EX-99.2 3 smbk-20240122xex99d2.htm EX-99.2
Exhibit 99.2

| 1 INVESTOR CALL 4Q 2023 January 23, 2024, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1 -833 -470 -1428 Access Code: 197280 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO

| DISCLOSURES 2 Forward-Looking Statements This presentation may contain statements that are based on management’s current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements on SmartFinancial Inc.’s (“SmartFinancial”) business and financial results and conditions, are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results of SmartFinancial to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others, (1) the risk of litigation and reputational risk associated with historic acquisition activity; (2) the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may take longer than anticipated to realize; (3) disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships; (4) our ability to successfully integrate the businesses acquired as part of previous acquisitions with the business of SmartBank; (5) changes in management’s plans for the future; (6) prevailing, or changes in, economic or political conditions, particularly in our market areas, including the effects of declines in the real estate market, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (7) increased technology and cybersecurity risks, including generative artificial intelligence risks; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (11) changes in accounting principles, policies, or guidelines; (12) changes in applicable laws, rules, or regulations; (13) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of SmartFinancial’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; (14) potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (16) the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas; and (17) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. These and other factors that could cause results to differ materially from those described in the forward-looking statements can be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements. SmartFinancial disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measures Statements included in this presentation include Non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of Non-GAAP financial measures to GAAP financial measures. SmartFinancial management uses several Non-GAAP financial measures, including: (i) operating revenue, (ii) operating earnings, (iii) operating return on average assets, (iv) operating return on average shareholders’ equity, (v) return on average tangible common equity, (vi) operating return on average tangible common equity, (vii) operating efficiency ratio; (viii) tangible common equity; (ix) average tangible common equity; (x) tangible book value; (xi) operating pre-provision net revenue earnings; (xii) operating noninterest income; (xiii) operating noninterest expense; (xiv) tangible assets; and ratios derived therefrom, in its analysis of the company's performance. Operating revenue includes the earnings from net interest income and operating noninterest income (Non-GAAP). Operating earnings excludes the following from net income: securities gains and losses, merger related and restructuring expenses, and the income tax effect of adjustments. Operating return on average assets is the annualized operating earnings (Non-GAAP) divided by average assets. Operating return on average shareholders’ equity is the annualized operating earnings (Non-GAAP) divided by average equity. Return on average tangible common equity is the annualized net income divided by average tangible common equity (Non-GAAP). Operating return on average tangible common equity is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). The operating efficiency ratio includes an adjustment for taxable equivalent yields and excludes securities gains and losses and merger related and restructuring expenses from the efficiency ratio. Tangible common equity and average tangible common equity exclude goodwill and other intangible assets from shareholders’ equity and average shareholders’ equity. Tangible book value excludes goodwill and other intangible assets less shareholders’ equity divided by common shares outstanding. Operating pre-provision, net-revenue earnings is net interest income plus operating noninterest income (Non-GAAP) less operating noninterest expense (Non-GAAP). Operating noninterest income excludes the following from noninterest income: securities gains and losses. Operating noninterest expense excludes the following from noninterest expense: prior year adjustments to salaries, merger related and restructuring expenses and certain franchise tax true-up expenses. Tangible assets excludes goodwill and other intangibles from total assets. Management believes that Non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

| '21 -'23 2021Y 2022Y 2023Y CAGR3 Total Loans and Leases (Excl. HFS & PPP) $ 2,641.1 $ 3,253.6 $ 3,444.5 14% Annual Net Balance Loan Growth 547.8 612.5 190.8 Total Deposits 4,021.9 4,077.1 4,267.9 3% Loan / Deposit Ratio 66% 80% 81% Operating Revenue1 137.3 165.1 159.2 8% Operating PPNR Earnings1 49.6 59.3 47.1 (3%) Operating Noninterest Income1 23.9 27.6 29.1 10% Operating Noninterest Income (Excl. Mtg. Bking)1 19.9 26.0 28.1 19% Operating Return on Average Assets1 0.98% 0.92% 0.72% Operating Return on Average Tang. Common Equity1 12.8% 13.7% 10.3% Operating Efficiency Ratio1 63.6% 63.8% 70.3% Diluted Operating Earnings Per Share1 $ 2.39 $ 2.57 $ 2.03 (8%) Tangible Book Value Per Share (Excl. AOCI)1,2 $ 19.17 $ 21.18 $ 22.29 8% FINANCIAL HIGHLIGHTS: 3 SMARTBANK 2023: A YEAR IN REVIEW $ in Millions, except per share data BALANCE SHEET STRENGTH DESPITE TURBULENT 2023 OPERATING ENVIRONMENT PPNR CHALLENGED BY AGGRESSIVE RATE ENVIRONMENT NII IMPROVEMENT INITIATIVES BOLSTER EARNINGS ANOTHER YEAR OF TANGIBLE BOOK VALUE GROWTH PROFITABILITY UNDER PRESSURE DURING 2023; 2024 RECOVERY UNDERWAY BALANCE SHEET / NON-GAAP REVENUE METRICS: NON-GAAP PERFORMANCE METRICS: OPERATIONAL ACHIEVEMENTS: 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2) AOCI: Accumulated Other Comprehensive Income 3) CAGR: Compound Annualized Growth Rate ❖ SMARTFINANCIAL (SMBK) LISTING CHANGED TO NYSE ❖ TREASURY MANAGEMENT PRODUCT SUITE REDESIGN ❖ ENHANCED CUSTOM PROFITABILITY SYSTEM IMPLEMENTED ❖ SMARTBANK VOTED TOP WORKPLACE FOR 7 TH YEAR IN A ROW ❖ CHIEF BANKING OFFICER POSITION ADDED IN FOURTH QUARTER 2023 ❖ NEW DEPOSIT, LOAN AND MORTGAGE OPERATIONS MANAGEMENT

| $0.77 $0.12 $0.37 $0.76 $0.43 $0.41 4Q22 3Q23 4Q23 GAAP EPS Diluted Operating EPS $25.59 $26.28 $27.07 $19.09 $19.94 $20.76 4Q22 3Q23 4Q23 BV Per Share TBV Per Share 1.11% 0.17% 0.52% 1.10% 0.60% 0.57% 4Q22 3Q23 4Q23 GAAP ROAA Operating ROAA 16.7% 2.4% 7.2% 16.5% 8.5% 8.0% 4Q22 3Q23 4Q23 GAAP ROATCE Operating ROATCE AOCI Impact 4 Unless otherwise indicated, financial data as of or for the three months ended 12/31/23 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2) QoQ: Quarter-over-Quarter 3) “Loans” for purposes of this presentation includes all SmartFinancial loans and leases 4) AOCI: Accumulated Other Comprehensive Income QUARTERLY HIGHLIGHTS: FOURTH QUARTER 2023 6.2% QoQ2 Annualized Tang. Book Value Per Share Growth (Excluding AOCI)1,4 $0.41 Diluted Operating EPS1 0.57% Operating Return on Average Assets1 8.0% Operating Return Average Tang. Common Equity1 73% Operating Efficiency Ratio1 2.0% QoQ Annualized Deposit Growth 8.1% QoQ Annualized Organic Loan3 Growth 81% Loan / Deposit Ratio 0.20% Non-Performing Assets / Assets $4.8 Billion in Total Assets Diluted Earnings Per Share Book Value Per Share Return on Average Assets Return on Average Tangible Common Equity 1 1 1 1 1,4 $22.29 $20.76 $21.95 $19.94 $19.09 $21.18

| 5 SMARTFINANCIAL: EXPANDING SOUTHEAST FRANCHISE $4.8 Billion in Total Assets $3.4 Billion in Total Loans We are building a culture where Associates thrive and are empowered to be leaders. The core values that we have established as a company help us operate in unison and have become a critical part of our culture. Our Associates are key to SmartBank’s success. $4.3 Billion in Total Deposits 42 Total Branches Nashville Knoxville Huntsville Tuscaloosa Mobile Pensacola Birmingham Auburn Tallahassee Dothan Montgomery SmartBank Branch Offices Chattanooga Balance sheet and branch count represent 6/30/23 balances 1) Knox News Sentinel Top Workplaces survey Panama City 1

