Annual Income Statements for SmartFinancial
This table shows SmartFinancial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for SmartFinancial
This table shows SmartFinancial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Consolidated Net Income / (Loss) |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Net Income / (Loss) Continuing Operations |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Total Pre-Tax Income |
|
15 |
17 |
15 |
11 |
2.39 |
7.83 |
12 |
10 |
11 |
12 |
Total Revenue |
|
43 |
45 |
43 |
39 |
32 |
39 |
40 |
40 |
44 |
47 |
Net Interest Income / (Expense) |
|
37 |
38 |
36 |
32 |
31 |
32 |
32 |
33 |
35 |
38 |
Total Interest Income |
|
42 |
47 |
53 |
52 |
55 |
57 |
60 |
61 |
64 |
66 |
Loans and Leases Interest Income |
|
35 |
40 |
45 |
45 |
48 |
49 |
50 |
51 |
55 |
58 |
Investment Securities Interest Income |
|
3.70 |
4.13 |
4.00 |
4.69 |
4.69 |
4.70 |
4.90 |
5.67 |
5.58 |
5.40 |
Other Interest Income |
|
3.47 |
3.10 |
4.45 |
1.96 |
3.05 |
4.03 |
4.86 |
4.76 |
3.64 |
2.74 |
Total Interest Expense |
|
5.59 |
9.70 |
17 |
21 |
24 |
26 |
28 |
28 |
29 |
28 |
Deposits Interest Expense |
|
4.87 |
8.84 |
16 |
20 |
23 |
25 |
27 |
27 |
27 |
27 |
Long-Term Debt Interest Expense |
|
0.72 |
0.86 |
0.85 |
0.97 |
0.84 |
1.05 |
1.03 |
1.03 |
1.57 |
0.88 |
Total Non-Interest Income |
|
6.25 |
7.13 |
6.93 |
7.13 |
0.69 |
7.58 |
8.38 |
7.60 |
9.14 |
9.03 |
Service Charges on Deposit Accounts |
|
1.61 |
1.48 |
1.45 |
1.66 |
1.74 |
1.67 |
1.61 |
1.69 |
1.78 |
1.78 |
Other Service Charges |
|
3.42 |
4.47 |
4.30 |
3.84 |
3.99 |
4.34 |
5.11 |
4.26 |
5.07 |
5.26 |
Investment Banking Income |
|
1.05 |
0.96 |
1.01 |
1.30 |
1.46 |
1.34 |
1.38 |
1.30 |
1.88 |
1.38 |
Other Non-Interest Income |
|
- |
- |
0.17 |
0.33 |
0.31 |
0.23 |
0.28 |
0.35 |
0.41 |
0.54 |
Provision for Credit Losses |
|
0.97 |
0.79 |
0.55 |
0.11 |
0.80 |
1.57 |
-0.44 |
0.88 |
2.58 |
2.14 |
Total Non-Interest Expense |
|
27 |
27 |
28 |
27 |
29 |
30 |
29 |
29 |
31 |
32 |
Salaries and Employee Benefits |
|
16 |
16 |
17 |
16 |
17 |
16 |
17 |
17 |
18 |
20 |
Net Occupancy & Equipment Expense |
|
5.04 |
5.11 |
5.37 |
5.55 |
5.93 |
5.84 |
5.86 |
5.78 |
5.94 |
5.97 |
Marketing Expense |
|
0.29 |
0.31 |
0.36 |
0.31 |
0.35 |
0.34 |
0.30 |
0.30 |
0.33 |
0.40 |
Property & Liability Insurance Claims |
|
0.71 |
0.65 |
0.54 |
0.88 |
0.83 |
0.92 |
0.92 |
0.83 |
0.83 |
0.83 |
Other Operating Expenses |
|
4.14 |
4.32 |
3.86 |
4.06 |
3.88 |
5.69 |
4.22 |
4.44 |
4.70 |
4.75 |
Amortization Expense |
|
0.65 |
0.69 |
0.66 |
0.68 |
0.65 |
0.64 |
0.61 |
0.61 |
0.60 |
0.60 |
Income Tax Expense |
|
3.21 |
3.53 |
3.33 |
2.35 |
0.32 |
1.64 |
2.63 |
2.33 |
1.61 |
2.75 |
Basic Earnings per Share |
|
$0.69 |
$0.78 |
$0.69 |
$0.53 |
$0.12 |
$0.36 |
$0.56 |
$0.48 |
$0.55 |
$0.57 |
Weighted Average Basic Shares Outstanding |
|
16.75M |
16.74M |
16.79M |
16.81M |
16.81M |
16.81M |
16.85M |
16.77M |
16.73M |
16.77M |
Diluted Earnings per Share |
|
$0.68 |
$0.77 |
$0.68 |
$0.52 |
$0.12 |
$0.37 |
$0.55 |
$0.48 |
$0.54 |
$0.57 |
Weighted Average Diluted Shares Outstanding |
|
16.87M |
16.87M |
16.90M |
16.90M |
16.92M |
16.91M |
16.93M |
16.85M |
16.84M |
16.88M |
Weighted Average Basic & Diluted Shares Outstanding |
|
16.89M |
17.00M |
17.00M |
17.00M |
16.99M |
17.06M |
17.06M |
16.92M |
16.93M |
17.02M |
Annual Cash Flow Statements for SmartFinancial
This table details how cash moves in and out of SmartFinancial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-779 |
86 |
35 |
Net Cash From Operating Activities |
57 |
40 |
53 |
Net Cash From Continuing Operating Activities |
57 |
40 |
53 |
Net Income / (Loss) Continuing Operations |
43 |
29 |
36 |
Consolidated Net Income / (Loss) |
43 |
29 |
36 |
Provision For Loan Losses |
4.02 |
3.03 |
5.15 |
Depreciation Expense |
10 |
11 |
8.99 |
Amortization Expense |
0.45 |
2.62 |
2.43 |
Non-Cash Adjustments to Reconcile Net Income |
1.94 |
4.93 |
-3.03 |
Changes in Operating Assets and Liabilities, net |
-2.67 |
-10 |
3.02 |
