SmartFinancial Announces Results for the Third Quarter 2024
SmartFinancial (NYSE: SMBK) reported net income of $9.1 million, or $0.54 per diluted common share, for the third quarter of 2024. This represents a significant increase from $2.1 million, or $0.12 per diluted common share, in Q3 2023. Key highlights include:
- Operating earnings of $9.1 million, or $0.54 per diluted share
- Net organic loan and lease growth of $144 million, a 16% annualized quarter-over-quarter increase
- Net interest margin expansion of 14 basis points to 3.11%
- 19% annualized increase in tangible book value per common share
- Solid credit quality with nonperforming assets to total assets at 0.26%
- Establishment of a Real Estate Investment Trust (REIT) subsidiary for tax savings
The company reported strong loan growth, margin improvement, and expense control. The tax equivalent net interest margin increased to 3.11%, positively impacted by increased yield on interest-earning assets.
SmartFinancial (NYSE: SMBK) ha riportato un utile netto di 9,1 milioni di dollari, ovvero $0,54 per azione ordinaria diluita, per il terzo trimestre del 2024. Questo rappresenta un significativo aumento rispetto ai 2,1 milioni di dollari, ovvero $0,12 per azione ordinaria diluita, nel Q3 2023. I punti salienti includono:
- Guadagni operativi di 9,1 milioni di dollari, ovvero $0,54 per azione diluita
- Crescita netta organica dei prestiti e dei leasing di 144 milioni di dollari, un aumento annualizzato del 16% rispetto al trimestre precedente
- Espansione del margine di interesse netto di 14 punti base a 3,11%
- Aumento annualizzato del 19% nel valore contabile tangibile per azione comune
- Solida qualità del credito con attivi non performanti a totale attivi allo 0,26%
- Creazione di una sussidiaria Real Estate Investment Trust (REIT) per risparmi fiscali
L'azienda ha riportato una forte crescita dei prestiti, un miglioramento del margine e controllo delle spese. Il margine di interesse netto equivalente fiscale è aumentato al 3,11%, influenzato positivamente dall'aumento del rendimento degli attivi generanti interesse.
SmartFinancial (NYSE: SMBK) reportó un ingreso neto de 9.1 millones de dólares, o $0.54 por acción común diluida, para el tercer trimestre de 2024. Esto representa un aumento significativo respecto a los 2.1 millones de dólares, o $0.12 por acción común diluida, en Q3 2023. Los puntos destacados incluyen:
- Ganancias operativas de 9.1 millones de dólares, o $0.54 por acción diluida
- Crecimiento neto orgánico de préstamos y arrendamientos de 144 millones de dólares, un aumento anualizado del 16% en comparación con el trimestre anterior
- Expansión del margen de interés neto de 14 puntos básicos a 3.11%
- Aumento anualizado del 19% en el valor contable tangible por acción común
- Sólida calidad crediticia con activos no productivos al 0.26% del total de activos
- Establecimiento de una filial de Real Estate Investment Trust (REIT) para ahorros fiscales
La compañía reportó un fuerte crecimiento de préstamos, mejora del margen y control de gastos. El margen de interés neto equivalente fiscal aumentó al 3.11%, impactado positivamente por el aumento en el rendimiento de los activos que generan interés.
SmartFinancial (NYSE: SMBK)는 2024년 3분기에 910만 달러의 순이익, 즉 희석된 보통주당 $0.54 를 보고했습니다. 이는 2023년 3분기 210만 달러, 즉 희석된 보통주당 $0.12 에서 상당한 증가를 의미합니다. 주요 하이라이트는 다음과 같습니다:
- 운영 수익 910만 달러, 또는 희석된 주당 $0.54
- 순 유기 대출 및 리스 성장 1억 4400만 달러, 분기별 연환산 증가율 16%
- 순이자 마진 14 베이시스 포인트 확대되어 3.11%
- 보통주당 실질 장부가치 연환산 19% 증가
- 총 자산 대비 부실 자산 비율 0.26%로 양호한 신용 품질
- 세금 절감을 위한 부동산 투자 신탁(REIT) 자회사의 설립
회사는 강력한 대출 성장, 마진 개선 및 비용 관리 실적을 보고했습니다. 세금 균형 순이자 마진은 3.11%로 증가했으며, 이는 이자 발생 자산의 수익률 증가로 긍정적인 영향을 받았습니다.
SmartFinancial (NYSE: SMBK) a déclaré un revenu net de 9,1 millions de dollars, soit 0,54 $ par action ordinaire diluée, pour le troisième trimestre de 2024. Cela représente une augmentation significative par rapport à 2,1 millions de dollars, soit 0,12 $ par action ordinaire diluée, au T3 2023. Les faits marquants comprennent :
- Bénéfice d'exploitation de 9,1 millions de dollars, soit 0,54 $ par action diluée
- Croissance nette organique des prêts et des baux de 144 millions de dollars, une augmentation annualisée de 16 % par rapport au trimestre précédent
- Expansion de la marge d'intérêt net de 14 points de base à 3,11 %
- Augmentation annualisée de 19 % de la valeur comptable tangible par action ordinaire
- Solide qualité de crédit avec des actifs non performants représentant 0,26 % des actifs totaux
- Établissement d'une filiale de Real Estate Investment Trust (REIT) pour des économies fiscales
L'entreprise a signalé une forte croissance des prêts, une amélioration des marges et un contrôle des coûts. La marge d'intérêt nette équivalente fiscale a augmenté à 3,11 %, avec un impact positif de l'augmentation du rendement des actifs générant des intérêts.
SmartFinancial (NYSE: SMBK) berichtete über einen Nettoertrag von 9,1 Millionen Dollar, oder $0,54 pro verwässerter Stammaktie, für das dritte Quartal 2024. Dies stellt einen signifikanten Anstieg von 2,1 Millionen Dollar, oder $0,12 pro verwässerter Stammaktie, im Q3 2023 dar. Die wichtigsten Highlights sind:
- Betriebsergebnis von 9,1 Millionen Dollar, oder $0,54 pro verwässerter Aktie
- Netto organisches Kredit- und Leasingwachstum von 144 Millionen Dollar, ein annualisierter Anstieg von 16% im Vergleich zum Vorquartal
- Ausweitung der Nettomarge um 14 Basispunkte auf 3,11%
- 19% annualisierter Anstieg des buchmäßigen Wertes pro Stammaktie
- Starke Kreditqualität mit nicht ausfallenden Vermögenswerten, die 0,26% der Gesamtsumme ausmachen
- Gründung einer Real Estate Investment Trust (REIT) Tochtergesellschaft zur Steuerersparnis
Das Unternehmen berichtete über starkes Kreditwachstum, Margenverbesserungen und Kostenkontrolle. Die steuerlich angeglichene Nettomarge erhöhte sich auf 3,11%, positiv beeinflusst durch höhere Renditen auf zinstragende Vermögenswerte.
- Net income increased significantly to $9.1 million in Q3 2024 from $2.1 million in Q3 2023
- 16% annualized quarter-over-quarter increase in net organic loan and lease growth
- Net interest margin expanded by 14 basis points to 3.11%
- 19% annualized increase in tangible book value per common share
- Establishment of a REIT subsidiary as a tax-saving strategy
- Noninterest income increased by $1.5 million to $9.1 million
- Slight increase in nonperforming loans and leases as a percentage of total loans and leases to 0.26%
- Noninterest expense increased by $1.6 million to $30.8 million
Insights
SmartFinancial's Q3 2024 results show significant improvement year-over-year and quarter-over-quarter. Net income increased to
- Strong loan growth:
16% annualized increase, with$144 million in net organic loan and lease growth - Improved net interest margin: Expanded by 14 basis points to
3.11% - Solid credit quality: Nonperforming assets to total assets at
0.26% - Tangible book value growth:
19% annualized increase quarter-over-quarter
The establishment of a REIT subsidiary as a tax-saving strategy is a smart move, potentially leading to a lower effective tax rate in future periods. The bank's focus on optimizing its balance sheet and controlling expenses while maintaining strong loan growth is promising for future profitability.
