Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ:SMMF)
today reported second quarter 2017 net income of $5.28 million, or
$0.43 per diluted share, compared to $4.24 million, or $0.40 per
diluted share, for the second quarter of 2016, representing an
increase of 24.4 percent, or 7.5 percent per diluted share.
For the six months ended June 30, 2017, Summit recorded net
income of $3.66 million, or $0.32 per diluted share, compared with
$8.31 million, or $0.78 per diluted share, for the comparable 2016
six-month period, representing a decrease of 55.9 percent or 59.0
percent per diluted share. The decrease in first half 2017
earnings is principally attributable to a legal settlement during
first quarter which reduced earnings by $0.54 per diluted
share.
Highlights for Q2 2017 include:
- Summit completed its acquisition of First Century Bankshares,
Inc. (“FCB”) and its subsidiary, First Century Bank, headquartered
in Bluefield, West Virginia on April 1, 2017, and converted
substantially all its data processing systems to that of Summit’s
effective April 21, 2017; accordingly, merger-related expenses of
$1.46 million were incurred during Q2 2017 compared to $153,000
during Q2 2016;
- Total revenues increased 34.3 percent compared to the
linked-quarter and 47.3 percent compared to the year ago quarter,
principally as result of the acquisition of FCB;
- Net interest margin increased 41 basis points compared to Q2
2016, and 27 basis points compared to the linked quarter,
reflecting FCB’s higher yielding loan portfolio, the impact of
increasing short-term interest rates as result of recent FOMC
activity and relatively stable funding costs;
- Loans, excluding mortgage warehouse lines of credit and FCB’s
purchased loan portfolio, grew $11.9 million during the quarter, or
3.7 percent (on an annualized basis), and have grown $52.8 million,
or 8.6 percent (annualized), year-to-date;
- Nonperforming assets declined for the nineteenth consecutive
quarter. Compared to the linked quarter, nonperforming assets as a
percentage of total assets declined from 2.16 percent to 1.78
percent, reaching its lowest level since Q2 2008;
- Recorded charges of $29,000 to write-down foreclosed properties
compared to $259,000 in Q2 2016 and $418,000 in Q1 2017.
H. Charles Maddy, III, President and Chief Executive Officer of
Summit, commented, “I am very pleased to report Summit achieved
another quarter of solid core operating results highlighted by
improvement in our net interest margin and core loan growth.
Further, despite the quarter’s challenges of integrating FCB’s
banking operations with that of Summit’s, we nonetheless maintained
an efficiency ratio well below that of most of our peers. We are
demonstrating 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.”
FCB Acquisition
On April 1, 2017, Summit completed its acquisition of FCB.
Accordingly, FCB’s results of operations are included in Summit’s
consolidated results of operation from the date of acquisition, and
therefore Summit’s second quarter and first half 2017 results
reflect increased levels of average balances, income and expense
compared to its second quarter and first half 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 $1.56 million during first half
2017, with $1.46 million of those expenses incurred during second
quarter 2017. Summit recognized net accretion income totaling
$285,000 in Q2 2017 related to FCB’s loan fair value acquisition
accounting adjustments.
HCB Acquisition
On October 1, 2016, Summit completed its acquisition of Highland
County Bankshares, Inc. (“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 three and six months ended June 30, 2017 results 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. Summit recognized
net accretion income totaling $59,000 in Q2 2017 and $203,000 in
the first half of 2017 related to HCB’s loan fair value acquisition
accounting adjustments.
Results from Operations
Total revenue for second quarter 2017 consisting of net interest
income and noninterest income, grew 47.3 percent to $21.8 million,
principally as result of the FCB and HCB acquisitions, compared to
$14.8 million for the second quarter 2016. For the year-to-date
period ended June 30, 2017, total revenue was $38.0 million
compared to $29.4 million for the same period of 2016, representing
a 29.3 percent increase.
For the second quarter of 2017, net interest income was $17.8
million, an increase of 52.1 percent from the $11.7 million
reported in the prior-year second quarter and increased $4.2
million compared to the linked quarter. The net interest margin for
second quarter 2017 was 3.81 percent compared to 3.40 percent for
the year-ago quarter, and 3.54 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 3.72 percent for Q2 2017 and 3.62
percent for first half 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 second quarter 2017 was $3.92 million
compared to $3.05 million for the comparable period of 2016.
Excluding realized securities gains, noninterest income was $3.83
million for second quarter 2017, compared to $2.67 million reported
for second quarter 2016 and $2.64 million for the linked
quarter.
We recorded a $250,000 provision for loan losses during second
quarters 2017 and 2016.
Q2 2017 total noninterest expense increased 65.2% to $13.94
million compared to $8.44 million for the prior-year second quarter
principally due to the acquisitions of FCB and HCB. Noninterest
expense for the first half of 2017 increased 93.9% compared to the
first half 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 half of 2017 increased 35.7
percent to $23.1 million compared to $17.0 million for the first
half of 2016, principally as result of the acquisitions of HCB and
FCB.
Balance Sheet
At June 30, 2017, total assets were $2.10 billion, an increase
of $336.7 million, or 19.1 percent since December 31, 2016. Total
loans, net of unearned fees and allowance for loan losses, were
$1.54 billion at June 30, 2017, up $230.2 million, or 17.6 percent,
from the $1.31 billion reported at year-end 2016. Loans,
excluding mortgage warehouse lines of credit and FCB’s purchased
loan portfolio, grew $11.9 million during the quarter, or 3.7
percent (on an annualized basis), and have grown $52.8 million, or
8.6 percent (annualized) since year-end 2016.
At June 30, 2017, deposits were $1.61 billion, an increase of
$318.4 million, or 24.6 percent, since year end 2016. During first
half 2017, checking deposits increased $194.2 million or 47.1
percent, time deposits grew by $88.1 million or 16.1 percent and
savings deposits increased $36.1 million or 10.7 percent.
