highlights for the third quarter of 2022
- Operating profit1 of $11.6 million, or $0.69 per diluted common share
- Operating income increased 13% sequentially and 17% sequentially
- Organic net loan and lease growth of over $109.0 million, up 15% sequentially sequentially
- Growth in deposits without maturity of over $42.0 million – up 4% annually over the previous quarter
- Net interest income increased $3.6 million or 44% annualized sequentially
- Credit quality remains solid with non-performing assets to total assets at 0.10%
- Completed purchase of assets from Sunbelt Insurance (“Sunbelt”)
KNOXVILLE, Tenn., Oct. 24, 2022 (GLOBE NEWSWIRE) — SmartFinancial, Inc. ((“, SmartFinancial” or the “, Company”, , NASDAQ:SMBK), today announced net income of $11.5 million, or $0.68 per diluted common share, for the third quarter of 2022, compared to net income of $9.6 million, or $0.61 net income per diluted common share for the third quarter of 2021 and year-over-year for the quarter of $10.2 million, or $0.61 per diluted common share. Operating profit1which excludes securities gains and merger-related and restructuring charges, net of tax adjustments, totaled $11.6 million, or $0.69 per diluted common share, for the third quarter of 2022, compared to $9.9 million, or $0.63 -$ per diluted common share for the third quarter of 2021 compared to $10.3 million or $0.61 per diluted common share for the second quarter of 2022.
Billy Carroll, President & CEO, said, “I am delighted with another excellent quarter. We posted a record quarter for revenue and continue to see strong EPS growth. Our team has done a phenomenal job building our core revenue base this year and we continue to gain operational leverage.”
SmartFinancial Chairman Miller Welborn concluded, “We are delighted with our quarterly results. First of all, I am very pleased to welcome the Sunbelt Insurance team in The…
