8-K - SMBK - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of earliest event reported: January 20, 2026

SMARTFINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Tennessee		001-37661		62-1173944
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

5401 Kingston Pike , Suite 600
Knoxville , Tennessee		37919
(Address of Principal Executive Offices)		(Zip Code)

( 865 ) 437-5700 ****
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading<br>Symbol(s)			Name of Exchange on which Registered
Common Stock, par value $1.00 per share			SMBK			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Item 2.02		Results of Operations and Financial Condition.

On January 20, 2026, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its fourth quarter ending December 31, 2025. A copy of the Press Release is attached hereto as Exhibit 99.1.

In accordance with General Instructions B.2 of Form 8K, the information in Item 2.02 of this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01		Regulation FD Disclosure.

SmartFinancial is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on January 21, 2025. The slides are attached hereto as Exhibit 99.2.

In accordance with General Instructions B.2 of Form 8K, the information in Item 7.01 of this report (including Exhibit 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01		Financial Statements and Exhibits

Exhibit No.		Description
99.1		Press release announcing fourth quarter 2025 financial results dated January 20, 2026
99.2		Fourth quarter 2025 investor presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SMARTFINANCIAL, INC.
Date: January 20, 2026
	/s/ William Y. Carroll, Jr.
	William Y. Carroll, Jr.
	President & Chief Executive Officer

Exhibit 99.1

4Q 2025

SmartFinancial Announces Results for the Fourth Quarter 2025

KNOXVILLE, TN – January 20, 2026 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $13.7 million, or $0.81 per diluted common share, for the fourth quarter of 2025, compared to net income of $9.6 million, or $0.57 per diluted common share, for the fourth quarter of 2024, and compared to prior quarter net income of $13.7 million, or $0.81 per diluted common share. Operating earnings^1^, which excludes non-recurring income and expenses, net of tax adjustments, totaled $13.7 million, or $0.81 per diluted common share, in the fourth quarter of 2025, compared to $9.6 million, or $0.57 per diluted common share, in the fourth quarter of 2024, and compared to $14.5 million, or $0.86 per diluted common share, in the third quarter of 2025.

Highlights for the Fourth Quarter of 2025

●	Operating earnings^1^ of $13.7 million, or $0.81 per diluted common share
●	Net organic loan and lease growth of $141 million with 13% annualized quarter-over-quarter increase
---	---
●	Deposit growth of $102 million or 8% annualized quarter-over-quarter
---	---
●	Net interest margin, fully tax equivalent basis (“FTE”) expanded to 3.38%, reflecting lower deposit and funding costs
---	---
●	Quarter over quarter tangible book value per common share^1^ growth of 13%
---	---
●	Seventh consecutive quarter of positive operating leverage
---	---
●	Columbus, GA expansion with two additional commercial bankers
---	---
●	Multi-year core contract renegotiation process completed
---	---

Billy Carroll, President & CEO, stated: "2025 marked a year of tremendous momentum build and overall improvement for our company. We generated approximately 11% positive operating leverage in 2025 capped off by our seventh consecutive quarter of positive operating leverage in Q4. The year was highlighted by approximately 12% organic loan growth, 14% organic deposit growth excluding brokered deposits and tangible book value per common share^1^ rose 17%. Overall, a fantastic year for our company paving the way for an even brighter 2026. I want to thank all of our Associates whose tireless work and dedication make SmartBank a great place to work and do business. They are the driving force behind our success.”

SmartFinancial's Chairman, Miller Welborn, concluded: “2025 was an exceptional year marked by growth, profitability, and continued improvement. The Board is extremely pleased with the Company’s ongoing financial progress, which is particularly impressive considering the range of strategic initiatives completed during the year. Operational excellence and a solid foundation remain essential for sustained success, and our Associates consistently demonstrate commitment in every area. We appreciate your contributions in making SmartBank an outstanding organization and valued partner for our stakeholders.”

Net Interest Income and Net Interest Margin

Net interest income was $45.1 million for the fourth quarter of 2025, compared to $42.4 million for the prior quarter. Average earning assets totaled $5.34 billion, an increase of $112.3 million from the prior quarter. The balances of average earnings assets increased quarter-over-quarter, primarily from an increase in average loans and leases of $124.0 million and average securities of $32.7 million, offset by a decrease in average interest-earning cash of $44.3 million. Average interest-bearing liabilities increased by $18.6 million from the prior quarter, primarily attributable to an increase in average interest-bearing deposits of $6.0 million and average subordinated debt of $13.9 million, offset by a decrease in borrowings of $1.3 million.

The tax equivalent net interest margin was 3.38% for the fourth quarter of 2025, up from 3.25% for the prior quarter. This increase is primarily related to declines in deposit costs, outpacing a modest decrease in asset yields. The yield on loans and leases, excluding loan fees, FTE was 6.00% for the fourth quarter of 2025, compared to 6.05% for the prior quarter.

^1^ Non-GAAP measure. See “Non-GAAP Financial Measures” for more information and see the Non-GAAP Reconciliations.

The cost of total deposits for the fourth quarter of 2025 was 2.26%, compared to 2.44% in the prior quarter. The cost of interest-bearing liabilities was 2.90% for the fourth quarter of 2025, compared to 3.07% in the prior quarter. The cost of average interest-bearing deposits was 2.79% for the fourth quarter of 2025, compared to 2.98% for the prior quarter, a decrease of 19 basis points.

The following table presents selected interest rates and yields for the periods indicated:


	Three Months Ended
	Dec		Sep		Increase
Selected Interest Rates and Yields	2025		2025		(Decrease)
Yield on loans and leases, excluding loan fees, FTE	6.00	%	6.05	%	(0.05)	%
Yield on loans and leases, FTE	6.08	%	6.14	%	(0.06)	%
Yield on earning assets, FTE	5.65	%	5.68	%	(0.03)	%
Cost of interest-bearing deposits	2.79	%	2.98	%	(0.19)	%
Cost of total deposits	2.26	%	2.44	%	(0.18)	%
Cost of interest-bearing liabilities	2.90	%	3.07	%	(0.17)	%
Net interest margin, FTE	3.38	%	3.25	%	0.13	%

Provision for Credit Losses on Loans and Leases and Credit Quality

At December 31, 2025, the allowance for credit losses was $40.9 million. The allowance for credit losses to total loans and leases was 0.94% as of December 31, 2025, and 0.93% as of September 30, 2025.

The following table presents detailed information related to the provision for credit losses for the periods indicated (dollars in thousands):


	Three Months Ended
		Dec			Sep			Increase
Provision for Credit Losses on Loans and Leases Rollforward		2025			2025			(Decrease)
Beginning balance	$	39,074		$	39,776		$	(702)
Charge-offs		(1,993)			(1,145)			(848)
Recoveries		101			92			9
Net charge-offs		(1,892)			(1,053)			(839)
Provision for credit losses ^(1)^		3,724			351			3,373
Ending balance	$	40,906		$	39,074		$	1,832

Allowance for credit losses to total loans and leases, gross		0.94	%		0.93	%		0.01	%

(1)	The current quarter-ended and prior quarter-ended excludes an unfunded commitments provision of $408 thousand and a release of $124 thousand, respectively. At December 31, 2025, and September 30, 2025, the unfunded commitment liability totaled $3.6 million and $3.2 million, respectively.

Nonperforming loans and leases as a percentage of total loans and leases was 0.22% as of December 31, 2025, and 0.24% as of September 30, 2025. Total nonperforming assets (which include nonaccrual loans and leases, loans and leases past due 90 days or more and still accruing, other real estate owned and other repossessed assets) as a percentage of total assets was 0.22% as of December 31, 2025, and September 30, 2025.

The following table presents detailed information related to credit quality for the periods indicated (dollars in thousands):


	Three Months Ended
		Dec			Sep			Increase
Credit Quality		2025			2025			(Decrease)
Nonaccrual loans and leases	$	9,442		$	9,970		$	(528)
Loans and leases past due 90 days or more and still accruing		-			129			(129)
Total nonperforming loans and leases		9,442			10,099			(657)
Other real estate owned		-			-			-
Other repossessed assets		3,248			2,444			804
Total nonperforming assets	$	12,690		$	12,543		$	147

Nonperforming loans and leases to total loans and leases, gross		0.22	%		0.24	%		(0.02)	%
Nonperforming assets to total assets		0.22	%		0.22	%		-	%

Noninterest Income

Noninterest income decreased $418 thousand to $8.2 million for the fourth quarter of 2025, compared to $8.6 million for the prior quarter. The fourth quarter decrease was attributable to the reduction of insurance commissions and the gain on sale of SBK Insurance (“SBKI”) in the prior quarter. Additionally, in the prior quarter, there was a pre-tax loss of $3.9 million on the sale of $85 million of available-for-sale securities. These changes were offset by higher capital markets’ income included in other noninterest income.

The following table presents detailed information related to noninterest income for the periods indicated (dollars in thousands):


	Three Months Ended
		Dec		Sep		Increase
Noninterest Income		2025		2025		(Decrease)
Service charges on deposit accounts	$	1,828	$	1,831	$	(3)
Loss on sale of securities, net		-		(3,715)		3,715
Mortgage banking income		837		709		128
Investment services		1,683		1,690		(7)
Insurance commissions		-		1,049		(1,049)
Interchange and debit card transaction fees		1,375		1,338		37
Gain on sale of SBKI		-		3,955		(3,955)
Other		2,496		1,780		716
Total noninterest income	$	8,219	$	8,637	$	(418)

Noninterest Expense

Noninterest expense decreased $1.4 million to $32.5 million for the fourth quarter of 2025, compared to $33.9 million for the prior quarter. The fourth quarter’s decrease was primarily attributable to a decrease in restructuring expenses associated with the sale of SBKI.

The following table presents detailed information related to noninterest expense for the periods indicated (dollars in thousands):


	Three Months Ended
		Dec		Sep		Increase
Noninterest Expense		2025		2025		(Decrease)
Salaries and employee benefits	$	19,917	$	19,544	$	373
Occupancy and equipment		3,388		3,468		(80)
FDIC insurance		1,025		1,025		-
Other real estate and loan related expenses		858		969		(111)
Advertising and marketing		393		454		(61)
Data processing and technology		2,413		2,594		(181)
Professional services		1,132		1,123		9
Amortization of intangibles		479		536		(57)
Restructuring expenses		16		1,310		(1,294)
Other		2,850		2,846		4
Total noninterest expense	$	32,471	$	33,869	$	(1,398)

Income Tax Expense

Income tax expense was $3.0 million for the fourth quarter of 2025, a decrease of $278 thousand, compared to $3.3 million for the prior quarter.

Balance Sheet Trends

Total assets at December 31, 2025, were $5.86 billion compared to $5.28 billion at December 31, 2024. The $584.9 million increase is primarily attributable to increases in loans and leases of $457.2 million, cash and cash equivalents of $76.8 million, securities of $53.0 million, loans held for sale of $4.9 million, bank owned life insurance of $3.6 million and other investments of $1.7 million, offset by a decrease in goodwill and other intangibles of $9.4 million, primarily associated with the sale of SBKI, and a decrease in premises and equipment of $2.7 million.

Total liabilities were $5.31 billion at December 31, 2025, compared to $4.78 billion at December 31, 2024, an increase of $523.9 million. Total deposits increased $466.3 million, which was driven primarily by increases in money market deposits of $234.1 million, other time deposits of $185.9 million, interest-bearing demand deposits of $109.0 million and noninterest demand deposits of $97.4 million, offset by a decline in brokered deposits of $160.0 million. In addition, subordinated debt increased $59.0 million as a result of issuing $100.0 million in new subordinated debt and retiring the existing $40.0 million of subordinated debt.

Shareholders' equity at December 31, 2025, totaled $552.5 million, an increase of $61.0 million, from December 31, 2024. The increase in shareholders' equity was primarily driven by net income of $50.3 million for the twelve months ending December 31, 2025, and a reduction of $14.4 million in accumulated other comprehensive loss, offset by dividends paid of $5.4 million. Tangible book value per common share^1^ was $26.85 at December 31, 2025, compared to $22.85 at December 31, 2024. Tangible common equity^1^ as a percentage of tangible assets^1^ was 7.93% at December 31, 2025, compared with 7.48% at December 31, 2024.

The following table presents selected balance sheet information for the periods indicated (dollars in thousands):


	Dec		Dec		Increase
Selected Balance Sheet Information	2025		2024		(Decrease)
Total assets	$	5,860,810	$	5,275,904	$	584,906
Total liabilities		5,308,318		4,784,443		523,875
Total equity		552,492		491,461		61,031
Securities		662,003		608,987		53,016
Loans and leases		4,363,582		3,906,340		457,242
Deposits		5,152,789		4,686,483		466,306
Borrowings		3,009		8,135		(5,126)

Conference Call Information

SmartFinancial issued this earnings release for the fourth quarter of 2025 on Tuesday, January 20, 2026, and will host a conference call on Wednesday, January 21, 2026, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or (646) 844-6383 and enter the access code, 680807. A replay of the conference call will be available through March 21, 2026, by dialing (866) 813-9403 or (929) 458-6194 and enter the access code, 497919. Conference call materials will be published on the Company’s webpage located at http://www.smartfinancialinc.com/CorporateProfile, at 9:00 a.m. ET prior to the conference call.

