Slide 1: Investor Call 4Q 2025
INVESTOR CALL 4Q 2025 January 21, 2026, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1-833-470-1428 Access Code: 680807 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO 1
Slide 2: Disclosures
DISCLOSURES Forward-Looking Statements Non-GAAP Financial Measures This presentation may contain statements that are based on management’s current estimates or expectations of future events Statements included in this presentation include measures not recognized under U.S. generally accepted account
Slide 3: SmartBank 2025: A Year in Review
SMARTBANK 2025: A YEAR IN REVIEW $ in Millions, except per share data '23 -'25 Balance Sheet / Non-GAAP Revenue Highlights: 2023Y 2024Y 2025Y CAGR2 Total Loans and Leases (Excl. HFS & PPP) $ 3,444.5 $ 3,906.3 $ 4,363.6 13% Strategic Capital Deployment Initiatives Annual Net Balance Loan Growth 190.8
Slide 4: Quarterly Highlights: Fourth Quarter 2025
QUARTERLY HIGHLIGHTS: FOURTH QUARTER 2025 $0.81 $5.9 Diluted Earnings Per Share Book Value Per Share Diluted Operating Billion in Total $32.44 EPS1 Assets $31.62 $0.86 $0.81 $0.81 $0.81 $29.04 $26.85 $26.00 13% 13% $22.85 QoQ2 Annualized QoQ Annualized $0.57 $0.57 Tang. Book Value Organic Loan3 Per
Slide 5: GAAP Key Measure Trends
GAAP KEY MEASURE TRENDS: Net Income: Diluted Earnings Per Share: Total Revenue: $53,313 $13,703 $ in Thousands $ in Thousands $0.81 $17, 000 $1 $60, 000 $1 $15, 000 $1 $13, 000 $50, 000 $37,229 $8,259 $1 $11, 000 $0.49 $40, 000 $1 $9, 000 $0 $7, 000 $30, 000 $0 $5, 000 $0 $20, 000 $3, 000 $0 $1, 000
Slide 6: Non-GAAP Key Measure Trends
NON-GAAP KEY MEASURE TRENDS1: Operating Earnings: Diluted Operating EPS: Operating PPNR Earnings: $20,858 $ in Thousands $ in Thousands $ in Thousands $18, 000 $0.81 $13,715 $1 $23, 000 $16, 000 $1 $21, 000 $14, 000 $19, 000 $1 $12, 000 $8,585 $0.51 $17, 000 $1 $11,950 $10, 000 $15, 000 $1 $8, 000 $
Slide 7: SmartFinancial: Expanding Southeast Franchise
SMARTFINANCIAL: EXPANDING SOUTHEAST FRANCHISE $5.9 Nashville Knoxville Billion in Total Assets Chattanooga Huntsville $4.4 Billion in Total Birmingham Loans Tuscaloosa Auburn $5.2 Montgomery Columbus Billion in Total Deposits Dothan Branch Offices Mobile Current / Future Loan Production Offices 42 P
Slide 8: SmartBank Journey: Looking Ahead
SMARTBANK JOURNEY: LOOKING AHEAD Strategic Focus: Leverage Existing Infrastructure Investments to Drive Profitability and Optimize Efficiency $7 $ in Billions, unless otherwise indicated $6 $5.9 $5.3 $4.8 $4.6 $4.6 $5 $4 $3.3 $3 $2.4 $2.3 $2 $1.7 $1.0 $1.1 $1 $- 2015 2016 2017 2018 2019 2020 2021 20
Slide 9: Market Area: Building Density in Attractive Southeast Markets
MARKET AREA: BUILDING DENSITY IN ATTRACTIVE SOUTHEAST MARKETS US Population Migration: Strong Migration into Great Markets Profile by Market Area: Abundant Organic Opportunity 1,2,3 Projected Population CAGR through 2030 Southeast Population Growth Expected to Continue Nashville Knoxville Huntsville
Slide 10: Loan Portfolio: Solid Markets Providing Opportunity
LOAN PORTFOLIO: SOLID MARKETS PROVIDING OPPORTUNITY $ in Millions, unless otherwise indicated Total Loans Loan Composition CAGR of 13% Since 2020 History of Consistent Organic Growth $4, 500 $4,364 6. 30% $4,364 $4,222 $4,222 $4,124 $4,124 $3,992 $3,992 $4, 000 $3,906 $3,906 19% 19% 19% 6. 20% $3,44
Slide 11: Loan Concentration: Well Balanced Exposure
