Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of earliest event reported: July 22, 2024

SMARTFINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Tennessee		001-37661		62-1173944
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)


5401 Kingston Pike, Suite 600
Knoxville, Tennessee		37919
(Address of Principal Executive Offices)		(Zip Code)

(865) 437-5700

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of Exchange on which Registered
Common Stock, par value $1.00 per share			SMBK			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On July 22, 2024, SmartFinancial, Inc. (“SmartFinancial”) issued a press release (the “Press Release”) reporting earnings results for its second quarter ending June 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 July 23, 2024. The slides are attached hereto as Exhibit 99.2.

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

Item 9.01		Financial Statements and Exhibits

Exhibit No.		Description
99.1		Press release announcing second quarter 2024 financial results dated July 22, 2024
99.2		Second 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: July 22, 2024
	/s/ William Y. Carroll, Jr.
	William Y. Carroll, Jr.
	President & Chief Executive Officer

Exhibit 99.1

2Q 2024

SmartFinancial Announces Results for the Second Quarter 2024

KNOXVILLE, TN – July 22, 2024 - SmartFinancial, Inc. ("SmartFinancial" or the "Company"; NYSE: SMBK), today announced net income of $8.0 million, or $0.48 per diluted common share, for the second quarter of 2024, compared to net income of $8.8 million, or $0.52 per diluted common share, for the second quarter of 2023, and compared to prior quarter net income of $9.4 million, or $0.55 per diluted common share. Operating earnings¹, which excludes non-recurring income, net of tax adjustments, totaled $7.8 million, or $0.46 per diluted common share, in the second quarter of 2024, compared to $8.8 million, or $0.52 per diluted common share, in the second quarter of 2023, and compared to $8.4 million, or $0.49 per diluted common share, in the first quarter of 2024.

Highlights for the Second Quarter of 2024

●

Operating earnings¹ of $7.8 million, or $0.46 per diluted common share

●

Net organic loan and lease growth of $97 million with 11% annualized quarter-over-quarter increase

●

Quarter-over-quarter net tax equivalent interest margin expansion of 12 basis points to 2.97%

●

10% annualized quarter-over-quarter increase in tangible book value per common share¹

●

136,195 shares repurchased at a weighted average price of $21.57

●

Credit quality remains solid with nonperforming assets to total assets of 0.20%

Billy Carroll, President & CEO, stated: “Our Company continued to gain momentum with a very nice second quarter highlighted by solid growth in operating revenue and a 10% annualized increase in tangible book value per share quarter over quarter. We also took advantage of our liquidity position, growing loans at an 11% quarterly annualized pace. Margin inflection accelerated during the quarter, and we look forward to seeing that trend continue. The sales energy around our Company is very strong and our outlook for the second half of 2024 remains bullish as we gain further operating leverage.”

SmartFinancial's Chairman, Miller Welborn, concluded: “The Board of Directors was pleased to see operating leverage expansion and strong loan growth during the second quarter. The Company’s markets continue to provide great organic growth opportunities that we look forward to winning. We continue to strategically progress towards our longer-term financial objectives and this quarter’s margin expansion and expense control is a good demonstration of our team’s ability to execute our plan. We are confident in our team and look forward to continued improvement as the year progresses.”

Net Interest Income and Net Interest Margin

Net interest income was $32.8 million for the second quarter of 2024, compared to $31.7 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 $46.2 million, offset by a decrease in average securities of $40.8 million and average interest-earning cash of $7.5 million. Average interest-bearing liabilities decreased by $19.8 million from the prior quarter, attributable to a decrease in average deposits of $21.3 million, offset by an increase in average borrowings of $1.4 million.

The tax equivalent net interest margin was 2.97% for the second quarter of 2024, compared to 2.85% 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 a slower rise on 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 5.80% for the second quarter, compared to 5.71% for the prior quarter.

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

The cost of total deposits for the second quarter of 2024 was 2.56% compared to 2.52% in the prior quarter. The cost of interest-bearing liabilities increased to 3.29% for the second quarter of 2024, compared to 3.23% for the prior quarter. The cost of average interest-bearing deposits was 3.23% for the second quarter of 2024, compared to 3.16% for the prior quarter, an increase of 7 basis points.

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


	Three Months Ended
	Jun		Mar		Increase
Selected Interest Rates and Yields	2024		2024		(Decrease)
Yield on loans and leases, excluding loan fees, FTE	5.80	%	5.71	%	0.09	%
Yield on loans and leases, FTE	5.87	%	5.82	%	0.05	%
Yield on earning assets, FTE	5.52	%	5.36	%	0.16	%
Cost of interest-bearing deposits	3.23	%	3.16	%	0.07	%
Cost of total deposits	2.56	%	2.52	%	0.04	%
Cost of interest-bearing liabilities	3.29	%	3.23	%	0.06	%
Net interest margin, FTE	2.97	%	2.85	%	0.12	%

Provision for Credit Losses on Loans and Leases and Credit Quality

At June 30, 2024, the allowance for credit losses was $34.7 million. The allowance for credit losses to total loans and leases was 0.97% as of June 30, 2024, compared to 0.98% as of March 31, 2024.

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


	Three Months Ended
		Jun			Mar			Increase
Provision for Credit Losses on Loans and Leases Rollforward		2024			2024			(Decrease)
Beginning balance	$	34,203		$	35,066		$	(863)
Charge-offs		(457)			(920)			463
Recoveries		48			135			(87)
Net (charge-offs) recoveries		(409)			(785)			376
Provision for credit losses ⁽¹⁾		896			(78)			974
Ending balance	$	34,690		$	34,203		$	487

Allowance for credit losses to total loans and leases, gross		0.97	%		0.98	%		(0.01)	%

(1)

The current quarter-ended and prior quarter-ended excludes unfunded commitments release of $13 thousand and $362 thousand, respectively. At June 30, 2024, the unfunded commitment liability totaled $2.0 million.

Nonperforming loans and leases as a percentage of total loans and leases was 0.19% as of June 30, 2024, an increase of 1 basis point from the 0.18% reported in the first 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 0.20% as of June 30, 2024, and 0.18% on March 31, 2024.

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


	Three Months Ended
		Jun			Mar			Increase
Credit Quality		2024			2024			(Decrease)
Nonaccrual loans and leases	$	6,432		$	6,171		$	261
Loans and leases past due 90 days or more and still accruing		210			95			115
Total nonperforming loans and leases		6,642			6,266			376
Other real estate owned		688			696			(8)
Other repossessed assets		2,645			2,033			612
Total nonperforming assets	$	9,975		$	8,995		$	980

Nonperforming loans and leases to total loans and leases, gross		0.19	%		0.18	%		0.01	%
Nonperforming assets to total assets		0.20	%		0.18	%		0.02	%

Noninterest Income

Noninterest income decreased $776 thousand to $7.6 million for the second quarter of 2024 compared to $8.4 million for the prior quarter. The current quarter decrease was primarily associated with the $1.3 million pre-tax gain on the sale of a former branch building in the prior quarter, offset by a $283 thousand pre-tax gain on the sale of a bank property in the current quarter.

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


	Three Months Ended
		Jun		Mar		Increase
Noninterest Income		2024		2024		(Decrease)
Service charges on deposit accounts	$	1,692	$	1,612	$	80
Mortgage banking income		348		280		68
Investment services		1,302		1,380		(78)
Insurance commissions		1,284		1,103		181
Interchange and debit card transaction fees		1,343		1,253		90
Other		1,635		2,752		(1,117)
Total noninterest income	$	7,604	$	8,380	$	(776)

Noninterest Expense

Noninterest expense increased $648 thousand to $29.2 million for the second quarter of 2024 compared to $28.6 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
		Jun		Mar		Increase
Noninterest Expense		2024		2024		(Decrease)
Salaries and employee benefits	$	17,261	$	16,639	$	622
Occupancy and equipment		3,324		3,396		(72)
FDIC insurance		825		915		(90)
Other real estate and loan related expenses		538		584		(46)
Advertising and marketing		295		302		(7)
Data processing and technology		2,452		2,465		(13)
Professional services		1,064		924		140
Amortization of intangibles		608		612		(4)
Other		2,834		2,716		118
Total noninterest expense	$	29,201	$	28,553	$	648

Income Tax Expense

Income tax expense was $2.3 million for the second quarter of 2024, a decrease of $299 thousand, compared to $2.6 million for the prior quarter.

The effective tax rate was 22.56% for the second quarter of 2024 and 21.94% for the prior quarter.

