Form 8-K - Current report

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: April 22, 2024

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 April 22, 2024, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its first quarter ending March 31, 2024. A copy of the Press Release is attached hereto as Exhibit 99.1.

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

Item 7.01

Regulation FD Disclosure.

SmartFinancial is filing an investor slide presentation that it intends to review in conjunction with its earnings release conference call on April 23, 2024. 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 first quarter 2024 financial results dated April 22, 2024
99.2		First quarter 2024 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: April 22, 2024
	/s/ William Y. Carroll, Jr.
	William Y. Carroll, Jr.
	President & Chief Executive Officer

Exhibit 99.1

1Q 2024

SmartFinancial Announces Results for the First Quarter 2024

KNOXVILLE, TN – April 22, 2024 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $9.4 million, or $0.55 per diluted common share, for the first quarter of 2024, compared to net income of $11.5 million, or $0.68 per diluted common share, for the first quarter of 2023, and compared to prior quarter net income of $6.2 million, or $0.37 per diluted common share. Operating earnings¹, which excludes non-recurring income related to the gain on sale of a branch location, net of tax adjustments, totaled $8.4 million, or $0.49 per diluted common share, in the first quarter of 2024, compared to $11.5 million, or $0.68 per diluted common share, in the first quarter of 2023, and compared to $6.9 million, or $0.41 per diluted common share, in the fourth quarter of 2023.

Highlights for the First Quarter of 2024

●

Operating earnings¹ of $8.4 million, or $0.49 per diluted common share

●

Net organic loan and lease growth of $34 million - 4% annualized quarter-over-quarter increase

●

Credit quality remains solid with nonperforming assets to total assets of 0.18%

●

Deposit growth of $126.3 million – 12% annualized quarter-over-quarter increase

Billy Carroll, President & CEO, stated: “Our company started 2024 with nice momentum. The first quarter was highlighted by continued growth in both loans and deposits, each growing 4% and 12%, respectively, along with expense discipline and focus on operating leverage improvement. The investments we’ve made over the last few years have positioned us well and with a margin inflection point on the horizon, we remain very bullish.”

SmartFinancial's Chairman, Miller Welborn, concluded: “Our team continued to make substantial forward progress on our key strategic initiatives in the first quarter. Our associates worked diligently to grow revenue and control expenses, setting the stage for operating leverage gains for the remainder of 2024. Continued commitment to EXCELLENT client service and growing shareholder value remains “top of mind” for our team.”

Net Interest Income and Net Interest Margin

Net interest income was $31.7 million for the first quarter of 2024, compared to $31.5 million for the prior quarter. Average earning assets totaled $4.50 billion, an increase of $116.4 million from the prior quarter. The increase in average earnings assets was primarily driven by an increase in average interest-earning cash of $64.0 million, average loans and leases of $49.7 million and average securities of $2.7 million. Average interest-bearing liabilities increased by $144.2 million from the prior quarter, attributable to an increase in average deposits of $146.3 million, offset by a decrease in average borrowings of $2.2 million.

The tax equivalent net interest margin was 2.85% for the first quarter of 2024, compared to 2.86% for the prior quarter. The tax equivalent net interest margin was negatively impacted by the increased cost of interest-bearing liabilities, coupled with a slower rise on yield on interest-earning assets, quarter-over-quarter. The yield on loans and leases, excluding loan fees, was 5.71% for the first quarter, compared to 5.61% for the prior quarter.

The cost of total deposits for the first quarter of 2024 was 2.52% compared to 2.35% in the prior quarter. The cost of interest-bearing liabilities increased to 3.23% for the first quarter of 2024, compared to 3.07% for the prior quarter. The cost of average interest-bearing deposits was 3.16% for the first quarter of 2024, compared to 3.00% for the prior quarter, an increase of 16 basis points.

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

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


	Three Months Ended
	Mar		Dec		Increase
Selected Interest Rates and Yields	2024		2023		(Decrease)
Yield on loans and leases, excluding loan fees	5.71	%	5.61	%	0.10	%
Yield on loans and leases	5.82	%	5.68	%	0.14	%
Yield on earning assets, on a fully tax equivalent basis (FTE)	5.36	%	5.22	%	0.14	%
Cost of interest-bearing deposits	3.16	%	3.00	%	0.16	%
Cost of total deposits	2.52	%	2.35	%	0.17	%
Cost of interest-bearing liabilities	3.23	%	3.07	%	0.16	%
Net interest margin, FTE	2.85	%	2.86	%	(0.01)	%

Provision for Credit Losses on Loans and Leases and Credit Quality

At March 31, 2024, the allowance for credit losses was $34.2 million. The allowance for credit losses to total loans and leases was 0.98% as of March 31, 2024, compared to 1.02% as of December 31, 2023.

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


	Three Months Ended
		Mar			Dec
Provision for Credit Losses on Loans and Leases Rollforward		2024			2023			Change
Beginning balance	$	35,066		$	33,687		$	1,379
Charge-offs		(920)			(424)			(496)
Recoveries		135			302			(167)
Net (charge-offs) recoveries		(785)			(122)			(663)
Provision for credit losses ⁽¹⁾		(78)			1,501			(1,579)
Ending balance	$	34,203		$	35,066		$	(863)

Allowance for credit losses to total loans and leases, gross		0.98	%		1.02	%		(0.04)	%

(1)

The current quarter-ended and prior quarter-ended excludes unfunded commitments release of $362 thousand and a provision of $69 thousand, respectively. At March 31, 2024, the unfunded commitment liability totaled $2.0 million.

Nonperforming loans and leases as a percentage of total loans and leases was 0.18% as of March 31, 2024, a decrease of 6 basis points from the 0.24% reported in the fourth quarter of 2023. 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 0.18% as of March 31, 2024, and 0.20% on December 31, 2023.

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


	Three Months Ended
		Mar			Dec			Increase
Credit Quality		2024			2023			(Decrease)
Nonaccrual loans and leases	$	6,171		$	7,931		$	(1,760)
Loans and leases past due 90 days or more and still accruing		95			170			(75)
Total nonperforming loans and leases		6,266			8,101			(1,835)
Other real estate owned		696			517			179
Other repossessed assets		2,033			1,117			916
Total nonperforming assets	$	8,995		$	9,735		$	(740)

Nonperforming loans and leases to total loans and leases, gross		0.18	%		0.24	%		(0.06)	%
Nonperforming assets to total assets		0.18	%		0.20	%		(0.02)	%

Noninterest Income

Noninterest income increased $801 thousand to $8.4 million for the first quarter of 2024 compared to $7.6 million for the prior quarter. The current quarter increase was primarily associated with the $1.3 million pre-tax gain on the sale of a former branch building.

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


	Three Months Ended
		Mar		Dec		Increase
Noninterest Income		2024		2023		(Decrease)
Service charges on deposit accounts	$	1,612	$	1,673	$	(61)
Mortgage banking income		280		227		53
Investment services		1,380		1,339		41
Insurance commissions		1,103		1,133		(30)
Interchange and debit card transaction fees		1,253		1,370		(117)
Other		2,752		1,837		915
Total noninterest income	$	8,380	$	7,579	$	801

Noninterest Expense

Noninterest expense decreased $1.1 million to $28.6 million for the first quarter of 2024 compared to $29.7 million for the prior quarter. The current quarter decrease was primarily related to a decrease in other noninterest expenses associated with a Community Reinvestment Act donation of a former branch location and accruals in respect of pending litigation in the prior quarter.

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


	Three Months Ended
		Mar		Dec		Increase
Noninterest Expense		2024		2023		(Decrease)
Salaries and employee benefits	$	16,639	$	16,275	$	364
Occupancy and equipment		3,396		3,378		18
FDIC insurance		915		915		-
Other real estate and loan related expenses		584		781		(197)
Advertising and marketing		302		336		(34)
Data processing and technology		2,465		2,458		7
Professional services		924		1,136		(212)
Amortization of intangibles		612		643		(31)
Merger related and restructuring expenses		-		-		-
Other		2,716		3,773		(1,057)
Total noninterest expense	$	28,553	$	29,695	$	(1,142)

Income Tax Expense

Income tax expense was $2.6 million for the first quarter of 2024, an increase of $990 thousand, compared to $1.6 million for the prior quarter.

