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• | Return on average assets of 0.85 percent and net operating return on average assets (non-GAAP) of 0.98 percent. |
• | Yield on earning assets, taxable equivalent, of 5.03 percent, an increase of 0.33 percentage points from a year ago. |
• | Noninterest expense to average assets of 2.90 percent, a decrease of 0.44 percentage points from a year ago. |
• | Completed subordinated debt offering of $40 million during the quarter. |
SmartFinancial, Inc. and Subsidiary | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(In thousands except per share data) | ||||||||||||||||||||
As of and for the three months ending | ||||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||
Selected Performance Ratios (Annualized) | ||||||||||||||||||||
Return on average assets | 0.85 | % | 0.81 | % | 0.80 | % | 0.01 | % | 0.59 | % | ||||||||||
Net operating return on average assets (Non-GAAP) | 0.98 | % | 1.00 | % | 0.89 | % | 0.99 | % | 0.63 | % | ||||||||||
Return on average shareholder equity | 6.86 | % | 6.76 | % | 6.25 | % | 0.08 | % | 4.91 | % | ||||||||||
Return on average tangible common equity (Non-GAAP) | 9.44 | % | 8.96 | % | 8.10 | % | 0.10 | % | 5.20 | % | ||||||||||
Net operating return on average shareholder equity (Non-GAAP) | 7.88 | % | 8.33 | % | 6.97 | % | 7.98 | % | 5.30 | % | ||||||||||
Net operating return on average tangible common equity (Non-GAAP) | 10.84 | % | 11.04 | % | 9.04 | % | 9.94 | % | 5.61 | % | ||||||||||
Net interest income / average assets | 3.70 | % | 4.03 | % | 3.93 | % | 4.09 | % | 3.81 | % | ||||||||||
Yield on earning assets | 5.02 | % | 5.34 | % | 5.02 | % | 5.04 | % | 4.69 | % | ||||||||||
Yield on earning assets, TE | 5.03 | % | 5.34 | % | 5.03 | % | 5.05 | % | 4.70 | % | ||||||||||
Cost of interest-bearing liabilities | 1.15 | % | 1.00 | % | 0.82 | % | 0.70 | % | 0.68 | % | ||||||||||
Net interest margin | 4.11 | % | 4.53 | % | 4.36 | % | 4.49 | % | 4.16 | % | ||||||||||
Net interest margin, TE | 4.11 | % | 4.54 | % | 4.36 | % | 4.49 | % | 4.17 | % | ||||||||||
Noninterest income / average assets | 0.36 | % | 0.33 | % | 0.34 | % | 0.42 | % | 0.43 | % | ||||||||||
Noninterest expense / average assets | 2.90 | % | 3.15 | % | 3.09 | % | 3.35 | % | 3.34 | % | ||||||||||
Efficiency ratio | 71.37 | % | 72.34 | % | 72.39 | % | 74.26 | % | 78.67 | % | ||||||||||
Operating efficiency ratio (Non-GAAP) | 67.21 | % | 64.82 | % | 69.12 | % | 60.64 | % | 76.72 | % | ||||||||||
Pre-tax pre-provision income / average assets | 1.23 | % | 1.21 | % | 1.18 | % | 1.16 | % | 0.90 | % | ||||||||||
Per Common Share | ||||||||||||||||||||
Net income, basic | $ | 0.34 | $ | 0.32 | $ | 0.30 | $ | — | $ | 0.20 | ||||||||||
Net income, diluted | 0.34 | 0.32 | 0.30 | — | 0.20 | |||||||||||||||
Net operating earnings, basic (Non-GAAP) | 0.39 | 0.40 | 0.34 | 0.35 | 0.22 | |||||||||||||||
Net operating earnings, diluted (Non-GAAP) | 0.39 | 0.39 | 0.34 | 0.34 | 0.22 | |||||||||||||||
Book value | 19.74 | 19.48 | 18.60 | 18.46 | 16.57 | |||||||||||||||
Tangible book value (Non-GAAP) | 14.38 | 14.09 | 14.09 | 13.90 | 15.67 | |||||||||||||||
