Smartfinancial Inc 8-K, filed Oct 19, 2026
Smartfinancial Inc. (SMBK)
About this 8-K
Smartfinancial Inc filed this 8-K on October 19, 2026.
SmartFinancial reported third quarter 2026 net income of $18.6 million, or $1.10 per diluted common share, on October 19, 2026. Net organic loan and lease growth was $174 million and core deposit growth was $163 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 2.02 | | Results of Operations and Financial Condition. |
On October 19, 2026, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its third quarter ending September 30, 2026. 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 furnishing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on October 20, 2026. 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 |
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Exhibit No. | | Description |
99.1 | | Press release announcing third quarter 2026 financial results |
99.2 | | |
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: October 19, 2026 |
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| /s/ William Y. Carroll, Jr. |
| William Y. Carroll, Jr. |
| President & Chief Executive Officer |
Exhibit 99.1
3Q 2026
SmartFinancial Announces Results for the Third Quarter 2026
KNOXVILLE, TN – October 19, 2026 – SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $18.6 million, or $1.10 per diluted common share, for the third quarter of 2026, compared to net income of $13.7 million, or $0.81 per diluted common share, for the third quarter of 2025, and compared to prior quarter net income of $16.3 million, or $0.96 per diluted common share.
Highlights for the Third Quarter of 2026
| ● | Operating earnings1 of $18.6 million, or $1.10 per diluted common share |
| ● | Net organic loan and lease growth of $174 million representing 15% annualized quarter-over-quarter increase |
| ● | Core deposit2 growth of $163 million representing 12% annualized quarter-over-quarter increase |
| ● | Tangible book value per common share1 growth of 15% annualized, excluding the impacts of AOCI |
| ● | $2.6 million tax benefit recognized in connection with the purchase of transferable energy tax credits |
| ● | Opened full-service Columbus, GA financial center |
Billy Carroll, President & CEO, stated: “Our third quarter was highlighted by continued organic growth, with $174 million in net loan and lease growth and $163 million in core deposit growth, representing annualized increases of 15% and 12%, respectively. We achieved another quarterly record in operating revenue1 at $57.5 million and diluted operating earnings1 per share totaled $1.10. We also opened our new full-service financial center in Columbus, Georgia, marking an important step in expanding our presence in the market. Growing our deposit franchise alongside our lending business remains an important priority as we execute our relationship-focused strategy. We remain committed to disciplined pricing, credit quality and expense management as we work to translate continued growth into sustainable returns for our shareholders. I want to thank our associates for their dedication, their commitment to our clients and the work they do every day to advance our Company.”
SmartFinancial's Chairman, Miller Welborn, concluded: “The Board remains committed to delivering sustainable returns for our shareholders while building a Company where our associates can grow and thrive. Tangible book value per share, an important measure of the value we are creating for shareholders, grew 4% annualized during the quarter, including the effects of accumulated other comprehensive income, and 15% annualized excluding those effects. We also welcomed several new business production team members during the quarter, strengthening our capacity to serve clients and pursue profitable growth. As we expand, our commitment to our associates and our responsibility to shareholders remain closely connected. Building a great Company means creating opportunities for our people, delivering for our clients and translating those efforts into lasting shareholder value.”
Net Interest Income and Net Interest Margin
Net interest income was $49.4 million for the third quarter of 2026, compared to $48.1 million for the prior quarter. Average earning assets totaled $5.71 billion, an increase of $193.1 million from the prior quarter. The balances of average earning assets increased quarter-over-quarter, primarily from an increase in average loans and leases of $165.5 million, average federal funds sold and other earning assets of $20.5 million and average securities of $7.1 million. Average interest-bearing liabilities increased by $218.0 million from the prior quarter, primarily attributable to an increase in average interest-bearing deposits of $258.9 million, offset by a decrease in average borrowings of $41.0 million.
The tax equivalent net interest margin was 3.45% for the third quarter of 2026, down from 3.52% for the prior quarter. The decrease is primarily attributable to higher funding costs, which more than offset the improvement in earning-asset yields. The yield on loans and
1 Non-GAAP measure. See “Non-GAAP Financial Measures” for more information and see the Non-GAAP Reconciliations.
2 Core deposits include all deposits less brokered and one-way buy Certificate of Deposit Account Registry Service (“CDARS”) deposits.
leases, excluding loan fees, fully taxable equivalent (“FTE”) was 5.99% for the third quarter of 2026, compared to 5.95% for the prior quarter.
The cost of total deposits for the third quarter of 2026 was 2.26%, compared to 2.15% in the prior quarter. The cost of interest-bearing liabilities was 2.81% for the third quarter of 2026, compared to 2.74% in the prior quarter. The cost of average interest-bearing deposits was 2.71% for the third quarter of 2026, compared to 2.62% for the prior quarter, an increase of 9 basis points.
The following table presents selected interest rates and yields for the periods indicated:
| | Three Months Ended | | | | ||
| | Sep | | Jun | | Increase | |
Selected Interest Rates and Yields | | 2026 | | 2026 | | (Decrease) | |
Yield on loans and leases, excluding loan fees, FTE | | 5.99 | % | 5.95 | % | 0.04 | % |
Yield on loans and leases, FTE | | 6.08 | % | 6.07 | % | 0.01 | % |
Yield on earning assets, FTE | | 5.72 | % | 5.70 | % | 0.02 | % |
Cost of interest-bearing deposits | | 2.71 | % | 2.62 | % | 0.09 | % |
Cost of total deposits | | 2.26 | % | 2.15 | % | 0.11 | % |
Cost of interest-bearing liabilities | | 2.81 | % | 2.74 | % | 0.07 | % |
Net interest margin, FTE | | 3.45 | % | 3.52 | % | (0.07) | % |
Allowance for Credit Losses on Loans and Leases and Credit Quality
At September 30, 2026, the allowance for credit losses was $45.6 million. The allowance for credit losses to total loans and leases was 0.94% as of September 30, 2026, down from 0.97% as of June 30, 2026. Provision for credit losses was $687 thousand for the third quarter, compared with $1.5 million for the prior quarter. The third-quarter provision included $1.1 million related to loans and leases, partially offset by a $371 thousand release of the reserve for unfunded commitments.
The following table presents detailed information related to the provision for credit losses for the periods indicated (dollars in thousands):
| | | Three Months Ended | | | | | ||||
| | | | Sep | | | Jun | | | Increase | |
| Allowance for Credit Losses on Loans and Leases Rollforward | | | 2026 | | | 2026 | | | (Decrease) | |
| Beginning balance | | $ | 45,252 | | $ | 43,950 | | $ | 1,302 | |
| Charge-offs | | | (782) | | | (658) | | | (124) | |
| Recoveries | | | 121 | | | 105 | | | 16 | |
| Net charge-offs | | | (661) | | | (553) | | | (108) | |
| Provision for credit losses (1) | | | 1,058 | | | 1,855 | | | (797) | |
| Ending balance | | $ | 45,649 | | $ | 45,252 | | $ | 397 | |
| | | | | | | | | | | |
| Allowance for credit losses to total loans and leases | | | 0.94 | % | | 0.97 | % | | (0.03) | % |
| (1) | The current quarter-ended and prior quarter-ended provision excludes an unfunded commitments release of $371 thousand and $392 thousand, respectively. At September 30, 2026, and June 30, 2026, the unfunded commitment liability totaled $3.7 million and $4.1 million, respectively. |
Nonperforming loans and leases as a percentage of total loans and leases was 0.28% as of September 30, 2026, and 0.25% as of June 30, 2026. 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 0.25% as of September 30, 2026, and 0.23% as of June 30, 2026.
2
The following table presents detailed information related to credit quality for the periods indicated (dollars in thousands):
| | | As of Three Months Ended | | | | | ||||
| | | | Sep | | | Jun | | | Increase | |
| Credit Quality | | | 2026 | | | 2026 | | | (Decrease) | |
| Nonaccrual loans and leases | | $ | 13,602 | | $ | 11,474 | | $ | 2,128 | |
| Loans and leases past due 90 days or more and still accruing | | | - | | | - | | | - | |
| Total nonperforming loans and leases | | | 13,602 | | | 11,474 | | | 2,128 | |
| Other real estate owned | | | - | | | - | | | - | |
| Other repossessed assets | | | 2,072 | | | 2,754 | | | (682) | |
| Total nonperforming assets | | $ | 15,674 | | $ | 14,228 | | $ | 1,446 | |
| | | | | | | | | | | |
| Nonperforming loans and leases to total loans and leases | | | 0.28 | % | | 0.25 | % | | 0.03 | % |
| Nonperforming assets to total assets | | | 0.25 | % | | 0.23 | % | | 0.02 | % |
Noninterest Income
Noninterest income increased by $245 thousand to $8.1 million for the third quarter of 2026, compared to $7.9 million for the prior quarter. The third quarter increase was primarily attributable to increases in service charges on deposit accounts and mortgage banking income.
The following table presents detailed information related to noninterest income for the periods indicated (dollars in thousands):
| | Three Months Ended | | | | ||||
| | | Sep | | | Jun | | | Increase |
Noninterest Income | | | 2026 | | | 2026 | | | (Decrease) |
Service charges on deposit accounts | | $ | 2,001 | | $ | 1,881 | | $ | 120 |
Gain on sale of securities, net | | | - | | | 54 | | | (54) |
Mortgage banking income | | | 1,025 | | | 916 | | | 109 |
Investment services | | | 1,747 | | | 1,724 | | | 23 |
Interchange and debit card transaction fees | | | 1,747 | | | 1,676 | | | 71 |
Other | | | 1,611 | | | 1,635 | | | (24) |
Total noninterest income | | $ | 8,131 | | $ | 7,886 | | $ | 245 |
Noninterest Expense
Noninterest expense increased $2.4 million to $36.4 million for the third quarter of 2026, compared to $34.0 million for the prior quarter. The increase was driven primarily by a $1.0 million increase in other real estate and loan related expenses, a $601 thousand increase in salaries and employee benefits, and higher professional services and other expenses.
The following table presents detailed information related to noninterest expense for the periods indicated (dollars in thousands):
| | Three Months Ended | | | | ||||
| | | Sep | | | Jun | | | Increase |
Noninterest Expense | | | 2026 | | | 2026 | | | (Decrease) |
Salaries and employee benefits | | $ | 21,616 | | $ | 21,015 | | $ | 601 |
Occupancy and equipment | | | 3,513 | | | 3,351 | | | 162 |
FDIC insurance | | | 906 | | | 920 | | | (14) |
Other real estate and loan related expenses | | | 1,800 | | | 806 | | | 994 |
Advertising and marketing | | | 504 | | | 408 | | | 96 |
Data processing and technology | | | 2,692 | | | 2,683 | | | 9 |
Professional services | | | 1,541 | | | 1,366 | | | 175 |
Amortization of intangibles | | | 450 | | | 454 | | | (4) |
Other | | | 3,334 | | | 2,952 | | | 382 |
Total noninterest expense | | $ | 36,356 | | $ | 33,955 | | $ | 2,401 |
3
Income Tax Expense
Income tax expense was $1.9 million for the third quarter of 2026, compared with $4.2 million for the prior quarter. The decrease was primarily attributable to a $2.6 million tax benefit recognized in connection with the Company’s purchase of transferable energy tax credits during the quarter.
Balance Sheet Trends
Total assets at September 30, 2026, were $6.32 billion compared to $5.86 billion at December 31, 2025. The $460.0 million increase was primarily attributable to increases in loans and leases of $493.1 million, and increases in other assets of $44.6 million, partially offset by a $99.5 million decrease in cash and cash equivalents.
Total liabilities were $5.74 billion at September 30, 2026, compared to $5.31 billion at December 31, 2025, an increase of $431.2 million. Total deposits increased $423.4 million, which was driven primarily by increases in money market and savings deposits of $321.5 million, interest-bearing demand deposits of $117.6 million, and time deposits of $127.1 million, offset by a decline in noninterest-bearing demand deposits of $142.8 million. In addition, other liabilities increased by $10.3 million and borrowings decreased by $2.7 million.
