First Tennessee parent company reports profit

For the first time in eight consecutive quarters, First Tennessee Bank's parent company, First Horizon National Corp., turned a profit in the second quarter.

The state's largest bank attributes its $2.7 million, or 1 cent a share net profit available to common shareholders to improvements in credit quality and less earnings drag from legacy businesses. In the year-ago period, the company posted a loss of $123.2 million, or 54 cents a share.

"Our repositioning is on track, maybe slightly ahead of where we thought we would be," said Bryan Jordan, the company's chief executive. "This is a progression. It's part of a long-term strategy, and I'm very encouraged with the momentum."

Profits for the Memphis, Tenn.-based company came as a surprise, with many analysts predicting another loss for the quarter.

Mr. Jordan said he is optimistic that the company can capitalize on its momentum as it moves forward into the second half of 2010.

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