^1^ Non-GAAP measure. See “Non-GAAP Financial Measures” for more information and see the Non-GAAP Reconciliations.

About SmartFinancial, Inc.

SmartFinancial, Inc., based in Knoxville, Tennessee, is the bank holding company for SmartBank. SmartBank is a full-service commercial bank founded in 2007, with branches across Tennessee, Alabama, and Florida. Recruiting the best people, delivering exceptional client service, strategic branching, and a disciplined approach to lending have contributed to SmartBank’s success. More information about SmartFinancial can be found on its website: www.smartfinancialinc.com.


Source
SmartFinancial, Inc.

Investor Contacts

Billy Carroll	Nathan Strall
President & Chief Executive Officer	Vice President and Director of Strategy & Corporate Development
Email: billy.carroll@smartbank.com	Email: nathan.strall@smartbank.com
Phone: (865) 868-0613	Phone: (865) 868-2604

Non-GAAP Financial Measures

Statements included in this earnings release include measures not recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered Non-GAAP financial measures (“Non-GAAP”) and should be read along with the accompanying tables, which provide a reconciliation of Non-GAAP financial measures to GAAP financial measures. SmartFinancial management uses several Non-GAAP financial measures and ratios derived therefrom in its analysis of the Company's performance, including:

(i)	Operating earnings
(ii)	Operating noninterest income
---	---
(iii)	Operating noninterest expense
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(iv)	Operating pre-provision net revenue (“PPNR”) earnings
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(v)	Tangible common equity
---	---
(vi)	Average tangible common equity
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(vii)	Tangible book value per common share
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(viii)	Tangible assets
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(ix)	Operating efficiency ratio
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Operating earnings, operating PPNR earnings, operating noninterest income and operating noninterest expense exclude non-operating related income and expense items from net income, noninterest income and noninterest expense, respectively. Tangible common equity and average tangible common equity exclude goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible book value per common share is tangible common equity divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total assets. Operating efficiency ratio is the quotient of operating noninterest expense divided by the sum of net interest income adjusted for taxable equivalent yields plus operating noninterest income. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations.

Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the Company and provide meaningful comparisons to its peers. Management also believes these Non-GAAP financial measures enhance investors' ability to compare period-to-period financial results and allow investors and Company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Forward-Looking Statements

This news release may contain statements that are based on management’s current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results of SmartFinancial to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others,

(1)	risks associated with our growth strategy, including a failure to implement our growth plans or an inability to manage our growth effectively;
(2)	claims and litigation arising from our business activities and from the companies we acquire, which may relate to contractual issues, environmental laws, fiduciary responsibility, and other matters;
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(3)	general risks related to our disposition, merger and acquisition activity, including risks associated with our pursuit of future acquisitions or sales;
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(4)	changes in management’s plans for the future;
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(5)	prevailing, or changes in, economic or political conditions (including those resulting from the current administration and Congress), particularly in our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing;
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(6)	our ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of interest rate fluctuations on our financial projections, models and guidance);
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(7)	tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services);
---	---
(8)	uncertain duration of trade conflicts and the magnitude of the impact that proposed tariffs may have on our customers’ businesses;
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(9)	increased technology and cybersecurity risks, including generative artificial intelligence risks;
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(10)	the impact of a failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting us and our customers;
---	---
(11)	credit risk associated with our lending activities;
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(12)	changes in loan demand, real estate values, or competition;
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(13)	developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance;
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(14)	changes in accounting principles, policies, or guidelines;
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(15)	changes in applicable laws, rules, or regulations;
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(16)	adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions;
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(17)	potential impacts of any adverse developments in the banking industry, including the impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto;
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(18)	significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities;
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(19)	the effects of war or other conflicts;
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(20)	the impact of government actions or inactions, including a prolonged shutdown of the federal government; and
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(21)	other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.
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These and other factors that could cause results to differ materially from those described in the forward-looking statements can be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements. SmartFinancial disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	Ending Balances
	Dec		Sep		Jun		Mar		Dec
	2025		2025		2025		2025		2024
Assets:
Cash and cash equivalents	$	464,417	$	557,127	$	365,096	$	422,984	$	387,570
Securities available-for-sale, at fair value		539,882		511,095		502,150		499,445		482,328
Securities held-to-maturity, at amortized cost		122,121		123,364		124,520		125,576		126,659
Other investments		16,441		14,888		14,713		14,371		14,740
Loans held for sale		10,865		9,855		5,484		3,843		5,996
Loans and leases		4,363,582		4,222,369		4,124,062		3,992,207		3,906,340
Less: Allowance for credit losses		(40,906)		(39,074)		(39,776)		(38,175)		(37,423)
Loans and leases, net		4,322,676		4,183,295		4,084,286		3,954,032		3,868,917
Premises and equipment, net		88,387		89,250		90,204		90,708		91,093
Other real estate owned		—		—		144		144		179
Goodwill and other intangibles, net		95,328		95,807		103,588		104,154		104,723
Bank owned life insurance		119,525		118,610		117,697		116,805		115,917
Other assets		81,168		81,692		82,981		79,155		77,782
Total assets	$	5,860,810	$	5,784,983	$	5,490,863	$	5,411,217	$	5,275,904
Liabilities:
Deposits:
Noninterest-bearing demand	$	1,062,918	$	931,477	$	906,965	$	884,294	$	965,552
Interest-bearing demand		945,716		929,454		843,820		885,063		836,731
Money market and savings		2,273,612		2,218,313		2,124,623		2,131,828		2,039,560
Time deposits		870,543		971,653		996,712		907,474		844,640
Total deposits		5,152,789		5,050,897		4,872,120		4,808,659		4,686,483
Borrowings		3,009		1,301		6,966		7,610		8,135
Subordinated debt		98,662		138,604		39,726		39,705		39,684
Other liabilities		53,858		55,699		52,924		49,302		50,141
Total liabilities		5,308,318		5,246,501		4,971,736		4,905,276		4,784,443
Shareholders' Equity:
Common stock		17,029		17,028		17,018		17,018		16,926
Additional paid-in capital		295,950		295,742		295,209		294,736		294,269
Retained earnings		248,719		236,380		224,061		213,721		203,824
Accumulated other comprehensive loss		(9,319)		(10,781)		(17,274)		(19,647)		(23,671)
Total shareholders' equity attributable to SmartFinancial Inc. and Subsidiary		552,379		538,369		519,014		505,828		491,348
Non-controlling interest - preferred stock of subsidiary		113		113		113		113		113
Total shareholders' equity		552,492		538,482		519,127		505,941		491,461
Total liabilities & shareholders' equity	$	5,860,810	$	5,784,983	$	5,490,863	$	5,411,217	$	5,275,904

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	Three Months Ended										Year Ended
	Dec		Sep		June		Mar		Dec		Dec		Dec
	2025		2025		2025		2025		2024		2025		2024
Interest income:
Loans and leases, including fees	$	65,573	$	64,282	$	61,049	$	57,762	$	57,951	$	248,666	$	213,562
Investment securities:
Taxable		5,662		4,876		4,848		4,775		5,050		20,161		20,151
Tax-exempt		536		441		395		354		351		1,726		1,406
Federal funds sold and other earning assets		3,854		4,919		3,161		3,485		2,744		15,419		16,000
Total interest income		75,625		74,518		69,453		66,376		66,096		285,972		251,119
Interest expense:
Deposits		28,646		30,464		28,301		27,335		27,437		114,747		109,260
Borrowings		1		14		70		70		89		155		1,075
Subordinated debt		1,884		1,610		739		733		787		4,966		3,434
Total interest expense		30,531		32,088		29,110		28,138		28,313		119,868		113,769
Net interest income		45,094		42,430		40,343		38,238		37,783		166,104		137,350
Provision for credit losses		4,132		227		2,411		979		2,135		7,750		5,153
Net interest income after provision for credit losses		40,962		42,203		37,932		37,259		35,648		158,354		132,197
Noninterest income:
Service charges on deposit accounts		1,828		1,831		1,766		1,736		1,778		7,161		6,862
(Loss) gain on sale of securities, net		—		(3,715)		(4)		—		64		(3,719)		64
Mortgage banking		837		709		633		493		541		2,673		1,579
Investment services		1,683		1,690		1,440		1,769		1,382		6,582		5,945
Insurance commissions		—		1,049		1,554		1,412		1,832		4,016		5,696
Interchange and debit card transaction fees		1,375		1,338		1,342		1,220		1,332		5,275		5,277
Gain on sale of SBKI		—		3,955		—		—		—		3,955		—
Other		2,496		1,780		2,167		1,967		2,101		8,409		8,729
Total noninterest income		8,219		8,637		8,898		8,597		9,030		34,352		34,152
Noninterest expense:
Salaries and employee benefits		19,917		19,544		19,602		19,234		19,752		78,297		72,100
Occupancy and equipment		3,388		3,468		3,432		3,397		3,473		13,686		13,617
FDIC insurance		1,025		1,025		992		960		825		4,002		3,390
Other real estate and loan related expense		858		969		757		658		1,241		3,242		2,823
Advertising and marketing		393		454		390		382		397		1,619		1,321
Data processing and technology		2,413		2,594		2,651		2,657		2,495		10,316		9,930
Professional services		1,132		1,123		1,153		1,368		1,017		4,775		4,207
Amortization of intangibles		479		536		566		569		601		2,150		2,425
Restructuring expenses		16		1,310		—		—		—		1,326		—
Other		2,850		2,846		3,026		3,071		2,490		11,792		11,077
Total noninterest expense		32,471		33,869		32,569		32,296		32,291		131,205		120,890
Income before income taxes		16,710		16,971		14,261		13,560		12,387		61,501		45,459
Income tax expense		3,007		3,285		2,556		2,306		2,747		11,154		9,318
Net income	$	13,703	$	13,686	$	11,705	$	11,254	$	9,640	$	50,347	$	36,141
Earnings per common share:
Basic	$	0.82	$	0.82	$	0.70	$	0.67	$	0.58	$	3.00	$	2.16
Diluted	$	0.81	$	0.81	$	0.69	$	0.67	$	0.57	$	2.98	$	2.14
Weighted average common shares outstanding:
Basic		16,788,065		16,781,236		16,778,988		16,767,535		16,729,509		16,779,019		16,768,956
Diluted		16,922,482		16,908,920		16,878,736		16,872,097		16,863,780		16,896,519		16,878,456

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Loans and leases, including fees^1^	$	4,295,446	$	65,807	6.08	%	$	4,171,444	$	64,526	6.14	%	$	3,830,301	$	58,188	6.04	%
Taxable securities		580,256		5,662	3.87	%		556,894		4,876	3.47	%		554,152		5,050	3.63	%
Tax-exempt securities^2^		79,149		678	3.40	%		69,843		558	3.17	%		63,309		444	2.79	%
Federal funds sold and other earning assets		383,882		3,854	3.98	%		428,209		4,919	4.56	%		233,793		2,745	4.67	%
Total interest-earning assets		5,338,733		76,001	5.65	%		5,226,390		74,879	5.68	%		4,681,555		66,427	5.64	%
Noninterest-earning assets		400,618						408,560						407,695
Total assets	$	5,739,351					$	5,634,950					$	5,089,250

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	902,505		3,817	1.68	%	$	869,690		4,048	1.85	%	$	826,750		3,775	1.82	%
Money market and savings deposits		2,254,175		16,017	2.82	%		2,186,245		16,693	3.03	%		1,923,265		14,830	3.07	%
Time deposits		911,044		8,812	3.84	%		1,005,800		9,723	3.84	%		861,211		8,832	4.08	%
Total interest-bearing deposits		4,067,724		28,646	2.79	%		4,061,735		30,464	2.98	%		3,611,226		27,437	3.02	%
Borrowings		3,024		1	0.13	%		4,351		14	1.28	%		9,145		89	3.87	%
Subordinated debt		99,062		1,884	7.55	%		85,113		1,610	7.50	%		39,672		787	7.89	%
Total interest-bearing liabilities		4,169,810		30,531	2.90	%		4,151,199		32,088	3.07	%		3,660,043		28,313	3.08	%
Noninterest-bearing deposits		964,612						900,079						889,151
Other liabilities		58,440						57,843						50,884
Total liabilities		5,192,862						5,109,121						4,600,078
Shareholders' equity		546,489						525,829						489,172
Total liabilities and shareholders' equity	$	5,739,351					$	5,634,950					$	5,089,250

Net interest income, taxable equivalent			$	45,470					$	42,791					$	38,114
Interest rate spread					2.74	%					2.62	%					2.57	%
Tax equivalent net interest margin					3.38	%					3.25	%					3.24	%

Percentage of average interest-earning assets to average interest-bearing liabilities					128.03	%					125.90	%					127.91	%
Percentage of average equity to average assets					9.52	%					9.33	%					9.61	%

^1^Yields computed on tax-exempt loans on a tax equivalent basis include $235 thousand, $244 thousand, and $237 thousand of taxable equivalent income for the quarters ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively.