Common shares outstanding | 12,750 | 12,705 | 11,234 | 11,153 | 8,243 | |||||||||||||||
SmartFinancial, Inc. and Subsidiary | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(In thousands except per share data) | ||||||||||||||||||||
As of and for the three months ending | ||||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||
Composition of Loans | ||||||||||||||||||||
Real estate commercial | ||||||||||||||||||||
owner occupied | $ | 364,164 | $ | 360,294 | $ | 288,666 | $ | 281,297 | $ | 210,489 | ||||||||||
non-owner occupied | 400,275 | 385,536 | 375,028 | 361,691 | 237,131 | |||||||||||||||
Real estate commercial, total | 764,439 | 745,830 | 663,694 | 642,988 | 447,620 | |||||||||||||||
Commercial & industrial | 289,732 | 279,341 | 256,333 | 238,087 | 119,782 | |||||||||||||||
Real estate construction & development | 166,089 | 179,361 | 142,702 | 135,409 | 98,212 | |||||||||||||||
Real estate residential | 351,948 | 355,755 | 299,148 | 293,457 | 199,704 | |||||||||||||||
Other loans | 12,986 | 15,148 | 12,380 | 13,317 | 6,361 | |||||||||||||||
Total loans | $ | 1,585,194 | $ | 1,575,435 | $ | 1,374,257 | $ | 1,323,258 | $ | 871,679 | ||||||||||
Asset Quality and Additional Loan Data | ||||||||||||||||||||
Nonperforming loans | $ | 2,604 | $ | 1,730 | $ | 1,931 | $ | 1,764 | $ | 1,264 | ||||||||||
Foreclosed assets | 2,941 | 3,524 | 2,665 | 3,254 | 2,888 | |||||||||||||||
Total nonperforming assets | $ | 5,545 | $ | 5,254 | $ | 4,596 | $ | 5,018 | $ | 4,152 | ||||||||||
Restructured loans not included in nonperforming loans | $ | 369 | $ | 660 | $ | 40 | $ | 41 | $ | 42 | ||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.06 | % | 0.02 | % | 0.02 | % | (0.01 | )% | (0.02 | )% | ||||||||||
Allowance for loan losses to loans | 0.45 | % | 0.45 | % | 0.47 | % | 0.44 | % | 0.62 | % | ||||||||||
Nonperforming loans to total loans, gross | 0.16 | % | 0.11 | % | 0.14 | % | 0.13 | % | 0.15 | % | ||||||||||
Nonperforming assets to total assets | 0.27 | % | 0.25 | % | 0.26 | % | 0.29 | % | 0.37 | % | ||||||||||
Acquisition accounting discounts to loans | 19,500 | 20,748 | 16,323 | 17,862 | 8,167 | |||||||||||||||
Accretion income on acquired loans | 1,208 | 2,583 | 1,274 | 2,411 | 888 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||
Equity to Assets | 12.27 | % | 12.00 | % | 11.87 | % | 11.96 | % | 12.03 | % | ||||||||||
Tangible equity to tangible assets (Non-GAAP) | 9.25 | % | 8.98 | % | 9.26 | % | 9.28 | % | 11.45 | % | ||||||||||
Tangible common equity to tangible assets (Non-GAAP) | 9.25 | % | 8.98 | % | 9.26 | % | 9.28 | % | 11.45 | % | ||||||||||
SmartFinancial, Inc.: | Estimated1 | |||||||||||||||||||
Tier 1 leverage | 9.26 | % | 9.82 | % | 9.59 | % | 10.48 | % | 11.46 | % | ||||||||||
Common equity Tier 1 | 10.70 | % | 10.83 | % | 10.84 | % | 10.59 | % | 13.37 | % | ||||||||||
Tier 1 capital | 10.70 | % | 10.83 | % | 10.84 | % | 10.59 | % | 13.37 | % | ||||||||||
Total capital | 13.34 | % | 11.25 | % | 11.27 | % | 10.98 | % | 13.93 | % | ||||||||||
SmartBank: | Estimated1 | |||||||||||||||||||
Tier 1 leverage | 10.08 | % | 10.43 | % | 10.17 | % | 11.26 | % | 10.57 | % | ||||||||||
Common equity Tier 1 | 11.65 | % | 11.41 | % | 11.12 | % | 10.90 | % | 12.30 | % | ||||||||||
