Company Quick10K Filing
Summit Financial Group
Price26.07 EPS2
Shares13 P/E14
MCap329 P/FCF11
Net Debt-52 EBIT54
TEV277 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-02
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-03-01
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-08-09 Filed 2011-08-15
10-Q 2011-05-02 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-05-19
8-K 2020-04-30
8-K 2020-04-24
8-K 2020-03-26
8-K 2020-02-27
8-K 2020-02-06
8-K 2020-01-24
8-K 2020-01-01
8-K 2019-12-19
8-K 2019-11-21
8-K 2019-10-24
8-K 2019-09-17
8-K 2019-07-25
8-K 2019-05-21
8-K 2019-04-25
8-K 2019-02-07
8-K 2019-01-29
8-K 2018-10-25
8-K 2018-09-18
8-K 2018-07-26
8-K 2018-07-24
8-K 2018-05-16
8-K 2018-04-26
8-K 2018-02-08
8-K 2018-01-25
8-K 2018-01-12

SMMF 10Q Quarterly Report

Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Significant New Authoritative Accounting Guidance
Note 3. Fair Value Measurements
Note 4. Earnings per Share
Note 5. Debt Securities
Note 6. Loans and Allowance for Credit Losses for Loans
Note 7. Goodwill and Other Intangible Assets
Note 8. Deposits
Note 9. Borrowed Funds
Note 10. Share - Based Compensation
Note 11. Commitments and Contingencies
Note 12. Regulatory Matters
Note 13. Derivative Financial Instruments
Note 14. Acquisitions
Note 15. Accumulated Other Comprehensive Income
Note 16. Income Taxes
Note 17. Revenue From Contracts with Customers
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 6 of The Accompanying Consolidated Financial Statements for A Discussion of The Methodogy We Employ Regarding The Acl.
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 6. Exhibits
EX-2.1 smmf-20200331xexh21.htm
EX-31.1 smmf-20200331xexh311.htm
EX-31.2 smmf-20200331xexh312.htm
EX-32.1 smmf-20200331xexh321.htm
EX-32.2 smmf-20200331xexh322.htm

Summit Financial Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Document
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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, 2020
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 
sfglogousethisone.jpg
Summit Financial Group, Inc.
(Exact name of registrant as specified in its charter)
West Virginia
55-0672148
(State or other jurisdiction of
(IRS Employer
incorporation or organization)
Identification No.)
300 North Main Street
 
Moorefield
West Virginia
26836
(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.
Yes
No

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).
Yes
No

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).
Yes
No








Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $2.50 per share
SMMF
NASDAQ 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
12,972,022 shares outstanding as of May 7, 2020



Table of Contents


 
 
 
Page
PART  I.
FINANCIAL INFORMATION
 
 
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
Consolidated balance sheets March 31, 2020 (unaudited) and
December 31, 2019
 
 
 
 
 
 
Consolidated statements of income
for the three months ended March 31, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of comprehensive income
for the three months ended March 31, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of shareholders’ equity
for the three months ended
March 31, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of cash flows
for the three months ended
March 31, 2020 and 2019 (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 Securities
None
 
 
 
 
 
Item 4.
Mine Safety Disclosures
None
 
 
 
 
 
Item 5.
Other Information
None
 
 
 
 
 
Item 6.
Exhibits
 
 
 
 
EXHIBIT INDEX
 
 
 
 
 
SIGNATURES
 

3


Item 1. Financial Statements



Consolidated Balance Sheets (unaudited)

 
March 31,
2020
 
December 31,
2019
Dollars in thousands, except per share amounts
(unaudited)
 
(*)
ASSETS
 
 
 

Cash and due from banks
$
18,633

 
$
28,137

Interest bearing deposits with other banks
22,821

 
33,751

Cash and cash equivalents
41,454

 
61,888

Debt securities available for sale
305,045

 
276,355

Other investments
11,804

 
12,972

Loans held for sale
647

 
1,319

Loans, net of unearned income
2,007,269

 
1,913,499

    Less: allowance for credit losses - loans
(24,608
)
 
(13,074
)
         Loans, net
1,982,661

 
1,900,425

Property held for sale
18,287

 
19,276

Premises and equipment, net
47,078

 
44,168

Accrued interest receivable
9,043

 
8,439

Goodwill and other intangible assets
34,132

 
23,022

Cash surrender value of life insurance policies
46,497

 
43,603

Other assets
16,674

 
12,025

Total assets
$
2,513,322

 
$
2,403,492

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

Liabilities
 

 
 

Deposits
 

 
 

Non-interest bearing
$
337,446

 
$
260,553

Interest bearing
1,707,468

 
1,652,684

Total deposits
2,044,914

 
1,913,237

Short-term borrowings
161,745

 
199,345

Long-term borrowings
712

 
717

Subordinated debentures owed to unconsolidated subsidiary trusts
19,589

 
19,589

Other liabilities
30,337

 
22,840

Total liabilities
2,257,297

 
2,155,728

 
 
 
 
Commitments and Contingencies


 


 
 
 
 
Shareholders' Equity
 

 
 

Preferred stock, $1.00 par value, authorized 250,000 shares

 

Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2020 - 12,980,744 shares and 2019 - 12,474,641 shares; outstanding: 2020 - 12,920,244 shares and 2019 - 12,408,542
94,439

 
80,084

Unallocated common stock held by Employee Stock Ownership Plan - 2020 - 60,500 shares and 2019 - 66,099 shares
(653
)
 
(714
)
Retained earnings
161,408

 
165,859

Accumulated other comprehensive income
831

 
2,535

Total shareholders' equity
256,025

 
247,764

 
 