^2^Yields computed on tax-exempt instruments on a tax equivalent basis include $142 thousand, $117 thousand, and $93 thousand of taxable equivalent income for the quarters ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Year Ended
	December 31, 2025							December 31, 2024
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:
Loans and leases, including fees^1^	$	4,115,793	$	249,636		6.07	%	$	3,607,558	$	214,310	5.94	%
Taxable securities		563,978		20,161		3.57	%		580,001		20,151	3.47	%
Tax-exempt securities^2^		69,620		2,185		3.14	%		63,679		1,780	2.80	%
Federal funds sold and other earning assets		349,105		15,419		4.42	%		300,081		16,000	5.33	%
Total interest-earning assets		5,098,496		287,401		5.64	%		4,551,319		252,241	5.54	%
Noninterest-earning assets		405,205							388,267
Total assets	$	5,503,701						$	4,939,586

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	863,772		15,394		1.78	%	$	932,598		21,074	2.26	%
Money market and savings deposits		2,152,812		63,535		2.95	%		1,913,673		64,116	3.35	%
Time deposits		928,404		35,818		3.86	%		623,652		24,070	3.86	%
Total interest-bearing deposits		3,944,988		114,747		2.91	%		3,469,923		109,260	3.15	%
Borrowings		5,826		155		2.66	%		21,719		1,075	4.95	%
Subordinated debt		66,110		4,966		7.51	%		41,184		3,434	8.34	%
Total interest-bearing liabilities		4,016,924		119,868		2.98	%		3,532,826		113,769	3.22	%
Noninterest-bearing deposits		911,988							883,923
Other liabilities		54,300							48,949
Total liabilities		4,983,212							4,465,698
Shareholders' equity		520,489							473,888
Total liabilities and shareholders' equity	$	5,503,701						$	4,939,586

Net interest income, taxable equivalent			$	167,533						$	138,472
Interest rate spread						2.65	%					2.32	%
Tax equivalent net interest margin						3.29	%					3.04	%

Percentage of average interest-earning assets to average interest-bearing liabilities						126.93	%					128.83	%
Percentage of average equity to average assets						9.46	%					9.59	%

^1^Yields computed on tax-exempt loans on a tax equivalent basis include $970 thousand and $748 thousand of taxable equivalent income for the year ended December 31, 2025, and 2024, respectively.

^2^Yields computed on tax-exempt instruments on a tax equivalent basis include $459 thousand and $374 thousand of taxable equivalent income for the year ended December 31, 2025, and 2024, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	As of and for The Three Months Ended
	Dec			Sep			Jun			Mar			Dec
	2025			2025			2025			2025			2024
Composition of Loans and Leases:
Commercial real estate:
Non-owner occupied	$	1,196,758		$	1,136,080		$	1,114,133		$	1,117,392		$	1,080,404
Owner occupied		1,022,871			1,012,088			958,989			885,396			867,678
Commercial real estate, total		2,219,629			2,148,168			2,073,122			2,002,788			1,948,082
Consumer real estate		834,626			811,150			803,270			784,602			741,836
Construction & land development		419,176			390,691			391,155			357,393			361,735
Commercial & industrial		817,595			794,751			778,754			768,454			775,620
Leases		55,422			60,301			62,495			64,208			64,878
Consumer and other		17,134			17,308			15,266			14,762			14,189
Total loans and leases	$	4,363,582		$	4,222,369		$	4,124,062		$	3,992,207		$	3,906,340

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$	9,442		$	10,099		$	7,921		$	7,807		$	7,872
Other real estate owned		—			—			144			144			179
Other repossessed assets		3,248			2,444			2,397			2,414			2,037
Total nonperforming assets	$	12,690		$	12,543		$	10,462		$	10,365		$	10,088
Modified loans and leases^1^ not included in nonperforming loans and leases	$	219		$	1,783		$	1,660		$	1,978		$	3,989
Net charge-offs to average loans and leases (annualized)		0.18	%		0.10	%		0.01	%		0.01	%		0.02	%
Allowance for credit losses to loans and leases		0.94	%		0.93	%		0.96	%		0.96	%		0.96	%
Nonperforming loans and leases to total loans and leases, gross		0.22	%		0.24	%		0.19	%		0.20	%		0.20	%
Nonperforming assets to total assets		0.22	%		0.22	%		0.19	%		0.19	%		0.19	%

Capital Ratios:
Equity to Assets		9.43	%		9.31	%		9.45	%		9.35	%		9.32	%
Tangible common equity to tangible assets (Non-GAAP)^2^		7.93	%		7.78	%		7.71	%		7.57	%		7.48	%

SmartFinancial, Inc.^3^
Tier 1 leverage		8.30	%		8.21	%		8.25	%		8.16	%		8.29	%
Common equity Tier 1		9.80	%		9.85	%		9.67	%		9.79	%		9.76	%
Tier 1 capital		9.80	%		9.85	%		9.67	%		9.79	%		9.76	%
Total capital		12.67	%		13.31	%		11.04	%		11.18	%		11.10	%

SmartBank^3^	****
Tier 1 leverage		9.71	%		9.59	%		8.88	%		8.76	%		8.94	%
Common equity Tier 1		11.51	%		11.56	%		10.41	%		10.51	%		10.51	%
Tier 1 capital		11.51	%		11.56	%		10.41	%		10.51	%		10.51	%
Total capital		12.32	%		12.37	%		11.25	%		11.35	%		11.30	%

^1^Borrowers that have experienced financial difficulty. Effective as of December 31, 2025, the Call Report instructions were changed for institutions to report loan modifications to borrowers experiencing financial difficulty for a 12-month period after the modification. This change is reflected in the December 31, 2025, information.

^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.

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															Year Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
	2025			2025			2025			2025			2024			2025			2024
Selected Performance Ratios (Annualized):
Return on average assets		0.95	%		0.96	%		0.88	%		0.87	%		0.75	%		0.91	%		0.73	%
Return on average shareholders' equity		9.95	%		10.33	%		9.19	%		9.17	%		7.84	%		9.67	%		7.63	%
Return on average tangible common equity¹		12.06	%		12.79	%		11.53	%		11.60	%		9.99	%		12.01	%		9.82	%
Noninterest income / average assets		0.57	%		0.61	%		0.67	%		0.66	%		0.71	%		0.62	%		0.69	%
Noninterest expense / average assets		2.24	%		2.38	%		2.44	%		2.48	%		2.52	%		2.38	%		2.45	%
Efficiency ratio		60.91	%		66.32	%		66.14	%		68.96	%		68.98	%		65.45	%		70.49	%

Operating Selected Performance Ratios (Annualized):
Operating return on average assets^1^		0.95	%		1.02	%		0.88	%		0.87	%		0.75	%		0.93	%		0.71	%
Operating PPNR return on average assets^1^		1.44	%		1.29	%		1.25	%		1.12	%		1.13	%		1.28	%		0.99	%
Operating return on average shareholders' equity^1^		9.96	%		10.92	%		9.19	%		9.17	%		7.80	%		9.83	%		7.36	%
Operating return on average tangible common equity^1^		12.07	%		13.53	%		11.53	%		11.60	%		9.94	%		12.20	%		9.48	%
Operating efficiency ratio^1^		60.45	%		63.61	%		65.66	%		68.46	%		68.58	%		64.41	%		70.72	%
Operating noninterest income / average assets^1^		0.57	%		0.59	%		0.67	%		0.66	%		0.70	%		0.62	%		0.66	%
Operating noninterest expense / average assets^1^		2.24	%		2.29	%		2.44	%		2.48	%		2.52	%		2.36	%		2.45	%

Selected Interest Rates and Yields:
Yield on loans and leases, excluding loan fees, FTE		6.00	%		6.05	%		5.99	%		5.88	%		5.95	%		5.98	%		5.86	%
Yield on loans and leases, FTE		6.08	%		6.14	%		6.07	%		5.97	%		6.04	%		6.07	%		5.94	%
Yield on earning assets, FTE		5.65	%		5.68	%		5.65	%		5.56	%		5.64	%		5.64	%		5.54	%
Cost of interest-bearing deposits		2.79	%		2.98	%		2.95	%		2.92	%		3.02	%		2.91	%		3.15	%
Cost of total deposits		2.26	%		2.44	%		2.39	%		2.37	%		2.43	%		2.36	%		2.51	%
Cost of interest-bearing liabilities		2.90	%		3.07	%		2.99	%		2.97	%		3.08	%		2.98	%		3.22	%
Net interest margin, FTE		3.38	%		3.25	%		3.29	%		3.21	%		3.24	%		3.29	%		3.04	%

Per Common Share:
Net income, basic	$	0.82		$	0.82		$	0.70		$	0.67		$	0.58		$	3.00		$	2.16
Net income, diluted		0.81			0.81			0.69			0.67			0.57			2.98			2.14
Operating earnings, basic¹		0.82			0.86			0.70			0.67			0.57			3.05			2.08
Operating earnings, diluted¹		0.81			0.86			0.69			0.67			0.57			3.03			2.07
Book value per common share		32.44			31.62			30.51			29.73			29.04			32.44			29.04
Tangible book value per common share¹		26.85			26.00			24.42			23.61			22.85			26.85			22.85
Common shares outstanding		17,029,317			17,028,001			17,017,547			17,017,547			16,925,672			17,029,317			16,925,672

¹Non-GAAP measure. See reconciliation of Non-GAAP measures.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended															Year Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
	2025			2025			2025			2025			2024			2025			2024
Operating Earnings:
Net income (GAAP)	$	13,703		$	13,686		$	11,705		$	11,254		$	9,640		$	50,347		$	36,141
Noninterest income:
Securities losses (gains), net		—			3,715			4			—			(64)			3,719			(64)
Gain on sale of former branch building		—			—			—			—			—			—			(1,629)
Gain on sale of SBKI		—			(3,955)			—			—			—			(3,955)			—
Noninterest expenses:
Restructuring expenses		16			1,310			—			—			—			1,326			—
Income taxes:
Income tax effect of adjustments		(4)			(276)			(1)			—			17			(282)			437
Operating earnings (Non-GAAP)	$	13,715		$	14,480		$	11,708		$	11,254		$	9,593		$	51,155		$	34,885
Operating earnings per common share (Non-GAAP):
Basic	$	0.82		$	0.86		$	0.70		$	0.67		$	0.57		$	3.05		$	2.08
Diluted		0.81			0.86			0.69			0.67			0.57			3.03			2.07

Operating Noninterest Income:
Noninterest income (GAAP)	$	8,219		$	8,637		$	8,898		$	8,597		$	9,030		$	34,352		$	34,152
Securities losses (gains), net		—			3,715			4			—			(64)			3,719			(64)
Gain on sale of former branch building		—			—			—			—			—			—			(1,629)
Gain on sale of SBKI		—			(3,955)			—			—			—			(3,955)			—
Operating noninterest income (Non-GAAP)	$	8,219		$	8,397		$	8,902		$	8,597		$	8,966		$	34,116		$	32,459
Operating noninterest income (Non-GAAP)/average assets^1^		0.57	%		0.59	%		0.67	%		0.66	%		0.70	%		0.62	%		0.66	%

Operating Noninterest Expense:
Noninterest expense (GAAP)	$	32,471		$	33,869		$	32,569		$	32,296		$	32,291		$	131,205		$	120,890
Restructuring expenses		(16)			(1,310)			—			—			—			(1,326)			—
Operating noninterest expense (Non-GAAP)	$	32,455		$	32,559		$	32,569		$	32,296		$	32,291		$	129,879		$	120,890
Operating noninterest expense (Non-GAAP)/average assets^2^		2.24	%		2.29	%		2.44	%		2.48	%		2.52	%		2.36	%		2.45	%

Operating Pre-provision Net revenue ("PPNR") Earnings:
Net interest income (GAAP)	$	45,094		$	42,430		$	40,343		$	38,238		$	37,783		$	166,104		$	137,350
Operating noninterest income (Non-GAAP)		8,219			8,397			8,902			8,597			8,966			34,116			32,459
Operating noninterest expense (Non-GAAP)		(32,455)			(32,559)			(32,569)			(32,296)			(32,291)			(129,879)			(120,890)
Operating PPNR earnings (Non-GAAP)	$	20,858		$	18,268		$	16,676		$	14,539		$	14,458		$	70,341		$	48,919

Non-GAAP Return Ratios:
Operating return on average assets (Non-GAAP)^3^		0.95	%		1.02	%		0.88	%		0.87	%		0.75	%		0.93	%		0.71	%
Operating PPNR return on average assets (Non-GAAP)^4^		1.44	%		1.29	%		1.25	%		1.12	%		1.13	%		1.28	%		0.99	%
Return on average tangible common equity (Non-GAAP)^5^		12.06	%		12.79	%		11.53	%		11.60	%		9.99	%		12.01	%		9.82	%
Operating return on average shareholders' equity (Non-GAAP)^6^		9.96	%		10.92	%		9.19	%		9.17	%		7.80	%		9.83	%		7.36	%
Operating return on average tangible common equity (Non-GAAP)^7^		12.07	%		13.53	%		11.53	%		11.60	%		9.94	%		12.20	%		9.48	%

Operating Efficiency Ratio:
Efficiency ratio (GAAP)		60.91	%		66.32	%		66.14	%		68.96	%		68.98	%		65.45	%		70.49	%
Adjustment for taxable equivalent yields		(0.43)	%		(0.47)	%		(0.47)	%		(0.50)	%		(0.49)	%		(0.47)	%		(0.46)	%
Adjustment for securities gains (losses)		—	%		(4.50)	%		(0.01)	%		—	%		0.09	%		(1.19)	%		0.03	%
Adjustment for sale of branch location		—	%		—	%		—	%		—	%		—	%		—	%		0.66	%
Adjustment for sale of SBKI		—	%		5.57	%		—	%		—	%		—	%		1.32	%		—	%
Adjustment for restructuring cost		(0.02)	%		(3.31)	%		—	%		—	%		—	%		(0.70)	%		—	%
Operating efficiency ratio (Non-GAAP)		60.45	%		63.61	%		65.66	%		68.46	%		68.58	%		64.41	%		70.72	%

^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).

