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Sep 30, 2023
Smartfinancial Q3 2023 Earnings Report
Net income decreased due to a loss on securities sale, while strategic balance sheet optimization and growth in loans and deposits were achieved.
Key Takeaways
SmartFinancial reported net income of $2.1 million for Q3 2023, a decrease compared to both the previous quarter and the same quarter last year. The results were impacted by a loss on the sale of securities as part of a balance sheet optimization strategy, though the company saw net organic loan and lease growth and deposit growth.
Operating earnings of $7.2 million, or $0.43 per diluted common share
Repositioned $159.6 million of available-for-sale securities into higher yielding assets
Net organic loan and lease growth of $42 million, representing 5% annualized quarter-over-quarter increase
Credit quality remained solid, with nonperforming assets to total assets at 0.12%
Forward Guidance
SmartFinancial anticipates continued revenue expansion and expresses optimism about the company's outlook, despite recent Fed rate increases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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