Shareholders' equity at September 30, 2026, totaled $581.3 million, an increase of $28.8 million from December 31, 2025. The increase in shareholders' equity was primarily driven by net income of $48.6 million for the nine months ended September 30, 2026, offset by an increase of $16.9 million in accumulated other comprehensive loss and dividends paid of $4.5 million. Tangible book value per common share1 was $28.50 at September 30, 2026, compared to $26.85 at December 31, 2025. Tangible common equity1 as a percentage of tangible assets1 was 7.83% at September 30, 2026, compared with 7.93% at December 31, 2025.
The following table presents selected balance sheet information for the periods indicated (dollars in thousands):
| | Sep | | Dec | | Increase | | |||
Selected Balance Sheet Information | | 2026 | | 2025 | | (Decrease) | | |||
Total assets | | $ | 6,320,798 | | $ | 5,860,810 | | $ | 459,988 | |
Total liabilities | | | 5,739,542 | | | 5,308,318 | | | 431,224 | |
Total equity | | | 581,256 | | | 552,492 | | | 28,764 | |
Securities | | | 676,011 | | | 662,003 | | | 14,008 | |
Loans and leases | | | 4,856,692 | | | 4,363,582 | | | 493,110 | |
Deposits | | | 5,576,210 | | | 5,152,789 | | | 423,421 | |
Conference Call Information
SmartFinancial issued this earnings release for the third quarter of 2026 on Monday, October 19, 2026, and will host a conference call on Tuesday, October 20, 2026, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 461-5787 and enter the Meeting ID: 955 254 100. A link to a replay of the conference call will be available on the Company’s webpage through October 21, 2027. Conference call materials will be published on the Company’s webpage located at https://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.
4
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, Florida and Georgia and a loan production office in Tennessee. 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. | |
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Investor Contacts | |
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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 |
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5
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:
(1) Operating earnings | (11) Operating return on average assets |
(2) Operating revenue | (12) Operating PPNR return on average assets |
(3) Operating noninterest income | (13) Operating return on average shareholders’ equity |
(4) Operating noninterest expense | (14) Return on average tangible common equity |
(5) Operating pre-provision net revenue (“PPNR”) earnings | (15) Operating return on average tangible common equity |
(6) Tangible common equity | (16) Operating noninterest income/average assets |
(7) Average tangible common equity | (17) Operating noninterest expense/average assets |
(8) Tangible book value per common share | (18) Tangible common equity to tangible assets |
(9) Tangible assets | (19) Operating earnings per common share |
(10) Operating efficiency ratio | |
A detailed reconciliation and definition 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.
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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; |
| (3) | general risks related to our disposition, merger and acquisition activity, including risks associated with our pursuit of future acquisitions or sales; |
| (4) | changes in management’s plans for the future; |
| (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; |
| (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); |
| (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; |
| (9) | increased technology and cybersecurity risks, including generative artificial intelligence risks; |
| (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; |
| (12) | changes in loan demand, real estate values, or competition; |
| (13) | developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; |
| (14) | changes in accounting principles, policies, or guidelines; |
| (15) | changes in applicable laws, rules, or regulations; |
| (16) | adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; |
| (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; |
| (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; |
| (19) | the effects of war or other conflicts; |
| (20) | the impact of government actions or inactions, including a prolonged shutdown of the federal government; and |
| (21) | other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. |
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.
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SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
| Ending Balances | |||||||||||||
| Sep | | Jun | | Mar | | Dec | | Sep | |||||
| 2026 | | 2026 | | 2026 | | 2025 | | 2025 | |||||
Assets: | | |
| | |
| | |
| | |
| | |
Cash and cash equivalents | $ | 364,876 | | $ | 379,387 | | $ | 346,071 | | $ | 464,417 | | $ | 557,127 |
Securities available-for-sale, at fair value |
| 557,389 | |
| 560,065 | |
| 552,083 | |
| 539,882 | |
| 511,095 |
Securities held-to-maturity, at amortized cost | | 118,622 | | | 119,848 | | | 120,968 | | | 122,121 | | | 123,364 |
Other investments |
| 22,463 | |
| 17,529 | |
| 16,597 | |
| 16,441 | |
| 14,888 |
Loans held for sale |
| 10,210 | |
| 9,628 | |
| 7,277 | |
| 10,865 | |
| 9,855 |
Loans and leases |
| 4,856,692 | |
| 4,682,935 | |
| 4,518,391 | |
| 4,363,582 | |
| 4,222,369 |
Less: Allowance for credit losses |
| (45,649) | |
| (45,252) | |
| (43,950) | |
| (40,906) | |
| (39,074) |
Loans and leases, net |
| 4,811,043 | |
| 4,637,683 | |
| 4,474,441 | |
| 4,322,676 | |
| 4,183,295 |
Premises and equipment, net |
| 94,205 | |
| 93,314 | |
| 93,360 | |
| 88,387 | |
| 89,250 |
Other real estate owned |
| — | |
| — | |
| — | |
| — | |
| — |
Goodwill and other intangibles, net |
| 93,967 | |
| 94,417 | |
| 94,871 | |
| 95,328 | |
| 95,807 |
Bank owned life insurance |
| 122,299 | |
| 121,353 | |
| 120,438 | |
| 119,525 | |
| 118,610 |
Other assets |
| 125,724 | |
| 82,082 | |
| 81,579 | |
| 81,168 | |
| 81,692 |
Total assets | $ | 6,320,798 | | $ | 6,115,306 | | $ | 5,907,685 | | $ | 5,860,810 | | $ | 5,784,983 |
Liabilities: |
| | |
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| | |
| | |
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Deposits: |
| | |
| | |
| | |
| | |
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Noninterest-bearing demand | $ | 920,117 | | $ | 921,876 | | $ | 951,366 | | $ | 1,062,918 | | $ | 931,477 |
Interest-bearing demand |
| 1,063,266 | |
| 1,022,074 | |
| 954,292 | |
| 945,716 | |
| 929,454 |
Money market and savings |
| 2,595,155 | |
| 2,454,805 | |
| 2,455,945 | |
| 2,273,612 | |
| 2,218,313 |
Time deposits |
| 997,672 | |
| 986,795 | |
| 834,633 | |
| 870,543 | |
| 971,653 |
Total deposits |
| 5,576,210 | |
| 5,385,550 | |
| 5,196,236 | |
| 5,152,789 | |
| 5,050,897 |
Borrowings |
| 345 | |
| 603 | |
| 3,178 | |
| 3,009 | |
| 1,301 |
Subordinated debt |
| 98,877 | |
| 98,805 | |
| 98,733 | |
| 98,662 | |
| 138,604 |
Other liabilities |
| 64,110 | |
| 53,424 | |
| 47,377 | |
| 53,858 | |
| 55,699 |
Total liabilities |
| 5,739,542 | |
| 5,538,382 | |
| 5,345,524 | |
| 5,308,318 | |
| 5,246,501 |
Shareholders' Equity: |
| | |
| | |
| | |
| | |
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Common stock |
| 17,096 | |
| 17,098 | |
| 17,098 | |
| 17,029 | |
| 17,028 |
Additional paid-in capital |
| 297,367 | |
| 296,841 | |
| 296,284 | |
| 295,950 | |
| 295,742 |
Retained earnings |
| 292,896 | |
| 275,813 | |
| 261,032 | |
| 248,719 | |
| 236,380 |
Accumulated other comprehensive loss |
| (26,216) | |
| (12,941) | |
| (12,366) | |
| (9,319) | |
| (10,781) |
Total shareholders' equity attributable to SmartFinancial, Inc. and Subsidiary | | 581,143 | | | 576,811 | | | 562,048 | | | 552,379 | | | 538,369 |
Non-controlling interest - preferred stock of subsidiary | | 113 | | | 113 | | | 113 | | | 113 | | | 113 |
Total shareholders' equity |
| 581,256 | |
| 576,924 | |
| 562,161 | |
| 552,492 | |
| 538,482 |
Total liabilities & shareholders' equity | $ | 6,320,798 | | $ | 6,115,306 | | $ | 5,907,685 | | $ | 5,860,810 | | $ | 5,784,983 |
8
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands except share and per share data)
| Three Months Ended |
| Nine Months Ended | |||||||||||||||||
| Sep | | Jun | | Mar | | Dec | | Sep | | Sep | | Sep | |||||||
| 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | 2026 | | 2025 | |||||||
Interest income: | | |
| | |
| | |
| | |
| | | | | | | | |
Loans and leases, including fees | $ | 73,052 | | $ | 69,546 | | $ | 65,638 | | $ | 65,573 | | $ | 64,282 | | $ | 208,236 | | $ | 183,094 |
Investment securities: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Taxable |
| 5,882 | |
| 5,722 | |
| 5,492 | |
| 5,662 | |
| 4,876 | |
| 17,096 | |
| 14,499 |
Tax-exempt |
| 578 | |
| 565 | |
| 555 | |
| 536 | |
| 441 | |
| 1,698 | |
| 1,190 |
Federal funds sold and other earning assets |
| 2,528 | |
| 2,209 | |
| 2,585 | |
| 3,854 | |
| 4,919 | |
| 7,321 | |
| 11,565 |
Total interest income |
| 82,040 | |
| 78,042 | |
| 74,270 | |
| 75,625 | |
| 74,518 | |
| 234,351 | |
| 210,348 |
Interest expense: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Deposits |
| 30,754 | |
| 27,723 | |
| 26,529 | |
| 28,646 | |
| 30,464 | |
| 85,006 | |
| 86,100 |
Borrowings |
| — | |
| 371 | |
| 1 | |
| 1 | |
| 14 | |
| 371 | |
| 155 |
Subordinated debt |
| 1,884 | |
| 1,884 | |
| 1,864 | |
| 1,884 | |
| 1,610 | |
| 5,632 | |
| 3,082 |
Total interest expense |
| 32,638 | |
| 29,978 | |
| 28,394 | |
| 30,531 | |
| 32,088 | |
| 91,009 | |
| 89,337 |
Net interest income |
| 49,402 | |
| 48,064 | |
| 45,876 | |
| 45,094 | |
| 42,430 | |
| 143,342 | |
| 121,011 |
Provision for credit losses |
| 687 | |
| 1,463 | |
| 4,139 | |
| 4,132 | |
| 227 | |
| 6,288 | |
| 3,618 |
Net interest income after provision for credit losses |
| 48,715 | |
| 46,601 | |
| 41,737 | |
| 40,962 | |
| 42,203 | |
| 137,054 | |
| 117,393 |
Noninterest income: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Service charges on deposit accounts |
| 2,001 | |
| 1,881 | |
| 1,853 | |
| 1,828 | |
| 1,831 | |
| 5,735 | |
| 5,333 |
Gain (loss) on sale of securities, net |
| — | |