| \ $2.0 $2.1 $2.4 $2.4 $2 $2 $2 $2 $2 $2 $2 12/31/20 12/31/21 12/31/22 12/31/23 SMBK Loans $2.5 $3.5 $3.4 $3.4 $- $1 $1 $2 $2 $3 $3 $4 $4 $5 12/31/20 12/31/21 12/31/22 12/31/23 SMBK Deposits $0.4 $0.6 $0.9 $1.1 $- $0 $0 $1 $1 $1 $1 12/31/20 12/31/21 12/31/22 12/31/23 SMBK Loans $0.3 $0.5 $0.7 $0.9 $- $0 $0 $0 $0 $1 $1 $1 $1 $1 $1 12/31/20 12/31/21 12/31/22 12/31/23 SMBK Deposits SmartBank Branch Offices Expanding Market Area Legacy Market Area Urban area Density MARKET AREA: TARGETING INDUSTRY RICH GROWTH MARKETS 6 ► Total Population: 2.8 Million ► Total Deposits: $70 Billion ► Median Income: $64 Thousand Legacy Markets 1) Legacy Markets include Chattanooga, TN, Clarke, AL, Cleveland, TN, Crossville, TN, Cookeville, TN, Fentress, TN, Huntsville, AL, Knoxville, TN, Sevierville, TN, Tullahoma, TN and Tuscaloosa, AL MSAs 2) Expanding Markets include Auburn, AL, Birmingham, AL, Dothan, AL, Fairhope, AL, Fort Walton/Destin, FL, Montgomery, AL, Mobile, AL, Nashville, TN, Panama City, FL, Pensacola, FL and Tallahassee, FL Source: S&P Market Intelligence; https://www.forbes.com/best-places-for-business Note: Expanding and Legacy market statistics based on the weighted average of the MSAs included in each area based on population; Legacy market area includes settlement and corporate balances Expanding Markets ► Total Population: 6.0 Million ► Total Deposits: $207 Billion ► Median Income: $69 Thousand Legacy Markets1 : Strong Relationships / Deep Market Penetration Expanding Markets2 : Building Talent / Growing Brand Awareness Forbes Top 200 Best Places for Business and Careers Knoxville: #86 Huntsville: #93 Chattanooga: #116 Mobile: #184 Forbes Top 200 Best Places for Business and Careers Nashville: #15 Tallahassee: #103 Pensacola: #105 Birmingham: #165 Montgomery: #191 CAGR: 6% $ in Billions, unless otherwise indicated CAGR: 11% CAGR: 39% CAGR: 43%

| $1,775 $1,897 $2,382 $2,693 $3,254 $3,282 $3,338 $3,379 $3,444 5.20% 5.39% 5.52% 5.61% 3. 00% 4. 00% 5. 00% 6. 00% 7. 00% 8. 00% 9. 00% 10. 00% $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 2018Y 2019Y 2020Y 2021Y 2022Y 1Q23 2Q23 3Q23 4Q23 7 LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY Total Loans CAGR of 14% Since 2018 $ in Millions, unless otherwise indicated Average Loan Yield (excluding accretion & fees) Loan Composition History of Consistent Organic Growth 24% 23% 23% 23% 23% 27% 27% 26% 26% 27% 17% 17% 18% 18% 19% 12% 12% 12% 11% 9% 18% 18% 19% 19% 19% $3,254 $3,282 $3,338 $3,379 $3,444 4Q22 1Q23 2Q23 3Q23 4Q23 CRE, OO CRE, NOO C&I C&D Consumer RE Leases & Other

| 1-4 Family (NOO) 24% Resi/Comm Land Dev. 11% Resi/Comm Land 15% CRE (OO) 18% CRE (NOO) 12% Multifamily 21% Hotel & Hospitality 33% Retail Space 13% Office Space 12% Misc. 10% 8 LOAN CONCENTRATION: WELL BALANCED EXPOSURE Non-Owner Occupied CRE Exposure By Segment Highly Diversified with Seasoned Client Base Construction & Development Exposure By Type1 Closely Monitored with No Concentration Concerns 1) 1-4 Family (OO) includes owner-occupied primary and secondary residence construction loans; 1-4 Family (NOO) includes speculative and investment property residential construction loans; Resi/Comm Land Dev. includes primary, secondary, investment and commercial land development loans; Resi/Comm Land includes residential and commercial improved and unimproved land loans; Multifamily includes 5 or more residential property loans; CRE (OO) includes construction loans for owner-occupied commercial real estate including hotel & hospitality, retail, office, industrial & warehouse, self storage and other commercial real estate; CRE (NOO) includes construction loans for non owner-occupied commercial real estate including hotel & hospitality, retail, office, industrial & warehouse, self storage and other commercial real estate 2) Outstanding principal balance shown $949 Million2 - 28% of Total Loans $328 Million2 - 10% of Total Loans Office Space Portfolio Loan Average: $1.3 Million / 1.75x DCR / 56% LTV

