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
|
·
|
Best quarter’s earnings per diluted share since Q4 2008.
|
·
|
Eleventh consecutive quarter of positive quarterly earnings.
|
·
|
Nonperforming assets declined for the eighth consecutive quarter, reaching its lowest level since Q4 2008.
|
·
|
Net interest margin increased 9 basis points compared to Q3 2013 and 5 basis points compared to the year-ago period.
|
·
|
The provision for loan losses remained unchanged compared to the $1.00 million recorded in Q3 2013, and was less than half the amount recorded in Q4 2012.
|
·
|
Recorded charges to write-down foreclosed properties of $644,000, compared to $654,000 in Q3 2013 and $748,000 in Q4 2012.
|
·
|
Summit’s regulatory capital ratios are at the highest levels in thirteen years.
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||
Quarterly Performance Summary -- Q4 2013 vs Q4 2012
|
|||||||
For the Quarter Ended
|
Percent
|
||||||
Dollars in thousands
|
12/31/2013
|
12/31/2012
|
Change
|
||||
Condensed Statements of Income
|
|||||||
Interest income
|
|||||||
Loans, including fees
|
$ | 12,507 | $ | 13,512 | -7.4% | ||
Securities
|
1,850 | 1,703 | 8.6% | ||||
Other
|
2 | 5 | -60.0% | ||||
Total interest income
|
14,359 | 15,220 | -5.7% | ||||
Interest expense
|
|||||||
Deposits
|
2,317 | 3,017 | -23.2% | ||||
Borrowings
|
2,039 | 2,307 | -11.6% | ||||
Total interest expense
|
4,356 | 5,324 | -18.2% | ||||
Net interest income
|
10,003 | 9,896 | 1.1% | ||||
Provision for loan losses
|
1,000 | 2,498 | -60.0% | ||||
Net interest income after provision
|
|||||||
for loan losses
|
9,003 | 7,398 | 21.7% | ||||
Noninterest income
|
|||||||
Insurance commissions
|
1,056 | 1,081 | -2.3% | ||||
Service fees related to deposit accounts
|
1,124 | 1,092 | 2.9% | ||||
Realized securities gains
|
124 | 103 | 20.4% | ||||
Other-than-temporary impairment of securities
|
- | (76 | ) | -100.0% | |||
Other income
|
592 | 644 | -8.1% | ||||
Total noninterest income
|
2,896 | 2,844 | 1.8% | ||||
Noninterest expense
|
|||||||
Salaries and employee benefits
|
4,024 | 3,799 | 5.9% | ||||
Net occupancy expense
|
466 | 494 | -5.7% | ||||
Equipment expense
|
580 | 554 | 4.7% | ||||
Professional fees
|
295 | 337 | -12.5% | ||||
FDIC premiums
|
502 | 535 | -6.2% | ||||
Foreclosed properties expense
|
209 | 269 | -22.3% | ||||
(Gain) on sale of foreclosed properties
|
(28 | ) | 94 | -129.8% | |||
Write-downs of foreclosed properties
|
644 | 748 | -13.9% | ||||
Other expenses
|
1,732 | 1,433 | 20.9% | ||||
Total noninterest expense
|
8,424 | 8,263 | 1.9% | ||||
Income before income taxes
|
3,475 | 1,979 | 75.6% | ||||
Income taxes
|
687 | (126 | ) | -645.2% | |||
Net income
|
2,788 | 2,105 | 32.4% | ||||
Preferred stock dividends
|
194 | 194 | 0.0% | ||||
Net income applicable to common shares
|
$ | 2,594 | $ | 1,911 | 35.7% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||
Quarterly Performance Summary -- Q4 2013 vs Q4 2012
|
|||||||
For the Quarter Ended
|
Percent
|
||||||
12/31/2013
|
12/31/2012
|
Change
|
|||||
Per Share Data
|
|||||||
Earnings per common share
|
|||||||
Basic
|
$ | 0.35 | $ | 0.26 | 34.6% | ||
