First Tennessee Bank.First Horizon National Corp. reported better than expected third quarter earnings today.
The Memphis-based banking company, the parent of First Tennessee Bank, said it earned $63.2 million, or 27 cents per share, in the three months ended Sept. 30. A year ago, the company earned $58.8 million, or 25 cents per share.
The results for First Horizon were also 2 cents per share better than analysts' consensus estimates that the banking firm would earn 25 cents per share in the quarter.
Company revenue grew in the quarter by 15.6 percent to $333.7 million with growth in loans, deposits and average daily revenue from fixed income products.
"This was a very good quarter. We clearly demonstrated our ability to grow and build sustained profitability at First Horizon," First Horizon CEO Bryan Jordan said in a statement today. "Our people generated strong growth across our businesses, with loans up 18 percent at First Tennessee and fixed income average daily revenue up 37 percent at FTN Financial compared to the same period last year."
First Tennessee is the biggest bank in the Chattanooga market with more than $2 billion in local deposits.