Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF)
today reported record second quarter 2018 net income of $6.28
million, or $0.51 per diluted share, compared to $5.28 million, or
$0.43 per diluted share, for the second quarter of 2017, an
increase of 19.0 percent, or 18.6 percent per diluted share.
For the six months ended June 30, 2018, Summit recorded net
income of $13.72 million, or $1.10 per diluted share, compared with
$3.66 million, or $0.32 per diluted share, for the comparable 2017
six-month period, representing an increase of 274.7 percent or
243.8 percent per diluted share. The lower earnings in the
first half of 2017 were principally attributable to a legal
settlement during first quarter 2017 which reduced earnings by
$0.54 per diluted share.
Highlights for Q2 2018 include:
- Loan balances, excluding mortgage warehouse lines of credit,
declined $22.1 million during the quarter, principally due to
seasonal reductions in certain significant commercial lines of
credit, and are unchanged year-to-date;
- Net interest margin was unchanged at 3.58 percent compared to
Q1 2018;
- Efficiency ratio was 55.88 percent compared to 53.84 percent
for Q1 2018, due to flat net interest income coupled with
marginally higher operating expenses, principally due to increased
personnel costs, resulting from normal merit wage increases;
- Provision for loan losses increased $250,000 during the quarter
principally to provide for an expected loss relative to a single
commercial loan secured by residential rental real estate;
- Realized securities gains of $87,000 in Q2 2018 compared to
$732,000 in the linked quarter;
- Write-downs of foreclosed properties were $163,000 in Q2 2018
compared to $257,000 in Q1 2018, while the net gain on sales of
foreclosed properties decreased from $64,000 in Q1 2018 to a net
loss of $58,000 in Q2 2018;
- Announced our entering into a definitive merger agreement to
acquire Peoples Bankshares, Inc. and its wholly-owned subsidiary,
First Peoples Bank, Inc., headquartered in Mullens, West Virginia;
and
- Forbes Magazine recognized Summit Community Bank as the #1
Best-in-State Bank in West Virginia for 2018. This ranking was
based upon the results of surveys conducted by the market research
firm Statista of more than 25,000 customers in the U.S. for their
opinions on their current and former banking relationships. Banks
were rated on customers’ overall recommendations and satisfaction,
as well as their opinions in regard to each institution’s trust,
terms and conditions, branch services, digital services and
financial advice.
H. Charles Maddy, III, President and Chief Executive Officer of
Summit, commented, “Summit achieved record second quarter earnings,
despite the challenges of softening loan demand and somewhat higher
overhead costs from the important investments we are making both in
our people and in our infrastructure to maintain our growth
momentum. Further, I am particularly pleased by the opportunities
represented by our pending acquisition of Peoples Bankshares, Inc.,
announced recently and expected to close at beginning of 2019. This
deal will serve to combine Summit with a financially strong bank
that has a similar culture, core values and guiding principles as
ours, and shares the same commitment to build long-term client
relationships by providing ‘Service Beyond Expectations.’”
Results from Operations
Total revenue for second quarter 2018, consisting of net
interest income and noninterest income, declined 1.6 percent to
$21.4 million, principally as a result of lower net interest
income, compared to $21.8 million for the second quarter 2017. For
the year-to-date period ended June 30, 2018, total revenue was
$43.6 million compared to $38.0 million for the same period of
2017, representing a 14.7 percent increase primarily due to the
acquisition of First Century Bankshares, Inc. in Q2 2017.
For the second quarter of 2018, net interest income was $17.3
million, a decrease of 3.2 percent from the $17.8 million reported
in the prior-year second quarter and remained nearly unchanged
compared to the linked quarter. The net interest margin for second
quarter 2018 was 3.58 percent compared to 3.81 percent for the same
year-ago quarter, and 3.58 percent for the linked quarter.
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 3.56 percent for Q2 2018 and 3.55
percent for first half of 2018.
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 second quarter 2018 was $4.15 million
compared to $3.92 million for the comparable period of 2017.
Excluding realized securities gains, noninterest income was $4.06
million for second quarter 2018, compared to $3.83 million reported
for second quarter 2017 and $4.14 million for the linked
quarter.
We recorded a $750,000 provision for loan losses during second
quarter 2018 and $250,000 in Q2 2017. The need for increased
loan loss provisioning during 2018 is directionally consistent with
changes in the credit quality in our loan portfolio.
Q2 2018 total noninterest expense decreased 8.6 percent to
$12.74 million compared to $13.94 million for the prior-year second
quarter principally due to no merger expenses being incurred in the
2018 quarter compared to $1.46 million in Q2 2017. Noninterest
expense for the first half of 2018 decreased 24.0 percent compared
to the first half of 2017. 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 half of 2018 increased 8.66
percent to $25.0 million compared to $23.1 million for the first
half of 2017, principally as result of the FCB acquisition.
Balance Sheet
At June 30, 2018, total assets were $2.11 billion, a decrease of
$26.6 million, or 1.2 percent since December 31, 2017. Total loans,
net of unearned fees and allowance for loan losses, were $1.62
billion at June 30, 2018, up $23.6 million, or 1.5 percent, from
the $1.59 billion reported at year-end 2017. Loans, excluding
mortgage warehouse lines of credit, declined $22.1 million during
the quarter, or 5.5 percent (on an annualized basis), and have
remained nearly unchanged since year-end 2017.
At June 30, 2018, deposits were $1.64 billion, an increase of
$39.4 million, or 2.5 percent, since year end 2017. During first
half 2018, checking deposits increased $61.1 million or 9.7
percent, time deposits grew by $13.5 million or 2.2 percent and
savings deposits declined $35.2 million or 9.8 percent.
Shareholders’ equity was $209.9 million as of June 30, 2018
compared to $201.5 million at December 31.
