The parent company of First Tennessee Bank today reported a first-quarter loss of $75.2 million, after reporting a profit in the same period a year earlier.
First Tennessee BankThe Memphis-based First Horizon Corp., which owns Chattanooga's biggest bank, said it had a loss of 33 cents per share, due to $162.5 million settlement with regulators over the mortgage business the bank sold in 2008.
Earnings, adjusted for non-recurring costs, came to 18 cents per share. Those results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
First Horizon posted revenue of $286.6 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $282.2 million.
First Horizon shares have climbed 7 percent since the beginning of the year. The stock has increased 25 percent in the last 12 months although it is trading down so far today.
In the first quarter, First Tennessee said it saw solid loan and deposit growth and capital levels remained strong.
"Our people continued to demonstrate strong performance across the board in the first quarter," said First Horizon Chairman and CEO Bryan Jordan.