スマートファイナンシャルの適時開示・決算・その他

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: July 21, 2025

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 On July 21, 2025, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its second quarter ending June 30, 2025. A copy of the Press Release is attached hereto as Exhibit 99.1.

Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

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

Item 7.01

Regulation FD Disclosure.

SmartFinancial is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on July 22, 2025. The slides are attached hereto as Exhibit 99.2.

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

Item 9.01		Financial Statements and Exhibits

Exhibit No.		Description
99.1		Press release announcing second quarter 2025 financial results dated July 21, 2025
99.2		Second quarter 2025 investor presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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


	SMARTFINANCIAL, INC.

Date: July 21, 2025
	/s/ William Y. Carroll, Jr.
	William Y. Carroll, Jr.
	President & Chief Executive Officer

EX-99.1 2 smbk-20250721xex99d1.htm EX-99.1

Exhibit 99.1

2Q 2025

SmartFinancial Announces Results for the Second Quarter 2025

KNOXVILLE, TN – July 21, 2025 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $11.7 million, or $0.69 per diluted common share, for the second quarter of 2025, compared to net income of $8.0 million, or $0.48 per diluted common share, for the second quarter of 2024, and compared to prior quarter net income of $11.3 million, or $0.67 per diluted common share. Operating earnings1, which excludes non-recurring income, net of tax adjustments, totaled $11.7 million, or $0.69 per diluted common share, in the second quarter of 2025, compared to $7.8 million, or $0.46 per diluted common share, in the second quarter of 2024, and compared to $11.3 million, or $0.67 per diluted common share, in the first quarter of 2025.

Highlights for the Second Quarter of 2025

●

Operating earnings1 of $11.7 million, or $0.69 per diluted common share

●

Net organic loan and lease growth of $132 million with 13% annualized quarter-over-quarter increase

●

Five consecutive quarters of positive operating leverage

●

Credit quality remains solid with nonperforming assets to total assets of 0.19%

●

Quarter over quarter tangible book value per share growth of 13.7%

●

Recertified as a Great Place to Work by over 92% of SmartBank associates

●

Three business production team members added to Commercial and Private Banking teams

Billy Carroll, President & CEO, stated: "Once again, our Company delivered sustained growth and increasing returns, resulting in five consecutive quarters of positive operating leverage. Despite continued market volatility, our SmartBank team members generated quarterly loan growth of 13% annualized, a testament to our team’s commitment and unmatched professionalism. Our capital base continues to strengthen, and our asset quality remains solid (non-performing assets at 0.19% of total assets). As we reach the midpoint of 2025, it has become increasingly clear that leveraging our platform organically and recruiting top talent is an effective and successful strategy. Thank you to all SmartBank associates for your hard work in making us a leading Southeast banking franchise!”

SmartFinancial's Chairman, Miller Welborn, concluded: "The Board could not be more pleased with the positive momentum of our Company. Operating leverage, margin, tangible book value and earnings per share all continue to trend positively and, equally important, our Company continues to maintain its steadfast commitment to culture. Once again, this quarter saw SmartBank recertified as a Great Place to Work by over 92% of its associate base, a tremendous honor that we look forward to continuing for years to come.”

Net Interest Income and Net Interest Margin

Net interest income was $40.3 million for the second quarter of 2025, compared to $38.2 million for the prior quarter. Average earning assets totaled $4.96 billion, an increase of $87.8 million from the prior quarter. The balances of average earnings assets changed quarter-over-quarter, primarily from an increase in average loans and leases of $109.2 million and securities of $9.9 million, offset by a decrease in average interest-earning cash of $31.3 million. Average interest-bearing liabilities increased by $62.0 million from the prior quarter, primarily attributable to an increase in average deposits of $62.4 million, offset by a decrease in borrowings of $437 thousand.

The tax equivalent net interest margin was 3.29% for the second quarter of 2025, compared to 3.21% for the prior quarter. The tax equivalent net interest margin was positively impacted primarily by the increased yield on interest-earning assets and offset by an increase in the cost of interest-bearing liabilities, quarter-over-quarter. The yield on loans and leases, excluding loan fees, on a fully tax equivalent basis (“FTE”) was 5.99% for the second quarter, compared to 5.88% for the prior quarter.

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

The cost of total deposits for the second quarter of 2025 was 2.39%, compared to 2.37% in the prior quarter. The cost of interest-bearing liabilities was 2.99% for the second quarter, compared to 2.97% in the prior quarter. The cost of average interest-bearing deposits was 2.95% for the second quarter of 2025, compared to 2.92% for the prior quarter, an increase of three basis points.

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


	Three Months Ended
	Jun		Mar		Increase
Selected Interest Rates and Yields	2025		2025		(Decrease)
Yield on loans and leases, excluding loan fees, FTE	5.99	%	5.88	%	0.11	%
Yield on loans and leases, FTE	6.07	%	5.97	%	0.10	%
Yield on earning assets, FTE	5.65	%	5.56	%	0.09	%
Cost of interest-bearing deposits	2.95	%	2.92	%	0.03	%
Cost of total deposits	2.39	%	2.37	%	0.02	%
Cost of interest-bearing liabilities	2.99	%	2.97	%	0.02	%
Net interest margin, FTE	3.29	%	3.21	%	0.08	%

Provision for Credit Losses on Loans and Leases and Credit Quality

At June 30, 2025, the allowance for credit losses was $39.8 million. The allowance for credit losses to total loans and leases was 0.96% as of June 30, 2025, and March 31, 2025.

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


	Three Months Ended
		Jun			Mar			Increase
Provision for Credit Losses on Loans and Leases Rollforward		2025			2025			(Decrease)
Beginning balance	$	38,175		$	37,423		$	752
Charge-offs		(269)			(332)			63
Recoveries		123			241			(118)
Net charge-offs		(146)			(91)			(55)
Provision for credit losses (1)		1,747			843			904
Ending balance	$	39,776		$	38,175		$	1,601

Allowance for credit losses to total loans and leases, gross		0.96	%		0.96	%		-	%

(1)

The current quarter-ended and prior quarter-ended excludes unfunded commitments provision of $664 thousand and $136 thousand, respectively. At June 30, 2025, the unfunded commitment liability totaled $3.3 million.

Nonperforming loans and leases as a percentage of total loans and leases was 0.19% as of June 30, 2025, and 0.20% as of March 31, 2025. Total nonperforming assets (which include nonaccrual loans and leases, loans and leases past due 90 days or more and still accruing, other real estate owned and other repossessed assets) as a percentage of total assets was 0.19% as of June 30, 2025, and March 31, 2025.

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


	Three Months Ended
		Jun			Mar			Increase
Credit Quality		2025			2025			(Decrease)
Nonaccrual loans and leases	$	7,889		$	7,624		$	265
Loans and leases past due 90 days or more and still accruing		32			183			(151)
Total nonperforming loans and leases		7,921			7,807			114
Other real estate owned		144			144			-
Other repossessed assets		2,397			2,414			(17)
Total nonperforming assets	$	10,462		$	10,365		$	97

Nonperforming loans and leases to total loans and leases, gross		0.19	%		0.20	%		(0.01)	%
Nonperforming assets to total assets		0.19	%		0.19	%		-	%

Noninterest Income

Noninterest income increased $301 thousand to $8.9 million for the second quarter of 2025, compared to $8.6 million for the prior quarter. The current quarter increase was primarily attributable to increases in mortgage banking income, insurance commissions, interchange and debit card transactions and other, offset by a decrease in investment services.

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


	Three Months Ended
		Jun		Mar		Increase
Noninterest Income		2025		2025		(Decrease)
Service charges on deposit accounts	$	1,766	$	1,736	$	30
Loss on sale of securities		(4)		-		(4)
Mortgage banking income		633		493		140
Investment services		1,440		1,769		(329)
Insurance commissions		1,554		1,412		142
Interchange and debit card transaction fees		1,342		1,220		122
Other		2,167		1,967		200
Total noninterest income	$	8,898	$	8,597	$	301

Noninterest Expense

Noninterest expense increased $273 thousand to $32.6 million for the second quarter of 2025, compared to $32.3 million for the prior quarter. The current quarter’s increase was primarily attributable to an increase in salaries and employee benefits from additional incentive accruals, offset by a decrease in professional services. The changes in the other categories of noninterest expense were minimal.

