Company Quick10K Filing
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SmartFinancial
Financials
Price21.67 EPS1
Shares14 P/E15
MCap305 P/FCF12
Net Debt-171 EBIT45
TEV134 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-13
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-31
Reports
8-K 2020-05-28
8-K 2020-04-28
8-K 2020-04-23
8-K 2020-03-31
8-K 2020-03-09
8-K 2020-03-01
8-K 2020-01-23
8-K 2020-01-21
8-K 2019-11-06
8-K 2019-10-29
8-K 2019-10-21
8-K 2019-07-24
8-K 2019-05-07
8-K 2019-05-06
8-K 2019-04-24
8-K 2019-04-23
8-K 2019-02-05
8-K 2019-01-23
8-K 2019-01-15
8-K 2018-11-20
8-K 2018-11-01
8-K 2018-10-24
8-K 2018-10-01
8-K 2018-07-30
8-K 2018-07-24
8-K 2018-06-27
8-K 2018-06-05
8-K 2018-05-29
8-K 2018-05-07
8-K 2018-04-24
8-K 2018-03-27
8-K 2018-01-31
8-K 2018-01-30

SMBK 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Consolidated Financial Statements
Note 1. Presentation of Financial Information
Note 2. Business Combinations
Note 3. Earnings per Share
Note 4. Securities
Note 5. Loans and Allowance for Loan Losses
Note 6. Goodwill and Intangible Assets
Note 7. Borrowings and Line of Credit
Note 8. Employee Benefit Plans
Note 9. Commitments and Contingent Liabilities
Note 10. Fair Value Disclosures
Note 11. Derivatives
Note 12. Leases
Note 13. Regulatory Matters
Note 14. Other Comprehensive (Loss) Income.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
Exhibits
EX-10.7 exhibit107-2020formofp.htm
EX-31.1 exhibit311-1q2020.htm
EX-31.2 exhibit312-1q2020.htm
EX-32.1 exhibit321-1q2020.htm
EX-32.2 exhibit322-1q2020.htm

SmartFinancial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
smbk-20200331
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United States Securities and Exchange Commission
Washington, D.C. 20549
 
FORM 10-Q
(Mark One) 
☒QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
☐TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to               

Commission File Number: 001-37661
smbk-20200331_g1.jpg 

(Exact name of registrant as specified in its charter) 
Tennessee 62-1173944
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
5401 Kingston Pike, Suite 600 Knoxville, Tennessee
 37919
(Address of principal executive offices) (Zip Code)
   
865-437-5700
 Not Applicable
(Registrant’s telephone number, including area code) (Former name, former address and former fiscal
  year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s)Name of Exchange on which Registered
Common Stock, par value $1.00SMBKThe Nasdaq Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒   No  ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit such files).
Yes  ☒    No  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer  ☐
Accelerated filer  ☒
Non-accelerated filer  ☐
Smaller reporting company  ☒
Emerging growth company ☐
 
 
If an emerging growth company, indicate by check market if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐    No  ☒

As of May 8, 2020 there were 15,216,932 shares of common stock, $1.00 par value per share, issued and outstanding.
1

TABLE OF CONTENTS
 
 
   
6
  
  
  
  
  
  
  
  
  
  
  
 

2

PART I –FINANCIAL INFORMATION 
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 
SMARTFINANCIAL, INC. AND SUBSIDIARY 
CONSOLIDATED BALANCE SHEETS 
(Dollars in thousands, except for share data)
(Unaudited) March 31,
2020		December 31,
2019
ASSETS:  
Cash and due from banks$38,802  $33,205  
Interest-bearing deposits with banks194,454  127,329  
Federal funds sold75,833  23,437  
Total cash and cash equivalents309,089  183,971  
Securities available-for-sale, at fair value201,002  178,348  
Other investments14,113  12,913  
Loans held for sale6,045  5,856  
Loans2,139,247  1,897,392  
  Less: Allowance for loan losses(13,431) (10,243) 
    Loans, net2,125,816  1,887,149  
Premises and equipment, net73,801  59,433  
Other real estate owned5,894  1,757  
Goodwill and core deposit intangible, net86,503  77,193  
Bank owned life insurance30,671  24,949  
Other assets20,781  17,554  
Total assets$2,873,715  $2,449,123  
LIABILITIES AND SHAREHOLDERS' EQUITY:  
Deposits:  
Noninterest-bearing demand $431,781  $364,155  
Interest-bearing demand 444,141  380,234  
Money market and savings 730,392  623,284  
Time deposits735,616  679,541  
Total deposits
2,341,930  2,047,214  
Securities sold under agreement to repurchase6,164  6,184  
Federal Home Loan Bank advances and other borrowings125,439  25,439  
Subordinated debt39,283  39,261  
Other liabilities24,699  18,278  
Total liabilities2,537,515  2,136,376  
Shareholders' equity:  
Preferred stock, $1 par value; 2,000,000 shares authorized; No shares issued and outstanding
—  —  
Common stock, $1 par value; 40,000,000 shares authorized; 15,221,990 and 14,008,233 shares issued and outstanding, respectively
15,222  14,008  
Additional paid-in capital254,356  232,732  
Retained earnings67,869  65,839  
Accumulated other comprehensive income (loss)(1,247) 168  
Total shareholders' equity336,200  312,747  
Total liabilities and shareholders' equity$2,873,715  $2,449,123  