Balance Sheet Trends

Total assets at June 30, 2024 were $4.89 billion compared to $4.83 billion at December 31, 2023. The $61.6 million increase is primarily attributable to increases loans and leases of $129.7 million, offset by a decrease in securities of $59.8 million and cash and cash equivalents of $9.4 million.

Total liabilities increased to $4.42 billion at June 30, 2024 from $4.37 billion at December 31, 2023. The increase of $49.0 million was primarily from organic deposit growth of $48.8 million.

Shareholders' equity at June 30, 2024, totaled $472.5 million, an increase of $12.6 million, from December 31, 2023. The increase in shareholders' equity was primarily driven by net income of $17.4 million for the six months ended June 30, 2024, offset by dividends paid of $2.7 million and repurchase of the Company’s stock of $3.0 million. Tangible book value per share¹ was $21.66 at June 30, 2024, compared to $20.76 at December 31, 2023. Tangible common equity¹ as a percentage of tangible assets¹ was 7.66% at June 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):


	Jun		Dec		Increase
Selected Balance Sheet Information	2024		2023		(Decrease)
Total assets	$	4,891,009	$	4,829,387	$	61,622
Total liabilities		4,418,544		4,369,501		49,043
Total equity		472,465		459,886		12,579
Securities		629,817		689,646		(59,829)
Loans and leases		3,574,158		3,444,462		129,696
Deposits		4,316,656		4,267,854		48,802
Borrowings		12,732		13,078		(346)

Conference Call Information

SmartFinancial issued this earnings release for the second quarter of 2024 on Monday, July 22, 2024, and will host a conference call on Tuesday, July 23, 2024, at 10:00 a.m. ET. To access this interactive teleconference, dial (833) 470-1428 or (404) 975-4839 and entering the access code, 533803. A replay of the conference call will be available through August 22, 2024, by dialing (866) 813-9403 or (929) 458-6194 and entering the access code, 897395. Conference call materials will be published on the Company’s webpage located at http://www.smartfinancialinc.com/CorporateProfile, at 9:00 a.m. ET prior to the conference call.

About SmartFinancial, Inc.

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


Source
SmartFinancial, Inc.

Investor Contacts
Billy Carroll
President & CEO
(865) 868-0613 billy.carroll@smartbank.com

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

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

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 exclude non-operating related income and expense items, respectively. Tangible common equity and average tangible common equity excludes 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 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)

the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may take longer than anticipated to realize;

(4)

disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships;

(5)

our ability to successfully integrate the businesses acquired as part of previous acquisitions with the business of SmartBank;

(6)

changes in management’s plans for the future;

(7)

prevailing, or changes in, economic or political conditions, particularly in our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing;

(8)

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 prolonged elevated interest rates on our financial projections, models and guidance);

(9)

increased technology and cybersecurity risks, including generative artificial intelligence risks;

(10)

credit risk associated with our lending activities;

(11)

changes in loan demand, real estate values, or competition;

(12)

developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance;

(13)

changes in accounting principles, policies, or guidelines;

(14)

changes in applicable laws, rules, or regulations;

(15)

adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions;

(16)

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;

(17)

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;

(18)

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

(19)

other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

These and other factors that could cause results to differ materially from those described in the forward-looking statements can be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements. SmartFinancial disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)


	Ending Balances
	Jun		Mar		Dec		Sep		Jun
	2024		2024		2023		2023		2023
Assets:
Cash and cash equivalents	$	342,835	$	477,941	$	352,271	$	400,258	$	238,898
Securities available-for-sale, at fair value		500,821		474,347		408,410		385,131		540,308
Securities held-to-maturity, at amortized cost		128,996		180,169		281,236		282,313		283,564
Other investments		13,780		13,718		13,662		13,805		14,396
Loans held for sale		3,103		4,861		4,418		2,734		986
Loans and leases		3,574,158		3,477,555		3,444,462		3,378,999		3,337,790
Less: Allowance for credit losses		(34,690)		(34,203)		(35,066)		(33,687)		(32,747)
Loans and leases, net		3,539,468		3,443,352		3,409,396		3,345,312		3,305,043
Premises and equipment, net		91,315		92,694		92,963		92,020		92,351
Other real estate owned		688		696		517		1,370		1,708
Goodwill and other intangibles, net		105,929		106,537		107,148		107,792		108,439
Bank owned life insurance		84,483		83,957		83,434		82,914		82,419
Other assets		79,591		76,418		75,932		83,522		77,688
Total assets	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800
Liabilities:
Deposits:
Noninterest-bearing demand	$	903,300	$	907,254	$	898,044	$	923,763	$	1,003,432
Interest-bearing demand		988,057		996,298		1,006,915		993,717		938,758
Money market and savings		1,901,281		1,952,410		1,812,427		1,766,409		1,720,202
Time deposits		524,018		538,159		550,468		562,620		537,192
Total deposits		4,316,656		4,394,121		4,267,854		4,246,509		4,199,584
Borrowings		12,732		9,849		13,078		14,117		15,496
Subordinated debt		42,142		42,120		42,099		42,078		42,057
Other liabilities		47,014		41,804		46,470		47,815		43,816
Total liabilities		4,418,544		4,487,894		4,369,501		4,350,519		4,300,953
Shareholders' Equity:
Common stock		16,926		17,057		16,989		16,995		17,004
Additional paid-in capital		293,586		296,061		295,699		295,542		295,296
Retained earnings		187,751		181,103		173,105		168,271		167,564
Accumulated other comprehensive loss		(25,798)		(27,425)		(25,907)		(34,156)		(35,017)
Total shareholders' equity		472,465		466,796		459,886		446,652		444,847
Total liabilities & shareholders' equity	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands except share and per share data)


	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
	2024		2024		2023		2023		2023		2024		2023
Interest income:
Loans and leases, including fees	$	50,853	$	50,020	$	48,767	$	47,539	$	45,446	$	100,873	$	90,173
Investment securities:
Taxable		5,320		4,548		4,344		4,335		4,335		9,869		7,986
Tax-exempt		353		352		352		356		357		705		709
Federal funds sold and other earning assets		4,759		4,863		4,032		3,045		1,956		9,620		6,405
Total interest income		61,285		59,783		57,495		55,275		52,094		121,067		105,273
Interest expense:
Deposits		27,439		27,035		24,926		23,433		19,554		54,474		35,900
Borrowings		148		128		162		210		339		276		564
Subordinated debt		884		899		890		626		626		1,782		1,252
Total interest expense		28,471		28,062		25,978		24,269		20,519		56,532		37,716
Net interest income		32,814		31,721		31,517		31,006		31,575		64,535		67,557
Provision for credit losses		883		(440)		1,571		795		113		443		663
Net interest income after provision for credit losses		31,931		32,161		29,946		30,211		31,462		64,092		66,894
Noninterest income:
Service charges on deposit accounts		1,692		1,612		1,673		1,736		1,657		3,304		3,102
Loss on sale of securities, net		—		—		—		(6,801)		—		—		—
Mortgage banking		348		280		227		309		332		628		504
Investment services		1,302		1,380		1,339		1,461		1,300		2,682		2,305
Insurance commissions		1,284		1,103		1,133		1,153		1,139		2,387		2,398
Interchange and debit card transaction fees		1,343		1,253		1,370		1,357		1,347		2,596		2,730
Other		1,635		2,752		1,837		1,476		1,355		4,387		3,016
Total noninterest income		7,604		8,380		7,579		691		7,130		15,984		14,055
Noninterest expense:
Salaries and employee benefits		17,261		16,639		16,275		16,785		15,947		33,900		32,689
Occupancy and equipment		3,324		3,396		3,378		3,547		3,318		6,720		6,526
FDIC insurance		825		915		915		825		875		1,740		1,416
Other real estate and loan related expense		538		584		781		603		441		1,123		1,013
Advertising and marketing		295		302		336		346		305		597		660
Data processing and technology		2,452		2,465		2,458		2,378		2,235		4,916		4,398
Professional services		1,064		924		1,136		735		764		1,989		1,572
Amortization of intangibles		608		612		643		647		675		1,220		1,334
Merger related and restructuring expenses		—		—		—		110		—		—		—
Other		2,834		2,716		3,773		2,540		2,850		5,549		5,331
Total noninterest expense		29,201		28,553		29,695		28,516		27,410		57,754		54,939
Income before income taxes		10,334		11,988		7,830		2,386		11,182		22,322		26,010
Income tax expense		2,331		2,630		1,640		319		2,346		4,962		5,674
Net income	$	8,003	$	9,358	$	6,190	$	2,067	$	8,836	$	17,360	$	20,336
Earnings per common share:
Basic	$	0.48	$	0.56	$	0.37	$	0.12	$	0.53	$	1.03	$	1.21
Diluted	$	0.48	$	0.55	$	0.37	$	0.12	$	0.52	$	1.03	$	1.20
Weighted average common shares outstanding:
Basic		16,770,819		16,849,735		16,814,647		16,807,548		16,806,389		16,810,277		16,798,939
Diluted		16,850,250		16,925,408		16,918,234		16,918,635		16,898,091		16,887,374		16,897,444