LOAN CONCENTRATION: WELL BALANCED EXPOSURE Non-Owner Occupied CRE Construction & Development Exposure By Segment Exposure By Type1 Highly Diversified with Concentration Risk Closely Monitored Seasoned Client Base Retail Resi/Comm Space Land Dev. Resi/Comm 10% 12% Land 18% Hotel & Hospitality Office
Slide 12: Asset Quality: Strong Underwriting Pays Dividends
ASSET QUALITY: STRONG UNDERWRITING PAYS DIVIDENDS $ in Thousands, unless otherwise indicated $18,000 1.50% 350% 250% $16,000 Nonperforming Assets 1.30% 330% Commercial Real Estate Concentration $12,543 $12,690 $14,000 1.10% 310% 303% 304% 301% 200% $10,462 $12,000 $10,088 $10,365 0.90% $10,000 0.70%
Slide 13: Deposit Portfolio: Defending Deposit Market Share
DEPOSIT PORTFOLIO: DEFENDING DEPOSIT MARKET SHARE $ in Millions, unless otherwise indicated Total Deposits Deposit Composition Loans to Deposits Ratio of 85% Focused on Core Relationship Growth $5,153 $5,051 $5,153 $4,872 $5,051 $4,809 $4,809 $4,872 3. 40% $4,686 17% $5, 000 $4,686 19% 19% 20% $4,26
Slide 14: Securities Detail: Strong Portfolio Yield and Liquidity
4.50% SECURITIES DETAIL: STRONG PORTFOLIO YIELD AND LIQUIDITY $ in Millions, unless otherwise indicated Portfolio Summary Weighted Average Portfolio Yield $674 Million Book Value 5.5 Year Average Life 4.00% 3.81% 3.65% Book Yield 4.0% Effective Duration ($24) Million Unrealized Loss 84% / 16% (AFS /
Slide 15: Repricing Schedule: Yield Enhancement Underway
REPRICING SCHEDULE: YIELD ENHANCEMENT UNDERWAY Quarterly FYE 2028 & ($ in millions) 1Q26 2Q26 3Q26 4Q26 2027 Beyond Loan Repricing Schedule: Fixed Rate Loans $ 61 $ 66 $ 90 $ 90 $ 350 $ 1,288 Weighted Average Yield 5.22% 5.00% 4.95% 4.74% 5.07% 5.67% Adjustable Rate Loans $ 28 $ 40 $ 27 $ 34 $ 96 $
Slide 16: Liquidity Overview: Prudently Managing Liquidity
LIQUIDITY OVERVIEW: PRUDENTLY MANAGING LIQUIDITY $ in Millions, unless otherwise indicated Robust Liquidity on Hand Other Liquidity Sources Access to a Variety of Funding Total Amount Net $1.9 Billion in Untapped Liquidity Sources Available Current On-Balance Sheet: Used Availability Cash & Cash Equ
Slide 17: Liquidity Management: Margin Inflection Continues
LIQUIDITY MANAGEMENT: MARGIN INFLECTION CONTINUES $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated $900 Cash and Securities 40.0% Margin / Operating Revenue2 $800 35.0% $662 $53,313 3.8 0% $700 $634 30.0% $625 $627 $609 $53, 000 $50,827 $557 $600 25.0% 3.7 0% $49,
Slide 18: Interest Rate Sensitivity
INTEREST R ATE SENSITIVITY $ in Millions, unless otherwise indicated $ in Thousands, unless otherwise indicated Fixed vs. Variable Rate Loans Static Shock / Rate Ramp Analysis1 $2.0 Billion Fixed Rate Loans Interest Income % Change $2.4 Billion Variable Rate Loans $2,399 , 1.3% • $1.8 Billion Short-
Slide 19: Noninterest Revenue Details: Growing Fee Income
NONINTEREST REVENUE DETAILS: GROWING FEE INCOME $ in Thousands, unless otherwise indicated Operating Noninterest Income1 Differentiated Revenue Streams Focused on Recurring Fee Income Building a Family of Diversified Revenue Generators $8,966 $8,902 $8,597 $8,397 $8,219 $7,348 $7,348 $7,134 $7,185 4
Slide 20: Operating Expense: Focus on Expense Containment
OPERATING EXPENSE: FOCUS ON EXPENSE CONTAINMENT $ in Thousands, unless otherwise indicated Operating Efficiency Ratio1 Operating Noninterest Expense1 $32,291 $32,296 $32,569 $32,559 $32,455 69% 68% 66% 64% 60% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 1 Operating Efficiency Ratio Salaries &
Slide 21: Capital: Well Capitalized – Building Book Value