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


	Three Months Ended
		Jun		Mar		Increase
Noninterest Expense		2025		2025		(Decrease)
Salaries and employee benefits	$	19,602	$	19,234	$	368
Occupancy and equipment		3,432		3,397		35
FDIC insurance		992		960		32
Other real estate and loan related expenses		757		658		99
Advertising and marketing		390		382		8
Data processing and technology		2,651		2,657		(6)
Professional services		1,153		1,368		(215)
Amortization of intangibles		566		569		(3)
Other		3,026		3,071		(45)
Total noninterest expense	$	32,569	$	32,296	$	273

Income Tax Expense

Income tax expense was $2.6 million for the second quarter of 2025, an increase of $250 thousand, compared to $2.3 million for the prior quarter.

Balance Sheet Trends

Total assets at June 30, 2025, were $5.49 billion compared to $5.28 billion at December 31, 2024. The $215.0 million increase is primarily attributable to increases in loans and leases of $217.7 million and securities of $17.7 million, offset by a decrease in cash and cash equivalents of $22.5 million.

Total liabilities were $4.97 billion at June 30, 2025, compared to $4.78 billion at December 31, 2024, an increase of $187.3 million. Total deposits increased $185.6 million, which was driven primarily by increases in other time deposits of $95.2 million, money market deposits of $85.1 million and, interest-bearing demand deposits of $7.1 million and the issuance of brokered deposits of $56.9 million, offset by a decline in noninterest demand deposits of $58.6 million.

Shareholders' equity at June 30, 2025, totaled $519.1 million, an increase of $27.7 million, from December 31, 2024. The increase in shareholders' equity was primarily driven by net income of $23.0 million for the six months ending June 30, 2025, and a positive change of $6.4 million in accumulated other comprehensive loss, offset by dividends paid of $2.7 million. Tangible book value per share1 was $24.42 at June 30, 2025, compared to $22.85 at December 31, 2024. Tangible common equity1 as a percentage of tangible assets1 was 7.71% at June 30, 2025, compared with 7.48% at December 31, 2024.

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


	Jun		Dec		Increase
Selected Balance Sheet Information	2025		2024		(Decrease)
Total assets	$	5,490,863	$	5,275,904	$	214,959
Total liabilities		4,971,736		4,784,443		187,293
Total equity		519,127		491,461		27,666
Securities		626,670		608,987		17,683
Loans and leases		4,124,062		3,906,340		217,722
Deposits		4,872,120		4,686,483		185,637
Borrowings		6,966		8,135		(1,169)

Conference Call Information

SmartFinancial issued this earnings release for the second quarter of 2025 on Monday, July 21, 2025, and will host a conference call on Tuesday, July 22, 2025, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or (404) 975-4839 and enter the access code, 342904. A replay of the conference call will be available through September 20, 2025, by dialing (866) 813-9403 or (929) 458-6194 and enter the access code, 216208. Conference call materials will be published on the Company’s webpage located at http://www.smartfinancialinc.com/CorporateProfile, at 9:00 a.m. ET prior to the conference call.

About SmartFinancial, Inc.

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


Source
SmartFinancial, Inc.

Investor Contacts

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

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

Non-GAAP Financial Measures

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

(i)

Operating earnings

(ii)

Operating noninterest income

(iii)

Operating noninterest expense

(iv)

Operating pre-provision net revenue (“PPNR”) earnings

(v)

Tangible common equity

(vi)

Average tangible common equity

(vii)

Tangible book value per common share

(viii)

Tangible assets

(ix)

Operating efficiency ratio

Operating earnings, operating PPNR earnings, operating noninterest income and operating noninterest expense exclude non-operating related income and expense items from net income, noninterest income and noninterest expense, respectively. Tangible common equity and average tangible common equity exclude goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible book value per common share is tangible common equity divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total assets. Operating efficiency ratio is the quotient of operating noninterest expense divided by the sum of net interest income adjusted for taxable equivalent yields plus operating noninterest income. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations.

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

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

Forward-Looking Statements

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

(1)

risks associated with our growth strategy, including a failure to implement our growth plans or an inability to manage our growth effectively;

(2)

claims and litigation arising from our business activities and from the companies we acquire, which may relate to contractual issues, environmental laws, fiduciary responsibility, and other matters;

(3)

general risks related to our merger and acquisition activity, including risks associated with our pursuit of future acquisitions;

(4)

changes in management’s plans for the future;

(5)

prevailing, or changes in, economic or political conditions (including those resulting from the new 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; and

(20)

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.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	Ending Balances
	Jun		Mar		Dec		Sep		Jun
	2025		2025		2024		2024		2024
Assets:
Cash and cash equivalents	$	365,096	$	422,984	$	387,570	$	192,914	$	342,835
Securities available-for-sale, at fair value		502,150		499,445		482,328		501,336		500,821
Securities held-to-maturity, at amortized cost		124,520		125,576		126,659		127,779		128,996
Other investments		14,713		14,371		14,740		20,352		13,780
Loans held for sale		5,484		3,843		5,996		5,804		3,103
Loans and leases		4,124,062		3,992,207		3,906,340		3,717,478		3,574,158
Less: Allowance for credit losses		(39,776)		(38,175)		(37,423)		(35,609)		(34,690)
Loans and leases, net		4,084,286		3,954,032		3,868,917		3,681,869		3,539,468
Premises and equipment, net		90,204		90,708		91,093		91,055		91,315
Other real estate owned		144		144		179		179		688
Goodwill and other intangibles, net		103,588		104,154		104,723		105,324		105,929
Bank owned life insurance		117,697		116,805		115,917		105,025		84,483
Other assets		82,981		79,155		77,782		77,297		79,591
Total assets	$	5,490,863	$	5,411,217	$	5,275,904	$	4,908,934	$	4,891,009
Liabilities:
Deposits:
Noninterest-bearing demand	$	906,965	$	884,294	$	965,552	$	863,949	$	903,300
Interest-bearing demand		843,820		885,063		836,731		834,207		988,057
Money market and savings		2,124,623		2,131,828		2,039,560		1,854,777		1,901,281
Time deposits		996,712		907,474		844,640		769,558		524,018
Total deposits		4,872,120		4,808,659		4,686,483		4,322,491		4,316,656
Borrowings		6,966		7,610		8,135		8,997		12,732
Subordinated debt		39,726		39,705		39,684		39,663		42,142
Other liabilities		52,924		49,302		50,141		48,760		47,014
Total liabilities		4,971,736		4,905,276		4,784,443		4,419,911		4,418,544
Shareholders' Equity:
Common stock		17,018		17,018		16,926		16,926		16,926
Additional paid-in capital		295,209		294,736		294,269		293,909		293,586
Retained earnings		224,061		213,721		203,824		195,537		187,751
Accumulated other comprehensive loss		(17,274)		(19,647)		(23,671)		(17,349)		(25,798)
Total shareholders' equity attributable to SmartFinancial Inc. and Subsidiary		519,014		505,828		491,348		489,023		472,465
Non-controlling interest - preferred stock of subsidiary		113		113		113		—		—
Total shareholders' equity		519,127		505,941		491,461		489,023		472,465
Total liabilities & shareholders' equity	$	5,490,863	$	5,411,217	$	5,275,904	$	4,908,934	$	4,891,009

