SmartFinancial Full Year 2023 Earnings: EPS Misses Expectations

SmartFinancial (NYSE:SMBK) Full Year 2023 Results

Key Financial Results

• Revenue: US$149.4m (down 7.3% from FY 2022).
• Net income: US$28.6m (down 34% from FY 2022).
• Profit margin: 19% (down from 27% in FY 2022). The decrease in margin was primarily driven by lower revenue.
• EPS: US$1.70 (down from US$2.57 in FY 2022).

SMBK Banking Performance Indicators

• Net interest margin (NIM): 2.97% (down from 3.20% in FY 2022).
• Cost-to-income ratio: 74.2% (up from 64.3% in FY 2022).
• Non-performing loans: 0.24% (up from 0.09% in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

SmartFinancial EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.0%.

In the last 12 months, the only revenue segment was Provides a Variety of Financial Services to Individuals and Corporate Customers contributing US$149.4m. The largest operating expense was General & Administrative costs, amounting to US$91.9m (76% of total expenses). Explore how SMBK's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 4.7% from a week ago.

Risk Analysis

You still need to take note of risks, for example - SmartFinancial has 1 warning sign we think you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.