SmartFinancial, Inc. (SMBK) Bundle
A Brief History of SmartFinancial, Inc. (SMBK)
Foundation and Early Years
Foundation and Early Years
SmartFinancial, Inc. was founded in 2010 and is headquartered in Knoxville, Tennessee. The company primarily focuses on offering financial services such as mortgage lending, insurance, and personal banking solutions.
Growth and Expansion
Since its inception, SmartFinancial, Inc. has exhibited substantial growth. By 2015, the company expanded its operations significantly, resulting in a 150% increase in loan originations compared to the previous year.
Public Offering
In 2017, SmartFinancial, Inc. went public, marking a significant milestone in its history. The initial public offering (IPO) was priced at $10 per share, raising approximately $40 million.
Financial Performance
As of December 31, 2022, SmartFinancial, Inc. reported total assets amounting to $1.2 billion, with total liabilities at $1.1 billion. The company generated a net income of $5.8 million, reflecting a net margin of approximately 1.8%.
| Year | Total Assets (in $ million) | Total Liabilities (in $ million) | Net Income (in $ million) | Net Margin (%) |
|---|---|---|---|---|
| 2019 | 850 | 750 | 5.0 | 1.8 |
| 2020 | 1,000 | 850 | 4.5 | 1.5 |
| 2021 | 1,100 | 950 | 6.0 | 1.9 |
| 2022 | 1,200 | 1,100 | 5.8 | 1.8 |
Market Position
As of 2023, SmartFinancial, Inc. holds a strong position in the U.S. banking sector, particularly in community banking services. It operates over 25 branches across Tennessee, and it continues to explore opportunities for further expansion.
Technological Advancements
SmartFinancial, Inc. has invested heavily in technology, resulting in enhanced digital banking services. The company reported an increase of 40% in mobile banking users in 2022 alone.
Corporate Social Responsibility
The company is committed to corporate social responsibility initiatives, dedicating approximately $1 million annually to community development programs.
Recent Financial Results
In Q1 2023, SmartFinancial, Inc. reported revenues of $12 million, a 10% increase year-over-year. The earnings per share (EPS) for the same quarter stood at $0.35.
| Quarter | Revenue (in $ million) | EPS ($) | Year-over-Year Growth (%) |
|---|---|---|---|
| Q1 2022 | 10.9 | 0.30 | - |
| Q1 2023 | 12.0 | 0.35 | 10% |
Outlook and Future Plans
Looking ahead, SmartFinancial, Inc. aims to continue its expansion both geographically and technologically. The company has set a goal to increase its market share in the Southeastern U.S. by 15% over the next five years.
A Who Owns SmartFinancial, Inc. (SMBK)
Overview of SmartFinancial, Inc.
SmartFinancial, Inc. (SMBK) is a financial institution focused on providing community banking services. As of the latest reports, SmartFinancial has a market capitalization of approximately $238 million.
Major Shareholders
The ownership structure of SmartFinancial, Inc. is comprised of various institutional and retail investors. The following table outlines the major shareholders as of the most recent filings:
| Shareholder Name | Ownership Percentage (%) | Number of Shares | Type of Ownership |
|---|---|---|---|
| The Vanguard Group, Inc. | 8.12 | 550,000 | Institutional |
| BlackRock, Inc. | 6.87 | 450,000 | Institutional |
| Community Bank System, Inc. | 5.45 | 360,000 | Institutional |
| Dimensional Fund Advisors LP | 4.23 | 280,000 | Institutional |
| Individual Investors | 75.33 | 5,000,000 | Retail |
Insider Ownership
Insider ownership includes shares held by executives and board members. The following details represent the ownership by insiders:
| Owner | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| William J. O’Brien | CEO | 200,000 | 1.85 |
| David L. Nelson | CFO | 150,000 | 1.39 |
| Board of Directors | Various | 100,000 | 0.93 |
Stock Performance
SmartFinancial, Inc. has demonstrated varying stock performance over the past year. The following statistics illustrate its performance metrics:
| Metric | Value |
|---|---|
| Current Share Price | $12.00 |
| 52-Week High | $15.50 |
| 52-Week Low | $9.00 |
| Dividend Yield | 2.5% |
Recent Developments in Ownership
Recent reports indicate a trend towards increased institutional ownership of SmartFinancial, Inc. Over the past year, the institutional ownership has grown from 15% to approximately 25%.
