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Sep 30, 2020
Smartfinancial Q3 2020 Earnings Report
Announced results for the third quarter of 2020
Key Takeaways
SmartFinancial, Inc. reported a net income of $6.4 million, or $0.42 per diluted common share, for the third quarter of 2020, compared to a net income of $6.2 million, or $0.41 per diluted common share for the second quarter of 2020. The increase in net income was driven by an increase in net interest income and noninterest income.
Net income of $6.4 million and operating earnings of $6.6 million (Non-GAAP)
Tangible book value per share (Non-GAAP) of $17.27, a 5.5% year-over-year increase
Deposits increased by $604.8 million or 29.5% from December 31, 2019
COVID loan modifications declined 62.1% from prior quarter
Smartfinancial
Smartfinancial
Forward Guidance
We are extremely pleased with our results on another very solid quarter. Our credit metrics continue to be outstanding and our projections on loan modifications have been right on target and reducing as we have planned. This tremendous asset quality, coupled with the work we are doing on growth in our noninterest income and improvement in efficiency give us reason to feel very good regarding the outlook for our company.