Diluted
|
$ | 0.29 | $ | 0.22 | 31.8% | ||
Average shares outstanding
|
|||||||
Basic
|
7,450,379 | 7,425,472 | 0.3% | ||||
Diluted
|
9,624,312 | 9,601,435 | 0.2% | ||||
Performance Ratios
|
|||||||
Return on average equity (A)
|
10.15 | % | 7.76 | % | 30.8% | ||
Return on average assets
|
0.80 | % | 0.60 | % | 33.3% | ||
Net interest margin
|
3.24 | % | 3.19 | % | 1.6% | ||
Efficiency ratio (B)
|
57.31 | % | 53.88 | % | 6.4% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||
Annual Performance Summary -- 2013 vs 2012
|
|||||||
For the Years Ended
|
Percent
|
||||||
Dollars in thousands
|
12/31/2013
|
12/31/2012
|
Change
|
||||
Condensed Statements of Income
|
|||||||
Interest income
|
|||||||
Loans, including fees
|
$ | 50,741 | $ | 55,567 | -8.7% | ||
Securities
|
6,534 | 8,282 | -21.1% | ||||
Other
|
5 | 35 | -85.7% | ||||
Total interest income
|
57,280 | 63,884 | -10.3% | ||||
Interest expense
|
|||||||
Deposits
|
10,392 | 13,158 | -21.0% | ||||
Borrowings
|
8,085 | 10,906 | -25.9% | ||||
Total interest expense
|
18,477 | 24,064 | -23.2% | ||||
Net interest income
|
38,803 | 39,820 | -2.6% | ||||
Provision for loan losses
|
4,500 | 8,500 | -47.1% | ||||
Net interest income after provision
|
|||||||
for loan losses
|
34,303 | 31,320 | 9.5% | ||||
Noninterest income
|
|||||||
Insurance commissions
|
4,429 | 4,433 | -0.1% | ||||
Service fees related to deposit accounts
|
4,325 | 4,255 | 1.6% | ||||
Realized securities gains
|
240 | 2,348 | -89.8% | ||||
Other-than-temporary impairment of securities
|
(118 | ) | (451 | ) | -73.8% | ||
Other income
|
2,333 | 2,294 | 1.7% | ||||
Total noninterest income
|
11,209 | 12,879 | -13.0% | ||||
Noninterest expense
|
|||||||
Salaries and employee benefits
|
16,178 | 15,532 | 4.2% | ||||
Net occupancy expense
|
1,853 | 1,939 | -4.4% | ||||
Equipment expense
|
2,303 | 2,332 | -1.2% | ||||
Professional fees
|
1,181 | 1,193 | -1.0% | ||||
FDIC premiums
|
2,060 | 2,067 | -0.3% | ||||
Foreclosed properties expense
|
1,045 | 1,221 | -14.4% | ||||
Loss on sale of foreclosed properties
|
518 | 677 | -23.5% | ||||
Write-downs of foreclosed properties
|
3,722 | 6,862 | -45.8% | ||||
Other expenses
|
5,896 | 5,444 | 8.3% | ||||
Total noninterest expense
|
34,756 | 37,267 | -6.7% | ||||
Income before income taxes
|
10,756 | 6,932 | 55.2% | ||||
Income taxes
|
2,688 | 1,219 | 120.5% | ||||
Net income
|
8,068 | 5,713 | 41.2% | ||||
Preferred stock dividends
|
775 | 777 | -0.3% | ||||
Net income applicable to common shares
|
$ | 7,293 | $ | 4,936 | 47.8% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||
Annual Performance Summary -- 2013 vs 2012
|
|||||||
For the Years Ended
|
Percent
|
||||||
12/31/2013
|
12/31/2012
|
Change
|
|||||
Per Share Data
|
|||||||
Earnings per common share
|
|||||||
Basic
|
$ | 0.98 | $ | 0.66 | 48.5% | ||
Diluted
|
$ | 0.84 | $ | 0.60 | 40.0% | ||
Average shares outstanding
|
|||||||
Basic
|
7,442,689 | 7,425,472 | 0.2% | ||||
Diluted
|
9,621,504 | 9,601,169 | 0.2% | ||||
Performance Ratios
|
|||||||
Return on average equity (A)
|
7.38 | % | 5.36 | % | 37.7% | ||
Return on average assets
|
0.58 | % | 0.40 | % | 45.0% | ||
Net interest margin