Shareholders’ equity was $193.1 million as of June 30, 2017
compared to $155.4 million at December 31, 2016 and $150.7 million
at June 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 $13.41 at June
30, 2017 compared to $13.20 at December 31, 2016 and $13.40 at June
30, 2016. Summit had 12,299,726 outstanding common shares at Q2
2017 quarter end compared to 10,736,970 at year end 2016.
Asset Quality
As of June 30, 2016, nonperforming assets (“NPAs”), consisting
of nonperforming loans, foreclosed properties, and repossessed
assets, were $37.4 million, or 1.78 percent of assets. This
compares to $38.4 million, or 2.16 percent of assets at the linked
quarter-end, and $38.7 million, or 2.47 percent of assets, at
second quarter-end 2016.
Second quarter 2017 net loan recoveries were $364,000, or 0.09
percent of average loans annualized; while adding $250,000 to the
allowance for loan losses through the provision for loan losses.
The allowance for loan losses stood at 0.79 percent of total loans
at June 30, 2017, compared to 0.88 percent at year-end 2016.
If the acquired FCB and HCB loans are excluded, the allowance for
loan losses to total loans ratio at June 30, 2017 and December 31,
2016 would have been 0.95 percent and 0.92, 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 -- Q2 2017 vs Q2
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
Percent |
Dollars in thousands |
6/30/2017 |
6/30/2016 |
Change |
Condensed Statements of
Income |
|
|
|
|
Interest
income |
|
|
|
|
Loans, including
fees |
$ |
19,717 |
|
$ |
13,622 |
|
|
44.7 |
% |
|
Securities |
|
2,349 |
|
|
1,656 |
|
|
41.8 |
% |
|
Other |
|
165 |
|
|
5 |
|
n/a |
|
Total interest income |
|
22,231 |
|
|
15,283 |
|
|
45.5 |
% |
|
Interest
expense |
|
|
|
|
Deposits |
|
2,634 |
|
|
2,154 |
|
|
22.3 |
% |
|
Borrowings |
|
1,749 |
|
|
1,395 |
|
|
25.4 |
% |
|
Total interest expense |
|
4,383 |
|
|
3,549 |
|
|
23.5 |
% |
|
Net interest income |
|
17,848 |
|
|
11,734 |
|
|
52.1 |
% |
|
Provision for
loan losses |
|
250 |
|
|
250 |
|
|
0.0 |
% |
|
Net interest
income after provision |
|
|
|
|
for loan
losses |
|
17,598 |
|
|
11,484 |
|
|
53.2 |
% |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
Insurance
commissions |
|
988 |
|
|
1,090 |
|
|
-9.4 |
% |
|
Trust and wealth
management fees |
|
595 |
|
|
116 |
|
|
412.9 |
% |
|
Service fees
related to deposit accounts |
|
1,706 |
|
|
1,059 |
|
|
61.1 |
% |
|
Realized
securities gains |
|
90 |
|
|
383 |
|
|
-76.5 |
% |
|
Other
income |
|
537 |
|
|
397 |
|
|
35.3 |
% |
|
Total
noninterest income |
|
3,916 |
|
|
3,045 |
|
|
28.6 |
% |
|
Noninterest
expense |
|
|
|
|
Salaries and
employee benefits |
|
6,758 |
|
|
4,764 |
|
|
41.9 |
% |
|
Net occupancy
expense |
|
826 |
|
|
512 |
|
|
61.3 |
% |
|
Equipment
expense |
|
1,031 |
|
|
686 |
|
|
50.3 |
% |
|
Professional
fees |
|
354 |
|
|
429 |
|
|
-17.5 |
% |
|
Amortization of
intangibles |
|
429 |
|
|
50 |
|
|
758.0 |
% |
|
FDIC
premiums |
|
295 |
|
|
300 |
|
|
-1.7 |
% |
|
Merger-related
expense |
|
1,455 |
|
|
153 |
|
n/a |
|
Foreclosed
properties expense |
|
122 |
|
|
93 |
|
|
31.2 |
% |
|
Loss (gain) on
sales of foreclosed properties |
|
73 |
|
|
(276 |
) |
n/a |
|
Write-downs of
foreclosed properties |
|
29 |
|
|
259 |
|
|
-88.8 |
% |
|
Other
expenses |
|
2,564 |
|
|
1,467 |
|
|
74.8 |
% |
|
Total
noninterest expense |
|
13,936 |
|
|
8,437 |
|
|
65.2 |
% |
|
Income before
income taxes |
|
7,578 |
|
|
6,092 |
|
|
24.4 |
% |
|
Income
taxes |
|
2,300 |
|
|
1,849 |
|
|
24.4 |
% |
|
Net income |
$ |
5,278 |
|
$ |
4,243 |
|
|
24.4 |
% |
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
Quarterly Performance Summary -- Q2 2017 vs Q2
2016 |
|
|
|
|
|
|
For the Quarter
Ended |
Percent |
|
|
6/30/2017 |
6/30/2016 |
Change |
Per
Share Data |
|
|
|
|
Earnings per common
share |
|
|
|
|
Basic |
$ |
0.43 |
|
$ |
0.40 |
|
7.5 |
% |
|
Diluted |
$ |
0.43 |
|
$ |
0.40 |
|
7.5 |
% |
|
|
|
|
|
|
Cash
dividends |
$ |
0.11 |
|
$ |
0.10 |
|
10.0 |
% |
|
|
|
|
|
|
Average common shares
outstanding |
|
|
|
|
Basic |
|
12,288,514 |
|
|
10,681,995 |
|
15.0 |
% |
|
Diluted |
|
12,299,187 |
|
|
10,701,017 |
|
14.9 |
% |
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,299,726 |
|
|
10,692,320 |
|
15.0 |
% |
|
|
|
|
|
Performance Ratios |
|
|
|
|
Return on average
equity |
|
11.10 |
% |
|
11.49 |
% |
-3.4 |
% |
|
Return on average
tangible equity |
|
12.95 |
% |
|
12.10 |
% |
7.0 |
% |
|
Return on average
assets |
|
1.01 |
% |
|
1.10 |
% |
-8.2 |
% |
|
Net interest
margin |
|
3.81 |
% |
|
3.40 |
% |
12.1 |
% |
|
Efficiency ratio
(A) |
|
53.00 |
% |
|
55.35 |
% |
-4.2 |
% |
|
|
|
|
|
NOTE (A) – Computed on a tax equivalent basis
excluding nonrecurring income and expense items and amortization of
intangibles.
