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0000811808 SUMMIT FINANCIAL GROUP, INC. false --12-31 Q3 2023 82,448 86,627 1.00 1.00 250,000 250,000 1,500 1,500 2.50 2.50 20,000,000 20,000,000 14,674,852 14,674,852 12,783,646 12,783,646 2,082 500 7,508 1,802 2,757 662 2,962 711 17,841 4,282 12 3 15,997 3,839 242 58 1,372 329 23,155 5,557 3,318 796 8,141 1,954 14,083 3,380 282 68 53,871 12,929 684 164 2,705 0.22 4,428 5,176 1,619 0.20 522 2,749 7,203 1,880,732 0.62 5,107 5,246 15,527 5,640 0.56 522,407 105,467 5 0 0 0 0 0 0 0 0 0 0 0 32.8 5.34 5 5 3 19.6 7 10 5 10 4 October 18, 2021 October 18, 2023 October 18, 2021 October 18, 2024 May 18, 2023 May 18, 2025 July 18, 2023 January 18, 2026 2 July 20, 2020 April 18, 2030 0.75 December 29, 2020 December 18, 2025 0.50 3 9.95 January 15, 2015 January 15, 2025 December 18, 2015 January 15, 2026 April 1, 2024 February 1, 2031 1 April 1, 2023 March 31, 2024 adopted adopted terminated None Derived from audited consolidated financial statements Included in the loans collectively evaluated are $8.5 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 September 30, 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/1c459061c2d70fbae4d68918007283d3-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

14,674,852 shares outstanding as of November 3, 2023

 

 

 

 
     

Page

PART  I.

FINANCIAL INFORMATION

 
       
 

Item 1.

Financial Statements

 
       
   

Consolidated balance sheets September 30, 2023 (unaudited) and December 31, 2022

3

       
   

Consolidated statements of income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

4

       
   

Consolidated statements of comprehensive income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

5

       
   

Consolidated statements of shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

6

       
   

Consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 (unaudited)

8

       
   

Notes to consolidated financial statements (unaudited)

10

       
 

Item 2.

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

45

       
 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

57

       
 

Item 4.

Controls and Procedures

58

     

PART II.

OTHER INFORMATION

 
     
 

Item 1.

Legal Proceedings

59

       
 

Item 1A.

Risk Factors

59

       
 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

       
 

Item 3.

Defaults upon Senior Securities

None

       
 

Item 4.

Mine Safety Disclosures

None

       
 

Item 5.

Other Information

None

       
 

Item 6.

Exhibits

60

       

EXHIBIT INDEX

 

61

       

SIGNATURES

 

62

 

 

 

 

Item 1.  Financial Statements

 

 

Consolidated Balance Sheets (unaudited)

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

Dollars in thousands (except per share amounts)

 

(unaudited)

  

(*)

 

ASSETS

        

Cash and due from banks

 $23,159  $16,469 

Interest bearing deposits with other banks

  36,398   28,248 

Cash and cash equivalents

  59,557   44,717 

Debt securities available for sale (at fair value)

  511,403   405,201 

Debt securities held to maturity (at amortized cost; estimated fair value - $82,448 - 2023, $86,627 - 2022)

  94,715   96,163 

Less: allowance for credit losses

      

Debt securities held to maturity, net

  94,715   96,163 

Equity investments (at fair value)

  31,241   29,494 

Other investments

  19,579   16,029 

Loans held for sale

  209    

Loans, net of unearned fees

  3,598,919   3,082,818 

Less: allowance for credit losses

  (47,233)  (38,899)

Loans, net

  3,551,686   3,043,919 

Property held for sale

  4,505   5,067 

Premises and equipment, net

  62,721   53,981 

Accrued interest and fees receivable

  19,789   15,866 

Goodwill and other intangible assets, net

  75,425   62,150 

Cash surrender value of life insurance policies and annuities

  85,076   71,640 

Derivative financial instruments

  44,527   40,506 

Other assets

  43,775   31,959 

Total assets

 $4,604,208  $3,916,692 
         

LIABILITIES AND SHAREHOLDERS' EQUITY

        

Liabilities

        

Deposits

        

Non-interest bearing

 $630,055  $553,616 

Interest bearing

  3,124,440   2,616,263 

Total deposits

  3,754,495   3,169,879 

Short-term borrowings

  258,054   225,999 

Long-term borrowings

  642   658 

Subordinated debentures, net

  103,661   103,296 

Subordinated debentures owed to unconsolidated subsidiary trusts

  19,589   19,589 

Other liabilities

  51,315   42,741 

Total liabilities

  4,187,756   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 shares

  14,920   14,920 

Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued and outstanding: 2023 - 14,674,852 shares and 2022 - 12,783,646 shares

  130,508   90,696 

Retained earnings

  289,641   260,393 

Accumulated other comprehensive loss

  (18,617)  (11,479)

Total shareholders' equity

  416,452   354,530 
         

Total liabilities and shareholders' equity

 $4,604,208  $3,916,692 

 

(*) - Derived from audited consolidated financial statements

See Notes to Consolidated Financial Statements

 

 

 

Consolidated Statements of Income (unaudited)

