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 sixth consecutive quarter of positive quarterly earnings.
|
·
|
Net interest margin improved 9 basis points compared to Q3 2011, but declined 3 basis points compared to Q2 2012.
|
·
|
Recorded charges of $2.57 million and $39,000, respectively, to write-down foreclosed properties and to recognize OTTI of securities, which were partially offset by $760,000 in realized securities gains.
|
·
|
Noninterest expenses remained well-controlled, declining 1.3 percent from the year-ago quarter.
|
·
|
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 -- Q3 2012 vs Q3 2011
|
|||||||||
For the Quarter Ended
|
Percent
|
||||||||
Dollars in thousands
|
9/30/2012
|
9/30/2011
|
Change
|
||||||
Condensed Statements of Income
|
|||||||||
Interest income
|
|||||||||
Loans, including fees
|
$ | 13,648 | $ | 14,717 | -7.3 | % | |||
Securities
|
1,934 | 2,920 | -33.8 | % | |||||
Other
|
7 | 15 | -53.3 | % | |||||
Total interest income
|
15,589 | 17,652 | -11.7 | % | |||||
Interest expense
|
|||||||||
Deposits
|
3,067 | 4,561 | -32.8 | % | |||||
Borrowings
|
2,587 | 3,170 | -18.4 | % | |||||
Total interest expense
|
5,654 | 7,731 | -26.9 | % | |||||
Net interest income
|
9,935 | 9,921 | 0.1 | % | |||||
Provision for loan losses
|
2,000 | 2,001 | 0.0 | % | |||||
Net interest income after provision
|
|||||||||
for loan losses
|
7,935 | 7,920 | 0.2 | % | |||||
Noninterest income
|
|||||||||
Insurance commissions
|
1,052 | 1,073 | -2.0 | % | |||||
Service fees related to deposit accounts
|
1,074 | 1,078 | -0.4 | % | |||||
Realized securities gains
|
760 | 1,517 | -49.9 | % | |||||
Gain (loss) on sale of assets
|
16 | 130 | -87.7 | % | |||||
Other-than-temporary impairment of securities
|
(39 | ) | (484 | ) | -91.9 | % | |||
Write-downs of foreclosed properties
|
(2,571 | ) | (1,637 | ) | 57.1 | % | |||
Other income
|
514 | 510 | 0.8 | % | |||||
Total noninterest income
|
806 | 2,187 | -63.1 | % | |||||
Noninterest expense
|
|||||||||
Salaries and employee benefits
|
3,940 | 3,959 | -0.5 | % | |||||
Net occupancy expense
|
476 | 473 | 0.6 | % | |||||
Equipment expense
|
576 | 589 | -2.2 | % | |||||
Professional fees
|
250 | 265 | -5.7 | % | |||||
FDIC premiums
|
510 | 580 | -12.1 | % | |||||
Foreclosed properties expense
|
395 | 389 | 1.5 | % | |||||
Other expenses
|
1,325 | 1,318 | 0.5 | % | |||||
Total noninterest expense
|
7,472 | 7,573 | -1.3 | % | |||||
Income before income taxes
|
1,269 | 2,534 | -49.9 | % | |||||
Income taxes
|
272 | 598 | -54.5 | % | |||||
Net income
|
997 | 1,936 | -48.5 | % | |||||
Preferred stock dividends
|
194 | 74 | 162.2 | % | |||||
Net income applicable to common shares
|
$ | 803 | $ | 1,862 | -56.9 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||
Quarterly Performance Summary -- Q3 2012 vs Q3 2011
|
||||||||||
For the Quarter Ended
|
Percent
|
|||||||||
9/30/2012
|
9/30/2011
|
Change
|
||||||||
Per Share Data
|
||||||||||
Earnings per common share
|
||||||||||
Basic
|
$ | 0.11 | $ | 0.25 | -56.0 | % | ||||
Diluted
|
$ | 0.10 | $ | 0.24 | -58.3 | % | ||||
Average shares outstanding
|
||||||||||
Basic
|
7,425,472 | 7,425,472 | 0.0 | % | ||||||
Diluted
|
9,601,278 | 8,110,070 | 18.4 | % | ||||||
Performance Ratios
