First Horizon National Corp. posted its fourth straight quarterly loss Friday.
The $31.2 billion-asset Memphis company lost $82.8 million, or 39 cents a share, in the first quarter. That compared to a $63.1 million loss in the fourth quarter and a $7.9 million gain a year earlier.
The loan-loss provision rose 7.1% from the fourth quarter but fell 11.8% from a year earlier, to $300 million. Net chargeoffs rose 8.9% from the fourth quarter and more than doubled from a year earlier, to $208.3 million, and were concentrated in residential commercial real estate loans. Nonperforming assets rose 8.1% from the fourth quarter and doubled from a year earlier, to $1.25 billion.
The company said it lost $192.5 million in its national specialty lending operations, which it has spent several quarters exiting.
Its tangible common equity ratio fell 27 basis point from yearend, to 7.07%.
