SmartFinancial, Inc. (NYSE:SMBK) Q1 2024 Earnings Conference Call April 23, 2024 10:00 AM ET
Company Participants
Nate Strall - Head of Investor Relations
Miller Welborn - Chairman
Billy Carroll - President and Chief Executive Officer
Rhett Jordan - Executive VP and Chief Credit Officer of SmartBank
Ron Gorczynski - Executive Vice President, Chief Financial Officer
Conference Call Participants
Will Jones - KBW
Thomas Wendler - Stephens
Feddie Strickland - Janney Montgomery
Steve Moss - Raymond James
Operator
Hello. And welcome to the SmartFinancial’s First Quarter 2024 Earnings Release and Conference Call. My name is Alex and I’ll be your coordinator today. [Operator Instructions]
I will now like to hand over to Nate Strall, Director of Strategy and Investor Relations. The floor is yours. Please go ahead.
Nate Strall
Good morning, everyone, and thank you for joining us for SmartFinancial's first quarter 2024 earnings call. During today's call, we will reference the slides and press release that are available within the Investor Relations section on our website at smartbank.com.
Billy Carroll, our President and Chief Executive Officer will begin our call, followed by Ron Gorczynski, our CFO who will provide some additional commentary. We will be available to answer your questions at the end of the call.
Our comments include forward-looking statements. These statements are subject to risks and uncertainties and actual results could vary materially. We list the factors that might cause these results to differ materially in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statements because of new information, early developments or otherwise, except as may be required by law.
During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendixes of the earnings release and investor presentation filed on April 22, 2024, with the SEC.
And now I'll turn it over to Billy Carroll to open our call.
Billy Carroll
Thanks Nate. And good morning, everyone. Great to be with you and thank you for joining us today and thanks for your interest in SMBK. We're changing the format a little this quarter moving to just prepared comments from Ron and myself to streamline the first part of the call. We also have Miller, Rhett and Nate here and they'll be available for the Q&A portion. Nate's also did a great job of adding some new slides to our deck. As you can see from the release, we had a nice start to the year. We had net income of $9.4 million for the quarter, or $0.55 per diluted share. On an operating basis, we came in at $8.40 million or $0.49 per diluted chair. The delta was primarily again on the sale of a former branch facility in Destin, Florida that we sold once we completed their move to a new office in a better location. We also had a little tailwind from some provision release.