10-Q 1 smbk-20230630x10q.htm 10-Q
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.

United States Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-37661

Graphic

(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 $1.00

SMBK

The 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 August 04, 2023, there were 17,004,092 shares of common stock, $1.00 par value per share, issued and outstanding.

TABLE OF CONTENTS

PART I –FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

3

Consolidated Balance Sheets at June 30, 2023 and December 31, 2022

3

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022

4

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2023 and 2022

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022

6

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

63

Item 4.

Controls and Procedures

63

PART II – OTHER INFORMATION

64

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

65

Item 4.

Mine Safety Disclosures

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

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)

    

    

June 30, 

    

December 31, 

2023

2022*

ASSETS:

 

  

 

  

Cash and due from banks

$

37,532

$

44,265

Interest-bearing deposits with banks

 

198,756

 

206,849

Federal funds sold

 

2,610

 

15,310

Total cash and cash equivalents

 

238,898

 

266,424

Securities available-for-sale, at fair value

 

540,308

 

483,893

Securities held-to-maturity, at amortized cost

283,564

285,949

Other investments

 

14,396

 

15,530

Loans held for sale

 

986

 

1,752

Loans and leases

 

3,337,790

 

3,253,627

Less: Allowance for credit losses

 

(32,747)

 

(23,334)

Loans and leases, net

 

3,305,043

 

3,230,293

Premises and equipment, net

 

92,351

 

92,511

Other real estate owned

 

1,708

 

1,436

Goodwill and other intangibles, net

 

108,439

 

109,772

Bank owned life insurance

 

82,419

 

81,470

Other assets

 

77,688

 

68,468

Total assets

$

4,745,800

$

4,637,498

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing demand

$

1,003,432

$

1,072,449

Interest-bearing demand

 

938,758

 

965,911

Money market and savings

 

1,720,202

 

1,583,481

Time deposits

 

537,192

 

455,259

Total deposits

 

4,199,584

 

4,077,100

Borrowings

 

15,496

 

41,860

Subordinated debt

 

42,057

 

42,015

Other liabilities

 

43,816

 

44,071

Total liabilities

 

4,300,953

 

4,205,046

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; 17,004,092 and 16,900,805 shares issued and outstanding, respectively

 

17,004

 

16,901

Additional paid-in capital

 

295,296

 

294,330

Retained earnings

 

167,564

 

156,545

Accumulated other comprehensive income (loss)

 

(35,017)

 

(35,324)

Total shareholders' equity

 

444,847

 

432,452

Total liabilities and shareholders' equity

$

4,745,800

$

4,637,498

* Derived from audited financial statements.

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

3

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

    

2023

    

2022

Interest income:

 

  

 

  

 

  

 

  

Loans and leases, including fees

$

45,446

$

31,530

$

90,173

$

61,172

Securities:

 

 

  

 

 

  

Taxable

 

4,335

 

2,908

 

7,986

 

5,327

Tax-exempt

 

357

 

441

 

709

 

809

Federal funds sold and other earning assets

 

1,956

 

1,430

 

6,405

 

1,916

Total interest income

 

52,094

 

36,309

 

105,273

 

69,224

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

19,554

 

2,504

 

35,900

 

4,518

Borrowings

 

339

 

117

 

564

 

274

Subordinated debt

 

626

 

626

 

1,252

 

1,252

Total interest expense

 

20,519

 

3,247

 

37,716

 

6,044

Net interest income

 

31,575

 

33,062

 

67,557

 

63,180

Provision for credit losses

 

113

 

1,250

 

663

 

2,256

Net interest income after provision for credit losses

 

31,462

 

31,812

 

66,894

 

60,924

Noninterest income:

 

  

 

  

 

  

 

  

Service charges on deposit accounts

1,657

1,446

3,102

2,765

Mortgage banking

 

332

 

471

 

504

 

1,305

Investment services

 

1,300

 

1,065

 

2,305

 

2,135

Insurance commissions

1,139

598

2,398

1,499

Interchange and debit card transaction fees, net

1,347

1,467

2,730

2,751

Other

 

1,355

 

2,182

 

3,016

 

3,885

Total noninterest income

 

7,130

 

7,229

 

14,055

 

14,340

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

15,947

 

15,673

 

32,689

 

30,719

Occupancy and equipment

 

3,318

 

2,793

 

6,526

 

5,852

FDIC insurance

 

875

 

676

 

1,416

 

1,317

Other real estate and loan related expense

 

441

 

636

 

1,013

 

1,365

Advertising and marketing

 

305

 

327

 

660

 

697

Data processing and technology

 

2,235

 

1,728

 

4,398

 

3,314

Professional services

 

764

 

745

 

1,572

 

1,987

Amortization of intangibles

 

675

 

633

 

1,334

 

1,270

Merger related and restructuring expenses

 

 

81

 

 

520

Other

 

