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) will release its second-quarter 2022 earnings on July 25, 2022, followed by a conference call on July 26, 2022, at 10:00 a.m. ET. Investors can participate by dialing (844) 200-6205 or (646) 904-5544 with access code 357084. A replay will be available until September 26, 2022. SmartFinancial, headquartered in Knoxville, Tennessee, operates SmartBank, a full-service commercial bank serving Tennessee, Alabama, and the Florida Panhandle. More details will be available on their website prior to the call.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.07 per share on April 28, 2022, payable on May 31, 2022, to shareholders of record by May 13, 2022. The announcement reflects SmartFinancial's commitment to rewarding its shareholders amidst its operations across Tennessee, Alabama, and the Florida Panhandle.
SmartFinancial reported net income of $8.3 million, or $0.49 per diluted share, for Q1 2022, a decline from $9.8 million or $0.65 per share year-over-year. Operating earnings stood at $8.6 million, or $0.51 per diluted share, also lower than the previous year's $9.8 million. The company experienced notable growth in loans and deposits, with organic loan growth exceeding $136.9 million (21% annualized) and non-time deposits growing over $195.0 million (23% annualized). Credit quality remained robust, evidenced by nonperforming assets at 0.11% of total assets.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its First Quarter 2022 earnings on April 25, 2022, followed by a conference call on April 26, 2022, at 10:00 a.m. ET. Participants can access the call at (844) 200-6205 or (646) 904-5544 using access code 293033. A replay will be available until June 28, 2022. Conference call materials, including the earnings release, will be available on the company's website here at 9:00 a.m. ET on the day of the call.
On January 27, 2022, SmartFinancial (Nasdaq: SMBK) announced a quarterly cash dividend of $0.07 per share, marking a 17% increase from the previous $0.06 dividend. The dividend will be payable on February 28, 2022, to shareholders of record as of February 11, 2022. This move reflects the company's strong performance and commitment to returning value to shareholders.
SmartFinancial reported operating earnings of $0.52 per diluted common share for Q4 2021, showing a 31% year-over-year increase. Net income was $6.7 million, down from $9.0 million in Q4 2020. The company achieved a net organic loan growth exceeding $75 million, representing a 12% quarter-over-quarter increase. Tangible book value per share rose to $19.26. The integration of Sevier County Bancshares was completed, with five branches closed, while new branch offices opened in Alabama. Despite growth, net interest income fell slightly to $29.9 million and net interest margin decreased to 2.92%.
SmartFinancial, Inc. (NASDAQ: SMBK) will announce its Fourth Quarter 2021 results on January 24, 2022.
A conference call is scheduled for January 25, 2022, at 10:00 a.m. ET, accessible via phone.
The earnings release and presentation materials will be available on their website at smartfinancialinc.com at 9:00 a.m. ET on the same day.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has hired three experienced banking professionals in Nashville: Rachael Meurrier, Tony Graves, and Kent Stone. Meurrier, with over 15 years in private banking, and Graves, with over 30 years in commercial banking, will enhance SmartBank’s market presence. Stone joins as Regional Mortgage Production Manager. The Nashville area, with its diverse economy and substantial business presence, offers significant growth opportunities. This expansion aligns with SmartBank's goal to deepen its market penetration in Tennessee.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has hired a new six-person wealth management team from BBVA Compass Investment Solutions in Mobile, Alabama. Led by Thomas Montz, Amanda Montz, and Nathan Novotny, this team brings over 60 years of combined advisory experience and manages over $350 million in assets. This strategic addition aims to accelerate the growth of SmartBank Investment Services (SBIS) and diversify revenue streams, reinforcing the bank’s presence in the economically expanding Mobile area.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.06 per share on October 28, 2021. This dividend is payable on November 29, 2021, to shareholders of record as of the close of business on November 12, 2021. The move reflects the company’s ongoing commitment to shareholder returns amidst the challenges posed by the ongoing COVID-19 pandemic. SmartFinancial operates SmartBank, which offers full-service banking and has a strong presence across Tennessee, Alabama, and the Florida Panhandle.
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