SmartFinancial's operational performance in Q3 2024 demonstrates effective management of its balance sheet and core banking activities. The
The bank's deposit strategy appears sound, with a slight decrease in the cost of total deposits from
Credit quality remains strong, with the allowance for credit losses at
Highlights for the Third Quarter of 2024
-
Operating earnings1 of
, or$9.1 million per diluted common share$0.54 -
Net organic loan and lease growth of
with$144 million 16% annualized quarter-over-quarter increase -
Quarter-over-quarter net tax equivalent interest margin expansion of 14 basis points to
3.11% -
19% annualized quarter-over-quarter increase in tangible book value per common share1 -
Credit quality remains solid with nonperforming assets to total assets of
0.26% - Established a Real Estate Investment Trust (“REIT”) subsidiary as a tax saving strategy
Billy Carroll, President & CEO, stated: “As we talked about last quarter, the sales energy throughout our Company remains very positive as demonstrated by our
SmartFinancial's Chairman, Miller Welborn, concluded: “This quarter was a further demonstration of our team’s ability to execute our plan. The Board was especially pleased with the Company’s operating leverage expansion and quarterly tangible book value per share growth of nearly
Net Interest Income and Net Interest Margin
Net interest income was
The tax equivalent net interest margin was
The cost of total deposits for the third quarter of 2024 was
1 Non-GAAP measure. See “Non-GAAP Financial Measures” for more information and see the Non-GAAP Reconciliations |
The following table presents selected interest rates and yields for the periods indicated:
|
|
|
|
|||||||||
|
Three Months Ended |
|
|
|||||||||
|
Sep |
|
Jun |
|
Increase |
|||||||
Selected Interest Rates and Yields |
2024 |
|
2024 |
|
(Decrease) |
|||||||
Yield on loans and leases, excluding loan fees, FTE |
5.95 |
% |
5.80 |
% |
0.15 |
% |
||||||
Yield on loans and leases, FTE |
|
6.02 |
% |
|
5.87 |
% |
|
0.15 |
% |
|||
Yield on earning assets, FTE |
|
5.65 |
% |
|
5.52 |
% |
|
0.13 |
% |
|||
Cost of interest-bearing deposits |
|
3.20 |
% |
|
3.23 |
% |
|
(0.03 |
)% |
|||
Cost of total deposits |
|
2.54 |
% |
|
2.56 |
% |
|
(0.02 |
)% |
|||
Cost of interest-bearing liabilities |
|
3.29 |
% |
|
3.29 |
% |
|
- |
% |
|||
Net interest margin, FTE |
|
3.11 |
% |
|
2.97 |
% |
|
0.14 |
% |
|||
Provision for Credit Losses on Loans and Leases and Credit Quality
At September 30, 2024, the allowance for credit losses was
The following table presents detailed information related to the provision for credit losses for the periods indicated (dollars in thousands):
|
|
|
|
|||||||||
|
Three Months Ended |
|
|
|||||||||
|
Sep |
|
Jun |
|
Increase |
|||||||
Provision for Credit Losses on Loans and Leases Rollforward |
2024 |
|
2024 |
|
(Decrease) |
|||||||
Beginning balance |
$ |
34,690 |
|
$ |
34,203 |
|
$ |
487 |
|
|||
Charge-offs |
|
(1,426 |
) |
|
(457 |
) |
|
(969 |
) |
|||
Recoveries |
|
72 |
|
|
48 |
|
|
24 |
|
|||
Net (charge-offs) recoveries |
|
(1,354 |
) |
|
(409 |
) |
|
(945 |
) |
|||
Provision for credit losses (1) |
|
2,273 |
|
|
896 |
|
|
1,377 |
|
|||
Ending balance |
$ |
35,609 |
|
$ |
34,690 |
|
$ |
919 |
|
|||
|
|
|
|
|||||||||
Allowance for credit losses to total loans and leases, gross |
|
0.96 |
% |
|
0.97 |
% |
|
(0.01 |
)% |
|||
(1) The current quarter-ended and prior quarter-ended excludes unfunded commitments provision of |
||||||||||||
Nonperforming loans and leases as a percentage of total loans and leases was
The following table presents detailed information related to credit quality for the periods indicated (dollars in thousands):
|
|
|
|
|||||||||
|
Three Months Ended |
|
|
|||||||||
|
Sep |
|
Jun |
|
Increase |
|||||||
Credit Quality |
2024 |
|
2024 |
|
(Decrease) |
|||||||
Nonaccrual loans and leases |
$ |
9,319 |
|
$ |
6,432 |
|
$ |
2,887 |
|
|||
Loans and leases past due 90 days or more and still accruing |
|
172 |
|
|
210 |
|
|
(38 |
) |
|||
Total nonperforming loans and leases |
|
9,491 |
|
|
6,642 |
|
|
2,849 |
|
|||
Other real estate owned |
|
179 |
|
|
688 |
|
|
(509 |
) |
|||
Other repossessed assets |
|
2,949 |
|
|
2,645 |
|
|
304 |
|
|||
Total nonperforming assets |
$ |
12,619 |
|
$ |
9,975 |
|
$ |
2,644 |
|
|||
|
|
|
|
|||||||||
Nonperforming loans and leases to total loans and leases, gross |
|
0.26 |
% |
|
0.19 |
% |
|
0.07 |
% |
|||
Nonperforming assets to total assets |
|
0.26 |
% |
|
0.20 |
% |
|
0.06 |
% |
|||
Noninterest Income
Noninterest income increased
The following table presents detailed information related to noninterest income for the periods indicated (dollars in thousands):
|
||||||||||||
|
Three Months Ended |
|
||||||||||
|
Sep |
Jun |
Increase |
|||||||||
Noninterest Income |
2024 |
2024 |
(Decrease) |
|||||||||
Service charges on deposit accounts |
$ |
1,780 |
$ |
1,692 |
$ |
88 |
||||||
Mortgage banking income |
|
410 |
|
|
348 |
|
|
62 |
|
|||
Investment services |
|
1,881 |
|
|
1,302 |
|
|
579 |
|
|||
Insurance commissions |
|
1,477 |
|
|
1,284 |
|
|
193 |
|
|||
Interchange and debit card transaction fees |
|
1,349 |
|
|
1,343 |
|
|
6 |
|
|||
Other |
|
2,242 |
|
|
1,635 |
|
|
607 |
|
|||
Total noninterest income |
$ |
9,139 |
|
$ |
7,604 |
|
$ |
1,535 |
|
|||
Noninterest Expense
Noninterest expense increased
The following table presents detailed information related to noninterest expense for the periods indicated (dollars in thousands):
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
|
|||||||||
|
Sep |
|
Jun |
|
Increase |
|||||||
Noninterest Expense |
2024 |
|
2024 |
|
(Decrease) |
|||||||
Salaries and employee benefits |
$ |
18,448 |
$ |
17,261 |
$ |
1,187 |
||||||
Occupancy and equipment |
|
3,423 |
|
|
3,324 |
|
|
99 |
|
|||
FDIC insurance |
|
825 |
|
|
825 |
|
|
- |
|
|||
Other real estate and loan related expenses |
|
460 |
|
|
538 |
|
|
(78 |
) |
|||
Advertising and marketing |
|
327 |
|
|
295 |
|
|
32 |
|
|||
Data processing and technology |
|
2,519 |
|
|
2,452 |
|
|
67 |
|
|||
Professional services |
|
1,201 |
|
|
1,064 |
|
|
137 |
|
|||
Amortization of intangibles |
|
604 |
|
|
608 |
|
|
(4 |
) |
|||
Other |
|
3,039 |
|
|
2,834 |
|
|
205 |
|
|||
Total noninterest expense |
$ |
30,846 |
|
$ |
29,201 |
|
$ |
1,645 |
|
|||
Income Tax Expense
Income tax expense was
Balance Sheet Trends
Total assets at September 30, 2024 were
Total liabilities were
Shareholders' equity at September 30, 2024, totaled
The following table presents selected balance sheet information for the periods indicated (dollars in thousands):
|
|
|
|
|||||||||
|
Sep |
|
Dec |
|
Increase |
|||||||
Selected Balance Sheet Information |
2024 |
|
2023 |
|
(Decrease) |
|||||||
Total assets |
$ |
4,908,934 |
$ |
4,829,387 |
$ |
79,547 |
|
|||||
Total liabilities |
|
4,419,911 |
|
|
4,369,501 |
|
|
50,410 |
|
|||
Total equity |
|
489,023 |
|
|
459,886 |
|
|
29,137 |
|
|||
Securities |
|
629,115 |
|
|
689,646 |
|
|
(60,531 |
) |
|||
Loans and leases |
|
3,717,478 |
|
|
3,444,462 |
|
|
273,016 |
|
|||
Deposits |
|
4,322,491 |
|
|
4,267,854 |
|
|
54,637 |
|
|||
Borrowings |
|
8,997 |
|
|
13,078 |
|
|
(4,081 |
) |
|||
Conference Call Information
SmartFinancial issued this earnings release for the third quarter of 2024 on Monday, October 21, 2024, and will host a conference call on Tuesday, October 22, 2024, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or (404) 975-4839 and entering the access code, 599429. A replay of the conference call will be available through December 21, 2024, by dialing (866) 813-9403 or (929) 458-6194 and entering the access code, 195203. Conference call materials will be published on the Company’s webpage located at http://www.smartfinancialinc.com/CorporateProfile, at 9:00 a.m. ET prior to the conference call.
