First Horizon National Reports In Line 1Q EPS, Revenue Tops Expectations

First Horizon National Corp

reported net income of $47.8 million for the first quarter, which was 1.7% higher than $47 million recorded in the year-ago quarter. However, earnings per share remained flat at 20 cents a share, which is in line with the Street analysts' expectations. According to the company, its net interest income grew to $172.1 million from $166.7 million while the net interest margin rose to 2.88% from 2.82% last quarter. The financial firm said that the rate hike announced in December contributed to growth in both net interest income and net interest margin in the first quarter. First Horizon National generated total revenue of $306.38 million, up 7% from $285.55 million in the previous year quarter. Street analyst expected the company to deliver revenue of $300.36 million. The company's Chairman and CEO, Bryan Jordan, said that "First quarter was another solid quarter at First Horizon. Our focus on giving our customers a differentiated experience through our team of outstanding bankers and advisors is paying off with strong revenue and loan growth". He added that "Our bankers continue to deliver on the value of doing business with Tennessee's bank, and our fixed income team continues to build on the strength of its extensive distribution platform." Shares of the company closed Thursday trading with 0.44% gain.