |
| | Certain prior year amounts have been reclassified to conform to the
2010 presentation. |

(3) Risks and Uncertainties

Investment securities, including First Horizon National Corporation common stock, are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in their fair values could occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

(4) Concentration of participant investments

The Plan has a significant portion of its assets invested in First Horizon National Corporation common stock. This investment in First Horizon National Corporation common stock approximates 34% of the Plan’s net assets available for benefits as of December 31, 2010.

(5) Plan Termination

Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, the Plan provides that all affected participants’ interests will become fully vested and nonforfeitable.

(6) Tax Status of Plan

The Internal Revenue Service (IRS) has determined and informed the Plan Sponsor by a letter dated October 24, 2002, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receipt of such letter; however, the Plan’s management believes that the Plan remains in compliance with the applicable requirements of the IRC. Management is unaware of any course of action or series of events that have occurred that might adversely affect the Plan’s qualified status.

9

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to December 31, 2007.

(7) Related Party Transactions

| Certain plan investments are shares of First Horizon National
Corporation common stock and mutual funds and common collective trust funds
managed by Wilmington Trust Company. First Horizon National Corporation is
the Plan sponsor and Wilmington Trust Company is the trustee and custodian
and, therefore, these transactions qualify as party-in-interest transactions. |
| --- |
| The Company also provides the Plan with certain management and
administrative services for which no fees are charged. |

(8) Investments

The following presents investments that represent 5 percent or more of the Plan’s net assets at December 31, 2010 and 2009:

	2010	2009
First
Horizon National Corporation – common stock	$ 135,923,125	$ 150,280,465
Royce
Premier Fund	46,841,018	39,579,208
Vanguard 500
Index Fund - Admiral	46,156,861	23,368,561
Dodge &
Cox Balanced Fund	34,678,977	34,124,751
Harbor Fund
International Fund	33,919,286	34,891,633
Goldman
Sachs Structured US Equity Fund	—	21,281,906
Invesco
Stable Value Fund	25,403,745	24,649,195
Goldman
Sachs Financial Square – money market fund	23,803,266	31,528,106

For the year ended December 31, 2010, the Plan’s investments, including gains and losses on investments bought and sold as well as held during the year, appreciated in value by $8,733,481, as follows:

10

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| First
Horizon National Corporation – common stock fund | (16,609,893 |
| --- | --- |
| Common/collective
trust funds | 3,194,853 |
| Mutual funds | 21,951,383 |
| Segregated
participant investments | 197,138 |
| $ | 8,733,481 |

(9) Fully Benefit Responsive Investments

| |
| --- |
| The crediting rate on the wrap contracts is accrued daily under the
trust’s wrap agreements and is the product of the contract value of the wrap
agreements multiplied by the crediting rate as determined pursuant to the
wrap agreement. The wrapper contract provides that the adjustments to the
interest crediting rate will not result in an interest crediting rate that is
less than zero. Wrapper contracts’ interest crediting rates are typically
reset on a monthly or quarterly basis according to each contract. |
| In certain circumstances, the amount withdrawn from the wrapper
contract would be payable at fair value rather than at contract value. These
events included termination of the Plan, a material adverse change to the
provisions of the Plan, the employer elects to withdraw from a wrapper
contract in order to switch to a different investment provider, or if the
terms of a successor plan do not meet the wrapper contract issuer’s
underwriting criteria for issuance of a clone wrapper contract. Management of
the trust believes it is not probable that such events would be of sufficient
magnitude to limit the ability of the trust to transact at contract value
with the participants in the trust. |
| The average yield of the stable value fund was 2.392% for 2010 and
3.099% for 2009 and the crediting interest rate was 3.260% for 2010 and
3.887% for 2009. |
| (10) Fair Value Measurements |
| ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value. That framework provides a
fair value hierarchy that prioritizes the inputs to valuation techniques used
to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (level 1
measurements) and the lowest priority to unobservable inputs (level 3
measurements). The three levels of the fair value hierarchy under ASC 820 are
described as follows: |

