Reliant Bancorp, Inc. (RBNC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

Reliant Bancorp, Inc. Reports Record Results for Fourth Quarter and 2018

Fourth Quarter Net Income Up 257.0% to $4.1 Million - EPS Rises 176.9% to $0.36 Per Fully Diluted Share

Loans Increased 59.4% to a Record $1.2 Billion - Deposits Up 62.7% to a Record $1.4 Billion

BRENTWOOD, Tenn.--(BUSINESS WIRE)--January 23, 2019--Reliant Bancorp, Inc. (“Reliant Bancorp” or the “Company”) (Nasdaq: RBNC), the parent company for Reliant Bank (“Reliant”), announced record results, including growth in earnings, loans, deposits and assets for the fourth quarter and year ended December 31, 2018.

Fourth quarter net income attributable to common shareholders rose 257.0% to $4.1 million, and net income per fully diluted share increased 176.9% to $0.36, compared to $1.2 million, or $0.13 per fully diluted share, for the fourth quarter of 2017. Our net income attributable to common shareholders for 2018 rose 94.4% to $14.1 million and net income per fully diluted share increased 39.8% to $1.23 per fully diluted share, compared to $7.2 million, or $0.88 per fully diluted share in 2017. The 2018 results included approximately 2.4 million additional shares outstanding related to the merger with Community First, Inc. that closed on January 1, 2018, and merger-related expenses of approximately $2.8 million during 2018.

“We are pleased to report record earnings for the fourth quarter and full year for our company, a testament to the hard work and dedication of our associates in Middle Tennessee and Chattanooga," stated DeVan D. Ard, Jr., Chairman, President and Chief Executive Officer. "Our earnings growth was driven by strong loan demand, a stable net interest margin, superior asset quality, and solid core deposit growth at our new banking centers in Murfreesboro and Chattanooga. Loan production remained strong in the fourth quarter. Though seasonally lower than the third quarter, our experienced lending team generated $104 million in new loans, a 23% increase over the fourth quarter of 2017.

“The Nashville economy maintained its strong momentum through the end of the year. The unemployment rate of 3.1% is below both the state and national levels, quarterly new home starts and closings were up in the third quarter, and job growth continues at a brisk pace. In the fourth quarter alone, major new jobs announcements came from Amazon (5,000) and E&Y (600). The Nashville area nonfarm employment now stands at just under 1.0 million. Business confidence remains high, and we expect loan demand to stay robust through at least the first half of 2019 due to these trends, despite higher interest rates,” concluded Ard.

Key Highlights

• Net income attributable to common shareholders was flat at $4.1 million, or $0.36 per fully diluted share, in the fourth quarter of 2018 compared with $4.1 million, or $0.36 per fully diluted share, in the third quarter of 2018. Excluding merger related charges, purchase accounting adjustments, and the deferred tax revaluation for 2017, net income attributable to common shareholders (non-GAAP) rose 68.2% to $4.0 million compared to $2.4 million for the fourth quarter of 2017. Excluding merger related charges, purchase accounting adjustments, and the deferred tax revaluation for 2017, earnings per fully diluted share attributable to common shareholders rose 34.6% to $0.35 per fully diluted share in the fourth quarter of 2018 compared to the fourth quarter of 2017. For the year ended December 31, 2018, net income, excluding merger related charges, purchase accounting adjustments, and the deferred tax revaluation for 2017, attributable to common shareholders rose 81.5% to $15.7 million, and was up 30.5% to $1.37 per fully diluted shares, compared to $8.7 million, or $1.05 per fully diluted share, for the same period in 2017.