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SmartFinancial Reports Third Quarter Results

KNOXVILLE, Tenn., Oct. 26, 2016 (GLOBE NEWSWIRE) -- SmartFinancial, Inc. ("SmartFinancial"); (NASDAQ:SMBK), announced today net income of $1.6 million in its third quarter of 2016, compared to $(0.1) million a year ago. In the third quarter 2015, SmartFinancial successfully completed the merger of two holding companies, legacy SmartFinancial, Inc. and Cornerstone Bancshares, Inc., and carried forward the name "SmartFinancial, Inc." In the first quarter of 2016, SmartFinancial completed the merger of Cornerstone Community Bank with and into SmartBank.  This quarter completes the fourth full quarter’s results from the combined company and the second full quarter's results of the merged bank.

Billy Carroll, President & CEO, stated: "We are pleased to see the hard work of our associates materialize in the form of improved results for our shareholders with increases in earnings per share, return on equity and return on assets this quarter.  Loan growth was over 12 percent annualized, which was the second quarter it grew at a double digit pace.  Our non-interest income is improving thanks to the results from our mortgage business and higher deposit service charges driven by balance growth.  Our non interest expense reduction was primarily due to merger efficiencies.  We are excited to put our merger expenses behind us and concentrate on the successful execution of our 2016 goals.”

SmartFinancial's Chairman, Miller Welborn, concluded:  "It is exciting to see the internal achievements we have made as a company translate into improved external results.  To be able to grow while maintaining a strong margin, improving asset quality, and increasing efficiencies is a testament to leadership at all levels of our company.  Every day we strive to achieve our goals of being a best place to work, a great place to bank and especially rewarding for our shareholders."

Performance Highlights

  • Net income available to common shareholders totaled $1.3 million or $0.23 per share during the third quarter of 2016.
  • Annualized return on average assets equaled 0.63 percent in the third quarter of 2016, compared to 0.48 percent in the previous quarter.
  • Annualized net loan growth was approximately 12.42 percent in the third quarter of 2016, with a healthy mix of construction & development, residential real estate, and commercial real estate loan growth.
  • Asset quality was outstanding with nonperforming assets to total assets dropping to just 0.41 percent.
  • Non interest income as a percent of average assets increased to 0.47 percent as the sale of mortgage and SBA loans increased over 45 percent.

Third Quarter 2016 compared to Second Quarter 2016

Net operating earnings available to common shareholders, which excludes purchased loans accounting adjustments, securities gains, merger and conversion costs, and foreclosed assets gains and losses, totaled $1,131 thousand in the third  quarter of 2016 compared to $634 thousand in the previous quarter. Net income available to common shareholders totaled $1.3 million in the third quarter of 2016, or $0.22 per diluted share, compared to $0.9 million, or $0.15 per diluted share, in the second quarter of 2016.

Net interest income to average assets of 3.79 percent for the quarter decreased from 3.87 percent in the second quarter of 2016. Net interest income totaled $9.7 million in the third quarter of 2016 compared to $9.6 million in the second quarter of 2016. Net interest income was positively impacted during the quarter by increased loan balances.  Net interest margin, taxable equivalent, fell slightly from 4.11 percent in the second quarter of 2016 to 4.03 percent in the third quarter of 2016 primarily as a result of a reduction in purchased loan accounting adjustments and lower  balances and yields in the securities portfolio.

Provision for loan losses was $261 thousand in the third quarter of 2016, compared to $218 thousand in the second quarter of 2016. The increase in provision for loan losses was primarily due to the growth of the loan portfolio during the quarter.  Annualized net charge-offs remained the same at  0.01 percent of average loans in the second third quarter of 2016.

The ALLL was $5.0 million, or 0.62 percent of total loans as of September 30, 2016, compared to $4.7 million, or 0.61 percent of total loans, as of June 30, 2016.  Adjusted ALLL, which includes the ALLL as well as net acquisition accounting fair value adjustments for acquired loans, was 1.93 percent of total loans as of September 30, 2016, which was down from 2.00 percent as of June 30, 2016. The reduction in adjusted ALLL resulted from continued accretion of fair value discounts.

