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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, 2024

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 New York Stock Exchange

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 05, 2024, there were 16,924,150 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, 2024 and December 31, 2023

3

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023

4

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023

6

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023

7

Condensed Notes Consolidated Financial Statements

8

Item 2.

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

40

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

PART II – OTHER INFORMATION

56

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

57

Item 5.

Other Information

57

Item 6.

Exhibits

58

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, 

2024

2023*

ASSETS:

 

  

 

  

Cash and due from banks

$

60,167

$

61,586

Interest-bearing deposits with banks

 

219,545

 

233,237

Federal funds sold

 

63,123

 

57,448

Total cash and cash equivalents

 

342,835

 

352,271

Securities available-for-sale, at fair value

 

500,821

 

408,410

Securities held-to-maturity, at amortized cost

128,996

281,236

Other investments

 

13,780

 

13,662

Loans held for sale

 

3,103

 

4,418

Loans and leases

 

3,574,158

 

3,444,462

Less: Allowance for credit losses

 

(34,690)

 

(35,066)

Loans and leases, net

 

3,539,468

 

3,409,396

Premises and equipment, net

 

91,315

 

92,963

Other real estate owned

 

688

 

517

Goodwill and other intangibles, net

 

105,929

 

107,148

Bank owned life insurance

 

84,483

 

83,434

Other assets

 

79,591

 

75,932

Total assets

$

4,891,009

$

4,829,387

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing demand

$

903,300

$

898,044

Interest-bearing demand

 

988,057

 

1,006,915

Money market and savings

 

1,901,281

 

1,812,427

Time deposits

 

524,018

 

550,468

Total deposits

 

4,316,656

 

4,267,854

Borrowings

 

12,732

 

13,078

Subordinated debt

 

42,142

 

42,099

Other liabilities

 

47,014

 

46,470

Total liabilities

 

4,418,544

 

4,369,501

Commitments and contingent liabilities - see Note 8

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; 16,925,902 and 16,988,879 shares issued and outstanding, respectively

 

16,926

 

16,989

Additional paid-in capital

 

293,586

 

295,699

Retained earnings

 

187,751

 

173,105

Accumulated other comprehensive income (loss)

 

(25,798)

 

(25,907)

Total shareholders' equity

 

472,465

 

459,886

Total liabilities and shareholders' equity

$

4,891,009

$

4,829,387

* 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, 

    

2024

    

2023

    

2024

    

2023

Interest income:

 

  

 

  

 

  

 

  

Loans and leases, including fees

$

50,853

$

45,446

$

100,873

$

90,173

Securities:

 

 

  

 

 

  

Taxable

 

5,320

 

4,335

 

9,869

 

7,986

Tax-exempt

 

353

 

357

 

705

 

709

Federal funds sold and other earning assets

 

4,759

 

1,956

 

9,620

 

6,405

Total interest income

 

61,285

 

52,094

 

121,067

 

105,273

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

27,439

 

19,554

 

54,474

 

35,900

Borrowings

 

148

 

339

 

276

 

564

Subordinated debt

 

884

 

626

 

1,782

 

1,252

Total interest expense

 

28,471

 

20,519

 

56,532

 

37,716

Net interest income

 

32,814

 

31,575

 

64,535

 

67,557

Provision for credit losses

 

883

 

113

 

443

 

663

Net interest income after provision for credit losses

 

31,931

 

31,462

 

64,092

 

66,894

Noninterest income:

 

  

 

  

 

  

 

  

Service charges on deposit accounts

1,692

1,657

3,304

3,102

Mortgage banking

 

348

 

332

 

628

 

504

Investment services

 

1,302

 

1,300

 

2,682

 

2,305

Insurance commissions

1,284

1,139

2,387

2,398

Interchange and debit card transaction fees, net

1,343

1,347

2,596

2,730

Other

 

1,635

 

1,355

 

4,387

 

3,016

Total noninterest income

 

7,604

 

7,130

 

15,984

 

14,055

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

17,261

 

15,947

 

33,900

 

32,689

Occupancy and equipment

 

