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First Horizon Posts Surprise 3Q Profit On Lower Loss Reserve

DOW JONES NEWSWIRES First Horizon National Corp. (FHN) posted a surprise third-quarter profit as it cut the amount set aside to cover risky loans for the sixth-straight quarter and revenue fell less than analysts had feared it would. The parent of First Tenessee Bank has seen results improve in recent quarters, setting aside much less to cover loan losses as credit quality has improved. Fitch Ratings last week indicated a near-term downgrade of the company is no longer likely, citing its improved funding profile. In the latest quarter, loan-loss provisions were $50 million, down from $185 million a year earlier and $70 million in the prior quarter. First Horizon posted a profit of $30.8 million, or 7 cents a share, compared with a year-earlier loss of $38 million, or 23 cents a share. Revenue dropped 12% to $434.4 million amid a 17% drop in noninterest income. Analysts polled by Thomson Reuters most recently forecast a 2-cent loss on $406 million in revenue. Net charge-offs, or loans lenders don't think are collectible, fell to 2.63% of average loans from 3.1% the prior quarter and 4.24% a year earlier. Nonperforming assets, those near default, were 5% of assets, compared with 4.92% and 6.38%, respectively. Shares closed Thursday at $10.89 and were inactive in recent premarket trading. The stock is down 15% this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for First Horizon (FHN)
11/25/201516:21:59Current Report Filing (8-k)
11/10/201516:15:17Statement of Changes in Beneficial Ownership (4)
11/09/201518:16:59Keith Turbett Joins First Horizon to Enhance CRA Program
11/03/201517:00:00First Horizon National Corp. to Participate in 2015 BancAnalysts...
11/02/201517:02:26Current Report Filing (8-k)
10/30/201516:46:13Current Report Filing (8-k)
10/30/201516:17:16Statement of Changes in Beneficial Ownership (4)
10/30/201516:16:00First Horizon Announces Completion of $500 Million Senior Notes...
10/28/201517:18:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
10/26/201516:54:57Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
10/26/201509:20:00First Horizon National Prepares for Finra Arbitration Loss
10/20/201516:28:03First Horizon National declares $0.06 dividend
10/20/201516:15:00First Horizon Declares Quarterly Dividends
10/16/201506:32:08Current Report Filing (8-k)
10/16/201506:31:45First Horizon National beats by $0.07, misses on revenue
10/16/201506:30:00First Horizon Earns $0.29 Per Share in Third Quarter
10/15/201511:07:09FTB Advisors Certified for Fiduciary Excellence
10/05/201518:30:00Girls Inc. at the YWCA to Partner With Reese Witherspoon and...
10/05/201506:55:17Current Report Filing (8-k)
10/05/201506:00:00First Horizon Completes TrustAtlantic Acquisition

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