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 ninth consecutive quarter of positive quarterly earnings.
|
·
|
Nonperforming assets declined for the sixth consecutive quarter, reaching its lowest level since fourth quarter 2008; OREO is at its lowest level since fourth quarter 2009.
|
·
|
Earnings continue to be positively impacted by reduced provisions for loan losses.
|
·
|
Net interest margin decreased 11 basis points compared to Q1 2013 and decreased 8 basis points compared to Q2 2012.
|
·
|
Recorded charges of $1.49 million and $27,000, respectively, to write-down foreclosed properties and to recognize OTTI of securities.
|
·
|
Summit’s leverage capital ratio is at its highest level in seven years and its total risk-based capital ratio is at highest level in thirteen years.
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||
Quarterly Performance Summary -- Q2 2013 vs Q2 2012
|
||||||||
For the Quarter Ended
|
Percent
|
|||||||
Dollars in thousands
|
6/30/2013
|
6/30/2012
|
Change
|
|||||
Condensed Statements of Income
|
||||||||
Interest income
|
||||||||
Loans, including fees
|
$ | 12,799 | $ | 14,041 | -8.8 | % | ||
Securities
|
1,507 | 2,225 | -32.3 | % | ||||
Other
|
2 | 12 | -83.3 | % | ||||
Total interest income
|
14,308 | 16,278 | -12.1 | % | ||||
Interest expense
|
||||||||
Deposits
|
2,820 | 3,360 | -16.1 | % | ||||
Borrowings
|
1,984 | 2,947 | -32.7 | % | ||||
Total interest expense
|
4,804 | 6,307 | -23.8 | % | ||||
Net interest income
|
9,504 | 9,971 | -4.7 | % | ||||
Provision for loan losses
|
1,000 | 2,001 | -50.0 | % | ||||
Net interest income after provision
|
||||||||
for loan losses
|
8,504 | 7,970 | 6.7 | % | ||||
Noninterest income
|
||||||||
Insurance commissions
|
1,132 | 1,141 | -0.8 | % | ||||
Service fees related to deposit accounts
|
1,085 | 1,075 | 0.9 | % | ||||
Realized securities gains
|
(57 | ) | 320 | -117.8 | % | |||
Gain (loss) on sale of assets
|
(512 | ) | (523 | ) | -2.1 | % | ||
Other-than-temporary impairment of securities
|
(27 | ) | (106 | ) | -74.5 | % | ||
Write-downs of foreclosed properties
|
(1,494 | ) | (1,631 | ) | -8.4 | % | ||
Other income
|
559 | 552 | 1.3 | % | ||||
Total noninterest income
|
686 | 828 | -17.1 | % | ||||
Noninterest expense
|
||||||||
Salaries and employee benefits
|
3,987 | 3,892 | 2.4 | % | ||||
Net occupancy expense
|
476 | 490 | -2.9 | % | ||||
Equipment expense
|
559 | 605 | -7.6 | % | ||||
Professional fees
|
360 | 242 | 48.8 | % | ||||
FDIC premiums
|
515 | 500 | 3.0 | % | ||||
Foreclosed properties expense
|
295 | 233 | 26.6 | % | ||||
Other expenses
|
1,329 | 1,333 | -0.3 | % | ||||
Total noninterest expense
|
7,521 | 7,295 | 3.1 | % | ||||
Income before income taxes
|
1,669 | 1,503 | 11.0 | % | ||||
Income taxes
|
452 | 590 | -23.4 | % | ||||
Net income
|
1,217 | 913 | 33.3 | % | ||||
Preferred stock dividends
|
194 | 194 | 0.0 | % | ||||
Net income applicable to common shares
|
$ | 1,023 | $ | 719 | 42.3 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||
Quarterly Performance Summary -- Q2 2013 vs Q2 2012
|
||||||||
For the Quarter Ended
|
Percent
|
|||||||
6/30/2013
|
6/30/2012
|
Change
|
||||||
Per Share Data
|
||||||||
