First Tennessee boosts net income
The parent company of First Tennessee Bank boosted its second quarter earnings by 61 percent from a year ago, increasing net income for common shareholders to $90.8 million, or 39 cents per share.
First Horizon National Corp., the biggest banking firm in Chattanooga and across Tennessee, said earnings, adjusted for non-recurring gains, came to 27 cents per share. The results topped Wall Street expectations by a penny a share.
First Tennessee said its average loans volume was up 11 percent, deposits were up 10 percent, revenue was up 11 percent, net interest income was up 13 percent and fee income was up 6 percent in the quarter.
“Our bankers are expanding relationships and attracting new business in our growth markets in Middle Tennessee and the Mid-Atlantic as well as in established markets like East and West Tennessee,” First Horizon CEO Bryan Jordan said in a statement.