0000811808-11-000034.txt : 20111028 0000811808-11-000034.hdr.sgml : 20111028 20111028142503 ACCESSION NUMBER: 0000811808-11-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20111027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111028 DATE AS OF CHANGE: 20111028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUMMIT FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000811808 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 550672148 STATE OF INCORPORATION: WV FISCAL YEAR END: 0924 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16587 FILM NUMBER: 111164727 BUSINESS ADDRESS: STREET 1: 300 NORTH MAIN ST CITY: MOOREFIELD STATE: WV ZIP: 26836 BUSINESS PHONE: 3045301000 MAIL ADDRESS: STREET 1: 300 NORTH MAIN ST CITY: MOOREFIELD STATE: WV ZIP: 26836 FORMER COMPANY: FORMER CONFORMED NAME: SOUTH BRANCH VALLEY BANCORP INC DATE OF NAME CHANGE: 19920703 8-K 1 f8k093011.htm SUMMIT FINANCIAL GROUP FORM 8-K f8k093011.htm

 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

 CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2011

Summit Financial Group, Inc.
(Exact name of registrant as specified in its charter)


West Virginia
  
0-16587
  
55-0672148
(State or Other Jurisdiction)
  
(Commission File Number)
  
(I.R.S. Employer Identification)
 
        


300 North Main Street
                     Moorefield, WV                                                        26836
(Address of principal executive offices)   (Zip Code)



Registrant's telephone number, including area code
(304) 530-1000


Not Applicable
(Former name or former address, if changed since last report.)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 
 
 

Section 2 – Financial Information

Item 2.02.  Results of Operations and Financial Condition.

On October 27, 2011, Summit Financial Group, Inc. (“Summit”) issued a News Release announcing its earnings for the three months and nine months ended September 30, 2011.  This News Release is furnished as Exhibit 99 and is incorporated herein by reference.

Summit also issued on October 27, 2001 a News Release reporting a correction to the September 30, 2011 book value per common share and tangible book value per common share, as they were reported incorrectly in the original earnings announcement issued earlier the same day.  This News Release is furnished as Exhibit 99.1 and is incorporated herein by reference.




Section 9 – Financial Statements and Exhibits
 
 
Item 9.01  Financial Statements and Exhibits

(c)  
Exhibits

99              News Release issued on October 27, 2011
99.1           News Release issued on October 27, 2011



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 

                      SUMMIT FINANCIAL GROUP, INC.


Date:  October 28, 2011                                                                                                        By:   /s/ Julie R. Cook                                                      
                              Julie R. Cook
                              Vice President and
                              Chief Accounting Officer


 EX-99 2 pressrelease093011.htm SUMMIT FINANCIAL GROUP PRESS RELEASE pressrelease093011.htm

 
Exhibit 99


 

 
FOR RELEASE 9:00 AM EDT, October 27, 2011

Contact:                      Robert S. Tissue, Sr. Vice President & CFO
Telephone:                 (304) 530-0552
Email:                           rtissue@summitfgi.com
 
 
SUMMIT FINANCIAL GROUP REPORTS THIRD QUARTER 2011 RESULTS
 
 
Q3 2011 Diluted EPS $0.24 compared to $0.11 in Q2 2011 and ($0.03) in Q3 2010
 
 
MOOREFIELD, WV – October 27, 2011 (GLOBE NEWSWIRE) – Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF) today reported third quarter 2011 net income applicable to common shares of $1,862,000, or $0.24 per diluted share, compared with a net loss applicable to common shares of $201,000, or ($0.03) per diluted share, for the third quarter of 2010.
 
 
Excluding from third quarter 2011 nonrecurring items (on a pre-tax basis) consisting of realized securities gains of $1,517,000, charges for other-than-temporary impairment (“OTTI”) of securities of $484,000 and write-downs of foreclosed properties of $1,637,000, pro forma third quarter 2011 earnings were approximately $2.24 million, or $0.29 per diluted share.  Excluding from third quarter 2010 nonrecurring realized securities gains of $67,000 and OTTI of securities of $109,000, a pro forma net loss of $175,000 would have resulted, or ($0.03) per diluted share.
 
 
For the nine months ended September 30, 2011, Summit recorded net income applicable to common shares of $2.37 million, or $0.32 per diluted share, compared with a net loss applicable to common shares of $3.11 million, or ($0.42) per diluted share, for the comparable 2010 nine-month period.
 
 
Excluding from the nine month period ended September 30, 2011 nonrecurring items (on a pre-tax basis) comprised of realized securities gains of $3.46 million, OTTI charges of $2.25 million and write-downs of foreclosed properties of $5.77 million, and from the 2010 first nine-month period realized securities gains of $1.59 million, OTTI charges of $138,000, and write-downs of foreclosed properties of $2.19 million, pro forma earnings for first nine months of 2011 were approximately $5.24 million, or $0.70 per diluted share, compared to a pro forma net loss of $2.64 million, or ($0.35) per diluted share, for the 2010 nine month period.
 
 
Highlights for Q3 2011 include:
 
 
·  
Achieved best quarterly earnings since Q4 2008.
 
