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SmartFinancial (SMBK) investor relations material
SmartFinancial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $11.7M ($0.69 per diluted share), up 46% year-over-year and 4% sequentially, with five consecutive quarters of positive operating leverage.
Total assets reached $5.5B, with annualized organic loan growth of 13% and deposit growth of 5%, both ahead of expectations.
Tangible book value per share grew to $24.42 (including AOCI), up 13% annualized quarter over quarter.
Asset quality remained strong, with nonperforming assets at 0.19% of total assets and net charge-offs at 0.01% annualized.
Focus remains on deepening presence in existing Southeast markets and recruiting top talent, with new hires and high employee satisfaction.
Financial highlights
Net interest income rose to $40.3M, up 6% sequentially and 23% year-over-year; net interest margin increased to 3.29%.
Noninterest income increased to $8.9M, up 4% sequentially and 17% year-over-year, driven by insurance, mortgage banking, and capital markets.
Noninterest expenses were $32.6M, at the low end of guidance, mainly from merit and incentive compensation.
Provision for credit losses was $2.4M, reflecting higher loan growth.
Operating efficiency ratio improved to 65.7% from 68.5% in 1Q25 and 72.1% in 2Q24.
Outlook and guidance
Management expects continued organic loan and deposit growth, with margin expansion of 2–3 bps per quarter in H2 2025 and Q3 margin forecasted at 3.3%–3.35%.
Noninterest income projected at ~$9M and noninterest expense at $33.8M–$34M for Q3; salary expenses to rise due to new hires.
Revenue growth is expected to outpace expense growth, with continued focus on positive operating leverage into 2026.
ROA target of 1% remains in sight, with expectations to reach mid-90s bps in the next quarter.
Interest rate risk and liquidity are actively managed, with risk metrics within policy limits.
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