The parent company of SmartBank more than doubled its second quarter earnings from a year ago after completing its merger last fall with Capstone Bank in Alabama to boost total assets to more than $2 billion.
SmartFinancial, Inc., the Knoxville-based bank holding company that acquired the former Cornerstone Bank in Chattanooga, announced today that it earned $3.9 million in net income for the second quarter of 2018, compared to $1.6 million a year ago. Diluted net income per share in the spring quarter totaled 32 cents per share, compared to 20 cents per share a year earlier.
Net operating earnings, which exclude securities gains and merger expenses, totaled $4.8 million in the second quarter of 2018 compared to $2.1 million in the second quarter of 2017.
"Our team has done a great job this year with the integration of Alabama-based Capstone in the first quarter, closing the acquisition of Tennessee Bancshares and begin planning of its integration in the second quarter, and announcing our planned Foothills Bancorp acquisition," SmartFinancial CEO Billy Carroll said. "All of these accomplishments (were made) while organically growing and improving the core bank."
SmartFinancial's Chairman, Miller Welborn said "momentum is very positive in all areas of the bank.
"I am proud of the way we are executing on the recent acquisitions and our new markets are proving to be healthy," Welborn said.