| 54 | |
| 1 | |
| — | |
| (3,715) | |
| 55 | |
| (3,719) |
Mortgage banking |
| 1,025 | |
| 916 | |
| 760 | |
| 837 | |
| 709 | |
| 2,701 | |
| 1,835 |
Investment services |
| 1,747 | |
| 1,724 | |
| 1,796 | |
| 1,683 | |
| 1,690 | |
| 5,267 | |
| 4,899 |
Insurance commissions |
| — | |
| — | |
| — | |
| — | |
| 1,049 | |
| — | |
| 4,016 |
Interchange and debit card transaction fees |
| 1,747 | |
| 1,676 | |
| 1,418 | |
| 1,375 | |
| 1,338 | |
| 4,841 | |
| 3,900 |
Gain on sale of SBK Insurance ("SBKI") |
| — | |
| — | |
| — | |
| — | |
| 3,955 | |
| — | |
| 3,955 |
Other |
| 1,611 | |
| 1,635 | |
| 2,113 | |
| 2,496 | |
| 1,780 | |
| 5,360 | |
| 5,914 |
Total noninterest income |
| 8,131 | |
| 7,886 | |
| 7,941 | |
| 8,219 | |
| 8,637 | |
| 23,959 | |
| 26,133 |
Noninterest expense: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Salaries and employee benefits |
| 21,616 | |
| 21,015 | |
| 20,414 | |
| 19,917 | |
| 19,544 | |
| 63,045 | |
| 58,380 |
Occupancy and equipment |
| 3,513 | |
| 3,351 | |
| 3,344 | |
| 3,388 | |
| 3,468 | |
| 10,208 | |
| 10,298 |
FDIC insurance |
| 906 | |
| 920 | |
| 750 | |
| 1,025 | |
| 1,025 | |
| 2,576 | |
| 2,977 |
Other real estate and loan related expense |
| 1,800 | |
| 806 | |
| 792 | |
| 858 | |
| 969 | |
| 3,398 | |
| 2,383 |
Advertising and marketing |
| 504 | |
| 408 | |
| 387 | |
| 393 | |
| 454 | |
| 1,299 | |
| 1,226 |
Data processing and technology |
| 2,692 | |
| 2,683 | |
| 2,436 | |
| 2,413 | |
| 2,594 | |
| 7,811 | |
| 7,903 |
Professional services |
| 1,541 | |
| 1,366 | |
| 1,193 | |
| 1,132 | |
| 1,123 | |
| 4,100 | |
| 3,643 |
Amortization of intangibles |
| 450 | |
| 454 | |
| 457 | |
| 479 | |
| 536 | |
| 1,361 | |
| 1,671 |
Restructuring expenses |
| — | |
| — | |
| — | |
| 16 | |
| 1,310 | |
| — | |
| 1,310 |
Other |
| 3,334 | |
| 2,952 | |
| 3,142 | |
| 2,850 | |
| 2,846 | |
| 9,430 | |
| 8,945 |
Total noninterest expense |
| 36,356 | |
| 33,955 | |
| 32,915 | |
| 32,471 | |
| 33,869 | |
| 103,228 | |
| 98,736 |
Income before income taxes |
| 20,490 | |
| 20,532 | |
| 16,763 | |
| 16,710 | |
| 16,971 | |
| 57,785 | |
| 44,790 |
Income tax expense |
| 1,863 | |
| 4,210 | |
| 3,083 | |
| 3,007 | |
| 3,285 | |
| 9,156 | |
| 8,146 |
Net income | $ | 18,627 | | $ | 16,322 | | $ | 13,680 | | $ | 13,703 | | $ | 13,686 | | $ | 48,629 | | $ | 36,644 |
Earnings per common share: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Basic | $ | 1.11 | | $ | 0.97 | | $ | 0.81 | | $ | 0.82 | | $ | 0.82 | | $ | 2.89 | | $ | 2.18 |
Diluted | $ | 1.10 | | $ | 0.96 | | $ | 0.81 | | $ | 0.81 | | $ | 0.81 | | $ | 2.86 | | $ | 2.17 |
Weighted average common shares outstanding: |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Basic |
| 16,824,705 | |
| 16,824,053 | |
| 16,821,486 | |
| 16,788,065 | |
| 16,781,236 | |
| 16,823,426 | |
| 16,775,970 |
Diluted |
| 16,994,574 | |
| 16,961,750 | |
| 16,935,530 | |
| 16,922,482 | |
| 16,908,920 | |
| 16,984,875 | |
| 16,886,153 |
9
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
YIELD ANALYSIS
| | Three Months Ended |
| ||||||||||||||||||||||
| | September 30, 2026 | | June 30, 2026 | | September 30, 2025 |
| ||||||||||||||||||
| | Average | | | | | Yield/ | | Average | | | | | Yield/ | | Average | | | | | Yield/ |
| |||
| | Balance | | Interest | | Cost | | Balance | | Interest | | Cost | | Balance | | Interest | | Cost |
| ||||||
Assets: |
| | |
| | |
| |
| | |
| | |
| |
| | |
| | |
| | |
Loans and leases, including fees1 | | $ | 4,775,909 | | $ | 73,209 |
| 6.08 | % | $ | 4,610,444 | | $ | 69,740 |
| 6.07 | % | $ | 4,171,444 | | $ | 64,526 |
| 6.14 | % |
Taxable securities | |
| 602,152 | |
| 5,882 |
| 3.88 | % |
| 595,018 | |
| 5,722 |
| 3.86 | % |
| 556,894 | |
| 4,876 |
| 3.47 | % |
Tax-exempt securities2 | |
| 79,765 | |
| 732 |
| 3.64 | % |
| 79,820 | |
| 715 |
| 3.59 | % |
| 69,843 | |
| 558 |
| 3.17 | % |
Federal funds sold and other earning assets | |
| 252,781 | |
| 2,528 |
| 3.97 | % |
| 232,257 | |
| 2,209 |
| 3.81 | % |
| 428,209 | |
| 4,919 |
| 4.56 | % |
Total interest-earning assets | |
| 5,710,607 | |
| 82,351 |
| 5.72 | % |
| 5,517,539 | |
| 78,386 |
| 5.70 | % |
| 5,226,390 | |
| 74,879 |
| 5.68 | % |
Noninterest-earning assets | |
| 442,789 | |
| |
| | |
| 421,371 | |
| |
| | |
| 408,560 | |
| |
| | |
Total assets | | $ | 6,153,396 | | | | | | | $ | 5,938,910 | |
| |
| | | $ | 5,634,950 | |
| |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity: | |
| | |
| | | | |
| | |
| |
| | |
| | |
| |
| | |
Interest-bearing demand deposits | | $ | 995,731 | |
| 4,344 | | 1.73 | % | $ | 954,455 | |
| 3,960 |
| 1.66 | % | $ | 869,690 | |
| 4,048 |
| 1.85 | % |
Money market and savings deposits | |
| 2,516,407 | |
| 17,660 | | 2.78 | % |
| 2,388,259 | |
| 15,982 |
| 2.68 | % |
| 2,186,245 | |
| 16,693 |
| 3.03 | % |
Time deposits | |
| 996,718 | |
| 8,750 | | 3.48 | % |
| 907,250 | |
| 7,781 |
| 3.44 | % |
| 1,005,800 | |
| 9,723 |
| 3.84 | % |
Total interest-bearing deposits | |
| 4,508,856 | |
| 30,754 | | 2.71 | % |
| 4,249,964 | |
| 27,723 |
| 2.62 | % |
| 4,061,735 | |
| 30,464 |
| 2.98 | % |
Borrowings | |
| 314 | |
| — | | — | % |
| 41,272 | |
| 371 |
| 3.61 | % |
| 4,351 | |
| 14 |
| 1.28 | % |
Subordinated debt | |
| 98,834 | |
| 1,884 | | 7.56 | % |
| 98,761 | |
| 1,884 |
| 7.65 | % |
| 85,113 | |
| 1,610 |
| 7.50 | % |
Total interest-bearing liabilities | |
| 4,608,004 | |
| 32,638 | | 2.81 | % |
| 4,389,997 | |
| 29,978 |
| 2.74 | % |
| 4,151,199 | |
| 32,088 |
| 3.07 | % |
Noninterest-bearing deposits | |
| 901,873 | |
| | | | |
| 923,887 | |
| |
| | |
| 900,079 | |
| |
| | |
Other liabilities | |
| 58,748 | |
| | | | |
| 53,677 | |
| |
| | |
| 57,843 | |
| |
| | |
Total liabilities | |
| 5,568,625 | |
| | | | |
| 5,367,561 | |
| |
| | |
| 5,109,121 | |
| |
| | |
Shareholders' equity | |
| 584,771 | |
| | | | |
| 571,349 | |
| |
| | |
| 525,829 | |
| |
| | |
Total liabilities and shareholders' equity | | $ | 6,153,396 | | | | | | | $ | 5,938,910 | |
| |
| | | $ | 5,634,950 | |
| |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income, taxable equivalent | | | | | $ | 49,713 | | | |
| | | $ | 48,408 |
| | |
| | | $ | 42,791 |
| | |
Interest rate spread | |
| | |
| | | 2.91 | % |
| | |
| |
| 2.96 | % |
| | |
| |
| 2.62 | % |
Tax equivalent net interest margin | |
| | |
| | | 3.45 | % |
| | |
| |
| 3.52 | % |
| | |
| |
| 3.25 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Percentage of average interest-earning assets to average interest-bearing liabilities | |
| | |
| | | 123.93 | % |
| | |
| |
| 125.68 | % |
| | |
| |
| 125.90 | % |
Percentage of average equity to average assets | |
| | |
| | | 9.50 | % |
| | |
| |
| 9.62 | % |
| | |
| |
| 9.33 | % |
1 Yields computed on tax-exempt loans on a tax equivalent basis include $157 thousand, $194 thousand, and $244 thousand of taxable equivalent income for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
2 Yields computed on tax-exempt instruments on a tax equivalent basis include $154 thousand, $150 thousand, and $117 thousand of taxable equivalent income for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
10
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
YIELD ANALYSIS
| | Nine Months Ended | ||||||||||||||||
| | September 30, 2026 | | September 30, 2025 | | |||||||||||||
| | Average | | | | | Yield/ | | Average | | | | | Yield/ | | |||
| | Balance | | Interest | | Cost | | Balance | | Interest | | Cost | | |||||
Assets: |
| | |
| | |
| | |
| | |
| | |
| |
|
Loans and leases, including fees1 | | $ | 4,609,009 | | $ | 208,805 |
| | 6.06 | % | $ | 4,055,251 | | $ | 183,829 |
| 6.06 | % |
Taxable securities | |
| 593,990 | |
| 17,096 |
| | 3.85 | % |
| 558,493 | |
| 14,499 |
| 3.47 | % |
Tax-exempt securities2 | |
| 80,037 | |
| 2,149 |
| | 3.59 | % |
| 66,408 | |
| 1,506 |
| 3.03 | % |
Federal funds sold and other earning assets | |
| 257,070 | |
| 7,322 |
| | 3.81 | % |
| 337,385 | |
| 11,566 |
| 4.58 | % |
Total interest-earning assets | |
| 5,540,106 | |
| 235,372 |
| | 5.68 | % |
| 5,017,537 | |
| 211,400 |
| 5.63 | % |
Noninterest-earning assets | |
| 419,865 | |
| |
| | | |
| 406,751 | |
| |
| | |
Total assets | | $ | 5,959,971 | | | | | | | | $ | 5,424,288 | |
| |
| | |
| | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity: | |
| | |
| | |
| | |
| | |
| |
| | |
Interest-bearing demand deposits | | $ | 968,693 | |
| 12,235 | |
| 1.69 | % | $ | 850,720 | |
| 11,577 |
| 1.82 | % |
Money market and savings deposits | |
| 2,414,719 | |
| 48,879 | |
| 2.71 | % |
| 2,118,652 | |
| 47,518 |
| 3.00 | % |
Time deposits | |
| 915,729 | |
| 23,892 | |
| 3.49 | % |
| 934,255 | |
| 27,005 |
| 3.86 | % |
Total interest-bearing deposits | |
| 4,299,141 | |
| 85,006 | |
| 2.64 | % |
| 3,903,627 | |
| 86,100 |
| 2.95 | % |
Borrowings | |
| 15,033 | |
| 371 | |
| 3.30 | % |
| 6,769 | |
| 155 |
| 3.06 | % |
Subordinated debt | |
| 98,763 | |
| 5,632 | |
| 7.62 | % |
| 55,006 | |
| 3,082 |
| 7.49 | % |
Total interest-bearing liabilities | |
| 4,412,937 | |
| 91,009 | |
| 2.76 | % |
| 3,965,402 | |
| 89,337 |
| 3.01 | % |
Noninterest-bearing deposits | |
| 919,098 | |
| | |
| | |
| 894,254 | |
| |
| | |
Other liabilities | |
| 55,691 | |
| | |
| | |
| 52,905 | |
| |
| | |
Total liabilities | |
| 5,387,726 | |
| | |
| | |
| 4,912,561 | |
| |
| | |
Shareholders' equity | |
| 572,245 | |
| | |
| | |
| 511,727 | |
| |
| | |
Total liabilities and shareholders' equity | | $ | 5,959,971 | | | | | | | | $ | 5,424,288 | |
| |
| | |
| | | | | | | | | | | | | | | | | | |
Net interest income, taxable equivalent | | | | | $ | 144,363 | | | | |
| | | $ | 122,063 |
| | |
Interest rate spread | |
| | |
| | |
| 2.92 | % |
| | |
| |
| 2.62 | % |
Tax equivalent net interest margin | |
| | |
| | |
| 3.48 | % |
| | |
| |
| 3.25 | % |
| | | | | | | | | | | | | | | | | | |
Percentage of average interest-earning assets to average interest-bearing liabilities | |
| | |
| | |
| 125.54 | % |
| | |
| |
| 126.53 | % |
Percentage of average equity to average assets | |
| | |
| | |
| 9.60 | % |
| | |
| |
| 9.43 | % |
1 Yields computed on tax-exempt loans on a tax equivalent basis include $569 thousand and $735 thousand of taxable equivalent income for the nine months ended September 30, 2026, and September 30, 2025, respectively.