About SmartFinancial, Inc.
SmartFinancial, Inc., based in
1 Non-GAAP measure. See “Non-GAAP Financial Measures” for more information and see the Non-GAAP Reconciliation |
Non-GAAP Financial Measures
Statements included in this earnings release include measures not recognized under
- Operating earnings
- Operating noninterest income
- Operating noninterest expense
- Operating pre-provision net revenue (“PPNR”) earnings
- Tangible common equity
- Average tangible common equity
- Tangible book value per common share
- Tangible assets
Operating earnings, operating noninterest income, operating noninterest expense and operating PPNR earnings exclude non-operating related income and expense items from net income, noninterest income and noninterest expense, respectively. Tangible common equity and average tangible common equity exclude goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible book value per common share is tangible common equity divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total assets. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations.
Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Management also believes these Non-GAAP financial measures enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.
Forward-Looking Statements
This news release may contain statements that are based on management’s current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results of SmartFinancial to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others,
- risks associated with our growth strategy, including a failure to implement our growth plans or an inability to manage our growth effectively;
- claims and litigation arising from our business activities and from the companies we acquire, which may relate to contractual issues, environmental laws, fiduciary responsibility, and other matters;
- general risks related to our merger and acquisition activity, including risks associated with our pursuit of future acquisitions;
- changes in management’s plans for the future;
- prevailing, or changes in, economic or political conditions, particularly in our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing;
- our ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of interest rate fluctuations on our financial projections, models and guidance);
- increased technology and cybersecurity risks, including generative artificial intelligence risks;
- credit risk associated with our lending activities;
- changes in loan demand, real estate values, or competition;
- developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance;
- changes in accounting principles, policies, or guidelines;
- changes in applicable laws, rules, or regulations;
- adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions;
- potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto;
- significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities;
-
the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in
Ukraine or the conflict inIsrael and surrounding areas; and - other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.
These and other factors that could cause results to differ materially from those described in the forward-looking statements can be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements. SmartFinancial disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.
SmartFinancial, Inc. and Subsidiary |
|||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
|||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Ending Balances |
||||||||||||||||||
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
||||||||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
192,914 |
|
|
$ |
342,835 |
|
|
$ |
477,941 |
|
|
$ |
352,271 |
|
|
$ |
400,258 |
|
Securities available-for-sale, at fair value |
|
501,336 |
|
|
|
500,821 |
|
|
|
474,347 |
|
|
|
408,410 |
|
|
|
385,131 |
|
Securities held-to-maturity, at amortized cost |
|
127,779 |
|
|
|
128,996 |
|
|
|
180,169 |
|
|
|
281,236 |
|
|
|
282,313 |
|
Other investments |
|
20,352 |
|
|
|
13,780 |
|
|
|
13,718 |
|
|
|
13,662 |
|
|
|
13,805 |
|
Loans held for sale |
|
5,804 |
|
|
|
3,103 |
|
|
|
4,861 |
|
|
|
4,418 |
|
|
|
2,734 |
|
Loans and leases |
|
3,717,478 |
|
|
|
3,574,158 |
|
|
|
3,477,555 |
|
|
|
3,444,462 |
|
|
|
3,378,999 |
|
Less: Allowance for credit losses |
|
(35,609 |
) |
|
|
(34,690 |
) |
|
|
(34,203 |
) |
|
|
(35,066 |
) |
|
|
(33,687 |
) |
Loans and leases, net |
|
3,681,869 |
|
|
|
3,539,468 |
|
|
|
3,443,352 |
|
|
|
3,409,396 |
|
|
|
3,345,312 |
|
Premises and equipment, net |
|
91,055 |
|
|
|
91,315 |
|
|
|
92,694 |
|
|
|
92,963 |
|
|
|
92,020 |
|
Other real estate owned |
|
179 |
|
|
|
688 |
|
|
|
696 |
|
|
|
517 |
|
|
|
1,370 |
|
Goodwill and other intangibles, net |
|
105,324 |
|
|
|
105,929 |
|
|
|
106,537 |
|
|
|
107,148 |
|
|
|
107,792 |
|
Bank owned life insurance |
|
105,025 |
|
|
|
84,483 |
|
|
|
83,957 |
|
|
|
83,434 |
|
|
|
82,914 |
|
Other assets |
|
77,297 |
|
|
|
79,591 |
|
|
|
76,418 |
|
|
|
75,932 |
|
|
|
83,522 |
|
Total assets |
$ |
4,908,934 |
|
|
$ |
4,891,009 |
|
|
$ |
4,954,690 |
|
|
$ |
4,829,387 |
|
|
$ |
4,797,171 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
$ |
863,949 |
|
|
$ |
903,300 |
|
|
$ |
907,254 |
|
|
$ |
898,044 |
|
|
$ |
923,763 |
|
Interest-bearing demand |
|
834,207 |
|
|
|
988,057 |
|
|
|
996,298 |
|
|
|
1,006,915 |
|
|
|
993,717 |
|
Money market and savings |
|
1,854,777 |
|
|
|
1,901,281 |
|
|
|
1,952,410 |
|
|
|
1,812,427 |
|
|
|
1,766,409 |
|
Time deposits |
|
769,558 |
|
|
|
524,018 |
|
|
|
538,159 |
|
|
|
550,468 |
|
|
|
562,620 |
|
Total deposits |
|
4,322,491 |
|
|
|
4,316,656 |
|
|
|
4,394,121 |
|
|
|
4,267,854 |
|
|
|
4,246,509 |
|
Borrowings |
|
8,997 |
|
|
|
12,732 |
|
|
|
9,849 |
|
|
|
13,078 |
|
|
|
14,117 |
|
Subordinated debt |
|
39,663 |
|
|
|
42,142 |
|
|
|
42,120 |
|
|
|
42,099 |
|
|
|
42,078 |
|
Other liabilities |
|
48,760 |
|
|
|
47,014 |
|
|
|
41,804 |
|
|
|
46,470 |
|
|
|
47,815 |
|
Total liabilities |
|
4,419,911 |
|
|
|
4,418,544 |
|
|
|
4,487,894 |
|
|
|
4,369,501 |
|
|
|
4,350,519 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
16,926 |
|
|
|
16,926 |
|
|
|
17,057 |
|
|
|
16,989 |
|
|
|
16,995 |
|
Additional paid-in capital |
|
293,909 |
|
|
|
293,586 |
|
|
|
296,061 |
|
|
|
295,699 |
|
|
|
295,542 |
|
Retained earnings |
|
195,537 |
|
|
|
187,751 |
|
|
|
181,103 |
|
|
|
173,105 |
|
|
|
168,271 |
|
Accumulated other comprehensive loss |
|
(17,349 |
) |
|
|
(25,798 |
) |
|
|
(27,425 |
) |
|
|
(25,907 |
) |
|
|
(34,156 |
) |
Total shareholders' equity |
|
489,023 |
|
|
|
472,465 |
|
|
|
466,796 |
|
|
|
459,886 |
|
|
|
446,652 |
|
Total liabilities & shareholders' equity |
$ |
4,908,934 |
|
|
$ |
4,891,009 |
|
|
$ |
4,954,690 |
|
|
$ |
4,829,387 |
|
|
$ |
4,797,171 |
|
SmartFinancial, Inc. and Subsidiary |
|||||||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
|||||||||||||||||||||||
(dollars in thousands except share and per share data) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
Sep |
|
Sep |
||||||||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Loans and leases, including fees |
$ |
54,738 |
|
$ |
50,853 |
|
$ |
50,020 |
|
|
$ |
48,767 |
|
$ |
47,539 |
|
|
$ |
155,611 |
|
$ |
137,712 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Taxable |
|
5,233 |
|
|
5,320 |
|
|
4,548 |
|
|
|
4,344 |
|
|
4,335 |
|
|
|
15,101 |
|
|
12,322 |
|
Tax-exempt |
|
350 |
|
|
353 |
|
|
352 |
|
|
|
352 |
|
|
356 |
|
|
|
1,056 |
|
|
1,066 |
|
Federal funds sold and other earning assets |
|
3,635 |
|
|
4,759 |
|
|
4,863 |
|
|
|
4,032 |
|
|
3,045 |
|
|
|
13,255 |
|
|
9,448 |
|
Total interest income |
|
63,956 |
|
|
61,285 |
|
|
59,783 |
|
|
|
57,495 |
|
|
55,275 |
|
|
|
185,023 |
|
|
160,548 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
27,350 |
|
|
27,439 |
|
|
27,035 |
|
|
|
24,926 |
|
|
23,433 |
|
|
|
81,824 |
|
|
59,333 |
|
Borrowings |
|
709 |
|
|
148 |
|
|
128 |
|
|
|
162 |
|
|
210 |
|
|
|
985 |
|
|
775 |
|
Subordinated debt |
|
865 |
|
|
884 |
|
|
899 |
|
|
|
890 |
|
|
626 |
|
|
|
2,647 |
|
|
1,877 |
|
Total interest expense |
|
28,924 |
|
|
28,471 |
|
|
28,062 |
|
|
|
25,978 |
|
|
24,269 |
|
|
|
85,456 |
|
|
61,985 |
|
Net interest income |
|
35,032 |
|
|
32,814 |
|
|
31,721 |
|
|
|
31,517 |
|
|
31,006 |
|
|
|
99,567 |
|
|
98,563 |
|
Provision for credit losses |
|
2,575 |
|
|
883 |
|
|
(440 |
) |
|
|
1,571 |
|
|
795 |
|
|
|
3,018 |
|
|
1,458 |
|
Net interest income after provision for credit losses |
|
32,457 |
|
|
31,931 |
|
|
32,161 |
|
|
|
29,946 |
|
|
30,211 |
|
|
|
96,549 |
|
|
97,105 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Service charges on deposit accounts |
|
1,780 |
|
|
1,692 |
|
|
1,612 |
|
|
|
1,673 |
|
|
1,736 |
|
|
|
5,084 |
|
|
4,838 |
|
Loss on sale of securities, net |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(6,801 |
) |
|
|
— |
|
|
(6,801 |
) |
Mortgage banking |
|
410 |
|
|
348 |
|
|
280 |
|
|
|
227 |
|
|
309 |
|
|
|
1,038 |
|
|
813 |
|
Investment services |
|
1,881 |
|
|
1,302 |
|
|
1,380 |
|
|
|
1,339 |
|
|
1,461 |
|
|
|
4,563 |
|
|
3,766 |
|
Insurance commissions |
|
1,477 |
|
|
1,284 |
|
|
1,103 |
|
|
|
1,133 |
|
|
1,153 |
|
|
|
3,865 |
|
|
3,551 |
|
Interchange and debit card transaction fees |
|
1,349 |
|
|
1,343 |
|
|
1,253 |
|
|
|
1,370 |
|
|
1,357 |
|
|
|
3,945 |
|
|
4,087 |
|
Other |
|
2,242 |
|
|
1,635 |
|
|
2,752 |
|
|
|
1,837 |
|
|
1,476 |
|
|
|
6,627 |
|
|
4,492 |
|
Total noninterest income |
|
9,139 |
|
|
7,604 |
|
|
8,380 |
|
|
|
7,579 |
|
|
691 |
|
|
|
25,122 |
|
|
14,746 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits |
|
18,448 |
|
|
17,261 |
|
|
16,639 |
|
|
|
16,275 |
|
|
16,785 |
|
|
|
52,348 |
|
|
49,474 |
|
Occupancy and equipment |
|
3,423 |
|
|
3,324 |
|
|
3,396 |
|
|
|
3,378 |
|
|
3,547 |
|
|
|
10,144 |
|
|
10,073 |
|
FDIC insurance |
|
825 |
|
|
825 |
|
|
915 |
|
|
|
915 |
|
|
825 |
|
|
|
2,565 |
|
|
2,241 |
|
Other real estate and loan related expense |
|
460 |
|
|
538 |
|
|
584 |
|
|
|
781 |
|
|
603 |
|
|
|
1,582 |
|
|
1,616 |
|
Advertising and marketing |
|
327 |
|
|
295 |
|
|
302 |
|
|
|
336 |
|
|
346 |
|
|
|
924 |
|
|
1,006 |
|
Data processing and technology |
|
2,519 |
|
|
2,452 |
|
|
2,465 |
|
|
|
2,458 |
|
|
2,378 |
|
|
|
7,435 |
|
|
6,777 |
|
Professional services |
|
1,201 |
|
|
1,064 |
|
|
924 |
|
|
|
1,136 |
|
|
735 |
|
|
|
3,190 |
|
|
2,307 |
|
Amortization of intangibles |
|
604 |
|
|
608 |
|
|
612 |
|
|
|
643 |
|
|
647 |
|
|
|
1,824 |
|
|
1,981 |
|
Merger related and restructuring expenses |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
110 |
|
|
|
— |
|
|
110 |
|
Other |
|
3,039 |
|
|
2,834 |
|
|
2,716 |
|
|
|
3,773 |
|
|
2,540 |
|
|
|
8,587 |
|
|
7,870 |
|
Total noninterest expense |
|
30,846 |
|
|
29,201 |
|
|
28,553 |
|
|
|
29,695 |
|
|
28,516 |
|
|
|
88,599 |
|
|
83,455 |
|
Income before income taxes |
|
10,750 |
|
|
10,334 |
|
|
11,988 |
|
|
|
7,830 |
|
|
2,386 |
|
|
|
33,072 |
|
|
28,396 |
|
Income tax expense |
|
1,610 |
|
|
2,331 |
|
|
2,630 |
|
|
|
1,640 |
|
|
319 |
|
|
|
6,572 |
|
|
5,993 |
|
Net income |
$ |
9,140 |
|
$ |
8,003 |
|
$ |
9,358 |
|
|
$ |
6,190 |
|
$ |
2,067 |
|
|
$ |
26,500 |
|
$ |
22,403 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic |
$ |
0.55 |
|
$ |
0.48 |
|
$ |
0.56 |
|
|
$ |
0.37 |
|
$ |
0.12 |
|
|
$ |
1.58 |
|
$ |
1.33 |
|
Diluted |
$ |
0.54 |
|
$ |
0.48 |
|
$ |
0.55 |
|
|
$ |
0.37 |
|
$ |
0.12 |
|
|
$ |
1.57 |
|
$ |
1.33 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic |
|
16,726,658 |
|
|
16,770,819 |
|
|
16,849,735 |
|
|
|
16,814,647 |
|
|
16,807,548 |
|
|
|
16,782,200 |
|
|
16,801,840 |
|
Diluted |
|
16,839,998 |
|
|
16,850,250 |
|
|
16,925,408 |
|
|
|
16,918,234 |
|
|
16,918,635 |
|
|
|
16,874,316 |
|
|
16,907,325 |
|
SmartFinancial, Inc. and Subsidiary |
||||||||||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
||||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||||
YIELD ANALYSIS |
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
Three Months Ended |
|
||||||||||||||||||||||||
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
||||||||||||||||||
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|||
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans and leases, including fees1 |
$ |
3,634,808 |
|
$ |
54,993 |
|
6.02 |
% |
$ |
3,504,265 |
|
$ |
51,110 |
|
5.87 |
% |
$ |
3,360,678 |
|
$ |
47,539 |
|
5.61 |
% |
||
Taxable securities |
|
564,978 |
|
|
5,233 |
|
3.68 |
% |
|
580,517 |
|
|
5,320 |
|
3.69 |
% |
|
743,054 |
|
|
4,335 |
|
2.31 |
% |
||
Tax-exempt securities2 |
|
63,561 |
|
|
443 |
|
2.77 |
% |
|
63,690 |
|
|
447 |
|
2.82 |
% |
|
64,707 |
|
|
451 |
|
2.77 |
% |
||
Federal funds sold and other earning assets |
|
267,252 |
|
|
3,634 |
|
5.41 |
% |
|
346,459 |
|
|
4,759 |
|
5.52 |
% |
|
229,487 |
|
|
3,045 |
|
5.26 |
% |
||
Total interest-earning assets |
|
4,530,599 |
|
|
64,303 |
|
5.65 |
% |
|
4,494,931 |
|
|
61,636 |
|
5.52 |
% |
|
4,397,926 |
|
|
55,370 |
|
4.99 |
% |
||
Noninterest-earning assets |
|
381,306 |
|
|
|
|
|
|
|
383,697 |
|
|
|
|
|
|
|
379,456 |
|
|
|
|
|
|
||
Total assets |
$ |
4,911,905 |
|
|
|
|
|
|
$ |
4,878,628 |
|
|
|
|
|
|
$ |
4,777,382 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-bearing demand deposits |
$ |
925,307 |
|
|
5,289 |
|
2.27 |
% |
$ |
983,433 |
|
|
5,950 |
|
2.43 |
% |
$ |
969,122 |
|
|
5,463 |
|
2.24 |
% |
||
Money market and savings deposits |
|
1,917,301 |
|
|
16,608 |
|
3.45 |
% |
|
1,909,125 |
|
|
16,529 |
|
3.48 |
% |
|
1,753,671 |
|
|
13,744 |
|
3.11 |
% |
||
Time deposits |
|
560,699 |
|
|
5,453 |
|
3.87 |
% |
|
528,985 |
|
|
4,960 |
|
3.77 |
% |
|
551,191 |
|
|
4,226 |
|
3.04 |
% |
||
Total interest-bearing deposits |
|
3,403,307 |
|
|
27,350 |
|
3.20 |
% |
|
3,421,543 |
|
|
27,439 |
|
3.23 |
% |
|
3,273,984 |
|
|
23,433 |
|
2.84 |
% |
||
Borrowings |
|
53,592 |
|
|
709 |
|
5.26 |
% |
|
12,684 |
|
|
148 |
|
4.69 |
% |
|
16,228 |
|
|
210 |
|
5.13 |
% |
||
Subordinated debt |
|
40,846 |
|
|
865 |
|
8.42 |
% |
|
42,129 |
|
|
884 |
|
8.44 |
% |
|
42,065 |
|
|
626 |
|
5.90 |
% |
||
Total interest-bearing liabilities |
|
3,497,745 |
|
|
28,924 |
|
3.29 |
% |
|
3,476,356 |
|
|
28,471 |
|
3.29 |
% |
|
3,332,277 |
|
|
24,269 |
|
2.89 |
% |
||
Noninterest-bearing deposits |
|
884,938 |
|
|
|
|
|
|
|
888,693 |
|
|
|
|
|
|
|
951,179 |
|
|
|
|
|
|
||
Other liabilities |
|
50,580 |
|
|
|
|
|
|
|
47,208 |
|
|
|
|
|
|
|
48,494 |
|
|
|
|
|
|
||
Total liabilities |
|
4,433,263 |
|
|
|
|
|
|
|
4,412,257 |
|
|
|
|
|
|
|
4,331,950 |
|
|
|
|
|
|
||
Shareholders' equity |
|
478,642 |
|
|
|
|
|
|
|
466,371 |
|
|
|
|
|
|
|
445,432 |
|
|
|
|
|
|
||
Total liabilities and shareholders' equity |
$ |
4,911,905 |
|
|
|
|
|
|
$ |
4,878,628 |
|
|
|
|
|
|
$ |
4,777,382 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net interest income, taxable equivalent |
|
|
|
$ |
35,379 |
|
|
|
|
|
|
$ |
33,165 |
|
|
|
|
|
|
$ |
31,101 |
|
|
|
||
Interest rate spread |
|
|
|
|
|
|
2.36 |
% |
|
|
|
|
|
|
2.22 |
% |
|
|
|
|
|
|
2.11 |
% |
||
Tax equivalent net interest margin |
|
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
2.97 |
% |
|
|
|
|
|
|
2.81 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Percentage of average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
129.53 |
% |
|
|
|
|
|
|
129.30 |
% |
|
|
|
|
|
|
131.98 |
% |
||
Percentage of average equity to average assets |
|
|
|
|
|
|
9.74 |
% |
|
|
|
|
|
|
9.56 |
% |
|
|
|
|
|
|
9.32 |
% |
||
1 Yields computed on tax-exempt loans on a tax equivalent basis include |
||||||||||||||||||||||||||
2 Yields computed on tax-exempt instruments on a tax equivalent basis include |
||||||||||||||||||||||||||
SmartFinancial, Inc. and Subsidiary |
||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||
YIELD ANALYSIS |
||||||||||||||||||
|
Nine Months Ended |
|||||||||||||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||||||||||||
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|||
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
|||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees1 |
$ |
3,532,768 |
|
$ |
156,123 |
|
|
5.90 |
% |
$ |
3,309,616 |
|
$ |
137,712 |
|
5.56 |
% |
|
Taxable securities |
|
588,679 |
|
|
15,101 |
|
|
3.43 |
% |
|
745,694 |
|
|
12,322 |
|
2.21 |
% |
|
Tax-exempt securities2 |
|
63,804 |
|
|
1,336 |
|
|
2.80 |
% |
|
65,170 |
|
|
1,349 |
|
2.77 |
% |
|
Federal funds sold and other earning assets |
|
322,339 |
|
|
13,255 |
|
|
5.49 |
% |
|
267,124 |
|
|
9,448 |
|
4.73 |
% |
|
Total interest-earning assets |
|
4,507,590 |
|
|
185,815 |
|
|
5.51 |
% |
|
4,387,604 |
|
|
160,831 |
|
4.90 |
% |
|
Noninterest-earning assets |
|
381,743 |
|
|
|
|
|
|
|
|
365,123 |
|
|
|
|
|
|
|
Total assets |
$ |
4,889,333 |
|
|
|
|
|
|
|
$ |
4,752,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
968,139 |
|
|
17,299 |
|
|
2.39 |
% |
$ |
954,585 |
|
|
14,583 |
|
2.04 |
% |
|
Money market and savings deposits |
|
1,910,452 |
|
|
49,285 |
|
|
3.45 |
% |
|
1,770,232 |
|
|
35,912 |
|
2.71 |
% |
|
Time deposits |
|
543,887 |
|
|
15,240 |
|
|
3.74 |
% |
|
508,600 |
|
|
8,838 |
|
2.32 |
% |
|
Total interest-bearing deposits |
|
3,422,478 |
|
|
81,824 |
|
|
3.19 |
% |
|
3,233,417 |
|
|
59,333 |
|
2.45 |
% |
|
Borrowings |
|
25,941 |
|
|
985 |
|
|
5.07 |
% |
|
19,309 |
|
|
775 |
|
5.37 |
% |
|
Subordinated debt |
|
41,691 |
|
|
2,647 |
|
|
8.48 |
% |
|
42,044 |
|
|
1,877 |
|
5.97 |
% |
|
Total interest-bearing liabilities |
|
3,490,110 |
|
|
85,456 |
|
|
3.27 |
% |
|
3,294,770 |
|
|
61,985 |
|
2.52 |
% |
|
Noninterest-bearing deposits |
|
882,168 |
|
|
|
|
|
|
|
|
972,507 |
|
|
|
|
|
|
|
Other liabilities |
|
48,299 |
|
|
|
|
|
|
|
|
44,703 |
|
|
|
|
|
|
|
Total liabilities |
|
4,420,577 |
|
|
|
|
|
|
|
|
4,311,980 |
|
|
|
|
|
|
|
Shareholders' equity |
|
468,756 |
|
|
|
|
|
|
|
|
440,747 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
4,889,333 |
|
|
|
|
|
|
|
$ |
4,752,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, taxable equivalent |
|
|
|
$ |
100,359 |
|
|
|
|
|
|
|
$ |
98,846 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.24 |
% |
|
|
|
|
|
|
2.39 |
% |
|
Tax equivalent net interest margin |
|
|
|
|
|
|
|
2.97 |
% |
|
|
|
|
|
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
129.15 |
% |
|
|
|
|
|
|
133.17 |
% |
|
Percentage of average equity to average assets |
|
|
|
|
|
|
|
9.59 |
% |
|
|
|
|
|
|
9.27 |
% |
|
1Yields computed on tax-exempt loans on a tax equivalent basis included |
