SmartFinancial, Inc. reported a net income of $36.1 million, or $2.14 per diluted share, for the fiscal year ending December 31, 2024, marking a significant increase from the $28.6 million, or $1.69 per diluted share, recorded in 2023. The company's total assets grew to $5.28 billion, up from $4.83 billion in the previous year, driven by a 13.5% increase in net loans and leases, which reached a record high of $3.91 billion. Total deposits also saw a substantial rise, increasing by $418.6 million to $4.69 billion, reflecting strong organic growth.
In comparison to 2023, SmartFinancial's net interest income rose to $137.4 million from $130.1 million, while the provision for credit losses increased to $5.2 million from $3.0 million. The tax equivalent net interest margin improved to 3.04% from 2.97%, indicating enhanced profitability from interest-earning assets. Noninterest income surged to $34.2 million, a notable increase from $22.3 million in 2023, primarily due to gains in investment services and insurance commissions.
Strategically, SmartFinancial established a Real Estate Investment Trust (REIT) subsidiary in the fourth quarter of 2024, aimed at optimizing tax savings. The company continues to focus on expanding its footprint, operating 42 full-service branches across East and Middle Tennessee, Alabama, and Florida. As of December 31, 2024, SmartFinancial employed 597 full-time and 15 part-time associates, with a commitment to fostering a diverse workforce, where over 66% of employees are women and 9% are minorities.
Operationally, the company reported a slight decline in its allowance for credit losses as a percentage of total loans, which stood at 0.96% at year-end 2024, down from 1.02% in 2023. The nonperforming loans ratio improved to 0.20% from 0.24%, reflecting better asset quality. Looking ahead, SmartFinancial anticipates continued growth in its loan portfolio and deposits, while remaining vigilant to potential economic challenges that could impact credit quality and overall performance. The company is well-capitalized, exceeding all regulatory capital requirements, and is positioned to navigate the evolving financial landscape effectively.
About SMARTFINANCIAL INC.
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