SmartFinancial Inc., the parent company of SmartBank in Knoxville and Chattanooga, boosted its first quarter income to $1.3 million, up from $1.2 million the previous quarter.
SmartFinancial was formed last summer with the merger of Cornerstone Bank in Chattanooga with the Knoxville-based SmartBank.
Net income available to common shareholders totaled $1.1 million, or 20 cents per share, in the first quarter of 2016.
"We are pleased with these results as our newly combined company continues to build momentum and realize greater efficiencies," SmartBank CEO Billy Caroll said. "It's powerful to move past internally focused merger work and set the stage for growth."
Annualized return on average assets equaled 0.54 percent in the first quarter of 2016, up from 0.47 percent in the fourth quarter of 2015. Annualized net loan growth was approximately 6.4 percent in the first quarter.
SmartBank Chairman Miller Welborn said the board "could not be more enthusiastic about the brand, the vision and the talent of this team.
"We have a strong story to tell and have every confidence that we'll achieve the 'sweet spot' for community banking, which will include being a best place to work, a great place to bank and especially rewarding for our shareholders," he said.