event-trade登录编辑
🇺🇸 SECSMARTFINANCIAL INC.Doubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 05:00:20·⟳ 抓取 05:01:05 +45s·⚡ 决策 10-20 05:04:29 +3m24s·7.9 天前

SmartFinancial 3Q26 财报：EPS $1.10 同比+36% 但含 $2.6M 一次性税收抵免，NIM 环比降 7bp、费用走高，盘后小跌约 2%

头条 EPS beat 主要来自 $2.6M 一次性能源税收抵免（约 $0.12/股），剔除后核心 EPS 约 $0.98，与环比 $0.96 基本持平，且本季伴随 NIM -7bp、PPNR 环比-3.5%、效率比率恶化、不良率小升等负面边际；盘后微跌约 2% 显示市场初步解读偏负。但公司贷款/存款年化 15%/12% 高增长、信用成本极低、无指引下修，且其过去三次财报次日均上涨（+1.9%/+3.6%/+8.1%），不构成强做空催化。多空均无正期望，且盘后成交仅约 1,271 股、价格不可靠，等待次日电话会与常规时段方向确认。

📄 原文SMARTFINANCIAL INC.↗ 原文
----- smbk-20261019x8k.htm ----- ​ ​ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ​ FORM 8-K ​…
不做 SmartFinancial, Inc.（SMBK.US）
多空双向无正期望：头条 EPS beat 含约$0.12一次性税收抵免、核心 PPNR 环比下滑且 NIM 收窄（不宜追多），但贷款/存款高增长、信用稳健、无指引下修且历史三次财报次日均涨（不宜做空）；盘后成交极薄价格失真，等待10/20电话会及常规时段方向明确后再评估
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

SMBK 3Q26 头条 EPS $1.10 大超同比，但 beat 质量低（一次性税收抵免贡献约 $0.12），核心盈利能力环比走弱（NIM 3.45%、PPNR 环比-3.5%、费用+7%），盘后小跌；高增长与低信用损失又封杀做空理由，多空 edge 均不足，不做。

🔎 新鲜度:最早出现 2026-10-19 · 扩散 low · price-in 风险 low ↗

消息传播链

  1. 2026-10-19 17:00 ET首发SEC EDGAR（公司8-K/Ex99.1 新闻稿、Ex99.2 投资者材料）原文 ↗
    公司在美股收盘时点提交3Q26业绩8-K，法定一手披露，新闻稿与演示材料齐全
    市场反应:盘后极薄成交下 SMBK 由收盘 $50.51 跌至约 $49.42（约-2.2%），成交量仅约1,271股
  2. 2026-10-20 10:00 ET官方确认/否认公司业绩电话会（预定）原文 ↗
    电话会将于次日上午召开，管理层对 NIM、费用与重定价的表态是下一催化，研判时点尚未发生

关键理由

  • 不做多：$1.10 中约 $0.12 来自一次性税收抵免，核心 PPNR 环比下滑且 NIM 收窄，盘后已现负反应，beat 难以支撑持续上行
  • 不做空：贷款年化+15%、核心存款年化+12%、NCO 仅 0.06%、资本充足，无指引下修或信用事件，且历史三次财报次日均收涨

主要风险

  • 10月20日 10:00 ET 电话会若给出 NIM 企稳/2027 重定价利好或上调展望，股价可能复制历史财报后上涨，做空风险大
  • 盘后成交极薄（约1,271股），-2% 的初始反应不具代表性，次日常规时段可能大幅反向修正

反向证据

  • 做多前查反向 · 来源 filing · 日期 2026-10-19 · 影响 weakens
    8-K 原文：NIM 环比-7bp、存款成本+11bp、非息费用环比+7%、PPNR 环比-3.5%、不良率0.28%环比+3bp、$2.6M一次性税收优惠
    检索:SmartFinancial Q3 2026 margin compression expenses credit quality negatives 原文 ↗
  • 做空前查反向 · 来源 filing · 日期 2026-10-19 · 影响 invalidates
    未发现指引下修、重大信贷损失或资本问题；贷款年化+15%、核心存款年化+12%、NCO仅0.06%、CET1 9.8%、继续派息，缺乏强空催化
    检索:SmartFinancial SMBK Q3 2026 guidance raised buyback credit loss positive 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例既不支持在低质量beat+盘后小跌下追多，也因历史全涨且无信用事件而不支持做空，最终两端均 AVOID；若次日电话会确认经营改善，再参考7月先例重新评估

