SmartFinancial, Inc. (NASDAQ:SMBK) Q4 2018 Earnings Conference Call - Final Transcript
Jan 24, 2019 • 10:00 am ET
Good morning, everyone and welcome to the SmartFinancial Fourth Quarter 2018 earnings conference call. All participants will be in listen-only mode. (Operator Instructions). Please note, this event is being recorded.
I would now like to turn the conference over to Frank Hughes with Investor Relations. Please go ahead.
Nathaniel Frank Hughes
Thank you, Jed. Good morning and thank you for joining us today for our fourth quarter 2018 earnings call. With me this morning are Miller Welborn, Chairman of SmartFinancial, Inc.; Billy Carroll, President and CEO, Ron Gorczynski, Chief Admin Officer; and Bryan Johnson, our Chief Financial Officer. After our prepared remarks, we will then take question. Yesterday evening, we issued our earnings release discussing our fourth quarter results. We have also prepared a slide presentation, which will -- we will refer to during the remarks this morning. Both of these can be found on our website at smartbank.com in our Investor Relations section.
During today's call, we will make forward-looking statements, which are subject to risk and uncertainty and are intended to be covered by the Safe Harbor provisions of federal securities law. Actual results and trends could differ materially from these set forth in such statements due to various risks, uncertainties and other factors. More detailed information about these and other risks can be found in our press release that preceded this call and and in the Risk Factors and Forward-Looking Statement sections of our Annual Report on Form 10-K.
Statements are valid only as of today's date and the Company disclaims any obligation to update this information except maybe required by applicable law. Additionally, today's presentation contains non-GAAP financial measures, the reconciliations of such measures to the most comparable GAAP figures are included in our earnings press release at the end of the earnings presentation. Please also note this event is being recorded. I will now turn the call over to our Chairman of the Board, Miller Welborn.
W. Miller Welborn
Thanks, Frank. Good morning, everyone. I appreciate you joining us today. As you all know, we did release our Q4 '18 earnings at the close of business yesterday. Q4 continued our pace of improvement in most every area of the bank. We as a Board, are very excited about this team and this team's ability to drive growth, earnings, improve operations, excellent risk and excellent credit metrics. A couple of highlights from Q4.
As you can see, record asset size of $2.3 billion, record earnings of $6.4 million with co earnings of $5.9 million. NIM up to 4.28%, improvement as promised and projected of ROE at 12%, ROAA at 1.07% and core efficiency ratios at 62%. Overall, pristine credit with NPAs at 24 bips. We are very proud of the way we finished 2018. I can't stress enough about how all of our trendlines and that's all of our trendlines and metrics are continuing great progress. The plan is working. One other comment, we're very excited about the Entegra deal we announced last week. This SmartBank team is humming now and has extreme,