VOL. 127 | NO. 77 | Thursday, April 19, 2012
First Horizon Posts Profit, Increases Share Buyback to $200M
By Andy Meek
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.