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Three Months Ended
	June 30, 2024						March 31, 2024						June 30, 2023
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Loans and leases, including fees¹	$	3,504,265	$	51,110	5.87	%	$	3,458,109	$	50,020	5.82	%	$	3,308,595	$	45,446	5.51	%
Taxable securities		580,517		5,320	3.69	%		620,805		4,548	2.95	%		770,275		4,335	2.26	%
Tax-exempt securities²		63,690		447	2.82	%		64,161		445	2.79	%		65,265		452	2.78	%
Federal funds sold and other earning assets		346,459		4,759	5.52	%		353,913		4,863	5.53	%		195,266		1,956	4.02	%
Total interest-earning assets		4,494,931		61,636	5.52	%		4,496,988		59,876	5.36	%		4,339,401		52,189	4.82	%
Noninterest-earning assets		383,697						380,231						355,701
Total assets	$	4,878,628					$	4,877,219					$	4,695,102

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	983,433		5,950	2.43	%	$	996,147		6,060	2.45	%	$	950,227		4,892	2.06	%
Money market and savings deposits		1,909,125		16,529	3.48	%		1,904,855		16,149	3.41	%		1,737,303		11,785	2.72	%
Time deposits		528,985		4,960	3.77	%		541,792		4,826	3.58	%		504,350		2,877	2.29	%
Total interest-bearing deposits		3,421,543		27,439	3.23	%		3,442,794		27,035	3.16	%		3,191,880		19,554	2.46	%
Borrowings		12,684		148	4.69	%		11,245		128	4.58	%		24,845		339	5.47	%
Subordinated debt		42,129		884	8.44	%		42,107		899	8.59	%		42,044		626	5.97	%
Total interest-bearing liabilities		3,476,356		28,471	3.29	%		3,496,146		28,062	3.23	%		3,258,769		20,519	2.53	%
Noninterest-bearing deposits		888,693						872,840						951,381
Other liabilities		47,208						47,085						40,669
Total liabilities		4,412,257						4,416,071						4,250,819
Shareholders' equity		466,371						461,148						444,283
Total liabilities and shareholders' equity	$	4,878,628					$	4,877,219					$	4,695,102

Net interest income, taxable equivalent			$	33,165					$	31,814					$	31,670
Interest rate spread					2.22	%					2.13	%					2.30	%
Tax equivalent net interest margin					2.97	%					2.85	%					2.93	%

Percentage of average interest-earning assets to average interest-bearing liabilities					129.30	%					128.63	%					133.16	%
Percentage of average equity to average assets					9.56	%					9.46	%					9.46	%

¹Yields computed on tax-exempt loans on a tax equivalent basis include $257 thousand, $0 thousand, and $0 thousand of taxable equivalent income for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.

²Yields computed on tax-exempt instruments on a tax equivalent basis include $94 thousand, $93 thousand, and $95 thousand of taxable equivalent income for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

YIELD ANALYSIS


	Six Months Ended
	June 30, 2024							June 30, 2023
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:
Loans and leases, including fees¹	$	3,481,187	$	101,130		5.84	%	$	3,283,662	$	90,173	5.54	%
Taxable securities		600,661		9,869		3.30	%		747,037		7,986	2.16	%
Tax-exempt securities²		63,925		892		2.81	%		65,405		897	2.77	%
Federal funds sold and other earning assets		350,186		9,620		5.52	%		286,254		6,405	4.51	%
Total interest-earning assets		4,495,959		121,511		5.44	%		4,382,358		105,461	4.85	%
Noninterest-earning assets		381,964							357,837
Total assets	$	4,877,923						$	4,740,195

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$	989,790		12,010		2.44	%	$	947,196		9,119	1.94	%
Money market and savings deposits		1,906,990		32,677		3.45	%		1,778,650		22,168	2.51	%
Time deposits		535,389		9,787		3.68	%		486,952		4,613	1.91	%
Total interest-bearing deposits		3,432,169		54,474		3.19	%		3,212,798		35,900	2.25	%
Borrowings		11,964		276		4.64	%		20,874		564	5.45	%
Subordinated debt		42,118		1,782		8.51	%		42,033		1,252	6.01	%
Total interest-bearing liabilities		3,486,251		56,532		3.26	%		3,275,705		37,716	2.32	%
Noninterest-bearing deposits		880,767							983,348
Other liabilities		47,146							42,777
Total liabilities		4,414,164							4,301,830
Shareholders' equity		463,759							438,365
Total liabilities and shareholders' equity	$	4,877,923						$	4,740,195

Net interest income, taxable equivalent			$	64,979						$	67,745
Interest rate spread						2.17	%					2.53	%
Tax equivalent net interest margin						2.91	%					3.12	%

Percentage of average interest-earning assets to average interest-bearing liabilities						128.96	%					133.78	%
Percentage of average equity to average assets						9.51	%					9.25	%

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

²Yields computed on tax-exempt instruments on a tax equivalent basis included $187 thousand and $188 thousand of taxable equivalent income for the six months ended June 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
	Jun			Mar			Dec			Sep			Jun
	2024			2024			2023			2023			2023
Composition of Loans and Leases:
Commercial real estate:
Owner occupied	$	829,085		$	804,557		$	798,416		$	776,402		$	769,978
Non-owner occupied		986,278			938,648			940,789			890,774			871,779
Commercial real estate, total		1,815,363			1,743,205			1,739,205			1,667,176			1,641,757
Commercial & industrial		701,460			667,903			645,918			617,115			594,427
Construction & land development		294,575			321,860			327,185			373,068			394,742
Consumer real estate		678,331			659,209			649,867			638,518			624,828
Leases		70,299			71,909			68,752			68,538			66,401
Consumer and other		14,130			13,469			13,535			14,584			15,635
Total loans and leases	$	3,574,158		$	3,477,555		$	3,444,462		$	3,378,999		$	3,337,790

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$	6,642		$	6,266		$	8,101		$	4,163		$	3,722
Other real estate owned		688			696			517			1,370			1,708
Other repossessed assets		2,645			2,033			1,117			348			282
Total nonperforming assets	$	9,975		$	8,995		$	9,735		$	5,881		$	5,712
Modified loans and leases¹ not included in nonperforming loans and leases	$	4,241		$	4,413		$	4,245		$	2,376		$	657
Net charge-offs to average loans and leases (annualized)		0.05	%		0.09	%		0.04	%		0.04	%		(0.01)	%
Allowance for credit losses to loans and leases		0.97	%		0.98	%		1.02	%		1.00	%		0.98	%
Nonperforming loans and leases to total loans and leases, gross		0.19	%		0.18	%		0.24	%		0.12	%		0.11	%
Nonperforming assets to total assets		0.20	%		0.18	%		0.20	%		0.12	%		0.12	%

Capital Ratios:
Equity to Assets		9.66	%		9.42	%		9.52	%		9.31	%		9.37	%
Tangible common equity to tangible assets (Non-GAAP)²		7.66	%		7.43	%		7.47	%		7.23	%		7.25	%

SmartFinancial, Inc.³
Tier 1 leverage		8.32	%		8.23	%		8.27	%		8.13	%		8.24	%
Common equity Tier 1		10.06	%		10.20	%		10.14	%		10.07	%		10.12	%
Tier 1 capital		10.06	%		10.20	%		10.14	%		10.07	%		10.12	%
Total capital		11.68	%		11.85	%		11.78	%		11.90	%		11.94	%

SmartBank		Estimated⁴
Tier 1 leverage		9.11	%		9.07	%		9.18	%		9.00	%		9.18	%
Common equity Tier 1		11.02	%		11.23	%		11.26	%		11.15	%		11.27	%
Tier 1 capital		11.02	%		11.23	%		11.26	%		11.15	%		11.27	%
Total capital		11.79	%		12.00	%		12.02	%		11.87	%		11.97	%

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															Six Months Ended
	Jun			Mar			Dec			Sep			Jun			Jun			June
	2024			2024			2023			2023			2023			2024			2023
Selected Performance Ratios (Annualized):
Return on average assets		0.66	%		0.77	%		0.52	%		0.17	%		0.75	%		0.72	%		0.87	%
Return on average shareholders' equity		6.90	%		8.16	%		5.46	%		1.84	%		7.98	%		7.53	%		9.36	%
Return on average tangible common equity¹		8.94	%		10.63	%		7.18	%		2.43	%		10.57	%		9.77	%		12.46	%
Noninterest income / average assets		0.63	%		0.69	%		0.63	%		0.06	%		0.61	%		0.66	%		0.60	%
Noninterest expense / average assets		2.41	%		2.35	%		2.47	%		2.37	%		2.34	%		2.38	%		2.34	%
Efficiency ratio		72.25	%		71.20	%		75.95	%		89.96	%		70.82	%		71.73	%		67.32	%

Operating Selected Performance Ratios (Annualized):
Operating return on average assets¹		0.64	%		0.69	%		0.57	%		0.60	%		0.75	%		0.67	%		0.87	%
Operating PPNR return on average assets¹		0.90	%		0.84	%		0.86	%		0.84	%		0.96	%		0.87	%		1.13	%
Operating return on average shareholders' equity¹		6.72	%		7.29	%		6.07	%		6.41	%		7.98	%		7.00	%		9.36	%
Operating return on average tangible common equity¹		8.70	%		9.49	%		7.98	%		8.46	%		10.57	%		9.09	%		12.46	%
Operating efficiency ratio¹		72.13	%		73.50	%		73.41	%		73.60	%		70.64	%		72.81	%		67.16	%
Operating noninterest income / average assets¹		0.60	%		0.58	%		0.63	%		0.62	%		0.61	%		0.59	%		0.60	%
Operating noninterest expense / average assets¹		2.41	%		2.35	%		2.39	%		2.36	%		2.34	%		2.38	%		2.34	%

Selected Interest Rates and Yields:
Yield on loans and leases, excluding loan fees, FTE		5.80	%		5.71	%		5.61	%		5.52	%		5.39	%		5.76	%		5.30	%
Yield on loans and leases, FTE		5.87	%		5.82	%		5.68	%		5.61	%		5.51	%		5.84	%		5.54	%
Yield on earning assets, FTE		5.52	%		5.36	%		5.22	%		4.99	%		4.82	%		5.44	%		4.85	%
Cost of interest-bearing deposits		3.23	%		3.16	%		3.00	%		2.84	%		2.46	%		3.19	%		2.25	%
Cost of total deposits		2.56	%		2.52	%		2.35	%		2.20	%		1.89	%		2.54	%		1.73	%
Cost of interest-bearing liabilities		3.29	%		3.23	%		3.07	%		2.89	%		2.53	%		3.26	%		2.32	%
Net interest margin, FTE		2.97	%		2.85	%		2.86	%		2.81	%		2.93	%		2.91	%		3.12	%

Per Common Share:
Net income, basic	$	0.48		$	0.56		$	0.37		$	0.12		$	0.53		$	1.03		$	1.21
Net income, diluted		0.48			0.55			0.37			0.12			0.52			1.03			1.20
Operating earnings, basic¹		0.47			0.50			0.41			0.43			0.53			0.96			1.21
Operating earnings, diluted¹		0.46			0.49			0.41			0.43			0.52			0.96			1.20
Book value		27.91			27.37			27.07			26.28			26.16			27.91			26.16
Tangible book value¹		21.66			21.12			20.76			19.94			19.78			21.66			19.78
Common shares outstanding		16,925,902			17,056,704			16,988,879			16,994,543			17,004,092			16,925,902			17,004,092

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

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended															Six Months Ended
	Jun			Mar			Dec			Sep			Jun			Jun			June
	2024			2024			2023			2023			2023			2024			2023
Operating Earnings:
Net income (GAAP)	$	8,003		$	9,358		$	6,190		$	2,067		$	8,836		$	17,360		$	20,336
Noninterest income:
Securities (gains) losses, net		—			—			—			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			—			—			—
Income taxes:
Income tax effect of adjustments		73			348			(239)			(1,785)			—			421			—
Operating earnings (Non-GAAP)	$	7,793		$	8,360		$	6,876		$	7,193		$	8,836		$	16,152		$	20,336
Operating earnings per common share (Non-GAAP):
Basic	$	0.47		$	0.50		$	0.41		$	0.43		$	0.53		$	0.96		$	1.21
Diluted		0.46			0.49			0.41			0.43			0.52			0.96			1.20

Operating Noninterest Income:
Noninterest income (GAAP)	$	7,604		$	8,380		$	7,579		$	691		$	7,130		$	15,984		$	14,055
Securities (gains) losses, net		—			—			—			6,801			—			—			—
Gain on sale of former branch building		(283)			(1,346)			—			—			—			(1,629)			—
Operating noninterest income (Non-GAAP)	$	7,321		$	7,034		$	7,579		$	7,492		$	7,130		$	14,355		$	14,055
Operating noninterest income (Non-GAAP)/average assets¹		0.60	%		0.58	%		0.63	%		0.62	%		0.61	%		0.59	%		0.60	%

Operating Noninterest Expense:
Noninterest expense (GAAP)	$	29,201		$	28,553		$	29,695		$	28,516		$	27,410		$	57,754		$	54,939
Donation of a former branch location		—			—			(250)			—			—			—			—
Accruals for pending litigation		—			—			(675)			—			—			—			—
Merger related and restructuring expenses		—			—			—			(110)			—			—			—
Operating noninterest expense (Non-GAAP)	$	29,201		$	28,553		$	28,770		$	28,406		$	27,410		$	57,754		$	54,939
Operating noninterest expense (Non-GAAP)/average assets²		2.41	%		2.35	%		2.39	%		2.36	%		2.34	%		2.38	%		2.34	%

Operating Pre-provision Net revenue ("PPNR") Earnings:
Net interest income (GAAP)	$	32,814		$	31,721		$	31,517		$	31,006		$	31,575		$	64,535		$	67,557
Operating noninterest income (Non-GAAP)		7,321			7,034			7,579			7,492			7,130			14,355			14,055
Operating noninterest expense (Non-GAAP)		(29,201)			(28,553)			(28,770)			(28,406)			(27,410)			(57,754)			(54,939)
Operating PPNR earnings (Non-GAAP)	$	10,934		$	10,202		$	10,326		$	10,092		$	11,295		$	21,136		$	26,673

Non-GAAP Return Ratios:
Operating return on average assets (Non-GAAP)³		0.64	%		0.69	%		0.57	%		0.60	%		0.75	%		0.67	%		0.87	%
Operating PPNR return on average assets (Non-GAAP)⁴		0.90	%		0.84	%		0.86	%		0.84	%		0.96	%		0.87	%		1.13	%
Return on average tangible common equity (Non-GAAP)⁵		8.94	%		10.62	%		7.18	%		2.43	%		10.57	%		9.77	%		12.46	%
Operating return on average shareholders' equity (Non-GAAP)⁶		6.72	%		7.29	%		6.07	%		6.41	%		7.98	%		7.00	%		9.36	%
Operating return on average tangible common equity (Non-GAAP)⁷		8.70	%		9.49	%		7.98	%		8.46	%		10.57	%		9.09	%		12.46	%

Operating Efficiency Ratio:
Efficiency ratio (GAAP)		72.25	%		71.20	%		75.95	%		89.96	%		70.82	%		71.73	%		67.32	%
Adjustment for taxable equivalent yields		(0.63)	%		(0.17)	%		(0.18)	%		(0.27)	%		(0.18)	%		(0.40)	%		(0.16)	%
Adjustment for securities gains (losses)		—	%		—	%		—	%		(15.89)	%		—	%		—	%		—	%
Adjustment for sale of branch location		0.51	%		2.46	%		—	%		—	%		—	%		1.48	%		—	%
Adjustment for donation of a former branch location		—	%		—	%		(0.64)	%		—	%		—	%		—	%		—	%
Adjustment for accruals for pending litigation		—	%		—	%		(1.72)	%		—	%		—	%		—	%		—	%
Adjustment for merger related income and costs		—	%		—	%		—	%		(0.20)	%		—	%		—	%		—	%
Operating efficiency ratio (Non-GAAP)		72.13	%		73.50	%		73.41	%		73.60	%		70.64	%		72.81	%		67.16	%