The effective tax rate was 21.94% for the first quarter of 2024 and 20.95% for the prior quarter.

Balance Sheet Trends

Total assets at March 31, 2024 were $4.95 billion compared to $4.83 billion at December 31, 2023. The $125.3 million increase is primarily attributable to increases in cash and cash equivalents of $125.7 million and loans and leases of $33.1 Asset increases were offset by a decrease in securities of $35.1 million.

Total liabilities increased to $4.49 billion at March 31, 2024 from $4.37 billion at December 31, 2023. The increase of $118.4 million was primarily from organic deposit growth of $126.3 million, offset by a decrease in borrowings of $3.2 million and other liabilities of $4.7 million.

Shareholders' equity at March 31, 2024, totaled $466.8 million, an increase of $6.9 million, from December 31, 2023. The increase in shareholders' equity was primarily driven by net income of $9.4 million for the three months ended March 31, 2024, offset by the negative change of $1.5 million in accumulated other comprehensive income and dividends paid of $1.3 million. Tangible book value per share¹ was $21.12 at March 31, 2024, compared to $20.76 at December 31, 2023. Tangible common equity¹ as a percentage of tangible assets¹ was 7.43% at March 31, 2024, compared with 7.47% at December 31, 2023.

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

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


	Mar		Dec		Increase
Selected Balance Sheet Information	2024		2023		(Decrease)
Total assets	$	4,954,690	$	4,829,387	$	125,303
Total liabilities		4,487,894		4,369,501		118,393
Total equity		466,796		459,886		6,910
Securities		654,516		689,646		(35,130)
Loans and leases		3,477,555		3,444,462		33,093
Deposits		4,394,121		4,267,854		126,267
Borrowings		9,849		13,078		(3,229)

Conference Call Information

SmartFinancial issued this earnings release for the first quarter of 2024 on Monday, April 22, 2024, and will host a conference call on Tuesday, April 23, 2024, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or (404) 975-4839 and entering the access code, 060240. A replay of the conference call will be available through June 22, 2024, by dialing (866) 813-9403 or (929) 458-6194 and entering the access code, 672905. 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
President & CEO
(865) 868-0613 billy.carroll@smartbank.com

Ron Gorczynski
Executive Vice President, Chief Financial Officer
(865) 437-5724 ron.gorczynski@smartbank.com

Media Contact
Kelley Fowler
Senior Vice President, Public Relations & Marketing
(865) 868-0611 kelley.fowler@smartbank.com

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 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, including: (i) operating earnings, (ii) operating return on average assets, (iii) operating pre-provision net revenue return on average assets, (iv) operating return on average shareholders' equity, (v) return on average tangible common equity, (vi) operating return on average tangible common equity, (vii) operating efficiency ratio, (viii) operating noninterest income, (ix) operating pre-provision net revenue earnings, (x) operating noninterest expense, (xi) tangible common equity, (xii) average tangible common equity, (xiii) tangible book value per common share, (xiv) tangible assets; and ratios derived therefrom, in its analysis of the company's performance. Operating earnings excludes the following from net income: securities gains and losses and merger related and restructuring expenses. Operating return on average assets is the annualized operating earnings (Non-GAAP) divided by average assets. Operating pre-provision net revenue return on average assets is the annualized operating pre-provision net revenue income earnings (Non-GAAP) by average assets. Operating return on average shareholders' equity is the annualized operating earnings (Non-GAAP) divided by average equity. Return on average tangible common equity is the annualized net income divided by average tangible common equity (Non-GAAP). Operating return on average tangible common equity is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). The operating efficiency ratio includes an adjustment for taxable equivalent yields and excludes securities gains and losses and merger related and restructuring expenses from the efficiency ratio. Operating noninterest income excludes the following from noninterest income: securities gains and losses. Operating pre-provision net revenue earnings is net interest income plus operating noninterest income (Non-GAAP) less operating noninterest expense (Non-GAAP). Operating noninterest interest income and operating noninterest expense exclude non-operating related income and expense items. A detailed reconciliation of these items are available in the Non-GAAP reconciliations. Tangible common equity (Non-GAAP) and average tangible common equity (Non-GAAP) excludes goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible book value per common share (Non-GAAP) is tangible common equity (Non-GAAP) divided by common shares outstanding. Tangible assets (Non-GAAP) excludes goodwill and other intangibles from total assets. 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 believes these Non-GAAP financial measures also 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) the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may take longer than anticipated to realize; (4) disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships; (5) our ability to successfully integrate the businesses acquired as part of previous acquisitions with the business of SmartBank; (6) changes in management’s plans for the future; (7) prevailing, or changes in, economic or political conditions, 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; (8) increased technology and cybersecurity risks, including generative artificial intelligence risks; (9) credit risk associated with our lending activities; (10) changes in loan demand, real estate values, or competition; (11) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (12) changes in accounting principles, policies, or guidelines; (13) changes in applicable laws, rules, or regulations; (14) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; (15) potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (16) 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; (17) the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas; and (18) 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
	Mar		Dec		Sep		Jun		Mar
	2024		2023		2023		2023		2023
Assets:
Cash and cash equivalents	$	477,941	$	352,271	$	400,258	$	238,898	$	306,934
Securities available-for-sale, at fair value		474,347		408,410		385,131		540,308		560,418
Securities held-to-maturity, at amortized cost		180,169		281,236		282,313		283,564		284,776
Other investments		13,718		13,662		13,805		14,396		14,059
Loans held for sale		4,861		4,418		2,734		986		3,324
Loans and leases		3,477,555		3,444,462		3,378,999		3,337,790		3,281,787
Less: Allowance for credit losses		(34,203)		(35,066)		(33,687)		(32,747)		(32,279)
Loans and leases, net		3,443,352		3,409,396		3,345,312		3,305,043		3,249,508
Premises and equipment, net		92,694		92,963		92,020		92,351		92,190
Other real estate owned		696		517		1,370		1,708		1,708
Goodwill and other intangibles, net		106,537		107,148		107,792		108,439		109,114
Bank owned life insurance		83,957		83,434		82,914		82,419		81,938
Other assets		76,418		75,932		83,522		77,688		65,836
Total assets	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800	$	4,769,805
Liabilities:
Deposits:
Noninterest-bearing demand	$	907,254	$	898,044	$	923,763	$	1,003,432	$	989,753
Interest-bearing demand		996,298		1,006,915		993,717		938,758		989,738
Money market and savings		1,952,410		1,812,427		1,766,409		1,720,202		1,761,847
Time deposits		538,159		550,468		562,620		537,192		488,208
Total deposits		4,394,121		4,267,854		4,246,509		4,199,584		4,229,546
Borrowings		9,849		13,078		14,117		15,496		16,546
Subordinated debt		42,120		42,099		42,078		42,057		42,036
Other liabilities		41,804		46,470		47,815		43,816		38,278
Total liabilities		4,487,894		4,369,501		4,350,519		4,300,953		4,326,406
Shareholders' Equity:
Common stock		17,057		16,989		16,995		17,004		17,004
Additional paid-in capital		296,061		295,699		295,542		295,296		294,930
Retained earnings		181,103		173,105		168,271		167,564		160,085
Accumulated other comprehensive income (loss)		(27,425)		(25,907)		(34,156)		(35,017)		(28,620)
Total shareholders' equity		466,796		459,886		446,652		444,847		443,399
Total liabilities & shareholders' equity	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800	$	4,769,805

