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First Horizon has agreed to pay $212.5 million to settle claims tied to the Memphis, Tenn., company's past underwriting and origination of certain loans.
April 9 -
First Horizon National Corp. announced late Tuesday that it will pay $110 million to the Federal Housing Finance Agency to settle allegations that it sold faulty mortgages to Fannie Mae and Freddie Mac in the years leading up to housing bust.
April 29 -
First Horizon National (FHN) in Memphis, Tenn., has reached an agreement with Freddie Mac related to home loans originated and sold to the government-sponsored entity between 2000 and 2008.
February 27
First Horizon National in Memphis, Tenn., swung to a first-quarter loss after it paid $212.5 million to
The $25.7 billion-asset company reported a loss of $76.7 million, or 33 cents a share. The results included a $162.5 million charge tied to the settlement. The company earned $45.6 million, or 19 cents a share, a year earlier.
Excluding the charge, First Horizon's net income would have been $41.8 million, or 18 cents a share.
First Horizon last month agreed to a settlement with the Department of Housing and Urban Development and the Justice Department to resolve a probe into its past underwriting and origination of certain loans. The probe dealt with a business that First Horizon sold in 2008.
Net interest income fell 3% from a year earlier, to $156.9 million. Total loans rose 11%, to $16.7 billion. The net interest margin compressed by 14 basis points, to 2.74%.
Fee income fell 8%, to $129.4 million, largely because First Horizon had a $39.7 million gain on the sale of mortgage loans a year earlier.
Excluding the settlement charge, noninterest expenses rose 2%, to $213.7 million.