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended
	Dec		Sep		Jun		Mar		Dec
	2025		2025		2025		2025		2024
Tangible Common Equity:
Shareholders' equity (GAAP)	$	552,492	$	538,482	$	519,127	$	505,941	$	491,461
Less goodwill and other intangible assets		95,328		95,807		103,588		104,154		104,723
Tangible common equity (Non-GAAP)	$	457,164	$	442,675	$	415,539	$	401,787	$	386,738

Average Tangible Common Equity:
Average shareholders' equity (GAAP)	$	546,489	$	525,829	$	511,067	$	497,980	$	489,172
Less average goodwill and other intangible assets		95,619		101,326		103,936		104,504		105,093
Average tangible common equity (Non-GAAP)	$	450,870	$	424,503	$	407,131	$	393,476	$	384,079

Tangible Book Value per Common Share:
Book value per common share (GAAP)	$	32.44	$	31.62	$	30.51	$	29.73	$	29.04
Adjustment due to goodwill and other intangible assets		(5.59)		(5.63)		(6.09)		(6.12)		(6.19)
Tangible book value per common share (Non-GAAP)^1^	$	26.85	$	26.00	$	24.42	$	23.61	$	22.85

Tangible Common Equity to Tangible Assets:
Total Assets (GAAP)	$	5,860,810	$	5,784,983	$	5,490,863	$	5,411,217	$	5,275,904
Less goodwill and other intangibles		95,328		95,807		103,588		104,154		104,723
Tangible Assets (Non-GAAP)	$	5,765,482	$	5,689,176	$	5,387,275	$	5,307,063	$	5,171,181
Tangible common equity to tangible assets (Non-GAAP)		7.93%		7.78%		7.71%		7.57%		7.48%

^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.

