Chattanooga’s biggest banks reported mixed results for all of 2022 Wednesday as higher interest rates boosted margins but slower economic growth limited some activity and kept profits below what bank analysts had forecast.
First Horizon Corp., the biggest bank in both Chattanooga and Tennessee, reported net income of $868 million, or $1.53 per share, in 2022, which was down from the $962 million, or $1.74 per share, earned in 2021. The past year’s results included a net $82 million after-tax reduction.
Although First Horizon’s results were below what analysts had forecast, bank CEO Bryan Jordan said the Memphis-based bank “delivered exceptional net interest income, net interest margin, strong loan growth and successfully achieved our annualized net cost save target of $200 million” amid global uncertainty and a challenging economic landscape.
“Our results for the quarter and year reflect the strength of our markets and the continued momentum of our attractive business mix,” Bryan said in Wednesday’s earnings report.
Pinnacle Financial Partners Inc. boosted its yearly earnings this past year by 6.2% despite a drop in Paycheck Protection Program income.