Double-digit year-over-year percentage increases in revenue, pre-tax income, loans and average deposits at First Tennessee Bank were drivers of a strong second quarter at First Horizon National Corp. (NYSE:FHN), officials said.
Returns and profitability improved with higher return on tangible common equity (ROTCE) and return on assets (ROA). Growth in loans and deposits coupled with the Fed’s recent interest rate increases led to a 14 percent improvement in net interest income year over year.
Credit quality trends remain excellent, it was stated.
Chattanooga Market President Jeff Jackson said, "We are excited by the previous quarters’ earnings report. In Chattanooga, we had a 10 percent increase in deposits and good loan growth. We also had a 12% increase in profits in a year over year comparison. First Tennessee values relationships. It's at the core of all we do. We've been enthusiastic about Chattanooga for over 40 years and we are humbled by the support this market continues to show us."
“Our people continue to deliver a differentiated experience for our customers, and that’s what drives our momentum,” said Bryan Jordan, First Horizon’s chairman and CEO. “Our bankers are expanding relationships and attracting new business in our growth markets in Middle Tennessee and the Mid-Atlantic as well as in established markets like West Tennessee. Our planned merger with Capital Bank will help us more quickly achieve critical financial targets, and teams from both sides are preparing us to leverage the strengths of both banks, capitalize on growth opportunities in attractive, high-growth Southeast markets and enhance our strong presence in Tennessee.”