Form 8-K - Current report

Share Name	Share Symbol	Market	Type
SmartFinancial Inc	NYSE:SMBK	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-1.82	-5.45%	31.57	33.75	31.29	33.75	71,182	22:52:52

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of earliest event reported: October 21, 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 October 21, 2024, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its third quarter ending September 30, 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 October 22, 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 third quarter 2024 financial results dated October 21, 2024
99.2		Third 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: October 21, 2024
	/s/ William Y. Carroll, Jr.
	William Y. Carroll, Jr.
	President & Chief Executive Officer

Exhibit 99.1

3Q 2024

SmartFinancial Announces Results for the Third Quarter 2024

KNOXVILLE, TN – October 21, 2024 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $9.1 million, or $0.54 per diluted common share, for the third quarter of 2024, compared to net income of $2.1 million, or $0.12 per diluted common share, for the third quarter of 2023, and compared to prior quarter net income of $8.0 million, or $0.48 per diluted common share. Operating earnings¹, which excludes non-recurring income, net of tax adjustments, totaled $9.1 million, or $0.54 per diluted common share, in the third quarter of 2024, compared to $7.2 million, or $0.43 per diluted common share, in the third quarter of 2023, and compared to $7.8 million, or $0.46 per diluted common share, in the second quarter of 2024.

Highlights for the Third Quarter of 2024

●

Operating earnings¹ of $9.1 million, or $0.54 per diluted common share

●

Net organic loan and lease growth of $144 million with 16% annualized quarter-over-quarter increase

●

Quarter-over-quarter net tax equivalent interest margin expansion of 14 basis points to 3.11%

●

19% annualized quarter-over-quarter increase in tangible book value per common share¹

●

Credit quality remains solid with nonperforming assets to total assets of 0.26%

●

Established a Real Estate Investment Trust (“REIT”) subsidiary as a tax saving strategy

Billy Carroll, President & CEO, stated: “As we talked about last quarter, the sales energy throughout our Company remains very positive as demonstrated by our 16% quarterly annualized loan and lease growth. Margin continues to inflect, up another 14 basis points to 3.11% for the quarter, and we continue to position our balance sheet for optimized returns. Credit quality remained strong, and I am pleased with our diligence around expense control. As we look ahead, we are confident in our ability to further enhance profitability and deliver strong tangible book value per share growth.”

SmartFinancial's Chairman, Miller Welborn, concluded: “This quarter was a further demonstration of our team’s ability to execute our plan. The Board was especially pleased with the Company’s operating leverage expansion and quarterly tangible book value per share growth of nearly 9% annualized. And while financial results are important, we don’t take for granted SmartBank’s incredible culture. SmartBank’s certification as a Great Place to Work by over 94% of its employee base is a tremendous honor and we look forward to continuing our tradition of being a premier employment destination.”

Net Interest Income and Net Interest Margin

Net interest income was $35.0 million for the third quarter of 2024, compared to $32.8 million for the prior quarter. Average earning assets totaled $4.5 billion for the current and prior quarters. The categories of average earnings assets changed quarter-over-quarter, primarily from an increase in average loans and leases of $130.5 million, offset by a decrease in average securities of $15.7 million and average interest-earning cash of $79.2 million. Average interest-bearing liabilities increased by $21.4 million from the prior quarter, primarily attributable to an increase in average borrowings of $40.9 million, offset by a decrease in average deposits of $18.2 million.

The tax equivalent net interest margin was 3.11% for the third quarter of 2024, compared to 2.97% for the prior quarter. The tax equivalent net interest margin was positively impacted by the increased yield on interest-earning assets, quarter-over-quarter, coupled with no change 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 5.95% for the third quarter, compared to 5.80% 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 third quarter of 2024 was 2.54% compared to 2.56% in the prior quarter. The cost of interest-bearing liabilities was 3.29% for the third quarter of 2024 and the prior quarter. The cost of average interest-bearing deposits was 3.20% for the third quarter of 2024, compared to 3.23% for the prior quarter, a decrease of 3 basis points.

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


	Three Months Ended
	Sep		Jun		Increase
Selected Interest Rates and Yields	2024		2024		(Decrease)
Yield on loans and leases, excluding loan fees, FTE	5.95	%	5.80	%	0.15	%
Yield on loans and leases, FTE	6.02	%	5.87	%	0.15	%
Yield on earning assets, FTE	5.65	%	5.52	%	0.13	%
Cost of interest-bearing deposits	3.20	%	3.23	%	(0.03)	%
Cost of total deposits	2.54	%	2.56	%	(0.02)	%
Cost of interest-bearing liabilities	3.29	%	3.29	%	-	%
Net interest margin, FTE	3.11	%	2.97	%	0.14	%

Provision for Credit Losses on Loans and Leases and Credit Quality

At September 30, 2024, the allowance for credit losses was $35.6 million. The allowance for credit losses to total loans and leases was 0.96% as of September 30, 2024, compared to 0.97% as of June 30, 2024.

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


	Three Months Ended
		Sep			Jun			Increase
Provision for Credit Losses on Loans and Leases Rollforward		2024			2024			(Decrease)
Beginning balance	$	34,690		$	34,203		$	487
Charge-offs		(1,426)			(457)			(969)
Recoveries		72			48			24
Net (charge-offs) recoveries		(1,354)			(409)			(945)
Provision for credit losses ⁽¹⁾		2,273			896			1,377
Ending balance	$	35,609		$	34,690		$	919

Allowance for credit losses to total loans and leases, gross		0.96	%		0.97	%		(0.01)	%

(1)

The current quarter-ended and prior quarter-ended excludes unfunded commitments provision of $302 thousand and a release of $13 thousand, respectively. At September 30, 2024, the unfunded commitment liability totaled $2.3 million.

Nonperforming loans and leases as a percentage of total loans and leases was 0.26% as of September 30, 2024, an increase of 7 basis points from the 0.19% reported in the second quarter of 2024. 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 0.26% as of September 30, 2024, and 0.20% as of June 30, 2024.

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


	Three Months Ended
		Sep			Jun			Increase
Credit Quality		2024			2024			(Decrease)
Nonaccrual loans and leases	$	9,319		$	6,432		$	2,887
Loans and leases past due 90 days or more and still accruing		172			210			(38)
Total nonperforming loans and leases		9,491			6,642			2,849
Other real estate owned		179			688			(509)
Other repossessed assets		2,949			2,645			304
Total nonperforming assets	$	12,619		$	9,975		$	2,644

Nonperforming loans and leases to total loans and leases, gross		0.26	%		0.19	%		0.07	%
Nonperforming assets to total assets		0.26	%		0.20	%		0.06	%

Noninterest Income

Noninterest income increased $1.5 million to $9.1 million for the third quarter of 2024 compared to $7.6 million for the prior quarter. The current quarter increase was primarily associated with a $579 thousand increase in investment services from a higher volume of investment activity, a $193 thousand increase in insurance commissions from new policies and renewals and a $607 thousand increase in other from fees related to capital markets activity.

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


	Three Months Ended
		Sep		Jun		Increase
Noninterest Income		2024		2024		(Decrease)
Service charges on deposit accounts	$	1,780	$	1,692	$	88
Mortgage banking income		410		348		62
Investment services		1,881		1,302		579
Insurance commissions		1,477		1,284		193
Interchange and debit card transaction fees		1,349		1,343		6
Other		2,242		1,635		607
Total noninterest income	$	9,139	$	7,604	$	1,535

Noninterest Expense

Noninterest expense increased $1.6 million to $30.8 million for the third quarter of 2024 compared to $29.2 million for the prior quarter. The current quarter increase was primarily related to an increase in salaries and employee benefits related to incentive accruals for production performance.