Regulatory Filings
SmartFinancial, Inc. is required to disclose its ownership structure in regular filings with the SEC. The most recent Form 10-K reported on March 15, 2023, includes detailed information regarding share distribution and shareholder composition.
SmartFinancial, Inc. (SMBK) Mission Statement
Company Overview
SmartFinancial, Inc. (SMBK) is a financial holding company engaged in providing a range of banking services through its subsidiaries. As of 2023, it has total assets of approximately $1.2 billion and a market capitalization of around $164 million.
Mission Statement
The mission of SmartFinancial, Inc. is to deliver superior financial services that empower our customers to achieve their financial goals. We focus on community engagement and provide an array of personalized banking solutions.
Core Values
- Customer Focus: Prioritizing the needs and satisfaction of clients.
- Integrity: Maintaining transparency and trustworthiness in all operations.
- Innovation: Embracing technology to improve customer experience.
- Community Commitment: Supporting local communities through various initiatives.
- Excellence: Striving for the highest standards in service delivery.
Financial Performance
For the fiscal year ending December 31, 2022, SmartFinancial, Inc. reported the following financial metrics:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $45 million |
| Net Income | $5.6 million |
| Total Loans | $800 million |
| Total Deposits | $1 billion |
| Return on Assets (ROA) | 0.47% |
| Return on Equity (ROE) | 7.5% |
Strategic Objectives
SmartFinancial, Inc. pursues several strategic objectives to align with its mission:
- Expand the range of digital banking services offered to clients.
- Increase community involvement through financial literacy programs.
- Enhance customer service through continuous employee training.
- Grow the loan portfolio while managing risk effectively.
- Strengthen partnerships with local businesses for mutual growth.
Community Engagement
The company dedicates significant resources towards community development initiatives. In 2022, SmartFinancial contributed over $300,000 to local charities and sponsored numerous events aimed at economic development.
Corporate Governance
SmartFinancial maintains a robust corporate governance structure to ensure compliance and ethical conduct. The board of directors consists of 9 members, with 4 members having backgrounds in finance and banking.
Current Market Position
SmartFinancial, Inc. occupies a strategic market position within the state of Tennessee, with a total of 15 branch locations and expanding its reach through digital channels.
Future Aspirations
Looking forward, SmartFinancial aims to achieve a compound annual growth rate (CAGR) of 10% in total assets over the next five years, reinforcing its commitment to supporting the financial success of its customers. The company continues to invest in technological innovation to improve service delivery and customer satisfaction.
How SmartFinancial, Inc. (SMBK) Works
Corporate Overview
SmartFinancial, Inc. operates primarily in the financial services sector, focusing on insurance and technology solutions. As of Q3 2023, the company reported total assets amounting to approximately $1.5 billion.
Revenue Generation
The company derives its revenue from various products and services, including:
- Insurance underwriting
- Digital insurance brokerage
- Consulting services
For the fiscal year 2022, SmartFinancial, Inc. reported total revenues of approximately $150 million, with a year-over-year growth rate of 10%.
Financial Performance Metrics
| Metric | Value (2022) | Value (2023) |
|---|---|---|
| Total Revenue | $150 million | $165 million |
| Net Income | $20 million | $23 million |
| Assets | $1.3 billion | $1.5 billion |
| Equity | $500 million | $575 million |
Business Model
SmartFinancial, Inc. utilizes a multi-faceted business model, including:
- Direct sales through online platforms
- Partnerships with insurance providers
- Subscription services for premium consultations
Market Reach
As of the end of Q3 2023, SmartFinancial, Inc. operates in over 30 states across the United States, with a growing market share of approximately 5% in the digital insurance brokerage sector.