2 Yields computed on tax-exempt instruments on a tax equivalent basis include $451 thousand and $316 thousand of taxable equivalent income for the nine months ended September 30, 2026, and September 30, 2025, respectively.
11
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
| | As of and for The Three Months Ended |
| |||||||||||||
| | Sep | | Jun | | Mar | | Dec | | Sep |
| |||||
| | 2026 | | 2026 | | 2026 | | 2025 | | 2025 |
| |||||
Composition of Loans and Leases: |
| | | | | | | | |
| | |
| | | |
Commercial real estate: |
| | | | | | | | |
| | |
| | | |
Non-owner occupied | | $ | 1,301,283 | | $ | 1,288,115 | | $ | 1,263,455 | | $ | 1,196,758 | | $ | 1,136,080 | |
Owner occupied | |
| 1,105,042 | |
| 1,080,959 | |
| 1,033,211 | |
| 1,022,871 | |
| 1,012,088 | |
Commercial real estate, total | |
| 2,406,325 | |
| 2,369,074 | |
| 2,296,666 | |
| 2,219,629 | |
| 2,148,168 | |
Consumer real estate | |
| 903,135 | |
| 881,640 | |
| 851,484 | |
| 834,626 | |
| 811,150 | |
Construction & land development | |
| 563,856 | |
| 516,164 | |
| 478,301 | |
| 419,176 | |
| 390,691 | |
Commercial & industrial | |
| 913,165 | |
| 842,849 | |
| 819,875 | |
| 817,595 | |
| 794,751 | |
Leases | | | 49,179 | | | 52,411 | | | 54,296 | | | 55,422 | | | 60,301 | |
Consumer and other | |
| 21,032 | |
| 20,797 | |
| 17,769 | |
| 17,134 | |
| 17,308 | |
Total loans and leases | | $ | 4,856,692 | | $ | 4,682,935 | | $ | 4,518,391 | | $ | 4,363,582 | | $ | 4,222,369 | |
| | | | | | | | | | | | | | | | |
Asset Quality and Additional Loan Data: | |
| | | | | | | | |
| | |
| | |
Nonperforming loans and leases | | $ | 13,602 | | $ | 11,474 | | $ | 12,257 | | $ | 9,442 | | $ | 10,099 | |
Other real estate owned | |
| — | |
| — | |
| — | |
| — | |
| — | |
Other repossessed assets | | | 2,072 | | | 2,754 | | | 2,798 | | | 3,248 | | | 2,444 | |
Total nonperforming assets | | $ | 15,674 | | $ | 14,228 | | $ | 15,055 | | $ | 12,690 | | $ | 12,543 | |
Modified loans and leases1 not included in nonperforming loans and leases | | $ | 282 | | $ | 349 | | $ | 208 | | $ | 219 | | $ | 1,783 | |
Net charge-offs to average loans and leases (annualized) | |
| 0.06 | % |
| 0.05 | % |
| 0.02 | % |
| 0.18 | % |
| 0.10 | % |
Allowance for credit losses to total loans and leases | |
| 0.94 | % |
| 0.97 | % |
| 0.97 | % |
| 0.94 | % |
| 0.93 | % |
Nonperforming loans and leases to total loans and leases | |
| 0.28 | % |
| 0.25 | % |
| 0.27 | % |
| 0.22 | % |
| 0.24 | % |
Nonperforming assets to total assets | |
| 0.25 | % |
| 0.23 | % |
| 0.25 | % |
| 0.22 | % |
| 0.22 | % |
| | | | | | | | | | | | | | | | |
Capital Ratios: | |
| | | | | | | | |
| | |
| | |
Equity to Assets | |
| 9.20 | % |
| 9.43 | % |
| 9.52 | % |
| 9.43 | % |
| 9.31 | % |
Tangible common equity to tangible assets (Non-GAAP)2 | |
| 7.83 | % |
| 8.01 | % |
| 8.04 | % |
| 7.93 | % |
| 7.78 | % |
| | | | | | | | | | | | | | | | |
SmartFinancial, Inc.3 | |
| | | | | | | | |
| | |
| | |
Tier 1 leverage | |
| 8.49 | % |
| 8.47 | % |
| 8.41 | % |
| 8.30 | % |
| 8.21 | % |
Common equity Tier 1 | |
| 9.80 | % |
| 9.77 | % |
| 9.77 | % |
| 9.83 | % |
| 9.85 | % |
Tier 1 capital | |
| 9.80 | % |
| 9.77 | % |
| 9.77 | % |
| 9.83 | % |
| 9.85 | % |
Total capital | |
| 12.62 | % |
| 12.64 | % |
| 12.72 | % |
| 12.71 | % |
| 13.31 | % |
| | | | | | | | | | | | | | | | |
SmartBank3 | |
| | | | | | | | |
| | |
| | |
Tier 1 leverage | |
| 9.80 | % |
| 9.86 | % |
| 9.88 | % |
| 9.71 | % |
| 9.59 | % |
Common equity Tier 1 | |
| 11.34 | % |
| 11.38 | % |
| 11.47 | % |
| 11.51 | % |
| 11.56 | % |
Tier 1 capital | |
| 11.34 | % |
| 11.38 | % |
| 11.47 | % |
| 11.51 | % |
| 11.56 | % |
Total capital | |
| 12.28 | % |
| 12.30 | % |
| 12.41 | % |
| 12.32 | % |
| 12.37 | % |
1Borrowers 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 and going forward.
2Total 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.
12
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 | | | Nine Months Ended | | |||||||||||||||||
| Sep | | Jun | | Mar | | Dec | | Sep | | | Sep | | Sep | | |||||||
| 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | | 2026 | | 2025 | | |||||||
Selected Performance Ratios (Annualized): | | |
| | |
| | |
| | |
| | | | | | | | | | |
Return on average assets | | 1.20 | % | | 1.10 | % | | 0.96 | % | | 0.95 | % | | 0.96 | % | | | 1.09 | % | | 0.90 | % |
Return on average shareholders' equity | | 12.64 | % | | 11.46 | % | | 9.90 | % | | 9.95 | % | | 10.33 | % | | | 11.36 | % | | 9.57 | % |
Return on average tangible common equity¹ | | 15.07 | % | | 13.74 | % | | 11.93 | % | | 12.06 | % | | 12.79 | % | | | 13.61 | % | | 11.99 | % |
Noninterest income / average assets | | 0.52 | % | | 0.53 | % | | 0.56 | % | | 0.57 | % | | 0.61 | % | | | 0.54 | % | | 0.64 | % |
Noninterest expense / average assets | | 2.34 | % | | 2.29 | % | | 2.31 | % | | 2.24 | % | | 2.38 | % | | | 2.32 | % | | 2.43 | % |
Efficiency ratio | | 63.19 | % | | 60.69 | % | | 61.16 | % | | 60.91 | % | | 66.32 | % | | | 61.70 | % | | 67.10 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Operating Selected Performance Ratios (Annualized): | | | | | | | | | | | | | | | | | | | | | | |
Operating return on average assets1 | | 1.20 | % | | 1.10 | % | | 0.96 | % | | 0.95 | % | | 1.02 | % | | | 1.09 | % | | 0.92 | % |
Operating PPNR return on average assets1 | | 1.37 | % | | 1.48 | % | | 1.47 | % | | 1.44 | % | | 1.29 | % | | | 1.44 | % | | 1.22 | % |
Operating return on average shareholders' equity1 | | 12.64 | % | | 11.43 | % | | 9.90 | % | | 9.96 | % | | 10.92 | % | | | 11.35 | % | | 9.78 | % |
Operating return on average tangible common equity1 | | 15.07 | % | | 13.70 | % | | 11.93 | % | | 12.07 | % | | 13.53 | % | | | 13.60 | % | | 12.25 | % |
Operating efficiency ratio1 | | 62.85 | % | | 60.38 | % | | 60.75 | % | | 60.45 | % | | 63.61 | % | | | 61.35 | % | | 65.85 | % |
Operating noninterest income / average assets1 | | 0.52 | % | | 0.53 | % | | 0.56 | % | | 0.57 | % | | 0.59 | % | | | 0.54 | % | | 0.64 | % |
Operating noninterest expense / average assets1 | | 2.34 | % | | 2.29 | % | | 2.31 | % | | 2.24 | % | | 2.29 | % | | | 2.32 | % | | 2.40 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Selected Interest Rates and Yields: | | | | | | | | | | | | | | | | | | | | | | |
Yield on loans and leases, excluding loan fees, FTE | | 5.99 | % | | 5.95 | % | | 5.93 | % | | 6.00 | % | | 6.05 | % | | | 5.95 | % | | 5.98 | % |
Yield on loans and leases, FTE | | 6.08 | % | | 6.07 | % | | 6.02 | % | | 6.08 | % | | 6.14 | % | | | 6.06 | % | | 6.06 | % |
Yield on earning assets, FTE | | 5.72 | % | | 5.70 | % | | 5.62 | % | | 5.65 | % | | 5.68 | % | | | 5.68 | % | | 5.63 | % |
Cost of interest-bearing deposits | | 2.71 | % | | 2.62 | % | | 2.60 | % | | 2.79 | % | | 2.98 | % | | | 2.64 | % | | 2.95 | % |
Cost of total deposits | | 2.26 | % | | 2.15 | % | | 2.12 | % | | 2.26 | % | | 2.44 | % | | | 2.18 | % | | 2.40 | % |
Cost of interest-bearing liabilities | | 2.81 | % | | 2.74 | % | | 2.72 | % | | 2.90 | % | | 3.07 | % | | | 2.76 | % | | 3.01 | % |
Net interest margin, FTE | | 3.45 | % | | 3.52 | % | | 3.48 | % | | 3.38 | % | | 3.25 | % | | | 3.48 | % | | 3.25 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Per Common Share: | | |
| | |
| | |
| | |
| | | | | | | | | | |
Net income, basic | $ | 1.11 | | $ | 0.97 | | $ | 0.81 | | $ | 0.82 | | $ | 0.82 | | | $ | 2.89 | | $ | 2.18 | |
Net income, diluted |
| 1.10 | |
| 0.96 | |
| 0.81 | |
| 0.81 | |
| 0.81 | | |
| 2.86 | |
| 2.17 | |
Operating earnings, basic¹ |
| 1.11 | |
| 0.97 | |
| 0.81 | |
| 0.82 | |
| 0.86 | | |
| 2.89 | |
| 2.23 | |
Operating earnings, diluted¹ |
| 1.10 | |
| 0.96 | |
| 0.81 | |
| 0.81 | |
| 0.86 | | |
| 2.86 | |
| 2.22 | |
Book value per common share |
| 34.00 | |
| 33.74 | |
| 32.88 | |
| 32.44 | |
| 31.62 | | |
| 34.00 | |
| 31.62 | |
Tangible book value per common share¹ |
| 28.50 | |
| 28.22 | |
| 27.33 | |
| 26.85 | |
| 26.00 | | |
| 28.50 | |
| 26.00 | |
Common shares outstanding |
| 17,095,789 | |
| 17,098,473 | |
| 17,098,473 | |
| 17,029,317 | |
| 17,028,001 | | |
| 17,095,789 | |
| 17,028,001 | |
¹Non-GAAP measure. See reconciliation of Non-GAAP measures.