The accompanying notes are an integral part of the financial statements.
3

SMARTFINANCIAL, INC. AND SUBSIDIARY 
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
March 31,
 20202019
Interest income:  
Loans, including fees$26,434  $24,975  
Securities available-for-sale:
  Taxable679  971  
  Tax-exempt283  424  
Federal funds sold and other earning assets602  573  
Total interest income27,998  26,943  
Interest expense:  
Deposits4,754  5,251  
Securities sold under agreements to repurchase5  8  
Federal Home Loan Bank advances and other borrowings84  103  
Subordinated debt584  584  
Total interest expense5,427  5,946  
Net interest income
22,571  20,997  
Provision for loan losses3,200  797  
Net interest income after provision for loan losses19,371  20,200  
Noninterest income:  
Service charges on deposit accounts770  654  
Mortgage banking584  282  
Investment services437  169  
Insurance commissions269  —  
Interchange and debit card transaction fees276  175  
Other 482  418  
Total noninterest income2,818  1,698  
Noninterest expense:  
Salaries and employee benefits10,006  8,398  
Occupancy and equipment 1,911  1,640  
FDIC insurance180  179  
Other real estate and loan related expense545  490  
Advertising and marketing198  295  
Data processing538  615  
Professional services711  662  
Amortization of intangibles 362  344  
Software as service contracts470  567  
Merger related and restructuring expenses2,096  923  
Other1,776  1,466  
Total noninterest expense18,793  15,579  
Income before income tax expense3,396  6,319  
Income tax expense664  1,588  
Net income $2,732  $4,731  
Earnings per common share:  
Basic$0.19  $0.34  
Diluted$0.19  $0.34  
Weighted average common shares outstanding:  
Basic14,395,103  13,942,016  
Diluted14,479,671  14,018,163  
The accompanying notes are an integral part of the financial statements.
4

SMARTFINANCIAL, INC. AND SUBSIDIARY 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (Unaudited) 
(Dollars in thousands)

Three Months Ended
March 31,
 20202019
Net income $2,732  $4,731  
Other comprehensive income:  
Unrealized holding gains and hedge effects on securities available-for-sale arising during the period1,095  2,851  
Tax effect(244) (748) 
Unrealized gains on securities available-for-sale arising during the period, net of tax851  2,103  
Unrealized gains (losses) on fair value municipal security hedges(3,072) 309  
Tax effect806  (81) 
Unrealized gains (losses) on fair value municipal security hedge instruments arising during the period, net of tax(2,266) 228  
Total other comprehensive income (loss)(1,415) 2,331  
Comprehensive income$1,317  $7,062  

The accompanying notes are an integral part of the financial statements.


5

SMARTFINANCIAL, INC. AND SUBSIDIARY 
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - (Unaudited) 
For the Three Months Ended March 31, 2020 and 2019
(Dollars in thousands, except for share data)

Common Stock
SharesAmountAdditional Paid-in CapitalRetained
Earnings		Accumulated Other Comprehensive (Loss) IncomeTotal
Balance, December 31, 201813,933,504  $13,934  $231,852  $39,991  $(2,765) $283,011  
Net income
—  —  —  4,731  —  4,731  
Other comprehensive income
—  —  —  —  2,331  2,331  
Common stock issued pursuant to:
Stock awards3,298  3  61  —  —  65  
Exercise of stock options14,788  15  184  —  —  199  
Stock compensation expense
—  —  143  —  —  143  
Balance, March 31, 201913,951,590  $13,952  $232,241  $44,722  $(434) $290,481  

Balance, December 31, 201914,008,233  $14,008  $232,732  $65,839  $168  $312,747  
Net income
—  —  —  2,732  —  2,732  
Other comprehensive loss
—  —  —  —  (1,415) (1,415) 
Common stock issued pursuant to:
Exercise of stock options14,858  15  158  —  —  173  
Restricted stock, net of forfeitures31,900  32  (32) —  —  —  
Shareholders of Progressive Financial Group, Inc.1,292,578  1,293  23,254  —  —  24,547  
Stock compensation expense
—  —  110  —  —  110  
Common stock dividend ($0.05 per share)
—  —  —  (702) —  (702) 
Purchase of common stock(125,579) (126) (1,866) —  —  (1,992) 
Balance, March 31, 202015,221,990  $15,222  $254,356  $67,869  $(1,247) $336,200  

The accompanying notes are an integral part of the financial statements.

6

SMARTFINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Three Months Ended March 31,
 20202019
Cash flows from operating activities:
Net income$2,732  $4,731  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,634  1,156  
Accretion of fair value purchase accounting adjustments, net(1,841) (1,717) 
Provision for loan losses3,200  797  
Stock compensation expense110  143  
Deferred income tax expense90  1,039  
Increase in cash surrender value of bank owned life insurance(162) (158) 
Loss on disposal of fixed assets—  7  
Net losses from sale of other real estate owned14  26  
Net gains from sale of loans (576) (282) 
Origination of loans held for sale(15,195) (16,805) 
Proceeds from sales of loans held for sale15,582  16,061  
Net change in:
Accrued interest receivable35  (1,093) 
Accrued interest payable784  748  
Other assets 685  (1,660) 
Other liabilities2,010  4,702  
Net cash provided by operating activities9,102  7,695  
Cash flows from investing activities:
Proceeds from sales of securities available-for-sale2,115  —  
Proceeds from maturities and calls of securities available-for-sale3,250  5,000  
Proceeds from paydowns of securities available-for-sale3,816  3,173  
Purchases of securities available-for-sale(