SmartBank earnings rise in third quarter
SmartFinancial, Inc., the parent company of SmartBank, boosted its third quarter profits by 5 percent from a year ago to $1.7 million.
Net income available to common shareholders totaled $1.7 million for third quarter of 2017, up 26 percent from the previous year.
The pending acquisition of Captstone Bancshares by SmartBank will incur some merger-related expenses in the next two quarters, but the purchase will swell the bank’s assets to $1.6 billion and position SmartBank for higher income in the future, according to SmartFinancial’s Chairman Miller Welborn.
“The company’s larger scale will lead to increased efficiencies and should result in a higher return on assets by the second quarter of 2018,” Welborn said Monday in announcing the results. “We believe by expanding our geographic footprint we are positioning the company as a ‘partner of choice’ among other community banks in the Southeast.”