 
 
 
 
 
·  
Provision for loans losses declined by a third compared to that recorded in the prior quarter.
 
 
·  
Nonperforming assets decreased 5% in the quarter.
 
 
·  
Past due loans continue to trend downward.
 
 
·  
Recorded a $1.6 million charge to write-down foreclosed properties which was offset by $1.5 million in realized securities gains.
 
 
·  
Net interest margin remained stable, although loan levels continued to decline as originating quality new loans remains challenging.
 
 
·  
Noninterest expenses remained well-controlled.
 
 
·  
Through September 30, 2011, Summit had received subscriptions totaling $3.6 million in conjunction with its ongoing offerings of Series 2011 8% Noncumulative Convertible Preferred Stock.
 
 
H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, “We are very pleased to continue to achieve improved earnings performance. We remain very focused on reducing our portfolio of nonperforming assets, and we continue to make progress in this regard, although not at the pace we would desire. Loan delinquencies have declined, net loan charge-offs remain stabilized at levels well below that experienced in 2010, and we continue to see significantly fewer new problem loans. However, progress in regard to dispositions of foreclosed properties remains difficult to achieve as the return of our real estate markets to more normal levels is progressing slowly”.
 
 
Results from Operations
 
 
Total revenue for the 2011 third quarter, consisting of net interest income and noninterest income, was $12.1 million compared to $12.0 million for the 2010 third quarter. For the year-to-date period ended September 30, 2011, total revenue was $33.7 million compared to $36.6 million for the same period in 2010.
 
 
Perhaps more meaningful, total revenue excluding nonrecurring items (as enumerated above) was $12.7 million for third quarter 2011 compared to $12.0 million in the prior-year quarter, an increase of 5.8 percent.  For the first nine months of 2011, total revenue excluding nonrecurring items was $38.3 million versus $37.3 million for the same period in 2010, an increase of 2.6 percent.
 
 
For the third quarter of 2011, net interest income was $9.9 million, an increase of 3.9 percent from the $9.5 million reported in the prior-year third quarter and a decrease of 2.4 percent from the $10.2 million reported in the linked quarter. The net interest margin for third quarter 2011 was 3.08 percent compared to 2.84 percent for the year-ago quarter, and 3.09 percent for the linked quarter.
 
 
 
 
 
 
Noninterest income, consisting primarily of insurance commissions from Summit's insurance agency subsidiary and service fee income from community banking activities, for third quarter 2011 was $2.19 million compared to $2.42 million for the comparable period of 2010. Excluding nonrecurring items (as enumerated above), noninterest income was $2.79 million for third quarter 2011, up $329,000 or 13.4 percent from the $2.46 million reported for third quarter 2010.
 
 
The provision for loan losses was $2.0 million for the third quarter of 2011 compared to $3.0 million and $4.5 million for the linked and year-ago quarters, respectively.
 
 
Noninterest expense continues to be well-controlled. Total noninterest expense decreased 2.6% to $7.6 million for the quarter from $7.8 million in the linked quarter, and decreased 7.6% from the $8.2 million reported in third quarter 2010. Moreover, noninterest expense for the first nine months of 2011 was $1.26 million or 5.3 percent, less than during the first nine months of 2010. Cost-saving initiatives continue in place and their impact remains beneficial.
 
 
Balance Sheet
 
 
At September 30, 2011, total assets were $1.46 billion, a decrease of $13.9 million, or 0.9 percent, and a decrease of $31.8 million, or 2.1 percent, since December 31, 2010 and September 30, 2010, respectively. Total loans, net of unearned fees, were $982.3 million at September 30, 2011, down $30.2 million, or 3.0 percent, from the $1.01 billion reported at year-end 2010, and down $54.7 million or 5.3 percent from the year-ago quarter-end.
 
 
All loan categories have declined since year-end 2010, except for commercial real estate (“CRE”), the largest component of Summit’s loan portfolio, which increased a modest $2.3 million, or 0.5 percent. The second largest component of Summit’s loan portfolio, residential real estate, declined $13.8 million, or 3.9 percent, while construction and development (“C&D”) loans declined $9.3 million, or 8.3 percent and commercial (“C&I”) loans declined $6.6 million, or 6.8 percent.
 
 
During the first nine months of 2011, retail checking and savings deposits grew $55.3 million, or 13.8 percent, to $457.3 million. The increase in these deposits provided Summit with an opportunity to further reduce brokered deposits and relatively higher-cost long-term borrowings by $44.6 million and $32.1 million, respectively, or 19.4 percent and 9.4 percent, respectively, since year-end 2010.
 

 
 
 

Asset Quality
 
As of September 30, 2011, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $99.9 million, or 6.82 percent of assets. This compares to $105.3 million, or 7.18 percent of assets at the linked quarter, and $92.2 million, or 6.24 percent of assets, at year-end 2010. The 5.2 percent decline in third quarter 2011 NPAs compared to the linked quarter was the result of a $2.6 million reduction in nonperforming loans, and a $2.9 million decrease in foreclosed properties due to increased sales activity and write-downs to fair value.
 