11

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

| Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for
identical assets or liabilities in active markets that the plan has the
ability to access. | |
| --- | --- | --- |
| Level 2 | Inputs to the valuation methodology include: | |
| | • | quoted
prices for similar assets or liabilities in active markets; |
| | • | quoted
prices for identical or similar assets or liabilities in inactive markets; |
| | • | inputs other
than quoted prices that are observable for the asset or liability; |
| | • | inputs that
are derived principally from or corroborated by observable market data by
correlation or other means. |
| | If the asset or liability has a specified (contractual) term, the
level 2 input must be observable for substantially the full term of the asset
or liability. | |
| Level 3 | Inputs to the valuation methodology are unobservable and significant
to the fair value measurement. | |
| The asset or liability’s fair value measurement level within the fair
value hierarchy is based upon the lowest level of any input that is
significant to the fair value measurement. Valuation techniques used need to
maximize the use of observable inputs and minimize the use of unobservable
inputs. The following table sets forth by level, within the fair value
hierarchy, the Plan’s investments at fair value as of December 31, 2010: | | |

| | Investments at
Fair Value as of December 31, 2010 — Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Mutual funds | | | | |
| Balanced Fund | $ 34,678,977 | $ — | $ — | $ 34,678,977 |
| International Fund | 33,919,286 | — | — | 33,919,286 |
| Large Cap Funds | 3,855,196 | — | — | 3,855,196 |
| Emerging Growth Fund | 5,166,167 | — | — | 5,166,167 |
| Small Cap Funds | 46,841,018 | — | — | 46,841,018 |
| Index Funds | 46,156,861 | — | — | 46,156,861 |
| Fixed Income Fund | 17,613,144 | — | — | 17,613,144 |
| Total mutual funds | 188,230,649 | — | — | 188,230,649 |
| Common stocks | | | | |
| Banking/financial services | 136,017,892 | — | — | 136,017,892 |
| Other | 790,399 | — | — | 790,399 |
| Total common stocks | 136,808,291 | — | — | 136,808,291 |
| U.S. government securities | | 82,027 | — | 82,027 |
| Money market funds | 26,146,472 | — | — | 26,146,472 |
| Common/collective trust funds | | | | |
| Index Funds | — | 13,127,586 | — | 13,127,586 |
| Stable Value Funds | — | 25,403,745 | — | 25,403,745 |
| Total common/collective trust funds | — | 38,531,331 | — | 38,531,331 |
| | $ 351,185,412 | $ 38,613,358 | $ — | $ 389,798,770 |

12

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2009:

| | Investments at
Fair Value as of December 31, 2009 — Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Mutual funds | | | | |
| Balanced Fund | $ 34,124,751 | $ — | $ — | $ 34,124,751 |
| International Fund | 34,891,633 | — | — | 34,891,633 |
| U.S. Equity Funds | 21,281,906 | — | — | 21,281,906 |
| Emerging Growth Fund | 4,131,802 | — | — | 4,131,802 |
| Small Cap Funds | 39,579,208 | — | — | 39,579,208 |
| Index Funds | 23,368,561 | — | — | 23,368,561 |
| Fixed Income Fund | 15,504,054 | — | — | 15,504,054 |
| Total mutual funds | 172,881,915 | — | — | 172,881,915 |
| Common stocks | | | | |
| Banking/financial services | 150,382,930 | — | — | 150,382,930 |
| Other | 589,034 | — | — | 589,034 |
| Total common stocks | 150,971,964 | — | — | 150,971,964 |
| U.S. government securities | | 79,057 | — | 79,057 |
| Money market funds | 33,111,156 | — | — | 33,111,156 |
| Common/collective trust funds | | | | |
| Index Funds | — | 6,401,805 | — | 6,401,805 |
| Stable Value Funds | — | 24,649,195 | — | 24,649,195 |
| Total common/collective trust funds | — | 31,051,000 | — | 31,051,000 |
| | $ 356,965,035 | $ 31,130,057 | $ — | $ 388,095,092 |

(11) Benefits Payable

Included in net assets available for benefits are amounts allocated to individuals who have elected to withdraw from the Plan, but have not been paid as of December 31, 2010 or 2009. Plan assets allocated to these participants were $53,679 for 2010 and $120,555 for 2009.

(12) Subsequent Events Evaluation

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through June 28, 2011, the date these financial statements were issued. The evaluation determined that there were no subsequent events that necessitated disclosure and/or adjustments.

