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Security Bancorp Q3 net profit rises on higher net interest income

By Reuters News


Overview

  • Tennessee bank holding company reported fiscal Q3 net income and EPS up yr/yr

  • Fiscal Q3 net interest income rose 14.5% yr/yr on loan growth and higher loan rates

  • Non-interest income fell in Q3 due to lower gains on secondary market loan sales


Outlook

  • Company did not provide specific guidance or outlook for the current or future periods in the press release


Result Drivers

  • LOAN GROWTH AND HIGHER RATES - Co said increased loan balances and higher loan rates drove net interest income

  • LOWER LOAN SALE GAINS - Co said non-interest income declined due to lower gains on secondary market loan sales

  • HIGHER OPERATING COSTS - Co said non-interest expense rose due to higher salary, employee benefits and occupancy costs


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$1.66 mln

Q3 Net Interest Income

$3.97 mln

Q3 Basic EPS

$4.40


Reuters Recommended Reads

  • Nov 5 - Triad Business Bank Q3 net interest income rises on loan growth

  • Nov 5 - United Bancorp Q3 net income falls on loan charge-off

  • Nov 5 - Commerzbank Q3 profit jumps 45%; backs FY forecast


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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