方向:同公司3次盘后财报次日均上涨（+1.9%/+3.6%/+8.1%），方向上提示美股小盘银行股财报后倾向正向反应，但样本仅3条、质量分异大

涨幅量级:无相似度≥8的对齐先例（decision_grade 因样本极薄未成形），且本期为税收抵免驱动的低质量beat并伴随NIM/费用恶化，不能用历史涨幅（中位+3.6%/+7.6%）设定止盈

形态:2026-01 先例曾次日高开后3-5日回吐至约+1%，存在冲高回落模式；本期盘后初始反应已为负，与三次先例的正面前提不同

历史先例(按相似度)

  • 相似度 7/10 SMBK 2026-07-20 2Q26 EPS $0.96、NIM 升至3.52%、有机增长强劲，盘后发布 原文 ↗
    事件后 +1日 +1.9% · +2日 +1.7% · +3日 +2.9% · +4日 +4.9% · +5日 +7.6%
    ⚠未核对目标相位 — 该行涨幅别用来定止盈止损
    相似度依据:同公司、同盘后SEC 8-K财报、同相位；但2Q26为NIM环比改善的较干净增长，质量优于本期
    经验:基本面环比改善的财报次日+1.9%、5日+7.6%，市场愿意奖励经营改善型财报
  • 相似度 6/10 SMBK 2026-01-20 4Q25 EPS $0.81（GAAP含重组费用），盘后发布 原文 ↗
    事件后 +1日 +3.6% · +2日 +6.2% · +3日 +0.6% · +4日 +0.2% · +5日 +1.1%
    ⚠未核对目标相位 — 该行涨幅别用来定止盈止损
    相似度依据:同公司同相位，但4Q25含重组费用且为年度收官，事件性质不同
    经验:次日+3.6%但3-5日回落到约+1%，提示财报后追高持续性有限、易冲高回落
  • 相似度 4/10 SMBK 2025-01-21 4Q24 经营EPS仅$0.46的低基数财报，盘后发布 原文 ↗
    事件后 +1日 +8.1% · +2日 +8.8% · +3日 +10.4% · +4日 +11.0% · +5日 +10.9%
    ⚠未核对目标相位 — 该行涨幅别用来定止盈止损
    相似度依据:同公司同相位但处完全不同的利率/估值周期（股价约$31，现为$50），且盈利基数低，参考意义弱
    经验:低预期+低基数下财报可大涨，但不构成当前高基数期的幅度依据
工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 12 ms
    {"result": "search_processed_events:agent query=`smartfinancial q3 2026 earnings results 8-k | smartfinancial smbk 第三季度 2026 财报 eps | smbk smartbank third quarter 2026 net income 1.10`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。
  2. stock_quote 成功 stock_tools HTTP · 1,470 ms
    {
  3. web_search 成功 doubao_search · 1,805 ms
    豆包搜索结果（原始查询:SmartFinancial SMBK Q3 2026 earnings consensus estimate EPS beat；API SearchType:web）
  4. web_search 成功 doubao_search · 1,537 ms
    豆包搜索结果（原始查询:SmartFinancial SMBK fourth quarter 2025 earnings release January 2026 SEC 8-K；API SearchType:web）
  5. event_study 成功 stock_tools HTTP · 26 ms
    {

原文全文

展开原文 · 100,088 字
----- smbk-20261019x8k.htm -----
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
​
FORM
8-K
​
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
​
Date of earliest event reported:
October 19, 2026
​
SMARTFINANCIAL, INC.
(Exact name of registrant as specified in its charter)
​
Tennessee
​ ​
001-37661
​ ​ ​
62-1173944
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
​
5401 Kingston Pike
,
Suite 600
​ ​ ​ ​
Knoxville
,
Tennessee
37919
(Address of Principal Executive Offices)
(Zip Code)
​
​
(
865
)
437-5700
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class
​
​ ​
Trading
Symbol(s)
​
​ ​
Name of Exchange on which Registered
Common Stock, par value $1.00
per share
​
SMBK
​
New York Stock Exchange
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
​
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.
☐
​
​
​
​
​
Item 2.02
​ ​ ​
Results of Operations and Financial Condition.
​
On 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
​
​
​
Exhibit No.
​ ​ ​
Description
99.1
​
Press release announcing third quarter 2026 financial results
99.2
​
Third quarter 2026 investor presentation
104
​
Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
​
SIGNATURES
​
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
SMARTFINANCIAL, INC.
Date: October 19, 2026
/s/ William Y. Carroll, Jr.
William Y. Carroll, Jr.
President & Chief Executive Officer
​

