First Horizon National in Memphis reported improved quarterly earnings that reflected higher revenue.
The $27 billion-asset company said in a press release Friday that first-quarter profit available to shareholders totaled $47.8 million, or 20 cents a share. Net income comparisons with a year earlier were skewed; the company lost $76.7 million in the first quarter of 2015 because of a large mortgage settlement charge.
Revenue rose 7% from a year earlier to $306 million.
Net interest income increased 10% to 172 million. Total loans rose by 5% to $17.6 billion, and the net interest margin widened by 14 basis points, to 2.88%.
Noninterest income increased by 3% to $132.7 million.
First Horizon recorded a $3 million loan-loss provision in the first quarter. Net chargeoffs were flat at $9.2 million, while nonperforming assets improved to 1.2% of total assets, compared to 1.37% a year earlier.