Nonperforming loans as a percentage of total loans was 0.21 percent as of September 30, 2016, which was down from 0.29 percent in the prior quarter. Total nonperforming assets (which include nonaccrual loans, loans past due 90 days or more and still accruing, and foreclosed assets) as a percentage of total assets was 0.41 percent as of September 30, 2016, compared to 0.69 percent as of June 30, 2016.

Non-interest income to average assets of 0.47 percent for the quarter increased from 0.39 percent in the second quarter of 2016. Non-interest income totaled $1.2 million in the third quarter of 2016, compared to $961 thousand in the second quarter of 2016.  The increase in non-interest income was primarily due to higher service charges and fees, higher gains on the sale of SBA and mortgage loans, and gains on sale of foreclosed assets.

Non-interest expense to average assets of 3.16 percent for the quarter was down from 3.41 percent in the second quarter of 2016. Non-interest expense totaled $8.0 million in the third quarter of 2016, which was down $422 thousand from the second quarter of 2016 primarily due to normalized post merger data processing costs, the completion of repairs at one branch, and a drop in salary and employee benefit expenses.  Occupancy expense of $965 thousand was down $172 thousand from the previous quarter due to the completion of a repair project at one branch.  Data processing expenses decreased $98 thousand compared to the second quarter in the absence of merger related costs.

Income tax expense was $947 thousand in the third quarter of 2016 compared to $691 thousand in the second quarter of 2016. The company's effective tax rate was 37.02 percent in the third quarter of 2016 compared to 36.71 percent in the second quarter of 2016.

Third Quarter 2016 compared to Third Quarter 2015

Net operating earnings available to common shareholders, which excludes purchased loans accounting adjustments, securities gains, merger and conversion costs, and foreclosed assets gains and losses, totaled $1.1 million  in the third quarter of 2016 compared to $154 thousand in the third quarter of 2015. Net income available to common shareholders totaled $1.3 million in the third quarter of 2016, or $0.22 per diluted share, compared to $(107) thousand, or $(0.03) per diluted share, in the third quarter of 2015. The company's operations and financial performance were significantly impacted in nearly every respect by the merger of SmartFinancial, Inc. and Cornerstone Bancshares, Inc. on August 31, 2015. Therefore, financial results in 3Q 2016 are not comparable to results reported for 3Q 2015.

About SmartFinancial, Inc.

SmartFinancial, Inc., based in Knoxville, Tennessee, is the bank holding company for SmartBank. SmartBank is a full-service commercial bank founded in 2007, with twelve branches, two loan production offices, and one mortgage production office located in East Tennessee, the Florida Panhandle, and North Georgia. Recruiting the best people, delivering exceptional client service, strategic branching and a conservative and disciplined approach to lending have all given rise to SmartBank’s success. More information about SmartFinancial can be found on its website: www.smartbank.com

This release contains forward-looking statements. SmartFinancial cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: changes in management’s plans for the future, prevailing economic and political conditions, particularly in our market area; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services and other factors that may be described in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, SmartFinancial assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. SmartFinancial management uses non-GAAP financial measures, including: (i) net operating earnings available to common shareholders; (ii) operating efficiency ratio; (iii) adjusted allowance for loan losses to loans; and (iv) tangible common equity, in its analysis of the company's performance. Net operating earnings available to common shareholders excludes the following from net income available to common shareholders: securities gains and losses, merger and conversion costs, OREO gain and losses, and the income tax effect of adjustments. The operating efficiency ratio excludes securities gains and losses, merger and conversion costs, and adjustment for OREO gains and losses from the efficiency ratio. Adjusted allowance for loan losses adds net acquisition accounting fair value discounts to the allowance for loan losses. Tangible common equity excludes total preferred stock, preferred stock paid in capital, goodwill, and other intangible assets.

Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

 

