ASA Gold and Precious Metals Shareholders Vote to Expand the Board and Elect Maryann Bruce as an Independent Director
Once the results are certified, the five-member Board will be composed of Maryann Bruce, Ketu Desai, William Donovan, Mary Joan Hoene and Paul Kazarian. The Board will serve until the 2025 Annual Meeting of Shareholders, at which time shareholders will vote on the composition of the entire Board.
Boaz Weinstein, Founder and Chief Investment Officer of Saba, commented:
'ASA shareholders overwhelmingly voted to move ASA forward by returning the Board to five directors and electing independent candidate Maryann Bruce. Maryann's extensive fund management background and deep governance expertise will be an exceptional value-add to the Fund and to all shareholders. We are grateful for shareholders' support and look forward to building on this momentum at the Annual Meeting so that together, we can set ASA on a clear path toward meaningful, long-term value creation.'
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.
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preferred stock of subsidiary 113 113 113 — — Total shareholders' equity 519,127 505,941 491,461 489,023 472,465 Total liabilities & shareholders' equity $ 5,490,863 $ 5,411,217 $ 5,275,904 $ 4,908,934 $ 4,891,009 Expand SmartFinancial, Inc. and Subsidiary (dollars in thousands except share and per share data) Three Months Ended Six Months Ended Jun Mar Dec Sep Jun Jun Jun 2025 2025 2024 2024 2024 2025 2024 Interest income: Loans and leases, including fees $ 61,049 $ 57,762 $ 57,951 $ 54,738 $ 50,853 $ 118,811 $ 100,873 Investment securities: Taxable 4,848 4,775 5,050 5,233 5,320 9,623 9,869 Tax-exempt 395 354 351 350 353 749 705 Federal funds sold and other earning assets 3,161 3,485 2,744 3,635 4,759 6,647 9,620 Total interest income 69,453 66,376 66,096 63,956 61,285 135,830 121,067 Interest expense: Deposits 28,301 27,335 27,437 27,350 27,439 55,636 54,474 Borrowings 70 70 89 709 148 140 276 Subordinated debt 739 733 787 865 884 1,472 1,782 Total interest expense 29,110 28,138 28,313 28,924 28,471 57,248 56,532 Net interest income 40,343 38,238 37,783 35,032 32,814 78,582 64,535 Provision for credit losses 2,411 979 2,135 2,575 883 3,391 443 Net interest income after provision for credit losses 37,932 37,259 35,648 32,457 31,931 75,191 64,092 Noninterest income: Service charges on deposit accounts 1,766 1,736 1,778 1,780 1,692 3,502 3,304 Gain (loss) on sale of securities, net (4 ) — 64 — — (4 ) — Mortgage banking 633 493 541 410 348 1,126 628 Investment services 1,440 1,769 1,382 1,881 1,302 3,209 2,682 Insurance commissions 1,554 1,412 1,832 1,477 1,284 2,967 2,387 Interchange and debit card transaction fees 1,342 1,220 1,332 1,349 1,343 2,562 2,596 Other 2,167 1,967 2,101 2,242 1,635 4,133 4,387 Total noninterest income 8,898 8,597 9,030 9,139 7,604 17,495 15,984 Noninterest expense: Salaries and employee benefits 19,602 19,234 19,752 18,448 17,261 38,836 33,900 Occupancy and equipment 3,432 3,397 3,473 3,423 3,324 6,829 6,720 FDIC insurance 992 960 825 825 825 1,952 1,740 Other