- Net income for SmartFinancial (SMBK, Financial) increased 20% YoY to $11.3 million in Q1 2025.
- Loan growth reached 9% annualized, with deposits growing 10% annualized.
- Maintained excellent credit quality with nonperforming assets at 0.19% of total assets.
SmartFinancial, Inc. (SMBK) announced robust financial results for the first quarter of 2025, reporting a net income of $11.3 million, or $0.67 per diluted share. This marks a significant increase from $9.4 million, or $0.55 per diluted share, during the same period last year. The banking company achieved a year-over-year earnings per share growth of 21.8% and a quarter-over-quarter improvement of 17.5%.
The company reported strong net organic loan growth of $86 million, an annualized increase of 9%, and deposit growth of $122 million, representing a 10% annualized increase. Such growth reflects the company's ability to expand its customer base effectively.
SmartFinancial's net interest income for the quarter was $38.2 million, while the tax equivalent net interest margin slightly decreased to 3.21% from 3.24% in the previous quarter. Despite this, the company successfully reduced its cost of interest-bearing deposits by 10 basis points.
The bank maintained solid credit quality, with nonperforming assets constituting only 0.19% of total assets, demonstrating disciplined underwriting standards and effective risk management. Total assets reached $5.41 billion, with total deposits rising to $4.81 billion.
Furthermore, the board declared a quarterly cash dividend of $0.08 per share, payable on May 19, 2025, to shareholders of record as of May 2, 2025. This dividend reflects an ongoing commitment to shareholder returns while supporting the company's growth trajectory.
