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CORRECT:First Horizon Posts Surprise 2Q Profit; Revenue Beats Views

("CORRECT: First Horizon Posts Surprise 2Q Profit; Rev Beats Views," published at 7:29 a.m. EDT, incorrectly said second-quarter results were boosted by a one-time gain. It was the first quarter. A corrected story follows:) DOW JONES NEWSWIRES First Horizon National Corp. (FHN) posted Friday 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. 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%, respectively. Meanwhile, total deposits rose 1% as total loans fell 12%. First Horizon's shares were recently trading at $11.79, down 32 cents. The stock is up just 1.2% over the past year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240, [email protected]

Stock News for First Horizon (FHN)
01/13/201707:06:23Current Report Filing (8-k)
01/13/201707:00:00Momentum strong as First Horizon wraps up 2016
01/13/201706:37:23Current Report Filing (8-k)
12/21/201616:39:06Statement of Changes in Beneficial Ownership (4)
12/21/201616:30:00First Horizon National Corp. to Announce Financial Results and...
12/20/201612:30:00One new New Year’s resolution for financial well-being
12/19/201615:00:00FTB Advisors earns national honor for customer service
12/05/201615:30:00First Tennessee earns national awards for small business banking
12/02/201612:31:59First Tennessee to aid financial recovery for Gatlinburg wildfire...
11/29/201616:44:56First Tennessee Foundation to match donations for Gatlinburg...
11/29/201616:15:00First Horizon National Corp. to participate in 2016 Goldman Sachs...
11/21/201607:00:00First Tennessee to promote Pam Fansler to chairman, Dave Miller...
11/10/201616:25:04Statement of Changes in Beneficial Ownership (4)
11/07/201616:21:58Quarterly Report (10-q)
11/07/201608:30:00First Horizon National Corp. to Post Analysts' Materials on
10/27/201616:15:00FTN Financial Acquires Coastal Securities
10/25/201616:30:00First Horizon Declares Quarterly Dividends
10/25/201608:00:00First Tennessee adds free access to 43,000 ATMs
10/24/201611:14:09Form 13f Cover Page (13f-nt)
10/18/201607:00:00First Tennessee Bank expands specialty finance businesses

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