real estate and loan related expense 757 658 1,241 460 538 1,415 1,123 Advertising and marketing 390 382 397 327 295 772 597 Data processing and technology 2,651 2,657 2,495 2,519 2,452 5,309 4,916 Professional services 1,153 1,368 1,017 1,201 1,064 2,521 1,989 Amortization of intangibles 566 569 601 604 608 1,135 1,220 Other 3,026 3,071 2,490 3,039 2,834 6,097 5,549 Total noninterest expense 32,569 32,296 32,291 30,846 29,201 64,866 57,754 Income before income taxes 14,261 13,560 12,387 10,750 10,334 27,820 22,322 Income tax expense 2,556 2,306 2,747 1,610 2,331 4,861 4,962 Net income $ 11,705 $ 11,254 $ 9,640 $ 9,140 $ 8,003 $ 22,959 $ 17,360 Earnings per common share: Basic $ 0.70 $ 0.67 $ 0.58 $ 0.55 $ 0.48 $ 1.37 $ 1.03 Diluted $ 0.69 $ 0.67 $ 0.57 $ 0.54 $ 0.48 $ 1.36 $ 1.03 Weighted average common shares outstanding: Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands) YIELD ANALYSIS Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Average Yield/ Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Balance Interest Cost Assets: Loans and leases, including fees 1 $ 4,050,485 $ 61,294 6.07 % $ 3,941,295 $ 58,008 5.97 % $ 3,504,265 $ 51,110 5.87 % Taxable securities 562,660 4,848 3.46 % 555,914 4,775 3.48 % 580,517 5,320 3.69 % Tax-exempt securities 2 66,223 500 3.03 % 63,085 448 2.88 % 63,690 447 2.82 % Federal funds sold and other earning assets 275,647 3,161 4.60 % 306,966 3,485 4.60 % 346,459 4,759 5.52 % Total interest-earning assets 4,955,015 69,803 5.65 % 4,867,260 66,716 5.56 % 4,494,931 61,636 5.52 % Noninterest-earning assets 405,804 405,860 383,697 Total assets $ 5,360,819 $ 5,273,120 $ 4,878,628 Liabilities and Shareholders' Equity: Interest-bearing demand deposits $ 835,394 3,785 1.82 % $ 846,823 3,743 1.79 % $ 983,433 5,950 2.43 % Money market and savings deposits 2,104,236 15,762 3.00 % 2,064,134 15,065 2.96 % 1,909,125 16,529 3.48 % Time deposits 914,658 8,754 3.84 % 880,933 8,527 3.93 % 528,985 4,960 3.77 % Total interest-bearing deposits 3,854,288 28,301 2.95 % 3,791,890 27,335 2.92 % 3,421,543 27,439 3.23 % Borrowings 7,783 70 3.61 % 8,220 70 3.45 % 12,684 148 4.69 % Subordinated debt 39,714 739 7.46 % 39,692 733 7.49 % 42,129 884 8.44 % Total interest-bearing liabilities 3,901,785 29,110 2.99 % 3,839,802 28,138 2.97 % 3,476,356 28,471 3.29 % Noninterest-bearing deposits 898,428 884,078 888,693 Other liabilities 49,539 51,260 47,208 Total liabilities 4,849,752 4,775,140 4,412,257 Shareholders' equity 511,067 497,980 466,371 Total liabilities and shareholders' equity $ 5,360,819 $ 5,273,120 $ 4,878,628 Net interest income, taxable equivalent $ 40,693 $ 38,578 $ 33,165 Interest rate spread 2.66 % 2.59 % 2.22 % Tax equivalent net interest margin 3.29 % 3.21 % 2.97 % Percentage of average interest-earning assets to average interest-bearing liabilities 126.99 % 126.76 % 129.30 % Percentage of average equity to average assets 9.53 % 9.44 % 9.56 % 1 Yields computed on tax-exempt loans on a tax equivalent basis include $245 thousand, $246 thousand, and $257 thousand of taxable equivalent income for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. 