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VOL. 127 | NO. 77 | Thursday, April 19, 2012

First Horizon Posts Profit, Increases Share Buyback to $200M

By Andy Meek

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The Memphis-based parent company of First Tennessee Bank reported a 12-cent per share profit for the first quarter before the stock market's opening bell Thursday.

First Horizon National Corp. also reported a 9 percent increase in loans in its banking unit, equivalent to an additional $1 billion. And First Horizon's capital markets unit increased revenue 18 percent.

In related news, First Horizon also announced Thursday it's returning more capital to shareholders.

The company is increasing its stock buyback to $200 million. The board also has approved payment of a 1-cent per share dividend on its common stock.

The dividend is payable on July 1 to the common shareholders of record on June 15.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 85 354 12,626
MORTGAGES 113 438 16,470
FORECLOSURE NOTICES 21 98 3,290
BUILDING PERMITS 358 918 27,694
BANKRUPTCIES 55 276 10,490
BUSINESS LICENSES 18 120 4,204
UTILITY CONNECTIONS 78 429 16,350
MARRIAGE LICENSES 26 125 3,691

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