NYSE: SMBK
SMARTFINANCIAL INC.CIK 0001038773 · SIC 6021 · National Commercial Banks
For information relating to compensation plans under which our equity securities are authorized for issuance, see Part III Items 11 and 12. About this business →
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SMBK Q2 net income up 39% to $16.3M as margin expands 23bp; loan growth accelerates
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SmartFinancial reports Q2 2026 EPS of $0.96, 15% annualized loan growth, margin expands to 3.52%
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SmartFinancial shareholders re-elect all 10 directors, approve executive pay at annual meeting
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net income $13.7M. SmartFinancial Q1 profit jumps 21% on wider margins, but credit costs surge fourfold
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SmartFinancial declares $0.09 quarterly dividend, payable June 1 to May 15 holders
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SmartFinancial reports Q1 2026 earnings results
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SmartFinancial promotes Cynthia Cain to Chief Operating Officer of SmartBank
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net income $50.3M. SmartFinancial raises in sub-debt, shifts to asset-sensitive as stock surges 39.3%
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Interest income: | ||||
| Loans and leases, including fees | 69,546 | 61,049 | 135,185 | 118,811 |
| Securities: | ||||
| Taxable | 5,722 | 4,848 | 11,213 | 9,623 |
| Tax-exempt | 565 | 395 | 1,121 | 749 |
| Federal funds sold and other earning assets | 2,209 | 3,161 | 4,793 | 6,647 |
| Total interest income | 78,042 | 69,453 | 152,312 | 135,830 |
| Interest expense: | ||||
| Deposits | 27,723 | 28,301 | 54,252 | 55,636 |
| Borrowings | 371 | 70 | 371 | 140 |
| Subordinated debt | 1,884 | 739 | 3,748 | 1,472 |
| Total interest expense | 29,978 | 29,110 | 58,371 | 57,248 |
| Net interest income | 48,064 | 40,343 | 93,941 | 78,582 |
| Provision for credit losses | 1,463 | 2,411 | 5,602 | 3,391 |
| Net interest income after provision for credit losses | 46,601 | 37,932 | 88,339 | 75,191 |
| Noninterest income: | ||||
| Service charges on deposit accounts | 1,881 | 1,766 | 3,734 | 3,502 |
| Gain (loss) on sale of securities, net | 54 | (4) | 55 | (4) |
| Mortgage banking | 916 | 633 | 1,676 | 1,126 |
| Investment services | 1,724 | 1,440 | 3,520 | 3,209 |
| Insurance commissions | — | 1,554 | — | 2,967 |
| Interchange and debit card transaction fees, net | 1,676 | 1,342 | 3,094 | 2,562 |
| Other | 1,635 | 2,167 | 3,748 | 4,133 |
| Total noninterest income | 7,886 | 8,898 | 15,827 | 17,495 |
| Noninterest expense: | ||||
| Salaries and employee benefits | 21,015 | 19,602 | 41,429 | 38,836 |
| Occupancy and equipment | 3,351 | 3,432 | 6,696 | 6,829 |
| FDIC insurance | 920 | 992 | 1,670 | 1,952 |
| Other real estate and loan related expense | 806 | 757 | 1,597 | 1,415 |
| Advertising and marketing | 408 | 390 | 795 | 772 |
| Data processing and technology | 2,683 | 2,651 | 5,119 | 5,309 |
| Professional services | 1,366 | 1,153 | 2,559 | 2,521 |
| Amortization of intangibles | 454 | 566 | 911 | 1,135 |
| Other | 2,952 | 3,026 | 6,095 | 6,097 |
| Total noninterest expense | 33,955 | 32,569 | 66,871 | 64,866 |
| Income before income tax expense | 20,532 | 14,261 | 37,295 | 27,820 |
| Income tax expense | 4,210 | 2,556 | 7,293 | 4,861 |
| Net income | 16,322 | 11,705 | 30,002 | 22,959 |
| Earnings per common share: | ||||
| Basic | 0.97 | 0.70 | 1.78 | 1.37 |
| Diluted | 0.96 | 0.69 | 1.77 | 1.36 |
| Weighted average common shares outstanding: | ||||
| Basic | 16,824,053 | 16,778,988 | 16,822,777 | 16,773,293 |
| Diluted | 16,961,750 | 16,878,736 | 16,958,496 | 16,875,608 |
Consolidated Balance Sheets (Unaudited)
| Description | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Assets: | ||
| Cash and equivalents | 379.4 | 464.4 |
| Available-for-sale securities | 560.1 | 539.9 |
| Held-to-maturity securities | 119.8 | 122.1 |
