XML 39 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows from Operating Activities    
Net income $ 4,285us-gaap_ProfitLoss $ 2,389us-gaap_ProfitLoss
Adjustments to reconcile net earnings to net cash    
Depreciation 260us-gaap_Depreciation 277us-gaap_Depreciation
Provision for loan losses 250us-gaap_ProvisionForLoanAndLeaseLosses 1,000us-gaap_ProvisionForLoanAndLeaseLosses
Deferred income tax (benefit) expense 81us-gaap_DeferredIncomeTaxExpenseBenefit (144)us-gaap_DeferredIncomeTaxExpenseBenefit
Loans originated for sale (536)us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale (124)us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale
Proceeds from loans sold 978us-gaap_ProceedsFromSaleOfLoansHeldForSale 445us-gaap_ProceedsFromSaleOfLoansHeldForSale
Securities (gains) losses (480)us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments 22us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
Loss on disposal of assets 152us-gaap_GainsLossesOnSalesOfAssets 75us-gaap_GainsLossesOnSalesOfAssets
Write down of foreclosed properties 572us-gaap_ImpairmentOfRealEstate 928us-gaap_ImpairmentOfRealEstate
Amortization of securities premiums (accretion of discounts), net 1,252us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 1,214us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Amortization of intangibles, net 53smmf_AmortizationofIntangibleAssetsNet 91smmf_AmortizationofIntangibleAssetsNet
Decrease in accrued interest receivable 274us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet 259us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
Increase in cash surrender value of bank owned life insurance (261)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue (270)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue
Increase in other assets (746)us-gaap_IncreaseDecreaseInOtherOperatingAssets (76)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase in other liabilities 1,420us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 1,028us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities 7,554us-gaap_NetCashProvidedByUsedInOperatingActivities 7,114us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows from Investing Activities    
Proceeds from maturities and calls of securities available for sale 365us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 2,051us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sales of securities available for sale 26,835us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 18,157us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Principal payments received on securities available for sale 8,621smmf_ProceedsFromPrepaymentsOfAvailableForSaleSecurities 8,782smmf_ProceedsFromPrepaymentsOfAvailableForSaleSecurities
Purchases of securities available for sale (35,166)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (20,122)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchases of other investments (2,736)smmf_PurchasesOfOtherInvestments (692)smmf_PurchasesOfOtherInvestments
Proceeds from sales & redemptions of other investments 1,671us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock 1,897us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock
Net principal payments received on loans (20,822)us-gaap_PaymentsForProceedsFromLoansReceivable (27,942)us-gaap_PaymentsForProceedsFromLoansReceivable
Purchases of premises and equipment (409)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (110)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sales of other repossessed assets & property held for sale 3,595us-gaap_ProceedsFromSaleOfForeclosedAssets 1,514us-gaap_ProceedsFromSaleOfForeclosedAssets
Net cash (used in) investing activities (18,046)us-gaap_NetCashProvidedByUsedInInvestingActivities (16,465)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows from Financing Activities    
Net increase (decrease) in demand deposit, NOW and savings accounts (1,706)smmf_IncreaseDecreaseInDepositsExcludingTimeDeposits 51,336smmf_IncreaseDecreaseInDepositsExcludingTimeDeposits
Net decrease in time deposits (1,313)us-gaap_IncreaseDecreaseInTimeDeposits (2,518)us-gaap_IncreaseDecreaseInTimeDeposits
Net increase in short-term borrowings 25,352us-gaap_ProceedsFromRepaymentsOfShortTermDebt 6,205us-gaap_ProceedsFromRepaymentsOfShortTermDebt
Repayment of long-term borrowings (477)us-gaap_RepaymentsOfLongTermDebt (40,024)us-gaap_RepaymentsOfLongTermDebt
Repayment of subordinated debt (11,800)us-gaap_RepaymentsOfSubordinatedDebt 0us-gaap_RepaymentsOfSubordinatedDebt
Net proceeds from issuance of common stock 2,298us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
Retirement of common stock (1,080)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Exercise of stock options 0us-gaap_ProceedsFromStockOptionsExercised 15us-gaap_ProceedsFromStockOptionsExercised
Dividends paid on common stock (814)us-gaap_PaymentsOfDividendsCommonStock 0us-gaap_PaymentsOfDividendsCommonStock
Dividends paid on preferred stock (191)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (194)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Net cash provided by financing activities 10,269us-gaap_NetCashProvidedByUsedInFinancingActivities 14,820us-gaap_NetCashProvidedByUsedInFinancingActivities
Increase (decrease) in cash and cash equivalents (223)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 5,469us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents:    
Beginning 12,510us-gaap_CashAndCashEquivalentsAtCarryingValue [1] 11,782us-gaap_CashAndCashEquivalentsAtCarryingValue
Ending 12,287us-gaap_CashAndCashEquivalentsAtCarryingValue 17,251us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash payments for:    
Interest 3,242us-gaap_InterestPaid 4,272us-gaap_InterestPaid
Income taxes 128us-gaap_IncomeTaxesPaid 0us-gaap_IncomeTaxesPaid
Supplemental Schedule of Noncash Investing and Financing Activities    
Other assets acquired in settlement of loans $ 714us-gaap_FairValueOfAssetsAcquired $ 1,297us-gaap_FairValueOfAssetsAcquired
[1] December 31, 2014 financial information has been extracted from audited consolidated financial statements