SMARTFINANCIAL INC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
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 Income
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · 2023 · 2022 · 2021 | |||||||||
| Interest income: · · · · · | |||||||||
| Loans and leases, including fees | $186,479 | | $136,381 | | $118,582 | | |||
| Securities: | | | | ||||||
| Taxable | 16,665 | | 11,799 | | | 3,813 | | ||
| Tax-exempt | 1,418 | | 2,166 | | | 1,215 | | ||
| Federal funds sold and other earning assets | 13,481 | | 8,488 | | | 1,622 | | ||
| Total interest income | 218,043 | | 158,834 | | | 125,232 | | ||
| Interest expense: | | | | ||||||
| Deposits | 84,260 | | 18,228 | | | 8,849 | | ||
| Borrowings | 936 | | 602 | | | 540 | | ||
| Subordinated debt | 2,767 | | 2,503 | | | 2,449 | | ||
| Total interest expense | 87,963 | | 21,333 | | | 11,838 | | ||
| Net interest income | 130,080 | | 137,501 | | | 113,394 | | ||
| Provision for credit losses | 3,029 | | 4,018 | | | 1,633 | | ||
| Net interest income after provision for credit losses | 127,051 | | 133,483 | | | 111,761 | | ||
| Noninterest income: | | | | ||||||
| Service charges on deposit accounts | | 6,511 | | | 5,853 | | | 4,650 | |
| Gain (loss) on sale of securities | (6,801) | | 144 | | | 45 | | ||
| Mortgage banking | 1,040 | | 1,552 | | | 4,040 | | ||
| Investment services | 5,105 | | 4,144 | | | 2,167 | | ||
| Insurance commissions | | 4,684 | | | 3,595 | | | 3,285 | |
| Interchange and debit card transaction fees, net | | 5,457 | | | 5,435 | | | 4,284 | |
| Other | 6,329 | | 6,992 | | | 5,478 | | ||
| Total noninterest income | 22,325 | | 27,715 | | | 23,949 | | ||
| Noninterest expense: | | | | ||||||
| Salaries and employee benefits | 65,749 | | 63,420 | | | 51,656 | | ||
| Occupancy and equipment | 13,451 | | 12,034 | | | 10,196 | | ||
| FDIC insurance | 3,156 | | 2,672 | | | 1,833 | | ||
| Other real estate and loan related expense | 2,397 | | 2,446 | | | 2,098 | | ||
| Advertising and marketing | 1,342 | | 1,293 | | | 830 | | ||
| Data processing and technology | 9,235 | | 7,283 | | | 6,364 | | ||
| Professional services | 3,443 | | 3,790 | | | 3,147 | | ||
| Amortization of intangibles | 2,624 | | 2,607 | | | 2,256 | | ||
| Merger related and restructuring expenses | 110 | | 562 | | | 3,701 | | ||
| Other | 11,643 | | 10,183 | | | 9,310 | | ||
| Total noninterest expense | 113,150 | | 106,290 | | | 91,391 | | ||
| Income before income tax expense | 36,226 | | 54,908 | | | 44,319 | | ||
| Income tax expense | 7,633 | | 11,886 | | | 9,529 | | ||
| Net income | $28,593 | | $43,022 | | $34,790 | | |||
| Earnings per common share: | | | | ||||||
| Basic | $1.70 | | $2.57 | | $2.23 | | |||
| Diluted | $1.69 | | $2.55 | | $2.22 | | |||
| Weighted average common shares outstanding: | | | | ||||||
| Basic | 16,805,068 | | 16,740,450 | | | 15,572,537 | | ||
| Diluted | 16,911,185 | | 16,871,369 | | | 15,699,215 | | ||
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