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Jun 30, 2022
Smartfinancial Q2 2022 Earnings Report
Announced results for the second quarter of 2022.
Key Takeaways
SmartFinancial, Inc. reported net income of $10.2 million for the second quarter of 2022, an increase compared to the prior quarter. The company saw growth in net interest income and non-interest income lines.
Operating earnings of $10.3 million, or $0.61 per diluted common share, for the second quarter of 2022
Net organic loan and lease growth of over $206.8 million - 30% annualized quarter-over-quarter increase
Non-maturity deposit growth of over $128.1 million – 14% annualized quarter-over-quarter increase
Net interest income growth of $2.9 million or 39% annualized quarter-over-quarter increase
Revenue by Segment
Forward Guidance
The earnings report does not contain specific forward guidance. Remarks from the CEO and Chairman suggest a positive outlook.
Positive Outlook
- Team continues to grow revenue
- Strong loan growth
- Enhanced non-interest income lines
- Starting to realize operating leverage
- Earnings performance was right in-line with our plan
Challenges Ahead
- No specific negative aspects were mentioned in the earnings report.
- CEO is monitoring the economy.
- Decrease in mortgage banking income, related to lower volume of secondary market activity
- Decrease in insurance commissions, driven by annual contingency payments in the prior quarter
- Increase in salaries and employee benefits, primarily attributable to full quarters effect of merit increases and increased employee insurance cost
Historical Earnings Impact
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Avg. Return Before/After Earnings
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