Net Cash From Investing Activities |
-841 |
-135 |
-420 |
Net Cash From Continuing Investing Activities |
-841 |
-135 |
-420 |
Purchase of Property, Leasehold Improvements and Equipment |
-12 |
-6.27 |
-6.41 |
Purchase of Investment Securities |
-906 |
-345 |
-638 |
Sale of Property, Leasehold Improvements and Equipment |
1.46 |
0.68 |
4.70 |
Sale and/or Maturity of Investments |
81 |
215 |
220 |
Other Investing Activities, net |
-4.88 |
0.00 |
0.00 |
Net Cash From Financing Activities |
5.37 |
181 |
403 |
Net Cash From Continuing Financing Activities |
5.37 |
181 |
403 |
Net Change in Deposits |
56 |
191 |
419 |
Issuance of Debt |
31 |
26 |
160 |
Issuance of Common Equity |
0.40 |
0.17 |
0.07 |
Repayment of Debt |
-76 |
-31 |
-167 |
Repurchase of Common Equity |
0.00 |
0.00 |
-2.97 |
Payment of Dividends |
-4.72 |
-5.43 |
-5.42 |
Other Financing Activities, Net |
-0.52 |
0.25 |
-1.05 |
Cash Interest Paid |
21 |
85 |
114 |
Cash Income Taxes Paid |
12 |
9.35 |
8.77 |
Quarterly Cash Flow Statements for SmartFinancial
This table details how cash moves in and out of SmartFinancial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-112 |
-277 |
41 |
-68 |
161 |
-48 |
126 |
-135 |
-150 |
195 |
Net Cash From Operating Activities |
|
13 |
15 |
11 |
9.98 |
6.68 |
12 |
7.08 |
17 |
12 |
17 |
Net Cash From Continuing Operating Activities |
|
13 |
15 |
11 |
9.98 |
6.68 |
12 |
7.08 |
17 |
12 |
17 |
Net Income / (Loss) Continuing Operations |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Consolidated Net Income / (Loss) |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Provision For Loan Losses |
|
0.97 |
0.79 |
0.55 |
0.11 |
0.80 |
1.57 |
-0.44 |
0.88 |
2.58 |
2.14 |
Depreciation Expense |
|
2.56 |
2.56 |
2.61 |
2.89 |
2.87 |
2.50 |
2.46 |
2.21 |
2.23 |
2.09 |
Amortization Expense |
|
-0.11 |
-0.71 |
0.66 |
0.68 |
0.65 |
0.64 |
0.61 |
0.61 |
0.60 |
0.60 |
Non-Cash Adjustments to Reconcile Net Income |
|
-1.50 |
0.66 |
1.98 |
0.55 |
4.89 |
-2.49 |
-0.38 |
1.47 |
-3.25 |
-0.87 |
Changes in Operating Assets and Liabilities, net |
|
-0.29 |
-1.10 |
-5.95 |
-3.09 |
-4.59 |
3.29 |
-4.53 |
3.37 |
1.10 |
3.09 |
Net Cash From Investing Activities |
|
-128 |
-111 |
-97 |
-46 |
86 |
-79 |
-3.02 |
-73 |
-161 |
-184 |
Net Cash From Continuing Investing Activities |
|
-128 |
-111 |
-97 |
-46 |
86 |
-79 |
-3.02 |
-73 |
-161 |
-184 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-3.33 |
-1.80 |
-1.56 |
-1.50 |
-0.96 |
-2.25 |
-2.91 |
-1.10 |
-1.06 |
-1.33 |
Purchase of Investment Securities |
|
-133 |
-156 |
-106 |
-58 |
-79 |
-102 |
-115 |
-136 |
-175 |
-211 |
Sale and/or Maturity of Investments |
|
13 |
46 |
9.66 |
14 |
166 |
25 |
112 |
63 |
16 |
28 |
Net Cash From Financing Activities |
|
3.37 |
-181 |
126 |
-32 |
69 |
19 |
122 |
-79 |
-1.79 |
362 |
Net Cash From Continuing Financing Activities |
|
3.37 |
-181 |
126 |
-32 |
69 |
19 |
122 |
-79 |
-1.71 |
362 |
Net Change in Deposits |
|
-1.13 |
-203 |
152 |
-30 |
47 |
21 |
126 |
-77 |
5.85 |
364 |
Issuance of Debt |
|
5.00 |
26 |
- |
- |
- |
0.28 |
- |
- |
151 |
5.10 |
Repayment of Debt |
|
- |
-1.30 |
-25 |
-28 |
22 |
-0.28 |
-2.00 |
-2.00 |
-157 |
-6.10 |
Payment of Dividends |
|
-1.18 |
-1.18 |
-1.35 |
-1.36 |
-1.36 |
-1.36 |
-1.36 |
-1.35 |
-1.35 |
-1.35 |
Other Financing Activities, Net |
|
0.87 |
-1.35 |
-0.73 |
0.95 |
1.12 |
-1.10 |
-1.36 |
1.01 |
-0.74 |
0.03 |
Cash Interest Paid |
|
6.36 |
8.73 |
17 |
19 |
24 |
25 |
29 |
28 |
28 |
28 |
Cash Income Taxes Paid |
|
4.62 |
3.95 |
0.02 |
8.56 |
0.83 |
-0.06 |
0.01 |
4.29 |
2.43 |
2.05 |
Annual Balance Sheets for SmartFinancial
This table presents SmartFinancial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
4,637 |
4,829 |
5,276 |
Cash and Due from Banks |
44 |
62 |
97 |
Federal Funds Sold |
15 |
57 |
14 |
Interest Bearing Deposits at Other Banks |
207 |
233 |
277 |
Trading Account Securities |
770 |
281 |
127 |
Loans and Leases, Net of Allowance |
3,230 |
3,409 |
3,869 |
Loans and Leases |
3,254 |
3,444 |