|
||||||||||
Return on average equity (A)
|
3.71 | % | 8.22 | % | -54.9 | % | ||||
Return on average assets
|
0.28 | % | 0.53 | % | -47.2 | % | ||||
Net interest margin
|
3.17 | % | 3.08 | % | 2.9 | % | ||||
Efficiency ratio (B)
|
53.91 | % | 52.36 | % | 3.0 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||
Nine Month Performance Summary -- 2012 vs 2011
|
|||||||||
For the Nine Months Ended
|
Percent
|
||||||||
Dollars in thousands
|
9/30/2012
|
9/30/2011
|
Change
|
||||||
Condensed Statements of Income
|
|||||||||
Interest income
|
|||||||||
Loans, including fees
|
$ | 42,054 | $ | 44,814 | -6.2 | % | |||
Securities
|
6,579 | 9,088 | -27.6 | % | |||||
Other
|
31 | 59 | -47.5 | % | |||||
Total interest income
|
48,664 | 53,961 | -9.8 | % | |||||
Interest expense
|
|||||||||
Deposits
|
10,140 | 13,971 | -27.4 | % | |||||
Borrowings
|
8,600 | 9,807 | -12.3 | % | |||||
Total interest expense
|
18,740 | 23,778 | -21.2 | % | |||||
Net interest income
|
29,924 | 30,183 | -0.9 | % | |||||
Provision for loan losses
|
6,002 | 8,001 | -25.0 | % | |||||
Net interest income after provision
|
|||||||||
for loan losses
|
23,922 | 22,182 | 7.8 | % | |||||
Noninterest income
|
|||||||||
Insurance commissions
|
3,352 | 3,458 | -3.1 | % | |||||
Service fees related to deposit accounts
|
3,163 | 3,024 | 4.6 | % | |||||
Realized securities gains
|
2,245 | 3,463 | -35.2 | % | |||||
Gain (loss) on sale of assets
|
(583 | ) | 277 | -310.5 | % | ||||
Other-than-temporary impairment of securities
|
(375 | ) | (2,245 | ) | -83.3 | % | |||
Write-downs of foreclosed properties
|
(6,114 | ) | (5,770 | ) | 6.0 | % | |||
Other income
|
1,649 | 1,354 | 21.8 | % | |||||
Total noninterest income
|
3,337 | 3,561 | -6.3 | % | |||||
Noninterest expense
|
|||||||||
Salaries and employee benefits
|
11,733 | 11,987 | -2.1 | % | |||||
Net occupancy expense
|
1,445 | 1,463 | -1.2 | % | |||||
Equipment expense
|
1,773 | 1,750 | 1.3 | % | |||||
Professional fees
|
781 | 654 | 19.4 | % | |||||
FDIC premiums
|
1,532 | 1,859 | -17.6 | % | |||||
Foreclosed properties expense
|
1,017 | 1,235 | -17.7 | % | |||||
Other expenses
|
4,025 | 3,503 | 14.9 | % | |||||
Total noninterest expense
|
22,306 | 22,451 | -0.6 | % | |||||
Income before income taxes
|
4,953 | 3,292 | 50.5 | % | |||||
Income taxes
|
1,345 | 698 | 92.7 | % | |||||
Net income
|
3,608 | 2,594 | 39.1 | % | |||||
Preferred stock dividends
|
583 | 223 | 161.4 | % | |||||
Net income applicable to common shares
|
$ | 3,025 | $ | 2,371 | 27.6 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||
Nine Month Performance Summary -- 2012 vs 2011
|
||||||||||
For the Nine Months Ended
|
Percent
|
|||||||||
9/30/2012
|
9/30/2011
|
Change
|
||||||||
Per Share Data
|
||||||||||
Earnings per common share
|
||||||||||
Basic
|
$ | 0.41 | $ | 0.32 | 28.1 | % | ||||
Diluted
|
$ | 0.38 | $ | 0.32 | 18.8 | % | ||||
Average shares outstanding
|
||||||||||
Basic
|
7,425,472 | 7,425,472 | 0.0 | % | ||||||
Diluted
|
9,601,098 | 7,428,860 | 29.2 | % | ||||||
Performance Ratios
|
||||||||||
Return on average equity (A)
|
4.54 | % | 3.76 | % | 20.7 | % | ||||
Return on average assets
|
0.34 | % | 0.23 | % | 47.8 | % | ||||
Net interest margin
|
3.19 | % | 3.10 | % | 2.9 | % | ||||
