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) 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.
SmartFinancial, Inc. (Nasdaq: SMBK) has announced an agreement to acquire Sevier County Bancshares, Inc. (SCB) for approximately $38.2 million. This merger will enhance SmartFinancial's market position, making it the largest bank in Sevier County, TN, and the fourth largest community bank in Tennessee, with consolidated assets exceeding $3.7 billion. SCB, with $424 million in total assets and a strong presence in Richmond, VA, will provide additional market opportunities. The transaction is subject to regulatory approvals and is anticipated to close in early Q3 2021.
SmartFinancial, Inc. (NASDAQ:SMBK) announces the release of its First Quarter 2021 earnings results scheduled for April 20, 2021. A conference call will follow on April 21, 2021, at 10:00 a.m. ET, accessible via phone. Conference call materials will be available on the company's website at 9:00 a.m. ET on the day of the call. Based in Knoxville, Tennessee, SmartFinancial serves as the bank holding company for SmartBank, which operates 35 branches across Tennessee, Alabama, and Florida.
SmartFinancial, Inc. (Nasdaq: SMBK) declared a quarterly cash dividend of $0.06 per share, marking a 20% increase from the previous quarter's $0.05 on January 28, 2021. The dividend is payable on March 1, 2021, to shareholders of record as of February 12, 2021. SmartFinancial operates SmartBank, a full-service commercial bank with 35 branches across East Tennessee, Middle Tennessee, Alabama, and the Florida Panhandle. The company emphasizes strong earnings and a solid capital position amid ongoing challenges, including the COVID-19 pandemic.
SmartFinancial, Inc. (NASDAQ: SMBK) reported a fourth-quarter net income of $9.0 million, or $0.59 per diluted share, up from $6.4 million, or $0.42, in the previous quarter. Operating earnings also rose to $9.2 million, reflecting a strong performance despite the pandemic. Deposits surged by $153.2 million, marking a 23.1% annualized increase. The company reduced its borrowings by $237.8 million from the PPPLF, showing improved financial health. Tangible book value per share increased 15.1% to $17.92.
SmartFinancial, Inc. (NASDAQ: SMBK) will release its Fourth Quarter 2020 earnings on January 19, 2021. A conference call to discuss the results is scheduled for January 20 at 10:00 a.m. ET, with participation details provided. The call will also have a replay available until January 20, 2022. SmartFinancial, based in Knoxville, Tennessee, operates SmartBank, a commercial bank with 35 branches across Tennessee, Alabama, and Florida. Further information, including call materials, will be accessible on their website prior to the call.
On October 23, 2020, SmartFinancial (Nasdaq: SMBK) declared a quarterly cash dividend of $0.05 per share, payable on November 23, 2020, to shareholders as of November 9, 2020. Additionally, the company announced the resumption of its stock repurchase plan, initially authorized on November 20, 2018. The plan allows management to buy back shares at prevailing market prices using available working capital. While the exact number of shares repurchased remains uncertain, the intention is to enhance shareholder value by repurchasing shares that will become authorized, unissued shares.