SmartFinancial, Inc. and Subsidiaries        
Condensed Consolidated Financial Information (unaudited)        
(In thousands except per share data)        
    As of and for the three months ending
    September 30,
2016
  June 30,
2016
  March 31,
2016
  December 31,
2015
  September 30,
2015
Selected Performance Ratios (Annualized)                    
Return on average assets   0.63 %   0.48 %   0.54 %   0.47 %   (0.04 )%
Net operating return on average assets (Non-GAAP)   0.44 %   0.26 %   0.40 %   0.24 %   0.10 %
Return on average shareholder equity   6.19 %   4.64 %   5.29 %   4.75 %   (0.44 )%
Net operating return on average shareholder equity (Non-GAAP)   4.35 %   2.47 %   3.89 %   2.47 %   1.05 %
Net interest income / average assets   3.79 %   3.87 %   3.67 %   3.79 %   3.65 %
Yield on earning assets, TE (Non-GAAP)   4.48 %   4.56 %   4.40 %   4.54 %   4.50 %
Cost of interest-bearing liabilities   0.57 %   0.56 %   0.53 %   0.52 %   0.53 %
Net interest margin, TE (Non-GAAP)   4.03 %   4.11 %   3.96 %   4.10 %   4.04 %
Non-interest income / average assets   0.47 %   0.39 %   0.43 %   0.46 %   0.10 %
Non-interest expense / average assets   3.16 %   3.41 %   3.19 %   3.20 %   3.69 %
Efficiency ratio   74.06 %   80.13 %   77.95 %   75.24 %   98.38 %
Operating efficiency ratio (Non-GAAP)   80.31 %   85.49 %   82.09 %   85.73 %   90.96 %
Pre-tax pre-provision income / average assets   1.09 %   0.85 %   0.90 %   1.05 %   0.06 %
                     
Per Common Share                    
Net income, basic   $ 0.23     $ 0.16     $ 0.20     $ 0.20     $ (0.03 )
Net income, diluted   0.22     0.15     0.19     0.19     (0.03 )
Net operating earnings, basic (Non-GAAP)   0.19     0.11     0.13     0.10     0.04  
Net operating earnings, diluted (Non-GAAP)   0.19     0.10     0.13     0.10     0.04  
Book value as of   15.80     15.64     15.47     15.19     15.07  
Tangible book value (Non-GAAP) as of   14.67     14.48     14.29     13.99     13.84  
Common shares outstanding as of   5,897     5,824     5,817     5,806     5,735  
                     
Composition Of Loans                    
Commercial & financial   $ 83,471     $ 87,253     $ 83,197     $ 85,526     $ 81,107  
Real estate construction & Development   128,727     115,385     113,028     105,132     97,050  
Real estate commercial   394,989     389,368     370,922     369,263     365,607  
owner occupied   172,397     177,052     166,364     161,698     153,496  
non-owner occupied   222,592     212,315     204,558     207,565     212,111  
Real estate residential   182,952     174,013     166,214     161,427     162,090  
Other loans   7,263     7,377     7,578     6,368     4,585  
Total loans   $ 797,402     $ 773,396     $ 740,939     $ 727,716     $ 710,439  
                     


SmartFinancial, Inc. and Subsidiaries        
Condensed Consolidated Financial Information (unaudited)        
(In thousands except per share data)        
    As of and for the three months ending
    September 30,
2016
  June 30,
2016
  March 31,
2016
  December 31,
2015
  September 30,
2015
Asset Quality Data and Ratios                    
Nonperforming loans   $ 1,688     $ 2,226     $ 3,171     $ 2,754     $ 1,715  
Foreclosed assets   2,536     4,936     5,133     5,358     9,647  
Total nonperforming assets   $ 4,224     $ 7,162     $ 8,304     $ 8,112     $ 11,362  
Restructured loans not included in
nonperforming loans
  $ 3,388     $ 3,639     $ 3,677     $ 3,693     $ 3,731  
Net charge-offs to average loans (annualized)   0.01 %   0.01 %   (0.02 )%   0.02 %   0.03 %
Allowance for loan losses to loans   0.62 %   0.61 %   0.61 %   0.60 %   0.54 %
Adjusted allowance for loan losses to loans
(Non-GAAP)
  1.93 %   2.00 %   2.11 %   2.18 %   2.26 %
Nonperforming loans to total loans, gross   0.21 %   0.29 %   0.43 %   0.38 %   0.24 %
Nonperforming assets to total assets   0.41 %   0.69 %   0.82 %   0.79 %   1.13 %
                     