|
3.22 | % | 3.19 | % | 0.9% | ||
Efficiency ratio (B)
|
56.48 | % | 53.78 | % | 5.0% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||||||
Condensed Statements of Income
|
||||||||||||||||||
Interest income
|
||||||||||||||||||
Loans, including fees
|
$ | 12,507 | $ | 12,532 | $ | 12,799 | $ | 12,904 | $ | 13,512 | ||||||||
Securities
|
1,850 | 1,512 | 1,507 | 1,664 | 1,703 | |||||||||||||
Other
|
2 | 1 | 2 | 1 | 5 | |||||||||||||
Total interest income
|
14,359 | 14,045 | 14,308 | 14,569 | 15,220 | |||||||||||||
Interest expense
|
||||||||||||||||||
Deposits
|
2,317 | 2,487 | 2,820 | 2,768 | 3,017 | |||||||||||||
Borrowings
|
2,039 | 2,020 | 1,984 | 2,043 | 2,307 | |||||||||||||
Total interest expense
|
4,356 | 4,507 | 4,804 | 4,811 | 5,324 | |||||||||||||
Net interest income
|
10,003 | 9,538 | 9,504 | 9,758 | 9,896 | |||||||||||||
Provision for loan losses
|
1,000 | 1,000 | 1,000 | 1,500 | 2,498 | |||||||||||||
Net interest income after provision
|
||||||||||||||||||
for loan losses
|
9,003 | 8,538 | 8,504 | 8,258 | 7,398 | |||||||||||||
Noninterest income
|
||||||||||||||||||
Insurance commissions
|
1,056 | 1,057 | 1,132 | 1,184 | 1,081 | |||||||||||||
Service fees related to deposit accounts
|
1,124 | 1,106 | 1,085 | 1,012 | 1,092 | |||||||||||||
Realized securities gains
|
124 | 132 | (57 | ) | 42 | 103 | ||||||||||||
Other-than-temporary impairment of securities
|
- | (38 | ) | (27 | ) | (54 | ) | (76) | ||||||||||
Other income
|
592 | 606 | 570 | 564 | 644 | |||||||||||||
Total noninterest income
|
2,896 | 2,863 | 2,703 | 2,748 | 2,844 | |||||||||||||
Noninterest expense
|
||||||||||||||||||
Salaries and employee benefits
|
4,024 | 4,050 | 3,987 | 4,117 | 3,799 | |||||||||||||
Net occupancy expense
|
466 | 454 | 476 | 457 | 494 | |||||||||||||
Equipment expense
|
580 | 578 | 559 | 598 | 554 | |||||||||||||
Professional fees
|
295 | 263 | 360 | 251 | 337 | |||||||||||||
FDIC premiums
|
502 | 503 | 515 | 540 | 535 | |||||||||||||
Foreclosed properties expense
|
209 | 262 | 295 | 279 | 269 | |||||||||||||
(Gain) loss on sale of foreclosed properties
|
(28 | ) | (17 | ) | 523 | 40 | 94 | |||||||||||
Write-downs of foreclosed properties
|
644 | 654 | 1,494 | 929 | 748 | |||||||||||||
Other expenses
|
1,732 | 1,484 | 1,329 | 1,351 | 1,433 | |||||||||||||
Total noninterest expense
|
8,424 | 8,231 | 9,538 | 8,562 | 8,263 | |||||||||||||
Income before income taxes
|
3,475 | 3,170 | 1,669 | 2,444 | 1,979 | |||||||||||||
Income taxes
|
687 | 898 | 452 | 651 | (126) | |||||||||||||
Net income
|
2,788 | 2,272 | 1,217 | 1,793 | 2,105 | |||||||||||||
Preferred stock dividends
|
194 | 194 | 194 | 194 | 194 | |||||||||||||
Net income applicable to common shares
|
$ | 2,594 | $ | 2,078 | $ | 1,023 | $ | 1,599 | $ | 1,911 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Five Quarter Performance Summary
|
||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
||||||||||||||
Per Share Data
|
||||||||||||||||||
Earnings per common share
|
||||||||||||||||||
Basic
|
$ | 0.35 | $ | 0.28 | $ | 0.14 | $ | 0.22 | $ | 0.26 | ||||||||
Diluted
|
$ | 0.29 | $ | 0.24 | $ | 0.13 | $ | 0.19 | $ | 0.22 | ||||||||
