SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NASDAQ:
SMBK), today announced net income of $8.8 million, or $0.52 per
diluted common share, for the second quarter of 2023, compared to
net income of $10.2 million, or $0.61 per diluted common share, for
the second quarter of 2022, and compared to prior quarter net
income of $11.5 million, or $0.68 per diluted common share.
Operating earnings1, which excludes securities gains and merger
related and restructuring expenses, net of tax adjustments, totaled
$8.8 million, or $0.52 per diluted common share, in the second
quarter of 2023, compared to $10.3 million, or $0.61 per diluted
common share, in the second quarter of 2022, and compared to $11.5
million, or $0.68 per diluted common share, in the first quarter of
2023.
Billy Carroll, President & CEO, stated: “I
am very pleased with our results for the quarter. While
dealing with some headwinds related to deposit pricing, this
quarter showed the strength of our Balance Sheet with our ability
to fund with our core base. We’ve continued to focus on
expenses without sacrificing investments for the future, and the
quarter also allowed us some outstanding opportunities to gain
strong client relationships. We continue to be bullish as we
look forward.”
SmartFinancial's Chairman, Miller Welborn,
concluded: “The second quarter of 2023 shows further evidence of
the strength of our company. Our entire team performed very well
and executed our Strategic Plan effectively. I am as confident as
ever that the economic environment in our southeastern markets
remains very strong and our bank will continue to thrive in the
months ahead.”
1 Non-GAAP measure. See “Non-GAAP Financial Measures” for
more information and see the Non-GAAP reconciliation
Net Interest Income and Net Interest
Margin
Net interest income was $31.6 million for the
second quarter of 2023, compared to $36.0 million for the prior
quarter. Average earning assets totaled $4.34 billion, a decrease
of $86.4 million from the prior quarter. The decrease in average
earnings assets was primarily driven by a decrease in average
interest-earning cash of $183.0 million, offset by an increase in
average loans and leases of $50.1 million and average securities of
$46.5 million. Average interest-bearing liabilities
decreased $34.1 million from the prior quarter, primarily
attributable to a decrease in average deposits.
The tax equivalent net interest margin was 2.93%
for the second quarter of 2023, compared to 3.31% for the prior
quarter, which included $1.4 million in fees from the payoff of an
acquired loan. The tax equivalent net interest margin was
negatively impacted by the continued rise in the cost of
interest-bearing liabilities from rising rates and increased
pricing competition. The yield on loans and leases,
excluding loan fees was 5.39% for the second quarter, compared to
5.20% for the prior quarter.
The cost of total deposits for the second
quarter of 2023 was 1.89% compared to 1.56% in the prior quarter.
The cost of interest-bearing liabilities increased to 2.53% for the
second quarter of 2023 compared to 2.12% for the prior quarter. The
cost of average interest-bearing deposits was 2.46% for the second
quarter of 2023 compared to 2.05% for the prior quarter, an
increase of 41 basis points. The increase in the cost of deposits
is due to an increase in interest rates, customer migration to
higher rate deposit products and increased competition for
deposits.
The following table presents selected interest
rates and yields for the periods indicated:
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
Jun |
|
Mar |
|
Increase |
|
Selected Interest Rates and Yields |
|
2023 |
|
2023 |
|
(Decrease) |
|
Yield on loans and leases, excluding loan fees |
|
5.39 |
% |
5.20 |
% |
0.19 |
|
% |
Yield on loans and leases |
|
5.51 |
% |
5.57 |
% |
(0.06 |
) |
% |
Yield on earning assets, on a
fully tax equivalent basis (FTE) |
|
4.82 |
% |
4.88 |
% |
(0.06 |
) |
% |
Cost of interest-bearing
deposits |
|
2.46 |
% |
2.05 |
% |
0.41 |
|
% |
Cost of total deposits |
|
1.89 |
% |
1.56 |
% |
0.33 |
|
% |
Cost of interest-bearing
liabilities |
|
2.53 |
% |
2.12 |
% |
0.41 |
|
% |
Net interest margin, FTE |
|
2.93 |
% |
3.31 |
% |
(0.38 |
) |
% |
|
|
|
|
|
|
|
|
|
Provision for Credit Losses on Loans and
Leases and Credit Quality
At June 30, 2023, the allowance for credit
losses was $32.7 million. The allowance for credit losses to total
loans and leases was 0.98% as of June 30, 2023, and March 31, 2023,
respectively.
The following table presents detailed
information related to the provision for loan and lease losses for
the periods indicated (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
Jun |
|
|
Mar |
|
|
|
|
|
Provision for Credit Losses on Loans and Leases Rollforward |
|
|
2023 |
|
|
|
2023 |
|
|
|
Change |
|
|
Beginning balance |
|
$ |
32,279 |
|
|
$ |
23,334 |
|
|
$ |
8,945 |
|
|
|
Adoption of ASU 2016-13 |
|
|
- |
|
|
|
8,655 |
|
|
|
(8,655 |
) |
|
|
Adjusted beginning
balance |
|
|
32,279 |
|
|
|
31,989 |
|
|
|
290 |
|
|
|
Charge-offs |
|
|
(207 |
) |
|
|
(315 |
) |
|
|
108 |
|
|
|
Recoveries |
|
|
255 |
|
|
|
55 |
|
|
|
200 |
|
|
|
Net (charge-offs) recoveries |
|
|
48 |
|
|
|
(260 |
) |
|
|
308 |
|
|
|
Provision for credit losses (1) |
|
|
420 |
|
|
|
550 |
|
|
|
(130 |
) |
|
|
Ending balance |
|
$ |
32,747 |
|
|
$ |
32,279 |
|
|
$ |
468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans and leases, gross |
|
|
0.98 |
|
% |
|
0.98 |
|
% |
|
- |
|
% |
(1) The current quarter-ended,
excludes unfunded commitments release of $307 thousand. At June 30,
2023, the unfunded commitment liability totaled $2.8
million.
Nonperforming loans and leases as a percentage
of total loans and leases was 0.11% as of June 30, 2023, an
increase of 1 basis point from the 0.10% reported in the first
quarter of 2023. Total nonperforming assets (which include
nonaccrual loans and leases, loans and leases past due 90 days or
more and still accruing, other real estate owned and other
repossessed assets) as a percentage of total assets was 0.12% as of
June 30, 2023, as compared to 0.11% as of March 31, 2023.
The following table presents detailed
information related to credit quality for the periods indicated
(dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
Jun |
|
|
Mar |
|
|
Increase |
|
|
Credit
Quality |
|
|
2023 |
|
|
2023 |
|
|
(Decrease) |
|
|
Nonaccrual loans and
leases |
|
$ |
3,722 |
|
$ |
3,247 |
|
$ |
475 |
|
|
Loans and leases past due 90
days or more and still accruing |
|
|
- |
|
|
- |
|
|
- |
|
|
Total nonperforming loans and leases |
|
|
3,722 |
|
|
3,247 |
|
|
475 |
|
|
Other real estate owned |
|
|
1,708 |
|
|
1,708 |
|
|
- |
|
|
Other repossessed assets |
|
|
282 |
|
|
66 |
|
|
216 |
|
|
Total nonperforming assets |
|
$ |
5,712 |
|
$ |
5,021 |
|
$ |
691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases
to total loans and leases, gross |
|
|
0.11 |
% |
|
0.10 |
% |
|
0.01 |
% |
|
Nonperforming assets to total
assets |
|
|
0.12 |
% |
|
0.11 |
% |
|
0.01 |
% |
Noninterest Income
Noninterest income increased $205 thousand to
$7.1 million for the second quarter of 2023 compared to $6.9
million for the prior quarter. During the second quarter of 2023,
the primary components of the changes in noninterest income were as
follows:
- Increase in investment services,
income increase led by the new Dothan, Alabama advisory team;
- Decrease in insurance commissions,
driven by annual contingency payments in the prior quarter;
and
- Decrease in other, primarily
related to decreased fees from capital markets activity and
equipment leasing fees.
