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Monday, May 15, 2017 5:50:15 PM
Executive Summary
The following is a summary of the Company’s financial highlights and significant events during the first quarter of 2017 :
• Net income available to common shareholders totaled $1.4 million , or $0.19 per share, during the first quarter of 2017 compared to $1.1 million , or $0.20 per share, during the first quarter of 2016 .
• Annualized return on average assets was 0.64 percent in the first quarter of 2017 , compared to 0.54 percent a year ago.
• Net interest margin increased compared to a year ago due to increases in average loan balances, increases in yields of the securities portfolio, and reductions in FHLB advances and other borrowings.
• Asset quality was outstanding with nonperforming assets to total assets dropping to just 0.37 percent .
• Dividends on preferred stock dropped to $195 thousand as the company used proceeds from the capital raise to redeem the preferred stock during the quarter.
http://www.smartfinancialinc.com/file/Index?KeyFile=2000263827
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