First Horizon 4Q net income rises 16 pct
MEMPHIS, Tenn. (AP) — First Horizon National Corp. said Friday that its fourth-quarter net income rose 16 percent, as lower costs more than offset a drop in revenue.
The Memphis, Tenn.-based bank earned $40.7 million, or 17 cents per share, up from $34.9 million, or 13 cents per share, in the same quarter last year. Total revenue fell 12 percent to $317 million from $360.1 million.
Analysts, on average, expected a profit of 17 cents per share on $338.3 million in revenue, according to a FactSet poll.
Net interest income, or money earned from deposits and loans, fell 5 percent to $170.6 million. At the same time, noninterest income, or money earned from fees and other charges, dropped 16 percent to $151.1 million.
But noninterest expense also fell 13 percent to $271.4 million.
The company's provision for loan losses, or the amount of money it set aside to cover soured loans, jumped 50 percent to $15 million.
For the full year 2012, First Horizon posted a loss of $27.8 million, or 11 cents per share, compared with a profit of $131.2 million, or 50 cents per share, in 2011. Revenue fell to $1.36 billion from $1.49 billion.