The following table presents detailed
information related to noninterest income for the periods indicated
(dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Jun |
|
|
Mar |
|
|
Increase |
Noninterest Income |
|
|
2023 |
|
|
2023 |
|
|
(Decrease) |
Service charges on deposit accounts |
|
$ |
1,657 |
|
$ |
1,445 |
|
$ |
212 |
|
Mortgage banking income |
|
|
332 |
|
|
172 |
|
|
160 |
|
Investment services |
|
|
1,300 |
|
|
1,005 |
|
|
295 |
|
Insurance commissions |
|
|
1,139 |
|
|
1,259 |
|
|
(120 |
) |
Interchange and debit card
transaction fees |
|
|
1,347 |
|
|
1,383 |
|
|
(36 |
) |
Other |
|
|
1,355 |
|
|
1,661 |
|
|
(306 |
) |
Total noninterest income |
|
$ |
7,130 |
|
$ |
6,925 |
|
$ |
205 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
Noninterest expense decreased $119 thousand to
$27.4 million for the second quarter of 2023 compared to $27.5
million for the prior quarter. During the second quarter of 2023,
the primary components of the changes in noninterest expense were
as follows:
- Decrease in salaries and employee
benefits, primarily as a result of an adjustment to the bank’s
incentive accrual;
- Increase in FDIC insurance, related
to assessment rate increase; and
- Increase in other, primarily
related to an increase in seasonal expenses and disposal of some IT
equipment.
The following table presents detailed
information related to noninterest expense for the periods
indicated (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Jun |
|
|
Mar |
|
|
Increase |
Noninterest Expense |
|
|
2023 |
|
|
2023 |
|
|
(Decrease) |
Salaries and employee benefits |
|
$ |
15,947 |
|
$ |
16,742 |
|
$ |
(795 |
) |
Occupancy and equipment |
|
|
3,318 |
|
|
3,208 |
|
|
110 |
|
FDIC insurance |
|
|
875 |
|
|
541 |
|
|
334 |
|
Other real estate and loan
related expenses |
|
|
441 |
|
|
572 |
|
|
(131 |
) |
Advertising and marketing |
|
|
305 |
|
|
355 |
|
|
(50 |
) |
Data processing and
technology |
|
|
2,235 |
|
|
2,163 |
|
|
72 |
|
Professional services |
|
|
764 |
|
|
807 |
|
|
(43 |
) |
Amortization of
intangibles |
|
|
675 |
|
|
659 |
|
|
16 |
|
Merger related and
restructuring expenses |
|
|
- |
|
|
- |
|
|
- |
|
Other |
|
|
2,850 |
|
|
2,482 |
|
|
368 |
|
Total noninterest expense |
|
$ |
27,410 |
|
$ |
27,529 |
|
$ |
(119 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
Income tax expense was $2.3 million for the
second quarter of 2023, a decrease of $982 thousand, compared to
$3.3 million for the prior quarter.
The effective tax rate was 20.98% for the second
quarter of 2023 and 22.44% for the prior quarter.
Balance Sheet Trends
Total assets at June 30, 2023 were $4.75 billion
compared to $4.64 billion at December 31, 2022. The $108.3 million
increase is primarily attributable to increases in loans and leases
of $84.2 million, securities of $54.0 million and other assets of
$9.2 million. Asset increases were offset by a decrease in cash and
cash equivalents of $27.5 million and an increase in the allowance
for credit losses of $9.4 million, primarily for the one-time
adjustment of $8.7 million related to the adoption of ASU 2016-13,
Financial Instruments-Credit Losses (Topic 326): Measurement of
Credit losses on Financial Instruments (“ASU 2016-13”) on January
1, 2023.
Total liabilities increased to $4.30 billion at
June 30, 2023 from $4.21 billion at December 31, 2022. The increase
of $95.9 million was primarily from organic deposit growth of
$122.5 million, offset by a decrease in borrowings of $26.4
million.
Shareholders' equity at June 30, 2023 totaled
$444.8 million, an increase of $12.4 million, from December 31,
2022. The increase in shareholders' equity was primarily driven by
net income of $20.3 million for the six months ended June 30, 2023,
offset by the impact of the adoption of ASU 2016-13 on January 1,
2023, of $6.6 million (net of taxes), and dividends paid of $2.7
million. Tangible book value per share1 was $19.78 at June 30,
2023, compared to $19.09 at December 31, 2022. Tangible common
equity1 as a percentage of tangible assets1 was 7.25% at June 30,
2023, compared with 7.13% at December 31, 2022.
The following table presents selected balance
sheet information for the periods indicated (dollars in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun |
|
Dec |
|
Increase |
|
Selected Balance Sheet Information |
|
2023 |
|
2022 |
|
(Decrease) |
|
Total assets |
|
$ |
4,745,800 |
|
$ |
4,637,498 |
|
$ |
108,302 |
|
|
Total liabilities |
|
|
4,300,953 |
|
|
4,205,046 |
|
|
95,907 |
|
|
Total equity |
|
|
444,847 |
|
|
432,452 |
|
|
12,395 |
|
|
Securities |
|
|
823,872 |
|
|
769,842 |
|
|
54,030 |
|
|
Loans and leases |
|
|
3,337,790 |
|
|
3,253,627 |
|
|
84,163 |
|
|
Deposits |
|
|
4,199,584 |
|
|
4,077,100 |
|
|
122,484 |
|
|
Borrowings |
|
|
15,496 |
|
|
41,860 |
|
|
(26,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP measure. See “Non-GAAP Financial
Measures” for more information and see the Non-GAAP
reconciliation
Conference Call Information
SmartFinancial issued this earnings release for
the second quarter of 2023 on Monday, July 24, 2023, and will host
a conference call on Tuesday, July 25, 2023, at 10:00 a.m. ET. To
access this interactive teleconference, dial (833) 470-1428 or
(404) 975-4839 and entering the access code,
194833. A replay of the conference call will be
available through June 24, 2023, by dialing (866) 813-9403 or (929)
458-6194 and entering the access code, 504346.
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 Knoxville,
Tennessee, is the bank holding company for SmartBank. SmartBank is
a full-service commercial bank founded in 2007, with branches
across Tennessee, Alabama, and the Florida Panhandle. Recruiting
the best people, delivering exceptional client service, strategic
branching, and a disciplined approach to lending have contributed
to SmartBank’s success. More information about SmartFinancial can
be found on its website: www.smartfinancialinc.com.
|
|
Source |
|
SmartFinancial, Inc. |
|
|
|
Investor
Contacts |
|
Billy Carroll |
|
President & CEO |
|
(865)
868-0613 billy.carroll@smartbank.com |
|
|
|
Ron Gorczynski |
|
Executive Vice President, Chief
Financial Officer |
|
(865) 437-5724
ron.gorczynski@smartbank.com |
|
|
|
Media
Contact |
|
Kelley Fowler |
|
Senior Vice President, Public
Relations & Marketing |
|
(865)
868-0611 kelley.fowler@smartbank.com |
|
|
|
Non-GAAP Financial Measures
Statements included in this earnings release
include measures not recognized under U.S. generally accepted
accounting principles (“GAAP”) and therefore are considered
non-GAAP financial measures and should be read along with the
accompanying tables, which provide a reconciliation of Non-GAAP
financial measures to GAAP financial measures. SmartFinancial
management uses several Non-GAAP financial measures, including: (i)
operating earnings, (ii) operating return on average assets, (iii)
operating pre-tax pre-provision return on average assets, (iv)
operating return on average shareholders' equity, (v) return on
average tangible common equity, (vi) operating return on average
tangible common equity, (vii) operating efficiency ratio, (viii)
operating noninterest income, (ix) operating pre-tax pre-provision
earnings, (x) operating noninterest expense, (xi) tangible common
equity, (xii) average tangible common equity, (xiii) tangible book
value, (xiv) tangible assets; and ratios derived therefrom, in its
analysis of the company's performance. Operating earnings excludes
the following from net income: securities gains and losses and
merger related and restructuring expenses. Operating return on
average assets is the annualized operating earnings (Non-GAAP)
divided by average assets. Operating pre-tax pre-provision return
on average assets is the annualized operating pre-tax pre-provision
income earnings (Non-GAAP) by average assets. Operating return on
average shareholders' equity is the annualized operating earnings
(Non-GAAP) divided by average equity. Return on average tangible
common equity is the annualized net income divided by average
tangible common equity (Non-GAAP). Operating return on average
tangible common equity is the annualized operating earnings
(Non-GAAP) divided by average tangible common equity (Non-GAAP).