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
	2025		2025		2024		2024		2024		2025		2024
Interest income:
Loans and leases, including fees	$	61,049	$	57,762	$	57,951	$	54,738	$	50,853	$	118,811	$	100,873
Investment securities:
Taxable		4,848		4,775		5,050		5,233		5,320		9,623		9,869
Tax-exempt		395		354		351		350		353		749		705
Federal funds sold and other earning assets		3,161		3,485		2,744		3,635		4,759		6,647		9,620
Total interest income		69,453		66,376		66,096		63,956		61,285		135,830		121,067
Interest expense:
Deposits		28,301		27,335		27,437		27,350		27,439		55,636		54,474
Borrowings		70		70		89		709		148		140		276
Subordinated debt		739		733		787		865		884		1,472		1,782
Total interest expense		29,110		28,138		28,313		28,924		28,471		57,248		56,532
Net interest income		40,343		38,238		37,783		35,032		32,814		78,582		64,535
Provision for credit losses		2,411		979		2,135		2,575		883		3,391		443
Net interest income after provision for credit losses		37,932		37,259		35,648		32,457		31,931		75,191		64,092
Noninterest income:
Service charges on deposit accounts		1,766		1,736		1,778		1,780		1,692		3,502		3,304
Gain (loss) on sale of securities, net		(4)		—		64		—		—		(4)		—
Mortgage banking		633		493		541		410		348		1,126		628
Investment services		1,440		1,769		1,382		1,881		1,302		3,209		2,682
Insurance commissions		1,554		1,412		1,832		1,477		1,284		2,967		2,387
Interchange and debit card transaction fees		1,342		1,220		1,332		1,349		1,343		2,562		2,596
Other		2,167		1,967		2,101		2,242		1,635		4,133		4,387
Total noninterest income		8,898		8,597		9,030		9,139		7,604		17,495		15,984
Noninterest expense:
Salaries and employee benefits		19,602		19,234		19,752		18,448		17,261		38,836		33,900
Occupancy and equipment		3,432		3,397		3,473		3,423		3,324		6,829		6,720
FDIC insurance		992		960		825		825		825		1,952		1,740
Other real estate and loan related expense		757		658		1,241		460		538		1,415		1,123
Advertising and marketing		390		382		397		327		295		772		597
Data processing and technology		2,651		2,657		2,495		2,519		2,452		5,309		4,916
Professional services		1,153		1,368		1,017		1,201		1,064		2,521		1,989
Amortization of intangibles		566		569		601		604		608		1,135		1,220
Other		3,026		3,071		2,490		3,039		2,834		6,097		5,549
Total noninterest expense		32,569		32,296		32,291		30,846		29,201		64,866		57,754
Income before income taxes		14,261		13,560		12,387		10,750		10,334		27,820		22,322
Income tax expense		2,556		2,306		2,747		1,610		2,331		4,861		4,962
Net income	$	11,705	$	11,254	$	9,640	$	9,140	$	8,003	$	22,959	$	17,360
Earnings per common share:
Basic	$	0.70	$	0.67	$	0.58	$	0.55	$	0.48	$	1.37	$	1.03
Diluted	$	0.69	$	0.67	$	0.57	$	0.54	$	0.48	$	1.36	$	1.03
Weighted average common shares outstanding:
Basic		16,778,988		16,767,535		16,729,509		16,726,658		16,770,819		16,773,293		16,810,277
Diluted		16,878,736		16,872,097		16,863,780		16,839,998		16,850,250		16,875,608		16,887,374

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Loans and leases, including fees1	$	4,050,485	$	61,294	6.07	%	$	3,941,295	$	58,008	5.97	%	$	3,504,265	$	51,110	5.87	%
Taxable securities		562,660		4,848	3.46	%		555,914		4,775	3.48	%		580,517		5,320	3.69	%
Tax-exempt securities2		66,223		500	3.03	%		63,085		448	2.88	%		63,690		447	2.82	%
Federal funds sold and other earning assets		275,647		3,161	4.60	%		306,966		3,485	4.60	%		346,459		4,759	5.52	%
Total interest-earning assets		4,955,015		69,803	5.65	%		4,867,260		66,716	5.56	%		4,494,931		61,636	5.52	%
Noninterest-earning assets		405,804						405,860						383,697
Total assets	$	5,360,819					$	5,273,120					$	4,878,628

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	835,394		3,785	1.82	%	$	846,823		3,743	1.79	%	$	983,433		5,950	2.43	%
Money market and savings deposits		2,104,236		15,762	3.00	%		2,064,134		15,065	2.96	%		1,909,125		16,529	3.48	%
Time deposits		914,658		8,754	3.84	%		880,933		8,527	3.93	%		528,985		4,960	3.77	%
Total interest-bearing deposits		3,854,288		28,301	2.95	%		3,791,890		27,335	2.92	%		3,421,543		27,439	3.23	%
Borrowings		7,783		70	3.61	%		8,220		70	3.45	%		12,684		148	4.69	%
Subordinated debt		39,714		739	7.46	%		39,692		733	7.49	%		42,129		884	8.44	%
Total interest-bearing liabilities		3,901,785		29,110	2.99	%		3,839,802		28,138	2.97	%		3,476,356		28,471	3.29	%
Noninterest-bearing deposits		898,428						884,078						888,693
Other liabilities		49,539						51,260						47,208
Total liabilities		4,849,752						4,775,140						4,412,257
Shareholders' equity		511,067						497,980						466,371
Total liabilities and shareholders' equity	$	5,360,819					$	5,273,120					$	4,878,628

Net interest income, taxable equivalent			$	40,693					$	38,578					$	33,165
Interest rate spread					2.66	%					2.59	%					2.22	%
Tax equivalent net interest margin					3.29	%					3.21	%					2.97	%

Percentage of average interest-earning assets to average interest-bearing liabilities					126.99	%					126.76	%					129.30	%
Percentage of average equity to average assets					9.53	%					9.44	%					9.56	%

1 Yields computed on tax-exempt loans on a tax equivalent basis include $245 thousand, $246 thousand, and $257 thousand of taxable equivalent income for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

2 Yields computed on tax-exempt instruments on a tax equivalent basis include $105 thousand, $94 thousand, and $94 thousand of taxable equivalent income for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Six Months Ended
	June 30, 2025							June 30, 2024
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:
Loans and leases, including fees1	$	3,996,192	$	119,302		6.02	%	$	3,481,187	$	101,130	5.84	%
Taxable securities		559,306		9,623		3.47	%		600,661		9,869	3.30	%
Tax-exempt securities2		64,663		948		2.96	%		63,925		892	2.81	%
Federal funds sold and other earning assets		291,219		6,647		4.60	%		350,186		9,620	5.52	%
Total interest-earning assets		4,911,380		136,520		5.61	%		4,495,959		121,511	5.44	%
Noninterest-earning assets		405,832							381,964
Total assets	$	5,317,212						$	4,877,923

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	841,077		7,528		1.80	%	$	989,790		12,010	2.44	%
Money market and savings deposits		2,084,296		30,826		2.98	%		1,906,990		32,677	3.45	%
Time deposits		897,889		17,282		3.88	%		535,389		9,787	3.68	%
Total interest-bearing deposits		3,823,262		55,636		2.93	%		3,432,169		54,474	3.19	%
Borrowings		8,000		140		3.53	%		11,964		276	4.64	%
Subordinated debt		39,703		1,472		7.48	%		42,118		1,782	8.51	%
Total interest-bearing liabilities		3,870,965		57,248		2.98	%		3,486,251		56,532	3.26	%
Noninterest-bearing deposits		891,293							880,767
Other liabilities		50,394							47,146
Total liabilities		4,812,652							4,414,164
Shareholders' equity		504,560							463,759
Total liabilities and shareholders' equity	$	5,317,212						$	4,877,923

Net interest income, taxable equivalent			$	79,272						$	64,979
Interest rate spread						2.62	%					2.17	%
Tax equivalent net interest margin						3.25	%					2.91	%

Percentage of average interest-earning assets to average interest-bearing liabilities						126.88	%					128.96	%
Percentage of average equity to average assets						9.49	%					9.51	%

1 Yields computed on tax-exempt loans on a tax equivalent basis include $491 thousand and $257 thousand of taxable equivalent income for the six months ended June 30, 2025 and June 30, 2024, respectively.