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

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

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

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

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

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

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

SmartFinancial, Inc. and Subsidiary

Condensed Consolidated Financial Information - (unaudited)

(dollars in thousands)

NON-GAAP RECONCILIATIONS


	Three Months Ended
	Jun		Mar		Dec		Sep		Jun
	2024		2024		2023		2023		2023
Tangible Common Equity:
Shareholders' equity (GAAP)	$	472,465	$	466,796	$	459,886	$	446,652	$	444,847
Less goodwill and other intangible assets		105,929		106,537		107,148		107,792		108,439
Tangible common equity (Non-GAAP)	$	366,536	$	360,259	$	352,738	$	338,860	$	336,408

Average Tangible Common Equity:
Average shareholders' equity (GAAP)	$	466,371	$	461,148	$	449,526	$	445,432	$	444,283
Less average goodwill and other intangible assets		106,301		106,920		107,551		108,194		108,851
Average tangible common equity (Non-GAAP)	$	360,070	$	354,228	$	341,975	$	337,238	$	335,432

Tangible Book Value per Common Share:
Book value per common share (GAAP)	$	27.91	$	27.37	$	27.07	$	26.28	$	26.16
Adjustment due to goodwill and other intangible assets		(6.25)		(6.25)		(6.31)		(6.34)		(6.38)
Tangible book value per common share (Non-GAAP)¹	$	21.66	$	21.12	$	20.76	$	19.94	$	19.78

Tangible Common Equity to Tangible Assets:
Total Assets (GAAP)	$	4,891,009	$	4,954,690	$	4,829,387	$	4,797,171	$	4,745,800
Less goodwill and other intangibles		105,929		106,537		107,148		107,792		108,439
Tangible Assets (Non-GAAP)	$	4,785,080	$	4,848,153	$	4,722,239	$	4,689,379	$	4,637,361
Tangible common equity to tangible assets (Non-GAAP)		7.66%		7.43%		7.47%		7.23%		7.25%

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 2Q 2024 July 23, 2024, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -470 -1428 Access Code: 533803 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) the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may take longer than anticipated to realize; (4) disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships; (5) our ability to successfully integrate the businesses acquired as part of previous acquisitions with the business of SmartBank; (6) changes in management’s plans for the future; (7) prevailing, or changes in, economic or political conditions, particularly in our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (8) 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 prolonged elevated interest rates on our financial projections, models and guidance); (9) increased technology and cybersecurity risks, including generative artificial intelligence risks; (10) credit risk associated with our lending activities; (11) changes in loan demand, real estate values, or competition; (12) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (13) changes in accounting principles, policies, or guidelines; (14) changes in applicable laws, rules, or regulations; (15) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; (16) 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; (17) 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; (18) 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 (19) 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. 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 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. Tangible common equity and average tangible common equity excludes goodwill and other intangible assets from shareholders' equity and average shareholders' equity, respectively. Tangible common equity (excluding AOCI) excludes goodwill and other intangible assets from shareholders’ equity and accumulated other comprehensive income. Tangible book value per common share is tangible common equity divided by common shares outstanding. Tangible book value per common share (excluding AOCI) is tangible common equity (excluding AOCI) divided by common shares outstanding. Tangible assets excludes goodwill and other intangibles from total assets. A detailed reconciliation of these items and the ratios derived therefrom is available in the Non-GAAP reconciliations. Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Management also believes these Non-GAAP financial measures enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Unless otherwise indicated, all financial data contained in this presentation is as of 6/30/24

$0.52 $0.55 $0.48 $0.52 $0.49 $0.46 2Q23 1Q24 2Q24 GAAP EPS Diluted Operating EPS $26.16 $27.37 $27.91 $19.78 $21.12 $21.66 2Q23 1Q24 2Q24 BV Per Share TBV Per Share 0.75% 0.77% 0.66% 0.75% 0.69% 0.64% 2Q23 1Q24 2Q24 GAAP ROAA Operating ROAA 10.6% 10.6% 8.9% 10.6% 9.5% 8.7% 2Q23 1Q24 2Q24 GAAP ROATCE Operating ROATCE AOCI Impact 3 Unless otherwise indicated, financial data as of or for the three months ended 6/30/24 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 5) Excludes maturity of $15 million in brokered deposits QUARTERLY HIGHLIGHTS: SECOND QUARTER 2024 7.9% QoQ2 Annualized Tang. Book Value Per Share Growth (Excluding AOCI)1,4 $0.46 Diluted Operating EPS1 0.64% Operating Return on Average Assets1 8.7% Operating Return Average Tang. Common Equity1 72% Operating Efficiency Ratio1 (5.7%) QoQ Annualized Deposit Growth5 11.1% QoQ Annualized Organic Loan3 Growth 83% Loan / Deposit Ratio 0.20% 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 $23.18 $21.66 $22.73 $21.12 $19.78 $21.84

$6,395 $8,003 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $0.42 $0.48 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $30,164 $40,418 $- $5, 000 $10, 000 $15, 000 $20, 000 $25, 000 $30, 000 $35, 000 $40, 000 $45, 000 $50, 000 $2,404 $3,574 $( 400) $100 $600 $1, 100 $1, 600 $2, 100 $2, 600 $3, 100 $3, 600 $4, 100 $2,652 $4,317 $( 100) $400 $900 $1, 400 $1, 900 $2, 400 $2, 900 $3, 400 $3, 900 $4, 400 $4, 900 0.18% 0.20% $- $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

$6,617 $7,793 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $0.44 $0.46 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $11,296 $10,934 $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 0.79% 0.64% $- $0 $0 $0 $0 $0 $0 $0 10.06% 8.70% $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $17.27 $21.66 $15 $16 $17 $18 $19 $20 $21 $22 $23 5 NON-GAAP KEY MEASURE TRENDS1 : 1) Operating Earnings, Operating Diluted EPS, Operating PPNR, Operating ROAA, Operating ROATCE, and Tangible Book Value Per Share are all Non-GAAP financial measures. For a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix $ in Thousands Operating Earnings: Operating Diluted EPS: Operating PPNR: Operating ROAA: Operating ROATCE: Tangible Book Value Per Share: $ in Thousands Operating Diluted Earnings Per Share: Operating Earnings / Diluted Common Shares Outstanding Operating Pre-Provision Net Revenue: Net Interest Income + Operating Non-Interest Income – Operating Non-Interest Expense Operating Non-Interest Income: Non-Interest Income Adjusted for Non-Operating, Non-Recurring Items Operating Non-Interest Expense: Non-Interest Expense Adjusted for Non-Operating, Non-Recurring Items Operating Return on Average Assets: Operating Earnings / Average Assets Tangible Book Value Per Share: Tangible Common Equity / Total Common Shares Outstanding Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other Intangibles Operating Earnings: Net Income Adjusted for Non-Operating, Non-Recurring Items Operating Return on Average Tangible Common Equity: Operating Earnings / Average Tangible Common Equity Tangible Common Equity: Total Common Equity Less Goodwill, Core Deposit and Other Intangibles $ in Thousands

6 SMARTFINANCIAL: EXPANDING SOUTHEAST FRANCHISE $4.9 Billion in Total Assets $3.6 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 Q2 '24 7 SMARTBANK JOURNEY: LOOKING AHEAD Validation: Scaling: Leveraging: • Focused on validating platform and substantiating market need • Completed Cornerstone merger-of-equals • Completed functional initial public offering • Began expanding commercial banking product offering • Quickly recognized the need for scale to spread operating cost over larger asset base • Focused on building scale through asset growth with emphasis on fee revenue drivers • Completed four bank acquisitions • Acquired Fountain Equipment Finance • Started dealer floor plan lending unit • Expanded into seven new DeNovo markets • Broadened Treasury Management and commercial banking product package • Implemented several multi-year IT infrastructure projects • Consolidated inconsistent legacy products, services and operational procedures • Focus on leveraging existing investments to efficiently deploy capital and enhance EPS and ROATCE • Strategic hiring supported by existing infrastructure • Further investment in commercial banking business • Heightened focus on commercial sales process • Targeted business relationship generation and client profitability profiles • Operational and product enhancement in key areas (Treasury Management, digital capabilities, etc.) • M&A focus shifted to strategics and/or “needle moving” opportunities $ in Billions, unless otherwise indicated Strategic Focus: Leverage Existing Infrastructure Investments to Drive Profitability and Optimize Efficiency