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


	Three Months Ended
		Sep		Jun		Increase
Noninterest Expense		2024		2024		(Decrease)
Salaries and employee benefits	$	18,448	$	17,261	$	1,187
Occupancy and equipment		3,423		3,324		99
FDIC insurance		825		825		-
Other real estate and loan related expenses		460		538		(78)
Advertising and marketing		327		295		32
Data processing and technology		2,519		2,452		67
Professional services		1,201		1,064		137
Amortization of intangibles		604		608		(4)
Other		3,039		2,834		205
Total noninterest expense	$	30,846	$	29,201	$	1,645

Income Tax Expense

Income tax expense was $1.6 million for the third quarter of 2024, a decrease of $721 thousand, compared to $2.3 million for the prior quarter. The decrease was due to a reduction in the Bank’s annual state income tax expense as a result of the establishment of the Bank’s newly formed REIT. The REIT will create a more tax-effective structure that will result in a lower effective tax rate during future periods by lowering the Bank’s state income tax expense.

Balance Sheet Trends

Total assets at September 30, 2024 were $4.91 billion compared to $4.83 billion at December 31, 2023. The $79.5 million increase is primarily attributable to increases loans and leases of $273.0 million and bank owned life insurance of $21.6 million, offset by a decrease in securities of $60.5 million and cash and cash equivalents of $159.4 million.

Total liabilities were $4.42 billion at September 30, 2024, compared to $4.37 billion at December 31, 2023, an increase of $50.4 million. Total deposits increased $54.6 million, which was driven primarily by the issuance of brokered deposits of $174.8 million, increase in other time deposits of $44.3 million and savings deposits of $42.4 million, offset by a decline in interest-bearing demand deposits of $172.7 million and noninterest bearing deposits of $34 million. Other liabilities increased $2.3 million, which was offset by a decrease in borrowings of $4.1 million and subordinated debt of $2.4 million. During the quarter, the Bank elected not to pursue a higher cost public funds depository relationship and utilized Federal Home Loan Advances temporarily, which was replaced with brokered deposits.

Shareholders' equity at September 30, 2024, totaled $489.0 million, an increase of $29.1 million, from December 31, 2023. The increase in shareholders' equity was primarily driven by net income of $26.5 million for the nine months ended September 30, 2024, and a positive change of $8.6 million in accumulated other comprehensive income, offset by dividends paid of $4.1 million. Tangible book value per share¹ was $22.67 at September 30, 2024, compared to $20.76 at December 31, 2023. Tangible common equity¹ as a percentage of tangible assets¹ was 7.99% at September 30, 2024, compared with 7.47% at December 31, 2023.

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


	Sep		Dec		Increase
Selected Balance Sheet Information	2024		2023		(Decrease)
Total assets	$	4,908,934	$	4,829,387	$	79,547
Total liabilities		4,419,911		4,369,501		50,410
Total equity		489,023		459,886		29,137
Securities		629,115		689,646		(60,531)
Loans and leases		3,717,478		3,444,462		273,016
Deposits		4,322,491		4,267,854		54,637
Borrowings		8,997		13,078		(4,081)

Conference Call Information

SmartFinancial issued this earnings release for the third quarter of 2024 on Monday, October 21, 2024, and will host a conference call on Tuesday, October 22, 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, 599429. A replay of the conference call will be available through December 21, 2024, by dialing (866) 813-9403 or (929) 458-6194 and entering the access code, 195203. 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 & Chief Executive Officer
Email: billy.carroll@smartbank.com
Phone: (865) 868-0613

Nathan Strall
Vice President and Director of Strategy & Corporate Development
Email: nathan.strall@smartbank.com
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

Operating earnings, operating noninterest income, operating noninterest expense and operating PPNR earnings 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. 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, 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)

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;

(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.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	Ending Balances
	Sep		Jun		Mar		Dec		Sep
	2024		2024		2024		2023		2023
Assets:
Cash and cash equivalents	$	192,914	$	342,835	$	477,941	$	352,271	$	400,258
Securities available-for-sale, at fair value		501,336		500,821		474,347		408,410		385,131
Securities held-to-maturity, at amortized cost		127,779		128,996		180,169		281,236		282,313
Other investments		20,352		13,780		13,718		13,662		13,805
Loans held for sale		5,804		3,103		4,861		4,418		2,734
Loans and leases		3,717,478		3,574,158		3,477,555		3,444,462		3,378,999
Less: Allowance for credit losses		(35,609)		(34,690)		(34,203)		(35,066)		(33,687)
Loans and leases, net		3,681,869		3,539,468		3,443,352		3,409,396		3,345,312
Premises and equipment, net		91,055		91,315		92,694		92,963		92,020
Other real estate owned		179		688		696		517		1,370
Goodwill and other intangibles, net		105,324		105,929		106,537		107,148		107,792
Bank owned life insurance		105,025		84,483		83,957		83,434		82,914
Other assets		77,297		79,591		76,418		75,932		83,522
Total assets	$	4,908,934	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171
Liabilities:
Deposits:
Noninterest-bearing demand	$	863,949	$	903,300	$	907,254	$	898,044	$	923,763
Interest-bearing demand		834,207		988,057		996,298		1,006,915		993,717
Money market and savings		1,854,777		1,901,281		1,952,410		1,812,427		1,766,409
Time deposits		769,558		524,018		538,159		550,468		562,620
Total deposits		4,322,491		4,316,656		4,394,121		4,267,854		4,246,509
Borrowings		8,997		12,732		9,849		13,078		14,117
Subordinated debt		39,663		42,142		42,120		42,099		42,078
Other liabilities		48,760		47,014		41,804		46,470		47,815
Total liabilities		4,419,911		4,418,544		4,487,894		4,369,501		4,350,519
Shareholders' Equity:
Common stock		16,926		16,926		17,057		16,989		16,995
Additional paid-in capital		293,909		293,586		296,061		295,699		295,542
Retained earnings		195,537		187,751		181,103		173,105		168,271
Accumulated other comprehensive loss		(17,349)		(25,798)		(27,425)		(25,907)		(34,156)
Total shareholders' equity		489,023		472,465		466,796		459,886		446,652
Total liabilities & shareholders' equity	$	4,908,934	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
	2024		2024		2024		2023		2023		2024		2023
Interest income:
Loans and leases, including fees	$	54,738	$	50,853	$	50,020	$	48,767	$	47,539	$	155,611	$	137,712
Investment securities:
Taxable		5,233		5,320		4,548		4,344		4,335		15,101		12,322
Tax-exempt		350		353		352		352		356		1,056		1,066
Federal funds sold and other earning assets		3,635		4,759		4,863		4,032		3,045		13,255		9,448
Total interest income		63,956		61,285		59,783		57,495		55,275		185,023		160,548
Interest expense:
Deposits		27,350		27,439		27,035		24,926		23,433		81,824		59,333
Borrowings		709		148		128		162		210		985		775
Subordinated debt		865		884		899		890		626		2,647		1,877
Total interest expense		28,924		28,471		28,062		25,978		24,269		85,456		61,985
Net interest income		35,032		32,814		31,721		31,517		31,006		99,567		98,563
Provision for credit losses		2,575		883		(440)		1,571		795		3,018		1,458
Net interest income after provision for credit losses		32,457		31,931		32,161		29,946		30,211		96,549		97,105
Noninterest income:
Service charges on deposit accounts		1,780		1,692		1,612		1,673		1,736		5,084		4,838
Loss on sale of securities, net		—		—		—		—		(6,801)		—		(6,801)
Mortgage banking		410		348		280		227		309		1,038		813
Investment services		1,881		1,302		1,380		1,339		1,461		4,563		3,766
Insurance commissions		1,477		1,284		1,103		1,133		1,153		3,865		3,551
Interchange and debit card transaction fees		1,349		1,343		1,253		1,370		1,357		3,945		4,087
Other		2,242		1,635		2,752		1,837		1,476		6,627		4,492
Total noninterest income		9,139		7,604		8,380		7,579		691		25,122		14,746
Noninterest expense:
Salaries and employee benefits		18,448		17,261		16,639		16,275		16,785		52,348		49,474
Occupancy and equipment		3,423		3,324		3,396		3,378		3,547		10,144		10,073
FDIC insurance		825		825		915		915		825		2,565		2,241
Other real estate and loan related expense		460		538		584		781		603		1,582		1,616
Advertising and marketing		327		295		302		336		346		924		1,006
Data processing and technology		2,519		2,452		2,465		2,458		2,378		7,435		6,777
Professional services		1,201		1,064		924		1,136		735		3,190		2,307
Amortization of intangibles		604		608		612		643		647		1,824		1,981
Merger related and restructuring expenses		—		—		—		—		110		—		110
Other		3,039		2,834		2,716		3,773		2,540		8,587		7,870
Total noninterest expense		30,846		29,201		28,553		29,695		28,516		88,599		83,455
Income before income taxes		10,750		10,334		11,988		7,830		2,386		33,072		28,396
Income tax expense		1,610		2,331		2,630		1,640		319		6,572		5,993
Net income	$	9,140	$	8,003	$	9,358	$	6,190	$	2,067	$	26,500	$	22,403
Earnings per common share:
Basic	$	0.55	$	0.48	$	0.56	$	0.37	$	0.12	$	1.58	$	1.33
Diluted	$	0.54	$	0.48	$	0.55	$	0.37	$	0.12	$	1.57	$	1.33
Weighted average common shares outstanding:
Basic		16,726,658		16,770,819		16,849,735		16,814,647		16,807,548		16,782,200		16,801,840
Diluted		16,839,998		16,850,250		16,925,408		16,918,234		16,918,635		16,874,316		16,907,325