13
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
NON-GAAP RECONCILIATIONS
| Three Months Ended |
| | Nine Months Ended | | |||||||||||||||||
| Sep | | Jun | | Mar | | Dec | | Sep | | | Sep | | Sep | | |||||||
| 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | | 2026 | | 2025 | | |||||||
Operating Earnings: | | |
| | |
| | |
| | |
| | | | | | | | | | |
Net income (GAAP) | $ | 18,627 | | $ | 16,322 | | $ | 13,680 | | $ | 13,703 | | $ | 13,686 | | | $ | 48,629 | | $ | 36,644 | |
Noninterest income: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Securities (gains) losses, net |
| — | |
| (54) | |
| (1) | |
| — | |
| 3,715 | | |
| (55) | |
| 3,719 | |
Gain on sale of SBKI |
| — | |
| — | |
| — | |
| — | |
| (3,955) | | |
| — | |
| (3,955) | |
Noninterest expenses: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Restructuring expenses |
| — | |
| — | |
| — | |
| 16 | |
| 1,310 | | |
| — | |
| 1,310 | |
Income taxes: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Income tax effect of adjustments |
| — | |
| 14 | |
| — | |
| (4) | |
| (276) | | |
| 14 | |
| (277) | |
Operating earnings (Non-GAAP) | $ | 18,627 | | $ | 16,282 | | $ | 13,679 | | $ | 13,715 | | $ | 14,480 | | | $ | 48,588 | | $ | 37,441 | |
Operating earnings per common share (Non-GAAP): |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Basic | $ | 1.11 | | $ | 0.97 | | $ | 0.81 | | $ | 0.82 | | $ | 0.86 | | | $ | 2.89 | | $ | 2.23 | |
Diluted |
| 1.10 | |
| 0.96 | |
| 0.81 | |
| 0.81 | |
| 0.86 | | |
| 2.86 | |
| 2.22 | |
| | | | | | | | | | | | | | | | | | | | | | |
Operating Noninterest Income: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Noninterest income (GAAP) | $ | 8,131 | | $ | 7,886 | | $ | 7,941 | | $ | 8,219 | | $ | 8,637 | | | $ | 23,959 | | $ | 26,133 | |
Securities (gains) losses, net |
| — | |
| (54) | |
| (1) | |
| — | |
| 3,715 | | |
| (55) | |
| 3,719 | |
Gain on sale of SBKI | | — | | | — | | | — | | | — | | | (3,955) | | | | — | | | (3,955) | |
Operating noninterest income (Non-GAAP) | $ | 8,131 | | $ | 7,832 | | $ | 7,940 | | $ | 8,219 | | $ | 8,397 | | | $ | 23,904 | | $ | 25,897 | |
Operating noninterest income (Non-GAAP)/average assets1 |
| 0.52 | % |
| 0.53 | % |
| 0.56 | % |
| 0.57 | % |
| 0.59 | % | |
| 0.54 | % |
| 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Operating Noninterest Expense: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Noninterest expense (GAAP) | $ | 36,356 | | $ | 33,955 | | $ | 32,915 | | $ | 32,471 | | $ | 33,869 | | | $ | 103,228 | | $ | 98,736 | |
Restructuring expenses |
| — | |
| — | |
| — | |
| (16) | |
| (1,310) | | |
| — | |
| (1,310) | |
Operating noninterest expense (Non-GAAP) | $ | 36,356 | | $ | 33,955 | | $ | 32,915 | | $ | 32,455 | | $ | 32,559 | | | $ | 103,228 | | $ | 97,426 | |
Operating noninterest expense (Non-GAAP)/average assets2 |
| 2.34 | % |
| 2.29 | % |
| 2.31 | % |
| 2.24 | % |
| 2.29 | % | |
| 2.32 | % |
| 2.40 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Operating Pre-provision Net revenue ("PPNR") Earnings: | | | | | | | | | | | | | | | | | | | | | | |
Net interest income (GAAP) | $ | 49,402 | | $ | 48,064 | | $ | 45,876 | | $ | 45,094 | | $ | 42,430 | | | $ | 143,342 | | $ | 121,011 | |
Operating noninterest income (Non-GAAP) | | 8,131 | | | 7,832 | | | 7,940 | | | 8,219 | | | 8,397 | | | | 23,904 | | | 25,897 | |
Operating revenue (Non-GAAP) | | 57,533 | | | 55,896 | | | 53,816 | | | 53,313 | | | 50,827 | | | | 167,246 | | | 146,908 | |
Operating noninterest expense (Non-GAAP) | | (36,356) | | | (33,955) | | | (32,915) | | | (32,455) | | | (32,559) | | | | (103,228) | | | (97,426) | |
Operating PPNR earnings (Non-GAAP) | $ | 21,177 | | $ | 21,941 | | $ | 20,901 | | $ | 20,858 | | $ | 18,268 | | | $ | 64,018 | | $ | 49,482 | |
| | | | | | | | | | | | | | | | | | | | | | |
Non-GAAP Return Ratios: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Operating return on average assets (Non-GAAP)3 |
| 1.20 | % |
| 1.10 | % |
| 0.96 | % |
| 0.95 | % |
| 1.02 | % | |
| 1.09 | % |
| 0.92 | % |
Operating PPNR return on average assets (Non-GAAP)4 | | 1.37 | % | | 1.48 | % | | 1.47 | % | | 1.44 | % | | 1.29 | % | | | 1.44 | % | | 1.22 | % |
Return on average tangible common equity (Non-GAAP)5 |
| 15.07 | % |
| 13.74 | % |
| 11.93 | % |
| 12.06 | % |
| 12.79 | % | |
| 13.61 | % |
| 11.99 | % |
Operating return on average shareholders' equity (Non-GAAP)6 |
| 12.64 | % |
| 11.43 | % |
| 9.90 | % |
| 9.96 | % |
| 10.92 | % | |
| 11.35 | % |
| 9.78 | % |
Operating return on average tangible common equity (Non-GAAP)7 |
| 15.07 | % |
| 13.70 | % |
| 11.93 | % |
| 12.07 | % |
| 13.53 | % | |
| 13.60 | % |
| 12.25 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Operating Efficiency Ratio: |
| | |
| | |
| | |
| | |
| | | |
| | |
| | |
Efficiency ratio (GAAP) |
| 63.19 | % |
| 60.69 | % |
| 61.16 | % |
| 60.91 | % |
| 66.32 | % | |
| 61.70 | % |
| 67.10 | % |
Adjustment for taxable equivalent yields |
| (0.34) | % |
| (0.38) | % |
| (0.41) | % |
| (0.43) | % |
| (0.47) | % | |
| (0.37) | % |
| (0.48) | % |
Adjustment for securities gains (losses) |
| — | % |
| 0.07 | % |
| — | % |
| — | % |
| (4.50) | % | |
| 0.02 | % |
| (1.65) | % |
Adjustment for sale of SBKI | | — | % | | — | % | | — | % | | — | % | | 5.57 | % | | | — | % | | 1.85 | % |
Adjustment for restructuring cost |
| — | % |
| — | % |
| — | % |
| (0.02) | % |
| (3.31) | % | |
| — | % |
| (0.97) | % |
Operating efficiency ratio (Non-GAAP) |
| 62.85 | % |
| 60.38 | % |
| 60.75 | % |
| 60.45 | % |
| 63.61 | % | |
| 61.35 | % |
| 65.85 | % |
1Operating noninterest income (Non-GAAP) is annualized and divided by average assets.
2Operating noninterest expense (Non-GAAP) is annualized and divided by average assets.
3Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.
4Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.
5Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).
6Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average equity.
7Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).
14
SmartFinancial, Inc. and Subsidiary
Condensed Consolidated Financial Information - (unaudited)
(dollars in thousands)
NON-GAAP RECONCILIATIONS
| | Three Months Ended | | |||||||||||||
| | Sep | | Jun | | Mar | | Dec | | Sep | | |||||
| | 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | |||||
Tangible Common Equity: |
| | |
| | |
| | |
| | |
| | | |
Shareholders' equity (GAAP) | | $ | 581,256 | | $ | 576,924 | | $ | 562,161 | | $ | 552,492 | | $ | 538,482 | |
Less goodwill and other intangible assets | |
| 93,967 | |
| 94,417 | |
| 94,871 | |
| 95,328 | |
| 95,807 | |
Tangible common equity (Non-GAAP) | | $ | 487,289 | | $ | 482,507 | | $ | 467,290 | | $ | 457,164 | | $ | 442,675 | |
| | | | | | | | | | | | | | | | |
Average Tangible Common Equity: | |
| | |
| | |
| | |
| | |
| | |
Average shareholders' equity (GAAP) | | $ | 584,771 | | $ | 571,349 | | $ | 560,348 | | $ | 546,489 | | $ | 525,829 | |
Less average goodwill and other intangible assets | |
| 94,239 | |
| 94,696 | |
| 95,145 | |
| 95,619 | |
| 101,326 | |
Average tangible common equity (Non-GAAP) | | $ | 490,532 | | $ | 476,653 | | $ | 465,203 | | $ | 450,870 | | $ | 424,503 | |
| | | | | | | | | | | | | | | | |
Tangible Book Value per Common Share: | | | | | | | | | | | | | | | | |
Book value per common share (GAAP) | | $ | 34.00 | | $ | 33.74 | | $ | 32.88 | | $ | 32.44 | | $ | 31.62 | |
Adjustment due to goodwill and other intangible assets | | | (5.50) | | | (5.52) | | | (5.55) | | | (5.59) | | | (5.63) | |
Tangible book value per common share (Non-GAAP)1 | | $ | 28.50 | | $ | 28.22 | | $ | 27.33 | | $ | 26.85 | | $ | 26.00 | |
| | | | | | | | | | | | | | | | |
Tangible Common Equity to Tangible Assets: | | | | | | | | | | | | | | | | |
Total Assets (GAAP) | | $ | 6,320,798 | | $ | 6,115,306 | | $ | 5,907,685 | | $ | 5,860,810 | | $ | 5,784,983 | |
Less goodwill and other intangibles | | | 93,967 | | | 94,417 | | | 94,871 | | | 95,328 | | | 95,807 | |
Tangible Assets (Non-GAAP) | | $ | 6,226,831 | | $ | 6,020,889 | | $ | 5,812,814 | | $ | 5,765,482 | | $ | 5,689,176 | |
Tangible common equity to tangible assets (Non-GAAP) | | | 7.83% | | | 8.01% | | | 8.04% | | | 7.93% | | | 7.78% | |
1Tangible book value per common share (Non-GAAP) is computed by dividing total shareholders’ equity, less goodwill and other intangible assets, by common shares outstanding.