| $4,808 $5,021 $5,712 $5,881 $9,735 0.10% 0.11% 0.12% 0.12% 0.20% - 0.10% 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 4Q22 1Q23 2Q23 3Q23 4Q23 Nonperforming Loans OREO & Other Repos Nonperforming Assets / Total Assets 299% 287% 285% 285% 280% 94% 88% 88% 83% 72% 0% 50% 100% 150% 200% 250% 150% 170% 190% 210% 230% 250% 270% 290% 310% 330% 350% 4Q22 1Q23 2Q23 3Q23 4Q23 CRE Loans / Capital C&D Loans / Capital $6,744 $8,343 $8,438 $9,094 $13,828 0.21% 0.25% 0.25% 0.27% 0.40% - 0.10% 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 1.70% $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 4Q22 1Q23 2Q23 3Q23 4Q23 Total Delinquent & Nonaccrual Loans & Leases Total Delinquent & Nonaccrual Loans & Leases / Total Loans & Leases 0.22% 0.26% 0.26% 0.31% 0.37% 0.03% 0.03% -0.01% 0.04% 0.04% - 0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 4Q22 1Q23 2Q23 3Q23 4Q23 Classified Loans and Leases / Total Loans & Leases Net Chargeoffs $23,334 $32,279 $32,747 $33,687 $35,066 0.72% 0.98% 0.98% 1.00% 1.02% 0.00% 0.50% 1.00% 1.50% 2.00% $- $2, 000 $4, 000 $6, 000 $8, 000 $10, 000 $12, 000 $14, 000 $16, 000 $18, 000 $20, 000 $22, 000 $24, 000 $26, 000 $28, 000 $30, 000 $32, 000 $34, 000 $36, 000 $38, 000 $40, 000 $42, 000 $44, 000 $46, 000 $48, 000 $50, 000 4Q22 1Q23 2Q23 3Q23 4Q23 Allowance for Credit Losses (ACL) ACL / Loans HFI 9 Credit Quality Delinquent and Nonaccruals / Total Loans Nonperforming Assets Commercial Real Estate Concentration ASSET QUALITY: STRONG UNDERWRITING PAYS DIVIDENDS $ in Thousands, unless otherwise indicated Allowance Reconciliation

| 26% 23% 24% 22% 21% 24% 23% 22% 23% 24% 39% 42% 41% 42% 42% 11% 12% 13% 13% 13% $4,077 $4,230 $4,200 $4,247 $4,268 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest Demand Interest-Bearing Demand Money Market and Savings Time Deposits $1,922 $2,047 $2,805 $4,022 $4,077 $4,230 $4,200 $4,247 $4,268 1.56% 1.89% 2.20% 2.35% 0. 00% 1. 00% 2. 00% 3. 00% 4. 00% 5. 00% $- $500 $1, 000 $1, 500 $2, 000 $2, 500 $3, 000 $3, 500 $4, 000 $4, 500 2018Y 2019Y 2020Y 2021Y 2022Y 1Q23 2Q23 3Q23 4Q23 $3,444 10 DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE Total Deposits Loans to Deposits Ratio of 81% $ in Millions, unless otherwise indicated Average Total Deposit Cost Deposit Composition Overall Stability Despite Some Mix Shift

| $270 $157 $2 $34 $19 $68 $43 $67 $33 $2 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 UST/Agency MBS Fixed ARM CMO Fixed CMO Float Agen CMBS Small Bus Municipal Corporate CDs $110 $60 $16 $11 $9 $11 $11 $11 24% 27% 30% 33% $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 0% 10% 20% 30% 40% 50% 60% Q1 '24 Q3 '24 Q1 '25 Q3 '25 Quarterly Principal Cumulative Principal Returned as % of Total 11 SECURITIES DETAIL: SIGNIFICANT CASHFLOW RETURN 1H ‘24 $ in Millions, unless otherwise indicated Portfolio Summary Principal Cashflow Schedule ~$170 Million Maturing by Q2 ‘24 Portfolio Mix by Par Value Risk Adverse Portfolio Designed for Liquidity $720 Million Book Value 2.73% Book Yield ($51) Million Unrealized Loss • ($32) Million in Available-for-Sale Securities (AFS) • ($19) Million in Held-to-Maturity (HTM) 4.7 Year Average Life 3.2 Year Effective Duration 62% / 38% (AFS / HTM)

| 12 REPRICING SCHEDULE: YIELD ENHANCEMENT ON HORIZON $109 Million in Fixed Rate Loans Yielding 5.49% Maturing by 2024 Year End $114 Million in Adjustable-Rate Loans Yielding 5.88% Maturing or Repricing by 2024 Year End $806 Million in Variable Floating Rate Loans Yielding 7.86% Repricing Monthly $196 Million in Investment Portfolio Principal Cash Flow Yielding 2.00% Returning by 2024 Year End FYE 2026 & ($ in millions) 1Q24 2Q24 3Q24 4Q24 2025 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 35 $ 18 $ 30 $ 26 $ 181 $ 1,700 Weighted Average Yield 5.97% 5.31% 5.36% 5.13% 4.43% 4.53% Adjustable Rate Loans $ 22 $ 45 $ 21 $ 25 $ 57 $ 477 Weighted Average Yield 6.87% 4.86% 6.63% 6.20% 4.95% 4.82% Investment Cashflow Schedule: Principal Cashflow $ 110 $ 60 $ 16 $ 11 $ 42 $ 459 Yield Roll-Off 1.52% 2.00% 3.73% 4.43% 3.54% 3.01%

