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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
Smartfinancial
Smartfinancial
Smartfinancial Revenue by Segment
Revenue by Segment
Service Charges on Deposit Accounts Revenue
CapyFin.comInvestment Services Revenue
CapyFin.comInsurance Commissions Revenue
CapyFin.comInterchange and Debit Card Fees Revenue
CapyFin.com 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