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First Horizon sees 6.5% YOY increase in Q3 net income

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First Horizon sees 6.5% YOY increase in Q3 net income

First Horizon National Corp. on Oct. 13 posted a 6.5% year-over-year rise in third-quarter results.

Net income available to common shareholders climbed to $67.3 million, or 28 cents per share, from net income of $63.2 million, or 27 cents per share, a year earlier.

The S&P Capital IQ consensus mean estimate for third-quarter earnings was 30 cents.

Net interest margin for the quarter was 3.19%, up from 3.07% in the previous quarter and up from 2.96% a year ago.

First Horizon did not record any provision for loan losses this quarter. This compared to a loan reserve release of $2.0 million in the previous quarter and a provision for loan losses of $4.0 million a year earlier.

Net charge-offs totaled $2.4 million, compared to $2.7 million in the linked quarter and $2.3 million in the prior-year quarter.

At the end of the third quarter, nonperforming assets totaled $140.2 million, compared to $144.1 million in the linked quarter and down from $173.5 million a year ago.