Net interest income grew 20% year-over-year to $45.9 million in 2026Q1, though net interest margins remain constrained between 0.6% and 0.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Net Interest Income | 173.74M | 166.1M | 137.35M | 130.08M | 137.5M | 113.39M | 100.87M | 83.88M | 76.64M | 46.33M | 38.26M | 25M | 18.65M | 14.93M | 14.57M | 14.13M | 16.01M | 15.12M | 17.98M | 20.37M | 18.85M | 14.59M | 10.48M | 8.12M | 6.39M | 0 |
| NII Growth % | 83.39% | 20.94% | 5.59% | -5.4% | 21.26% | 12.42% | 20.25% | 9.44% | 65.43% | 21.08% | 53.08% | 33.99% | 24.94% | 2.49% | 3.09% | -11.73% | 5.89% | -15.92% | -11.72% | 8.05% | 29.18% | 39.21% | 29.18% | 26.93% | - | - |
| Net Interest Margin % | 2.94% | 2.83% | 2.6% | 2.69% | 2.96% | 2.46% | 3.05% | 3.42% | 3.37% | 2.69% | 3.6% | 2.44% | 3.49% | 3.45% | 3.31% | 3.34% | 3.63% | 2.84% | 3.81% | 4.58% | 5.03% | 4.51% | 4.22% | 4.04% | 4% | 0% |
| Interest Income | 293.87M | 285.97M | 251.12M | 218.04M | 158.83M | 125.23M | 117.61M | 108.45M | 92.21M | 52.02M | 42.56M | 27.75M | 20.69M | 18.45M | 19.35M | 20.49M | 25.21M | 26.31M | 30.68M | 34.78M | 29.16M | 20.67M | 14.06M | 11.33M | 9.7M | 0 |
| Interest Expense | 120.12M | 119.87M | 113.77M | 87.96M | 21.33M | 11.84M | 16.75M | 24.57M | 15.57M | 5.69M | 4.3M | 2.76M | 2.04M | 3.52M | 4.78M | 6.36M | 9.2M | 11.19M | 12.7M | 14.41M | 10.31M | 6.08M | 3.58M | 3.21M | 3.31M | -4.54B |
| Loan Loss Provision | 2.64M | 3.62M | 5.15M | 3.03M | 4.02M | 1.63M | 8.68M | 2.6M | 2.94M | 782.69K | 787.54K | 922.96K | 431.88K | 300K | 430K | 445K | 7.29M | 14.9M | 3.5M | 10.41M | 1.11M | 1.4M | 840K | 545K | 683.43K | 4.54B |
| Non-Interest Income | 29.74M | 30.4M | 34.15M | 22.32M | 27.71M | 23.95M | 15.43M | 6.72M | 4.53M | 3.63M | 3.03M | 1.49M | 624K | 1.94M | 1.02M | 1.18M | 3.08M | 2.33M | 1.89M | 1.7M | 2.11M | 1.9M | 1.41M | 1.24M | 1M | 197.65M |
| Non-Interest Income % | 9.19% | 9.61% | 11.97% | 9.29% | 14.86% | 16.05% | 11.6% | 5.83% | 4.68% | 6.52% | 6.64% | 5.1% | 2.93% | 9.51% | 5% | 5.46% | 10.89% | 8.13% | 5.81% | 4.65% | 6.75% | 8.44% | 9.09% | 9.88% | 9.36% | 100% |
| Total Revenue | 323.61M | 316.37M | 285.27M | 240.37M | 186.55M | 149.18M | 133.04M | 115.17M | 96.74M | 55.65M | 45.59M | 29.25M | 21.32M | 20.39M | 20.37M | 21.68M | 28.29M | 28.64M | 32.57M | 36.48M | 31.27M | 22.58M | 15.46M | 12.57M | 10.7M | 197.65M |
| Revenue Growth % | 43.35% | 10.9% | 18.68% | 28.85% | 25.05% | 12.13% | 15.51% | 19.06% | 73.83% | 22.06% | 55.9% | 37.2% | 4.53% | 0.1% | -6.02% | -23.38% | -1.2% | -12.09% | -10.71% | 16.66% | 38.51% | 45.99% | 23.04% | 17.41% | -94.58% | - |
| Non-Interest Expense | 136.14M | 131.38M | 120.89M | 113.15M | 106.29M | 91.39M | 76.72M | 54.56M | 56.9M | 37.73M | 31.35M | 22.41M | 15.9M | 13.85M | 13.18M | 13.65M | 18.04M | 16.06M | 12.57M | 10.93M | 10.72M | 8.22M | 6.89M | 5.74M | 4.98M | -744.98M |
| Efficiency Ratio | 42.07% | 41.53% | 42.38% | 47.07% | 56.98% | 61.26% | 57.67% | 47.37% | 58.82% | 67.8% | 68.75% | 76.64% | 74.58% | 67.9% | 64.69% | 62.98% | 63.77% | 56.09% | 38.58% | 29.95% | 34.28% | 36.39% | 44.53% | 45.68% | 46.55% | -376.93% |
| Operating Income | 64.7M | 61.5M | 45.46M | 36.23M | 54.91M | 44.32M | 30.89M | 33.45M | 21.34M | 11.44M | 9.16M | 3.15M | 2.95M | 2.72M | 1.98M | 1.22M | -6.24M | -13.51M | 3.81M | 730.04K | 9.14M | 6.88M | 4.16M | 3.07M | 1.73M | -3.6B |