3,906 |
Allowance for Loan and Lease Losses |
23 |
35 |
37 |
Loans Held for Sale |
1.75 |
4.42 |
6.00 |
Premises and Equipment, Net |
93 |
93 |
91 |
Intangible Assets |
110 |
107 |
105 |
Other Assets |
167 |
582 |
691 |
Total Liabilities & Shareholders' Equity |
4,637 |
4,829 |
5,276 |
Total Liabilities |
4,205 |
4,370 |
4,784 |
Non-Interest Bearing Deposits |
1,072 |
898 |
966 |
Interest Bearing Deposits |
3,005 |
3,370 |
3,721 |
Long-Term Debt |
84 |
55 |
48 |
Other Long-Term Liabilities |
44 |
46 |
50 |
Total Equity & Noncontrolling Interests |
432 |
460 |
491 |
Total Preferred & Common Equity |
432 |
460 |
491 |
Total Common Equity |
432 |
460 |
491 |
Common Stock |
311 |
313 |
311 |
Retained Earnings |
157 |
173 |
204 |
Accumulated Other Comprehensive Income / (Loss) |
-35 |
-26 |
-24 |
Noncontrolling Interest |
- |
0.00 |
0.11 |
Quarterly Balance Sheets for SmartFinancial
This table presents SmartFinancial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
4,797 |
4,770 |
4,746 |
4,797 |
4,955 |
4,891 |
4,909 |
Cash and Due from Banks |
|
46 |
342 |
38 |
63 |
48 |
60 |
65 |
Federal Funds Sold |
|
68 |
67 |
2.61 |
40 |
86 |
63 |
2.51 |
Interest Bearing Deposits at Other Banks |
|
428 |
205 |
199 |
298 |
344 |
220 |
125 |
Trading Account Securities |
|
807 |
845 |
824 |
667 |
655 |
630 |
629 |
Loans and Leases, Net of Allowance |
|
3,076 |
3,250 |
3,305 |
3,345 |
3,443 |
3,539 |
3,682 |
Loans and Leases |
|
3,099 |
3,282 |
3,338 |
3,379 |
3,478 |
3,574 |
3,717 |
Allowance for Loan and Lease Losses |
|
23 |
32 |
33 |
34 |
34 |
35 |
36 |
Loans Held for Sale |
|
2.74 |
- |
0.99 |
2.73 |
4.86 |
3.10 |
5.80 |
Premises and Equipment, Net |
|
92 |
92 |
92 |
92 |
93 |
91 |
91 |
Intangible Assets |
|
110 |
109 |
108 |
108 |
107 |
106 |
105 |
Other Assets |
|
166 |
148 |
176 |
182 |
175 |
179 |
203 |
Total Liabilities & Shareholders' Equity |
|
4,797 |
4,770 |
4,746 |
4,797 |
4,955 |
4,891 |
4,909 |
Total Liabilities |
|
4,382 |
3,320 |
4,301 |
4,351 |
4,488 |
4,419 |
4,420 |
Non-Interest Bearing Deposits |
|
1,186 |
990 |
1,003 |
924 |
907 |
903 |
864 |
Interest Bearing Deposits |
|
3,094 |
2,250 |
3,196 |
3,323 |
3,487 |
3,413 |
3,459 |
Long-Term Debt |
|
60 |
42 |
58 |
56 |
52 |
55 |
49 |
Other Long-Term Liabilities |
|
41 |
38 |
44 |
48 |
42 |
47 |
49 |
Commitments & Contingencies |
|
- |
- |
- |
- |
- |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
415 |
443 |
445 |
447 |
467 |
472 |
489 |
Total Preferred & Common Equity |
|
415 |
443 |
445 |
447 |
467 |
472 |
489 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
415 |
443 |
445 |
447 |
467 |
472 |
489 |
Common Stock |
|
311 |
312 |
312 |
313 |
313 |
311 |
311 |
Retained Earnings |
|
145 |
160 |
168 |
168 |
181 |
188 |
196 |
Accumulated Other Comprehensive Income / (Loss) |
|
-41 |
-29 |
-35 |
-34 |
-27 |
-26 |
-17 |
Annual Metrics And Ratios for SmartFinancial
This table displays calculated financial ratios and metrics derived from SmartFinancial's official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
20.29% |
-7.75% |
12.53% |
EBITDA Growth |
22.64% |
-23.96% |
14.38% |
EBIT Growth |
23.89% |
-34.02% |
25.49% |
NOPAT Growth |
23.66% |
-33.54% |
26.40% |
Net Income Growth |
23.66% |
-33.54% |
26.40% |
EPS Growth |
14.86% |
-33.73% |
26.63% |
Operating Cash Flow Growth |
22.98% |
-30.07% |
32.69% |
Free Cash Flow Firm Growth |
204.15% |
-96.97% |
-60.06% |
Invested Capital Growth |
-64.59% |
-0.24% |
4.70% |
Revenue Q/Q Growth |
5.14% |
-3.57% |
4.71% |
EBITDA Q/Q Growth |
2.55% |
-12.98% |
7.78% |
EBIT Q/Q Growth |
17.34% |
-19.37% |
11.14% |
NOPAT Q/Q Growth |
17.31% |
-19.25% |
10.55% |
Net Income Q/Q Growth |
17.31% |
-19.25% |
10.55% |
EPS Q/Q Growth |
18.06% |
-19.14% |
10.31% |
Operating Cash Flow Q/Q Growth |
34.54% |
-8.11% |
10.43% |
Free Cash Flow Firm Q/Q Growth |
742.27% |
288.31% |
655.90% |
Invested Capital Q/Q Growth |
8.67% |
2.43% |
0.30% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
39.58% |
32.63% |
33.16% |
EBIT Margin |
33.23% |
23.77% |
26.51% |
Profit (Net Income) Margin |
26.04% |
18.76% |
21.07% |
Tax Burden Percent |
78.35% |
78.93% |
79.50% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
21.65% |
21.07% |
20.50% |
Return on Invested Capital (ROIC) |
4.36% |
5.54% |
6.86% |
ROIC Less NNEP Spread (ROIC-NNEP) |
4.36% |
5.54% |
6.86% |
Return on Net Nonoperating Assets (RNNOA) |
5.63% |
0.86% |
0.74% |
Return on Equity (ROE) |
9.98% |
6.41% |
7.60% |
Cash Return on Invested Capital (CROIC) |
99.76% |
5.79% |
2.26% |
Operating Return on Assets (OROA) |
1.19% |
0.77% |
0.90% |
Return on Assets (ROA) |
0.93% |
0.60% |
0.72% |
Return on Common Equity (ROCE) |
9.98% |
6.41% |
7.60% |
Return on Equity Simple (ROE_SIMPLE) |
9.95% |
6.22% |
7.36% |
Net Operating Profit after Tax (NOPAT) |
43 |
29 |
36 |
NOPAT Margin |
26.04% |
18.76% |
21.07% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
50.86% |
58.91% |
56.54% |
Operating Expenses to Revenue |
64.33% |
74.24% |
70.49% |
Earnings before Interest and Taxes (EBIT) |
55 |
36 |
45 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
65 |
50 |
57 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.04 |
0.89 |
1.06 |
Price to Tangible Book Value (P/TBV) |
1.40 |
1.16 |
1.35 |
Price to Revenue (P/Rev) |
2.73 |
2.69 |
3.05 |
Price to Earnings (P/E) |
10.49 |
14.35 |
14.48 |
Dividend Yield |
1.31% |
1.33% |
1.04% |
Earnings Yield |
9.53% |
6.97% |
6.91% |
Enterprise Value to Invested Capital (EV/IC) |
0.52 |
0.22 |
0.34 |
Enterprise Value to Revenue (EV/Rev) |
1.63 |
0.74 |
1.07 |
Enterprise Value to EBITDA (EV/EBITDA) |
4.11 |
2.28 |
3.23 |
Enterprise Value to EBIT (EV/EBIT) |
4.90 |
3.12 |
4.04 |
Enterprise Value to NOPAT (EV/NOPAT) |
6.25 |
3.96 |
5.08 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
4.73 |
2.85 |
3.48 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.27 |
3.79 |
15.39 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.19 |
0.12 |
0.10 |
Long-Term Debt to Equity |
0.19 |
0.12 |
0.10 |
Financial Leverage |
1.29 |
0.16 |
0.11 |
Leverage Ratio |
10.73 |
10.61 |
10.62 |
Compound Leverage Factor |
10.73 |
10.61 |
10.62 |
Debt to Total Capital |
16.24% |
10.71% |
8.87% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
16.24% |
10.71% |
8.87% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.02% |
Common Equity to Total Capital |
83.76% |
89.29% |
91.11% |
Debt to EBITDA |
1.28 |
1.11 |
0.84 |
Net Debt to EBITDA |
-2.79 |
-5.97 |
-5.97 |
Long-Term Debt to EBITDA |
1.28 |
1.11 |
0.84 |
Debt to NOPAT |
1.95 |
1.93 |
1.32 |
Net Debt to NOPAT |
-4.24 |
-10.39 |
-9.40 |
Long-Term Debt to NOPAT |
1.95 |
1.93 |
1.32 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.01% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
985 |
30 |
12 |
Operating Cash Flow to CapEx |
515.04% |
710.74% |
3,087.29% |
Free Cash Flow to Firm to Interest Expense |
46.16 |
0.34 |
0.10 |
Operating Cash Flow to Interest Expense |
2.66 |
0.45 |
0.46 |
Operating Cash Flow Less CapEx to Interest Expense |
2.15 |
0.39 |
0.45 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.04 |
0.03 |
0.03 |
Fixed Asset Turnover |
1.85 |
1.64 |
1.86 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
516 |
515 |
539 |
Invested Capital Turnover |
0.17 |
0.30 |
0.33 |
Increase / (Decrease) in Invested Capital |
-942 |
-1.26 |
24 |
Enterprise Value (EV) |
269 |
113 |
184 |
Market Capitalization |
451 |
410 |
523 |
Book Value per Share |
$25.61 |
$27.06 |
$29.03 |
Tangible Book Value per Share |
$19.11 |
$20.76 |
$22.84 |
Total Capital |
516 |
515 |
539 |
Total Debt |
84 |
55 |
48 |
Total Long-Term Debt |
84 |
55 |
48 |
Net Debt |
-183 |
-297 |
-340 |
Capital Expenditures (CapEx) |
11 |
5.59 |
1.71 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
84 |
55 |
48 |
Total Depreciation and Amortization (D&A) |
10 |
13 |
11 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$2.57 |
$1.70 |
$2.16 |
Adjusted Weighted Average Basic Shares Outstanding |
16.74M |
16.81M |