Earnings per common share
|
||||||||
Basic
|
$ | 0.14 | $ | 0.10 | 40.0 | % | ||
Diluted
|
$ | 0.13 | $ | 0.09 | 44.4 | % | ||
Average shares outstanding
|
||||||||
Basic
|
7,438,401 | 7,425,472 | 0.2 | % | ||||
Diluted
|
9,619,585 | 8,927,802 | 7.7 | % | ||||
Performance Ratios
|
||||||||
Return on average equity (A)
|
4.40 | % | 3.44 | % | 27.9 | % | ||
Return on average assets
|
0.35 | % | 0.25 | % | 40.0 | % | ||
Net interest margin
|
3.12 | % | 3.20 | % | -2.5 | % | ||
Efficiency ratio (B)
|
56.52 | % | 53.13 | % | 6.4 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||
Six Month Performance Summary -- 2013 vs 2012
|
||||||||
For the Six Months Ended
|
Percent
|
|||||||
Dollars in thousands
|
6/30/2013
|
6/30/2012
|
Change
|
|||||
Condensed Statements of Income
|
||||||||
Interest income
|
||||||||
Loans, including fees
|
$ | 25,703 | $ | 28,406 | -9.5 | % | ||
Securities
|
3,171 | 4,645 | -31.7 | % | ||||
Other
|
3 | 24 | -87.5 | % | ||||
Total interest income
|
28,877 | 33,075 | -12.7 | % | ||||
Interest expense
|
||||||||
Deposits
|
5,588 | 7,073 | -21.0 | % | ||||
Borrowings
|
4,027 | 6,013 | -33.0 | % | ||||
Total interest expense
|
9,615 | 13,086 | -26.5 | % | ||||
Net interest income
|
19,262 | 19,989 | -3.6 | % | ||||
Provision for loan losses
|
2,500 | 4,002 | -37.5 | % | ||||
Net interest income after provision
|
||||||||
for loan losses
|
16,762 | 15,987 | 4.8 | % | ||||
Noninterest income
|
||||||||
Insurance commissions
|
2,316 | 2,299 | 0.7 | % | ||||
Service fees related to deposit accounts
|
2,096 | 2,089 | 0.3 | % | ||||
Realized securities gains
|
(16 | ) | 1,485 | -101.1 | % | |||
Gain (loss) on sale of assets
|
(552 | ) | (599 | ) | -7.8 | % | ||
Other-than-temporary impairment of securities
|
(80 | ) | (335 | ) | -76.1 | % | ||
Write-downs of foreclosed properties
|
(2,423 | ) | (3,543 | ) | -31.6 | % | ||
Other income
|
1,123 | 1,135 | -1.1 | % | ||||
Total noninterest income
|
2,464 | 2,531 | -2.6 | % | ||||
Noninterest expense
|
||||||||
Salaries and employee benefits
|
8,105 | 7,793 | 4.0 | % | ||||
Net occupancy expense
|
932 | 968 | -3.7 | % | ||||
Equipment expense
|
1,157 | 1,210 | -4.4 | % | ||||
Professional fees
|
611 | 558 | 9.5 | % | ||||
FDIC premiums
|
1,055 | 1,022 | 3.2 | % | ||||
Foreclosed properties expense
|
575 | 595 | -3.4 | % | ||||
Other expenses
|
2,679 | 2,688 | -0.3 | % | ||||
Total noninterest expense
|
15,114 | 14,834 | 1.9 | % | ||||
Income before income taxes
|
4,112 | 3,684 | 11.6 | % | ||||
Income taxes
|
1,102 | 1,073 | 2.7 | % | ||||
Net income
|
3,010 | 2,611 | 15.3 | % | ||||
Preferred stock dividends
|
388 | 388 | 0.0 | % | ||||
Net income applicable to common shares
|
$ | 2,622 | $ | 2,223 | 17.9 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||
Six Month Performance Summary -- 2013 vs 2012
|
||||||||
For the Six Months Ended
|
Percent
|
|||||||
6/30/2013
|
6/30/2012
|
Change
|
||||||
Per Share Data
|
||||||||
Earnings per common share
|
||||||||
Basic
|
$ | 0.35 | $ | 0.30 | 16.7 | % | ||
Diluted
|
$ | 0.31 | $ | 0.27 | 14.8 | % | ||
Average shares outstanding
|
||||||||
Basic
|
7,435,344 | 7,425,472 | 0.1 | % | ||||
Diluted
|
9,616,918 | 9,601,040 | 0.2 | % | ||||
Performance Ratios
|
||||||||
Return on average equity (A)
|
5.47 | % | 4.96 | % | 10.3 | % | ||
Return on average assets
|
0.43 | % | 0.36 | % | 19.4 | % | ||
Net interest margin
|
3.18 | % | 3.20 | % | -0.6 | % | ||
Efficiency ratio (B)
|
56.24 | % | 53.40 | % | 5.3 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||
For the Quarter Ended
|
||||||||||||||
Dollars in thousands
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||
Condensed Statements of Income
|
||||||||||||||
Interest income
|
||||||||||||||
Loans, including fees
|
$ | 12,799 | $ | 12,904 | $ | 13,512 | $ | 13,648 | $ | 14,041 | ||||
Securities
|
1,507 | 1,664 | 1,703 | 1,934 | 2,225 | |||||||||
Other
|
2 | 1 | 5 | 7 | 12 | |||||||||
Total interest income
|
14,308 | 14,569 | 15,220 | 15,589 | 16,278 | |||||||||
Interest expense
|
||||||||||||||
Deposits
|
2,820 | 2,768 | 3,017 | 3,067 | 3,360 | |||||||||
Borrowings
|
1,984 | 2,043 | 2,307 | 2,587 | 2,947 | |||||||||
Total interest expense
|
4,804 | 4,811 | 5,324 | 5,654 | 6,307 | |||||||||
Net interest income
|
9,504 | 9,758 | 9,896 | 9,935 | 9,971 | |||||||||
Provision for loan losses
|
1,000 | 1,500 | 2,498 | 2,000 | 2,001 | |||||||||
Net interest income after provision
|
||||||||||||||
for loan losses
|
8,504 | 8,258 | 7,398 | 7,935 | 7,970 | |||||||||
Noninterest income
|
||||||||||||||
Insurance commissions
|
1,132 | 1,184 | 1,082 | 1,052 | 1,141 | |||||||||
Service fees related to deposit accounts
|
1,085 | 1,012 | 1,092 | 1,074 | 1,075 | |||||||||
Realized securities gains
|
(57 | ) | 42 | 103 | 760 | 320 | ||||||||
Gain (loss) on sale of assets
|
(512 | ) | (40 | ) | (94 | ) | 16 | (523) | ||||||
Other-than-temporary impairment of securities
|
(27 | ) | (54 | ) | (76 | ) | (39 | ) | (106) | |||||
Write-downs of foreclosed properties
|
(1,494 | ) | (929 | ) | (748 | ) | (2,571 | ) | (1,631) | |||||
Other income
|
559 | 564 | 644 | 514 | 552 | |||||||||
Total noninterest income
|
686 | 1,779 | 2,003 | 806 | 828 | |||||||||
Noninterest expense
|
||||||||||||||
Salaries and employee benefits
|
3,987 | 4,117 | 3,799 | 3,940 | 3,892 | |||||||||
Net occupancy expense
|
476 | 457 | 495 | 476 | 490 | |||||||||
Equipment expense
|
559 | 598 | 577 | 576 | 605 | |||||||||
Professional fees
|
360 | 251 | 314 | 289 | 242 | |||||||||
FDIC premiums
|
515 | 540 | 535 | 510 | 500 | |||||||||
Foreclosed properties expense
|
295 | 279 | 269 | 356 | 233 | |||||||||
Other expenses
|
1,329 | 1,351 | 1,433 | 1,325 | 1,333 | |||||||||
Total noninterest expense
|
7,521 | 7,593 | 7,422 | 7,472 | 7,295 | |||||||||
Income before income taxes
|
1,669 | 2,444 | 1,979 | 1,269 | 1,503 | |||||||||
Income taxes
|
452 | 651 | (126 | ) | 272 | 590 | ||||||||
Net income
|
1,217 | 1,793 | 2,105 | 997 | 913 | |||||||||
Preferred stock dividends
|
194 | 194 | 194 | 194 | 194 | |||||||||
Net income applicable to common shares
|
$ | 1,023 | $ | 1,599 | $ | 1,911 | $ | 803 | $ | 719 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||
For the Quarter Ended
|
||||||||||||||
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
||||||||||
Per Share Data
|
||||||||||||||
Earnings per common share
|
||||||||||||||
Basic
|
$ | 0.14 | $ | 0.22 | $ | 0.26 | $ | 0.11 | $ | 0.10 | ||||
Diluted
|
$ | 0.13 | $ | 0.19 | $ | 0.22 | $ | 0.10 | $ | 0.09 | ||||
Average shares outstanding
|
||||||||||||||
Basic
|
7,438,401 | 7,432,254 | 7,425,472 | 7,425,472 | 7,425,472 | |||||||||
Diluted
|
9,619,585 | 9,613,886 | 9,601,435 | 9,601,278 | 8,927,802 | |||||||||
Performance Ratios
|
||||||||||||||
Return on average equity (A)
|
4.40 | % | 6.55 | % | 7.76 | % | 3.71 | % | 3.44% | |||||
Return on average assets
|
0.35 | % | 0.52 | % | 0.60 | % | 0.28 | % | 0.25% | |||||
Net interest margin
|
3.12 | % | 3.23 | % | 3.19 | % | 3.17 | % | 3.20% | |||||
Efficiency ratio - (B)
|
56.52 | % | 56.00 | % | 54.00 | % | 54.37 | % | 53.13% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||
Selected Balance Sheet Data
|
||||||||||||||
For the Quarter Ended
|
||||||||||||||
Dollars in thousands, except per share amounts
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||
Assets
|
||||||||||||||
Cash and due from banks
|
$ | 4,336 | $ | 3,906 | $ | 3,833 | $ | 3,752 | $ | 4,266 | ||||
Interest bearing deposits other banks
|
7,971 | 7,915 | 10,969 | 13,441 | 14,288 | |||||||||
Securities
|
291,180 | 283,054 | 281,539 | 291,992 | 289,151 | |||||||||
Loans, net
|
925,979 | 945,741 | 937,168 | 940,933 | 948,294 | |||||||||
Property held for sale
|
47,258 | 54,625 | 56,172 | 56,033 | 60,069 | |||||||||
Premises and equipment, net
|
20,936 | 21,023 | 21,129 | 21,265 | 21,470 | |||||||||
Intangible assets
|
8,124 | 8,212 | 8,300 | 8,387 | 8,475 | |||||||||
Cash surrender value of life insurance policies
|
30,027 | 29,791 | 29,553 | 30,065 | 29,808 | |||||||||
Other assets
|
34,159 | 35,931 | 38,441 | 38,218 | 40,620 | |||||||||
Total assets
|
$ | 1,369,970 | $ | 1,390,198 | $ | 1,387,104 | $ | 1,404,086 | $ | 1,416,441 | ||||
Liabilities and Shareholders' Equity
|
||||||||||||||
Deposits
|
$ | 1,038,163 | $ | 1,066,318 | $ | 1,027,125 | $ | 1,027,307 | $ | 1,001,669 | ||||
Short-term borrowings
|
16,762 | 5,960 | 3,958 | 20,957 | 10,957 | |||||||||
Long-term borrowings and
|
||||||||||||||
subordinated debentures
|
199,954 | 199,977 | 239,657 | 240,133 | 290,024 | |||||||||
Other liabilities
|
7,880 | 7,928 | 7,809 | 8,361 | 8,084 | |||||||||
Shareholders' equity
|
107,211 | 110,015 | 108,555 | 107,328 | 105,707 | |||||||||
Total liabilities and shareholders' equity
|
$ | 1,369,970 | $ | 1,390,198 | $ | 1,387,104 | $ | 1,404,086 | $ | 1,416,441 | ||||
Book value per common share (A)
|
$ | 11.15 | $ | 11.45 | $ | 11.31 | $ | 11.20 | $ | 11.01 | ||||
Tangible book value per common share (A)
|
$ | 10.31 | $ | 10.60 | $ | 10.44 | $ | 10.33 | $ | 10.13 | ||||
Tangible equity / Tangible assets
|
7.3 | % | 7.4 | % | 7.3 | % | 7.1 | % | 6.9% |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
|||||||||
Regulatory Capital Ratios
|
|||||||||
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||
Summit Financial Group, Inc.
|
|||||||||
Total Risk Based Capital
|
14.4 | % | 14.1 | % | 14.0 | % | 13.8 | % | 13.6% |
Tier 1 Risk Based Capital
|
12.1 | % | 11.8 | % | 11.6 | % | 11.3 | % | 11.1% |
Tier 1 Leverage Ratio
|
8.6 | % | 8.4 | % | 8.3 | % | 8.0 | % | 7.9% |
Summit Community Bank, Inc.
|
|||||||||
Total Risk Based Capital
|
15.6 | % | 15.2 | % | 15.0 | % | 14.6 | % | 14.3% |
Tier 1 Risk Based Capital
|
14.3 | % | 13.9 | % | 13.7 | % | 13.3 | % | 13.1% |
Tier 1 Leverage Ratio
|
10.2 | % | 10.0 | % | 9.8 | % | 9.5 | % | 9.3% |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||
Loan Composition
|
||||||||||||||
Dollars in thousands
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||
Commercial
|
$ | 78,964 | $ | 86,877 | $ | 85,829 | $ | 88,997 | $ | 92,060 | ||||
Commercial real estate
|
||||||||||||||
Owner occupied
|
149,660 | 151,942 | 154,252 | 150,090 | 152,347 | |||||||||
Non-owner occupied
|
277,773 | 288,475 | 276,082 | 279,132 | 280,891 | |||||||||
Construction and development
|
||||||||||||||
Land and development
|
73,426 | 76,277 | 79,335 | 82,857 | 84,383 | |||||||||
Construction
|
7,634 | 5,782 | 3,772 | 2,087 | 1,793 | |||||||||
Residential real estate
|
||||||||||||||
Non-jumbo
|
216,759 | 213,965 | 216,714 | 215,584 | 217,321 | |||||||||
Jumbo
|
58,567 | 62,849 | 61,567 | 62,748 | 61,962 | |||||||||
Home equity
|
53,774 | 53,765 | 53,263 | 53,455 | 51,692 | |||||||||
Consumer
|
20,147 | 19,638 | 20,586 | 21,290 | 21,212 | |||||||||
Other
|
3,397 | 3,191 | 3,701 | 2,513 | 2,523 | |||||||||
Total loans, net of unearned fees
|
940,101 | 962,761 | 955,101 | 958,753 | 966,184 | |||||||||
Less allowance for loan losses
|
14,122 | 17,020 | 17,933 | 17,820 | 17,890 | |||||||||
Loans, net
|
$ | 925,979 | $ | 945,741 | $ | 937,168 | $ | 940,933 | $ | 948,294 |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||
Deposit Composition
|
||||||||||||||
Dollars in thousands
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||
Non interest bearing checking
|
$ | 92,147 | $ | 93,125 | $ | 100,592 | $ | 96,764 | $ | 96,172 | ||||
Interest bearing checking
|
187,244 | 181,327 | 175,706 | 177,236 | 164,867 | |||||||||
Savings
|
196,069 | 197,587 | 193,039 | 197,610 | 204,509 | |||||||||
Time deposits
|
562,703 | 594,279 | 557,788 | 555,697 | 536,121 | |||||||||
Total deposits
|
$ | 1,038,163 | $ | 1,066,318 | $ | 1,027,125 | $ | 1,027,307 | $ | 1,001,669 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Asset Quality Information
|
||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||
Dollars in thousands
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||||||
Gross loan charge-offs
|
$ | 3,968 | $ | 2,497 | $ | 2,545 | $ | 2,142 | $ | 2,790 | ||||||||
Gross loan recoveries
|
(70 | ) | (84 | ) | (160 | ) | (73 | ) | (156) | |||||||||
Net loan charge-offs
|
$ | 3,898 | $ | 2,413 | $ | 2,385 | $ | 2,069 | $ | 2,634 | ||||||||
Net loan charge-offs to average loans (annualized)
|
1.63 | % | 1.00 | % | 0.99 | % | 0.86 | % | 1.08% | |||||||||
Allowance for loan losses
|
$ | 14,122 | $ | 17,020 | $ | 17,933 | $ | 17,820 | $ | 17,890 | ||||||||
Allowance for loan losses as a percentage
|
||||||||||||||||||
of period end loans
|
1.50 | % | 1.77 | % | 1.88 | % | 1.86 | % | 1.85% | |||||||||
Nonperforming assets:
|
||||||||||||||||||
Nonperforming loans
|
||||||||||||||||||
Commercial
|
$ | 3,996 | $ | 4,763 | $ | 5,002 | $ | 5,343 | $ | 6,476 | ||||||||
Commercial real estate
|
1,695 | 1,525 | 2,556 | 2,803 | 3,536 | |||||||||||||
Commercial construction and development
|
- | - | - | 428 | 662 | |||||||||||||
Residential construction and development
|
11,505 | 13,076 | 13,641 | 16,333 | 16,735 | |||||||||||||
