Exhibit 99.1
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1Q 2017
  
SmartFinancial Reports a 21% Increase in First Quarter Net Income
 
KNOXVILLE, TN - April 25, 2017 - SmartFinancial, Inc. ("SmartFinancial"; NASDAQ: SMBK), announced today net income of $1.6 million in its first quarter of 2017, compared to $1.3 million a year ago. In the first quarter of 2016, SmartFinancial completed the merger of Cornerstone Community Bank with and into SmartBank. This quarter completes the fourth full quarter’s results of the merged bank.
 
Billy Carroll, President & CEO, stated: "In the first quarter this year net income was up over twenty percent from a year ago as the company is capitalizing on the synergies of our merger. Compared to last year we increased net interest income by over seven percent while keeping noninterest expense growth below three percent. We grew net interest income not only by growing gross loans approximately nine percent year over year but also by increasing asset yields and net interest margin. At the same time we were able to reduce the efficiency ratio by over two percentage points. We are off to a great start in 2017 and look forward to a very successful year for our associates and our shareholders.”
 
SmartFinancial's Chairman, Miller Welborn, concluded: "In the past year our company merged the banks, grew earning assets while increasing margin, improved asset quality, opened a branch in Panama City, completed a capital raise, redeemed our SBLF preferred stock, and increased net income available to our shareholders by over twenty five percent. This year we look forward to the completion of our Cleveland branch acquisition, moving our Panama City branch to a new permanent facility, and of course increasing the returns for our shareholders. We will continue to execute our objectives of growing the company while maintaining a strong margin, rigorous underwriting standards, and increasing efficiency. Every day we strive to achieve our goals of being a great place to work, a great place to bank, and making our company a rewarding investment for our shareholders."
 
Performance Highlights 
 
Net income available to common shareholders totaled $1.4 million or $0.19 per share during the first quarter of 2017 compared to $1.1 million or $0.20 per share during the first quarter of 2016.
Annualized return on average assets was 0.64 percent in the first quarter of 2017, compared to 0.54 percent a year ago.
Net interest margin increased during the quarter due to increases in average loan balances, increases in average balances and yields of the securities portfolio, and reductions in FHLB advances and other borrowings.
Asset quality was outstanding with nonperforming assets to total assets dropping to just 0.36 percent.
Dividends on preferred stock dropped to $195 thousand as the company used proceeds from the capital raise to redeem the preferred stock during the quarter.

First Quarter 2017 compared to First Quarter 2016
Net income available to common shareholders totaled $1.4 million in the first quarter of 2017, or $0.19 per diluted share, compared to $1.1 million, or $0.19 per diluted share, in the first quarter of 2016. Net operating earnings available to common shareholders, which excludes purchased loans accounting adjustments, securities gains, merger and conversion costs, and foreclosed assets gains and losses, totaled $1.1 million in the first quarter of 2017 compared to $780 thousand in the first quarter of 2016.

Net interest income to average assets of 3.81 percent for the quarter increased substantially from 3.67 percent in the first quarter of 2016. Net interest income totaled $9.8 million in the first quarter of 2017 compared to $9.1 million in the first quarter of 2016. Net interest income was positively impacted compared to the prior year primarily due to increased loan balances. Net interest margin, taxable equivalent, increased substantially from 3.96 percent in the first quarter of 2016 to 4.07 percent in the first quarter of 2017 as a result of higher loan balances, higher yields on securities, and increased balances of noninterest-bearing deposits.
 
Provision for loan losses was $12 thousand in the first quarter of 2017, compared to $137 thousand in the first quarter of 2016. The decrease in provision for loan losses was due to a decrease in loan growth during the quarter when compared to the prior year.

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The following information was filed by Smartfinancial Inc. (SMBK) on Tuesday, April 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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