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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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 70 1,045
MORTGAGES 79 79 1,199
FORECLOSURE NOTICES 0 0 228
BUILDING PERMITS 0 0 2,425
BANKRUPTCIES 52 52 727
BUSINESS LICENSES 23 23 512
UTILITY CONNECTIONS 0 0 293
MARRIAGE LICENSES 21 21 161