2 Yields computed on tax-exempt instruments on a tax equivalent basis include $199 thousand and $187 thousand of taxable equivalent income for the six months ended June 30, 2025 and June 30, 2024, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	As of and for The Three Months Ended
	Jun			Mar			Dec			Sep			Jun
	2025			2025			2024			2024			2024
Composition of Loans and Leases:
Commercial real estate:
Non-owner occupied	$	1,114,133		$	1,117,392		$	1,080,404		$	1,031,708		$	986,278
Owner occupied		958,989			885,396			867,678			868,077			829,085
Commercial real estate, total		2,073,122			2,002,788			1,948,082			1,899,785			1,815,363
Consumer real estate		803,270			784,602			741,836			690,504			678,331
Construction & land development		391,155			357,393			361,735			315,006			294,575
Commercial & industrial		778,754			768,454			775,620			731,600			701,460
Leases		62,495			64,208			64,878			67,052			70,299
Consumer and other		15,266			14,762			14,189			13,531			14,130
Total loans and leases	$	4,124,062		$	3,992,207		$	3,906,340		$	3,717,478		$	3,574,158

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$	7,921		$	7,807		$	7,872		$	9,491		$	6,642
Other real estate owned		144			144			179			179			688
Other repossessed assets		2,397			2,414			2,037			2,949			2,645
Total nonperforming assets	$	10,462		$	10,365		$	10,088		$	12,619		$	9,975
Modified loans and leases1 not included in nonperforming loans and leases	$	1,660		$	1,978		$	3,989		$	4,053		$	4,241
Net charge-offs to average loans and leases (annualized)		0.01	%		0.01	%		0.02	%		0.15	%		0.05	%
Allowance for credit losses to loans and leases		0.96	%		0.96	%		0.96	%		0.96	%		0.97	%
Nonperforming loans and leases to total loans and leases, gross		0.19	%		0.20	%		0.20	%		0.26	%		0.19	%
Nonperforming assets to total assets		0.19	%		0.19	%		0.19	%		0.26	%		0.20	%

Capital Ratios:
Equity to Assets		9.45	%		9.35	%		9.32	%		9.96	%		9.66	%
Tangible common equity to tangible assets (Non-GAAP)2		7.71	%		7.57	%		7.48	%		7.99	%		7.66	%

SmartFinancial, Inc.3
Tier 1 leverage		8.25	%		8.16	%		8.29	%		8.44	%		8.32	%
Common equity Tier 1		9.68	%		9.79	%		9.76	%		10.06	%		10.06	%
Tier 1 capital		9.68	%		9.79	%		9.76	%		10.06	%		10.06	%
Total capital		11.05	%		11.18	%		11.10	%		11.62	%		11.68	%

SmartBank3
Tier 1 leverage		8.88	%		8.76	%		8.94	%		9.17	%		9.11	%
Common equity Tier 1		10.43	%		10.51	%		10.51	%		10.92	%		11.02	%
Tier 1 capital		10.43	%		10.51	%		10.51	%		10.92	%		11.02	%
Total capital		11.27	%		11.35	%		11.30	%		11.69	%		11.79	%

1Borrowers that have experienced financial difficulty.

2Total common equity less intangibles divided by total assets less intangibles. See reconciliation of Non-GAAP measures.

3 Current period capital ratios are estimated as of the date of this earnings release.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	As of and for The															As of and for The
	Three Months Ended															Six Months Ended
	Jun			Mar			Dec			Sep			Jun			Jun			Jun
	2025			2025			2024			2024			2024			2025			2024
Selected Performance Ratios (Annualized):
Return on average assets		0.88	%		0.87	%		0.75	%		0.74	%		0.66	%		0.87	%		0.72	%
Return on average shareholders' equity		9.19	%		9.17	%		7.84	%		7.60	%		6.90	%		9.18	%		7.53	%
Return on average tangible common equity¹		11.53	%		11.60	%		9.99	%		9.75	%		8.94	%		11.56	%		9.77	%
Noninterest income / average assets		0.67	%		0.66	%		0.71	%		0.74	%		0.63	%		0.66	%		0.66	%
Noninterest expense / average assets		2.44	%		2.48	%		2.52	%		2.50	%		2.41	%		2.46	%		2.38	%
Efficiency ratio		66.14	%		68.96	%		68.98	%		69.83	%		72.25	%		67.51	%		71.73	%

Operating Selected Performance Ratios (Annualized):
Operating return on average assets1		0.88	%		0.87	%		0.75	%		0.74	%		0.64	%		0.87	%		0.67	%
Operating PPNR return on average assets1		1.25	%		1.12	%		1.13	%		1.08	%		0.90	%		1.18	%		0.87	%
Operating return on average shareholders' equity1		9.19	%		9.17	%		7.80	%		7.60	%		6.72	%		9.18	%		7.00	%
Operating return on average tangible common equity1		11.53	%		11.60	%		9.94	%		9.75	%		8.70	%		11.57	%		9.09	%
Operating efficiency ratio1		65.66	%		68.46	%		68.58	%		69.28	%		72.13	%		67.02	%		72.81	%
Operating noninterest income / average assets1		0.67	%		0.66	%		0.70	%		0.74	%		0.60	%		0.66	%		0.59	%
Operating noninterest expense / average assets1		2.44	%		2.48	%		2.52	%		2.50	%		2.41	%		2.46	%		2.38	%

Selected Interest Rates and Yields:
Yield on loans and leases, excluding loan fees, FTE		5.99	%		5.88	%		5.95	%		5.95	%		5.80	%		5.94	%		5.76	%
Yield on loans and leases, FTE		6.07	%		5.97	%		6.04	%		6.02	%		5.87	%		6.02	%		5.84	%
Yield on earning assets, FTE		5.65	%		5.56	%		5.64	%		5.65	%		5.52	%		5.61	%		5.44	%
Cost of interest-bearing deposits		2.95	%		2.92	%		3.02	%		3.20	%		3.23	%		2.93	%		3.19	%
Cost of total deposits		2.39	%		2.37	%		2.43	%		2.54	%		2.56	%		2.38	%		2.54	%
Cost of interest-bearing liabilities		2.99	%		2.97	%		3.08	%		3.29	%		3.29	%		2.98	%		3.26	%
Net interest margin, FTE		3.29	%		3.21	%		3.24	%		3.11	%		2.97	%		3.25	%		2.91	%

Per Common Share:
Net income, basic	$	0.70		$	0.67		$	0.58		$	0.55		$	0.48		$	1.37		$	1.03
Net income, diluted		0.69			0.67			0.57			0.54			0.48			1.36			1.03
Operating earnings, basic¹		0.70			0.67			0.57			0.55			0.47			1.37			0.96
Operating earnings, diluted¹		0.69			0.67			0.57			0.54			0.46			1.36			0.96
Book value		30.51			29.73			29.04			28.89			27.91			30.51			27.91
Tangible book value¹		24.42			23.61			22.85			22.67			21.66			24.42			21.66
Common shares outstanding		17,017,547			17,017,547			16,925,672			16,926,374			16,925,902			17,017,547			16,925,902

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

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended															Six Months Ended
	Jun			Mar			Dec			Sep			Jun			Jun			Jun
	2025			2025			2024			2024			2024			2025			2024
Operating Earnings:
Net income (GAAP)	$	11,705		$	11,254		$	9,640		$	9,140		$	8,003		$	22,959		$	17,360
Noninterest income:
Securities losses (gains), net		4			—			(64)			—			—			4			—
Gain on sale of former branch building		—			—			—			—			(283)			—			(1,629)
Income taxes:
Income tax effect of adjustments		(1)			—			17			—			73			(1)			421
Operating earnings (Non-GAAP)	$	11,708		$	11,254		$	9,593		$	9,140		$	7,793		$	22,962		$	16,152
Operating earnings per common share (Non-GAAP):
Basic	$	0.70		$	0.67		$	0.57		$	0.55		$	0.47		$	1.37		$	0.96
Diluted		0.69			0.67			0.57			0.54			0.46			1.36			0.96

Operating Noninterest Income:
Noninterest income (GAAP)	$	8,898		$	8,597		$	9,030		$	9,139		$	7,604		$	17,495		$	15,984
Securities losses (gains), net		4			—			(64)			—			—			4			—
Gain on sale of former branch building		—			—			—			—			(283)			—			(1,629)
Operating noninterest income (Non-GAAP)	$	8,902		$	8,597		$	8,966		$	9,139		$	7,321		$	17,499		$	14,355
Operating noninterest income (Non-GAAP)/average assets1		0.67	%		0.66	%		0.70	%		0.74	%		0.60	%		0.66	%		0.59