Efficiency ratio (B)
|
53.04 | % | 51.88 | % | 2.2 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||||||
Five Quarter Performance Summary
|
|||||||||||||||
For the Quarter Ended
|
|||||||||||||||
Dollars in thousands
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
||||||||||
Condensed Statements of Income
|
|||||||||||||||
Interest income
|
|||||||||||||||
Loans, including fees
|
$ | 13,648 | $ | 14,041 | $ | 14,365 | $ | 14,362 | $ | 14,717 | |||||
Securities
|
1,934 | 2,225 | 2,421 | 2,711 | 2,920 | ||||||||||
Other
|
7 | 12 | 11 | 13 | 15 | ||||||||||
Total interest income
|
15,589 | 16,278 | 16,797 | 17,086 | 17,652 | ||||||||||
Interest expense
|
|||||||||||||||
Deposits
|
3,067 | 3,360 | 3,713 | 4,302 | 4,561 | ||||||||||
Borrowings
|
2,587 | 2,947 | 3,066 | 3,123 | 3,170 | ||||||||||
Total interest expense
|
5,654 | 6,307 | 6,779 | 7,425 | 7,731 | ||||||||||
Net interest income
|
9,935 | 9,971 | 10,018 | 9,661 | 9,921 | ||||||||||
Provision for loan losses
|
2,000 | 2,001 | 2,001 | 1,999 | 2,001 | ||||||||||
Net interest income after provision
|
|||||||||||||||
for loan losses
|
7,935 | 7,970 | 8,017 | 7,662 | 7,920 | ||||||||||
Noninterest income
|
|||||||||||||||
Insurance commissions
|
1,052 | 1,141 | 1,158 | 1,003 | 1,073 | ||||||||||
Service fees related to deposit accounts
|
1,074 | 1,075 | 1,014 | 1,102 | 1,078 | ||||||||||
Realized securities gains
|
760 | 320 | 1,165 | 542 | 1,517 | ||||||||||
Gain (loss) on sale of assets
|
16 | (523 | ) | (77 | ) | 18 | 130 | ||||||||
Other-than-temporary impairment of securities
|
(39 | ) | (106 | ) | (229 | ) | (401 | ) | (484 | ) | |||||
Write-downs of foreclosed properties
|
(2,571 | ) | (1,631 | ) | (1,912 | ) | (882 | ) | (1,637 | ) | |||||
Other income
|
514 | 552 | 584 | 607 | 510 | ||||||||||
Total noninterest income
|
806 | 828 | 1,703 | 1,989 | 2,187 | ||||||||||
Noninterest expense
|
|||||||||||||||
Salaries and employee benefits
|
3,940 | 3,892 | 3,901 | 3,846 | 3,959 | ||||||||||
Net occupancy expense
|
476 | 490 | 479 | 472 | 473 | ||||||||||
Equipment expense
|
576 | 603 | 594 | 593 | 589 | ||||||||||
Professional fees
|
250 | 227 | 304 | 501 | 265 | ||||||||||
FDIC premiums
|
510 | 500 | 522 | 564 | 580 | ||||||||||
Foreclosed properties expense
|
395 | 248 | 374 | 441 | 389 | ||||||||||
Other expenses
|
1,325 | 1,335 | 1,365 | 1,417 | 1,318 | ||||||||||
Total noninterest expense
|
7,472 | 7,295 | 7,539 | 7,834 | 7,573 | ||||||||||
Income before income taxes
|
1,269 | 1,503 | 2,181 | 1,817 | 2,534 | ||||||||||
Income taxes
|
272 | 590 | 483 | 337 | 598 | ||||||||||
Net income
|
997 | 913 | 1,698 | 1,480 | 1,936 | ||||||||||
Preferred stock dividends
|
194 | 194 | 194 | 149 | 74 | ||||||||||
Net income applicable to common shares
|
$ | 803 | $ | 719 | $ | 1,504 | $ | 1,331 | $ | 1,862 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||||
For the Quarter Ended
|
||||||||||||||||
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
||||||||||||
Per Share Data
|
||||||||||||||||
Earnings per common share
|
||||||||||||||||
Basic
|
$ | 0.11 | $ | 0.10 | $ | 0.20 | $ | 0.18 | $ | 0.25 | ||||||
Diluted
|
$ | 0.10 | $ | 0.09 | $ | 0.18 | $ | 0.16 | $ | 0.24 | ||||||
Average shares outstanding
|
