KNOXVILLE, Tenn. (AP) _ SmartFinancial Inc. (SMBK) on Monday reported third-quarter earnings of $6 million.
The Knoxville, Tennessee-based bank said it had earnings of 42 cents per share. Earnings, adjusted for one-time gains and costs, came to 43 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The bank holding company posted revenue of $29.5 million in the period. Its revenue net of interest expense was $23.3 million, which missed Street forecasts.
SmarFinancial shares have increased 12% since the beginning of the year. In the final minutes of trading on Monday, shares hit $20.50, a drop of 13% in the last 12 months.