 
Third quarter 2011 net loan charge-offs were $2.1 million, or 0.84 percent of average loans annualized; year-to-date 2011, Summit’s net loan charge-offs were $7.2 million, while adding $8.0 million to the allowance for loan losses. The allowance for loan losses stood at $17.9 million, or 1.82 percent of total loans at September 30, 2011, compared to 1.70 percent at year-end 2010.
 
 
Loans 30-89 day delinquent continued to show improvement, decreasing to 0.96 percent of total loans at September 30, 2011, compared to 1.16 percent and 2.77 percent of total loans at June 30, 2011 and December 31, 2010, respectively.
 
 
 Capital Adequacy
 
 
 Shareholders’ equity, which includes net subscription proceeds totaling $3.5 million relating to Summit’s ongoing offerings of Series 2011 8% Noncumulative Convertible Preferred Stock, was $98.9 million as of September 30, 2011 compared to $89.8 million December 31, 2010.
 
 
Summit's depository institution, Summit Community Bank, Inc. (the “Bank”), remains well in excess of regulatory requirements for a "well capitalized" institution at September 30, 2011. The Bank’s total risk-based capital ratio improved to 13.4 percent at September 30, 2011 compared 12.8 percent at June 30, 2011, while its Tier 1 leverage capital ratio improved to 8.7 from the 8.3 percent reported at June 30, 2011. Total common shares outstanding as of September 30, 2011 were 7,425,472.
 
 
About the Company
 
 
Summit Financial Group, Inc. is a $1.46 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates fifteen 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.
 
NON-GAAP FINANCIAL MEASURES

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America ("GAAP").  Specifically, Summit adjusted GAAP performance measures to exclude the effects of realized and unrealized securities gains and losses, and write-downs of foreclosed properties to estimated fair value included in its Statements of Income.  Management deems these items to be unusual in nature and believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Summit's core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.


 
 
 
 
 

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
              
Quarterly Performance Summary -- Q3 2011 vs Q3 2010
              
                   
             
   
For the Quarter Ended
    
Percent
  
 Dollars in thousands
  
9/30/2011
    
9/30/2010
    
Change
  
 Condensed Statements of Income
                  
 Interest income
                  
    Loans, including fees
   $ 14,717     $ 16,239       -9.4 %
    Securities
     2,920       3,308       -11.7 %
    Other
     15       7    
NM
  
 Total interest income
     17,652       19,554       -9.7 %
 Interest expense
                        
    Deposits
     4,561       5,160       -11.6 %
    Borrowings
     3,170       4,846       -34.6 %
 Total interest expense
     7,731       10,006       -22.7 %
 Net interest income
     9,921       9,548       3.9 %
 Provision for loan losses
     2,001       4,500       -55.5 %
 Net interest income after provision
                        
     for loan losses
     7,920       5,048       56.9 %
                         
 Noninterest income
                        
    Insurance commissions
     1,073       1,227       -12.6 %
    Service fee income
     776       763       1.7 %
    Realized securities gains
     1,517       67    
NM
  
    Other-than-temporary impairment of securities
     (484 )     (109 )     344.0 %
    Write-downs of foreclosed properties
     (1,637 )     -    
NA
  
    Other income
     942       472       99.6 %
Total noninterest income
     2,187       2,420       -9.6 %
 Noninterest expense
                        
   Salaries and employee benefits
     3,959       3,999       -1.0 %
   Net occupancy expense
     473       498       -5.0 %
   Equipment expense
     589       620       -5.0 %
   Professional fees
     265       223       18.8 %
   FDIC premiums
     580       715       -18.9 %
   Foreclosed properties expense
     389       671       -42.0 %
   Other expenses
     1,318       1,467       -10.2 %
Total noninterest expense
     7,573       8,193       -7.6 %
 Income (loss) before income taxes
     2,534       (725 )  
NM
  
 Income taxes
     598       (598 )  
NM
  
 Net income (loss)
     1,936       (127 )  
NM
  
 Preferred stock dividends
     74       74       0.0 %
                         
Net income (loss) applicable to common shares
   $ 1,862     $ (201 )  
NM
  
 

 


 
 
 




SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
              
Quarterly Performance Summary -- Q3 2011 vs Q3 2010
              
             
   
For the Quarter Ended
    
Percent
  
   
9/30/2011
    
9/30/2010
    
Change
  
 Per Share Data
                  
 Earnings per common share
                  
    Basic
   $ 0.25     $ (0.03 )  
NM
  
    Diluted
   $ 0.24     $ (0.03 )  
NM
  
                       
 Average shares outstanding
                      
    Basic
     7,425,472       7,425,472       0.0 %
    Diluted
     8,110,070       7,427,955       9.2 %
                         
 Performance Ratios
                        
 Return on average equity (A)
     8.54 %     -0.59 %  
NM
  
 Return on average assets
     0.53 %     -0.03 %  
NM
  
 Net interest margin
     3.08 %     2.84 %     8.5 %
 Efficiency ratio (B)
     57.29 %     65.38 %     -12.4 %


NOTE (A) – Net income divided by total shareholders’ equity less preferred equity.

NOTE (B) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.


