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First Tennessee Bank, a unit of First Horizon National (FHN), is opening its first branch in Texas.
April 2 -
First Horizon National (FHN) in Memphis, Tenn., has reached an agreement with Freddie Mac related to home loans originated and sold to the government-sponsored entity between 2000 and 2008.
February 27 -
First Horizon National (FHN) in Memphis, Tenn., returned to profitability in the fourth quarter after recording a benefit for income taxes.
January 17 -
First Horizon National (FHN) in Memphis swung to a big loss in the third quarter after reaching an agreement to repurchase soured loans from Fannie Mae, it announced Friday.
October 18
First Horizon National (FHN) used a gain from the sale of mortgage servicing rights to offset declines in revenue and fee income.
The Memphis, Tenn., company reported earnings of $45 million in the first quarter, which was 10% higher than a year earlier. Earnings per share of 19 cents beat estimates by 5 cents, according to analysts polled by Bloomberg.
Profits were boosted by $20 million in pretax income from the
Meanwhile, First Horizon's revenue fell 6% year over year to $298 million. Net interest income also dropped 6%, to $152 million, as uncertain market conditions led to lower loan volume. The net interest margin was down seven basis points.
Noninterest income decreased 10% from a year earlier to $140 million.
Expenses fell 8% year over year.
Asset quality trends remained positive, as net chargeoffs were down to $16 million, a 38% drop from last year.