West Virginia
|
0-16587
|
55-0672148
|
||
(State or Other Jurisdiction)
|
(Commission File Number)
|
(I.R.S. Employer Identification)
|
||
|
¨
|
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))
|
(c)
|
Exhibits
|
|
Exhibit 99
|
·
|
Achieved fourth consecutive quarter of positive quarterly earnings.
|
·
|
Net interest margin increased 17 basis points this quarter.
|
·
|
Earnings continue to be positively impacted by reductions in net loan charge-offs and provisions for loan losses.
|
·
|
Recorded charges of $1,912,000 and $229,000, respectively, to write-down foreclosed properties and to recognize OTTI of securities, which were partially offset by $1,165,000 in realized securities gains.
|
·
|
Noninterest expenses remained well-controlled.
|
·
|
Summit’s leverage capital ratio is at its highest level in five years and its total risk-based capital ratio is at highest level in eleven years.
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
Quarterly Performance Summary -- Q1 2012 vs Q1 2011
|
||||||||||||
For the Quarter Ended
|
Percent
|
|||||||||||
Dollars in thousands
|
3/31/2012
|
3/31/2011
|
Change
|
|||||||||
Condensed Statements of Income
|
||||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 14,365 | $ | 15,140 | -5.1 | % | ||||||
Securities
|
2,421 | 3,043 | -20.4 | % | ||||||||
Other
|
11 | 17 | -35.3 | % | ||||||||
Total interest income
|
16,797 | 18,200 | -7.7 | % | ||||||||
Interest expense
|
||||||||||||
Deposits
|
3,713 | 4,743 | -21.7 | % | ||||||||
Borrowings
|
3,066 | 3,355 | -8.6 | % | ||||||||
Total interest expense
|
6,779 | 8,098 | -16.3 | % | ||||||||
Net interest income
|
10,018 | 10,102 | -0.8 | % | ||||||||
Provision for loan losses
|
2,001 | 3,000 | -33.3 | % | ||||||||
Net interest income after provision
|
||||||||||||
for loan losses
|
8,017 | 7,102 | 12.9 | % | ||||||||
Noninterest income
|
||||||||||||
Insurance commissions
|
1,158 | 1,242 | -6.8 | % | ||||||||
Service fee income
|
1,014 | 888 | 14.2 | % | ||||||||
Realized securities gains
|
1,165 | 1,628 | -28.4 | % | ||||||||
Other-than-temporary impairment of securities
|
(229 | ) | (1,228 | ) | -81.4 | % | ||||||
Write-downs of foreclosed properties
|
(1,912 | ) | (3,443 | ) | -44.5 | % | ||||||
Other income
|
507 | 432 | 17.4 | % | ||||||||
Total noninterest income
|
1,703 | (481 | ) | -454.1 | % | |||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
3,901 | 3,972 | -1.8 | % | ||||||||
Net occupancy expense
|
479 | 509 | -5.9 | % | ||||||||
Equipment expense
|
594 | 580 | 2.4 | % | ||||||||
Professional fees
|
304 | 197 | 54.3 | % | ||||||||
FDIC premiums
|
522 | 693 | -24.7 | % | ||||||||
Foreclosed properties expense
|
374 | 434 | -13.8 | % | ||||||||
Other expenses
|
1,365 | 722 | 89.1 | % | ||||||||
Total noninterest expense
|
7,539 | 7,107 | 6.1 | % | ||||||||
Income before income taxes
|
2,181 | (486 | ) | 548.8 | % | |||||||
Income taxes
|
483 | (238 | ) | 302.9 | % | |||||||
Net income