The operating efficiency ratio includes an adjustment for taxable
equivalent yields and excludes securities gains and losses and
merger related and restructuring expenses from the efficiency
ratio. Operating noninterest income excludes the following from
noninterest income: securities gains and losses. Operating pre-tax
pre-provision earnings is net interest income plus operating
noninterest income (Non-GAAP) less operating noninterest expense
(Non-GAAP). Operating noninterest expense excludes the following
from noninterest expense: prior year adjustments to salaries,
merger related and restructuring expenses and certain franchise tax
true-up expenses. Tangible common equity (Non-GAAP) and average
tangible common equity (Non-GAAP) excludes goodwill and other
intangible assets from shareholders' equity and average
shareholders' equity, respectively. Tangible book value (Non-GAAP)
is tangible common equity (Non-GAAP) divided by common shares
outstanding. Tangible assets (Non-GAAP) excludes goodwill and other
intangibles from total assets. 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
believes these Non-GAAP financial measures also 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, (1) risks associated with our growth
strategy, including a failure to implement our growth plans or an
inability to manage our growth effectively; (2) 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;
(3) the risk that cost savings and revenue synergies from recently
completed acquisitions may not be realized or may take longer than
anticipated to realize; (4) disruption from recently completed
acquisitions with customer, supplier, employee, or other business
relationships; (5) our ability to successfully integrate the
businesses acquired as part of previous acquisitions with the
business of SmartBank; (6) changes in management’s plans for the
future; (7) 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; (8) increased technology and cybersecurity
risks, including generative artificial intelligence risks; (9)
credit risk associated with our lending activities; (10) changes in
loan demand, real estate values, or competition; (11) developments
in our mortgage banking business, including loan modifications,
general demand, and the effects of judicial or regulatory
requirements or guidance; (12) changes in accounting principles,
policies, or guidelines; (13) changes in applicable laws, rules, or
regulations; (14) adverse results from current or future
litigation, regulatory examinations or other legal and/or
regulatory actions, including as a result of the Company’s
participation in and execution of government programs related to
the COVID-19 pandemic and related variants; (15) potential impacts
of the recent 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; (16) 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; (17) the effects of war
or other conflicts including the impacts related to or resulting
from Russia’s military action in Ukraine; and (18) 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
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands) |
|
|
|
Ending Balances |
|
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
Jun |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
238,898 |
|
|
$ |
306,934 |
|
|
$ |
266,424 |
|
|
$ |
543,029 |
|
|
$ |
654,945 |
|
Securities available-for-sale, at fair value |
|
|
540,308 |
|
|
|
560,418 |
|
|
|
483,893 |
|
|
|
519,723 |
|
|
|
524,864 |
|
Securities held-to-maturity, at amortized cost |
|
|
283,564 |
|
|
|
284,776 |
|
|
|
285,949 |
|
|
|
287,104 |
|
|
|
288,363 |
|
Other investments |
|
|
14,396 |
|
|
|
14,059 |
|
|
|
15,530 |
|
|
|
15,528 |
|
|
|
16,569 |
|
Loans held for sale |
|
|
986 |
|
|
|
3,324 |
|
|
|
1,752 |
|
|
|
2,742 |
|
|
|
1,707 |
|
Loans and leases |
|
|
3,337,790 |
|
|
|
3,281,787 |
|
|
|
3,253,627 |
|
|
|
3,099,116 |
|
|
|
2,994,074 |
|
Less: Allowance for credit losses |
|
|
(32,747 |
) |
|
|
(32,279 |
) |
|
|
(23,334 |
) |
|
|
(22,769 |
) |
|
|
(21,938 |
) |
Loans and leases, net |
|
|
3,305,043 |
|
|
|
3,249,508 |
|
|
|
3,230,293 |
|
|
|
3,076,347 |
|
|
|
2,972,136 |
|
Premises and equipment, net |
|
|
92,351 |
|
|
|
92,190 |
|
|
|
92,511 |
|
|
|
91,944 |
|
|
|
89,950 |
|
Other real estate owned |
|
|
1,708 |
|
|
|
1,708 |
|
|
|
1,436 |
|
|
|
1,226 |
|
|
|
1,612 |
|
Goodwill and other intangibles, net |
|
|
108,439 |
|
|
|
109,114 |
|
|
|
109,772 |
|
|
|
110,460 |
|
|
|
104,582 |
|
Bank owned life insurance |
|
|
82,419 |
|
|
|
81,938 |
|
|
|
81,470 |
|
|
|
81,001 |
|
|
|
80,537 |
|
Other assets |
|
|
77,688 |
|
|
|
65,836 |
|
|
|
68,468 |
|
|
|
67,807 |
|
|
|
52,848 |
|
Total assets |
|
$ |
4,745,800 |
|
|
$ |
4,769,805 |
|
|
$ |
4,637,498 |
|
|
$ |
4,796,911 |
|
|
$ |
4,788,113 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
1,003,432 |
|
|
$ |
989,753 |
|
|
$ |
1,072,449 |
|
|
$ |
1,186,209 |
|
|
$ |
1,162,843 |
|
Interest-bearing demand |
|
|
938,758 |
|
|
|
989,738 |
|
|
|
965,911 |
|
|
|
962,901 |
|
|
|
999,893 |
|
Money market and savings |
|
|
1,720,202 |
|
|
|
1,761,847 |
|
|
|
1,583,481 |
|
|
|
1,663,355 |
|
|
|
1,607,714 |
|
Time deposits |
|
|
537,192 |
|
|
|
488,208 |
|
|
|
455,259 |
|
|
|
467,944 |
|
|
|
511,182 |
|
Total deposits |
|
|
4,199,584 |
|
|
|
4,229,546 |
|
|
|
4,077,100 |
|
|
|
4,280,409 |
|
|
|
4,281,632 |
|
Borrowings |
|
|
15,496 |
|
|
|
16,546 |
|
|
|
41,860 |
|
|
|
18,423 |
|
|
|
12,549 |
|
Subordinated debt |
|
|
42,057 |
|
|
|
42,036 |
|
|
|
42,015 |
|
|
|
41,994 |
|
|
|
41,973 |
|
Other liabilities |
|
|
43,816 |
|
|
|
38,278 |
|
|
|
44,071 |
|
|
|
41,374 |
|
|
|
31,532 |
|
Total liabilities |
|
|
4,300,953 |
|
|
|
4,326,406 |
|
|
|
4,205,046 |
|
|
|
4,382,200 |
|
|
|
4,367,686 |
|
Shareholders'
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
17,004 |
|
|
|
17,004 |
|
|
|
16,901 |
|
|
|
16,888 |
|
|
|
16,898 |
|
Additional paid-in capital |
|
|
295,296 |
|
|
|
294,930 |
|
|
|
294,330 |
|
|
|
293,907 |
|
|
|
293,815 |
|
Retained earnings |
