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0000811808 SUMMIT FINANCIAL GROUP, INC. false --12-31 Q1 2023 88,213 86,627 1.00 1.00 250,000 250,000 1,500 1,500 2.50 2.50 20,000,000 20,000,000 12,786,404 12,783,646 12,786,404 12,783,646 4,126 990 11,133 2,672 1,247 299 2,724 654 9,918 2,380 59 14 22,482 5,396 152 36 522 2,236 0.20 390 1,846 5,176 2,557 0.18 5 0 0 0 0 55.3 5.34 73.7 5 5 3 19.6 7 10 5 10 2 2 0.75 2 Derived from audited consolidated financial statements Included in the loans collectively evaluated are $8.1 million in fully guaranteed or cash secured loans, which are excluded from the pools collectively evaluated and carry no allowance. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2023

or

☐          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES

EXCHANGE ACT OF 1934 For the transition period from ___________ to __________.

 

Commission File Number 0-16587 

 

https://cdn.kscope.io/42effea0228d3bee7322b16eb86a5cc4-smmf20220930_10qimg001.jpg

 

Summit Financial Group, Inc.

(Exact name of registrant as specified in its charter)

 

West Virginia

55-0672148

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

 

300 North Main Street

 

Moorefield, West Virginia

26836

(Address of principal executive offices)

(Zip Code)

 

(304) 530-1000

 

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☑     No ☐

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☑     No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐               Accelerated filer ☑               Non-accelerated filer ☐

Smaller reporting company ☐            Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐     No ☑

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $2.50 per share

SMMF

NASDAQ Global Select Market

 

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock as of the latest practicable date.

 

Common Stock, $2.50 par value

14,668,564 shares outstanding as of May 8, 2023

 

 
Table of Contents

 

 

 
     

Page

PART  I.

FINANCIAL INFORMATION

  
       
 

Item 1.

Financial Statements

  
       
   

Consolidated balance sheets March 31, 2023 (unaudited) and December 31, 2022

3
       
   

Consolidated statements of income for the three months ended March 31, 2023 and 2022 (unaudited)

4
       
   

Consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022 (unaudited)

5
       
   

Consolidated statements of shareholders’ equity for the three months ended March 31, 2023 and 2022 (unaudited)

6
       
   

Consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 (unaudited)

7
       
   

Notes to consolidated financial statements (unaudited)

9
       
 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

44
       
 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

55
       
 

Item 4.

Controls and Procedures

56
     

PART II.

OTHER INFORMATION

  
     
 

Item 1.

Legal Proceedings

57
       
 

Item 1A.

Risk Factors

57
       
 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57
       
 

Item 3.

Defaults upon Senior Securities

None
       
 

Item 4.

Mine Safety Disclosures

None
       
 

Item 5.

Other Information

None
       
 

Item 6.

Exhibits

58
       

EXHIBIT INDEX

  

59
       

SIGNATURES

  

60
 

 

2
Table of Contents
Table of Contents
 

 

 

Item 1.  Financial Statements

 

 

Consolidated Balance Sheets (unaudited)

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 

Dollars in thousands (except per share amounts)

 

(unaudited)

  

(*)

 

ASSETS

        

Cash and due from banks

 $16,488  $16,469 

Interest bearing deposits with other banks

  54,328   28,248 

Cash and cash equivalents

  70,816   44,717 

Debt securities available for sale (at fair value)

  431,933   405,201 

Debt securities held to maturity (at amortized cost; estimated fair value - $88,213 - 2023, $86,627 - 2022)

  95,682   96,163 

Less: allowance for credit losses

  —   — 

Debt securities held to maturity, net

  95,682   96,163 

Equity investments (at fair value)

  29,867   29,494 

Other investments

  12,696   16,029 

Loans, net of unearned fees

  3,099,935   3,082,818 

Less: allowance for credit losses

  (40,836)  (38,899)

Loans, net

  3,059,099   3,043,919 

Property held for sale

  5,128   5,067 

Premises and equipment, net

  54,491   53,981 

Accrued interest and fees receivable

  16,264   15,866 

Goodwill and other intangible assets, net

  61,807   62,150 

Cash surrender value of life insurance policies and annuities

  72,019   71,640 

Derivative financial instruments

  34,758   40,506 

Other assets

  32,847   31,959 

Total assets

 $3,977,407  $3,916,692 
         

LIABILITIES AND SHAREHOLDERS' EQUITY

        

