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

Date : 07/15/2011 @ 7:58AM
Source : Dow Jones News
Stock : First Horizon National Corp. (FHN)
Quote : 18.32  0.0 (0.00%) @ 2:05AM

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

First Horizon (NYSE:FHN)
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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 
 



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