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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Jm0KXit3TIui6VUp50eGlbiDy8Xo17S7M6Qsiv0mh/IA/fXnWrX80KxuakaU7cHS
 MteNy0r621V0YcykTetSxg==

<SEC-DOCUMENT>0000811808-03-000027.txt : 20030626
<SEC-HEADER>0000811808-03-000027.hdr.sgml : 20030626
<ACCEPTANCE-DATETIME>20030626153513
ACCESSION NUMBER:		0000811808-03-000027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030625
FILED AS OF DATE:		20030626

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JENNINGS SCOTT C
		CENTRAL INDEX KEY:			0001186835

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16587
		FILM NUMBER:		03758600

	BUSINESS ADDRESS:	
		STREET 1:		SUMMIT FINANCIAL GROUP
		STREET 2:		PO BOX 179
		CITY:			MOOREFIELD
		STATE:			WV
		ZIP:			26836
		BUSINESS PHONE:		3045387233

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUMMIT FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0000811808
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				550672148
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		223 NORTH MAIN ST
		CITY:			MOOREFIELD
		STATE:			WV
		ZIP:			26836
		BUSINESS PHONE:		3045381000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 179
		CITY:			MOOREFIELD
		STATE:			WV
		ZIP:			26836

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTH BRANCH VALLEY BANCORP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>jennings062603_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-06-25</periodOfReport>
   <notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000811808</issuerCik>
        <issuerName>SUMMIT FINANCIAL GROUP INC</issuerName>
        <issuerTradingSymbol>SMMF</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001186835</rptOwnerCik>
            <rptOwnerName>JENNINGS SCOTT C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Sr. VP &amp; COO</officerTitle>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>COMMON STOCK</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-24</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-06-24</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>500</value>
         </transactionShares>
         <transactionValue>
           <value>9.25</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>COMMON STOCK</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-25</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-06-25</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>450</value>
         </transactionShares>
         <transactionValue>
           <value>28.00</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>50</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <derivativeSecurity>
      <securityTitle>
         <value>Employee Stock Option (Right-to-Buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>9.25</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-06-24</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-06-24</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>500</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2000-02-26</value>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
         <value>2010-02-26</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>COMMON STOCK</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>500</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <footnotes>
<footnote id="F1"> Other Indirect Securities Owned: by ESOP - 3,974 shares</footnote>

<footnote id="F2"> OPTION VESTS IN 5 EQUAL ANNUAL INSTALLMENTS</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Teresa D. Sherman, Lmtd POA, Attorney-in-Fact</signatureName>
      <signatureDate>2003-06-26</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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