16.77M |
Adjusted Diluted Earnings per Share |
$2.55 |
$1.69 |
$2.14 |
Adjusted Weighted Average Diluted Shares Outstanding |
16.87M |
16.91M |
16.88M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
17.00M |
17.06M |
17.02M |
Normalized Net Operating Profit after Tax (NOPAT) |
43 |
29 |
36 |
Normalized NOPAT Margin |
26.31% |
18.82% |
21.07% |
Pre Tax Income Margin |
33.23% |
23.77% |
26.51% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
2.57 |
0.41 |
0.40 |
NOPAT to Interest Expense |
2.02 |
0.33 |
0.32 |
EBIT Less CapEx to Interest Expense |
2.06 |
0.35 |
0.38 |
NOPAT Less CapEx to Interest Expense |
1.50 |
0.26 |
0.30 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
10.98% |
18.98% |
15.00% |
Augmented Payout Ratio |
10.98% |
18.98% |
23.21% |
Quarterly Metrics And Ratios for SmartFinancial
This table displays calculated financial ratios and metrics derived from SmartFinancial's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
17.08% |
22.03% |
15.25% |
-3.94% |
-26.21% |
-12.61% |
-6.54% |
4.43% |
39.35% |
19.74% |
EBITDA Growth |
|
41.53% |
9.68% |
33.79% |
-9.40% |
-65.70% |
-40.32% |
-16.80% |
-10.82% |
130.26% |
37.39% |
EBIT Growth |
|
20.61% |
96.41% |
41.15% |
-14.74% |
-83.83% |
-52.64% |
-19.15% |
-7.58% |
350.54% |
58.20% |
NOPAT Growth |
|
20.24% |
95.39% |
39.24% |
-13.50% |
-82.09% |
-52.40% |
-18.63% |
-9.43% |
342.19% |
55.74% |
Net Income Growth |
|
20.24% |
95.39% |
39.24% |
-13.50% |
-82.09% |
-52.40% |
-18.63% |
-9.43% |
342.19% |
55.74% |
EPS Growth |
|
11.48% |
102.63% |
38.78% |
-14.75% |
-82.35% |
-51.95% |
-19.12% |
-7.69% |
350.00% |
54.05% |
Operating Cash Flow Growth |
|
-8.32% |
2,310.78% |
6.17% |
-43.69% |
-49.29% |
-23.04% |
-37.68% |
65.84% |
85.58% |
42.51% |
Free Cash Flow Firm Growth |
|
-43.59% |
198.05% |
-22,303.83% |
-169.25% |
-127.95% |
-99.22% |
200.08% |
9.02% |
-0.17% |
-295.56% |
Invested Capital Growth |
|
-14.45% |
-64.59% |
199.12% |
5.78% |
5.83% |
-0.24% |
-65.22% |
4.96% |
6.93% |
4.70% |
Revenue Q/Q Growth |
|
6.62% |
4.14% |
-4.09% |
-9.79% |
-18.11% |
23.34% |
2.57% |
0.79% |
9.29% |
5.98% |
EBITDA Q/Q Growth |
|
5.64% |
6.93% |
-1.57% |
-18.52% |
-60.00% |
86.05% |
37.22% |
-12.66% |
3.27% |
11.01% |
EBIT Q/Q Growth |
|
12.50% |
12.06% |
-10.32% |
-24.59% |
-78.66% |
228.16% |
53.10% |
-13.80% |
4.03% |
15.23% |
NOPAT Q/Q Growth |
|
13.00% |
12.67% |
-11.57% |
-23.17% |
-76.61% |
199.47% |
51.18% |
-14.48% |
14.21% |
5.47% |
Net Income Q/Q Growth |
|
13.00% |
12.67% |
-11.57% |
-23.17% |
-76.61% |
199.47% |
51.18% |
-14.48% |
14.21% |
5.47% |
EPS Q/Q Growth |
|
11.48% |
13.24% |
-11.69% |
-23.53% |
-76.92% |
208.33% |
48.65% |
-12.73% |
12.50% |
5.56% |
Operating Cash Flow Q/Q Growth |
|
-25.63% |
15.47% |
-25.36% |
-12.15% |
-33.03% |
75.25% |
-39.56% |
133.79% |
-25.06% |
34.58% |
Free Cash Flow Firm Q/Q Growth |
|
241.48% |
940.16% |
-202.80% |
98.10% |
-37.80% |
129.06% |
13,078.32% |
-101.72% |
-51.72% |
43.27% |
Invested Capital Q/Q Growth |
|
0.04% |
8.67% |
188.91% |
-66.32% |
0.09% |
2.43% |
0.72% |
1.65% |
1.96% |
0.30% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
40.03% |
41.10% |
42.19% |
38.11% |
18.61% |
28.07% |
37.56% |
32.54% |
30.75% |
32.21% |
EBIT Margin |
|
34.35% |
36.96% |
34.56% |
28.89% |
7.53% |
20.03% |
29.89% |
25.57% |
24.34% |
26.46% |
Profit (Net Income) Margin |
|
26.87% |
29.07% |
26.80% |
22.83% |
6.52% |
15.83% |
23.34% |
19.80% |
20.69% |
20.59% |
Tax Burden Percent |
|
78.24% |
78.66% |
77.56% |
79.02% |
86.63% |
79.05% |
78.06% |
77.44% |
85.02% |
77.82% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
21.76% |
21.34% |
22.44% |
20.98% |
13.37% |
20.95% |
21.94% |
22.56% |
14.98% |
22.18% |
Return on Invested Capital (ROIC) |
|
8.19% |
4.86% |
4.60% |
7.91% |
2.11% |
4.68% |
3.47% |
5.82% |
6.51% |
6.70% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
8.19% |
4.86% |
4.60% |
7.91% |
2.11% |
4.68% |
3.47% |
5.82% |
6.51% |
6.70% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.87% |