||||||||||||||||||
2Yields computed on tax-exempt instruments on a tax equivalent basis included |
||||||||||||||||||
SmartFinancial, Inc. and Subsidiary |
|||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for The Three Months Ended |
|
|||||||||||||
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
|||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|||||
Composition of Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
868,077 |
|
$ |
829,085 |
|
$ |
804,557 |
|
$ |
798,416 |
|
$ |
776,402 |
|
Non-owner occupied |
|
1,031,708 |
|
|
986,278 |
|
|
938,648 |
|
|
940,789 |
|
|
890,774 |
|
Commercial real estate, total |
|
1,899,785 |
|
|
1,815,363 |
|
|
1,743,205 |
|
|
1,739,205 |
|
|
1,667,176 |
|
Commercial & industrial |
|
731,600 |
|
|
701,460 |
|
|
667,903 |
|
|
645,918 |
|
|
617,115 |
|
Construction & land development |
|
315,006 |
|
|
294,575 |
|
|
321,860 |
|
|
327,185 |
|
|
373,068 |
|
Consumer real estate |
|
690,504 |
|
|
678,331 |
|
|
659,209 |
|
|
649,867 |
|
|
638,518 |
|
Leases |
|
67,052 |
|
|
70,299 |
|
|
71,909 |
|
|
68,752 |
|
|
68,538 |
|
Consumer and other |
|
13,531 |
|
|
14,130 |
|
|
13,469 |
|
|
13,535 |
|
|
14,584 |
|
Total loans and leases |
$ |
3,717,478 |
|
$ |
3,574,158 |
|
$ |
3,477,555 |
|
$ |
3,444,462 |
|
$ |
3,378,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality and Additional Loan Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases |
$ |
9,491 |
|
$ |
6,642 |
|
$ |
6,266 |
|
$ |
8,101 |
|
$ |
4,163 |
|
Other real estate owned |
|
179 |
|
|
688 |
|
|
696 |
|
|
517 |
|
|
1,370 |
|
Other repossessed assets |
|
2,949 |
|
|
2,645 |
|
|
2,033 |
|
|
1,117 |
|
|
348 |
|
Total nonperforming assets |
$ |
12,619 |
|
$ |
9,975 |
|
$ |
8,995 |
|
$ |
9,735 |
|
$ |
5,881 |
|
Modified loans and leases1 not included in nonperforming loans and leases |
$ |
4,053 |
|
$ |
4,241 |
|
$ |
4,413 |
|
$ |
4,245 |
|
$ |
2,376 |
|
Net charge-offs to average loans and leases (annualized) |
|
0.15 |
% |
|
0.05 |
% |
|
0.09 |
% |
|
0.04 |
% |
|
0.04 |
% |
Allowance for credit losses to loans and leases |
|
0.96 |
% |
|
0.97 |
% |
|
0.98 |
% |
|
1.02 |
% |
|
1.00 |
% |
Nonperforming loans and leases to total loans and leases, gross |
|
0.26 |
% |
|
0.19 |
% |
|
0.18 |
% |
|
0.24 |
% |
|
0.12 |
% |
Nonperforming assets to total assets |
|
0.26 |
% |
|
0.20 |
% |
|
0.18 |
% |
|
0.20 |
% |
|
0.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to Assets |
|
9.96 |
% |
|
9.66 |
% |
|
9.42 |
% |
|
9.52 |
% |
|
9.31 |
% |
Tangible common equity to tangible assets (Non-GAAP)2 |
|
7.99 |
% |
|
7.66 |
% |
|
7.43 |
% |
|
7.47 |
% |
|
7.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SmartFinancial, Inc.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
8.44 |
% |
|
8.32 |
% |
|
8.23 |
% |
|
8.27 |
% |
|
8.13 |
% |
Common equity Tier 1 |
|
10.06 |
% |
|
10.06 |
% |
|
10.20 |
% |
|
10.14 |
% |
|
10.07 |
% |
Tier 1 capital |
|
10.06 |
% |
|
10.06 |
% |
|
10.20 |
% |
|
10.14 |
% |
|
10.07 |
% |
Total capital |
|
11.63 |
% |
|
11.68 |
% |
|
11.85 |
% |
|
11.78 |
% |
|
11.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SmartBank |
|
Estimated4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
9.18 |
% |
|
9.11 |
% |
|
9.07 |
% |
|
9.18 |
% |
|
9.00 |
% |
Common equity Tier 1 |
|
10.92 |
% |
|
11.02 |
% |
|
11.23 |
% |
|
11.26 |
% |
|
11.15 |
% |
Tier 1 capital |
|
10.92 |
% |
|
11.02 |
% |
|
11.23 |
% |
|
11.26 |
% |
|
11.15 |
% |
Total capital |
|
11.70 |
% |
|
11.79 |
% |
|
12.00 |
% |
|
12.02 |
% |
|
11.87 |
% |
1Borrowers that have experienced financial difficulty. |
|||||||||||||||
2Total common equity less intangibles divided by total assets less intangibles. See reconciliation of Non-GAAP measures. |
|||||||||||||||
3All periods presented are estimated. |
|||||||||||||||
4 Current period capital ratios are estimated as of the date of this earnings release. |
|||||||||||||||
SmartFinancial, Inc. and Subsidiary |
||||||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
||||||||||||||||||||||
(dollars in thousands except share and per share data) |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
As of and for The |
|
|
As of and for The |
|
|||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
|
|||||||||||||||||
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
|
Sep |
|
Sep |
|
|||||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|
2024 |
|
2023 |
|
|||||||
Selected Performance Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.74 |
% |
|
0.66 |
% |
|
0.77 |
% |
|
0.52 |
% |
|
0.17 |
% |
|
|
0.72 |
% |
|
0.63 |
% |
Return on average shareholders' equity |
|
7.60 |
% |
|
6.90 |
% |
|
8.16 |
% |
|
5.46 |
% |
|
1.84 |
% |
|
|
7.55 |
% |
|
6.80 |
% |
Return on average tangible common equity¹ |
|
9.75 |
% |
|
8.94 |
% |
|
10.63 |
% |
|
7.18 |
% |
|
2.43 |
% |
|
|
9.77 |
% |
|
9.02 |
% |
Noninterest income / average assets |
|
0.74 |
% |
|
0.63 |
% |
|
0.69 |
% |
|
0.63 |
% |
|
0.06 |
% |
|
|
0.69 |
% |
|
0.41 |
% |
Noninterest expense / average assets |
|
2.50 |
% |
|
2.41 |
% |
|
2.35 |
% |
|
2.47 |
% |
|
2.37 |
% |
|
|
2.42 |
% |
|
2.35 |
% |
Efficiency ratio |
|
69.83 |
% |
|
72.25 |
% |
|
71.20 |
% |
|
75.95 |
% |
|
89.96 |
% |
|
|
71.06 |
% |
|
73.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Selected Performance Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets1 |
|
0.74 |
% |
|
0.64 |
% |
|
0.69 |
% |
|
0.57 |
% |
|
0.60 |
% |
|
|
0.69 |
% |
|
0.77 |
% |
Operating PPNR return on average assets1 |
|
1.08 |
% |
|
0.90 |
% |
|
0.84 |
% |
|
0.86 |
% |
|
0.84 |
% |
|
|
0.94 |
% |
|
1.03 |
% |
Operating return on average shareholders' equity1 |
|
7.60 |
% |
|
6.72 |
% |
|
7.29 |
% |
|
6.07 |
% |
|
6.41 |
% |
|
|
7.21 |
% |
|
8.35 |
% |
Operating return on average tangible common equity1 |
|
9.75 |
% |
|
8.70 |
% |
|
9.49 |
% |
|
7.98 |
% |
|
8.46 |
% |
|
|
9.32 |
% |
|
11.09 |
% |
Operating efficiency ratio1 |
|
69.28 |
% |
|
72.13 |
% |
|
73.50 |
% |
|
73.41 |
% |
|
73.60 |
% |
|
|
71.55 |
% |
|
69.23 |
% |
Operating noninterest income / average assets1 |
|
0.74 |
% |
|
0.60 |
% |
|
0.58 |
% |
|
0.63 |
% |
|
0.62 |