2 Yields computed on tax-exempt instruments on a tax equivalent basis include $105 thousand, $94 thousand, and $94 thousand of taxable equivalent income for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands) YIELD ANALYSIS Six Months Ended June 30, 2024 Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Assets: Loans and leases, including fees 1 $ 3,996,192 $ 119,302 6.02 % $ 3,481,187 $ 101,130 5.84 % Taxable securities 559,306 9,623 3.47 % 600,661 9,869 3.30 % Tax-exempt securities 2 64,663 948 2.96 % 63,925 892 2.81 % Federal funds sold and other earning assets 291,219 6,647 4.60 % 350,186 9,620 5.52 % Total interest-earning assets 4,911,380 136,520 5.61 % 4,495,959 121,511 5.44 % Noninterest-earning assets 405,832 381,964 Total assets $ 5,317,212 $ 4,877,923 Liabilities and Shareholders' Equity: Interest-bearing demand deposits $ 841,077 7,528 1.80 % $ 989,790 12,010 2.44 % Money market and savings deposits 2,084,296 30,826 2.98 % 1,906,990 32,677 3.45 % Time deposits 897,889 17,282 3.88 % 535,389 9,787 3.68 % Total interest-bearing deposits 3,823,262 55,636 2.93 % 3,432,169 54,474 3.19 % Borrowings 8,000 140 3.53 % 11,964 276 4.64 % Subordinated debt 39,703 1,472 7.48 % 42,118 1,782 8.51 % Total interest-bearing liabilities 3,870,965 57,248 2.98 % 3,486,251 56,532 3.26 % Noninterest-bearing deposits 891,293 880,767 Other liabilities 50,394 47,146 Total liabilities 4,812,652 4,414,164 Shareholders' equity 504,560 463,759 Total liabilities and shareholders' equity $ 5,317,212 $ 4,877,923 Net interest income, taxable equivalent $ 79,272 $ 64,979 Interest rate spread 2.62 % 2.17 % Tax equivalent net interest margin 3.25 % 2.91 % Percentage of average interest-earning assets to average interest-bearing liabilities 126.88 % 128.96 % Percentage of average equity to average assets 9.49 % 9.51 % 1 Yields computed on tax-exempt loans on a tax equivalent basis include $491 thousand and $257 thousand of taxable equivalent income for the six months ended June 30, 2025 and June 30, 2024, respectively. 2 Yields computed on tax-exempt instruments on a tax equivalent basis include $199 thousand and $187 thousand of taxable equivalent income for the six months ended June 30, 2025 and June 30, 2024, respectively. Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands) As of and for The Three Months Ended Jun Mar Dec Sep Jun 2025 2025 2024 2024 2024 Composition of Loans and Leases: Commercial real estate: Non-owner occupied $ 1,114,133 $ 1,117,392 $ 1,080,404 $ 1,031,708 $ 986,278 Owner occupied 958,989 885,396 867,678 868,077 829,085 Commercial real estate, total 2,073,122 2,002,788 1,948,082 1,899,785 1,815,363 Consumer real estate 803,270 784,602 741,836 690,504 678,331 Construction & land development 391,155 357,393 361,735 315,006 294,575 Commercial & industrial 778,754 768,454 775,620 731,600 701,460 Leases 62,495 64,208 64,878 67,052 70,299 Consumer and other 15,266 14,762 14,189 13,531 14,130 Total loans and leases $ 4,124,062 $ 3,992,207 $ 3,906,340 $ 3,717,478 $ 3,574,158 Asset Quality and Additional Loan Data: Nonperforming loans and leases $ 7,921 $ 7,807 $ 7,872 $ 9,491 $ 6,642 Other real estate owned 144 144 179 179 688 Other repossessed assets 2,397 2,414 2,037 2,949 2,645 Total nonperforming assets $ 10,462 $ 10,365 $ 10,088 $ 12,619 $ 9,975 Modified loans and leases 1 not included in nonperforming loans and leases $ 1,660 $ 1,978 $ 3,989 $ 4,053 $ 4,241 Net charge-offs to average loans and leases (annualized) 0.01 % 0.01 % 0.02 % 0.15 % 0.05 % Allowance for credit losses to loans and leases 0.96 % 0.96 % 0.96 % 0.96 % 0.97 % Nonperforming loans and leases to total loans and leases, gross 0.19 % 0.20 % 0.20 % 0.26 % 0.19 % Nonperforming assets to total assets 0.19 % 0.19 % 0.19 % 0.26 % 0.20 % Capital Ratios: Equity to Assets 9.45 % 9.35 % 9.32 % 9.96 % 9.66 % Tangible common equity to tangible assets (Non-GAAP) 2 7.71 % 7.57 % 7.48 % 7.99 % 7.66 % SmartFinancial, Inc. 3 Tier 1 leverage 8.25 % 8.16 % 8.29 % 8.44 % 8.32 % Common equity Tier 1 9.68 % 9.79 % 9.76 % 10.06 % 10.06 % Tier 1 capital 9.68 % 9.79 % 9.76 % 10.06 % 10.06 % Total capital 11.05 % 11.18 % 11.10 % 11.62 % 11.68 % SmartBank 3 Tier 1 leverage 8.88 % 8.76 % 8.94 % 9.17 % 9.11 % Common equity Tier 1 10.43 % 10.51 % 10.51 % 10.92 % 11.02 % Tier 1 capital 10.43 % 10.51 % 10.51 % 10.92 % 11.02 % Total capital 11.27 % 11.35 % 11.30 % 11.69 % 11.79 % 1 Borrowers that have experienced financial difficulty. 2 Total common equity less intangibles divided by total assets less intangibles. See reconciliation of Non-GAAP measures. 3 Current period capital ratios are estimated as of the date of this earnings release. Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands except share and per share data) As of and for The As of and for The Three Months Ended Six Months Ended Jun Mar Dec Sep Jun Jun Jun 2025 2025 2024 2024 2024 2025 2024 Selected Performance Ratios (Annualized): Return on average assets 0.88 % 0.87 % 0.75 % 0.74 % 0.66 % 0.87 % 0.72 % Return on average shareholders' equity 9.19 % 9.17 % 7.84 % 7.60 % 6.90 % 9.18 % 7.53 % Return on average tangible common equity¹ 11.53 % 11.60 % 9.99 % 9.75 % 8.94 % 11.56 % 9.77 % Noninterest income / average assets 0.67 % 0.66 % 0.71 % 0.74 % 0.63 % 0.66 % 0.66 % Noninterest expense / average assets 2.44 % 2.48 % 2.52 % 2.50 % 2.41 % 2.46 % 2.38 % Efficiency ratio 66.14 % 68.96 % 68.98 % 69.83 % 72.25 % 67.51 % 71.73 % Operating Selected Performance Ratios (Annualized): Operating return on average assets 1 0.88 % 0.87 % 0.75 % 0.74 % 0.64 % 0.87 % 0.67 % Operating PPNR return on average assets 1 1.25 % 1.12 % 1.13 % 1.08 % 0.90 % 1.18 % 0.87 % Operating return on average shareholders' equity 1 9.19 % 9.17 % 7.80 % 7.60 % 6.72 % 9.18 % 7.00 % Operating return on average tangible common equity 1 11.53 % 11.60 % 9.94 % 9.75 % 8.70 % 11.57 % 9.09 % Operating efficiency ratio 1 65.66 % 68.46 % 68.58 % 69.28 % 72.13 % 67.02 % 72.81 % Operating noninterest income / average assets 1 0.67 % 0.66 % 0.70 % 0.74 % 0.60 % 0.66 % 0.59 % Operating noninterest expense / average assets 1 2.44 % 2.48 % 2.52 % 2.50 % 2.41 % 2.46 % 2.38 % Selected Interest Rates and Yields: Yield on loans and leases, excluding