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

FORM 10-Q

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022
or
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934  For the transition period from ___________ to __________.

Commission File Number 0-16587 
smmf-20220331_g1.jpg
Summit Financial Group, Inc.
(Exact name of registrant as specified in its charter)
West Virginia55-0672148
(State or other jurisdiction of(IRS Employer
incorporation or organization)Identification No.)
300 North Main Street
Moorefield,West Virginia26836
(Address of principal executive offices)(Zip Code)
(304) 530-1000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer o               Accelerated filer þ    Non-accelerated filer o
                  Smaller reporting company      Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $2.50 per shareSMMFNASDAQ Global Select Market





Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock as of the latest practicable date.
Common Stock, $2.50 par value
12,768,620 shares outstanding as of May 3, 2022



Table of Contents

   Page
PART  I.FINANCIAL INFORMATION 
    
 Item 1.Financial Statements 
    
  Consolidated balance sheets March 31, 2022 (unaudited) and
December 31, 2021
    
  Consolidated statements of income
for the three months ended March 31, 2022 and 2021 (unaudited)
    
  Consolidated statements of comprehensive income
for the three months ended March 31, 2022 and 2021 (unaudited)
    
  Consolidated statements of shareholders’ equity
for the three months ended
March 31, 2022 and 2021 (unaudited)
    
  Consolidated statements of cash flows
for the three months ended
March 31, 2022 and 2021 (unaudited)
    
  Notes to consolidated financial statements (unaudited)
    
 Item 2.Management's Discussion and Analysis of Financial Condition
and Results of Operations
    
 Item 3.Quantitative and Qualitative Disclosures about Market Risk
    
 Item 4.Controls and Procedures
PART II.OTHER INFORMATION 
 Item 1.Legal Proceedings
    
 Item 1A.Risk Factors
    
 Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
    
 Item 3.Defaults upon Senior SecuritiesNone
    
 Item 4.Mine Safety DisclosuresNone
    
 Item 5.Other InformationNone
    
 Item 6.Exhibits
    
EXHIBIT INDEX 
    
SIGNATURES 
3


Item 1. Financial Statements


Consolidated Balance Sheets (unaudited)
March 31,
2022
December 31,
2021
Dollars in thousands, except per share amounts(unaudited)(*)
ASSETS  
Cash and due from banks$18,404 $21,006 
Interest bearing deposits with other banks42,853 57,452 
Cash and cash equivalents61,257 78,458 
Debt securities available for sale (at fair value)374,855 401,103 
Debt securities held to maturity (at amortized cost; estimated fair value - $93,284 - 2022, $101,242 - 2021)
97,589 98,060 
   Less: allowance for credit losses  
        Debt securities held to maturity, net97,589 98,060 
Equity investments (at fair value)20,574 20,202 
Other investments10,974 11,304 
Loans held for sale265 227 
Loans, net of unearned fees2,850,621 2,761,391 
    Less: allowance for credit losses (32,623)(32,298)
         Loans, net2,817,998 2,729,093 
Property held for sale6,900 9,858 
Premises and equipment, net55,713 56,371 
Accrued interest and fees receivable11,022 10,578 
Goodwill and other intangible assets, net63,212 63,590 
Cash surrender value of life insurance policies and annuities70,825 60,613 
Derivative financial instruments24,455 11,187 
Other assets28,052 26,075 
Total assets$3,643,691 $3,576,719 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities  
Deposits  
Non-interest bearing$629,002 $568,986 
Interest bearing2,379,061 2,374,103 
Total deposits3,008,063 2,943,089 
Short-term borrowings140,146 140,146 
Long-term borrowings674 679 
Subordinated debentures, net102,997 102,891 
Subordinated debentures owed to unconsolidated subsidiary trusts19,589 19,589 
Other liabilities41,756 42,852 
Total liabilities3,313,225 3,249,246 
Commitments and Contingencies
Shareholders' Equity  
Preferred stock, $1.00 par value, authorized 250,000 shares; issued: 2022 and 2021- 1,500
14,920 14,920 
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2022 - 12,768,620 shares and 2021 - 12,763,827 shares; outstanding: 2022 - 12,753,094 shares and 2021 - 12,743,125
89,842 89,525 
Unallocated common stock held by Employee Stock Ownership Plan - 2022 - 15,526 shares and 2021 - 20,702 shares
(167)(224)
Retained earnings226,944 217,770 
Accumulated other comprehensive (loss) income(1,073)5,482 
Total shareholders' equity330,466 327,473 
Total liabilities and shareholders' equity$3,643,691 $3,576,719 
(*) - Derived from audited consolidated financial statements
See Notes to Consolidated Financial Statements


Consolidated Statements of Income (unaudited)

