KNOXVILLE, TN – SmartFinancial, Inc., operating as SmartBank in the Upper Cumberland region, recently announced net income of $9.8 million, or $0.65 per diluted common share, for the first quarter of 2021, compared to net income of $9.0 million, or $0.59 per diluted common share, for the fourth quarter of 2020.
Operating earnings (non-GAAP), which excludes securities gains, merger related and restructuring expenses and non-operating items, totaled $9.8 million, or $0.65 per diluted common share, in the first quarter of 2021, compared to $9.2 million, or $0.61 per diluted common share, in the fourth quarter of 2020.
Highlights for the First Quarter of 2021:
- Net income and operating earnings (non-GAAP) of $9.8 million, or $0.65 per diluted share
- Tangible book value per share (Non-GAAP) of $18.39, a 10.5% annualized quarter-over-quarter increase
- Organic loan growth of over $60 million, a 10.4% annualized quarter-over-quarter increase
- Originated 1,231 of Paycheck Protection Program (“PPP”) loans totaling $119.5 million
- Successfully completed a lift-out of an experienced banking team in the Gulf Coast Region
- Announced on April 14, 2021 the proposed acquisition of Sevier County Bancshares, Inc.
“We had an outstanding first quarter. Our team continues to build a great franchise and this quarter highlights their efforts,” stated Billy Carroll, SmartFinancial President & CEO. “Organic loan growth coupled with PPP production has been strong to start the year. We are also very excited about what our Gulf Coast Region lift-out and the Sevier County Bank acquisition will do for our company’s growth and profitability.”
“We are incredibly excited about where we are as a company,” concluded SmartFinancial’s Chairman Miller Welborn. “Our team continues to execute with precision and our latest quarterly results is a perfect example of their commitment to continually raise the bar. The goals and targets of our strategic plan are very clear and the progress we made during the first quarter of 2021 is impressive.”
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 35 branches across East and Middle 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.