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 (SMBK) delivers essential banking services through its SmartBank subsidiary, specializing in commercial lending and deposit strategies. This news hub provides investors with timely updates on the company's financial developments and market positioning.
Access comprehensive coverage of SMBK's operational milestones including quarterly earnings disclosures, regulatory updates, and leadership announcements. Our curated news selection helps stakeholders track interest income trends, loan portfolio performance, and strategic initiatives within the competitive banking sector.
Key updates include analysis of commercial lending activities, residential mortgage developments, and risk management practices. Bookmark this page for streamlined access to press releases and financial filings that impact SMBK's market valuation and operational strategy.
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.
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