 For the Three Months Ended March 31,
Dollars in thousands (except per share amounts)20222021
Interest income  
Loans, including fees  
Taxable$30,178 $27,419 
Tax-exempt46 119 
Securities  
Taxable1,656 1,295 
Tax-exempt967 862 
Interest on interest bearing deposits with other banks46 67 
Total interest income32,893 29,762 
Interest expense  
Deposits1,727 2,496 
Short-term borrowings373 469 
Long-term borrowings and subordinated debentures1,239 545 
Total interest expense3,339 3,510 
Net interest income29,554 26,252 
Provision for credit losses1,950 1,500 
Net interest income after provision for credit losses27,604 24,752 
Noninterest income  
Trust and wealth management fees757 638 
Mortgage origination revenue339 998 
Service charges on deposit accounts1,401 1,100 
Bank card revenue1,491 1,341 
Realized (losses) gains on debt securities, net(152)476 
Gain on equity investments372  
Bank owned life insurance and annuities income283 298 
Other54 123 
Total noninterest income4,545 4,974 
Noninterest expenses  
Salaries, commissions and employee benefits9,700 8,435 
Net occupancy expense1,242 1,174 
Equipment expense1,843 1,581 
Professional fees362 338 
Advertising and public relations172 90 
Amortization of intangibles378 405 
FDIC premiums390 277 
Bank card expense714 573 
Foreclosed properties expense, net of (gains)/losses(90)227 
Acquisition-related expenses29 440 
Other2,459 2,893 
Total noninterest expenses17,199 16,433 
Income before income tax expense14,950 13,293 
Income tax expense3,257 2,933 
Net income11,693 10,360 
Preferred stock dividends225  
Net income applicable to common shares$11,468 $10,360 
Basic earnings per common share$0.90 $0.80 
Diluted earnings per common share$0.90 $0.80 

See Notes to Consolidated Financial Statements 


Consolidated Statements of Comprehensive Income (unaudited)

For the Three Months Ended 
 March 31,
Dollars in thousands20222021
Net income$11,693 $10,360 
Other comprehensive (loss) income:  
Net unrealized gain on cashflow hedges of:
2022 - $11,133, net of deferred taxes of $(2,672); 2021 - $8,013, net of deferred taxes of $(1,923)
8,461 6,090 
Net unrealized gain on fair value hedge of available for sale securities of:
2022 - $2,724, net of deferred taxes of $(654)
2,070  
Net unrealized loss on debt securities available for sale of:
2022 - $(22,482), net of deferred taxes of $5,396 and reclassification adjustment for net realized losses included in net income of $(152), net of tax of $36; 2021 - $(3,575), net of deferred taxes of $858 and reclassification adjustment for net realized gains included in net income of $476, net of tax of $(114)
(17,086)(2,717)
Total other comprehensive (loss) income(6,555)3,373 
Total comprehensive income
$5,138 $13,733 






































See Notes to Consolidated Financial Statements


Consolidated Statements of Shareholders’ Equity (unaudited)

Dollars in thousands, except per share
  amounts

Preferred
Stock and
Related
Surplus
Common
Stock and
Related
Surplus
Unallocated
Common
Stock Held
by ESOP
Retained
Earnings
Accumulated
Other
Compre-
hensive
(Loss) Income
Total
Share-
holders'
Equity
Balance December 31, 2021$14,920 $89,525 $(224)$217,770 $5,482 $327,473 
Three Months Ended March 31, 2022     
Net income   11,693  11,693 
Other comprehensive loss    (6,555)(6,555)
Exercise of SARs - 390 shares
      
Vesting of RSUs - 1,846 shares
      
Share-based compensation expense 169    169 
Unallocated ESOP shares committed to be released - 5,176 shares
 83 57   140 
Common stock issuances from reinvested dividends - 2,557 shares
 65    65 
Preferred stock cash dividends declared—   (225) (225)
Common stock cash dividends declared ($0.18 per share)
   (2,294) (2,294)
Balance, March 31, 2022$14,920 $89,842 $(167)$226,944 $(1,073)$330,466 
Balance December 31, 2020$ $94,964 $(472)$181,643 $5,445 $281,580 
Three Months Ended March 31, 2021     
Net income— — — 10,360 — 10,360 
Other comprehensive income — — — 3,373 3,373 
Exercise of SARs - 380 shares
—  — — —  
Share-based compensation expense— 126 — — — 126 
Unallocated ESOP shares committed to be released - 5,751 shares
— 74 62 — — 136 
Common stock issuances from reinvested dividends - 2,579 shares
— 70 — — — 70 
Common stock cash dividends declared ($0.17 per share)
— — — (2,200)— (2,200)
Balance, March 31, 2021$ $95,234 $(410)$189,803 $8,818 $293,445 
















See Notes to Consolidated Financial Statements


Consolidated Statements of Cash Flows (unaudited)

 Three Months Ended
Dollars in thousandsMarch 31,
2022
March 31,
2021
Cash Flows from Operating Activities  
Net income$11,693 $10,360 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation930 859 
Provision for credit losses1,950 1,500 
Share-based compensation expense169 126 
Deferred income tax expense (benefit)661 (127)
Loans originated for sale(8,891)(38,748)
Proceeds from sale of loans9,006 38,413 
Gains on loans held for sale(153)(750)
Realized losses (gains) on debt securities, net152 (476)
Gains on equity investments(372) 
(Gain) loss on disposal of assets(109)138 
Write-downs of foreclosed properties24 23 
Amortization of securities premiums, net1,255 948 
Accretion related to acquisition adjustments, net(357)(371)
Amortization of intangibles378 405 
Earnings on bank owned life insurance and annuities(212)(302)
(Increase) decrease in accrued interest receivable(444)1,335 
Increase in other assets(332)(163)
(Decrease) increase in other liabilities(512)2,348 
Net cash provided by operating activities14,836 15,518 
Cash Flows from Investing Activities  
Proceeds from maturities and calls of debt securities available for sale210 2,825 
Proceeds from sales of debt securities available for sale16,092 5,117 
Principal payments received on debt securities available for sale8,730 7,222 
Purchases of debt securities available for sale(22,202)(44,012)
Purchases of other investments(304) 
Proceeds from redemptions of other investments304 3,138 
Net loan originations(90,457)(40,428)
Purchases of premises and equipment(