First Horizon National Corp., parent company of First Tennessee Bank, released fourth-quarter financial results Friday that showed a smaller loss than in the same period the year before.
First Horizon reported a net loss of $48.7 million available to common stockholders, or 20 cents per diluted share, for the fourth quarter of 2010. That compared to a net loss of $70.6 million, or 30 cents per diluted share, a year ago.
In the fourth quarter, the company’s positive pre-tax income of $13 million was offset by $63 million in costs related to its TARP shares and their retirement.
The company reported total revenue of $393.2 million in the fourth quarter of 2010, compared to $436.1 million total revenue in the year-ago period.
Bryan Jordan, chief executive of First Horizon, said in a news release that the company is gaining momentum, focusing on growing business by maintaining customer relationships, improving its efficiency ratio, deploying capital, improving credit quality and responding to customers’ needs in the market.