| 106% 97% Peer Average SMBK 90% 81% Peer Average SMBK 13 LIQUIDITY OVERVIEW: PRUDENTLY MANAGING LIQUIDITY 1) Peer average based on most recently reported period results for each peer; peers include major exchange traded banks in the Southeast with assets between $2.0 billion and $8.0 billion 2) FRB discount window and Bank Term Funding Program borrowing capacity shown as of December 31, 2023 Source: S&P Global Loan + Securities / Deposit Ratio (Most Recent Quarter Period End) Loan / Deposit Ratio (Most Recent Quarter Period End) Other Liquidity Sources Ample Access to a Variety of Funding Robust Liquidity on Hand $1.5 Billion in Untapped Liquidity Sources $632 Million in On-Balance Sheet Liquidity 1.4x Liquidity to Uninsured Deposit Ratio 1 1 $ in Millions, unless otherwise indicated Total Amount Net Available Used Availability Current On-Balance Sheet: Cash & Cash Equiv. $352 $0 $352 Unpledged Securities 280 0 280 Available Sources of Liquidity: Fed Funds 98 0 98 FHLB 574 104 470 FRB 283 0 283 HC LoC 35 8 27 Total Liquidity $1,622 $112 $1,510 2

| 4Q22 1Q23 2Q23 3Q23 4Q23 Cash Yield 3.81% 4.77% 4.02% 5.26% 5.52% Sec. Yield (AFS/HTM)1 2.15% 2.11% 2.30% 2.35% 2.79% Loans (less Accr. & Fees) 4.81% 5.20% 5.39% 5.52% 5.61% Loan Accr. & Fees 0.24% 0.37% 0.12% 0.10% 0.07% Loan Yield (incl. Accr. & Fees) 5.05% 5.57% 5.51% 5.61% 5.68% IE Asset Yield 4.41% 4.88% 4.82% 4.99% 5.22% NIM (FTE) 3.51% 3.31% 2.93% 2.81% 2.86% $266 $307 $239 $400 $352 $770 $845 $824 $667 $690 16.6% 17.7% 17.4% 13.9% 14.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $- $200 $400 $600 $800 $1, 000 $1, 200 4Q22 1Q23 2Q23 3Q23 4Q23 Cash and Cash Equiv. Securities (AFS/HTM) Securities (AFS/HTM) / Total Assets $37,612 $35,982 $31,575 $31,006 $31,517 $6,981 $6,925 $7,130 $7,492 $7,579 $44,593 $42,907 $38,705 $38,498 $39,096 3.51% 3.31% 2.93% 2.81% 2.86% $18, 000 $23, 000 $28, 000 $33, 000 $38, 000 $43, 000 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income Operating Noninterest Income Net Interest Margin (FTE) 14 LIQUIDITY MANAGEMENT: NAVIGATING MARGIN PRESSURE Cash and Securities Margin / Operating Revenue2 1) Based on the weighted average of the AFS/HTM securities portfolio. Yields related to investment securities exempt from income taxes are stated on a taxable-equivalent basis assuming a federal income tax rate of 21.0% 2) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 2 $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

| $8,047 , 6.3% $4,965 , 3.9% $(4,725), -3.7% Interest Income % Change Shock -200bps Shock -100bps Shock +100bps $4,502 , 3.5% $2,151 , 1.7% $(3,637), -2.9% Interest Income % Change Ramp -200bps Ramp -100bps Ramp +100bps $1,990 58% $626 18% $829 24% Fixed Rate LT Variable ST Variable 15 INTEREST RATE SENSITIVITY Fixed vs. Variable Rate Loans Static Shock / Rate Ramp Analysis1 1) Based on 12-month static rate shock and ramp analysis as of 12/31/23. These estimates of changes in SmartFinancial’s net interest income require us to make certain assumptions including loan and mortgage-related investment prepayment speeds, reinvestment rate, deposit maturities and decay rates. These assumptions are inherently uncertain and, as a result, we cannot precisely predict the impact of changes in interest rates on net interest income. Although our analysis provides an indication of our interest rate risk exposure at a particular point in time, such estimates are not intended to, and do not, provide a precise forecast of the effect of changes in market interest rates and will differ from actual results $2.0 Billion Fixed Rate Loans $1.4 Billion Variable Rate Loans • $829 Million Short-Term Variable Rate (Resetting within 1 - 3 Months) • $626 Million Long-Term Variable Rate (Resets > 3 Months) $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated

| $6,981 $6,925 $7,130 $7,492 $7,579 4Q22 1Q23 2Q23 3Q23 4Q23 Service Charges on Deposit Accounts Mortgage Banking Income Investment Services Income Insurance Commissions Interchange Fees Other Noninterest Income 16 NONINTEREST REVENUE DETAILS: GROWING FEE INCOME Operating Noninterest Income1 Focused on Recurring Fee Income 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix Differentiated Revenue Streams Building a Family of Diversified Revenue Generators $ in Thousands, unless otherwise indicated