Average shares outstanding
|
||||||||||||||||||
Basic
|
7,450,379 | 7,443,865 | 7,438,401 | 7,432,254 | 7,425,472 | |||||||||||||
Diluted
|
9,624,312 | 9,621,957 | 9,619,585 | 9,613,886 | 9,601,435 | |||||||||||||
Performance Ratios
|
||||||||||||||||||
Return on average equity (A)
|
10.15 | % | 8.49 | % | 4.40 | % | 6.55 | % | 7.76% | |||||||||
Return on average assets
|
0.80 | % | 0.67 | % | 0.35 | % | 0.52 | % | 0.60% | |||||||||
Net interest margin
|
3.24 | % | 3.15 | % | 3.12 | % | 3.23 | % | 3.19% | |||||||||
Efficiency ratio - (B)
|
57.31 | % | 56.22 | % | 56.52 | % | 56.00 | % | 53.88% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Selected Balance Sheet Data
|
||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||
Dollars in thousands, except per share amounts
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||||||
Assets
|
||||||||||||||||||
Cash and due from banks
|
$ | 3,442 | $ | 4,571 | $ | 4,336 | $ | 3,906 | $ | 3,833 | ||||||||
Interest bearing deposits other banks
|
8,340 | 11,532 | 7,971 | 7,915 | 10,969 | |||||||||||||
Securities
|
288,780 | 291,258 | 291,180 | 283,054 | 281,539 | |||||||||||||
Loans, net
|
937,070 | 939,169 | 925,979 | 945,741 | 937,168 | |||||||||||||
Property held for sale
|
53,392 | 45,303 | 47,258 | 54,625 | 56,172 | |||||||||||||
Premises and equipment, net
|
20,623 | 20,780 | 20,936 | 21,023 | 21,129 | |||||||||||||
Intangible assets
|
7,949 | 8,036 | 8,124 | 8,212 | 8,300 | |||||||||||||
Cash surrender value of life insurance policies
|
35,611 | 35,257 | 30,027 | 29,791 | 29,553 | |||||||||||||
Other assets
|
31,020 | 31,881 | 34,159 | 35,931 | 38,441 | |||||||||||||
Total assets
|
$ | 1,386,227 | $ | 1,387,787 | $ | 1,369,970 | $ | 1,390,198 | $ | 1,387,104 | ||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||
Deposits
|
$ | 1,003,812 | $ | 1,016,735 | $ | 1,038,163 | $ | 1,066,318 | $ | 1,027,125 | ||||||||
Short-term borrowings
|
62,769 | 54,163 | 16,762 | 5,960 | 3,958 | |||||||||||||
Long-term borrowings and
|
||||||||||||||||||
subordinated debentures
|
199,905 | 199,929 | 199,954 | 199,977 | 239,657 | |||||||||||||
Other liabilities
|
8,669 | 8,155 | 7,880 | 7,928 | 7,809 | |||||||||||||
Shareholders' equity
|
111,072 | 108,805 | 107,211 | 110,015 | 108,555 | |||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,386,227 | $ | 1,387,787 | $ | 1,369,970 | $ | 1,390,198 | $ | 1,387,104 | ||||||||
Book value per common share (A)
|
$ | 11.55 | $ | 11.32 | $ | 11.15 | $ | 11.45 | $ | 11.31 | ||||||||
Tangible book value per common share (A)
|
$ | 10.72 | $ | 10.48 | $ | 10.31 | $ | 10.60 | $ | 10.44 | ||||||||
Tangible equity / Tangible assets
|
7.5 | % | 7.3 | % | 7.3 | % | 7.4 | % | 7.3% |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
|||||||||
Regulatory Capital Ratios
|
|||||||||
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||
Summit Financial Group, Inc.
|
|||||||||
Total Risk Based Capital
|
14.5 | % | 14.5 | % | 14.4 | % | 14.1 | % | 14.0% |
Tier 1 Risk-based Capital
|
12.4 | % | 12.1 | % | 12.1 | % | 11.8 | % | 11.6% |
Tier 1 Leverage Ratio
|
8.9 | % | 8.9 | % | 8.6 | % | 8.4 | % | 8.3% |
Summit Community Bank, Inc.