| Federal funds sold | 5.7 | 12.8 |
| Loans, net | 4,638 | 4,323 |
| Bank-owned life insurance | 121.4 | 119.5 |
| Premises and equipment, net | 93.3 | 88.4 |
| Goodwill | 90.4 | 90.4 |
| Identifiable intangible assets, net | 4.0 | 5.0 |
| Other assets | 103.5 | 95.6 |
| TOTAL ASSETS | 6,115 | 5,861 |
| Liabilities: | ||
| Deposits | 5,386 | 5,153 |
| Short-term borrowings | — | |
| Securities sold under repurchase agreements | 0.6 | 3.0 |
| Long-term debt | 98.8 | 98.7 |
| Other liabilities | 53.4 | 53.9 |
| Total liabilities | 5,538 | 5,308 |
| Shareholders' equity: | ||
| Common stock | 17.1 | 17.0 |
| Capital in excess of stated value | 296.8 | 295.9 |
| Accumulated other comprehensive income (loss) | (12.9) | (9.3) |
| Retained earnings (deficit) | 275.8 | 248.7 |
| Total shareholders' equity | 576.8 | 552.4 |
| Noncontrolling interest | 0.1 | 0.1 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 6,115 | 5,861 |
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 30,002 | 22,959 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,605 | 4,317 |
| Amortization of intangible assets | 911 | 1,135 |
| Provision for credit losses | 5,602 | 3,391 |
| Stock compensation expense | 1,271 | 1,234 |
| Net (gain) loss on sale of securities, net | (55) | 4 |
| Deferred income tax expense | (119) | 66 |
| Increase in cash surrender value of bank owned life insurance | (1,828) | (1,780) |
| Net losses from sale and write-downs of other real estate owned and other repossessed assets | 399 | 249 |
| Net gains from mortgage banking | (1,630) | (1,070) |
| Origination of loans held for sale | (24,271) | (16,582) |
| Proceeds from sales of loans held for sale | 27,139 | 18,164 |
| Net (gain) loss from sale/disposal of fixed assets | (38) | 14 |
| Net change in: | ||
| Accrued interest receivable | 175 | (587) |
| Accrued interest payable | (568) | 923 |
| Other assets | (853) | (3,050) |
| Other liabilities | 1,282 | (1,078) |
| Net cash provided by operating activities | 40,024 | 28,309 |
| Cash flows from investing activities: | ||
| Available-for-sale: | ||
| Proceeds from sales | 13,312 | — |
| Proceeds from maturities, calls and paydowns | 33,387 | 26,175 |
| Purchases | (71,086) | (38,842) |
| Held-to-maturity: | ||
| Proceeds from maturities, calls and paydowns | 1,232 | 1,118 |
| Proceeds from sales of other investments | 4,206 | 1,041 |
| Purchases of other investments | (5,906) | (1,666) |
| Net increase in loans and leases | (320,873) | (219,692) |
| Proceeds from sale of fixed assets | 42 | 67 |
| Purchases of premises and equipment | (7,401) | (1,707) |
| Proceeds from sale of other real estate owned and other repossessed assets | 893 | 1,157 |
| Net cash used in investing activities | (352,194) | (232,349) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 232,765 | 185,659 |
| Net decrease in securities sold under agreements to repurchase | (2,406) | (1,169) |
| Proceeds from borrowings | 101,500 | 1,000 |
| Repayment of borrowings | (101,500) | (1,000) |
| Cash dividends paid | (2,908) | (2,722) |
| Issuance of common stock | — | 63 |
| Restricted stock withheld for taxes | (311) | (265) |
| Net cash provided by financing activities | 227,140 | 181,566 |
| Net change in cash and cash equivalents | (85,030) | (22,474) |
| Cash and cash equivalents, beginning of period | 464,417 | 387,570 |
| Cash and cash equivalents, end of period | 379,387 | 365,096 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for interest | 56,939 | 56,325 |
| Net cash paid during the period for income taxes | 5,680 | 5,118 |
| Noncash investing and financing activities: | ||
| Recognition of operating lease assets in exchange for lease liabilities | — | 614 |
| Acquisition of other repossessed assets | 798 | 1,732 |
| Financed sales of other repossessed assets | 183 | 679 |
Face scale: (Dollars in thousands, except share and per share data); (Dollars in thousands). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
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About SMARTFINANCIAL INC.
