SMARTFINANCIAL INC.

Listed Company

SMBKCIK 0001038773NYSEAcceleratedNational Commercial BanksTennesseeFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$50.35M

Total Assets

$5.86B

Equity

$552.38M

Shares Out

17.10M

Op. Cash Flow

$61.72M

Business

SMARTFINANCIAL INC. is a bank holding company that owns and operates SmartBank and provides commercial and retail banking services. It offers deposit accounts, commercial and consumer lending, equipment leases, mortgages, investment securities, insurance and brokerage services. Key segments are SmartBank retail and commercial banking, Fountain Equipment Finance for equipment lending, SBK Insurance, and a Raymond James brokerage arrangement. Services are provided through full-service branches and equipment finance offices in Tennessee, Alabama and Florida, and through correspondent banks, brokered deposits and digital channels.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and leases, including fees	249	214	186	136	119
Taxable	20	20	17	12	4
Tax-exempt	2	1	1	2	1
Federal funds sold and other earning assets	15	16	13	8	2
Total interest income	286	251	218	159	125
Deposits	115	109	84	18	9
Borrowings	155,000	1	936,000	602,000	—
Subordinated debt	5	3	3	3	2
Total interest expense	120	114	88	21	—
Net interest income	166	137	130	138	113
Provision for credit losses	8	5	3	4	—
Net interest income after provision for credit losses	158	132	127	133	112
Service charges on deposit accounts	7	7	7	6	5
Gain (loss) on sale of securities, net	4	−64,000	7	144,000	45,000
Mortgage banking	3	2	1	2	—
Investment services	7	6	5	4	2
Insurance commissions	4	6	5	4	3
Interchange and debit card transaction fees, net	5	5	5	5	4
"Gain on sale of SBK Insurance (""SBKI"")"	4	—	—	—	—
Other	8	9	6	7	5
Total noninterest income	34	34	22	28	24
Salaries and employee benefits	78	72	66	63	52
Occupancy and equipment	14	14	13	12	10
FDIC insurance	4	3	3	3	2
Other real estate and loan related expense	3	3	2	2	2
Advertising and marketing	2	1	1	1	830,000
Data processing and technology	10	10	9	7	6
Professional services	5	4	3	4	3
Amortization of intangibles	2	2	3	3	2
Merger related and restructuring expenses	1	—	110,000	562,000	4
Other	12	11	12	10	9
Total noninterest expense	131	121	113	106	91
Income before income tax expense	62	45	36	55	44
Income tax expense	11	9	8	12	10
Net income	50	36	29	—	—
Basic (in dollars per share)	3	2.16	1.7	2.57	2.23
Diluted (in dollars per share)	2.98	2.14	1.69	2.55	2.22
Basic (in shares)	17	17	17	17	16
Diluted (in shares)	17	17	17	17	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	56	97	62	44	110
Interest-bearing deposits with banks	395	277	233	207	897
Federal funds sold	13	14	57	15	38
Total cash and cash equivalents	464	388	352	266	1,045
Securities available-for-sale, at fair value	540	482	408	—	—
Securities held-to-maturity (fair value of $109.4 million at Dec. 31, 2025 and $108.1 million at Dec. 31, 2024)	122	127	281	—	—
Other investments	16	15	14	16	16
Loans held for sale	11	6	4	2	5
Loans and leases	4,364	3,906	3,444	—	—
Less: Allowance for credit losses	−41	−37	−35	−23	—
Loans and leases, net	4,323	3,869	3,409	—	—
Premises and equipment, net	88	91	93	93	86
Other real estate owned	—	179,000	517,000	1	2
Goodwill and other intangibles, net	95	105	—	—	—
Bank owned life insurance	120	116	83	81	80
Other assets	81	78	76	68	38
Total assets	5,861	5,276	4,829	4,637	4,612
Noninterest-bearing demand	1,063	966	898	1,072	1,055
Interest-bearing demand	946	837	1,007	966	899
Money market and savings	2,274	2,040	1,812	1,583	1,493
Time deposits	871	845	550	455	575
Total deposits	5,153	4,686	4,268	4,077	4,022
Borrowings	3	8	13	42	88
Subordinated debt	99	40	42	42	42
Other liabilities	54	50	46	44	31
Total liabilities	5,308	4,784	4,370	4,205	4,182
Commitments and contingent liabilities - see Note 14	—	—	—	—	—
Preferred stock, $1 par value; 2,000,000 shares authorized; No shares issued and outstanding	—	—	—	—	—
Common stock, $1 par value; 40,000,000 shares authorized; 17,029,317 and 16,925,672 shares issued and outstanding, respectively	17	17	17	17	17
Additional paid-in capital	296	294	296	294	293
Retained earnings	249	204	173	157	118
Accumulated other comprehensive loss	9	24	−26	−35	1
Total shareholders' equity attributable to SmartFinancial Inc. and Subsidiary	552	491	460	432	429
Non-controlling interest - preferred stock of subsidiary	113,000	113,000	—	—	—
Total shareholders' equity	552	491	460	432	429
Total liabilities and shareholders' equity	5,861	5,276	4,829	4,637	4,612

