SmartFinancial, Inc. (NASDAQ:SMBK) Q1 2019 Earnings Conference Call - Final Transcript
Apr 25, 2019 • 10:00 am ET
Good day, and welcome to the SmartFinancial First Quarter 2019 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 Mr. Frank Hughes, Investor Relations. Please go ahead.
Thank you, Andrew. Good morning and thank you for joining us today on our first quarter 2019 earnings call. With me this morning are Miller Welborn, Chairman of SmartFinancial, Inc; Billy Carroll, President and CEO; Ron Gorczynski, Chief Admin Officer; Bryan Johnson, our Chief Financial Officer. After our prepared remarks, we will then take questions. Yesterday evening, we issued an earnings release discussing our first quarter results. We have also prepared a slide presentation, which we will refer to during these remarks. 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 uncertainties and are intended to 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 risk factors can be found in our press release that preceded this call 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 call presentation. Please also note this event is being recorded.
I will now turn the call over to our Chairman of the Board, Miller Welborn.
Wesley Miller Welborn
Thanks, Frank. Thanks group for joining us this morning. We look forward to business with this group and discussing our Q1 '19 earnings and operations. Great quarter to talk about this morning and excited about where we are as a bank. Firstly, I wanted to do is address the news from yesterday about our termination of our merger agreement with Entegra Bank. We're certainly disappointed it didn't work out. We really liked the idea, the combination, the team, the footprint and operations are all first-class. It's just a situation where they were faced with a unsolicited topping offer that was in excess of 25% greater than our agreed upon price. We did have the opportunity to match the higher offer but we chose not to do so.
The Entegra Board exercised their proper fiduciary responsibility and they did what they had to do. And we did as well. Our acquisition strategy has been very disciplined over the past several years with five or six previous deals and we intend to remain very disciplined in the future as we address future possibilities. And we've already received our $6.4 million breakup