SmartFinancial, Inc. reports developments for its bank holding company operations through SmartBank, a full-service commercial bank serving individuals and corporate customers across Tennessee, Alabama, and Florida. Company news centers on quarterly earnings, loan and deposit growth, net interest margin, credit quality, provisions for credit losses, and the performance of earning assets such as loans and securities.
Recurring updates also cover capital and shareholder actions, including regular cash dividends, share repurchase authorization, and subordinated note exchange activity. SmartFinancial’s releases commonly connect operating results with commercial, real estate, consumer, and construction lending activity at SmartBank.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.07 per share on July 28, 2022. The dividend is payable on August 29, 2022, to shareholders recorded by the close of business on August 12, 2022. This decision reflects the company's ongoing commitment to return value to shareholders.
SmartFinancial, based in Knoxville, Tennessee, operates SmartBank, a full-service commercial bank with branches in Tennessee, Alabama, and the Florida Panhandle.
SmartFinancial reported a net income of $10.2 million or $0.61 per diluted share for Q2 2022, up from $8.8 million in Q2 2021. Operating earnings climbed to $10.3 million, driven by strong organic loan growth of $206.8 million and a 14% rise in non-maturity deposits. Net interest income surged by $2.9 million to $33.1 million, with a net interest margin of 3.08%. Credit quality remains robust, with nonperforming assets at 0.11% of total assets. However, shareholders' equity decreased to $420.4 million, down $9 million from the end of 2021.
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.