|
|||||||||
Total Risk Based Capital
|
15.7 | % | 15.5 | % | 15.6 | % | 15.2 | % | 15.0% |
Tier 1 Risk-based Capital
|
14.5 | % | 14.3 | % | 14.3 | % | 13.9 | % | 13.7% |
Tier 1 Leverage Ratio
|
10.4 | % | 10.4 | % | 10.2 | % | 10.0 | % | 9.8% |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||
Loan Composition
|
||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||
Commercial
|
$ | 88,352 | $ | 83,844 | $ | 78,964 | $ | 86,877 | $ | 85,829 | ||||
Commercial real estate
|
||||||||||||||
Owner occupied
|
149,618 | 151,261 | 149,660 | 151,942 | 154,252 | |||||||||
Non-owner occupied
|
280,790 | 279,412 | 277,773 | 288,475 | 276,082 | |||||||||
Construction and development
|
||||||||||||||
Land and development
|
71,453 | 73,089 | 73,426 | 76,277 | 79,335 | |||||||||
Construction
|
15,155 | 12,323 | 7,634 | 5,782 | 3,772 | |||||||||
Residential real estate
|
||||||||||||||
Non-jumbo
|
212,946 | 215,058 | 216,759 | 213,965 | 216,714 | |||||||||
Jumbo
|
53,406 | 59,701 | 58,567 | 62,849 | 61,567 | |||||||||
Home equity
|
54,844 | 53,674 | 53,774 | 53,765 | 53,263 | |||||||||
Consumer
|
19,889 | 20,472 | 20,147 | 19,638 | 20,586 | |||||||||
Other
|
3,276 | 3,374 | 3,397 | 3,191 | 3,701 | |||||||||
Total loans, net of unearned fees
|
949,729 | 952,208 | 940,101 | 962,761 | 955,101 | |||||||||
Less allowance for loan losses
|
12,659 | 13,039 | 14,122 | 17,020 | 17,933 | |||||||||
Loans, net
|
$ | 937,070 | $ | 939,169 | $ | 925,979 | $ | 945,741 | $ | 937,168 |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||
Deposit Composition
|
||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||
Non interest bearing checking
|
$ | 92,837 | $ | 99,109 | $ | 92,147 | $ | 93,125 | $ | 100,592 | ||||
Interest bearing checking
|
186,578 | 186,702 | 187,244 | 181,327 | 175,706 | |||||||||
Savings
|
193,446 | 193,285 | 196,069 | 197,587 | 193,039 | |||||||||
Time deposits
|
530,951 | 537,639 | 562,703 | 594,279 | 557,788 | |||||||||
Total deposits
|
$ | 1,003,812 | $ | 1,016,735 | $ | 1,038,163 | $ | 1,066,318 | $ | 1,027,125 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Asset Quality Information
|
||||||||||||||||||
For the Quarter Ended
|
||||||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||||||
Gross loan charge-offs
|
$ | 1,669 | $ | 2,825 | $ | 3,968 | $ | 2,497 | $ | 2,545 | ||||||||
Gross loan recoveries
|
(289 | ) | (742 | ) | (70 | ) | (84 | ) | (160) | |||||||||
Net loan charge-offs
|
$ | 1,380 | $ | 2,083 | $ | 3,898 | $ | 2,413 | $ | 2,385 | ||||||||
Net loan charge-offs to average loans (annualized)
|
0.58 | % | 0.89 | % | 1.63 | % | 1.00 | % | 0.99% | |||||||||
Allowance for loan losses
|
$ | 12,659 | $ | 13,039 | $ | 14,122 | $ | 17,020 | $ | 17,933 | ||||||||
Allowance for loan losses as a percentage
|
||||||||||||||||||
of period end loans
|
1.33 | % | 1.37 | % | 1.50 | % | 1.77 | % | 1.88% | |||||||||
Nonperforming assets:
|
||||||||||||||||||
Nonperforming loans
|
||||||||||||||||||
Commercial
|
$ | 1,224 | $ | 2,557 | $ | 3,996 | $ | 4,763 | $ | 5,002 | ||||||||
Commercial real estate
|
2,318 | 3,795 | 1,695 | 1,525 | 2,556 | |||||||||||||
Commercial construction and development
|
3,782 | 3,761 | - | - | - | |||||||||||||
Residential construction and development
|
9,048 | 9,128 | 11,505 | 13,076 | 13,641 | |||||||||||||
Residential real estate
|
2,446 | 12,385 | 13,605 | 16,869 | 16,522 | |||||||||||||
Consumer
|
128 | 145 | 91 | 72 | 55 | |||||||||||||
Total nonperforming loans
|