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Loans and leases, including fees¹	$	3,634,808	$	54,993	6.02	%	$	3,504,265	$	51,110	5.87	%	$	3,360,678	$	47,539	5.61	%
Taxable securities		564,978		5,233	3.68	%		580,517		5,320	3.69	%		743,054		4,335	2.31	%
Tax-exempt securities²		63,561		443	2.77	%		63,690		447	2.82	%		64,707		451	2.77	%
Federal funds sold and other earning assets		267,252		3,634	5.41	%		346,459		4,759	5.52	%		229,487		3,045	5.26	%
Total interest-earning assets		4,530,599		64,303	5.65	%		4,494,931		61,636	5.52	%		4,397,926		55,370	4.99	%
Noninterest-earning assets		381,306						383,697						379,456
Total assets	$	4,911,905					$	4,878,628					$	4,777,382

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	925,307		5,289	2.27	%	$	983,433		5,950	2.43	%	$	969,122		5,463	2.24	%
Money market and savings deposits		1,917,301		16,608	3.45	%		1,909,125		16,529	3.48	%		1,753,671		13,744	3.11	%
Time deposits		560,699		5,453	3.87	%		528,985		4,960	3.77	%		551,191		4,226	3.04	%
Total interest-bearing deposits		3,403,307		27,350	3.20	%		3,421,543		27,439	3.23	%		3,273,984		23,433	2.84	%
Borrowings		53,592		709	5.26	%		12,684		148	4.69	%		16,228		210	5.13	%
Subordinated debt		40,846		865	8.42	%		42,129		884	8.44	%		42,065		626	5.90	%
Total interest-bearing liabilities		3,497,745		28,924	3.29	%		3,476,356		28,471	3.29	%		3,332,277		24,269	2.89	%
Noninterest-bearing deposits		884,938						888,693						951,179
Other liabilities		50,580						47,208						48,494
Total liabilities		4,433,263						4,412,257						4,331,950
Shareholders' equity		478,642						466,371						445,432
Total liabilities and shareholders' equity	$	4,911,905					$	4,878,628					$	4,777,382

Net interest income, taxable equivalent			$	35,379					$	33,165					$	31,101
Interest rate spread					2.36	%					2.22	%					2.11	%
Tax equivalent net interest margin					3.11	%					2.97	%					2.81	%

Percentage of average interest-earning assets to average interest-bearing liabilities					129.53	%					129.30	%					131.98	%
Percentage of average equity to average assets					9.74	%					9.56	%					9.32	%

¹Yields computed on tax-exempt loans on a tax equivalent basis include $255 thousand, $257 thousand, and $0 thousand of taxable equivalent income for the quarters ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

²Yields computed on tax-exempt instruments on a tax equivalent basis include $93 thousand, $94 thousand, and $95 thousand of taxable equivalent income for the quarters ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:
Loans and leases, including fees¹	$	3,532,768	$	156,123		5.90	%	$	3,309,616	$	137,712	5.56	%
Taxable securities		588,679		15,101		3.43	%		745,694		12,322	2.21	%
Tax-exempt securities²		63,804		1,336		2.80	%		65,170		1,349	2.77	%
Federal funds sold and other earning assets		322,339		13,255		5.49	%		267,124		9,448	4.73	%
Total interest-earning assets		4,507,590		185,815		5.51	%		4,387,604		160,831	4.90	%
Noninterest-earning assets		381,743							365,123
Total assets	$	4,889,333						$	4,752,727

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	968,139		17,299		2.39	%	$	954,585		14,583	2.04	%
Money market and savings deposits		1,910,452		49,285		3.45	%		1,770,232		35,912	2.71	%
Time deposits		543,887		15,240		3.74	%		508,600		8,838	2.32	%
Total interest-bearing deposits		3,422,478		81,824		3.19	%		3,233,417		59,333	2.45	%
Borrowings		25,941		985		5.07	%		19,309		775	5.37	%
Subordinated debt		41,691		2,647		8.48	%		42,044		1,877	5.97	%
Total interest-bearing liabilities		3,490,110		85,456		3.27	%		3,294,770		61,985	2.52	%
Noninterest-bearing deposits		882,168							972,507
Other liabilities		48,299							44,703
Total liabilities		4,420,577							4,311,980
Shareholders' equity		468,756							440,747
Total liabilities and shareholders' equity	$	4,889,333						$	4,752,727

Net interest income, taxable equivalent			$	100,359						$	98,846
Interest rate spread						2.24	%					2.39	%
Tax equivalent net interest margin						2.97	%					3.01	%

Percentage of average interest-earning assets to average interest-bearing liabilities						129.15	%					133.17	%
Percentage of average equity to average assets						9.59	%					9.27	%

¹Yields computed on tax-exempt loans on a tax equivalent basis included $512 thousand and $0 thousand of taxable equivalent income for the nine months ended September 30, 2024, and 2023, respectively.