|
1,698 | (248 | ) | 784.7 | % | |||||||
Preferred stock dividends
|
194 | 74 | 162.2 | % | ||||||||
Net income applicable to common shares
|
$ | 1,504 | $ | (322 | ) | 567.1 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
Quarterly Performance Summary -- Q1 2012 vs Q1 2011
|
||||||||||||
For the Quarter Ended
|
Percent
|
|||||||||||
3/31/2012
|
3/31/2011
|
Change
|
||||||||||
Per Share Data
|
||||||||||||
Earnings per common share
|
||||||||||||
Basic
|
$ | 0.20 | $ | (0.04 | ) | 600.0 | % | |||||
Diluted
|
$ | 0.18 | $ | (0.04 | ) | 550.0 | % | |||||
Average shares outstanding
|
||||||||||||
Basic
|
7,425,472 | 7,425,472 | 0.0 | % | ||||||||
Diluted
|
9,600,017 | 7,425,472 | 29.3 | % | ||||||||
Performance Ratios
|
||||||||||||
Return on average equity (A)
|
7.13 | % | -1.14 | % | 725.4 | % | ||||||
Return on average assets
|
0.47 | % | -0.07 | % | 771.4 | % | ||||||
Net interest margin
|
3.20 | % | 3.11 | % | 2.9 | % | ||||||
Efficiency ratio (B)
|
56.46 | % | 58.80 | % | -4.0 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
Dollars in thousands
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Condensed Statements of Income
|
||||||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 14,365 | $ | 14,362 | $ | 14,717 | $ | 14,956 | $ | 15,140 | ||||||||||
Securities
|
2,421 | 2,711 | 2,920 | 3,125 | 3,043 | |||||||||||||||
Other
|
11 | 13 | 15 | 28 | 17 | |||||||||||||||
Total interest income
|
16,797 | 17,086 | 17,652 | 18,109 | 18,200 | |||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
3,713 | 4,302 | 4,561 | 4,667 | 4,743 | |||||||||||||||
Borrowings
|
3,066 | 3,123 | 3,170 | 3,282 | 3,355 | |||||||||||||||
Total interest expense
|
6,779 | 7,425 | 7,731 | 7,949 | 8,098 | |||||||||||||||
Net interest income
|
10,018 | 9,661 | 9,921 | 10,160 | 10,102 | |||||||||||||||
Provision for loan losses
|
2,001 | 1,999 | 2,001 | 3,000 | 3,000 | |||||||||||||||
Net interest income after provision
|
||||||||||||||||||||
for loan losses
|
8,017 | 7,662 | 7,920 | 7,160 | 7,102 | |||||||||||||||
Noninterest income
|
||||||||||||||||||||
Insurance commissions
|
1,158 | 1,003 | 1,073 | 1,142 | 1,242 | |||||||||||||||
Service fee income
|
1,014 | 790 | 776 | 758 | 888 | |||||||||||||||
Realized securities gains
|
1,165 | 542 | 1,517 | 318 | 1,628 | |||||||||||||||
Other-than-temporary impairment of securities
|
(229 | ) | (401 | ) | (484 | ) | (533 | ) | (1,228 | ) | ||||||||||
Write-downs of foreclosed properties
|
(1,912 | ) | (882 | ) | (1,637 | ) | (689 | ) | (3,443 | ) | ||||||||||
Other income
|
507 | 937 | 942 | 859 | 432 | |||||||||||||||
Total noninterest income
|
1,703 | 1,989 | 2,187 | 1,855 | (481 | ) | ||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
3,901 | 3,846 | 3,959 | 4,055 | 3,972 | |||||||||||||||
Net occupancy expense
|
479 | 472 | 473 | 481 | 509 | |||||||||||||||
Equipment expense
|
594 | 593 | 589 | 581 | 580 | |||||||||||||||
Professional fees
|
