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 a Q3 2021 net income of $9.6 million ($0.61 per diluted share), up from $6.4 million ($0.42) a year earlier. Operating earnings were $9.9 million ($0.63), reflecting a 43.2% increase year-over-year. The company achieved net organic loan growth of $52 million and tangible book value per share grew to $19.03. Notably, SmartFinancial completed the acquisition of Sevier County Bancshares and expanded its commercial banking teams across several locations. Total assets increased to $4.38 billion, up from $3.30 billion at year-end.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its third-quarter earnings on October 19, 2021, followed by a conference call on October 20 at 10:00 a.m. ET. Interested parties can join the call by dialing (844) 200-6205 or (646) 904-5544, using confirmation number 289025. A replay will be available until December 22, 2021. Investors can access the earnings materials on the company’s website at 9:00 a.m. ET before the call. SmartFinancial operates SmartBank, a full-service commercial bank founded in 2007, with locations in Tennessee, Alabama, and the Florida Panhandle.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has announced the hiring of two experienced commercial relationship managers, Eric Davis and Ryan Pool, to bolster its Tallahassee, Florida office. Davis, with over 15 years in commercial lending, and Pool, with 13 years of experience, aim to strengthen SmartBank's market presence. Additionally, David Smith has been appointed to establish a new floor plan lending line of business in Birmingham, Alabama. This growth strategy is anticipated to enhance the bank's commercial banking product offerings.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has entered into a Purchase and Assumption Agreement to sell approximately $83 million in loans and related assets from its Richmond, Virginia branch to First Bank. The transaction includes the acquisition of fixed assets at book value and the lease assumption. SmartBank’s Richmond branch will close on December 31, 2021. No deposit liabilities will be transferred. The divestiture is not expected to incur material gains or charges and is aimed at focusing on SmartBank's Southeastern expansion efforts.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), is expanding its presence in Alabama by hiring experienced banker teams. The bank has announced new leadership in Montgomery and Dothan, with Donna Cooper and Jeff Williams appointed to lead these regions. Montgomery, a growing economic hub, has recently seen significant industrial investment, while Dothan is recognized for its retail and medical services. SmartBank will also prioritize expansion in Birmingham, led by Lee Smith. This strategy aims to enhance market share in the Southeast and capitalize on banking opportunities.
SmartFinancial, Inc. (Nasdaq: SMBK) has successfully completed its acquisition of Sevier County Bancshares, Inc. and its subsidiary, Sevier County Bank, effective September 1, 2021. This merger, announced previously, enhances SmartFinancial's scale in a strong economic area, bolstering consolidated assets to approximately $4.1 billion as of June 30, 2021. CEO Billy Carroll emphasized the growth potential in the Pigeon Forge, Gatlinburg, and Sevierville regions. The merger is expected to create new opportunities in SmartBank's operations.
SmartFinancial, Inc. (Nasdaq: SMBK) announced a quarterly cash dividend of $0.06 per share on July 22, 2021, payable on August 23, 2021. Shareholders of record as of August 6, 2021 will be eligible. SmartFinancial, headquartered in Knoxville, Tennessee, operates SmartBank, a full-service bank with 35 branches across East and Middle Tennessee, Alabama, and the Florida Panhandle. The company remains focused on exceptional client service and strategic growth.
SmartFinancial reported a net income of $8.8 million in Q2 2021, up from $6.2 million in Q2 2020, and $9.8 million in Q1 2021. Operating earnings reached $9.1 million, a 24.7% increase year-over-year. The company achieved a net organic loan growth of over $87 million, marking a 16.3% annualized increase. Tangible book value per share rose to $18.69. Key developments included a proposed $38.1 million acquisition of Sevier County Bancshares and the completion of the Fountain Equipment Finance acquisition.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its Second Quarter 2021 earnings on July 20, 2021. A conference call to discuss the results is scheduled for July 21, 2021, at 10:00 a.m. ET. Interested parties can join the call by dialing (888) 317-6003 or (412) 317-6061 with the confirmation number 5194560. A replay will be available until July 21, 2022. Conference call materials will be accessible on the company’s website on the same day at 9:00 a.m. ET.
SmartBank, a subsidiary of SmartFinancial, Inc. (Nasdaq: SMBK), has announced a definitive agreement to acquire Fountain Leasing, LLC, based in Knoxville, TN. As of March 31, 2021, Fountain had net lease investments of approximately $56 million. This acquisition will enable SmartBank to enter the construction equipment financing space, targeting small and medium-sized businesses across the Southeast. The transaction is expected to close within a week and will allow SmartBank to leverage its resources to enhance Fountain's offerings and expand its market reach.
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