0001437749-24-002143.txt : 20240125 0001437749-24-002143.hdr.sgml : 20240125 20240125120124 ACCESSION NUMBER: 0001437749-24-002143 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240125 DATE AS OF CHANGE: 20240125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUMMIT FINANCIAL GROUP, INC. CENTRAL INDEX KEY: 0000811808 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 550672148 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16587 FILM NUMBER: 24560378 BUSINESS ADDRESS: STREET 1: 300 NORTH MAIN ST CITY: MOOREFIELD STATE: WV ZIP: 26836 BUSINESS PHONE: 3045301000 MAIL ADDRESS: STREET 1: 300 NORTH MAIN ST CITY: MOOREFIELD STATE: WV ZIP: 26836 FORMER COMPANY: FORMER CONFORMED NAME: SUMMIT FINANCIAL GROUP INC DATE OF NAME CHANGE: 20000330 FORMER COMPANY: FORMER CONFORMED NAME: SOUTH BRANCH VALLEY BANCORP INC DATE OF NAME CHANGE: 19920703 8-K 1 smmf20240123_8k.htm FORM 8-K smmf20240123_8k.htm
false 0000811808 0000811808 2024-01-25 2024-01-25
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 25, 2024
 
logo.jpg
Summit Financial Group, Inc.
(Exact name of registrant as specified in its charter)
     
West Virginia
0-16587
55-0672148
(State or other jurisdiction of
(Commission File Number)
(IRS Employer
incorporation or organization)
 
Identification No.)
 
300 North Main Street
 
Moorefield West Virginia
26836
(Address of principal executive offices)
(Zip Code)
 
(304)530-1000
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $2.50 per share
SMMF
NASDAQ Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Item 2.02. Results of Operations and Financial Condition.
 
On January 25, 2024, Summit Financial Group, Inc. (“Summit”) issued a News Release announcing its earnings for the three months and year ended December 31, 2023. This News Release is furnished as Exhibit 99.1 and is incorporated herein by reference.
 
 
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
Exhibit Number
Description
99.1
104 Cover Page Interactive Data File (Embedded within the Inline XBRL document)
 
 

 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
SUMMIT FINANCIAL GROUP, INC.
   
Date: January 25, 2024
By: /s/ Julie R. Markwood 
 
Julie R. Markwood
 
Executive Vice President and Chief Accounting Officer
 
 
EX-99.1 2 ex_618403.htm EXHIBIT 99.1 ex_618403.htm

EXHIBIT 99.1

logo2.jpg

 

 

FOR RELEASE 6:00 AM ET, January 25, 2024

 

Contact:    Robert S. Tissue, Executive Vice President & CFO

Telephone:    (304) 530-0552

Email:        rtissue@summitfgi.com

 

SUMMIT FINANCIAL GROUP REPORTS EARNINGS OF $1.11 PER SHARE FOR FOURTH QUARTER 2023

 

MOOREFIELD, WV – January 25, 2024 (GLOBE NEWSWIRE) – Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF) today reported financial results for the fourth quarter of 2023, highlighting robust core operating performance marked by continued notable strength in its net interest margin. The Company’s continued success underscores its position as an exceptional community bank, reflecting a sound strategy and solid operational execution.

 

The Company, which serves commercial and individual clients across West Virginia, the Washington D.C. metropolitan area, Virginia, Kentucky, the Eastern Shore of Maryland and Delaware through Summit Community Bank, Inc., reported net income applicable to common shares of $16.4 million, or $1.11 per diluted share, for the fourth quarter of 2023, as compared to $16.1 million, or $1.09 per diluted share, for the third quarter of 2023 and $14.9 million, or $1.16 per diluted share, for the fourth quarter of 2022.

 

Key Highlights for the Fourth Quarter and Year 2023

 

Our pending merger with Burke & Herbert Financial Services Corp. (“Burke & Herbert”) was approved by both Burke & Herbert’s and Summit’s shareholders on December 6, 2023. The transaction is expected to close in late Q1 2024 following receipt of Federal regulatory approval.

 

Tangible Book Value Per Common Share (“TBVPCS”) increased by $1.67 to $23.89 during the fourth quarter of 2023, representing a 7.5 percent increase. This increase was primarily due to retained earnings and the increase in the fair value of available for sale securities reflected in accumulated other comprehensive loss. For 2023, TBVPCS increased by $2.19.

 

Our net interest margin (“NIM”) decreased 12 basis points to 3.76 percent from the linked quarter.  For the year 2023, NIM increased 11 basis points.

 

The fourth quarter saw a modest increase in total loans, excluding mortgage warehouse lines of credit and acquired loans, registering an increase of 2.85 percent (11.4 percent annualized). This performance was further underscored by year-over-year growth of 8.3 percent.

 

 

 

Summit's core deposits experienced modest decline in the fourth quarter of 2023, down 1.1 percent from the linked quarter and, excluding acquired Provident State Bank, Inc. (“PSB”) deposits, increased 1.5 percent during full-year 2023.

 

The Company’s provision for credit losses totaled $1.50 million in the fourth quarter of 2023 compared to $1.25 million in the linked quarter.

 

Summit’s efficiency ratio was 47.33 percent compared to 47.15 percent in the linked quarter, indicating optimized use of resources.  For full year 2023, the efficiency ratio was 47.51 percent compared to 47.76 percent in 2022.

 

Annualized non-interest expense ratio decreased to 2.05 percent of average assets from 2.10 percent in the previous quarter and increased from 1.92 percent in the same quarter last year.  Excluding acquisition-related expenses, annualized non-interest expense would have been 1.98 percent of average assets in Q4 2023 and 2.01 percent of average assets for Q3 2023.

