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First Horizon Fundings, Earnings Improve

$7.5 billion Q1 originations

April 17, 2008

By MortgageDaily.com staff

First Horizon National Corp. pushed quarterly production and earnings higher. But delinquency deteriorated.

First-quarter residential volume was $7.5 billion, the company reported in its earnings data today. Originations rose from $6.3 billion in the prior quarter and a year earlier.

Government fundings accounted for 21 percent of first-quarter volume, while Alt-A represented 2 percent, the data indicated. The ratio of refinance activity was 64 percent,

The owned servicing portfolio ended the first quarter at $99 billion, with an average of 618,505 loans serviced. The portfolio fell from $103.7 billion at the end of December.

Delinquency of at least 90 days was 1.73 percent on March 31, climbing from 1.48 percent the prior quarter and 0.87 percent the prior year.

Residential mortgages on the balance sheet ended the quarter at $7.9 billion, while residential construction loans amounted to $1.8 billion, the Memphis, Tenn.-based company said. Real estate loans pledged against other collateralized borrowings were $0.7 billion.

First Horizon noted deterioration in the national construction and home-equity portfolios helped push net charge-offs to 181 basis points from 93 BPS during the fourth quarter and the ratio of allowance to total loans to 2.20 percent from 1.55 percent.

Commercial mortgages on the balance sheet were $3.9 billion at the end of the quarter. The figure included $1.3 billion in commercial mortgages and $2.6 billion in commercial construction loans.

Net income was an $8 million profit in the most recent quarter, improving from a $249 million loss during the fourth quarter. A year earlier, the company earned $71 million.

Mortgage banking pre-tax income was $51 million -- a big improvement from the $254 million loss reported for the segment in the prior period and $8 million loss a year earlier. The adoption of new accounting standards increased pre-tax mortgage earnings by $42 million.

The company reported 9,555 people employed full-time in 40 states as of March 31, down from 9,941 on Dec. 31 and 12,018 a year prior. Mortgage salespeople numbered 1,565 at the end of March, down from 1,696 three months earlier.

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