Security Bancorp Q3 net profit rises on higher net interest income

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

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(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.)