Tier 1 risk-based capital | 11.65 | % | 11.41 | % | 11.12 | % | 10.90 | % | 12.30 | % | ||||||||||
Total risk-based capital | 12.06 | % | 11.83 | % | 11.56 | % | 11.30 | % | 12.86 | % |
SmartFinancial, Inc. and Subsidiary | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
BALANCE SHEET | ||||||||||||||||||||
Ending Balances | ||||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash & cash equivalents | $ | 130,104 | $ | 170,235 | $ | 96,710 | $ | 113,027 | $ | 84,098 | ||||||||||
Securities available for sale | 173,039 | 156,577 | 156,210 | 151,945 | 115,535 | |||||||||||||||
Other investments | 10,735 | 8,273 | 7,808 | 6,431 | 6,081 | |||||||||||||||
Total loans | 1,585,194 | 1,575,435 | 1,374,257 | 1,323,258 | 871,679 | |||||||||||||||
Allowance for loan losses | (7,156 | ) | (7,074 | ) | (6,477 | ) | (5,860 | ) | (5,393 | ) | ||||||||||
Loans, net | 1,578,038 | 1,568,361 | 1,367,780 | 1,317,398 | 866,286 | |||||||||||||||
Premises and equipment | 52,427 | 52,203 | 44,202 | 43,000 | 33,778 | |||||||||||||||
Foreclosed assets | 2,941 | 3,524 | 2,665 | 3,254 | 2,888 | |||||||||||||||
Goodwill and other intangibles | 68,254 | 68,449 | 50,660 | 50,837 | 7,414 | |||||||||||||||
Cash surrender value of life insurance | 22,088 | 21,944 | 21,797 | 21,647 | 11,484 | |||||||||||||||
Other assets | 13,320 | 12,666 | 12,593 | 13,232 | 8,258 | |||||||||||||||
Total assets | $ | 2,050,946 | $ | 2,062,232 | $ | 1,760,425 | $ | 1,720,771 | $ | 1,135,822 | ||||||||||
Liabilities | ||||||||||||||||||||
Noninterest demand | $ | 301,197 | $ | 301,318 | $ | 276,249 | $ | 220,520 | $ | 185,386 | ||||||||||
Interest-bearing demand | 267,146 | 246,942 | 278,965 | 231,644 | 156,953 | |||||||||||||||
Money market and savings | 570,172 | 632,518 | 491,243 | 543,645 | 306,358 | |||||||||||||||
Time deposits | 568,796 | 535,879 | 453,276 | 442,774 | 311,490 | |||||||||||||||
Total deposits | 1,707,311 | 1,716,657 | 1,499,733 | 1,438,583 | 960,187 | |||||||||||||||
Repurchase agreements | 16,787 | 18,635 | 15,968 | 24,055 | 26,542 | |||||||||||||||
FHLB & other borrowings | 25,324 | 72,040 | 30,000 | 43,600 | 6,000 | |||||||||||||||
Subordinated debt | 39,158 | — | — | — | — | |||||||||||||||
Other liabilities | 10,724 | 7,413 | 5,775 | 8,681 | 6,505 | |||||||||||||||
Total liabilities | 1,799,304 | 1,814,745 | 1,551,476 | 1,514,919 | 999,234 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Common stock | 12,750 | 12,705 | 11,234 | 11,152 | 8,243 | |||||||||||||||
Additional paid-in capital | 208,999 | 208,513 | 174,981 | 174,009 | 107,065 | |||||||||||||||
Retained earnings | 33,559 | 29,235 | 25,303 | 21,889 | 21,654 | |||||||||||||||
Accumulated other comprehensive loss | (3,666 | ) | (2,966 | ) | (2,569 | ) | (1,198 | ) | (374 | ) | ||||||||||
Total shareholders' equity | 251,642 | 247,487 | 208,949 | 205,852 | 136,588 | |||||||||||||||
Total liabilities & shareholders' equity | $ | 2,050,946 | $ | 2,062,232 | $ | 1,760,425 | $ | 1,720,771 | $ | 1,135,822 |
SmartFinancial, Inc. and Subsidiary | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
INCOME STATEMENT | ||||||||||||||||||||
