First Horizon Sees $70 Million Charge-Off From Bankrupt Firm (1)

First Horizon Corp. told investors to expect roughly $100 million in aggregate charge-offs for the third quarter, with about $70 million of that tied to one company getting sold for parts.

Chief Executive Officer Bryan Jordan said Tuesday during a Barclays Plc financial-services conference that the loan is an “individual credit” tied to a company that filed for Chapter 7 bankruptcy in mid-August. He said valuations on the company were “good” prior to its current troubles.

“This is a loan, and this loss will be pretty darn close to total,” Jordan said Tuesday during the conference. “We have a lot ...