First Horizon National Corporation (FHN), which operates as a bank holding company for First Tennessee Bank National Association, Friday posted higher income for the first quarter, largely reflecting lower non-interest expenses. Earnings per share was in line with analyst expectations.
For the period the firm posted net income available to shareholders of $40.96 million, up from $30.52 million a year earlier. On a per share basis, earnings for the quarter was $0.17 versus $0.12 last year.
Twenty four analysts on average polled by Thomson Reuters estimated earnings per share of $0.17 for the period. Analysts estimates typically exclude one-time items.
Net interest income for the period fell to $161.38 million from $171.92 million last year. Non-interest income too declined to $156.4 million from $202.11 million recorded for the corresponding period last year. However, non-interest expense witnessed a fall at $240.54 million from $321.99 million last year, helping the bottomline surge ahead year-over-year.
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