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First Horizon National posts higher Q4'19 net income, lower NIM YOY

First Horizon National Corp. reported fourth-quarter 2019 adjusted net income available to common shareholders of $146.7 million, or 47 cents per share, up from $134.0 million, or 43 cents per share, in the third quarter of 2019.

The S&P Global Market Intelligence consensus normalized EPS estimate was 42 cents.

GAAP net income available to common shareholders was $116.8 million, or 37 cents per share, up from $96.3 million, or 30 cents per share, in the year-ago period.

Total revenues amounted to $494.7 million in the fourth quarter of 2019, up from $472.4 million in the linked quarter and $412.8 million in the year-ago period. The quarter-over-quarter increase was attributed to higher net interest income and higher fee income.

Net interest income for the fourth quarter of 2019 was $311.4 million, up from $300.7 million in the third quarter and $302.5 million in the year-ago quarter.

Net interest margin was 3.26% in the fourth quarter of 2019, higher than the 3.21% in the previous quarter but lower than the 3.38% in the year-ago period. Fee income in the fourth quarter of 2019 ticked up 4% from the linked quarter.

Average loans for the fourth quarter of 2019 stood at $30.71 billion, ticking higher from $30.02 billion in the linked quarter and $27.15 billion in the year-ago quarter.

Average deposits for the period amounted to $32.78 billion, up from $32.37 billion in the third quarter of 2019 and $31.85 billion in the fourth quarter of the previous year.

For full year 2019, adjusted net income available to common shareholders was $524.9 million, or $1.66 per share, higher than the previous year's $460.7 million, or $1.41 per share.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year was $1.62.

On a GAAP basis, the company reported net income available to common shareholders of $434.7 million, or $1.38 per share, down from $538.8 million, or $1.65 per share, in 2018.