SMARTFINANCIAL INC.

For the period ended Dec 31, 2025. Filed Mar 16, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 16, 2026

SMBK$48.10-0.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows


· · 2025 · · 2024 · · 2023 ·
Cash flows from operating activities: · · · · · · · ·
Net income	$50,347	$36,141	$28,593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,590	8,990	10,874
Amortization of intangible assets	2,150	2,425	2,624
Provision for credit losses	7,750	5,153	3,029
Stock compensation expense	1,939	1,629	1,349
Net (gain) loss on sale of securities available-for-sale	3,719	(64)	6,801
Deferred income tax (benefit) expense	(470)	120	1,309
Increase in cash surrender value of bank-owned life insurance	(3,608)	(2,483)	(1,964)
Net losses from sale and write-downs of other real estate owned and other repossessed assets	632	994	78
Net gains from mortgage banking	(2,565)	(1,463)	(1,040)
Origination of loans held for sale	(44,240)	(49,845)	(45,891)
Proceeds from sales of loans held for sale	41,936	49,730	44,265
Gain from sale of SBKI	(3,955)	—	—
Net loss (gain) from sale/disposal of fixed assets	14	(1,647)	19
Net change in:
Accrued interest receivable	(1,450)	(898)	(2,989)
Accrued interest payable	3,425	250	2,520
Other assets	4,114	3,788	(1,732)
Other liabilities	(5,604)	(120)	(8,129)
Net cash provided by operating activities	61,724	52,700	39,716
Cash flows from investing activities:
Available-for-sale:
Proceeds from sales	99,966	—	152,775
Proceeds from maturities, calls and paydowns	72,289	57,985	56,273
Purchases	(215,345)	(131,376)	(130,584)
Held-to-maturity:
Proceeds from maturities, calls and paydowns	2,474	152,486	2,494
Proceeds from sales of other investments	1,041	5,960	2,812
Purchases of other investments	(6,319)	(7,407)	(944)
Purchases of bank-owned life insurance	—	(30,000)	—
Proceeds from sale of SBKI, net of transaction cost	11,200	—	—
Net increase in loans and leases	(464,342)	(469,247)	(213,591)
Proceeds from sale of fixed assets	123	4,698	682
Purchases of premises and equipment	(2,389)	(6,405)	(6,270)
Proceeds from sale of other real estate owned and other repossessed assets	2,254	3,084	1,113
Net cash used in investing activities	(499,048)	(420,222)	(135,240)
Cash flows from financing activities:
Net increase in deposits	466,338	418,696	190,887
Net increase (decrease) in securities sold under agreements to repurchase	(1,126)	(944)	303
Proceeds from borrowings	2,500	160,100	26,275
Repayment of borrowings	(6,500)	(166,600)	(30,775)
Cash dividends paid	(5,452)	(5,422)	(5,427)
Issuance of preferred stock of subsidiary - non-controlling interest, net of fees	—	113	—
Redemption of subordinated debt	(40,000)	—	—
Issuance of subordinated debt, net of issuance costs	98,566	—	—
Issuance of common stock	153	68	165
Restricted shares withheld for taxes	(308)	(223)	(57)
Repurchases of common stock	—	(2,967)	—
Net cash provided by financing activities	514,171	402,821	181,371
Net change in cash and cash equivalents	76,847	35,299	85,847
Cash and cash equivalents, beginning of period	387,570	352,271	266,424
Cash and cash equivalents, end of period	$464,417	$387,570	$352,271
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$116,443	$113,665	$85,443
Net cash paid during the period for income taxes	12,390	8,774	9,347
Noncash investing and financing activities:
Recognition of operating lease assets in exchange for lease liabilities	790	3,573	1,751
Acquisition of real estate through foreclosure	—	179	272
Acquisition of other repossessed assets	3,918	4,396	—
Financed sales of other repossessed assets	1,433	1,132	—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.