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First Horizon 2Q Profit Soars But Revenue Slumps On Loan Decline

DOW JONES NEWSWIRES First Horizon National Corp. (FHN) reported its second-quarter profit more than doubled as loan-loss provisions declined sharply from a year ago, but revenue slumped on a drop in total loans. The parent of First Tennessee Bank has seen improving results recently as credit measures strengthen and lower reserves are needed for troubled loans. First Horizon has in recent years sharpened its focus on retail banking and capital markets, while largely exiting the mortgage business. Loan-loss provisions were unchanged from the prior quarter at $1 million, though down sharply from $70 million a year earlier. Net charge-offs, or loans lenders don't think are collectible, were 1.67% of average loans, down from 3.11% a year earlier and 1.93% last quarter. Nonperforming assets, those near default, dropped to 4.09%, from 4.92% and 4.55%, respectively. First Horizon reported a profit of $42.6 million, or 16 cents a share, up from a prior-year profit of $17.6 million. Earnings of a penny a share in the year-earlier period reflected payment of preferred dividends. Revenue, as a combination of net interest income and non-interest income, declined 15% to $361.6 million. Analysts polled by Thomson Reuters recently estimated a per-share profit of 11 cents on $364 million in revenue. Total deposits rose 5%, while total loans fell 6%. First Horizon shares closed Thursday at $9.48 and were inactive in premarket trade. The stock is down 20% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for First Horizon (FHN)
DateTimeHeadline
12/02/201612:31:59First Tennessee to aid financial recovery for Gatlinburg wildfire...
11/29/201616:44:56First Tennessee Foundation to match donations for Gatlinburg...
11/29/201616:15:00First Horizon National Corp. to participate in 2016 Goldman Sachs...
11/21/201607:00:00First Tennessee to promote Pam Fansler to chairman, Dave Miller...
11/10/201616:25:04Statement of Changes in Beneficial Ownership (4)
11/07/201616:21:58Quarterly Report (10-q)
11/07/201608:30:00First Horizon National Corp. to Post Analysts' Materials on www.FirstHorizon.com...
10/27/201616:15:00FTN Financial Acquires Coastal Securities
10/25/201616:30:00First Horizon Declares Quarterly Dividends
10/25/201608:00:00First Tennessee adds free access to 43,000 ATMs
10/24/201611:14:09Form 13f Cover Page (13f-nt)
10/18/201607:00:00First Tennessee Bank expands specialty finance businesses
10/17/201616:53:29Current Report Filing (8-k)
10/17/201616:30:00Stress Test Confirms Capital Strength at First Horizon, First...
10/14/201606:46:13Current Report Filing (8-k)
10/14/201606:45:00Another strong quarter for First Horizon
10/14/201606:37:03Current Report Filing (8-k)
10/11/201607:00:00First Tennessee Bank promotes three in market leadership roles
10/05/201616:30:00First Horizon National Corp. to Announce Financial Results and...
09/28/201608:45:00First Tennessee invests $1 million in Operation HOPE

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