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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)
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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