Exhibit 99.2

1<br>INVESTOR CALL<br>4Q 2025<br>January 21, 2026, 10:00am ET<br>Webcast: www.smartbank.com<br>(Investor Relations)<br>Audio Only: 1<br>-833<br>-470<br>-1428<br>Access Code: 680807<br>Miller Welborn<br>Chairman of the Board<br>Billy Carroll<br>President & CEO<br>Ron Gorczynski<br>CFO
Forward-Looking Statements<br>This presentation may contain statements that are based on management’s current estimates or expectations of future events<br>or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Securities<br>Litigation Reform Act of 1995. These statements on SmartFinancial Inc.’s (“SmartFinancial”) business and financial results and<br>conditions, are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,”<br>“believe,” “seek,” “may,” “estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties,<br>and other factors that may cause the actual results of SmartFinancial to differ materially from future results expressed or implied<br>by such forward-looking statements. Such risks, uncertainties, and other factors include, among others,<br>(1) risks associated with our growth strategy, including a failure to implement our growth plans or an inability to manage our growth effectively;<br>(2) claims and litigation arising from our business activities and from the companies we acquire, which may relate to contractual issues,<br>environmental laws, fiduciary responsibility, and other matters;<br>(3) general risks related to our disposition merger and acquisition activity, including risks associated with our pursuit of future acquisitions or sales;<br>(4) changes in management’s plans for the future;<br>(5) prevailing, or changes in, economic or political conditions (including those resulting from the current administration and Congress), particularly in<br>our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest<br>rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing;<br>(6) our ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic<br>conditions, competition, and the cost of doing business and the impact of interest rate fluctuations on our financial projections, models and<br>guidance);<br>(7) tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions<br>to supply chains, and decreased demand for other banking products and services);<br>(8) uncertain duration of trade conflicts and the magnitude of the impact that proposed tariffs may have on our customers’ businesses;<br>(9) increased technology and cybersecurity risks, including generative artificial intelligence risks;<br>(10) the impact of a failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business,<br>including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts<br>impacting us and our customers;<br>(11) credit risk associated with our lending activities;<br>(12) changes in loan demand, real estate values, or competition;<br>(13) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory<br>requirements or guidance;<br>(14) changes in accounting principles, policies, or guidelines;<br>(15) changes in applicable laws, rules, or regulations;<br>(16) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions;<br>(17) potential impacts of any adverse developments in the banking industry, including the impacts on customer confidence, deposit outflows, liquidity<br>and the regulatory response thereto;<br>(18) significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities;<br>(19) the effects of war or other conflicts;<br>(20) the impact of government actions or inactions, including a prolonged shutdown of the federal government; and<br>(21) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or<br>services.<br>These and other factors that could cause results to differ materially from those described in the forward-looking statements can<br>be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on<br>Form 8-K, in each case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the<br>SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements. SmartFinancial disclaims<br>any obligation to update or revise any forward-looking statements contained in this presentation, which speak only as of the<br>date hereof, whether as a result of new information, future events, or otherwise.<br>DISCLOSURES<br>2<br>Non-GAAP Financial Measures<br>Statements included in this presentation include measures not recognized under U.S. generally accepted accounting principles<br>(“GAAP”) and therefore are considered Non-GAAP financial measures (“Non-GAAP”) and should be read along with the<br>accompanying tables, which provide a reconciliation of Non-GAAP financial measures to GAAP financial measures.<br>SmartFinancial management uses several Non-GAAP financial measures and ratios derived therefrom in its analysis of<br>SmartFinancial's performance, including:<br>(i) Operating revenue<br>(ii) Operating earnings<br>(iii) Operating noninterest income<br>(iv) Operating noninterest expense<br>(v) Operating pre-provision net revenue (“PPNR”) earnings<br>(vi) Tangible common equity<br>(vii) Tangible common equity (excluding Accumulated Other Comprehensive income (“AOCI”))<br>(viii) Average tangible common equity<br>(ix) Tangible book value per common share<br>(x) Tangible book value per common share (excluding AOCI)<br>(xi) Tangible assets<br>(xii) Operating efficiency ratio<br>Operating earnings, operating revenue, operating PPNR earnings, operating noninterest income and operating noninterest<br>expense exclude non-operating related income and expense items from net income, noninterest income and noninterest<br>expense, respectively. Operating efficiency ratio is the quotient of operating noninterest expense divided by the sum of net<br>interest income adjusted for taxable equivalent yields plus operating noninterest income. Tangible common equity and average<br>tangible common equity excludes goodwill and other intangible assets from shareholders' equity and average shareholders'<br>equity, respectively. Tangible common equity (excluding AOCI) excludes goodwill and other intangible assets from shareholders’<br>equity and accumulated other comprehensive income. Tangible book value per common share is tangible common equity<br>divided by common shares outstanding. Tangible book value per common share (excluding AOCI) is tangible common equity<br>(excluding AOCI) divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total<br>assets. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations.<br>Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate<br>the ongoing performance of the company and provide meaningful comparisons to its peers. Management also believes these<br>Non-GAAP financial measures enhance investors' ability to compare period-to-period financial results and allow investors and<br>company management to view our operating results excluding the impact of items that are not reflective of the underlying<br>operating performance.<br>Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition<br>as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported<br>under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a<br>substitute for analysis of the results or financial condition as reported under GAAP.<br>Unless otherwise indicated, all financial data contained in this presentation is as of 12/31/25
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'23 -'25<br>2023Y 2024Y 2025Y CAGR2<br>Total Loans and Leases (Excl. HFS & PPP) $ 3,444.5 $ 3,906.3 $ 4,363.6 13%<br>Annual Net Balance Loan Growth 190.8 461.9 457.2<br>Total Deposits 4,267.9 4,686.5 5,152.8 10%<br>Loan / Deposit Ratio 81% 83% 85%<br>Operating Revenue1<br> 159.2 169.8 200.2 12%<br>Net Interest Margin, FTE 2.97% 3.04% 3.29%<br>Operating Noninterest Income1<br> 29.1 32.5 34.1 8%<br>Operating PPNR Earnings1<br> 47.1 48.9 70.3 22%<br>Operating Return on Average Assets1 0.72% 0.71% 0.93%<br>Operating Return on Average Tang. Common Equity1 10.3% 9.5% 12.2%<br>Operating Efficiency Ratio1 70.3% 70.7% 64.4%<br>Diluted Operating Earnings Per Share1 $ 2.03 $ 2.07 $ 3.03 22%<br>Tangible Book Value Per Share1 $ 20.76 $ 22.85 $ 26.85 14%<br>3<br>SMARTBANK 2025: A YEAR IN REVIEW<br>$ in Millions, except per share data<br>Strategic Capital<br>Deployment Initiatives<br>Drive Robust Loan and<br>Deposit Growth<br>Growth in Revenue<br>Fueled by<br>Expanding Margins and<br>Emphasis on<br>Noninterest Income<br>Another Year of EPS &<br>Tangible Book Value Growth<br>Strong Profitability<br>Momentum – Positive<br>Outlook Ahead<br>Balance Sheet / Non-GAAP Revenue Highlights:<br>Non-GAAP Performance Highlights:<br>1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix<br>2) CAGR: Compound Annualized Growth Rate<br>3) 2025 Great Place to Work survey<br>92% of our associates said SmartBank is a great place to work,<br>35 points higher than the typical U.S. company. We are thrilled to<br>become Great Place To Work-Certified . Associate experience<br>is a top priority as success starts with our team members!<br>Corporate Highlights:<br>3<br>92%
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$0.57<br>$0.81 $0.81<br>$0.57<br>$0.86<br>$0.81<br>4Q24 3Q25 4Q25<br>GAAP EPS Diluted Operating EPS<br>$29.04<br>$31.62 $32.44<br>$22.85<br>$26.00 $26.85<br>4Q24 3Q25 4Q25<br>BV Per Share TBV Per Share<br>0.75%<br>0.96% 0.95%<br>0.75%<br>1.02%<br>0.95%<br>4Q24 3Q25 4Q25<br>GAAP ROAA Operating ROAA<br>10.0%<br>12.8%<br>12.1%<br>9.9%<br>13.5%<br>12.1%<br>4Q24 3Q25 4Q25<br>ROATCE Operating ROATCE<br>4<br>Unless otherwise indicated, financial data as of or for the three months ended 12/31/25<br>1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix<br>2) QoQ: Quarter-over-Quarter<br>3) “Loans” for purposes of this presentation includes all SmartFinancial loans and leases<br>QUARTERLY HIGHLIGHTS: FOURTH QUARTER 2025<br>13%<br>QoQ2 Annualized<br>Tang. Book Value<br>Per Share Growth1<br>$0.81<br>Diluted Operating<br>EPS1<br>0.95%<br>Operating Return on<br>Average Assets1<br>12.1%<br>Operating Return on<br>Average Tang.<br>Common Equity1<br>60%<br>Operating Efficiency<br>Ratio1<br>8%<br>QoQ Annualized<br>Deposit Growth<br>13%<br>QoQ Annualized<br>Organic Loan3<br>Growth<br>85%<br>Loan / Deposit<br>Ratio3<br>0.22%<br>Non-Performing<br>Assets / Assets<br>$5.9<br>Billion in Total<br>Assets<br>Diluted Earnings Per Share Book Value Per Share<br>Return on Average Assets<br>Return on Average Tangible<br>Common Equity<br>1<br>1 1<br>1
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$8,259 $13,703<br>$( 1, 000)<br>$1, 000<br>$3, 000<br>$5, 000<br>$7, 000<br>$9, 000<br>$11, 000<br>$13, 000<br>$15, 000<br>$17, 000 $0.49 $0.81<br>$0<br>$0<br>$0<br>$0<br>$0<br>$1<br>$1<br>$1<br>$1<br>$1 $37,229 $53,313<br>$10, 000<br>$20, 000<br>$30, 000<br>$40, 000<br>$50, 000<br>$60, 000 $2,806 $4,364<br>$100<br>$600<br>$1, 100<br>$1, 600<br>$2, 100<br>$2, 600<br>$3, 100<br>$3, 600<br>$4, 100<br>$4, 600<br>$5, 100 $4,191 $5,153<br>$2, 000<br>$2, 500<br>$3, 000<br>$3, 500<br>$4, 000<br>$4, 500<br>$5, 000<br>$5, 500 0.11%0.22%<br>$-<br>$0<br>$0<br>$0<br>$0<br>$0<br>5<br>GAAP KEY MEASURE TRENDS:<br>$ in Thousands<br>Net Income: Diluted Earnings Per Share: Total Revenue:<br>Loans HFI: Deposits: NPAs / Assets:<br>$ in Thousands<br>$ in Millions $ in Millions<br>Diluted Earnings Per Share: Net Income / Diluted Common Shares Outstanding Total Revenue: Net Interest Income + Total Non-Interest Income<br>Loans HFI: Total Loans Held for Investment NPAs / Assets: Total Nonperforming Assets / Total Assets
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$8,585 $13,715<br>$-<br>$2, 000<br>$4, 000<br>$6, 000<br>$8, 000<br>$10, 000<br>$12, 000<br>$14, 000<br>$16, 000<br>$18, 000 $0.51 $0.81<br>$0<br>$0<br>$0<br>$0<br>$1<br>$1<br>$1<br>$1<br>$1 $11,950 $20,858<br>$5, 000<br>$7, 000<br>$9, 000<br>$11, 000<br>$13, 000<br>$15, 000<br>$17, 000<br>$19, 000<br>$21, 000<br>$23, 000 0.76% 0.95%<br>$-<br>$0<br>$0<br>$0<br>$0<br>$0<br>$0 10.80%12.07%<br>$-<br>$0<br>$0<br>$0<br>$0<br>$0<br>$0<br>$0<br>$0<br>$0 $18.64 $26.85<br>$16<br>$18<br>$20<br>$22<br>$24<br>$26<br>$28<br>6<br>NON-GAAP KEY MEASURE TRENDS1<br>:<br>1) Operating Earnings, Operating Diluted EPS, Operating PPNR Earnings, Operating ROAA, Operating ROATCE, Tangible Book Value Per Share and Tangible Common Equity are all Non-GAAP financial measures. For a reconciliation of Non-GAAP financial<br>measures to their most directly comparable GAAP measures, see the Appendix<br>$ in Thousands<br>Operating Earnings: Diluted Operating EPS: Operating PPNR Earnings:<br>Operating ROAA: Operating ROATCE: Tangible Book Value Per Share:<br>$ in Thousands<br>Operating Diluted Earnings Per Share: Operating Earnings / Diluted Common Shares Outstanding Operating Pre-Provision Net Revenue Earnings: Net Interest Income + Operating Non-Interest Income – Operating Non-Interest Expense<br>Operating Non-Interest Income: Non-Interest Income Adjusted for Non-Operating, Non-Recurring Items<br>Operating Non-Interest Expense: Non-Interest Expense Adjusted for Non-Operating, Non-Recurring Items<br>Operating Return on Average Assets: Operating Earnings / Average Assets Tangible Book Value Per Share: Tangible Common Equity / Total Common Shares<br>Outstanding<br>Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other<br>Intangibles<br>Operating Earnings: Net Income Adjusted for Non-Operating, Non-Recurring Items<br>Operating Return on Average Tangible Common Equity: Operating Earnings /<br>Average Tangible Common Equity<br>Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other<br>Intangibles<br>$ in Thousands