||||||||||||||||
Basic
|
7,425,472 | 7,425,472 | 7,425,472 | 7,425,472 | 7,425,472 | |||||||||||
Diluted
|
9,601,278 | 8,927,802 | 9,600,017 | 9,044,976 | 8,110,070 | |||||||||||
Performance Ratios
|
||||||||||||||||
Return on average equity (A)
|
3.71 | % | 3.44 | % | 6.49 | % | 5.87 | % | 8.22 | % | ||||||
Return on average assets
|
0.28 | % | 0.25 | % | 0.47 | % | 0.41 | % | 0.53 | % | ||||||
Net interest margin
|
3.17 | % | 3.20 | % | 3.20 | % | 3.03 | % | 3.08 | % | ||||||
Efficiency ratio - (B)
|
53.91 | % | 52.59 | % | 52.70 | % | 54.96 | % | 52.36 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
Selected Balance Sheet Data
|
||||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||||
Dollars in thousands, except per share amounts
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$ | 3,752 | $ | 4,266 | $ | 4,059 | $ | 4,398 | $ | 3,596 | ||||||||||
Interest bearing deposits other banks
|
13,441 | 14,288 | 26,855 | 28,294 | 39,103 | |||||||||||||||
Securities
|
291,992 | 289,151 | 292,002 | 286,599 | 292,442 | |||||||||||||||
Loans, net
|
940,933 | 948,294 | 957,797 | 965,516 | 964,349 | |||||||||||||||
Property held for sale
|
56,033 | 60,069 | 61,584 | 63,938 | 63,335 | |||||||||||||||
Premises and equipment, net
|
21,265 | 21,470 | 21,756 | 22,084 | 22,334 | |||||||||||||||
Intangible assets
|
8,387 | 8,475 | 8,563 | 8,651 | 8,739 | |||||||||||||||
Cash surrender value of life insurance policies
|
30,065 | 29,808 | 29,559 | 29,284 | 29,034 | |||||||||||||||
Other assets
|
38,218 | 40,620 | 42,190 | 41,357 | 41,652 | |||||||||||||||
Total assets
|
$ | 1,404,086 | $ | 1,416,441 | $ | 1,444,365 | $ | 1,450,121 | $ | 1,464,584 | ||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||
Retail deposits
|
$ | 766,555 | $ | 767,413 | $ | 785,283 | $ | 784,029 | $ | 816,904 | ||||||||||
Wholesale deposits
|
260,752 | 234,256 | 225,856 | 232,471 | 230,405 | |||||||||||||||
Short-term borrowings
|
20,957 | 10,957 | 15,956 | 15,956 | 955 | |||||||||||||||
Long-term borrowings and
|
||||||||||||||||||||
subordinated debentures
|
240,133 | 290,024 | 303,510 | 306,643 | 308,420 | |||||||||||||||
Other liabilities
|
8,361 | 8,084 | 9,361 | 8,456 | 8,976 | |||||||||||||||
Shareholders' equity
|
107,328 | 105,707 | 104,399 | 102,566 | 98,924 | |||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,404,086 | $ | 1,416,441 | $ | 1,444,365 | $ | 1,450,121 | $ | 1,464,584 | ||||||||||
Book value per common share (A)
|
$ | 11.20 | $ | 11.01 | $ | 10.87 | $ | 10.68 | $ | 10.96 | ||||||||||
Tangible book value per common share (A)
|
$ | 10.33 | $ | 10.13 | $ | 9.98 | $ | 9.78 | $ | 9.99 | ||||||||||
Tangible equity / Tangible assets
|
7.1 | % | 6.9 | % | 6.7 | % | 6.5 | % | 6.2 | % |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
|||||||||||||||
Regulatory Capital Ratios
|
|||||||||||||||
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
|||||||||||
Summit Financial Group, Inc.
|
|||||||||||||||
Total Risk Based Capital
|
13.8 | % | 13.6 | % | 13.3 | % | 13.0 | % | 12.3 | % | |||||
Tier 1 Risk Based Capital
|
11.3 | % | 11.1 | % | 10.8 | % | 10.5 | % | 9.7 | % | |||||
Tier 1 Leverage Ratio
|
8.0 | % | 7.9 | % | 7.8 | % | 7.6 | % | 6.9 | % | |||||
Summit Community Bank, Inc.
