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Sale of Insurance Company
 9 Months Ended
Sep. 30, 2025
Sale of Insurance Company  
Sale of Insurance Company

Note 15. Sale of Insurance Company

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On September 5, 2025, SmartBank, a wholly-owned subsidiary of the Company, sold 100% of the equity interests of SBKI and ceased to provide insurance-related activities for the Company.   The sales price totaled $11.5 million and resulted in an after-tax gain, net of transaction cost, of approximately $2.9 million.,

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Gross purchase price pursuant to purchase agreement

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$

11,500

Write-off of goodwill and intangibles

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(7,245)

Working capital adjustment settled at closing

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33

Net purchase price

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4,288

Transaction cost

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(333)

Gain on sale of SBKI

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$

3,955

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Based on management’s review of ASC 205-20-45, the sale of SBKI was determined not to have met all the necessary criteria to be considered discontinued operations at, or prior to, the time of the sale.