 
 
 



SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
              
Nine Month Performance Summary -- 2011 vs 2010
                  
                   
                   
   
For the Nine Months Ended
    
Percent
  
 Dollars in thousands
  
9/30/2011
    
9/30/2010
    
Change
  
 Condensed Statements of Income
                  
 Interest income
                  
    Loans, including fees
   $ 44,814     $ 49,893       -10.2 %
    Securities
     9,088       10,493       -13.4 %
    Other
     59       21       181.0 %
 Total interest income
     53,961       60,407       -10.7 %
 Interest expense
                        
    Deposits
     13,971       16,037       -12.9 %
    Borrowings
     9,807       14,655       -33.1 %
 Total interest expense
     23,778       30,692       -22.5 %
 Net interest income
     30,183       29,715       1.6 %
 Provision for loan losses
     8,001       18,350       -56.4 %
 Net interest income after provision
                        
     for loan losses
     22,182       11,365       95.2 %
                         
 Noninterest income
                        
    Insurance commissions
     3,458       3,659       -5.5 %
    Service fee income
     2,155       2,298       -6.2 %
    Realized securities gains
     3,463       1,587       118.2 %
    Other-than-temporary impairment of securities
     (2,245 )     (138 )  
NM
  
    Write-downs of foreclosed properties
     (5,770 )     (2,194 )     -163.0 %
    Other income
     2,500       1,656       51.0 %
Total noninterest income
     3,561       6,868       -48.2 %
 Noninterest expense
                        
   Salaries and employee benefits
     11,987       11,812       1.5 %
   Net occupancy expense
     1,463       1,529       -4.3 %
   Equipment expense
     1,750       1,883       -7.1 %
   Professional fees
     654       759       -13.8 %
   FDIC premiums
     1,859       2,165       -14.1 %
   Foreclosed properties expense
     1,235       1,147       7.7 %
   Other expenses
     3,503       4,414       -20.6 %
Total noninterest expense
     22,451       23,709       -5.3 %
 Income (loss) before income taxes
     3,292       (5,476 )  
NM
  
 Income taxes
     698       (2,591 )  
NM
  
 Net income (loss)
     2,594       (2,885 )  
NM
  
 Preferred stock dividends
     223       223       0.0 %
                         
Net income (loss) applicable to common shares
   $ 2,371     $ (3,108 )  
NM
  

 
 
 




SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
              
Nine Month Performance Summary -- 2011 vs 2010
              
             
   
For the Nine Months Ended
    
Percent
  
   
9/30/2011
    
9/30/2010
    
Change
  
 Per Share Data
                  
 Earnings per common share
                  
    Basic
   $ 0.32     $ (0.42 )  
NM
  
    Diluted
   $ 0.32     $ (0.42 )  
NM
  
                       
 Average shares outstanding
                      
    Basic
     7,425,472       7,425,472       0.0 %
    Diluted
     7,428,860       7,426,422       0.0 %
                         
 Performance Ratios
                        
 Return on average equity (A)
     3.91 %     -4.41 %  
NM
  
 Return on average assets
     0.23 %     -0.25 %  
NM
  
 Net interest margin
     3.10 %     2.88 %     7.6 %
 Efficiency ratio (B)
     58.03 %     61.40 %     -5.5 %


NOTE (A) – Net income divided by total shareholders’ equity less preferred equity.

NOTE (B) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.


 
 
 


 
 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
                          
Five Quarter Performance Summary
                              
                         
   
For the Quarter Ended
  
 Dollars in thousands
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
 Condensed Statements of Income
                              
 Interest income
                              
    Loans, including fees
   $ 14,717     $ 14,956     $ 15,140     $ 16,064     $ 16,239  
    Securities
     2,920       3,125       3,043       3,191       3,308  
    Other
     15       28       17       11       7  
 Total interest income
     17,652       18,109       18,200       19,266       19,554  
 Interest expense
                                        
    Deposits
     4,561       4,667       4,743       5,000       5,160  
    Borrowings
     3,170       3,282       3,355       3,829       4,846  
 Total interest expense
     7,731       7,949       8,098       8,829       10,006  
 Net interest income
     9,921       10,160       10,102       10,437       9,548  
 Provision for loan losses
     2,001       3,000       3,000       3,000       4,500  
 Net interest income after provision
                                        
     for loan losses
     7,920       7,160       7,102       7,437       5,048  
                                         
 Noninterest income
                                        
    Insurance commissions
     1,073       1,142       1,242       1,086       1,227  
    Service fee income
     776       758       621       741       763  
    Realized securities gains
     1,517       318       1,628       463       67  
    Other-than-temporary impairment of securities
     (484 )     (533 )     (1,228 )     (850 )     (109 )
    Write-downs of foreclosed properties
     (1,637 )     (689 )     (3,443 )     (1,206 )     -  
    Other income
     942       859       699       637       472  
Total noninterest income
     2,187       1,855       (481 )     871       2,420  
 Noninterest expense
                                        
