SMARTFINANCIAL INC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
SMBK$48.10-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Comprehensive Income
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · 2023 · · 2022 · · 2021 · | ||||||||||
| Net income | | $28,593 | | $43,022 | | $34,790 | | |||
| Other comprehensive income (loss): | | | | | ||||||
| Investment securities: | | | | | | | | | | |
| Unrealized holding gains (losses) on securities available-for-sale | | 6,410 | | (46,152) | | (3,941) | | |||
| Tax effect | | (1,656) | | 11,921 | | 1,031 | | |||
| Reclassification of unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity | | | — | | | (2,009) | | | 905 | |
| Tax effect | | | — | | | 519 | | | (234) | |
| Amortization of unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity | | | 148 | | | 112 | | | (8) | |
| Tax effect | | | (38) | | | (29) | | | 2 | |
| Reclassification adjustment for realized losses (gains) included in net income | | 6,801 | | 796 | | (45) | | |||
| Tax effect | | (1,757) | | (206) | | 12 | | |||
| Unrealized gains (losses) on securities available-for-sale, net of tax | | 9,908 | | (35,048) | | (2,278) | | |||
| Fair value hedging activities: | | | | | | | | | | |
| Unrealized gains (losses) on fair value security hedges | | (536) | | (75) | | 2,078 | | |||
| Tax effect | | 139 | | 19 | | (540) | | |||
| Reclassification adjustment for realized gains from the termination of derivative financial instrument included in net income | | | — | | | (940) | | | — | |
| Tax effect | | | — | | | 243 | | | — | |
| Unrealized gains (losses) on fair value municipal security hedge instruments arising during the period, net of tax | | (397) | | (753) | | 1,538 | | |||
| Cash flow hedging activities: | | | | | | | | | | |
| Unrealized gains (losses) on cash flow hedges | | | (196) | | | (1,303) | | | — | |
| Tax effect | | | 51 | | | 337 | | | — | |
| Reclassification adjustment for realized losses (gains) included in net income | | | 69 | | | — | | | — | |
| Tax effect | | | (18) | | | — | | | — | |
| Unrealized gains (losses) on cash flow hedge instruments arising during the period, net of tax | | | (94) | | | (966) | | | — | |
| | | | | | | | | | | |
| Total other comprehensive income (loss) | | 9,417 | | (36,767) | | (740) | | |||
| Comprehensive income | | $38,010 | | $6,255 | | $34,050 | | |||
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