First Horizon National Corp. said declines in problem assets may have hit a temporary wall, with further improvement possibly on hold until mid-2011.

The $25.4 billion-asset Memphis company said progress on nonperforming assets may be stymied over the short term because of continued deterioration in commercial real estate (CRE). Much of First Horizon's past progress had come in portfolios tied to businesses it had exited in prior years such as its national specialty lending business.

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