   Salaries and employee benefits
     3,959       4,055       3,973       3,839       3,999  
   Net occupancy expense
     473       481       509       480       498  
   Equipment expense
     589       581       580       574       620  
   Professional fees
     265       193       196       256       223  
   FDIC premiums
     580       586       693       705       715  
   Foreclosed properties expense
     389       412       434       430       671  
   Other expenses
     1,318       1,464       722       1,478       1,467  
Total noninterest expense
     7,573       7,772       7,107       7,762       8,193  
 Income (loss) before income taxes
     2,534       1,243       (486 )     546       (725 )
 Income taxes
     598       338       (238 )     (364 )     (598 )
 Net income (loss)
     1,936       905       (248 )     910       (127 )
 Preferred stock dividends
     74       74       74       74       74  
Net income (loss) applicable to common shares
   $ 1,862     $ 831     $ (322 )   $ 836     $ (201 )


 
 
 


 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
                    
Five Quarter Performance Summary
                              
                         
   
For the Quarter Ended
  
   
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
 Per Share Data
                              
 Earnings per common share
                              
    Basic
   $ 0.25     $ 0.11     $ (0.04 )   $ 0.11     $ (0.03 )
    Diluted
   $ 0.24     $ 0.11     $ (0.04 )   $ 0.11     $ (0.03 )
                                         
 Average shares outstanding
                                        
    Basic
     7,425,472       7,425,472       7,425,472       7,425,472       7,425,472  
    Diluted
     8,110,070       7,425,472       7,425,472       7,425,822       7,427,955  
                                         
 Performance Ratios
                                        
 Return on average equity (A)
     8.54 %     4.12 %     -1.14 %     4.17 %     -0.59 %
 Return on average assets
     0.53 %     0.24 %     -0.07 %     0.25 %     -0.03 %
 Net interest margin
     3.08 %     3.09 %     3.11 %     3.15 %     2.84 %
 Efficiency ratio - (B)
     57.29 %     58.42 %     58.38 %     58.05 %     65.00 %

NOTE (A) – Net income divided by total shareholders’ equity less preferred equity.

NOTE (B) – 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
                              
                               
   
For the Quarter Ended
  
 Dollars in thousands, except per share amounts
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
                               
 Assets
                              
Cash and due from banks
   $ 3,596     $ 4,515     $ 4,263     $ 4,652     $ 4,598  
Interest bearing deposits other banks
     39,103       24,658       46,448       45,696       40,691  
Securities
     292,442       295,806       293,240       271,730       267,856  
Loans, net
     964,349       971,127       979,387       995,319       1,018,169  
Property held for sale
     63,335       66,188       66,961       70,235       68,353  
Premises and equipment, net
     22,334       22,587       22,784       23,092       23,402  
Intangible assets
     8,739       8,826       8,914       9,002       9,090  
Cash surrender value of life insurance policies
     29,034       28,762       13,589       13,458       13,301  
Other assets
     41,652       45,517       46,609       45,286       50,952  
   Total assets
   $ 1,464,584     $ 1,467,986     $ 1,482,195     $ 1,478,470     $ 1,496,412  
                                         
 Liabilities and Shareholders' Equity
                                        
Retail deposits
   $ 861,639     $ 850,312     $ 844,914     $ 806,652     $ 786,992  
Brokered time deposits
     185,670       195,782       217,205       230,287       243,040  
Short-term borrowings
     955       2,047       1,879       1,582       1,610  
Long-term borrowings and
                                        
     subordinated debentures
     308,420       319,020       319,905       340,498       366,037  
Other liabilities
     8,976       8,966       8,964       9,630       8,499  
Shareholders' equity
     98,924       91,859       89,328       89,821       90,234  
   Total liabilities and shareholders' equity
   $ 1,464,584     $ 1,467,986     $ 1,482,195     $ 1,478,470     $ 1,496,412  
                                         
Book value per common share (A)
   $ 12.21     $ 11.34     $ 11.03     $ 11.01     $ 11.14  
Tangible book value per common share (A)
   $ 11.13     $ 10.25     $ 9.93     $ 9.90     $ 10.02  
Tangible equity / Tangible assets
     6.2 %     5.7 %     5.5 %     5.5 %     5.5 %

NOTE (A) – Assumes conversion of convertible preferred stock




SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
                    
Regulatory Capital Ratios
                              
                               
   
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
Summit Financial Group, Inc.
                              
Total Risk Based Capital
     12.3 %     11.9 %     11.7 %     11.8 %     11.6 %
Tier 1 Risk Based Capital
     9.7 %     9.3 %     9.1 %     9.1 %     8.8 %
Tier 1 Leverage Ratio
     6.9 %     6.7 %     6.6 %     6.9 %     6.7 %
                                         
Summit Community Bank, Inc.
                                        
Total Risk Based Capital
     13.4 %     12.8 %     12.6 %     12.6 %     12.2 %
Tier 1 Risk Based Capital
     12.1 %     11.5 %     11.3 %     11.4 %     10.9 %
Tier 1 Leverage Ratio
     8.7 %     8.3 %     8.3 %     8.5 %     8.3 %

 
 
 

 


SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
                    
Loan Composition
                              
                               
Dollars in thousands
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
                               
Commercial
   $ 90,422     $ 92,287     $ 92,227     $ 97,060     $ 95,713  
Commercial real estate
                                        