2,850

 

2,634

 

5,331

 

4,602

Total noninterest expense

 

27,410

 

25,926

 

54,939

 

51,643

Income before income tax expense

 

11,182

 

13,115

 

26,010

 

23,621

Income tax expense

 

2,346

 

2,900

 

5,674

 

5,146

Net income

$

8,836

$

10,215

$

20,336

$

18,475

Earnings per common share:

 

  

 

  

 

  

 

  

Basic

$

0.53

$

0.61

$

1.21

$

1.11

Diluted

$

0.52

$

0.61

$

1.20

$

1.10

Weighted average common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

16,806,389

 

16,734,930

 

16,798,939

 

16,726,696

Diluted

 

16,898,091

 

16,867,774

 

16,897,444

 

16,863,299

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

4

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(Dollars in thousands)

   

Three Months Ended

   

Six Months Ended

June 30, 

June 30, 

2023

2022

2023

   

2022

Net income

$

8,836

$

10,215

$

20,336

$

18,475

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Investment securities:

Unrealized holding gains (losses) on securities available-for-sale

 

(7,624)

 

(11,404)

 

652

 

(31,752)

Tax effect

 

1,970

 

2,945

 

(168)

 

8,201

Reclassification of unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity

(2,009)

Tax effect

519

Amortization of unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity

38

38

78

27

Tax effect

(10)

(9)

(20)

(6)

Unrealized gains (losses) on securities available-for-sale, net of tax

 

(5,626)

 

(8,430)

 

542

 

(25,020)

Fair value hedging activities:

Unrealized gains (losses) on fair value municipal security hedges

 

 

(892)

 

 

(1,443)

Tax effect

 

 

230

 

 

372

Unrealized gains (losses) on fair value municipal security hedge instruments arising during the period, net of tax

 

 

(662)

 

 

(1,071)

Cash flow hedging activities:

Unrealized gains (losses) on cash flow hedges

(1,039)

(317)

Tax effect

268

82

Unrealized gains (losses) on cash flow hedge instruments arising during the period, net of tax

(771)

(235)

Total other comprehensive income (loss)

 

(6,397)

 

(9,092)

 

307

 

(26,091)

Comprehensive income (loss)

$

2,439

$

1,123

$

20,643

$

(7,616)

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

5

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY – (Unaudited)

For the Three and Six Months Ended June 30, 2023 and 2022

(Dollars in thousands, except for share data)

    

    

    

    

    

Accumulated

    

Other

Common Stock

 

Additional

 

Retained

 

Comprehensive

 

Shares

Amount

Paid-in Capital

Earnings

 

Income (Loss)

Total

Balance, December 31, 2021

 

16,802,990

$

16,803

$

292,937

$

118,247

$

1,443

$

429,430

Net income

 

 

 

 

18,475

 

 

18,475

Other comprehensive loss

 

 

 

 

 

(26,091)

 

(26,091)

Common stock issued pursuant to:

 

 

  

 

  

 

  

 

  

 

Stock options exercised

 

31,400

 

31

 

232

 

 

 

263

Restricted stock

64,015

64

(64)

Stock compensation expense

 

 

 

710

 

 

 

710

Common stock dividend ($0.14 per share)

(2,360)

(2,360)

Balance, June 30, 2022

 

16,898,405

$

16,898

$

293,815

$

134,362

$

(24,648)

$

420,427

Balance, December 31, 2022

16,900,805

$

16,901

$

294,330

$

156,545

$

(35,324)

$

432,452

Cumulative effect adjustment for adoption of ASU 2016-13, net of tax

(6,606)

(6,606)

Balance, January 1, 2023, adjusted

16,900,805

16,901

294,330

149,939

(35,324)

425,846

Net income

 

 

 

 

20,336

 

 

20,336

Other comprehensive income

 

 

 

 

 

307

 

307

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

Stock options exercised

 

15,705

 

15

 

150

 

 

 

165

Restricted stock, net of forfeitures

 

87,582

 

88

 

(88)

 

 

 

Stock compensation expense

 

 

 

904

 

 

 

904

Common stock dividend ($0.16 per share)

 

 

 

 

(2,711)

 

 

(2,711)

Balance, June 30, 2023

 

17,004,092

$

17,004

$

295,296

$

167,564

$

(35,017)

$

444,847

Balance, March 31, 2022

 

16,893,282

$

16,893

$

293,376

$

125,329

$

(15,556)

$

420,042

Net income

 

 

 

 

10,215

 

 

10,215

Other comprehensive loss

 

 

 

 

 

(9,092)

 

(9,092)

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

  

Stock options exercised

 

3,850

 

4

 

42

 

 

 

46

Restricted stock

 

1,273

 

1

 

(1)

 

 

 

Stock compensation expense

 

 

 

398

 

 

 

398

Common stock dividend ($0.07 per share)