| 61% 64% 71% 74% 73% 4Q22 1Q23 2Q23 3Q23 4Q23 Operating Efficiency Ratio $27,461 $27,529 $27,410 $28,406 $28,770 4Q22 1Q23 2Q23 3Q23 4Q23 Salaries & Benefits Occupancy & Equipment Data Processing & Technology Professional Services Amortization of Intangibles Other Noninterest Expense 17 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix OPERATING EXPENSE: FOCUS ON EXPENSE CONTAINMENT Operating Efficiency Ratio1 Operating Noninterest Expense1 1 $ in Thousands, unless otherwise indicated

| 7.1% 7.2% 7.3% 7.2% 7.5% 4Q22 1Q23 2Q23 3Q23 4Q23 9.7% 10.0% 10.1% 10.1% 10.2% 4Q22 1Q23 2Q23 3Q23 4Q23 8.0% 7.9% 8.2% 8.1% 8.3% 4Q22 1Q23 2Q23 3Q23 4Q23 11.4% 11.8% 11.9% 11.9% 11.9% 4Q22 1Q23 2Q23 3Q23 4Q23 $14.64 $16.82 $17.92 $19.26 $19.09 $20.76 $14.84 $16.80 $17.77 $19.17 $21.18 $22.29 $8. 00 $10. 00 $12. 00 $14. 00 $16. 00 $18. 00 $20. 00 $22. 00 $24. 00 2018Y 2019Y 2020Y 2021Y 2022Y 4Q23 TBV Per Share Adj. TBV Per Share (Ex. AOCI) CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE 1) Non-GAAP financial measure - for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix 18 Note: Capital ratio data as of the most recent period ended 12/31/23 TCE / TA1 CET1 Ratio Total Capital Ratio Leverage Ratio Basel III Regulatory Capital Minimum To Be Considered “Well Capitalized” Building Shareholder Value Tangible Book Value Per Share (TBVPS)1 $7.45 TBVPS1 Created 2018 – 2023 (Excluding Accumulated Other Comprehensive Income) $0.08 2023 Per Share Quarterly Dividend 5% Well Capitalized 10% Well Capitalized 6.5% Well Capitalized 1 1

| WHY SMARTBANK: INVESTMENT HIGHLIGHTS 19 Franchise Scarcity Value – Building Southeast Density Engaged Management Team Stable Markets Experiencing Population Expansion Valuable Deposit Base Growing Business Lines with Revenue Diversification Solid Credit Quality and Underwriting History of Defending Book Value and Delivering Shareholder Value $

| APPENDIX 20

| 21 Note: For a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP measures, see the Appendix; percentage change may differ due to rounding INCOME STATEMENT: DETAILED FOURTH QUARTER RESULTS 3Q23 4Q22 ($ in thousands, except per share data) 4Q23 3Q23 4Q22 % Chg. % Chg. Net Interest Income $ 31,517 $ 31,006 $ 37,612 2% (16%) Provision for Loan & Lease losses 1,571 795 788 Noninterest Income 7,579 691 7,125 997% 6% Noninterest Expense 29,695 28,516 27,416 4% 8% Income Tax Expense 1,640 319 3,529 Net Income (GAAP) $ 6,190 $ 2,067 $ 13,004 199% (52%) Non-GAAP Reconciliations Noninterest Income - 6,801 (144) Noninterest Expense 925 110 (45) Income Tax Effect Of Adjustments (239) (1,785) 49 Operating Earnings (Non-GAAP) $ 6,876 $ 7,193 $ 12,864 (4%) (47%) Operating PPNR Earnings (Non-GAAP) $ 10,326 $ 10,092 $ 17,132 2% (40%) 3Q23 4Q22 Non-GAAP Performance Metrics 4Q23 3Q23 4Q22 % Chg. % Chg. Diluted Operating Earnings Per Share $ 0.41 $ 0.43 $ 0.76 (4%) (47%) Tangible Book Value Per Common Share $ 20.76 $ 19.94 $ 19.09 4% 9% Operating Return on Average Assets 0.57% 0.60% 1.10% Operating PPNR Return on Average Assets 0.86% 0.84% 1.46% Operating Return on Average Tang. Common Equity 8.0% 8.5% 16.5% Operating Efficiency Ratio 73.4% 73.6% 61.4% 4Q23 vs. 4Q23 vs.

