SmartFinancial Q3 net income rises, driven by organic loan growth
SMBK•SmartFinancial reported third-quarter net income of $18.6 million and earnings per share of $1.10. Organic loans and leases grew $174 million, while core deposits increased $163 million.
1. Quarterly results
SmartFinancial reported third-quarter net income of $18.6 million, with earnings per share of $1.10 and net interest income of $49.4 million. The company recognized a $2.6 million tax benefit from energy tax credits.
2. Loan and deposit growth
Net organic loan and lease growth was $174 million, a 15% annualized increase. Core deposits grew $163 million, or 12% annualized quarter over quarter. Net interest margin declined sequentially as higher funding costs offset improved yields on earning assets.
