SMARTFINANCIAL INC

For the period ended Dec 31, 2023. Filed Mar 15, 2024.

About this filing

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.

FY2023 · Filed Mar 15, 2024

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

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Contents

Item 8. Consolidated Statements of Cash Flows


· · 2023 · · 2022 · · 2021
Cash flows from operating activities: · · · ·
Net income	$28,593	$43,022	$34,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,874	10,037	6,745
Accretion of fair value purchase accounting adjustments, net	—	(2,158)	(4,511)
Amortization of intangible assets	2,624	2,607	2,256
Provision for credit losses	3,029	4,018	1,633
Stock compensation expense	1,349	1,300	693
Gain (loss) on sale of securities available-for-sale	6,801	(144)	(45)
Deferred income tax expense (benefit)	1,309	(555)	643
Increase in cash surrender value of bank owned life insurance	(1,964)	(1,851)	(1,714)
Net losses from sale and write-downs of other real estate owned	78	82	160
Net gains from mortgage banking	(1,040)	(1,552)	(4,040)
Origination of loans held for sale	(45,891)	(49,258)	(126,493)
Proceeds from sales of loans held for sale	44,265	54,161	137,151
Net (gain) from sale of loans and credit cards	—	—	(478)
Net (gain) loss from sale/disposal of fixed assets	19	(244)	—
Net change in:
Accrued interest receivable	(2,989)	(4,242)	809
Accrued interest payable	2,520	(24)	(613)
Other assets	(1,732)	(25,424)	(8,717)
Other liabilities	(8,129)	27,018	7,913
Net cash provided by operating activities	39,716	56,793	46,182
Cash flows from investing activities:
Available-for-sale:
Proceeds from sales	152,775	37,390	16,771
Proceeds from maturities, calls and paydowns	56,273	39,614	132,711
Purchases	(130,584)	(297,334)	(433,750)
Held-to-maturity:
Proceeds from maturities, calls and paydowns	2,494	1,937	—
Purchases	—	(50,575)	(2,446)
Proceeds from sales of other investments	2,812	1,054	436
Purchases of other investments	(944)	(91)	(1,602)
Purchases of bank owned life insurance	—	—	(40,000)
Proceeds from bank owned life insurance benefits	—	—	427
Net increase in loans and leases	(213,591)	(558,387)	(37,105)
Proceeds from sale of fixed assets	682	1,460	—
Proceeds received from dissolved derivative instrument	—	940	—
Purchases of premises and equipment	(6,270)	(12,487)	(2,377)
Proceeds from sale of other real estate owned	1,113	542	2,833
Proceeds received from sale of loans	—	—	83,745
Net cash (paid) received from business combinations	—	(4,881)	15,364
Net cash used by investing activities	(135,240)	(840,818)	(264,993)
Cash flows from financing activities:
Net increase in deposits	190,887	55,630	781,315
Net increase (decrease) in securities sold under agreements to repurchase	303	(310)	(1,514)
Proceeds from borrowings	26,275	30,885	8,201
Repayment of borrowings	(30,775)	(76,300)	(1,097)
Cash dividends paid	(5,427)	(4,724)	(3,728)
Issuance of common stock, net of restricted shares withheld for taxes	108	191	200
Repurchases of common stock	—	—	(1,208)
Net cash provided by financing activities	181,371	5,372	782,169
Net change in cash and cash equivalents	85,847	(778,653)	563,358
Cash and cash equivalents, beginning of period	266,424	1,045,077	481,719
Cash and cash equivalents, end of period	$352,271	$266,424	$1,045,077
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$85,443	$21,356	$12,156
Net cash paid during the period for income taxes	9,347	12,205	9,283
Noncash investing and financing activities:
Recognition of operating lease assets in exchange for lease liabilities	1,751	53	4,550
Acquisition of real estate through foreclosure	272	281	628
Transfer of securities from available-for-sale to held-to-maturity	—	162,378	74,633
Change in goodwill due to acquisition	—	4,580	17,430

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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.