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Exhibit 99.1 SmartFinancial , Inc. QUARTERLY EARNINGS RELEASE 2Q 2021 SmartFinancial Announces Results for the Second Quarter 2021 KNOXVILLE , TN - July 20 , 2021 - SmartFinancial , Inc. ( " SmartFinancial " or the " Company " ; NASDAQ : SMBK ) , today announced net income of $ 8.8 million , or $ 0.58 per diluted common share , for the second quarter of 2021 , compared to net income of $ 6.2 million , or $ 0.41 per diluted common share , for the second quarter of 2020 , and compared to net income of $ 9.8 million , or $ 0.65 per diluted common share , for the first quarter of 2021. Operating earnings ( Non - GAAP ) , which excludes securities gains , merger related and restructuring expenses and non - operating items , totaled $ 9.1 million , or $ 0.60 per diluted common share , in the second quarter of 2021 , compared to $ 7.3 million , or $ 0.48 per diluted common share , in the second quarter of 2020 , and compared to $ 9.8 million , or $ 0.65 per diluted common share , in the first quarter of 2021 . Highlights for the Second Quarter of 2021 • Net organic loan growth of over $ 87 million , a 16.3 % annualized quarter - over - quarter increase • Operating earnings ( non - GAAP ) of $ 9.1 million , or $ 0.60 per diluted share . Tangible book value per share ( Non - GAAP ) of $ 18.69 , a 6.5 % annualized quarter - over - quarter increase • Announced the $ 38.1 million proposed acquisition of Sevier County Bancshares • Announced and completed the acquisition of Fountain Equipment Finance ( " Fountain " ) • Hired three seasoned commercial banking team members in Auburn , Alabama Billy Carroll , President & CEO , stated : " Our team continues to execute at a very high level , as evidenced by another nice quarter . Growth has continued to be very strong , and our sales team are capitalizing on our outstanding markets . We are also extremely excited to open SmartBank Auburn and continue to organically build out our Alabama footprint . " SmartFinancial's Chairman , Miller Welborn , concluded : " Another incredibly solid quarter by our team . Our Board could not be more excited about the trajectory of our company . We continue to execute our growth strategy for loans , deposits and earnings and remain extremely bullish on our Company's future . " Net Interest Income and Net Interest Margin Net interest income was $ 26.9 million for the second quarter of 2021 , compared to $ 26.3 million for the first quarter of 2021. Average earning assets totaled $ 3.3 billion , an increase of $ 218.2 million . The growth was primarily driven by an increase in average cash and cash equivalents of $ 114.0 million , average securities of $ 26.9 million and average loans and leases of $ 79.9 million of which $ 35.7 million of the increase is related to the acquisition of Fountain during the second quarter . Average interest - bearing liabilities increased $ 157.3 million , directly related to continued core deposit growth . The tax equivalent net interest margin was 3.29 % for the second quarter of 2021 , compared to 3.48 % for the first quarter of 2021. The tax equivalent net interest margin was impacted by a 23 basis point decrease in the average yield on interest - earning assets and offset by a 5 basis point decline in the rate on interest - bearing liabilities over the prior quarter . The decrease in yield on interest - earning assets was primarily driven by a decreased level of loan discount accretion and Payroll Protection Program ( " PPP " ) fee accretion and additional excess liquidity from the significant deposit growth experienced during the first six months of 2021. We recognized $ 1.1 million less of loan discount accretion and PPP fee accretion during the second quarter of 2021 when compared to the first quarter of 2021. However , the interest - earning yield compression was partially offset by the acquisition of Fountain , resulting in a positive margin impact of 13 basis points . The lower yields on interest - earning assets continue to be mitigated , in part , by a lower cost of funds . The yield on interest - bearing liabilities decreased to 0.49 % for the second quarter of 2021 when compared to 0.54 % for the first quarter of 2021. The cost of average interest - bearing deposits was 0.39 % for the second quarter of 2021 compared to 0.44 % for the first quarter of 2021 , a decrease of 5 basis points . The lower cost of average deposits was attributable to the maturing and repricing of time deposits , which decreased 14 basis www.SMARTBANK.COM