SmartFinancial, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2019
January 21, 2020 at 10:00 pm
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SmartFinancial, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2019. For the quarter, the company announced net interest income was $21,104,000 compared to $21,447,000 for the same period a year ago. Net income was $6,733,000 compared to $6,444,000 for the same period a year ago. Earnings per common share, basic was $0.48 compared to $0.48 for the same period a year ago. Earnings per common share, diluted was $0.48 compared to $0.47 for the same period a year ago.
For the full year, the company announced net interest income was $83,880,000 compared to $76,644,000 for the same period a year ago. Net income was $26,548,000 compared to $18,102,000 for the same period a year ago. Earnings per common share, basic was $1.9 compared to $1.46 for the same period a year ago. Earnings per common share, diluted was $1.89 compared to $1.45 for the same period a year ago.
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.