SmartFinancial Q1 net income $11.5M, EPS $0.68; operating earnings up 34% YoY

SMARTFINANCIAL INC.

2023-Q1 EPS reported $0.68

Operating earnings $11.5M ($0.68 diluted) vs $8.6M ($0.51) in Q1 2022, a 34% increase.
Deposit growth of $152.4M (15% annualized QoQ); net organic loan growth $53.0M (7% annualized).
Nonperforming assets to total assets remain low at 0.11%; credit quality solid.
Tax-equivalent NIM declined to 3.31% from 3.51% in Q4 2022, pressured by rising deposit costs.
No wholesale fundings or borrowings; balance sheet growth entirely organic.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SMARTFINANCIAL INC. reported first quarter of 2023 results: net income $11.5 million, EPS $0.68 per diluted common share.

Period: first quarter of 2023
Net income: $11.5 million
EPS: $0.68 per diluted common share
Result: reported results

Exact text from the filing

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 first quarter of 2023, compared to net income of $8.3 million, or $0.49 per diluted common share, for the first quarter of 2022, and compared to prior quarter net income of $13.0 million, or $0.77 per diluted common share.

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Source: SEC EDGAR

accession 0001558370-23-006543

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