* Q4 EPS $0.13 vs loss/shr $0.20 a year ago
* Bad loan provisions down 78 percent
* Total loans, net of unearned income, down 2 percent
Jan 20 First Horizon National Corp
swung to a quarterly profit, as it set aside less money to cover
bad loans, but the regional lender reported a decline in total
loans, hurting interest income.
For the fourth quarter, net income available to the
shareholders was $34.9 million, or 13 cents a share, compared
with a loss of $48.7 million, or 20 cents a share, a year
Provisions for credit losses fell 78 percent to $10 million,
as the bank's efforts to clean up its balance sheet pay off.
However, total loans, net of unearned income, fell 2 percent
to $16.40 billion.
The decrease in outstanding loans and the low interest rate
environment caused the bank's net interest income -- the
difference between the amount earned on loans and paid out on
deposits -- to fall 2 percent to $178.9 million.
Banks have been facing pressure on margins as the Federal
Reserve has kept interest rates low to stimulate the U.S.
The company's shares, which have gained over 60 percent in
the last four months, closed at $8.77 on Thursday on the New
York Stock Exchange.