Smack Bayou is located on the opposite side of the Northern Gulf ICW from the Panama City Waterfront, just slightly west of Massalina Bayou.
The two mooring balls Captain Root refers to below have been in place, as I recall, for years, but there is still room to drop the hook. Many cruisers anchor in Smack Bayou year after year.

We anchored in Smack Bayou Monday night. Be advised that the charted 8 foot pool that is around the point to starboard has two permanant mooring balls in the middle and partially submerged wreck on the east side. We anchored west and slightly behind the mooring balls in about 8 feet at mid tide. Protection is excellent. However, there is some shoaling coming from the shore line, so I would suggest anchoring ahead of the mooring balls in deeper water to avoid swinging over a shoal.
An option is to anchor in the first pool after the entrance. A trawler was anchored on the west side of that pool and seemed to do fine. Be aware there is a partially submerged wreck at the far end of that pool.
Bill Root
MV Tucandu, currently docked Panama City