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First Horizon National reports lower Q3 NIM, GAAP net income

First Horizon National Corp. posted adjusted net income available to common shareholders was $134.0 million, or 43 cents per share.

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

On a GAAP basis, third-quarter net income available to common shareholders was $109.5 million, or 35 cents per share, compared with $270.3 million, or 83 cents per share, in the year-ago period.

Net interest margin was 3.21%, compared to 3.34% in the previous quarter and 3.44% in the year-ago quarter.

Net interest income for the third quarter was $300.7 million, a decrease from the $303.6 million in the second quarter and a year-over-year decrease from the third-quarter 2018 net interest income of $305.7 million.

Third-quarter provision for loan losses was $15.0 million, compared with $13.0 million in the second quarter and $2.0 million in the year-ago period.

Average loans for the third quarter were $30.02 billion, compared to $28.67 billion for the second quarter and $27.35 billion for the third quarter of 2018. Average deposits for the third quarter were $32.37 billion, compared to $31.96 billion in the previous quarter and $30.85 billion for the year-ago quarter.