SmartBank boosts 4th quarter income
SmartFinancial Inc., on Monday reported higher fourth-quarter earnings as the Knoxville-based banking company boosted loan volume by 17% over last year.
The parent company of Smart Bank, which operates one of Chattanooga’s biggest banks, reported fourth quarter operating earnings of $12.9 million, or 76 cents a share, up from $8.7 million, or 52 cents per share, earned in the same period a year ago.
The results matched Wall Street expectations.
“We wrapped-up 2022 with another record revenue quarter while continuing to gain operating leverage and build on the great work being done to diversify revenue, build out our ancillary lines of business, and maintain outstanding credit metrics,” SmartFinancial CEO Billy Carroll said in a report released after the market closed Monday. “The core momentum our team is building is outstanding and will position us well as we enter 2023.”