The parent company of Chattanooga's biggest bank on Tuesday reported lower-than-expected profits in the fourth quarter despite a growth in market share during 2015.
First Horizon National Corp., the parent company of First Tennessee Bank, said it earned $48.6 million, or 20 cents per share, in the fourth quarter. In the same period a year earlier, First Horizon earned $60.3 million, or 25 cents per share.
The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The bank holding company posted revenue of $298.9 million in the period, topping Street forecasts. Eight analysts surveyed by Zacks expected $292.9 million.
For the year, First Horizon reported profit of $85.9 million, or 34 cents per share, down from the $222.5 million, or 92 cents per share, the company earned in 2014. Revenue was reported as $1.17 billion.
Despite the drop in net income, company CEO Bryan Jordan said 2015 "was a very good year for our company.
"First Tennessee bankers profitably grew revenue, loans and deposits as they served the needs of our customers," Jordan said. "We grew market share and maintained excellent credit quality.
First Horizon shares have fallen by more than 13 percent since the beginning of the year. The stock fell 1.8 percent in trading Tuesday.