 
 
Total liabilities and shareholders' equity
$
2,513,322

 
$
2,403,492


(*) - Derived from audited consolidated financial statements


See Notes to Consolidated Financial Statements

4


Consolidated Statements of Income (unaudited)


 
 
For the Three Months Ended March 31,
Dollars in thousands, except per share amounts
 
2020
 
2019
Interest income
 
 
 
 
Interest and fees on loans
 
 
 
 
Taxable
 
$
25,089

 
$
22,906

Tax-exempt
 
146

 
145

Interest and dividends on securities
 
 

 
 

Taxable
 
1,758

 
1,686

Tax-exempt
 
552

 
900

Interest on interest bearing deposits with other banks
 
98

 
231

Total interest income
 
27,643

 
25,868

Interest expense
 
 

 
 

Interest on deposits
 
5,351

 
5,564

Interest on short-term borrowings
 
630

 
1,472

Interest on long-term borrowings and subordinated debentures
 
219

 
259

Total interest expense
 
6,200

 
7,295

Net interest income
 
21,443

 
18,573

Provision for credit losses
 
5,250

 
250

Net interest income after provision for credit losses
 
16,193

 
18,323

Noninterest income
 
 

 
 

Insurance commissions
 
7

 
1,174

Trust and wealth management fees
 
665

 
586

Service charges on deposit accounts
 
1,263

 
1,180

Bank card revenue
 
933

 
814

Realized securities gains (losses), net
 
1,038

 
(3
)
Bank owned life insurance income
 
264

 
238

Other
 
332

 
241

Total noninterest income
 
4,502

 
4,230

Noninterest expenses
 
 

 
 

Salaries, commissions and employee benefits
 
7,672

 
7,347

Net occupancy expense
 
883

 
924

Equipment expense
 
1,429

 
1,179

Professional fees
 
387

 
403

Advertising and public relations
 
152

 
153

Amortization of intangibles
 
429

 
476

FDIC premiums
 
165

 

Bank card expense
 
503

 
439

Foreclosed properties expense, net of losses
 
966

 
384

Merger-related expenses
 
788

 
63

Other
 
1,625

 
2,492

Total noninterest expenses
 
14,999

 
13,860

Income before income tax expense
 
5,696

 
8,693

Income tax expense
 
1,190

 
1,601

Net income
 
$
4,506

 
$
7,092

 
 
 
 
 
Basic earnings per common share
 
$
0.35

 
$
0.56

Diluted earnings per common share
 
$
0.35

 
$
0.56


See Notes to Consolidated Financial Statements 

5


Consolidated Statements of Comprehensive Income (unaudited)


 
For the Three Months Ended 
 March 31,
Dollars in thousands
2020
 
2019
Net income
$
4,506

 
$
7,092

Other comprehensive (loss) income:
 

 
 

Net unrealized loss on cashflow hedge of:
2020 - ($1,427), net of deferred taxes of ($343); 2019 - ($12), net of deferred taxes of ($3)
(1,084
)
 
(9
)
Net unrealized (loss) gain on securities available for sale of:
2020 - ($816), net of deferred taxes of ($196) and reclassification adjustment for net realized gains included in net income of $1,038, net of tax of $249; 2019 - $3,246, net of deferred taxes of $779 and reclassification adjustment for net realized losses included in net income of ($3), net of tax of ($1)
(620
)
 
2,467

Net unrealized loss on pension plan of:
2019 - ($432), net of deferred taxes of ($104)

 
(328
)
Total other comprehensive (loss) income
(1,704
)
 
2,130

Total comprehensive income
$
2,802

 
$
9,222








































See Notes to Consolidated Financial Statements

6


Consolidated Statements of Shareholders’ Equity (unaudited)


Dollars in thousands, except per share amounts
Common
Stock and
Related
Surplus
 
Unallocated
Common
Stock Held
by ESOP
 
Retained
Earnings
 
Accumulated
Other
Compre-
hensive
Income
 
Total
Share-
holders'
Equity
 
 
 
 
 
 
 
 
 
 
Balance December 31, 2019
$
80,084

 
$
(714
)
 
$
165,859

 
$
2,535

 
$
247,764

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2020
 

 
 
 
 

 
 

 
 

Impact of adoption of ASC 326

 

 
(6,756
)
 

 
(6,756
)
Net income

 

 
4,506

 

 
4,506

Other comprehensive loss

 

 

 
(1,704
)
 
(1,704
)
Share-based compensation expense
162

 

 

 

 
162

Unallocated ESOP shares committed to be released - 5,599 shares
70

 
61

 

 

 
131

Retirement of 66,611 shares of common stock
(1,282
)
 

 

 

 
(1,282
)
Acquisition of Cornerstone Financial Services, Inc. - 570,000 shares, net of issuance costs
15,354

 

 

 

 
15,354

Common stock issuances from reinvested dividends - 2,714 shares
51

 

 

 

 
51

Common stock cash dividends declared ($0.17 per share)

 

 
(2,201
)
 

 
(2,201
)
Balance, March 31, 2020
$
94,439

 
$
(653
)
 
$
161,408

 
$
831

 
$
256,025

 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
$
80,431

 
$
(939
)
 
$
141,354

 
$
(1,016
)
 
$
219,830

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 

 
 
 
 

 
 

 
 

Net income

 

 
7,092

 

 
7,092

Other comprehensive income

 

 

 
2,130

 
2,130

Share-based compensation expense
132

 

 

 

 
132

Unallocated ESOP shares committed to be released - 5,115 shares
65

 
55

 

 

 
120

Retirement of 125,200 shares of common stock
(2,876
)