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
	2024		2023		2023		2023		2023
Interest income:
Loans and leases, including fees	$	50,020	$	48,767	$	47,539	$	45,446	$	44,728
Investment securities:
Taxable		4,548		4,344		4,335		4,335		3,651
Tax-exempt		352		352		356		357		353
Federal funds sold and other earning assets		4,863		4,032		3,045		1,956		4,446
Total interest income		59,783		57,495		55,275		52,094		53,178
Interest expense:
Deposits		27,035		24,926		23,433		19,554		16,346
Borrowings		128		162		210		339		224
Subordinated debt		899		890		626		626		626
Total interest expense		28,062		25,978		24,269		20,519		17,196
Net interest income		31,721		31,517		31,006		31,575		35,982
Provision for credit losses		(440)		1,571		795		113		550
Net interest income after provision for credit losses		32,161		29,946		30,211		31,462		35,432
Noninterest income:
Service charges on deposit accounts		1,612		1,673		1,736		1,657		1,445
Gain (loss) on sale of securities, net		—		—		(6,801)		—		—
Mortgage banking		280		227		309		332		172
Investment services		1,380		1,339		1,461		1,300		1,005
Insurance commissions		1,103		1,133		1,153		1,139		1,259
Interchange and debit card transaction fees		1,253		1,370		1,357		1,347		1,383
Other		2,752		1,837		1,476		1,355		1,661
Total noninterest income		8,380		7,579		691		7,130		6,925
Noninterest expense:
Salaries and employee benefits		16,639		16,275		16,785		15,947		16,742
Occupancy and equipment		3,396		3,378		3,547		3,318		3,208
FDIC insurance		915		915		825		875		541
Other real estate and loan related expense		584		781		603		441		572
Advertising and marketing		302		336		346		305		355
Data processing and technology		2,465		2,458		2,378		2,235		2,163
Professional services		924		1,136		735		764		807
Amortization of intangibles		612		643		647		675		659
Merger related and restructuring expenses		—		—		110		—		—
Other		2,716		3,773		2,540		2,850		2,482
Total noninterest expense		28,553		29,695		28,516		27,410		27,529
Income before income taxes		11,988		7,830		2,386		11,182		14,828
Income tax expense		2,630		1,640		319		2,346		3,328
Net income	$	9,358	$	6,190	$	2,067	$	8,836	$	11,500
Earnings per common share:
Basic	$	0.56	$	0.37	$	0.12	$	0.53	$	0.69
Diluted	$	0.55	$	0.37	$	0.12	$	0.52	$	0.68
Weighted average common shares outstanding:
Basic		16,849,735		16,814,647		16,807,548		16,806,389		16,791,406
Diluted		16,925,408		16,918,234		16,918,635		16,898,091		16,896,494

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Loans and leases, including fees	$	3,458,109	$	50,020	5.82	%	$	3,408,430	$	48,767	5.68	%	$	3,258,452	$	44,728	5.57	%
Taxable securities		620,805		4,548	2.95	%		618,511		4,344	2.79	%		723,540		3,651	2.05	%
Tax-exempt securities¹		64,161		445	2.79	%		63,767		445	2.77	%		65,547		447	2.77	%
Federal funds sold and other earning assets		353,913		4,863	5.53	%		289,896		4,032	5.52	%		378,253		4,446	4.77	%
Total interest-earning assets		4,496,988		59,876	5.36	%		4,380,604		57,588	5.22	%		4,425,792		53,272	4.88	%
Noninterest-earning assets		380,231						386,202						359,996
Total assets	$	4,877,219					$	4,766,806					$	4,785,788

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	996,147		6,060	2.45	%	$	974,637		5,631	2.29	%	$	944,132		4,227	1.82	%
Money market and savings deposits		1,904,855		16,149	3.41	%		1,764,826		14,556	3.27	%		1,820,455		10,381	2.31	%
Time deposits		541,792		4,826	3.58	%		556,996		4,739	3.38	%		469,361		1,738	1.50	%
Total interest-bearing deposits		3,442,794		27,035	3.16	%		3,296,459		24,926	3.00	%		3,233,948		16,346	2.05	%
Borrowings		11,245		128	4.58	%		13,420		162	4.79	%		16,858		224	5.39	%
Subordinated debt		42,107		899	8.59	%		42,087		890	8.39	%		42,022		626	6.04	%
Total interest-bearing liabilities		3,496,146		28,062	3.23	%		3,351,966		25,978	3.07	%		3,292,828		17,196	2.12	%
Noninterest-bearing deposits		872,840						915,259						1,015,670
Other liabilities		47,085						50,055						44,908
Total liabilities		4,416,071						4,317,280						4,353,406
Shareholders' equity		461,148						449,526						432,382
Total liabilities and shareholders' equity	$	4,877,219					$	4,766,806					$	4,785,788

Net interest income, taxable equivalent			$	31,814					$	31,610					$	36,076
Interest rate spread					2.13	%					2.14	%					2.76	%
Tax equivalent net interest margin					2.85	%					2.86	%					3.31	%

Percentage of average interest-earning assets to average interest-bearing liabilities					128.63	%					130.69	%					134.41	%
Percentage of average equity to average assets					9.46	%					9.43	%					9.03	%

¹Yields computed on tax-exempt instruments on a tax equivalent basis include $93 thousand, $94 thousand, and $94 thousand of taxable equivalent income for the quarters ended March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	As of and for The Three Months Ended
	Mar			Dec			Sep			Jun			Mar
	2024			2023			2023			2023			2023
Composition of Loans and Leases:
Commercial real estate:
Owner occupied	$	804,557		$	798,416		$	776,402		$	769,978		$	764,166
Non-owner occupied		938,648			940,789			890,774			871,779			871,368
Commercial real estate, total		1,743,205			1,739,205			1,667,176			1,641,757			1,635,534
Commercial & industrial		667,903			645,918			617,115			594,427			571,153
Construction & land development		321,860			327,185			373,068			394,742			386,253
Consumer real estate		659,209			649,867			638,518			624,828			606,343
Leases		71,909			68,752			68,538			66,401			67,701
Consumer and other		13,469			13,535			14,584			15,635			14,803
Total loans and leases	$	3,477,555		$	3,444,462		$	3,378,999		$	3,337,790		$	3,281,787

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$	6,266		$	8,101		$	4,163		$	3,722		$	3,247
Other real estate owned		696			517			1,370			1,708			1,708
Other repossessed assets		2,033			1,117			348			282			66
Total nonperforming assets	$	8,995		$	9,735		$	5,881		$	5,712		$	5,021
Modified loans and leases¹ not included in nonperforming loans and leases	$	4,413		$	4,245		$	2,376		$	657		$	97
Net charge-offs to average loans and leases (annualized)		0.09	%		0.04	%		0.04	%		(0.01)	%		0.03	%
Allowance for credit losses to loans and leases		0.98	%		1.02	%		1.00	%		0.98	%		0.98	%
Nonperforming loans and leases to total loans and leases, gross		0.18	%		0.24	%		0.12	%		0.11	%		0.10	%
Nonperforming assets to total assets		0.18	%		0.20	%		0.12	%		0.12	%		0.11	%

Capital Ratios:
Equity to Assets		9.42	%		9.52	%		9.31	%		9.37	%		9.30	%
Tangible common equity to tangible assets (Non-GAAP)²		7.43	%		7.47	%		7.23	%		7.25	%		7.17	%

SmartFinancial, Inc.³
Tier 1 leverage		8.23	%		8.27	%		8.13	%		8.24	%		7.91	%
Common equity Tier 1		10.20	%		10.16	%		10.07	%		10.12	%		9.95	%
Tier 1 capital		10.20	%		10.16	%		10.07	%		10.12	%		9.95	%
Total capital		11.85	%		11.80	%		11.90	%		11.94	%		11.77	%

SmartBank		Estimated⁴
Tier 1 leverage		9.07	%		9.18	%		9.00	%		9.18	%		8.87	%
Common equity Tier 1		11.23	%		11.26	%		11.15	%		11.27	%		11.15	%
Tier 1 capital		11.23	%		11.26	%		11.15	%		11.27	%		11.15	%
Total capital		12.00	%		12.02	%		11.87	%		11.97	%		11.85	%

¹Borrowers that have experienced financial difficulty.