304 | 501 | 265 | 193 | 197 | |||||||||||||||
FDIC premiums
|
522 | 564 | 580 | 586 | 693 | |||||||||||||||
Foreclosed properties expense
|
374 | 441 | 389 | 412 | 434 | |||||||||||||||
Other expenses
|
1,365 | 1,417 | 1,318 | 1,464 | 722 | |||||||||||||||
Total noninterest expense
|
7,539 | 7,834 | 7,573 | 7,772 | 7,107 | |||||||||||||||
Income (loss) before income taxes
|
2,181 | 1,817 | 2,534 | 1,243 | (486 | ) | ||||||||||||||
Income taxes
|
483 | 337 | 598 | 338 | (238 | ) | ||||||||||||||
Net income (loss)
|
1,698 | 1,480 | 1,936 | 905 | (248 | ) | ||||||||||||||
Preferred stock dividends
|
194 | 149 | 74 | 74 | 74 | |||||||||||||||
Net income (loss) applicable to common shares
|
$ | 1,504 | $ | 1,331 | $ | 1,862 | $ | 831 | $ | (322 | ) |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
||||||||||||||||
Per Share Data
|
||||||||||||||||||||
Earnings per common share
|
||||||||||||||||||||
Basic
|
$ | 0.20 | $ | 0.18 | $ | 0.25 | $ | 0.11 | $ | (0.04 | ) | |||||||||
Diluted
|
$ | 0.18 | $ | 0.16 | $ | 0.24 | $ | 0.11 | $ | (0.04 | ) | |||||||||
Average shares outstanding
|
||||||||||||||||||||
Basic
|
7,425,472 | 7,425,472 | 7,425,472 | 7,425,472 | 7,425,472 | |||||||||||||||
Diluted
|
9,600,017 | 9,044,976 | 8,110,070 | 7,425,472 | 7,425,472 | |||||||||||||||
Performance Ratios
|
||||||||||||||||||||
Return on average equity (A)
|
7.13 | % | 6.40 | % | 8.54 | % | 4.12 | % | -1.14 | % | ||||||||||
Return on average assets
|
0.47 | % | 0.41 | % | 0.53 | % | 0.24 | % | -0.07 | % | ||||||||||
Net interest margin
|
3.20 | % | 3.03 | % | 3.08 | % | 3.09 | % | 3.11 | % | ||||||||||
Efficiency ratio (B)
|
56.46 | % | 60.10 | % | 57.29 | % | 58.42 | % | 58.80 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Selected Balance Sheet Data
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
Dollars in thousands, except per share amounts
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$ | 4,059 | $ | 4,398 | $ | 3,596 | $ | 4,515 | $ | 4,263 | ||||||||||
Interest bearing deposits other banks
|
26,855 | 28,294 | 39,103 | 24,658 | 46,448 | |||||||||||||||
Securities
|
292,002 | 286,599 | 292,442 | 295,806 | 293,240 | |||||||||||||||
Loans, net
|
957,797 | 965,516 | 964,349 | 971,127 | 979,387 | |||||||||||||||
Property held for sale
|
61,584 | 63,938 | 63,335 | 66,188 | 66,961 | |||||||||||||||
Premises and equipment, net
|
21,756 | 22,084 | 22,334 | 22,587 | 22,784 | |||||||||||||||
Intangible assets
|
8,563 | 8,651 | 8,739 | 8,826 | 8,914 | |||||||||||||||
Cash surrender value of life insurance policies
|
29,559 | 29,284 | 29,034 | 28,762 | 13,589 | |||||||||||||||
Other assets
|
42,190 | 41,357 | 41,652 | 45,517 | 46,609 | |||||||||||||||
Total assets
|
$ | 1,444,365 | $ | 1,450,121 | $ | 1,464,584 | $ | 1,467,986 | $ | 1,482,195 | ||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||
Retail deposits
|
$ | 785,283 | $ | 784,029 | $ | 816,904 | $ | 809,952 | $ | 816,232 | ||||||||||