$( 500, 000) $- $500, 000 $1, 000, 000 $1, 500, 000 $2, 000, 000 MARKET AREA: BUILDING DENSITY IN ATTRACTIVE SOUTHEAST MARKETS 8 ► Producers: 42 ► Loans: 62% ► Deposits: 65% ► ’21-’24 CAGR: 9% Tennessee Source: S&P Market Intelligence; U.S. Census; https://www.cnbc.com/americas-top-states-for-business/ 1) Market loan and deposit percentages shown as a percentage of the total loans and deposits of SmartBank as of 6/30/24, respectively 2) Producers includes relationship managers, market leaders and regional presidents responsible for meeting business production goals 3) 12/31/21 – 6/30/24 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: 28 ► Loans: 21% ► Deposits: 26% ► ’21-’24 Growth: 22% Alabama ► Producers: 9 ► Loans: 17% ► Deposits: 9% ► ’21-’24 Growth: 15% 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%

$1,897 $2,382 $2,693 $3,254 $3,444 $3,478 $3,574 5.43% 5.71% 5.80% 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 9 LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY Total Loans CAGR of 15% Since 2019 $ in Millions, unless otherwise indicated Average Loan Yield (excluding accretion & fees) Loan Composition History of Consistent Organic Growth 23% 23% 23% 23% 23% 26% 26% 27% 27% 28% 18% 18% 19% 19% 20% 12% 11% 9% 9% 8% 19% 19% 19% 19% 19% $3,338 $3,379 $3,444 $3,478 $3,574 2Q23 3Q23 4Q23 1Q24 2Q24 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other

1-4 Family (NOO) 16% Resi/Comm Land Dev. 14% Resi/Comm Land 21% CRE (OO) 15% CRE (NOO) 18% Multifamily 21% Hotel & Hospitality 32% Retail Space 12% Office Space 12% Misc. 11% 10 LOAN CONCENTRATION: WELL BALANCED EXPOSURE Non-Owner Occupied CRE Exposure By Segment Highly Diversified with Seasoned Client Base Construction & Development Exposure By Type1 Closely Monitored with No Concentration Concerns 1) 1-4 Family (OO) includes owner-occupied primary and secondary residence construction loans; 1-4 Family (NOO) includes speculative and investment property residential construction loans; Resi/Comm Land Dev. includes primary, secondary, investment and commercial land development loans; Resi/Comm Land includes residential and commercial improved and unimproved land loans; Multifamily includes 5 or more residential property loans; CRE (OO) includes construction loans for owner-occupied commercial real estate including hotel & hospitality, retail, office, industrial & warehouse, self storage and other commercial real estate; CRE (NOO) includes construction loans for non owner-occupied commercial real estate including hotel & hospitality, retail, office, industrial & warehouse, self storage and other commercial real estate 2) Outstanding principal balance shown $996 Million2 - 28% of Total Loans $296 Million2 - 8% of Total Loans

$5,712 $5,881 $9,735 $8,995 $9,975 0.12% 0.12% 0.20% 0.18% 0.20% - 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 2Q23 3Q23 4Q23 1Q24 2Q24 Nonperforming Loans OREO & Other Repos Nonperforming Assets / Total Assets 285% 285% 280% 275% 278% 88% 83% 72% 70% 64% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 2Q23 3Q23 4Q23 1Q24 2Q24 CRE Loans / Capital C&D Loans / Capital $8,438 $9,094 $13,828 $10,737 $10,299 0.25% 0.27% 0.40% 0.31% 0.29% - 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 2Q23 3Q23 4Q23 1Q24 2Q24 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.26% 0.31% 0.37% 0.31% 0.28% -0.01% 0.04% 0.04% 0.09% 0.05% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 2Q23 3Q23 4Q23 1Q24 2Q24 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $32,747 $33,687 $35,066 $34,203 $34,690 0.98% 1.00% 1.02% 0.98% 0.97% 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 2Q23 3Q23 4Q23 1Q24 2Q24 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

$2,047 $2,805 $4,022 $4,077 $4,268 $4,394 $4,317 2.00% 2.52% 2.56% 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 24% 22% 21% 21% 21% 22% 23% 24% 23% 23% 41% 42% 42% 44% 44% 13% 13% 13% 12% 12% $4,200 $4,247 $4,268 $4,394 $4,317 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits 12 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 83% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Overall Stability Despite Some Mix Shift

$134 $148 $4 $45 $43 $129 $47 $71 $40 $- $- $50 $100 $150 $200 $250 $300 $350 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate CDs 2.30% 2.35%2.79% 2.94% 3.60% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2Q23 3Q23 4Q23 1Q24 2Q24 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 $661 Million Book Value 3.65% Book Yield ($51) Million Unrealized Loss • ($33) Million in Available-for-Sale Securities (AFS) • ($18) Million in Held-to-Maturity (HTM) 5.6 Year Average Life 3.4 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 $70 Million in Fixed Rate Loans Yielding 5.41% Maturing by 2024 Year End $45 Million in Adjustable-Rate Loans Yielding 6.49% Maturing or Repricing by 2024 Year End $949 Million in Variable Floating Rate Loans Yielding 7.74% Repricing Monthly $27 Million in Investment Portfolio Principal Cash Flow Yielding 4.08% Returning by 2024 Year End FYE 2026 & ($ in millions) 3Q24 4Q24 2025 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 45 $ 26 $ 153 $ 1,770 Weighted Average Yield 5.55% 5.15% 4.54% 5.03% Adjustable Rate Loans $ 15 $ 30 $ 79 $ 522 Weighted Average Yield 6.92% 6.27% 6.05% 5.13% Investment Cashflow Schedule: Principal Cashflow $ 15 $ 12 $ 52 $ 563 Yield Roll-Off 4.05% 4.11% 4.07% 3.55%

106% 98% Peer Average SMBK 89% 83% 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 June 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 Ample Access to a Variety of Funding Robust Liquidity on Hand $1.4 Billion in Untapped Liquidity Sources $447 Million in On-Balance Sheet Liquidity 1.3x Liquidity to Uninsured Deposit Ratio 1 1 $ in Millions, unless otherwise indicated 2 Total Amount Net Available Used Availability Current On-Balance Sheet: Cash & Cash Equiv. $343 $0 $343 Unpledged Securities 104 0 104 Available Sources of Liquidity: Fed Funds 96 0 96 FHLB 581 179 402 FRB 409 0 409 HC LoC 35 8 27 Total Liquidity $1,568 $187 $1,381

$31,575 $31,006 $31,517 $31,721 $32,814 $7,130 $7,492 $7,579 $7,034 $7,321 $38,705 $38,498 $39,096 $38,755 $40,135 2.93% 2.81% 2.86% 2.85% 2.97% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) $239 $400 $352 $478 $343 $824 $667 $690 $655 $630 17.4% 13.9% 14.3% 13.2% 12.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $- $200 $400 $600 $800 $1, 000 $1, 200 2Q23 3Q23 4Q23 1Q24 2Q24 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets 16 LIQUIDITY MANAGEMENT: NAVIGATING MARGIN PRESSURE Cash and Securities Margin / Operating Revenue2 1) Based on the weighted average of the AFS/HTM securities portfolio. Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 21.0% 2) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2 $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated 2Q23 3Q23 4Q23 1Q24 2Q24 Cash Yield 4.02% 5.26% 5.52% 5.53% 5.52% Sec. Yield (AFS/HTM)1 2.30% 2.35% 2.79% 2.94% 3.60% Loans (less Accr. & Fees) 5.39% 5.52% 5.61% 5.71% 5.80% Loan Accr. & Fees 0.12% 0.10% 0.07% 0.11% 0.06% Loan Yield (incl. Accr. & Fees) 5.51% 5.61% 5.68% 5.82% 5.87% IE Asset Yield 4.82% 4.99% 5.22% 5.36% 5.52% NIM (FTE) 2.93% 2.81% 2.86% 2.85% 2.97%

$2,389 , 1.7% $1,662 , 1.2% $(2,702), -1.9% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $1,762 , 1.3% $841 , 0.6% $(1,847), -1.3% Interest Income % Change Ramp -200bps Ramp -100bps Ramp +100bps $1,993 55% $631 18% $965 27% Fixed Rate LT Variable ST Variable 17 INTEREST RATE SENSITIVITY Fixed vs. Variable Rate Loans Static Shock / Rate Ramp Analysis1 1) Based on 12-month static rate shock and ramp analysis as of 6/30/24. 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 $1.6 Billion Variable Rate Loans • $965 Million Short-Term Variable Rate (Resetting within 1 - 3 Months) • $631 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

