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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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