Liabilities

        

Deposits

        

Non-interest bearing

 $552,715  $553,616 

Interest bearing

  2,747,131   2,616,263 

Total deposits

  3,299,846   3,169,879 

Short-term borrowings

  140,150   225,999 

Long-term borrowings

  653   658 

Subordinated debentures, net

  103,418   103,296 

Subordinated debentures owed to unconsolidated subsidiary trusts

  19,589   19,589 

Other liabilities

  44,205   42,741 

Total liabilities

  3,607,861   3,562,162 

Commitments and Contingencies

          
         

Shareholders' Equity

        

Preferred stock and related surplus, $1.00 par value, authorized 250,000 shares; issued: 2023 and 2022- 1,500

  14,920   14,920 

Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2023 - 12,786,404 shares and 2022 - 12,783,646 shares; outstanding: 2023 - 12,786,404 shares and 2022 - 12,783,646

  90,939   90,696 

Retained earnings

  271,712   260,393 

Accumulated other comprehensive loss

  (8,025)  (11,479)

Total shareholders' equity

  369,546   354,530 
         

Total liabilities and shareholders' equity

 $3,977,407  $3,916,692 

 

(*) - Derived from audited consolidated financial statements

See Notes to Consolidated Financial Statements

 

3
Table of Contents

 

 

Consolidated Statements of Income (unaudited)

 

   

For the Three Months Ended March 31,

  

Dollars in thousands (except per share amounts)

  

2023

    

2022

  

Interest income

                

Loans, including fees

                

Taxable

   $ 45,421     $ 30,178  

Tax-exempt

     64       46  

Securities

                

Taxable

     3,412       1,656  

Tax-exempt

     1,407       967  

Interest on interest bearing deposits with other banks

     171       46  

Total interest income

     50,475       32,893  

Interest expense

                

Deposits

     14,000       1,727  

Short-term borrowings

     824       373  

Long-term borrowings and subordinated debentures

     1,462       1,239  

Total interest expense

     16,286       3,339  

Net interest income

     34,189       29,554  

Provision for credit losses

     1,500       1,950  

Net interest income after provision for credit losses

     32,689       27,604  

Noninterest income

                

Trust and wealth management fees

     811       757  

Mortgage origination revenue

     171       339  

Service charges on deposit accounts

     1,392       1,401  

Bank card revenue

     1,568       1,491  

Net realized losses on debt securities

     (59 )     (152 )

Net gains on equity investments

     45       372  

Bank owned life insurance and annuities income

     336       283  

Other

     122       54  

Total noninterest income

     4,386       4,545  

Noninterest expenses

                

Salaries, commissions and employee benefits

     10,807       9,700  

Net occupancy expense

     1,333       1,242  

Equipment expense

     2,030       1,843  

Professional fees

     376       362  

Advertising and public relations

     170       172  

Amortization of intangibles

     343       378  

FDIC premiums

     330       390  

Bank card expense

     696       714  

Foreclosed properties expense, net of losses/(gains)

     15       (90 )

Acquisition-related expenses

     331       29  

Other

     2,968       2,459  

Total noninterest expenses

     19,399       17,199  

Income before income tax expense

     17,676       14,950  

Income tax expense

     3,575       3,257  

Net income

     14,101       11,693  

Preferred stock dividends

     225       225  

Net income applicable to common shares

   $ 13,876     $ 11,468  
                 

Basic earnings per common share

   $ 1.09     $ 0.90  

Diluted earnings per common share

   $ 1.08     $ 0.90  

 

See Notes to Consolidated Financial Statements 

 

4
Table of Contents

 

 

Consolidated Statements of Comprehensive Income (unaudited)

 

  

For the Three Months Ended

 
  

March 31,

 

Dollars in thousands

 

2023

  

2022

 

Net income

 $14,101  $11,693 

Other comprehensive income (loss):

        

Net unrealized (loss) gain on cashflow hedges of:

        

