First Horizon National Corp. posted its third straight quarterly loss Friday, though a better-than-expected showing sent the Memphis banking company's shares surging.

The parent of First Tennessee Bank, benefiting from narrower loan losses, said its net loss shrank 55.5% from the third quarter and 77.6% from a year earlier, to $55.7 million, or 27 cents a share. The results beat the average estimate of analysts by 7 cents, according to Thomson Reuters.

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