Wholesale deposits
|
225,856 | 232,471 | 230,405 | 236,142 | 245,887 | |||||||||||||||
Short-term borrowings
|
15,956 | 15,956 | 955 | 2,047 | 1,879 | |||||||||||||||
Long-term borrowings and
|
||||||||||||||||||||
subordinated debentures
|
303,510 | 306,643 | 308,420 | 319,020 | 319,905 | |||||||||||||||
Other liabilities
|
9,361 | 8,456 | 8,976 | 8,966 | 8,964 | |||||||||||||||
Shareholders' equity
|
104,399 | 102,566 | 98,924 | 91,859 | 89,328 | |||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,444,365 | $ | 1,450,121 | $ | 1,464,584 | $ | 1,467,986 | $ | 1,482,195 | ||||||||||
Book value per common share (A)
|
$ | 10.87 | $ | 10.68 | $ | 10.96 | $ | 11.34 | $ | 11.03 | ||||||||||
Tangible book value per common share (A)
|
$ | 9.98 | $ | 9.78 | $ | 9.99 | $ | 10.25 | $ | 9.93 | ||||||||||
Tangible equity / Tangible assets
|
6.7 | % | 6.5 | % | 6.2 | % | 5.7 | % | 5.5 | % |
NOTE (A) – Assumes conversion of all outstanding convertible preferred stock
|
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Regulatory Capital Ratios
|
||||||||||||||||||||
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
||||||||||||||||
Summit Financial Group, Inc.
|
||||||||||||||||||||
Total Risk Based Capital
|
13.3 | % | 13.0 | % | 12.3 | % | 11.9 | % | 11.7 | % | ||||||||||
Tier 1 Risk Based Capital
|
10.8 | % | 10.5 | % | 9.7 | % | 9.3 | % | 9.1 | % | ||||||||||
Tier 1 Leverage Ratio
|
7.8 | % | 7.6 | % | 6.9 | % | 6.7 | % | 6.6 | % | ||||||||||
Summit Community Bank, Inc.
|
||||||||||||||||||||
Total Risk Based Capital
|
14.0 | % | 13.6 | % | 13.4 | % | 12.8 | % | 12.6 | % | ||||||||||
Tier 1 Risk Based Capital
|
12.7 | % | 12.3 | % | 12.1 | % | 11.5 | % | 11.3 | % | ||||||||||
Tier 1 Leverage Ratio
|
9.1 | % | 8.9 | % | 8.7 | % | 8.3 | % | 8.3 | % |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Loan Composition
|
||||||||||||||||||||
Dollars in thousands
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Commercial
|
$ | 99,386 | $ | 99,024 | $ | 94,801 | $ | 96,796 | $ | 96,843 | ||||||||||
Commercial real estate
|
||||||||||||||||||||
Owner occupied
|
153,528 | 158,754 | 166,813 | 169,935 | 171,791 | |||||||||||||||
Non-owner occupied
|
275,727 | 270,226 | 253,538 | 248,930 | 247,153 | |||||||||||||||
Construction and development
|
||||||||||||||||||||
Land and development
|
88,212 | 93,035 | 94,023 | 94,464 | 93,675 | |||||||||||||||
Construction
|
2,148 | 2,936 | 9,445 | 12,223 | 13,879 | |||||||||||||||
Residential real estate
|
||||||||||||||||||||
Non-jumbo
|
219,485 | 221,733 | 224,499 | 228,205 | 233,308 | |||||||||||||||
Jumbo
|
62,836 | 61,535 | 62,255 | 60,817 | 61,878 | |||||||||||||||
Home equity
|
50,884 | 50,898 | 51,025 | 50,884 | 50,499 | |||||||||||||||
Consumer
|
21,573 | 22,325 | 22,988 | 23,773 | 22,968 | |||||||||||||||
Other
|
2,540 | 2,762 | 2,911 | 3,116 | 4,326 | |||||||||||||||
Total loans, net of unearned fees
|
976,319 | 983,228 | 982,298 | 989,143 | 996,320 | |||||||||||||||
