SmartFinancial, Inc. (NASDAQ:SMBK) Q2 2020 Earnings Conference Call - Final Transcript
Jul 22, 2020 • 10:00 am ET
Good morning, and welcome the SmartFinancial Second Quarter 2020 Earnings Call. [Operator Instructions] Please note that this event is being recorded.
Now I'd like to turn the conference over to Mr. Miller Welborn, Chairman. Please go ahead.
Thanks, Nick. Good morning, and thanks for joining us this morning for our Q2 2020 earnings call. Joining me today are Billy Carroll, our President and CEO; Ron Gorczynski, our CFO; and Rhett Jordan, our Chief Credit Officer.
Before we get started, I'd like to refer you all to Page 2 of our deck this morning for the normal and customary disclaimers and forward-looking statements. Hopefully, you will take a minute and review these.
First, I'd like to say that I hope each of you are healthy and safe. This is a very challenging time for all of our families, our communities and our businesses, but this industry and our bank are doing an incredible job of being intelligent, diligent and flexible as we continue to learn how to serve our clients in these uncertain times. We did just finished another really good quarter for SmartBank. I can't say enough about how proud we are of the team here at the bank as we continue our progression and execution of our strategic plan.
A few highlights from the second quarter. We did complete the integration of Progressive Financial Group and we're glad they are now fully rebranded and integrated into our SmartBank family. Glad to have them. Net income for the quarter were $6.2 million, a really strong quarter for us. Our diluted EPS increased 115% over Q1, and our diluted operating earnings per share non-GAAP increased 60% over the quarter. We passed the $3 billion mark in asset size, which is a big milestone for us.
Tangible book value stands at $16.90, which is a 6.6% improvement year-over-year, and also our PPP numbers are very impressive for our bank currently to date $292-plus million of loans booked. We feel very good about where we are in all parts of our bank. Our historically conservative credit culture serving us very well right now.
With that, I will turn it over to Billy and let him jump into some of the details of the quarter.
Thanks, Miller. And really, just to start out, not to bury the lead as Miller alluded to, we really had a nice quarter, and I'll hit on a couple of areas and then turn it over to Ron to dive into our financials and then on to Rhett to dive into credit a little bit. First, obviously, we've continued dealing with the pandemic and navigating this current situation has been challenging for all of us. But again, our team has continued to work diligently to execute our plan while staying safe and healthy.
I won't spend a lot of time on it, but it's noted in the slide deck on Page 5, we continue to keep this situation front of mind and we'll do so until we see these cases