²Yields computed on tax-exempt instruments on a tax equivalent basis included $280 thousand and $283 thousand of taxable equivalent income for the nine months ended September 30, 2024, and 2023, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	As of and for The Three Months Ended
	Sep			Jun			Mar			Dec			Sep
	2024			2024			2024			2023			2023
Composition of Loans and Leases:
Commercial real estate:
Owner occupied	$	868,077		$	829,085		$	804,557		$	798,416		$	776,402
Non-owner occupied		1,031,708			986,278			938,648			940,789			890,774
Commercial real estate, total		1,899,785			1,815,363			1,743,205			1,739,205			1,667,176
Commercial & industrial		731,600			701,460			667,903			645,918			617,115
Construction & land development		315,006			294,575			321,860			327,185			373,068
Consumer real estate		690,504			678,331			659,209			649,867			638,518
Leases		67,052			70,299			71,909			68,752			68,538
Consumer and other		13,531			14,130			13,469			13,535			14,584
Total loans and leases	$	3,717,478		$	3,574,158		$	3,477,555		$	3,444,462		$	3,378,999

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$	9,491		$	6,642		$	6,266		$	8,101		$	4,163
Other real estate owned		179			688			696			517			1,370
Other repossessed assets		2,949			2,645			2,033			1,117			348
Total nonperforming assets	$	12,619		$	9,975		$	8,995		$	9,735		$	5,881
Modified loans and leases¹ not included in nonperforming loans and leases	$	4,053		$	4,241		$	4,413		$	4,245		$	2,376
Net charge-offs to average loans and leases (annualized)		0.15	%		0.05	%		0.09	%		0.04	%		0.04	%
Allowance for credit losses to loans and leases		0.96	%		0.97	%		0.98	%		1.02	%		1.00	%
Nonperforming loans and leases to total loans and leases, gross		0.26	%		0.19	%		0.18	%		0.24	%		0.12	%
Nonperforming assets to total assets		0.26	%		0.20	%		0.18	%		0.20	%		0.12	%

Capital Ratios:
Equity to Assets		9.96	%		9.66	%		9.42	%		9.52	%		9.31	%
Tangible common equity to tangible assets (Non-GAAP)²		7.99	%		7.66	%		7.43	%		7.47	%		7.23	%

SmartFinancial, Inc.³
Tier 1 leverage		8.44	%		8.32	%		8.23	%		8.27	%		8.13	%
Common equity Tier 1		10.06	%		10.06	%		10.20	%		10.14	%		10.07	%
Tier 1 capital		10.06	%		10.06	%		10.20	%		10.14	%		10.07	%
Total capital		11.63	%		11.68	%		11.85	%		11.78	%		11.90	%

SmartBank		Estimated⁴
Tier 1 leverage		9.18	%		9.11	%		9.07	%		9.18	%		9.00	%
Common equity Tier 1		10.92	%		11.02	%		11.23	%		11.26	%		11.15	%
Tier 1 capital		10.92	%		11.02	%		11.23	%		11.26	%		11.15	%
Total capital		11.70	%		11.79	%		12.00	%		12.02	%		11.87	%

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															As of and for The
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
	2024			2024			2024			2023			2023			2024			2023
Selected Performance Ratios (Annualized):
Return on average assets		0.74	%		0.66	%		0.77	%		0.52	%		0.17	%		0.72	%		0.63	%
Return on average shareholders' equity		7.60	%		6.90	%		8.16	%		5.46	%		1.84	%		7.55	%		6.80	%
Return on average tangible common equity¹		9.75	%		8.94	%		10.63	%		7.18	%		2.43	%		9.77	%		9.02	%
Noninterest income / average assets		0.74	%		0.63	%		0.69	%		0.63	%		0.06	%		0.69	%		0.41	%
Noninterest expense / average assets		2.50	%		2.41	%		2.35	%		2.47	%		2.37	%		2.42	%		2.35	%
Efficiency ratio		69.83	%		72.25	%		71.20	%		75.95	%		89.96	%		71.06	%		73.65	%

Operating Selected Performance Ratios (Annualized):
Operating return on average assets¹		0.74	%		0.64	%		0.69	%		0.57	%		0.60	%		0.69	%		0.77	%
Operating PPNR return on average assets¹		1.08	%		0.90	%		0.84	%		0.86	%		0.84	%		0.94	%		1.03	%
Operating return on average shareholders' equity¹		7.60	%		6.72	%		7.29	%		6.07	%		6.41	%		7.21	%		8.35	%
Operating return on average tangible common equity¹		9.75	%		8.70	%		9.49	%		7.98	%		8.46	%		9.32	%		11.09	%
Operating efficiency ratio¹		69.28	%		72.13	%		73.50	%		73.41	%		73.60	%		71.55	%		69.23	%
Operating noninterest income / average assets¹		0.74	%		0.60	%		0.58	%		0.63	%		0.62	%		0.64	%		0.61	%
Operating noninterest expense / average assets¹		2.50	%		2.41	%		2.35	%		2.39	%		2.36	%		2.42	%		2.34	%

Selected Interest Rates and Yields:
Yield on loans and leases, excluding loan fees, FTE		5.95	%		5.80	%		5.71	%		5.61	%		5.52	%		5.82	%		5.37	%
Yield on loans and leases, FTE		6.02	%		5.87	%		5.82	%		5.68	%		5.61	%		5.90	%		5.56	%
Yield on earning assets, FTE		5.65	%		5.52	%		5.36	%		5.22	%		4.99	%		5.51	%		4.90	%
Cost of interest-bearing deposits		3.20	%		3.23	%		3.16	%		3.00	%		2.84	%		3.19	%		2.45	%
Cost of total deposits		2.54	%		2.56	%		2.52	%		2.35	%		2.20	%		2.54	%		1.89	%
Cost of interest-bearing liabilities		3.29	%		3.29	%		3.23	%		3.07	%		2.89	%		3.27	%		2.52	%
Net interest margin, FTE		3.11	%		2.97	%		2.85	%		2.86	%		2.81	%		2.97	%		3.01	%

Per Common Share:
Net income, basic	$	0.55		$	0.48		$	0.56		$	0.37		$	0.12		$	1.58		$	1.33
Net income, diluted		0.54			0.48			0.55			0.37			0.12			1.57			1.33
Operating earnings, basic¹		0.55			0.47			0.50			0.41			0.43			1.51			1.64
Operating earnings, diluted¹		0.54			0.46			0.49			0.41			0.43			1.50			1.63
Book value		28.89			27.91			27.37			27.07			26.28			28.89			26.28
Tangible book value¹		22.67			21.66			21.12			20.76			19.94			22.67			19.94
Common shares outstanding		16,926,374			16,925,902			17,056,704			16,988,879			16,994,543			16,926,374			16,994,543

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															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
	2024			2024			2024			2023			2023			2024			2023
Operating Earnings:
Net income (GAAP)	$	9,140		$	8,003		$	9,358		$	6,190		$	2,067		$	26,500		$	22,403
Noninterest income:
Securities (gains) losses, net		—			—			—			—			6,801			—			6,801
Gain on sale of former branch building		—			(283)			(1,346)			—			—			(1,629)			—
Noninterest expenses:
Donation of a former branch location		—			—			—			250			—			—			—
Accruals for pending litigation		—			—			—			675			—			—			—
Merger related and restructuring expenses		—			—			—			—			110			—			110
Income taxes:
Income tax effect of adjustments		—			73			348			(239)			(1,785)			421			(1,785)
Operating earnings (Non-GAAP)	$	9,140		$	7,793		$	8,360		$	6,876		$	7,193		$	25,292		$	27,529
Operating earnings per common share (Non-GAAP):
Basic	$	0.55		$	0.47		$	0.50		$	0.41		$	0.43		$	1.51		$	1.64
Diluted		0.54			0.46			0.49			0.41			0.43			1.50			1.63

Operating Noninterest Income:
Noninterest income (GAAP)	$	9,139		$	7,604		$	8,380		$	7,579		$	691		$	25,122		$	14,746
Securities (gains) losses, net		—			—			—			—			6,801			—			6,801
Gain on sale of former branch building		—			(283)			(1,346)			—			—			(1,629)			—
Operating noninterest income (Non-GAAP)	$	9,139		$	7,321		$	7,034		$	7,579		$	7,492		$	23,493		$	21,547
Operating noninterest income (Non-GAAP)/average assets¹		0.74	%		0.60	%		0.58	%		0.63	%		0.62	%		0.64	%		0.61	%