2023 - $(4,126), net of deferred taxes of $990; 2022 - $11,133, net of deferred taxes of $(2,672)

  (3,136)  8,461 

Net unrealized (loss) gain on fair value hedge of debt securities available for sale of:

        

2023 - $(1,247), net of deferred taxes of $299; 2022 - $2,724, net of deferred taxes of $(654)

  (948)  2,070 

Net unrealized gain (loss) on debt securities available for sale of:

        

2023 - $9,918, net of deferred taxes of $(2,380) and reclassification adjustment for net realized losses included in net income of $(59), net of tax of $14; 2022 - $(22,482), net of deferred taxes of $5,396 and reclassification adjustment for net realized losses included in net income of $(152), net of tax of $36

  7,538   (17,086)

Total other comprehensive income (loss)

  3,454   (6,555)

Total comprehensive income

 $17,555  $5,138 

 

See Notes to Consolidated Financial Statements

 

5
Table of Contents

 

 

Consolidated Statements of Shareholders’ Equity (unaudited)

 

                  

Accumulated

     
  

Preferred

  

Common

  

Unallocated

      

Other

  

Total

 
  

Stock and

  

Stock and

  

Common

      

Compre-

  

Share-

 
  

Related

  

Related

  

Stock Held

  

Retained

  

hensive

  

holders'

 

Dollars in thousands (except per share amounts)

 

Surplus

  

Surplus

  

by ESOP

  

Earnings

  

(Loss) Income

  

Equity

 
                         

Balance December 31, 2022

 $14,920  $90,696  $—  $260,393  $(11,479) $354,530 
                         

Three Months Ended March 31, 2023

                        

Net income

  —   —   —   14,101   —   14,101 

Other comprehensive income

  —   —   —   —   3,454   3,454 

Exercise of SARs - 522 shares

  —   —   —   —   —   — 

Share-based compensation expense

  —   196   —   —   —   196 

Common stock issuances from reinvested dividends - 2,236 shares

  —   47   —   —   —   47 

Preferred stock cash dividends declared

  —   —   —   (225)  —   (225)

Common stock cash dividends declared ($0.20 per share)

  —   —   —   (2,557)  —   (2,557)

Balance, March 31, 2023

 $14,920  $90,939  $—  $271,712  $(8,025) $369,546 
                         

Balance December 31, 2021

 $14,920  $89,525  $(224) $217,770  $5,482  $327,473 
                         

Three Months Ended March 31, 2022

                        

Net income

  —   —   —   11,693   —   11,693 

Other comprehensive loss

  —   —   —   —   (6,555)  (6,555)

Exercise of SARs - 390 shares

  —   —   —   —   —   — 

Vesting of RSUs - 1,846 shares

  —   —   —   —   —   — 

Share-based compensation expense

  —   169   —   —   —   169 

Unallocated ESOP shares committed to be released - 5,176 shares

  —   83   57   —   —   140 

Common stock issuances from reinvested dividends - 2,557 shares

  —   65   —   —   —   65 

Preferred stock cash dividends declared

  —   —   —   (225)  —   (225)

Common stock cash dividends declared ($0.18 per share)

  —   —   —   (2,294)  —   (2,294)

Balance, March 31, 2022

 $14,920  $89,842  $(167) $226,944  $(1,073) $330,466 

 

See Notes to Consolidated Financial Statements

 

6
Table of Contents

 

 

Consolidated Statements of Cash Flows (unaudited)

 

   

Three Months Ended

  
   

March 31,

    

March 31,

  

Dollars in thousands

  

2023

    

2022

  

Cash Flows from Operating Activities

                

Net income

   $ 14,101     $ 11,693  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation

     869       930  

Provision for credit losses

     1,500       1,950  

Share-based compensation expense

     196       169  

Deferred income tax (benefit) expense

     (413 )     661  

Loans originated for sale

     (946 )     (8,891 )

Proceeds from sale of loans

     963       9,006  

Gains on loans held for sale

     (17 )     (153 )

Realized losses on debt securities, net

     59       152  

Gain on equity investments

     (45 )     (372 )

Gain on disposal of assets

     (5 )     (109 )