15
Exhibit 99.2
| 1 INVESTOR CALL 3Q 2026 October 20, 2026, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -461 -5787 Access Code: 955 254 100 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO |
| (i) Operating earnings (ii) Operating revenue (iii) Operating noninterest income (iv) Operating noninterest expense (v) Operating pre-provision net revenue (PPNR) earnings (vi) Tangible common equity (vii) Tangible common equity (excluding Accumulated Other Comprehensive income (AOCI)) (viii) Average tangible common equity (ix) Tangible book value per common share (x) Tangible book value per common share (excluding AOCI) (xi) Tangible assets (xii) Operating efficiency ratio (xiii) Operating return on average assets (xiv) Operating PPNR return on average assets (xv) Operating return on average shareholders’ equity (xvi) Return on average tangible common equity (xvii) Operating return on average tangible common equity (xviii) Operating noninterest income/average assets (xix) Operating noninterest expense/average assets (xx) Tangible common equity to tangible assets (xxi) Operating earnings per common share Forward-Looking Statements This presentation 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 on SmartFinancial Inc.’s (SmartFinancial) business and financial results and conditions, 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; (3) general risks related to our disposition, merger and acquisition activity, including risks associated with our pursuit of future acquisitions or sales; (4) changes in management’s plans for the future; (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; (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); (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; (9) increased technology and cybersecurity risks, including generative artificial intelligence risks; (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; (12) changes in loan demand, real estate values, or competition; (13) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (14) changes in accounting principles, policies, or guidelines; (15) changes in applicable laws, rules, or regulations; (16) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; (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; (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; (19) the effects of war or other conflicts; (20) the impact of government actions or inactions, including a prolonged shutdown of the federal government; and (21) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. 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 presentation, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise. DISCLOSURES 2 Non-GAAP Financial Measures Statements included in this presentation 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 SmartFinancial's performance, including: Unless otherwise indicated, all financial data contained in this presentation is as of 9/30/26 A detailed reconciliation and definition of these items and the ratios derived therefrom is available in the Non-GAAP appendix to this presentation. 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. |
| $0.81 $0.96 $1.10 $0.86 $0.96 $1.10 3Q25 2Q26 3Q26 GAAP EPS Operating Diluted EPS $31.62 $33.74 $34.00 $26.00 $28.22 $28.50 3Q25 2Q26 3Q26 BV Per Common Share TBV Per Common Share 0.96% 1.10% 1.20% 1.02% 1.10% 1.20% 3Q25 2Q26 3Q26 GAAP ROAA Operating ROAA 12.8% 13.7% 15.1% 13.5% 13.7% 15.1% 3Q25 2Q26 3Q26 ROATCE Operating ROATCE 3 Unless otherwise indicated, financial data as of or for the three months ended 9/30/26 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2) QoQ: Quarter-over-Quarter 3) “Loans” for purposes of this presentation includes all SmartFinancial loans and leases 4) Core deposits include all deposits less brokered and one-way buy CDARS deposits QUARTERLY HIGHLIGHTS: THIRD QUARTER 2026 4% QoQ2 Annualized TBV per Common Share Growth1 $1.10 Diluted Operating EPS1 1.20% Operating Return on Average Assets1 15.1% Operating Return on Average Tang. Common Equity1 63% Operating Efficiency Ratio1 12% QoQ Annualized Core Deposit Growth4 15% QoQ Annualized Organic Loan3 Growth 87% Loan / Deposit Ratio3 0.25% Non-Performing Assets / Assets $6.3 Billion in Total Assets Earnings Per Share (EPS) Book Value (BV) & Tangible Book Value (TBV) Per Common Share Return on Average Assets (ROAA) Return on Average Tangible Common Equity (ROATCE) 1 1 1 1 |
| $13,004 $18,627 $- $5, 000 $10, 000 $15, 000 $20, 000 $0.77 $1.10 $0 $0 $0 $1 $1 $1 $1 $44,737 $57,533 $10, 000 $20, 000 $30, 000 $40, 000 $50, 000 $60, 000 $3,254 $4,857 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 $5, 500 $4,077 $5,576 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 $5, 500 $6, 000 0.10% 0.25% $- $0 $0 $0 $0 $0 4 GAAP KEY MEASURE TRENDS: $ in Thousands Net Income: Diluted EPS: Total Revenue: Loans HFI: Deposits: NPAs / Assets: $ in Thousands $ in Millions $ in Millions Diluted Earnings Per Share: Net Income / Diluted Common Shares Outstanding Total Revenue: Net Interest Income + Total Non-Interest Income Loans HFI: Total Loans Held for Investment NPAs / Assets: Total Nonperforming Assets / Total Assets |
| $12,864 $18,627 $- $5, 000 $10, 000 $15, 000 $20, 000 $0.76 $1.10 $0 $0 $1 $1 $1 $1 $17,132 $21,177 $5, 000 $10, 000 $15, 000 $20, 000 $25, 000 1.10%1.20% $- $0 $0 $0 $0 $0 $0 $0 16.47% 15.07% $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $19.09 $28.50 $16 $18 $20 $22 $24 $26 $28 $30 5 NON-GAAP KEY MEASURE TRENDS1 : 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 measures to their most directly comparable GAAP measures, see the Appendix $ in Thousands Operating Earnings: Operating Diluted EPS: Operating PPNR Earnings: Operating ROAA: Operating ROATCE: TBV Per Common Share: $ in Thousands 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 Operating Non-Interest Income: Non-Interest Income Adjusted for Non-Operating, Non-Recurring Items Operating Non-Interest Expense: Non-Interest Expense Adjusted for Non-Operating, Non-Recurring Items Operating Return on Average Assets: Operating Earnings / Average Assets TBV Per Common Share: Tangible Common Equity / Total Common Shares Outstanding Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other Intangibles Operating Earnings: Net Income Adjusted for Non-Operating Items Operating Return on Average Tangible Common Equity: Operating Earnings / Average Tangible Common Equity Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other Intangibles $ in Thousands |
| 6 SMARTFINANCIAL: EXPANDING SOUTHEAST FRANCHISE $6.3 Billion in Total Assets $4.9 Billion in Total Loans We are building a culture where Associates thrive and are empowered to be leaders. The core values that we have established as a company help us operate in unison and have become a critical part of our culture. Our Associates are key to SmartBank’s success. $5.6 Billion in Total Deposits 43 Total Branches Knoxville Nashville Huntsville Tuscaloosa Mobile Pensacola Birmingham Auburn Tallahassee Dothan Montgomery Branch Offices Current Loan Production Offices Chattanooga 1) 2026 Great Place to Work survey Panama City 1 97% Destin Columbus |
| $1.0 $1.1 $1.7 $2.3 $2.4 $3.3 $4.6 $4.6 $4.8 $5.3 $5.9 $6.3 $- $1 $2 $3 $4 $5 $6 $7 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 7 SMARTBANK JOURNEY: LOOKING AHEAD Validation: Scaling: Leveraging: • Focused on validating platform and substantiating market need • Completed Cornerstone merger-of-equals • Completed functional initial public offering • Began expanding commercial banking product offering • Quickly recognized the need for scale to spread operating cost over larger asset base • Focused on building scale through asset growth with emphasis on fee revenue drivers • Completed four bank acquisitions • Acquired Fountain Equipment Finance • Started dealer floor plan lending unit • Expanded into seven new de novo markets • Broadened Treasury Management and commercial banking product package • Implemented several multi-year IT infrastructure projects • Consolidated inconsistent legacy products, services and operational procedures • Focus on leveraging existing investments to efficiently deploy capital and enhance EPS and ROATCE • Strategic hiring supported by existing infrastructure • Further investment in commercial banking business • Heightened focus on commercial sales process • Targeted business relationship generation and client profitability profiles • Operational and product enhancement and delivery in key areas (Treasury Management, digital capabilities, etc.) • M&A focus shifted to strategic and/or “needle moving” opportunities $ in Billions, unless otherwise indicated Strategic Focus: Leverage Existing Infrastructure Investments to Drive Profitability and Optimize Efficiency |
| MARKET AREA: BUILDING DENSITY IN ATTRACTIVE SOUTHEAST MARKETS 8 ► Production Team: 44 ► Loans: 57% ► Deposits: 59% ► ’21-’26 Growth: 10% Tennessee Source: S&P Market Intelligence; U.S. Census; https://www.cnbc.com/americas-top-states-for-business/ 1) Production team includes relationship managers, market leaders, regional and divisional presidents responsible for meeting business production goals 2) Market loan and deposit percentages shown as a percentage of the total loans and deposits of SmartBank as of 9/30/26, respectively 3) 12/31/21 – 9/30/26 Compound Annualized Growth Rate based on market loan growth over the time period Profile by Market Area: Abundant Organic Opportunity US Population Migration: Strong Migration into Great Markets 1,2,3 ► Production Team: 31 ► Loans: 28% ► Deposits: 31% ► ’21-’26 Growth: 26% Alabama ► Production Team: 15 ► Loans: 15% ► Deposits: 9% ► ’21-’26 Growth: 12% Coastal Projected Population CAGR through 2030 AMERICA’S TOP STATES FOR BUSINESS 2026 N. CAROLINA: #2 GEORGIA: #7 FLORIDA: #8 TENNESSEE: #9 ALABAMA: #21 S. CAROLINA: #23 Knoxville Nashville Huntsville Pensacola Birmingham Tallahassee Montgomery Chattanooga Mobile Auburn Dothan Tuscaloosa Panama City >0.75% 0.75% to 0.50% 0.50% to 0.00% <0.00% Southeast Population Growth Expected to Continue Columbus Destin |
| 24% 23% 23% 23% 23% 27% 27% 28% 28% 27% 19% 19% 18% 18% 19% 9% 10% 11% 11% 12% 19% 19% 19% 19% $4,222 19% $4,364 $4,518 $4,683 $4,857 3Q25 4Q25 1Q26 2Q26 3Q26 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other $2,693 $3,254 $3,444 $3,906 $4,364 $4,518 $4,683 $4,857 5.43% 5.86% 5.98% 5.93% 5.95% 5.99% 5. 00% 5. 20% 5. 40% 5. 60% 5. 80% 6. 00% 6. 20% 6. 40% $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 2021Y 2022Y 2023Y 2024Y 2025Y 1Q26 2Q26 3Q26 9 LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY Total Loans CAGR of 13% Since 2021 $ in Millions, unless otherwise indicated Average Loan Yield (excluding accretion & fees) Loan Composition History of Consistent Organic Growth |
| 1-4 Family (NOO) 16% Resi/Comm Land Dev. 13% Resi/Comm Land 16% CRE (OO) 20% CRE (NOO) 19% Multifamily 18% Hotel & Hospitality 32% Retail Space 12% Office Space 15% Misc. 14% 10 LOAN CONCENTRATION: WELL BALANCED EXPOSURE Non-Owner Occupied CRE Exposure By Segment Highly Diversified with Seasoned Client Base Construction & Development Exposure By Type1 Concentration Risk Closely Monitored 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 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 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, industrial & warehouse, self-storage and other commercial real estate 2) Amortized cost balance shown $1.3 Billion2 - 27% of Total Loans $565 Million2 - 12% of Total Loans |
