SMARTFINANCIAL INC.

For the period ended Dec 31, 2024. Filed Mar 17, 2025.

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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.

FY2024 · Filed Mar 17, 2025

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

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Contents

Item 8. Consolidated Statements of Cash Flows


· · 2024 · · 2023 · · 2022
Cash flows from operating activities: · · · ·
Net income	$36,141	$28,593	$43,022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,990	10,874	10,037
Accretion of fair value purchase accounting adjustments, net	—	—	(2,158)
Amortization of intangible assets	2,425	2,624	2,607
Provision for credit losses	5,153	3,029	4,018
Stock compensation expense	1,629	1,349	1,300
(Gain) loss on sale of securities available-for-sale	(64)	6,801	(144)
Deferred income tax expense (benefit)	120	1,309	(555)
Increase in cash surrender value of bank-owned life insurance	(2,483)	(1,964)	(1,851)
Net losses from sale and write-downs of other real estate owned and other repossessed assets	994	78	82
Net gains from mortgage banking	(1,463)	(1,040)	(1,552)
Origination of loans held for sale	(49,845)	(45,891)	(49,258)
Proceeds from sales of loans held for sale	49,730	44,265	54,161
Net (gain) loss from sale/disposal of fixed assets	(1,647)	19	(244)
Net change in:
Accrued interest receivable	(898)	(2,989)	(4,242)
Accrued interest payable	250	2,520	(24)
Other assets	3,788	(1,732)	(25,424)
Other liabilities	(120)	(8,129)	27,018
Net cash provided by operating activities	52,700	39,716	56,793
Cash flows from investing activities:
Available-for-sale:
Proceeds from sales	—	152,775	37,390
Proceeds from maturities, calls and paydowns	57,985	56,273	39,614
Purchases	(131,376)	(130,584)	(297,334)
Held-to-maturity:
Proceeds from maturities, calls and paydowns	152,486	2,494	1,937
Purchases	—	—	(50,575)
Proceeds from sales of other investments	5,960	2,812	1,054
Purchases of other investments	(7,407)	(944)	(91)
Purchases of bank-owned life insurance	(30,000)	—	—
Net increase in loans and leases	(469,247)	(213,591)	(558,387)
Proceeds from sale of fixed assets	4,698	682	1,460
Proceeds received from dissolved derivative instrument	—	—	940
Purchases of premises and equipment	(6,405)	(6,270)	(12,487)
Proceeds from sale of other real estate owned and other repossessed assets	3,084	1,113	542
Net cash paid from business combinations	—	—	(4,881)
Net cash used in investing activities	(420,222)	(135,240)	(840,818)
Cash flows from financing activities:
Net increase in deposits	418,696	190,887	55,630
Net (decrease) increase in securities sold under agreements to repurchase	(944)	303	(310)
Proceeds from borrowings	160,100	26,275	30,885
Repayment of borrowings	(166,600)	(30,775)	(76,300)
Cash dividends paid	(5,422)	(5,427)	(4,724)
Issuance of preferred stock of subsidiary - non-controlling interest, net of fees	113	—	—
Issuance of common stock	68	165	397
Restricted shares withheld for taxes	(223)	(57)	(206)
Repurchases of common stock	(2,967)	—	—
Net cash provided by financing activities	402,821	181,371	5,372
Net change in cash and cash equivalents	35,299	85,847	(778,653)
Cash and cash equivalents, beginning of period	352,271	266,424	1,045,077
Cash and cash equivalents, end of period	$387,570	$352,271	$266,424
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$113,665	$85,443	$21,356
Net cash paid during the period for income taxes	8,774	9,347	12,205
Noncash investing and financing activities:
Recognition of operating lease assets in exchange for lease liabilities	3,573	1,751	53
Acquisition of real estate through foreclosure	179	272	281
Acquisition of other repossessed assets	4,396	—	—
Financed sales of other repossessed assets	1,132	—	—
Transfer of securities from available-for-sale to held-to-maturity	—	—	162,378
Change in goodwill due to acquisition	—	—	4,580

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