First Horizon in Memphis, Tenn., reported a double-digit increase in quarterly earnings that reflected loan growth and lower expenses.

The $29.6 billion-asset company said in a press release Thursday that its first-quarter earnings rose 13% from a year earlier, to $54 million. Earnings per share of 23 cents were in line with the average estimate of analysts polled by FactSheet.

Bryan Jordan, CEO of First Horizon.
Bryan Jordan, First Horizon's CEO, said the company's loan pipelines "remain strong as our bankers focus on quality opportunities."

First Horizon’s net interest income increased by 10%, to $190 million. Total loans rose 9%, to $19.1 billion, and the net interest margin widened by 4 basis points, to 2.92%

The company also reported a $1 million reversal to its loan-loss allowance in the first quarter. Nonperforming assets fell 27%, to $161 million; the company had $900,000 in net recoveries during the quarter.

Noninterest income fell 12%, to $117 million. Noninterest expenses fell 2%, to $222 million.

“Loan pipelines and commitments remain strong as our bankers focus on quality opportunities,” Bryan Jordan, First Horizon’s chairman and CEO, said in the release. “Credit quality remains excellent [and] our relationships with current and new customers continue to grow.”

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