KNOXVILLE – SmartFinancial, Inc. (“SmartFinancial” or the “Company”; NASDAQ: SMBK), has announced net income of $9.0 million, or $0.59 per diluted common share, for the fourth quarter of 2020, compared to net income of $6.4 million, or $0.42 per diluted common share for the third quarter of 2020. Operating earnings (Non-GAAP), which excludes securities gains, merger related and restructuring expenses and non-operating items, totaled $9.2 million, or $0.61 per diluted common share, in the fourth quarter of 2020, compared to $6.6 million, or $0.44 per diluted common share, in the third quarter of 2020.
Highlights for the fourth quarter of 2020
- Net income of $9.0 million and operating earnings of $9.2 million (Non-GAAP)
- Operating noninterest income (Non-GAAP) increased $381 thousand or 36.9% annualized quarter-over-quarter
- Tangible book value per share (Non-GAAP) of $17.92, a 15.1% annualized quarter-over-quarter increase
- Deposits increased by $153.2 million or 23.1% annualized from Sept. 30, 2020
- Paid off $237.8 million in borrowings from the Federal Reserve Bank Paycheck Protection Program Liquidity Facility (“PPPLF”)
- COVID loan modifications declined to 0.7% of total loans
Billy Carroll, president & CEO, stated, “We are extremely pleased with our results for the quarter and for the year. The year was unprecedented on several fronts, but our energetic, entrepreneurial team rose to the occasion and posted very sound results. Our continued focus on diversification of revenue and work on efficiency gains are being seen in our metrics, and that, coupled with our solid credit quality, keeps us very excited about our future.”
SmartFinancial’s Chairman, Miller Welborn, concluded, “The fourth quarter of 2020 and the entire year of 2020 exceeded our expectations. Our Board could not be happier or prouder of the entire team for the incredible effort and execution of our Strategic Plan. This COVID pandemic has affected a tremendous number of people and the SmartBank team continues to help our clients and the communities we serve.”
