- Tennessee
First Horizon National in Memphis, Tenn., has received regulators' approval to acquire TrustAtlantic Financial, after it delayed the closing date.
September 18 -
First Horizon National in Memphis, Tenn., will record an $11.6 million expense in the third quarter, after an arbitration panel officially ruled against it in a securities-related dispute with First United Corp. in Oakland, Md.
November 3 -
Regions Financial in Birmingham, Ala., reported double-digit earnings growth in the fourth quarter as gains in both fee income and loan balances helped to offset a sharply higher loan-loss provision related to weakness in its energy portfolio.
January 15
Legal costs and a tax credit impairment during the fourth quarter at First Horizon National in Memphis, Tenn., offset loan growth and a rise in fee income.
Net income at the $26.2 billion-asset holding company for First Tennessee Bank was little changed, at $47 million, from a year earlier. Earnings per share was also little changed at 20 cents, a penny lower than the estimate of analysts polled by Bloomberg. Total revenue rose 7% to $298.9 million.
Noninterest expense rose 18% to $243.7 million. The efficiency ratio worsened by 754 basis points to 81.94%. The expense incresae included $14.2 million in pretax loss accruals related to legal matters and a $2.8 million impairment of a tax credit investment.
Employee salaries also contributed to higher expenses. Compensation costs rose 15% to $136 million, in part because in October First Horizon
Net interest income after the provision for loan losses rose 8% to $165.7 million. The provision fell 83% to $1 million. The net interest margin compressed by 4 basis points to 2.82%.
Total loans increased 9% to $17.7 billion. Business loans, the largest category at First Horizon, rose 13% to $9.7 billion. Residential mortgages fell 6% to $4.8 billion.
Fee income rose 11% to $132.2 million. Revenue from FTN Financial, First Horizon's fixed-income division, rose 27% to $61.7 million.
