SmartFinancial, Inc. announced net income of $11.3 million, or $0.67 per diluted common share, for the first quarter of 2025. This represents an increase from $9.4 million, or $0.55 per diluted common share, in the first quarter of 2024, indicating continued earnings growth.
Net interest income for the quarter was $38.2 million, showing a slight increase from the prior quarter. The tax equivalent net interest margin was 3.21%, a minor decrease of 3 basis points from the previous quarter, influenced by a decreased yield on interest-earning assets partially offset by lower cost of interest-bearing liabilities.
The company achieved a 9% annualized loan growth rate, with total loans and leases reaching $3.992 billion. Total assets grew to $5.41 billion, and total deposits increased by $122.2 million to $4.808 billion. Credit quality remained stable, with nonperforming assets at 0.19% of total assets.
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