SmartFinancial, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2016
January 17, 2017 at 05:28 pm
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SmartFinancial, Inc. announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2016. For the quarter, the company reported total interest income of $10,977,000 compared to $10,567,000 reported in the same period last year. Net interest income was of $9,856,000 compared to $9,547,000 reported in the same period last year. Income before income taxes was $2,607,000 against $2,083,000 reported last year. Net income available to common shareholders was $1,377,000 compared to $1,152,000 a year ago. Diluted income per share was $0.22 compared to $0.19 a year ago. Non-GAAP net operating earnings was $1,674,000 against $614,000 reported last year. Non-GAAP net operating earnings available to common shareholders were $1,404,000 against $584,000 reported last year. Diluted income per share was $0.23 compared to $0.10 a year ago. Annualized return on average assets equaled 0.64% in the fourth quarter of 2016.
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.