SmartFinancial, Inc. reported net income of $9.6 million, or $0.57 per diluted common share, for the fourth quarter of 2024. This marks an increase from $6.2 million, or $0.37 per diluted common share, in the fourth quarter of 2023, reflecting sustained profitability growth.
Net interest income for the quarter was $37.8 million, and the tax equivalent net interest margin expanded to 3.24%, an increase of 13 basis points from the previous quarter. This expansion was primarily influenced by a decreased cost of interest-bearing deposits.
The company achieved a 20% annualized loan and lease growth rate in Q4 2024, with total loans reaching $3.906 billion. Total assets grew to $5.28 billion, and total deposits increased by $418.6 million to $4.686 billion. Nonperforming loans and leases decreased to 0.20% of total loans, indicating stable credit quality.
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