6.28% |
6.01% |
1.02% |
0.29% |
0.73% |
4.20% |
0.71% |
0.73% |
0.73% |
Return on Equity (ROE) |
|
10.06% |
11.14% |
10.61% |
8.93% |
2.39% |
5.41% |
7.67% |
6.53% |
7.24% |
7.42% |
Cash Return on Invested Capital (CROIC) |
|
22.69% |
99.76% |
-95.13% |
3.57% |
1.57% |
5.79% |
99.42% |
0.13% |
-0.41% |
2.26% |
Operating Return on Assets (OROA) |
|
1.18% |
1.32% |
1.24% |
1.03% |
0.25% |
0.64% |
0.92% |
0.80% |
0.82% |
0.90% |
Return on Assets (ROA) |
|
0.92% |
1.04% |
0.97% |
0.81% |
0.21% |
0.51% |
0.72% |
0.62% |
0.70% |
0.70% |
Return on Common Equity (ROCE) |
|
10.06% |
11.14% |
10.61% |
8.93% |
2.39% |
5.41% |
7.67% |
6.53% |
7.24% |
7.42% |
Return on Equity Simple (ROE_SIMPLE) |
|
8.84% |
0.00% |
10.43% |
10.09% |
7.93% |
0.00% |
5.67% |
5.42% |
6.69% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
12 |
13 |
12 |
8.84 |
2.07 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
NOPAT Margin |
|
26.87% |
29.07% |
26.80% |
22.83% |
6.52% |
15.83% |
23.34% |
19.80% |
20.69% |
20.59% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
50.38% |
48.74% |
52.36% |
56.34% |
72.74% |
57.42% |
56.86% |
57.73% |
55.96% |
55.79% |
Operating Expenses to Revenue |
|
63.39% |
61.28% |
64.16% |
70.82% |
89.96% |
75.95% |
71.20% |
72.25% |
69.83% |
68.98% |
Earnings before Interest and Taxes (EBIT) |
|
15 |
17 |
15 |
11 |
2.39 |
7.83 |
12 |
10 |
11 |
12 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
17 |
18 |
18 |
15 |
5.90 |
11 |
15 |
13 |
14 |
15 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.98 |
1.04 |
0.87 |
0.81 |
0.80 |
0.89 |
0.76 |
0.85 |
1.01 |
1.06 |
Price to Tangible Book Value (P/TBV) |
|
1.33 |
1.40 |
1.15 |
1.07 |
1.06 |
1.16 |
0.99 |
1.10 |
1.28 |
1.35 |
Price to Revenue (P/Rev) |
|
2.58 |
2.73 |
2.25 |
2.12 |
2.26 |
2.69 |
2.39 |
2.66 |
3.00 |
3.05 |
Price to Earnings (P/E) |
|
11.06 |
10.49 |
8.33 |
8.01 |
10.10 |
14.35 |
13.50 |
15.72 |
15.05 |
14.48 |
Dividend Yield |
|
1.12% |
1.31% |
1.59% |
1.75% |
1.81% |
1.33% |
1.91% |
1.36% |
1.10% |
1.04% |
Earnings Yield |
|
9.04% |
9.53% |
12.01% |
12.48% |
9.90% |
6.97% |
7.41% |
6.36% |
6.64% |
6.91% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.52 |
0.00 |
0.35 |
0.03 |
0.22 |
0.00 |
0.22 |
0.65 |
0.34 |
Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
1.63 |
0.00 |
1.05 |
0.09 |
0.74 |
0.00 |
0.76 |
2.12 |
1.07 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
4.11 |
0.00 |
2.60 |
0.24 |
2.28 |
0.00 |
2.54 |
6.59 |
3.23 |
Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
4.90 |
0.00 |
3.11 |
0.30 |
3.12 |
0.00 |
3.53 |
8.50 |
4.04 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
6.25 |
0.00 |
3.97 |
0.38 |
3.96 |
0.00 |
4.48 |
10.64 |
5.08 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
4.73 |
0.00 |
3.59 |
0.31 |
2.85 |
0.00 |
2.73 |
7.29 |
3.48 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.27 |
0.00 |
10.22 |
1.76 |
3.79 |
0.00 |
168.95 |
0.00 |
15.39 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.15 |
0.19 |
0.09 |
0.13 |
0.13 |
0.12 |
0.11 |
0.12 |
0.10 |
0.10 |
Long-Term Debt to Equity |
|
0.15 |
0.19 |
0.09 |
0.13 |
0.13 |
0.12 |
0.11 |
0.12 |
0.10 |
0.10 |
Financial Leverage |
|
0.23 |
1.29 |
1.31 |
0.13 |
0.14 |
0.16 |
1.21 |
0.12 |
0.11 |
0.11 |
Leverage Ratio |
|
10.94 |
10.73 |
10.99 |
11.02 |
11.14 |
10.61 |
10.68 |
10.51 |
10.37 |
10.62 |
Compound Leverage Factor |
|
10.94 |
10.73 |
10.99 |
11.02 |
11.14 |
10.61 |
10.68 |
10.51 |
10.37 |
10.62 |
Debt to Total Capital |
|
12.72% |
16.24% |
8.66% |
11.46% |
11.18% |
10.71% |
10.02% |
10.41% |
9.05% |
8.87% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
12.72% |
16.24% |
8.66% |
11.46% |
11.18% |
10.71% |
10.02% |
10.41% |
9.05% |
8.87% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.02% |
Common Equity to Total Capital |
|
87.28% |
83.76% |
91.34% |
88.54% |
88.82% |
89.29% |
89.98% |
89.59% |
90.95% |
91.11% |
Debt to EBITDA |
|
0.95 |
1.28 |
0.60 |
0.84 |
0.98 |
1.11 |
1.11 |
1.22 |
0.92 |
