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Exhibit 99.1 SmartFinancial , Inc. QUARTERLY EARNINGS RELEASE 3Q 2021 SmartFinancial Announces Results for the Third Quarter 2021 KNOXVILLE , TN - October 19 , 2021 - SmartFinancial , Inc. ( " SmartFinancial " or the " Company " ; NASDAQ : SMBK ) , today announced net income of $ 9.6 million , or $ 0.61 per diluted common share , for the third quarter of 2021 , compared to net income of $ 6.4 million , or $ 0.42 per diluted common share , for the third quarter of 2020 , and compared to net income of $ 8.8 million , or $ 0.58 per diluted common share , for the second quarter of 2021. Operating earnings ( Non - GAAP ) , which excludes securities gains , merger related and restructuring expenses and non - operating items , totaled $ 9.9 million , or $ 0.63 per diluted common share , in the third quarter of 2021 , compared to $ 6.6 million , or $ 0.44 per diluted common share , in the third quarter of 2020 , and compared to $ 9.1 million , or $ 0.60 per diluted common share , in the second quarter of 2021 . Highlights for the Third Quarter of 2021 • Net organic loan growth of over $ 52 million , an 8.6 % annualized quarter - over - quarter increase · Operating earnings ( non - GAAP ) of $ 0.63 per diluted share , a 43.2 % increase from the prior - year - quarter • Tangible book value per share ( Non - GAAP ) of $ 19.03 , a 7.3 % annualized quarter - over - quarter increase Completed the acquisition of Sevier County Bancshares ( " SCB " ) • • Hired seasoned commercial banking team members in Dothan , Montgomery and Birmingham , Alabama and Tallahassee , Florida Billy Carroll , President & CEO , stated : " Our company is continuing to perform at a very high level , and we are extremely pleased with our results and accomplishments this quarter . In addition to our solid financial performance , we closed our SCB transaction and added several outstanding , seasoned bankers to our staff . The momentum around our team is strong and I am very excited with the direction of our company . " SmartFinancial's Chairman , Miller Welborn , concluded : " The execution of our Strategic Plan is really coming together . All of our operating metrics are on target , and we are excited about our future . " Net Interest Income and Net Interest Margin Net interest income was $ 30.4 million for the third quarter of 2021 , compared to $ 26.9 million for the second quarter of 2021. Average earning assets totaled $ 3.61 billion , an increase of $ 314.9 million . The growth was primarily driven by an increase in average cash and cash equivalents of $ 271.6 million and average loans and leases of $ 24.2 million . Average interest - bearing liabilities increased $ 212.2 million , related to continued core deposit growth and the acquisition of SCB . The tax equivalent net interest margin was 3.35 % for the third quarter of 2021 , compared to 3.29 % for the second quarter of 2021. The tax equivalent net interest margin was impacted by a 2 basis point increase 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 increase in yield on interest - earning assets was primarily driven by an increase of $ 1.7 million of loan discount accretion and Payroll Protection Program ( " PPP ” ) fee accretion during the third quarter of 2021 when compared to the second quarter of 2021 , offset by lower yielding excess liquidity . The yield on interest - bearing liabilities decreased to 0.44 % for the third quarter of 2021 when compared to 0.49 % for the second quarter of 2021. The cost of average interest- bearing deposits was 0.34 % for the third quarter of 2021 compared to 0.39 % for the second 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 16 basis points during the period . The cost of total deposits for the third quarter of 2021 was 0.25 % compared to 0.29 % in the second quarter of 2021 . WWW.SMARTBANK.COM