| NON-GAAP RECONCILIATION 22 1. Operating return on average assets (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average assets. 2. Operating PPNR return on average assets (Non-GAAP) is the annualized operating PPNR earnings (Non-GAAP) divided by average assets. 3. Return on average tangible common equity (Non-GAAP) is the annualized net income divided by average tangible common equity (Non-GAAP). 4. Operating return on average shareholders’ equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average shareholder equity. 5. Operating return on average tangible common equity (Non-GAAP) is the annualized operating earnings (Non-GAAP) divided by average tangible common equity (Non-GAAP). $ in Thousands, unless otherwise indicated 2023Y 2022Y 2021Y 4Q23 3Q23 2Q23 1Q23 4Q22 Operating Earnings Net Income (GAAP) $ 28,593 $ 43,022 $ 34,790 $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 Noninterest Income: Securities (Gains) Losses 6,801 (144) (45) - 6,801 - - (144) Noninterest Expenses: Donation of a Former Branch Location 250 - - 250 - - - - Accruals For Pending Litigation 675 - - 675 - - - - Merger Related And Restructuring Expenses 110 562 3,701 - 110 - - (45) Income Taxes: Income Tax Effect Of Adjustments (2,024) (108) (944) (239) (1,785) - - 49 Operating Earnings (Non-GAAP) $ 34,405 $ 43,332 $ 37,502 $ 6,876 $ 7,193 $ 8,836 $ 11,500 $ 12,864 Operating Earnings Per Common Share (Non-GAAP): Basic $ 2.05 $ 2.59 $ 2.41 $ 0.41 $ 0.43 $ 0.53 $ 0.69 $ 0.77 Diluted 2.03 2.57 2.39 0.41 0.43 0.52 0.68 0.76 Operating Noninterest Income Noninterest Income (GAAP) $ 22,325 $ 27,715 $ 23,949 $ 7,579 $ 691 $ 7,130 $ 6,925 $ 7,125 Securities (Gains) Losses 6,801 (144) (45) - 6,801 - - (144) Operating Noninterest Income (Non-GAAP) $ 29,126 $ 27,571 $ 23,904 $ 7,579 $ 7,492 $ 7,130 $ 6,925 $ 6,981 Mortgage Banking Income (1,040) (1,552) (4,040) (227) (309) (332) (172) (77) Operating Noninterest Income Excluding Mtg. Banking (Non-GAAP) $ 28,086 $ 26,019 $ 19,864 $ 7,352 $ 7,183 $ 6,798 $ 6,753 $ 6,904 Operating Noninterest Expense Noninterest Expense (GAAP) $ 113,150 $ 106,290 $ 91,391 $ 29,695 $ 28,516 $ 27,410 $ 27,529 $ 27,416 Donation of a Former Branch Location (250) - - (250) - - - - Accruals For Pending Litigation (675) - - (675) - - - - Merger Related And Restructuring Expenses (110) (562) (3,701) - (110) - - 45 Operating Noninterest Expense (Non-GAAP) $ 112,115 $ 105,728 $ 87,690 $ 28,770 $ 28,406 $ 27,410 $ 27,529 $ 27,461 Operating Revenue Net Interest Income (GAAP) $ 130,080 $ 137,501 $ 113,394 $ 31,517 $ 31,006 $ 31,575 $ 35,982 $ 37,612 Operating Noninterest Income (Non-GAAP) 29,126 27,571 23,904 7,579 7,492 7,130 6,925 6,981 Operating Revenue (Non-GAAP) 159,206 165,072 137,298 39,096 38,498 38,705 42,907 44,593 Operating Pre-Provision, Net Revenue ("PPNR") Earnings Operating Revenue (Non-GAAP) $ 159,206 $ 165,072 $ 137,298 $ 39,096 $ 38,498 $ 38,705 $ 42,907 $ 44,593 Operating Noninterest Expense (Non-GAAP) (112,115) (105,728) (87,690) (28,770) (28,406) (27,410) (27,529) (27,461) Operating PPNR Earnings (Non-GAAP) $ 47,091 $ 59,344 $ 49,608 $ 10,326 $ 10,092 $ 11,295 $ 15,378 $ 17,132 Non-GAAP Return Ratios Operating Return On Average Assets (Non-GAAP)(1) 0.72% 0.92% 0.98% 0.57% 0.60% 0.75% 0.97% 1.10% Operating PPNR Return On Average Assets (Non-GAAP)(2) 0.99% 1.27% 1.29% 0.86% 0.84% 0.96% 1.30% 1.46% Return On Average Tangible Common Equity (Non-GAAP)(3) 8.55% 13.60% 11.84% 7.18% 2.43% 10.57% 14.45% 16.65% Operating Return On Average Shareholders' Equity (Non-GAAP)(4) 7.77% 10.24% 9.67% 6.07% 6.41% 7.98% 10.79% 12.15% Operating Return On Average Tangible Common Equity (Non-GAAP)(5) 10.29% 13.69% 12.77% 7.98% 8.46% 10.57% 14.45% 16.47% Operating Efficiency Ratio Efficiency Ratio (GAAP) 74.24% 64.33% 66.54% 75.95% 89.96% 70.82% 64.16% 61.28% Adjustment For Taxable Equivalent Yields (0.18%) (0.26%) (0.29%) (0.18%) (0.27%) (0.18%) (0.14%) (0.22%) Adjustment For Securities (Gains) Losses (3.17%) 0.06% (0.02%) - (15.89%) - - 0.20% Adjustment For Donation of a Former Branch Location (0.16%) - - (0.64%) - - - - Adjustment For Accruals For Pending Litigation (0.44%) - - (1.72%) - - - - Adjustment For Merger Expenses (0.03%) (0.34%) (2.64%) - (0.20%) - - 0.10% Operating Efficiency Ratio (Non-GAAP) 70.26% 63.79% 63.59% 73.41% 73.60% 70.64% 64.02% 61.36%