Residential real estate
|
13,605 | 16,869 | 16,522 | 18,809 | 18,550 | |||||||||||||
Consumer
|
91 | 72 | 55 | 88 | 78 | |||||||||||||
Total nonperforming loans
|
30,892 | 36,305 | 37,776 | 43,804 | 46,037 | |||||||||||||
Foreclosed properties
|
||||||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||
Commercial real estate
|
10,310 | 11,779 | 11,835 | 11,802 | 12,029 | |||||||||||||
Commercial construction and development
|
11,492 | 16,670 | 17,597 | 17,683 | 18,632 | |||||||||||||
Residential construction and development
|
21,591 | 21,929 | 23,074 | 23,769 | 26,014 | |||||||||||||
Residential real estate
|
3,865 | 4,247 | 3,666 | 2,779 | 3,393 | |||||||||||||
Total foreclosed properties
|
47,258 | 54,625 | 56,172 | 56,033 | 60,068 | |||||||||||||
Other repossessed assets
|
2 | 19 | 6 | - | - | |||||||||||||
Total nonperforming assets
|
$ | 78,152 | $ | 90,949 | $ | 93,954 | $ | 99,837 | $ | 106,105 | ||||||||
Nonperforming loans to period end loans
|
3.29 | % | 3.77 | % | 3.96 | % | 4.57 | % | 4.76% | |||||||||
Nonperforming assets to period end assets
|
5.70 | % | 6.54 | % | 6.77 | % | 7.11 | % | 7.49% |
Loans Past Due 30-89 Days
|
||||||||||||||
For the Quarter Ended
|
||||||||||||||
In thousands
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||
Commercial
|
$ | 199 | $ | 27 | $ | 180 | $ | 874 | $ | 300 | ||||
Commercial real estate
|
626 | 2,161 | 437 | 1,264 | 1,787 | |||||||||
Construction and development
|
698 | 64 | - | 56 | 293 | |||||||||
Residential real estate
|
4,479 | 4,522 | 6,170 | 4,346 | 5,763 | |||||||||
Consumer
|
286 | 277 | 326 | 313 | 408 | |||||||||
Other
|
53 | - | - | - | - | |||||||||
Total
|
$ | 6,341 | $ | 7,051 | $ | 7,113 | $ | 6,853 | $ | 8,551 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
||||||||||||||||||
Q2 2013 vs Q2 2012
|
||||||||||||||||||
Q2 2013 | Q2 2012 | |||||||||||||||||
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
|
$ | 950,397 | $ | 12,735 | 5.37 | % | $ | 966,068 | $ | 13,960 | 5.81 | % | ||||||
Tax-exempt
|
5,466 | 98 | 7.19 | % | 6,820 | 123 | 7.25 | % | ||||||||||
Securities
|
||||||||||||||||||
Taxable
|
227,629 | 926 | 1.63 | % | 234,196 | 1,554 | 2.67 | % | ||||||||||
Tax-exempt
|
71,489 | 874 | 4.90 | % | 71,077 | 1,007 | 5.70 | % | ||||||||||
Interest bearing deposits other banks
|
||||||||||||||||||
and Federal funds sold
|
8,533 | 2 | 0.09 | % | 23,671 | 12 | 0.20 | % | ||||||||||
Total interest earning assets
|
1,263,514 | 14,635 | 4.65 | % | 1,301,832 | 16,656 | 5.15 | % | ||||||||||
Noninterest earning assets
|
||||||||||||||||||
Cash & due from banks
|
4,525 | 4,266 | ||||||||||||||||
Premises & equipment
|
21,018 | 21,656 | ||||||||||||||||
Other assets
|
111,981 | 123,796 | ||||||||||||||||
Allowance for loan losses
|
(15,702 | ) | (18,503 | ) | ||||||||||||||
Total assets
|
$ | 1,385,336 | $ | 1,433,047 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||
Liabilities
|
||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||
Interest bearing
|
||||||||||||||||||
demand deposits
|
$ | 178,875 | $ | 62 | 0.14 | % | $ | 166,309 | $ | 82 | 0.20 | % | ||||||
Savings deposits
|
197,362 | 287 | 0.58 | % | 208,277 | 351 | 0.68 | % | ||||||||||
Time deposits
|
580,760 | 2,471 | 1.71 | % | 535,649 | 2,926 | 2.20 | % | ||||||||||
Short-term borrowings
|
13,985 | 9 | 0.26 | % | 15,901 | 11 | 0.28 | % | ||||||||||
Long-term borrowings and
|
