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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 June 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 August 03, 2020, there were 15,216,932 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 June 30, 2020 and December 31, 2019

3

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019

4

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019

5

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

6

Consolidated Statements of Cash Flows for the Six Months Ended June 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

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

PART II – OTHER INFORMATION

52

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

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)

    

    

June 30, 

    

December 31, 

2020

2019

ASSETS:

 

  

 

  

Cash and due from banks

$

57,045

$

33,205

Interest-bearing deposits with banks

 

258,271

 

127,329

Federal funds sold

 

84,151

 

23,437

Total cash and cash equivalents

 

399,467

 

183,971

Securities available-for-sale, at fair value

 

219,631

 

178,348

Other investments

 

14,829

 

12,913

Loans held for sale

 

6,330

 

5,856

Loans

 

2,408,284

 

1,897,392

Less: Allowance for loan losses

 

(16,254)

 

(10,243)

Loans, net

 

2,392,030

 

1,887,149

Premises and equipment, net

 

73,868

 

59,433

Other real estate owned

 

5,524

 

1,757

Goodwill and core deposit intangible, net

 

86,327

 

77,193

Bank owned life insurance

 

30,853

 

24,949

Other assets

 

37,126

 

17,554

Total assets

$

3,265,985

$

2,449,123

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing demand

$

645,650

$

364,155

Interest-bearing demand

 

479,212

 

380,234

Money market and savings

 

762,246

 

623,284

Time deposits

 

652,581

 

679,541

Total deposits

 

2,539,689

 

2,047,214

Borrowings

 

318,855

 

31,623

Subordinated debt

 

39,304

 

39,261

Other liabilities

 

24,649

 

18,278

Total liabilities

 

2,922,497

 

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; 15,216,932 and 14,008,233 shares issued and outstanding, respectively

 

15,217

 

14,008

Additional paid-in capital

 

254,396

 

232,732

Retained earnings

 

73,283

 

65,839

Accumulated other comprehensive income

 

592

 

168

Total shareholders' equity

 

343,488

 

312,747

Total liabilities and shareholders' equity

$

3,265,985

$

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

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Interest income:

 

  

 

  

 

  

 

  

Loans, including fees

$

28,663

$

25,278

$

55,097

$

50,253

Securities available-for-sale:

 

 

  

 

 

  

Taxable

 

589

 

871

 

1,268

 

1,842

Tax-exempt

 

416

 

411

 

699

 

836

Federal funds sold and other earning assets

 

277

 

743

 

879

 

1,315

Total interest income

 

29,945

 

27,303

 

57,943

 

54,246

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

3,366

 

5,788

 

8,120

 

11,039

Borrowings

 

249

 

123

 

339

 

235

Subordinated debt

 

584

 

590

 

1,167

 

1,173

Total interest expense

 

4,199

 

6,501

 

9,626

 

12,447

Net interest income

 

25,746

 

20,802

 

48,317

 

41,799

Provision for loan losses

 

2,850

 

393

 

6,049

 

1,190

Net interest income after provision for loan losses

 

22,896

 

20,409

 

42,268

 

40,609

Noninterest income:

 

  

 

  

 

  

 

  

Service charges on deposit accounts

709

707

1,479

1,361

Gain on sale of securities

 

16

 

33

 

16

 

33

Mortgage banking

 

931

 

392

 

1,515

 

674

Investment services

 

363

 

255

 

801

 

424

Insurance commissions

473

742

Interchange and debit card transaction fees

508

143

784

318

Merger termination fee

 

 

6,400

 

 

6,400

Other

 

511

 

486

 

993

 

904

Total noninterest income

 

3,511

 

8,416

 

6,330

 

10,114

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

10,357

 

8,984

 

20,363

 

17,382

Occupancy and equipment

 

1,996

 

1,658

 

3,906

 

3,298

FDIC insurance

 

180

 

180

 

360

 

359

Other real estate and loan related expense

 

346

 

242

 

892

 

732

Advertising and marketing

 

202

 

259

 