Less allowance for loan losses
|
18,522 | 17,712 | 17,949 | 18,016 | 16,933 | |||||||||||||||
Loans, net
|
$ | 957,797 | $ | 965,516 | $ | 964,349 | $ | 971,127 | $ | 979,387 |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Retail Deposit Composition
|
||||||||||||||||||||
Dollars in thousands
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Non interest bearing checking
|
$ | 87,916 | $ | 88,655 | $ | 85,406 | $ | 85,964 | $ | 86,735 | ||||||||||
Interest bearing checking
|
172,506 | 158,483 | 163,840 | 150,004 | 153,283 | |||||||||||||||
Savings
|
212,402 | 208,809 | 208,030 | 212,745 | 212,502 | |||||||||||||||
Time deposits
|
312,459 | 328,082 | 359,628 | 361,239 | 363,712 | |||||||||||||||
Total retail deposits
|
$ | 785,283 | $ | 784,029 | $ | 816,904 | $ | 809,952 | $ | 816,232 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Asset Quality Information
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
Dollars in thousands
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Gross loan charge-offs
|
$ | 1,340 | $ | 2,368 | $ | 2,157 | $ | 2,022 | $ | 3,396 | ||||||||||
Gross loan recoveries
|
(149 | ) | (133 | ) | (89 | ) | (104 | ) | (105 | ) | ||||||||||
Net loan charge-offs
|
$ | 1,191 | $ | 2,235 | $ | 2,068 | $ | 1,918 | $ | 3,291 | ||||||||||
Net loan charge-offs to average loans (annualized)
|
0.49 | % | 0.91 | % | 0.84 | % | 0.76 | % | 1.31 | % | ||||||||||
Allowance for loan losses
|
$ | 18,523 | $ | 17,712 | $ | 17,949 | $ | 18,016 | $ | 16,933 | ||||||||||
Allowance for loan losses as a percentage
|
||||||||||||||||||||
of period end loans
|
1.89 | % | 1.80 | % | 1.82 | % | 1.82 | % | 1.70 | % | ||||||||||
Nonperforming assets:
|
||||||||||||||||||||
Nonperforming loans
|
||||||||||||||||||||
Commercial
|
$ | 2,477 | $ | 3,259 | $ | 3,473 | $ | 2,212 | $ | 2,186 | ||||||||||
Commercial real estate
|
4,282 | 7,163 | 8,398 | 8,093 | 5,284 | |||||||||||||||
Commercial construction and development
|
799 | 1,052 | - | - | 131 | |||||||||||||||
Residential construction and development
|
21,375 | 22,634 | 17,506 | 19,222 | 8,428 | |||||||||||||||
Residential real estate
|
17,754 | 18,187 | 6,818 | 9,237 | 6,343 | |||||||||||||||
Consumer
|
81 | 145 | 87 | 130 | 206 | |||||||||||||||
Total nonperforming loans
|
46,768 | 52,440 | 36,282 | 38,894 | 22,578 | |||||||||||||||
Foreclosed properties
|
||||||||||||||||||||
Commercial
|
- | - | 597 | 597 | 597 | |||||||||||||||
Commercial real estate
|
14,703 | 15,721 | 14,256 | 14,179 | 13,738 | |||||||||||||||
Commercial construction and development
|
17,377 | 17,101 | 16,960 | 16,886 | 16,918 | |||||||||||||||
Residential construction and development
|
25,724 | 27,877 | 27,804 | 30,512 | 32,002 | |||||||||||||||
Residential real estate
|
3,780 | 3,239 | 3,718 | 4,014 | 3,706 | |||||||||||||||
Total foreclosed properties
|
61,584 | 63,938 | 63,335 | 66,188 | 66,961 | |||||||||||||||
Other repossessed assets