18,946 | 31,771 | 30,892 | 36,305 | 37,776 | |||||||||||||
Foreclosed properties
|
||||||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||
Commercial real estate
|
9,903 | 9,961 | 10,310 | 11,779 | 11,835 | |||||||||||||
Commercial construction and development
|
11,125 | 11,161 | 11,492 | 16,670 | 17,597 | |||||||||||||
Residential construction and development
|
20,485 | 20,585 | 21,591 | 21,929 | 23,074 | |||||||||||||
Residential real estate
|
11,879 | 3,596 | 3,865 | 4,247 | 3,666 | |||||||||||||
Total foreclosed properties
|
53,392 | 45,303 | 47,258 | 54,625 | 56,172 | |||||||||||||
Other repossessed assets
|
8 | - | 2 | 19 | 6 | |||||||||||||
Total nonperforming assets
|
$ | 72,346 | $ | 77,074 | $ | 78,152 | $ | 90,949 | $ | 93,954 | ||||||||
Nonperforming loans to period end loans
|
1.99 | % | 3.34 | % | 3.29 | % | 3.77 | % | 3.96% | |||||||||
Nonperforming assets to period end assets
|
5.22 | % | 5.55 | % | 5.70 | % | 6.54 | % | 6.77% |
Loans Past Due 30-89 Days
|
||||||||||||||
For the Quarter Ended
|
||||||||||||||
In thousands
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||
Commercial
|
$ | 74 | $ | 30 | $ | 199 | $ | 27 | $ | 180 | ||||
Commercial real estate
|
1,809 | 1,757 | 626 | 2,161 | 437 | |||||||||
Construction and development
|
1,628 | 154 | 698 | 64 | - | |||||||||
Residential real estate
|
4,332 | 4,697 | 4,479 | 4,522 | 6,170 | |||||||||
Consumer
|
292 | 229 | 286 | 277 | 326 | |||||||||
Other
|
- | 50 | 53 | - | - | |||||||||
Total
|
$ | 8,135 | $ | 6,917 | $ | 6,341 | $ | 7,051 | $ | 7,113 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
|
||||||||||||||||
Q4 2013 vs Q4 2012
|
||||||||||||||||
Q4 2013 | Q4 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
|
$ | 950,162 | $ | 12,450 | 5.20 | % | $ | 956,864 | $ | 13,436 | 5.59% | |||||
Tax-exempt
|
5,084 | 89 | 6.95 | % | 6,184 | 117 | 7.53% | |||||||||
Securities
|
||||||||||||||||
Taxable
|
226,710 | 1,273 | 2.23 | % | 226,629 | 1,097 | 1.93% | |||||||||
Tax-exempt
|
74,777 | 871 | 4.62 | % | 75,466 | 912 | 4.81% | |||||||||
Interest bearing deposits other banks
|
||||||||||||||||
and Federal funds sold
|
8,156 | 1 | 0.05 | % | 10,779 | 4 | 0.15% | |||||||||
Total interest earning assets
|
1,264,889 | 14,684 | 4.61 | % | 1,275,922 | 15,566 | 4.85% | |||||||||
Noninterest earning assets
|
||||||||||||||||
Cash & due from banks
|
4,279 | 4,166 | ||||||||||||||
Premises & equipment
|
20,689 | 21,266 | ||||||||||||||
Other assets
|
109,534 | 113,952 | ||||||||||||||
Allowance for loan losses
|
(13,449 | ) | (18,053 | ) | ||||||||||||
Total assets
|
$ | 1,385,942 | $ | 1,397,253 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||
Interest bearing
|
||||||||||||||||
demand deposits
|
$ | 188,839 | $ | 63 | 0.13 | % | $ | 179,198 | $ | 78 | 0.17% | |||||
Savings deposits
|
193,889 | 277 | 0.57 | % | 194,839 | 307 | 0.63% | |||||||||
Time deposits
|
528,370 | 1,977 | 1.48 | % | 556,748 | 2,632 | 1.88% | |||||||||
Short-term borrowings
|
59,378 | 45 | 0.30 | % | 10,263 | 7 | 0.27% | |||||||||
Long-term borrowings and
|
||||||||||||||||
subordinated debentures
|
199,917 | 1,993 | 3.96 | % | 239,722 | 2,300 | 3.82% | |||||||||
Total interest bearing liabilities
|
1,170,393 | 4,355 | 1.48 | % | 1,180,770 | 5,324 | 1.79% | |||||||||
Noninterest bearing liabilities
|
||||||||||||||||
Demand deposits
|
97,371 | 99,845 | ||||||||||||||
Other liabilities
|
8,286 | 8,198 | ||||||||||||||
Total liabilities
|
1,276,050 | 1,288,813 | ||||||||||||||