|
|||||||||||||||
Total Risk Based Capital
|
14.6 | % | 14.3 | % | 14.0 | % | 13.6 | % | 13.4 | % | |||||
Tier 1 Risk Based Capital
|
13.3 | % | 13.1 | % | 12.7 | % | 12.3 | % | 12.1 | % | |||||
Tier 1 Leverage Ratio
|
9.5 | % | 9.3 | % | 9.1 | % | 8.9 | % | 8.7 | % |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
|||||||||||||||
Loan Composition
|
|||||||||||||||
Dollars in thousands
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
||||||||||
Commercial
|
$ | 88,997 | $ | 92,060 | $ | 99,386 | $ | 99,024 | $ | 94,801 | |||||
Commercial real estate
|
|||||||||||||||
Owner occupied
|
150,090 | 152,347 | 153,528 | 158,754 | 166,813 | ||||||||||
Non-owner occupied
|
279,132 | 280,891 | 275,727 | 270,226 | 253,538 | ||||||||||
Construction and development
|
|||||||||||||||
Land and development
|
82,857 | 84,383 | 88,212 | 93,035 | 94,023 | ||||||||||
Construction
|
2,087 | 1,793 | 2,148 | 2,936 | 9,445 | ||||||||||
Residential real estate
|
|||||||||||||||
Non-jumbo
|
215,584 | 217,321 | 219,485 | 221,733 | 224,499 | ||||||||||
Jumbo
|
62,748 | 61,962 | 62,836 | 61,535 | 62,255 | ||||||||||
Home equity
|
53,455 | 51,692 | 50,884 | 50,898 | 51,025 | ||||||||||
Consumer
|
21,290 | 21,212 | 21,573 | 22,325 | 22,988 | ||||||||||
Other
|
2,513 | 2,523 | 2,540 | 2,762 | 2,911 | ||||||||||
Total loans, net of unearned fees
|
958,753 | 966,184 | 976,319 | 983,228 | 982,298 | ||||||||||
Less allowance for loan losses
|
17,820 | 17,890 | 18,522 | 17,712 | 17,949 | ||||||||||
Loans, net
|
$ | 940,933 | $ | 948,294 | $ | 957,797 | $ | 965,516 | $ | 964,349 |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||
Retail Deposit Composition
|
||||||||||||||||
Dollars in thousands
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
|||||||||||
Non interest bearing checking
|
$ | 96,764 | $ | 96,172 | $ | 87,916 | $ | 88,655 | $ | 85,406 | ||||||
Interest bearing checking
|
177,236 | 164,867 | 172,506 | 158,483 | 163,840 | |||||||||||
Savings
|
197,610 | 204,509 | 212,402 | 208,809 | 208,030 | |||||||||||
Time deposits
|
294,945 | 301,865 | 312,459 | 328,082 | 359,628 | |||||||||||
Total retail deposits
|
$ | 766,555 | $ | 767,413 | $ | 785,283 | $ | 784,029 | $ | 816,904 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||
Asset Quality Information
|
||||||||||||||||
For the Quarter Ended
|
||||||||||||||||
Dollars in thousands
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
|||||||||||
Gross loan charge-offs
|
$ | 2,142 | $ | 2,790 | $ | 1,340 | $ | 2,368 | $ | 2,157 | ||||||
Gross loan recoveries
|
(73 | ) | (156 | ) | (149 | ) | (133 | ) | (89 | ) | ||||||
Net loan charge-offs
|
$ | 2,069 | $ | 2,634 | $ | 1,191 | $ | 2,235 | $ | 2,068 | ||||||
Net loan charge-offs to average loans (annualized)
|
0.86 | % | 1.08 | % | 0.49 | % | 0.91 | % | 0.84 | % | ||||||
Allowance for loan losses
|
$ | 17,820 | $ | 17,890 | $ | 18,523 | $ | 17,712 | $ | 17,949 | ||||||
Allowance for loan losses as a percentage
|
||||||||||||||||
of period end loans
|
1.86 | % | 1.85 | % | 1.89 | % | 1.80 | % | 1.82 | % | ||||||
Nonperforming assets:
|
||||||||||||||||
Nonperforming loans
|
||||||||||||||||
Commercial
|
$ | 5,343 | $ | 6,476 | $ | 2,477 | $ | 3,259 | $ | 3,473 | ||||||
Commercial real estate
|
2,803 | 3,536 | 4,282 | 7,163 | 8,398 | |||||||||||
Commercial construction and development
|
428 | 662 | 799 | 1,052 | - | |||||||||||
