First Horizon National (FHN) in Memphis, Tenn., returned to profitability in the fourth quarter after recording a benefit for income taxes.

The $23.8 asset company earned $49.1 million in the fourth quarter, bouncing back from a $107 million loss a quarter earlier. The results were a 21% improvement from a year earlier. Earnings per share of 21 cents beat the average estimate of analysts polled by Bloomberg.

First Horizon reported a $36.6 million benefit for income taxes during the fourth quarter.

Total revenue fell 8% from a year earlier, to $292 million. Net interest income fell 8% from a year earlier, to $157 million, as the balance sheet contracted. The net interest margin was stable from the third quarter and compressed 11 basis points from a year earlier, at 2.98%.

Noninterest income fell 12% from a year earlier, to $132.9 million. Noninterest expense fell 4% from a year earlier, to $260 million.

The loan-loss provision was unchanged from the fourth quarter of 2012, at $15 million. Net chargeoffs fell 15% from a year earlier, to $16.9 million.

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