Financial Performance - Net income for Q3 2024 was $9.1 million, or $0.54 per diluted common share, compared to $2.1 million, or $0.12 per diluted common share in Q3 2023[150]. - Net income for the first nine months of 2024 totaled $26.5 million, or $1.57 per diluted common share, up from $22.4 million, or $1.33 per diluted common share in the same period of 2023[150]. - Income before income taxes for Q3 2024 was $10.750 million, compared to $2.386 million in Q3 2023, marking an increase of $8.364 million[152]. - Net income for Q3 2024 was $9.1 million, or $0.54 per diluted common share, compared to $2.1 million, or $0.12 per diluted common share in Q3 2023, reflecting a $7.1 million increase[154]. Income and Revenue - Interest income for Q3 2024 was $63.956 million, an increase of $8.681 million from Q3 2023[152]. - Noninterest income surged to $9.139 million in Q3 2024, compared to $691,000 in Q3 2023, reflecting an increase of $8.448 million[152]. - Noninterest income increased by $10.4 million for the first nine months of 2024, despite a $6.8 million pre-tax loss on the sale of available-for-sale securities[155]. - Noninterest income rose by $8.4 million in Q3 2024 compared to Q3 2023, primarily due to a loss on the sale of securities in the prior year and increased investment services and insurance commissions[163]. Expenses - Noninterest expense rose to $30.846 million in Q3 2024, up by $2.330 million from Q3 2023[152]. - Noninterest expense increased by $2.3 million in Q3 2024 compared to Q3 2023, driven by higher salaries and employee benefits, professional services, and overall franchise growth[165]. - Total noninterest expense for the first nine months of 2024 was $88,599, an increase of $5.1 million from $83,455 in the same period of 2023[166]. Asset and Loan Growth - Net organic loan and lease increased by $272.5 million year-to-date as of September 30, 2024[150]. - Average loan and lease balances increased by $274.1 million in Q3 2024 compared to Q3 2023[157]. - Total net loans and leases outstanding reached approximately $3.68 billion as of September 30, 2024, up from $3.41 billion at December 31, 2023, representing an increase of 7.9%[169]. - The composition of the loan and lease portfolio includes commercial real estate at $1.90 billion (51.0%), consumer real estate at $690.5 million (18.6%), and commercial and industrial loans at $731.6 million (19.7%) as of September 30, 2024[169]. Deposits and Funding - Deposit growth amounted to $54.6 million from December 31, 2023[150]. - Total average deposits as of September 30, 2024, were $4.32 billion, an increase of $54.6 million from December 31, 2023, driven by brokered deposits of $174.8 million[186]. - The average balance of noninterest-bearing demand deposits for the three months ended September 30, 2024, was $884.9 million, accounting for 20.6% of total deposits[184]. - Brokered deposits represented approximately 4.55% of total deposits as of September 30, 2024[183]. Credit Quality - The allowance for credit losses was $35.6 million as of September 30, 2024, representing 0.96% of total loans and leases, down from 1.02% at December 31, 2023[175]. - Nonperforming loans and leases as a percentage of total gross loans and leases was 0.26% as of September 30, 2024, compared to 0.24% at December 31, 2023[171]. - Total past due loans amounted to $4.584 million as of September 30, 2024, with a past due percentage of 0.12%[172]. - The total nonaccrual loans and leases amounted to $9.319 million as of September 30, 2024, with a nonaccrual percentage of 0.25%[174]. Tax and Regulatory - The effective tax rate for Q3 2024 was approximately 15.0%, up from 13.4% in Q2 2023, with a total income tax expense of $1.6 million[167]. - Capital ratios exceeded regulatory minimum requirements as of September 30, 2024[190]. Liquidity and Borrowings - The Company anticipates adequate liquidity to meet expected obligations of its customers[200]. - Total borrowings amounted to $9.0 million, consisting of $5.0 million in short-term borrowings and $4.0 million in securities sold under repurchase agreements[189]. - Long-term debt decreased from $42.1 million at December 31, 2023, to $39.7 million at September 30, 2024[189]. Interest Rate Sensitivity - Interest rate sensitivity analysis indicated a 100 basis points increase would decrease net interest income by 1.43%[195]. - Economic value of equity model showed a 200 basis points increase would decrease economic value by 10.00%[196].

SmarFinancial (SMBK) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Indiv ...

