Here are 1-3 brief analogies for SmartFinancial (SMBK):

• Think of it as a smaller, more regionally focused version of Regions Financial, serving parts of Tennessee, Alabama, and the Florida Panhandle.
• It's like First Horizon, but with a tighter geographic concentration in specific markets across East/Middle Tennessee, Alabama, and the Florida Panhandle.

• Deposit Accounts: A variety of savings and checking accounts, including certificates of deposit, money market accounts, and individual retirement accounts, for individuals and businesses.
• Loan Products: Various credit facilities such as commercial and residential real estate loans, consumer real estate loans, construction and land development loans, commercial and industrial loans, and direct consumer installment loans.
• Wealth Management Services: Professional services for managing investments and providing financial planning advice to clients.
• Insurance Services: Offerings that provide coverage and protection against various risks.
• Mortgage Origination: Services focused on the creation and processing of new mortgage loans for clients.
• Digital Banking Services: Convenient internet and mobile banking platforms enabling customers to manage accounts and conduct transactions remotely.

SmartFinancial (SMBK), through its subsidiary SmartBank, provides a broad range of financial services to a diverse customer base, primarily serving both individuals and corporate customers rather than having a few "major" identifiable customers. Based on the company's description, its customers can be categorized as:

1. Individuals (Consumers): This category includes individuals seeking personal banking services such as noninterest-bearing and interest-bearing checking accounts, savings accounts, money market accounts, time deposits, individual retirement accounts, and consumer loans. These loans include residential real estate loans (mortgages), direct consumer installment loans, educational loans, and other revolving credit. Individuals also utilize the bank's wealth management, insurance, and internet/mobile banking services.

2. Commercial Businesses: This category encompasses various corporate customers across different industries who utilize SmartBank for their business financial needs. Services for these customers include commercial and financial loans, as well as business deposit accounts and treasury management services (implied by serving "corporate customers"). These businesses benefit from the bank's presence in East and Middle Tennessee, Alabama, and the Florida Panhandle.

3. Real Estate Developers and Investors: This is a specialized segment of business customers focused on real estate-related activities. They typically seek commercial real estate loans and construction and land development loans. Given the explicit mention of "Commercial Real Estate" and "Construction and Land Development" as key operating segments, this group represents a significant portion of the bank's commercial lending activities.

William Y. ("Billy") Carroll, Jr. President & Chief Executive Officer

William Y. ("Billy") Carroll, Jr. has served as President and Chief Executive Officer of SmartFinancial since August 2015. He is a co-founder of SmartBank, established in 2007. Prior to his time at SmartBank, Mr. Carroll held various management positions, including Board Member, Executive Vice President, and Chief Financial Officer at Citizens National Bank in Sevierville, Tennessee. He began his career at Kraft CPAs in Nashville, Tennessee. Currently, Mr. Carroll serves as a director for the Federal Reserve Bank of Atlanta and as chairman of the Tennessee Bankers Association.

Ron Gorczynski Executive Vice President, Chief Financial Officer

Ron Gorczynski is the Executive Vice President and Chief Financial Officer for SmartFinancial and SmartBank. Before joining SmartBank, he was the Chief Accounting Officer for the Bank of North Carolina, where he played a significant role in its high-growth strategy, which included overseeing 15 acquisitions and growing assets from $1.6 billion to $7.5 billion. Mr. Gorczynski also previously served as Chief Financial Officer for Square 1 Bank in Durham, North Carolina. He is a Certified Public Accountant.

Wesley M. ("Miller") Welborn Chairman of the Board

Wesley M. ("Miller") Welborn serves as the Chairman of the Board of Directors for SmartFinancial and SmartBank. He is a co-founder of SmartBank and SmartFinancial. Mr. Welborn's career includes co-founding Partner of Lamp Post Group, a venture capital incubator in Chattanooga, Tennessee, from 2010 to 2015. He also served for over two decades as President of Welborn & Associates, Inc., a transportation consulting firm, and was the former President and Chief Executive Officer of the publicly traded trucking company, Boyd Bros. Transportation, Inc. Notably, he helped grow Access America, a transportation and logistics company that was later acquired by Coyote and then UPS. Prior to his current role, he was Chairman of the Board of Cornerstone Community Bank and led the organization through its merger with SmartFinancial, Inc.

William Y. ("Bill") Carroll, Sr. Vice Chairman of the Board

William Y. ("Bill") Carroll, Sr. is the Vice Chairman of the Board for SmartFinancial and SmartBank, and is also a co-founder of SmartBank. His extensive banking career began in 1963 with Hamilton National Bank. He joined Citizens National Bank in 1973, progressing through roles from Vice President to President, Chief Executive Officer, and Chairman of the Board. From 2007 to 2019, he served as SmartBank's Director of Business Development.

Rhett Jordan Executive Vice President, Chief Credit Officer

Rhett Jordan is the Executive Vice President and Chief Credit Officer for SmartBank. He possesses over 20 years of experience in the financial industry. Before joining SmartBank, Mr. Jordan held positions as Senior Vice President & East TN Credit Officer for Regions Bank in Knoxville and as Chief Credit Officer for BankEast in Knoxville.

Key Risks to SmartFinancial (SMBK)

1. Interest Rate Risk: As a bank holding company, SmartFinancial's profitability is highly sensitive to changes in interest rates. The company is in a position where its net interest income is expected to decrease with rising short-term interest rates. Decisions by the Federal Reserve regarding monetary policy and interest rate adjustments significantly influence the company's financial performance.
2. Credit Risk and Economic Conditions in Market Areas: SmartFinancial's financial results are closely tied to the economic health of its specific market areas, including East and Middle Tennessee, Alabama, and the Florida Panhandle. The company's diverse loan portfolio, which includes commercial real estate, construction and land development, commercial and industrial, and consumer loans, exposes it to significant credit risk. An economic downturn, including factors such as inflation, recession, or natural disasters in these regions, could lead to increased loan defaults and negatively impact the company's asset quality and financial performance.
3. Operational and Cybersecurity Risks: SmartFinancial is heavily reliant on information technology systems and third-party servicers for its operations. Any failures, interruptions, or security breaches, including cyber-attacks, data breaches, or risks associated with emerging technologies like artificial intelligence, could adversely affect the company's operations, financial condition, and reputation. Such incidents could lead to financial losses, regulatory penalties, and a loss of customer trust.

The clear emerging threat for SmartFinancial is the rapid expansion and adoption of digital-first financial service providers, including neobanks, fintech platforms, and large technology companies entering the financial space. These entities leverage technology to offer banking, lending, payment, and wealth management services with lower overhead costs, often superior digital user experiences, and competitive pricing, directly challenging SmartFinancial's traditional branch-based model and customer acquisition strategies.

Banking Services (Deposits and General Banking)

Lending Services

• Real Estate Loans: The U.S. Real Estate Loan Market was valued at approximately USD 3.5 trillion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 10.6%. North America, with the U.S. as a primary contributor, held more than 33.2% of the global real estate loan market in 2024, generating USD 3.78 trillion in revenue. The residential segment alone accounted for over 61% of the total global real estate loan market share in 2024. Specific regional data shows the market size of the Real Estate Loans & Collateralized Debt industry in Alabama is USD 3.8 billion in 2026.
• Commercial Lending: The global commercial lending market size was valued at USD 10,923.28 billion in 2025 and is projected to grow to USD 28,369.38 billion by 2034.
• Consumer Lending: The global consumer lending market size was valued at USD 13.05 billion in 2024 and is expected to reach USD 18.80 billion by 2033. Another estimate places the global consumer lending market size at USD 1311.02 billion in 2026, projected to grow to USD 2157.11 billion by 2035. North America is expected to be the largest regional contributor, accounting for approximately 35% of the consumer lending market between 2026 and 2035. The broader U.S. consumer lending market, encompassing traditional mortgages and other consumer credit products, has a market size of USD 27 trillion and is growing.
• Loan Brokering: The market size for the Loan Brokers industry in Tennessee is estimated at USD 121.2 million in 2026.

Wealth Management Services

Insurance Services

1. Organic Loan and Deposit Growth: SmartFinancial anticipates continued expansion in its core banking activities, with projections indicating high single-digit loan growth. The company has demonstrated strong organic growth in both net loans and non-brokered deposits, which is expected to persist as it deepens its presence in existing markets and adds new client relationships.
2. Net Interest Margin (NIM) Expansion: The company is strategically focused on improving its net interest margin. Management has provided guidance for NIM expansion, projecting a range of 3.40%–3.45% for Q1 2026, with potential for further modest upside by year-end if interest rates remain stable. This is driven by effective management of deposit costs and enhanced yields on its securities portfolio.
3. Geographic Expansion and Deeper Market Penetration: SmartFinancial is actively pursuing growth by expanding its footprint into new strategic markets, such as Columbus, GA, and continuing to penetrate more deeply into its current operational areas. This strategy includes the recruitment of experienced regional bankers and sales teams to capitalize on opportunities in markets where the company still has relatively small share.
4. Growth in Non-Interest Income: Non-interest income is expected to remain a solid contributor to overall revenue. SmartFinancial offers a variety of services, including wealth management, insurance, and mortgage origination, which collectively bolster non-interest revenue streams. The company has seen non-interest income rise, with projections for continued growth in this area.

Share Repurchases

• SmartFinancial's Board of Directors authorized a new $10 million stock repurchase program (the "2026 Repurchase Plan") on January 30, 2026, which is set to commence on March 1, 2026, and expire on February 28, 2027, unless extended.
• This new program allows the company to repurchase up to 1.5% of its outstanding common stock through open market transactions.
• The 2026 Repurchase Plan will replace SmartFinancial's prior stock repurchase plan.

Share Issuance

• In March 2026, SmartFinancial granted restricted shares as equity compensation to executives, including 3,414 shares to its EVP & Chief Credit Officer and 990 shares to its Chief Risk Officer, with vesting scheduled for March 10, 2030.
• As of Q3 2025, SmartFinancial had 17 million shares outstanding.
• The 2024 Form 10-K report indicated a slight decrease in common stock outstanding during 2024.

Inbound Investments

• First Eagle Investment Management LLC acquired a new stake of 32,000 shares in SmartFinancial, valued at approximately $1.143 million in Q3 (likely 2025).
• CSM Advisors LLC also purchased a new stake in SmartFinancial, valued at approximately $5.996 million in Q2 (likely 2025).
• Institutional ownership accounts for approximately 59.25% of the company, reflecting significant stakeholder confidence.

Capital Expenditures

• SmartFinancial's Property, Plant & Equipment on the balance sheet increased from $77.48 million at the end of 2020 to $89.25 million as of September 30, 2025, demonstrating ongoing investment in fixed assets.
• Capital expenditures for Q3 2025 were $328K.
• The primary focus of capital allocation includes continued investment in treasury management and technology/AI.