Three months ending | ||||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||
Interest Income | ||||||||||||||||||||
Loans, including fees | $ | 21,572 | $ | 21,652 | $ | 18,228 | $ | 16,357 | $ | 11,491 | ||||||||||
Investment securities and interest bearing due froms | 1,326 | 1,198 | 1,049 | 770 | 740 | |||||||||||||||
Other interest income | 170 | 144 | 101 | 117 | 86 | |||||||||||||||
Total interest income | 23,068 | 22,993 | 19,378 | 17,244 | 12,317 | |||||||||||||||
Interest Expense | ||||||||||||||||||||
Deposits | 3,968 | 3,238 | 2,401 | 1,806 | 1,373 | |||||||||||||||
Repurchase agreements | 12 | 11 | 13 | 15 | 15 | |||||||||||||||
Subordinated debt | 19 | — | — | — | — | |||||||||||||||
FHLB and other borrowings | 209 | 207 | 153 | 81 | 5 | |||||||||||||||
Total interest expense | 4,208 | 3,455 | 2,567 | 1,902 | 1,393 | |||||||||||||||
Net interest income | 18,860 | 19,538 | 16,811 | 15,342 | 10,924 | |||||||||||||||
Provision for loan losses | 302 | 617 | 689 | 442 | 30 | |||||||||||||||
Net interest income after provision for loan losses | 18,558 | 18,921 | 16,122 | 14,900 | 10,894 | |||||||||||||||
Noninterest income | ||||||||||||||||||||
Service charges on deposit accounts | 623 | 557 | 578 | 524 | 294 | |||||||||||||||
(Loss) gain on securities | — | (1 | ) | — | — | 144 | ||||||||||||||
Gain on sale of loans and other assets | 519 | 327 | 325 | 366 | 224 | |||||||||||||||
Interchange and debit card transaction fees | 144 | 121 | 146 | 304 | 233 | |||||||||||||||
Other noninterest income | 570 | 579 | 406 | 386 | 352 | |||||||||||||||
Total noninterest income | 1,856 | 1,583 | 1,455 | 1,580 | 1,247 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Salaries and employee benefits | 7,934 | 7,649 | 7,176 | 6,272 | 5,035 | |||||||||||||||
Occupancy expense | 1,638 | 1,522 | 1,533 | 1,217 | 1,114 | |||||||||||||||
FDIC premiums | 158 | 317 | 102 | 150 | 102 | |||||||||||||||
Foreclosed asset expense | 105 | 245 | 189 | 59 | 47 | |||||||||||||||
Marketing | 228 | 215 | 185 | 167 | 177 | |||||||||||||||
Data processing | 407 | 600 | 526 | 583 | 483 | |||||||||||||||
Professional expenses | 922 | 918 | 898 | 602 | 472 | |||||||||||||||
Amortization of other intangibles | 248 | 229 | 188 | 155 | 78 | |||||||||||||||
Service contracts | 507 | 492 | 479 | 426 | 363 | |||||||||||||||
Merger expense | 838 | 1,123 | 498 | 1,694 | 303 | |||||||||||||||
Other noninterest expense | 1,800 | 1,968 | 1,448 | 1,242 | 1,400 | |||||||||||||||
Total noninterest expense | 14,785 | 15,278 | 13,222 | 12,567 | 9,574 | |||||||||||||||
Earnings before income taxes | 5,629 | 5,226 | 4,355 | 3,913 | 2,567 | |||||||||||||||
Income tax expense | 1,305 | 1,295 | 940 | 3,875 | 882 | |||||||||||||||
Net income | $ | 4,324 | $ | 3,931 | $ | 3,415 | $ | 38 | $ | 1,685 | ||||||||||
NET INCOME PER COMMON SHARE | ||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.32 | $ | 0.30 | $ | — | $ | 0.20 | ||||||||||
Diluted | 0.34 | 0.32 | 0.30 | — | 0.20 | |||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 12,719 | 12,201 | 11,211 | 10,552 | 8,235 | |||||||||||||||
Diluted | 12,817 | 12,320 | 11,324 | 10,709 | 8,333 |
