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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
04/24/201516:11:15Statement of Changes in Beneficial Ownership (4)
04/21/201506:42:48SunTrust Boosts First Horizon National Corp Price Target to $16.50...
04/21/201503:15:09First Horizon National Corp Upgraded to Market Perform by FBR...
04/20/201513:31:38RBC Capital Raises First Horizon National Corp Price Target to...
04/17/201507:26:46Current Report Filing (8-k)
04/17/201507:21:33Current Report Filing (8-k)
04/17/201507:20:00First Horizon Posts Adjusted Earnings of $42 Million and Adjusted...
04/10/201517:18:49Commerce Bancshares: Not Competitive In A Competitive Peer Group
04/10/201516:05:00First Horizon National Corp. to Announce Financial Results and...
04/09/201516:20:34Current Report Filing (8-k)
04/09/201516:05:00First Horizon to Settle Key Mortgage Matter
04/03/201514:29:31Statement of Changes in Beneficial Ownership (4)
04/03/201514:26:22Statement of Changes in Beneficial Ownership (4)
04/03/201514:24:11Statement of Changes in Beneficial Ownership (4)
04/03/201514:21:36Statement of Changes in Beneficial Ownership (4)
04/03/201514:19:28Statement of Changes in Beneficial Ownership (4)
04/03/201514:16:37Statement of Changes in Beneficial Ownership (4)
04/03/201514:14:19Statement of Changes in Beneficial Ownership (4)
04/03/201514:11:26Statement of Changes in Beneficial Ownership (4)
04/03/201514:08:43Statement of Changes in Beneficial Ownership (4)

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