The parent company of First Tennessee Bank boosted its net income last year but fell slightly short of Wall Street analysts expectations in the fourth quarter.
First Horizon National Corp., the Memphis-based bank holding company that owns Chattanooga's biggest bank, today reported net income for all of 2016 of $227 million, or 94 cents per share. In 2015, First Horizon reported net income of earned $85.9 million, or 34 cents per share. Revenue last year totaled $1.28 billion.
Revenues for the bank were up nine percent last year while expenses were down by 12 percent.
In the fourth quarter, First Horizon reported a profit of $54.8 million, or 23 cents per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share for the fourth quarter.
Bryan Jordan, First Horizon's chairman and CEO, said the earnings gains reflect the bank staying "focused on the right things: supporting our customers, growing our business, making the best use of our strong capital position, managing the impact of interest rates and improving our operating leverage by investing in ways that drive business,"
"We made meaningful progress toward each of our bonefish targets, and that momentum is positioning this company for long-term success," Jordan said.
First Tennessee, the largest bank in Chattanooga with more than $2 billion in local deposits, achieved double-digit gains in income, deposits and loans last year in the Chattanooga market.
"During the last quarter of 2016, we grew profits by 23 percent, commercial loans by 13 percent and commercial deposits by 14 percent," said Jeff Jackson, market president for First Tennessee Bank in Cahttanooga, "In addition, we were able to provide nearly $1 million to support non-profits in Chattanooga. Our team consistently does all it can to meet the needs of an ever-changing community."
First Horizon shares have climbed slightly more than 1 percent since the beginning of the year. The stock has increased 52 percent in the last 12 months.