SMARTFINANCIAL INC

For the period ended Apr 21, 2025. Filed Apr 21, 2025.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Apr 21, 2025 · Filed Apr 21, 2025

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EX-99.1 · YIELD ANALYSIS

YIELD ANALYSIS


· · Three Months Ended
· · March 31, 2025 · · December 31, 2024 · · March 31, 2024
· Average · · · Yield/ · Average · · · Yield/ · Average · · Yield/
· · Balance · · Interest · · Cost · · Balance · · Interest · · Cost · · Balance · · Interest · · Cost
Assets: · · · · · · ·
Loans and leases, including fees1	$3,941,295	$58,008	5.97%	$3,830,301	$58,188	6.04%	$3,458,109	$50,020	5.82%
Taxable securities	555,914	4,775	3.48%	554,152	5,050	3.63%	620,805	4,548	2.95%
Tax-exempt securities2	63,085	448	2.88%	63,309	444	2.79%	64,161	445	2.79%
Federal funds sold and other earning assets	306,966	3,485	4.60%	233,793	2,745	4.67%	353,913	4,863	5.53%
Total interest-earning assets	4,867,260	66,716	5.56%	4,681,555	66,427	5.64%	4,496,988	59,876	5.36%
Noninterest-earning assets	405,860			407,695			380,231
Total assets	$5,273,120			$5,089,250			$4,877,219

Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits	$846,823	3,743	1.79%	$826,750	3,775	1.82%	$996,147	6,060	2.45%
Money market and savings deposits	2,064,134	15,065	2.96%	1,923,265	14,830	3.07%	1,904,855	16,149	3.41%
Time deposits	880,933	8,527	3.93%	861,211	8,832	4.08%	541,792	4,826	3.58%
Total interest-bearing deposits	3,791,890	27,335	2.92%	3,611,226	27,437	3.02%	3,442,794	27,035	3.16%
Borrowings	8,220	70	3.45%	9,145	89	3.87%	11,245	128	4.58%
Subordinated debt	39,692	733	7.49%	39,672	787	7.89%	42,107	899	8.59%
Total interest-bearing liabilities	3,839,802	28,138	2.97%	3,660,043	28,313	3.08%	3,496,146	28,062	3.23%
Noninterest-bearing deposits	884,078			889,151			872,840
Other liabilities	51,260			50,884			47,085
Total liabilities	4,775,140			4,600,078			4,416,071
Shareholders' equity	497,980			489,172			461,148
Total liabilities and shareholders' equity	$5,273,120			$5,089,250			$4,877,219

Net interest income, taxable equivalent		$38,578			$38,114			$31,814
Interest rate spread			2.59%			2.57%			2.13%
Tax equivalent net interest margin			3.21%			3.24%			2.85%

Percentage of average interest-earning assets to average interest-bearing liabilities			126.76%			127.91%			128.63%
Percentage of average equity to average assets			9.44%			9.61%			9.46%

1 Yields computed on tax-exempt loans on a tax equivalent basis include $246 thousand, $237 thousand, and $0 thousand of taxable equivalent income for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

2 Yields computed on tax-exempt instruments on a tax equivalent basis include $94 thousand, $93 thousand, and $93 thousand of taxable equivalent income for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.


· · As of and for The Three Months Ended
· Mar · Dec · Sep · Jun · Mar
· · 2025 · · 2024 · · 2024 · · 2024 · · 2024
Composition of Loans and Leases: · · · · · · · · · ·
Commercial real estate: · · · · · · · · · ·
Non-owner occupied	$1,117,392	$1,080,404	$1,031,708	$986,278	$938,648
Owner occupied	885,396	867,678	868,077	829,085	804,557
Commercial real estate, total	2,002,788	1,948,082	1,899,785	1,815,363	1,743,205
Consumer real estate	784,602	741,836	690,504	678,331	659,209
Construction & land development	357,393	361,735	315,006	294,575	321,860
Commercial & industrial	768,454	775,620	731,600	701,460	667,903
Leases	64,208	64,878	67,052	70,299	71,909
Consumer and other	14,762	14,189	13,531	14,130	13,469
Total loans and leases	$3,992,207	$3,906,340	$3,717,478	$3,574,158	$3,477,555

Asset Quality and Additional Loan Data:
Nonperforming loans and leases	$7,807	$7,872	$9,491	$6,642	$6,266
Other real estate owned	144	179	179	688	696
Other repossessed assets	2,414	2,037	2,949	2,645	2,033
Total nonperforming assets	$10,365	$10,088	$12,619	$9,975	$8,995
Modified loans and leases1 not included in nonperforming loans and leases	$1,978	$3,989	$4,053	$4,241	$4,413
Net charge-offs to average loans and leases (annualized)	0.01%	0.02%	0.15%	0.05%	0.09%
Allowance for credit losses to loans and leases	0.96%	0.96%	0.96%	0.97%	0.98%
Nonperforming loans and leases to total loans and leases, gross	0.20%	0.20%	0.26%	0.19%	0.18%
Nonperforming assets to total assets	0.19%	0.19%	0.26%	0.20%	0.18%

Capital Ratios:
Equity to Assets	9.35%	9.32%	9.96%	9.66%	9.42%
Tangible common equity to tangible assets (Non-GAAP)2	7.57%	7.48%	7.99%	7.66%	7.43%

SmartFinancial, Inc.3
Tier 1 leverage	8.16%	8.29%	8.44%	8.32%	8.23%
Common equity Tier 1	9.79%	9.76%	10.06%	10.06%	10.20%
Tier 1 capital	9.79%	9.76%	10.06%	10.06%	10.20%
Total capital	11.18%	11.10%	11.62%	11.68%	11.85%

SmartBank3
Tier 1 leverage	8.76%	8.94%	9.17%	9.11%	9.07%
Common equity Tier 1	10.51%	10.51%	10.92%	11.02%	11.23%
Tier 1 capital	10.51%	10.51%	10.92%	11.02%	11.23%
Total capital	11.35%	11.30%	11.69%	11.79%	12.00%

1 Borrowers that have experienced financial difficulty.

2 Total common equity less intangibles divided by total assets less intangibles. See reconciliation of Non-GAAP measures.

3 Current period capital ratios are estimated as of the date of this earnings release.

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