% |
|
|
0.64 |
% |
|
0.61 |
% |
Operating noninterest expense / average assets1 |
|
2.50 |
% |
|
2.41 |
% |
|
2.35 |
% |
|
2.39 |
% |
|
2.36 |
% |
|
|
2.42 |
% |
|
2.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Interest Rates and Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans and leases, excluding loan fees, FTE |
|
5.95 |
% |
|
5.80 |
% |
|
5.71 |
% |
|
5.61 |
% |
|
5.52 |
% |
|
|
5.82 |
% |
|
5.37 |
% |
Yield on loans and leases, FTE |
|
6.02 |
% |
|
5.87 |
% |
|
5.82 |
% |
|
5.68 |
% |
|
5.61 |
% |
|
|
5.90 |
% |
|
5.56 |
% |
Yield on earning assets, FTE |
|
5.65 |
% |
|
5.52 |
% |
|
5.36 |
% |
|
5.22 |
% |
|
4.99 |
% |
|
|
5.51 |
% |
|
4.90 |
% |
Cost of interest-bearing deposits |
|
3.20 |
% |
|
3.23 |
% |
|
3.16 |
% |
|
3.00 |
% |
|
2.84 |
% |
|
|
3.19 |
% |
|
2.45 |
% |
Cost of total deposits |
|
2.54 |
% |
|
2.56 |
% |
|
2.52 |
% |
|
2.35 |
% |
|
2.20 |
% |
|
|
2.54 |
% |
|
1.89 |
% |
Cost of interest-bearing liabilities |
|
3.29 |
% |
|
3.29 |
% |
|
3.23 |
% |
|
3.07 |
% |
|
2.89 |
% |
|
|
3.27 |
% |
|
2.52 |
% |
Net interest margin, FTE |
|
3.11 |
% |
|
2.97 |
% |
|
2.85 |
% |
|
2.86 |
% |
|
2.81 |
% |
|
|
2.97 |
% |
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, basic |
$ |
0.55 |
|
$ |
0.48 |
|
$ |
0.56 |
|
$ |
0.37 |
|
$ |
0.12 |
|
|
$ |
1.58 |
|
$ |
1.33 |
|
Net income, diluted |
|
0.54 |
|
|
0.48 |
|
|
0.55 |
|
|
0.37 |
|
|
0.12 |
|
|
|
1.57 |
|
|
1.33 |
|
Operating earnings, basic¹ |
|
0.55 |
|
|
0.47 |
|
|
0.50 |
|
|
0.41 |
|
|
0.43 |
|
|
|
1.51 |
|
|
1.64 |
|
Operating earnings, diluted¹ |
|
0.54 |
|
|
0.46 |
|
|
0.49 |
|
|
0.41 |
|
|
0.43 |
|
|
|
1.50 |
|
|
1.63 |
|
Book value |
|
28.89 |
|
|
27.91 |
|
|
27.37 |
|
|
27.07 |
|
|
26.28 |
|
|
|
28.89 |
|
|
26.28 |
|
Tangible book value¹ |
|
22.67 |
|
|
21.66 |
|
|
21.12 |
|
|
20.76 |
|
|
19.94 |
|
|
|
22.67 |
|
|
19.94 |
|
Common shares outstanding |
|
16,926,374 |
|
|
16,925,902 |
|
|
17,056,704 |
|
|
16,988,879 |
|
|
16,994,543 |
|
|
|
16,926,374 |
|
|
16,994,543 |
|
1Non-GAAP measure. See reconciliation of Non-GAAP measures. |
||||||||||||||||||||||
SmartFinancial, Inc. and Subsidiary |
||||||||||||||||||||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||||||||||||||
NON-GAAP RECONCILIATIONS |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||||||||||||||||||
|
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
|
Sep |
|
Sep |
|||||||||||||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|
2024 |
|
2023 |
|||||||||||||||||||||
Operating Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income (GAAP) |
|
$ |
9,140 |
|
|
$ |
8,003 |
|
|
$ |
9,358 |
|
|
$ |
6,190 |
|
|
$ |
2,067 |
|
|
|
$ |
26,500 |
|
|
$ |
22,403 |
|
|
||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Securities (gains) losses, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,801 |
|
|
|
|
— |
|
|
|
6,801 |
|
|
||||||
Gain on sale of former branch building |
|
|
— |
|
|
|
(283 |
) |
|
|
(1,346 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(1,629 |
) |
|
|
— |
|
|
||||||
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Donation of a former branch location |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
||||||
Accruals for pending litigation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
675 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
||||||
Merger related and restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
|
— |
|
|
|
110 |
|
|
||||||
Income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income tax effect of adjustments |
|
|
— |
|
|
|
73 |
|
|
|
348 |
|
|
|
(239 |
) |
|
|
(1,785 |
) |
|
|
|
421 |
|
|
|
(1,785 |
) |
|
||||||
Operating earnings (Non-GAAP) |
|
$ |
9,140 |
|
|
$ |
7,793 |
|
|
$ |
8,360 |
|
|
$ |
6,876 |
|
|
$ |
7,193 |
|
|
|
$ |
25,292 |
|
|
$ |
27,529 |
|
|
||||||
Operating earnings per common share (Non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic |
|
$ |
0.55 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.41 |
|
|
$ |
0.43 |
|
|
|
$ |
1.51 |
|
|
$ |
1.64 |
|
|
||||||
Diluted |
|
|
0.54 |
|
|
|
0.46 |
|
|
|
0.49 |
|
|
|
0.41 |
|
|
|
0.43 |
|
|
|
|
1.50 |
|
|
|
1.63 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Noninterest income (GAAP) |
|
$ |
9,139 |
|
|
$ |
7,604 |
|
|
$ |
8,380 |
|
|
$ |
7,579 |
|
|
$ |
691 |
|
|
|
$ |
25,122 |
|
|
$ |
14,746 |
|
|
||||||
Securities (gains) losses, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,801 |
|
|
|
|
— |
|
|
|
6,801 |
|
|
||||||
Gain on sale of former branch building |
|
|
— |
|
|
|
(283 |
) |
|
|
(1,346 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(1,629 |
) |
|
|
— |
|
|
||||||
Operating noninterest income (Non-GAAP) |
|
$ |
9,139 |
|
|
$ |
7,321 |
|
|
$ |
7,034 |
|
|
$ |
7,579 |
|
|
$ |
7,492 |
|
|
|
$ |
23,493 |
|
|
$ |
21,547 |
|
|
||||||
Operating noninterest income (Non-GAAP)/average assets1 |
|
|
0.74 |
|
% |
|
0.60 |
|
% |
|
0.58 |
|
% |
|
0.63 |
|
% |
|
0.62 |
|
% |
|
|
0.64 |
|
% |
|
0.61 |
|
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Noninterest expense (GAAP) |
|
$ |
30,846 |
|
|
$ |
29,201 |
|
|
$ |
28,553 |
|
|
$ |
29,695 |
|
|
$ |
28,516 |
|
|
|
$ |
88,599 |
|
|
$ |
83,455 |
|
|
||||||
Donation of a former branch location |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
||||||
Accruals for pending litigation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(675 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
||||||
Merger related and restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(110 |
) |
|
|
|
— |
|
|
|
(110 |
) |
|
||||||
Operating noninterest expense (Non-GAAP) |
|
$ |
30,846 |
|
|
$ |
29,201 |
|
|
$ |
28,553 |
|
|
$ |
28,770 |
|
|
$ |
28,406 |
|
|
|
$ |
88,599 |
|
|
$ |
83,345 |
|
|
||||||
Operating noninterest expense (Non-GAAP)/average assets2 |
|
|
2.50 |
|
% |
|
2.41 |
|
% |
|
2.35 |
|
% |
|
2.39 |
|
% |
|
2.36 |
|
% |
|
|
2.42 |
|
% |
|
2.34 |
|
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Pre-provision Net revenue ("PPNR") Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net interest income (GAAP) |
|
$ |
35,032 |
|
|
$ |
32,814 |
|
|
$ |
31,721 |
|
|
$ |
31,517 |
|
|
$ |
31,006 |
|
|
|
