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SmartFinancial , Inc. QUARTERLY EARNINGS RELEASE Exhibit 99.1 1Q 2021 SmartFinancial Announces Results for the First Quarter 2021 KNOXVILLE , TN - April 20 , 2021 - SmartFinancial , Inc. ( " SmartFinancial " or the " Company " ; NASDAQ : SMBK ) , today announced net income of $ 9.8 million , or $ 0.65 per diluted common share , for the first quarter of 2021 , compared to net income of $ 9.0 million , or $ 0.59 per diluted common share for the fourth quarter of 2020. Operating earnings ( Non - GAAP ) , which excludes securities gains , merger related and restructuring expenses and non - operating items , totaled $ 9.8 million , or $ 0.65 per diluted common share , in the first quarter of 2021 , compared to $ 9.2 million , or $ 0.61 per diluted common share , in the fourth quarter of 2020 . Highlights for the First Quarter of 2021 • Net income and operating earnings ( non - GAAP ) of $ 9.8 million , or $ 0.65 per diluted share • Tangible book value per share ( Non - GAAP ) of $ 18.39 , a 10.5 % annualized quarter - over - quarter increase • Organic loan growth of over $ 60 million , a 10.4 % annualized quarter - over - quarter increase • • Originated 1,231 of Paycheck Protection Program ( " PPP " ) loans totaling $ 119.5 million Successfully completed a lift - out of an experienced banking team in the Gulf Coast Region • Announced on April 14 , 2021 the proposed acquisition of Sevier County Bancshares , Inc. Billy Carroll , President & CEO , stated : " We had an outstanding first quarter . Our team continues to build a great franchise and this quarter highlights their efforts . Organic loan growth coupled with PPP production has been strong to start the year . We are also very excited about what our Gulf Coast Region lift - out and the Sevier County Bank acquisition will do for our company's growth and profitability . " SmartFinancial's Chairman , Miller Welborn , concluded : " We are incredibly excited about where we are as a company . Our team continues to execute with precision and our latest quarterly results is a perfect example of their commitment to continually raise the bar . The goals and targets of our Strategic Plan are very clear and the progress we made during the first quarter of 2021 is impressive . " Net Interest Income and Net Interest Margin Net interest income was $ 26.3 million for the first quarter of 2021 , compared to $ 26.5 million for the fourth quarter of 2020. Average earning assets totaled $ 3.1 billion , an increase of $ 110.0 million , primarily driven by an increase in average cash and cash equivalents of $ 68.0 million , an increase in average securities of $ 17.2 million and an increase in average loans of $ 27.1 million . Average interest - bearing liabilities increased $ 94.5 million , directly related to continued deposit growth . The tax equivalent net interest margin was 3.48 % for the first quarter of 2021 , compared to 3.57 % for the fourth quarter of 2020. The tax equivalent net interest margin was negatively impacted by a 13 basis point decrease in the average yield on interest - earning assets and offset by a 6 basis point decline in the rate on interest - bearing liabilities over the prior quarter . Lower market interest rates continue to negatively impact earning asset yields , but these declines have been largely mitigated by a lower cost of funds . The primary drivers of the yield decrease on interest - earning assets during the first quarter of 2021 was an overall decline in loan yields and a decrease in loan fees . The decrease of $ 612 thousand in loan fees during the quarter is attributable to $ 2.4 million of the PPP fee accretion and $ 454 thousand of other loan fees compared to $ 2.2 million of PPP fee accretion , and $ 1.3 million of other loan fees recognized in the fourth quarter of 2020. The decrease was offset by an increase of $ 867 thousand in acquired loan discount accretion . The Company continues to carry excess liquidity on the balance sheet that resulted from significant deposit growth during the first quarter of 2021 and the fourth quarter of 2020 . The yield on interest - bearing liabilities decreased to 0.54 % for the first quarter of 2021 when compared to 0.60 % for the fourth quarter of 2020. The cost of average interest- bearing deposits was 0.44 % for the first quarter of 2021 compared to 0.50 % for the fourth quarter of 2020 , a decrease of 6 basis points . The lower cost of average deposits was attributable to the maturing and repricing of time deposits , with average costs decreasing 14 basis points . The cost of total deposits for the first quarter of 2021 was 0.33 % . www.SMARTBANK.COM