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Mar 31, 2024
Smartfinancial Q1 2024 Earnings Report
SmartFinancial's financial performance saw a decrease in net income but was highlighted by growth in loans and deposits, along with expense discipline.
Key Takeaways
SmartFinancial reported a net income of $9.4 million, or $0.55 per diluted common share, for Q1 2024. The company experienced growth in both loans and deposits, with a focus on expense management and operating leverage improvement. Credit quality remained solid, and the team made progress on key strategic initiatives.
Net income was $9.4 million, or $0.55 per diluted common share.
Operating earnings totaled $8.4 million, or $0.49 per diluted common share.
Net organic loan and lease growth of $34 million, representing a 4% annualized quarter-over-quarter increase.
Deposit growth was $126.3 million, marking a 12% annualized quarter-over-quarter increase.
Smartfinancial
Smartfinancial
Smartfinancial Revenue by Segment
Revenue by Segment
Loans and Leases, including fees Revenue
CapyFin.comTaxable Securities Revenue
CapyFin.comTax-Exempt Securities Revenue
CapyFin.comFederal Funds Sold and Other Earning Assets Revenue
CapyFin.comService Charges on Deposit Accounts Revenue
CapyFin.comMortgage Banking Income Revenue
CapyFin.comInvestment Services Revenue
CapyFin.comInsurance Commissions Revenue
CapyFin.comInterchange and Debit Card Fees Revenue
CapyFin.comOther Noninterest Income Revenue
CapyFin.com Forward Guidance
Management expressed optimism about the company's future, citing investments made over the last few years and an expected margin inflection point.
Positive Outlook
- Continued growth in loans and deposits.
- Expense discipline.
- Focus on operating leverage improvement.
- Positioned well due to investments over the last few years.
- Margin inflection point on the horizon.