SmartFinancial Inc 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period endedMarch 31, 2025☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period from __________ to __________Commission File Number:001-37661 (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No.) 37919(Zip Code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)ofthe Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrantwas required to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T during the preceding 12months (or for such period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer”,“accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule12b-2 of the ExchangeAct: Large acceleratedfiler☐Acceleratedfiler☒Non-acceleratedfiler☐Smaller reportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check market if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of May 09, 2025, there were17,017,547shares of common stock, $1.00 par value per share, issued andoutstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATIONItem 1.Consolidated Financial Statements (Unaudited)3Consolidated Balance Sheets at March 31, 2025 and December 31, 20243Consolidated Statements of Income for the Three Months Ended March 31, 2025and 20244Consolidated Statements of Comprehensive Income for the Three Months EndedMarch 31, 2025 and 20245Consolidated Statements of Changes in Shareholders’ Equity for the ThreeMonths Ended March 31, 2025 and 20246Consolidated Statements of Cash Flows for the Three Months Ended March 31,2025 and 20247Condensed Notes to Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations39Item 3.Quantitative and Qualitative Disclosures About Market Risk52Item 4.Controls and Procedures52PART II – OTHER INFORMATION53Item 1.Legal Proceedings53Item 1A.Risk Factors53Item 2.Unregistered Sales of Equity Securities and Use of Proceeds53Item 3.Defaults Upon Senior Securities53Item 4.Mine Safety Disclosures54Item 5.Other Information54Item 6.Exhibits54 PARTI–FINANCIAL INFORMATIONITEM1. CONSOLIDATED FINANCIAL STATEMENTS SMARTFINANCIAL,INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except for share data) SMARTFINANCIAL,INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Unaudited)(Dollars in thousands, except share and per share data) SMARTFINANCIAL,INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited)(Dollars in thousands) Three Months EndedMarch31,20252024Net income$11,254$9,358Other comprehensive income (loss):Investment securities:Unrealized holding gains (losses) on securities available-for-sale4,963(3,107)Tax effect(1,282)803Amortization of unrealized gains (losses) on investment securities transferred from available-for-saleto held-to-maturity3035Tax effect(8)(9)Unrealized gains (losses) on securities available-for-sale, net of tax3,703(2,278)Fair value hedging activities:Unrealized gains (losses) on fair value municipal security hedges(155)420Tax effect40(108)Reclassification adjustment for realized losses (gains) included in net income(1)106Tax effect—(27)Unrealized gains (losses) on fair value hedged instruments arising during the period, net of tax(116)391Cash flow hedging activities:Unrealized gains (losses) on cash flow hedges437460Tax effect(112)(119)Reclassification adjustment for realized losses (gains) included in net income15138Tax effect(39)(10)Unrealized gains (losses) on cash flow hedge instruments arising during the period, net of tax437369Total other comprehensive income (loss)4,024(1,518)Comprehensive income$15,278$7,840 The accompanying notes are an integral part of the consolidated financial statements. SMARTFINANCIAL,INC. AND SUBSIDIARYCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY– (Unaudited)For the T