 

"We are extremely pleased by our core performance both for fourth quarter and for the year 2023", stated H. Charles Maddy III, President and Chief Executive Officer of Summit Financial Group, "highlighted by solid loan growth, a stable top quartile peer net interest margin, an enviable efficiency ratio and best-in-class return on tangible common equity." Mr. Maddy continued, "Looking ahead as we prepare for our strategic merger with Burke & Herbert, we remain committed to enhancing shareholder value, driven by our foundational strengths and synergistic growth plans. With our dedicated team, resilient strategies and community trust, we are optimistic and geared up for the opportunities and challenges ahead."

 

Results from Operations

 

Net interest income totaled $40.8 million in the fourth quarter of 2023, marking an increase of 18.7 percent from the prior-year fourth quarter and down 1.2 percent from the linked quarter. This year-over-year robust growth is primarily attributable to our strategic expansion of the loan portfolio and optimizations in investment allocations. NIM for the fourth quarter 2023 was 3.76 percent compared to 3.88 percent for the linked quarter and 3.80 percent for the prior-year quarter, as the cost of interest-bearing funds outpaced the increased yields on interest earning assets.

 

Summit recorded a $1.50 million provision for credit losses in the fourth quarter of 2023 compared to $1.25 million for the linked quarter and $1.50 million in the fourth quarter of 2022.

 

Noninterest income, consisting primarily of service fee income from community banking activities and trust and wealth management fees, for fourth quarter 2023 was $5.80 million compared to $5.27 million for the linked quarter and $4.87 million for the comparable period of 2022. The Company recognized net gains on equity investments of $365,000 in the fourth quarter 2023 compared to $180,000 in the linked quarter. Excluding gains and losses from debt securities and equity investments, the combined revenue from net interest income and non-interest income for Q4 2023 was $46.2 million compared to $46.4 million in the linked quarter and a substantial 18.6 percent growth from $39.0 million recorded in the fourth quarter of 2022.

 

 

 

Total noninterest expense decreased to $23.9 million in the fourth quarter of 2023, down 1.1 percent from $24.2 million in the linked quarter primarily due to lower salaries and employee benefits and fewer acquisition-related expenses in the fourth quarter. Conversely, there was a 26.8 percent hike from $18.8 million for the same quarter in the prior year, attributed mainly to the assimilation of operational costs from the newly integrated PSB operations and higher acquisition-related expenses in 2024.

 

Salary and benefit expenses were $11.4 million in the fourth quarter of 2023, a decrease from $12.0 million in the preceding quarter but up from $10.5 million in the same period last year. The year-over-year increase was primarily due to the PSB acquisition and higher group health insurance premiums.

 

Acquisition-related expenses representing legal, due diligence and fairness opinion costs relative to the Burke & Herbert merger were $839,000 for Q4 2023 compared to $1.11 million for the linked quarter and $81,000 during Q4 2022.

 

Summit’s efficiency ratio was 47.33 percent in the fourth quarter of 2023, an increase from 46.40 percent in the fourth quarter of 2022, and marginally better than the 47.15 percent in the linked quarter. Concurrently, the non-interest expense to average assets ratio was optimized to 2.05 percent, compared to 2.10 percent in the previous quarter, indicating enhanced operational efficiency despite the expanded asset base post-PSB acquisition.

 

Balance Sheet

 

As of December 31, 2023, total assets were $4.6 billion, an increase of $717.6 million, or 18.3 percent since December 31, 2022.  Excluding acquired PSB assets, total assets increased by $149.3 million, or 3.8 percent since December 31, 2022.

 

Total loans net of unearned fees increased 19.4 percent to $3.7 billion as of December 31, 2023, from $3.1 billion at December 31, 2022. Total loans, excluding those related to mortgage warehouse lending and acquired loans, reached $3.2 billion as of December 31, 2023. This represents an increase of 2.85 percent (or 11.4 percent when annualized) during the quarter just ended.

 

Deposits totaled $3.7 billion on December 31, 2023, a 1.0 percent decrease during the fourth quarter. Core deposits decreased 1.1 percent during the fourth quarter 2023 to $3.7 billion.  Adjusted uninsured deposits (excluding uninsured public deposits otherwise secured or collateralized as required by law) were 34.8 percent of total deposits at December 31, 2023 compared to 29.8 percent at year-end 2022.

 

 

 

Total shareholders’ equity was $440.2 million as of December 31, 2023, compared to $354.5 million at December 31, 2022. Summit paid a quarterly common dividend of $0.22 per share in the fourth quarter of 2023.

 

Tangible Book Value Per Common Share (“TBVPCS”) increased by $1.67 to $23.89 during the fourth quarter of 2023, representing a 7.5 percent increase. This increase was primarily due to retained earnings and the increase in the fair value of available for sale securities reflected in accumulated other comprehensive loss. Summit had 14,683,457 outstanding common shares at December 31, 2023, compared to 12,783,646 at year-end 2022. 

 

Asset Quality

 

The Company recorded net loan recoveries of $188,000 during the fourth quarter 2023, representing 0.02 percent of average loans annualized, compared to net loan charge-offs (“NCOs”) of $119,000, representing 0.01 percent of average loans annualized, in the linked quarter. NCOs of $1,000 represented 0.0 percent of average loans annualized in the year-ago period.

 

Summit’s allowance for loan credit losses was $48.1 million on December 31, 2023, $47.2 million at the end of the linked quarter, and $38.9 million on December 31, 2022. As of December 31, 2023, the allowance for loan credit losses stood at 1.31 percent of total loans, reflecting a slight increase compared to the rate of 1.26 percent recorded as of December 31, 2022.  In terms of the allowance's coverage, it represented 386.6 percent of nonperforming loans at December 31, 2023, in contrast to the figure of 497.2 percent at December 31, 2022.

