MEMPHIS - Calling First Tennessee National Corp.'s projected first-quarter shortfall "a bump in the road" caused by rising interest rates, chairman Ralph Horn said the company has no plans to sell off its struggling mortgage business.

To the contrary, Mr. Horn said in an interview, if rates stabilize by the end of the third quarter the company would still be able to increase earnings by at least 8% for the year, enough to return 20% on equity.

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