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

³All periods presented are estimated.

⁴ 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
	Three Months Ended
	Mar			Dec			Sep			Jun			Mar
	2024			2023			2023			2023			2023
Selected Performance Ratios (Annualized):
Return on average assets		0.77	%		0.52	%		0.17	%		0.75	%		0.97	%
Return on average shareholders' equity		8.16	%		5.46	%		1.84	%		7.98	%		10.79	%
Return on average tangible common equity¹		10.62	%		7.18	%		2.43	%		10.57	%		14.45	%
Noninterest income / average assets		0.69	%		0.63	%		0.06	%		0.61	%		0.59	%
Noninterest expense / average assets		2.35	%		2.47	%		2.37	%		2.34	%		2.33	%
Efficiency ratio		71.20	%		75.95	%		89.96	%		70.82	%		64.16	%

Operating Selected Performance Ratios (Annualized):
Operating return on average assets¹		0.69	%		0.57	%		0.60	%		0.75	%		0.97	%
Operating PPNR return on average assets¹		0.84	%		0.86	%		0.84	%		0.96	%		1.30	%
Operating return on average shareholders' equity¹		7.29	%		6.07	%		6.41	%		7.98	%		10.79	%
Operating return on average tangible common equity¹		9.49	%		7.98	%		8.46	%		10.57	%		14.45	%
Operating efficiency ratio¹		73.50	%		73.41	%		73.60	%		70.64	%		64.02	%
Operating noninterest income / average assets¹		0.58	%		0.63	%		0.62	%		0.61	%		0.59	%
Operating noninterest expense / average assets¹		2.35	%		2.39	%		2.36	%		2.34	%		2.33	%

Selected Interest Rates and Yields:
Yield on loans and leases, excluding loan fees		5.71	%		5.61	%		5.52	%		5.39	%		5.20	%
Yield on loans and leases		5.82	%		5.68	%		5.61	%		5.51	%		5.57	%
Yield on earning assets, FTE		5.36	%		5.22	%		4.99	%		4.82	%		4.88	%
Cost of interest-bearing deposits		3.16	%		3.00	%		2.84	%		2.46	%		2.05	%
Cost of total deposits		2.52	%		2.35	%		2.20	%		1.89	%		1.56	%
Cost of interest-bearing liabilities		3.23	%		3.07	%		2.89	%		2.53	%		2.12	%
Net interest margin, FTE		2.85	%		2.86	%		2.81	%		2.93	%		3.31	%

Per Common Share:
Net income, basic	$	0.56		$	0.37		$	0.12		$	0.53		$	0.69
Net income, diluted		0.55			0.37			0.12			0.52			0.68
Operating earnings, basic¹		0.50			0.41			0.43			0.53			0.69
Operating earnings, diluted¹		0.49			0.41			0.43			0.52			0.68
Book value		27.37			27.07			26.28			26.16			26.08
Tangible book value¹		21.12			20.76			19.94			19.78			19.66
Common shares outstanding		17,056,704			16,988,879			16,994,543			17,004,092			17,004,092

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
	Mar			Dec			Sep			Jun			Mar
	2024			2023			2023			2023			2023
Operating Earnings:
Net income (GAAP)	$	9,358		$	6,190		$	2,067		$	8,836		$	11,500
Noninterest income:
Securities (gains) losses, net		—			—			6,801			—			—
Gain on sale of former branch building		(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		348			(239)			(1,785)			—			—
Operating earnings (Non-GAAP)	$	8,360		$	6,876		$	7,193		$	8,836		$	11,500
Operating earnings per common share (Non-GAAP):
Basic	$	0.50		$	0.41		$	0.43		$	0.53		$	0.69
Diluted		0.49			0.41			0.43			0.52			0.68

Operating Noninterest Income:
Noninterest income (GAAP)	$	8,380		$	7,579		$	691		$	7,130		$	6,925
Securities (gains) losses, net		—			—			6,801			—			—
Gain on sale of former branch building		(1,346)			—			—			—			—
Operating noninterest income (Non-GAAP)	$	7,034		$	7,579		$	7,492		$	7,130		$	6,925
Operating noninterest income (Non-GAAP)/average assets¹		0.58	%		0.63	%		0.62	%		0.61	%		0.59	%

Operating Noninterest Expense:
Noninterest expense (GAAP)	$	28,553		$	29,695		$	28,516		$	27,410		$	27,529
Donation of a former branch location		—			(250)			—			—			—
Accruals for pending litigation		—			(675)			—			—			—
Merger related and restructuring expenses		—			—			(110)			—			—
Operating noninterest expense (Non-GAAP)	$	28,553		$	28,770		$	28,406		$	27,410		$	27,529
Operating noninterest expense (Non-GAAP)/average assets²		2.35	%		2.39	%		2.36	%		2.34	%		2.33	%

Operating Pre-provision Net revenue ("PPNR") Earnings:
Net interest income (GAAP)	$	31,721		$	31,517		$	31,006		$	31,575		$	35,982
Operating noninterest income (Non-GAAP)		7,034			7,579			7,492			7,130			6,925
Operating noninterest expense (Non-GAAP)		(28,553)			(28,770)			(28,406)			(27,410)			(27,529)
Operating PPNR earnings (Non-GAAP)	$	10,202		$	10,326		$	10,092		$	11,295		$	15,378

Non-GAAP Return Ratios:
Operating return on average assets (Non-GAAP)³		0.69	%		0.57	%		0.60	%		0.75	%		0.97	%
Operating PPNR return on average assets (Non-GAAP)⁴		0.84	%		0.86	%		0.84	%		0.96	%		1.30	%
Return on average tangible common equity (Non-GAAP)⁵		10.62	%		7.18	%		2.43	%		10.57	%		14.45	%
Operating return on average shareholders' equity (Non-GAAP)⁶		7.29	%		6.07	%		6.41	%		7.98	%		10.79	%
Operating return on average tangible common equity (Non-GAAP)⁷		9.49	%		7.98	%		8.46	%		10.57	%		14.45	%

Operating Efficiency Ratio:
Efficiency ratio (GAAP)		71.20	%		75.95	%		89.96	%		70.82	%		64.16	%
Adjustment for taxable equivalent yields		(0.17)	%		(0.18)	%		(0.27)	%		(0.18)	%		(0.14)	%
Adjustment for securities gains (losses)		—	%		—	%		(15.89)	%		—	%		—	%
Adjustment for sale of branch location		2.46	%		—	%		—	%		—	%		—	%
Adjustment for donation of a former branch location		—	%		(0.64)	%		—	%		—	%		—	%
Adjustment for accruals for pending litigation		—	%		(1.72)	%		—	%		—	%		—	%
Adjustment for merger related income and costs		—	%		—	%		(0.20)	%		—	%		—	%
Operating efficiency ratio (Non-GAAP)		73.50	%		73.41	%		73.60	%		70.64	%		64.02	%

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
	Mar		Dec		Sep		Jun		Mar
	2024		2023		2023		2023		2023
Tangible Common Equity:
Shareholders' equity (GAAP)	$	466,796	$	459,886	$	446,652	$	444,847	$	443,399
Less goodwill and other intangible assets		106,537		107,148		107,792		108,439		109,114
Tangible common equity (Non-GAAP)	$	360,259	$	352,738	$	338,860	$	336,408	$	334,285

Average Tangible Common Equity:
Average shareholders' equity (GAAP)	$	461,148	$	449,526	$	445,432	$	444,283	$	432,382
Less average goodwill and other intangible assets		106,920		107,551		108,194		108,851		109,537
Average tangible common equity (Non-GAAP)	$	354,228	$	341,975	$	337,238	$	335,432	$	322,845

Tangible Book Value per Common Share:
Book value per common share (GAAP)	$	27.37	$	27.07	$	26.28	$	26.16	$	26.08
Adjustment due to goodwill and other intangible assets		(6.25)		(6.31)		(6.34)		(6.38)		(6.42)
Tangible book value per common share (Non-GAAP)¹	$	21.12	$	20.76	$	19.94	$	19.78	$	19.66