Capital Ratios                    
Tangible equity to tangible assets   9.53 %   9.37 %   9.43 %   9.17 %   9.14 %
Tangible common equity to tangible assets   8.37 %   8.20 %   8.24 %   7.99 %   7.94 %
SmartFinancial Inc.:   Estimated                
Tier 1 leverage   9.92 %   9.66 %   9.74 %   9.45 %   9.31 %
Common equity Tier 1   10.36 %   10.53 %   10.61 %   10.3 %   10.25 %
Tier 1 risk-based capital   11.83 %   12.04 %   12.14 %   11.78 %   11.77 %
Total risk-based capital   12.39 %   12.60 %   12.70 %   12.32 %   12.25 %
SmartBank:   Estimated                
Tier 1 leverage   9.85 %   9.70 %   9.49 %   10.05 %   10.13 %
Common equity Tier 1   11.48 %   11.31 %   11.64 %   12.16 %   12.57 %
Tier 1 risk-based capital   11.48 %   11.31 %   11.64 %   12.16 %   12.57 %
Total risk-based capital   12.05 %   11.87 %   12.20 %   12.97 %   13.43 %


SmartFinancial, Inc. and Subsidiaries        
Condensed Consolidated Financial Information (unaudited)    
(In thousands)        
BALANCE SHEET                    
    Ending Balances
    September 30,
2016
  June 30,
2016
  March 31,
2016
  December 31,
2015
  September 30,
2015
Assets                    
Cash & cash equivalents   $ 58,587     $ 71,737     $ 68,933     $ 79,965     $ 89,936  
Securities available for sale   138,628     142,875     157,560     166,413     152,150  
Other investments   4,451     4,451     4,451     4,451     4,451  
Total investment securities   143,079     147,326     162,011     170,864     156,601  
Total loans   797,403     773,396     740,939     727,716     710,439  
Allowance for loan losses   (4,964 )   (4,720 )   (4,527 )   (4,355 )   (3,828 )
Loans net   792,439     768,676     736,412     723,361     706,611  
Premises and equipment   27,863     25,844     25,680     25,038     25,266  
Foreclosed assets   2,536     4,936     5,133     5,358     9,647  
Goodwill and other intangibles   6,675     6,754     6,848     6,941     7,034  
Other assets   9,371     9,524     11,207     12,436     11,962  
Total assets   $ 1,040,550     $ 1,034,798     $ 1,016,224     $ 1,023,963     $ 1,007,057  
                     
Liabilities                    
Non-interest demand   $ 145,509     $ 145,864     $ 132,481     $ 131,419     $ 123,551  
Interest-bearing demand   152,216     153,166     161,454     149,424     144,012  
Money market and savings   271,259     258,281     241,500     236,901     231,477  
Time deposits   291,857     331,438     323,676     340,739     347,951  
Total deposits   860,842     888,749     859,111     858,483     846,992  
Repurchase agreements   24,202     26,883     20,747     28,068     18,442  
FHLB & other borrowings   43,048     10,091     30,125     34,187     39,278  
Other liabilities   7,287     6,011     4,253     3,048     3,908  
Total liabilities   935,379     931,734     914,236     923,786     908,621  
Shareholders' Equity                    
Preferred stock   12     12     12     12     12  
Common stock   5,897     5,824     5,817     5,806     5,732  
Additional paid-in capital   83,319     82,800     82,717     82,616     81,628  
Retained earnings   15,494     14,153     13,231     12,095     10,942  
Accumulated other comprehensive loss   449     275     211     (352 )   122  
Total shareholders' equity   105,171     103,064     101,988     100,177     98,436  
Total liabilities & shareholders' equity   $ 1,040,550     $ 1,034,798     $ 1,016,224     $ 1,023,963     $ 1,007,057  


SmartFinancial, Inc. and Subsidiaries        
Condensed Consolidated Financial Information (unaudited)    
(In thousands)        
INCOME STATEMENT                    
    Three months ending
    September 30,
2016
  June 30,
2016
  March 31,
2016
  December 31,
2015
  September 30,
2015
Interest Income                    
Loans, including fees   $ 10,111     $ 9,954     $ 9,374     $ 9,875     $ 6,660  
Investment securities   602     665     717     630     458  
Other interest income   51     50     63     62     35  
Total interest income   10,763     10,670     10,154     10,567     7,153  
Interest Expense                    
Deposits   1,065     1,013     961     937     688  
Repurchase agreements   17     15     17     17     7  
FHLB and other borrowings   17     29     45     66     32  
Total interest expense   1,099     1,057     1,023     1,020     727  
Net interest income   9,665     9,613     9,131     9,547     6,426  
Provision for loan losses   261     218     138     567     32  
Net interest income after provision for loan losses   9,404     9,394     8,993     8,980     6,394  
Non-interest income                    
Service charges on deposit accounts   296     259     296     397     237  
Gain on securities   18     98     83          
Gain on sale of loans and other assets   287     197     222     86     (294 )
Gain (loss) on sale of foreclosed assets   130     (4 )   58     332     (86 )
Other non-interest income   472     410     412     340     317  
Total non-interest income   1,204     961     1,071     1,155     174  
                     