     Owner occupied
     171,192       180,943       182,956       187,098       193,109  
     Non-owner occupied
     253,538       242,431       240,604       235,337       236,260  
Construction and development
                                        
     Land and development
     94,023       94,464       93,675       99,085       112,185  
     Construction
     9,445       12,223       13,879       13,691       10,201  
Residential real estate
                                        
     Non-jumbo
     224,499       228,205       233,308       239,290       243,987  
     Jumbo
     62,255       60,817       61,878       61,339       64,264  
     Home equity
     51,025       50,884       50,499       50,987       51,152  
Consumer
     22,988       23,773       22,968       24,145       24,945  
Other
     2,911       3,116       4,326       4,511       5,222  
Total loans, net of unearned fees
     982,298       989,143       996,320       1,012,543       1,037,038  
Less allowance for loan losses
     17,949       18,016       16,933       17,224       18,869  
Loans, net
   $ 964,349     $ 971,127     $ 979,387     $ 995,319     $ 1,018,169  






SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
                    
Retail Deposit Composition
                          
                               
Dollars in thousands
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
Non interest bearing checking
   $ 85,406     $ 85,964     $ 86,735     $ 74,604     $ 76,362  
Interest bearing checking
     163,840       150,004       153,283       150,291       152,393  
Savings
     208,030       212,745       212,502       177,053       182,284  
Time deposits
     404,363       401,599       392,394       404,704       375,953  
Total retail deposits
   $ 861,639     $ 850,312     $ 844,914     $ 806,652     $ 786,992  



 
 
 
 
 

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
                          
Asset Quality Information
                              
   
For the Quarter Ended
  
 Dollars in thousands
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
Gross loan charge-offs
   $ 2,157     $ 2,022     $ 3,396     $ 5,135     $ 6,477  
Gross loan recoveries
     (89 )     (104 )     (105 )     (490 )     (78 )
   Net loan charge-offs
   $ 2,068     $ 1,918     $ 3,291     $ 4,645     $ 6,399  
                                         
Net loan charge-offs to average loans (annualized)
     0.84 %     0.76 %     1.31 %     1.76 %     2.42 %
Allowance for loan losses
   $ 17,949     $ 18,016     $ 16,933     $ 17,224     $ 18,869  
Allowance for loan losses as a percentage
                                        
    of period end loans
     1.82 %     1.82 %     1.70 %     1.70 %     1.82 %
Nonperforming assets:
                                        
   Nonperforming loans
                                        
       Commercial
   $ 3,473     $ 2,212     $ 2,186     $ 1,318     $ 891  
       Commercial real estate
     8,398       8,093       5,284       2,686       5,386  
       Commercial construction and development
     -       -       131       -       -  
       Residential construction and development
     17,506       19,222       8,428       10,048       14,419  
       Residential real estate
     6,818       9,237       6,343       7,517       8,542  
       Consumer
     87       130       206       142       75  
Total nonperforming loans
     36,282       38,894       22,578       21,711       29,313  
   Foreclosed properties
                                        
       Commercial
   $ 597     $ 597     $ 597     $ 597     $ -  
       Commercial real estate
     14,256       14,179       13,738       14,745       13,091  
       Commercial construction and development
     16,960       16,886       16,918       17,021       16,691  
       Residential construction and development
     27,804       30,512       32,002       34,377       35,197  
       Residential real estate
     3,718       4,014       3,706       3,495       3,374  
Total foreclosed properties
     63,335       66,188       66,961       70,235       68,353  
Other repossessed assets
     262       264       262       289       314  
Total nonperforming assets
   $ 99,879     $ 105,346     $ 89,801     $ 92,235     $ 97,980  
                                         
Nonperforming loans to period end loans
     3.69 %     3.93 %     2.26 %     2.14 %     2.82 %
Nonperforming assets to period end assets
     6.82 %     7.18 %     6.06 %     6.24 %     6.55 %




Loans Past Due 30-89 Days
                              
   
For the Quarter Ended
  
 In thousands
  
9/30/2011
    
6/30/2011
    
3/31/2011
    
12/31/2010
    
9/30/2010
  
                               
Commercial
   $ 255     $ 1,572     $ 910     $ 664     $ 817  
Commercial real estate
     2,797       2,756       2,515       4,523       1,933  
Construction and development
     1,251       163       1,947       3,156       1,711  
Residential real estate
     4,779       6,603       6,561       19,164       7,050  
Consumer
     308       415       494       551       691  
   Total
   $ 9,390     $ 11,509     $ 12,427     $ 28,058     $ 12,202  

 
 
 
 

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)
          
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
        
Q3 2011 vs Q3 2010
              
 
Q3 2011
  
Q3 2010
 
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
 $976,169
 $14,656
5.96%
  
 $1,052,668
 $16,161
6.09%
    Tax-exempt
 4,575
 92
7.98%
  
 5,786
 118
8.09%
  Securities
              
    Taxable
 246,411
 2,104
3.39%
  
 251,640
 2,874
4.53%
    Tax-exempt
 79,685
 1,236
6.15%
  
 39,408
 656
6.60%
   Interest bearing deposits other banks
              
        and Federal funds sold
 28,911
 15
0.21%
  
 20,069
 7
0.14%
Total interest earning assets
 1,335,751
 18,103
5.38%
  
 1,369,571
 19,816
5.74%
               
Noninterest earning assets
              
  Cash & due from banks
 4,047
      
 4,233
    
  Premises & equipment
 22,503
      
 23,619
    
  Other assets
 126,113
      
 117,326
    
  Allowance for loan losses
 (18,240)
      
