Smartfinancial Inc Stock Price, News & Analysis

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.

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.