 

   

For the Three Months Ended September 30,

   

For the Nine Months Ended September 30,

 

Dollars in thousands (except per share amounts)

 

2023

   

2022

   

2023

   

2022

 

Interest income

                               

Loans, including fees

                               

Taxable

  $ 58,019     $ 38,741     $ 157,813     $ 101,640  

Tax-exempt

    83       43       186       134  

Securities

                               

Taxable

    4,971       2,273       13,283       5,694  

Tax-exempt

    1,386       1,224       4,140       3,177  

Interest on interest bearing deposits with other banks

    235       170       610       262  

Total interest income

    64,694       42,451       176,032       110,907  

Interest expense

                               

Deposits

    19,924       6,140       51,775       10,489  

Short-term borrowings

    1,988       850       4,024       1,918  

Long-term borrowings and subordinated debentures

    1,509       1,348       4,457       3,867  

Total interest expense

    23,421       8,338       60,256       16,274  

Net interest income

    41,273       34,113       115,776       94,633  

Provision for credit losses

    1,250       1,500       10,750       5,450  

Net interest income after provision for credit losses

    40,023       32,613       105,026       89,183  

Noninterest income

                               

Trust and wealth management fees

    819       725       2,484       2,228  

Mortgage origination revenue

    172       538       513       1,194  

Service charges on deposit accounts

    1,775       1,550       5,110       4,625  

Bank card revenue

    1,907       1,639       5,462       4,748  

Net realized losses on available for sale debt securities

    (12 )     (242 )     (282 )     (684 )

Net gains (losses) on equity investments

    180       283       375       (14 )

Bank owned life insurance and annuities income

    311       229       1,078       843  

Other

    113       165       334       348  

Total noninterest income

    5,265       4,887       15,074       13,288  

Noninterest expenses

                               

Salaries, commissions and employee benefits

    11,959       10,189       34,922       29,920  

Net occupancy expense

    1,436       1,301       4,297       3,801  

Equipment expense

    2,361       1,851       6,752       5,484  

Professional fees

    400       372       1,246       1,242  

Advertising and public relations

    247       276       681       613  

Amortization of intangibles

    998       354       2,340       1,088  

FDIC premiums

    716       292       1,788       872  

Bank card expense

    972       726       2,620       2,249  

Foreclosed properties expense, net of losses/(gains)

    10       26       73       77  

Acquisition-related expenses

    1,110             5,604       33  

Other

    3,953       3,834       10,563       8,651  

Total noninterest expenses

    24,162       19,221       70,886       54,030  

Income before income tax expense

    21,126       18,279       49,214       48,441  

Income tax expense

    4,794       3,856       10,572       10,311  

Net income

    16,332       14,423       38,642       38,130  

Preferred stock dividends

    225       225       675       675  

Net income applicable to common shares

  $ 16,107     $ 14,198     $ 37,967     $ 37,455  
                                 

Basic earnings per common share

  $ 1.10     $ 1.11     $ 2.70     $ 2.94  

Diluted earnings per common share

  $ 1.09     $ 1.11     $ 2.69     $ 2.92  

 

See Notes to Consolidated Financial Statements 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited)

 

  

For the Three Months Ended

 
  

September 30,

 

Dollars in thousands

 

2023

  

2022

 

Net income

 $16,332  $14,423 

Other comprehensive (loss) income:

        

Net unrealized gain on cashflow hedges of:

        

2023 - $2,082, net of deferred taxes of $(500); 2022 - $7,508, net of deferred taxes of $(1,802)

  1,582   5,706 

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

        

2023 - $2,757, net of deferred taxes of $(662); 2022 - $2,962, net of deferred taxes of $(711)

  2,095   2,251 

Net unrealized loss on debt securities available for sale of:

        

2023 - $(17,841), net of deferred taxes of $4,282 and reclassification adjustment for net realized losses included in net income of $(12), net of tax of $3; 2022 - $(15,997), net of deferred taxes of $3,839 and reclassification adjustment for net realized losses included in net income of $(242), net of tax of $58

  (13,559)  (12,158)

Total other comprehensive loss

  (9,882)  (4,201)

Total comprehensive income

 $6,450  $10,222 

 

  

For the Nine Months Ended

 
  

September 30,

 

Dollars in thousands

 

2023

  

2022

 

Net income

 $38,642  $38,130 

Other comprehensive (loss) income:

        

Net unrealized gain on cashflow hedges of:

        

2023 - $1,372, net of deferred taxes of $(329); 2022 - $23,155, net of deferred taxes of $(5,557)

  1,043   17,598 

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

        

2023 - $3,318, net of deferred taxes of $(796); 2022 - $8,141, net of deferred taxes of $(1,954)

  2,522   6,187 

Net unrealized loss on debt securities available for sale of:

        

2023 - $(14,083), net of deferred taxes of $3,380 and reclassification adjustment for net realized losses included in net income of $(282), net of tax of $68; 2022 - $(53,871), net of deferred taxes of $12,929 and reclassification adjustment for net realized losses included in net income of $(684), net of tax of $164

  (10,703)  (40,942)

Total other comprehensive loss