Tangible Common Equity to Tangible Assets:
Total Assets (GAAP)	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800	$	4,769,805
Less goodwill and other intangibles		106,537		107,148		107,792		108,439		109,114
Tangible Assets (Non-GAAP)	$	4,848,153	$	4,722,239	$	4,689,379	$	4,637,361	$	4,660,691
Tangible common equity to tangible assets (Non-GAAP)		7.43%		7.47%		7.23%		7.25%		7.17%

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

Exhibit 99.2

1 INVESTOR CALL 1Q 2024 April 23, 2024, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -470 -1428 Access Code: 060240 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO

DISCLOSURES 2 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) the risk of litigation and reputational risk associated with historic acquisition activity; (2) the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may take longer than anticipated to realize; (3) disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships; (4) our ability to successfully integrate the businesses acquired as part of previous acquisitions with the business of SmartBank; (5) changes in management’s plans for the future; (6) prevailing, or changes in, economic or political conditions, particularly in our market areas, including the effects of declines in the real estate market, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (7) increased technology and cybersecurity risks, including generative artificial intelligence risks; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (11) changes in accounting principles, policies, or guidelines; (12) changes in applicable laws, rules, or regulations; (13) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of SmartFinancial’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; (14) potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) 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; (16) the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas; and (17) 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. Non-GAAP Financial Measures Statements included in this presentation include Non-GAAP financial measures 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, including: (i) operating revenue, (ii) operating earnings, (iii) operating return on average assets, (iv) operating return on average shareholders’ equity, (v) return on average tangible common equity, (vi) operating return on average tangible common equity, (vii) operating efficiency ratio; (viii) tangible common equity; (ix) average tangible common equity; (x) tangible book value; (xi) operating pre-provision net revenue earnings; (xii) operating noninterest income; (xiii) operating noninterest expense; (xiv) tangible assets; and ratios derived therefrom, in its analysis of the company's performance. Operating revenue includes the earnings from net interest income and operating noninterest income (Non-GAAP). Operating earnings excludes the following from net income: securities gains and losses, merger related and restructuring expenses, and the income tax effect of adjustments. Operating return on average assets is the annualized operating earnings (Non-GAAP) divided by average assets. Operating return on average shareholders’ equity is the annualized operating earnings (Non-GAAP) divided by average equity. Return on average tangible common equity is the annualized net income divided by average tangible common equity (Non-GAAP). Operating return on average tangible common equity is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). The operating efficiency ratio includes an adjustment for taxable equivalent yields and excludes securities gains and losses and merger related and restructuring expenses from the efficiency ratio. Tangible common equity and average tangible common equity exclude goodwill and other intangible assets from shareholders’ equity and average shareholders’ equity. Tangible book value excludes goodwill and other intangible assets less shareholders’ equity divided by common shares outstanding. Operating pre-provision, net-revenue earnings is net interest income plus operating noninterest income (Non-GAAP) less operating noninterest expense (Non-GAAP). Operating noninterest income and operating noninterest expense exclude non-operating related income and expense items. A detailed reconciliation of these items are available in the Non-GAAP reconciliations included in this presentation. Tangible assets excludes goodwill and other intangibles from total assets. 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 believes these Non-GAAP financial measures also 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 3/31/24

$0.68 $0.37 $0.55 $0.68 $0.41 $0.49 1Q23 4Q23 1Q24 GAAP EPS Diluted Operating EPS $26.08 $27.07 $27.37 $19.66 $20.76 $21.12 1Q23 4Q23 1Q24 BV Per Share TBV Per Share 0.97% 0.52% 0.77% 0.97% 0.57% 0.69% 1Q23 4Q23 1Q24 GAAP ROAA Operating ROAA 14.4% 7.2% 10.6% 14.4% 8.0% 9.5% 1Q23 4Q23 1Q24 GAAP ROATCE Operating ROATCE AOCI Impact 3 Unless otherwise indicated, financial data as of or for the three months ended 3/31/24 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: FIRST QUARTER 2024 7.9% QoQ2 Annualized Tang. Book Value Per Share Growth (Excluding AOCI)1,4 $0.49 Diluted Operating EPS1 0.69% Operating Return on Average Assets1 9.5% Operating Return Average Tang. Common Equity1 73% Operating Efficiency Ratio1 11.8% QoQ Annualized Deposit Growth 3.8% QoQ Annualized Organic Loan3 Growth 79% Loan / Deposit Ratio 0.18% Non-Performing Assets / Assets $5.0 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 $22.73 $21.12 $22.29 $20.76 $19.66 $21.34

$6,174 $9,358 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $0.41 $0.55 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $29,257 $40,101 $- $5, 000 $10, 000 $15, 000 $20, 000 $25, 000 $30, 000 $35, 000 $40, 000 $45, 000 $50, 000 $2,408 $3,478 $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $2,540 $4,394 $( 200) $300 $800 $1, 300 $1, 800 $2, 300 $2, 800 $3, 300 $3, 800 $4, 300 $4, 800 0.28% 0.18% $- $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

$7,253 $8,360 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $0.48 $0.49 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $11,912 $10,202 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 0.93% 0.69% $- $0 $0 $0 $0 $0 $0 $0 11.51% 9.49% $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $16.90 $21.12 $15 $16 $17 $18 $19 $20 $21 $22 5 NON-GAAP KEY MEASURE TRENDS1 : 1) Operating Earnings, Operating Diluted EPS, Operating PPNR, Operating ROAA, Operating ROATCE, and Tangible Book Value Per Share 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: 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: 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 $5.0 Billion in Total Assets $3.5 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. $4.4 Billion in Total Deposits 42 Total Branches Nashville Knoxville Huntsville Tuscaloosa Mobile Pensacola Birmingham Auburn Tallahassee Dothan Montgomery SmartBank Branch Offices Chattanooga Balance sheet and branch count represent 6/30/23 balances 1) Knox News Sentinel Top Workplaces survey Panama City 1

$1.0 $1.1 $1.7 $2.3 $2.4 $3.3 $4.6 $4.6 $4.8 $5.0 $- $1 $2 $3 $4 $5 $6 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 '24 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 DeNovo 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

$( 500, 000) $- $500, 000 $1, 000, 000 $1, 500, 000 $2, 000, 000 MARKET AREA: BUILDING DENSITY IN ATTRACTIVE SOUTHEAST MARKETS 8 ► Producers: 44 ► Loans: 61% ► Deposits: 66% ► ’21-’24 CAGR: 8% Tennessee Source: S&P Market Intelligence; U.S. Census; https://www.forbes.com/best-places-for-business 1) Market loan and deposit percentages shown as a percentage of the total loans and deposits of SmartBank as of 3/31/24, respectively 2) Producers includes relationship managers, market leaders and regional presidents responsible for meeting business production goals 3) 12/31/21 – 3/31/24 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 ► Producers: 29 ► Loans: 21% ► Deposits: 26% ► ’21-’24 Growth: 23% Alabama ► Producers: 9 ► Loans: 18% ► Deposits: 8% ► ’21-’24 Growth: 18% Coastal July 1, 2022 to July 1, 2023 Forbes Top 200 Best Places for Business and Careers Nashville: #15 Knoxville: #86 Huntsville: #93 Tallahassee: #103 Pensacola: #105 Chattanooga: #116 Birmingham: #165 Mobile: #184 Montgomery: #191 Knoxville Nashville Huntsville Pensacola Birmingham Tallahassee Montgomery Chattanooga Mobile 1.1% 1,423,260 0.2% 137,299 0.2% 126,255 -43,330 1.1%

