The following is a summary of the SmartFinancial, Inc. (SMBK) Q1 2024 Earnings Call Transcript:
Financial Performance:
SmartFinancial reported a Q1 net income of $9.4 million, translating to $0.55 per diluted share.
On an operating basis, the net income estimated at $8.40 million, translating to $0.49 per diluted share.
The company reported total revenue of over $40 million and a steady growth in net interest income.
The growth rate in loans and deposits was estimated at around 4% and 12% respectively.
Business Progress:
The bank has undergone significant growth in loans and deposits, with credit metrics reducing from the previous quarter.
SmartFinancial has invested in new market expansions and expects a rise in non-interest income by mid to late 2024.
The bank has announced share buyback plan, amounting to $4.5 million in shares.
The company has identified talent acquisition as a strategic driver and is open to M&A opportunities to foster growth.
More details: SmartFinancial IR
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