$ |
99,567 |
|
|
$ |
98,563 |
|
|
||||||
Operating noninterest income (Non-GAAP) |
|
|
9,139 |
|
|
|
7,321 |
|
|
|
7,034 |
|
|
|
7,579 |
|
|
|
7,492 |
|
|
|
|
23,493 |
|
|
|
21,547 |
|
|
||||||
Operating noninterest expense (Non-GAAP) |
|
|
(30,846 |
) |
|
|
(29,201 |
) |
|
|
(28,553 |
) |
|
|
(28,770 |
) |
|
|
(28,406 |
) |
|
|
|
(88,599 |
) |
|
|
(83,345 |
) |
|
||||||
Operating PPNR earnings (Non-GAAP) |
|
$ |
13,325 |
|
|
$ |
10,934 |
|
|
$ |
10,202 |
|
|
$ |
10,326 |
|
|
$ |
10,092 |
|
|
|
$ |
34,461 |
|
|
$ |
36,765 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Non-GAAP Return Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating return on average assets (Non-GAAP)3 |
|
|
0.74 |
|
% |
|
0.64 |
|
% |
|
0.69 |
|
% |
|
0.57 |
|
% |
|
0.60 |
|
% |
|
|
0.69 |
|
% |
|
0.77 |
|
% |
||||||
Operating PPNR return on average assets (Non-GAAP)4 |
|
|
1.08 |
|
% |
|
0.90 |
|
% |
|
0.84 |
|
% |
|
0.86 |
|
% |
|
0.84 |
|
% |
|
|
0.94 |
|
% |
|
1.03 |
|
% |
||||||
Return on average tangible common equity (Non-GAAP)5 |
|
|
9.75 |
|
% |
|
8.93 |
|
% |
|
10.63 |
|
% |
|
7.18 |
|
% |
|
2.43 |
|
% |
|
|
9.77 |
|
% |
|
9.02 |
|
% |
||||||
Operating return on average shareholders' equity (Non-GAAP)6 |
|
|
7.60 |
|
% |
|
6.72 |
|
% |
|
7.29 |
|
% |
|
6.07 |
|
% |
|
6.41 |
|
% |
|
|
7.21 |
|
% |
|
8.35 |
|
% |
||||||
Operating return on average tangible common equity (Non-GAAP)7 |
|
|
9.75 |
|
% |
|
8.70 |
|
% |
|
9.49 |
|
% |
|
7.98 |
|
% |
|
8.46 |
|
% |
|
|
9.32 |
|
% |
|
11.09 |
|
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Efficiency ratio (GAAP) |
|
|
69.83 |
|
% |
|
72.25 |
|
% |
|
71.20 |
|
% |
|
75.95 |
|
% |
|
89.96 |
|
% |
|
|
71.06 |
|
% |
|
73.65 |
|
% |
||||||
Adjustment for taxable equivalent yields |
|
|
(0.55 |
) |
% |
|
(0.63 |
) |
% |
|
(0.17 |
) |
% |
|
(0.18 |
) |
% |
|
(0.27 |
) |
% |
|
|
(0.45 |
) |
% |
|
(0.18 |
) |
% |
||||||
Adjustment for securities gains (losses) |
|
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
(15.89 |
) |
% |
|
|
— |
|
% |
|
(4.17 |
) |
% |
||||||
Adjustment for sale of branch location |
|
|
— |
|
% |
|
0.51 |
|
% |
|
2.46 |
|
% |
|
— |
|
% |
|
— |
|
% |
|
|
0.94 |
|
% |
|
— |
|
% |
||||||
Adjustment for donation of a former branch location |
|
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
(0.64 |
) |
% |
|
— |
|
% |
|
|
— |
|
% |
|
— |
|
% |
||||||
Adjustment for accruals for pending litigation |
|
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
(1.72 |
) |
% |
|
— |
|
% |
|
|
— |
|
% |
|
— |
|
% |
||||||
Adjustment for merger related income and costs |
|
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
— |
|
% |
|
(0.20 |
) |
% |
|
|
— |
|
% |
|
(0.07 |
) |
% |
||||||
Operating efficiency ratio (Non-GAAP) |
|
|
69.28 |
|
% |
|
72.13 |
|
% |
|
73.50 |
|
% |
|
73.41 |
|
% |
|
73.60 |
|
% |
|
|
71.55 |
|
% |
|
69.23 |
|
% |
||||||
1Operating noninterest income (Non-GAAP) is annualized and divided by average assets. |
||||||||||||||||||||||||||||||||||||
2Operating noninterest expense (Non-GAAP) is annualized and divided by average assets. |
||||||||||||||||||||||||||||||||||||
3Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets. |
||||||||||||||||||||||||||||||||||||
4Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets. |
||||||||||||||||||||||||||||||||||||
5Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP). |
||||||||||||||||||||||||||||||||||||
6Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average equity. |
||||||||||||||||||||||||||||||||||||
7Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). |
||||||||||||||||||||||||||||||||||||
SmartFinancial, Inc. and Subsidiary |
|||||||||||||||
Condensed Consolidated Financial Information - (unaudited) |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
NON-GAAP RECONCILIATIONS |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
|||||||||||||
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
|||||
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|||||
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity (GAAP) |
$ |
489,023 |
|
$ |
472,465 |
|
$ |
466,796 |
|
$ |
459,886 |
|
$ |
446,652 |
|
Less goodwill and other intangible assets |
|
105,324 |
|
|
105,929 |
|
|
106,537 |
|
|
107,148 |
|
|
107,792 |
|
Tangible common equity (Non-GAAP) |
$ |
383,699 |
|
$ |
366,536 |
|
$ |
360,259 |
|
$ |
352,738 |
|
$ |
338,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity (GAAP) |
$ |
478,642 |
|
$ |
466,371 |
|
$ |
461,148 |
|
$ |
449,526 |
|
$ |
445,432 |
|
Less average goodwill and other intangible assets |
|
105,701 |
|
|
106,301 |
|
|
106,920 |
|
|
107,551 |
|
|
108,194 |
|
Average tangible common equity (Non-GAAP) |
$ |
372,941 |
|
$ |
360,070 |
|
$ |
354,228 |
|
$ |
341,975 |
|
$ |
337,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share (GAAP) |
$ |
28.89 |
|
$ |
27.91 |
|
$ |
27.37 |
|
$ |
27.07 |
|
$ |
26.28 |
|
Adjustment due to goodwill and other intangible assets |
|
(6.22) |
|
|
(6.25) |
|
|
(6.25) |
|
|
(6.31) |
|
|
(6.34) |
|
Tangible book value per common share (Non-GAAP)1 |
$ |
22.67 |
|
$ |
21.66 |
|
$ |
21.12 |
|
$ |
20.76 |
|
$ |
19.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets (GAAP) |
$ |
4,908,934 |
|
$ |
4,891,009 |
|
$ |
4,954,690 |
|
$ |
4,829,387 |
|
$ |
4,797,171 |
|
Less goodwill and other intangibles |
|
105,324 |
|
|
105,929 |
|
|
106,537 |
|
|
107,148 |
|
|
107,792 |
|
Tangible Assets (Non-GAAP) |
$ |
4,803,610 |
|
$ |
4,785,080 |
|
$ |
4,848,153 |
|
$ |
4,722,239 |
|
$ |
4,689,379 |
|
Tangible common equity to tangible assets (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Tangible book value per share (Non-GAAP) is computed by dividing total shareholders’ equity, less goodwill and other intangible assets, by common shares outstanding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021822998/en/
Investor Contacts
Billy Carroll
President & Chief Executive Officer
Email: billy.carroll@smartbank.com
Phone: (865) 868-0613
Nathan Strall
Vice President and Director of Strategy & Corporate Development
Email: nathan.strall@smartbank.com
Phone: (865) 868-2604
Source: SmartFinancial, Inc.