First Tennessee Parent Co. Reports Nice Q1

The Memphis-based parent company of First Tennessee Bank this morning reported a first quarter that soundly beat analyst expectations.

First Horizon National Corp.’s Q1 net income available to common shareholders was $40.2 million, or 15 cents a share. The consensus estimate of more than two dozen analysts was a 4-cent profit.

In the year-ago period, First Horizon reported a net loss of $27.7 million, or 12 cents a share.

Among the quarter’s highlights, pre-tax income in First Horizon’s regional bank segment increased 4 percent from the fourth quarter of 2010. Year-over-year, revenue was relatively stable despite added regulatory pressure and economic challenges, the company said.

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