SmartFinancial, Inc. and Subsidiary | |||||||||||||||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
YIELD ANALYSIS | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2018 | Three Months Ended June 30, 2018 | Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||||||
Balance | Interest1 | Cost1 | Balance | Interest1 | Cost1 | Balance | Interest1 | Cost1 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Loans | $ | 1,577,222 | $ | 21,573 | 5.43 | % | $ | 1,508,351 | $ | 21,654 | 5.76 | % | $ | 868,357 | $ | 11,496 | 5.25 | % | |||||||||||||||
Investment securities and interest bearing due froms | 232,041 | 1,361 | 2.33 | % | 211,587 | 1,218 | 2.31 | % | 142,467 | 757 | 2.11 | % | |||||||||||||||||||||
Federal funds and other | 13,033 | 170 | 5.17 | % | 9,616 | 144 | 6.01 | % | 31,864 | 86 | 1.07 | % | |||||||||||||||||||||
Total interest-earning assets | 1,822,296 | 23,104 | 5.03 | % | 1,729,554 | 23,016 | 5.34 | % | 1,042,305 | 12,339 | 4.70 | % | |||||||||||||||||||||
Non-interest-earning assets | 198,215 | 194,517 | 96,147 | ||||||||||||||||||||||||||||||
Total assets | $ | 2,020,511 | $ | 1,924,071 | $ | 1,138,452 | |||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 239,220 | $ | 283 | 0.47 | % | $ | 244,208 | $ | 265 | 0.44 | % | $ | 153,838 | $ | 118 | 0.30 | % | |||||||||||||||
Money market and savings deposits | 615,334 | 1,595 | 1.03 | % | 597,353 | 1,418 | 0.95 | % | 329,933 | 519 | 0.62 | % | |||||||||||||||||||||
Time deposits | 564,945 | 2,090 | 1.47 | % | 510,445 | 1,555 | 1.22 | % | 311,668 | 736 | 0.94 | % | |||||||||||||||||||||
Total interest-bearing deposits | 1,419,499 | 3,968 | 1.11 | % | 1,352,006 | 3,238 | 0.96 | % | 795,439 | 1,373 | 0.68 | % | |||||||||||||||||||||
Securities sold under agreement to repurchase | 17,694 | 12 | 0.27 | % | 15,643 | 11 | 0.28 | % | 20,589 | 15 | 0.29 | % | |||||||||||||||||||||
Federal Home Loan Bank advances, sub debt and other borrowings | 17,719 | 228 | 5.11 | % | 22,780 | 207 | 3.64 | % | 381 | 5 | 5.21 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 1,454,912 | 4,208 | 1.15 | % | 1,390,429 | 3,455 | 1.00 | % | 816,409 | 1,393 | 0.68 | % | |||||||||||||||||||||
Noninterest-bearing deposits | 307,007 | 283,413 | 179,968 | ||||||||||||||||||||||||||||||
Other liabilities | 8,529 | 16,944 | 5,978 | ||||||||||||||||||||||||||||||
Total liabilities | 1,770,448 | 1,690,786 | 1,002,355 | ||||||||||||||||||||||||||||||
Shareholders’ equity | 250,063 | 233,285 | 136,097 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,020,511 | $ | 1,924,071 | $ | 1,138,452 | |||||||||||||||||||||||||||
Net interest income, taxable equivalent | $ | 18,896 | $ | 19,561 | $ | 10,946 | |||||||||||||||||||||||||||
Interest rate spread | 3.88 | % | 4.34 | % | 4.02 | % | |||||||||||||||||||||||||||
Tax equivalent net interest margin | 4.11 | % | 4.54 | % | 4.17 | % | |||||||||||||||||||||||||||
Percentage of average interest-earning assets to average interest-bearing liabilities | 125.25 | % | 124.39 | % | 127.67 | % | |||||||||||||||||||||||||||
Percentage of average equity to average assets | 12.38 | % | 12.12 | % | 11.95 | % | |||||||||||||||||||||||||||
