Oct 19 2015

First Tennessee Earnings Rise On Higher Loans, Deposits

First Horizon National Corp., the parent business of First Tennessee Bank, stated profits grew in the 3rd quarter, as loans and deposits enhanced.

Loans reported by the Memphis-based business completed $16.7 billion, up 6 percent compared with the 3rd quarter of 2014. Loans to companies were up throughout markets, items and markets, with growth in sectors such as office genuineproperty, transportation, manufacturing and distribution, the company stated.

Net earnings available to typical investors was $67 million, or 29 cents per share, compared to $46 million, or 20 cents per share, a year earlier.

That beat analysts expectations of 22 cents per share. The business income of $288.7 million missed Wall Street forecasts of $300.6 million.

The quarters outcomes included an $8 million pre-tax gain from staff member benefits amendments, a $6 million pre-tax gain from retirement of debt and a $4.5 million advantage to taxes. 3rd quarter 2014s outcomes included a $40 million gain from loan sales and net litigation expenditures of $35 million.

First Tennessee uses 4,200 people, including 2,300 in urban Memphis.