 

Summit’s allowance for credit losses on unfunded loan commitments was $7.74 million as of December 31, 2023, compared to $6.91 million at the end of the linked quarter. During the most recent quarter, the allowance for credit losses on unfunded loan commitments increased by $830,000, primarily due to a change in mix of type of unfunded loan balances.

 

As of December 31, 2023, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, totaled $16.2 million, or 0.35 percent of assets, compared to NPAs of $12.9 million, or 0.33 percent of assets at year-end 2022.

 

About the Company

 

Summit Financial Group, Inc. is the $4.6 billion financial holding company for Summit Community Bank, Inc. Its talented bankers serve commercial and individual clients throughout West Virginia, the Washington, D.C. metropolitan area, Virginia, Kentucky, Eastern Shore of Maryland and Delaware. Summit’s focus on in-market commercial lending and providing other business banking services in dynamic markets is designed to leverage its highly efficient operations and core deposits in strong legacy locations. Residential and consumer lending, trust and wealth management, and other retail financial services are offered through convenient digital and mobile banking platforms, including MySummitBank.com and 54 full-service branch locations. More information on Summit Financial Group, Inc. (NASDAQ: SMMF), headquartered in West Virginia’s Eastern Panhandle in Moorefield, is available at SummitFGI.com.

 

 

 

Non-GAAP Financial Measures

 

In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), Summits management uses, and this press release contains or references, certain non-GAAP financial measures, such as tangible common equity/tangible assets; efficiency ratio; return on average tangible equity and return on average tangible common equity. Summit believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although Summit believes that these non-GAAP financial measures enhance investors' understanding of Summits business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP or are they necessarily comparable to non-GAAP performance measures presented by other companies.

 

Forward-Looking Statements

 

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as expects, anticipates, believes, estimates and other similar expressions or future or conditional verbs such as will, should, would and could are intended to identify such forward-looking statements.

 

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include: the effect of  pandemics, including the negative impacts and disruptions on the communities we serve, and the domestic and global economy, which may have an adverse effect on our business; current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth; fiscal and monetary policies of the Federal Reserve; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; the successful integration of operations of our acquisitions; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economies, the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; delays in completing the pending merger of Summit and Burke & Herbert, the failure to obtain necessary regulatory approvals and shareholder approvals or to satisfy any of the other conditions to the merger on a timely basis or at all, the possibility that the anticipated benefits of the merger are not realized when expected or at all, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in Summit's business, regulatory developments, estimated synergies, cost savings and financial benefits of completed transactions, growth strategies, the inability to realize cost savings or improved revenues or to implement integration plans and other consequences associated with the proposed merger; and the other factors discussed in the Risk Factors section of Summits Annual Report on Form 10K for the year ended December 31, 2022, in the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations section of Summits Quarterly Report on Form 10Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023, and other reports Summit files with the SEC. We undertake no obligation to revise these statements following the date of this press release.

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Quarterly Performance Summary (unaudited) -- Q4 2023 vs Q4 2022

 

   

For the Quarter Ended

   

Percent

 

Dollars in thousands

 

12/31/2023

   

12/31/2022

   

Change

 

Statements of Income

                       

Interest income

                       

Loans, including fees

  $ 59,856     $ 43,589       37.3 %

Securities

    6,538       4,181       56.4 %

Other

    122       70       74.3 %

Total interest income

    66,516       47,840       39.0 %

Interest expense

                       

Deposits

    21,417       10,194       110.1 %

Borrowings

    4,306       3,293       30.8 %

Total interest expense

    25,723       13,487       90.7 %
                         

Net interest income

    40,793       34,353       18.7 %

Provision for credit losses

    1,500       1,500       0.0 %

Net interest income after provision for credit losses

    39,293       32,853       19.6 %
                         

Noninterest income

                       

Trust and wealth management fees

    952       750       26.9 %

Mortgage origination revenue

    65       286       -77.3 %

Service charges on deposit accounts

    1,866       1,526       22.3 %

Bank card revenue

    1,837       1,513       21.4 %

Net gains on equity investments

    365       280       30.4 %

Net realized gains/(losses) on debt securities

  15     (24 )   n/m  

Bank owned life insurance and annuity income

    499       367       36.0 %

Other income

    202       167       21.0 %

Total noninterest income

    5,801       4,865       19.2 %

Noninterest expense

                       

Salaries and employee benefits

    11,374       10,532       8.0 %

Net occupancy expense

    1,554       1,328       17.0 %

Equipment expense

    2,342       1,769       32.4 %

Professional fees

    529       386       37.0 %

Advertising and public relations

    432       280       54.3 %

Amortization of intangibles

    995       351       183.5 %

FDIC premiums

    670       352       90.3 %

Bank card expense

    809       679       19.1 %

Foreclosed properties expense, net of (gains)/losses

    16       159       -89.9 %

Acquisition-related expense

  839     81     n/m  

Other expenses

    4,347       2,932       48.3 %

Total noninterest expense

    23,907       18,849       26.8 %

Income before income taxes

    21,187       18,869       12.3 %

Income tax expense

    4,590       3,783       21.3 %

Net income

    16,597       15,086       10.0 %

Preferred stock dividends

  225     225     n/a  
                         

Net income applicable to common shares

  $ 16,372     $ 14,861       10.2 %

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Quarterly Performance Summary (unaudited) -- Q4 2023 vs Q4 2022

 

   

For the Quarter Ended

   

Percent

 
   

12/31/2023

   

12/31/2022

   

Change

 

Per Share Data

                       

Earnings per common share

                       

Basic

  $ 1.12     $ 1.16       -3.4 %

Diluted

  $ 1.11     $ 1.16       -4.3 %
                         

Cash dividends per common share

  $ 0.22     $ 0.20       10.0 %

Common stock dividend payout ratio

 

19.5

%     16.9 %     15.4 %
                         

Average common shares outstanding

                       

Basic

    14,676,383       12,775,703       14.9 %

Diluted

    14,718,790       12,837,637       14.7 %
                         

Common shares outstanding at period end

    14,683,457       12,783,646       14.9 %
                         

Performance Ratios

                       

Return on average equity

    15.74 %     17.50 %     -10.1 %

Return on average tangible equity (C)

    20.01 %     21.75 %     -8.0 %

Return on average tangible common equity (D)

    20.91 %     22.96 %     -8.9 %

Return on average assets

    1.42 %     1.54 %     -7.8 %

Net interest margin (A)

    3.76 %     3.80 %     -1.1 %

Efficiency ratio (B)

    47.33 %     46.40 %     2.0 %

 

NOTES

 

(A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%.

 

(B) - Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.

 

(C) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders' equity - Average intangible assets).

 

(D) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average common shareholders' equity - Average intangible assets).

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Annual Performance Summary (unaudited) -- 2023 vs 2022

 

   

For the Year Ended

   

Percent

 

Dollars in thousands

 

12/31/2023

   

12/31/2022

   

Change

 

Statements of Income

                       

Interest income

                       

Loans, including fees

  $ 217,855     $ 145,364       49.9 %

Securities

    23,961       13,052       83.6 %

Other

    732       331       121.1 %

Total interest income

    242,548       158,747       52.8 %

Interest expense

                       

Deposits

    73,191       20,683       253.9 %

Borrowings

    12,788       9,078       40.9 %

Total interest expense

    85,979       29,761       188.9 %
                         

Net interest income

    156,569       128,986       21.4 %

Provision for credit losses

    12,250       6,950       76.3 %

Net interest income after provision for credit losses

    144,319       122,036       18.3 %
                         

Noninterest income

                       

Trust and wealth management fees

    3,436       2,978       15.4 %

Mortgage origination revenue

    577       1,480       -61.0 %

Service charges on deposit accounts

    6,977       6,150       13.4 %

Bank card revenue

    7,299       6,261       16.6 %

Net gains on equity investments

    740       265       179.2 %

Net realized (losses) on debt securities

    (266 )     (708 )     62.4 %

Bank owned life insurance and annuity income

    1,576       1,211       30.1 %

Other income

    537       516       4.1 %

Total noninterest income

    20,876       18,153       15.0 %

Noninterest expense

                       

Salaries and employee benefits

    46,296       40,452       14.4 %

Net occupancy expense

    5,851       5,128       14.1 %

Equipment expense

    9,094       7,253       25.4 %

Professional fees

    1,775       1,628       9.0 %

Advertising and public relations

    1,113       893       24.6 %

Amortization of intangibles

    3,335       1,440       131.6 %

FDIC premiums

    2,458       1,224       100.8 %

Bank card expense

    3,429       2,928       17.1 %

Foreclosed properties expense, net of (gains)/losses

    89       236       -62.3 %

Acquisition-related expense

  6,444     114     n/m  

Other expenses

    14,909       11,583       28.7 %

Total noninterest expense

    94,793       72,879       30.1 %

Income before income taxes

    70,402       67,310       4.6 %

Income tax expense

    15,163       14,094       7.6 %

Net income

    55,239       53,216       3.8 %

Preferred stock dividends

    900       900       0.0 %
                         

Net income applicable to common shares

  $ 54,339     $ 52,316       3.9 %

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Annual Performance Summary (unaudited) -- 2023 vs 2022

 

   

For the Year Ended

   

Percent

 
   

12/31/2023

   

12/31/2022

   

Change

 

Per Share Data

                       

Earnings per common share

                       

Basic

  $ 3.82     $ 4.10       -6.8 %

Diluted

  $ 3.81     $ 4.08       -6.6 %
                         

Cash dividends per common share

  $ 0.84     $ 0.76       10.5 %

Common stock dividend payout ratio

    21.6 %     18.2 %     18.7 %
                         

Average common shares outstanding

                       

Basic

    14,206,811       12,760,649       11.3 %

Diluted

    14,249,129       12,821,533       11.1 %
                         

Common shares outstanding at period end

    14,683,457       12,783,646       14.9 %
                         

Performance Ratios

                       

Return on average equity

    13.69 %     15.83 %     -13.5 %

Return on average tangible equity (C)

    17.51 %     19.88 %     -11.9 %

Return on average tangible common equity (D)

    18.34 %     21.03 %     -12.8 %

Return on average assets

    1.25 %     1.42 %     -12.0 %

Net interest margin (A)

    3.84 %     3.73 %     2.9 %

Efficiency ratio (B)

    47.57 %     47.76 %     -0.4 %

 

NOTES

 

(A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%.

 

(B) - Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.

 

(C) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders' equity - Average intangible assets).

 

(D) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average common shareholders' equity - Average intangible assets).

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Five Quarter Performance Summary (unaudited)

 

   

For the Quarter Ended

 

Dollars in thousands

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 

Statements of Income

                                       

Interest income

                                       

Loans, including fees

  $ 59,856     $ 58,102     $ 54,413     $ 45,485     $ 43,589  

Securities

    6,538       6,357       6,247       4,819       4,181  

Other

    122       235       203       171       70  

Total interest income

    66,516       64,694       60,863       50,475       47,840  

Interest expense

                                       

Deposits

    21,417       19,924       17,851       14,000       10,194  

Borrowings

    4,306       3,497       2,699       2,286       3,293  

Total interest expense

    25,723       23,421       20,550       16,286       13,487  
                                         

Net interest income

    40,793       41,273       40,313       34,189       34,353  

Provision for credit losses

    1,500       1,250       8,000       1,500       1,500  

Net interest income after provision for credit losses

    39,293       40,023       32,313       32,689       32,853  
                                         

Noninterest income

                                       

Trust and wealth management fees

    952       819       854       811       750  

Mortgage origination revenue

    65       172       169       171       286  

Service charges on deposit accounts

    1,866       1,775       1,943       1,392       1,526  

Bank card revenue

    1,837       1,907       1,987       1,568       1,513  

Net gains on equity investments

    365       180       150       45       280  

Net realized gains/(losses) on debt securities

    15       (12 )     (211 )     (59 )     (24 )

Bank owned life insurance and annuity income

    499       311       431       336       367  

Other income

    202       113       100       122       167  

Total noninterest income

    5,801       5,265       5,423       4,386       4,865  

Noninterest expense

                                       

Salaries and employee benefits

    11,374       11,959       12,156       10,807       10,532  

Net occupancy expense

    1,554       1,436       1,528       1,333       1,328  

Equipment expense

    2,342       2,361       2,361       2,030       1,769  

Professional fees

    529       400       471       376       386  

Advertising and public relations

    432       247       264       170       280  

Amortization of intangibles

    995       998       999       343       351  

FDIC premiums

    670       716       742       330       352  

Bank card expense

    809       972       951       696       679  

Foreclosed properties expense, net of (gains)/losses

    16       10       48       15       159  

Acquisition-related expenses

    839       1,110       4,163       331       81  

Other expenses

    4,347       3,953       3,641       2,968       2,932  

Total noninterest expense

    23,907       24,162       27,324       19,399       18,849  

Income before income taxes

    21,187       21,126       10,412       17,676       18,869  

Income tax expense

    4,590       4,794       2,203       3,575       3,783  

Net income

    16,597       16,332       8,209       14,101       15,086  

Preferred stock dividends

    225       225       225       225       225  
                                         

Net income applicable to common shares

  $ 16,372     $ 16,107     $ 7,984     $ 13,876     $ 14,861  

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Five Quarter Performance Summary (unaudited)

 

   

For the Quarter Ended

 
   

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 

Per Share Data

                                       

Earnings per common share

                                       

Basic

  $ 1.12     $ 1.10     $ 0.54     $ 1.09     $ 1.16  

Diluted

  $ 1.11     $ 1.09     $ 0.54     $ 1.08     $ 1.16  
                                         

Cash dividends per common share

  $ 0.22     $ 0.22     $ 0.20     $ 0.20     $ 0.20  

Common stock dividend payout ratio

    19.5 %     19.8 %     36.7 %     18.1 %     16.9 %
                                         

Average common shares outstanding

                                       

Basic

    14,676,383       14,672,176       14,668,923       12,783,851       12,775,703  

Diluted

    14,718,790       14,714,211       14,703,636       12,830,102       12,837,637  
                                         

Common shares outstanding at period end

    14,683,457       14,674,852       14,672,147       12,786,404       12,783,646  
                                         

Performance Ratios

                                       

Return on average equity

    15.74 %     15.66 %     7.99 %     15.55 %     17.50 %

Return on average tangible equity (C)

    20.01 %     20.03 %     10.86 %     19.10 %     21.75 %

Return on average tangible common equity (D)

    20.91 %     20.95 %     11.37 %     20.10 %     22.96 %

Return on average assets

    1.42 %     1.42 %     0.73 %     1.43 %     1.54 %

Net interest margin (A)

    3.76 %     3.88 %     3.89 %     3.83 %     3.80 %

Efficiency ratio (B)

    47.33 %     47.15 %     47.90 %     48.00 %     46.40 %

 

NOTES

 

(A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%.

 

(B) - Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.

 

(C) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders' equity - Average intangible assets).

 

(D) - Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average common shareholders' equity - Average intangible assets).

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Selected Balance Sheet Data (unaudited)

 

Dollars in thousands, except per share amounts

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 
                                         

Assets

                                       

Cash and due from banks

  $ 21,834     $ 23,159     $ 23,341     $ 16,488     $ 16,469  

Interest bearing deposits other banks

    30,398       36,398       39,902       54,328       28,248  

Debt securities, available for sale

    502,762       511,403       512,038       431,933       405,201  

Debt securities, held to maturity

    94,227       94,715       95,200       95,682       96,163  

Equity investments

    10,958       31,241       30,818       29,867       29,494  

Other investments

    21,130       19,579       16,014       12,696       16,029  

Loans, net

    3,633,522       3,551,686       3,506,880       3,059,099       3,043,919  

Property held for sale

    3,729       4,505       4,742       5,128       5,067  

Premises and equipment, net

    63,038       62,721       60,967       54,491       53,981  

Goodwill and other intangible assets, net

    74,430       75,425       76,423       61,807       62,150  

Cash surrender value of life insurance policies and annuities

    85,679       85,076       84,790       72,019       71,640  

Derivative financial instruments

    33,145       44,527       39,951       34,758       40,506  

Other assets

    59,470       63,773       61,204       49,111       47,825  

Total assets

  $ 4,634,322     $ 4,604,208     $ 4,552,270     $ 3,977,407     $ 3,916,692  
                                         

Liabilities and Shareholders' Equity

                                       

Deposits

  $ 3,715,148     $ 3,754,495     $ 3,735,034     $ 3,299,846     $ 3,169,879  

Short-term borrowings

    302,957       258,054       232,150       140,150       225,999  

Long-term borrowings and subordinated debentures, net

    124,008       123,892       123,776       123,660       123,543  

Other liabilities

    52,001       51,315       48,136       44,205       42,741  

Total liabilities

    4,194,114       4,187,756       4,139,096       3,607,861       3,562,162  

Preferred stock and related surplus

    14,920       14,920       14,920       14,920       14,920  

Common stock and related surplus

    129,990       130,508       130,227       90,939       90,696  

Retained earnings

    302,783       289,641       276,762       271,712       260,393  

Accumulated other comprehensive loss

    (7,485 )     (18,617 )     (8,735 )     (8,025 )     (11,479 )

Total shareholders' equity

    440,208       416,452       413,174       369,546       354,530  

Total liabilities and shareholders' equity

  $ 4,634,322     $ 4,604,208     $ 4,552,270     $ 3,977,407     $ 3,916,692  
                                         

Book value per common share

  $ 28.96     $ 27.36     $ 27.14     $ 27.73     $ 26.57  

Tangible book value per common share (A)

  $ 23.89     $ 22.22     $ 21.93     $ 22.90     $ 21.70  

Tangible common equity to tangible assets (B)

    7.7 %     7.2 %     7.2 %     7.5 %     7.2 %

 

NOTES

 

(A) - Non-GAAP financial measure that equals: (Common stock and related surplus + Retained earnings + Accumulated other comprehensive income/loss - Intangible assets) / Common shares outstanding.

(B) - Non-GAAP financial measure that equals: (Common stock and related surplus + Retained earnings + Accumulated other comprehensive income/loss - Intangible assets) / (Total assets - Intangible assets).

 

 

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)

Loan Composition (unaudited)

 

Dollars in thousands

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 
                                         

Commercial

  $ 503,842     $ 511,951     $ 511,457     $ 498,268     $ 501,844  

Mortgage warehouse lines

    108,848       114,734       118,785       86,240       130,390  

Commercial real estate

                                       

Owner occupied

    545,108       547,886       566,447       469,560       467,050  

Non-owner occupied

    1,254,337       1,217,029       1,193,927       1,036,358       1,004,368  

Construction and development

                                       

Land and development

    145,258       114,354       117,371       102,351       106,362  

Construction

    374,026       349,049       309,709       290,556       282,935  

Residential real estate

                                       

Conventional

    505,398       497,076       483,998       395,312       386,874  

Jumbo

    116,614       113,837       117,219       111,475       92,103  

Home equity

    81,126       81,967       86,050       70,167       71,986  

Consumer

    43,756       44,288       44,429       36,531       35,372  

Other

    3,299       6,748       3,169       3,117       3,534  

Total loans, net of unearned fees

    3,681,612       3,598,919       3,552,561       3,099,935       3,082,818  

Less allowance for loan credit losses

    48,090       47,233       45,681       40,836       38,899  

Loans, net

  $ 3,633,522     $ 3,551,686     $ 3,506,880     $ 3,059,099     $ 3,043,919  
                                         

Unfunded loan commitments

  $ 950,001     $ 943,508     $ 957,278     $ 907,757     $ 925,657  

 

 

 

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)

Deposit Composition (unaudited)

 

Dollars in thousands

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 

Core deposits

                                       

Non interest bearing checking

  $ 593,576     $ 630,055     $ 679,139     $ 552,716     $ 553,616  

Interest bearing checking

    2,164,522       2,144,737       2,024,341       1,886,011       1,743,299  

Savings

    450,526       477,348       512,129       462,631       496,751  

Time deposits

    473,687       469,530       465,026       327,037       343,423  

Total core deposits

    3,682,311       3,721,670       3,680,635       3,228,395       3,137,089  
                                         

Brokered deposits

    32,837       32,825       54,399       71,451       32,790  

Total deposits

  $ 3,715,148     $ 3,754,495     $ 3,735,034     $ 3,299,846     $ 3,169,879  
                                         

Estimated uninsured deposits (A)

  $ 1,291,467     $ 1,283,610     $ 1,189,908     $ 933,703     $ 946,188  

 

(A) - Excludes uninsured public funds otherwise secured or collateralized as required by law

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Regulatory Capital Ratios (unaudited)

 

   

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 

Summit Financial Group, Inc.

                                       

CET1 Risk-based Capital

    9.1 %     8.9 %     8.7 %     8.9 %     8.6 %

Tier 1 Risk-based Capital

    9.9 %     9.7 %     9.5 %     9.8 %     9.5 %

Total Risk Based Capital

    13.7 %     13.5 %     13.3 %     14.0 %     13.5 %

Tier 1 Leverage

    8.7 %     8.5 %     8.4 %     8.7 %     8.5 %
                                         

Summit Community Bank, Inc.

                                       

CET1 Risk-based Capital

    11.7 %     11.6 %     11.3 %     11.9 %     11.6 %

Tier 1 Risk-based Capital

    11.7 %     11.6 %     11.3 %     11.9 %     11.6 %

Total Risk Based Capital

    12.9 %     12.7 %     12.5 %     13.1 %     12.6 %

Tier 1 Leverage

    10.2 %     10.1 %     9.9 %     10.6 %     10.4 %

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Asset Quality Information (unaudited)

 

   

For the Quarter Ended

 

Dollars in thousands

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 
                                         

Gross loan charge-offs

  $ 444     $ 227     $ 4,009     $ 164     $ 250  

Gross loan recoveries

    (632 )     (108 )     (118 )     (227 )     (249 )

Net loan charge-offs (recoveries)

  $ (188 )   $ 119     $ 3,891     $ (63 )   $ 1  
                                         

Net loan charge-offs (recoveries) to average loans (annualized)

    -0.02 %     0.01 %     0.44 %     -0.01 %     0.00 %
                                         

Allowance for loan credit losses

  $ 48,090     $ 47,233     $ 45,681     $ 40,836     $ 38,899  

Allowance for loan credit losses as a percentage of period end loans

    1.31 %     1.31 %     1.29 %     1.32 %     1.26 %

Allowance for credit losses on unfunded loan commitments ("ULC'")

  $ 7,742     $ 6,912     $ 7,332     $ 6,572     $ 6,947  

Allowance for credit losses on ULC as a percentage of period end ULC

    0.81 %     0.73 %     0.81 %     0.72 %     0.75 %
                                         

Nonperforming assets:

                                       

Nonperforming loans

                                       

Commercial

  $ 1,088     $ 783     $ 254     $ 402     $ 93  

Commercial real estate

    5,675       6,402       5,970       1,700       1,750  

Residential construction and development

    708       750       772       813       851  

Residential real estate

    4,831       4,787       4,298       4,322       5,117  

Consumer

    137       124       46       65       12  

Total nonperforming loans

    12,439       12,846       11,340       7,302       7,823  

Foreclosed properties

                                       

Commercial real estate

    297       297       297       297       297  

Commercial construction and development

    1,253       2,187       2,187       2,187       2,187  

Residential construction and development

    1,924       1,924       2,161       2,293       2,293  

Residential real estate

    255       97       97       351       290  

Total foreclosed properties

    3,729       4,505       4,742       5,128       5,067  

Total nonperforming assets

  $ 16,168     $ 17,351     $ 16,082     $ 12,430     $ 12,890  
                                         

Nonperforming loans to period end loans

    0.34 %     0.36 %     0.32 %     0.24 %     0.25 %

Nonperforming assets to period end assets

    0.35 %     0.38 %     0.35 %     0.31 %     0.33 %

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Loans Past Due 30-89 Days (unaudited)

 

Dollars in thousands

 

12/31/2023

   

9/30/2023

   

6/30/2023

   

3/31/2023

   

12/31/2022

 
                                         

Commercial

  $ 1,152     $ 3,300     $ 1,006     $ 463     $ 3,168  

Commercial real estate

    1,711       781       513       1,000       641  

Construction and development

    570       793       161       3,459       317  

Residential real estate

    6,114       4,620       4,933       2,311       6,231  

Consumer

    401       440       389       252       253  

Other

    43       37       17       13       22  

Total

  $ 9,991     $ 9,971     $ 7,019     $ 7,498     $ 10,632  

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Average Balance Sheet, Interest Earnings & Expenses and Average Rates

Q4 2023 vs Q3 2023 vs Q4 2022 (unaudited)

 

   

Q4 2023

   

Q3 2023

   

Q4 2022

 
   

Average

   

Earnings/

   

Yield/

   

Average

   

Earnings /

   

Yield /

   

Average

   

Earnings /

   

Yield /

 

Dollars in thousands

 

Balances

   

Expense

   

Rate

   

Balances

   

Expense

   

Rate

   

Balances

   

Expense

   

Rate

 
                                                                         

ASSETS

                                                                       

Interest earning assets

                                                                       

Loans, net of unearned interest (1)

                                                                       

Taxable

  $ 3,688,505     $ 59,802       6.43 %   $ 3,591,583     $ 58,040       6.41 %   $ 3,100,595     $ 43,549       5.57 %

Tax-exempt (2)

    4,357       68       6.19 %     3,911       78       7.91 %     4,525       52       4.56 %

Securities

                                                                       

Taxable

    410,211       5,129       4.96 %     417,299       4,972       4.73 %     280,114       2,747       3.89 %

Tax-exempt (2)

    206,375       1,784       3.43 %     211,150       1,754       3.30 %     219,245       1,813       3.28 %

Interest bearing deposits other banks and Federal funds sold

    31,053       122       1.56 %     39,200       235       2.38 %     25,785       70       1.08 %

Total interest earning assets

    4,340,501       66,905       6.12 %     4,263,143       65,079       6.06 %     3,630,264       48,231       5.27 %
                                                                         

Noninterest earning assets

                                                                       

Cash & due from banks

    22,485                       24,229                       16,892                  

Premises & equipment

    63,298                       62,085                       54,431                  

Intangible assets

    75,043                       76,037                       62,336                  

Other assets

    215,821                       219,150                       191,926                  

Allowance for loan credit losses

    (47,834 )                     (46,498 )                     (37,377 )                

Total assets

  $ 4,669,314                     $ 4,598,146                     $ 3,918,472                  
                                                                         

LIABILITIES AND SHAREHOLDERS' EQUITY

                                         
                                                                         

Liabilities

                                                                       

Interest bearing liabilities

                                                                       

Interest bearing demand deposits

  $ 2,170,953     $ 16,196       2.96 %   $ 2,057,035     $ 15,053       2.90 %   $ 1,615,275     $ 7,848       1.93 %

Savings deposits

    459,277       1,986       1.72 %     493,565       2,035       1.64 %     529,039       1,651       1.24 %

Time deposits

    508,383       3,235       2.52 %     505,824       2,836       2.22 %     399,101       695       0.69 %

