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Section 1: 10-Q (10-Q)

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Table of Contents

United States Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-37661

Graphic

(Exact name of registrant as specified in its charter)

Tennessee

 

62-1173944

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

5401 Kingston Pike, Suite 600 Knoxville, Tennessee

 

37919

(Address of principal executive offices)

 

(Zip Code)

 

 

 

865-437-5700

 

Not Applicable

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal

 

 

year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of Exchange on which Registered

Common Stock, par value $1.00

SMBK

The Nasdaq Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check market if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

As of November 06, 2020, there were 15,235,227 shares of common stock, $1.00 par value per share, issued and outstanding.

Table of Contents

TABLE OF CONTENTS

PART I –FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

3

Consolidated Balance Sheets at September 30, 2020 and December 31, 2019

3

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019

4

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

6

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

54

Item 4.

Controls and Procedures

54

PART II – OTHER INFORMATION

55

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

55

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

2

Table of Contents

PART I –FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except for share data)

    

(Unaudited)

    

    

September 30, 

    

December 31, 

2020

2019

ASSETS:

 

  

 

  

Cash and due from banks

$

63,884

$

33,205

Interest-bearing deposits with banks

 

411,625

 

127,329

Federal funds sold

 

66,306

 

23,437

Total cash and cash equivalents

 

541,815

 

183,971

Securities available-for-sale, at fair value

 

214,634

 

178,348

Other investments

 

14,829

 

12,913

Loans held for sale

 

11,292

 

5,856

Loans

 

2,404,057

 

1,897,392

Less: Allowance for loan losses

 

(18,817)

 

(10,243)

Loans, net

 

2,385,240

 

1,887,149

Premises and equipment, net

 

73,934

 

59,433

Other real estate owned

 

3,932

 

1,757

Goodwill and core deposit intangible, net

 

86,710

 

77,193

Bank owned life insurance

 

31,034

 

24,949

Other assets

 

24,168

 

17,554

Total assets

$

3,387,588

$

2,449,123

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing demand

$

669,733

$

364,155

Interest-bearing demand

 

534,128

 

380,234

Money market and savings

 

871,098

 

623,284

Time deposits

 

577,064

 

679,541

Total deposits

 

2,652,023

 

2,047,214

Borrowings

 

319,391

 

31,623

Subordinated debt

 

39,325

 

39,261

Other liabilities

 

27,060

 

18,278

Total liabilities

 

3,037,799

 

2,136,376

Shareholders' equity:

 

  

 

  

Preferred stock, $1 par value; 2,000,000 shares authorized; No shares issued and outstanding

 

 

Common stock, $1 par value; 40,000,000 shares authorized; 15,233,227 and 14,008,233 shares issued and outstanding, respectively

 

15,233

 

14,008

Additional paid-in capital

 

254,626

 

232,732

Retained earnings

 

78,918

 

65,839

Accumulated other comprehensive income

 

1,012

 

168

Total shareholders' equity

 

349,789

 

312,747

Total liabilities and shareholders' equity

$

3,387,588

$

2,449,123

The accompanying notes are an integral part of the financial statements.

3

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Interest income:

 

  

 

  

 

  

 

  

Loans, including fees

$

28,621

$

25,515

$

83,718

$

75,768

Securities available-for-sale:

 

 

  

 

 

  

Taxable

 

546

 

748

 

1,813

 

2,591

Tax-exempt

 

364

 

338

 

1,064

 

1,173

Federal funds sold and other earning assets

 

327

 

743

 

1,206

 

2,059

Total interest income

 

29,858

 

27,344

 

87,801

 

81,591

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

2,897

 

5,605

 

11,016

 

16,644

Borrowings

 

334

 

15

 

674

 

250

Subordinated debt

 

584

 

584

 

1,751

 

1,757

Total interest expense

 

3,815

 

6,204

 

13,441

 

18,651

Net interest income

 

26,043

 

21,140

 

74,360

 

62,940

Provision for loan losses

 

2,634

 

724

 

8,683

 

1,914

Net interest income after provision for loan losses

 

23,409

 

20,416

 

65,677

 

61,026

Noninterest income:

 

  

 

  

 

  

 

  

Service charges on deposit accounts

892

767

2,370

2,129

Gain (loss) on sale of securities

 

(9)

 

1

 

6

 

34

Mortgage banking

 

1,029

 

518

 

2,544

 

1,192

Investment services

 

359

 

260

 

1,159

 

684

Insurance commissions

560

1,302

Interchange and debit card transaction fees

868

148

1,652

467

Merger termination fee

 

 

 

 

6,400

Other

 

422

 

502

 

1,417

 

1,405

Total noninterest income

 

4,121

 

2,196

 

10,450

 

12,311

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

11,032

 

9,072

 

31,395

 

26,357

Occupancy and equipment

 

2,186

 

1,635

 

6,093

 

4,967

FDIC insurance

 