| NON-GAAP RECONCILIATION 1. Tangible book value per share (Non-GAAP) is computed by dividing total stockholder’s equity, less goodwill and other intangible assets, by common shares outstanding. 23 2. Totals may not add due to rounding $ in Thousands, unless otherwise indicated 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Average Tangible Common Equity: Average Shareholders' Equity (GAAP) $ 449,526 $ 445,432 $ 444,283 $ 432,382 $ 420,037 Less Goodwill And Other Intangible Assets 107,551 108,194 108,851 109,537 110,206 Average Tangible Common Equity (Non-GAAP) $ 341,975 $ 337,238 $ 335,432 $ 322,845 $ 309,831 Tangible Book Value Per Common Share: Book Value Per Common Share (GAAP) $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Tangible Common Equity To Tangible Assets: Total Assets (GAAP) $ 4,829,387 $ 4,797,171 $ 4,745,800 $ 4,769,805 $ 4,637,498 Less Goodwill And Other Intangibles 107,148 107,792 108,439 109,114 109,772 Tangible Assets (Non-GAAP) $ 4,722,239 $ 4,689,379 $ 4,637,361 $ 4,660,691 $ 4,527,726 Tangible Common Equity To Tangible Assets (Non-GAAP): 7.47% 7.23% 7.25% 7.17% 7.13% 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 Less Goodwill And Other Intangible Assets 107,148 107,792 108,439 109,114 109,772 Tangible Common Equity (Non-GAAP) $ 352,738 $ 338,860 $ 336,408 $ 334,285 $ 322,680 Less Adjustment Due to AOCI (Loss) (25,907) (34,156) (35,017) (28,620) (35,324) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 378,645 $ 373,016 $ 371,425 $ 362,905 $ 358,004 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 27.07 $ 26.28 $ 26.16 $ 26.08 $ 25.59 Adjustment Due To Goodwill And Other Intangible Assets (6.31) (6.34) (6.38) (6.42) (6.50) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 20.76 $ 19.94 $ 19.78 $ 19.66 $ 19.09 Less Adjustment Due to AOCI (Loss) (1.52) (2.01) (2.06) (1.68) (2.09) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 22.29 $ 21.95 $ 21.84 $ 21.34 $ 21.18 2022Y 2021Y 2020Y 2019Y 2018Y Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 432,452 $ 429,430 $ 357,168 $ 312,747 $ 283,011 Less Goodwill And Other Intangible Assets 109,772 105,852 86,471 77,193 79,034 Tangible Common Equity (Non-GAAP) $ 322,680 $ 323,578 $ 270,697 $ 235,554 $ 203,977 Less Adjustment Due to AOCI (Loss) (35,324) 1,443 2,183 168 (2,765) Tangible Common Equity (Excl. AOCI) (Non-GAAP) $ 358,004 $ 322,135 $ 268,514 $ 235,386 $ 206,742 Tangible Book Value Per Common Share (Excluding AOCI): Book Value Per Common Share (GAAP) $ 25.59 $ 25.56 $ 23.64 $ 22.33 $ 20.31 Adjustment Due To Goodwill And Other Intangible Assets (6.50) (6.30) (5.72) (5.51) (5.67) Tangible Book Value Per Common Share (Non-GAAP)(1) $ 19.09 $ 19.26 $ 17.92 $ 16.82 $ 14.64 Less Adjustment Due to AOCI (Loss) (2.09) 0.09 0.14 0.01 (0.20) Tangible Book Value Per Common Share (Excl. AOCI) (Non-GAAP)(1)(2) $ 21.18 $ 19.17 $ 17.77 $ 16.80 $ 14.84

| CONTACT 24 Billy Carroll President & CEO 865.868.0613 Billy.Carroll@smartbank.com Miller Welborn Chairman 423.385.3067 Miller.Welborn@smartbank.com 5401 Kingston Pike, Suite 600 Knoxville, TN 37919 Ron Gorczynski Chief Financial Officer 865.437.5724 Ron.Gorczynski@smartbank.com

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