Q2 2024 SmartFinancial Inc Earnings Call Transcript
Key Points
- SmartFinancial Inc (SMBK) reported a net income of $8 million for the quarter, or $0.48 per diluted share.
- The company saw a 10% annualized quarter-over-quarter increase in tangible book value per share.
- Loan growth was strong at over 11% annualized, driven by new relationships and increased funding online.
- Net interest income continued to expand, contributing to total revenue of $40.4 million.
- The company maintained a low-risk profile with non-performing assets (NPAs) holding very low at 20 basis points.
- There was a contraction in deposits, primarily due to seasonality and tax payments.
- Non-interest expenses remained relatively high at $29.2 million for the quarter.
- The company experienced some lingering small trucking company credits in its Fountain equipment portfolio.
- The balance sheet remained relatively flat despite efforts to remix it.
- The total risk-based capital ratio decreased slightly by 17 basis points due to strong loan growth being funded with zero risk-weighted cash.
Hello everyone and welcome to the SmartFinancialâs second-quarter 2024 earnings release and conference call. My name is Ezra, and I will be your coordinating your call today. (Operator Instructions)
I will now hand over to your host, Nate Strall, Director of Investor Relations, to begin. Nate, please go ahead.
Thanks, and good morning, everyone, and thank you for joining us for SmartFinancial's second-quarter 2024 earnings call. During today's call, we will reference the slides and press release that are available within the Investor Relations section on our website, smartbank.com.
Billy Carroll, our President and Chief Executive Officer will begin our call, followed by Ron Gorczynski, our Chief Financial Officer, will provide some additional commentary. We will be available to answer your questions at the end of the call.
Our comments include forward-looking statements. These statements are subject to risks and uncertainties, and the actual results could vary
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