0.84 |
Net Debt to EBITDA |
|
-7.57 |
-2.79 |
-8.17 |
-2.65 |
-6.02 |
-5.97 |
-9.12 |
-6.39 |
-2.73 |
-5.97 |
Long-Term Debt to EBITDA |
|
0.95 |
1.28 |
0.60 |
0.84 |
0.98 |
1.11 |
1.11 |
1.22 |
0.92 |
0.84 |
Debt to NOPAT |
|
1.65 |
1.95 |
0.91 |
1.28 |
1.59 |
1.93 |
1.96 |
2.14 |
1.49 |
1.32 |
Net Debt to NOPAT |
|
-13.16 |
-4.24 |
-12.36 |
-4.04 |
-9.72 |
-10.39 |
-16.10 |
-11.24 |
-4.41 |
-9.40 |
Long-Term Debt to NOPAT |
|
1.65 |
1.95 |
0.91 |
1.28 |
1.59 |
1.93 |
1.96 |
2.14 |
1.49 |
1.32 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.01% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
92 |
955 |
-982 |
-19 |
-26 |
7.45 |
982 |
-17 |
-26 |
-15 |
Operating Cash Flow to CapEx |
|
418.22% |
846.52% |
1,210.45% |
665.89% |
705.39% |
530.93% |
0.00% |
0.00% |
1,175.07% |
1,251.61% |
Free Cash Flow to Firm to Interest Expense |
|
16.42 |
98.43 |
-57.08 |
-0.91 |
-1.06 |
0.29 |
35.01 |
-0.59 |
-0.89 |
-0.51 |
Operating Cash Flow to Interest Expense |
|
2.36 |
1.57 |
0.66 |
0.49 |
0.28 |
0.45 |
0.25 |
0.58 |
0.43 |
0.59 |
Operating Cash Flow Less CapEx to Interest Expense |
|
1.79 |
1.38 |
0.61 |
0.41 |
0.24 |
0.37 |
0.26 |
0.59 |
0.39 |
0.54 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.03 |
0.04 |
0.04 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
Fixed Asset Turnover |
|
1.77 |
1.85 |
1.93 |
1.86 |
1.72 |
1.64 |
1.62 |
1.65 |
1.79 |
1.86 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
475 |
516 |
1,492 |
502 |
503 |
515 |
519 |
527 |
538 |
539 |
Invested Capital Turnover |
|
0.31 |
0.17 |
0.17 |
0.35 |
0.32 |
0.30 |
0.15 |
0.29 |
0.31 |
0.33 |
Increase / (Decrease) in Invested Capital |
|
-80 |
-942 |
993 |
27 |
28 |
-1.26 |
-973 |
25 |
35 |
24 |
Enterprise Value (EV) |
|
-77 |
269 |
-187 |
178 |
14 |
113 |
-69 |
115 |
348 |
184 |
Market Capitalization |
|
406 |
451 |
385 |
360 |
358 |
410 |
357 |
403 |
492 |
523 |
Book Value per Share |
|
$24.54 |
$25.61 |
$26.09 |
$26.16 |
$26.27 |
$27.06 |
$27.37 |
$27.69 |
$28.90 |
$29.03 |
Tangible Book Value per Share |
|
$18.00 |
$19.11 |
$19.67 |
$19.78 |
$19.93 |
$20.76 |
$21.12 |
$21.48 |
$22.67 |
$22.84 |
Total Capital |
|
475 |
516 |
485 |
502 |
503 |
515 |
519 |
527 |
538 |
539 |
Total Debt |
|
60 |
84 |
42 |
58 |
56 |
55 |
52 |
55 |
49 |
48 |
Total Long-Term Debt |
|
60 |
84 |
42 |
58 |
56 |
55 |
52 |
55 |
49 |
48 |
Net Debt |
|
-483 |
-183 |
-572 |
-181 |
-344 |
-297 |
-426 |
-288 |
-144 |
-340 |
Capital Expenditures (CapEx) |
|
3.15 |
1.80 |
0.94 |
1.50 |
0.95 |
2.21 |
-0.33 |
-0.35 |
1.06 |
1.33 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
60 |
84 |
1,048 |
58 |
56 |
55 |
52 |
55 |
49 |
48 |
Total Depreciation and Amortization (D&A) |
|
2.44 |
1.86 |
3.27 |
3.57 |
3.51 |
3.15 |
3.07 |
2.82 |
2.83 |
2.69 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.69 |
$0.78 |
$0.69 |
$0.53 |
$0.12 |
$0.36 |
$0.56 |
$0.48 |
$0.55 |
$0.57 |
Adjusted Weighted Average Basic Shares Outstanding |
|
16.75M |
16.74M |
16.79M |
16.81M |
16.81M |
16.81M |
16.85M |
16.77M |
16.73M |
16.77M |
Adjusted Diluted Earnings per Share |
|
$0.68 |
$0.77 |
$0.68 |
$0.52 |
$0.12 |
$0.37 |
$0.55 |
$0.48 |
$0.54 |
$0.57 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
16.87M |
16.87M |
16.90M |
16.90M |
16.92M |
16.91M |
16.93M |
16.85M |
16.84M |
16.88M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
16.89M |
17.00M |
17.00M |
17.00M |
16.99M |
17.06M |
17.06M |
16.92M |
16.93M |
17.02M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
12 |
13 |
12 |
8.84 |
2.16 |
6.19 |
9.36 |
8.00 |
9.14 |
9.64 |
Normalized NOPAT Margin |
|
27.03% |
28.99% |
26.80% |
22.83% |
6.82% |
15.83% |
23.34% |
19.80% |
20.69% |
20.59% |
Pre Tax Income Margin |
|
34.35% |
36.96% |
34.56% |
28.89% |
7.53% |
20.03% |
29.89% |
25.57% |
24.34% |
26.46% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
2.64 |
1.70 |
0.86 |
0.55 |
0.10 |
0.30 |
0.43 |
0.36 |
0.37 |
0.44 |
NOPAT to Interest Expense |
|
2.07 |
1.34 |
0.67 |
0.43 |
0.09 |
0.24 |
0.33 |
0.28 |
