UPDATE: First Horizon Posts Drop In Q1 Profit, Raises Share Buyback Program

First Horizon National Corp FHN posted a drop in its first-quarter profit. First Horizon lifted its share buyback program to $200 million. It also approved a quarterly cash dividend of $0.01 per share. First Horizon's quarterly net income available to the shareholders fell to $30.5 million, or $0.12 per share, from $40.2 million, or $0.15 per share, in the year-ago period. However, analysts were expecting earnings of $0.13 per share. First Horizon's net interest income declined to $171.9 million from $172.8 million. Provision for bad loans surged to $8 million from $1 million. First Horizon shares closed at $9.96 yesterday.