Operating Noninterest Expense:
Noninterest expense (GAAP)	$	30,846		$	29,201		$	28,553		$	29,695		$	28,516		$	88,599		$	83,455
Donation of a former branch location		—			—			—			(250)			—			—			—
Accruals for pending litigation		—			—			—			(675)			—			—			—
Merger related and restructuring expenses		—			—			—			—			(110)			—			(110)
Operating noninterest expense (Non-GAAP)	$	30,846		$	29,201		$	28,553		$	28,770		$	28,406		$	88,599		$	83,345
Operating noninterest expense (Non-GAAP)/average assets²		2.50	%		2.41	%		2.35	%		2.39	%		2.36	%		2.42	%		2.34	%

Operating Pre-provision Net revenue ("PPNR") Earnings:
Net interest income (GAAP)	$	35,032		$	32,814		$	31,721		$	31,517		$	31,006		$	99,567		$	98,563
Operating noninterest income (Non-GAAP)		9,139			7,321			7,034			7,579			7,492			23,493			21,547
Operating noninterest expense (Non-GAAP)		(30,846)			(29,201)			(28,553)			(28,770)			(28,406)			(88,599)			(83,345)
Operating PPNR earnings (Non-GAAP)	$	13,325		$	10,934		$	10,202		$	10,326		$	10,092		$	34,461		$	36,765

Non-GAAP Return Ratios:
Operating return on average assets (Non-GAAP)³		0.74	%		0.64	%		0.69	%		0.57	%		0.60	%		0.69	%		0.77	%
Operating PPNR return on average assets (Non-GAAP)⁴		1.08	%		0.90	%		0.84	%		0.86	%		0.84	%		0.94	%		1.03	%
Return on average tangible common equity (Non-GAAP)⁵		9.75	%		8.93	%		10.63	%		7.18	%		2.43	%		9.77	%		9.02	%
Operating return on average shareholders' equity (Non-GAAP)⁶		7.60	%		6.72	%		7.29	%		6.07	%		6.41	%		7.21	%		8.35	%
Operating return on average tangible common equity (Non-GAAP)⁷		9.75	%		8.70	%		9.49	%		7.98	%		8.46	%		9.32	%		11.09	%

Operating Efficiency Ratio:
Efficiency ratio (GAAP)		69.83	%		72.25	%		71.20	%		75.95	%		89.96	%		71.06	%		73.65	%
Adjustment for taxable equivalent yields		(0.55)	%		(0.63)	%		(0.17)	%		(0.18)	%		(0.27)	%		(0.45)	%		(0.18)	%
Adjustment for securities gains (losses)		—	%		—	%		—	%		—	%		(15.89)	%		—	%		(4.17)	%
Adjustment for sale of branch location		—	%		0.51	%		2.46	%		—	%		—	%		0.94	%		—	%
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)	%		—	%		(0.07)	%
Operating efficiency ratio (Non-GAAP)		69.28	%		72.13	%		73.50	%		73.41	%		73.60	%		71.55	%		69.23	%

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
	Sep		Jun		Mar		Dec		Sep
	2024		2024		2024		2023		2023
Tangible Common Equity:
Shareholders' equity (GAAP)	$	489,023	$	472,465	$	466,796	$	459,886	$	446,652
Less goodwill and other intangible assets		105,324		105,929		106,537		107,148		107,792
Tangible common equity (Non-GAAP)	$	383,699	$	366,536	$	360,259	$	352,738	$	338,860

Average Tangible Common Equity:
Average shareholders' equity (GAAP)	$	478,642	$	466,371	$	461,148	$	449,526	$	445,432
Less average goodwill and other intangible assets		105,701		106,301		106,920		107,551		108,194
Average tangible common equity (Non-GAAP)	$	372,941	$	360,070	$	354,228	$	341,975	$	337,238

Tangible Book Value per Common Share:
Book value per common share (GAAP)	$	28.89	$	27.91	$	27.37	$	27.07	$	26.28
Adjustment due to goodwill and other intangible assets		(6.22)		(6.25)		(6.25)		(6.31)		(6.34)
Tangible book value per common share (Non-GAAP)¹	$	22.67	$	21.66	$	21.12	$	20.76	$	19.94

Tangible Common Equity to Tangible Assets:
Total Assets (GAAP)	$	4,908,934	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171
Less goodwill and other intangibles		105,324		105,929		106,537		107,148		107,792
Tangible Assets (Non-GAAP)	$	4,803,610	$	4,785,080	$	4,848,153	$	4,722,239	$	4,689,379
Tangible common equity to tangible assets (Non-GAAP)		7.99%		7.66%		7.43%		7.47%		7.23%

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 3Q 2024 October 22, 2024, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -470 -1428 Access Code: 599429 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, 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) 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; (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 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 noninterest income (iii) Operating noninterest expense (iv) Operating revenue (v) Operating pre-provision net revenue (“PPNR”) earnings (vi) Tangible common equity (vii) Tangible common equity (excluding Accumulated Other Comprehensive income (“AOCI”)) (viii) Average tangible common equity (ix) Tangible book value per common share (x) Tangible book value per common share (excluding AOCI) (xi) Tangible assets Operating earnings, operating noninterest income, operating noninterest expense, operating revenue and operating PPNR 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 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 9/30/24

$0.12 $0.48 $0.54 $0.43 $0.46 $0.54 3Q23 2Q24 3Q24 GAAP EPS Diluted Operating EPS $26.28 $27.91 $28.89 $19.94 $21.66 $22.67 3Q23 2Q24 3Q24 BV Per Share TBV Per Share 0.17% 0.66% 0.74% 0.60% 0.64% 0.74% 3Q23 2Q24 3Q24 GAAP ROAA Operating ROAA 2.4% 8.9% 9.7% 8.5% 8.7% 9.7% 3Q23 2Q24 3Q24 ROATCE Operating ROATCE AOCI Impact 3 Unless otherwise indicated, financial data as of or for the three months ended 9/30/24 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: THIRD QUARTER 2024 8.9% QoQ2 Annualized Tang. Book Value Per Share Growth (Excluding AOCI)1,4 $0.54 Diluted Operating EPS1 0.74% Operating Return on Average Assets1 9.7% Operating Return Average Tang. Common Equity1 69% Operating Efficiency Ratio1 0.5% QoQ Annualized Deposit Growth 16.0% QoQ Annualized Organic Loan3 Growth 86% Loan / Deposit Ratio3 0.26% Non-Performing Assets / Assets $4.9 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 $23.69 $22.67 $23.18 $21.66 $19.94 $21.95

$9,030 $9,140 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $0.59 $0.54 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $31,482 $44,171 $( 5, 000) $5, 000 $15, 000 $25, 000 $35, 000 $45, 000 $55, 000 $2,382 $3,717 $( 200) $300 $800 $1, 300 $1, 800 $2, 300 $2, 800 $3, 300 $3, 800 $4, 300 $2,805 $4,322 $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 $5, 000 0.31% 0.26% $- $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

$9,205 $9,140 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $0.61 $0.54 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $11,766 $13,325 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 1.14% 0.74% $- $0 $0 $0 $0 $0 $0 $0 13.69% 9.75% $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $17.92 $22.67 $15 $16 $17 $18 $19 $20 $21 $22 $23 $24 5 NON-GAAP KEY MEASURE TRENDS1 : 1) Operating Earnings, Operating Diluted EPS, Operating PPNR, Operating ROAA, Operating ROATCE, Tangible Book Value Per Share and Tangible Common Equity are all Non-GAAP financial measures. For a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix $ in Thousands Operating Earnings: Operating Diluted EPS: Operating PPNR: 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 $4.9 Billion in Total Assets $3.7 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. $4.3 Billion in Total Deposits 42 Total Branches Nashville Knoxville Huntsville Tuscaloosa Mobile Pensacola Birmingham Auburn Tallahassee Dothan Montgomery SmartBank Branch Offices Chattanooga 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 $4.9 $- $1 $2 $3 $4 $5 $6 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q3 '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 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

