SmartFinancial, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Full Year 2018
January 31, 2018 at 05:00 pm
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SmartFinancial, Inc. announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2017. For the period, the company reported total interest income of $17,244,000 against $10,977,000 a year ago. Earnings before income taxes were $3,913,000 against $2,607,000 a year ago. Net income available to common shareholders $38,000 or 0.00 per basic and diluted share against $1,377,000 or 0.22 per diluted share a year ago. Annualized return on average assets equaled 0.01% compared to 0.64% a year ago, Return on average shareholder equity was 0.08% against 6.24 % reported last year. Book value per share was $18.46 against $15.81 reported a year ago. Tangible book value (Non-GAAP) was $13.90 against $14.69 reported a year ago. Net interest income was $15,341,000 against $9,856,000 a year ago.
The company provided effective tax rate guidance for the full year 2018. The company expects an effective tax rate of approximately 26% in 2018. The company also expects lowering of the corporate tax rate in 2018.
SmartFinancial, Inc. is the bank holding company for SmartBank (the Bank). The Bank is a full-service commercial bank with branches across Tennessee, Alabama, and Florida. The principal business of the Bank consists of attracting deposits from the general public and investing those funds, together with funds generated from operations and from principal and interest payments on loans, primarily in commercial loans, commercial and residential real estate loans, leases, consumer loans and residential and commercial construction loans. It also originates one to four family residential mortgage loans and generally enters into a commitment to sell these loans in the secondary market. SBK Insurance, Inc., a subsidiary of the Bank, provides insurance products in the property and casualty area, commercial, transportation, and life and health to their respective clients. The Bank provides a suite of commercial and consumer banking services to clients through about 42 full-service bank branches.
SmartFinancial, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Full Year 2018