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
|
|
Six
Month Performance Summary -- 2017 vs 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended |
Percent |
Dollars in thousands |
6/30/2017 |
6/30/2016 |
Change |
Condensed Statements of
Income |
|
|
|
|
Interest
income |
|
|
|
|
Loans, including
fees |
$ |
35,388 |
|
|
$ |
27,059 |
|
30.8 |
% |
|
Securities |
|
4,200 |
|
|
|
3,382 |
|
24.2 |
% |
|
Other |
|
317 |
|
|
|
7 |
|
n/a |
|
Total interest income |
|
39,905 |
|
|
|
30,448 |
|
31.1 |
% |
|
Interest
expense |
|
|
|
|
Deposits |
|
5,024 |
|
|
|
4,324 |
|
16.2 |
% |
|
Borrowings |
|
3,404 |
|
|
|
2,611 |
|
30.4 |
% |
|
Total interest expense |
|
8,428 |
|
|
|
6,935 |
|
21.5 |
% |
|
Net interest income |
|
31,477 |
|
|
|
23,513 |
|
33.9 |
% |
|
Provision for
loan losses |
|
500 |
|
|
|
500 |
|
0.0 |
% |
|
Net interest
income after provision |
|
|
|
|
|
|
|
for loan
losses |
|
30,977 |
|
|
|
23,013 |
|
34.6 |
% |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
Insurance
commissions |
|
1,957 |
|
|
|
2,013 |
|
-2.8 |
% |
|
Trust and wealth
management fees |
|
695 |
|
|
|
232 |
|
199.6 |
% |
|
Service fees
related to deposit accounts |
|
2,874 |
|
|
|
2,038 |
|
41.0 |
% |
|
Realized
securities gains |
|
32 |
|
|
|
775 |
|
-95.9 |
% |
|
Other
income |
|
938 |
|
|
|
794 |
|
18.1 |
% |
|
Total
noninterest income |
|
6,496 |
|
|
|
5,852 |
|
11.0 |
% |
|
Noninterest
expense |
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
11,945 |
|
|
|
9,446 |
|
26.5 |
% |
|
Net occupancy
expense |
|
1,393 |
|
|
|
1,051 |
|
32.5 |
% |
|
Equipment
expense |
|
1,766 |
|
|
|
1,343 |
|
31.5 |
% |
|
Professional
fees |
|
639 |
|
|
|
901 |
|
-29.1 |
% |
|
Amortization of
intangibles |
|
526 |
|
|
|
100 |
|
426.0 |
% |
|
FDIC
premiums |
|
505 |
|
|
|
600 |
|
-15.8 |
% |
|
Merger-related
expense |
|
1,564 |
|
|
|
264 |
|
n/a |
|
Foreclosed
properties expense |
|
226 |
|
|
|
217 |
|
4.1 |
% |
|
Gain on sales of
foreclosed properties |
|
(83 |
) |
|
|
(282 |
) |
-70.6 |
% |
|
Write-downs of
foreclosed properties |
|
447 |
|
|
|
369 |
|
21.1 |
% |
|
Litigation
settlement |
|
9,900 |
|
|
|
- |
|
n/a |
|
Other
expenses |
|
4,125 |
|
|
|
2,982 |
|
38.3 |
% |
|
Total
noninterest expense |
|
32,953 |
|
|
|
16,991 |
|
93.9 |
% |
|
Income before
income taxes |
|
4,520 |
|
|
|
11,874 |
|
-61.9 |
% |
|
Income
taxes |
|
858 |
|
|
|
3,569 |
|
-76.0 |
% |
|
Net income |
$ |
3,662 |
|
|
$ |
8,305 |
|
-55.9 |
% |
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
|
|
Six
Month Performance Summary -- 2017 vs 2016 |
|
|
|
|
|
|
|
|
|
For the Six Months
Ended |
Percent |
|
|
6/30/2017 |
6/30/2016 |
Change |
Per Share
Data |
|
|
|
|
Earnings per
common share |
|
|
|
|
Basic |
$ |
0.32 |
|
$ |
0.78 |
|
-59.0 |
% |
|
Diluted |
$ |
0.32 |
|
$ |
0.78 |
|
-59.0 |
% |
|
|
|
|
|
|
Cash
dividends |
$ |
0.22 |
|
$ |
0.20 |
|
10.0 |
% |
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
Basic |
|
11,517,721 |
|
|
10,676,925 |
|
7.9 |
% |
|
Diluted |
|
11,559,990 |
|
|
10,685,290 |
|
8.2 |
% |
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,299,726 |
|
|
10,692,320 |
|
15.0 |
% |
|
|
|
|
|
Performance
Ratios |
|
|
|
|
Return on average
equity |
|
4.22 |
% |
|
11.29 |
% |
-62.6 |
% |
|
Return on average
tangible equity |
|
4.78 |
% |
|
11.90 |
% |
-59.8 |
% |
|
Return on average
assets |
|
0.38 |
% |
|
1.09 |
% |
-65.1 |
% |
|
Net interest
margin |
|
3.69 |
% |
|
3.45 |
% |
7.0 |
% |
|
Efficiency ratio
(A) |
|
52.21 |
% |
|
55.63 |
% |
-6.1 |
% |
|
|
|
|
|
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 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
Condensed Statements of Income
(unaudited) |
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
Loans, including
fees |
$ |
19,717 |
|
$ |
15,671 |
|
|
$ |
15,780 |
|
|
$ |
14,142 |
|
|
$ |
13,622 |
|
|
Securities |
|
2,349 |
|
|
1,851 |
|
|
|
1,796 |
|
|
|
1,759 |
|
|
|
1,656 |
|
|
Other |
|
165 |
|
|
152 |
|
|
|
161 |
|
|
|
5 |
|
|
|
5 |
|
|
Total interest income |
|
22,231 |
|
|
17,674 |
|
|
|
17,737 |
|
|
|
15,906 |
|
|
|
15,283 |
|
|
Interest
expense |
|
|
|
|
|
|
Deposits |
|
2,634 |
|
|
2,390 |
|
|
|
2,430 |
|
|
|
2,209 |
|
|
|
2,154 |
|
|
Borrowings |
|
1,749 |
|
|
1,654 |
|
|
|
1,850 |
|
|
|
1,659 |
|
|
|
1,395 |
|
|
Total interest expense |
|
4,383 |
|
|
4,044 |
|
|
|
4,280 |
|
|
|
3,868 |
|
|
|
3,549 |
|
|
Net interest income |
|
17,848 |
|
|
13,630 |
|
|
|
13,457 |
|
|
|
12,038 |
|
|
|
11,734 |
|
|
Provision for
loan losses |
|
250 |
|
|
250 |
|
|
|
- |
|
|
|
- |
|
|
|
250 |
|
|
Net interest income after provision |
|
|
|
|
|
|
for loan losses |
|
17,598 |
|
|
13,380 |
|
|
|
13,457 |
|
|
|
12,038 |
|
|
|
11,484 |
|
|
Noninterest
income |
|
|
|
|
|
|
Insurance
commissions |
|
988 |
|
|
968 |
|
|
|
992 |
|
|
|
1,016 |
|
|
|
1,090 |
|
|
Trust and wealth
management fees |
|
595 |
|
|
100 |
|
|
|
111 |
|
|
|
252 |
|
|
|
116 |
|
|
Service fees
related to deposit accounts |
|
1,706 |
|
|
1,168 |
|
|
|
1,194 |
|
|
|
1,138 |
|
|
|
1,059 |
|
|
Realized
securities gains (losses) |
|
90 |
|
|
(58 |
) |
|
|
291 |
|
|
|
61 |
|
|
|
383 |
|
|
Other
income |
|
537 |
|
|
401 |
|
|
|
410 |
|
|
|
282 |
|
|
|
397 |
|
|
Total
noninterest income |
|
3,916 |
|
|
2,579 |
|
|
|
2,998 |
|
|
|
2,749 |
|
|
|
3,045 |
|
|
Noninterest
expense |
|
|
|
|
|
|
Salaries and
employee benefits |
|
6,758 |
|
|
5,187 |
|
|
|
5,308 |
|
|
|
4,819 |
|
|
|
4,764 |
|
|
Net occupancy
expense |
|
826 |
|
|
567 |
|
|
|
522 |
|
|
|
525 |
|
|
|
512 |
|
|
Equipment
expense |
|
1,031 |
|
|
735 |
|
|
|
700 |
|
|
|
716 |
|
|
|
686 |
|
|
Professional
fees |
|
354 |
|
|
285 |
|
|
|
344 |
|
|
|
270 |
|
|
|
429 |
|
|
Amortization of
intangibles |
|
429 |
|
|
97 |
|
|
|
97 |
|
|
|
50 |
|
|
|
50 |
|
|
FDIC
premiums |
|
295 |
|
|
210 |
|
|
|
75 |
|
|
|
200 |
|
|
|
300 |
|
|
Merger-related
expense |
|
1,455 |
|
|
109 |
|
|
|
588 |
|
|
|
80 |
|
|
|
153 |
|
|
Foreclosed
properties expense |
|
122 |
|
|
104 |
|
|
|
97 |
|
|
|
100 |
|
|
|
93 |
|
|
Loss (gain) on
sales of foreclosed properties |
|
73 |
|
|
(156 |
) |
|
|
(465 |
) |
|
|
(168 |
) |
|
|
(276 |
) |
|
Write-downs of
foreclosed properties |
|
29 |
|
|
418 |
|
|
|
165 |
|
|
|
134 |
|
|
|
259 |
|
|
Litigation
settlement |
|
- |
|
|
9,900 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other
expenses |
|
2,564 |
|
|
1,560 |
|
|
|
1,961 |
|
|
|
1,693 |
|
|
|
1,467 |
|
|
Total
noninterest expense |
|
13,936 |
|
|
19,016 |
|
|
|
9,392 |
|
|
|
8,419 |
|
|
|
8,437 |
|
|
Income (loss)
before income taxes |
|
7,578 |
|
|
(3,057 |
) |
|
|
7,063 |
|
|
|
6,368 |
|
|
|
6,092 |
|
|
Income tax
expense (benefit) |
|
2,300 |
|
|
(1,441 |
) |
|
|
2,353 |
|
|
|
2,087 |
|
|
|
1,849 |
|
|
Net income (loss) |
$ |
5,278 |
|
$ |
(1,616 |
) |
|
$ |
4,710 |
|
|
$ |
4,281 |
|
|
$ |
4,243 |
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
|
|
|
|
|
Five Quarter Performance Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
|
|
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
Per Share
Data |
|
|
|
|
|
|
Earnings per
common share |
|
|
|
|
|
|
Basic |
$ |
0.43 |
|
$ |
(0.15 |
) |
$ |
0.44 |
|
$ |
0.40 |
|
$ |
0.40 |
|
|
Diluted |
$ |
0.43 |
|
$ |
(0.15 |
) |
$ |
0.44 |
|
$ |
0.40 |
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
Cash
dividends |
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.10 |
|
$ |
0.10 |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
|
|
Basic |
|
12,288,514 |
|
|
10,738,365 |
|
|
10,710,164 |
|
|
10,692,423 |
|
|
10,681,995 |
|
|
Diluted |
|
12,299,187 |
|
|
10,738,365 |
|
|
10,762,445 |
|
|
10,727,140 |
|
|
10,701,017 |
|
|
|
|
|
|
|
|
|
Common shares
outstanding at period end |
|
12,299,726 |
|
|
10,750,477 |
|
|
10,736,970 |
|
|