| $12,543 $12,690 $15,055 $14,228 $15,674 0.22% 0.22% 0.25% 0.23% 0.25% - 0.10% 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 $22, 000 $24, 000 3Q25 4Q25 1Q26 2Q26 3Q26 Nonperforming Loans and Leases OREO & Other Repos Nonperforming Assets / Total Assets 271% 277% 288% 292% 292% 69% 71% 79% 83% 88% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 3Q25 4Q25 1Q26 2Q26 3Q26 CRE Loans / Capital C&D Loans / Capital $15,728 $15,797 $15,975 $17,805 $28,543 0.37% 0.36% 0.35% 0.38% 0.59% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 $22, 000 $24, 000 $26, 000 $28, 000 $30, 000 $32, 000 $34, 000 $36, 000 $38, 000 $40, 000 3Q25 4Q25 1Q26 2Q26 3Q26 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.25% 0.24% 0.25% 0.22% 0.15% 0.10% 0.18% 0.02% 0.05% 0.06% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 3Q25 4Q25 1Q26 2Q26 3Q26 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $39,074 $40,906 $43,950 $45,252 $45,649 0.93% 0.94% 0.97% 0.97% 0.94% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 $22, 000 $24, 000 $26, 000 $28, 000 $30, 000 $32, 000 $34, 000 $36, 000 $38, 000 $40, 000 $42, 000 $44, 000 $46, 000 $48, 000 $50, 000 $52, 000 $54, 000 $56, 000 $58, 000 $60, 000 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses (ACL) ACL / Loans HFI 11 Credit Quality Delinquent and Nonaccruals / Total Loans Nonperforming Assets Commercial Real Estate Concentration ASSET QUALITY: STRONG UNDERWRITING PAYS DIVIDENDS $ in Thousands, unless otherwise indicated Allowance Reconciliation |
| 18% 21% 18% 17% 17% 18% 18% 18% 19% 19% 44% 44% 47% 46% 47% 19% 17% 16% 18% 18% $5,051 $5,153 $5,196 $5,386 $5,576 3Q25 4Q25 1Q26 2Q26 3Q26 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits $4,022 $4,077 $4,268 $4,686 $5,153 $5,196 $5,386 $5,576 2.00% 2.51% 2.36% 2.12% 2.15% 2.26% 1. 40% 1. 90% 2. 40% 2. 90% 3. 40% $- $1, 000 $2, 000 $3, 000 $4, 000 $5, 000 2021Y 2022Y 2023Y 2024Y 2025Y 1Q26 2Q26 3Q26 $4,857 12 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 87% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Focused on Core Relationship Growth |
| $69 $219 $17 $101 $38 $131 $36 $86 $22 $- $50 $100 $150 $200 $250 $300 $350 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate 3.44% 3.81% 3.78% 3.83% 3.85% 2.50% 3.00% 3.50% 4.00% 4.50% 3Q25 4Q25 1Q26 2Q26 3Q26 Sec. Yield (AFS/HTM) 13 SECURITIES DETAIL: STRONG PORTFOLIO YIELD AND LIQUIDITY $ in Millions, unless otherwise indicated Portfolio Summary Weighted Average Portfolio Yield Portfolio Mix by Book Value Risk Averse Portfolio Designed for Liquidity $708 Million Book Value 3.83% Book Yield ($50) Million Unrealized Loss • ($33) Million in Available-for-Sale Securities (AFS) • ($17) Million in Held-to-Maturity (HTM) 5.9 Year Average Life 4.2% Effective Duration 85% / 15% (AFS / HTM) 1 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% |
| 14 REPRICING SCHEDULE: YIELD ENHANCEMENT UNDERWAY $453 Million in Fixed Rate Loans Yielding 4.98% Maturing by 2027 Year End $131 Million in Adjustable-Rate Loans Yielding 5.11% Maturing or Repricing by 2027 Year End FYE 2029 & ($ in millions) 4Q26 1Q27 2Q27 3Q27 4Q27 2028 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 134 $ 87 $ 45 $ 81 $ 106 $ 255 $ 1,187 Weighted Average Yield 4.77% 4.97% 4.96% 5.17% 5.13% 5.38% 5.86% Adjustable Rate Loans $ 18 $ 35 $ 34 $ 19 $ 25 $ 41 $ 540 Weighted Average Yield 4.76% 5.12% 4.80% 5.68% 5.36% 6.35% 6.39% Investment Cashflow Schedule: Principal Cashflow $ 15 $ 15 $ 14 $ 15 $ 15 $ 60 $ 579 Yield Roll-Off 3.69% 3.66% 3.74% 3.68% 4.36% 3.66% 3.92% |
| 105% 100% Peer Average SMBK 91% 87% Peer Average SMBK Total Amount Net Available Used Availability Current On-Balance Sheet: Cash & Cash Equiv. $365 $0 $365 Securities Eligible for Liquidity 676 340 336 Available Sources of Liquidity: Fed Funds 121 0 121 FHLB 1,065 380 685 FRB 354 0 354 HC LoC 35 0 35 Total Liquidity $2,615 $720 $1,895 15 LIQUIDITY OVERVIEW: PRUDENTLY MANAGING LIQUIDITY 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 2) Includes all securities available to be pledged as collateral or freely tradable; amount used represents total amount of securities pledged as collateral at quarter end 3) Federal Reserve Board discount window borrowing capacity shown as of 9/30/26 4) Uninsured deposits are defined as non-collateralized, non-reciprocal deposits above the FDIC deposit insurance limit Source: S&P Global Loan + Securities / Deposit Ratio (Most Recent Quarter Period End) Loan / Deposit Ratio (Most Recent Quarter Period End) Other Liquidity Sources Access to a Variety of Funding Robust Liquidity on Hand $1.9 Billion in Untapped Liquidity Sources $700 Million in On-Balance Sheet Liquidity 1.3x Liquidity to Uninsured Deposit Ratio4 1 1 $ in Millions, unless otherwise indicated 3 2 |
| $42,430 $45,094 $45,876 $48,064 $49,402 $8,397 $8,219 $7,940 $7,832 $8,131 $50,827 $53,313 $53,816 $55,896 $57,533 3.25% 3.38% 3.48% 3.52% 3.45% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 $48, 000 $53, 000 $58, 000 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) $557 $464 $346 $379 $365 $634 $662 $673 $680 $676 11.0% 11.3% 11.4% 11.1% 10.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% $- $100 $200 $300 $400 $500 $600 $700 $800 $900 3Q25 4Q25 1Q26 2Q26 3Q26 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets 16 LIQUIDITY MANAGEMENT: MARGIN INFLECTION CONTINUES Cash and Securities Margin / Operating Revenue2 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% 2) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2 $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated 3Q25 4Q25 1Q26 2Q26 3Q26 Cash Yield 4.56% 3.98% 3.66% 3.81% 3.97% Sec. Yield (AFS & HTM)1 3.44% 3.81% 3.78% 3.83% 3.85% Loans (less Accr. & Fees) 6.05% 6.00% 5.93% 5.95% 5.99% Loan Accr. & Fees 0.09% 0.08% 0.09% 0.12% 0.10% Loan Yield (incl. Accr. & Fees) 6.14% 6.08% 6.02% 6.07% 6.08% IE Asset Yield 5.68% 5.65% 5.62% 5.70% 5.72% Net Interest Margin (FTE) 3.25% 3.38% 3.48% 3.52% 3.45% |
| $443 , 0.2% $(1,673), -0.8% $264 , 0.1% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $(2,701), -1.3% $(2,174), -1.1% $(1,419), -0.7% Interest Income % Change Ramp -200bps Ramp -100bps Ramp +100bps 39% 14% 47% Fixed Rate LT Variable ST Variable 17 INTEREST RATE SENSITIVITY Fixed vs. Variable Rate Loans Static Shock / Rate Ramp Analysis1 1) Based on 12-month static rate shock and ramp analysis as of 9/30/26. These estimates of changes in SmartFinancial’s net interest income require us to make certain assumptions including loan and mortgage-related investment prepayment speeds, 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 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 $1.9 Billion Fixed Rate Loans $3.0 Billion Variable Rate Loans • $2.3 Billion Short-Term Variable Rate (Resetting within 1 - 3 Months) • $694 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated |
| $8,397 $8,219 $7,940 $7,832 $8,131 3Q25 4Q25 1Q26 2Q26 3Q26 Other Noninterest Income Mortgage Banking Income Investment Services Income Interchange Fees Service Charges on Deposit Accounts Insurance Commissions 18 REVENUE DIVERSIFICATION: LINE OF BUSINESS & FEE INCOME EXPANSION Operating Noninterest Income1 Focused on Recurring Fee Income 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix Differentiated Revenue Streams Building a Family of Diversified Revenue Generators $ in Thousands, unless otherwise indicated $7,348 Operating Noninterest Income Excluding Insurance Commissions Wealth & Private Banking ~$1.6 Billion in Assets Under Management Treasury Management >$825 Million in Analyzed Deposits Floor Plan Lending ~$374 Million in Commitments Mortgage Banking $37 Million in 2026 Q3 Secondary Production Equipment Finance $147 Million in Outstanding Loans and Leases |
| 64% 60% 61% 60% 63% 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Efficiency Ratio $32,559 $32,455 $32,915 $33,955 $36,356 3Q25 4Q25 1Q26 2Q26 3Q26 Salaries & Benefits Occupancy & Equipment Data Processing & Technology Professional Services Amortization of Intangibles Other Noninterest Expense 19 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix OPERATING EXPENSE: FOCUS ON EXPENSE CONTAINMENT Operating Efficiency Ratio1 Operating Noninterest Expense1 1 $ in Thousands, unless otherwise indicated |
| 7.8% 7.9% 8.0% 8.0% 7.8% 3Q25 4Q25 1Q26 2Q26 3Q26 9.9% 9.8% 9.8% 9.8% 9.8% 3Q25 4Q25 1Q26 2Q26 3Q26 8.2% 8.3% 8.4% 8.5% 8.5% 3Q25 4Q25 1Q26 2Q26 3Q26 13.3% 12.7% 12.7% 12.6% 12.6% 3Q25 4Q25 1Q26 2Q26 3Q26 $19.26 $19.09 $20.76 $22.85 $26.85 $28.50 $19.17 $21.18 $22.29 $24.25 $27.39 $30.03 $15. 00 $17. 00 $19. 00 $21. 00 $23. 00 $25. 00 $27. 00 $29. 00 $31. 00 2021Y 2022Y 2023Y 2024Y 2025Y 3Q26 TBVPCS Adj. TBVPCS (Excl. AOCI) CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 20 Note: Capital ratio data as of the most recent period ended 9/30/26 TCE / TA1 CET1 Ratio Total Capital Ratio Leverage Ratio Basel III Regulatory Capital Minimum To Be Considered “Well Capitalized” Building Shareholder Value Tangible Book Value Per Common Share (TBVPCS)1 $10.86 TBVPCS1 Created 2021 – 2026 (Excluding Accumulated Other Comprehensive Income) $0.09 2026 Per Share Quarterly Dividend 5% Well Capitalized 10% Well Capitalized 6.5% Well Capitalized 1 1 |
| WHY SMARTBANK: INVESTMENT HIGHLIGHTS 21 Franchise Scarcity Value – Building Southeast Density Engaged Management Team Stable Markets Experiencing Population Expansion Valuable Deposit Base Growing Business Lines with Revenue Diversification Solid Credit Quality and Underwriting History of Defending Book Value and Delivering Shareholder Value $ |
| APPENDIX 22 |
| 2Q26 3Q25 ($ in thousands, except per share data) 3Q26 2Q26 3Q25 % Chg. % Chg. Net Interest Income $ 49,402 $ 48,064 $ 42,430 3% 16% Provision for Credit Losses 687 1,463 227 Noninterest Income 8,131 7,886 8,637 3% (6%) Noninterest Expense 36,356 33,955 33,869 7% 7% Income Tax Expense 1,863 4,210 3,285 Net Income (GAAP) $ 18,627 $ 16,322 $ 13,686 14% 36% Non-GAAP Reconciliations Noninterest Income - (54) (240) Noninterest Expense - - 1,310 Income Tax Effect Of Adjustments - 14 (276) Operating Earnings (Non-GAAP) $ 18,627 $ 16,282 $ 14,480 14% 29% Operating PPNR Earnings (Non-GAAP) $ 21,177 $ 21,941 $ 18,268 (3%) 16% 2Q26 3Q25 Non-GAAP Performance Metrics 3Q26 2Q26 3Q25 % Chg. % Chg. Diluted Operating Earnings Per Share $ 1.10 $ 0.96 $ 0.86 14% 28% Tangible Book Value Per Common Share $ 28.50 $ 28.22 $ 26.00 1% 10% Operating Return on Average Assets 1.20% 1.10% 1.02% Operating PPNR Return on Average Assets 1.37% 1.48% 1.29% Operating Return on Average Tang. Common Equity 15.1% 13.7% 13.5% Operating Efficiency Ratio 62.9% 60.4% 63.6% 3Q26 vs. 3Q26 vs. 23 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 INCOME STATEMENT: DETAILED THIRD QUARTER RESULTS |
| 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 Operating Earnings Net Income (GAAP) $ 18,627 $ 16,322 $ 13,680 $ 13,703 $ 13,686 $ 11,705 $ 11,254 $ 9,640 Noninterest Income: Securities (Gains) Losses - (54) (1) - 3,715 4 - (64) Gain on Sale of Branch Building - - - - - - - - Gain on Sale of SBKI - - - - (3,955) - - - Noninterest Expenses: Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses - - - 16 1,310 - - - Income Taxes: Income Tax Effect Of Adjustments - 14 0 (4) (276) (1) - 17 Operating Earnings (Non-GAAP) $ 18,627 $ 16,282 $ 13,679 $ 13,715 $ 14,480 $ 11,708 $ 11,254 $ 9,593 Operating Earnings Per Common Share (Non-GAAP): Basic $ 1.11 $ 0.97 $ 0.81 $ 0.82 $ 0.86 $ 0.70 $ 0.67 $ 0.57 Diluted 1.10 0.96 0.81 0.81 0.86 0.69 0.67 0.57 Operating Noninterest Income Noninterest Income (GAAP) $ 8,131 $ 7,886 $ 7,941 $ 8,219 $ 8,637 $ 8,898 $ 8,597 $ 9,030 Securities (Gains) Losses - (54) (1) - 3,715 4 - (64) Gain on Sale of Branch Building - - - - - - - - Gain on Sale of SBKI - - - - (3,955) - - - Operating Noninterest Income (Non-GAAP) $ 8,131 $ 7,832 $ 7,940 $ 8,219 $ 8,397 $ 8,902 $ 8,597 $ 8,966 Operating Noninterest Expense Noninterest Expense (GAAP) $ 36,356 $ 33,955 $ 32,915 $ 32,471 $ 33,869 $ 32,569 $ 32,296 $ 32,291 Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses - - - (16) (1,310) - - - Operating Noninterest Expense (Non-GAAP) $ 36,356 $ 33,955 $ 32,915 $ 32,455 $ 32,559 $ 32,569 $ 32,296 $ 32,291 Operating Revenue Net Interest Income (GAAP) $ 49,402 $ 48,064 $ 45,876 $ 45,094 $ 42,430 $ 40,343 $ 38,238 $ 37,783 Operating Noninterest Income (Non-GAAP) 8,131 7,832 7,940 8,219 8,397 8,902 8,597 8,966 Operating Revenue (Non-GAAP) 57,533 55,896 53,816 53,313 50,827 49,245 46,835 46,749 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 57,533 $ 55,896 $ 53,816 $ 53,313 $ 50,827 $ 49,245 $ 46,835 $ 46,749 Operating Noninterest Expense (Non-GAAP) (36,356) (33,955) (32,915) (32,455) (32,559) (32,569) (32,296) (32,291) Operating PPNR Earnings (Non-GAAP) $ 21,177 $ 21,941 $ 20,901 $ 20,858 $ 18,268 $ 16,676 $ 14,539 $ 14,458 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 1.20% 1.10% 0.96% 0.95% 1.02% 0.88% 0.87% 0.75% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.37% 1.48% 1.47% 1.44% 1.29% 1.25% 1.12% 1.13% Return On Average Tangible Common Equity (Non-GAAP)(3) 15.07% 13.74% 11.93% 12.06% 12.79% 11.53% 11.60% 9.99% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 12.64% 11.43% 9.90% 9.96% 10.92% 9.19% 9.17% 7.80% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 15.07% 13.70% 11.93% 12.07% 13.53% 11.53% 11.60% 9.94% Operating Efficiency Ratio Efficiency Ratio (GAAP) 63.19% 60.69% 61.16% 60.91% 66.32% 66.14% 68.96% 68.98% Adjustment For Taxable Equivalent Yields (0.34%) (0.38%) (0.41%) (0.43%) (0.47%) (0.47%) (0.50%) (0.49%) Adjustment For Securities (Gains) Losses - 0.07% - - (4.50%) (0.01%) - 0.09% Adjustment For Sale of Branch Building - - - - - - - - Adjustment For Sale of SBKI / Donation of a Former Branch Location - - - - 5.57% - - - Adjustment For Accruals For Pending Litigation - - - - - - - - Adjustment For Merger Expenses - - - (0.02%) (3.31%) - - - Operating Efficiency Ratio (Non-GAAP) 62.85% 60.38% 60.75% 60.45% 63.61% 65.66% 68.46% 68.58% NON-GAAP RECONCILIATION 24 $ in Thousands, unless otherwise indicated 1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets. 2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets. 3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP). 4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity. 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). Note: Totals may not add due to rounding |
