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 (Nasdaq: SMBK) has declared a quarterly cash dividend of $0.06 per share on April 22, 2021. The dividend will be payable on May 21, 2021, to shareholders recorded as of May 7, 2021. SmartFinancial, based in Knoxville, Tennessee, operates through SmartBank, which has 35 branches across East and Middle Tennessee, Alabama, and the Florida Panhandle. The company emphasizes exceptional client service and strategic branching to drive success.
SmartFinancial, Inc. (NASDAQ: SMBK) reported a net income of $9.8 million, or $0.65 per diluted share, for Q1 2021, up from $9.0 million in Q4 2020. Operating earnings also rose to $9.8 million, with a tangible book value of $18.39, marking a 10.5% increase. The company saw organic loan growth exceeding $60 million and originated 1,231 PPP loans, totaling $119.5 million. Despite a slight decrease in net interest income, noninterest income increased by $715,000.
SmartFinancial, Inc. (Nasdaq: SMBK) has announced an agreement to acquire Sevier County Bancshares, Inc. (SCB) for approximately $38.2 million. This merger will enhance SmartFinancial's market position, making it the largest bank in Sevier County, TN, and the fourth largest community bank in Tennessee, with consolidated assets exceeding $3.7 billion. SCB, with $424 million in total assets and a strong presence in Richmond, VA, will provide additional market opportunities. The transaction is subject to regulatory approvals and is anticipated to close in early Q3 2021.
SmartFinancial, Inc. (NASDAQ:SMBK) announces the release of its First Quarter 2021 earnings results scheduled for April 20, 2021. A conference call will follow on April 21, 2021, at 10:00 a.m. ET, accessible via phone. Conference call materials will be available on the company's website at 9:00 a.m. ET on the day of the call. Based in Knoxville, Tennessee, SmartFinancial serves as the bank holding company for SmartBank, which operates 35 branches across Tennessee, Alabama, and Florida.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.06 per share, marking a 20% increase from the previous quarter's $0.05 on January 28, 2021. The dividend is payable on March 1, 2021, to shareholders of record as of February 12, 2021. SmartFinancial operates SmartBank, a full-service commercial bank with 35 branches across East Tennessee, Middle Tennessee, Alabama, and the Florida Panhandle. The company emphasizes strong earnings and a solid capital position amid ongoing challenges, including the COVID-19 pandemic.
SmartFinancial, Inc. (NASDAQ: SMBK) reported a fourth-quarter net income of $9.0 million, or $0.59 per diluted share, up from $6.4 million, or $0.42, in the previous quarter. Operating earnings also rose to $9.2 million, reflecting a strong performance despite the pandemic. Deposits surged by $153.2 million, marking a 23.1% annualized increase. The company reduced its borrowings by $237.8 million from the PPPLF, showing improved financial health. Tangible book value per share increased 15.1% to $17.92.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its Fourth Quarter 2020 earnings on January 19, 2021. A conference call to discuss the results is scheduled for January 20 at 10:00 a.m. ET, with participation details provided. The call will also have a replay available until January 20, 2022. SmartFinancial, based in Knoxville, Tennessee, operates SmartBank, a commercial bank with 35 branches across Tennessee, Alabama, and Florida. Further information, including call materials, will be accessible on their website prior to the call.
On October 23, 2020, SmartFinancial (Nasdaq: SMBK) declared a quarterly cash dividend of $0.05 per share, payable on November 23, 2020, to shareholders as of November 9, 2020. Additionally, the company announced the resumption of its stock repurchase plan, initially authorized on November 20, 2018. The plan allows management to buy back shares at prevailing market prices using available working capital. While the exact number of shares repurchased remains uncertain, the intention is to enhance shareholder value by repurchasing shares that will become authorized, unissued shares.
SmartFinancial, Inc. (NASDAQ: SMBK) reported a net income of $6.4 million or $0.42 per diluted share for Q3 2020, up from $6.2 million in Q2 2020. Operating earnings (Non-GAAP) totaled $6.6 million or $0.44 per diluted share, a decrease from Q2's $7.3 million. Deposits surged by 29.5% year-over-year, while nonperforming assets improved to 0.18% of total assets. Despite a 62.1% decline in COVID loan modifications, net interest margin fell to 3.39%. Tangible book value per share rose 5.5% year-over-year to $17.27.
SmartFinancial, Inc. (NASDAQ: SMBK) announces its earnings release for Q3 2020, set for October 20, 2020. A conference call will follow on October 21 at 10:00 a.m. ET, accessible via phone at (888) 317-6003 or (412) 317-6061, using confirmation number 9589795. Conference call materials will be available on their website at 9:00 a.m. ET on the day of the call. SmartFinancial, based in Knoxville, Tennessee, operates SmartBank, a full-service commercial bank with 36 branches across Tennessee, Alabama, and Florida Panhandle.
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