KNOXVILLE –SmartFinancial, Inc. (“SmartFinancial” or the “Company”; NASDAQ: SMBK), recently announced net income of $6.7 million, or $0.48 per diluted common share, for the fourth quarter of 2019, compared to net income of $6.0 million, or $0.42 per diluted common share, for the third quarter of 2019. Net operating earnings (Non-GAAP), which excludes securities gains, merger related and restructuring expenses and non-operating items, totaled $6.5 million, or $0.46 per diluted common share, in the fourth quarter of 2019, compared to $6.0 million, or $0.43 per diluted common share, in the third quarter of 2019.
For the year ending Dec. 31, 2019, net income is $26.5 million, or $1.89 per diluted common share, compared to net income of $18.1 million, or $1.45 per diluted common share, for the year ending Dec. 31, 2018. Net operating earnings (Non-GAAP), which excludes securities gains, merger related and restructuring expenses and non-operating items, totaled $23.6 million, or $1.68 per diluted common share, for the year ending Dec. 31, 2019 compared to $19.5 million, or $1.56 per diluted common share, for the year ending Dec. 31, 2018.
Highlights for Fourth Quarter of 2019:
- Return on average assets of 1.12% and net operating annualized return on average assets (Non-GAAP) of 1.08%
- Asset quality remains outstanding with nonperforming assets to total assets of 0.21%
- Loan growth of $32.7 million, or 7.0% annualized
- Tangible book value (Non-GAAP) per share of $16.82, a 14.9% year-over-year increase
- Announced the planned acquisition of Jamestown-based Progressive Financial Group, Inc. (“PFG”)
- Initiation of a quarterly dividend
Billy Carroll, president & CEO, stated, “We posted a solid quarter and closed the books on another successful year where we made a number of outstanding foundational strides. Our team continues to focus on steady growth of our performance metrics and we remain bullish on our opportunities to move the company forward and continuing growth of shareholder value.”
SmartFinancial’s Chairman, Miller Welborn, concluded, “The consistency we are beginning to show in all areas of our company, especially our financial metrics, is very exciting to me. Our team continues to improve their execution of our strategy while maintaining a laser focus on growing long term shareholder value.”
About SmartFinancial, Inc.
SmartFinancial, Inc., based in Knoxville, Tennessee, is the bank holding company for SmartBank. SmartBank is a full-service commercial bank founded in 2007, with 29 branches across Tennessee, Alabama, and the Florida Panhandle. Recruiting the best people, delivering exceptional client service, strategic branching, and a disciplined approach to lending have contributed to SmartBank’s success. More information about SmartFinancial can be found on its website: www.smartfinancialinc.com.