10,701,841 |
|
|
10,692,320 |
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
Return on average
equity |
|
11.10 |
% |
|
-4.11 |
% |
|
12.22 |
% |
|
11.29 |
% |
|
11.49 |
% |
|
Return on average
tangible equity |
|
12.95 |
% |
|
-4.51 |
% |
|
13.42 |
% |
|
11.86 |
% |
|
12.10 |
% |
|
Return on average
assets |
|
1.01 |
% |
|
-0.37 |
% |
|
1.07 |
% |
|
1.08 |
% |
|
1.10 |
% |
|
Net interest
margin |
|
3.81 |
% |
|
3.54 |
% |
|
3.34 |
% |
|
3.32 |
% |
|
3.40 |
% |
|
Efficiency ratio
(A) |
|
53.00 |
% |
|
51.16 |
% |
|
56.67 |
% |
|
53.30 |
% |
|
55.35 |
% |
|
|
|
|
|
|
|
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 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and due from
banks |
$ |
9,294 |
|
|
$ |
19,326 |
|
|
$ |
4,262 |
|
|
$ |
25,067 |
|
|
$ |
4,161 |
|
|
Interest bearing
deposits other banks |
|
44,242 |
|
|
|
38,895 |
|
|
|
42,354 |
|
|
|
9,432 |
|
|
|
8,897 |
|
|
Securities |
|
336,811 |
|
|
|
282,028 |
|
|
|
266,542 |
|
|
|
262,102 |
|
|
|
261,633 |
|
|
Loans, net |
|
1,538,083 |
|
|
|
1,292,915 |
|
|
|
1,307,862 |
|
|
|
1,234,605 |
|
|
|
1,166,723 |
|
|
Property held for
sale |
|
23,592 |
|
|
|
23,491 |
|
|
|
24,504 |
|
|
|
24,767 |
|
|
|
23,425 |
|
|
Premises and equipment,
net |
|
33,234 |
|
|
|
26,377 |
|
|
|
23,737 |
|
|
|
21,802 |
|
|
|
21,405 |
|
|
Goodwill and other
intangible assets |
|
28,214 |
|
|
|
13,587 |
|
|
|
13,652 |
|
|
|
7,348 |
|
|
|
7,398 |
|
|
Cash surrender value of
life insurance policies |
|
41,189 |
|
|
|
39,412 |
|
|
|
39,143 |
|
|
|
38,504 |
|
|
|
38,246 |
|
|
Other assets |
|
40,641 |
|
|
|
40,411 |
|
|
|
36,591 |
|
|
|
34,009 |
|
|
|
33,293 |
|
|
Total assets |
$ |
2,095,300 |
|
|
$ |
1,776,442 |
|
|
$ |
1,758,647 |
|
|
$ |
1,657,636 |
|
|
$ |
1,565,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Deposits |
$ |
1,613,919 |
|
|
$ |
1,301,241 |
|
|
$ |
1,295,519 |
|
|
$ |
1,156,785 |
|
|
$ |
1,096,545 |
|
|
Short-term
borrowings |
|
205,728 |
|
|
|
228,868 |
|
|
|
224,461 |
|
|
|
234,657 |
|
|
|
205,552 |
|
|
Long-term borrowings
and |
|
|
|
|
|
|
subordinated
debentures |
|
65,348 |
|
|
|
65,804 |
|
|
|
66,259 |
|
|
|
93,735 |
|
|
|
94,214 |
|
|
Other liabilities |
|
17,173 |
|
|
|
26,910 |
|
|
|
17,048 |
|
|
|
18,640 |
|
|
|
18,201 |
|
|
Shareholders'
equity |
|
193,132 |
|
|
|
153,619 |
|
|
|
155,360 |
|
|
|
153,819 |
|
|
|
150,669 |
|
|
Total liabilities and shareholders' equity |
$ |
2,095,300 |
|
|
$ |
1,776,442 |
|
|
$ |
1,758,647 |
|
|
$ |
1,657,636 |
|
|
$ |
1,565,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
15.70 |
|
|
$ |
14.29 |
|
|
$ |
14.47 |
|
|
$ |
14.37 |
|
|
$ |
14.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
common share |
$ |
13.41 |
|
|
$ |
13.03 |
|
|
$ |
13.20 |
|
|
$ |
13.69 |
|
|
$ |
13.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets |
|
8.0 |
% |
|
|
7.9 |
% |
|
|
8.1 |
% |
|
|
8.9 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC.
(NASDAQ:
SMMF) |
|
|
|
|
|
Regulatory Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
Summit Financial Group, Inc. |
|
|
|
|
|
|
|
CET1 Risk-based
Capital |
10.5 |
% |
10.3 |
% |
10.5 |
% |
11.1 |
% |
11.5 |
% |
|
|
Tier 1 Risk-based
Capital |
11.7 |
% |
11.5 |
% |
11.8 |
% |
12.4 |
% |
12.9 |
% |
|
|
Total Risk-based
Capital |
12.4 |
% |
12.3 |
% |
12.6 |
% |
13.3 |
% |
13.8 |
% |
|
|
Tier 1 Leverage
Ratio |
9.2 |
% |
9.4 |
% |
9.4 |
% |
10.4 |
% |
10.5 |
% |
|
|
|
|
|
|
|
|
|
Summit Community Bank, Inc. |
|
|
|
|
|
|
|
CET1 Risk-based
Capital |
11.6 |
% |
11.6 |
% |
11.9 |
% |
12.5 |
% |
13.0 |
% |
|
|
Tier 1 Risk-based
Capital |
11.6 |
% |
11.6 |
% |
11.9 |
% |
12.5 |
% |
13.0 |
% |
|
|
Total Risk-based
Capital |
12.4 |
% |
12.4 |
% |
12.7 |
% |
13.4 |
% |
13.9 |
% |
|
|
Tier 1 Leverage
Ratio |
9.2 |
% |
9.4 |
% |
9.5 |
% |
10.5 |
% |
10.6 |
% |
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC.
