Welcome to our dedicated page for SmartFinancial news (Ticker: SMBK), a resource for investors and traders seeking the latest updates and insights on SmartFinancial stock.
SmartFinancial, Inc. (symbol: SMBK) operates as a bank holding company for SmartBank, providing a wide array of banking and financial services to both individual and corporate customers. The company’s core business is to attract deposits from the general public and invest those funds into various loan products. These loans include commercial loans, residential and commercial real estate loans, consumer loans, and construction loans for both residential and commercial purposes.
With its principal revenue source being interest income from earning assets such as loans and securities, SmartFinancial has consistently focused on maintaining a robust financial condition. The company’s recent achievements include maintaining a strong balance of PPP loans and achieving notable yields on tax-exempt instruments on a tax-equivalent basis.
SmartFinancial, Inc. is also committed to helping clients achieve their ideal retirement through strategic retirement planning. Investment advisory services are offered through Capital Asset Advisory Services, LLC, a registered investment adviser. It's important to note that SmartFinancial does not offer tax or legal advice and clients are encouraged to consult with appropriate professionals for those services.
In terms of financial performance, the company has demonstrated consistent growth with measured improvements in various financial metrics. The third and fourth quarters of 2023, as well as the first quarter of 2024, have shown significant financial progress. SmartFinancial, Inc. continues to enhance its service offerings and expand its customer base, thus solidifying its position in the financial services industry.
For further information, investors and interested parties can contact:
- Billy Carroll, President and Chief Executive Officer, Email: billy.carroll@smartbank.com, Phone: 865.868.0613
- Ron Gorczynski, Executive Vice President and Chief Financial Officer, Email: ron.gorczynski@smartbank.com, Phone: 865.437.5724
- Kelley Fowler, Senior Vice President, Public Relations/Marketing, Email: kelley.fowler@smartbank.com, Phone: 865.868.0611
SmartFinancial, Inc. (NASDAQ: SMBK) reported strong first-quarter 2023 results, with net income of $11.5 million or $0.68 per diluted share, up 38% year-over-year from $8.3 million or $0.49 per share. Operating earnings, excluding securities gains and restructuring expenses, also increased to $11.5 million, representing a 34% rise compared to the previous year. Deposits grew by $152.4 million (15% annualized), while organic loans rose by $53 million (7% annualized). Despite a slight drop in net interest income to $36 million, the net interest margin decreased to 3.31% due to rising costs linked to Federal Reserve rate hikes. Credit quality remains stable with nonperforming assets at 0.11% of total assets. Total assets increased to $4.77 billion, contributing to a robust balance sheet.
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