|
|
167,564 |
|
|
|
160,085 |
|
|
|
156,545 |
|
|
|
144,723 |
|
|
|
134,362 |
|
Accumulated other comprehensive income (loss) |
|
|
(35,017 |
) |
|
|
(28,620 |
) |
|
|
(35,324 |
) |
|
|
(40,807 |
) |
|
|
(24,648 |
) |
Total shareholders' equity |
|
|
444,847 |
|
|
|
443,399 |
|
|
|
432,452 |
|
|
|
414,711 |
|
|
|
420,427 |
|
Total liabilities & shareholders' equity |
|
$ |
4,745,800 |
|
|
$ |
4,769,805 |
|
|
$ |
4,637,498 |
|
|
$ |
4,796,911 |
|
|
$ |
4,788,113 |
|
|
SmartFinancial, Inc. and
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in thousands
except share and per share data) |
|
|
Three Months Ended |
|
Six Months Ended |
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
Jun |
|
Jun |
|
Jun |
|
2023 |
|
2023 |
|
2022 |
|
|
2022 |
|
2022 |
|
2023 |
|
2022 |
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
$ |
45,446 |
|
$ |
44,728 |
|
$ |
40,082 |
|
|
$ |
35,127 |
|
$ |
31,530 |
|
$ |
90,173 |
|
$ |
61,172 |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
4,335 |
|
|
3,651 |
|
|
3,337 |
|
|
|
3,135 |
|
|
2,908 |
|
|
7,986 |
|
|
5,327 |
Tax-exempt |
|
357 |
|
|
353 |
|
|
797 |
|
|
|
561 |
|
|
441 |
|
|
709 |
|
|
809 |
Federal funds sold and other earning assets |
|
1,956 |
|
|
4,446 |
|
|
3,098 |
|
|
|
3,474 |
|
|
1,430 |
|
|
6,405 |
|
|
1,916 |
Total interest income |
|
52,094 |
|
|
53,178 |
|
|
47,314 |
|
|
|
42,297 |
|
|
36,309 |
|
|
105,273 |
|
|
69,224 |
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
19,554 |
|
|
16,346 |
|
|
8,844 |
|
|
|
4,866 |
|
|
2,504 |
|
|
35,900 |
|
|
4,518 |
Borrowings |
|
339 |
|
|
224 |
|
|
232 |
|
|
|
97 |
|
|
117 |
|
|
564 |
|
|
274 |
Subordinated debt |
|
626 |
|
|
626 |
|
|
626 |
|
|
|
626 |
|
|
626 |
|
|
1,252 |
|
|
1,252 |
Total interest expense |
|
20,519 |
|
|
17,196 |
|
|
9,702 |
|
|
|
5,589 |
|
|
3,247 |
|
|
37,716 |
|
|
6,044 |
Net interest income |
|
31,575 |
|
|
35,982 |
|
|
37,612 |
|
|
|
36,708 |
|
|
33,062 |
|
|
67,557 |
|
|
63,180 |
Provision for credit
losses |
|
113 |
|
|
550 |
|
|
788 |
|
|
|
974 |
|
|
1,250 |
|
|
663 |
|
|
2,256 |
Net interest income
after provision for credit losses |
|
31,462 |
|
|
35,432 |
|
|
36,824 |
|
|
|
35,734 |
|
|
31,812 |
|
|
66,894 |
|
|
60,924 |
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
1,657 |
|
|
1,445 |
|
|
1,477 |
|
|
|
1,611 |
|
|
1,446 |
|
|
3,102 |
|
|
2,765 |
Gain (loss) on sale of securities, net |
|
— |
|
|
— |
|
|
144 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Mortgage banking |
|
332 |
|
|
172 |
|
|
77 |
|
|
|
170 |
|
|
471 |
|
|
504 |
|
|
1,305 |
Investment services |
|
1,300 |
|
|
1,005 |
|
|
958 |
|
|
|
1,051 |
|
|
1,065 |
|
|
2,305 |
|
|
2,135 |
Insurance commissions |
|
1,139 |
|
|
1,259 |
|
|
1,233 |
|
|
|
864 |
|
|
598 |
|
|
2,398 |
|
|
1,499 |
Interchange and debit card transaction fees |
|
1,347 |
|
|
1,383 |
|
|
1,328 |
|
|
|
1,356 |
|
|
1,467 |
|
|
2,730 |
|
|
2,751 |
Other |
|
1,355 |
|
|
1,661 |
|
|
1,908 |
|
|
|
1,198 |
|
|
2,182 |
|
|
3,016 |
|
|
3,885 |
Total noninterest income |
|
7,130 |
|
|
6,925 |
|
|
7,125 |
|
|
|
6,250 |
|
|
7,229 |
|
|
14,055 |
|
|
14,340 |
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
15,947 |
|
|
16,742 |
|
|
16,384 |
|
|
|
16,317 |
|
|
15,673 |
|
|
32,689 |
|
|
30,719 |
Occupancy and equipment |
|
3,318 |
|
|
3,208 |
|
|
3,015 |
|
|
|
3,167 |
|
|
2,793 |
|
|
6,526 |
|
|
5,852 |
FDIC insurance |
|
875 |
|
|
541 |
|
|
650 |
|
|
|
705 |
|
|
676 |
|
|
1,416 |
|
|
1,317 |
Other real estate and loan related expense |
|
441 |
|
|
572 |
|
|
517 |
|
|
|
565 |
|
|
636 |
|
|
1,013 |
|
|
1,365 |
Advertising and marketing |
|
305 |
|
|
355 |
|
|
308 |
|
|
|
288 |
|
|
327 |
|
|
660 |
|
|
697 |
Data processing and technology |
|
2,235 |
|
|
2,163 |
|
|
2,097 |
|
|
|
1,872 |
|
|
1,728 |
|
|
4,398 |
|
|
3,314 |
Professional services |
|
764 |
|
|
807 |
|
|
981 |
|
|
|
822 |
|
|
745 |
|
|
1,572 |
|
|
1,987 |
Amortization of intangibles |
|
675 |
|
|
659 |
|
|
688 |
|
|
|
650 |
|
|
633 |
|
|
1,334 |
|
|
1,270 |
Merger related and restructuring expenses |
|
— |
|
|
— |
|
|
(45 |
) |
|
|
87 |
|
|
81 |
|
|
— |
|
|
520 |
Other |
|
2,850 |
|
|
2,482 |
|
|
2,821 |
|
|
|
2,757 |
|
|
2,634 |
|
|
5,331 |
|
|
4,602 |
Total noninterest expense |
|
27,410 |
|
|
27,529 |
|
|
27,416 |
|
|
|
27,230 |
|
|
25,926 |
|
|
54,939 |
|
|
51,643 |
Income before income
taxes |
|
11,182 |
|
|
14,828 |
|
|
16,533 |
|
|
|
14,754 |
|
|
13,115 |
|
|
26,010 |
|
|
23,621 |
Income tax expense |
|
2,346 |
|
|
3,328 |
|
|
3,529 |
|
|
|
3,211 |
|
|
2,900 |
|
|
5,674 |
|
|
5,146 |
Net
income |
$ |
8,836 |
|
$ |
11,500 |
|
$ |
13,004 |
|
|
$ |
11,543 |
|
$ |
10,215 |
|
$ |
20,336 |
|
$ |
18,475 |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.53 |
|
$ |
0.69 |
|
$ |
0.78 |
|
|
$ |
0.69 |
|
$ |
0.61 |
|
$ |
1.21 |
|
$ |
1.11 |
Diluted |
$ |
0.52 |
|
$ |
0.68 |
|
$ |
0.77 |
|
|
$ |
0.68 |
|
$ |
0.61 |
|
$ |
1.20 |
|
$ |
1.10 |
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,806,389 |
|
|
16,791,406 |
|
|
16,758,706 |
|
|
|
16,749,255 |
|
|
16,734,930 |
|
|
16,798,939 |
|
|
16,726,696 |
Diluted |
|
16,897,890 |
|
|
16,896,494 |
|
|
16,884,253 |
|
|
|
16,872,022 |
|
|
16,867,774 |
|
|
16,897,187 |
|
|
16,863,299 |
|
SmartFinancial, Inc. and
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands)YIELD ANALYSIS |
|
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees1 |
|
$ |
3,308,595 |
|
$ |
45,446 |
|
5.51 |
% |
|
$ |
3,258,452 |
|
$ |
44,728 |
|
5.57 |
% |
|
$ |
2,872,748 |
|
$ |
31,530 |
|
4.40 |
% |
Taxable securities |
|
|
770,275 |
|
|
4,335 |
|
2.26 |
% |
|
|
723,540 |
|
|
3,651 |
|
2.05 |
% |
|
|
717,507 |
|
|
2,908 |
|
1.63 |
% |
Tax-exempt securities2 |
|
|
65,265 |
|
|
452 |
|
2.78 |
% |
|
|
65,547 |
|
|
447 |
|
2.77 |
% |
|
|
101,585 |
|
|
609 |
|
2.40 |
% |
Federal funds sold and other earning assets |
|
|
195,266 |
|
|
1,956 |
|
4.02 |
% |
|
|
378,253 |
|
|
4,446 |
|
4.77 |
% |
|
|
628,677 |
|
|
1,430 |
|
0.91 |
% |
Total interest-earning assets |
|
|
4,339,401 |
|
|
52,189 |
|
4.82 |