Tangible book value per common share increased to $14.81 at June
30, 2018 compared to $14.08 at December 31, 2017. Summit had
12,373,747 outstanding common shares at Q2 2018 quarter end
compared to 12,358,562 at year end 2017.
Asset Quality
As of June 30, 2018, nonperforming assets (“NPAs”), consisting
of nonperforming loans, foreclosed properties, and repossessed
assets, were $37.4 million, or 1.77 percent ofassets. This compares
to $36.9 million, or 1.73 percent of assets at the linked
quarter-end, and $37.4 million, or 1.78 percent of assets, at
second quarter-end 2017.
Second quarter 2018 net loan charge-offs were $428,000, or 0.10
percent of average loans annualized; while adding $750,000 to the
allowance for loan losses through the provision for loan losses.
The allowance for loan losses stood at 0.77 percent of total loans
at June 30, 2018, compared to 0.78 percent at year-end 2017.
If the acquired FCB and HCB loans which were recorded at fair value
on the acquisition dates were excluded, the allowance for loan
losses to total loans ratio at June 30, 2018 and December 31, 2017
would have been 0.87 percent and 0.91 percent, respectively.
About the Company
Summit Financial Group, Inc. is a $2.11 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.
ADDITIONAL INFORMATION ABOUT THE MERGER
WITH PEOPLES BANKSHARES, INC. (“PEOPLES”) AND WHERE TO FIND
IT
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed Merger, Summit will file with the SEC a Registration
Statement on Form S-4 with respect to the offering of Summit common
stock as the Merger Consideration under the Securities Act, which
will include a proxy statement of Peoples seeking approval of the
Merger by Peoples’ shareholders and a prospectus of Summit. Peoples
will deliver the proxy statement/prospectus to its shareholders. In
addition, Summit may file other relevant documents concerning the
proposed Merger with the SEC. Investors and security holders are
urged to read the registration statement and proxy
statement/prospectus and other relevant documents when they become
available because they will contain important information about the
proposed Merger.
Investors and security holders may obtain free
copies of these documents through the website maintained by the SEC
at http://www.sec.gov. Security holders of Summit and Peoples may
also obtain free copies of these documents by directing a request
to Ms. Teresa Ely, Summit’s Director of Shareholder Relations, by
telephone at (304) 530-0526 or by email at tely@summitfgi.com or by
accessing these documents at Summit’s website:
www.summitfgi.com.
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
Quarterly Performance Summary (unaudited) |
|
|
|
Q2
2018 vs Q2 2017 |
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
Percent |
Dollars in thousands |
6/30/2018 |
6/30/2017 |
Change |
Statements of Income |
|
|
|
|
Interest
income |
|
|
|
|
Loans, including
fees |
$ |
20,962 |
$ |
19,717 |
6.3 |
% |
|
Securities |
|
2,303 |
|
2,349 |
-2.0 |
% |
|
Other |
|
134 |
|
165 |
-18.8 |
% |
|
Total interest income |
|
23,399 |
|
22,231 |
5.3 |
% |
|
Interest
expense |
|
|
|
|
Deposits |
|
4,309 |
|
2,634 |
63.6 |
% |
|
Borrowings |
|
1,815 |
|
1,749 |
3.8 |
% |
|
Total interest expense |
|
6,124 |
|
4,383 |
39.7 |
% |
|
Net interest
income |
|
17,275 |
|
17,848 |
-3.2 |
% |
|
Provision for
loan losses |
|
750 |
|
250 |
200.0 |
% |
|
Net interest
income after provision |
|
|
|
|
for loan
losses |
|
16,525 |
|
17,598 |
-6.1 |
% |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
Insurance
commissions |
|
1,013 |
|
988 |
2.5 |
% |
|
Trust and wealth
management fees |
|
672 |
|
595 |
12.9 |
% |
|
Service charges
on deposit accounts |
|
1,116 |
|
1,065 |
4.8 |
% |
|
Bank card
revenue |
|
801 |
|
683 |
17.3 |
% |
|
Realized
securities gains |
|
87 |
|
90 |
-3.3 |
% |
|
Other
income |
|
459 |
|
495 |
-7.3 |
% |
|
Total
noninterest income |
|
4,148 |
|
3,916 |
5.9 |
% |
|
Noninterest
expense |
|
|
|
|
Salaries and
employee benefits |
|
6,922 |
|
6,758 |
2.4 |
% |
|
Net occupancy
expense |
|
840 |
|
826 |
1.7 |
% |
|
Equipment
expense |
|
1,071 |
|
1,031 |
3.9 |
% |
|
Professional
fees |
|
385 |
|
354 |
8.8 |
% |
|
Amortization of
intangibles |
|
413 |
|
429 |
-3.7 |
% |
|
FDIC
premiums |
|
240 |
|
295 |
-18.6 |
% |
|
Bank card
expense |
|
361 |
|
381 |
-5.2 |
% |
|
Foreclosed
properties expense, net of losses |
|
350 |
|
224 |
56.3 |
% |
|
Merger-related
expense |
|
- |
|
1,455 |
n/a |
|
|
Other
expenses |
|
2,153 |
|
2,183 |
-1.4 |
% |
|
Total
noninterest expense |
|
12,735 |
|
13,936 |
-8.6 |
% |
|
Income before
income taxes |
|
7,938 |
|
7,578 |
4.8 |
% |
|
Income taxes |
|
1,658 |
|
2,300 |
-27.9 |
% |
|
Net income |
$ |
6,280 |
$ |
5,278 |
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
Quarterly Performance Summary (unaudited) |
|
|
|
Q2
2018 vs Q2 2017 |
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
Percent |
|
|
6/30/2018 |
6/30/2017 |
Change |
Per Share Data |
|
|
|
|
Earnings per
common share |
|
|
|
|
Basic |
$ |
0.51 |
|
$ |
0.43 |
|
18.6 |
% |
|
Diluted |
$ |
0.51 |
|
$ |
0.43 |
|
18.6 |
% |
|
|
|
|
|
|
Cash
dividends |
$ |
0.13 |
|
$ |
0.11 |
|
18.2 |
% |
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
Basic |
|
12,366,522 |
|
|
12,288,514 |
|
0.6 |
% |
|
Diluted |
|
12,431,984 |
|
|
12,299,187 |
|
1.1 |
% |
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,373,747 |
|
|
12,299,726 |
|
0.6 |
% |
|
|
|
|
|
Performance Ratios |
|
|
|
|
Return on average
equity |
|
12.16 |
% |
|
11.10 |
% |
9.5 |
% |
|
Return on average
tangible equity |
|
13.98 |
% |
|
12.95 |
% |
8.0 |
% |
|
Return on average
assets |
|
1.19 |
% |
|
1.01 |
% |
17.8 |
% |
|
Net interest
margin |
|
3.58 |
% |
|
3.81 |
% |
-6.0 |
% |
|
Efficiency ratio
(A) |
|
55.88 |
% |
|
53.00 |
% |
5.4 |
% |
NOTE (A) – Computed on a tax equivalent basis
excluding gains/losses on sales of assets, write-downs of OREO
properties to fair value and amortization of intangibles.
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
Six
Month Performance Summary (unaudited) |
|
|
|
2018 vs 2017 |
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
Percent |
Dollars in thousands |
6/30/2018 |
6/30/2017 |
Change |
Statements of Income |
|
|
|
|
Interest
income |
|
|
|
|
Loans, including
fees |
$ |
41,329 |
$ |
35,388 |
16.8 |
% |
|
Securities |
|
4,694 |
|
4,200 |
11.8 |
% |
|
Other |
|
274 |
|
317 |
-13.6 |
% |
|
Total interest income |
|
46,297 |
|
39,905 |
16.0 |
% |
|
Interest
expense |
|
|
|
|
Deposits |
|
7,858 |
|
5,024 |
56.4 |
% |
|
Borrowings |
|
3,906 |
|
3,404 |
14.7 |
% |
|
Total interest expense |
|
11,764 |
|
8,428 |
39.6 |
% |
|
Net interest
income |
|
34,533 |
|
31,477 |
9.7 |
% |
|
Provision for
loan losses |
|
1,250 |
|
500 |
150.0 |
% |
|
Net interest
income after provision |
|
|
|
|
for loan
losses |
|
33,283 |
|
30,977 |
7.4 |
% |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
Insurance
commissions |
|
2,126 |
|
1,957 |
8.6 |
% |
|
Trust and wealth
management fees |
|
1,339 |
|
695 |
92.7 |
% |
|
Service charges
on deposit accounts |
|
2,207 |
|
1,747 |
26.3 |
% |
|
Bank card
revenue |
|
1,550 |
|
1,216 |
27.5 |
% |
|
Realized
securities gains |
|
819 |
|
32 |
n/m |
|
|
Other
income |
|
982 |
|
849 |
15.7 |
% |
|
Total
noninterest income |
|
9,023 |
|
6,496 |
38.9 |
% |
|
Noninterest
expense |
|
|
|
|
Salaries and
employee benefits |
|
13,744 |
|
11,945 |
15.1 |
% |
|
Net occupancy
expense |
|
1,672 |
|
1,393 |
20.0 |
% |
|
Equipment
expense |
|
2,153 |
|
1,766 |
21.9 |
% |
|
Professional
fees |
|
719 |
|
639 |
12.5 |
% |
|
Amortization of
intangibles |
|
848 |
|
526 |
61.2 |
% |
|
FDIC
premiums |
|
480 |
|
505 |
-5.0 |
% |
|
Bank card
expense |
|
696 |
|
718 |
-3.1 |
% |
|
Foreclosed
properties expense, net of losses |
|
675 |
|
590 |
14.4 |
% |
|
Litigation
settlement |
|
- |
|
9,900 |
n/a |
|
|
Merger-related
expense |
|
- |
|
1,564 |
n/a |
|
|
Other
expenses |
|
4,062 |
|
3,407 |
19.2 |
% |
|
Total
noninterest expense |
|
25,049 |
|
32,953 |
-24.0 |
% |
|
Income before
income taxes |
|
17,257 |
|
4,520 |
281.8 |
% |
|
Income taxes |
|
3,534 |
|
858 |
311.9 |
% |
|
Net income |
$ |
13,723 |
$ |
3,662 |
274.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
Six
Month Performance Summary (unaudited) |
|
|
|
2018 vs 2017 |
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
Percent |
|
|
6/30/2018 |
6/30/2017 |
Change |
Per Share Data |
|
|
|
|
Earnings per
common share |
|
|
|
|
Basic |
$ |
1.11 |
|
$ |
0.32 |
|
246.9 |
% |
|
Diluted |
$ |
1.10 |
|
$ |
0.32 |
|
243.8 |
% |
|
|
|
|
|
|
Cash
dividends |
$ |
0.26 |
|
$ |
0.22 |
|
18.2 |
% |
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
Basic |
|
12,362,679 |
|
|
11,517,721 |
|
7.3 |
% |
|
Diluted |
|
12,425,751 |
|
|
11,559,990 |
|
7.5 |
% |
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,373,747 |
|
|
12,299,726 |
|
0.6 |
% |
|
|
|
|
|
Performance Ratios |
|
|
|
|
Return on average
equity |
|
13.43 |
% |
|
4.22 |
% |
218.2 |
% |
|
Return on average
tangible equity |
|
15.49 |
% |
|
4.78 |
% |
224.1 |
% |
|
Return on average
assets |
|
1.29 |
% |
|
0.38 |
% |
239.5 |
% |
|
Net interest
margin |
|
3.58 |
% |
|
3.69 |
% |
-3.0 |
% |
|
Efficiency ratio
(A) |
|
54.86 |
% |
|
52.21 |
% |
5.1 |
% |
NOTE (A) – Computed on a tax equivalent basis
excluding gains/losses on sales of assets, litigation settlement,
write-downs of OREO properties to fair value and amortization of
intangibles.
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
Five Quarter Performance Summary (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
Dollars in thousands |
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
Statements of Income |
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
Loans, including
fees |
$ |
20,962 |
$ |
20,366 |
$ |
20,031 |
|
$ |
19,490 |
$ |
19,717 |
|
Securities |
|
2,303 |
|
2,391 |
|
2,412 |
|
|
2,397 |
|
2,349 |
|
Other |
|
134 |
|
140 |
|
144 |
|
|
149 |
|
165 |
|
Total interest income |
|
23,399 |
|
22,897 |
|
22,587 |
|
|
22,036 |
|
22,231 |
|
Interest
expense |
|
|
|
|
|
|
Deposits |
|
4,309 |
|
3,549 |
|
3,224 |
|
|
2,963 |
|
2,634 |
|
Borrowings |
|
1,815 |
|
2,091 |
|
1,925 |
|
|
1,841 |
|
1,749 |
|
Total interest expense |
|
6,124 |
|
5,640 |
|
5,149 |
|
|
4,804 |
|
4,383 |
|
Net interest income |
|
17,275 |
|
17,257 |
|
17,438 |
|
|
17,232 |
|
17,848 |
|
Provision for
loan losses |
|
750 |
|
500 |
|
375 |
|
|
375 |
|
250 |
|
Net interest
income after provision |
|
|
|
|
|
|
for loan
losses |
|
16,525 |
|
16,757 |
|
17,063 |
|
|
16,857 |
|
17,598 |
|
Noninterest
income |
|
|
|
|
|
|
Insurance
commissions |
|
1,013 |
|
1,113 |
|
1,005 |
|
|
1,043 |
|
988 |
|
Trust and wealth
management fees |
|
672 |
|
667 |
|
578 |
|
|
589 |
|
595 |
|
Service charges
on deposit accounts |
|
1,116 |
|
1,091 |
|
1,200 |
|
|
1,162 |
|
1,065 |
|
Bank card
revenue |
|
801 |
|
749 |
|
742 |
|
|
738 |
|
683 |
|
Realized
securities gains (losses) |
|
87 |
|
732 |
|
(71 |
) |
|
26 |
|
90 |
|
Other
income |
|
459 |
|
524 |
|
477 |
|
|
442 |
|
495 |
|
Total
noninterest income |
|
4,148 |
|
4,876 |
|
3,931 |
|
|
4,000 |
|
3,916 |
|
Noninterest
expense |
|
|
|
|
|
|
Salaries and
employee benefits |
|
6,922 |
|
6,821 |
|
6,520 |
|
|
6,610 |
|
6,758 |
|
Net occupancy
expense |
|
840 |
|
832 |
|
772 |
|
|
847 |
|
826 |
|
Equipment
expense |
|
1,071 |
|
1,083 |
|
1,095 |
|
|
1,093 |
|
1,031 |
|
Professional
fees |
|
385 |
|
333 |
|
355 |
|
|
373 |
|
354 |
|
Amortization of
intangibles |
|
413 |
|
436 |
|
435 |
|
|
448 |
|
429 |
|
FDIC
premiums |
|
240 |
|
240 |
|
250 |
|
|
310 |
|
295 |
|
Bank card
expense |
|
361 |
|
335 |
|
319 |
|
|
395 |
|
381 |
|
Foreclosed
properties expense, net of losses |
|
350 |
|
325 |
|
516 |
|
|
233 |
|
224 |
|
Merger-related
expense |
|
- |
|
- |
|
14 |
|
|
11 |
|
1,455 |
|
Other
expenses |
|
2,153 |
|
1,909 |
|
2,070 |
|
|
2,127 |
|
2,183 |
|
Total
noninterest expense |
|
12,735 |
|
12,314 |
|
12,346 |
|
|
12,447 |
|
13,936 |
|
Income before
income taxes |
|
7,938 |
|
9,319 |
|
8,648 |
|
|
8,410 |
|
7,578 |
|
Income tax
expense |
|
1,658 |
|
1,876 |
|
6,325 |
|
|
2,480 |
|
2,300 |
|
Net income |
$ |
6,280 |
$ |
7,443 |
$ |
2,323 |
|
$ |
5,930 |
$ |
5,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
|
Five Quarter Performance Summary (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
Per Share Data |
|
|
|
|
|
|
Earnings per
common share |
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
$ |
0.60 |
|
$ |
0.19 |
|
$ |
0.48 |
|
$ |
0.43 |
|
|
Diluted |
$ |
0.51 |
|
$ |
0.60 |
|
$ |
0.19 |
|
$ |
0.48 |
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
Cash
dividends |
$ |
0.13 |
|
$ |
0.13 |
|
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
|
|
Basic |
|
12,366,522 |
|
|
12,358,849 |
|
|
12,325,067 |
|
|
12,299,987 |
|
|
12,288,514 |
|
|
Diluted |
|
12,431,984 |
|
|
12,383,757 |
|
|
12,371,507 |
|
|
12,318,959 |
|
|
12,299,187 |
|
|
|
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,373,747 |
|
|
12,366,360 |
|
|
12,358,562 |
|
|
12,311,723 |
|
|
12,299,726 |
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
Return on average
equity |
|
12.16 |
% |
|
14.73 |
% |
|
4.62 |
% |
|
12.10 |
% |
|
11.10 |
% |
|
Return on average
tangible equity |
|
13.98 |
% |
|
17.04 |
% |
|
5.36 |
% |
|
14.12 |
% |
|
12.95 |
% |
|
Return on average
assets |
|
1.19 |
% |
|
1.40 |
% |
|
0.44 |
% |
|
1.14 |
% |
|
1.01 |
% |
|
Net interest
margin |
|
3.58 |
% |
|
3.58 |
% |
|
3.65 |
% |
|
3.65 |
% |
|
3.81 |
% |
|
Efficiency ratio
(A) |
|
55.88 |
% |
|
53.84 |
% |
|
52.44 |
% |
|
54.51 |
% |
|
53.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE (A) – Computed on a tax equivalent basis
excluding gains/losses on sales of assets, write-downs of OREO
properties to fair value and amortization of intangibles.
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
Selected Balance Sheet Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands, except per share
amounts |
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and due from
banks |
$ |
8,314 |
|
$ |
9,042 |
|
$ |
9,641 |
|
$ |
9,220 |
|
$ |
9,294 |
|
|
Interest bearing
deposits other banks |
|
38,097 |
|
|
38,365 |
|
|
42,990 |
|
|
41,994 |
|
|
44,242 |
|
|
Securities |
|
283,221 |
|
|
296,890 |
|
|
328,723 |
|
|
328,726 |
|
|
336,811 |
|
|
Loans, net |
|
1,617,373 |
|
|
1,631,150 |
|
|
1,593,744 |
|
|
1,559,328 |
|
|
1,538,083 |
|
|
Property held for
sale |
|
21,606 |
|
|
21,442 |
|
|
21,470 |
|
|
22,622 |
|
|
23,592 |
|
|
Premises and equipment,
net |
|
36,017 |
|
|
35,554 |
|
|
34,209 |
|
|
34,220 |
|
|
33,234 |
|
|
Goodwill and other
intangible assets |
|
26,665 |
|
|
27,077 |
|
|
27,513 |
|
|
27,879 |
|
|
28,214 |
|
|
Cash surrender value of
life insurance policies |
|
41,932 |
|
|
41,668 |
|
|
41,358 |
|
|
41,076 |
|
|
41,189 |
|
|
Other assets |
|
34,427 |
|
|
33,707 |
|
|
34,592 |
|
|
36,071 |
|
|
40,641 |
|
|
Total assets |
$ |
2,107,652 |
|
$ |
2,134,895 |
|
$ |
2,134,240 |
|
$ |
2,101,136 |
|
$ |
2,095,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Deposits |
$ |
1,639,996 |
|
$ |
1,654,523 |
|
$ |
1,600,601 |
|
$ |
1,616,768 |
|
$ |
1,613,919 |
|
|
Short-term
borrowings |
|
202,429 |
|
|
193,513 |
|
|
250,499 |
|
|
202,988 |
|
|
205,728 |
|
|
Long-term borrowings
and |
|
|
|
|
|
|
subordinated
debentures |
|
40,332 |
|
|
65,336 |
|
|
65,340 |
|
|
65,344 |
|
|
65,348 |
|
|
Other liabilities |
|
15,016 |
|
|
16,514 |
|
|
16,295 |
|
|
17,254 |
|
|
17,173 |
|
|
Shareholders'
equity |
|
209,879 |
|
|
205,009 |
|
|
201,505 |
|
|
198,782 |
|
|
193,132 |
|
|
Total liabilities and shareholders' equity |
$ |
2,107,652 |
|
$ |
2,134,895 |
|
$ |
2,134,240 |
|
$ |
2,101,136 |
|
$ |
2,095,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
16.96 |
|
$ |
16.55 |
|
$ |
16.30 |
|
$ |
16.15 |
|
$ |
15.70 |
|
|
Tangible book value per
common share |
$ |
14.81 |
|
$ |
14.36 |
|
$ |
14.08 |
|
$ |
13.88 |
|
$ |
13.41 |
|
|
Tangible common equity
to tangible assets |
|
8.8 |
% |
|
8.4 |
% |
|
8.3 |
% |
|
8.2 |
% |
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC. (NASDAQ:
SMMF) |
|
|
|
|
Regulatory Capital Ratios (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
Summit Financial Group, Inc. |
|
|
|
|
|
|
CET1 Risk-based
Capital |
11.0 |
% |
10.7 |
% |
10.6 |
% |
10.8 |
% |
10.5 |
% |
|
Tier 1 Risk-based
Capital |
12.1 |
% |
11.8 |
% |
11.8 |
% |
11.9 |
% |
11.7 |
% |
|
Total Risk-based
Capital |
12.8 |
% |
12.5 |
% |
12.5 |
% |
12.7 |
% |
12.4 |
% |
|
Tier 1 Leverage
Ratio |
9.9 |
% |
9.5 |
% |
9.4 |
% |
9.5 |
% |
9.2 |
% |
|
|
|
|
|
|
|
Summit Community Bank, Inc. |
|
|
|
|
|
|
CET1 Risk-based
Capital |
12.0 |
% |
11.7 |
% |
11.7 |
% |
11.8 |
% |
11.6 |
% |
|
Tier 1 Risk-based
Capital |
12.0 |
% |
11.7 |
% |
11.7 |
% |
11.8 |
% |
11.6 |
% |
|
Total Risk-based
Capital |
12.8 |
% |
12.5 |
% |
12.5 |
% |
12.6 |
% |
12.4 |
% |
|
Tier 1 Leverage
Ratio |
9.8 |
% |
9.5 |
% |
9.4 |
% |
9.4 |
% |
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC. (NASDAQ:
SMMF) |
|
|
|
Loan Composition (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands |
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
|
|
|
|
|
|
|
Commercial |
|
$ |
171,410 |
$ |
189,586 |
$ |
189,981 |
$ |
187,193 |
$ |
176,362 |
Mortgage
warehouse lines |
|
54,332 |
|
45,702 |
|
30,757 |
|
33,525 |
|
35,068 |
Commercial
real estate |
|
|
|
|
|
Owner occupied |
|
262,174 |
|
265,075 |
|
250,202 |
|
239,840 |
|
239,108 |
Non-owner occupied |
|
503,047 |
|
498,445 |
|
484,902 |
|
464,543 |
|
455,439 |
Construction and development |
|
|
|
|
|
Land
and development |
|
74,018 |
|
66,841 |
|
67,219 |
|
71,412 |
|
74,155 |
Construction |
|
|
25,711 |
|
33,327 |
|
33,412 |
|
28,756 |
|
22,967 |
Residential
real estate |
|
|
|
|
|
Non-jumbo |
|
|
343,044 |
|
346,477 |
|
354,101 |
|
355,642 |
|
355,546 |
Jumbo |
|
|
66,831 |
|
67,169 |
|
62,267 |
|
61,253 |
|
63,899 |
Home equity |
|
|
82,409 |
|
83,382 |
|
84,028 |
|
82,720 |
|
81,192 |
Consumer |
|
|
34,249 |
|
34,825 |
|
36,202 |
|
36,915 |
|
37,630 |
Other |
|
|
12,728 |
|
12,578 |
|
13,238 |
|
9,994 |
|
9,049 |
Total loans, net of unearned fees |
|
1,629,953 |
|
1,643,407 |
|
1,606,309 |
|
1,571,793 |
|
1,550,415 |
Less
allowance for loan losses |
|
12,580 |
|
12,257 |
|
12,565 |
|
12,465 |
|
12,332 |
Loans, net |
$ |
1,617,373 |
$ |
1,631,150 |
$ |
1,593,744 |
$ |
1,559,328 |
$ |
1,538,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC. (NASDAQ:
SMMF) |
|
|
|
Deposit Composition (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollars
in thousands |
|
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
Core deposits |
|
|
|
|
|
|
Non-interest bearing checking |
$ |
217,134 |
$ |
219,293 |
$ |
217,493 |
$ |
215,910 |
$ |
234,173 |
Interest bearing checking |
|
472,041 |
|
447,172 |
|
410,606 |
|
397,843 |
|
372,327 |
Savings |
|
|
322,940 |
|
346,962 |
|
358,168 |
|
362,653 |
|
373,439 |
Time
deposits |
|
|
322,801 |
|
318,556 |
|
318,036 |
|
322,338 |
|
321,826 |
Total core deposits |
|
1,334,916 |
|
1,331,983 |
|
1,304,303 |
|
1,298,744 |
|
1,301,765 |
|
|
|
|
|
|
|
Brokered
deposits |
|
|
238,662 |
|
242,049 |
|
202,509 |
|
205,274 |
|
198,368 |
Other non-core time deposits |
|
66,418 |
|
80,491 |
|
93,789 |
|
112,750 |
|
113,786 |
Total deposits |
$ |
1,639,996 |
$ |
1,654,523 |
$ |
1,600,601 |
$ |
1,616,768 |
$ |
1,613,919 |
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
Asset Quality Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
Dollars in thousands |
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
|
|
|
|
|
|
|
|
Gross loan
charge-offs |
$ |
525 |
|
$ |
960 |
|
$ |
550 |
|
$ |
309 |
|
$ |
114 |
|
|
Gross loan
recoveries |
|
(97 |
) |
|
(153 |
) |
|
(276 |
) |
|
(67 |
) |
|
(478 |
) |
|
Net loan
charge-offs (recoveries) |
$ |
428 |
|
$ |
807 |
|
$ |
274 |
|
$ |
242 |
|
$ |
(364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to
average loans (annualized) |
|
0.10 |
% |
|
0.20 |
% |
|
0.07 |
% |
|
0.06 |
% |
|
-0.09 |
% |
|
Allowance for loan
losses |
$ |
12,580 |
|
$ |
12,257 |
|
$ |
12,565 |
|
$ |
12,465 |
|
$ |
12,332 |
|
|
Allowance for loan
losses as a percentage |
|
|
|
|
|
|
of period end
loans |
|
0.77 |
% |
|
0.75 |
% |
|
0.78 |
% |
|
0.79 |
% |
|
0.79 |
% |
|
Nonperforming
assets: |
|
|
|
|
|
|
Nonperforming
loans |
|
|
|
|
|
|
Commercial |
$ |
954 |
|
$ |
734 |
|
$ |
696 |
|
$ |
757 |
|
$ |
786 |
|
|
Commercial real
estate |
|
3,238 |
|
|
3,400 |
|
|
3,164 |
|
|
2,773 |
|
|
2,051 |
|
|
Residential
construction and development |
|
3,233 |
|
|
3,642 |
|
|
3,569 |
|
|
3,931 |
|
|
3,613 |
|
|
Residential real
estate |
|
8,241 |
|
|
7,521 |
|
|
7,656 |
|
|
8,082 |
|
|
6,860 |
|
|
Consumer |
|
110 |
|
|
160 |
|
|
238 |
|
|
529 |
|
|
391 |
|
|
Total
nonperforming loans |
|
15,776 |
|
|
15,457 |
|
|
15,323 |
|
|
16,072 |
|
|
13,701 |
|
|
Foreclosed
properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate |
|
1,818 |
|
|
1,875 |
|
|
1,789 |
|
|
1,988 |
|
|
2,126 |
|
|
Commercial
construction and development |
|
6,815 |
|
|
7,140 |
|
|
7,392 |
|
|
7,392 |
|
|
7,527 |
|
|
Residential
construction and development |
|
11,517 |
|
|
11,053 |
|
|
11,182 |
|
|
11,852 |
|
|
12,402 |
|
|
Residential real
estate |
|
1,456 |
|
|
1,374 |
|
|
1,107 |
|
|
1,390 |
|
|
1,537 |
|
|
Total
foreclosed properties |
|
21,606 |
|
|
21,442 |
|
|
21,470 |
|
|
22,622 |
|
|
23,592 |
|
|
Other
repossessed assets |
|
12 |
|
|
18 |
|
|
68 |
|
|
12 |
|
|
57 |
|
|
Total
nonperforming assets |
$ |
37,394 |
|
$ |
36,917 |
|
$ |
36,861 |
|
$ |
38,706 |
|
$ |
37,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
period end loans |
|
0.97 |
% |
|
0.94 |
% |
|
0.95 |
% |
|
1.02 |
% |
|
0.88 |
% |
|
Nonperforming assets to
period end assets |
|
1.77 |
% |
|
1.73 |
% |
|
1.73 |
% |
|
1.84 |
% |
|
1.78 |
% |
|
|
|
|
|
|
|
|
Troubled debt
restructurings |
|
|
|
|
|
|
Performing |
$ |
27,559 |
|
$ |
27,408 |
|
$ |
28,347 |
|
$ |
28,304 |
|
$ |
26,472 |
|
|
Nonperforming |
|
281 |
|
|
76 |
|
|
26 |
|
|
760 |
|
|
464 |
|
|
Total
troubled debt restructurings |
$ |
27,840 |
|
$ |
27,484 |
|
$ |
28,373 |
|
$ |
29,064 |
|
$ |
26,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due 30-89 Days (unaudited) |
|
|
|
|
|
|
|
For the Quarter Ended |
Dollars in thousands |
6/30/2018 |
3/31/2018 |
12/31/2017 |
9/30/2017 |
6/30/2017 |
|
|
|
|
|
|
|
|
Commercial |
$ |
319 |
$ |
539 |
$ |
586 |
$ |
378 |
$ |
470 |
|
Commercial real
estate |
|
546 |
|
601 |
|
1,082 |
|
944 |
|
976 |
|
Construction and
development |
|
264 |
|
174 |
|
1,127 |
|
238 |
|
308 |
|
Residential real
estate |
|
4,125 |
|
5,218 |
|
7,236 |
|
6,260 |
|
6,943 |
|
Consumer |
|
337 |
|
425 |
|
504 |
|
419 |
|
548 |
|
Other |
|
8 |
|
15 |
|
38 |
|
92 |
|
49 |
|
Total |
$ |
5,599 |
$ |
6,972 |
$ |
10,573 |
$ |
8,331 |
$ |
9,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
|
|
Q2
2018 vs Q1 2018 vs Q2 2017 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Q2 2018 |
|
Q1 2018 |
|
Q2 2017 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,618,726 |
|
$ |
20,820 |
|
5.16 |
% |
|
$ |
1,611,813 |
|
$ |
20,223 |
|
5.09 |
% |
|
$ |
1,537,317 |
|
$ |
19,550 |
|
5.10 |
% |
Tax-exempt |
|
15,800 |
|
|
180 |
|
4.57 |
% |
|
|
16,307 |
|
|
182 |
|
4.53 |
% |
|
|
13,030 |
|
|
257 |
|
7.91 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
160,632 |
|
|
1,240 |
|
3.10 |
% |
|
|
191,713 |
|
|
1,372 |
|
2.90 |
% |
|
|
214,601 |
|
|
1,330 |
|
2.49 |
% |
Tax-exempt |
|
136,984 |
|
|
1,346 |
|
3.94 |
% |
|
|
132,306 |
|
|
1,290 |
|
3.95 |
% |
|
|
133,130 |
|
|
1,568 |
|
4.72 |
% |
Interest bearing deposits other banks |
|
|
|
|
|
|
|
|
|
|
and Federal
funds sold |
|
38,936 |
|
|
134 |
|
1.38 |
% |
|
|
39,656 |
|
|
140 |
|
1.43 |
% |
|
|
47,937 |
|
|
165 |
|
1.38 |
% |
Total interest earning
assets |
|
1,971,078 |
|
|
23,720 |
|
4.83 |
% |
|
|
1,991,795 |
|
|
23,207 |
|
4.73 |
% |
|
|
1,946,015 |
|
|
22,870 |
|
4.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
|
|
|
|
Cash & due
from banks |
|
9,100 |
|
|
|
|
|
9,962 |
|
|
|
|
|
10,101 |
|
|
|
Premises &
equipment |
|
35,721 |
|
|
|
|
|
34,586 |
|
|
|
|
|
34,441 |
|
|
|
Other
assets |
|
108,073 |
|
|
|
|
|
107,125 |
|
|
|
|
|
115,728 |
|
|
|
Allowance for
loan losses |
|
(12,541 |
) |
|
|
|
|
(12,737 |
) |
|
|
|
|
(11,966 |
) |
|
|
Total
assets |
$ |
2,111,431 |
|
|
|
|
$ |
2,130,731 |
|
|
|
|
$ |
2,094,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing |
|
|
|
|
|
|
|
|
|
|
|
demand
deposits |
$ |
457,016 |
|
$ |
901 |
|
0.79 |
% |
|
$ |
423,095 |
|
$ |
632 |
|
0.61 |
% |
|
$ |
378,350 |
|
$ |
252 |
|
0.27 |
% |
Savings
deposits |
|
332,809 |
|
|
798 |
|
0.96 |
% |
|
|
346,358 |
|
|
717 |
|
0.84 |
% |
|
|
389,847 |
|
|
616 |
|
0.63 |
% |
Time
deposits |
|
640,626 |
|
|
2,610 |
|
1.63 |
% |
|
|
622,543 |
|
|
2,200 |
|
1.43 |
% |
|
|
628,358 |
|
|
1,766 |
|
1.13 |
% |
Short-term
borrowings |
|
187,475 |
|
|
1,242 |
|
2.66 |
% |
|
|
243,686 |
|
|
1,405 |
|
2.34 |
% |
|
|
200,209 |
|
|
1,079 |
|
2.16 |
% |
Long-term
borrowings and |
|
|
|
|
|
|
|
|
|
|
|
subordinated
debentures |
|
52,147 |
|
|
572 |
|
4.40 |
% |
|
|
65,338 |
|
|
686 |
|
4.26 |
% |
|
|
65,692 |
|
|
670 |
|
4.09 |
% |
Total interest bearing
liabilities |
|
1,670,073 |
|
|
6,123 |
|
1.47 |
% |
|
|
1,701,020 |
|
|
5,640 |
|
1.34 |
% |
|
|
1,662,456 |
|
|
4,383 |
|
1.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
219,134 |
|
|
|
|
|
210,883 |
|
|
|
|
|
221,245 |
|
|
|
Other
liabilities |
|
15,608 |
|
|
|
|
|
16,771 |
|
|
|
|
|
20,490 |
|
|
|
Total
liabilities |
|
1,904,815 |
|
|
|
|
|
1,928,674 |
|
|
|
|
|
1,904,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity -
common |
|
206,616 |
|
|
|
|
|
202,057 |
|
|
|
|
|
190,128 |
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity |
$ |
2,111,431 |
|
|
|
|
$ |
2,130,731 |
|
|
|
|
$ |
2,094,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
$ |
17,597 |
|
|
|
$ |
17,567 |
|
|
|
$ |
18,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
3.58 |
% |
|
|
|
|
3.58 |
% |
|
|
|
|
3.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:
SMMF) |
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
YTD 2018 vs YTD
2017 (unaudited) |
|
|
|
|
|
|
|
|
|
|
YTD 2018 |
|
YTD 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 |
$ |
1,615,289 |
|
$ |
41,043 |
|
5.12 |
% |
|
$ |
1,408,566 |
|
$ |
35,100 |
|
5.03 |
% |
Tax-exempt |
|
16,052 |
|
|
362 |
|
4.55 |
% |
|
|
13,161 |
|
|
443 |
|
6.79 |
% |
Securities |
|
|
|
|
|
|
|
Taxable |
|
176,091 |
|
|
2,612 |
|
2.99 |
% |
|
|
200,544 |
|
|
2,459 |
|
2.47 |
% |
Tax-exempt |
|
134,658 |
|
|
2,635 |
|
3.95 |
% |
|
|
114,320 |
|
|
2,678 |
|
4.72 |
% |
Interest bearing
deposits other banks |
|
|
|
|
|
|
|
and Federal
funds sold |
|
39,294 |
|
|
274 |
|
1.41 |
% |
|
|
44,338 |
|
|
317 |
|
1.44 |
% |
Total interest earning
assets |
|
1,981,384 |
|
|
46,926 |
|
4.78 |
% |
|
|
1,780,929 |
|
|
40,997 |
|
4.64 |
% |
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
Cash & due
from banks |
|
9,528 |
|
|
|
|
|
7,298 |
|
|
|
Premises &
equipment |
|
35,156 |
|
|
|
|
|
29,500 |
|
|
|
Other
assets |
|
107,603 |
|
|
|
|
|
106,440 |
|
|
|
Allowance for
loan losses |
|
(12,639 |
) |
|
|
|
|
(11,864 |
) |
|
|
Total
assets |
$ |
2,121,032 |
|
|
|
|
$ |
1,912,303 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
Interest
bearing |
|
|
|
|
|
|
|
demand
deposits |
$ |
440,149 |
|
$ |
1,533 |
|
0.70 |
% |
|
$ |
320,918 |
|
$ |
399 |
|
0.25 |
% |
Savings
deposits |
|
339,546 |
|
|
1,515 |
|
0.90 |
% |
|
|
365,026 |
|
|
1,242 |
|
0.69 |
% |
Time
deposits |
|
631,634 |
|
|
4,810 |
|
1.54 |
% |
|
|
584,767 |
|
|
3,383 |
|
1.17 |
% |
Short-term
borrowings |
|
215,425 |
|
|
2,647 |
|
2.48 |
% |
|
|
198,587 |
|
|
2,073 |
|
2.11 |
% |
Long-term
borrowings and |
|
|
|
|
|
|
|
subordinated
debentures |
|
58,706 |
|
|
1,259 |
|
4.32 |
% |
|
|
65,918 |
|
|
1,331 |
|
4.07 |
% |
|
|
1,685,460 |
|
|
11,764 |
|
1.41 |
% |
|
|
1,535,216 |
|
|
8,428 |
|
1.11 |
% |
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
Demand
deposits |
|
215,031 |
|
|
|
|
|
184,968 |
|
|
|
Other
liabilities |
|
16,188 |
|
|
|
|
|
18,454 |
|
|
|
Total
liabilities |
|
1,916,679 |
|
|
|
|
|
1,738,638 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity -
common |
|
204,353 |
|
|
|
|
|
173,665 |
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
shareholders'
equity |
$ |
2,121,032 |
|
|
|
|
$ |
1,912,303 |
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
$ |
35,162 |
|
|
|
$ |
32,569 |
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
3.58 |
% |
|
|
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Robert S. Tissue, Sr. Vice President & CFO
Telephone: (304) 530-0552
Email: tissue@summitfgi.com
Summit Financial (NASDAQ:SMMF)
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From Sep 2024 to Oct 2024
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From Oct 2023 to Oct 2024