----- smbk-ex99d1.htm -----
EX-99.1
2
smbk-ex99d1.htm
EX-99.1
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 earnings
1
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 deposit
2
growth of $163 million representing 12% annualized quarter-over-quarter increase
●
Tangible book value per common share
1
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 revenue
1
at $57.5 million and diluted operating earnings
1
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 share
1
was $28.50 at September 30, 2026, compared to $26.85 at December 31, 2025.  Tangible common equity
1
as a percentage of tangible assets
1
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.
​
​
​
Investor Contacts
​
​
​
Billy Carroll
Nathan Strall
President & Chief Executive Officer
Vice President and Director of Strategy & Corporate Development
Email: billy.carroll@smartbank.com
Email: nathan.strall@smartbank.com
Phone: (865) 868-0613
Phone: (865) 868-2604
​
​
​
​
​
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.
​
​
​
6
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.
​
​
​
7
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:
​
​
​
​
​
​
​
​
​
Deposits:
​
​
​
​
​
​
​
​
​
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:
​
​
​
​
​
​
​
​
​
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 fees
1
​
$
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 securities
2
​
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 fees
1
​
$
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 securities
2
​
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 leases
1
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
%
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
SmartBank
3
​
​
​
​
​
​
​
​
​
​
​
​
​
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
%
​
1
Borrowers that have experienced financial difficulty. Effective as of December 31, 2025, the Call Report instructions were changed for institutions to report loan modifications to borrowers experiencing financial difficulty for a 12-month period after the modification. This change is reflected in the December 31, 2025, information and going forward.
2
Total common equity less intangibles divided by total assets less intangibles. See reconciliation of Non-GAAP measures.
3
Current period capital ratios are estimated as of the date of this earnings release.
​
​
​
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 assets
1
​
1.20
%
​
1.10
%
​
0.96
%
​
0.95
%
​
1.02
%
​
​
1.09
%
​
0.92
%
Operating PPNR return on average assets
1
​
1.37
%
​
1.48
%
​
1.47
%
​
1.44
%
​
1.29
%
​
​
1.44
%
​
1.22
%
Operating return on average shareholders' equity
1
​
12.64
%
​
11.43
%
​
9.90
%
​
9.96
%
​
10.92
%
​
​
11.35
%
​
9.78
%
Operating return on average tangible common equity
1
​
15.07
%
​
13.70
%
​
11.93
%
​
12.07
%
​
13.53
%
​
​
13.60
%
​
12.25
%
Operating efficiency ratio
1
​
62.85
%
​
60.38
%
​
60.75
%
​
60.45
%
​
63.61
%
​
​
61.35
%
​
65.85
%
Operating noninterest income / average assets
1
​
0.52
%
​
0.53
%
​
0.56
%
​
0.57
%
​
0.59
%
​
​
0.54
%
​
0.64
%
Operating noninterest expense / average assets
1
​
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 assets
1
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 assets
2
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
%
​
1
Operating noninterest income (Non-GAAP) is annualized and divided by average assets.
2
Operating noninterest expense (Non-GAAP) is annualized and divided by average assets.
3
Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.
4
Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.
5
Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).
6
Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average equity.
7
Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).
​
​
​
​
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%
​
​
​
1
Tangible 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

----- smbk-ex99d2.htm -----
EX-99.2
3
smbk-ex99d2.htm
EX-99.2
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

决策记录链 · 只追加

每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。

  1. 0c0ab36fe2 · 2026-10-20 05:04 · doubao / doubao-seed-evolving-latest-version · 策略包 658c0c1e2ba5当前