Operating Noninterest Expense:
Noninterest expense (GAAP)	$	32,569		$	32,296		$	32,291		$	30,846		$	29,201		$	64,866		$	57,754
Merger related and restructuring expenses		—			—			—			—			—			—			—
Operating noninterest expense (Non-GAAP)	$	32,569		$	32,296		$	32,291		$	30,846		$	29,201		$	64,866		$	57,754
Operating noninterest expense (Non-GAAP)/average assets2		2.44	%		2.48	%		2.52	%		2.50	%		2.41	%		2.46	%		2.38

Operating Pre-provision Net revenue ("PPNR") Earnings:
Net interest income (GAAP)	$	40,343		$	38,238		$	37,783		$	35,032		$	32,814		$	78,582		$	64,535
Operating noninterest income (Non-GAAP)		8,902			8,597			8,966			9,139			7,321			17,499			14,355
Operating noninterest expense (Non-GAAP)		(32,569)			(32,296)			(32,291)			(30,846)			(29,201)			(64,866)			(57,754)
Operating PPNR earnings (Non-GAAP)	$	16,676		$	14,539		$	14,458		$	13,325		$	10,934		$	31,215		$	21,136

Non-GAAP Return Ratios:
Operating return on average assets (Non-GAAP)3		0.88	%		0.87	%		0.75	%		0.74	%		0.64	%		0.87	%		0.67
Operating PPNR return on average assets (Non-GAAP)4		1.25	%		1.12	%		1.13	%		1.08	%		0.90	%		1.18	%		0.87
Return on average tangible common equity (Non-GAAP)5		11.53	%		11.60	%		9.99	%		9.75	%		8.93	%		11.56	%		9.77
Operating return on average shareholders' equity (Non-GAAP)6		9.19	%		9.17	%		7.80	%		7.60	%		6.72	%		9.18	%		7.00
Operating return on average tangible common equity (Non-GAAP)7		11.53	%		11.60	%		9.94	%		9.75	%		8.70	%		11.57	%		9.09

Operating Efficiency Ratio:
Efficiency ratio (GAAP)		66.14	%		68.96	%		68.98	%		69.83	%		72.25	%		67.51	%		71.73
Adjustment for taxable equivalent yields		(0.47)	%		(0.50)	%		(0.49)	%		(0.55)	%		(0.63)	%		(0.49)	%		(0.40)
Adjustment for securities gains (losses)		(0.01)	%		—	%		0.09	%		—	%		—	%		—	%		—
Adjustment for sale of branch location		—	%		—	%		—	%		—	%		0.51	%		—	%		1.48
Operating efficiency ratio (Non-GAAP)		65.66	%		68.46	%		68.58	%		69.28	%		72.13	%		67.02	%		72.81

1Operating noninterest income (Non-GAAP) is annualized and divided by average assets.

2Operating noninterest expense (Non-GAAP) is annualized and divided by average assets.

3Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets.

4Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets.

5Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP).

6Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average equity.

7Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP).

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended
	Jun		Mar		Dec		Sep		Jun
	2025		2025		2024		2024		2024
Tangible Common Equity:
Shareholders' equity (GAAP)	$	519,127	$	505,941	$	491,461	$	489,023	$	472,465
Less goodwill and other intangible assets		103,588		104,154		104,723		105,324		105,929
Tangible common equity (Non-GAAP)	$	415,539	$	401,787	$	386,738	$	383,699	$	366,536

Average Tangible Common Equity:
Average shareholders' equity (GAAP)	$	511,067	$	497,980	$	489,172	$	478,642	$	466,371
Less average goodwill and other intangible assets		103,936		104,504		105,093		105,701		106,301
Average tangible common equity (Non-GAAP)	$	407,131	$	393,476	$	384,079	$	372,941	$	360,070

Tangible Book Value per Common Share:
Book value per common share (GAAP)	$	30.51	$	29.73	$	29.04	$	28.89	$	27.91
Adjustment due to goodwill and other intangible assets		(6.09)		(6.12)		(6.19)		(6.22)		(6.26)
Tangible book value per common share (Non-GAAP)1	$	24.42	$	23.61	$	22.85	$	22.67	$	21.66

Tangible Common Equity to Tangible Assets:
Total Assets (GAAP)	$	5,490,863	$	5,411,217	$	5,275,904	$	4,908,934	$	4,891,009
Less goodwill and other intangibles		103,588		104,154		104,723		105,324		105,929
Tangible Assets (Non-GAAP)	$	5,387,275	$	5,307,063	$	5,171,181	$	4,803,610	$	4,785,080
Tangible common equity to tangible assets (Non-GAAP)		7.71%		7.57%		7.48%		7.99%		7.66%

1Tangible book value per share (Non-GAAP) is computed by dividing total shareholders’ equity, less goodwill and other intangible assets, by common shares outstanding.

EX-99.2 3 smbk-20250721xex99d2.htm EX-99.2

Exhibit 99.2

1 INVESTOR CALL 2Q 2025 July 22, 2025, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -470 -1428 Access Code: 342904 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO

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 merger and acquisition activity, including risks associated with our pursuit of future acquisitions; (4) changes in management’s plans for the future; (5) prevailing, or changes in, economic or political conditions (including those resulting from the new 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; and (20) 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 the Company's performance, including: (i) Operating earnings (ii) Operating revenue (iii) Operating pre-provision net revenue (“PPNR”) earnings (iv) Operating noninterest income (v) Operating noninterest expense (vi) Operating efficiency ratio (vii) Tangible common equity (viii) Tangible common equity (excluding Accumulated Other Comprehensive income (“AOCI”)) (ix) Average tangible common equity (x) Tangible book value per common share (xi) Tangible book value per common share (excluding AOCI) (xii) Tangible assets Operating earnings, operating revenue, operating PPNR earnings, operating noninterest income and operating noninterest expense exclude non-operating related income and expense items from net income, noninterest income and noninterest expense, respectively. Operating efficiency ratio is the quotient of operating noninterest expense divided by the sum of net interest income adjusted for taxable equivalent yields plus operating noninterest income. Tangible common equity and average tangible common equity excludes goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible common equity (excluding AOCI) excludes goodwill and other intangible assets from shareholders’ equity and accumulated other comprehensive income. Tangible book value per common share is tangible common equity divided by common shares outstanding. Tangible book value per common share (excluding AOCI) is tangible common equity (excluding AOCI) divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total assets. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations. Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Management also believes these Non-GAAP financial measures enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Unless otherwise indicated, all financial data contained in this presentation is as of 6/30/25

$0.48 $0.67 $0.69 $0.46 $0.67 $0.69 2Q24 1Q25 2Q25 GAAP EPS Diluted Operating EPS $27.91 $29.73 $30.51 $21.66 $23.61 $24.42 2Q24 1Q25 2Q25 BV Per Share TBV Per Share 0.66% 0.87% 0.88% 0.64% 0.87% 0.88% 2Q24 1Q25 2Q25 GAAP ROAA Operating ROAA 8.9% 11.6% 11.5% 8.7% 11.6% 11.5% 2Q24 1Q25 2Q25 ROATCE Operating ROATCE AOCI Impact 3 Unless otherwise indicated, financial data as of or for the three months ended 6/30/25 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) AOCI: Accumulated Other Comprehensive Income QUARTERLY HIGHLIGHTS: SECOND QUARTER 2025 11% QoQ2 Annualized Tang. Book Value Per Share Growth (Excluding AOCI)1,4 $0.69 Diluted Operating EPS1 0.88% Operating Return on Average Assets1 11.5% Operating Return on Average Tang. Common Equity1 66% Operating Efficiency Ratio1 5% QoQ Annualized Deposit Growth 13% QoQ Annualized Organic Loan3 Growth 85% Loan / Deposit Ratio3 0.19% Non-Performing Assets / Assets $5.5 Billion in Total Assets Diluted Earnings Per Share Book Value Per Share Return on Average Assets Return on Average Tangible Common Equity 1 1 1 1 1,4 $25.43 $24.42 $24.76 $23.61 $21.66 $23.18

$9,600 $11,705 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $0.61 $0.69 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $36,691 $49,241 $10, 000 $15, 000 $20, 000 $25, 000 $30, 000 $35, 000 $40, 000 $45, 000 $50, 000 $55, 000 $2,653 $4,124 $100 $600 $1, 100 $1, 600 $2, 100 $2, 600 $3, 100 $3, 600 $4, 100 $4, 600 $3,799 $4,872 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 $5, 500 0.14%0.19% $- $0 $0 $0 $0 $0 4 GAAP KEY MEASURE TRENDS: $ in Thousands Net Income: Diluted Earnings Per Share: 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

