Saturday, October 16, 2010

First Horizon turns profit in third quarter

First Horizon National Corp., the parent of First Tennessee Bank, said Friday that its third-quarter results reversed a loss from the previous year.
Net income rose to $15.9 million, or 7 cents per share, during the quarter, from a loss of $52.9 million in the year-ago period.

Quarterly revenue dropped 12 percent to $434.4 million from $493 million in the previous year. Much of the decline came from a 17 percent drop in noninterest income, which is money from fees and charges. The bank's stock declined 86 cents per share on Friday, or 7.9 percent, to close at $10.03 per share in New York Stock Exchange trading.


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Real Estate Outlook: Small GainsMany Nashvillians could see lower heating bills this winter