Forward-Looking Statements
This news release may contain statements that are based on management’s current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results of SmartFinancial to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others,
| (1) | risks associated with our growth strategy, including a failure to implement our growth plans or an inability to manage our growth effectively; |
| (2) | claims and litigation arising from our business activities and from the companies we acquire, which may relate to contractual issues, environmental laws, fiduciary responsibility, and other matters; |
| (3) | general risks related to our disposition, merger and acquisition activity, including risks associated with our pursuit of future acquisitions or sales; |
| (4) | changes in management’s plans for the future; |
| (5) | prevailing, or changes in, economic or political conditions (including those resulting from the new administration and Congress), particularly in our market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; |
| (6) | our ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of interest rate fluctuations on our financial projections, models and guidance); |
| (7) | tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services); |
| (8) | uncertain duration of trade conflicts and the magnitude of the impact that proposed tariffs may have on our customers’ businesses; |
| (9) | increased technology and cybersecurity risks, including generative artificial intelligence risks; |
| (10) | the impact of a failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting us and our customers; |
| (11) | credit risk associated with our lending activities; |
| (12) | changes in loan demand, real estate values, or competition; |
| (13) | developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; |
| (14) | changes in accounting principles, policies, or guidelines; |
| (15) | changes in applicable laws, rules, or regulations; |
| (16) | adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions; |
| (17) | potential impacts of any adverse developments in the banking industry, including the impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; |
| (18) | significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; |
| (19) | the effects of war or other conflicts; |
| (20) | the impact of government actions or inactions, including a prolonged shutdown of the federal government; and |
| (21) | 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.
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| | Ending Balances |
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| · Sep · Jun · Mar · Dec · Sep |
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| · 2025 · · 2025 · · 2025 · · 2024 · · 2024 |
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| Assets: · · · · · · |
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| Cash and cash equivalents | | $557,127 | | | $365,096 | | | $422,984 | | | $387,570 | | | $192,914 |
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| Securities available-for-sale, at fair value | | 511,095 | | | 502,150 | | | 499,445 | | | 482,328 | | | 501,336 |
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| Securities held-to-maturity, at amortized cost | | 123,364 | | | 124,520 | | | 125,576 | | | 126,659 | | | 127,779 |
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| Other investments | | 14,888 | | | 14,713 | | | 14,371 | | | 14,740 | | | 20,352 |
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| Loans held for sale | | 9,855 | | | 5,484 | | | 3,843 | | | 5,996 | | | 5,804 |
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| Loans and leases | | 4,222,369 | | | 4,124,062 | | | 3,992,207 | | | 3,906,340 | | | 3,717,478 |
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| Less: Allowance for credit losses | | (39,074) | | | (39,776) | | | (38,175) | | | (37,423) | | | (35,609) |
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| Loans and leases, net | | 4,183,295 | | | 4,084,286 | | | 3,954,032 | | | 3,868,917 | | | 3,681,869 |
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| Premises and equipment, net | | 89,250 | | | 90,204 | | | 90,708 | | | 91,093 | | | 91,055 |
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| Other real estate owned | | — | | | 144 | | | 144 | | | 179 | | | 179 |
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| Goodwill and other intangibles, net | | 95,807 | | | 103,588 | | | 104,154 | | | 104,723 | | | 105,324 |
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| Bank owned life insurance | | 118,610 | | | 117,697 | | | 116,805 | | | 115,917 | | | 105,025 |
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| Other assets | | 81,692 | | | 82,981 | | | 79,155 | | | 77,782 | | | 77,297 |
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| Total assets | | $5,784,983 | | | $5,490,863 | | | $5,411,217 | | | $5,275,904 | | | $4,908,934 |
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| Liabilities: | | | | | | | | | |
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| Deposits: | | | | | | | | | |
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| Noninterest-bearing demand | | $931,477 | | | $906,965 | | | $884,294 | | | $965,552 | | | $863,949 |
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| Interest-bearing demand | | 929,454 | | | 843,820 | | | 885,063 | | | 836,731 | | | 834,207 |
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| Money market and savings | | 2,218,313 | | | 2,124,623 | | | 2,131,828 | | | 2,039,560 | | | 1,854,777 |
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| Time deposits | | 971,653 | | | 996,712 | | | 907,474 | | | 844,640 | | | 769,558 |
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| Total deposits | | 5,050,897 | | | 4,872,120 | | | 4,808,659 | | | 4,686,483 | | | 4,322,491 |
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| Borrowings | | 1,301 | | | 6,966 | | | 7,610 | | | 8,135 | | | 8,997 |
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| Subordinated debt | | 138,604 | | | 39,726 | | | 39,705 | | | 39,684 | | | 39,663 |
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| Other liabilities | | 55,699 | | | 52,924 | | | 49,302 | | | 50,141 | | | 48,760 |
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| Total liabilities | | 5,246,501 | | | 4,971,736 | | | 4,905,276 | | | 4,784,443 | | | 4,419,911 |
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| Shareholders' Equity: | | | | | | | | | | | | | | |
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| Common stock | | 17,028 | | | 17,018 | | | 17,018 | | | 16,926 | | | 16,926 |
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| Additional paid-in capital | | 295,742 | | | 295,209 | | | 294,736 | | | 294,269 | | | 293,909 |
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| Retained earnings | | 236,380 | | | 224,061 | | | 213,721 | | | 203,824 | | | 195,537 |
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| Accumulated other comprehensive loss | | (10,781) | | | (17,274) | | | (19,647) | | | (23,671) | | | (17,349) |
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| Total shareholders' equity attributable to SmartFinancial Inc. and Subsidiary | | 538,369 | | | 519,014 | | | 505,828 | | | 491,348 | | | 489,023 |
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| Non-controlling interest - preferred stock of subsidiary | | 113 | | | 113 | | | 113 | | | 113 | | | — |
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| Total shareholders' equity | | 538,482 | | | 519,127 | | | 505,941 | | | 491,461 | | | 489,023 |
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| Total liabilities & shareholders' equity | | $5,784,983 | | | $5,490,863 | | | $5,411,217 | | | $5,275,904 | | | $4,908,934 |
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