The parent company of Chattanooga's biggest bank boosted its second quarter profits by nearly 13 percent to $56.8 million, or 24 cents per share.
First Horizon Corp., the parent company of First Tennessee Bank, reported today an 8 percent gain in revenue in the second quarter. The Memphis-based banking firm beat analysts' expectations for second quarter profits by 2 cents per share.
"Our performance remained strong in the second quarter, with good numbers across the board," Bryan Jordan, First Horizon's chairman and chief executive, said in a statement today. "The customer-focused work of our people continues to drive strong loan growth, deposit growth and revenue growth. It's rewarding to see that work paying off quarter after quarter."
Net interest income increased 6 percent to $176 million. First Horizon posted double-digit increases in loans, which totaled $18.6 billion.
First Tennessee is Chattanooga's biggest bank with more than $2 billion in deposits in the Chattanooga market. Jeff Jackson, Chattanooga market president for First Tennessee, said the bank is enjoying double-digit loan and depsoit growth this year, especially in its commercial lines of business.
"The Chattanooga economy is doing well with many businesses relocating to our city," Jackson said. "We expect the (growing loan) demand to continue through the rest of the year."
First Horizon's pending $637 million purchase of restaurant franchise loans from GE Capital was not reflected in its quarter results. That is expected to close later this quarter.