$9,911 $11,708 $( 1, 000) $1, 000 $3, 000 $5, 000 $7, 000 $9, 000 $11, 000 $13, 000 $15, 000 $0.63 $0.69 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $13,801 $16,676 $- $5, 000 $10, 000 $15, 000 $20, 000 1.00% 0.88% $- $0 $0 $0 $0 $0 $0 13.26% 11.53% $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $19.03 $24.42 $16 $18 $20 $22 $24 $26 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: Diluted Operating EPS: Operating PPNR Earnings: Operating ROAA: Operating ROATCE: Tangible Book Value Per 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 Tangible Book Value Per 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, Non-Recurring 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 $5.5 Billion in Total Assets $4.1 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. $4.9 Billion in Total Deposits 42 Total Branches Nashville Knoxville Huntsville Tuscaloosa Mobile Pensacola Birmingham Auburn Tallahassee Dothan Montgomery SmartBank Branch Offices Chattanooga 1) 2024 Great Place to Work survey Panama City 1 94%

$1.0 $1.1 $1.7 $2.3 $2.4 $3.3 $4.6 $4.6 $4.8 $5.3 $5.5 $- $1 $2 $3 $4 $5 $6 $7 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 in key areas (Treasury Management, digital capabilities, etc.) • M&A focus shifted to strategics 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: 45 ► Loans: 60% ► Deposits: 63% ► ’21-’25 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 6/30/25, respectively 3) 12/31/21 – 6/30/25 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: 28 ► Loans: 25% ► Deposits: 28% ► ’21-’25 Growth: 27% Alabama ► Production Team: 13 ► Loans: 15% ► Deposits: 9% ► ’21-’25 Growth: 11% Coastal Projected Population CAGR through 2030 AMERICA’S TOP STATES FOR BUSINESS 2025 N. CAROLINA: #1 FLORIDA: #3 GEORGIA: #7 TENNESSEE: #8 S. CAROLINA: #18 ALABAMA: #19 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

23% 23% 22% 22% 23% 28% 28% 28% 28% 27% 20% 20% 20% 19% 19% 8% 8% 9% 9% 9% 19% 19% 19% 20% 19% $3,574 $3,717 $3,906 $3,992 $4,124 2Q24 3Q24 4Q24 1Q25 2Q25 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other $2,382 $2,693 $3,254 $3,444 $3,906 $3,992 $4,124 5.86% 5.88% 5.99% 3. 00% 4. 00% 5. 00% 6. 00% 7. 00% 8. 00% 9. 00% 10. 00% $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 2020Y 2021Y 2022Y 2023Y 2024Y 1Q25 2Q25 9 LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY Total Loans CAGR of 13% Since 2020 $ in Millions, unless otherwise indicated Average Loan Yield (excluding accretion & fees) Loan Composition History of Consistent Organic Growth

1-4 Family (NOO) 18% Resi/Comm Land Dev. 12% Resi/Comm Land 18% CRE (OO) 13% CRE (NOO) 21% Multifamily 22% Hotel & Hospitality 31% Retail Space 9% Office Space 12% Ind. & Warehouse 6% Misc. 16% 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) Outstanding net book value balance shown $1.1 Billion2 - 27% of Total Loans $393 Million2 - 10% of Total Loans

$9,975 $12,619 $10,088 $10,365 $10,462 0.20% 0.26% 0.19% 0.19% 0.19% - 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 2Q24 3Q24 4Q24 1Q25 2Q25 Nonperforming Loans and Leases OREO & Other Repos Nonperforming Assets / Total Assets 277% 287% 303% 304% 301% 63% 67% 76% 73% 78% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 2Q24 3Q24 4Q24 1Q25 2Q25 CRE Loans / Capital C&D Loans / Capital $10,430 $13,903 $15,248 $15,474 $12,882 0.29% 0.37% 0.39% 0.39% 0.31% - 0.10% 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 1.70% $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 2Q24 3Q24 4Q24 1Q25 2Q25 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.28% 0.27% 0.30% 0.24% 0.24% 0.05% 0.15% 0.02% 0.01% 0.01% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 2Q24 3Q24 4Q24 1Q25 2Q25 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $34,690 $35,609 $37,423 $38,175 $39,776 0.97% 0.96% 0.96% 0.96% 0.96% 0.00% 0.50% 1.00% 1.50% 2.00% $- $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 2Q24 3Q24 4Q24 1Q25 2Q25 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

21% 20% 21% 18% 19% 23% 19% 18% 18% 17% 44% 43% 44% 44% 44% 12% 18% 18% 19% 20% $4,317 $4,322 $4,686 $4,809 $4,872 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits $2,805 $4,022 $4,077 $4,268 $4,686 $4,809 $4,872 2.51% 2.37% 2.39% 0. 00% 1. 00% 2. 00% 3. 00% 4. 00% 5. 00% $- $1, 000 $2, 000 $3, 000 $4, 000 $5, 000 2020Y 2021Y 2022Y 2023Y 2024Y 1Q25 2Q25 12 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 85% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Complexion Change as Cost Optimization Occurs

$129 $141 $3 $50 $49 $121 $37 $78 $36 $- $- $50 $100 $150 $200 $250 $300 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate CDs 3.60% 3.59% 3.54% 3.42% 3.41% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Sec. Yield (AFS/HTM) 13 SECURITIES DETAIL: STABLE YIELDS AND CASHFLOW $ in Millions, unless otherwise indicated Portfolio Summary Weighted Average Portfolio Yield Portfolio Mix by Book Value Risk Adverse Portfolio Designed for Liquidity $644 Million Book Value 3.35% Book Yield ($39) Million Unrealized Loss • ($23) Million in Available-for-Sale Securities (AFS) • ($16) Million in Held-to-Maturity (HTM) 4.9 Year Average Life 3.2 Year Effective Duration 82% / 18% (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 $106 Million in Fixed Rate Loans Yielding 4.73% Maturing by 2025 Year End $48 Million in Adjustable-Rate Loans Yielding 6.14% Maturing or Repricing by 2025 Year End2028 & ($ in millions) 3Q25 4Q25 2026 2027 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 44 $ 62 $ 294 $ 361 $ 1,222 Weighted Average Yield 5.20% 4.40% 4.94% 5.10% 5.55% Adjustable Rate Loans $ 20 $ 28 $ 134 $ 106 $ 394 Weighted Average Yield 6.14% 6.13% 4.90% 4.57% 6.29% Investment Cashflow Schedule: Principal Cashflow $ 17 $ 14 $ 65 $ 89 $ 434 Yield Roll-Off 4.47% 3.84% 3.31% 2.54% 3.61% Quarterly FYE

105% 98% Peer Average SMBK 89% 85% Peer Average SMBK 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) Federal Reserve Board discount window borrowing capacity shown as of 6/30/25 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 $1.8 Billion in Untapped Liquidity Sources $578 Million in On-Balance Sheet Liquidity 1.6x Liquidity to Uninsured Deposit Ratio 1 1 $ in Millions, unless otherwise indicated 2 Total Amount Net Available Used Availability Current On-Balance Sheet: Cash & Cash Equiv. $365 $0 $365 Unpledged Securities 160 0 160 Available Sources of Liquidity: Fed Funds 96 0 96 FHLB 948 235 713 FRB 413 0 413 HC LoC 35 4 31 Total Liquidity $2,017 $239 $1,778