(NASDAQ:
SMMF) |
|
|
|
|
Loan Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
176,362 |
|
$ |
134,808 |
|
$ |
119,088 |
|
$ |
110,466 |
|
$ |
101,521 |
|
Mortgage
warehouse lines |
|
35,068 |
|
|
30,217 |
|
|
85,966 |
|
|
108,983 |
|
|
80,282 |
|
Commercial
real estate |
|
|
|
|
|
|
Owner occupied |
|
239,108 |
|
|
217,733 |
|
|
203,047 |
|
|
192,254 |
|
|
190,534 |
|
Non-owner occupied |
|
455,439 |
|
|
401,795 |
|
|
381,921 |
|
|
367,196 |
|
|
348,099 |
|
Construction and development |
|
|
|
|
|
|
Land
and development |
|
74,155 |
|
|
68,079 |
|
|
72,042 |
|
|
65,430 |
|
|
65,702 |
|
Construction |
|
|
22,967 |
|
|
16,511 |
|
|
16,584 |
|
|
11,276 |
|
|
8,506 |
|
Residential
real estate |
|
|
|
|
|
|
Non-jumbo |
|
|
355,546 |
|
|
266,140 |
|
|
265,641 |
|
|
228,777 |
|
|
225,919 |
|
Jumbo |
|
|
63,899 |
|
|
60,780 |
|
|
65,628 |
|
|
57,276 |
|
|
52,105 |
|
Home equity |
|
|
81,192 |
|
|
75,299 |
|
|
74,596 |
|
|
75,161 |
|
|
75,904 |
|
Consumer |
|
|
37,630 |
|
|
24,440 |
|
|
25,534 |
|
|
19,756 |
|
|
19,520 |
|
Other |
|
|
9,049 |
|
|
8,831 |
|
|
9,489 |
|
|
9,649 |
|
|
10,008 |
|
Total loans, net of unearned fees |
|
1,550,415 |
|
|
1,304,633 |
|
|
1,319,536 |
|
|
1,246,224 |
|
|
1,178,100 |
|
Less
allowance for loan losses |
|
12,332 |
|
|
11,718 |
|
|
11,674 |
|
|
11,619 |
|
|
11,377 |
|
Loans, net |
$ |
1,538,083 |
|
$ |
1,292,915 |
|
$ |
1,307,862 |
|
$ |
1,234,605 |
|
$ |
1,166,723 |
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP INC.
(NASDAQ:
SMMF) |
|
|
|
|
Deposit Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars
in thousands |
|
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
Non-interest bearing checking |
$ |
234,173 |
|
$ |
152,086 |
|
$ |
149,737 |
|
$ |
122,652 |
|
$ |
120,845 |
|
Interest
bearing checking |
|
372,327 |
|
|
275,678 |
|
|
262,591 |
|
|
212,172 |
|
|
205,095 |
|
Savings |
|
|
373,439 |
|
|
342,548 |
|
|
337,348 |
|
|
321,563 |
|
|
306,785 |
|
Time deposits |
|
|
633,980 |
|
|
530,929 |
|
|
545,843 |
|
|
500,398 |
|
|
463,820 |
|
Total deposits |
$ |
1,613,919 |
|
$ |
1,301,241 |
|
$ |
1,295,519 |
|
$ |
1,156,785 |
|
$ |
1,096,545 |
|
|
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
|
|
|
|
Asset Quality Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
Dollars in thousands |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
|
|
|
|
|
|
|
Gross loan
charge-offs |
$ |
114 |
|
|
$ |
315 |
|
|
$ |
400 |
|
|
$ |
331 |
|
|
$ |
263 |
|
|
Gross loan
recoveries |
|
(478 |
) |
|
|
(108 |
) |
|
|
(456 |
) |
|
|
(573 |
) |
|
|
(75 |
) |
|
Net loan
charge-offs (recoveries) |
$ |
(364 |
) |
|
$ |
207 |
|
|
$ |
(56 |
) |
|
$ |
(242 |
) |
|
$ |
188 |
|
|
|
|
|
|
|
|
|
Net loan charge-offs to
average loans (annualized) |
|
-0.09 |
% |
|
|
0.06 |
% |
|
|
-0.02 |
% |
|
|
-0.09 |
% |
|
|
0.07 |
% |
|
Allowance for loan
losses |
$ |
12,332 |
|
|
$ |
11,718 |
|
|
$ |
11,674 |
|
|
$ |
11,619 |
|
|
$ |
11,377 |
|
|
Allowance for loan
losses as a percentage |
|
|
|
|
|
|
of period end
loans |
|
0.79 |
% |
|
|
0.90 |
% |
|
|
0.88 |
% |
|
|
0.93 |
% |
|
|
0.97 |
% |
|
Nonperforming
assets: |
|
|
|
|
|
|
Nonperforming
loans |
|
|
|
|
|
|
Commercial |
$ |
786 |
|
|
$ |
226 |
|
|
$ |
298 |
|
|
$ |
846 |
|
|
$ |
399 |
|
|
Commercial real
estate |
|
2,051 |
|
|
|
4,734 |
|
|
|
4,844 |
|
|
|
4,867 |
|
|
|
5,773 |
|
|
Residential
construction and development |
|
3,613 |
|
|
|
3,936 |
|
|
|
4,465 |
|
|
|
4,360 |
|
|
|
5,400 |
|
|
Residential real
estate |
|
6,860 |
|
|
|
5,886 |
|
|
|
4,815 |
|
|
|
4,174 |
|
|
|
3,531 |
|
|
Consumer |
|
391 |
|
|
|
162 |
|
|
|
152 |
|
|
|
169 |
|
|
|
91 |
|
|
Total
nonperforming loans |
|
13,701 |
|
|
|
14,944 |
|
|
|
14,574 |
|
|
|
14,416 |
|
|
|
15,194 |
|
|
Foreclosed
properties |
|
|
|
|
|
