First Horizon National (FHN) in Memphis, Tenn., returned to profitability in the fourth quarter after recording a benefit for income taxes.

The $23.8 asset company earned $49.1 million in the fourth quarter, bouncing back from a $107 million loss a quarter earlier. The results were a 21% improvement from a year earlier. Earnings per share of 21 cents beat the average estimate of analysts polled by Bloomberg.

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