Keith SanfordFirst Horizon National Corp., holding company for First Tennessee Bank, missed earnings estimates by a penny in the first quarter.
But BJ Losch, chief financial officer of Chattanooga’s biggest bank by deposits, said the results ultimately showed a “pretty good quarter with good progress overall,” pointing to first-quarter seasonality as the culprit for the company’s mixed results.
“From last year to this year we grew loans almost a billion dollars or over 10 percent year-to-year,” he said. “Our core deposits were up almost that much as well.”
Net interest income fell by $7 million from the fourth quarter, but remained flat over the year. Total revenue actually increased by $11 million over the year to $376 million, an increase of $18 million from the prior quarter.
Operating income, however, fell slightly to 12 cents per share, or about $34 million, missing expectations of 13 cents per share.