KNOXVILLE, Tenn., July 25, 2024 (GLOBE NEWSWIRE) -- SmartFinancial, Inc. ("SmartFinancial") (NYSE: SMBK), the parent company for SmartBank, announced that on July 25, 2024, the board of directors of SmartFinancial declared a quarterly cash dividend of $0.08 per share of SmartFinancial common stock payable on August 26, 2024, to shareholders of record as of the close of business on August 9, 2024. About SmartFinancial, Inc. Forward-Looking Statements Investor Contacts SmartFinancial, Inc., based in Knoxville ...

SmartFinancial, Inc. (NYSE:SMBK) Q2 2024 Earnings Conference Call July 23, 2024 10:00 AM ET Company Participants Nate Strall - Director of Investor Relations Billy Carroll - President and Chief Executive Officer Ron Gorczynski - Chief Financial Officer Rhett Jordan - Executive VP and Chief Credit Officer of SmartBank Miller Welborn - Chairman Conference Call Participants Will Jones - KBW Stephen Scouten - Piper Sandler Russell Gunther - Stephens Christopher Marinac - Janney Montgomery Scott Operator Hello e ...

QUARTERLY EARNINGS RELEASE ● Operating earnings 1 of $7.8 million, or $0.46 per diluted common share ● Net organic loan and lease growth of $97 million with 11% annualized quarter-over-quarter increase ● Quarter-over-quarter net tax equivalent interest margin expansion of 12 basis points to 2.97% ● 10% annualized quarter-over-quarter increase in tangible book value per common share 1 ● 136,195 shares repurchased at a weighted average price of $21.57 ● Credit quality remains solid with nonperforming assets t ...

Core Viewpoint - SmartFinancial, Inc. reported a net income of $8.0 million for Q2 2024, reflecting a decrease from $8.8 million in Q2 2023 and $9.4 million in Q1 2024, with operating earnings of $7.8 million [5][22]. Financial Performance - Net income for Q2 2024 was $8.0 million, or $0.48 per diluted share, compared to $8.8 million, or $0.52 per diluted share in Q2 2023 [5]. - Operating earnings for Q2 2024 were $7.8 million, or $0.46 per diluted share, down from $8.8 million, or $0.52 per diluted share in Q2 2023 [5]. - Noninterest income decreased to $7.6 million in Q2 2024 from $8.4 million in the prior quarter, primarily due to a lack of significant gains from asset sales [29][30]. Balance Sheet Highlights - Total assets increased to $4.89 billion as of June 30, 2024, up from $4.83 billion at the end of 2023, driven by a $129.7 million increase in loans and leases [14][34]. - Total liabilities rose to $4.42 billion from $4.37 billion at the end of 2023, with organic deposit growth contributing to this increase [33][34]. - Shareholders' equity reached $472.5 million, an increase of $12.6 million from December 31, 2023, primarily due to net income [15][34]. Credit Quality - The allowance for credit losses was $34.7 million, representing 0.97% of total loans and leases as of June 30, 2024, slightly down from 0.98% in the previous quarter [24]. - Nonperforming loans and leases increased to $6.6 million, with a nonperforming loans ratio of 0.19% as of June 30, 2024 [29]. Operational Metrics - The tax equivalent net interest margin improved to 2.97% in Q2 2024 from 2.85% in Q1 2024, aided by higher yields on interest-earning assets [23]. - Average interest-earning assets remained stable at approximately $4.5 billion, with a slight increase in average loans and leases [8]. Growth Strategy - The company reported an 11% annualized growth in loans during the quarter, indicating strong demand and effective utilization of liquidity [22]. - Tangible book value per share increased by 10% on an annualized basis quarter-over-quarter, reflecting solid growth in operating revenue [22].

KNOXVILLE, Tenn., July 22, 2024 (GLOBE NEWSWIRE) -- SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $8.0 million, or $0.48 per diluted common share, for the second quarter of 2024, compared to net income of $8.8 million, or $0.52 per diluted common share, for the second quarter of 2023, and compared to prior quarter net income of $9.4 million, or $0.55 per diluted common share. Operating earnings1, which excludes non-recurring income, net of tax adjustment ...

Core Points - SmartFinancial, Inc. plans to release its earnings for the second quarter of 2024 on July 22, 2024, and will host a conference call on July 23, 2024, at 10:00 a.m. ET [2][3] - The conference call can be accessed by dialing (833) 470-1428 or (404) 975-4839, with a replay available until August 22, 2024 [2][5] - SmartFinancial is based in Knoxville, Tennessee, and operates SmartBank, a full-service commercial bank established in 2007, with branches in Tennessee, Alabama, and Florida [4] Company Information - SmartFinancial, Inc. is the bank holding company for SmartBank, which focuses on recruiting top talent, providing exceptional client service, and maintaining a disciplined lending approach [4] - The company emphasizes strategic branching as a key factor in its success [4]

Conference call materials (earnings release & conference call presentation) will be published on the company's webpage located at http://www.smartfinancialinc.com/CorporateProfile, at 9:00 a.m. ET prior to the morning of the conference call. Investor Contacts SmartFinancial plans to issue its earnings release for the second quarter of 2024 on Monday, July 22, 2024, and will host a conference call on Tuesday, July 23, 2024, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or ( ...

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 March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-37661 (Exact name of registrant as specified in its charter) Tennessee 62-1173944 (State o ...

SmartFinancial, Inc. (NYSE:SMBK) Q1 2024 Earnings Conference Call April 23, 2024 10:00 AM ET Company Participants Nate Strall - Head of Investor Relations Miller Welborn - Chairman Billy Carroll - President and Chief Executive Officer Rhett Jordan - Executive VP and Chief Credit Officer of SmartBank Ron Gorczynski - Executive Vice President, Chief Financial Officer Conference Call Participants Will Jones - KBW Thomas Wendler - Stephens Feddie Strickland - Janney Montgomery Steve Moss - Raymond James Operato ...

Financial Performance Highlights - SmartFinancial reported diluted operating earnings per share of $0.49 for 1Q24[31], compared to $0.68 in 1Q23[31], a decrease of 27%[142] - The operating return on average assets was 0.69% in 1Q24[31], down from 0.97% in 1Q23[31] - Tangible book value per share grew to $21.12 in 1Q24[31], a 7% increase from $19.66 in 1Q23[31] - Total assets reached $5 Billion[31,41] Loan and Deposit Portfolio - The loan to deposit ratio is 79%[31,75] - Loans HFI (Held for Investment) totaled $4.394 Billion in 1Q24[15,22] - Total deposits amounted to $4.394 Billion in 1Q24[15,22] - Fixed rate loans account for $2 Billion, while variable rate loans account for $1.4 Billion[14] Liquidity and Interest Rate Sensitivity - The company has $1.5 Billion in untapped liquidity sources[100] - $884 Million in short-term variable rate loans are resetting within 1-3 months[106] - $90 Million in fixed rate loans yielding 5.54% are maturing by the end of 2024[12]