SmartBank boosts quarterly earnings

The parent company of SmartBank reported record earnings in the third quarter from continuing acquisitions from the Knoxville-based bank.

SmartFinancial, Inc., which merged with the former Cornerstone Bank in Chattanooga in 2015, said Tuesday it earned $4.3 million, or 34 cents per diluted share in the third quarter. A year earlier, Smart Financial earned $1.7 million, or 20 cents per share.

"As we execute on our growth strategy, we continue to make strides on building a very solid foundation for our company," Smart Financial CEO Billy Carroll said. "We had another successful conversion, as we integrated and rebranded the middle Tennessee and northern Alabama offices of Tennessee Bancshares , Inc. while planning for our upcoming acquisition of East Tennessee-based Foothills Bancorp, Inc."

SmartBank expects to close on its purchase of Foothills Bancorp.