First Horizon National in Memphis reported lower quarterly profits that were largely due to a dip in fee-based income.
The $25.7 billion-asset company's earnings slid 6% from a year earlier, to $46.4 million. Earnings of 20 cents a share beat the average estimate of analysts polled by Bloomberg by 3 cents.
Lower noninterest income drove the quarterly results, falling 10%, to $119.6 million.
Cost control and fewer problem loans helped offset a drop in fees. Noninterest expenses fell 19%, to $209.6 million. Net interest income held relatively steady, edging up 1%, to $159.1 million, while the company slashed its loan-loss provision by 60%, to $6 million.
Total loans grew 5%, to $16.2 billion. The net interest margin compressed by 12 basis points, to 2.86%.