CAPITAL: WELL CAPITALIZED – BUILDING BOOK VALUE TCE / TA1 Leverage Ratio Building Shareholder Value Tangible Book Value Per Share (TBVPS)1 8.3% 8.2% 8.3% 8.2% 8.3% 7.9% 7.7% 7.8% 7.6% $28. 00 7.5% $27.39 $26.85 5% $26. 00 Well Capitalized $24.25 $24. 00 $22.85 $22.29 $22. 00 $21.18 $20.76 4Q24 1Q25
Slide 22: Why SmartBank: Investment Highlights
WHY SMARTBANK: INVESTMENT HIGHLIGHTS Engaged Management Team $ Valuable Deposit Base Solid Credit Quality and Underwriting Stable Markets Experiencing Population Expansion Growing Business Lines with Revenue Diversification Franchise Scarcity Value – Building Southeast Density History of Defending B
Slide 23: Appendix
Wy SmartFinancial APPENDIX
Slide 24: Income Statement: Detailed Fourth Quarter Results
INCOME STATEMENT: DETAILED FOURTH QUARTER RESULTS 4Q25 vs. 3Q25 4Q24 ($ in thousands, except per share data) 4Q25 3Q25 4Q24 % Chg. % Chg. Net Interest Income $ 45,094 $ 42,430 $ 37,783 6% 19% Provision for Credit Losses 4,132 227 2,135 Noninterest Income 8,219 8,637 9,030 (5%) (9%) Noninterest Expen
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Operating Earnings Net Income (GAAP) $ 13,703 $ 13,686 $ 11,705 $ 11,254 $ 9,640 $ 9,140 $ 8,003 $ 9,358 Noninterest Income: Securities (Gains) Losses - 3,715 4 - (64) - - - Gain on Sale of Bra
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Operating Earnings Net Income (GAAP) $ 6,190 $ 2,067 $ 8,836 $ 11,500 $ 13,004 $ 11,543 $ 10,215 $ 8,259 Noninterest Income: Securities (Gains) Losses - 6,801 - - (144) - - - Gain on Sale of Br
Slide 27: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 2025Y 2024Y 2023Y Operating Earnings Net Income (GAAP) $ 50,347 $ 36,141 $ 28,593 Noninterest Income: Securities (Gains) Losses 3,719 (64) 6,801 Gain on Sale of Branch Building - (1,629) - Gain on Sale of SBKI (3,955) - - Noninterest
Slide 28: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Tangible Common Equity: Shareholders' Equity (GAAP) $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 $ 466,796 Less Goodwill And Other Intangible Assets 95,328 95,807 103,5
Slide 29: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Tangible Common Equity: Shareholders' Equity (GAAP) $ 459,886 $ 446,652 $ 444,847 $ 443,399 $ 432,452 $ 414,711 $ 420,427 $ 420,042 Less Goodwill And Other Intangible Assets 107,148 107,792 108
Slide 30: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 2025Y 2024Y 2023Y Tangible Common Equity: Shareholders' Equity (GAAP) $ 552,492 $ 491,461 $ 459,886 Less Goodwill And Other Intangible Assets 95,328 104,723 107,148 Tangible Common Equity (Non-GAAP) $ 457,164 $ 386,738 $ 352,738 Aver
Slide 31: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 552,492 $ 538,482 $ 519,127 $ 505,941 $ 491,461 $ 489,023 $ 472,465 $ 466,796 Less Goodwill And Other Intangible Assets 95
Slide 32: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in Thousands, unless otherwise indicated 2025Y 2024Y 2023Y 2022Y 2021Y 2020Y Tangible Common Equity (Excluding AOCI): Shareholders' Equity (GAAP) $ 552,492 $ 491,461 $ 459,886 $ 432,452 $ 429,430 $ 357,168 Less Goodwill And Other Intangible Assets 95,328 104,723 107,148 109
Slide 33: Contact
CONTACT Miller Welborn Billy Carroll Ron Gorczynski Chairman President & CEO Chief Financial Officer 423.385.3067 865.868.0613 865.437.5724 Miller.Welborn@smartbank.com Billy.Carroll@smartbank.com Ron.Gorczynski@smartbank.com 5401 Kingston Pike, Suite 600 Knoxville, TN 37919 33