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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 95 253 13,695
MORTGAGES 96 261 15,827
FORECLOSURE NOTICES 3 24 2,163
BUILDING PERMITS 250 500 28,258
BANKRUPTCIES 57 178 8,828
BUSINESS LICENSES 31 85 4,650
UTILITY CONNECTIONS 33 93 5,486
MARRIAGE LICENSES 9 57 2,951

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