|
Commercial real
estate |
|
2,126 |
|
|
|
1,749 |
|
|
|
1,749 |
|
|
|
1,749 |
|
|
|
976 |
|
|
Commercial
construction and development |
|
7,527 |
|
|
|
8,276 |
|
|
|
8,610 |
|
|
|
8,664 |
|
|
|
8,708 |
|
|
Residential
construction and development |
|
12,402 |
|
|
|
12,635 |
|
|
|
13,265 |
|
|
|
13,741 |
|
|
|
12,989 |
|
|
Residential real
estate |
|
1,537 |
|
|
|
831 |
|
|
|
880 |
|
|
|
613 |
|
|
|
752 |
|
|
Total
foreclosed properties |
|
23,592 |
|
|
|
23,491 |
|
|
|
24,504 |
|
|
|
24,767 |
|
|
|
23,425 |
|
|
Other
repossessed assets |
|
57 |
|
|
|
12 |
|
|
|
12 |
|
|
|
12 |
|
|
|
38 |
|
|
Total
nonperforming assets |
$ |
37,350 |
|
|
$ |
38,447 |
|
|
$ |
39,090 |
|
|
$ |
39,195 |
|
|
$ |
38,657 |
|
|
|
|
|
|
|
|
|
Nonperforming loans to
period end loans |
|
0.88 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.16 |
% |
|
|
1.29 |
% |
|
Nonperforming assets to
period end assets |
|
1.78 |
% |
|
|
2.16 |
% |
|
|
2.22 |
% |
|
|
2.36 |
% |
|
|
2.47 |
% |
|
|
|
|
|
|
|
|
Troubled debt
restructurings |
|
|
|
|
|
|
Performing |
$ |
26,472 |
|
|
$ |
28,183 |
|
|
$ |
28,066 |
|
|
$ |
28,287 |
|
|
$ |
27,750 |
|
|
Nonperforming |
|
464 |
|
|
|
719 |
|
|
|
564 |
|
|
|
863 |
|
|
|
2,133 |
|
|
Total
troubled debt restructurings |
$ |
26,936 |
|
|
$ |
28,902 |
|
|
$ |
28,630 |
|
|
$ |
29,150 |
|
|
$ |
29,883 |
|
|
|
|
|
|
|
|
Loans Past Due 30-89 Days |
|
|
|
|
|
|
|
For the Quarter
Ended |
In thousands |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
|
|
|
|
|
|
|
|
Commercial |
$ |
470 |
|
$ |
162 |
|
$ |
175 |
|
$ |
405 |
|
$ |
422 |
|
Commercial real
estate |
|
976 |
|
|
2,758 |
|
|
434 |
|
|
626 |
|
|
214 |
|
Construction and
development |
|
308 |
|
|
291 |
|
|
552 |
|
|
235 |
|
|
520 |
|
Residential real
estate |
|
6,943 |
|
|
2,924 |
|
|
5,517 |
|
|
2,941 |
|
|
4,763 |
|
Consumer |
|
548 |
|
|
155 |
|
|
375 |
|
|
144 |
|
|
177 |
|
Other |
|
49 |
|
|
17 |
|
|
14 |
|
|
13 |
|
|
12 |
|
Total |
$ |
9,294 |
|
$ |
6,307 |
|
$ |
7,067 |
|
$ |
4,364 |
|
$ |
6,108 |
|
|
|
|
|
|
|
SUMMIT FINANCIAL GROUP, INC.
(NASDAQ:
SMMF) |
|
|
|
|
|
|
Average Balance Sheet, Interest Earnings & Expenses and
Average Rates |
|
|
|
|
|
Q2 2017 vs Q2
2016 |
|
|
|
|
|
|
|
|
|
Q2 2017 |
|
Q2 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 |
$ |
1,537,317 |
|
|
$ |
19,550 |
|
|
5.10 |
% |
|
$ |
1,126,519 |
|
|
$ |
13,488 |
|
4.82 |
% |
|
Tax-exempt |
|
13,030 |
|
|
|
257 |
|
|
7.91 |
% |
|
|
14,554 |
|
|
|
203 |
|
5.61 |
% |
|
Securities |
|
|
|
|
|
|
|
|
Taxable |
|
214,601 |
|
|
|
1,330 |
|
|
2.49 |
% |
|
|
211,624 |
|
|
|
1,062 |
|
2.02 |
% |
|
Tax-exempt |
|
133,130 |
|
|
|
1,568 |
|
|
4.72 |
% |
|
|
71,649 |
|
|
|
900 |
|
5.05 |
% |
|
Interest bearing
deposits other banks |
|
|
|
|
|
|
|
|
and Federal
funds sold |
|
47,937 |
|
|
|
165 |
|
|
1.38 |
% |
|
|
9,152 |
|
|
|
4 |
|
0.18 |
% |
|
Total interest earning
assets |
|
1,946,015 |
|
|
|
22,870 |
|
|
4.71 |
% |
|
|
1,433,498 |
|
|
|
15,657 |
|
4.39 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
|
Cash & due
from banks |
|
10,101 |
|
|
|
|
|
3,752 |
|
|
|
|
Premises &
equipment |
|
34,441 |
|
|
|
|
|
21,517 |
|
|
|
|
Other
assets |
|
115,728 |
|
|
|
|
|
89,773 |
|
|
|
|
Allowance for
loan losses |
|
(11,966 |
) |
|
|
|
|
(11,420 |
) |
|
|
|
Total assets |
$ |
2,094,319 |
|
|
|
|
$ |
1,537,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
|
Interest
bearing |
|
|
|
|
|
|
|
|
demand
deposits |
$ |
378,350 |
|
|
$ |
252 |
|
|
0.27 |
% |
|
$ |
205,242 |
|
|
$ |
79 |
|
0.15 |
% |
|
Savings
deposits |
|
389,847 |
|
|
|
616 |
|
|
0.63 |
% |
|
|
295,402 |
|
|
|
550 |
|
0.75 |
% |
|
Time
deposits |
|
628,358 |
|
|
|
1,766 |
|
|
1.13 |
% |
|
|
471,343 |
|
|
|
1,526 |
|
1.30 |
% |
|
Short-term
borrowings |
|
200,209 |
|
|
|