% |
|
|
4,425,792 |
|
|
53,272 |
|
4.88 |
% |
|
|
4,320,517 |
|
|
36,477 |
|
3.39 |
% |
Noninterest-earning assets |
|
|
355,701 |
|
|
|
|
|
|
|
|
359,996 |
|
|
|
|
|
|
|
|
374,776 |
|
|
|
|
|
|
Total assets |
|
$ |
4,695,102 |
|
|
|
|
|
|
|
$ |
4,785,788 |
|
|
|
|
|
|
|
$ |
4,695,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
950,227 |
|
|
4,892 |
|
2.06 |
% |
|
$ |
944,132 |
|
|
4,227 |
|
1.82 |
% |
|
$ |
968,806 |
|
|
734 |
|
0.30 |
% |
Money market and savings deposits |
|
|
1,737,303 |
|
|
11,785 |
|
2.72 |
% |
|
|
1,820,455 |
|
|
10,381 |
|
2.31 |
% |
|
|
1,559,963 |
|
|
1,126 |
|
0.29 |
% |
Time deposits |
|
|
504,350 |
|
|
2,877 |
|
2.29 |
% |
|
|
469,361 |
|
|
1,738 |
|
1.50 |
% |
|
|
531,783 |
|
|
644 |
|
0.49 |
% |
Total interest-bearing deposits |
|
|
3,191,880 |
|
|
19,554 |
|
2.46 |
% |
|
|
3,233,948 |
|
|
16,346 |
|
2.05 |
% |
|
|
3,060,552 |
|
|
2,504 |
|
0.33 |
% |
Borrowings |
|
|
24,845 |
|
|
339 |
|
5.47 |
% |
|
|
16,858 |
|
|
224 |
|
5.39 |
% |
|
|
31,510 |
|
|
117 |
|
1.49 |
% |
Subordinated debt |
|
|
42,044 |
|
|
626 |
|
5.97 |
% |
|
|
42,022 |
|
|
626 |
|
6.04 |
% |
|
|
41,959 |
|
|
626 |
|
5.98 |
% |
Total interest-bearing liabilities |
|
|
3,258,769 |
|
|
20,519 |
|
2.53 |
% |
|
|
3,292,828 |
|
|
17,196 |
|
2.12 |
% |
|
|
3,134,021 |
|
|
3,247 |
|
0.42 |
% |
Noninterest-bearing deposits |
|
|
951,381 |
|
|
|
|
|
|
|
|
1,015,670 |
|
|
|
|
|
|
|
|
1,112,643 |
|
|
|
|
|
|
Other liabilities |
|
|
40,669 |
|
|
|
|
|
|
|
|
44,908 |
|
|
|
|
|
|
|
|
28,903 |
|
|
|
|
|
|
Total liabilities |
|
|
4,250,819 |
|
|
|
|
|
|
|
|
4,353,406 |
|
|
|
|
|
|
|
|
4,275,567 |
|
|
|
|
|
|
Shareholders' equity |
|
|
444,283 |
|
|
|
|
|
|
|
|
432,382 |
|
|
|
|
|
|
|
|
419,726 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
4,695,102 |
|
|
|
|
|
|
|
$ |
4,785,788 |
|
|
|
|
|
|
|
$ |
4,695,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, taxable equivalent |
|
|
|
|
$ |
31,670 |
|
|
|
|
|
|
|
$ |
36,076 |
|
|
|
|
|
|
|
$ |
33,230 |
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.30 |
% |
|
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
2.97 |
% |
Tax equivalent net interest margin |
|
|
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
|
3.31 |
% |
|
|
|
|
|
|
|
3.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of average interest-earning assets to average
interest-bearing liabilities |
|
|
|
|
|
|
|
133.16 |
% |
|
|
|
|
|
|
|
134.41 |
% |
|
|
|
|
|
|
|
137.86 |
% |
Percentage of average equity to average assets |
|
|
|
|
|
|
|
9.46 |
% |
|
|
|
|
|
|
|
9.03 |
% |
|
|
|
|
|
|
|
8.94 |
% |
1 Includes average balance of $2.9 million, $3.1 million, and
$34.3 million in PPP loans for the quarters ended June 30, 2023,
March 31, 2023, and June 30, 2022, respectively. 2
Yields computed on tax-exempt instruments on a tax equivalent basis
include $95 thousand, $94 thousand, and $168 thousand of taxable
equivalent income for the quarters ended June 30, 2023, March 31,
2023, and June 30, 2022, respectively.
|
SmartFinancial, Inc. and
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands)YIELD ANALYSIS |
|
|
|
Six Months Ended |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
Cost |
|
|
Balance |
|
Interest |
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees1 |
|
$ |
3,283,662 |
|
$ |
90,173 |
|
|
5.54 |
% |
|
$ |
2,800,821 |
|
$ |
61,172 |
|
4.40 |
% |
Taxable securities |
|
|
747,037 |
|
|
7,986 |
|
|
2.16 |
% |
|
|
665,532 |
|
|
5,327 |
|
1.61 |
% |
Tax-exempt securities2 |
|
|
65,405 |
|
|
897 |
|
|
2.77 |
% |
|
|
103,540 |
|
|
1,142 |
|
2.22 |
% |
Federal funds sold and other earning assets |
|
|
286,254 |
|
|
6,405 |
|
|
4.51 |
% |
|
|
701,850 |
|
|
1,916 |
|
0.55 |
% |
Total interest-earning assets |
|
|
4,382,358 |
|
|
105,461 |
|
|
4.85 |
% |
|
|
4,271,743 |
|
|
69,557 |
|
3.28 |
% |
Noninterest-earning assets |
|
|
357,837 |
|
|
|
|
|
|
|
|
|
378,271 |
|
|
|
|
|
|
Total assets |
|
$ |
4,740,195 |
|
|
|
|
|
|
|
|
$ |
4,650,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
947,196 |
|
|
9,119 |
|
|
1.94 |
% |
|
$ |
945,450 |
|
|
1,181 |
|
0.25 |
% |
Money market and savings deposits |
|
|
1,778,650 |
|
|
22,168 |
|
|
2.51 |
% |
|
|
1,541,678 |
|
|
1,985 |
|
0.26 |
% |
Time deposits |
|
|
486,952 |
|
|
4,613 |
|
|
1.91 |
% |
|
|
546,413 |
|
|
1,352 |
|
0.50 |
% |
Total interest-bearing deposits |
|
|
3,212,798 |
|
|
35,900 |
|
|
2.25 |
% |
|
|
3,033,541 |
|
|
4,518 |
|
0.30 |
% |
Borrowings |
|
|
20,874 |
|
|
564 |
|
|
5.45 |
% |
|
|
50,533 |
|
|
274 |
|
1.09 |
% |
Subordinated debt |
|
|
42,033 |
|
|
1,252 |
|
|
6.01 |
% |
|
|
41,949 |
|
|
1,252 |
|
6.02 |
% |
Total interest-bearing liabilities |
|
|
3,275,705 |
|
|
37,716 |
|
|
2.32 |
% |
|
|
3,126,023 |
|
|
6,044 |
|
0.39 |
% |
Noninterest-bearing deposits |
|
|
983,348 |
|
|
|
|
|
|
|
|
|
1,070,703 |
|
|
|
|
|
|
Other liabilities |
|
|
42,777 |
|
|
|
|
|
|
|
|
|
29,475 |
|
|
|
|
|
|
Total liabilities |
|
|
4,301,830 |
|
|
|
|
|
|
|
|
|
4,226,201 |
|
|
|
|
|
|
Shareholders' equity |
|
|
438,365 |
|
|
|
|
|
|
|
|
|
423,813 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
4,740,195 |
|
|
|
|
|
|
|
|
$ |
4,650,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, taxable equivalent |
|
|
|
|
$ |
67,745 |
|
|
|
|
|
|
|
|
$ |
63,513 |
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
|
2.89 |
% |
Tax equivalent net interest margin |
|
|
|
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of average interest-earning assets to average
interest-bearing liabilities |
|
|
|
|
|
|
|
|
133.78 |
% |
|
|
|
|
|
|
|
136.65 |
% |
Percentage of average equity to average assets |
|
|
|
|
|
|
|
|
9.25 |
% |
|
|
|
|
|
|
|
9.11 |
% |
1 Includes average balance of $3.0 million and $44.1 million in
PPP loans for the six months ended June 30, 2023, and 2022,
respectively. 2 Yields computed on tax-exempt instruments on a tax
equivalent basis include $188 thousand and $333 thousand of taxable
equivalent income for the six months ended June 20, 2023, and 2022,
respectively.