2Q24 3Q24 4Q24 1Q25 2Q25 Cash Yield 5.52% 5.41% 4.67% 4.60% 4.60% Sec. Yield (AFS & HTM)1 3.60% 3.59% 3.54% 3.42% 3.41% Loans (less Accr. & Fees) 5.80% 5.95% 5.95% 5.88% 5.99% Loan Accr. & Fees 0.06% 0.07% 0.09% 0.08% 0.08% Loan Yield (incl. Accr. & Fees) 5.87% 6.02% 6.04% 5.97% 6.07% IE Asset Yield 5.52% 5.65% 5.64% 5.56% 5.65% Net Interest Margin (FTE) 2.97% 3.11% 3.24% 3.21% 3.29% $343 $193 $388 $423 $365 $630 $629 $609 $625 $627 12.9% 12.8% 11.5% 11.6% 11.4% 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 2Q24 3Q24 4Q24 1Q25 2Q25 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets $32,814 $35,032 $37,783 $38,238 $40,343 $7,321 $9,139 $8,966 $8,597 $8,902 $40,135 $44,171 $46,749 $46,835 $49,245 2.97% 3.11% 3.24% 3.21% 3.29% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 $48, 000 2.60% 2.80% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) 16 LIQUIDITY MANAGEMENT: MARGIN INFLECTION UNDERWAY 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

$1,983 48% $634 15% $1,531 37% Fixed Rate LT Variable ST Variable $3,280 , 1.9% $1,754 , 1.0% $(2,834), -1.7% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $1,254 , 0.7% $672 , 0.4% $(1,157), -0.7% Interest Income % Change Ramp -200bps Ramp -100bps Ramp +100bps 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 6/30/25. These estimates of changes in SmartFinancial’s net interest income require us to make certain assumptions including loan and mortgage-related investment prepayment speeds, 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 $2.0 Billion Fixed Rate Loans $2.2 Billion Variable Rate Loans • $1.5 Billion Short-Term Variable Rate (Resetting within 1 - 3 Months) • $634 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

$7,321 $9,139 $8,966 $8,597 $8,902 2Q24 3Q24 4Q24 1Q25 2Q25 Service Charges on Deposit Accounts Mortgage Banking Income Investment Services Income Insurance Commissions Interchange Fees Other Noninterest Income 18 NONINTEREST REVENUE DETAILS: GROWING FEE INCOME 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

72% 69% 69% 68% 66% 2Q24 3Q24 4Q24 1Q25 2Q25 Operating Efficiency Ratio $29,201 $30,846 $32,291 $32,296 $32,569 2Q24 3Q24 4Q24 1Q25 2Q25 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

$17.92 $19.26 $19.09 $20.76 $22.85 $24.42 $17.77 $19.17 $21.18 $22.29 $24.25 $25.43 $8. 00 $10. 00 $12. 00 $14. 00 $16. 00 $18. 00 $20. 00 $22. 00 $24. 00 $26. 00 2020Y 2021Y 2022Y 2023Y 2024Y 2Q25 TBV Per Share Adj. TBV Per Share (Excl. AOCI) 7.7% 8.0% 7.5% 7.6% 7.7% 2Q24 3Q24 4Q24 1Q25 2Q25 10.1% 10.1% 9.8% 9.8% 9.7% 2Q24 3Q24 4Q24 1Q25 2Q25 8.3% 8.4% 8.3% 8.2% 8.3% 2Q24 3Q24 4Q24 1Q25 2Q25 11.7% 11.6% 11.1% 11.2% 11.1% 2Q24 3Q24 4Q24 1Q25 2Q25 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 6/30/25 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 Share (TBVPS)1 $7.66 TBVPS1 Created 2020 – 2025 (Excluding Accumulated Other Comprehensive Income) $0.08 2025 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

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 SECOND QUARTER RESULTS 1Q25 2Q24 ($ in thousands, except per share data) 2Q25 1Q25 2Q24 % Chg. % Chg. Net Interest Income $ 40,343 $ 38,238 $ 32,814 6% 23% Provision for Credit Losses 2,411 979 883 Noninterest Income 8,898 8,597 7,604 4% 17% Noninterest Expense 32,569 32,296 29,201 1% 12% Income Tax Expense 2,556 2,306 2,331 Net Income (GAAP) $ 11,705 $ 11,254 $ 8,003 4% 46% Non-GAAP Reconciliations Noninterest Income 4 - (283) Noninterest Expense - - - Income Tax Effect Of Adjustments (1) - 73 Operating Earnings (Non-GAAP) $ 11,708 $ 11,254 $ 7,793 4% 50% Operating PPNR Earnings (Non-GAAP) $ 16,676 $ 14,539 $ 10,934 15% 53% 1Q25 2Q24 Non-GAAP Performance Metrics 2Q25 1Q25 2Q24 % Chg. % Chg. Diluted Operating Earnings Per Share $ 0.69 $ 0.67 $ 0.46 4% 50% Tangible Book Value Per Common Share $ 24.42 $ 23.61 $ 21.66 3% 13% Operating Return on Average Assets 0.88% 0.87% 0.64% Operating PPNR Return on Average Assets 1.25% 1.12% 0.90% Operating Return on Average Tang. Common Equity 11.5% 11.6% 8.7% Operating Efficiency Ratio 65.7% 68.5% 72.1% 2Q25 vs. 2Q25 vs.

NON-GAAP RECONCILIATION 24 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 $ in Thousands, unless otherwise indicated 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 Operating Earnings Net Income (GAAP) $ 11,705 $ 11,254 $ 9,640 $ 9,140 $ 8,003 $ 9,358 $ 6,190 $ 2,067 Noninterest Income: Securities (Gains) Losses 4 - (64) - - - - 6,801 Gain on Sale of Branch Building - - - - (283) (1,346) - - Noninterest Expenses: Donation of a Former Branch Location - - - - - - 250 - Accruals For Pending Litigation - - - - - - 675 - Merger Related And Restructuring Expenses - - - - - - - 110 Income Taxes: Income Tax Effect Of Adjustments (1) - 17 - 73 348 (239) (1,785) Operating Earnings (Non-GAAP) $ 11,708 $ 11,254 $ 9,593 $ 9,140 $ 7,793 $ 8,360 $ 6,876 $ 7,193 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.70 $ 0.67 $ 0.57 $ 0.55 $ 0.47 $ 0.50 $ 0.41 $ 0.43 Diluted 0.69 0.67 0.57 0.54 0.46 0.49 0.41 0.43 Operating Noninterest Income Noninterest Income (GAAP) $ 8,898 $ 8,597 $ 9,030 $ 9,139 $ 7,604 $ 8,380 $ 7,579 $ 691 Securities (Gains) Losses 4 - (64) - - - - 6,801 Operating Noninterest Income (Non-GAAP) $ 8,902 $ 8,597 $ 8,966 $ 9,139 $ 7,321 $ 7,034 $ 7,579 $ 7,492 Operating Noninterest Expense Noninterest Expense (GAAP) $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 28,553 $ 29,695 $ 28,516 Donation of a Former Branch Location - - - - - - (250) - Accruals For Pending Litigation - - - - - - (675) - Merger Related And Restructuring Expenses - - - - - - - (110) Operating Noninterest Expense (Non-GAAP) $ 32,569 $ 32,296 $ 32,291 $ 30,846 $ 29,201 $ 28,553 $ 28,770 $ 28,406 Operating Revenue Net Interest Income (GAAP) $ 40,343 $ 38,238 $ 37,783 $ 35,032 $ 32,814 $ 31,721 $ 31,517 $ 31,006 Operating Noninterest Income (Non-GAAP) 8,902 8,597 8,966 9,139 7,321 7,034 7,579 7,492 Operating Revenue (Non-GAAP) 49,245 46,835 46,749 44,171 40,135 38,755 39,096 38,498 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 49,245 $ 46,835 $ 46,749 $ 44,171 $ 40,135 $ 38,755 $ 39,096 $ 38,498 Operating Noninterest Expense (Non-GAAP) (32,569) (32,296) (32,291) (30,846) (29,201) (28,553) (28,770) (28,406) Operating PPNR Earnings (Non-GAAP) $ 16,676 $ 14,539 $ 14,458 $ 13,325 $ 10,934 $ 10,202 $ 10,326 $ 10,092 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.88% 0.87% 0.75% 0.74% 0.64% 0.69% 0.57% 0.60% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.25% 1.12% 1.13% 1.08% 0.90% 0.84% 0.86% 0.84% Return On Average Tangible Common Equity (Non-GAAP)(3) 11.53% 11.60% 9.99% 9.75% 8.94% 10.62% 7.18% 2.43% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 9.19% 9.17% 7.80% 7.60% 6.72% 7.29% 6.07% 6.41% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 11.53% 11.60% 9.94% 9.75% 8.70% 9.49% 7.98% 8.46% Operating Efficiency Ratio Efficiency Ratio (GAAP) 66.14% 68.96% 68.98% 69.83% 72.25% 71.20% 75.95% 89.96% Adjustment For Taxable Equivalent Yields (0.47%) (0.50%) (0.49%) (0.55%) (0.63%) (0.17%) (0.18%) (0.27%) Adjustment For Securities (Gains) Losses (0.01%) - 0.09% - - - - (15.89%) Adjustment For Sale of Branch Building - - - - 0.51% 2.46% - - Adjustment For Donation of a Former Branch Location - - - - - - (0.64%) - Adjustment For Accruals For Pending Litigation - - - - - - (1.72%) - Adjustment For Merger Expenses - - - - - - - (0.20%) Operating Efficiency Ratio (Non-GAAP) 65.66% 68.46% 68.58% 69.28% 72.13% 73.50% 73.41% 73.60%

