FIRST HORIZON CORP — Annual Report 2012

Jun 26, 2012

11-K 1 c70094_11-k.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, 2011 |
| | 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, 2011 and 2010

(With Reports of Independent Registered Public Accounting Firms Thereon)

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Index to Financial Statements and Supplemental Schedule

	Page
Reports of Independent Registered Public
Accounting Firms	1
Financial Statements:
Statements of
Net Assets Available for Benefits, December 31, 2011 and 2010	2
Statement of
Changes in Net Assets Available for Benefits, Year ended December 31, 2011	3
Notes to
Financial Statements	4-15
Supplemental Schedule:
Schedule H,
Line 4i - Schedule of Assets (Held at End of Year),
December 31, 2011	16

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.

R eport 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 statement of net assets available for benefits of First Horizon National Corporation Savings Plan (the "Plan") as of December 31, 2011, and the related statement of changes in net assets available for benefits for the year then ended. 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 audit. The statement of net assets available for benefits of First Horizon National Corporation Savings Plan as of December 31, 2010 was audited by other auditors whose report dated June 28, 2011, expressed an unqualified opinion on that statement.

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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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 audit provides 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, 2011, and the changes in its net assets available for benefits for the year ended, 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, 2011, 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 2011 financial statements and, in our opinion, is fairly stated in all material respects in relation to the 2011 financial statements taken as a whole.

/s/ Mayer Hoffman McCann P.C.

Memphis, Tennessee June 25, 2012

1

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 statement of net assets available for benefits of First Horizon National Corporation Savings Plan (the "Plan") as of December 31, 2010. This financial statement is the responsibility of the Plan's management. Our responsibility is to express an opinion on this financial statement based on our audit.

We conducted our audit 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 statement is free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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 audit provides a reasonable basis for our opinion.

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

/s/ Thompson Dunavant PLC

Memphis, Tennessee June 25, 2012

1A

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

S tatements of Net Assets Available for Benefits December 31, 2011 and 2010

	2011
Assets:
Investments - at fair value: (Notes 2, 8 and 10)
First Horizon National Corporation, common stock fund	$ 91,504,126	$	135,923,125
Mutual funds	122,955,382		188,230,649
Money market funds	21,537,541		25,646,514
Stable value fund (common/collective trust)	26,858,242		25,403,745
Common/collective trust funds	58,934,550		13,127,587
Segregated participant investments	1,340,938		1,467,150
Self-directed brokerage account	2,005,317		—
Total
investments - at fair value	325,136,096		389,798,770
Cash - Brokerage Window	5,039		—
Receivables:
Employer contributions	1,873,202		1,666,584
Interest	1,391		1,722
Notes receivable from participants	7,765,353		8,413,459
Due from broker	15,675		21,927
Interest and dividends - brokerage window	2,361		—
Total
receivables	9,657,982		10,103,692
Total
assets	334,799,117		399,902,462
Liabilities:
Expense accrual	279,153		133,744
Due to broker	864,880		1,032,281
Due to broker - brokerage window	38,646		—
Total
liabilities	1,182,679		1,166,025
Net
assets available for benefits, at fair value	333,616,438		398,736,437
Adjustment to contract value from fair value for interest in
common/collective trust relating to fully benefit-responsive investment
contracts	(885,508	)	(780,674	)
Net
Assets Available for Benefits	$ 332,730,930	$	397,955,763

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, 2011

	2011
Additions:
Additions
to (deductions from) net assets attributed to:
Investment income:
Net (depreciation) in investments (See note 8)	$ (50,467,153	)
Dividend income	5,799,162
Total investment (loss)	(44,667,991	)
Interest income on notes receivable from participants	234,605
Contributions:
Participants	18,732,192
Employer	10,217,400
Rollovers	491,107
Total contributions	29,440,699
Total
additions (deductions)	(14,992,687	)
Deductions:
Deductions from net assets attributed to:
Benefits paid to participants or beneficiaries	49,581,683
Administrative expenses	650,463
Total deductions	50,232,146
Net decrease	(65,224,833	)
Net assets available for
benefits:
Beginning of year	397,955,763
End of year	$ 332,730,930

See accompanying notes to financial statements.