|
266 | 263 | 262 | 264 | 262 | |||||||||||||||
Total nonperforming assets
|
$ | 108,618 | $ | 116,641 | $ | 99,879 | $ | 105,346 | $ | 89,801 | ||||||||||
Nonperforming loans to period end loans
|
4.79 | % | 5.33 | % | 3.69 | % | 3.93 | % | 2.26 | % | ||||||||||
Nonperforming assets to period end assets
|
7.52 | % | 8.04 | % | 6.82 | % | 7.18 | % | 6.06 | % |
Loans Past Due 30-89 Days
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
In thousands
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
|||||||||||||||
Commercial
|
$ | 689 | $ | 533 | $ | 255 | $ | 1,572 | $ | 910 | ||||||||||
Commercial real estate
|
2,776 | 5,746 | 2,797 | 2,756 | 2,515 | |||||||||||||||
Construction and development
|
518 | 1,756 | 1,251 | 163 | 1,947 | |||||||||||||||
Residential real estate
|
5,509 | 6,633 | 4,779 | 6,603 | 6,561 | |||||||||||||||
Consumer
|
242 | 466 | 308 | 415 | 494 | |||||||||||||||
Total
|
$ | 9,734 | $ | 15,134 | $ | 9,390 | $ | 11,509 | $ | 12,427 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
|||||||
Q1 2012 vs Q1 2011
|
|||||||
Q1 2012
|
Q1 2011
|
||||||
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
|
$973,862
|
$14,279
|
5.90%
|
$1,001,347
|
$15,083
|
6.11%
|
|
Tax-exempt
|
7,248
|
130
|
7.21%
|
4,940
|
98
|
8.05%
|
|
Securities
|
|||||||
Taxable
|
234,973
|
1,697
|
2.90%
|
269,858
|
2,609
|
3.92%
|
|
Tax-exempt
|
71,559
|
1,092
|
6.14%
|
37,827
|
658
|
7.05%
|
|
Interest bearing deposits other banks
|
|||||||
and Federal funds sold
|
24,882
|
11
|
0.18%
|
36,366
|
17
|
0.19%
|
|
Total interest earning assets
|
1,312,524
|
17,209
|
5.27%
|
1,350,338
|
18,465
|
5.55%
|
|
Noninterest earning assets
|
|||||||
Cash & due from banks
|
4,073
|
4,036
|
|||||
Premises & equipment
|
21,978
|
22,977
|
|||||
Other assets
|
122,188
|
113,000
|
|||||
Allowance for loan losses
|
(18,251)
|
(18,116)
|
|||||
Total assets
|
$1,442,512
|
$1,472,235
|
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Liabilities
|
|||||||
Interest bearing liabilities
|
|||||||
Interest bearing
|
|||||||
demand deposits
|
$160,147
|
$82
|
0.21%
|
$148,263
|
$100
|
0.27%
|
|
Savings deposits
|
211,783
|
381
|
0.72%
|
197,638
|
501
|
1.03%
|
|
Time deposits
|
550,689
|
3,250
|
2.37%
|
623,318
|
4,142
|
2.69%
|
|
Short-term borrowings
|
14,390
|
7
|
0.20%
|
1,734
|
1
|
0.23%
|
|
Long-term borrowings and
|
|||||||
subordinated debentures
|
305,027
|
3,059
|
4.03%
|
323,226
|
3,354
|
4.21%
|
|
Total interest bearing liabilities
|
1,242,036
|
6,779
|
2.19%
|
1,294,179
|
8,098
|
2.54%
|
|
Noninterest bearing liabilities
|
|||||||
Demand deposits
|
87,000
|
78,023
|
|||||
Other liabilities
|
8,850
|
9,634
|
|||||
Total liabilities
|
1,337,886
|
1,381,836
|
|||||
Shareholders' equity - preferred
|
9,326
|
3,519
|
|||||
Shareholders' equity - common
|
95,300
|
86,880
|
|||||
Total liabilities and
|
|||||||
shareholders' equity
|
$1,442,512
|
$1,472,235
|
|||||
NET INTEREST EARNINGS
|
$10,430
|
$10,367
