SmartFinancial in Knoxville, Tenn., reported higher quarterly profit after selling its insurance business and purging underwater securities.
The $5.8 billion-asset company said in a press release that its third-quarter earnings rose by 51% from a year earlier, to $13.7 million.
SmartFinancial recorded a $4 million pretax gain tied to selling SBK Insurance. That gain offset a $3.9 million pretax loss from selling about $85 million of available-for-sale securities.