Residential construction and development
|
16,333 | 16,735 | 21,375 | 22,634 | 17,506 | |||||||||||
Residential real estate
|
18,809 | 18,550 | 17,754 | 18,187 | 6,818 | |||||||||||
Consumer
|
88 | 78 | 81 | 145 | 87 | |||||||||||
Total nonperforming loans
|
43,804 | 46,037 | 46,768 | 52,440 | 36,282 | |||||||||||
Foreclosed properties
|
||||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||
Commercial real estate
|
11,802 | 12,029 | 14,703 | 15,721 | 14,256 | |||||||||||
Commercial construction and development
|
17,683 | 18,632 | 17,377 | 17,101 | 16,960 | |||||||||||
Residential construction and development
|
23,769 | 26,014 | 25,724 | 27,877 | 27,804 | |||||||||||
Residential real estate
|
2,779 | 3,393 | 3,780 | 3,239 | 3,718 | |||||||||||
Total foreclosed properties
|
56,033 | 60,068 | 61,584 | 63,938 | 62,738 | |||||||||||
Other repossessed assets
|
- | - | 266 | 263 | 859 | |||||||||||
Total nonperforming assets
|
$ | 99,837 | $ | 106,105 | $ | 108,618 | $ | 116,641 | $ | 99,879 | ||||||
Nonperforming loans to period end loans
|
4.57 | % | 4.76 | % | 4.79 | % | 5.33 | % | 3.69 | % | ||||||
Nonperforming assets to period end assets
|
7.11 | % | 7.49 | % | 7.52 | % | 8.04 | % | 6.82 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||||||
Loans Past Due 30-89 Days
|
|||||||||||||||
For the Quarter Ended
|
|||||||||||||||
In thousands
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
9/30/2011
|
||||||||||
Commercial
|
$ | 874 | $ | 300 | $ | 689 | $ | 533 | $ | 255 | |||||
Commercial real estate
|
1,264 | 1,787 | 2,776 | 5,746 | 2,797 | ||||||||||
Construction and development
|
56 | 293 | 518 | 1,756 | 1,251 | ||||||||||
Residential real estate
|
4,346 | 5,763 | 5,509 | 6,633 | 4,779 | ||||||||||
Consumer
|
313 | 408 | 242 | 466 | 308 | ||||||||||
Total
|
$ | 6,853 | $ | 8,551 | $ | 9,734 | $ | 15,134 | $ | 9,390 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
|||||||||||
Q3 2012 vs Q3 2011
|
|||||||||||
Q3 2012 | Q3 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
|
$ 955,849 | $ 13,572 | 5.65% | $ 976,169 | $ 14,656 | 5.96% | |||||
Tax-exempt
|
6,267 | 115 | 7.30% | 4,575 | 92 | 7.98% | |||||
Securities
|
|||||||||||
Taxable
|
238,458 | 1,341 | 2.24% | 246,411 | 2,104 | 3.39% | |||||
Tax-exempt
|
69,636 | 890 | 5.08% | 79,685 | 1,236 | 6.15% | |||||
Interest bearing deposits other banks
|
|||||||||||
and Federal funds sold
|
19,690 | 7 | 0.14% | 28,911 | 15 | 0.21% | |||||
Total interest earning assets
|
1,289,900 | 15,925 | 4.91% | 1,335,751 | 18,103 | 5.38% | |||||
Noninterest earning assets
|
|||||||||||
Cash & due from banks
|
4,247 | 4,047 | |||||||||
Premises & equipment
|
21,422 | 22,503 | |||||||||
Other assets
|
117,354 | 126,113 | |||||||||
Allowance for loan losses
|
(17,825) | (18,240) | |||||||||
Total assets
|
$ 1,415,098 | $ 1,470,174 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||||
Liabilities
|
|||||||||||
Interest bearing liabilities
|
|||||||||||
Interest bearing
|
|||||||||||
demand deposits
|
$ 176,974 | $ 83 | 0.19% | $ 152,516 | $ 96 | 0.25% | |||||
Savings deposits
|
200,865 | 321 | 0.64% | 210,715 | 467 | 0.88% | |||||
Time deposits
|
548,983 | 2,663 | 1.93% | 602,454 | 3,998 | 2.63% | |||||
Short-term borrowings
|
12,479 | 8 | 0.26% | 1,226 | 1 | 0.32% | |||||
Long-term borrowings and
|
|||||||||||
subordinated debentures
