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First Horizon 4Q Loss Narrows As Loan-Loss Provision Falls

DOW JONES NEWSWIRES First Horizon National Corp.'s (FHN) fourth-quarter loss narrowed as the regional lender set aside less money for troubled loans and other credit measures also improved. Loan-loss provisions declined to $45 million from $135 million a year earlier and $50 million in the prior quarter. The net charge-off rate fell to 2.38% from 4% and 2.63%, respectively. Nonperforming assets, or loans that may go bad, decreased to $836.5 million from $1.05 billion and $919.2 million. The parent of First Tennessee Bank has had improved results in recent quarters, thanks to seven straight quarters of reducing the amount it sets aside to cover risky loans. The lender also has shifted its focus to retail banking and capital markets while largely exiting the mortgage business. A number of lenders also have had improved lending in the latest quarter, in a sign of another possible positive trend for the sector. First Horizon reported a loss of $48.7 million, or 20 cents a share, compared with a prior-year loss of $70.6 million, or 30 cents a share. The latest period included $63 million in costs related to its TARP repayment. Revenue decreased 10% to $393.2 million, after falling 18% a year earlier. Analysts polled by Thomson Reuters most recently forecast a loss of 3 cents on revenue of $424 million. Total deposits grew 2% as total loans fell 7%. Shares closed Thursday at $11.99 and were inactive premarket. The stock is down 6.2% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for First Horizon (FHN)
DateTimeHeadline
07/26/201616:24:30Current Report Filing (8-k)
07/26/201616:10:00First Horizon Declares Quarterly Dividends
07/26/201616:10:00Rajesh Subramaniam elected to First Horizon board
07/21/201609:50:00Regional Lender F.N.B. to Buy Yadkin for $1.4 Billion
07/21/201601:40:00Regional Bank F.N.B. to Expand South
07/15/201606:51:01Current Report Filing (8-k)
07/15/201606:50:00Momentum remains strong for First Horizon in second quarter
07/15/201606:37:37Current Report Filing (8-k)
07/07/201617:14:42Annual Report of Employee Stock Plans (11-k)
06/30/201608:30:00First Horizon National Corp. to Announce Financial Results and...
06/28/201616:18:02Notification That Annual Employee Plan Report Will Be Submitted...
06/27/201619:20:00GE Strikes Deals to Sell Most of U.S. Restaurant Finance Assets...
06/27/201618:50:00GE Strikes Deals to Sell Most of U.S. Restaurant Finance Assets
06/27/201618:42:00GE Strikes Deals to Sell Most of U.S. Restaurant Finance Assets
06/27/201617:15:00First Tennessee Bank to significantly expand restaurant franchise...
06/17/201607:55:00Stocks Coverage on the Financial Sector -- Regions Financial...
06/14/201616:26:08Statement of Changes in Beneficial Ownership (4)
06/13/201616:16:55Statement of Changes in Beneficial Ownership (4)
06/10/201609:00:00First Horizon National Corp. to participate in Morgan Stanley...
06/09/201617:02:18Statement of Changes in Beneficial Ownership (4)

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