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Mar 31, 2023
Smartfinancial Q1 2023 Earnings Report
SmartFinancial's financial results for Q1 2023 were announced, demonstrating solid earnings and deposit growth amidst a volatile banking environment.
Key Takeaways
SmartFinancial reported a net income of $11.5 million, or $0.68 per diluted common share, for Q1 2023. The company experienced deposit growth of $152.4 million and net organic loan and lease growth of $53.0 million. Credit quality remained solid, with nonperforming assets to total assets at 0.11%.
Operating earnings of $11.5 million, or $0.68 per diluted common share
Operating earnings increased 34% compared to the same prior year quarter
Deposit growth of $152.4 million, an annualized quarter-over-quarter increase of 15%
Net organic loan and lease growth of $53.0 million, an annualized quarter-over-quarter increase of 7%
Smartfinancial
Smartfinancial
Forward Guidance
No specific forward guidance was provided in the earnings report.