Shareholders' equity - preferred
|
9,295 | 9,326 | ||||||||||||||
Shareholders' equity - common
|
100,597 | 99,114 | ||||||||||||||
Total liabilities and
|
||||||||||||||||
shareholders' equity
|
$ | 1,385,942 | $ | 1,397,253 | ||||||||||||
NET INTEREST EARNINGS
|
$ | 10,329 | $ | 10,242 | ||||||||||||
NET INTEREST MARGIN
|
3.24 | % | 3.19% |
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
|
$ | 949,616 | $ | 50,505 | 5.32 | % | $ | 963,209 | $ | 55,248 | 5.74% | |||||
Tax-exempt
|
5,440 | 388 | 7.13 | % | 6,628 | 483 | 7.29% | |||||||||
Securities
|
||||||||||||||||
Taxable
|
208,588 | 4,131 | 1.98 | % | 233,560 | 5,689 | 2.44% | |||||||||
Tax-exempt
|
75,707 | 3,647 | 4.82 | % | 71,937 | 3,929 | 5.46% | |||||||||
Interest bearing deposits other banks
|
||||||||||||||||
and Federal funds sold
|
7,821 | 5 | 0.06 | % | 19,731 | 35 | 0.18% | |||||||||
Total interest earning assets
|
1,247,172 | 58,676 | 4.70 | % | 1,295,065 | 65,384 | 5.05% | |||||||||
Noninterest earning assets
|
||||||||||||||||
Cash & due from banks
|
4,381 | 4,188 | ||||||||||||||
Premises & equipment
|
20,926 | 21,578 | ||||||||||||||
Other assets
|
125,629 | 118,427 | ||||||||||||||
Allowance for loan losses
|
(15,152 | ) | (18,157 | ) | ||||||||||||
Total assets
|
$ | 1,382,956 | $ | 1,421,101 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||
Interest bearing
|
||||||||||||||||
demand deposits
|
$ | 181,413 | $ | 255 | 0.14 | % | $ | 170,698 | $ | 325 | 0.19% | |||||
Savings deposits
|
195,398 | 1,152 | 0.59 | % | 203,908 | 1,361 | 0.67% | |||||||||
Time deposits
|
556,644 | 8,985 | 1.61 | % | 548,044 | 11,472 | 2.09% | |||||||||
Short-term borrowings
|
34,098 | 95 | 0.28 | % | 13,248 | 31 | 0.23% | |||||||||
Long-term borrowings and
|
||||||||||||||||
subordinated debentures
|
202,237 | 7,991 | 3.95 | % | 276,092 | 10,875 | 3.94% | |||||||||
1,169,790 | 18,478 | 1.58 | % | 1,211,990 | 24,064 | 1.99% | ||||||||||
Noninterest bearing liabilities
|
||||||||||||||||
Demand deposits
|
94,943 | 94,243 | ||||||||||||||
Other liabilities
|
8,951 | 8,256 | ||||||||||||||
Total liabilities
|
1,273,684 | 1,314,489 | ||||||||||||||
Shareholders' equity - preferred
|
9,313 | 9,326 | ||||||||||||||
Shareholders' equity - common
|
99,959 | 97,286 | ||||||||||||||
Total liabilities and
|
||||||||||||||||
shareholders' equity
|
$ | 1,382,956 | $ | 1,421,101 | ||||||||||||
NET INTEREST EARNINGS
|
$ | 40,198 | $ | 41,320 | ||||||||||||
NET INTEREST MARGIN
|
3.22 | % | 3.19% |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||||||||
For the Quarter Ended
|
For the Years Ended
|
|||||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
12/31/2012
|
12/31/2013
|
12/31/2012
|
|||||||||||||
Net income applicable to common shares - excluding
|
||||||||||||||||||
realized securities gains, gains/(losses) on sales of
|
||||||||||||||||||
foreclosed properties, other-than-temporary impairment
|
||||||||||||||||||
of securities and write-downs of foreclosed properties
|
$ | 2,904 | $ | 2,420 | $ | 2,424 | $ | 9,887 | $ | 8,491 | ||||||||
Realized securities gains/(losses)
|
124 | 132 | 103 | 240 | 2,348 | |||||||||||||
Applicable income tax effect
|
(46 | ) | (49 | ) | (38 | ) | (89 | ) | (869) | |||||||||
Gains/(losses) on sales of foreclosed properties
|
28 | 17 | (94 | ) | (518 | ) | (677) | |||||||||||
Applicable income tax effect
|
(10 | ) | (6 | ) | 35 | 192 | 250 | |||||||||||
Other-than-temporary impairment of securities
|
- | (38 | ) | (76 | ) | (118 | ) | (451) | ||||||||||
