SmartFinancial Q2 net income beats estimates

Overview

• SmartFinancial Q2 net income rises to $11.7 mln, beating analyst expectations, per LSEG data

• Company achieves 13% annualized quarter-over-quarter growth in net organic loans and leases

• Tangible book value per share grows 13.7% quarter-over-quarter

Outlook

• Company does not provide specific future revenue or EPS guidance in its press release

Result Drivers

• LOAN GROWTH - SmartFinancial achieved a 13% annualized growth in net organic loans and leases, contributing to increased earnings

• ASSET QUALITY - Credit quality remained solid with nonperforming assets at 0.19% of total assets

• BOOK VALUE - Tangible book value per share increased by 13.7% quarter-over-quarter, reflecting financial strength

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for SmartFinancial Inc is $35.75, about 1.5% below its July 18 closing price of $36.27

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nBw1RGfqWa