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 $7,130 $7,492 $7,579 $7,034 $7,321 2Q23 3Q23 4Q23 1Q24 2Q24 Service Charges on Deposit Accounts Mortgage Banking Income Investment Services Income Insurance Commissions Interchange Fees Other Noninterest Income

71% 74% 73% 73% 72% 2Q23 3Q23 4Q23 1Q24 2Q24 Operating Efficiency Ratio $27,410 $28,406 $28,770 $28,553 $29,201 2Q23 3Q23 4Q23 1Q24 2Q24 Salaries & Benefits Occupancy & Equipment Data Processing & Technology Professional Services Amortization of Intangibles Other Noninterest Expense 19 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix OPERATING EXPENSE: FOCUS ON EXPENSE CONTAINMENT Operating Efficiency Ratio1 Operating Noninterest Expense1 1 $ in Thousands, unless otherwise indicated

7.3% 7.2% 7.5% 7.4% 7.7% 2Q23 3Q23 4Q23 1Q24 2Q24 10.1% 10.1% 10.2% 10.2% 10.1% 2Q23 3Q23 4Q23 1Q24 2Q24 8.2% 8.1% 8.3% 8.2% 8.3% 2Q23 3Q23 4Q23 1Q24 2Q24 11.9% 11.9% 11.9% 11.9% 11.7% 2Q23 3Q23 4Q23 1Q24 2Q24 $16.82 $17.92 $19.26 $19.09 $20.76 $21.66 $16.80 $17.77 $19.17 $21.18 $22.29 $23.18 $8. 00 $10. 00 $12. 00 $14. 00 $16. 00 $18. 00 $20. 00 $22. 00 $24. 00 2019Y 2020Y 2021Y 2022Y 2023Y 2Q24 TBV Per Share Adj. TBV Per Share (Ex. AOCI) CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 20 Note: Capital ratio data as of the most recent period ended 6/30/24 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 $6.38 TBVPS1 Created 2019 – Q2 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

1Q24 2Q23 ($ in thousands, except per share data) 2Q24 1Q24 2Q23 % Chg. % Chg. Net Interest Income $ 32,814 $ 31,721 $ 31,575 3% 4% Provision for Credit Losses 883 (440) 113 Noninterest Income 7,604 8,380 7,130 (9%) 7% Noninterest Expense 29,201 28,553 27,410 2% 7% Income Tax Expense 2,331 2,630 2,346 Net Income (GAAP) $ 8,003 $ 9,358 $ 8,836 (14%) (9%) Non-GAAP Reconciliations Noninterest Income (283) (1,346) - Noninterest Expense - - - Income Tax Effect Of Adjustments 73 348 - Operating Earnings (Non-GAAP) $ 7,793 $ 8,360 $ 8,836 (7%) (12%) Operating PPNR Earnings (Non-GAAP) $ 10,934 $ 10,202 $ 11,295 7% (3%) 1Q24 2Q23 Non-GAAP Performance Metrics 2Q24 1Q24 2Q23 % Chg. % Chg. Diluted Operating Earnings Per Share $ 0.46 $ 0.49 $ 0.52 (6%) (12%) Tangible Book Value Per Common Share $ 21.66 $ 21.12 $ 19.78 3% 9% Operating Return on Average Assets 0.64% 0.69% 0.75% Operating PPNR Return on Average Assets 0.90% 0.84% 0.96% Operating Return on Average Tang. Common Equity 8.7% 9.5% 10.6% Operating Efficiency Ratio 72.1% 73.5% 70.6% 2Q24 vs. 2Q24 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 SECOND QUARTER RESULTS

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 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 Operating Earnings Net Income (GAAP) $ 8,003 $ 9,358 $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 $ 11,543 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) 87 Income Taxes: Income Tax Effect Of Adjustments 73 348 (239) (1,785) - - 49 (22) Operating Earnings (Non-GAAP) $ 7,793 $ 8,360 $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 $ 11,608 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.47 $ 0.50 $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 $ 0.69 Diluted 0.46 0.49 0.41 0.43 0.52 0.68 0.76 0.69 Operating Noninterest Income Noninterest Income (GAAP) $ 7,604 $ 8,380 $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 $ 6,250 Securities (Gains) Losses - - - 6,801 - - (144) - Gain on Sale of Branch Building / ADECA Termination Proceeds (283) (1,346) - - - - - - Operating Noninterest Income (Non-GAAP) $ 7,321 $ 7,034 $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 $ 6,250 Operating Noninterest Expense Noninterest Expense (GAAP) $ 29,201 $ 28,553 $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 $ 27,230 Donation of a Former Branch Location - - (250) - - - - - Accruals For Pending Litigation - - (675) - - - - - Merger Related And Restructuring Expenses - - - (110) - - 45 (87) Operating Noninterest Expense (Non-GAAP) $ 29,201 $ 28,553 $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 $ 27,143 Operating Revenue Net Interest Income (GAAP) $ 32,814 $ 31,721 $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 $ 36,708 Operating Noninterest Income (Non-GAAP) 7,321 7,034 7,579 7,492 7,130 6,925 6,981 6,250 Operating Revenue (Non-GAAP) 40,135 38,755 39,096 38,498 38,705 42,907 44,593 42,958 Operating Pre-Provision, Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 40,135 $ 38,755 $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 $ 42,958 Operating Noninterest Expense (Non-GAAP) (29,201) (28,553) (28,770) (28,406) (27,410) (27,529) (27,461) (27,143) Operating PPNR Earnings (Non-GAAP) $ 10,934 $ 10,202 $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 $ 15,815 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.64% 0.69% 0.57% 0.60% 0.75% 0.97% 1.10% 0.96% Operating PPNR Return On Average Assets (Non-GAAP)(2) 0.90% 0.84% 0.86% 0.84% 0.96% 1.30% 1.46% 1.30% Return On Average Tangible Common Equity (Non-GAAP)(3) 8.94% 10.62% 7.18% 2.43% 10.57% 14.45% 16.65% 14.36% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 6.72% 7.29% 6.07% 6.41% 7.98% 10.79% 12.15% 10.83% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 8.70% 9.49% 7.98% 8.46% 10.57% 14.45% 16.47% 14.44% Operating Efficiency Ratio Efficiency Ratio (GAAP) 72.25% 71.20% 75.95% 89.96% 70.82% 64.16% 61.28% 63.39% Adjustment For Taxable Equivalent Yields (0.63%) (0.17%) (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) (0.25%) 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% (0.21%) Operating Efficiency Ratio (Non-GAAP) 72.13% 73.50% 73.41% 73.60% 70.64% 64.02% 61.36% 62.93%