3

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

N otes to Financial Statements December 31, 2011 and 2010

(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 serves as trustee of the Plan. 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) is the recordkeeper of the Plan.

Effective April 1, 2011, two new funds were added to the Plan. Lord Abbett Developing Growth Fund (LADYX) replaced the Copper Rock Emerging Growth Fund (OMIRX) and Thornburg International Value Fund (TIVRX) replaced the Harbor International Equity Fund (HAINX). Any funds remaining in the two funds being eliminated were mapped to the fund replacing them respectively.

Effective July 1, 2011, a Self-Directed Brokerage Account (SDBA) was offered within the Plan.

| (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 and Roth contributions (from 1% to 50% of
eligible pay) and other 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 January 1, 2011, the Plan provided a 1% automatic
enrollment feature. |

4

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(1)
	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.
	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.
	The Company also makes 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.

5

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(1)	Plan Description (continued)
	(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, 2011 forfeited nonvested accounts totaled $84,524.
Forfeited amounts are reallocated to eligible participants based upon
eligible compensation as defined by the plan agreement.
		Effective July 2011, the plan was amended to allow forfeitures to be
used to offset employer contributions, be applied to restore participant’s
non-vested account upon timely exercise of a buy-back right, or be applied
towards expenses of administration of the plan or its related trust.
	(f)	Participant Notes
Receivable
		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 day of the month preceding the new
quarter and is based on the prime rate as published in the Wall Street
Journal. At December 31, 2011 interest rates ranged from 3.25% to 8.50%.
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
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 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

6

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(2)
	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.
(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. Investments held in the self-directed
brokerage account constitute of a broad array of stocks, mutual funds and
partnerships/joint venture interests. Fair values of these investments are
determined based on evaluated prices using observable, market-based inputs
such as data from Interactive Data. There were no changes in the valuation
methodologies used at December 31, 2011 and 2010.
	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.

7

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(2)
	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.
	Effective July 1, 2011, the Plan also made available to plan
participants a self-directed brokerage account, in which participants may
invest in a broad array of stocks and mutual funds.
(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.
(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
	In May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurement
and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04).
ASU 2011-04 amended Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, to
converge the fair value measurement guidance in U.S. generally accepted
accounting principles and International Financial Reporting Standards. Some
of the amendments clarify the application of existing fair value measurement
requirements, while other amendments change a particular principle in ASC
820. In addition, ASU 2011-04 requires additional fair value disclosures. The
amendments are to be applied prospectively and are effective for annual
periods beginning after December 15, 2011. Plan management is currently
evaluating the effect that the provisions of ASU 2011-04 will have on the Plan’s
financial statements.

8

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(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 28% of the Plan’s net assets
available for benefits as of December 31, 2011.
(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.
	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, 2011,
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, 2008.

9

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(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, 2011 and 2010:

	2011	2010
First
Horizon National Corporation – common stock	$ 91,504,126	$ 135,923,125
Royce
Premier Fund	40,828,374	46,841,018
Blackrock
S&P 500 Index Fund	40,643,774	—
Dodge &
Cox Balanced Fund	27,074,008	34,678,977
Invesco
Stable Value Fund	26,858,242	25,403,745
Thornburg
Int’l Value Fund – R5	24,687,889	—
Vanguard 500
Index Fund – Admiral	—	46,156,861
Harbor Fund
International Fund	—	33,919,286
Goldman
Sachs Financial Square – money market fund	19,660,714	23,803,266

For the year ended December 31, 2011, the Plan’s investments, including gains and losses on investments bought and sold as well as held during the year, depreciated in value by $(50,476,153), as follows:

| First
Horizon National Corporation – common stock fund | 2011 — $ (42,611,632 | ) |
| --- | --- | --- |
| Common stock | (10,832 | ) |
| Common/collective
trust funds | (1,987,450 | ) |
| Mutual
funds/money market funds | (5,716,485 | ) |
| Partnerships/joint
venture | 2,643 | |
| Segregated
participant investments | (143,397 | ) |
| | $ (50,467,153 | ) |

10

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements December 31, 2011 and 2010