$1,897 $2,382 $2,693 $3,254 $3,444 $3,478 5.71% 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 2019Y 2020Y 2021Y 2022Y 2023Y 1Q24 9 LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY Total Loans CAGR of 15% Since 2019 $ in Millions, unless otherwise indicated Average Loan Yield (excluding accretion & fees) Loan Composition History of Consistent Organic Growth 23% 23% 23% 23% 23% 27% 26% 26% 27% 27% 17% 18% 18% 19% 19% 12% 12% 11% 9% 9% 18% 19% 19% 19% 19% $3,282 $3,338 $3,379 $3,444 $3,478 1Q23 2Q23 3Q23 4Q23 1Q24 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other

1-4 Family (NOO) 22% Resi/Comm Land Dev. 12% Resi/Comm Land 16% CRE (OO) 21% CRE (NOO) 13% Multifamily 22% Hotel & Hospitality 33% Retail Space 13% Office Space 12% Misc. 10% 10 LOAN CONCENTRATION: WELL BALANCED EXPOSURE Non-Owner Occupied CRE Exposure By Segment Highly Diversified with Seasoned Client Base Construction & Development Exposure By Type1 Closely Monitored with No Concentration Concerns 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 principal balance shown $950 Million2 - 27% of Total Loans $323 Million2 - 9% of Total Loans

$5,021 $5,712 $5,881 $9,735 $8,995 0.11% 0.12% 0.12% 0.20% 0.18% - 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 1Q23 2Q23 3Q23 4Q23 1Q24 Nonperforming Loans OREO & Other Repos Nonperforming Assets / Total Assets 287% 285% 285% 280% 275% 88% 88% 83% 72% 70% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 1Q23 2Q23 3Q23 4Q23 1Q24 CRE Loans / Capital C&D Loans / Capital $8,343 $8,438 $9,094 $13,828 $10,737 0.25% 0.25% 0.27% 0.40% 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 1Q23 2Q23 3Q23 4Q23 1Q24 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.26% 0.26% 0.31% 0.37% 0.31% 0.03% -0.01% 0.04% 0.04% 0.09% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 1Q23 2Q23 3Q23 4Q23 1Q24 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $32,279 $32,747 $33,687 $35,066 $34,203 0.98% 0.98% 1.00% 1.02% 0.98% 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 1Q23 2Q23 3Q23 4Q23 1Q24 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

23% 24% 22% 21% 21% 23% 22% 23% 24% 23% 42% 41% 42% 42% 44% 12% 13% 13% 13% 12% $4,230 $4,200 $4,247 $4,268 $4,394 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits $2,047 $2,805 $4,022 $4,077 $4,268 $4,394 2.52% 0. 00% 1. 00% 2. 00% 3. 00% 4. 00% 5. 00% $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 2019Y 2020Y 2021Y 2022Y 2023Y 1Q24 12 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 79% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Overall Stability Despite Some Mix Shift

$170 $152 $2 $44 $38 $115 $45 $64 $36 $2 $- $50 $100 $150 $200 $250 $300 $350 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate CDs $61 $14 $12 $11 $15 $11 $11 9% 13% 17% 20% $- $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Q2 '24 Q4 '24 Q2 '25 Q4 '25 Quarterly Principal Cumulative Principal Returned as % of Total 13 SECURITIES DETAIL: SIGNIFICANT CASHFLOW RETURN 1H ‘24 $ in Millions, unless otherwise indicated Portfolio Summary Principal Cashflow Schedule ~$61 Million Maturing in Q2 ‘24 Portfolio Mix by Par Value Risk Adverse Portfolio Designed for Liquidity $688 Million Book Value 3.38% Book Yield ($54) Million Unrealized Loss • ($35) Million in Available-for-Sale Securities (AFS) • ($19) Million in Held-to-Maturity (HTM) 5.4 Year Average Life 3.3 Year Effective Duration 75% / 25% (AFS / HTM)

14 REPRICING SCHEDULE: YIELD ENHANCEMENT ON HORIZON $90 Million in Fixed Rate Loans Yielding 5.54% Maturing by 2024 Year End $95 Million in Adjustable-Rate Loans Yielding 5.60% Maturing or Repricing by 2024 Year End $838 Million in Variable Floating Rate Loans Yielding 7.82% Repricing Monthly $87 Million in Investment Portfolio Principal Cash Flow Yielding 2.65% Returning by 2024 Year End FYE 2026 & ($ in millions) 2Q24 3Q24 4Q24 2025 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 32 $ 32 $ 26 $ 177 $ 1,726 Weighted Average Yield 5.78% 5.53% 5.26% 4.44% 4.96% Adjustable Rate Loans $ 46 $ 24 $ 25 $ 69 $ 498 Weighted Average Yield 4.73% 6.57% 6.31% 5.57% 4.97% Investment Cashflow Schedule: Principal Cashflow $ 61 $ 14 $ 12 $ 48 $ 533 Yield Roll-Off 2.07% 4.02% 3.98% 4.05% 3.41%

108% 94% Peer Average SMBK 93% 79% 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 $2.0 billion and $8.0 billion 2) FRB discount window and Bank Term Funding Program borrowing capacity shown as of March 31, 2024 Source: S&P Global Loan + Securities / Deposit Ratio (Most Recent Quarter Period End) Loan / Deposit Ratio (Most Recent Quarter Period End) Other Liquidity Sources Ample Access to a Variety of Funding Robust Liquidity on Hand $1.5 Billion in Untapped Liquidity Sources $633 Million in On-Balance Sheet Liquidity 1.4x 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. $478 $0 $478 Unpledged Securities 155 0 155 Available Sources of Liquidity: Fed Funds 98 0 98 FHLB 581 154 427 FRB 352 0 352 HC LoC 35 6 29 Total Liquidity $1,699 $160 $1,539

$35,982 $31,575 $31,006 $31,517 $31,721 $6,925 $7,130 $7,492 $7,579 $7,034 $42,907 $38,705 $38,498 $39,096 $38,755 3.31% 2.93% 2.81% 2.86% 2.85% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 1Q23 2Q23 3Q23 4Q23 1Q24 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) $307 $239 $400 $352 $478 $845 $824 $667 $690 $655 17.7% 17.4% 13.9% 14.3% 13.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $- $200 $400 $600 $800 $1, 000 $1, 200 1Q23 2Q23 3Q23 4Q23 1Q24 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets 16 LIQUIDITY MANAGEMENT: NAVIGATING MARGIN PRESSURE 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 1Q23 2Q23 3Q23 4Q23 1Q24 Cash Yield 4.77% 4.02% 5.26% 5.52% 5.53% Sec. Yield (AFS/HTM)1 2.11% 2.30% 2.35% 2.79% 2.94% Loans (less Accr. & Fees) 5.20% 5.39% 5.52% 5.61% 5.71% Loan Accr. & Fees 0.37% 0.12% 0.10% 0.07% 0.11% Loan Yield (incl. Accr. & Fees) 5.57% 5.51% 5.61% 5.68% 5.82% IE Asset Yield 4.88% 4.82% 4.99% 5.22% 5.36% NIM (FTE) 3.31% 2.93% 2.81% 2.86% 2.85%

$(518), -0.4% $473 , 0.4% $(1,715), -1.3% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $646 , 0.5% $371 , 0.3% Interest Income % Change $(1,390), -1.0% Ramp -200bps Ramp -100bps Ramp +100bps $1,993 57% $617 18% $884 25% 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 3/31/24. 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 $1.4 Billion Variable Rate Loans • $884 Million Short-Term Variable Rate (Resetting within 1 - 3 Months) • $617 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

$6,925 $7,130 $7,492 $7,579 $7,034 1Q23 2Q23 3Q23 4Q23 1Q24 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

64% 71% 74% 73% 73% 1Q23 2Q23 3Q23 4Q23 1Q24 Operating Efficiency Ratio $27,529 $27,410 $28,406 $28,770 $28,553 1Q23 2Q23 3Q23 4Q23 1Q24 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