NON-GAAP RECONCILIATION 25 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 $ in Thousands, unless otherwise indicated 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Operating Earnings Net Income (GAAP) $ 8,836 $ 11,500 $ 13,004 $ 11,543 $ 10,215 $ 8,259 $ 6,655 $ 9,600 Noninterest Income: Securities (Gains) Losses - - (144) - - - - (45) Gain on Sale of Branch Building - - - - - - - - Noninterest Expenses: Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses - - (45) 87 81 439 2,762 464 Income Taxes: Income Tax Effect Of Adjustments - - 49 (22) (21) (113) (713) (108) Operating Earnings (Non-GAAP) $ 8,836 $ 11,500 $ 12,864 $ 11,608 $ 10,275 $ 8,585 $ 8,704 $ 9,911 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.53 $ 0.69 $ 0.77 $ 0.69 $ 0.61 $ 0.51 $ 0.52 $ 0.64 Diluted 0.52 0.68 0.76 0.69 0.61 0.51 0.52 0.63 Operating Noninterest Income Noninterest Income (GAAP) $ 7,130 $ 6,925 $ 7,125 $ 6,250 $ 7,229 $ 7,111 $ 6,806 $ 6,309 Securities (Gains) Losses - - (144) - - - - (45) Operating Noninterest Income (Non-GAAP) $ 7,130 $ 6,925 $ 6,981 $ 6,250 $ 7,229 $ 7,111 $ 6,806 $ 6,264 Operating Noninterest Expense Noninterest Expense (GAAP) $ 27,410 $ 27,529 $ 27,416 $ 27,230 $ 25,926 $ 25,718 $ 27,823 $ 23,309 Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses - - 45 (87) (81) (439) (2,762) (464) Operating Noninterest Expense (Non-GAAP) $ 27,410 $ 27,529 $ 27,461 $ 27,143 $ 25,845 $ 25,279 $ 25,061 $ 22,845 Operating Revenue Net Interest Income (GAAP) $ 31,575 $ 35,982 $ 37,612 $ 36,708 $ 33,062 $ 30,118 $ 29,855 $ 30,382 Operating Noninterest Income (Non-GAAP) 7,130 6,925 6,981 6,250 7,229 7,111 6,806 6,264 Operating Revenue (Non-GAAP) 38,705 42,907 44,593 42,958 40,291 37,229 36,661 36,646 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 38,705 $ 42,907 $ 44,593 $ 42,958 $ 40,291 $ 37,229 $ 36,661 $ 36,646 Operating Noninterest Expense (Non-GAAP) (27,410) (27,529) (27,461) (27,143) (25,845) (25,279) (25,061) (22,845) Operating PPNR Earnings (Non-GAAP) $ 11,295 $ 15,378 $ 17,132 $ 15,815 $ 14,446 $ 11,950 $ 11,600 $ 13,801 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.75% 0.97% 1.10% 0.96% 0.88% 0.76% 0.77% 1.00% Operating PPNR Return On Average Assets (Non-GAAP)(2) 0.96% 1.30% 1.46% 1.30% 1.23% 1.05% 1.03% 1.39% Return On Average Tangible Common Equity (Non-GAAP)(3) 10.57% 14.45% 16.65% 14.36% 13.02% 10.39% 8.18% 12.84% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 7.98% 10.79% 12.15% 10.83% 9.82% 8.14% 8.09% 10.01% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 10.57% 14.45% 16.47% 14.44% 13.09% 10.80% 10.70% 13.26% Operating Efficiency Ratio Efficiency Ratio (GAAP) 70.82% 64.16% 61.28% 63.39% 64.35% 69.08% 75.89% 63.53% Adjustment For Taxable Equivalent Yields (0.18%) (0.14%) (0.22%) (0.25%) (0.27%) (0.31%) (0.32%) (0.25%) Adjustment For Securities (Gains) Losses - - 0.20% - - - - (0.08%) Adjustment For Sale of Branch Building - - - - - - - - Adjustment For Donation of a Former Branch Location - - - - - - - - Adjustment For Accruals For Pending Litigation - - - - - - - - Adjustment For Merger Expenses - - 0.10% (0.21%) (0.20%) (1.17%) (7.50%) (1.10%) Operating Efficiency Ratio (Non-GAAP) 70.64% 64.02% 61.36% 62.93% 63.88% 67.60% 68.07% 62.09%

NON-GAAP RECONCILIATION 1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 28 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 $ 466,796 $ 459,886 $ 446,652 Less Goodwill And Other Intangible Assets 103,588 104,154 104,723 105,324 105,929 106,537 107,148 107,792 Tangible Common Equity (Non-GAAP) $ 415,539 $ 401,787 $ 386,738 $ 383,699 $ 366,536 $ 360,259 $ 352,738 $ 338,860 Less Adjustment Due to AOCI (Loss) (17,274) (19,647) (23,671) (17,349) (25,798) (27,425) (25,907) (34,156) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 432,813 $ 421,434 $ 410,409 $ 401,048 $ 392,334 $ 387,684 $ 378,645 $ 373,016 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 30.51 $ 29.73 $ 29.04 $ 28.89 $ 27.91 $ 27.37 $ 27.07 $ 26.28 Adjustment Due To Goodwill And Other Intangible Assets (6.09) (6.12) (6.19) (6.22) (6.25) (6.25) (6.31) (6.34) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 24.42 $ 23.61 $ 22.85 $ 22.67 $ 21.66 $ 21.12 $ 20.76 $ 19.94 Less Adjustment Due to AOCI (Loss) (1.02) (1.15) (1.40) (1.02) (1.52) (1.61) (1.52) (2.01) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 25.43 $ 24.76 $ 24.25 $ 23.69 $ 23.18 $ 22.73 $ 22.29 $ 21.95 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 444,847 $ 443,399 $ 432,452 $ 414,711 $ 420,427 $ 420,042 $ 429,430 $ 424,720 Less Goodwill And Other Intangible Assets 108,439 109,114 109,772 110,460 104,582 105,215 105,852 104,930 Tangible Common Equity (Non-GAAP) $ 336,408 $ 334,285 $ 322,680 $ 304,251 $ 315,845 $ 314,827 $ 323,578 $ 319,790 Less Adjustment Due to AOCI (Loss) (35,017) (28,620) (35,324) (40,807) (24,648) (15,556) 1,443 2,559 Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 371,425 $ 362,905 $ 358,004 $ 345,058 $ 340,493 $ 330,383 $ 322,135 $ 317,231 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 26.16 $ 26.08 $ 25.59 $ 24.56 $ 24.88 $ 24.86 $ 25.56 $ 25.28 Adjustment Due To Goodwill And Other Intangible Assets (6.38) (6.42) (6.50) (6.54) (6.19) (6.23) (6.30) (6.25) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 19.78 $ 19.66 $ 19.09 $ 18.02 $ 18.69 $ 18.64 $ 19.26 $ 19.03 Less Adjustment Due to AOCI (Loss) (2.06) (1.68) (2.09) (2.42) (1.46) (0.92) 0.09 0.15 Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 21.84 $ 21.34 $ 21.18 $ 20.43 $ 20.15 $ 19.56 $ 19.17 $ 18.88

CONTACT 30 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