0.32 |
0.34 |
EBIT Less CapEx to Interest Expense |
|
2.08 |
1.52 |
0.81 |
0.47 |
0.06 |
0.22 |
0.44 |
0.38 |
0.34 |
0.39 |
NOPAT Less CapEx to Interest Expense |
|
1.50 |
1.16 |
0.61 |
0.36 |
0.05 |
0.15 |
0.35 |
0.29 |
0.28 |
0.29 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
12.41% |
10.98% |
10.59% |
11.31% |
14.84% |
18.98% |
20.54% |
21.20% |
16.59% |
15.00% |
Augmented Payout Ratio |
|
12.24% |
10.98% |
10.59% |
11.31% |
15.02% |
18.98% |
20.54% |
32.78% |
25.67% |
23.21% |
Key Financial Trends
SmartFinancial (NASDAQ: SMBK) has shown a consistent upward trend in both revenue and net income over the past several quarters, indicating solid operational performance and growth.
Key positive trends and highlights for the recent periods include:
- Net Interest Income improved from $31.5 million in Q2 2023 to approximately $37.8 million in Q4 2024, demonstrating growth in core banking earnings driven by increased loans and interest rate gains.
- Total revenue rose steadily, reaching $46.8 million in Q4 2024 compared to $38.7-$39.1 million in mid-2023 and $44.7 million in Q4 2022, supported by growth in non-interest income as well.
- Net income attributable to common shareholders increased from about $6.2 million in Q4 2023 to nearly $9.6 million in Q4 2024, with earnings per share rising from $0.36 to $0.57 over this period.
- Provision for credit losses remained relatively controlled, rising modestly in line with loan growth, indicating prudent risk management.
- Deposit balances increased significantly, with net change in deposits turning positive and large inflows noted in late 2024, enhancing funding stability.
- Strong cash flow from operating activities, reaching $16.7 million in Q4 2024, supports liquidity and operational cash generation.
- Share count remained stable with only slight fluctuations, helping earnings per share improvements reflect genuine profit growth.
- Investment securities interest income and other interest income showed some quarterly variability but overall remained a meaningful contributor to total interest income.
- Marketing expenses remained modest and stable, suggesting cost discipline in growth efforts.
- Total equity rose from $414.7 million in Q3 2022 to $489.0 million by Q3 2024, reflecting retained earnings growth and a solid capital base relative to assets.
Some factors and risks to keep an eye on:
- Interest expense increased over the time frame from below $10 million in 2022 to around $28.3 million in Q4 2024, driven by higher deposit rates and long-term debt costs, which could pressure net interest margins if deposit costs continue to rise.
- Investment securities purchases significantly outpaced sales recently, representing a large cash outflow in investing activities ($210.9 million purchases in Q4 2024), which may impact liquidity if not offset by funding operations.
- Operating expenses, especially salaries and benefits, increased from roughly $16.4 million in Q4 2022 to almost $19.8 million in Q4 2024, presenting margin pressure if revenue growth slows.
- Allowance for loan and lease losses grew over time, consistent with growing loan balances, but any unexpected credit deterioration could necessitate further provisions impacting earnings.
- There were periods of significant negative net cash flow from investing activities, reflecting heavy investment in securities, which could strain cash balances depending on deposit and financing inflows.
Overall, SmartFinancial exhibits stable growth in loans, deposits, and earnings, supported by growing net interest income and controlled credit expenses. The company maintains a healthy capital position and shows increasing profitability and shareholder returns through rising dividends and EPS. However, investors should watch evolving interest expense dynamics and cash flow impacts from securities investments that may influence future profitability and liquidity.
08/03/25 01:00 AMAI Generated. May Contain Errors.