7.2% 7.3% 7.2% 7.5% 7.4% 1Q23 2Q23 3Q23 4Q23 1Q24 10.0% 10.1% 10.1% 10.2% 10.2% 1Q23 2Q23 3Q23 4Q23 1Q24 7.9% 8.2% 8.1% 8.3% 8.2% 1Q23 2Q23 3Q23 4Q23 1Q24 11.8% 11.9% 11.9% 11.9% 11.9% 1Q23 2Q23 3Q23 4Q23 1Q24 $16.82 $17.92 $19.26 $19.09 $20.76 $21.12 $16.80 $17.77 $19.17 $21.18 $22.29 $22.73 $8. 00 $10. 00 $12. 00 $14. 00 $16. 00 $18. 00 $20. 00 $22. 00 $24. 00 2019Y 2020Y 2021Y 2022Y 2023Y 1Q24 TBV Per Share Adj. TBV Per Share (Ex. 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 3/31/24 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 $5.93 TBVPS1 Created 2019 – Q1 2024 (Excluding Accumulated Other Comprehensive Income) $0.08 2024 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

4Q23 1Q23 ($ in thousands, except per share data) 1Q24 4Q23 1Q23 % Chg. % Chg. Net Interest Income $ 31,721 $ 31,517 $ 35,982 1% (12%) Provision for Credit Losses (440) 1,571 550 Noninterest Income 8,380 7,579 6,925 11% 21% Noninterest Expense 28,553 29,695 27,529 (4%) 4% Income Tax Expense 2,630 1,640 3,328 Net Income (GAAP) $ 9,358 $ 6,190 $ 11,500 51% (19%) Non-GAAP Reconciliations Noninterest Income (1,346) - - Noninterest Expense - 925 - Income Tax Effect Of Adjustments 348 (239) - Operating Earnings (Non-GAAP) $ 8,360 $ 6,876 $ 11,500 22% (27%) Operating PPNR Earnings (Non-GAAP) $ 10,202 $ 10,326 $ 15,378 (1%) (34%) 4Q23 1Q23 Non-GAAP Performance Metrics 1Q24 4Q23 1Q23 % Chg. % Chg. Diluted Operating Earnings Per Share $ 0.49 $ 0.41 $ 0.68 22% (27%) Tangible Book Value Per Common Share $ 21.12 $ 20.76 $ 19.66 2% 7% Operating Return on Average Assets 0.69% 0.57% 0.97% Operating PPNR Return on Average Assets 0.84% 0.86% 1.30% Operating Return on Average Tang. Common Equity 9.5% 8.0% 14.4% Operating Efficiency Ratio 73.5% 73.4% 64.0% 1Q24 vs. 1Q24 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 FIRST QUARTER RESULTS

1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Operating Earnings Net Income (GAAP) $ 9,358 $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 $ 11,543 $ 10,215 Noninterest Income: Securities (Gains) Losses - - 6,801 - - (144) - - Gain on Sale of Branch Building / ADECA Termination Proceeds (1,346) - - - - - - - Noninterest Expenses: Donation of a Former Branch Location - 250 - - - - - - Accruals For Pending Litigation - 675 - - - - - - Merger Related And Restructuring Expenses - - 110 - - (45) 87 81 Income Taxes: Income Tax Effect Of Adjustments 348 (239) (1,785) - - 49 (22) (21) Operating Earnings (Non-GAAP) $ 8,360 $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 $ 11,608 $ 10,275 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.50 $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 $ 0.69 $ 0.61 Diluted 0.49 0.41 0.43 0.52 0.68 0.76 0.69 0.61 Operating Noninterest Income Noninterest Income (GAAP) $ 8,380 $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 $ 6,250 $ 7,229 Securities (Gains) Losses - - 6,801 - - (144) - - Gain on Sale of Branch Building / ADECA Termination Proceeds (1,346) - - - - - - - Operating Noninterest Income (Non-GAAP) $ 7,034 $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 $ 6,250 $ 7,229 Operating Noninterest Expense Noninterest Expense (GAAP) $ 28,553 $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 $ 27,230 $ 25,926 Donation of a Former Branch Location - (250) - - - - - - Accruals For Pending Litigation - (675) - - - - - - Merger Related And Restructuring Expenses - - (110) - - 45 (87) (81) Operating Noninterest Expense (Non-GAAP) $ 28,553 $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 $ 27,143 $ 25,845 Operating Revenue Net Interest Income (GAAP) $ 31,721 $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 $ 36,708 $ 33,062 Operating Noninterest Income (Non-GAAP) 7,034 7,579 7,492 7,130 6,925 6,981 6,250 7,229 Operating Revenue (Non-GAAP) 38,755 39,096 38,498 38,705 42,907 44,593 42,958 40,291 Operating Pre-Provision, Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 38,755 $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 $ 42,958 $ 40,291 Operating Noninterest Expense (Non-GAAP) (28,553) (28,770) (28,406) (27,410) (27,529) (27,461) (27,143) (25,845) Operating PPNR Earnings (Non-GAAP) $ 10,202 $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 $ 15,815 $ 14,446 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.69% 0.57% 0.60% 0.75% 0.97% 1.10% 0.96% 0.88% Operating PPNR Return On Average Assets (Non-GAAP)(2) 0.84% 0.86% 0.84% 0.96% 1.30% 1.46% 1.30% 1.23% Return On Average Tangible Common Equity (Non-GAAP)(3) 10.62% 7.18% 2.43% 10.57% 14.45% 16.65% 14.36% 13.02% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 7.29% 6.07% 6.41% 7.98% 10.79% 12.15% 10.83% 9.82% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 9.49% 7.98% 8.46% 10.57% 14.45% 16.47% 14.44% 13.09% Operating Efficiency Ratio Efficiency Ratio (GAAP) 71.20% 75.95% 89.96% 70.82% 64.16% 61.28% 63.39% 64.35% Adjustment For Taxable Equivalent Yields (0.17%) (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) (0.25%) (0.27%) Adjustment For Securities (Gains) Losses - - (15.89%) - - 0.20% - - Adjustment For Sale of Branch Building 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%) - - 0.10% (0.21%) (0.20%) Operating Efficiency Ratio (Non-GAAP) 73.50% 73.41% 73.60% 70.64% 64.02% 61.36% 62.93% 63.88% 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). $ in Thousands, unless otherwise indicated