Non-interest expense                    
Salaries and employee benefits   4,312     4,486     4,495     4,208     3,187  
Occupancy expense   965     1,137     1,018     910     688  
FDIC premiums   153     151     136     148     144  
Foreclosed asset expense   79     64     57     110     91  
Marketing   179     184     173     100     142  
Data Processing   457     555     341     510     278  
Professional expenses   558     551     455     760     908  
Amortization of other intangibles   80     93     93     93     58  
Service contracts   272     316     286     248     192  
Other non-interest expense   994     936     897     965     805  
Total non-interest expense   8,050     8,472     7,952     8,052     6,493  
Earnings before income taxes   2,558     1,883     2,112     2,083     75  
Income tax expense   947     691     764     901     152  
Net income (loss)   1,611     1,192     1,348     1,182     (77 )
Dividends on preferred stock   270     270     212     30     30  
Net income available to common shareholders   $ 1,341     $ 922     $ 1,136     $ 1,152     $ (107 )
                     
NET INCOME PER COMMON SHARE                    
Basic   $ 0.23     $ 0.16     $ 0.20     $ 0.20     $ (0.03 )
Diluted   0.22     0.15     0.19     0.19     (0.03 )
                     
Weighted average common shares outstanding                    
Basic   5,846     5,820     5,807     5,750     3,937  
Diluted   6,108     6,132     6,108     6,037     4,244  


SmartFinancial, Inc. and Subsidiaries                    
Condensed Consolidated Financial Information (unaudited)                
(In thousands)                        
YIELD ANALYSIS                        
    Three Months Ended September 30,
2016
  Three months ended June 30,
2016
  Three Months Ended September 30,
2015
    Average       Yield/   Average       Yield/   Average       Yield/
    Balance   Interest *   Cost*   Balance   Interest *   Cost*   Balance   Interest *   Cost*
Assets                                    
Loans   $ 788,585     $ 10,112     5.09 %   $ 751,425     $ 9,955     5.26 %   $ 489,926     $ 6,661     5.39 %
                                                       
Investment securities and interest
bearing due froms
  159,683     615     1.53 %   171,526     678     1.57 %   107,061     449     1.66 %
Federal funds and other   5,442     51     3.72 %   5,719     50     3.47 %   33,539     44     0.52 %
Total interest-earning assets   953,710     10,778     4.48 %   928,670     10,683     4.56 %   630,526     7,154     4.50 %
Non-interest-earning assets   66,735             65,380             72,898          
 
Total assets   $ 1,020,445             $ 994,050             $ 703,424          
                                     
Liabilities and Stockholders’ Equity                                    
Interest-bearing demand deposits   $ 147,102     $ 73     0.20 %   $ 153,881     $ 69     0.18 %   $ 114,727     $ 45     0.16 %
Money market and savings deposits   268,307     283     0.42 %   248,401     299     0.48 %   169,916     176     0.41 %
Time deposits   312,889     709     0.90 %   321,244     645     0.80 %   234,017     468     0.79 %
Total interest-bearing deposits   728,298     1,065     0.58 %   723,526     1,013     0.56 %   518,660     689     0.53 %
Securities sold under agreement to repurchase   22,471     17     0.30 %   19,742     15     0.30 %   11,095     7     0.25 %
Federal Home Loan Bank advances
and other borrowings
  11,187     17     0.60 %   11,287     29     1.02 %   13,806     31     0.89 %
Total interest-bearing liabilities   761,956     1,099     0.57 %   754,555     1,057     0.56 %   543,561     727     0.53 %
Noninterest-bearing deposits   148,178             132,765             88,468          
Other liabilities   6,194             4,111             2,141          
Total liabilities   916,328             891,431             634,170          
Shareholders’ equity   104,117             102,619             69,254          
Total liabilities and stockholders’ equity   $ 1,020,445             $ 994,050             $ 703,424          
                                     