Customer Segmentation
The company targets a diverse range of customers, segmented into:
- Individual consumers seeking personal insurance
- Small to medium-sized enterprises
- Large corporations looking for comprehensive insurance solutions
Operational Efficiency
SmartFinancial, Inc. employs advanced technology to streamline operations. As of 2023, the company reported a customer acquisition cost of $200 per client and a customer lifetime value estimated at $1,500.
Investment and Growth Strategy
For the fiscal year 2023, SmartFinancial, Inc. allocated roughly $20 million towards technology upgrades and enhancements to their digital platform.
Key Competitors
SmartFinancial, Inc. competes with various companies in the insurance space, including:
- Zywave, Inc.
- Policygenius
- Progressive Insurance Co.
Future Outlook
Financial forecasts indicate that SmartFinancial, Inc. aims for a revenue growth rate of 12% in 2024, with projected revenues reaching approximately $185 million.
Stock Information
| Stock Metric | Value |
|---|---|
| Current Share Price | $25.40 |
| Market Capitalization | $500 million |
| P/E Ratio | 22.5 |
| Dividend Yield | 1.5% |
How SmartFinancial, Inc. (SMBK) Makes Money
Revenue Streams
SmartFinancial, Inc. (SMBK) generates its revenue primarily through the following streams:
- Interest income from loans
- Fees and commissions for financial services
- Investment income
- Gains on the sale of securities
Interest Income
The largest portion of SmartFinancial's revenue comes from interest income. As of Q2 2023, the total interest income reported was approximately $25.7 million. This figure reflects a year-over-year increase of 15% compared to Q2 2022.
| Year | Interest Income | Year-over-Year Growth |
|---|---|---|
| 2021 | $21.2 million | - |
| 2022 | $22.4 million | 5.65% |
| 2023 | $25.7 million | 15% |
Fees and Commissions
SmartFinancial also earns substantial revenue from various fees and commissions associated with its financial services. In 2023, the company reported that total fees and commission income amounted to $4.3 million.
| Year | Fees and Commissions Income |
|---|---|
| 2021 | $3.8 million |
| 2022 | $4.0 million |
| 2023 | $4.3 million |
Investment Income
Investment income plays a key role in SmartFinancial's profitability. For the fiscal year ending 2022, the company reported investment income of approximately $3.1 million.
Gains on Securities Sales
SmartFinancial also benefits from gains on the sale of securities. In recent financial reports, SmartFinancial indicated gains totaling approximately $1.2 million in 2022.
Operating Expenses
To assess profitability, it is essential to consider operating expenses, which stood at $20.5 million in Q2 2023, reflecting a 4% increase from Q1 2023.
| Year | Operating Expenses | Quarterly Change |
|---|---|---|
| 2021 | $16.2 million | - |
| 2022 | $19.7 million | - |
| 2023 Q1 | $19.7 million | - |
| 2023 Q2 | $20.5 million | 4% |
Net Income
Following the subtraction of operating expenses from total revenue, SmartFinancial reported net income of approximately $9.2 million for Q2 2023, showcasing its financial health.
| Year | Net Income |
|---|---|
| 2021 | $6.8 million |
| 2022 | $8.5 million |
| 2023 Q2 | $9.2 million |
Loan Portfolio Performance
SmartFinancial's loan portfolio is critical to its revenue model, with a total loan amount of $790 million as of Q2 2023, reflecting a growth of 10% from Q2 2022.
| Year | Total Loans | Year-over-Year Growth |
|---|---|---|
| 2021 | $650 million | - |
| 2022 | $720 million | 10.77% |
| 2023 | $790 million | 9.72% |
Market Position and Competitive Advantage
SmartFinancial is strategically positioned within the market with a focus on leveraging technology to streamline operations and improve customer service, thereby enhancing overall profitability.
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