$( 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: 62% ► Deposits: 63% ► ’21-’24 Growth: 9% Tennessee Source: S&P Market Intelligence; U.S. Census; https://www.cnbc.com/americas-top-states-for-business/ 1) Producers includes relationship managers, market leaders and regional presidents responsible for meeting business production goals 2) Market loan and deposit percentages shown as a percentage of the total loans and deposits of SmartBank as of 9/30/24, respectively 3) 12/31/21 – 9/30/24 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: 22% ► Deposits: 28% ► ’21-’24 Growth: 22% Alabama ► Producers: 11 ► Loans: 16% ► Deposits: 9% ► ’21-’24 Growth: 12% Coastal July 1, 2022 to July 1, 2023 AMERICA’S TOP STATES FOR BUSINESS 2024 N. CAROLINA: #2 GEORGIA: #4 FLORIDA: #5 TENNESSEE: #8 S. CAROLINA: #19 ALABAMA: #20 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% Auburn Dothan Tuscaloosa Panama City

23% 23% 23% 23% 23% 26% 27% 27% 28% 28% 18% 19% 19% 20% 20% 11% 9% 9% 8% 8% 19% 19% 19% 19% 19% $3,379 $3,444 $3,478 $3,574 $3,717 3Q23 4Q23 1Q24 2Q24 3Q24 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other $1,897 $2,382 $2,693 $3,254 $3,444 $3,478 $3,574 $3,717 5.43% 5.71% 5.80% 5.95% 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 2Q24 3Q24 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

1-4 Family (NOO) 17% Resi/Comm Land Dev. 13% Resi/Comm Land 19% CRE (OO) 11% CRE (NOO) 24% Multifamily 22% Hotel & Hospitality 33% Retail Space 10% Office Space 11% Misc. 12% 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 principal balance shown $1.04 Billion2 - 28% of Total Loans $316 Million2 - 9% of Total Loans

$5,881 $9,735 $8,995 $9,975 $12,619 0.12% 0.20% 0.18% 0.20% 0.26% - 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 3Q23 4Q23 1Q24 2Q24 3Q24 Nonperforming Loans OREO & Other Repos Nonperforming Assets / Total Assets 285% 280% 275% 277% 288% 83% 72% 70% 63% 67% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 3Q23 4Q23 1Q24 2Q24 3Q24 CRE Loans / Capital C&D Loans / Capital $9,094 $13,828 $10,737 $10,299 $13,730 0.27% 0.40% 0.31% 0.29% 0.37% - 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 3Q23 4Q23 1Q24 2Q24 3Q24 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.31% 0.37% 0.31% 0.28% 0.27% 0.04% 0.04% 0.09% 0.05% 0.15% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 3Q23 4Q23 1Q24 2Q24 3Q24 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $33,687 $35,066 $34,203 $34,690 $35,609 1.00% 1.02% 0.98% 0.97% 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 3Q23 4Q23 1Q24 2Q24 3Q24 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

22% 21% 21% 21% 20% 23% 24% 23% 23% 19% 42% 42% 44% 44% 43% 13% 13% 12% 12% 18% $4,247 $4,268 $4,394 $4,317 $4,322 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits $2,047 $2,805 $4,022 $4,077 $4,268 $4,394 $4,317 $4,322 2.00% 2.52% 2.56% 2.54% 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 2Q24 3Q24 $3,717 12 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 86% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Complexion Change as Cost Optimization Occurs

$132 $143 $4 $43 $43 $126 $45 $73 $40 $- $- $50 $100 $150 $200 $250 $300 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate CDs 2.35%2.79% 2.94% 3.60% 3.59% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 3Q23 4Q23 1Q24 2Q24 3Q24 Sec. Yield (AFS/HTM) 13 SECURITIES DETAIL: STABLE CASHFLOW WITH INCREASING YIELDS $ in Millions, unless otherwise indicated Portfolio Summary Weighted Average Portfolio Yield Portfolio Mix by Book Value Risk Adverse Portfolio Designed for Liquidity $648 Million Book Value 3.49% Book Yield ($35) Million Unrealized Loss • ($20) Million in Available-for-Sale Securities (AFS) • ($15) Million in Held-to-Maturity (HTM) 5.3 Year Average Life 3.3 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 ON THE HORIZON $197 Million in Fixed Rate Loans Yielding 4.76% Maturing by 2025 Year End $99 Million in Adjustable-Rate Loans Yielding 6.39% Maturing or Repricing by 2025 Year End $1.1 Billion in Variable Floating Rate Loans Yielding 7.53% Repricing Monthly $75 Million in Investment Portfolio Principal Cash Flow Yielding 4.02% Returning by 2025 Year End FYE 2027 & ($ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 2026 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 49 $ 30 $ 31 $ 25 $ 63 $ 300 $ 1,477 Weighted Average Yield 5.35% 5.02% 4.79% 4.96% 4.10% 4.86% 5.15% Adjustable Rate Loans $ 16 $ 20 $ 24 $ 25 $ 14 $ 131 $ 429 Weighted Average Yield 6.72% 7.18% 6.93% 6.10% 4.47% 4.40% 5.58% Investment Cashflow Schedule: Principal Cashflow $ 16 $ 14 $ 18 $ 14 $ 13 $ 59 $ 497 Yield Roll-Off 3.99% 3.99% 4.31% 3.84% 3.86% 3.23% 3.43% Quarterly

Total Amount Net Available Used Availability Current On-Balance Sheet: Cash & Cash Equiv. $193 $0 $193 Unpledged Securities 122 0 122 Available Sources of Liquidity: Fed Funds 96 0 96 FHLB 542 174 368 FRB 424 0 424 HC LoC 35 5 30 Total Liquidity $1,412 $179 $1,233 106% 101% Peer Average SMBK 91% 86% 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 borrowing capacity shown as of September 30, 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 Access to a Variety of Funding Robust Liquidity on Hand $1.2 Billion in Untapped Liquidity Sources $315 Million in On-Balance Sheet Liquidity 1.2x Liquidity to Uninsured Deposit Ratio 1 1 $ in Millions, unless otherwise indicated 2

$400 $352 $478 $343 $193 $667 $690 $655 $630 $629 13.9% 14.3% 13.2% 12.9% 12.8% 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 3Q23 4Q23 1Q24 2Q24 3Q24 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets $31,006 $31,517 $31,721 $32,814 $35,032 $7,492 $7,579 $7,034 $7,321 $9,139 $38,498 $39,096 $38,755 $40,135 $44,171 2.81% 2.86% 2.85% 2.97% 3.11% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 2.60% 2.80% 3.00% 3.20% 3.40% 3.60% 3.80% 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) 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 3Q23 4Q23 1Q24 2Q24 3Q24 Cash Yield 5.26% 5.52% 5.53% 5.52% 5.41% Sec. Yield (AFS & HTM)1 2.35% 2.79% 2.94% 3.60% 3.59% Loans (less Accr. & Fees) 5.52% 5.61% 5.71% 5.80% 5.95% Loan Accr. & Fees 0.10% 0.07% 0.11% 0.06% 0.07% Loan Yield (incl. Accr. & Fees) 5.61% 5.68% 5.82% 5.87% 6.02% IE Asset Yield 4.99% 5.22% 5.36% 5.52% 5.65% NIM (FTE) 2.81% 2.86% 2.85% 2.97% 3.11%