 (20,427)
    
    Total assets
 $1,470,174
      
 $1,494,322
    
               
 LIABILITIES AND SHAREHOLDERS' EQUITY
            
               
Liabilities
              
Interest bearing liabilities
              
  Interest bearing
              
    demand deposits
 $152,516
 $96
0.25%
  
 $145,800
 $133
0.36%
  Savings deposits
 210,715
 467
0.88%
  
 189,879
 555
1.16%
  Time deposits
 602,454
 3,998
2.63%
  
 605,357
 4,472
2.93%
  Short-term borrowings
 1,226
 1
0.32%
  
 2,268
 2
0.35%
  Long-term borrowings and
              
     subordinated debentures
 313,102
 3,169
4.02%
  
 378,004
 4,844
5.08%
Total interest bearing liabilities
 1,280,013
 7,731
2.40%
  
 1,321,308
 10,006
3.00%
               
Noninterest bearing liabilities
              
  Demand deposits
 86,966
      
 74,444
    
  Other liabilities
 8,948
      
 8,577
    
    Total liabilities
 1,375,927
      
 1,404,329
    
               
Shareholders' equity - preferred
 3,558
      
 3,519
    
Shareholders' equity - common
 90,689
      
 86,474
    
  Total liabilities and
              
    shareholders' equity
 $1,470,174
      
 $1,494,322
    
               
NET INTEREST EARNINGS
  
 $10,372
      
 $9,810
  
               
NET INTEREST MARGIN
    
3.08%
      
2.84%
 
 
 
 
 

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)
          
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
        
YTD 2011 vs YTD 2010
              
   
 
YTD 2011
  
YTD 2010
 
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
 $987,928
 $44,622
6.04%
  
 $1,104,611
 $49,651
6.01%
    Tax-exempt
 4,765
 289
8.11%
  
 6,177
 367
7.94%
  Securities
              
    Taxable
 262,275
 7,290
3.72%
  
 250,511
 9,151
4.88%
    Tax-exempt
 56,313
 2,727
6.47%
  
 40,778
 2,032
6.66%
   Interest bearing deposits other banks
              
        and Federal funds sold
 36,307
 59
0.22%
  
 14,021
 21
0.20%
Total interest earning assets
 1,347,588
 54,987
5.46%
  
 1,416,098
 61,222
5.78%
               
Noninterest earning assets
              
  Cash & due from banks
 3,951
      
 4,280
    
  Premises & equipment
 22,737
      
 23,896
    
  Other assets
 118,393
      
 100,597
    
  Allowance for loan losses
 (18,144)
      
 (19,243)
    
    Total assets
 $1,474,525
      
 $1,525,628
    
               
 LIABILITIES AND SHAREHOLDERS' EQUITY
            
               
Liabilities
              
Interest bearing liabilities
              
  Interest bearing
              
    demand deposits
 $151,137
 $296
0.26%
  
 $146,152
 $463
0.42%
  Savings deposits
 206,705
 1,473
0.95%
  
 193,769
 1,883
1.30%
  Time deposits
 611,404
 12,202
2.67%
  
 600,976
 13,691
3.05%
  Short-term borrowings
 1,663
 3
0.24%
  
 20,998
 79
0.50%
  Long-term borrowings and
              
     subordinated debentures
 318,584
 9,804
4.11%
  
 392,027
 14,575
4.97%
 
 1,289,493
 23,778
2.47%
  
 1,353,922
 30,691
3.03%
Noninterest bearing liabilities
              
  Demand deposits
 83,768
      
 72,329
    
  Other liabilities
 9,234
      
 8,609
    
    Total liabilities
 1,382,495
      
 1,434,860
    
               
Shareholders' equity - preferred
 3,532
      
 3,519
    
Shareholders' equity - common
 88,498
      
 87,249
    
  Total liabilities and
              
    shareholders' equity
 $1,474,525
      
 $1,525,628
    
               
NET INTEREST EARNINGS
  
 $31,209
      
 $30,531
  
               
NET INTEREST MARGIN
    
3.10%
      
2.88%
 

 
 
 
 
 

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
                    
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
              
                         
   
For the Quarter Ended
    
For the Nine Months Ended
  
 Dollars in thousands
  
9/30/2011
    
9/30/2010
    
9/30/2011
    
9/30/2010
  
                         
 Net income applicable to common shares - excluding
                        
      realized securities gains, other-than-temporary
                        
      impairment of securities and write-downs of
                        
      foreclosed properties
   $ 2,243     $ (175 )   $ 5,238     $ (2,639 )
                                 