|
264,315 | 2,579 | 3.88% | 313,102 | 3,169 | 4.02% | |||||
Total interest bearing liabilities
|
1,203,616 | 5,654 | 1.87% | 1,280,013 | 7,731 | 2.40% | |||||
Noninterest bearing liabilities
|
|||||||||||
Demand deposits
|
96,048 | 86,966 | |||||||||
Other liabilities
|
8,015 | 8,948 | |||||||||
Total liabilities
|
1,307,679 | 1,375,927 | |||||||||
Shareholders' equity - preferred
|
9,326 | 3,558 | |||||||||
Shareholders' equity - common
|
98,093 | 90,689 | |||||||||
Total liabilities and
|
|||||||||||
shareholders' equity
|
$ 1,415,098 | $ 1,470,174 | |||||||||
NET INTEREST EARNINGS
|
$ 10,271 | $ 10,372 | |||||||||
NET INTEREST MARGIN
|
3.17% | 3.08% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
|||||||||||
YTD 2012 vs YTD 2011
|
|||||||||||
YTD 2012
|
YTD 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
|
$ 965,227 | $ 41,811 | 5.79% | $ 987,928 | $ 44,622 | 6.04% | |||||
Tax-exempt
|
6,776 | 368 | 7.25% | 4,765 | 289 | 8.11% | |||||
Securities
|
|||||||||||
Taxable
|
235,885 | 4,592 | 2.60% | 262,275 | 7,290 | 3.72% | |||||
Tax-exempt
|
70,753 | 3,009 | 5.68% | 56,313 | 2,727 | 6.47% | |||||
Interest bearing deposits other banks
|
|||||||||||
and Federal funds sold
|
22,737 | 31 | 0.18% | 36,307 | 59 | 0.22% | |||||
Total interest earning assets
|
1,301,378 | 49,811 | 5.11% | 1,347,588 | 54,987 | 5.46% | |||||
Noninterest earning assets
|
|||||||||||
Cash & due from banks
|
4,195 | 3,951 | |||||||||
Premises & equipment
|
21,684 | 22,737 | |||||||||
Other assets
|
120,041 | 118,393 | |||||||||
Allowance for loan losses
|
(18,191) | (18,144) | |||||||||
Total assets
|
$ 1,429,107 | $ 1,474,525 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||||
Liabilities
|
|||||||||||
Interest bearing liabilities
|
|||||||||||
Interest bearing
|
|||||||||||
demand deposits
|
$ 167,843 | $ 247 | 0.20% | $ 151,137 | $ 296 | 0.26% | |||||
Savings deposits
|
206,953 | 1,054 | 0.68% | 206,705 | 1,473 | 0.95% | |||||
Time deposits
|
545,121 | 8,839 | 2.17% | 611,404 | 12,202 | 2.67% | |||||
Short-term borrowings
|
14,250 | 25 | 0.23% | 1,663 | 3 | 0.24% | |||||
Long-term borrowings and
|
|||||||||||
subordinated debentures
|
288,305 | 8,575 | 3.97% | 318,584 | 9,804 | 4.11% | |||||
1,222,472 | 18,740 | 2.05% | 1,289,493 | 23,778 | 2.47% | ||||||
Noninterest bearing liabilities
|
|||||||||||
Demand deposits
|
92,362 | 83,768 | |||||||||
Other liabilities
|
8,273 | 9,234 | |||||||||
Total liabilities
|
1,323,107 | 1,382,495 | |||||||||
Shareholders' equity - preferred
|
9,326 | 3,532 | |||||||||
Shareholders' equity - common
|
96,674 | 88,498 | |||||||||
Total liabilities and
|
|||||||||||
shareholders' equity
|
$ 1,429,107 | $ 1,474,525 | |||||||||
NET INTEREST EARNINGS
|
$ 31,071 | $ 31,209 | |||||||||
NET INTEREST MARGIN
|
3.19% | 3.10% |
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
|
9/30/2012
|
9/30/2011
|
9/30/2012
|
9/30/2011
|
||||||||||||
Net income applicable to common shares - excluding
|
||||||||||||||||
realized securities gains, gains/(losses) on sales of
|
||||||||||||||||
assets, other-than-temporary impairment of securities
|
||||||||||||||||
and write-downs of foreclosed properties
|
$ | 1,959 | $ | 2,160 | $ | 6,066 | $ | 5,063 | ||||||||
Realized securities gains
|
760 | 1,517 | 2,245 | 3,463 | ||||||||||||
Applicable income tax effect
|
