Founded in 2007 and headquartered in Knoxville, Tennessee, SmartFinancial, Inc. (NYSE: SMBK) (“SmartFinancial” or “the company”) is the holding company for the bank subsidiary, SmartBank. SMBK’s 42 branch footprint is located throughout Tennessee, Alabama and Florida.
SmartBank has supplemented its organic growth with multiple acquisitions with the first being an FDIC-assisted acquisition in 2012. In 2015, SmartFinancial completed a reverse merger of equals which doubled the size of the company to ~$1 billion in assets. Since then, SMBK has completed five bank acquisitions, the most recent in 2021 of Sevier County Bancshares, Inc. ($485 million in assets).
SMBK’s loan mix is commercial oriented representing nearly 80% of loans, with residential mortgage comprising the remaining 19%. SMBK’s investor CRE concentration represents 37% of loans (including C&D at 10% of total loans), while C&I (including OO-CRE) makes up 42% of the loan…
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