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	8	9	11	10	7
Stock compensation expense	2	2	1	1	693,000
Deferred income tax (benefit) expense	−470,000	120,000	1	−555,000	643,000
Increase in cash surrender value of bank-owned life insurance	−4	−2	−2	−2	−2
Net losses from sale and write-downs of other real estate owned and other repossessed assets	632,000	994,000	78,000	82,000	160,000
Net gains from mortgage banking	−3	−1	−1	−2	—
Origination of loans held for sale	−44	−50	−46	−49	−126
Proceeds from sales of loans held for sale	42	50	44	54	137
Net loss (gain) from sale/disposal of fixed assets	14,000	−2	19,000	−244,000	—
Accrued interest receivable	−1	−898,000	−3	−4	809,000
Accrued interest payable	3	250,000	3	−24,000	−613,000
Other assets	4	4	−2	−25	−9
Other liabilities	−6	−120,000	−8	27	8
Net cash provided by operating activities	62	53	40	57	46
Proceeds from sales	100	—	153	37	17
Proceeds from maturities, calls and paydowns	72	58	56	40	133
Purchases	−215	−131	−131	−297	−434
Proceeds from maturities, calls and paydowns	2	152	2	2	—
Proceeds from sales of other investments	1	6	3	1	436,000
Purchases of other investments	−6	−7	−944,000	−91,000	−2
Purchases of bank-owned life insurance	—	−30	—	—	−40
Proceeds from sale of SBKI, net of transaction cost	11	—	—	—	—
Net increase in loans and leases	−464	−469	−214	−558	−37
Proceeds from sale of fixed assets	123,000	5	682,000	1	—
Purchases of premises and equipment	−2	−6	−6	−12	−2
Proceeds from sale of other real estate owned and other repossessed assets	2	3	1	542,000	3
Net cash used in investing activities	−499	−420	−135	−841	−265
Net increase in deposits	466	419	191	56	781
Net increase (decrease) in securities sold under agreements to repurchase	−1	−944,000	303,000	−310,000	−2
Proceeds from borrowings	3	160	26	31	8
Repayment of borrowings	−7	−167	−31	—	—
Cash dividends paid	−5	−5	−5	−5	−4
Issuance of preferred stock of subsidiary - non-controlling interest, net of fees	—	113,000	—	—	—
Redemption of subordinated debt	−40	—	—	—	—
Issuance of subordinated debt, net of issuance costs	99	—	—	—	—
Issuance of common stock	153,000	68,000	165,000	397,000	200,000
Restricted shares withheld for taxes	−308,000	−223,000	−57,000	−206,000	—
Repurchases of common stock	—	−3	—	—	−1
Net cash provided by financing activities	514	403	181	5	782
Net change in cash and cash equivalents	77	35	86	−779	563
Cash paid during the period for interest	116	114	85	21	12
Net cash paid during the period for income taxes	12	9	9	12	9
Recognition of operating lease assets in exchange for lease liabilities	790,000	4	2	53,000	5
Acquisition of real estate through foreclosure	—	179,000	272,000	281,000	628,000
Acquisition of other repossessed assets	4	4	—	—	—
Financed sales of other repossessed assets	1	1	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro