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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; 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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