1,079 |
|
|
2.16 |
% |
|
|
183,673 |
|
|
|
419 |
|
0.92 |
% |
|
Long-term
borrowings and |
|
|
|
|
|
|
|
|
subordinated
debentures |
|
65,692 |
|
|
|
670 |
|
|
4.09 |
% |
|
|
94,568 |
|
|
|
975 |
|
4.15 |
% |
|
Total interest bearing
liabilities |
|
1,662,456 |
|
|
|
4,383 |
|
|
1.06 |
% |
|
|
1,250,228 |
|
|
|
3,549 |
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
|
Demand
deposits |
|
221,245 |
|
|
|
|
|
120,118 |
|
|
|
|
Other
liabilities |
|
20,490 |
|
|
|
|
|
19,044 |
|
|
|
|
Total
liabilities |
|
1,904,191 |
|
|
|
|
|
1,389,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity -
preferred |
|
- |
|
|
|
|
|
- |
|
|
|
|
Shareholders' equity -
common |
|
190,128 |
|
|
|
|
|
147,730 |
|
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
|
shareholders'
equity |
$ |
2,094,319 |
|
|
|
|
$ |
1,537,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
|
$ |
18,487 |
|
|
|
|
$ |
12,108 |
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
|
3.81 |
% |
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
1,408,566 |
|
|
$ |
35,100 |
|
5.03 |
% |
|
$ |
1,107,801 |
|
|
$ |
26,778 |
|
4.86 |
% |
|
Tax-exempt |
|
13,161 |
|
|
|
443 |
|
6.79 |
% |
|
|
15,189 |
|
|
|
424 |
|
5.61 |
% |
|
Securities |
|
|
|
|
|
|
|
|
Taxable |
|
200,544 |
|
|
|
2,459 |
|
2.47 |
% |
|
|
210,494 |
|
|
|
2,146 |
|
2.05 |
% |
|
Tax-exempt |
|
114,320 |
|
|
|
2,678 |
|
4.72 |
% |
|
|
75,482 |
|
|
|
1,873 |
|
4.99 |
% |
|
Interest bearing
deposits other banks |
|
|
|
|
|
|
|
|
and Federal
funds sold |
|
44,338 |
|
|
|
317 |
|
1.44 |
% |
|
|
8,621 |
|
|
|
7 |
|
0.16 |
% |
|
Total interest earning
assets |
|
1,780,929 |
|
|
|
40,997 |
|
4.64 |
% |
|
|
1,417,587 |
|
|
|
31,228 |
|
4.43 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest earning
assets |
|
|
|
|
|
|
|
|
Cash & due
from banks |
|
7,298 |
|
|
|
|
|
3,757 |
|
|
|
|
Premises &
equipment |
|
29,500 |
|
|
|
|
|
21,556 |
|
|
|
|
Other
assets |
|
106,440 |
|
|
|
|
|
89,708 |
|
|
|
|
Allowance for
loan losses |
|
(11,864 |
) |
|
|
|
|
(11,491 |
) |
|
|
|
Total assets |
$ |
1,912,303 |
|
|
|
|
$ |
1,521,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Interest bearing
liabilities |
|
|
|
|
|
|
|
|
Interest
bearing |
|
|
|
|
|
|
|
|
demand
deposits |
$ |
320,918 |
|
|
$ |
399 |
|
0.25 |
% |
|
$ |
207,487 |
|
|
$ |
162 |
|
0.16 |
% |
|
Savings
deposits |
|
365,026 |
|
|
|
1,242 |
|
0.69 |
% |
|
|
286,399 |
|
|
|
1,055 |
|
0.74 |
% |
|
Time
deposits |
|
584,767 |
|
|
|
3,383 |
|
1.17 |
% |
|
|
471,470 |
|
|
|
3,106 |
|
1.32 |
% |
|
Short-term
borrowings |
|
198,587 |
|
|
|
2,073 |
|
2.11 |
% |
|
|
176,111 |
|
|
|
659 |
|
0.75 |
% |
|
Long-term
borrowings and |
|
|
|
|
|
|
|
|
subordinated
debentures |
|
65,918 |
|
|
|
1,331 |
|
4.07 |
% |
|
|
94,811 |
|
|
|
1,952 |
|
4.14 |
% |
|
|
|
1,535,216 |
|
|
|
8,428 |
|
1.11 |
% |
|
|
1,236,278 |
|
|
|
6,934 |
|
1.13 |
% |
|
Noninterest bearing
liabilities |
|
|
|
|
|
|
|
|
Demand
deposits |
|
184,968 |
|
|
|
|
|
120,291 |
|
|
|
|
Other
liabilities |
|
18,454 |
|
|
|
|
|
17,485 |
|
|
|
|
Total
liabilities |
|
1,738,638 |
|
|
|
|
|
1,374,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity -
preferred |
|
- |
|
|
|
|
|
- |
|
|
|
|
Shareholders' equity -
common |
|
173,665 |
|
|
|
|
|
147,063 |
|
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
|
shareholders'
equity |
$ |
1,912,303 |
|
|
|
|
$ |
1,521,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
EARNINGS |
|
|
$ |
32,569 |
|
|
|
|
$ |
24,294 |
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
MARGIN |
|
|
|
3.69 |
% |
|
|
|
|
3.45 |
% |
|
|
|
|
|
|
|
|
|
|
Contact: Robert S. Tissue, Sr. Vice President & CFO
Telephone: (304) 530-0552
Email: rtissue@summitfgi.com
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