|
|
SmartFinancial, Inc. and
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands) |
|
|
|
|
|
As of and for The Three Months Ended |
|
|
|
Jun |
|
Mar |
|
Dec |
|
Sept |
|
Jun |
|
|
|
2023 |
|
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
Composition of Loans
and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
owner occupied |
|
$ |
769,978 |
|
|
$ |
764,166 |
|
$ |
765,041 |
|
$ |
714,734 |
|
$ |
684,250 |
|
|
non-owner occupied |
|
|
871,779 |
|
|
|
871,368 |
|
|
862,720 |
|
|
822,317 |
|
|
850,338 |
|
|
Commercial real estate, total |
|
|
1,641,757 |
|
|
|
1,635,534 |
|
|
1,627,761 |
|
|
1,537,051 |
|
|
1,534,588 |
|
|
Commercial & industrial |
|
|
594,427 |
|
|
|
571,153 |
|
|
551,867 |
|
|
514,280 |
|
|
483,588 |
|
|
Construction & land development |
|
|
394,742 |
|
|
|
386,253 |
|
|
402,501 |
|
|
405,007 |
|
|
364,368 |
|
|
Consumer real estate |
|
|
624,828 |
|
|
|
606,343 |
|
|
587,977 |
|
|
562,408 |
|
|
533,582 |
|
|
Leases |
|
|
66,401 |
|
|
|
67,701 |
|
|
67,427 |
|
|
64,798 |
|
|
63,264 |
|
|
Consumer and other |
|
|
15,635 |
|
|
|
14,803 |
|
|
16,094 |
|
|
15,572 |
|
|
14,684 |
|
|
Total loans and leases |
|
$ |
3,337,790 |
|
|
$ |
3,281,787 |
|
$ |
3,253,627 |
|
$ |
3,099,116 |
|
$ |
2,994,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality and
Additional Loan Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases |
|
$ |
3,722 |
|
|
$ |
3,247 |
|
$ |
2,951 |
|
$ |
3,379 |
|
$ |
3,413 |
|
|
Other real estate owned |
|
|
1,708 |
|
|
|
1,708 |
|
|
1,436 |
|
|
1,226 |
|
|
1,612 |
|
|
Other repossessed assets |
|
|
282 |
|
|
|
66 |
|
|
422 |
|
|
— |
|
|
17 |
|
|
Total nonperforming assets |
|
$ |
5,712 |
|
|
$ |
5,021 |
|
$ |
4,809 |
|
$ |
4,605 |
|
$ |
5,042 |
|
|
Restructured loans and leases not included in nonperforming loans
and leases |
|
$ |
657 |
|
|
$ |
97 |
|
$ |
101 |
|
$ |
108 |
|
$ |
678 |
|
|
Net charge-offs to average loans and leases (annualized) |
|
|
(0.01 |
) |
% |
|
0.03 |
% |
|
0.03 |
% |
|
0.02 |
% |
|
(0.09 |
) |
% |
Allowance for loan and leases losses to loans and leases |
|
|
0.98 |
|
% |
|
0.98 |
% |
|
0.72 |
% |
|
0.73 |
% |
|
0.73 |
|
% |
Nonperforming loans and leases to total loans and leases,
gross |
|
|
0.11 |
|
% |
|
0.10 |
% |
|
0.09 |
% |
|
0.11 |
% |
|
0.11 |
|
% |
Nonperforming assets to total assets |
|
|
0.12 |
|
% |
|
0.11 |
% |
|
0.10 |
% |
|
0.10 |
% |
|
0.11 |
|
% |
Acquired loan and lease fair value discount balance |
|
$ |
— |
|
|
$ |
— |
|
$ |
13,128 |
|
$ |
14,465 |
|
$ |
14,737 |
|
|
Accretion income on acquired loans and leases |
|
|
— |
|
|
|
— |
|
|
1,396 |
|
|
148 |
|
|
225 |
|
|
PPP net fees deferred balance |
|
|
104 |
|
|
|
114 |
|
|
122 |
|
|
140 |
|
|
301 |
|
|
PPP net fees recognized |
|
|
10 |
|
|
|
8 |
|
|
17 |
|
|
163 |
|
|
669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to Assets |
|
|
9.37 |
|
% |
|
9.30 |
% |
|
9.33 |
% |
|
8.65 |
% |
|
8.78 |
|
% |
Tangible common equity to tangible assets (Non-GAAP)1 |
|
|
7.25 |
|
% |
|
7.17 |
% |
|
7.13 |
% |
|
6.49 |
% |
|
6.74 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SmartFinancial, Inc.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
|
8.24 |
|
% |
|
7.91 |
% |
|
7.95 |
% |
|
7.40 |
% |
|
7.48 |
|
% |
Common equity Tier 1 |
|
|
10.12 |
|
% |
|
9.95 |
% |
|
9.65 |
% |
|
9.65 |
% |
|
9.95 |
|
% |
Tier 1 capital |
|
|
10.12 |
|
% |
|
9.95 |
% |
|
9.65 |
% |
|
9.65 |
% |
|
9.95 |
|
% |
Total capital |
|
|
11.94 |
|
% |
|
11.77 |
% |
|
11.40 |
% |
|
11.44 |
% |
|
11.80 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SmartBank |
|
|
Estimated3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
|
9.18 |
|
% |
|
8.87 |
% |
|
8.90 |
% |
|
8.27 |
% |
|
8.33 |
|
% |
Common equity Tier 1 |
|
|
11.27 |
|
% |
|
11.15 |
% |
|
10.82 |
% |
|
10.78 |
% |
|
11.08 |
|
% |
Tier 1 capital |
|
|
11.27 |
|
% |
|
11.15 |
% |
|
10.82 |
% |
|
10.78 |
% |
|
11.08 |
|
% |
Total capital |
|
|
11.97 |
|
% |
|
11.85 |
% |
|
11.44 |
% |
|
11.41 |
% |
|
11.72 |
|
% |
1Total common equity less intangibles divided by total assets
less intangibles. See reconciliation of Non-GAAP measures.2All
periods presented are estimated.3Current period capital ratios are
estimated as of the date of this earnings release.