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). $ in Thousands, unless otherwise indicated 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 Operating Earnings Net Income (GAAP) $ 8,259 $ 6,655 $ 9,600 $ 8,778 $ 9,756 $ 9,030 $ 6,395 $ 6,174 Noninterest Income: Securities (Gains) Losses - - (45) - - - 9 (16) Gain on Sale of Branch Building / ADECA Termination Proceeds - - - - - (465) - - Noninterest Expenses: Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses 439 2,762 464 372 103 702 290 1,477 Income Taxes: Income Tax Effect Of Adjustments (113) (713) (108) (96) (27) (62) (77) (382) Operating Earnings (Non-GAAP) $ 8,585 $ 8,704 $ 9,911 $ 9,054 $ 9,832 $ 9,205 $ 6,617 $ 7,253 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.51 $ 0.52 $ 0.64 $ 0.60 $ 0.65 $ 0.61 $ 0.44 $ 0.48 Diluted 0.51 0.52 0.63 0.60 0.65 0.61 0.44 0.48 Operating Noninterest Income Noninterest Income (GAAP) $ 7,111 $ 6,806 $ 6,309 $ 5,143 $ 5,691 $ 4,976 $ 4,121 $ 3,511 Securities (Gains) Losses - - (45) - - - 9 (16) Gain on Sale of Branch Building / ADECA Termination Proceeds - - - - - (465) - - Operating Noninterest Income (Non-GAAP) $ 7,111 $ 6,806 $ 6,264 $ 5,143 $ 5,691 $ 4,511 $ 4,130 $ 3,495 Operating Noninterest Expense Noninterest Expense (GAAP) $ 25,718 $ 27,823 $ 23,309 $ 20,797 $ 19,464 $ 19,953 $ 19,167 $ 18,806 Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses (439) (2,762) (464) (372) (103) (702) (290) (1,477) Operating Noninterest Expense (Non-GAAP) $ 25,279 $ 25,061 $ 22,845 $ 20,425 $ 19,361 $ 19,251 $ 18,877 $ 17,329 Operating Revenue Net Interest Income (GAAP) $ 30,118 $ 29,855 $ 30,382 $ 26,897 $ 26,260 $ 26,506 $ 26,043 $ 25,746 Operating Noninterest Income (Non-GAAP) 7,111 6,806 6,264 5,143 5,691 4,511 4,130 3,495 Operating Revenue (Non-GAAP) 37,229 36,661 36,646 32,040 31,951 31,017 30,173 29,241 Operating Pre-Provision, Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 37,229 $ 36,661 $ 36,646 $ 32,040 $ 31,951 $ 31,017 $ 30,173 $ 29,241 Operating Noninterest Expense (Non-GAAP) (25,279) (25,061) (22,845) (20,425) (19,361) (19,251) (18,877) (17,329) Operating PPNR Earnings (Non-GAAP) $ 11,950 $ 11,600 $ 13,801 $ 11,615 $ 12,590 $ 11,766 $ 11,296 $ 11,912 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.76% 0.77% 1.00% 1.01% 1.19% 1.14% 0.79% 0.93% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.05% 1.03% 1.39% 1.30% 1.52% 1.45% 1.35% 1.53% Return On Average Tangible Common Equity (Non-GAAP)(3) 10.39% 8.18% 12.84% 12.54% 14.41% 13.43% 9.72% 9.80% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 8.14% 8.09% 10.01% 9.83% 11.05% 10.34% 7.57% 8.58% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 10.80% 10.70% 13.26% 12.93% 14.53% 13.69% 10.06% 11.51% Operating Efficiency Ratio Efficiency Ratio (GAAP) 69.08% 75.89% 63.53% 64.91% 60.92% 63.38% 63.54% 64.28% Adjustment For Taxable Equivalent Yields (0.31%) (0.32%) (0.25%) (0.30%) (0.28%) (0.30%) (0.32%) (0.34%) Adjustment For Securities (Gains) Losses - - (0.08%) - - - 0.02% (0.04%) Adjustment For Sale of Branch Building - - - - - - - - Adjustment For Donation of a Former Branch Location - - - - - - - - Adjustment For Accruals For Pending Litigation - - - - - - - - Adjustment For Merger Expenses (1.17%) (7.50%) (1.10%) (1.15%) (0.32%) (2.22%) (0.99%) (4.95%) Operating Efficiency Ratio (Non-GAAP) 67.60% 68.07% 62.09% 63.46% 60.32% 60.86% 62.25% 58.95%

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. 26 2. Totals may not add due to rounding $ in Thousands, unless otherwise indicated 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 $ 414,711 $ 420,427 Less Goodwill And Other Intangible Assets 106,537 107,148 107,792 108,439 109,114 109,772 110,460 104,582 Tangible Common Equity (Non-GAAP) $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 $ 304,251 $ 315,845 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 461,148 $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 $ 425,365 $ 419,726 Less Goodwill And Other Intangible Assets 106,920 107,551 108,194 108,851 109,537 110,206 106,483 104,986 Average Tangible Common Equity (Non-GAAP) $ 354,228 $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 $ 318,882 $ 314,740 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 $ 24.56 $ 24.88 Adjustment Due To Goodwill And Other Intangible Assets (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) (6.54) (6.19) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 $ 18.02 $ 18.69 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,954,690 $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 $ 4,796,911 $ 4,788,113 Less Goodwill And Other Intangibles 106,537 107,148 107,792 108,439 109,114 109,772 110,460 104,582 Tangible Assets (Non-GAAP) $ 4,848,153 $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 $ 4,686,451 $ 4,683,531 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.43% 7.47% 7.23% 7.25% 7.17% 7.13% 6.49% 6.74%

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. 27 2. Totals may not add due to rounding $ in Thousands, unless otherwise indicated 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 Tangible Common Equity: Shareholders' Equity (GAAP) $ 420,042 $ 429,430 $ 424,720 $ 373,393 $ 364,058 $ 357,168 $ 349,789 $ 343,488 Less Goodwill And Other Intangible Assets 105,215 105,852 104,930 90,966 86,350 86,471 86,710 86,327 Tangible Common Equity (Non-GAAP) $ 314,827 $ 323,578 $ 319,790 $ 282,427 $ 277,708 $ 270,697 $ 263,079 $ 257,161 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 427,945 $ 426,808 $ 392,798 $ 369,325 $ 360,919 $ 354,026 $ 347,907 $ 339,861 Less Goodwill And Other Intangible Assets 105,617 104,193 96,250 88,551 86,424 86,561 86,206 86,484 Average Tangible Common Equity (Non-GAAP) $ 322,328 $ 322,615 $ 296,548 $ 280,774 $ 274,495 $ 267,465 $ 261,701 $ 253,377 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 24.86 $ 25.56 $ 25.28 $ 24.71 $ 24.10 $ 23.64 $ 22.96 $ 22.57 Adjustment Due To Goodwill And Other Intangible Assets (6.23) (6.30) (6.25) (6.02) (5.71) (5.72) (5.69) (5.67) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 18.64 $ 19.26 $ 19.03 $ 18.69 $ 18.39 $ 17.92 $ 17.27 $ 16.90 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,718,579 $ 4,611,579 $ 4,384,031 $ 3,654,356 $ 3,557,203 $ 3,304,949 $ 3,387,588 $ 3,265,985 Less Goodwill And Other Intangibles 105,215 105,852 104,930 90,966 86,350 86,471 86,710 86,327 Tangible Assets (Non-GAAP) $ 4,613,364 $ 4,505,727 $ 4,279,101 $ 3,563,390 $ 3,470,853 $ 3,218,478 $ 3,300,878 $ 3,179,658 Tangible Common Equity To Tangible Assets (Non-GAAP): 6.82% 7.18% 7.47% 7.93% 8.00% 8.41% 7.97% 8.09%

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 2. Totals may not add due to rounding $ in Thousands, unless otherwise indicated 2023Y 2022Y 2021Y 2020Y 2019Y 2018Y Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 459,886 $ 432,452 $ 429,430 $ 357,168 $ 312,747 $ 283,011 Less Goodwill And Other Intangible Assets 107,148 109,772 105,852 86,471 77,193 79,034 Tangible Common Equity (Non-GAAP) $ 352,738 $ 322,680 $ 323,578 $ 270,697 $ 235,554 $ 203,977 Less Adjustment Due to AOCI (Loss) (25,907) (35,324) 1,443 2,183 168 (2,765) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 378,645 $ 358,004 $ 322,135 $ 268,514 $ 235,386 $ 206,742 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 27.07 $ 25.59 $ 25.56 $ 23.64 $ 22.33 $ 20.31 Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.50) (6.30) (5.72) (5.51) (5.67) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.09 $ 19.26 $ 17.92 $ 16.82 $ 14.64 Less Adjustment Due to AOCI (Loss) (1.52) (2.09) 0.09 0.14 0.01 (0.20) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 22.29 $ 21.18 $ 19.17 $ 17.77 $ 16.80 $ 14.84 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Less Adjustment Due to AOCI (Loss) (27,425) (25,907) (34,156) (35,017) (28,620) (35,324) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 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) $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Less Adjustment Due to AOCI (Loss) (1.61) (1.52) (2.01) (2.06) (1.68) (2.09) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 22.73 $ 22.29 $ 21.95 $ 21.84 $ 21.34 $ 21.18

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

Document and Entity Information	Apr. 22, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Apr. 22, 2024
Entity File Number	001-37661
Entity Registrant Name	SMARTFINANCIAL, INC.
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1173944
Entity Address, Address Line One	5401 Kingston Pike
Entity Address, Adress Line Two	Suite 600
Entity Address, City or Town	Knoxville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37919
City Area Code	865
Local Phone Number	437-5700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	SMBK
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001038773
Amendment Flag	false

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