SmartFinancial, Inc. reported significant financial growth in its third quarter and the first nine months of 2024, with net income for Q3 reaching $9.1 million, or $0.54 per diluted share, compared to $2.1 million, or $0.12 per diluted share, in Q3 2023. For the nine months ended September 30, 2024, net income totaled $26.5 million, up from $22.4 million in the same period of 2023. This increase reflects a robust performance driven by higher net interest income and a substantial rise in noninterest income.
Total net interest income for Q3 2024 was $35.4 million, an increase from $31.1 million in Q3 2023. The tax equivalent net interest margin improved to 3.11% from 2.81% year-over-year. The company’s average interest-earning assets rose to $4.53 billion, contributing to a yield increase from 4.99% in Q3 2023 to 5.65% in Q3 2024. Noninterest income surged to $9.1 million in Q3 2024, compared to $691,000 in Q3 2023, largely due to a prior year loss on the sale of available-for-sale securities.
SmartFinancial's total loans and leases increased to $3.68 billion as of September 30, 2024, up from $3.41 billion at the end of 2023. The composition of the loan portfolio showed growth in commercial real estate and commercial and industrial loans. Total deposits also rose to $4.32 billion, reflecting a $54.6 million increase since December 31, 2023, driven by brokered deposits and other time deposits.
The company’s total assets as of September 30, 2024, were $4.89 billion, with total cash and cash equivalents at $192.9 million, down from $352.3 million at the end of 2023. The allowance for credit losses was $35.6 million, or 0.96% of total loans and leases, a slight decrease from 1.02% at the end of 2023.
Strategically, SmartFinancial has maintained a strong capital position, exceeding minimum regulatory capital requirements. The company has also repurchased $8.5 million of its $10 million stock repurchase plan, with $1.5 million remaining for future purchases. The company continues to focus on organic growth, leveraging its presence in East and Middle Tennessee, Alabama, and Florida, while managing its operational costs effectively.
About SMARTFINANCIAL INC.
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