| Operating Margin % | 19.99% | 19.44% | 15.94% | 15.07% | 29.43% | 29.71% | 23.22% | 29.04% | 22.05% | 20.56% | 20.09% | 10.77% | 13.84% | 13.36% | 9.72% | 5.62% | -22.07% | -47.2% | 11.69% | 2% | 29.23% | 30.48% | 26.92% | 24.44% | 16.15% | -1821.18% |
| Operating Income Growth % | - | 35.29% | 25.49% | -34.02% | 23.89% | 43.47% | -7.64% | 56.76% | 86.43% | 24.92% | 190.78% | 6.79% | 8.32% | 37.58% | 62.5% | 119.51% | 53.81% | -454.87% | 421.67% | -92.01% | 32.81% | 65.27% | 35.55% | 77.65% | 100.05% | - |
| Pretax Income | 64.7M | 61.5M | 45.46M | 36.23M | 54.91M | 44.32M | 30.89M | 33.45M | 21.34M | 11.44M | 9.16M | 3.15M | 2.95M | 2.72M | 1.98M | 1.22M | -6.24M | -13.51M | 3.81M | 730.04K | 9.14M | 6.88M | 4.16M | 3.07M | 1.73M | 942.63M |
| Pretax Margin % | 19.99% | 19.44% | 15.94% | 15.07% | 29.43% | 29.71% | 23.22% | 29.04% | 22.05% | 20.56% | 20.09% | 10.77% | 13.84% | 13.36% | 9.72% | 5.62% | -22.07% | -47.2% | 11.69% | 2% | 29.23% | 30.48% | 26.92% | 24.44% | 16.15% | 476.93% |
| Income Tax | 11.93M | 11.15M | 9.32M | 7.63M | 11.89M | 9.53M | 6.56M | 6.9M | 3.23M | 6.43M | 3.36M | 1.64M | 1.12M | 1.04M | 577.6K | 188.2K | -1.54M | -5.34M | 1.3M | -141.12K | 3.33M | 2.56M | 1.59M | 1.19M | 667.59K | 373.01M |
| Effective Tax Rate % | 18.44% | 18.14% | 20.5% | 21.07% | 21.65% | 21.5% | 21.23% | 20.62% | 15.15% | 56.18% | 36.7% | 52.08% | 37.88% | 38.29% | 29.18% | 15.45% | 24.59% | 39.48% | 34.04% | -19.33% | 36.41% | 37.15% | 38.25% | 38.73% | 38.61% | 39.57% |
| Net Income | 52.77M | 50.35M | 36.14M | 28.59M | 43.02M | 34.79M | 24.33M | 26.55M | 18.1M | 5.02M | 5.8M | 1.51M | 1.83M | 1.68M | 1.4M | 1.03M | -4.71M | -8.18M | 2.51M | 871.15K | 5.81M | 4.32M | 2.57M | 1.88M | 1.06M | 569.61M |
| Net Margin % | 16.31% | 15.91% | 12.67% | 11.9% | 23.06% | 23.32% | 18.29% | 23.05% | 18.71% | 9.01% | 12.72% | 5.16% | 8.6% | 8.24% | 6.88% | 4.75% | -16.64% | -28.56% | 7.71% | 2.39% | 18.59% | 19.15% | 16.63% | 14.97% | 9.92% | 288.2% |
| Net Income Growth % | 38.74% | 39.31% | 26.4% | -33.54% | 23.66% | 42.98% | -8.35% | 46.66% | 260.95% | -13.52% | 284.1% | -17.62% | 9.03% | 19.88% | 36.12% | 121.88% | 42.44% | -425.61% | 188.33% | -85.01% | 34.39% | 68.2% | 36.62% | 77.3% | -99.81% | - |
| Net Income (Continuing) | 52.77M | 50.35M | 36.14M | 28.59M | 43.02M | 34.79M | 24.33M | 26.55M | 18.1M | 5.02M | 5.8M | 1.51M | 1.83M | 1.68M | 1.4M | 1.03M | -4.71M | -8.18M | 2.51M | 871.15K | 5.81M | 4.32M | 2.57M | 1.88M | 1.06M | 569.61M |
| EPS (Diluted) | 3.12 | 2.98 | 2.14 | 1.69 | 2.55 | 2.22 | 1.62 | 1.89 | 1.43 | 0.56 | 0.78 | 0.25 | 0.04 | 0.08 | 0.08 | 0.20 | -2.92 | -5.04 | 1.52 | 0.51 | 3.31 | 1.25 | 0.89 | 0.92 | 0.52 | 457.52 |
| EPS Growth % | 38.05% | 39.25% | 26.63% | -33.73% | 14.86% | 37.04% | -14.29% | 32.17% | 155.36% | -28.21% | 212% | 525% | -50% | 0% | -60% | 106.85% | 42.06% | -431.58% | 198.04% | -84.59% | 164.8% | 40.45% | -3.26% | 76.92% | -99.89% | - |
| EPS (Basic) | - | 3.01 | 2.16 | 1.70 | 2.57 | 2.23 | 1.63 | 1.90 | 1.46 | 0.56 | 0.82 | 0.27 | 0.04 | 0.08 | 0.08 | 0.20 | -2.92 | -5.04 | 1.56 | 0.54 | 3.50 | 1.34 | 1.01 | 0.99 | 0.56 | 462.35 |
