SMARTFINANCIAL INC. SMBK
SmartFinancial, Inc. ("SmartFinancial" or the "Company") was incorporated on September 19, 1983, under the laws of the State of Tennessee. SmartFinancial is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. In this Report on Form 10-K, the words "SmartFinancial," "the Company," "we," "us," and "our" refer to SmartFinancial, Inc. together with SmartBank and SmartBank's wholly-owned subsidiaries, except where the context requires otherwise.
The primary activity of SmartFinancial is the ownership and operation of SmartBank (the "Bank"). As a bank holding company, SmartFinancial intends to facilitate SmartBank's ability to provide financial services to its customers. The holding company structure also provides flexibility for expansion through the possible acquisition of other financial institutions and the provision of additional banking-related services, as well as certain non-banking services, which a traditional commercial bank may not provide under present laws.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | $166.1M | $137.3M | $130.1M | $137.5M | $11.8M | $16.7M | $24.6M | $15.6M | $5.7M | $4.3M |
| Pre-tax income | $61.5M | $45.5M | $36.2M | $54.9M | $44.3M | $30.9M | $33.4M | $21.3M | $11.4M | $9.2M |
| Income tax | $11.2M | $9.3M | $7.6M | $11.9M | $9.5M | $6.6M | $6.9M | $3.2M | $6.4M | $3.4M |
| Net income | $50.3M | $36.1M | $28.6M | $43.0M | $34.8M | $24.3M | $26.5M | $18.1M | $5.0M | $5.8M |
| EPS, basic | 3.00 | 2.16 | 1.70 | 2.57 | 2.23 | 1.63 | 1.90 | 1.46 | 0.56 | 0.82 |
| EPS, diluted | 2.98 | 2.14 | 1.69 | 2.55 | 2.22 | 1.62 | 1.89 | 1.45 | 0.55 | 0.78 |
| Shares, diluted (wtd. avg.) | $16.9M | $16.9M | $16.9M | $16.9M | $15.7M | $15.0M | $14.0M | $12.5M | $8.8M | $6.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $464.4M | $387.6M | $352.3M | $266.4M | $1.05B | $481.7M | $184.0M | $115.8M | $113.0M | $68.7M |
| Property, plant and equipment | $88.4M | $91.1M | $93.0M | $92.5M | $86.0M | $72.7M | $59.4M | $56.0M | $43.0M | $30.5M |
| Goodwill | $90.4M | $96.1M | $96.1M | $96.1M | $91.6M | $74.1M | $65.6M | $66.1M | $38.0M | — |
| Other intangibles | $5.0M | $8.6M | $11.0M | $13.6M | $14.3M | $12.3M | $11.6M | $12.9M | $8.0M | $2.5M |
| Total assets | $5.86B | $5.28B | $4.83B | $4.64B | $4.61B | $3.30B | $2.45B | $2.27B | $1.72B | $1.06B |
| Long-term debt | — | — | — | — | — | $75.4M | — | — | — | — |
| Total liabilities | $5.31B | $4.78B | $4.37B | $4.21B | $4.18B | $2.95B | $2.14B | $1.99B | $1.51B | $957.2M |
| Retained earnings | $248.7M | $203.8M | $173.1M | $156.5M | $118.2M | $87.2M | $65.8M | $40.0M | $21.9M | $16.9M |
| Total equity | $552.4M | $491.3M | $459.9M | $432.5M | $429.4M | $357.2M | $312.7M | $283.0M | $205.9M | $105.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $61.7M | $52.7M | $39.7M | $56.8M | $46.2M | $29.1M | $29.9M | $20.8M | $1.2M | $11.6M |
| Depreciation and amortisation | $5.0M | $5.2M | $5.1M | $4.7M | $4.2M | $3.7M | $2.8M | $2.6M | $1.8M | $1.4M |
| Stock-based compensation | $1.9M | $1.6M | $1.3M | $1.3M | $693.0K | $482.0K | $517.0K | $397.0K | $154.3K | $132.6K |
| Capital expenditure | $2.4M | $6.4M | $6.3M | $12.5M | $2.4M | $5.4M | $6.3M | $3.8M | $2.8M | $7.0M |
| Investing cash flow | -$499.0M | -$420.2M | -$135.2M | -$840.8M | -$265.0M | -$259.3M | -$94.8M | -$94.9M | -$50.7M | -$54.3M |
| Financing cash flow | $514.2M | $402.8M | $181.4M | $5.4M | $782.2M | $528.0M | $133.1M | $76.8M | $93.8M | $31.5M |
| Dividends paid | $5.5M | $5.4M | $5.4M | $4.7M | $3.7M | $3.0M | $700.0K | $0 | — | — |
| Buybacks | — | $3.0M | — | — | $1.2M | $4.3M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040440.
Others in SIC 6021
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| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |