Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ:SMMF)
today reported third quarter 2017 net income of $5.93 million, or
$0.48 per diluted share, compared to $4.28 million, or $0.40 per
diluted share, for the third quarter of 2016, representing an
increase of 38.5 percent, or 20.0 percent per diluted share.
For the nine months ended September 30, 2017, Summit recorded
net income of $9.59 million, or $0.81 per diluted share, compared
with $12.59 million, or $1.18 per diluted share, for the comparable
2016 nine-month period, representing a decrease of 23.8 percent or
31.4 percent per diluted share. The 2017 decrease in nine-month
period earnings is principally attributable to a legal settlement
during first quarter which reduced earnings by $0.54 per diluted
share.
Highlights for Q3 2017 include:
- Loans, excluding mortgage warehouse lines of credit, grew $22.9
million during the quarter, or 6.1 percent (on an annualized
basis); loans, excluding mortgage warehouse lines of credit and
First Century Bankshares, Inc.’s (“FCB”) purchased loan portfolio,
have grown $75.7 million, or 8.2 percent (annualized), since
year-end 2016;
- Total revenues increased 43.6 percent compared to the year ago
quarter, principally as result of the acquisitions of FCB and
Highland County Bankshares, Inc. (“HCB”), but decreased 2.4 percent
compared to the linked-quarter primarily as result of lower net
interest income;
- Net interest margin increased 33 basis points compared to Q3
2016, reflecting FCB’s higher yielding loan portfolio and lower
cost of funds, but declined 16 basis points compared to Q2 2017, as
the result of lower yields on loans coupled with rising funding
costs.
H. Charles Maddy, III, President and Chief Executive Officer of
Summit, commented, “I am very pleased to report Summit’s record
quarterly earnings in Q3 2017, but more importantly, the 20 percent
growth in diluted earnings per share over that earned in Q3 a
year-ago. These results are primarily attributable to our two
acquisitions which closed during this timeframe, and they validate
our ability to successfully execute on a disciplined M&A growth
strategy, which we believe will continue to present us with
significant opportunities going forward as we seek to be a
consistent, high-performing community banking institution.”
Acquisitions
On April 1, 2017, Summit completed its acquisition of FCB and
its subsidiary, First Century Bank, headquartered in Bluefield,
West Virginia. Accordingly, FCB’s results of operations are
included in Summit’s consolidated results of operation from the
date of acquisition, and therefore Summit’s results for the three
and nine months ended September 30, 2017 reflect increased levels
of average balances, income and expense compared to its same
periods of 2016 results. At consummation, FCB had total assets of
$404.8 million, loans of $229.0 million, and deposits of $350.0
million. In addition, our merger-related expenses totaled $1.58
million during first nine months of 2017, with $1.46 million of
those expenses incurred during second quarter 2017.
On October 1, 2016, Summit completed its acquisition of HCB and
its subsidiary, First & Citizens Bank, headquartered in
Monterey, Virginia. Accordingly, HCB’s results of operations are
included in Summit’s consolidated results of operation from the
date of acquisition, and therefore Summit’s results for the three
and nine months ended September 30, 2017 reflect increased levels
of average balances, income and expense as compared to the same
periods of 2016 results. At consummation, HCB had total assets of
$122.8 million, loans of $60.8 million, and deposits of $106.9
million.
In conjunction with these acquisitions, Summit recognized net
accretion income related to loan and time deposit fair value
acquisition accounting adjustments totaling $226,000 and $76,000 in
Q3 2017 and $784,000 and $167,000 for the nine months ended
September 30, 2017, respectively.
Results of Operations
Total revenue for third quarter 2017, consisting of net interest
income and noninterest income, grew 43.6 percent to $21.2 million,
principally as result of the FCB and HCB acquisitions, compared to
$14.8 million for the third quarter 2016. For the year-to-date
period ended September 30, 2017, total revenue was $59.2 million
compared to $44.2 million for the same period of 2016, representing
a 34.1 percent increase.
For the third quarter of 2017, net interest income was $17.2
million, an increase of 43.2 percent from the $12.0 million
reported in the prior-year third quarter and decreased $616,000
compared to the linked-quarter. The net interest margin for third
quarter 2017 was 3.65 percent compared to 3.32 percent for the
year-ago quarter, and 3.81 percent for Q2 2017. Excluding the
impact of accretion and amortization of fair value acquisition
accounting adjustments related to the interest earning assets and
interest bearing liabilities acquired from FCB and HCB, Summit’s
net interest margin was 3.59 percent for Q3 2017 and 3.61 percent
for first nine months of 2017.
Noninterest income, consisting primarily of insurance
commissions from Summit's insurance agency subsidiary, trust and
wealth management fees and service fee income from community
banking activities, for third quarter 2017 was $4.0 million
compared to $2.75 million for the comparable period of 2016.
Excluding realized securities gains, noninterest income was $3.97
million for third quarter 2017, compared to $2.69 million reported
for third quarter 2016 and $3.83 million for the
linked-quarter.
We recorded a $375,000 provision for loan losses during third
quarter 2017 and none during third quarter 2016.
Q3 2017 total noninterest expense increased 47.8% to $12.45
million compared to $8.42 million for the prior-year third quarter
principally due to the acquisitions of FCB and HCB. Noninterest
expense for the first nine months of 2017 increased 78.7% compared
to the first nine months of 2016. Summit recorded a $9.9 million
charge to resolve fully all litigation with Residential Funding
Company, LLC and ResCap Liquidating Trust (collectively “ResCap”)
during Q1 2017. Excluding the impact of the ResCap litigation
settlement charge, noninterest expense for first nine months of
2017 increased 39.7 percent to $35.5 million compared to $25.4
million for the first nine months of 2016, principally as result of
the acquisitions of HCB and FCB.
Balance Sheet
At September 30, 2017, total assets were $2.10 billion, an
increase of $342.5 million, or 19.5 percent since December 31,
2016. Total loans, net of unearned fees and allowance for loan
losses, were $1.56 billion at September 30, 2017, up $251.5
million, or 19.2 percent, from the $1.31 billion reported at
year-end 2016. Loans, excluding mortgage warehouse lines of
credit, grew $22.9 million during the quarter, or 6.1 percent (on
an annualized basis), and loans, excluding mortgage warehouse lines
of credit and FCB’s purchased loan portfolio, have grown $75.7
million, or 8.2 percent (annualized), year-to-date.
At September 30, 2017, deposits were $1.62 billion, an increase
of $321.2 million, or 24.8 percent, since year end 2016. During
first nine months of 2017, checking deposits increased $201.4
million or 48.9 percent, time deposits grew by $94.5 million or
17.3 percent and savings deposits increased $25.3 million or 7.5
percent.
Shareholders’ equity was $198.8 million as of September 30, 2017
compared to $155.4 million at December 31, 2016 and $153.8 million
at September 30, 2016. In conjunction with the acquisition of FCB
on April 1, 2017, Summit issued 1,537,912 shares of common stock
valued at $33.1 million to the former FCB shareholders.
Tangible book value per common share increased to $13.88 at
September 30, 2017 compared to $13.20 at December 31, 2016 and
$13.69 at September 30, 2016. Summit had 12,311,723 outstanding
common shares at Q3 2017 quarter end compared to 10,736,970 at year
end 2016.
Asset Quality
As of September 30, 2017, nonperforming assets (“NPAs”),
consisting of nonperforming loans, foreclosed properties, and
repossessed assets, were $38.7 million, or 1.84 percent of assets.
This compares to $37.4 million, or 1.78 percent of assets at the
linked quarter-end, and $39.2 million, or 2.36 percent of assets,
at third quarter-end 2016.
Third quarter 2017 net loan charge-offs were $242,000, or 0.06
percent of average loans annualized; while we added $375,000 to the
allowance for loan losses through the provision for loan losses,
representing a 50 percent increase over the $250,000 provision
recorded in Q2 2017 primarily as result of our loan growth. The
allowance for loan losses stood at 0.79 percent of total loans at
September 30, 2017, compared to 0.88 percent at year-end
2016. If the acquired FCB and HCB loans which were recorded
at fair value on the acquisition dates are excluded, the allowance
for loan losses to total loans ratio at September 30, 2017 and
December 31, 2016 would have been 0.93 percent and 0.92 percent,
respectively.
About the Company
Summit Financial Group, Inc. is a $2.10 billion financial
holding company headquartered in Moorefield, West Virginia. Summit
provides community banking services primarily in the Eastern
Panhandle and Southern regions of West Virginia and the Northern,
Shenandoah Valley and Southwestern regions of Virginia, through its
bank subsidiary, Summit Community Bank, Inc., which operates thirty
banking locations. Summit also operates Summit Insurance Services,
LLC in Moorefield, West Virginia and Leesburg, Virginia.
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 changes in interest rates and interest rate relationships;
demand for products and services; the degree of competition by
traditional and non-traditional competitors; 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; and
changes in the national and local economies. We undertake no
obligation to revise these statements following the date of this
press release.
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
Quarterly Performance Summary -- Q3 2017 vs Q3
2016 |
|
|
|
|
|
|
For the Quarter
Ended |
Percent |
Dollars in thousands |
9/30/2017 |
9/30/2016 |
Change |
Condensed Statements of
Income |
|
|
|
Interest
income |
|
|
|
Loans, including fees |
$ |
19,490 |
|
$ |
14,142 |
|
37.8 |
% |
Securities |
|
2,397 |
|
|
1,759 |
|
36.3 |
% |
Other |
|
149 |
|
|
5 |
|
n/a |
|
Total
interest income |
|
22,036 |
|
|
15,906 |
|
38.5 |
% |
Interest
expense |
|
|
|
|
Deposits |
|
2,963 |
|
|
2,209 |
|
34.1 |
% |
Borrowings |
|
1,841 |
|
|
1,660 |
|
10.9 |
% |
Total
interest expense |
|
4,804 |
|
|
3,869 |
|
24.2 |
% |
Net
interest income |
|
17,232 |
|
|
12,037 |
|
43.2 |
% |
Provision
for loan losses |
|
375 |
|
|
- |
|
n/a |
|
Net
interest income after provision |
|
|
|
for
loan losses |
|
16,857 |
|
|
12,037 |
|
40.0 |
% |
|
|
|
|
Noninterest income |
|
|
|
Insurance commissions |
|
1,043 |
|
|
1,016 |
|
2.7 |
% |
Trust
and wealth management fees |
|
589 |
|
|
126 |
|
367.5 |
% |
Service fees related to deposit accounts |
|
1,863 |
|
|
1,138 |
|
63.7 |
% |
Realized securities gains |
|
26 |
|
|
61 |
|
-57.4 |
% |
Other
income |
|
479 |
|
|
408 |
|
17.4 |
% |
Total
noninterest income |
|
4,000 |
|
|
2,749 |
|
45.5 |
% |
Noninterest expense |
|
|
|
Salaries
and employee benefits |
|
6,610 |
|
|
4,819 |
|
37.2 |
% |
Net
occupancy expense |
|
847 |
|
|
525 |
|
61.3 |
% |
Equipment
expense |
|
1,093 |
|
|
716 |
|
52.7 |
% |
Professional fees |
|
373 |
|
|
270 |
|
38.1 |
% |
Amortization of intangibles |
|
448 |
|
|
50 |
|
796.0 |
% |
FDIC
premiums |
|
310 |
|
|
200 |
|
55.0 |
% |
Merger-related expense |
|
11 |
|
|
80 |
|
-86.3 |
% |
Foreclosed properties expense |
|
171 |
|
|
100 |
|
71.0 |
% |
Gain on
sales of foreclosed properties |
|
(29 |
) |
|
(169 |
) |
-82.8 |
% |
Write-downs of foreclosed properties |
|
91 |
|
|
134 |
|
-32.1 |
% |
Other
expenses |
|
2,522 |
|
|
1,694 |
|
48.9 |
% |
Total
noninterest expense |
|
12,447 |
|
|
8,419 |
|
47.8 |
% |
Income
before income taxes |
|
8,410 |
|
|
6,367 |
|
32.1 |
% |
Income
taxes |
|
2,480 |
|
|
2,086 |
|
18.9 |
% |
Net
income |
$ |
5,930 |
|
$ |
4,281 |
|
38.5 |
% |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
Quarterly Performance Summary -- Q3 2017 vs Q3
2016 |
|
|
|
|
|
|
For the Quarter
Ended |
Percent |
|
9/30/2017 |
9/30/2016 |
Change |
Per Share
Data |
|
|
|
Earnings per common share |
|
|
|
Basic |
$ |
0.48 |
|
$ |
0.40 |
|
20.0 |
% |
Diluted |
$ |
0.48 |
|
$ |
0.40 |
|
20.0 |
% |
|
|
|
|
Cash dividends |
$ |
0.11 |
|
$ |
0.10 |
|
10.0 |
% |
|
|
|
|
Average common shares outstanding |
|
|
|
Basic |
|
12,299,987 |
|
|
10,692,423 |
|
15.0 |
% |
Diluted |
|
12,318,959 |
|
|
10,727,140 |
|
14.8 |
% |
|
|
|
|
Common shares outstanding at period end |
|
12,311,723 |
|
|
10,701,841 |
|
15.0 |
% |
|
|
|
|
Performance
Ratios |
|
|
|
Return on average equity |
|
12.10 |
% |
|
11.29 |
% |
7.2 |
% |
Return on average tangible equity |
|
14.12 |
% |
|
11.86 |
% |
19.1 |
% |
Return on average assets |
|
1.14 |
% |
|
1.08 |
% |
5.6 |
% |
Net
interest margin |
|
3.65 |
% |
|
3.32 |
% |
9.9 |
% |
Efficiency ratio (A) |
|
53.73 |
% |
|
53.30 |
% |
0.8 |
% |
NOTE (A) – Computed on a tax equivalent basis
excluding nonrecurring income and expense items and amortization of
intangibles.
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
Nine Month
Performance Summary -- 2017 vs 2016 |
|
|
|
|
|
|
|
|
For the Nine Months
Ended |
Percent |
Dollars in thousands |
9/30/2017 |
9/30/2016 |
Change |
Condensed Statements of
Income |
|
|
|
Interest income |
|
|
|
Loans, including fees |
$ |
54,878 |
|
$ |
41,200 |
|
33.2 |
% |
Securities |
|
6,597 |
|
|
5,141 |
|
28.3 |
% |
Other |
|
466 |
|
|
13 |
|
n/a |
|
Total interest income |
|
61,941 |
|
|
46,354 |
|
33.6 |
% |
Interest expense |
|
|
|
Deposits |
|
7,987 |
|
|
6,533 |
|
22.3 |
% |
Borrowings |
|
5,245 |
|
|
4,271 |
|
22.8 |
% |
Total interest expense |
|
13,232 |
|
|
10,804 |
|
22.5 |
% |
Net
interest income |
|
48,709 |
|
|
35,550 |
|
37.0 |
% |
Provision for loan losses |
|
875 |
|
|
500 |
|
75.0 |
% |
Net
interest income after provision |
|
|
|
for loan losses |
|
47,834 |
|
|
35,050 |
|
36.5 |
% |
|
|
|
|
Noninterest income |
|
|
|
Insurance commissions |
|
3,000 |
|
|
3,030 |
|
-1.0 |
% |
Trust and wealth management fees |
|
1,284 |
|
|
358 |
|
258.7 |
% |
Service fees related to deposit accounts |
|
4,737 |
|
|
3,175 |
|
49.2 |
% |
Realized securities gains |
|
58 |
|
|
836 |
|
-93.1 |
% |
Other income |
|
1,417 |
|
|
1,202 |
|
17.9 |
% |
Total
noninterest income |
|
10,496 |
|
|
8,601 |
|
22.0 |
% |
Noninterest expense |
|
|
|
Salaries and employee benefits |
|
18,555 |
|
|
14,265 |
|
30.1 |
% |
Net occupancy expense |
|
2,239 |
|
|
1,576 |
|
42.1 |
% |
Equipment expense |
|
2,859 |
|
|
2,059 |
|
38.9 |
% |
Professional fees |
|
1,012 |
|
|
1,171 |
|
-13.6 |
% |
Amortization of intangibles |
|
974 |
|
|
150 |
|
549.3 |
% |
FDIC premiums |
|
815 |
|
|
800 |
|
1.9 |
% |
Merger-related expense |
|
1,575 |
|
|
345 |
|
n/a |
|
Foreclosed properties expense |
|
397 |
|
|
317 |
|
25.2 |
% |
Gain on sales of foreclosed properties |
|
(111 |
) |
|
(451 |
) |
-75.4 |
% |
Write-downs of foreclosed properties |
|
538 |
|
|
503 |
|
7.0 |
% |
Litigation settlement |
|
9,900 |
|
|
- |
|
n/a |
|
Other expenses |
|
6,646 |
|
|
4,675 |
|
42.2 |
% |
Total
noninterest expense |
|
45,399 |
|
|
25,410 |
|
78.7 |
% |
Income before
income taxes |
|
12,931 |
|
|
18,241 |
|
-29.1 |
% |
Income
taxes |
|
3,339 |
|
|
5,655 |
|
-41.0 |
% |
Net income |
$ |
9,592 |
|
$ |
12,586 |
|
-23.8 |
% |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
Nine Month
Performance Summary -- 2017 vs 2016 |
|
|
|
|
|
|
|
For the Nine Months
Ended |
Percent |
|
9/30/2017 |
9/30/2016 |
Change |
Per Share
Data |
|
|
|
Earnings per common share |
|
|
|
Basic |
$ |
0.81 |
|
$ |
1.18 |
|
-31.4 |
% |
Diluted |
$ |
0.81 |
|
$ |
1.18 |
|
-31.4 |
% |
|
|
|
|
Cash dividends |
$ |
0.33 |
|
$ |
0.30 |
|
10.0 |
% |
|
|
|
|
Average common shares outstanding |
|
|
|
Basic |
|
11,781,342 |
|
|
10,682,129 |
|
10.3 |
% |
Diluted |
|
11,807,002 |
|
|
10,692,346 |
|
10.4 |
% |
|
|
|
|
Common shares outstanding at period end |
|
12,311,723 |
|
|
10,701,841 |
|
15.0 |
% |
|
|
|
|
Performance
Ratios |
|
|
|
Return on average equity |
|
7.06 |
% |
|
11.29 |
% |
-37.5 |
% |
Return on average tangible equity |
|
8.08 |
% |
|
11.88 |
% |
-32.0 |
% |
Return on average assets |
|
0.65 |
% |
|
1.09 |
% |
-40.4 |
% |
Net
interest margin |
|
3.67 |
% |
|
3.40 |
% |
7.9 |
% |
Efficiency ratio (A) |
|
52.76 |
% |
|
54.84 |
% |
-3.8 |
% |
NOTE (A) – Computed on a tax equivalent basis
excluding nonrecurring income and expense items and amortization of
intangibles.
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
Five Quarter
Performance Summary |
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
Dollars in thousands |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
Condensed Statements of Income
(unaudited) |
|
|
|
|
|
Interest
income |
|
|
|
|
|
Loans,
including fees |
$ |
19,490 |
|
$ |
19,717 |
|
$ |
15,671 |
|
|
$ |
15,780 |
|
$ |
14,142 |
|
Securities |
|
2,397 |
|
|
2,349 |
|
|
1,851 |
|
|
|
1,796 |
|
|
1,759 |
|
Other |
|
149 |
|
|
165 |
|
|
152 |
|
|
|
161 |
|
|
5 |
|
Total
interest income |
|
22,036 |
|
|
22,231 |
|
|
17,674 |
|
|
|
17,737 |
|
|
15,906 |
|
Interest
expense |
|
|
|
|
|
Deposits |
|
2,963 |
|
|
2,634 |
|
|
2,390 |
|
|
|
2,430 |
|
|
2,209 |
|
Borrowings |
|
1,841 |
|
|
1,749 |
|
|
1,654 |
|
|
|
1,850 |
|
|
1,660 |
|
Total
interest expense |
|
4,804 |
|
|
4,383 |
|
|
4,044 |
|
|
|
4,280 |
|
|
3,869 |
|
Net
interest income |
|
17,232 |
|
|
17,848 |
|
|
13,630 |
|
|
|
13,457 |
|
|
12,037 |
|
Provision
for loan losses |
|
375 |
|
|
250 |
|
|
250 |
|
|
|
- |
|
|
- |
|
Net
interest income after provision |
|
|
|
|
|
for loan
losses |
|
16,857 |
|
|
17,598 |
|
|
13,380 |
|
|
|
13,457 |
|
|
12,037 |
|
Noninterest income |
|
|
|
|
|
Insurance
commissions |
|
1,043 |
|
|
988 |
|
|
968 |
|
|
|
992 |
|
|
1,016 |
|
Trust and
wealth management fees |
|
589 |
|
|
595 |
|
|
100 |
|
|
|
111 |
|
|
252 |
|
Service
fees related to deposit accounts |
|
1,863 |
|
|
1,706 |
|
|
1,168 |
|
|
|
1,194 |
|
|
1,138 |
|
Realized
securities gains (losses) |
|
26 |
|
|
90 |
|
|
(58 |
) |
|
|
291 |
|
|
61 |
|
Other
income |
|
479 |
|
|
537 |
|
|
401 |
|
|
|
410 |
|
|
282 |
|
Total
noninterest income |
|
4,000 |
|
|
3,916 |
|
|
2,579 |
|
|
|
2,998 |
|
|
2,749 |
|
Noninterest expense |
|
|
|
|
|
Salaries
and employee benefits |
|
6,610 |
|
|
6,758 |
|
|
5,187 |
|
|
|
5,308 |
|
|
4,819 |
|
Net
occupancy expense |
|
847 |
|
|
826 |
|
|
567 |
|
|
|
522 |
|
|
525 |
|
Equipment
expense |
|
1,093 |
|
|
1,031 |
|
|
735 |
|
|
|
700 |
|
|
716 |
|
Professional fees |
|
373 |
|
|
354 |
|
|
285 |
|
|
|
344 |
|
|
270 |
|
Amortization of intangibles |
|
448 |
|
|
429 |
|
|
97 |
|
|
|
97 |
|
|
50 |
|
FDIC
premiums |
|
310 |
|
|
295 |
|
|
210 |
|
|
|
75 |
|
|
200 |
|
Merger-related expense |
|
11 |
|
|
1,455 |
|
|
109 |
|
|
|
588 |
|
|
80 |
|
Foreclosed properties expense |
|
171 |
|
|
122 |
|
|
104 |
|
|
|
97 |
|
|
100 |
|
(Gain)
loss on sales of foreclosed properties |
|
(29 |
) |
|
73 |
|
|
(156 |
) |
|
|
(465 |
) |
|
(169 |
) |
Write-downs of foreclosed properties |
|
91 |
|
|
29 |
|
|
418 |
|
|
|
165 |
|
|
134 |
|
Litigation settlement |
|
- |
|
|
- |
|
|
9,900 |
|
|
|
- |
|
|
- |
|
Other
expenses |
|
2,522 |
|
|
2,564 |
|
|
1,560 |
|
|
|
1,961 |
|
|
1,694 |
|
Total
noninterest expense |
|
12,447 |
|
|
13,936 |
|
|
19,016 |
|
|
|
9,392 |
|
|
8,419 |
|
Income
(loss) before income taxes |
|
8,410 |
|
|
7,578 |
|
|
(3,057 |
) |
|
|
7,063 |
|
|
6,367 |
|
Income
tax expense (benefit) |
|
2,480 |
|
|
2,300 |
|
|
(1,441 |
) |
|
|
2,353 |
|
|
2,086 |
|
Net
income (loss) |
$ |
5,930 |
|
$ |
5,278 |
|
$ |
(1,616 |
) |
|
$ |
4,710 |
|
$ |
4,281 |
|
SUMMIT
FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
|
Five Quarter
Performance Summary |
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
|
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
Per Share
Data |
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
Basic |
$ |
0.48 |
|
$ |
0.43 |
|
$ |
(0.15 |
) |
$ |
0.44 |
|
$ |
0.40 |
|
Diluted |
$ |
0.48 |
|
$ |
0.43 |
|
$ |
(0.15 |
) |
$ |
0.44 |
|
$ |
0.40 |
|
|
|
|
|
|
|
Cash dividends |
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.10 |
|
$ |
0.10 |
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
|
|
|
Basic |
|
12,299,987 |
|
|
12,288,514 |
|
|
10,738,365 |
|
|
10,710,164 |
|
|
10,692,423 |
|
Diluted |
|
12,318,959 |
|
|
12,299,187 |
|
|
10,738,365 |
|
|
10,762,445 |
|
|
10,727,140 |
|
|
|
|
|
|
|
Common shares outstanding at period end |
|
12,311,723 |
|
|
12,299,726 |
|
|
10,750,477 |
|
|
10,736,970 |
|
|
10,701,841 |
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
Return on average equity |
|
12.10 |
% |
|
11.10 |
% |
|
-4.11 |
% |
|
12.22 |
% |
|
11.29 |
% |
Return on average tangible equity |
|
14.12 |
% |
|
12.95 |
% |
|
-4.51 |
% |
|
13.42 |
% |
|
11.86 |
% |
Return on average assets |
|
1.14 |
% |
|
1.01 |
% |
|
-0.37 |
% |
|
1.07 |
% |
|
1.08 |
% |
Net
interest margin |
|
3.65 |
% |
|
3.81 |
% |
|
3.54 |
% |
|
3.34 |
% |
|
3.32 |
% |
Efficiency ratio (A) |
|
53.73 |
% |
|
53.00 |
% |
|
51.16 |
% |
|
56.67 |
% |
|
53.30 |
% |
NOTE (A) – Computed on a tax equivalent basis
excluding nonrecurring income and expense items and amortization of
intangibles.
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
Selected
Balance Sheet Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands, except per share
amounts |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and
due from banks |
$ |
9,220 |
|
$ |
9,294 |
|
$ |
19,326 |
|
$ |
4,262 |
|
$ |
25,067 |
|
Interest
bearing deposits other banks |
|
41,994 |
|
|
44,242 |
|
|
38,895 |
|
|
42,354 |
|
|
9,432 |
|
Securities |
|
328,726 |
|
|
336,811 |
|
|
282,028 |
|
|
266,542 |
|
|
262,102 |
|
Loans,
net |
|
1,559,328 |
|
|
1,538,083 |
|
|
1,292,915 |
|
|
1,307,862 |
|
|
1,234,605 |
|
Property
held for sale |
|
22,622 |
|
|
23,592 |
|
|
23,491 |
|
|
24,504 |
|
|
24,767 |
|
Premises
and equipment, net |
|
34,220 |
|
|
33,234 |
|
|
26,377 |
|
|
23,737 |
|
|
21,802 |
|
Goodwill
and other intangible assets |
|
27,879 |
|
|
28,214 |
|
|
13,587 |
|
|
13,652 |
|
|
7,348 |
|
Cash
surrender value of life insurance policies |
|
41,076 |
|
|
41,189 |
|
|
39,412 |
|
|
39,143 |
|
|
38,504 |
|
Other
assets |
|
36,071 |
|
|
40,641 |
|
|
40,411 |
|
|
36,591 |
|
|
34,009 |
|
Total assets |
$ |
2,101,136 |
|
$ |
2,095,300 |
|
$ |
1,776,442 |
|
$ |
1,758,647 |
|
$ |
1,657,636 |
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
Deposits |
$ |
1,616,768 |
|
$ |
1,613,919 |
|
$ |
1,301,241 |
|
$ |
1,295,519 |
|
$ |
1,156,785 |
|
Short-term borrowings |
|
202,988 |
|
|
205,728 |
|
|
228,868 |
|
|
224,461 |
|
|
234,657 |
|
Long-term
borrowings and |
|
|
|
|
|
subordinated debentures |
|
65,344 |
|
|
65,348 |
|
|
65,804 |
|
|
66,259 |
|
|
93,735 |
|
Other
liabilities |
|
17,254 |
|
|
17,173 |
|
|
26,910 |
|
|
17,048 |
|
|
18,640 |
|
Shareholders' equity |
|
198,782 |
|
|
193,132 |
|
|
153,619 |
|
|
155,360 |
|
|
153,819 |
|
Total liabilities and shareholders' equity |
$ |
2,101,136 |
|
$ |
2,095,300 |
|
$ |
1,776,442 |
|
$ |
1,758,647 |
|
$ |
1,657,636 |
|
|
|
|
|
|
|
Book
value per common share |
$ |
16.15 |
|
$ |
15.70 |
|
$ |
14.29 |
|
$ |
14.47 |
|
$ |
14.37 |
|
Tangible
book value per common share |
$ |
13.88 |
|
$ |
13.41 |
|
$ |
13.03 |
|
$ |
13.20 |
|
$ |
13.69 |
|
Tangible
common equity to tangible assets |
|
8.2 |
% |
|
8.0 |
% |
|
7.9 |
% |
|
8.1 |
% |
|
8.9 |
% |
SUMMIT FINANCIAL GROUP INC.
(NASDAQ: SMMF) |
|
|
|
|
Regulatory
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
Summit
Financial Group, Inc. |
|
|
|
|
|
CET1
Risk-based Capital |
10.8% |
10.5% |
10.3% |
10.5% |
11.1% |
Tier 1
Risk-based Capital |
11.9% |
11.7% |
11.5% |
11.8% |
12.4% |
Total
Risk-based Capital |
12.7% |
12.4% |
12.3% |
12.6% |
13.3% |
Tier 1
Leverage Ratio |
9.5% |
9.2% |
9.4% |
9.4% |
10.4% |
|
|
|
|
|
|
Summit
Community Bank, Inc. |
|
|
|
|
|
CET1
Risk-based Capital |
11.8% |
11.6% |
11.6% |
11.9% |
12.5% |
Tier 1
Risk-based Capital |
11.8% |
11.6% |
11.6% |
11.9% |
12.5% |
Total
Risk-based Capital |
12.6% |
12.4% |
12.4% |
12.7% |
13.4% |
Tier 1
Leverage Ratio |
9.4% |
9.2% |
9.4% |
9.5% |
10.5% |
SUMMIT FINANCIAL GROUP INC.
(NASDAQ: SMMF) |
|
|
|
Loan
Composition |
|
|
|
|
|
|
|
|
|
|
|
Dollars
in thousands |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
|
|
|
|
|
|
Commercial |
$ |
187,193 |
|
$ |
176,362 |
|
$ |
134,808 |
|
$ |
119,088 |
|
$ |
110,466 |
Mortgage warehouse
lines |
|
33,525 |
|
|
35,068 |
|
|
30,217 |
|
|
85,966 |
|
|
108,983 |
Commercial real
estate |
|
|
|
|
|
Owner occupied |
|
239,840 |
|
|
239,108 |
|
|
217,733 |
|
|
203,047 |
|
|
192,254 |
Non-owner occupied |
|
464,543 |
|
|
455,439 |
|
|
401,795 |
|
|
381,921 |
|
|
367,196 |
Construction and
development |
|
|
|
|
|
Land and development |
|
71,412 |
|
|
74,155 |
|
|
68,079 |
|
|
72,042 |
|
|
65,430 |
Construction |
|
28,756 |
|
|
22,967 |
|
|
16,511 |
|
|
16,584 |
|
|
11,276 |
Residential real
estate |
|
|
|
|
|
Non-jumbo |
|
355,642 |
|
|
355,546 |
|
|
266,140 |
|
|
265,641 |
|
|
228,777 |
Jumbo |
|
61,253 |
|
|
63,899 |
|
|
60,780 |
|
|
65,628 |
|
|
57,276 |
Home equity |
|
82,720 |
|
|
81,192 |
|
|
75,299 |
|
|
74,596 |
|
|
75,161 |
Consumer |
|
36,915 |
|
|
37,630 |
|
|
24,440 |
|
|
25,534 |
|
|
19,756 |
Other |
|
9,994 |
|
|
9,049 |
|
|
8,831 |
|
|
9,489 |
|
|
9,649 |
Total
loans, net of unearned fees |
|
1,571,793 |
|
|
1,550,415 |
|
|
1,304,633 |
|
|
1,319,536 |
|
|
1,246,224 |
Less allowance for loan
losses |
|
12,465 |
|
|
12,332 |
|
|
11,718 |
|
|
11,674 |
|
|
11,619 |
Loans,
net |
$ |
1,559,328 |
|
$ |
1,538,083 |
|
$ |
1,292,915 |
|
$ |
1,307,862 |
|
$ |
1,234,605 |
SUMMIT FINANCIAL GROUP INC.
(NASDAQ: SMMF) |
|
|
|
Deposit
Composition |
|
|
|
|
|
|
|
|
|
|
|
Dollars
in thousands |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
Non-interest bearing
checking |
$ |
215,910 |
|
$ |
234,173 |
|
$ |
152,086 |
|
$ |
149,737 |
|
$ |
122,652 |
Interest bearing
checking |
|
397,843 |
|
|
372,327 |
|
|
275,678 |
|
|
262,591 |
|
|
212,172 |
Savings |
|
362,653 |
|
|
373,439 |
|
|
342,548 |
|
|
337,348 |
|
|
321,563 |
Time deposits |
|
640,362 |
|
|
633,980 |
|
|
530,929 |
|
|
545,843 |
|
|
500,398 |
Total
deposits |
$ |
1,616,768 |
|
$ |
1,613,919 |
|
$ |
1,301,241 |
|
$ |
1,295,519 |
|
$ |
1,156,785 |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
Asset Quality
Information |
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
Dollars in thousands |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
|
|
|
|
|
|
Gross loan
charge-offs |
$ |
309 |
|
|
$ |
114 |
|
|
$ |
315 |
|
|
$ |
400 |
|
|
$ |
331 |
|
Gross loan
recoveries |
|
(67 |
) |
|
|
(478 |
) |
|
|
(108 |
) |
|
|
(456 |
) |
|
|
(573 |
) |
Net loan
charge-offs (recoveries) |
$ |
242 |
|
|
$ |
(364 |
) |
|
$ |
207 |
|
|
$ |
(56 |
) |
|
$ |
(242 |
) |
|
|
|
|
|
|
Net loan charge-offs to
average loans (annualized) |
|
0.06 |
% |
|
|
-0.09 |
% |
|
|
0.06 |
% |
|
|
-0.02 |
% |
|
|
-0.09 |
% |
Allowance for loan
losses |
$ |
12,465 |
|
|
$ |
12,332 |
|
|
$ |
11,718 |
|
|
$ |
11,674 |
|
|
$ |
11,619 |
|
Allowance for loan
losses as a percentage |
|
|
|
|
|
of period end
loans |
|
0.79 |
% |
|
|
0.79 |
% |
|
|
0.90 |
% |
|
|
0.88 |
% |
|
|
0.93 |
% |
Nonperforming
assets: |
|
|
|
|
|
Nonperforming
loans |
|
|
|
|
|
Commercial |
$ |
757 |
|
|
$ |
786 |
|
|
$ |
226 |
|
|
$ |
298 |
|
|
$ |
846 |
|
Commercial real
estate |
|
2,773 |
|
|
|
2,051 |
|
|
|
4,734 |
|
|
|
4,844 |
|
|
|
4,867 |
|
Residential
construction and development |
|
3,931 |
|
|
|
3,613 |
|
|
|
3,936 |
|
|
|
4,465 |
|
|
|
4,360 |
|
Residential real
estate |
|
8,082 |
|
|
|
6,860 |
|
|
|
5,886 |
|
|
|
4,815 |
|
|
|
4,174 |
|
Consumer |
|
529 |
|
|
|
391 |
|
|
|
162 |
|
|
|
152 |
|
|
|
169 |
|
Total
nonperforming loans |
|
16,072 |
|
|
|
13,701 |
|
|
|
14,944 |
|
|
|
14,574 |
|
|
|
14,416 |
|
Foreclosed
properties |
|
|
|
|
|
Commercial real
estate |
|
1,988 |
|
|
|
2,126 |
|
|
|
1,749 |
|
|
|
1,749 |
|
|
|
1,749 |
|
Commercial
construction and development |
|
7,392 |
|
|
|
7,527 |
|
|
|
8,276 |
|
|
|
8,610 |
|
|
|
8,664 |
|
Residential
construction and development |
|
11,852 |
|
|
|
12,402 |
|
|
|
12,635 |
|
|
|
13,265 |
|
|
|
13,741 |
|
Residential real
estate |
|
1,390 |
|
|
|
1,537 |
|
|
|
831 |
|
|
|
880 |
|
|
|
613 |
|
Total
foreclosed properties |
|
22,622 |
|
|
|
23,592 |
|
|
|
23,491 |
|
|
|
24,504 |
|
|
|
24,767 |
|
Other
repossessed assets |
|
12 |
|
|
|
57 |
|
|
|
12 |
|
|
|
12 |
|
|
|
12 |
|
Total
nonperforming assets |
$ |
38,706 |
|
|
$ |
37,350 |
|
|
$ |
38,447 |
|
|
$ |
39,090 |
|
|
$ |
39,195 |
|
|
|
|
|
|
|
Nonperforming loans to
period end loans |
|
1.02 |
% |
|
|
0.88 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.16 |
% |
Nonperforming assets to
period end assets |
|
1.84 |
% |
|
|
1.78 |
% |
|
|
2.16 |
% |
|
|
2.22 |
% |
|
|
2.36 |
% |
|
|
|
|
|
|
Troubled debt
restructurings |
|
|
|
|
|
Performing |
$ |
28,304 |
|
|
$ |
26,472 |
|
|
$ |
28,183 |
|
|
$ |
28,066 |
|
|
$ |
28,287 |
|
Nonperforming |
|
760 |
|
|
|
464 |
|
|
|
719 |
|
|
|
564 |
|
|
|
863 |
|
Total
troubled debt restructurings |
$ |
29,064 |
|
|
$ |
26,936 |
|
|
$ |
28,902 |
|
|
$ |
28,630 |
|
|
$ |
29,150 |
|
Loans Past Due
30-89 Days |
|
|
|
|
|
|
For the Quarter
Ended |
In
thousands |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
|
|
|
|
|
|
Commercial |
$ |
378 |
|
$ |
470 |
|
$ |
162 |
|
$ |
175 |
|
$ |
405 |
Commercial real estate |
|
944 |
|
|
976 |
|
|
2,758 |
|
|
434 |
|
|
626 |
Construction and development |
|
238 |
|
|
308 |
|
|
291 |
|
|
552 |
|
|
235 |
Residential real estate |
|
6,260 |
|
|
6,943 |
|
|
2,924 |
|
|
5,517 |
|
|
2,941 |
Consumer |
|
419 |
|
|
548 |
|
|
155 |
|
|
375 |
|
|
144 |
Other |
|
92 |
|
|
49 |
|
|
17 |
|
|
14 |
|
|
13 |
Total |
$ |
8,331 |
|
$ |
9,294 |
|
$ |
6,307 |
|
$ |
7,067 |
|
$ |
4,364 |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
Q3 2017 vs Q3
2016 |
|
|
|
|
|
|
|
|
Q3 2017 |
|
Q3 2016 |
|
Average |
Earnings / |
Yield / |
|
Average |
Earnings / |
Yield / |
Dollars
in thousands |
Balances |
Expense |
Rate |
|
Balances |
Expense |
Rate |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Interest earning
assets |
|
|
|
|
|
|
|
Loans, net of unearned interest |
|
|
|
|
|
|
|
Taxable |
$ |
1,539,945 |
|
|
$ |
19,387 |
|
4.99 |
% |
|
$ |
1,187,205 |
|
|
$ |
14,008 |
|
4.69 |
% |
Tax-exempt |
|
16,314 |
|
|
|
158 |
|
3.84 |
% |
|
|
14,300 |
|
|
|
202 |
|
5.62 |
% |
Securities |
|
|
|
|
|
|
|
Taxable |
|
198,913 |
|
|
|
1,283 |
|
2.56 |
% |
|
|
198,411 |
|
|
|
1,139 |
|
2.28 |
% |
Tax-exempt |
|
145,599 |
|
|
|
1,714 |
|
4.67 |
% |
|
|
77,489 |
|
|
|
941 |
|
4.83 |
% |
Interest bearing deposits other banks |
|
|
|
|
|
|
|
and Federal funds sold |
|
42,926 |
|
|
|
149 |
|
1.38 |
% |
|
|
10,029 |
|
|
|
5 |
|
0.20 |
% |
Total interest earning
assets |
|
1,943,697 |
|
|
|
22,691 |
|
4.63 |
% |
|
|
1,487,434 |
|
|
|
16,295 |
|
4.36 |
% |
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
Cash & due from banks |
|
9,591 |
|
|
|
|
|
|
3,938 |
|
|
|
|
Premises & equipment |
|
33,667 |
|
|
|
|
|
|
21,613 |
|
|
|
|
Other assets |
|
113,723 |
|
|
|
|
|
|
87,636 |
|
|
|
|
Allowance for loan losses |
|
(12,418 |
) |
|
|
|
|
|
(11,567 |
) |
|
|
|
Total assets |
$ |
2,088,260 |
|
|
|
|
|
$ |
1,589,054 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
Interest bearing |
|
|
|
|
|
|
|
demand deposits |
$ |
384,539 |
|
|
$ |
323 |
|
0.33 |
% |
|
$ |
211,264 |
|
|
$ |
85 |
|
0.16 |
% |
Savings deposits |
|
365,150 |
|
|
|
637 |
|
0.69 |
% |
|
|
316,358 |
|
|
|
608 |
|
0.76 |
% |
Time deposits |
|
636,424 |
|
|
|
2,003 |
|
1.25 |
% |
|
|
481,060 |
|
|
|
1,516 |
|
1.25 |
% |
Short-term borrowings |
|
205,536 |
|
|
|
1,160 |
|
2.24 |
% |
|
|
189,760 |
|
|
|
675 |
|
1.42 |
% |
Long-term borrowings and |
|
|
|
|
|
|
|
subordinated debentures |
|
65,346 |
|
|
|
681 |
|
4.13 |
% |
|
|
94,106 |
|
|
|
985 |
|
4.16 |
% |
Total interest bearing
liabilities |
|
1,656,995 |
|
|
|
4,804 |
|
1.15 |
% |
|
|
1,292,548 |
|
|
|
3,869 |
|
1.19 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
Demand deposits |
|
217,760 |
|
|
|
|
|
|
124,490 |
|
|
|
|
Other liabilities |
|
17,414 |
|
|
|
|
|
|
20,280 |
|
|
|
|
Total liabilities |
|
1,892,169 |
|
|
|
|
|
|
1,437,318 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
196,091 |
|
|
|
|
|
|
151,736 |
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
shareholders' equity |
$ |
2,088,260 |
|
|
|
|
|
$ |
1,589,054 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
$ |
17,887 |
|
|
|
|
$ |
12,426 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
3.65 |
% |
|
|
|
3.32 |
% |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
Q3 2017 vs Q2
2017 |
|
|
|
|
|
|
|
|
Q3 2017 |
|
Q2 2017 |
|
Average |
Earnings / |
Yield / |
|
Average |
Earnings / |
Yield / |
Dollars
in thousands |
Balances |
Expense |
Rate |
|
Balances |
Expense |
Rate |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Interest earning
assets |
|
|
|
|
|
|
|
Loans, net of
unearned interest |
|
|
|
|
|
|
|
Taxable |
$ |
1,539,945 |
|
|
$ |
19,387 |
|
4.99 |
% |
|
$ |
1,537,317 |
|
|
$ |
19,550 |
|
5.10 |
% |
Tax-exempt |
|
16,314 |
|
|
|
158 |
|
3.84 |
% |
|
|
13,030 |
|
|
|
257 |
|
7.91 |
% |
Securities |
|
|
|
|
|
|
|
Taxable |
|
198,913 |
|
|
|
1,283 |
|
2.56 |
% |
|
|
214,601 |
|
|
|
1,330 |
|
2.49 |
% |
Tax-exempt |
|
145,599 |
|
|
|
1,714 |
|
4.67 |
% |
|
|
133,130 |
|
|
|
1,568 |
|
4.72 |
% |
Interest bearing
deposits other banks |
|
|
|
|
|
|
|
and Federal funds sold |
|
42,926 |
|
|
|
149 |
|
1.38 |
% |
|
|
47,937 |
|
|
|
165 |
|
1.38 |
% |
Total interest earning
assets |
|
1,943,697 |
|
|
|
22,691 |
|
4.63 |
% |
|
|
1,946,015 |
|
|
|
22,870 |
|
4.71 |
% |
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
Cash & due
from banks |
|
9,591 |
|
|
|
|
|
|
10,101 |
|
|
|
|
Premises &
equipment |
|
33,667 |
|
|
|
|
|
|
34,441 |
|
|
|
|
Other
assets |
|
113,723 |
|
|
|
|
|
|
115,728 |
|
|
|
|
Allowance for
loan losses |
|
(12,418 |
) |
|
|
|
|
|
(11,966 |
) |
|
|
|
Total assets |
$ |
2,088,260 |
|
|
|
|
|
$ |
2,094,319 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
Interest
bearing |
|
|
|
|
|
|
|
demand
deposits |
$ |
384,539 |
|
|
$ |
323 |
|
0.33 |
% |
|
$ |
378,350 |
|
|
$ |
252 |
|
0.27 |
% |
Savings
deposits |
|
365,150 |
|
|
|
637 |
|
0.69 |
% |
|
|
389,847 |
|
|
|
616 |
|
0.63 |
% |
Time
deposits |
|
636,424 |
|
|
|
2,003 |
|
1.25 |
% |
|
|
628,358 |
|
|
|
1,766 |
|
1.13 |
% |
Short-term
borrowings |
|
205,536 |
|
|
|
1,160 |
|
2.24 |
% |
|
|
200,209 |
|
|
|
1,079 |
|
2.16 |
% |
Long-term
borrowings and |
|
|
|
|
|
|
|
subordinated debentures |
|
65,346 |
|
|
|
681 |
|
4.13 |
% |
|
|
65,692 |
|
|
|
670 |
|
4.09 |
% |
Total interest bearing
liabilities |
|
1,656,995 |
|
|
|
4,804 |
|
1.15 |
% |
|
|
1,662,456 |
|
|
|
4,383 |
|
1.06 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
Demand
deposits |
|
217,760 |
|
|
|
|
|
|
221,245 |
|
|
|
|
Other
liabilities |
|
17,414 |
|
|
|
|
|
|
20,490 |
|
|
|
|
Total
liabilities |
|
1,892,169 |
|
|
|
|
|
|
1,904,191 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
196,091 |
|
|
|
|
|
|
190,128 |
|
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
shareholders' equity |
$ |
2,088,260 |
|
|
|
|
|
$ |
2,094,319 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
$ |
17,887 |
|
|
|
|
$ |
18,487 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
3.65 |
% |
|
|
|
3.81 |
% |
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ: SMMF) |
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
YTD 2017 vs YTD
2016 |
|
|
|
|
|
|
|
|
|
|
YTD 2017 |
|
YTD 2016 |
|
Average |
Earnings / |
Yield / |
|
Average |
Earnings / |
Yield / |
Dollars
in thousands |
Balances |
Expense |
Rate |
|
Balances |
Expense |
Rate |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Interest earning
assets |
|
|
|
|
|
|
|
Loans, net of unearned interest |
|
|
|
|
|
|
|
Taxable |
$ |
1,452,840 |
|
|
$ |
54,487 |
|
5.01 |
% |
|
$ |
1,134,463 |
|
|
$ |
40,788 |
|
4.80 |
% |
Tax-exempt |
|
14,223 |
|
|
|
602 |
|
5.66 |
% |
|
|
14,890 |
|
|
|
624 |
|
5.60 |
% |
Securities |
|
|
|
|
|
|
|
Taxable |
|
199,995 |
|
|
|
3,742 |
|
2.50 |
% |
|
|
206,437 |
|
|
|
3,284 |
|
2.12 |
% |
Tax-exempt |
|
124,860 |
|
|
|
4,392 |
|
4.70 |
% |
|
|
76,155 |
|
|
|
2,814 |
|
4.94 |
% |
Interest bearing deposits other banks |
|
|
|
|
|
|
|
and Federal funds sold |
|
43,862 |
|
|
|
466 |
|
1.42 |
% |
|
|
9,093 |
|
|
|
13 |
|
0.19 |
% |
Total interest earning
assets |
|
1,835,780 |
|
|
|
63,689 |
|
4.64 |
% |
|
|
1,441,038 |
|
|
|
47,523 |
|
4.41 |
% |
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
Cash & due from banks |
|
8,071 |
|
|
|
|
|
|
3,819 |
|
|
|
|
Premises & equipment |
|
30,904 |
|
|
|
|
|
|
21,575 |
|
|
|
|
Other assets |
|
108,783 |
|
|
|
|
|
|
89,013 |
|
|
|
|
Allowance for loan losses |
|
(12,051 |
) |
|
|
|
|
|
(11,517 |
) |
|
|
|
Total assets |
$ |
1,971,487 |
|
|
|
|
|
$ |
1,543,928 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
Interest bearing |
|
|
|
|
|
|
|
demand deposits |
$ |
342,358 |
|
|
$ |
722 |
|
0.28 |
% |
|
$ |
208,755 |
|
|
$ |
248 |
|
0.16 |
% |
Savings deposits |
|
365,068 |
|
|
|
1,879 |
|
0.69 |
% |
|
|
296,458 |
|
|
|
1,663 |
|
0.75 |
% |
Time deposits |
|
602,175 |
|
|
|
5,386 |
|
1.20 |
% |
|
|
474,691 |
|
|
|
4,622 |
|
1.30 |
% |
Short-term borrowings |
|
200,929 |
|
|
|
3,233 |
|
2.15 |
% |
|
|
180,694 |
|
|
|
1,334 |
|
0.99 |
% |
Long-term borrowings and |
|
|
|
|
|
|
|
subordinated debentures |
|
65,725 |
|
|
|
2,012 |
|
4.09 |
% |
|
|
94,574 |
|
|
|
2,937 |
|
4.15 |
% |
|
|
1,576,255 |
|
|
|
13,232 |
|
1.12 |
% |
|
|
1,255,172 |
|
|
|
10,804 |
|
1.15 |
% |
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
Demand deposits |
|
196,019 |
|
|
|
|
|
|
121,701 |
|
|
|
|
Other liabilities |
|
17,990 |
|
|
|
|
|
|
18,423 |
|
|
|
|
Total liabilities |
|
1,790,264 |
|
|
|
|
|
|
1,395,296 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
181,223 |
|
|
|
|
|
|
148,632 |
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
shareholders' equity |
$ |
1,971,487 |
|
|
|
|
|
$ |
1,543,928 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
$ |
50,457 |
|
|
|
|
$ |
36,719 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
3.67 |
% |
|
|
|
3.40 |
% |
Contact: Robert S. Tissue, Sr. Vice President &
CFOTelephone: (304) 530-0552Email: rtissue@summitfgi.com
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