| 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Operating Earnings Net Income (GAAP) $ 9,140 $ 8,003 $ 9,358 $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 Noninterest Income: Securities (Gains) Losses - - - - 6,801 - - (144) Gain on Sale of Branch Building - (283) (1,346) - - - - - Gain on Sale of SBKI - - - - - - - - Noninterest Expenses: Donation of a Former Branch Location - - - 250 - - - - Accruals For Pending Litigation - - - 675 - - - - Merger Related And Restructuring Expenses - - - - 110 - - (45) Income Taxes: Income Tax Effect Of Adjustments - 73 348 (239) (1,785) - - 49 Operating Earnings (Non-GAAP) $ 9,140 $ 7,793 $ 8,360 $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.55 $ 0.47 $ 0.50 $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 Diluted 0.54 0.46 0.49 0.41 0.43 0.52 0.68 0.76 Operating Noninterest Income Noninterest Income (GAAP) $ 9,139 $ 7,604 $ 8,380 $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 Securities (Gains) Losses - - - - 6,801 - - (144) Gain on Sale of Branch Building - (283) (1,346) - - - - - Gain on Sale of SBKI - - - - - - - - Operating Noninterest Income (Non-GAAP) $ 9,139 $ 7,321 $ 7,034 $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 Operating Noninterest Expense Noninterest Expense (GAAP) $ 30,846 $ 29,201 $ 28,553 $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 Donation of a Former Branch Location - - - (250) - - - - Accruals For Pending Litigation - - - (675) - - - - Merger Related And Restructuring Expenses - - - - (110) - - 45 Operating Noninterest Expense (Non-GAAP) $ 30,846 $ 29,201 $ 28,553 $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 Operating Revenue Net Interest Income (GAAP) $ 35,032 $ 32,814 $ 31,721 $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 Operating Noninterest Income (Non-GAAP) 9,139 7,321 7,034 7,579 7,492 7,130 6,925 6,981 Operating Revenue (Non-GAAP) 44,171 40,135 38,755 39,096 38,498 38,705 42,907 44,593 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 44,171 $ 40,135 $ 38,755 $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 Operating Noninterest Expense (Non-GAAP) (30,846) (29,201) (28,553) (28,770) (28,406) (27,410) (27,529) (27,461) Operating PPNR Earnings (Non-GAAP) $ 13,325 $ 10,934 $ 10,202 $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.74% 0.64% 0.69% 0.57% 0.60% 0.75% 0.97% 1.10% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.08% 0.90% 0.84% 0.86% 0.84% 0.96% 1.30% 1.46% Return On Average Tangible Common Equity (Non-GAAP)(3) 9.75% 8.94% 10.62% 7.18% 2.43% 10.57% 14.45% 16.65% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 7.60% 6.72% 7.29% 6.07% 6.41% 7.98% 10.79% 12.15% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 9.75% 8.70% 9.49% 7.98% 8.46% 10.57% 14.45% 16.47% Operating Efficiency Ratio Efficiency Ratio (GAAP) 69.83% 72.25% 71.20% 75.95% 89.96% 70.82% 64.16% 61.28% Adjustment For Taxable Equivalent Yields (0.55%) (0.63%) (0.17%) (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) Adjustment For Securities (Gains) Losses - - - - (15.89%) - - 0.20% Adjustment For Sale of Branch Building - 0.51% 2.46% - - - - - Adjustment For Sale of SBKI / Donation of a Former Branch Location - - - (0.64%) - - - - Adjustment For Accruals For Pending Litigation - - - (1.72%) - - - - Adjustment For Merger Expenses - - - - (0.20%) - - 0.10% Operating Efficiency Ratio (Non-GAAP) 69.28% 72.13% 73.50% 73.41% 73.60% 70.64% 64.02% 61.36% NON-GAAP RECONCILIATION 25 $ in Thousands, unless otherwise indicated 1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets. 2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets. 3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP). 4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity. 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). Note: Totals may not add due to rounding |
| NON-GAAP RECONCILIATION 1. Tangible book value per share (Non-GAAP) is computed by dividing total shareholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 26 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 489,023 $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 105,324 105,929 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 383,699 $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 478,642 $ 466,371 $ 461,148 $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 Less Goodwill And Other Intangible Assets 105,701 106,301 106,920 107,551 108,194 108,851 109,537 110,206 Average Tangible Common Equity (Non-GAAP) $ 372,941 $ 360,070 $ 354,228 $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 28.89 $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.22) (6.25) (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 22.67 $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,908,934 $ 4,891,009 $ 4,954,690 $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 Less Goodwill And Other Intangibles 105,324 105,929 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Assets (Non-GAAP) $ 4,803,610 $ 4,785,080 $ 4,848,153 $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.99% 7.66% 7.43% 7.47% 7.23% 7.25% 7.17% 7.13% 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 Tangible Common Equity: Shareholders' Equity (GAAP) $ 581,256 $ 576,924 $ 562,161 $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 Less Goodwill And Other Intangible Assets 93,967 94,417 94,871 95,328 95,807 103,588 104,154 104,723 Tangible Common Equity (Non-GAAP) $ 487,289 $ 482,507 $ 467,290 $ 457,164 $ 442,675 $ 415,539 $ 401,787 $ 386,738 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 584,771 $ 571,349 $ 560,348 $ 546,489 $ 525,829 $ 511,067 $ 497,980 $ 489,172 Less Goodwill And Other Intangible Assets 94,239 94,696 95,145 95,619 101,326 103,936 104,504 105,093 Average Tangible Common Equity (Non-GAAP) $ 490,532 $ 476,653 $ 465,203 $ 450,870 $ 424,503 $ 407,131 $ 393,476 $ 384,079 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 34.00 $ 33.74 $ 32.88 $ 32.44 $ 31.62 $ 30.51 $ 29.73 $ 29.04 Adjustment Due To Goodwill And Other Intangible Assets (5.50) (5.52) (5.55) (5.59) (5.63) (6.09) (6.12) (6.19) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 28.50 $ 28.22 $ 27.33 $ 26.85 $ 26.00 $ 24.42 $ 23.61 $ 22.85 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 6,320,798 $ 6,115,306 $ 5,907,685 $ 5,860,810 $ 5,784,983 $ 5,490,863 $ 5,411,217 $ 5,275,904 Less Goodwill And Other Intangibles 93,967 94,417 94,871 95,328 95,807 103,588 104,154 104,723 Tangible Assets (Non-GAAP) $ 6,226,831 $ 6,020,889 $ 5,812,814 $ 5,765,482 $ 5,689,176 $ 5,387,275 $ 5,307,063 $ 5,171,181 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.83% 8.01% 8.04% 7.93% 7.78% 7.71% 7.57% 7.48% |
| NON-GAAP RECONCILIATION 1. Tangible book value per share (Non-GAAP) is computed by dividing total shareholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 27 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 489,023 $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 105,324 105,929 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 383,699 $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Less Adjustment Due to AOCI (Loss) (17,349) (25,798) (27,425) (25,907) (34,156) (35,017) (28,620) (35,324) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 401,048 $ 392,334 $ 387,684 $ 378,645 $ 373,016 $ 371,425 $ 362,905 $ 358,004 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 28.89 $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.22) (6.25) (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 22.67 $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Less Adjustment Due to AOCI (Loss) (1.02) (1.52) (1.61) (1.52) (2.01) (2.06) (1.68) (2.09) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 23.69 $ 23.18 $ 22.73 $ 22.29 $ 21.95 $ 21.84 $ 21.34 $ 21.18 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 581,256 $ 576,924 $ 562,161 $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 Less Goodwill And Other Intangible Assets 93,967 94,417 94,871 95,328 95,807 103,588 104,154 104,723 Tangible Common Equity (Non-GAAP) $ 487,289 $ 482,507 $ 467,290 $ 457,164 $ 442,675 $ 415,539 $ 401,787 $ 386,738 Less Adjustment Due to AOCI (Loss) (26,216) (12,941) (12,366) (9,319) (10,781) (17,274) (19,647) (23,671) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 513,505 $ 495,448 $ 479,656 $ 466,483 $ 453,456 $ 432,813 $ 421,434 $ 410,409 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 34.00 $ 33.74 $ 32.88 $ 32.44 $ 31.62 $ 30.51 $ 29.73 $ 29.04 Adjustment Due To Goodwill And Other Intangible Assets (5.50) (5.52) (5.55) (5.59) (5.63) (6.09) (6.12) (6.19) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 28.50 $ 28.22 $ 27.33 $ 26.85 $ 26.00 $ 24.42 $ 23.61 $ 22.85 Less Adjustment Due to AOCI (Loss) (1.53) (0.76) (0.72) (0.55) (0.63) (1.02) (1.15) (1.40) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 30.03 $ 28.98 $ 28.05 $ 27.39 $ 26.63 $ 25.43 $ 24.76 $ 24.25 |
| NON-GAAP RECONCILIATION 1. Tangible book value per share (Non-GAAP) is computed by dividing total shareholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 28 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 3Q26 2025Y 2024Y 2023Y 2022Y 2021Y Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 581,256 $ 552,492 $ 491,461 $ 459,886 $ 432,452 $ 429,430 Less Goodwill And Other Intangible Assets 93,967 95,328 104,723 107,148 109,772 105,852 Tangible Common Equity (Non-GAAP) $ 487,289 $ 457,164 $ 386,738 $ 352,738 $ 322,680 $ 323,578 Less Adjustment Due to AOCI (Loss) (26,216) (9,319) (23,671) (25,907) (35,324) 1,443 Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 513,505 $ 466,483 $ 410,409 $ 378,645 $ 358,004 $ 322,135 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 34.00 $ 32.44 $ 29.04 $ 27.07 $ 25.59 $ 25.56 Adjustment Due To Goodwill And Other Intangible Assets (5.50) (5.59) (6.19) (6.31) (6.50) (6.30) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 28.50 $ 26.85 $ 22.85 $ 20.76 $ 19.09 $ 19.26 Less Adjustment Due to AOCI (Loss) (1.53) (0.55) (1.40) (1.52) (2.09) 0.09 Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 30.03 $ 27.39 $ 24.25 $ 22.29 $ 21.18 $ 19.17 |
| CONTACT 29 Billy Carroll President & CEO 865.868.0613 Billy.Carroll@smartbank.com Miller Welborn Chairman 423.385.3067 Miller.Welborn@smartbank.com 5401 Kingston Pike, Suite 600 Knoxville, TN 37919 Ron Gorczynski Chief Financial Officer 865.437.5724 Ron.Gorczynski@smartbank.com |