(281 | ) | (561 | ) | (831 | ) | (1,281 | ) | ||||||||
Gains (losses) on sales of assets
|
16 | 130 | (583 | ) | 277 | |||||||||||
Applicable income tax effect
|
(6 | ) | (48 | ) | 216 | (102 | ) | |||||||||
Other-than-temporary impairment of securities
|
(39 | ) | (484 | ) | (375 | ) | (2,245 | ) | ||||||||
Applicable income tax effect
|
14 | 179 | 139 | 831 | ||||||||||||
Write-downs foreclosed properties
|
(2,571 | ) | (1,637 | ) | (6,114 | ) | (5,770 | ) | ||||||||
Applicable income tax effect
|
951 | 606 | 2,262 | 2,135 | ||||||||||||
(1,156 | ) | (298 | ) | (3,041 | ) | (2,692 | ) | |||||||||
GAAP net income applicable to common shares
|
$ | 803 | $ | 1,862 | $ | 3,025 | $ | 2,371 | ||||||||
Diluted earnings per common share - excluding
|
||||||||||||||||
realized securities gains, gains/(losses) on sales of
|
||||||||||||||||
assets, other-than-temporary impairment of securities
|
||||||||||||||||
and write-downs of foreclosed properties
|
$ | 0.22 | $ | 0.28 | $ | 0.71 | $ | 0.67 | ||||||||
Realized securities gains
|
0.08 | 0.19 | 0.23 | 0.47 | ||||||||||||
Applicable income tax effect
|
(0.03 | ) | (0.07 | ) | (0.09 | ) | (0.17 | ) | ||||||||
Gains (losses) on sales of assets
|
- | 0.02 | (0.06 | ) | 0.04 | |||||||||||
Applicable income tax effect
|
- | (0.01 | ) | 0.02 | (0.01 | ) | ||||||||||
Other-than-temporary impairment of securities
|
- | (0.06 | ) | (0.04 | ) | (0.30 | ) | |||||||||
Applicable income tax effect
|
- | 0.02 | 0.01 | 0.11 | ||||||||||||
Write-downs of foreclosed properties
|
(0.27 | ) | (0.20 | ) | (0.64 | ) | (0.78 | ) | ||||||||
Applicable income tax effect
|
0.10 | 0.07 | 0.24 | 0.29 | ||||||||||||
(0.12 | ) | (0.04 | ) | (0.33 | ) | (0.35 | ) | |||||||||
GAAP diluted earnings per common share
|
$ | 0.10 | $ | 0.24 | $ | 0.38 | $ | 0.32 |
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
|
9/30/2012
|
9/30/2011
|
9/30/2012
|
9/30/2011
|
||||||||||||
Total revenue - excluding realized securities gains,
|
||||||||||||||||
other-than-temporary impairment of securities and
|
||||||||||||||||
write-downs of foreclosed properties
|
$ | 12,575 | $ | 12,582 | $ | 38,088 | $ | 38,019 | ||||||||
Realized securities gains
|
760 | 1,517 | 2,245 | 3,463 | ||||||||||||
Gains (losses) on sales of assets
|
16 | 130 | (583 | ) | 277 | |||||||||||
Other-than-temporary impairment of securities
|
(39 | ) | (484 | ) | (375 | ) | (2,245 | ) | ||||||||
Write-downs of foreclosed properties
|
(2,571 | ) | (1,637 | ) | (6,114 | ) | (5,770 | ) | ||||||||
(1,834 | ) | (474 | ) | (4,827 | ) | (4,275 | ) | |||||||||
GAAP total revenue
|
$ | 10,741 | $ | 12,108 | $ | 33,261 | $ | 33,744 | ||||||||
Total noninterest income - excluding realized securities
|
||||||||||||||||
gains, other-than-temporary impairment of securities
|
||||||||||||||||
and write-downs of foreclosed properties
|
$ | 2,640 | $ | 2,661 | $ | 8,164 | $ | 7,836 | ||||||||
Realized securities gains
|
760 | 1,517 | 2,245 | 3,463 | ||||||||||||
Gains (losses) on sales of assets
|
16 | 130 | (583 | ) | 277 | |||||||||||
Other-than-temporary impairment of securities
|
(39 | ) | (484 | ) | (375 | ) | (2,245 | ) | ||||||||
Write-downs of foreclosed properties
|
(2,571 | ) | (1,637 | ) | (6,114 | ) | (5,770 | ) | ||||||||
(1,834 | ) | (474 | ) | (4,827 | ) | (4,275 | ) | |||||||||
GAAP total noninterest income
|
$ | 806 | $ | 2,187 | $ | 3,337 | $ | 3,561 |