First Horizon National Corp., the parent company of First Tennessee Bank, said today its per-share first quarter earnings of $54.6 million, or 23 cents per share, were up 15 percent from the $49.4 million, or 20 cents per share earned a year earlier.
The Memphis-based banking firm, which operates the biggest bank in Chattanooga, said its revenues grew 9 percent, outpacing the 2 percent increase in expenses, and net interest income rose 12 percent due to a 13 percent gain in average loan volume and a 9 percent jump in bank deposits over a year ago.
“I am pleased with the continued progress we made in the first quarter toward our long-term profitability goals,” said Bryan Jordan, First Horizon’s chairman and CEO. “Loan pipelines and commitments remain strong as our bankers focus on quality opportunities, credit quality remains excellent, our relationships with current and new customers continue to grow, and the closing of the Coastal acquisition adds talented people, new products and new customers to enhance our fixed income business.
The results matched Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was also for earnings of 23 cents per share.
The bank holding company posted revenue of $335.8 million in the period. Its adjusted revenue was $306.6 million, which missed Street forecasts. Five analysts surveyed by Zacks expected $325.1 million.
First Horizon shares have dropped 9.5 percent since the beginning of the year. But the stock has increased 36 percent in the last 12 months.