    Realized securities gains
     1,517       67       3,463       1,587  
    Applicable income tax effect
     (561 )     (25 )     (1,281 )     (587 )
    Other-than-temporary impairment of securities
     (484 )     (109 )     (2,245 )     (138 )
    Applicable income tax effect
     179       40       831       51  
    Write-downs foreclosed properties
     (1,637 )     -       (5,770 )     (2,194 )
    Applicable income tax effect
     606       -       2,135       812  
      (381 )     (26 )     (2,867 )     (469 )
     GAAP net income applicable to common shares
   $ 1,862     $ (201 )   $ 2,371     $ (3,108 )
                                 
Diluted earnings per common share - excluding realized
                          
       securities gains, other-than-temporary impairment
                                
       of securities, and write-downs of foreclosed
                                
    $ 0.29     $ (0.03 )   $ 0.70     $ (0.35 )
                                 
    Realized securities gains
     0.19       0.01       0.47       0.21  
    Applicable income tax effect
     (0.07 )     -       (0.17 )     (0.08 )
    Other-than-temporary impairment of securities
     (0.06 )     (0.01 )     (0.30 )     (0.02 )
    Applicable income tax effect
     0.02       -       0.11       0.01  
    Write-downs of foreclosed properties
     (0.20 )     -       (0.78 )     (0.30 )
    Applicable income tax effect
     0.07       -       0.29       0.11  
      (0.05 )     -       (0.38 )     (0.07 )
 GAAP diluted earnings per common share
   $ 0.24     $ (0.03 )   $ 0.32     $ (0.42 )
                                 
 Total revenue - excluding realized securities gains,
                                
     other-than-temporary impairment of securities and
                                
     write-downs of foreclosed properties
   $ 12,712     $ 12,010     $ 38,296     $ 37,328  
                                 
     Realized securities gains
     1,517       67       3,463       1,587  
    Other-than-temporary impairment of securities
     (484 )     (109 )     (2,245 )     (138 )
    Write-downs of foreclosed properties
     (1,637 )     -       (5,770 )     (2,194 )
      (604 )     (42 )     (4,552 )     (745 )
 GAAP total revenue
   $ 12,108     $ 11,968     $ 33,744     $ 36,583  
                                 
 Total noninterest income - excluding realized securities
                                
     gains, other-than-temporary impairment of securities
                                
     and write-downs of foreclosed properties
   $ 2,791     $ 2,462     $ 8,113     $ 7,613  
                                 
     Realized securities gains
     1,517       67       3,463       1,587  
    Other-than-temporary impairment of securities
     (484 )     (109 )     (2,245 )     (138 )
    Write-downs of foreclosed properties
     (1,637 )     -       (5,770 )     (2,194 )
      (604 )     (42 )     (4,552 )     (745 )
 GAAP total noninterest income
   $ 2,187     $ 2,420     $ 3,561     $ 6,868  



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MWDW;2?%_!U\;[1M"L=/OFM(K%KJ&+]ZT$9)2,N26*C)P,US MFA_LV?#;PUJFG:GIGA'3;+4=.NI;VWNX5<2K-)NWN7WY8GX6Y.ILC&X\Q1@$/NXX[#CVJIK'[.WPY\0_$*W\<:AX/T MJZ\4V[QR)JGW'(!"LR]F921ZT`>4_M*_"KX:_"+X0_$WXA6O@^RMM; M?1KQ);ZQBQ.TD^5,GS-MW;W!+8W<=>U<3_P3A\+?#3QG\%/"GCO1_`]CI?BJ MRMO[)N]4D@#322I]]T;<0H;J2`#0![[:_LN_"RV\4:IXAA\#Z-%K&I1R)=7: M0,'D\P8=OO85C_?4!O0BK;_LV_#6.V>W7P;I(MI&5I+<1,(G*IL!9-VTG;QR M*`/-OC_X-^&7P!^'-S\5!\/]+OM7\#:?MT=TA/F6YW8C526X4,V> EX-99.1 4 correction093011.htm SUMMIT FINANCIAL GROUP CORRECTION TO PRESS RELEASE correction093011.htm

 
Exhibit 99.1



 

FOR IMMEDIATE RELEASE, October 27, 2011

Contact:                      Robert S. Tissue, Sr. Vice President & CFO
Telephone:                  (304) 530-0552
Email:                           rtissue@summitfgi.com
 
 
 
SUMMIT FINANCIAL GROUP REPORTS CORRECTED BOOK VALUE PER SHARE AND TANGIBLE BOOK VALUE PER SHARE AT SEPTEMBER 30, 2011

 
MOOREFIELD, WV – October 27, 2011 (GLOBE NEWSWIRE) –Summit Financial Group, Inc. (Nasdaq SMMF) is reporting a correction to the book value per common share and the tangible book value per common share, originally reported on page 12 of the release titled “Summit Financial Group Reports Third Quarter 2011 Results” issued earlier today.  As of September 30, 2011, corrected book value per common share is $10.66 versus the $12.21 book value per common share reported earlier, and corrected tangible book value per share is $9.99 versus the $11.13 tangible book value per common share reported earlier.
 
 
 
About the Company
 
Summit Financial Group, Inc. is a $1.46 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates fifteen banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.