SmartFinancial, Inc. (NASDAQ:SMBK) Q3 2019 Earnings Conference Call - Final Transcript

Oct 22, 2019 • 10:00 am ET


SmartFinancial, Inc. (NASDAQ:SMBK) Q3 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the SmartFinancial Third Quarter 2019 Earnings Call. [Operator Instructions]

After today's presentation, there will be an opportunity to ask questions.

[Operator Instructions]

I would like to turn the conference over to Miller Welborn, Chairman. Please proceed.

Miller Welborn

Thank you, Francesca. Good morning, and thanks for joining us this morning. We appreciate your interest in SmartFinancial and SmartBank. Joining me this morning are Billy Carroll, our CEO and President, and Ron Gorczynski, our CFO. Before we start, I'd like to ask you to please refer to the Disclaimer page and our Non-GAAP Forward-looking Statements page. Both of these are included in our earnings release yesterday in our investor deck that was filed this morning.

A couple of highlights from our third quarter. We do feel like we had a strong very solid quarter. We've used the term internally last couple of days as a noise-free quarter and that's rare for us, as you all know. $6 million in earnings for the Q3 is very solid for us, and our ROA hit our target of 1% and continues to progress north. Our Board is very pleased with the job that Billy and our executive management team is doing. And I believe that Billy, along with his finance team, our risk team, lending team, credit team and our operations team, are all hitting on all cylinders.

We're also very excited about the economic news and the outlook. They were picking up undoubtedly in all our markets. They all look very strong and feel very strong. And we really feel we're poised to finish 2019 strong as we continue to execute our [Indecipherable].

And with that I'm going to turn it over to Billy and let him talk about a few specific comments. Billy?

Billy Carroll

Sounds good. Thank you, Miller. And good morning, everyone on the call. I'll open up, as I typically do, with some anecdotal comments and then I'm going to turn it over to Ron Gorczynski, our CFO, and let Ron walk through the deck in some greater detail. So as Miller said, a really solid quarter for us here in Q3. Consistency is a word we've been using quite a bit, and we have had a strong focus on our team's efforts to build a consistent earnings foundation for our company.

Before I jump into performance, a couple of -- just a couple of key items that I wanted to highlight from third quarter. For the third consecutive year, our bank was recognized as one of East Tennessee's top places to work. We've spent a great deal of time on building our culture in the company, while we're building a solid financial foundation. And I think that sometimes as we focus so much on numbers that this key intangible often gets overlooked, and I truly believe we are one of the best companies in the Southeast to work for where these type of accolades continue to support that.

Another honor we received over the last quarter was being