(9)	Fully Benefit Responsive Investments
	The Plan invests in the Invesco Stable Value Trust which is a
collective trust fund in the Institutional Retirement Trust. The Trust’s
primary investment objectives are to provide preservation of principal,
maintain a stable interest rate, and provide daily liquidity at contract
value for participant withdrawals and transfers. The Trust holds synthetic
guaranteed investment contracts (GIC’s). The GIC’s are portfolios of
securities owned by the Trust with wrap contracts associated with the
portfolios. The fair value of wrap contracts is determined by Invesco
National Trust Company based on the change in the present value of the
contract’s replacement cost. The contract value is generally equal to the
principal amounts invested in the underlying investments, plus interest
accrued at a crediting rate established under the contract, less any
adjustment for withdrawals.
	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 include 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 1.231% for 2011 and
2.392% for 2010 and the crediting interest rate was 1.990% for 2011 and
3.260% for 2010.
(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, 2011 and 2010

| (10) — 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, 2011: | | |

12

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2011 and 2010

(10) Fair Value Measurements (continued)

| | Investments at
Fair Value as of December 31, 2011 — Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Mutual funds | | | | |
| Balanced Fund | $ 27,074,008 | $ — | $ — | $ 27,074,008 |
| Large Cap Funds | 7,990,575 | — | — | 7,990,575 |
| Small Cap Funds | 40,828,374 | — | — | 40,828,374 |
| Fixed Income Funds | 15,979,325 | — | — | 15,979,325 |
| International Funds | 24,687,889 | — | — | 24,687,889 |
| Growth Funds | 6,395,211 | — | — | 6,395,211 |
| Total mutual funds | 122,955,382 | — | — | 122,955,382 |
| Common
stocks | | | | |
| Banking/financial services | 91,504,126 | — | — | 91,504,126 |
| Other | 1,174,677 | — | — | 1,174,677 |
| Total common stocks | 92,678,803 | — | — | 92,678,803 |
| U.S.
government securities | | 72,196 | — | 72,196 |
| Money market
funds | 21,631,606 | — | — | 21,631,606 |
| Common/collective
trust funds | | | | |
| Index Funds | — | 58,934,550 | — | 58,934,550 |
| Stable Value Funds | — | 26,858,242 | — | 26,858,242 |
| Total common/collective trust funds | — | 85,792,792 | — | 85,792,792 |
| Self
directed brokerage window | | | | |
| Short-term investments | 635,775 | — | — | 635,775 |
| Common stock | 679,191 | — | — | 679,191 |
| Mutual funds | 654,276 | — | — | 654,276 |
| Partnerships | 36,075 | — | — | 36,075 |
| Total self directed brokerage window | 2,005,317 | — | — | 2,005,317 |
| | $ 239,271,108 | $ 85,864,988 | $ — | $ 325,136,096 |

13

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2011 and 2010

(10)
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 |

| (11) |
| --- |
| 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, 2011 or 2010. Plan assets allocated to these
participants were $87,639 for 2011 and $53,679 for 2010. |

14

FIRST HORIZON NATIONAL CORPORATION SAVINGS PLAN

Notes to Financial Statements

December 31, 2011 and 2010

| 12) |
| --- |
| The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500 expected to be filed
for 2011: |

| Net assets
available for benefits per the financial statements | 2011 — $ 332,730,930 | $ | 397,955,763 | |
| --- | --- | --- | --- | --- |
| Less:
Benefit payable | (87,639 | ) | (53,679 | ) |
| Add:
Adjustment to contract value | 885,508 | | 780,674 | |
| Net assets
available for benefits per the Form 5500 | $ 333,528,799 | $ | 398,682,758 | |

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 expected to be filed for 2011:

| Benefits
paid to participants per the financial statements | 2011 — $ 49,581,683 | |
| --- | --- | --- |
| Less:
accrual for prior year | (53,679 | ) |
| Add: accrual
for current year | 87,639 | |
| Benefits
paid to participants per the Form 5500 | $ 49,615,643 | |

