An acquisition and the sale of Visa stocked pumped up third-quarter profits at First Horizon National in Memphis, Tenn.
The $40.6 billion-asset holding company for First Tennessee Bank reported that net income quadrupled year over year to $270 million. Earnings per share were 83 cents. The results included a $213 million gain
Excluding the Visa share sale and other factors, earnings were 36 cents, a penny better than the mean estimate of analysts compiled by FactSet Research Systems.
Net interest income increased 45% to $303.7 million on accretion from First Horizon’s November acquisition of the $10.1 billion-asset Capital Bank Financial in Charlotte, N.C., and from growth in commercial lending.
“We are leveraging our strong position in Tennessee and building momentum in our markets in the Carolinas and Florida,” Chairman and CEO Bryan Jordan said in a news release Tuesday announcing the quarterly results.
Noninterest income more than doubled to $349 million on the Visa share sale and on higher fees from deposit accounts and cash management services
Noninterest expense rose 24% to $294 million. The results included $11.4 million of pretax expenses related to the Capital Bank deal.