Source: Item 1 (Business) from the 10-K filed March 16, 2026. Description as filed by the company with the SEC.
Item 1. Business – Supervision and Regulation – Payment of Dividends”.
Equity Compensation Plan Information
For information relating to compensation plans under which our equity securities are authorized for issuance, see Part III Items 11 and 12.
Issuer Purchases of Equity Securities
On November 20, 2018, the Company announced that its board of directors had authorized a stock repurchase plan pursuant to which the Company may purchase up to $10.0 million in shares of the Company’s outstanding common stock. Stock repurchases under the plan will be made from time to time in the open market, at the discretion of the management of the Company, and in accordance with applicable legal requirements. The stock repurchase plan does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, amended, suspended, or discontinued at any time. As of December 31, 2025, we have purchased $8.5 million of the authorized $10.0 million and may purchase up to an additional $1.5 million in the Company’s outstanding common stock pursuant to the plan.
The following table summarizes the Company’s repurchase activity during the quarter ended December 31, 2025:
Maximum
Number (or
Approximate
Dollar Value) of
Shares That May
Total Number of Shares
Yet Be Purchased
Total Number of
Purchased as Part of
Under the Plans
Shares
Average Price Paid
Publicly Announced
or Programs (in
Period
Repurchased
Per Share
Read full description ↓
Plans or Programs
thousands)
October 1, 2025 to October 31, 2025
—
$
—
—
$
1,546
November 1, 2025 to November 30, 2025
—
—
—
1,546
December 1, 2025 to December 31, 2025
—
—
—
1,546
Total
—
$
—
—
$
1,546
Stock Performance Graph
The following performance graph and related information are neither “soliciting material” nor “filed’ with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent the Company specifically incorporates it by reference to such filing.
The performance graph compares the cumulative five-year shareholder return on the Company’s common stock, assuming an investment of $100 on December 31, 2020, and reinvestment of dividends thereafter, to that of the common stocks of United States companies reported in the Russell 3000 Index and the common stocks of the S&P SmallCap Bank Index. The S&P SmallCap Bank Index contains securities of NYSE and NASDAQ-listed companies with market capitalizations between $250 million and $1 billion. The index primarily includes banks and, to a lesser extent, insurance underwriters and specialty lenders providing a broad range of financial services, including retail banking, loans, and money transmissions.
Symbol
Total Returns Index For:
2020
2021
2022
2023
2024
Smart Financial
$
100.00
152.35
$
154.75
$
139.75
$
178.96
$
215.73
Russell 3000
$
100.00
$
125.66
$
101.53
$
127.88
$
158.32
$
185.47
S&P SmallCap Bank
$
100.00
$
139.21
$
122.74
$
123.35
$
145.82
$
160.37
Definitions:
1) The Russell 3000 Index is a market-capitalization-weighted equity index which tracks the performance of the 3,000 largest U.S.-traded stocks.
2) The S&P SmallCap Bank Index is a market-capitalization-weighted index which tracks the performance of NYSE and NASDAQ-listed banks, insurance underwriters and specialty lenders in S&P's coverage universe with $250M to $1B market capitalization as of most recent pricing data.
Notes:
1) The lines represent monthly index levels derived from compounded daily returns that include all dividends.
2) The indexes are reweighted daily, using the market capitalization on the previous day.
3) If the monthly interval, based on the fiscal year-end, is not a trading day, the preceding trading day is used.
4) The index level for all series was set to $100.00 on 12/31/2020.