You might have to make more than one pass to get what you want without any splintering. Take one pass about 3/4 of the depth you want and go slow then take another pass at your full depth. You'll still need to take it slow but watch out for burning.
I do this all the time with pine but never really had any trouble with the splintering and I take a full pass and I'm done.
When we were shaping some 8/4 red oak for exterior door rails, we were getting some splintering and burning.Not to mention a good sharp bit don't hurt,i too would make more than one pass,you'll spend more time sanding the burns out than you will multiple passes.