Smartfinancial Inc Stock Price, News & Analysis

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.

SmartFinancial, Inc. (NASDAQ: SMBK) announced the schedule for its earnings release for the first quarter of 2023, set for April 24, 2023. The company will provide insights during a conference call on April 25, 2023, at 10:00 a.m. ET, accessible via dial-in numbers with an access code. The earnings release and presentation materials will be available on their website before the call.

SmartFinancial operates SmartBank, a full-service commercial bank founded in 2007, with locations across Tennessee, Alabama, and the Florida Panhandle. The bank emphasizes exceptional client service, strategic branching, and disciplined lending in its operations.

SmartFinancial, Inc. (Nasdaq: SMBK) has declared a quarterly cash dividend of $0.08 per share, marking a 14% increase from the previous quarterly dividend of $0.07 announced in October 2022. This dividend will be payable on February 27, 2023, to shareholders of record as of February 10, 2023. The bank, headquartered in Knoxville, Tennessee, has been noted for its approach to client service and disciplined lending, contributing to consistent growth.

SmartFinancial, Inc. (NASDAQ: SMBK) reported a strong fourth quarter for 2022, with net income rising to $13.0 million, or $0.77 per diluted share, up 94% year-over-year. Operating earnings were $12.9 million, reflecting an 11% increase from the previous quarter and 48% from Q4 2021. Net interest income grew to $37.6 million, while net organic loan and lease growth exceeded $130.2 million, marking a 17% annualized increase. Credit quality remains stable, with nonperforming assets at just 0.10% of total assets. The company also saw an increase in noninterest income to $7.1 million, driven by various factors including the addition of Sunbelt Group, LLC.

SmartFinancial, Inc. (NASDAQ: SMBK) will release its Fourth Quarter 2022 results on January 23, 2023. A conference call to discuss the earnings will take place on January 24, 2023, at 10:00 a.m. ET. Interested participants can join the call by dialing (844) 200-6205 or (646) 904-5544, using access code 179408. A replay will be available until March 25, 2023. Conference call materials will be published on their website at 9:00 a.m. ET before the call.

SmartFinancial serves as the bank holding company for SmartBank, which operates branches across Tennessee, Alabama, and Florida.

SmartFinancial, Inc. (Nasdaq: SMBK) has declared a quarterly cash dividend of $0.07 per share, payable on November 29, 2022, to shareholders on record by November 14, 2022. This announcement highlights the company's commitment to returning value to its shareholders. SmartFinancial is the parent company of SmartBank, which operates branches across Tennessee, Alabama, and the Florida Panhandle, focusing on exceptional client service and disciplined lending practices.