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First Horizon Posts Surprise 2Q Profit; Revenue Beats Views

DOW JONES NEWSWIRES First Horizon National Corp. (FHN) posted a surprise second-quarter profit on sharply lower loan-loss provisions, while revenue fell less than expected. The Tennessee-based regional bank company has shifted focus to retail banking and capital markets while largely exiting the mortgage business. Main Street banking conditions appear to be improving, as J.P. Morgan Chase & Co. (JPM) reported Thursday such operations swung to the black in its latest quarter. The parent of First Tennessee Bank reported a profit of $17.6 million, or a penny a share, compared with a year-earlier loss of $108.3 million, or 54 cents a share. The latest period included a $17.1 million debt-repurchase gain. Revenue dropped 11% to $430.1 million as net-interest income fell 9%. Analysts polled by Thomson Reuters had most recently forecast a loss of 9 cents on $413 million in revenue. Loan-loss provisions were $70 million, down from $260 million a year earlier and $105 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 3.1% of average loans from 4.77% and 4.13%, respectively. Nonperforming assets, those near default, dropped to 4.92% from 6.15% and 5.63%. Meanwhile, total deposits rose 1% as total loans fell 12%. First Horizon's shares closed Thursday at $12.11 and were inactive premarket. The stock is up just 1.2% the past year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240,

Stock News for First Horizon (FHN)
09/19/201609:00:00First Tennessee Bank closes on acquisition of restaurant franchise...
09/13/201607:30:00First Tennessee Bank Transforms ATM Channel with Allpoint Network
09/08/201616:30:00First Horizon National Corp. to participate in 2016 Barclays...
09/07/201616:20:35Statement of Changes in Beneficial Ownership (4)
08/31/201616:20:50Statement of Changes in Beneficial Ownership (4)
08/30/201616:30:07Statement of Changes in Beneficial Ownership (4)
08/30/201616:26:14Statement of Changes in Beneficial Ownership (4)
08/30/201616:23:36Statement of Changes in Beneficial Ownership (4)
08/29/201616:41:56Statement of Changes in Beneficial Ownership (4)
08/29/201616:38:00Statement of Changes in Beneficial Ownership (4)
08/25/201616:18:16Statement of Changes in Beneficial Ownership (4)
08/09/201616:15:00First Tennessee invests $5 million in Small Business Jobs Opportunity...
08/08/201616:14:17Quarterly Report (10-q)
08/05/201616:15:00First Tennessee to award $10,000 to state’s top small business
08/04/201615:09:00First Tennessee expands maternity and parental leave
08/03/201606:08:07Securities Registration: Employee Benefit Plan (s-8)
08/02/201612:00:00First Horizon to post analysts' materials on
07/29/201615:48:04Form 13f Cover Page (13f-nt)
07/27/201616:10:21Statement of Changes in Beneficial Ownership (4)
07/27/201616:07:19Initial Statement of Beneficial Ownership (3)

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