|
|||||
NET INTEREST MARGIN
|
3.20%
|
3.11%
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||
For the Quarter Ended
|
||||||||||||
Dollars in thousands
|
3/31/2012
|
3/31/2011
|
12/31/2011
|
|||||||||
Net income applicable to common shares - excluding
|
||||||||||||
realized securities gains, other-than-temporary
|
||||||||||||
impairment of securities and write-downs of
|
||||||||||||
foreclosed properties
|
$ | 2,119 | $ | 1,595 | $ | 1,798 | ||||||
Realized securities gains
|
1,165 | 1,628 | 542 | |||||||||
Applicable income tax effect
|
(431 | ) | (602 | ) | (201 | ) | ||||||
Other-than-temporary impairment of securities
|
(229 | ) | (1,228 | ) | (401 | ) | ||||||
Applicable income tax effect
|
85 | 454 | 148 | |||||||||
Write-downs foreclosed properties
|
(1,912 | ) | (3,443 | ) | (882 | ) | ||||||
Applicable income tax effect
|
707 | 1,274 | 326 | |||||||||
(615 | ) | (1,917 | ) | (467 | ) | |||||||
GAAP net income applicable to common shares
|
$ | 1,504 | $ | (322 | ) | $ | 1,331 | |||||
Diluted earnings per common share - excluding realized
|
||||||||||||
securities gains, other-than-temporary impairment
|
||||||||||||
of securities, and write-downs of foreclosed
|
||||||||||||
$ | 0.24 | $ | 0.22 | $ | 0.21 | |||||||
Realized securities gains
|
0.12 | 0.22 | 0.06 | |||||||||
Applicable income tax effect
|
(0.04 | ) | (0.08 | ) | (0.02 | ) | ||||||
Other-than-temporary impairment of securities
|
(0.02 | ) | (0.17 | ) | (0.04 | ) | ||||||
Applicable income tax effect
|
0.01 | 0.06 | 0.01 | |||||||||
Write-downs of foreclosed properties
|
(0.20 | ) | (0.46 | ) | (0.10 | ) | ||||||
Applicable income tax effect
|
0.07 | 0.17 | 0.04 | |||||||||
(0.06 | ) | (0.26 | ) | (0.05 | ) | |||||||
GAAP diluted earnings per common share
|
$ | 0.18 | $ | (0.04 | ) | $ | 0.16 | |||||
Total revenue - excluding realized securities gains,
|
||||||||||||
other-than-temporary impairment of securities and
|
||||||||||||
write-downs of foreclosed properties
|
$ | 12,697 | $ | 12,664 | $ | 12,391 | ||||||
Realized securities gains
|
1,165 | 1,628 | 542 | |||||||||
Other-than-temporary impairment of securities
|
(229 | ) | (1,228 | ) | (401 | ) | ||||||
Write-downs of foreclosed properties
|
(1,912 | ) | (3,443 | ) | (882 | ) | ||||||
(976 | ) | (3,043 | ) | (741 | ) | |||||||
GAAP total revenue
|
$ | 11,721 | $ | 9,621 | $ | 11,650 | ||||||
Total noninterest income - excluding realized securities
|
||||||||||||
gains, other-than-temporary impairment of securities
|
||||||||||||
and write-downs of foreclosed properties
|
$ | 2,679 | $ | 2,562 | $ | 2,730 | ||||||
Realized securities gains
|
1,165 | 1,628 | 542 | |||||||||
Other-than-temporary impairment of securities
|
(229 | ) | (1,228 | ) | (401 | ) | ||||||
Write-downs of foreclosed properties
|
(1,912 | ) | (3,443 | ) | (882 | ) | ||||||
(976 | ) | (3,043 | ) | (741 | ) | |||||||
GAAP total noninterest income
|
$ | 1,703 | $ | (481 | ) | $ | 1,989 |