||||||||||||||||||
subordinated debentures
|
199,963 | 1,975 | 3.96 | % | 295,838 | 2,936 | 3.99 | % | ||||||||||
Total interest bearing liabilities
|
1,170,945 | 4,804 | 1.65 | % | 1,221,974 | 6,306 | 2.08 | % | ||||||||||
Noninterest bearing liabilities
|
||||||||||||||||||
Demand deposits
|
96,059 | 93,995 | ||||||||||||||||
Other liabilities
|
7,616 | 11,050 | ||||||||||||||||
Total liabilities
|
1,274,620 | 1,327,019 | ||||||||||||||||
Shareholders' equity - preferred
|
9,322 | 9,326 | ||||||||||||||||
Shareholders' equity - common
|
101,394 | 96,702 | ||||||||||||||||
Total liabilities and
|
||||||||||||||||||
shareholders' equity
|
$ | 1,385,336 | $ | 1,433,047 | ||||||||||||||
NET INTEREST EARNINGS
|
$ | 9,831 | $ | 10,350 | ||||||||||||||
NET INTEREST MARGIN
|
3.12 | % | 3.20 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
||||||||||||||||||
YTD 2013 vs YTD 2012
|
||||||||||||||||||
YTD 2013
|
YTD 2012
|
|||||||||||||||||
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
|
$ | 955,425 | $ | 25,569 | 5.40 | % | $ | 969,965 | $ | 28,239 | 5.85 | % | ||||||
Tax-exempt
|
5,714 | 203 | 7.16 | % | 7,034 | 253 | 7.23 | % | ||||||||||
Securities
|
||||||||||||||||||
Taxable
|
221,998 | 1,955 | 1.78 | % | 234,584 | 3,252 | 2.79 | % | ||||||||||
Tax-exempt
|
75,297 | 1,842 | 4.93 | % | 71,318 | 2,111 | 5.95 | % | ||||||||||
Interest bearing deposits other banks
|
||||||||||||||||||
and Federal funds sold
|
8,023 | 3 | 0.08 | % | 24,277 | 24 | 0.20 | % | ||||||||||
Total interest earning assets
|
1,266,457 | 29,572 | 4.71 | % | 1,307,178 | 33,879 | 5.21 | % | ||||||||||
Noninterest earning assets
|
||||||||||||||||||
Cash & due from banks
|
4,384 | 4,169 | ||||||||||||||||
Premises & equipment
|
21,059 | 21,818 | ||||||||||||||||
Other assets
|
113,334 | 124,321 | ||||||||||||||||
Allowance for loan losses
|
(16,632 | ) | (18,377 | ) | ||||||||||||||
Total assets
|
$ | 1,388,602 | $ | 1,439,109 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||
Liabilities
|
||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||
Interest bearing
|
||||||||||||||||||
demand deposits
|
$ | 176,811 | $ | 132 | 0.15 | % | $ | 163,228 | $ | 164 | 0.20 | % | ||||||
Savings deposits
|
196,464 | 597 | 0.61 | % | 210,030 | 733 | 0.70 | % | ||||||||||
Time deposits
|
577,669 | 4,859 | 1.70 | % | 543,169 | 6,176 | 2.29 | % | ||||||||||
Short-term borrowings
|
20,872 | 26 | 0.25 | % | 15,145 | 16 | 0.21 | % | ||||||||||
Long-term borrowings and
|
||||||||||||||||||
subordinated debentures
|
204,584 | 4,001 | 3.94 | % | 300,433 | 5,996 | 4.01 | % | ||||||||||
1,176,400 | 9,615 | 1.65 | % | 1,232,005 | 13,085 | 2.14 | % | |||||||||||
Noninterest bearing liabilities
|
||||||||||||||||||
Demand deposits
|
94,501 | 90,498 | ||||||||||||||||
Other liabilities
|
7,632 | 11,323 | ||||||||||||||||
Total liabilities
|
1,278,533 | 1,333,826 | ||||||||||||||||
Shareholders' equity - preferred
|
9,324 | 9,326 | ||||||||||||||||
Shareholders' equity - common
|
100,745 | 95,957 | ||||||||||||||||
Total liabilities and
|
||||||||||||||||||
shareholders' equity
|
$ | 1,388,602 | $ | 1,439,109 | ||||||||||||||
NET INTEREST EARNINGS
|
$ | 19,957 | $ | 20,794 | ||||||||||||||
NET INTEREST MARGIN
|
3.18 | % | 3.20 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||
For the Quarter Ended
|
For the Six Months Ended
|
|||||||||||
Dollars in thousands
|
6/30/2013
|
6/30/2012