SmartFinancial, Inc. and Subsidiary | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
NON-GAAP RECONCILIATIONS | Three months ending | |||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||||||||
Operating Earnings | ||||||||||||||||||||
Net income (GAAP) | $ | 4,324 | $ | 3,931 | $ | 3,415 | $ | 38 | $ | 1,685 | ||||||||||
Securities (gains) losses | — | 1 | — | — | (144 | ) | ||||||||||||||
Merger expenses | 838 | 1,123 | 498 | 1,694 | 303 | |||||||||||||||
Revaluation of deferred tax assets due to change in tax law | — | — | — | 2,440 | — | |||||||||||||||
Income tax effect of adjustments | (196 | ) | (211 | ) | (103 | ) | (506 | ) | (25 | ) | ||||||||||
Net operating earnings (Non-GAAP) | $ | 4,966 | $ | 4,844 | $ | 3,810 | $ | 3,666 | $ | 1,819 | ||||||||||
Net operating earnings per common share (Non-GAAP): | ||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.40 | $ | 0.34 | $ | 0.35 | $ | 0.22 | ||||||||||
Diluted | 0.39 | 0.39 | 0.34 | 0.34 | 0.22 | |||||||||||||||
Non-GAAP Return Ratios | ||||||||||||||||||||
Net operating return on average assets (Non-GAAP)1 | 0.98 | % | 1.00 | % | 0.89 | % | 0.99 | % | 0.63 | % | ||||||||||
Return on average tangible common equity (Non-GAAP)2 | 9.44 | % | 8.96 | % | 8.10 | % | 0.10 | % | 5.20 | % | ||||||||||
Net operating return on average shareholder equity (Non-GAAP)3 | 7.88 | % | 8.33 | % | 6.97 | % | 7.98 | % | 5.30 | % | ||||||||||
Net operating return on average tangible common equity (Non-GAAP)4 | 10.84 | % | 11.04 | % | 9.04 | % | 9.94 | % | 5.61 | % | ||||||||||
Operating Efficiency Ratio | ||||||||||||||||||||
Efficiency ratio (GAAP) | 71.37 | % | 72.34 | % | 72.39 | % | 74.26 | % | 78.67 | % | ||||||||||
Adjustment for taxable equivalent yields | (0.17 | )% | (0.15 | )% | (0.09 | )% | (0.13 | )% | (0.23 | )% | ||||||||||
Adjustment for securities gains (losses) | — | % | (0.01 | )% | — | % | — | % | 1.54 | % | ||||||||||
Adjustment for merger related costs | (3.99 | )% | (7.35 | )% | (3.76 | )% | (13.48 | )% | (3.26 | )% | ||||||||||
Operating efficiency ratio (Non-GAAP) | 67.21 | % | 64.82 | % | 69.12 | % | 60.64 | % | 76.72 | % | ||||||||||
Tangible Common Equity | ||||||||||||||||||||
Shareholders' equity (GAAP) | $ | 251,642 | $ | 247,487 | $ | 208,949 | $ | 205,852 | $ | 136,588 | ||||||||||
Less goodwill and other intangible assets | 68,254 | 68,449 | 50,660 | 50,837 | 7,414 | |||||||||||||||
Tangible common equity (Non-GAAP) | $ | 183,388 | $ | 179,037 | $ | 158,289 | $ | 155,015 | $ | 129,174 | ||||||||||
Average Tangible Common Equity | ||||||||||||||||||||
Average shareholders' equity (GAAP) | $ | 250,063 | $ | 233,285 | $ | 221,711 | $ | 184,295 | $ | 136,097 | ||||||||||
Less average goodwill and other intangible assets | 68,389 | 57,251 | 50,780 | 36,267 | 7,465 | |||||||||||||||
Average tangible common equity (Non-GAAP) | $ | 181,674 | $ | 176,034 | $ | 170,931 | $ | 148,028 | $ | 128,631 |
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Ticker: SMBKEvents:
CIK: 1038773
Form Type: 8-K Corporate News
Accession Number: 0001038773-18-000015
Submitted to the SEC: Wed Oct 24 2018 6:51:41 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: National Commercial Banks