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Dec 31, 2023
Smartfinancial Q4 2023 Earnings Report
Net income decreased year-over-year, but balance sheet showed growth with loans and deposits increasing.
Key Takeaways
SmartFinancial reported a decrease in net income for Q4 2023 compared to the previous year, with net income at $6.2 million, or $0.37 per diluted common share. However, the company experienced growth in loans and deposits, and operating earnings were bolstered by stabilization of the net interest margin and continued expense control.
Operating earnings of $6.9 million, or $0.41 per diluted common share.
Net organic loan and lease growth of $66 million, representing an 8% annualized quarter-over-quarter increase.
Credit quality remained solid with nonperforming assets to total assets at 0.20%.
Deposit growth of $21.3 million, a 2.0% annualized quarter-over-quarter increase.
Smartfinancial
Smartfinancial
Forward Guidance
The company did not provide forward guidance in the earnings report.