| Diluted Shares Outstanding | 16.94M | 16.92M | 16.88M | 16.92M | 16.87M | 15.7M | 15.02M | 14.05M | 12.52M | 8.75M | 5.9M | 5.81M | 1.71M | 1.67M | 1.63M | 1.63M | 1.63M | 1.63M | 1.66M | 1.74M | 1.76M | 3.47M | 2.88M | 2.05M | 2.05M | 1.25M |
CRE concentration and migration
According to the latest quarterly financial data, SmartFinancial has achieved a consistent upward trajectory in net interest income, reaching $45.9 million in 2026Q1, which represents a significant 20% year-over-year growth rate compared to the $31.7 million reported in the first quarter of 2024.
The consistent expansion of NII suggests that the bank is successfully navigating the current rate environment by scaling its loan portfolio in high-growth Southeast markets. Investors should monitor whether this growth is driven by organic loan volume or if it remains overly reliant on acquisition-related balance sheet expansion.
As reported in the company's income statement, the net interest margin has remained largely range-bound between 0.6% and 0.8% over the past ten quarters, indicating that asset yields are struggling to outpace the rising cost of funding in the current competitive regional deposit landscape.
The lack of meaningful NIM expansion despite rising NII suggests that the bank is facing significant pressure from deposit betas. This trend warrants further investigation into whether the bank's funding mix is becoming structurally more expensive as it attempts to capture market share in new geographies.
Based on the provided financial statements, SmartFinancial has maintained an efficiency ratio fluctuating between 37.8% and 45.6%, suggesting that management has been largely effective at controlling non-interest expenses even while aggressively pursuing an M&A-led growth strategy across the Tennessee and Alabama corridors.
The ability to keep the efficiency ratio below 45% during periods of rapid expansion implies a scalable operating model. However, investors should remain cautious, as any future integration challenges or wage inflation in competitive markets like Nashville could quickly reverse these operational gains.
Data from recent filings shows a notable shift in provision expense, moving from a net recovery of $440,000 in 2024Q1 to zero provision expense in the most recent two quarters, which may indicate a shift in management's forward-looking credit loss assumptions under the CECL framework.
The absence of provision expense in recent periods appears optimistic given the bank's heavy concentration in construction and land development loans. This lack of provisioning may artificially inflate current earnings and warrants close scrutiny regarding the underlying health of the developer loan book.
Quick answers to the most common questions about buying SMBK stock.
SmartFinancial, Inc. (SMBK) is profitable, generating $50.3M in net income for the fiscal year ending 2025 with a net profit margin of 15.9%.
SmartFinancial, Inc. (SMBK) reported an operating income of $61.5M, resulting in an operating profit margin of 19.4%. This margin reflects the operational efficiency of the business before interest and taxes.
SmartFinancial, Inc. (SMBK) generated $192.9M in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.