Write-downs of foreclosed properties

     —       24  

Amortization of securities premiums, net

     843       1,255  

Accretion related to acquisition adjustments, net

     (167 )     (357 )

Amortization of intangibles

     343       378  

Earnings on bank owned life insurance and annuities

     (379 )     (212 )

Increase in accrued interest receivable

     (398 )     (444 )

Increase in other assets

     (916 )     (332 )

Increase (decrease) in other liabilities

     1,590       (512 )

Net cash provided by operating activities

     17,178       14,836  

Cash Flows from Investing Activities

                

Proceeds from maturities and calls of debt securities available for sale

     1,145       210  

Proceeds from sales of debt securities available for sale

     36,940       16,092  

Principal payments received on debt securities available for sale

     8,048       8,730  

Purchases of debt securities available for sale

     (63,369 )     (22,202 )

Purchase of equity investments

     (41 )     —  

Purchases of other investments

     (3,171 )     (304 )

Proceeds from redemptions of other investments

     6,141       304  

Net loan originations

     (16,872 )     (90,457 )

Purchases of premises and equipment

     (1,384 )     (320 )

Proceeds from disposal of premises and equipment

     12       —  

Improvements to property held for sale

     (2 )     —  

Proceeds from sales of repossessed assets & property held for sale

     —       3,063  

Purchase of life insurance contracts and annuities

     —       (10,000 )

Net cash used in investing activities

     (32,553 )     (94,884 )

Cash Flows from Financing Activities

                

Net increase in demand deposit, NOW and savings accounts

     107,693       71,595  

Net increase (decrease) in time deposits

     22,370       (6,289 )

Net decrease in short-term borrowings

     (85,849 )     —  

Repayment of long-term borrowings

     (5 )     (5 )

Proceeds from issuance of common stock

     47       65  

Dividends paid on common stock

     (2,557 )     (2,294 )

Dividends paid on preferred stock

     (225 )     (225 )

Net cash provided by financing activities

     41,474       62,847  

Increase (decrease) in cash and cash equivalents

     26,099       (17,201 )

 

continued

 

See Notes to Consolidated Financial Statements

 

7
Table of Contents

 

Consolidated Statements of Cash Flows (unaudited)(continued)

 

   

Three Months Ended

  
   

March 31,

    

March 31,

  

Dollars in thousands

  

2023

    

2022

  

Cash and cash equivalents:

                

Beginning

     44,717       78,458  

Ending

   $ 70,816     $ 61,257  
                 
                 

Supplemental Disclosures of Cash Flow Information

                

Cash payments for:

                

Interest

   $ 15,545     $ 2,680  
                 

Supplemental Disclosures of Noncash Investing and Financing Activities

                

Real property and other assets acquired in settlement of loans

   $ 59     $ —  

Right of use assets obtained in exchange for lease obligations

   $ 733     $ —  

 

See Notes to Consolidated Financial Statements

 

8
Table of Contents

 

 

NOTE 1.  BASIS OF PRESENTATION

 

We, Summit Financial Group, Inc. and subsidiary, prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual year end financial statements.  In our opinion, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.

 

The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ materially from these estimates. You should carefully consider each risk factor discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.

 

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year.  The consolidated financial statements and notes included herein should be read in conjunction with our 2022 audited financial statements and Annual Report on Form 10-K. 

 
 

NOTE 2.  SIGNIFICANT NEW AUTHORITATIVE ACCOUNTING GUIDANCE

 

Recently Adopted

 

In March 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in ASC Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 was effective for us on January 1, 2023 and its adoption did not have a significant impact on our financial statements.

 

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method. ASU 2022-01 clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and is intended to better align hedge accounting with an organization’s risk management strategies. In 2017, FASB issued ASU 2017-12 to better align the economic results of risk management activities with hedge accounting. One of the major provisions of that standard was the addition of the last-of-layer hedging method. For a closed portfolio of fixed-rate prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, such as mortgages or mortgage-backed securities, the last-of-layer method allows an entity to hedge its exposure to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 renames that method the portfolio layer method. ASU 2022-01 was effective January 1, 2023 and its adoption did not have a material impact on our consolidated financial statements.

 

In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU was effective January 1, 2023 and its adoption did not have a material impact on our consolidated financial statements.