SmartFinancial, Inc. announced net income of $9.1 million, or $0.54 per diluted common share, for the third quarter of 2024. This represents a notable increase from $2.1 million, or $0.12 per diluted common share, reported in the third quarter of 2023, demonstrating significant year-over-year improvement in profitability.
The company's net interest income reached $35.0 million for the quarter, contributing to a tax equivalent net interest margin of 3.11%, which expanded by 14 basis points from the prior quarter. This margin expansion was primarily driven by an increased yield on interest-earning assets and a decrease in the cost of interest-bearing deposits.
SmartFinancial reported strong loan and lease growth at a 16% annualized rate for the quarter, with total loans and leases reaching $3.717 billion. Total assets stood at $4.91 billion, and total deposits increased by $54.6 million to $4.322 billion. Credit quality remained solid, with nonperforming loans and leases at 0.26% of total loans and leases.
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