After First Horizon posted an earnings miss Wednesday morning, the regional bank's CEO Bryan Jordan told CNBC's Jim Cramer there is stiff competition in the industry that could continue for the rest of the year.
It tends to be very aggressive for money market and CD deposit rates," Jordan said.
"We see a lot of specials in the marketplace, and what we experienced this quarter was a little bit of a shift in what we'd seen in previous quarters."
Jordan continued, saying this competition "drove a little bit of an increase in costs," as First Horizon matched rates for customers, raising the cost of deposits.
"I think when those two questions get resolved, the economy ought to star to accelerate, loan demand ought to pick up a little bit," he said.
Persons:
Bryan Jordan, CNBC's Jim Cramer, Jordan, we'd, Wednesday's
Organizations:
Horizon, Federal
Locations:
Memphis , Tennessee