Short-term borrowings

    309,657       2,791       3.58 %     267,935       1,988       2.94 %     276,823       1,868       2.68 %

Long-term borrowings and subordinated debentures

    123,954       1,515       4.85 %     123,839       1,509       4.83 %     123,488       1,425       4.58 %

Total interest bearing liabilities

    3,572,224       25,723       2.86 %     3,448,198       23,421       2.69 %     2,943,726       13,487       1.82 %
                                                                         

Noninterest bearing liabilities

                                                                       

Demand deposits

    621,082                       681,035                       586,617                  

Other liabilities

    54,160                       51,669                       43,378                  

Total liabilities

    4,247,466                       4,180,902                       3,573,721                  
                                                                         

Shareholders' equity - preferred

    14,920                       14,920                       14,920                  

Shareholders' equity - common

    406,928                       402,324                       329,831                  

Total liabilities and shareholders' equity

  $ 4,669,314                     $ 4,598,146                     $ 3,918,472                  
                                                                         

NET INTEREST EARNINGS

          $ 41,182                     $ 41,658                     $ 34,744          
                                                                         

NET INTEREST MARGIN

                    3.76 %                     3.88 %                     3.80 %

(1) For purposes of this table, nonaccrual loans are included in average loan balances.

 

(2) Interest income on tax-exempt securities and loans has been adjusted assuming a Federal tax rate of 21% for all periods presented. The tax equivalent adjustment resulted in an increase in interest income of $389,000, $385,000 and $391,000 for Q4 2023, Q3 2023 and Q4 2022, respectively.

 

 

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)

Average Balance Sheet, Interest Earnings & Expenses and Average Rates

YTD 2023 vs YTD 2022 (unaudited)

 

   

YTD 2023

   

YTD 2022

 
   

Average

   

Earnings /

   

Yield /

   

Average

   

Earnings /

   

Yield /

 

Dollars in thousands

 

Balances

   

Expense

   

Rate

   

Balances

   

Expense

   

Rate

 
                                                 

ASSETS

                                               

Interest earning assets

                                               

Loans, net of unearned interest (1)

                                               

Taxable

  $ 3,472,844     $ 217,615       6.27 %   $ 2,949,350     $ 145,189       4.92 %

Tax-exempt (2)

    4,618       304       6.58 %     4,961       222       4.47 %

Securities

                                               

Taxable

    392,720       18,412       4.69 %     295,264       8,442       2.86 %

Tax-exempt (2)

    210,945       7,024       3.33 %     195,558       5,836       2.98 %

Interest bearing deposits other banks and Federal funds sold

    34,948       732       2.09 %     46,248       331       0.72 %

Total interest earning assets

    4,116,075       244,087       5.93 %     3,491,381       160,020       4.58 %
                                                 

Noninterest earning assets

                                               

Cash & due from banks

    21,948                       17,473                  

Premises & equipment

    60,123                       55,219                  

Intangible assets

    73,430                       62,878                  

Other assets

    209,305                       167,982                  

Allowance for loan losses

    (44,564 )                     (34,630 )                

Total assets

  $ 4,436,317                     $ 3,760,303                  
                                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                                               
                                                 

Liabilities

                                               

Interest bearing liabilities

                                               

Interest bearing demand deposits

  $ 2,009,253     $ 55,471       2.76 %   $ 1,350,227     $ 13,863       1.03 %

Savings deposits

    490,219       7,935       1.62 %     627,630       4,155       0.66 %

Time deposits

    479,573       9,785       2.04 %     479,545       2,665       0.56 %

Short-term borrowings

    238,351       6,816       2.86 %     204,265       3,786       1.85 %

Long-term borrowings and subordinated debentures

    123,777       5,972       4.82 %     123,331       5,292       4.29 %

Total interest bearing liabilities

    3,341,173       85,979       2.57 %     2,784,998       29,761       1.07 %
                                                 

Noninterest bearing liabilities

                                               

Demand deposits

    641,806                       597,199                  

Other liabilities

    49,966                       42,005                  

Total liabilities

    4,032,945                       3,424,202                  
                                                 

Shareholders' equity - preferred

    14,920                       14,920                  

Shareholders' equity - common

    388,452                       321,181                  

Total liabilities and shareholders' equity

  $ 4,436,317                     $ 3,760,303                  
                                                 

NET INTEREST EARNINGS

          $ 158,108                     $ 130,259          
                                                 

NET INTEREST MARGIN

                    3.84 %                     3.73 %

 

 

(1) For purposes of this table, nonaccrual loans are included in average loan balances.

 

(2) Interest income on tax-exempt securities and loans has been adjusted assuming a Federal tax rate of 21% for all periods presented. The tax equivalent adjustment resulted in an increase in interest income of $1,539,000 and $1,273,000 for YTD 2023 and YTD 2022 periods, respectively.

 

 
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Document And Entity Information
Jan. 25, 2024
Document Information [Line Items]  
Entity, Registrant Name Summit Financial Group, Inc.
Document, Type 8-K
Document, Period End Date Jan. 25, 2024
Entity, Incorporation, State or Country Code WV
Entity, File Number 0-16587
Entity, Tax Identification Number 55-0672148
Entity, Address, Address Line One 300 North Main Street
Entity, Address, City or Town Moorefield
Entity, Address, State or Province WV
Entity, Address, Postal Zip Code 26836
City Area Code 304
Local Phone Number 530-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol SMMF
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000811808
XML 10 smmf20240123_8k_htm.xml IDEA: XBRL DOCUMENT 0000811808 2024-01-25 2024-01-25 false 0000811808 8-K 2024-01-25 Summit Financial Group, Inc. 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