$1,975 53% $642 17% $1,111 30% Fixed Rate LT Variable ST Variable $1,757 , 1.2% $1,160 , 0.8% $(2,078), -1.4% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $2,073 , 1.4% $1,207 , 0.8% $(1,484), -1.0% 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 9/30/24. 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 $1.8 Billion Variable Rate Loans • $1.1 Billion Short-Term Variable Rate (Resetting within 1 - 3 Months) • $642 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

$7,492 $7,579 $7,034 $7,321 $9,139 3Q23 4Q23 1Q24 2Q24 3Q24 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

74% 73% 73% 72% 69% 3Q23 4Q23 1Q24 2Q24 3Q24 Operating Efficiency Ratio $28,406 $28,770 $28,553 $29,201 $30,846 3Q23 4Q23 1Q24 2Q24 3Q24 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

$16.82 $17.92 $19.26 $19.09 $20.76 $22.67 $16.80 $17.77 $19.17 $21.18 $22.29 $23.69 $8. 00 $10. 00 $12. 00 $14. 00 $16. 00 $18. 00 $20. 00 $22. 00 $24. 00 2019Y 2020Y 2021Y 2022Y 2023Y 3Q24 TBV Per Share Adj. TBV Per Share (Excl. AOCI) 7.2% 7.5% 7.4% 7.7% 8.0% 3Q23 4Q23 1Q24 2Q24 3Q24 10.1% 10.2% 10.2% 10.1% 10.1% 3Q23 4Q23 1Q24 2Q24 3Q24 8.1% 8.3% 8.2% 8.3% 8.4% 3Q23 4Q23 1Q24 2Q24 3Q24 11.9% 11.9% 11.9% 11.7% 11.6% 3Q23 4Q23 1Q24 2Q24 3Q24 CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE 1) Tangible Common Equity / Tangible Assets is a non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 20 Note: Capital ratio data as of the most recent period ended 9/30/24 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 $6.89 TBVPS1 Created 2019 – Q3 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

2Q24 3Q23 ($ in thousands, except per share data) 3Q24 2Q24 3Q23 % Chg. % Chg. Net Interest Income $ 35,032 $ 32,814 $ 31,006 7% 13% Provision for Credit Losses 2,575 883 795 Noninterest Income 9,139 7,604 691 20% 1223% Noninterest Expense 30,846 29,201 28,516 6% 8% Income Tax Expense 1,610 2,331 319 Net Income (GAAP) $ 9,140 $ 8,003 $ 2,067 14% 342% Non-GAAP Reconciliations Noninterest Income - (283) 6,801 Noninterest Expense - - 110 Income Tax Effect Of Adjustments - 73 (1,785) Operating Earnings (Non-GAAP) $ 9,140 $ 7,793 $ 7,193 17% 27% Operating PPNR Earnings (Non-GAAP) $ 13,325 $ 10,934 $ 10,092 22% 32% 2Q24 3Q23 Non-GAAP Performance Metrics 3Q24 2Q24 3Q23 % Chg. % Chg. Diluted Operating Earnings Per Share $ 0.54 $ 0.46 $ 0.43 18% 28% Tangible Book Value Per Common Share $ 22.67 $ 21.66 $ 19.94 5% 14% Operating Return on Average Assets 0.74% 0.64% 0.60% Operating PPNR Return on Average Assets 1.08% 0.90% 0.84% Operating Return on Average Tang. Common Equity 9.7% 8.7% 8.5% Operating Efficiency Ratio 69.3% 72.1% 73.6% 3Q24 vs. 3Q24 vs. 23 Note: For a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix; percentage change may differ due to rounding INCOME STATEMENT: DETAILED THIRD QUARTER RESULTS

3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Operating Earnings Net Income (GAAP) $ 9,140 $ 8,003 $ 9,358 $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 Noninterest Income: Securities (Gains) Losses - - - - 6,801 - - (144) Gain on Sale of Branch Building / ADECA Termination Proceeds - (283) (1,346) - - - - - Noninterest Expenses: Donation of a Former Branch Location - - - 250 - - - - Accruals For Pending Litigation - - - 675 - - - - Merger Related And Restructuring Expenses - - - - 110 - - (45) Income Taxes: Income Tax Effect Of Adjustments - 73 348 (239) (1,785) - - 49 Operating Earnings (Non-GAAP) $ 9,140 $ 7,793 $ 8,360 $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.55 $ 0.47 $ 0.50 $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 Diluted 0.54 0.46 0.49 0.41 0.43 0.52 0.68 0.76 Operating Noninterest Income Noninterest Income (GAAP) $ 9,139 $ 7,604 $ 8,380 $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 Securities (Gains) Losses - - - - 6,801 - - (144) Gain on Sale of Branch Building / ADECA Termination Proceeds - (283) (1,346) - - - - - Operating Noninterest Income (Non-GAAP) $ 9,139 $ 7,321 $ 7,034 $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 Operating Noninterest Expense Noninterest Expense (GAAP) $ 30,846 $ 29,201 $ 28,553 $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 Donation of a Former Branch Location - - - (250) - - - - Accruals For Pending Litigation - - - (675) - - - - Merger Related And Restructuring Expenses - - - - (110) - - 45 Operating Noninterest Expense (Non-GAAP) $ 30,846 $ 29,201 $ 28,553 $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 Operating Revenue Net Interest Income (GAAP) $ 35,032 $ 32,814 $ 31,721 $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 Operating Noninterest Income (Non-GAAP) 9,139 7,321 7,034 7,579 7,492 7,130 6,925 6,981 Operating Revenue (Non-GAAP) 44,171 40,135 38,755 39,096 38,498 38,705 42,907 44,593 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 44,171 $ 40,135 $ 38,755 $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 Operating Noninterest Expense (Non-GAAP) (30,846) (29,201) (28,553) (28,770) (28,406) (27,410) (27,529) (27,461) Operating PPNR Earnings (Non-GAAP) $ 13,325 $ 10,934 $ 10,202 $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.74% 0.64% 0.69% 0.57% 0.60% 0.75% 0.97% 1.10% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.08% 0.90% 0.84% 0.86% 0.84% 0.96% 1.30% 1.46% Return On Average Tangible Common Equity (Non-GAAP)(3) 9.75% 8.94% 10.62% 7.18% 2.43% 10.57% 14.45% 16.65% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 7.60% 6.72% 7.29% 6.07% 6.41% 7.98% 10.79% 12.15% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 9.75% 8.70% 9.49% 7.98% 8.46% 10.57% 14.45% 16.47% Operating Efficiency Ratio Efficiency Ratio (GAAP) 69.83% 72.25% 71.20% 75.95% 89.96% 70.82% 64.16% 61.28% Adjustment For Taxable Equivalent Yields (0.55%) (0.63%) (0.17%) (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) Adjustment For Securities (Gains) Losses - - - - (15.89%) - - 0.20% Adjustment For Sale of Branch Building - 0.51% 2.46% - - - - - Adjustment For Donation of a Former Branch Location - - - (0.64%) - - - - Adjustment For Accruals For Pending Litigation - - - (1.72%) - - - - Adjustment For Merger Expenses - - - - (0.20%) - - 0.10% Operating Efficiency Ratio (Non-GAAP) 69.28% 72.13% 73.50% 73.41% 73.60% 70.64% 64.02% 61.36% NON-GAAP RECONCILIATION 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

