First Horizon cuts 3Q loss; loan-loss outlays dip

MEMPHIS, Tenn. (AP) — First Horizon National Corp. said Friday it cut its losses in third quarter as earnings from investments and fees improved and the company set aside less money for loan losses.

First Horizon said it lost $52.9 million, or 24 cents per share, compared with a loss of $125.1 million, or 58 cents per share, a year ago.

The results included a $10.2 million loss, or 4 cents per share, related to discontinued operations.

Analysts surveyed by Thomson Reuters expected a loss of 32 cents per share. They typically exclude one-time costs.

First Horizon's shares rose 13 cents, or 1 percent, to $13.62 in afternoon trading.

Charge-offs, loans written off as not being repaid, rose 16 percent to $201.7 million from $154.7 million in the third quarter a year ago.

Net interest income, the difference between how much it costs a bank to borrow money and how much it receives from lending to customers, fell 14 percent to $190.9 million from $223.1 million.

Non-interest income, money derived from fees and other charges, rose 3 percent to $303.8 million from $296.3 million.

Noninterest expenses fell 10 percent to $349.9 million and the provision for loan losses fell46 percent to $185 million from $340 million a year ago.

CEO Bryan Jordan said in a statement that the company is making good progress in spite of a weak economy and difficult operating environment.