KNOXVILLE, Tenn. (AP) _ SmartFinancial Inc. (SMBK) on Tuesday reported first-quarter net income of $2.7 million.
The Knoxville, Tennessee-based bank said it had earnings of 19 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 30 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The bank holding company posted revenue of $30.8 million in the period. Its revenue net of interest expense was $25.4 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $23.4 million.
SmarFinancial shares have fallen 38% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.78, a fall of 30% in the last 12 months.