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 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Operating Earnings Net Income (GAAP) $ 10,215 $ 8,259 $ 6,655 $ 9,600 $ 8,778 $ 9,756 $ 9,030 $ 6,395 Noninterest Income: Securities (Gains) Losses - - - (45) - - - 9 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 81 439 2,762 464 372 103 702 290 Income Taxes: Income Tax Effect Of Adjustments (21) (113) (713) (108) (96) (27) (62) (77) Operating Earnings (Non-GAAP) $ 10,275 $ 8,585 $ 8,704 $ 9,911 $ 9,054 $ 9,832 $ 9,205 $ 6,617 Operating Earnings Per Common Share (Non-GAAP): Basic $ 0.61 $ 0.51 $ 0.52 $ 0.64 $ 0.60 $ 0.65 $ 0.61 $ 0.44 Diluted 0.61 0.51 0.52 0.63 0.60 0.65 0.61 0.44 Operating Noninterest Income Noninterest Income (GAAP) $ 7,229 $ 7,111 $ 6,806 $ 6,309 $ 5,143 $ 5,691 $ 4,976 $ 4,121 Securities (Gains) Losses - - - (45) - - - 9 Gain on Sale of Branch Building / ADECA Termination Proceeds - - - - - - (465) - Operating Noninterest Income (Non-GAAP) $ 7,229 $ 7,111 $ 6,806 $ 6,264 $ 5,143 $ 5,691 $ 4,511 $ 4,130 Operating Noninterest Expense Noninterest Expense (GAAP) $ 25,926 $ 25,718 $ 27,823 $ 23,309 $ 20,797 $ 19,464 $ 19,953 $ 19,167 Donation of a Former Branch Location - - - - - - - - Accruals For Pending Litigation - - - - - - - - Merger Related And Restructuring Expenses (81) (439) (2,762) (464) (372) (103) (702) (290) Operating Noninterest Expense (Non-GAAP) $ 25,845 $ 25,279 $ 25,061 $ 22,845 $ 20,425 $ 19,361 $ 19,251 $ 18,877 Operating Revenue Net Interest Income (GAAP) $ 33,062 $ 30,118 $ 29,855 $ 30,382 $ 26,897 $ 26,260 $ 26,506 $ 26,043 Operating Noninterest Income (Non-GAAP) 7,229 7,111 6,806 6,264 5,143 5,691 4,511 4,130 Operating Revenue (Non-GAAP) 40,291 37,229 36,661 36,646 32,040 31,951 31,017 30,173 Operating Pre-Provision, Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 40,291 $ 37,229 $ 36,661 $ 36,646 $ 32,040 $ 31,951 $ 31,017 $ 30,173 Operating Noninterest Expense (Non-GAAP) (25,845) (25,279) (25,061) (22,845) (20,425) (19,361) (19,251) (18,877) Operating PPNR Earnings (Non-GAAP) $ 14,446 $ 11,950 $ 11,600 $ 13,801 $ 11,615 $ 12,590 $ 11,766 $ 11,296 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.88% 0.76% 0.77% 1.00% 1.01% 1.19% 1.14% 0.79% Operating PPNR Return On Average Assets (Non-GAAP)(2) 1.23% 1.05% 1.03% 1.39% 1.30% 1.52% 1.45% 1.35% Return On Average Tangible Common Equity (Non-GAAP)(3) 13.02% 10.39% 8.18% 12.84% 12.54% 14.41% 13.43% 9.72% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 9.82% 8.14% 8.09% 10.01% 9.83% 11.05% 10.34% 7.57% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 13.09% 10.80% 10.70% 13.26% 12.93% 14.53% 13.69% 10.06% Operating Efficiency Ratio Efficiency Ratio (GAAP) 64.35% 69.08% 75.89% 63.53% 64.91% 60.92% 63.38% 63.54% Adjustment For Taxable Equivalent Yields (0.27%) (0.31%) (0.32%) (0.25%) (0.30%) (0.28%) (0.30%) (0.32%) Adjustment For Securities (Gains) Losses - - - (0.08%) - - - 0.02% Adjustment For Sale of Branch Building - - - - - - - - Adjustment For Donation of a Former Branch Location - - - - - - - - Adjustment For Accruals For Pending Litigation - - - - - - - - Adjustment For Merger Expenses (0.20%) (1.17%) (7.50%) (1.10%) (1.15%) (0.32%) (2.22%) (0.99%) Operating Efficiency Ratio (Non-GAAP) 63.88% 67.60% 68.07% 62.09% 63.46% 60.32% 60.86% 62.25%

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 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 $ 414,711 Less Goodwill And Other Intangible Assets 105,929 106,537 107,148 107,792 108,439 109,114 109,772 110,460 Tangible Common Equity (Non-GAAP) $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 $ 304,251 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 466,371 $ 461,148 $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 $ 425,365 Less Goodwill And Other Intangible Assets 106,301 106,920 107,551 108,194 108,851 109,537 110,206 106,483 Average Tangible Common Equity (Non-GAAP) $ 360,070 $ 354,228 $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 $ 318,882 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 $ 24.56 Adjustment Due To Goodwill And Other Intangible Assets (6.26) (6.25) (6.31) (6.34) (6.38) (6.42) (6.50) (6.54) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 $ 18.02 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,891,009 $ 4,954,690 $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 $ 4,796,911 Less Goodwill And Other Intangibles 105,929 106,537 107,148 107,792 108,439 109,114 109,772 110,460 Tangible Assets (Non-GAAP) $ 4,785,080 $ 4,848,153 $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 $ 4,686,451 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.66% 7.43% 7.47% 7.23% 7.25% 7.17% 7.13% 6.49%

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 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Tangible Common Equity: Shareholders' Equity (GAAP) $ 420,427 $ 420,042 $ 429,430 $ 424,720 $ 373,393 $ 364,058 $ 357,168 $ 349,789 Less Goodwill And Other Intangible Assets 104,582 105,215 105,852 104,930 90,966 86,350 86,471 86,710 Tangible Common Equity (Non-GAAP) $ 315,845 $ 314,827 $ 323,578 $ 319,790 $ 282,427 $ 277,708 $ 270,697 $ 263,079 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 419,726 $ 427,945 $ 426,808 $ 392,798 $ 369,325 $ 360,919 $ 354,026 $ 347,907 Less Goodwill And Other Intangible Assets 104,986 105,617 104,193 96,250 88,551 86,424 86,561 86,206 Average Tangible Common Equity (Non-GAAP) $ 314,740 $ 322,328 $ 322,615 $ 296,548 $ 280,774 $ 274,495 $ 267,465 $ 261,701 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 24.88 $ 24.86 $ 25.56 $ 25.28 $ 24.71 $ 24.10 $ 23.64 $ 22.96 Adjustment Due To Goodwill And Other Intangible Assets (6.19) (6.23) (6.30) (6.25) (6.02) (5.71) (5.72) (5.69) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 18.69 $ 18.64 $ 19.26 $ 19.03 $ 18.69 $ 18.39 $ 17.92 $ 17.27 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,788,113 $ 4,718,579 $ 4,611,579 $ 4,384,031 $ 3,654,356 $ 3,557,203 $ 3,304,949 $ 3,387,588 Less Goodwill And Other Intangibles 104,582 105,215 105,852 104,930 90,966 86,350 86,471 86,710 Tangible Assets (Non-GAAP) $ 4,683,531 $ 4,613,364 $ 4,505,727 $ 4,279,101 $ 3,563,390 $ 3,470,853 $ 3,218,478 $ 3,300,878 Tangible Common Equity To Tangible Assets (Non-GAAP): 6.74% 6.82% 7.18% 7.47% 7.93% 8.00% 8.41% 7.97%

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 2023Y 2022Y 2021Y 2020Y 2019Y 2018Y Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 459,886 $ 432,452 $ 429,430 $ 357,168 $ 312,747 $ 283,011 Less Goodwill And Other Intangible Assets 107,148 109,772 105,852 86,471 77,193 79,034 Tangible Common Equity (Non-GAAP) $ 352,738 $ 322,680 $ 323,578 $ 270,697 $ 235,554 $ 203,977 Less Adjustment Due to AOCI (Loss) (25,907) (35,324) 1,443 2,183 168 (2,765) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 378,645 $ 358,004 $ 322,135 $ 268,514 $ 235,386 $ 206,742 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 27.07 $ 25.59 $ 25.56 $ 23.64 $ 22.33 $ 20.31 Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.50) (6.30) (5.72) (5.51) (5.67) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.09 $ 19.26 $ 17.92 $ 16.82 $ 14.64 Less Adjustment Due to AOCI (Loss) (1.52) (2.09) 0.09 0.14 0.01 (0.20) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 22.29 $ 21.18 $ 19.17 $ 17.77 $ 16.80 $ 14.84 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 472,465 $ 466,796 $ 459,886 $ 446,652 $ 444,847 $ 443,399 Less Goodwill And Other Intangible Assets 105,929 106,537 107,148 107,792 108,439 109,114 Tangible Common Equity (Non-GAAP) $ 366,536 $ 360,259 $ 352,738 $ 338,860 $ 336,408 $ 334,285 Less Adjustment Due to AOCI (Loss) (25,798) (27,425) (25,907) (34,156) (35,017) (28,620) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 392,334 $ 387,684 $ 378,645 $ 373,016 $ 371,425 $ 362,905 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 27.91 $ 27.37 $ 27.07 $ 26.28 $ 26.16 $ 26.08 Adjustment Due To Goodwill And Other Intangible Assets (6.25) (6.25) (6.31) (6.34) (6.38) (6.42) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 21.66 $ 21.12 $ 20.76 $ 19.94 $ 19.78 $ 19.66 Less Adjustment Due to AOCI (Loss) (1.52) (1.61) (1.52) (2.01) (2.06) (1.68) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 23.18 $ 22.73 $ 22.29 $ 21.95 $ 21.84 $ 21.34

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

SmartFinancial (NYSE:SMBK)
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