3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 Operating Earnings Net Income (GAAP) $ 11,543 $ 10,215 $ 8,259 $ 6,655 $ 9,600 $ 8,778 $ 9,756 $ 9,030 Noninterest Income: Securities (Gains) Losses - - - - (45) - - - 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 87 81 439 2,762 464 372 103 702 Income Taxes: Income Tax Effect Of Adjustments (22) (21) (113) (713) (108) (96) (27) (62) Operating Earnings (Non-GAAP) $ 11,608 $ 10,275 $ 8,585 $ 8,704 $ 9,911 $ 9,054 $ 9,832 $ 9,205 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.69 $ 0.61 $ 0.51 $ 0.52 $ 0.64 $ 0.60 $ 0.65 $ 0.61 Diluted 0.69 0.61 0.51 0.52 0.63 0.60 0.65 0.61 Operating Noninterest Income Noninterest Income (GAAP) $ 6,250 $ 7,229 $ 7,111 $ 6,806 $ 6,309 $ 5,143 $ 5,691 $ 4,976 Securities (Gains) Losses - - - - (45) - - - Gain on Sale of Branch Building / ADECA Termination Proceeds - - - - - - - (465) Operating Noninterest Income (Non-GAAP) $ 6,250 $ 7,229 $ 7,111 $ 6,806 $ 6,264 $ 5,143 $ 5,691 $ 4,511 Operating Noninterest Expense Noninterest Expense (GAAP) $ 27,230 $ 25,926 $ 25,718 $ 27,823 $ 23,309 $ 20,797 $ 19,464 $ 19,953 Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses (87) (81) (439) (2,762) (464) (372) (103) (702) Operating Noninterest Expense (Non-GAAP) $ 27,143 $ 25,845 $ 25,279 $ 25,061 $ 22,845 $ 20,425 $ 19,361 $ 19,251 Operating Revenue Net Interest Income (GAAP) $ 36,708 $ 33,062 $ 30,118 $ 29,855 $ 30,382 $ 26,897 $ 26,260 $ 26,506 Operating Noninterest Income (Non-GAAP) 6,250 7,229 7,111 6,806 6,264 5,143 5,691 4,511 Operating Revenue (Non-GAAP) 42,958 40,291 37,229 36,661 36,646 32,040 31,951 31,017 Operating Pre-Provision Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 42,958 $ 40,291 $ 37,229 $ 36,661 $ 36,646 $ 32,040 $ 31,951 $ 31,017 Operating Noninterest Expense (Non-GAAP) (27,143) (25,845) (25,279) (25,061) (22,845) (20,425) (19,361) (19,251) Operating PPNR Earnings (Non-GAAP) $ 15,815 $ 14,446 $ 11,950 $ 11,600 $ 13,801 $ 11,615 $ 12,590 $ 11,766 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.96% 0.88% 0.76% 0.77% 1.00% 1.01% 1.19% 1.14% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.30% 1.23% 1.05% 1.03% 1.39% 1.30% 1.52% 1.45% Return On Average Tangible Common Equity (Non-GAAP)(3) 14.36% 13.02% 10.39% 8.18% 12.84% 12.54% 14.41% 13.43% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 10.83% 9.82% 8.14% 8.09% 10.01% 9.83% 11.05% 10.34% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 14.44% 13.09% 10.80% 10.70% 13.26% 12.93% 14.53% 13.69% Operating Efficiency Ratio Efficiency Ratio (GAAP) 63.39% 64.35% 69.08% 75.89% 63.53% 64.91% 60.92% 63.38% Adjustment For Taxable Equivalent Yields (0.25%) (0.27%) (0.31%) (0.32%) (0.25%) (0.30%) (0.28%) (0.30%) Adjustment For Securities (Gains) Losses - - - - (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 (0.21%) (0.20%) (1.17%) (7.50%) (1.10%) (1.15%) (0.32%) (2.22%) Operating Efficiency Ratio (Non-GAAP) 62.93% 63.88% 67.60% 68.07% 62.09% 63.46% 60.32% 60.86% 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

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 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 489,023 $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 105,324 105,929 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 383,699 $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 478,642 $ 466,371 $ 461,148 $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 Less Goodwill And Other Intangible Assets 105,701 106,301 106,920 107,551 108,194 108,851 109,537 110,206 Average Tangible Common Equity (Non-GAAP) $ 372,941 $ 360,070 $ 354,228 $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 28.89 $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.22) (6.25) (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 22.67 $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,908,934 $ 4,891,009 $ 4,954,690 $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 Less Goodwill And Other Intangibles 105,324 105,929 106,537 107,148 107,792 108,439 109,114 109,772 Tangible Assets (Non-GAAP) $ 4,803,610 $ 4,785,080 $ 4,848,153 $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.99% 7.66% 7.43% 7.47% 7.23% 7.25% 7.17% 7.13%

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 Note: Totals may not add due to rounding $ in Thousands, unless otherwise indicated 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 Tangible Common Equity: Shareholders' Equity (GAAP) $ 414,711 $ 420,427 $ 420,042 $ 429,430 $ 424,720 $ 373,393 $ 364,058 $ 357,168 Less Goodwill And Other Intangible Assets 110,460 104,582 105,215 105,852 104,930 90,966 86,350 86,471 Tangible Common Equity (Non-GAAP) $ 304,251 $ 315,845 $ 314,827 $ 323,578 $ 319,790 $ 282,427 $ 277,708 $ 270,697 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 425,365 $ 419,726 $ 427,945 $ 426,808 $ 392,798 $ 369,325 $ 360,919 $ 354,026 Less Goodwill And Other Intangible Assets 106,483 104,986 105,617 104,193 96,250 88,551 86,424 86,561 Average Tangible Common Equity (Non-GAAP) $ 318,882 $ 314,740 $ 322,328 $ 322,615 $ 296,548 $ 280,774 $ 274,495 $ 267,465 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 24.56 $ 24.88 $ 24.86 $ 25.56 $ 25.28 $ 24.71 $ 24.10 $ 23.64 Adjustment Due To Goodwill And Other Intangible Assets (6.54) (6.19) (6.23) (6.30) (6.25) (6.02) (5.71) (5.72) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 18.02 $ 18.69 $ 18.64 $ 19.26 $ 19.03 $ 18.69 $ 18.39 $ 17.92 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,796,911 $ 4,788,113 $ 4,718,579 $ 4,611,579 $ 4,384,031 $ 3,654,356 $ 3,557,203 $ 3,304,949 Less Goodwill And Other Intangibles 110,460 104,582 105,215 105,852 104,930 90,966 86,350 86,471 Tangible Assets (Non-GAAP) $ 4,686,451 $ 4,683,531 $ 4,613,364 $ 4,505,727 $ 4,279,101 $ 3,563,390 $ 3,470,853 $ 3,218,478 Tangible Common Equity To Tangible Assets (Non-GAAP): 6.49% 6.74% 6.82% 7.18% 7.47% 7.93% 8.00% 8.41%

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 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 489,023 $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 Less Goodwill And Other Intangible Assets 105,324 105,929 106,537 107,148 107,792 108,439 Tangible Common Equity (Non-GAAP) $ 383,699 $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 Less Adjustment Due to AOCI (Loss) (17,349) (25,798) (27,425) (25,907) (34,156) (35,017) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 401,048 $ 392,334 $ 387,684 $ 378,645 $ 373,016 $ 371,425 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 28.89 $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 Adjustment Due To Goodwill And Other Intangible Assets (6.22) (6.25) (6.25) (6.31) (6.34) (6.38) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 22.67 $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 Less Adjustment Due to AOCI (Loss) (1.02) (1.52) (1.61) (1.52) (2.01) (2.06) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP) $ 23.69 $ 23.18 $ 22.73 $ 22.29 $ 21.95 $ 21.84 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) $ 22.29 $ 21.18 $ 19.17 $ 17.77 $ 16.80 $ 14.84

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	Oct. 21, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 21, 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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SMBK SmartFinancial Inc