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SmartFinancial Inc. (SMBK-7.05%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $5.28 billion, an increase from $4.83 billion in the previous year. Total deposits grew to $4.69 billion from $4.27 billion.
Net income for the year was reported at $36.1 million, compared to $28.6 million in the prior year. Earnings per diluted share increased to $2.14 from $1.69.
The company's loan and lease portfolio totaled $3.91 billion, with a net increase of $459.5 million from the previous year. The allowance for credit losses was $37.4 million, representing 0.96% of total loans and leases.
Noninterest income rose to $34.2 million, up from $22.3 million, driven by gains in investment services and insurance commissions. Noninterest expense increased to $120.9 million from $113.2 million.
SmartFinancial's capital ratios remained above regulatory requirements, with a Tier 1 leverage ratio of 8.29% and a total capital ratio of 11.10%.
The company reported a net interest margin of 3.04%, slightly higher than the previous year's 2.97%. The yield on earning assets increased to 5.54% from 4.98%.
SmartFinancial's investment securities portfolio decreased to $609.0 million from $689.6 million, with unrealized losses in the available-for-sale portfolio reported at $30.4 million.
The filing details the company's strategic focus on organic growth and disciplined merger and acquisition activity, with an emphasis on expanding its community banking presence.
The report also outlines various risk factors, including interest rate fluctuations, cybersecurity threats, and economic conditions in its market areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SmartFinancial Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.