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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, matthew.jarzemsky@dowjones.com

Stock News for First Horizon (FHN)
DateTimeHeadline
02/27/201418:08:37First Horizon Reaches Settlement With Freddie Mac
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Largest Sales
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep 30
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep -2-
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases
06/14/201318:14:46Zoetis to Replace First Horizon in S&P 500
12/28/201213:10:02Tech Glitch Prompted Biggest 2010 Discount Window Loan
12/28/201212:53:35Technology Glitch Prompted Biggest 4th Quarter 2010 Discount...
12/14/201209:22:59U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/25/201215:27:11Regional Bank Investors Worry New Capital Rules Will Curtail...
01/20/201208:50:53US STOCK FUTURES: HOT STOCKS TO WATCH
07/15/201107:58:10First Horizon 2Q Profit Soars But Revenue Slumps On Loan Decline
06/29/201114:39:11Bank Of America Settlement Viewed As Blueprint For More Pacts
03/09/201116:29:56US Treasury: First Horizon, 1st Source Repurchase Warrants Issued...
01/21/201119:15:09Southern Banks Post Mixed Results; Continuing Financial Woes
01/21/201107:55:19First Horizon 4Q Loss Narrows As Loan-Loss Provision Falls
12/22/201016:32:12US Treasury Announces Six Cos Repay TARP Funds
12/16/201009:34:18First Horizon Unveils Terms Of Boosted $500 Million Debt Sale
11/01/201016:07:14MARKET SNAPSHOT: U.S. Stocks Turn Negative On Financial Jitters

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