First Tennessee BankThe parent company of First Tennessee Bank reported better-than-expected third quarter earnings today from both greater loan volume and more cost controls.
First Horizon National Corp., the Memphis-based parent of Chattanooga's biggest bank, reported net income for the third quarter of $45 million, or 19 cents per share. Aanalysts had forecast quarterly earnings of 17 cents per share, on average.
Average loans by First Tennessee were up 4 percent from the second quarter. The regional bank was particularly strong in the third quarter, with pre-tax income up 9 percent fromthe second quarter.
"We are making strategic decisions based on our economic profit models and our bonefish metrics that will lead to greater profitability for the long term," First Horizon COE Bryan Jordan siad in a statement. "We will continue to invest where we create value for our customers and maintain a culture to attract and keep the best people in the business."