loan fees, FTE 5.99 % 5.88 % 5.95 % 5.95 % 5.80 % 5.94 % 5.76 % Yield on loans and leases, FTE 6.07 % 5.97 % 6.04 % 6.02 % 5.87 % 6.02 % 5.84 % Yield on earning assets, FTE 5.65 % 5.56 % 5.64 % 5.65 % 5.52 % 5.61 % 5.44 % Cost of interest-bearing deposits 2.95 % 2.92 % 3.02 % 3.20 % 3.23 % 2.93 % 3.19 % Cost of total deposits 2.39 % 2.37 % 2.43 % 2.54 % 2.56 % 2.38 % 2.54 % Cost of interest-bearing liabilities 2.99 % 2.97 % 3.08 % 3.29 % 3.29 % 2.98 % 3.26 % Net interest margin, FTE 3.29 % 3.21 % 3.24 % 3.11 % 2.97 % 3.25 % 2.91 % Per Common Share: Net income, basic $ 0.70 $ 0.67 $ 0.58 $ 0.55 $ 0.48 $ 1.37 $ 1.03 Net income, diluted 0.69 0.67 0.57 0.54 0.48 1.36 1.03 Operating earnings, basic¹ 0.70 0.67 0.57 0.55 0.47 1.37 0.96 Operating earnings, diluted¹ 0.69 0.67 0.57 0.54 0.46 1.36 0.96 Book value 30.51 29.73 29.04 28.89 27.91 30.51 27.91 Tangible book value¹ 24.42 23.61 22.85 22.67 21.66 24.42 21.66 Common shares outstanding 17,017,547 17,017,547 16,925,672 16,926,374 16,925,902 17,017,547 16,925,902 1 Non-GAAP measure. See reconciliation of Non-GAAP measures. Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands) Three Months Ended Six Months Ended Jun Mar Dec Sep Jun Jun Jun 2025 2025 2024 2024 2024 2025 2024 Operating Earnings: Net income (GAAP) $ 11,705 $ 11,254 $ 9,640 $ 9,140 $ 8,003 $ 22,959 $ 17,360 Noninterest income: Securities losses (gains), net 4 — (64 ) — — 4 — Gain on sale of former branch building — — — — (283 ) — (1,629 ) Income taxes: Income tax effect of adjustments (1 ) — 17 — 73 (1 ) 421 Operating earnings (Non-GAAP) $ 11,708 $ 11,254 $ 9,593 $ 9,140 $ 7,793 $ 22,962 $ 16,152 Operating earnings per common share (Non-GAAP): Basic $ 0.70 $ 0.67 $ 0.57 $ 0.55 $ 0.47 $ 1.37 $ 0.96 Diluted 0.69 0.67 0.57 0.54 0.46 1.36 0.96 Operating Noninterest Income: Noninterest income (GAAP) $ 8,898 $ 8,597 $ 9,030 $ 9,139 $ 7,604 $ 17,495 $ 15,984 Securities losses (gains), net 4 — (64 ) — — 4 — Gain on sale of former branch building — — — — (283 ) — (1,629 ) Operating noninterest income (Non-GAAP) $ 8,902 $ 8,597 $ 8,966 $ 9,139 $ 7,321 $ 17,499 $ 14,355 Operating noninterest income (Non-GAAP)/average assets 1 0.67 % 0.66 % 0.70 % 0.74 % 0.60 % 0.66 % 0.59 Operating Noninterest Expense: Noninterest expense (GAAP) $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 64,866 $ 57,754 Merger related and restructuring expenses — — — — — — — Operating noninterest expense (Non-GAAP) $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 64,866 $ 57,754 Operating noninterest expense (Non-GAAP)/average assets 2 2.44 % 2.48 % 2.52 % 2.50 % 2.41 % 2.46 % 2.38 Operating Pre-provision Net revenue ("PPNR") Earnings: Net interest income (GAAP) $ 40,343 $ 38,238 $ 37,783 $ 35,032 $ 32,814 $ 78,582 $ 64,535 Operating noninterest income (Non-GAAP) 8,902 8,597 8,966 9,139 7,321 17,499 14,355 Operating noninterest expense (Non-GAAP) (32,569 ) (32,296 ) (32,291 ) (30,846 ) (29,201 ) (64,866 ) (57,754 ) Operating PPNR earnings (Non-GAAP) $ 16,676 $ 14,539 $ 14,458 $ 13,325 $ 10,934 $ 31,215 $ 21,136 Non-GAAP Return Ratios: Operating return on average assets (Non-GAAP) 