SmartFinancial, Inc. has recently released its 10-Q report, providing an insight into its financial performance and operations. SmartFinancial, Inc. operates as the bank holding company for SmartBank, offering various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. The company's primary activities include providing deposit products such as noninterest-bearing and interest-bearing checking, savings, money market, time deposit, and individual retirement accounts, as well as offering a range of loan products, wealth management, insurance, mortgage origination, and internet and mobile banking services.
In the 10-Q report, SmartFinancial, Inc. reported a net income of $9.1 million, or $0.54 per diluted common share, during the third quarter of 2024, compared to $2.1 million, or $0.12 per diluted common share, for the same period in 2023. For the first nine months of 2024, the net income totaled $26.5 million, or $1.57 per diluted common share, compared to $22.4 million, or $1.33 per diluted common share, for the same period in 2023. The annualized return on average assets for the three months ended September 30, 2024, was 0.74%, compared to 0.17% for the same period in 2023. For the nine months ended September 30, 2024, the annualized return on average assets was 0.72%, compared to 0.63% for the same period in 2023.
The report also highlighted the company's financial performance in terms of selected financial information. For the three months ended September 30, 2024, the interest income was $63,956,000, compared to $55,275,000 for the same period in 2023. The interest expense for the same period was $28,924,000, compared to $24,269,000 in 2023. The net interest income was $35,032,000 for the third quarter of 2024, compared to $31,006,000 for the same period in 2023. The provision for credit losses was $2,575,000 for the third quarter of 2024, compared to $795,000 for the same period in 2023.
Furthermore, the company reported an increase in net organic loan and lease, with net loans and leases increasing by $272.5 million from December 31, 2023. Additionally, deposit growth amounted to $54.6 million from December 31, 2023.
The market has reacted to these announcements by moving the company's shares -0.3% to a price of $36.36. For the full picture, make sure to review SmartFinancial's 10-Q report.