|
|
SmartFinancial, Inc. and
SubsidiaryCondensed 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 |
|
|
Six Months Ended |
|
|
Jun |
|
Mar |
|
Dec |
|
Sept |
|
Jun |
|
|
Jun |
|
Jun |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
2023 |
|
2022 |
|
Selected Performance Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.75 |
% |
|
0.97 |
% |
|
1.11 |
% |
|
0.95 |
% |
|
0.87 |
% |
|
|
0.87 |
% |
|
0.80 |
% |
Return on average shareholders' equity |
|
7.98 |
% |
|
10.79 |
% |
|
12.28 |
% |
|
10.77 |
% |
|
9.76 |
% |
|
|
9.36 |
% |
|
8.79 |
% |
Return on average tangible common equity¹ |
|
10.57 |
% |
|
14.45 |
% |
|
16.65 |
% |
|
14.36 |
% |
|
13.02 |
% |
|
|
12.46 |
% |
|
11.70 |
% |
Noninterest income / average assets |
|
0.61 |
% |
|
0.59 |
% |
|
0.61 |
% |
|
0.52 |
% |
|
0.62 |
% |
|
|
0.60 |
% |
|
0.62 |
% |
Noninterest expense / average assets |
|
2.34 |
% |
|
2.33 |
% |
|
2.34 |
% |
|
2.25 |
% |
|
2.21 |
% |
|
|
2.34 |
% |
|
2.24 |
% |
Efficiency ratio |
|
70.82 |
% |
|
64.16 |
% |
|
61.28 |
% |
|
63.39 |
% |
|
64.35 |
% |
|
|
67.32 |
% |
|
66.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Selected
Performance Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets1 |
|
0.75 |
% |
|
0.97 |
% |
|
1.10 |
% |
|
0.96 |
% |
|
0.88 |
% |
|
|
0.87 |
% |
|
0.82 |
% |
Operating PTPP return on average assets1 |
|
0.96 |
% |
|
1.30 |
% |
|
1.46 |
% |
|
1.30 |
% |
|
1.23 |
% |
|
|
1.13 |
% |
|
1.14 |
% |
Operating return on average shareholders' equity1 |
|
7.98 |
% |
|
10.79 |
% |
|
12.15 |
% |
|
10.83 |
% |
|
9.82 |
% |
|
|
9.36 |
% |
|
8.97 |
% |
Operating return on average tangible common equity1 |
|
10.57 |
% |
|
14.45 |
% |
|
16.47 |
% |
|
14.44 |
% |
|
13.09 |
% |
|
|
12.46 |
% |
|
11.94 |
% |
Operating efficiency ratio1 |
|
70.64 |
% |
|
64.02 |
% |
|
61.36 |
% |
|
62.93 |
% |
|
63.88 |
% |
|
|
67.16 |
% |
|
65.67 |
% |
Operating noninterest income / average assets1 |
|
0.61 |
% |
|
0.59 |
% |
|
0.60 |
% |
|
0.52 |
% |
|
0.62 |
% |
|
|
0.60 |
% |
|
0.62 |
% |
Operating noninterest expense / average assets1 |
|
2.34 |
% |
|
2.33 |
% |
|
2.35 |
% |
|
2.24 |
% |
|
2.21 |
% |
|
|
2.34 |
% |
|
2.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Interest
Rates and Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans and leases, excluding loan fees |
|
5.39 |
% |
|
5.20 |
% |
|
4.81 |
% |
|
4.48 |
% |
|
4.18 |
% |
|
|
5.30 |
% |
|
4.15 |
% |
Yield on loans and leases |
|
5.51 |
% |
|
5.57 |
% |
|
5.05 |
% |
|
4.59 |
% |
|
4.40 |
% |
|
|
5.54 |
% |
|
4.40 |
% |
Yield on earning assets, FTE |
|
4.82 |
% |
|
4.88 |
% |
|
4.41 |
% |
|
3.79 |
% |
|
3.39 |
% |
|
|
4.85 |
% |
|
3.28 |
% |
Cost of interest-bearing deposits |
|
2.46 |
% |
|
2.05 |
% |
|
1.18 |
% |
|
0.62 |
% |
|
0.33 |
% |
|
|
2.25 |
% |
|
0.30 |
% |
Cost of total deposits |
|
1.89 |
% |
|
1.56 |
% |
|
0.85 |
% |
|
0.45 |
% |
|
0.24 |
% |
|
|
1.73 |
% |
|
0.22 |
% |
Cost of interest-bearing liabilities |
|
2.53 |
% |
|
2.12 |
% |
|
1.27 |
% |
|
0.70 |
% |
|
0.42 |
% |
|
|
2.32 |
% |
|
0.39 |
% |
Net interest margin, FTE |
|
2.93 |
% |
|
3.31 |
% |
|
3.51 |
% |
|
3.29 |
% |
|
3.08 |
% |
|
|
3.12 |
% |
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, basic |
$ |
0.53 |
|
$ |
0.69 |
|
$ |
0.78 |
|
$ |
0.69 |
|
$ |
0.61 |
|
|
$ |
1.21 |
|
$ |
1.11 |
|
Net income, diluted |
|
0.52 |
|
|
0.68 |
|
|
0.77 |
|
|
0.68 |
|
|
0.61 |
|
|
|
1.20 |
|
|
1.10 |
|
Operating earnings, basic¹ |
|
0.53 |
|
|
0.69 |
|
|
0.77 |
|
|
0.69 |
|
|
0.61 |
|
|
|
1.21 |
|
|
1.13 |
|
Operating earnings, diluted¹ |
|
0.52 |
|
|
0.68 |
|
|
0.76 |
|
|
0.69 |
|
|
0.61 |
|
|
|
1.20 |
|
|
1.12 |
|
Book value |
|
26.16 |
|
|
26.08 |
|
|
25.59 |
|
|
24.56 |
|
|
24.88 |
|
|
|
26.16 |
|
|
24.88 |
|
Tangible book value¹ |
|
19.78 |
|
|
19.66 |
|
|
19.09 |
|
|
18.02 |
|
|
18.69 |
|
|
|
19.78 |
|
|
18.69 |
|
Common shares outstanding |
|
17,004,092 |
|
|
17,004,092 |
|
|
16,900,805 |
|
|
16,887,555 |
|
|
16,898,405 |
|
|
|
17,004,092 |
|
|
16,898,405 |
|
¹Non-GAAP measure. See reconciliation of Non-GAAP measures.
|
|
SmartFinancial, Inc. and
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands)NON-GAAP RECONCILIATIONS |
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
Jun |
|
|
Jun |
|
Jun |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
Operating
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
8,836 |
|
|
$ |
11,500 |
|
|
$ |
13,004 |
|
|
$ |
11,543 |
|
|
$ |
10,215 |
|
|
|
$ |
20,336 |
|
|
$ |
18,475 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains (losses), net |
|
|
— |
|
|
|
— |
|
|
|
(144 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related and restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
(45 |
) |
|
|
87 |
|
|
|
81 |
|
|
|
|
— |
|
|
|
520 |
|
|
Income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect of adjustments |
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
(22 |
) |
|
|
(21 |
) |
|
|
|
— |
|
|
|
(134 |
) |
|
Operating earnings (Non-GAAP) |
|
$ |
8,836 |
|
|
$ |
11,500 |
|
|
$ |
12,864 |
|
|
$ |
11,608 |
|
|
$ |
10,275 |
|
|
|
$ |
20,336 |
|
|
$ |
18,861 |
|
|
Operating earnings per common share
(Non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.53 |
|
|
$ |
0.69 |
|
|
$ |
0.77 |
|
|
$ |
0.69 |
|
|
$ |
0.61 |
|
|
|
$ |
1.21 |
|
|
$ |
1.13 |
|
|
Diluted |
|
|
0.52 |
|
|
|
0.68 |
|
|
|
0.76 |
|
|
|
0.69 |
|
|
|
0.61 |
|
|
|
|
1.20 |
|
|
|
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Noninterest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (GAAP) |
|
$ |
7,130 |
|
|
$ |
6,925 |
|
|
$ |
7,125 |
|
|
$ |
6,250 |
|
|
$ |
7,229 |
|
|
|
$ |
14,055 |
|
|
$ |
14,340 |
|
|
Securities gains (losses), net |
|
|
— |
|
|
|
— |
|
|
|
(144 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
Operating noninterest income (Non-GAAP) |
|
$ |
7,130 |
|
|
$ |
6,925 |
|
|
$ |
6,981 |
|
|
$ |
6,250 |
|
|
$ |
7,229 |
|
|
|
$ |
14,055 |
|
|
$ |
14,340 |
|
|
Operating noninterest income (Non-GAAP)/average assets1 |
|
|
0.61 |
|
% |
|
0.59 |
|
% |
|
0.60 |
|
% |
|
0.52 |
|
% |
|
0.62 |
|
% |
|
|
0.60 |
|
% |
|
0.62 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Noninterest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
|
$ |
27,410 |
|
|
$ |
27,529 |
|
|
$ |
27,416 |
