First Horizon National in Memphis, Tenn., reported improved quarterly earnings that reflected higher revenue.
The $27 billion-asset company said in a press release Friday that first-quarter profit available to shareholders totaled $47.8 million, or 20 cents a share. Net income comparisons with a year earlier were skewed; the company
Revenue rose 7% from a year earlier to $306 million.
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Regions Financial in Birmingham, Ala., posted a double-digit gain in its first-quarter profit as strong revenue growth more than offset continued deterioration in its energy-loan portfolio.
April 15 - Tennessee
Legal costs and a tax credit impairment during the fourth quarter at First Horizon National in Memphis, Tenn., offset loan growth and a rise in fee income.
January 19
Net interest income increased 10% to 172 million. Total loans rose by 5% to $17.6 billion, and the net interest margin widened by 14 basis points, to 2.88%.
Noninterest income increased by 3% to $132.7 million.
First Horizon recorded a $3 million loan-loss provision in the first quarter. Net chargeoffs were flat at $9.2 million, while nonperforming assets improved to 1.2% of total assets, from 1.37% a year earlier.
