The parent company of First Tennessee Bank boosted its first quarter earnings in line with analysts expectations.
First Horizon National Corp., the Memphis-based holding company that owns First Tennessee Bank, said today it earned $103.4 million, or 35 cents per adjusted share. That was up 3 percent from the fourth quarter when the bank fell slightly short of analysts expectations.
“During the first quarter, we delivered on our priorities to drive profitable growth in our key markets and specialty areas, improve efficiency, effectively return capital to shareholders, and identify opportunities to provide more value to our customers,” said Bryan Jordan, First Horizon’s chairman and CEO. “Looking ahead, we remain focused on executing on our strategic plan and are confident in our ability to achieve our objectives as we navigate evolving market conditions.”
The earnings results indicate the company’s focus on its strategic priorities announced last November, which are to dominate Tennessee; profitably grow key markets and specialty areas; transform the customer experience; and optimize the expense base.
Bank deposits in Tennessee were up 3 percent from the fourth quarter of 2018, First Tennessee said today. Bank revenues are up 13 percent over a year ago.
First Tennessee operates the biggest bank in metropolitan Chattanooga and in Tennessee as a whole.