3 0.88 % 0.87 % 0.75 % 0.74 % 0.64 % 0.87 % 0.67 Operating PPNR return on average assets (Non-GAAP) 4 1.25 % 1.12 % 1.13 % 1.08 % 0.90 % 1.18 % 0.87 Return on average tangible common equity (Non-GAAP) 5 11.53 % 11.60 % 9.99 % 9.75 % 8.93 % 11.56 % 9.77 Operating return on average shareholders' equity (Non-GAAP) 6 9.19 % 9.17 % 7.80 % 7.60 % 6.72 % 9.18 % 7.00 Operating return on average tangible common equity (Non-GAAP) 7 11.53 % 11.60 % 9.94 % 9.75 % 8.70 % 11.57 % 9.09 Operating Efficiency Ratio: Efficiency ratio (GAAP) 66.14 % 68.96 % 68.98 % 69.83 % 72.25 % 67.51 % 71.73 Adjustment for taxable equivalent yields (0.47 ) % (0.50 ) % (0.49 ) % (0.55 ) % (0.63 ) % (0.49 ) % (0.40 ) Adjustment for securities gains (losses) (0.01 ) % — % 0.09 % — % — % — % — Adjustment for sale of branch location — % — % — % — % 0.51 % — % 1.48 Operating efficiency ratio (Non-GAAP) 65.66 % 68.46 % 68.58 % 69.28 % 72.13 % 67.02 % 72.81 1 Operating noninterest income (Non-GAAP) is annualized and divided by average assets. 2 Operating noninterest expense (Non-GAAP) is annualized and divided by average assets. 3 Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets. 4 Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets. 5 Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP). 6 Operating return on average shareholders' equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average equity. 7 Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). Expand SmartFinancial, Inc. and Subsidiary Condensed Consolidated Financial Information - (unaudited) (dollars in thousands) Three Months Ended Jun Mar Dec Sep Jun 2025 2025 2024 2024 2024 Tangible Common Equity: Shareholders' equity (GAAP) $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 Less goodwill and other intangible assets 103,588 104,154 104,723 105,324 105,929 Tangible common equity (Non-GAAP) $ 415,539 $ 401,787 $ 386,738 $ 383,699 $ 366,536 Average Tangible Common Equity: Average shareholders' equity (GAAP) $ 511,067 $ 497,980 $ 489,172 $ 478,642 $ 466,371 Less average goodwill and other intangible assets 103,936 104,504 105,093 105,701 106,301 Average tangible common equity (Non-GAAP) $ 407,131 $ 393,476 $ 384,079 $ 372,941 $ 360,070 Tangible Book Value per Common Share: Book value per common share (GAAP) $ 30.51 $ 29.73 $ 29.04 $ 28.89 $ 27.91 Adjustment due to goodwill and other intangible assets (6.09 ) (6.12 ) (6.19 ) (6.22 ) (6.26 ) Tangible book value per common share (Non-GAAP) 1 $ 24.42 $ 23.61 $ 22.85 $ 22.67 $ 21.66 Tangible Common Equity to Tangible Assets: Total Assets (GAAP) $ 5,490,863 $ 5,411,217 $ 5,275,904 $ 4,908,934 $ 4,891,009 Less goodwill and other intangibles 103,588 104,154 104,723 105,324 105,929 Tangible Assets (Non-GAAP) $ 5,387,275 $ 5,307,063 $ 5,171,181 $ 4,803,610 $ 4,785,080 Tangible common equity to tangible assets (Non-GAAP) 7.71 % 7.57 % 7.48 % 7.99 % 7.66 % 1 Tangible book value per share (Non-GAAP) is computed by dividing total shareholders' equity, less goodwill and other intangible assets, by common shares outstanding. 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