Financial Data and Key Metrics Changes - The company reported net income of $9.1 million for Q3 2024, translating to $0.54 per diluted share, reflecting a strong earnings trajectory [3] - Tangible book value increased to $22.67 per share, a 19% annualized quarter-over-quarter increase including AOCI, and 9% excluding it [3][4] - Total revenue reached $44.1 million, with net interest income expanding significantly [6] Business Line Data and Key Metrics Changes - Loan growth was robust at over 16% annualized for the quarter, up from 11% in the prior quarter, with a total increase of $114 million [4][6] - Core deposit growth was over 5%, despite a strategic exit from a costly public fund relationship [5][8] - Noninterest income for the quarter was $9.1 million, with notable increases in customer swap transactions and investment services [9] Market Data and Key Metrics Changes - The bank's net interest margin expanded by 14 basis points to 3.11%, driven by deposit repositioning and favorable loan yields [8] - The weighted average yield on new loan originations was 7.40%, contributing to an overall portfolio yield increase to 6.02% [9] Company Strategy and Development Direction - The company is focused on enhancing its sales processes and leveraging technology to improve client acquisition and retention [11][12] - A newly formed real estate investment trust subsidiary aims to manage real estate loans and create a more tax-favorable structure, anticipating a future effective tax rate of approximately 20% [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining strong loan growth and operating leverage, with expectations for continued margin expansion into 2025 [9][10] - The company is strategically managing expenses while anticipating some increases due to inflation and talent acquisition [26][27] Other Important Information - The company has added 15 new sales team members this year and continues to seek quality talent to enhance its operations [11][30] - The bank's asset quality remains strong, with nonperforming loans at 0.26% [9] Q&A Session Summary Question: Loan growth outlook and potential paydowns - Management indicated that while they anticipate some paydowns, they remain optimistic about maintaining strong loan growth due to a solid pipeline and favorable market conditions [14][15] Question: Margin expectations and Fed rate cuts - The company expects net interest margin to be in the range of 3.10% to 3.15% for Q4, with continued margin expansion anticipated throughout 2025 [16][17] Question: Fee income sustainability - Management noted that while Q3 saw strong performance in swaps and investment products, they expect a normalization in these areas moving forward [18][19] Question: Deposit growth initiatives - The company is focused on growing core deposits while managing deposit rates in line with market conditions, with a positive outlook on deposit growth [20][21] Question: Loan pricing and market conditions - Management acknowledged some recent volatility in loan pricing but remains confident in maintaining reasonable levels despite competitive pressures [24][25] Question: Expense growth and hiring plans - The company anticipates expense growth in the range of 5% to 7%, primarily driven by talent acquisition [32][33] Question: Customer gains and market share - Management confirmed ongoing customer acquisition efforts and expressed confidence in continuing to gain market share across various regions [36][37]

For the quarter ended September 2024, SmarFinancial (SMBK) reported revenue of $44.17 million, up 39.3% over the same period last year. EPS came in at $0.54, compared to $0.43 in the year-ago quarter.The reported revenue represents a surprise of +4.37% over the Zacks Consensus Estimate of $42.32 million. With the consensus EPS estimate being $0.49, the EPS surprise was +10.20%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

SmarFinancial (SMBK) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.20%. A quarter ago, it was expected that this bank holding company would post earnings of $0.41 per share when it actually produced earnings of $0.46, delivering a surprise of 12.20%.Over the last four quarters, t ...

Exhibit 99.1 UARTERLY EARNINGS RELEASE 3Q 2024 SmartFinancial Announces Results for the Third Quarter 2024 KNOXVILLE, TN – October 21, 2024 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $9.1 million, or $0.54 per diluted common share, for the third quarter of 2024, compared to net income of $2.1 million, or $0.12 per diluted common share, for the third quarter of 2023, and compared to prior quarter net income of $8.0 million, or $0.48 per diluted commo ...

The upcoming report from SmarFinancial (SMBK) is expected to reveal quarterly earnings of $0.49 per share, indicating an increase of 14% compared to the year-ago period. Analysts forecast revenues of $42.32 million, representing an increase of 33.5% year over year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Before a ...

SmarFinancial (SMBK) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 21, 2024, might help the stock move higher if these key numbers are better ...

SmarFinancial (SMBK) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the sy ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d ...