|
6/30/2013
|
6/30/2012
|
||||||||
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
|
$ | 2,340 | $ | 1,941 | $ | 4,556 | $ | 4,106 | ||||
Realized securities gains/(losses)
|
(57 | ) | 320 | (16 | ) | 1,485 | ||||||
Applicable income tax effect
|
21 | (118 | ) | 6 | (549 | ) | ||||||
(Losses) on sales of assets
|
(512 | ) | (523 | ) | (552 | ) | (599 | ) | ||||
Applicable income tax effect
|
189 | 194 | 204 | 222 | ||||||||
Other-than-temporary impairment of securities
|
(27 | ) | (106 | ) | (80 | ) | (335 | ) | ||||
Applicable income tax effect
|
10 | 39 | 30 | 124 | ||||||||
Write-downs foreclosed properties
|
(1,494 | ) | (1,631 | ) | (2,423 | ) | (3,543 | ) | ||||
Applicable income tax effect
|
553 | 603 | 897 | 1,311 | ||||||||
(1,317 | ) | (1,222 | ) | (1,934 | ) | (1,884 | ) | |||||
GAAP net income applicable to common shares
|
$ | 1,023 | $ | 719 | $ | 2,622 | $ | 2,222 | ||||
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
|
$ | 0.27 | $ | 0.22 | $ | 0.52 | $ | 0.47 | ||||
Realized securities gains/(losses)
|
(0.01 | ) | 0.03 | - | 0.15 | |||||||
Applicable income tax effect
|
- | (0.01 | ) | - | (0.06 | ) | ||||||
Gains (losses) on sales of assets
|
(0.05 | ) | (0.05 | ) | (0.06 | ) | (0.06 | ) | ||||
Applicable income tax effect
|
0.02 | 0.02 | 0.02 | 0.02 | ||||||||
Other-than-temporary impairment of securities
|
- | (0.01 | ) | (0.01 | ) | (0.03 | ) | |||||
Applicable income tax effect
|
- | - | - | 0.01 | ||||||||
Write-downs of foreclosed properties
|
(0.16 | ) | (0.17 | ) | (0.25 | ) | (0.37 | ) | ||||
Applicable income tax effect
|
0.06 | 0.06 | 0.09 | 0.14 | ||||||||
(0.14 | ) | (0.13 | ) | (0.21 | ) | (0.20 | ) | |||||
GAAP diluted earnings per common share
|
$ | 0.13 | $ | 0.09 | $ | 0.31 | $ | 0.27 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||
For the Quarter Ended
|
For the Six Months Ended
|
|||||||||||
Dollars in thousands
|
6/30/2013
|
6/30/2012
|
6/30/2013
|
6/30/2012
|
||||||||
Total revenue - excluding realized securities gains,
|
||||||||||||
other-than-temporary impairment of securities and
|
||||||||||||
write-downs of foreclosed properties
|
$ | 12,279 | $ | 12,739 | $ | 24,797 | $ | 25,512 | ||||
Realized securities gains/(losses)
|
(57 | ) | 320 | (16 | ) | 1,485 | ||||||
(Losses) on sales of assets
|
(512 | ) | (523 | ) | (552 | ) | (599 | ) | ||||
Other-than-temporary impairment of securities
|
(27 | ) | (106 | ) | (80 | ) | (335 | ) | ||||
Write-downs of foreclosed properties
|
(1,494 | ) | (1,631 | ) | (2,423 | ) | (3,543 | ) | ||||
(2,090 | ) | (1,940 | ) | (3,071 | ) | (2,992 | ) | |||||
GAAP total revenue
|
$ | 10,189 | $ | 10,799 | $ | 21,726 | $ | 22,520 | ||||
Total noninterest income - excluding realized securities
|
||||||||||||
gains, other-than-temporary impairment of securities
|
||||||||||||
and write-downs of foreclosed properties
|
$ | 2,775 | $ | 2,768 | $ | 5,535 | $ | 5,523 | ||||
Realized securities gains/(losses)
|
(57 | ) | 320 | (16 | ) | 1,485 | ||||||
(Losses) on sales of assets
|
(512 | ) | (523 | ) | (552 | ) | (599 | ) | ||||
Other-than-temporary impairment of securities
|
(27 | ) | (106 | ) | (80 | ) | (335 | ) | ||||
Write-downs of foreclosed properties
|
(1,494 | ) | (1,631 | ) | (2,423 | ) | (3,543 | ) | ||||
(2,090 | ) | (1,940 | ) | (3,071 | ) | (2,992 | ) | |||||
GAAP total noninterest income
|
$ | 685 | $ | 828 | $ | 2,464 | $ | 2,531 |