|
|
$ |
27,230 |
|
|
$ |
25,926 |
|
|
|
$ |
54,939 |
|
|
$ |
51,643 |
|
|
Merger related and restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
45 |
|
|
|
(87 |
) |
|
|
(81 |
) |
|
|
|
— |
|
|
|
(520 |
) |
|
Operating noninterest expense (Non-GAAP) |
|
$ |
27,410 |
|
|
$ |
27,529 |
|
|
$ |
27,461 |
|
|
$ |
27,143 |
|
|
$ |
25,845 |
|
|
|
$ |
54,939 |
|
|
$ |
51,123 |
|
|
Operating noninterest expense (Non-GAAP)/average assets2 |
|
|
2.34 |
|
% |
|
2.33 |
|
% |
|
2.35 |
|
% |
|
2.24 |
|
% |
|
2.21 |
|
% |
|
|
2.34 |
|
% |
|
2.22 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Pre-tax
Pre-provision ("PTPP") Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
31,575 |
|
|
$ |
35,982 |
|
|
$ |
37,612 |
|
|
$ |
36,708 |
|
|
$ |
33,062 |
|
|
|
$ |
67,557 |
|
|
$ |
63,180 |
|
|
Operating noninterest income (Non-GAAP) |
|
|
7,130 |
|
|
|
6,925 |
|
|
|
6,981 |
|
|
|
6,250 |
|
|
|
7,229 |
|
|
|
|
14,055 |
|
|
|
14,340 |
|
|
Operating noninterest expense (Non-GAAP) |
|
|
(27,410 |
) |
|
|
(27,529 |
) |
|
|
(27,461 |
) |
|
|
(27,143 |
) |
|
|
(25,845 |
) |
|
|
|
(54,939 |
) |
|
|
(51,123 |
) |
|
Operating PTPP earnings (Non-GAAP) |
|
$ |
11,295 |
|
|
$ |
15,378 |
|
|
$ |
17,132 |
|
|
$ |
15,815 |
|
|
$ |
14,446 |
|
|
|
$ |
26,673 |
|
|
$ |
26,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Return
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets (Non-GAAP)3 |
|
|
0.75 |
|
% |
|
0.97 |
|
% |
|
1.10 |
|
% |
|
0.96 |
|
% |
|
0.88 |
|
% |
|
|
0.87 |
|
% |
|
0.82 |
|
% |
Operating PTPP return on average assets (Non-GAAP)4 |
|
|
0.96 |
|
% |
|
1.30 |
|
% |
|
1.46 |
|
% |
|
1.30 |
|
% |
|
1.23 |
|
% |
|
|
1.13 |
|
% |
|
1.14 |
|
% |
Return on average tangible common equity (Non-GAAP)5 |
|
|
10.57 |
|
% |
|
14.45 |
|
% |
|
16.65 |
|
% |
|
14.36 |
|
% |
|
13.02 |
|
% |
|
|
12.46 |
|
% |
|
11.70 |
|
% |
Operating return on average shareholders' equity (Non-GAAP)6 |
|
|
7.98 |
|
% |
|
10.79 |
|
% |
|
12.15 |
|
% |
|
10.83 |
|
% |
|
9.82 |
|
% |
|
|
9.36 |
|
% |
|
8.97 |
|
% |
Operating return on average tangible common equity (Non-GAAP)7 |
|
|
10.57 |
|
% |
|
14.45 |
|
% |
|
16.47 |
|
% |
|
14.44 |
|
% |
|
13.09 |
|
% |
|
|
12.46 |
|
% |
|
11.94 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Efficiency
Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
|
70.82 |
|
% |
|
64.16 |
|
% |
|
61.28 |
|
% |
|
63.39 |
|
% |
|
64.35 |
|
% |
|
|
67.32 |
|
% |
|
66.62 |
|
% |
Adjustment for taxable equivalent yields |
|
|
(0.18 |
) |
% |
|
(0.14 |
) |
% |
|
(0.22 |
) |
% |
|
(0.25 |
) |
% |
|
(0.27 |
) |
% |
|
|
(0.16 |
) |
% |
|
(0.29 |
) |
% |
Adjustment for securities gains (losses) |
|
|
— |
|
% |
|
— |
|
% |
|
(0.20 |
) |
% |
|
— |
|
% |
|
— |
|
% |
|
|
— |
|
% |
|
— |
|
% |
Adjustment for merger related income and costs |
|
|
— |
|
% |
|
— |
|
% |
|
0.50 |
|
% |
|
(0.21 |
) |
% |
|
(0.20 |
) |
% |
|
|
— |
|
% |
|
(0.66 |
) |
% |
Operating efficiency ratio (Non-GAAP) |
|
|
70.64 |
|
% |
|
64.02 |
|
% |
|
61.36 |
|
% |
|
62.93 |
|
% |
|
63.88 |
|
% |
|
|
67.16 |
|
% |
|
65.67 |
|
% |
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 PTPP return on
average assets (Non-GAAP) is the annualized operating PTPP 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
SubsidiaryCondensed Consolidated Financial
Information - (unaudited)(dollars in
thousands)NON-GAAP RECONCILIATIONS |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
Jun |
|
Mar |
|
Dec |
|
Sep |
|
Jun |
|
|
Jun |
|
Jun |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Tangible Common
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity (GAAP) |
|
$ |
444,847 |
|
|
$ |
443,399 |
|
|
$ |
432,452 |
|
|
$ |
414,711 |
|
|
$ |
420,427 |
|
|
|
$ |
444,847 |
|
|
$ |
420,427 |
|
Less goodwill and other intangible assets |
|
|
108,439 |
|
|
|
109,114 |
|
|
|
109,772 |
|
|
|
110,460 |
|
|
|
104,582 |
|
|
|
|
108,439 |
|
|
|
104,582 |
|
Tangible common equity (Non-GAAP) |
|
$ |
336,408 |
|
|
$ |
334,285 |
|
|
$ |
322,680 |
|
|
$ |
304,251 |
|
|
$ |
315,845 |
|
|
|
$ |
336,408 |
|
|
$ |
315,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible
Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity (GAAP) |
|
$ |
444,283 |
|
|
$ |
432,382 |
|
|
$ |
420,037 |
|
|
$ |
425,365 |
|
|
$ |
419,726 |
|
|
|
$ |
438,365 |
|
|
$ |
423,813 |
|
Less average goodwill and other intangible assets |
|
|
108,851 |
|
|
|
109,537 |
|
|
|
110,206 |
|
|
|
106,483 |
|
|
|
104,986 |
|
|
|
|
109,193 |
|
|
|
105,300 |
|
Average tangible common equity (Non-GAAP) |
|
$ |
335,432 |
|
|
$ |
322,845 |
|
|
$ |
309,831 |
|
|
$ |
318,882 |
|
|
$ |
314,740 |
|
|
|
$ |
329,172 |
|
|
$ |
318,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share (GAAP) |
|
$ |
26.16 |
|
|
$ |
26.08 |
|
|
$ |
25.59 |
|
|
$ |
24.56 |
|
|
$ |
24.88 |
|
|
|
$ |
26.16 |
|
|
$ |
24.88 |
|
Adjustment due to goodwill and other intangible assets |
|
|
(6.38 |
) |
|
|
(6.42 |
) |
|
|
(6.50 |
) |
|
|
(6.54 |
) |
|
|
(6.19 |
) |
|
|
|
(6.38 |
) |
|
|
(6.19 |
) |
Tangible book value per common share (Non-GAAP)1 |
|
$ |
19.78 |
|
|
$ |
19.66 |
|
|
$ |
19.09 |
|
|
$ |
18.02 |
|
|
$ |
18.69 |
|
|
|
$ |
19.78 |
|
|
$ |
18.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity
to Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets (GAAP) |
|
$ |
4,745,800 |
|
|
$ |
4,769,805 |
|
|
$ |
4,637,498 |
|
|
$ |
4,796,911 |
|
|
$ |
4,788,113 |
|
|
|
$ |
4,745,800 |
|
|
$ |
4,788,113 |
|
Less goodwill and other intangibles |
|
|
108,439 |
|
|
|
109,114 |
|
|
|
109,772 |
|
|
|
110,460 |
|
|
|
104,582 |
|
|
|
|
108,439 |
|
|
|
104,582 |
|
Tangible Assets (Non-GAAP) |
|
$ |
4,637,361 |
|
|
$ |
4,660,691 |
|
|
$ |
4,527,726 |
|
|
$ |
4,686,451 |
|
|
$ |
4,683,531 |
|
|
|
$ |
4,637,361 |
|
|
$ |
4,683,531 |
|
Tangible common equity to tangible assets (Non-GAAP) |
|
|
7.25 |
% |
|
|
7.17 |
% |
|
|
7.13 |
% |
|
|
6.49 |
% |
|
|
6.74 |
% |
|
|
|
7.25 |
% |
|
|
6.74 |
% |
1Tangible book value per share (Non-GAAP) is computed by
dividing total stockholder's equity, less goodwill and other
intangible assets, by common shares outstanding.
SmartFinancial (NASDAQ:SMBK)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
SmartFinancial (NASDAQ:SMBK)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025