First Horizon Posts Surprise 2Q Profit; Revenue Beats Views

Date : 07/16/2010 @ 7:59AM
Source : Dow Jones News
Stock : First Horizon National Corp. (FHN)
Quote : 18.01  0.28 (1.58%) @ 10:24AM

First Horizon Posts Surprise 2Q Profit; Revenue Beats Views

First Horizon (NYSE:FHN)
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First Horizon National Corp. (FHN) posted a surprise second-quarter profit on sharply lower loan-loss provisions, while revenue fell less than expected.

The Tennessee-based regional bank company has shifted focus to retail banking and capital markets while largely exiting the mortgage business. Main Street banking conditions appear to be improving, as J.P. Morgan Chase & Co. (JPM) reported Thursday such operations swung to the black in its latest quarter.

The parent of First Tennessee Bank reported a profit of $17.6 million, or a penny a share, compared with a year-earlier loss of $108.3 million, or 54 cents a share. The latest period included a $17.1 million debt-repurchase gain. Revenue dropped 11% to $430.1 million as net-interest income fell 9%.

Analysts polled by Thomson Reuters had most recently forecast a loss of 9 cents on $413 million in revenue.

Loan-loss provisions were $70 million, down from $260 million a year earlier and $105 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 3.1% of average loans from 4.77% and 4.13%, respectively. Nonperforming assets, those near default, dropped to 4.92% from 6.15% and 5.63%.

Meanwhile, total deposits rose 1% as total loans fell 12%.

First Horizon's shares closed Thursday at $12.11 and were inactive premarket. The stock is up just 1.2% the past year.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240, matthew.jarzemsky@dowjones.com

 
 

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