13

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

S chedule H, Line 4i - Schedule of Assets (Held at End of Year)

Plan Number: 002 EIN: 62-0803242 December 31, 2010

(a)	(b) — Identity of issue, borrower, lessor, or similar party	Description of investment including maturity date, rate of interest, collateral, par, or maturity value	Current value
*	Wilmington Prime Money
Market Fund \ Class	Money market fund	$ 1,843,248
	Goldman Sachs Financial
Square Government	Money market fund	23,803,266
		Total
money market funds	25,646,514
	Invesco Stable Value Fund	Common/collective - stable
value fund	25,403,745
	Barclays Global Life Path
Index 2015 Fund	Common/collective trust
fund	2,281,179
	Barclays Global Life Path
Index 2020 Fund	Common/collective trust
fund	2,538,247
	Barclays Global Life Path
Index 2025 Fund	Common/collective trust
fund	1,753,504
	Barclays Global Life Path
Index 2030 Fund	Common/collective trust
fund	1,808,794
	Barclays Global Life Path
Index 2035 Fund	Common/collective trust
fund	1,003,970
	Barclays Global Life Path
Index 2040 Fund	Common/collective trust
fund	945,202
	Barclays Global Life Path Index
2045 Fund	Common/collective trust
fund	712,884
	Barclays Global Life Path
Index Retirement	Common/collective trust
fund	2,083,807
		Total
common/collective trust funds	13,127,587
	Dodge & Cox Balanced
Fund	Mutual fund	34,678,977
	T Rowe Price Institution
Large Cap Value Fd	Mutual fund	2,685,051
	Mainstay Large Cap Growth
Fund	Mutual fund	1,170,145
	Harbor Fund International
Fund	Mutual fund	33,919,286
	Old Mutual Copper Rock Emerging
Growth	Mutual fund	5,166,167
	Royce Premier Fund	Mutual fund	46,841,018
	Goldman Sachs Core Fixed
Income	Mutual fund	17,613,144
	Vanguard 500 Index Fund -
Admiral	Mutual fund	46,156,861
		Total
mutual funds	188,230,649
*	First Horizon National
Corporation	First Horizon National Corporation common stock fund, 12,436,419.3986
units	135,923,125
*	Various participants	Loan fund, interest rates ranging from 3.25% to 8.25%, collateralized
by participants’ right, title and interest in and to the Plan	8,413,459
	Segregated
participant investments:
	Fidelity Inst’l Govt
Portfolio	Money market fund	499,958
	Federal Home Loan Bank	U.S. government agency
note, 6.0%, due 2/12/2016	82,018
	Federal Home Loan Mortgage
Corporation	U.S. government agency pool #182031, 10.0%, due 1/01/2011	9
		Total U.S.
government agencies	82,027
	Bank of America Corp	Corporate stock, 4727
shares	63,058
	Cross A T Company	Corporate stock, 1000
shares	9,650
	Deltic Timber Corporation	Corporate stock, 571 shares	32,170
	JP Morgan Chase &
Company	Corporate stock, 720 shares	30,542
	Miller Herman, Inc.	Corporate stock, 4000
shares	101,200
	Murphy Oil Corporation	Corporate stock, 8000
shares	596,400
	Parametric Technology
Corporation	Corporate stock, 553 shares	12,459
	Supervalu, Inc.	Corporate stock, 4000
shares	38,520
*	First Horizon National
Corporation	First Horizon National
Corporation, 99 shares	1,166
		Total
corporate stock	885,165
			$ 398,212,229

• Indicates party-in-interest to the Plan.

See accompanying report of independent registered public accounting firm.

14

EXHIBITS

| | The
following document is filed as an exhibit to this Form 11-K: |
| --- | --- |
| 1. | Consent of
Independent Registered Public Accounting Firm [Thompson Dunavant PLC]. |

SIGNATURES

The Plan . Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension, Savings and Flexible Plan Committee of the First Horizon National Corporation Savings Plan (“Plan”) has duly caused this annual report to be signed on behalf of the Plan by the undersigned hereunto duly authorized.

| | FIRST
HORIZON NATIONAL CORPORATION | |
| --- | --- | --- |
| | SAVINGS
PLAN | |
| Date: June
29, 2011 | By: | /s/ Salomon
Mizrahi |
| | | Salomon
Mizrahi |
| | | Senior Vice President – Total Rewards, and Member of the Pension,
Savings and Flexible Compensation Committee |

EXHIBIT INDEX

No.	Description
23.1	Consent of
Independent Registered Public Accounting Firm
	[Thompson
Dunavant PLC]