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.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has hired a new six-person wealth management team from BBVA Compass Investment Solutions in Mobile, Alabama. Led by Thomas Montz, Amanda Montz, and Nathan Novotny, this team brings over 60 years of combined advisory experience and manages over $350 million in assets. This strategic addition aims to accelerate the growth of SmartBank Investment Services (SBIS) and diversify revenue streams, reinforcing the bank’s presence in the economically expanding Mobile area.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.06 per share on October 28, 2021. This dividend is payable on November 29, 2021, to shareholders of record as of the close of business on November 12, 2021. The move reflects the company’s ongoing commitment to shareholder returns amidst the challenges posed by the ongoing COVID-19 pandemic. SmartFinancial operates SmartBank, which offers full-service banking and has a strong presence across Tennessee, Alabama, and the Florida Panhandle.
SmartFinancial, Inc. (NASDAQ: SMBK) reported a Q3 2021 net income of $9.6 million ($0.61 per diluted share), up from $6.4 million ($0.42) a year earlier. Operating earnings were $9.9 million ($0.63), reflecting a 43.2% increase year-over-year. The company achieved net organic loan growth of $52 million and tangible book value per share grew to $19.03. Notably, SmartFinancial completed the acquisition of Sevier County Bancshares and expanded its commercial banking teams across several locations. Total assets increased to $4.38 billion, up from $3.30 billion at year-end.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its third-quarter earnings on October 19, 2021, followed by a conference call on October 20 at 10:00 a.m. ET. Interested parties can join the call by dialing (844) 200-6205 or (646) 904-5544, using confirmation number 289025. A replay will be available until December 22, 2021. Investors can access the earnings materials on the company’s website at 9:00 a.m. ET before the call. SmartFinancial operates SmartBank, a full-service commercial bank founded in 2007, with locations in Tennessee, Alabama, and the Florida Panhandle.
SmartBank, a subsidiary of SmartFinancial (NASDAQ: SMBK), has announced the hiring of two experienced commercial relationship managers, Eric Davis and Ryan Pool, to bolster its Tallahassee, Florida office. Davis, with over 15 years in commercial lending, and Pool, with 13 years of experience, aim to strengthen SmartBank's market presence. Additionally, David Smith has been appointed to establish a new floor plan lending line of business in Birmingham, Alabama. This growth strategy is anticipated to enhance the bank's commercial banking product offerings.
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.