534

 

(219)

 

894

 

140

Other real estate and loan related expense

 

643

 

335

 

1,535

 

1,067

Advertising and marketing

 

253

 

263

 

653

 

817

Data processing

 

558

 

273

 

1,689

 

1,465

Professional services

 

594

 

573

 

2,172

 

1,724

Amortization of intangibles

 

402

 

341

 

1,169

 

1,027

Software as service contracts

 

573

 

560

 

1,604

 

1,696

Merger related and restructuring expenses

 

290

 

73

 

3,863

 

2,792

Other

 

2,102

 

1,802

 

5,699

 

5,045

Total noninterest expense

 

19,167

 

14,708

 

56,766

 

47,097

Income before income tax expense

 

8,363

 

7,904

 

19,361

 

26,240

Income tax expense

 

1,968

 

1,941

 

4,059

 

6,425

Net income

$

6,395

$

5,963

$

15,302

$

19,815

Earnings per common share:

 

  

 

  

 

  

 

  

Basic

$

0.42

$

0.43

$

1.03

$

1.42

Diluted

 

0.42

 

0.42

$

1.02

$

1.41

Weighted average common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

15,160,579

 

13,955,859

 

14,903,757

 

13,949,325

Diluted

 

15,210,611

 

14,053,432

 

14,965,455

 

14,038,414

The accompanying notes are an integral part of the financial statements.

4

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

    

Three Months Ended

    

Nine Months Ended

September 30, 

September 30, 

2020

2019

2020

2019

Net income

$

6,395

$

5,963

$

15,302

$

19,815

Other comprehensive income:

 

  

 

  

 

  

 

  

Unrealized holding gains (losses) and hedge effects on securities available-for-sale arising during the period

 

77

 

(2,078)

 

2,980

 

3,383

Tax effect

(142)

543

(779)

(888)

Reclassification adjustment for realized gains (losses) included in net income

 

(9)

 

1

 

6

 

34

Tax effect

 

2

 

 

(2)

 

(9)

Unrealized gains (losses) on securities available-for-sale arising during the period, net of tax

 

(72)

 

(1,534)

 

2,205

 

2,520

Unrealized gains (losses) on fair value municipal security hedges

 

538

 

2,451

 

(1,843)

 

(70)

Tax effect

 

(46)

 

(643)

 

482

 

18

Unrealized gains (losses) on fair value municipal security hedge instruments arising during the period, net of tax

 

492

 

1,808

 

(1,361)

 

(52)

Total other comprehensive income

 

420

 

274

 

844

 

2,468

Comprehensive income

$

6,815

$

6,237

$

16,146

$

22,283

The accompanying notes are an integral part of the financial statements.

5

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY - (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

(Dollars in thousands, except for share data)

    

    

    

    

    

Accumulated

    

Other

Common Stock

 

Additional

 

Retained

 

Comprehensive

 

Shares

Amount

Paid-in Capital

Earnings

 

(Loss) Income

Total

Balance, December 31, 2018

 

13,933,504

$

13,933

$

231,852

$

39,991

$

(2,765)

$

283,011

Net income

 

 

 

 

19,815

 

 

19,815

Other comprehensive gain

 

 

 

 

 

2,468

 

2,468

Common stock issued pursuant to:

 

 

  

 

  

 

  

 

  

 

Stock awards

 

3,298

 

3

 

61

 

 

 

64

Exercise of stock options

 

21,171

 

22

 

228

 

 

 

250

Stock compensation expense

 

 

 

432

 

 

 

432

Balance, September 30, 2019

 

13,957,973

$

13,958

$

232,573

$

59,806

$

(297)

$

306,040

Balance, December 31, 2019

 

14,008,233

$

14,008

$

232,732

$

65,839

$

168

$

312,747

Net income

 

 

 

 

15,302

 

 

15,302

Other comprehensive gain

 

 

 

 

 

844

 

844

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

Exercise of stock options

 

27,858

 

28

 

254

 

 

 

282

Restricted stock, net of forfeitures

 

36,113

 

36

 

(36)

 

 

 

Shareholders of Progressive Financial Group, Inc.

1,292,578

1,293

23,254

24,547

Stock compensation expense

 

 

 

365

 

 

 

365

Common stock dividend ($0.15 per share)

 

 

 

 

(2,223)

 

 

(2,223)

Repurchase of common stock

(131,555)

(132)

(1,943)

(2,075)

Balance, September 30, 2020

 

15,233,227

$

15,233

$

254,626

$

78,918

$

1,012

$

349,789

Balance, June 30, 2019

 

13,953,209

$

13,953

$

232,386

$

53,843

$

(571)

$

299,611

Net income

 

 

 

 

5,963

 

 

5,963

Other comprehensive gain

 

 

 

 

 

274

 

274

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

  

Exercise of stock options

 

4,764

 

5

 

33

 

 

 

38

Restricted stock