3,324

 

3,318

 

6,720

 

6,526

FDIC insurance

 

825

 

875

 

1,740

 

1,416

Other real estate and loan related expense

 

538

 

441

 

1,123

 

1,013

Advertising and marketing

 

295

 

305

 

597

 

660

Data processing and technology

 

2,452

 

2,235

 

4,916

 

4,398

Professional services

 

1,064

 

764

 

1,989

 

1,572

Amortization of intangibles

 

608

 

675

 

1,220

 

1,334

Other

 

2,834

 

2,850

 

5,549

 

5,331

Total noninterest expense

 

29,201

 

27,410

 

57,754

 

54,939

Income before income tax expense

 

10,334

 

11,182

 

22,322

 

26,010

Income tax expense

 

2,331

 

2,346

 

4,962

 

5,674

Net income

$

8,003

$

8,836

$

17,360

$

20,336

Earnings per common share:

 

  

 

  

 

  

 

  

Basic

$

0.48

$

0.53

$

1.03

$

1.21

Diluted

$

0.48

$

0.52

$

1.03

$

1.20

Weighted average common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

16,770,819

 

16,806,389

 

16,810,277

 

16,798,939

Diluted

 

16,850,250

 

16,898,091

 

16,887,374

 

16,897,444

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, 

2024

2023

2024

   

2023

Net income

$

8,003

$

8,836

$

17,360

$

20,336

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Investment securities:

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

 

1,998

 

(7,624)

 

(1,109)

 

652

Tax effect

 

(516)

 

1,970

 

287

 

(168)

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

33

38

68

78

Tax effect

(9)

(10)

(18)

(20)

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

 

1,506

 

(5,626)

 

(772)

 

542

Fair value hedging activities:

Unrealized gains (losses) on fair value municipal security hedges

 

(20)

 

 

400

 

Tax effect

 

6

 

 

(102)

 

Reclassification adjustment for realized losses (gains) included in net income

143

249

Tax effect

(38)

(65)

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

 

91

 

 

482

 

Cash flow hedging activities:

Unrealized gains (losses) on cash flow hedges

92

(1,128)

628

(412)

Tax effect

(23)

292

(162)

107

Reclassification adjustment for realized losses (gains) included in net income

(52)

88

(90)

95

Tax effect

13

(23)

23

(25)

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

30

(771)

399

(235)

Total other comprehensive income (loss)

 

1,627

 

(6,397)

 

109

 

307

Comprehensive income

$

9,630

$

2,439

$

17,469

$

20,643

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, 2024 and 2023

(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, 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, December 31, 2023

16,988,879

$

16,989

$

295,699

$

173,105

$

(25,907)

$

459,886

Net income

 

 

 

 

17,360

 

 

17,360

Other comprehensive loss

 

 

 

 

 

109

 

109

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

Stock options exercised

 

4,500

 

4

 

39

 

 

 

43

Restricted stock, net of forfeitures

 

74,757

 

75

 

(75)

 

 

 

Restricted stock withheld for taxes

(6,039)

(6)

(139)

(145)

Stock compensation expense

 

 

 

894

 

 

 

894

Common stock dividend ($0.16 per share)

 

 

 

 

(2,714)

 

 

(2,714)

Repurchases of common stock

(136,195)

(136)

(2,832)

(2,968)

Balance, June 30, 2024

 

16,925,902

$

16,926

$

293,586

$

187,751

$

(25,798)

$

472,465

Balance, March 31, 2023

 

17,004,092

$

17,004

$

294,930

$

160,085

$

(28,620)

$

443,399

Net income

 

 

 

 

8,836

 

 

8,836

Other comprehensive loss

 

 

 

 

 

(6,397)

 

(6,397)

Stock compensation expense

 

 

 

366

 

 

 

366

Common stock dividend ($0.08 per share)

(1,357)

(1,357)

Balance, June 30, 2023

 

17,004,092

$

17,004

$

295,296

$

167,564

$

(35,017)

$

444,847

Balance, March 31, 2024

 

17,056,704

$

17,057