UPDATE: First Horizon Posts In-Line Q4 Profit

First Horizon National (NYSE: FHN) reported a 16% rise in its fourth-quarter earnings.

First Horizon's quarterly profit surged to $40.7 million, or $0.17 per share, from $34.9 million, or $0.13 per share, in the year-ago period.

Its revenue dropped 12% to $317 million. However, analysts were expecting earnings of $0.17 per share on revenue of $338.8 million.

Its noninterest expense declined 13% to $271.4 million, while net-interest margin fell to 3.09% from 3.15%.

First Horizon shares closed at $10.27 yesterday.

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