Applicable income tax effect
|
- | 14 | 28 | 44 | 167 | |||||||||||||
Write-downs foreclosed properties
|
(644 | ) | (654 | ) | (748 | ) | (3,722 | ) | (6,862) | |||||||||
Applicable income tax effect
|
238 | 242 | 277 | 1,377 | 2,539 | |||||||||||||
(310 | ) | (342 | ) | (513 | ) | (2,594 | ) | (3,555) | ||||||||||
GAAP net income applicable to common shares
|
$ | 2,594 | $ | 2,078 | $ | 1,911 | $ | 7,293 | $ | 4,936 | ||||||||
Diluted earnings per common share - excluding
|
||||||||||||||||||
realized securities gains, gains/(losses) on sales of
|
||||||||||||||||||
foreclosed properties, other-than-temporary impairment
|
||||||||||||||||||
of securities and write-downs of foreclosed properties
|
$ | 0.32 | $ | 0.27 | $ | 0.28 | $ | 1.12 | $ | 0.97 | ||||||||
Realized securities gains/(losses)
|
0.01 | 0.01 | 0.01 | 0.02 | 0.24 | |||||||||||||
Applicable income tax effect
|
- | - | - | (0.01 | ) | (0.09) | ||||||||||||
Gains/(losses) on sales of foreclosed properties
|
- | - | (0.01 | ) | (0.05 | ) | (0.07) | |||||||||||
Applicable income tax effect
|
- | - | - | 0.02 | 0.03 | |||||||||||||
Other-than-temporary impairment of securities
|
- | - | (0.01 | ) | (0.01 | ) | (0.05) | |||||||||||
Applicable income tax effect
|
- | - | - | - | 0.02 | |||||||||||||
Write-downs of foreclosed properties
|
(0.07 | ) | (0.07 | ) | (0.08 | ) | (0.39 | ) | (0.71) | |||||||||
Applicable income tax effect
|
0.03 | 0.03 | 0.03 | 0.14 | 0.26 | |||||||||||||
(0.03 | ) | (0.03 | ) | (0.06 | ) | (0.28 | ) | (0.37) | ||||||||||
GAAP diluted earnings per common share
|
$ | 0.29 | $ | 0.24 | $ | 0.22 | $ | 0.84 | $ | 0.60 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||||||||
For the Quarter Ended
|
For the Years Ended
|
|||||||||||||||||
Dollars in thousands
|
12/31/2013
|
9/30/2013
|
12/31/2012
|
12/31/2013
|
12/31/2012
|
|||||||||||||
Total revenue - excluding realized securities gains and
|
||||||||||||||||||
other-than-temporary impairment of securities
|
$ | 12,775 | $ | 12,307 | $ | 12,713 | $ | 49,890 | $ | 50,802 | ||||||||
Realized securities gains/(losses)
|
124 | 132 | 103 | 240 | 2,348 | |||||||||||||
Other-than-temporary impairment of securities
|
- | (38 | ) | (76 | ) | (118 | ) | (451) | ||||||||||
124 | 94 | 27 | 122 | 1,897 | ||||||||||||||
GAAP total revenue
|
$ | 12,899 | $ | 12,401 | $ | 12,740 | $ | 50,012 | $ | 52,699 | ||||||||
Total noninterest income - excluding realized securities gains
|
||||||||||||||||||
and other-than-temporary impairment of securities
|
$ | 2,772 | $ | 2,769 | $ | 2,817 | $ | 11,087 | $ | 10,982 | ||||||||
Realized securities gains/(losses)
|
124 | 132 | 103 | 240 | 2,348 | |||||||||||||
Other-than-temporary impairment of securities
|
- | (38 | ) | (76 | ) | (118 | ) | (451) | ||||||||||
124 | 94 | 27 | 122 | 1,897 | ||||||||||||||
GAAP total noninterest income
|
$ | 2,896 | $ | 2,863 | $ | 2,844 | $ | 11,209 | $ | 12,879 | ||||||||
Total noninterest expense - excluding gains/losses
|
||||||||||||||||||
on sales of foreclosed properties and write-downs
|
||||||||||||||||||
of foreclosed properties
|
$ | 7,808 | $ | 7,594 | $ | 7,421 | $ | 30,516 | $ | 29,727 | ||||||||
(Gains)/losses on sales of foreclosed properties
|
(28 | ) | (17 | ) | 94 | 518 | 677 | |||||||||||
Write-downs of foreclosed properties
|
644 | 654 | 748 | 3,722 | 6,862 | |||||||||||||
616 | 637 | 842 | 4,240 | 7,539 | ||||||||||||||
GAAP total noninterest expense
|
$ | 8,424 | $ | 8,231 | $ | 8,263 | $ | 34,756 | $ | 37,266 |