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7<br>SMARTFINANCIAL: EXPANDING SOUTHEAST FRANCHISE<br>$5.9<br>Billion in Total<br>Assets<br>$4.4<br>Billion in Total<br>Loans<br>We are building a culture<br>where Associates thrive and<br>are empowered to be leaders.<br>The core values that we have<br>established as a company help<br>us operate in unison and have<br>become a critical part of our<br>culture. Our Associates are key<br>to SmartBank’s success.<br>$5.2<br>Billion in Total<br>Deposits<br>42<br>Total Branches<br>Knoxville Nashville<br>Huntsville<br>Tuscaloosa<br>Mobile<br>Pensacola<br>Birmingham<br>Auburn<br>Tallahassee<br>Dothan<br>Montgomery<br>Branch Offices<br>Current / Future Loan Production Offices<br>Chattanooga<br>1) 2024 Great Place to Work survey<br>Panama City<br>1<br>92%<br>Destin<br>Columbus
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$1.0 $1.1<br>$1.7<br>$2.3 $2.4<br>$3.3<br>$4.6 $4.6 $4.8<br>$5.3<br>$5.9<br>$-<br>$1<br>$2<br>$3<br>$4<br>$5<br>$6<br>$7<br>2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025<br>8<br>SMARTBANK JOURNEY: LOOKING AHEAD<br>Validation: Scaling: Leveraging:<br>• Focused on validating platform and<br>substantiating market need<br>• Completed Cornerstone merger-of-equals<br>• Completed functional initial public offering<br>• Began expanding commercial banking product<br>offering<br>• Quickly recognized the need for scale to<br>spread operating cost over larger asset base<br>• Focused on building scale through asset growth with<br>emphasis on fee revenue drivers<br>• Completed four bank acquisitions<br>• Acquired Fountain Equipment Finance<br>• Started dealer floor plan lending unit<br>• Expanded into seven new de novo markets<br>• Broadened Treasury Management and commercial banking<br>product package<br>• Implemented several multi-year IT infrastructure projects<br>• Consolidated inconsistent legacy products, services and<br>operational procedures<br>• Focus on leveraging existing investments to efficiently deploy<br>capital and enhance EPS and ROATCE<br>• Strategic hiring supported by existing infrastructure<br>• Further investment in commercial banking business<br>• Heightened focus on commercial sales process<br>• Targeted business relationship generation and client<br>profitability profiles<br>• Operational and product enhancement and delivery in key<br>areas (Treasury Management, digital capabilities, etc.)<br>• M&A focus shifted to strategic and/or “needle moving”<br>opportunities<br>$ in Billions, unless otherwise indicated<br>Strategic Focus: Leverage Existing Infrastructure Investments to Drive Profitability and Optimize Efficiency
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MARKET AREA: BUILDING DENSITY IN ATTRACTIVE SOUTHEAST MARKETS<br>9<br>► Production Team: 45<br>► Loans: 59%<br>► Deposits: 61%<br>► ’21-’25 Growth: 10%<br>Tennessee<br>Source: S&P Market Intelligence; U.S. Census; https://www.cnbc.com/americas-top-states-for-business/<br>1) Production team includes relationship managers, market leaders, regional and divisional presidents responsible for meeting business production goals<br>2) Market loan and deposit percentages shown as a percentage of the total loans and deposits of SmartBank as of 12/31/25, respectively<br>3) 12/31/21 – 12/31/25 Compound Annualized Growth Rate based on market loan growth over the time period<br>Profile by Market Area: Abundant Organic Opportunity US Population Migration: Strong Migration into Great Markets 1,2,3<br>► Production Team: 31<br>► Loans: 26%<br>► Deposits: 31%<br>► ’21-’25 Growth: 25%<br>Alabama<br>► Production Team: 14<br>► Loans: 15%<br>► Deposits: 8%<br>► ’21-’25 Growth: 11%<br>Coastal<br>Projected Population CAGR through 2030<br>AMERICA’S TOP STATES<br>FOR BUSINESS 2025<br>N. CAROLINA: #1<br>FLORIDA: #3<br>GEORGIA: #7<br>TENNESSEE: #8<br>S. CAROLINA: #18<br>ALABAMA: #19<br>Knoxville Nashville<br>Huntsville<br>Pensacola<br>Birmingham<br>Tallahassee<br>Montgomery<br>Chattanooga<br>Mobile<br>Auburn<br>Dothan<br>Tuscaloosa<br>Panama City<br>>0.75%<br>0.75% to 0.50%<br>0.50% to 0.00%<br><0.00%<br>Southeast Population Growth Expected to Continue<br>Columbus<br>Destin
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22% 22% 23% 24% 23%<br>28% 28% 27% 27% 27%<br>20% 19% 19% 19% 19%<br>9% 9% 9% 9%<br>10%<br>19% 20%<br>19% 19%<br>19%<br>$3,906 $3,992<br>$4,124 $4,222<br>$4,364<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>CRE, OO CRE, NOO C&I<br>C&D Consumer RE Leases & Other<br>$2,382<br>$2,693<br>$3,254<br>$3,444<br>$3,906 $3,992<br>$4,124 $4,222<br>$4,364<br>5.86%<br>5.88%<br>5.99%<br>6.05%<br>6.00%<br>5. 70%<br>5. 80%<br>5. 90%<br>6. 00%<br>6. 10%<br>6. 20%<br>6. 30%<br>$-<br>$500<br>$1, 000<br>$1, 500<br>$2, 000<br>$2, 500<br>$3, 000<br>$3, 500<br>$4, 000<br>$4, 500<br>2020Y 2021Y 2022Y 2023Y 2024Y 1Q25 2Q25 3Q25 4Q25<br>10<br>LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY<br>Total Loans<br>CAGR of 13% Since 2020<br>$ in Millions, unless otherwise indicated<br>Average Loan Yield<br>(excluding accretion & fees)<br>Loan Composition<br>History of Consistent Organic Growth
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1-4 Family<br>(NOO)<br>25%<br>Resi/Comm<br>Land Dev.<br>12%<br>Resi/Comm<br>Land<br>18%<br>CRE (OO)<br>14%<br>CRE (NOO)<br>14%<br>Multifamily<br>19%<br>Hotel &<br>Hospitality<br>31%<br>Retail<br>Space<br>10%<br>Office Space<br>16%<br>Misc.<br>15% 11<br>LOAN CONCENTRATION: WELL BALANCED EXPOSURE<br>Non-Owner Occupied CRE<br>Exposure By Segment<br>Highly Diversified with<br>Seasoned Client Base<br>Construction & Development<br>Exposure By Type1<br>Concentration Risk Closely Monitored<br>1) 1-4 Family (OO) includes owner-occupied primary and secondary residence construction loans; 1-4 Family (NOO) includes speculative and investment property residential construction loans; Resi/Comm Land Dev. includes primary, secondary, investment and<br>commercial land development loans; Resi/Comm Land includes residential and commercial improved and unimproved land loans; Multifamily includes 5 or more residential property loans; CRE (OO) includes construction loans for owner-occupied commercial<br>real estate including hotel & hospitality, retail, office, industrial & warehouse, self-storage and other commercial real estate; CRE (NOO) includes construction loans for non-owner occupied commercial real estate including hotel & hospitality, retail, office,<br>industrial & warehouse, self-storage and other commercial real estate<br>2) Outstanding net book value balance shown<br>$1.2 Billion2<br>- 28% of Total Loans $419 Million2<br>- 10% of Total Loans
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$10,088 $10,365 $10,462<br>$12,543 $12,690<br>0.19% 0.19% 0.19% 0.22% 0.22%<br>- 0.10%<br>0.10%<br>0.30%<br>0.50%<br>0.70%<br>0.90%<br>1.10%<br>1.30%<br>1.50%<br> $-<br> $2, 000<br> $4, 000<br> $6, 000<br> $8, 000<br> $10, 000<br> $12, 000<br> $14, 000<br> $16, 000<br> $18, 000<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Nonperforming Loans and Leases OREO & Other Repos Nonperforming Assets / Total Assets<br>303% 304% 301%<br>271%<br>278%<br>76% 73% 78%<br>69% 72%<br>0%<br>50%<br>100%<br>150%<br>200%<br>250%<br>150%<br>170%<br>190%<br>210%<br>230%<br>250%<br>270%<br>290%<br>310%<br>330%<br>350%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>CRE Loans / Capital C&D Loans / Capital<br>$15,248 $15,474<br>$12,882<br>$15,728 $15,797<br>0.39% 0.39%<br>0.31% 0.37% 0.36%<br>- 0.10%<br>0.10%<br>0.30%<br>0.50%<br>0.70%<br>0.90%<br>1.10%<br>1.30%<br>1.50%<br>1.70%<br> $2, 000<br> $4, 000<br> $6, 000<br> $8, 000<br> $10, 000<br> $12, 000<br> $14, 000<br> $16, 000<br> $18, 000<br> $20, 000<br> $22, 000<br> $24, 000<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Total Delinquent & Nonaccrual Loans & Leases<br>Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases<br>0.30%<br>0.24% 0.24% 0.25% 0.24%<br>0.02% 0.01% 0.01%<br>0.10%<br>0.18%<br>- 0.10%<br>0.00%<br>0.10%<br>0.20%<br>0.30%<br>0.40%<br>0.50%<br>4Q24 1Q25 2Q25 3Q25 4Q25 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs<br>$37,423 $38,175<br>$39,776 $39,074<br>$40,906<br>0.96% 0.96% 0.96% 0.93% 0.94%<br>0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br> $-<br> $2, 000<br> $4, 000<br> $6, 000<br> $8, 000<br> $10, 000<br> $12, 000<br> $14, 000<br> $16, 000<br> $18, 000<br> $20, 000<br> $22, 000<br> $24, 000<br> $26, 000<br> $28, 000<br> $30, 000<br> $32, 000<br> $34, 000<br> $36, 000<br> $38, 000<br> $40, 000<br> $42, 000<br> $44, 000<br> $46, 000<br> $48, 000<br> $50, 000<br> $52, 000<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Allowance for Credit Losses (ACL) ACL / Loans HFI<br>12<br>Credit Quality<br>Delinquent and Nonaccruals / Total Loans<br>Nonperforming Assets Commercial Real Estate Concentration<br>ASSET QUALITY: STRONG UNDERWRITING PAYS DIVIDENDS<br>$ in Thousands, unless otherwise indicated<br>Allowance Reconciliation
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21% 18% 19% 18% 21%<br>18% 18% 17% 18%<br>18%<br>44% 44% 44%<br>44%<br>44%<br>18% 19% 20%<br>19%<br>17%<br>$4,686 $4,809 $4,872<br>$5,051 $5,153<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Noninterest Demand Interest-Bearing Demand<br>Money Market and Savings Time Deposits<br>$2,805<br>$4,022 $4,077<br>$4,268<br>$4,686 $4,809 $4,872<br>$5,051 $5,153<br>2.51%<br>2.37% 2.39%<br>2.44%<br>2.26%<br>1. 80%<br>2. 00%<br>2. 20%<br>2. 40%<br>2. 60%<br>2. 80%<br>3. 00%<br>3. 20%<br>3. 40%<br>$-<br>$1, 000<br>$2, 000<br>$3, 000<br>$4, 000<br>$5, 000<br>2020Y 2021Y 2022Y 2023Y 2024Y 1Q25 2Q25 3Q25 4Q25<br>$4,364<br>13<br>DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE<br>Total Deposits<br>Loans to Deposits Ratio of 85%<br>$ in Millions, unless otherwise indicated<br>Average Total Deposit Cost<br>Deposit Composition<br>Focused on Core Relationship Growth
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$79<br>$197<br>$3<br>$88<br>$47<br>$128<br>$25<br>$86<br>$22<br> $-<br> $50<br> $100<br> $150<br> $200<br> $250<br> $300 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate 3.54% 3.42% 3.41% 3.44% 3.81%<br>2.50%<br>3.00%<br>3.50%<br>4.00%<br>4.50%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Sec. Yield (AFS/HTM)<br>14<br>SECURITIES DETAIL: STRONG PORTFOLIO YIELD AND LIQUIDITY<br>$ in Millions, unless otherwise indicated<br>Portfolio Summary Weighted Average Portfolio Yield<br>Portfolio Mix by Book Value<br>Risk Adverse Portfolio Designed for Liquidity<br>$674 Million Book Value<br>3.65% Book Yield<br>($24) Million Unrealized Loss<br>• ($11) Million in Available-for-Sale Securities (AFS)<br>• ($13) Million in Held-to-Maturity (HTM)<br>5.5 Year Average Life<br>4.0% Effective Duration<br>84% / 16% (AFS / HTM)<br>1<br>1) Based on the weighted average of the AFS & HTM securities portfolio. Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 21.0%
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15<br>REPRICING SCHEDULE: YIELD ENHANCEMENT UNDERWAY<br>$307 Million in Fixed Rate Loans Yielding 4.96% Maturing by 2026 Year End<br>$129 Million in Adjustable-Rate Loans Yielding 5.20% Maturing or Repricing by 2026 Year End<br>FYE 2028 &<br>($ in millions) 1Q26 2Q26 3Q26 4Q26 2027 Beyond<br>Loan Repricing Schedule:<br>Fixed Rate Loans $ 61 $ 66 $ 90 $ 90 $ 350 $ 1,288<br>Weighted Average Yield 5.22% 5.00% 4.95% 4.74% 5.07% 5.67%<br>Adjustable Rate Loans $ 28 $ 40 $ 27 $ 34 $ 96 $ 442<br>Weighted Average Yield 4.47% 5.74% 5.36% 5.05% 4.49% 6.32%<br>Investment Cashflow Schedule:<br>Principal Cashflow $ 15 $ 13 $ 15 $ 14 $ 57 $ 545<br>Yield Roll-Off 4.27% 4.15% 3.90% 3.94% 3.99% 3.71%<br>Quarterly
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106%<br>98%<br>Peer Average SMBK<br>90%<br>85%<br>Peer Average SMBK<br>Total Amount Net<br>Available Used Availability<br>Current On-Balance Sheet:<br>Cash & Cash Equiv. $464 $0 $464<br>Unpledged Securities 313 0 313<br>Available Sources of Liquidity:<br>Fed Funds 96 0 96<br>FHLB 887 277 610<br>FRB 402 0 402<br>HC LoC 35 0 35<br>Total Liquidity $2,197 $277 $1,920<br>16<br>LIQUIDITY OVERVIEW: PRUDENTLY MANAGING LIQUIDITY<br>1) Peer average based on most recently reported period results for each peer; peers include major exchange traded banks in the Southeast with assets between $2.5 billion and $10.0 billion<br>2) Federal Reserve Board discount window borrowing capacity shown as of 12/31/25<br>3) Uninsured deposits are defined as non-collateralized, non-reciprocal deposits above the FDIC deposit insurance limit<br>Source: S&P Global<br>Loan + Securities / Deposit Ratio<br>(Most Recent Quarter Period End)<br>Loan / Deposit Ratio<br>(Most Recent Quarter Period End)<br>Other Liquidity Sources<br>Access to a Variety of Funding<br>Robust Liquidity on Hand<br>$1.9 Billion in Untapped Liquidity Sources<br>$777 Million in On-Balance Sheet Liquidity<br>1.5x Liquidity to Uninsured Deposit Ratio3<br>1 1<br>$ in Millions, unless otherwise indicated<br>2
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4Q24 1Q25 2Q25 3Q25 4Q25<br>Cash Yield 4.67% 4.60% 4.60% 4.56% 3.98%<br>Sec. Yield (AFS & HTM)1 3.54% 3.42% 3.41% 3.44% 3.81%<br>Loans (less Accr. & Fees) 5.95% 5.88% 5.99% 6.05% 6.00%<br>Loan Accr. & Fees 0.09% 0.08% 0.08% 0.09% 0.08%<br>Loan Yield (incl. Accr. & Fees) 6.04% 5.97% 6.07% 6.14% 6.08%<br>IE Asset Yield 5.64% 5.56% 5.65% 5.68% 5.65%<br>Net Interest Margin (FTE) 3.24% 3.21% 3.29% 3.25% 3.38%<br>$37,783 $38,238<br>$40,343<br>$42,430<br>$45,094<br>$8,966 $8,597<br>$8,902<br>$8,397<br>$8,219<br>$46,749 $46,835<br>$49,245<br>$50,827<br>$53,313<br>3.24%<br>3.21%<br>3.29%<br>3.25%<br>3.38%<br> $18, 000<br> $23, 000<br> $28, 000<br> $33, 000<br> $38, 000<br> $43, 000<br> $48, 000<br> $53, 000<br>3.00%<br>3.10%<br>3.20%<br>3.30%<br>3.40%<br>3.50%<br>3.60%<br>3.70%<br>3.80%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Net Interest Income Operating Noninterest Income Net Interest Margin (FTE)<br>$388<br>$423<br>$365<br>$557<br>$464<br>$609 $625 $627 $634<br>$662<br>11.5% 11.6% 11.4% 11.0% 11.3%<br>0.0%<br>5.0%<br>10.0%<br>15.0%<br>20.0%<br>25.0%<br>30.0%<br>35.0%<br>40.0%<br> $-<br> $100<br> $200<br> $300<br> $400<br> $500<br> $600<br> $700<br> $800<br> $900<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets<br>17<br>LIQUIDITY MANAGEMENT: MARGIN INFLECTION CONTINUES<br>Cash and Securities Margin / Operating Revenue2<br>1) Based on the weighted average of the AFS/HTM securities portfolio. Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 21.0%<br>2) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix<br>2<br>$ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated
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$(5,288), -2.8%<br>$(2,751), -1.4%<br>$2,399 , 1.3% Interest Income % Change<br>Shock -200bps Shock -100bps Shock +100bps<br>$(2,761), -1.4%<br>$(1,491), -0.8%<br>$1,481 , 0.8% Interest Income % Change<br>Ramp -200bps Ramp -100bps Ramp +100bps<br>$1,944<br>44%<br>$640<br>15%<br>$1,794<br>41%<br>Fixed Rate LT Variable ST Variable<br>18<br>INTEREST RATE SENSITIVITY<br>Fixed vs. Variable Rate Loans Static Shock / Rate Ramp Analysis1<br>1) Based on 12-month static rate shock and ramp analysis as of 12/31/25. These estimates of changes in SmartFinancial’s net interest income require us to make certain assumptions including loan and mortgage-related investment prepayment speeds,<br>reinvestment rate, deposit maturities and decay rates. These assumptions are inherently uncertain and, as a result, we cannot precisely predict the impact of changes in interest rates on net interest income. Although our analysis provides an indication of<br>our interest rate risk exposure at a particular point in time, such estimates are not intended to, and do not, provide a precise forecast of the effect of changes in market interest rates and will differ from actual results<br>$2.0 Billion Fixed Rate Loans<br>$2.4 Billion Variable Rate Loans<br>• $1.8 Billion Short-Term Variable Rate (Resetting within 1 - 3 Months)<br>• $640 Million Long-Term Variable Rate (Resets > 3 Months)<br>$ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated
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$8,966<br>$8,597<br>$8,902<br>$8,397 $8,219<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Other Noninterest Income Mortgage Banking Income<br>Investment Services Income Interchange Fees<br>Service Charges on Deposit Accounts Insurance Commissions<br>19<br>NONINTEREST REVENUE DETAILS: GROWING FEE INCOME<br>Operating Noninterest Income1<br>Focused on Recurring Fee Income<br>1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix<br>Differentiated Revenue Streams<br>Building a Family of Diversified Revenue Generators<br>$ in Thousands, unless otherwise indicated<br>$7,134 $7,185 $7,348 $7,348<br>Operating Noninterest Income Excluding Insurance Commissions
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69% 68%<br>66%<br>64%<br>60%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Operating Efficiency Ratio<br>$32,291 $32,296 $32,569 $32,559 $32,455<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Salaries & Benefits Occupancy & Equipment<br>Data Processing & Technology Professional Services<br>Amortization of Intangibles Other Noninterest Expense<br>20<br>1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix<br>OPERATING EXPENSE: FOCUS ON EXPENSE CONTAINMENT<br>Operating Efficiency Ratio1 Operating Noninterest Expense1<br>1<br>$ in Thousands, unless otherwise indicated
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$17.92<br>$19.26 $19.09<br>$20.76<br>$22.85<br>$26.85<br>$17.77<br>$19.17<br>$21.18<br>$22.29<br>$24.25<br>$27.39<br> $14. 00<br> $16. 00<br> $18. 00<br> $20. 00<br> $22. 00<br> $24. 00<br> $26. 00<br> $28. 00<br>2020Y 2021Y 2022Y 2023Y 2024Y 4Q25<br>TBV Per Share Adj. TBV Per Share (Excl. AOCI)<br>7.5% 7.6%<br>7.7% 7.8%<br>7.9%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>9.8% 9.8% 9.7% 9.9% 9.8%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>8.3% 8.2% 8.3% 8.2% 8.3%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>11.1% 11.2% 11.1%<br>13.3%<br>12.7%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE<br>1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 21<br>Note: Capital ratio data as of the most recent period ended 12/31/25<br>TCE / TA1<br>CET1 Ratio Total Capital Ratio<br>Leverage Ratio<br>Basel III Regulatory Capital Minimum To Be Considered “Well Capitalized”<br>Building Shareholder Value<br>Tangible Book Value Per Share (TBVPS)1<br>$9.62 TBVPS1 Created 2020 – 2025<br> (Excluding Accumulated Other Comprehensive Income)<br>$0.08 2025 Per Share Quarterly Dividend<br>5%<br>Well<br>Capitalized<br>10%<br>Well<br>Capitalized<br>6.5%<br>Well<br>Capitalized<br>1 1
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WHY SMARTBANK: INVESTMENT HIGHLIGHTS<br>22<br>Franchise Scarcity Value – Building Southeast Density<br>Engaged Management Team<br>Stable Markets Experiencing Population Expansion<br>Valuable Deposit Base<br>Growing Business Lines with Revenue Diversification<br>Solid Credit Quality and Underwriting<br>History of Defending Book Value and Delivering Shareholder Value<br>$
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APPENDIX<br>23
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3Q25 4Q24<br>($ in thousands, except per share data) 4Q25 3Q25 4Q24 % Chg. % Chg.<br>Net Interest Income $ 45,094 $ 42,430 $ 37,783 6% 19%<br>Provision for Credit Losses 4,132 227 2,135<br>Noninterest Income 8,219 8,637 9,030 (5%) (9%)<br>Noninterest Expense 32,471 33,869 32,291 (4%) 1%<br>Income Tax Expense 3,007 3,285 2,747<br>Net Income (GAAP) $ 13,703 $ 13,686 $ 9,640 0% 42%<br>Non-GAAP Reconciliations<br>Noninterest Income - (240) (64)<br>Noninterest Expense 16 1,310 -<br>Income Tax Effect Of Adjustments (4) (276) 17<br>Operating Earnings (Non-GAAP) $ 13,715 $ 14,480 $ 9,593 (5%) 43%<br>Operating PPNR Earnings (Non-GAAP) $ 20,858 $ 18,268 $ 14,458 14% 44%<br>3Q25 4Q24<br>Non-GAAP Performance Metrics 4Q25 3Q25 4Q24 % Chg. % Chg.<br>Diluted Operating Earnings Per Share $ 0.81 $ 0.86 $ 0.57 (5%) 42%<br>Tangible Book Value Per Common Share $ 26.85 $ 26.00 $ 22.85 3% 17%<br>Operating Return on Average Assets 0.95% 1.02% 0.75%<br>Operating PPNR Return on Average Assets 1.44% 1.29% 1.13%<br>Operating Return on Average Tang. Common Equity 12.1% 13.5% 9.9%<br>Operating Efficiency Ratio 60.4% 63.6% 68.6%<br>4Q25 vs.<br>4Q25 vs.<br>24<br>Note: For a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix; percentage change may differ due to rounding<br>INCOME STATEMENT: DETAILED FOURTH QUARTER RESULTS
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4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24<br>Operating Earnings<br>Net Income (GAAP) $ 13,703 $ 13,686 $ 11,705 $ 11,254 $ 9,640 $ 9,140 $ 8,003 $ 9,358<br>Noninterest Income:<br>Securities (Gains) Losses - 3,715 4 - (64) - - -<br>Gain on Sale of Branch Building - - - - - - (283) (1,346)<br>Gain on Sale of SBKI - (3,955) - - - - - -<br>Noninterest Expenses:<br>Donation of a Former Branch Location - - - - - - - -<br>Accruals For Pending Litigation - - - - - - - -<br>Merger Related And Restructuring Expenses 16 1,310 - - - - - -<br>Income Taxes:<br>Income Tax Effect Of Adjustments (4) (276) (1) - 17 - 73 348<br>Operating Earnings (Non-GAAP) $ 13,715 $ 14,480 $ 11,708 $ 11,254 $ 9,593 $ 9,140 $ 7,793 $ 8,360<br>Operating Earnings Per Common Share (Non-GAAP):<br>Basic $ 0.82 $ 0.86 $ 0.70 $ 0.67 $ 0.57 $ 0.55 $ 0.47 $ 0.50<br>Diluted 0.81 0.86 0.69 0.67 0.57 0.54 0.46 0.49<br>Operating Noninterest Income<br>Noninterest Income (GAAP) $ 8,219 $ 8,637 $ 8,898 $ 8,597 $ 9,030 $ 9,139 $ 7,604 $ 8,380<br>Securities (Gains) Losses - 3,715 4 - (64) - - -<br>Gain on Sale of Branch Building - - - - - - (283) (1,346)<br>Gain on Sale of SBKI - (3,955) - - - - - -<br>Operating Noninterest Income (Non-GAAP) $ 8,219 $ 8,397 $ 8,902 $ 8,597 $ 8,966 $ 9,139 $ 7,321 $ 7,034<br>Operating Noninterest Expense<br>Noninterest Expense (GAAP) $ 32,471 $ 33,869 $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 28,553<br>Donation of a Former Branch Location - - - - - - - -<br>Accruals For Pending Litigation - - - - - - - -<br>Merger Related And Restructuring Expenses (16) (1,310) - - - - - -<br>Operating Noninterest Expense (Non-GAAP) $ 32,455 $ 32,559 $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 28,553<br>Operating Revenue<br>Net Interest Income (GAAP) $ 45,094 $ 42,430 $ 40,343 $ 38,238 $ 37,783 $ 35,032 $ 32,814 $ 31,721<br>Operating Noninterest Income (Non-GAAP) 8,219 8,397 8,902 8,597 8,966 9,139 7,321 7,034<br>Operating Revenue (Non-GAAP) 53,313 50,827 49,245 46,835 46,749 44,171 40,135 38,755<br>Operating Pre-Provision Net Revenue ("PPNR") Earnings<br>Operating Revenue (Non-GAAP) $ 53,313 $ 50,827 $ 49,245 $ 46,835 $ 46,749 $ 44,171 $ 40,135 $ 38,755<br>Operating Noninterest Expense (Non-GAAP) (32,455) (32,559) (32,569) (32,296) (32,291) (30,846) (29,201) (28,553)<br>Operating PPNR Earnings (Non-GAAP) $ 20,858 $ 18,268 $ 16,676 $ 14,539 $ 14,458 $ 13,325 $ 10,934 $ 10,202<br>Non-GAAP Return Ratios<br>Operating Return On Average Assets (Non-GAAP)(1) 0.95% 1.02% 0.88% 0.87% 0.75% 0.74% 0.64% 0.69%<br>Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.44% 1.29% 1.25% 1.12% 1.13% 1.08% 0.90% 0.84%<br>Return On Average Tangible Common Equity (Non-GAAP)(3) 12.06% 12.79% 11.53% 11.60% 9.99% 9.75% 8.94% 10.62%<br>Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 9.96% 10.92% 9.19% 9.17% 7.80% 7.60% 6.72% 7.29%<br>Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 12.07% 13.53% 11.53% 11.60% 9.94% 9.75% 8.70% 9.49%<br>Operating Efficiency Ratio<br>Efficiency Ratio (GAAP) 60.91% 66.32% 66.14% 68.96% 68.98% 69.83% 72.25% 71.20%<br>Adjustment For Taxable Equivalent Yields (0.43%) (0.47%) (0.47%) (0.50%) (0.49%) (0.55%) (0.63%) (0.17%)<br>Adjustment For Securities (Gains) Losses - (4.50%) (0.01%) - 0.09% - - -<br>Adjustment For Sale of Branch Building - - - - - - 0.51% 2.46%<br>Adjustment For Sale of SBKI / Donation of a Former Branch Location - 5.57% - - - - - -<br>Adjustment For Accruals For Pending Litigation - - - - - - - -<br>Adjustment For Merger Expenses (0.02%) (3.31%) - - - - - -<br>Operating Efficiency Ratio (Non-GAAP) 60.45% 63.61% 65.66% 68.46% 68.58% 69.28% 72.13% 73.50%<br>NON-GAAP RECONCILIATION<br>25<br>1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.<br>2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.<br>3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).<br>4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity.<br>5. Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated
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4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22<br>Operating Earnings<br>Net Income (GAAP) $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 $ 11,543 $ 10,215 $ 8,259<br>Noninterest Income:<br>Securities (Gains) Losses - 6,801 - - (144) - - -<br>Gain on Sale of Branch Building - - - - - - - -<br>Gain on Sale of SBKI - - - - - - - -<br>Noninterest Expenses:<br>Donation of a Former Branch Location 250 - - - - - - -<br>Accruals For Pending Litigation 675 - - - - - - -<br>Merger Related And Restructuring Expenses - 110 - - (45) 87 81 439<br>Income Taxes:<br>Income Tax Effect Of Adjustments (239) (1,785) - - 49 (22) (21) (113)<br>Operating Earnings (Non-GAAP) $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 $ 11,608 $ 10,275 $ 8,585<br>Operating Earnings Per Common Share (Non-GAAP):<br>Basic $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 $ 0.69 $ 0.61 $ 0.51<br>Diluted 0.41 0.43 0.52 0.68 0.76 0.69 0.61 0.51<br>Operating Noninterest Income<br>Noninterest Income (GAAP) $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 $ 6,250 $ 7,229 $ 7,111<br>Securities (Gains) Losses - 6,801 - - (144) - - -<br>Gain on Sale of Branch Building - - - - - - - -<br>Gain on Sale of SBKI - - - - - - - -<br>Operating Noninterest Income (Non-GAAP) $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 $ 6,250 $ 7,229 $ 7,111<br>Operating Noninterest Expense<br>Noninterest Expense (GAAP) $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 $ 27,230 $ 25,926 $ 25,718<br>Donation of a Former Branch Location (250) - - - - - - -<br>Accruals For Pending Litigation (675) - - - - - - -<br>Merger Related And Restructuring Expenses - (110) - - 45 (87) (81) (439)<br>Operating Noninterest Expense (Non-GAAP) $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 $ 27,143 $ 25,845 $ 25,279<br>Operating Revenue<br>Net Interest Income (GAAP) $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 $ 36,708 $ 33,062 $ 30,118<br>Operating Noninterest Income (Non-GAAP) 7,579 7,492 7,130 6,925 6,981 6,250 7,229 7,111<br>Operating Revenue (Non-GAAP) 39,096 38,498 38,705 42,907 44,593 42,958 40,291 37,229<br>Operating Pre-Provision Net Revenue ("PPNR") Earnings<br>Operating Revenue (Non-GAAP) $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 $ 42,958 $ 40,291 $ 37,229<br>Operating Noninterest Expense (Non-GAAP) (28,770) (28,406) (27,410) (27,529) (27,461) (27,143) (25,845) (25,279)<br>Operating PPNR Earnings (Non-GAAP) $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 $ 15,815 $ 14,446 $ 11,950<br>Non-GAAP Return Ratios<br>Operating Return On Average Assets (Non-GAAP)(1) 0.57% 0.60% 0.75% 0.97% 1.10% 0.96% 0.88% 0.76%<br>Operating PPNR Return On Average Assets (Non-GAAP)(2) 0.86% 0.84% 0.96% 1.30% 1.46% 1.30% 1.23% 1.05%<br>Return On Average Tangible Common Equity (Non-GAAP)(3) 7.18% 2.43% 10.57% 14.45% 16.65% 14.36% 13.02% 10.39%<br>Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 6.07% 6.41% 7.98% 10.79% 12.15% 10.83% 9.82% 8.14%<br>Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 7.98% 8.46% 10.57% 14.45% 16.47% 14.44% 13.09% 10.80%<br>Operating Efficiency Ratio<br>Efficiency Ratio (GAAP) 75.95% 89.96% 70.82% 64.16% 61.28% 63.39% 64.35% 69.08%<br>Adjustment For Taxable Equivalent Yields (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) (0.25%) (0.27%) (0.31%)<br>Adjustment For Securities (Gains) Losses - (15.89%) - - 0.20% - - -<br>Adjustment For Sale of Branch Building - - - - - - - -<br>Adjustment For Sale of SBKI / Donation of a Former Branch Location (0.64%) - - - - - - -<br>Adjustment For Accruals For Pending Litigation (1.72%) - - - - - - -<br>Adjustment For Merger Expenses - (0.20%) - - 0.10% (0.21%) (0.20%) (1.17%)<br>Operating Efficiency Ratio (Non-GAAP) 73.41% 73.60% 70.64% 64.02% 61.36% 62.93% 63.88% 67.60%<br>NON-GAAP RECONCILIATION<br>26<br>1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.<br>2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.<br>3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).<br>4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity.<br>5. Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated
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2025Y 2024Y 2023Y<br>Operating Earnings<br>Net Income (GAAP) $ 50,347 $ 36,141 $ 28,593<br>Noninterest Income:<br>Securities (Gains) Losses 3,719 (64) 6,801<br>Gain on Sale of Branch Building - (1,629) -<br>Gain on Sale of SBKI (3,955) - -<br>Noninterest Expenses:<br>Donation of a Former Branch Location - - 250<br>Accruals For Pending Litigation - - 675<br>Merger Related And Restructuring Expenses 1,326 - 110<br>Income Taxes:<br>Income Tax Effect Of Adjustments (282) 437 (2,024)<br>Operating Earnings (Non-GAAP) $ 51,155 $ 34,885 $ 34,405<br>Operating Earnings Per Common Share (Non-GAAP):<br>Basic $ 3.05 $ 2.08 $ 2.05<br>Diluted 3.03 2.07 2.03<br>Operating Noninterest Income<br>Noninterest Income (GAAP) $ 34,352 $ 34,152 $ 22,325<br>Securities (Gains) Losses 3,719 (64) 6,801<br>Gain on Sale of Branch Building - (1,629) -<br>Gain on Sale of SBKI<br>Operating Noninterest Income (Non-GAAP) $ 34,116 $ 32,459 $ 29,126<br>Operating Noninterest Expense<br>Noninterest Expense (GAAP) $ 131,205 $ 120,890 $ 113,150<br>Donation of a Former Branch Location - - (250)<br>Accruals For Pending Litigation - - (675)<br>Merger Related And Restructuring Expenses (1,326) - (110)<br>Operating Noninterest Expense (Non-GAAP) $ 129,879 $ 120,890 $ 112,115<br>Operating Revenue<br>Net Interest Income (GAAP) $ 166,104 $ 137,350 $ 130,080<br>Operating Noninterest Income (Non-GAAP) 34,116 32,459 29,126<br>Operating Revenue (Non-GAAP) 200,220 169,809 159,206<br>Operating Pre-Provision Net Revenue ("PPNR") Earnings<br>Operating Revenue (Non-GAAP) $ 200,220 $ 169,809 $ 159,206<br>Operating Noninterest Expense (Non-GAAP) (129,879) (120,890) (112,115)<br>Operating PPNR Earnings (Non-GAAP) $ 70,341 $ 48,919 $ 47,091<br>Non-GAAP Return Ratios<br>Operating Return On Average Assets (Non-GAAP)(1) 0.93% 0.71% 0.72%<br>Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.28% 0.99% 0.99%<br>Return On Average Tangible Common Equity (Non-GAAP)(3) 12.01% 9.82% 8.55%<br>Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 9.83% 7.36% 7.77%<br>Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 12.20% 9.48% 10.29%<br>Operating Efficiency Ratio<br>Efficiency Ratio (GAAP) 65.45% 70.49% 74.24%<br>Adjustment For Taxable Equivalent Yields (0.47%) (0.46%) (0.18%)<br>Adjustment For Securities (Gains) Losses (1.19%) 0.03% (3.17%)<br>Adjustment For Sale of Branch Building<br>Adjustment For Sale of SBKI / Donation of a Former Branch Location 1.32% 0.66% (0.16%)<br>Adjustment For Accruals For Pending Litigation - - (0.44%)<br>Adjustment For Merger Expenses (0.70%) - (0.03%)<br>Operating Efficiency Ratio (Non-GAAP) 64.41% 70.72% 70.26%<br>NON-GAAP RECONCILIATION<br>27<br>1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.<br>2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.<br>3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).<br>4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity.<br>5. Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated
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NON-GAAP RECONCILIATION<br>1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 28<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated<br>4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24<br>Tangible Common Equity:<br>Shareholders' Equity (GAAP) $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 $ 466,796<br>Less Goodwill And Other Intangible Assets 95,328 95,807 103,588 104,154 104,723 105,324 105,929 106,537<br>Tangible Common Equity (Non-GAAP) $ 457,164 $ 442,675 $ 415,539 $ 401,787 $ 386,738 $ 383,699 $ 366,536 $ 360,259<br>Average Tangible Common Equity:<br>Average Shareholders' Equity (GAAP) $ 546,489 $ 525,829 $ 511,067 $ 497,980 $ 489,172 $ 478,642 $ 466,371 $ 461,148<br>Less Goodwill And Other Intangible Assets 95,619 101,326 103,936 104,504 105,093 105,701 106,301 106,920<br>Average Tangible Common Equity (Non-GAAP) $ 450,870 $ 424,503 $ 407,131 $ 393,476 $ 384,079 $ 372,941 $ 360,070 $ 354,228<br>Tangible Book Value Per Common Share:<br>Book Value Per Common Share (GAAP) $ 32.44 $ 31.62 $ 30.51 $ 29.73 $ 29.04 $ 28.89 $ 27.91 $ 27.37<br>Adjustment Due To Goodwill And Other Intangible Assets (5.59) (5.63) (6.09) (6.12) (6.19) (6.22) (6.25) (6.25)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 26.85 $ 26.00 $ 24.42 $ 23.61 $ 22.85 $ 22.67 $ 21.66 $ 21.12<br>Tangible Common Equity To Tangible Assets:<br>Total Assets (GAAP) $ 5,860,810 $ 5,784,983 $ 5,490,863 $ 5,411,217 $ 5,275,904 $ 4,908,934 $ 4,891,009 $ 4,954,690<br>Less Goodwill And Other Intangibles 95,328 95,807 103,588 104,154 104,723 105,324 105,929 106,537<br>Tangible Assets (Non-GAAP) $ 5,765,482 $ 5,689,176 $ 5,387,275 $ 5,307,063 $ 5,171,181 $ 4,803,610 $ 4,785,080 $ 4,848,153<br>Tangible Common Equity To Tangible Assets (Non-GAAP): 7.93% 7.78% 7.71% 7.57% 7.48% 7.99% 7.66% 7.43%
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4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22<br>Tangible Common Equity:<br>Shareholders' Equity (GAAP) $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 $ 414,711 $ 420,427 $ 420,042<br>Less Goodwill And Other Intangible Assets 107,148 107,792 108,439 109,114 109,772 110,460 104,582 105,215<br>Tangible Common Equity (Non-GAAP) $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 $ 304,251 $ 315,845 $ 314,827<br>Average Tangible Common Equity:<br>Average Shareholders' Equity (GAAP) $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 $ 425,365 $ 419,726 $ 427,945<br>Less Goodwill And Other Intangible Assets 107,551 108,194 108,851 109,537 110,206 106,483 104,986 105,617<br>Average Tangible Common Equity (Non-GAAP) $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 $ 318,882 $ 314,740 $ 322,328<br>Tangible Book Value Per Common Share:<br>Book Value Per Common Share (GAAP) $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 $ 24.56 $ 24.88 $ 24.86<br>Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.34) (6.38) (6.42) (6.50) (6.54) (6.19) (6.23)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 $ 18.02 $ 18.69 $ 18.64<br>Tangible Common Equity To Tangible Assets:<br>Total Assets (GAAP) $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 $ 4,796,911 $ 4,788,113 $ 4,718,579<br>Less Goodwill And Other Intangibles 107,148 107,792 108,439 109,114 109,772 110,460 104,582 105,215<br>Tangible Assets (Non-GAAP) $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 $ 4,686,451 $ 4,683,531 $ 4,613,364<br>Tangible Common Equity To Tangible Assets (Non-GAAP): 7.47% 7.23% 7.25% 7.17% 7.13% 6.49% 6.74% 6.82%<br>NON-GAAP RECONCILIATION<br>1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 29<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated
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NON-GAAP RECONCILIATION<br>1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 30<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated<br>2025Y 2024Y 2023Y<br>Tangible Common Equity:<br>Shareholders' Equity (GAAP) $ 552,492 $ 491,461 $ 459,886<br>Less Goodwill And Other Intangible Assets 95,328 104,723 107,148<br>Tangible Common Equity (Non-GAAP) $ 457,164 $ 386,738 $ 352,738<br>Average Tangible Common Equity:<br>Average Shareholders' Equity (GAAP) $ 520,489 $ 473,888 $ 442,960<br>Less Goodwill And Other Intangible Assets 101,322 106,000 108,527<br>Average Tangible Common Equity (Non-GAAP) $ 419,167 $ 367,888 $ 334,433<br>Tangible Book Value Per Common Share:<br>Book Value Per Common Share (GAAP) $ 32.44 $ 29.04 $ 27.07<br>Adjustment Due To Goodwill And Other Intangible Assets (5.59) (6.19) (6.31)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 26.85 $ 22.85 $ 20.76<br>Tangible Common Equity To Tangible Assets:<br>Total Assets (GAAP) $ 5,860,810 $ 5,275,904 $ 4,829,387<br>Less Goodwill And Other Intangibles 95,328 104,723 107,148<br>Tangible Assets (Non-GAAP) $ 5,765,482 $ 5,171,181 $ 4,722,239<br>Tangible Common Equity To Tangible Assets (Non-GAAP): 7.93% 7.48% 7.47%
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4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22<br>Tangible Common Equity (Excluding AOCI):<br>Shareholders' Equity (GAAP) $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 $ 414,711 $ 420,427 $ 420,042<br>Less Goodwill And Other Intangible Assets 107,148 107,792 108,439 109,114 109,772 110,460 104,582 105,215<br>Tangible Common Equity (Non-GAAP) $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 $ 304,251 $ 315,845 $ 314,827<br>Less Adjustment Due to AOCI (Loss) (25,907) (34,156) (35,017) (28,620) (35,324) (40,807) (24,648) (15,556)<br>Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 378,645 $ 373,016 $ 371,425 $ 362,905 $ 358,004 $ 345,058 $ 340,493 $ 330,383<br>Tangible Book Value Per Common Share (Excluding AOCI):<br>Book Value Per Common Share (GAAP) $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 $ 24.56 $ 24.88 $ 24.86<br>Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.34) (6.38) (6.42) (6.50) (6.54) (6.19) (6.23)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 $ 18.02 $ 18.69 $ 18.64<br>Less Adjustment Due to AOCI (Loss) (1.52) (2.01) (2.06) (1.68) (2.09) (2.42) (1.46) (0.92)<br>Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 22.29 $ 21.95 $ 21.84 $ 21.34 $ 21.18 $ 20.43 $ 20.15 $ 19.56<br>NON-GAAP RECONCILIATION<br>1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 31<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated<br>4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24<br>Tangible Common Equity (Excluding AOCI):<br>Shareholders' Equity (GAAP) $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 $ 466,796<br>Less Goodwill And Other Intangible Assets 95,328 95,807 103,588 104,154 104,723 105,324 105,929 106,537<br>Tangible Common Equity (Non-GAAP) $ 457,164 $ 442,675 $ 415,539 $ 401,787 $ 386,738 $ 383,699 $ 366,536 $ 360,259<br>Less Adjustment Due to AOCI (Loss) (9,319) (10,781) (17,274) (19,647) (23,671) (17,349) (25,798) (27,425)<br>Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 466,483 $ 453,456 $ 432,813 $ 421,434 $ 410,409 $ 401,048 $ 392,334 $ 387,684<br>Tangible Book Value Per Common Share (Excluding AOCI):<br>Book Value Per Common Share (GAAP) $ 32.44 $ 31.62 $ 30.51 $ 29.73 $ 29.04 $ 28.89 $ 27.91 $ 27.37<br>Adjustment Due To Goodwill And Other Intangible Assets (5.59) (5.63) (6.09) (6.12) (6.19) (6.22) (6.25) (6.25)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 26.85 $ 26.00 $ 24.42 $ 23.61 $ 22.85 $ 22.67 $ 21.66 $ 21.12<br>Less Adjustment Due to AOCI (Loss) (0.55) (0.63) (1.02) (1.15) (1.40) (1.02) (1.52) (1.61)<br>Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 27.39 $ 26.63 $ 25.43 $ 24.76 $ 24.25 $ 23.69 $ 23.18 $ 22.73
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NON-GAAP RECONCILIATION<br>1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 32<br>Note: Totals may not add due to rounding<br>$ in Thousands, unless otherwise indicated<br>2025Y 2024Y 2023Y 2022Y 2021Y 2020Y<br>Tangible Common Equity (Excluding AOCI):<br>Shareholders' Equity (GAAP) $ 552,492 $ 491,461 $ 459,886 $ 432,452 $ 429,430 $ 357,168<br>Less Goodwill And Other Intangible Assets 95,328 104,723 107,148 109,772 105,852 86,471<br>Tangible Common Equity (Non-GAAP) $ 457,164 $ 386,738 $ 352,738 $ 322,680 $ 323,578 $ 270,697<br>Less Adjustment Due to AOCI (Loss) (9,319) (23,671) (25,907) (35,324) 1,443 2,183<br>Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 466,483 $ 410,409 $ 378,645 $ 358,004 $ 322,135 $ 268,514<br>Tangible Book Value Per Common Share (Excluding AOCI):<br>Book Value Per Common Share (GAAP) $ 32.44 $ 29.04 $ 27.07 $ 25.59 $ 25.56 $ 23.64<br>Adjustment Due To Goodwill And Other Intangible Assets (5.59) (6.19) (6.31) (6.50) (6.30) (5.72)<br>Tangible Book Value Per Common Share (Non-GAAP)(1) $ 26.85 $ 22.85 $ 20.76 $ 19.09 $ 19.26 $ 17.92<br>Less Adjustment Due to AOCI (Loss) (0.55) (1.40) (1.52) (2.09) 0.09 0.14<br>Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 27.39 $ 24.25 $ 22.29 $ 21.18 $ 19.17 $ 17.77
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CONTACT<br>33<br>Billy Carroll<br>President & CEO<br>865.868.0613<br>Billy.Carroll@smartbank.com<br>Miller Welborn<br>Chairman<br>423.385.3067<br>Miller.Welborn@smartbank.com<br>5401 Kingston Pike, Suite 600<br>Knoxville, TN 37919<br>Ron Gorczynski<br>Chief Financial Officer<br>865.437.5724<br>Ron.Gorczynski@smartbank.com
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