Net interest income, taxable equivalent       $ 9,679             $ 9,626             $ 6,427      
Interest rate spread           3.91 %           4.00 %           3.97 %
Tax equivalent net interest margin           4.03 %           4.11 %           4.04 %
                                     
Percentage of average interest-earning
assets to average interest-bearing liabilities
          125.17 %           123.08 %           116.0 %
Percentage of average equity to average assets           10.20 %           10.32 %           9.85 %
* Taxable equivalent basis                                    

 

SmartFinancial, Inc. and Subsidiaries        
Condensed Consolidated Financial Information (unaudited)        
(In thousands)        
    Three months ending
    September 30,
2016
  June 30,
2016
  March 31,
2016
  December 31,
2015
  September 30,
2015
Operating Earnings                    
Net income (loss) (GAAP)   $ 1,611     $ 1,192     $ 1,348     $ 1,182     $ (77 )
Purchased loan accounting adjustments*   (450 )   (597 )   (541 )   (818 )   (412 )
Securities (gains) losses   (18 )   (98 )   (83 )        
Merger and conversion costs       153     105     230     748  
Foreclosed assets (gains) losses   (130 )   4     (58 )   (332 )   86  
Income tax effect of adjustments   388     250     221     352     (161 )
Net operating earnings (Non-GAAP)   1,401     904     992     614     184  
Dividends on preferred stock   (270 )   (270 )   (212 )   (30 )   (30 )
Net operating earnings available to common
shareholders (Non-GAAP)
  $ 1,131     $ 634     $ 780     $ 584     $ 154  
Net operating earnings per common share:                    
Basic   $ 0.19     $ 0.11     $ 0.13     $ 0.10     $ 0.04  
Diluted   0.19     0.10     0.13     0.10     0.04  
                     
Operating Efficiency Ratio                    
Efficiency ratio (GAAP)   74.06 %   80.13 %   77.95 %   75.24 %   98.38 %
Adjustment for amortization of intangibles   (0.99 )%   (1.10 )%   (1.17 )%   (1.16 )%   (0.90 )%
Adjustment for taxable equivalent yields   (0.18 )%   (0.16 )%   (0.17 )%   (0.26 )%   (0.02 )%
Adjustment for purchased loan accounting adjustments*   5.59 %   7.05 %   6.81 %   10.16 %   6.34 %
Adjustment for securities (gains) losses   0.22 %   1.16 %   1.05 %   %   %
Adjustment for merger and conversion costs   %   (1.81 )%   (1.33 )%   (2.85 )%   (11.51 )%
Adjustment for OREO (gains) losses   1.61 %   (0.05 )%   0.73 %   4.13 %   (1.32 )%
Operating efficiency ratio (Non-GAAP)   80.31 %   85.22 %   83.87 %   85.26 %   90.97 %
                     
Adjusted Allowance for Loan Losses                    
Allowance for loan losses (GAAP)   $ 4,964     $ 4,720     $ 4,527     $ 4,355     $ 3,828  
Net acquisition accounting fair value discounts to loans   10,742     11,053     11,381     11,781     12,520  
Adjusted allowance for loan losses (Non-GAAP)   15,706     15,773     15,908     16,136     16,348  
Loans (excluding acquisition accounting fair
value discounts)
  813,109     789,169     752,321     739,497     722,959  
Adjusted allowance for loan losses to loans (Non-GAAP)   1.93 %   2.00 %   2.11 %   2.18 %   2.26 %
                     
Tangible Common Equity                    
Shareholders' equity (GAAP)   $ 105,171     $ 103,064     $ 101,988     $ 100,177     $ 98,436  
Less preferred stock & preferred stock paid in capital   12,000     12,000     12,000     12,000     12,000  
Less goodwill and other intangible assets   6,675     6,754     6,848     6,941     7,034  
Tangible common equity (Non-GAAP)   $ 86,496     $ 84,310     $ 83,140     $ 81,236     $ 79,402  

*Consists of ASC 310-30 accretion above (below) contractual loan income and ASC 310-20 accretion


Investor Contacts
Billy Carroll
President & CEO
865.868.0613

Frank Hughes
Executive Vice President
Investor Relations
423.385.3009

Media Contact
Kelley Fowler
First Vice President, Public Relations & Marketing
SmartBank
865.868.0611
kfowler@smartbank.net

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