Profitability and momentum remained strong, generating solid financial results in the third quarter at First Horizon National Corp. (NYSE:FHN). Earnings per share increased 7 percent year over year. Net interest income was up 13 percent, driven by average total loan growth of 6 percent and growth in higher-return specialty areas such as loans to mortgage companies and asset-based lending. In the regional bank, average deposits were up 8 percent, revenue increased by 7 percent and First Tennessee maintained its number one deposit market share position in the state of Tennessee. Consolidated net interest margin expanded to 3.19 percent from 2.96 percent and returns and profitability improved with higher return on tangible common equity (ROTCE) and return on assets (ROA). Credit quality trends remain stable.
“Our third quarter results were solid with very good balance sheet and revenue growth, as well as our continued focus on controlling costs,” said Bryan Jordan, First Horizon’s chairman and CEO. “Our people did an excellent job of focusing on customers and growing the business while dedicating significant amounts of time to planning the integration of our pending merger with Capital Bank.”