First Horizon National Corp. raised its net chargeoff estimate for this year.
The $35.5 billion-asset Memphis company said in a regulatory filing late Tuesday that it anticipates taking $485 million to $585 million of net chargeoffs, or $100 million more than it indicated in a July forecast.
It cited continued issues with residential commercial real estate and commercial and industrial loans in "certain borrower segments."
Also late Tuesday, First Horizon said it had completed the sale of its national mortgage origination and servicing business to MetLife Inc. The sale, which closed Aug. 31, included about $380 million of assets, including servicing rights related to $19 billion of first-lien mortgages.
