SmartFinancial Q2 net income rose to $8.9M, or $0.53 a share, as net interest margin expanded 13 bps to 3.35% and loans grew 9.2%. The CEO cited strong core performance.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
SmartFinancial (SMBK) posted second-quarter net income of $8.9 million, up from $7.8 million a year earlier, the bank said Tuesday. Diluted earnings per share came in at $0.53, compared with $0.47 in the same period last year.
The improvement came as net interest income rose to $33.1 million from $30.3 million, helped by a 13 basis point expansion in the net interest margin to 3.35%. Total loans grew 9.2% year over year to $3.3 billion.
Noninterest income climbed to $6.5 million from $5.8 million, driven by higher service charges and mortgage banking revenue. Noninterest expense increased to $28.4 million from $25.3 million, largely on higher salary costs and professional fees.
The provision for credit losses was $1.2 million, down from $1.6 million in the year-ago quarter. Total deposits rose 7.8% to $3.8 billion, with noninterest-bearing deposits accounting for 28% of the mix.
"The team delivered another quarter of solid core performance," Chief Executive Billy Carroll said in a statement. "Loan growth remained strong, and we saw continued improvement in our funding costs."
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