First Horizon National Corp. reported a sharp increase in its third-quarter profit as an increase in average loans, lower overhead and a decrease in income tax payments helped to offset a 9% decline in total revenue.
The $25.4 billion-asset company said Friday that its net income available to shareholders climbed 46% in the quarter, to $67.2 million, from the same period last year. Diluted earnings per share rose 53%, to 29 cents, topping consensus analysts' estimates by seven cents.
The Memphis company reported a 16% drop in its noninterest expense, to $203.9 million, and 28% decline in its provision for income taxes, to $12.1 million. Earnings were also bolstered by 3% gain in interest income, aided by an 11% increase in average loans. However, noninterest income fell 21% year over year, to $125.5 million.
First Horizon's shares were down 1% in early trading Friday, to $13.83.