400

 

554

Data processing

 

594

 

577

 

1,132

 

1,192

Professional services

 

868

 

489

 

1,578

 

1,151

Amortization of intangibles

 

405

 

342

 

767

 

686

Software as service contracts

 

561

 

568

 

1,031

 

1,136

Merger related and restructuring expenses

 

1,477

 

1,796

 

3,573

 

2,719

Other

 

1,820

 

1,714

 

3,598

 

3,179

Total noninterest expense

 

18,806

 

16,809

 

37,600

 

32,388

Income before income tax expense

 

7,601

 

12,016

 

10,998

 

18,335

Income tax expense

 

1,427

 

2,895

 

2,091

 

4,483

Net income

$

6,174

$

9,121

$

8,907

$

13,852

Earnings per common share:

 

  

 

  

 

  

 

  

Basic

$

0.41

$

0.65

$

0.60

$

0.99

Diluted

 

0.41

 

0.65

$

0.60

$

0.99

Weighted average common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

15,152,768

 

13,951,643

 

14,773,935

 

13,946,856

Diluted

 

15,202,335

 

14,046,500

 

14,842,486

 

14,036,790

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

    

Six Months Ended

June 30, 

June 30, 

2020

2019

2020

2019

Net income

$

6,174

$

9,121

$

8,907

$

13,852

Other comprehensive income:

 

  

 

  

 

  

 

  

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

 

1,808

 

2,610

 

2,903

 

5,461

Tax effect

(394)

(683)

(638)

(1,431)

Reclassification adjustment for realized gains included in net income

 

16

 

33

 

16

 

33

Tax effect

 

(4)

 

(9)

 

(4)

 

(9)

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

 

1,426

 

1,951

 

2,277

 

4,054

Unrealized gains (losses) on fair value municipal security hedges

 

691

 

(2,830)

 

(2,381)

 

(2,521)

Tax effect

 

(278)

 

742

 

528

 

661

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

 

413

 

(2,088)

 

(1,853)

 

(1,860)

Total other comprehensive income (loss)

 

1,839

 

(137)

 

424

 

2,194

Comprehensive income

$

8,013

$

8,984

$

9,331

$

16,046

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 Six Months Ended June 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

 

 

 

 

13,852

 

 

13,852

Other comprehensive income

 

 

 

 

 

2,194

 

2,194

Common stock issued pursuant to:

 

 

  

 

  

 

  

 

  

 

Stock awards

 

3,298

 

3

 

61

 

 

 

65

Exercise of stock options

 

16,407

 

16

 

196

 

 

 

213

Stock compensation expense

 

 

 

276

 

 

 

276

Balance, June 30, 2019

 

13,953,209

$

13,953

$

232,386

$

53,843

$

(571)

$

299,611

Balance, December 31, 2019

 

14,008,233

$

14,008

$

232,732

$

65,839

$

168

$

312,747

Net income

 

 

 

 

8,907

 

 

8,907

Other comprehensive loss

 

 

 

 

 

424

 

424

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

Exercise of stock options

 

15,358

 

16

 

162

 

 

 

178

Restricted stock, net of forfeitures

 

32,318

 

32

 

(32)

 

 

 

Shareholders of Progressive Financial Group, Inc.

1,292,578

1,293

23,254

24,547

Stock compensation expense

 

 

 

223

 

 

 

223

Common stock dividend ($0.10 per share)

 

 

 

 

(1,463)

 

 

(1,463)

Repurchase of common stock

(131,555)

(132)

(1,943)

(2,075)

Balance, June 30, 2020

 

15,216,932

$

15,217

$

254,396

$

73,283

$

592

$

343,488

Balance, March 31, 2019

 

13,951,590

$

13,952

$

232,241

$

44,722

$

(434)

$

290,481

Net income

 

 

 

 

9,121

 

 

9,121

Other comprehensive gain

 

 

 

 

 

(137)

 

(137)

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

  

Exercise of stock options

 

1,619

 

2

 

12

 

 

 

14

Restricted stock