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.
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.”