The following is a reconciliation of the total increase (decrease) in net assets of the plan per the financial statements to the Form 5500 expected to be filed for 2011:

| Total
(decrease) in assets per the financial statements | 2011 — $ (65,224,833 | ) |
| --- | --- | --- |
| Cumulative
adjustment to contract value | 104,834 | |
| Cumulative
benefits payable | (33,960 | ) |
| Net income (loss)
per the Form 5500 | $ (65,153,959 | ) |

| (13) |
| --- |
| Management has evaluated the need for disclosures
and/or adjustments resulting from subsequent events through June 25, 2012,
the date these financial statements were issued. The evaluation determined
that there were no subsequent events that necessitated disclosure and/or
adjustments. |

15

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, 2011

(a)	(b)	(c)	(e)
	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 W Class	Money market fund	$ 1,876,827
	Goldman
Sachs Financial Square Government	Money market fund	19,660,714
		Total money market funds	21,537,541
	First
Horizon Self Directed Brokerage Account	Self-Directed Brokerage Account	2,005,317
	Invesco
Stable Value Fund	Common/collective - stable value fund	26,858,242
	Barclays
Global Life Path Index 2015 Fund	Common/collective trust fund	2,779,651
	Barclays
Global Life Path Index 2020 Fund	Common/collective trust fund	2,806,459
	Barclays Global
Life Path Index 2025 Fund	Common/collective trust fund	2,932,199
	Barclays
Global Life Path Index 2030 Fund	Common/collective trust fund	2,141,459
	Barclays
Global Life Path Index 2035 Fund	Common/collective trust fund	1,346,752
	Barclays
Global Life Path Index 2040 Fund	Common/collective trust fund	1,189,922
	Barclays
Global Life Path Index 2045 Fund	Common/collective trust fund	1,119,272
	Barclays
Global Life Path Index Retirement	Common/collective trust fund	2,011,418
	Blackrock
Aggregate Bond Index Fund	Common/collective trust fund	1,344,270
	Blackrock
MSCI ACWI EX US Fund	Common/collective trust fund	292,553
	Blackrock
Russell 2000 Index Fund	Common/collective trust fund	326,821
	Blackrock
S&P 500 Index Fund	Common/collective trust fund	40,643,774
		Total common/collective trust funds	58,934,550
	Dodge &
Cox Balanced Fund	Mutual fund	27,074,008
	T Rowe Price
Institution Large Cap Value Fd	Mutual fund	4,560,277
	Mainstay
Large Cap Growth Fund	Mutual fund	3,430,298
	Royce
Premier Fund	Mutual fund	40,828,374
	Goldman
Sachs Core Fixed Income	Mutual fund	15,979,325
	Lord Abbett
Developing Growth Fund Inc	Mutual fund	6,395,211
	Thornburg
Intl Value Fund-R5	Mutual fund	24,687,889
		Total mutual funds	122,955,382
*	First
Horizon National Corporation	First Horizon National Corporation common
stock fund, 12,328,232.8817 units	91,504,126
*	Various
participants	Loan fund, interest rates ranging from 3.25%
to 8.50%, collateralized by participants’ right, title and interest in and to
the Plan	7,765,353
	Segregated
participant investments:
	Fidelity
Inst’l Govt Portfolio	Money market fund	94,065
	Federal Home
Loan Bank	U.S. government agency note, 6.0%, due
2/12/2016	72,196
	Exxon Mobil
Corporation	Corporate stock, 11,886 shares	1,007,457
	Murphy Oil
Corporation	Corporate stock, 3,000 shares	167,220
		Total corporate stock	1,174,677
			$ 332,901,449

• Indicates party-in-interest to the Plan.

See accompanying report of independent registered public accounting firm.

16

EXHIBITS

| | The
following documents are filed as exhibits to this Form 11-K: |
| --- | --- |
| 1. | Consent of
Independent Registered Public Accounting Firm [Mayer Hoffman McCann PC]. |
| 2. | 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
26, 2012 | By: | /s/ Salomon
Mizrahi |
| | | Salomon
Mizrahi |
| | | Senior Vice President – Total Rewards, and
Member of the Pension, Savings and Flexible Compensation Committee |

17

EXHIBIT INDEX

No.	Description
23.1	Consent of
Independent Registered Public Accounting Firm [Mayer Hoffman McCann PC]
23.2	Consent of
Independent Registered Public Accounting Firm [Thompson Dunavant PLC]