Summit Financial Group Reports Earnings of $1.11 Per Share for Fourth Quarter 2023
- Net income of $16.4 million for Q4 2023
- 7.5% increase in Tangible Book Value Per Common Share
- 2.85% increase in total loans (excluding mortgage warehouse lines of credit and acquired loans)
- Pending merger with Burke & Herbert Financial Services Corp. approved by shareholders
- Efficiency ratio of 47.33% for Q4 2023
- Decrease of 12 basis points in net interest margin
- Modest decline in core deposits for Q4 2023
- 1.0% decrease in deposits during Q4 2023
Insights
The reported financial results from Summit Financial Group, Inc. for the fourth quarter of 2023 show an incremental increase in net income applicable to common shares, a slight decrease in net interest margin (NIM) and a modest increase in core loan growth. The approved pending merger with Burke & Herbert Financial Services Corp. is a pivotal event that could potentially enhance the company's market position and operational scale. The increase in Tangible Book Value Per Common Share (TBVPCS) by 7.5 percent is a positive indicator of the company's ability to generate value for shareholders. The efficiency ratio, which is a measure of a bank's overhead as a percentage of its revenue, remains within an enviable range, suggesting effective cost management.
From a financial analysis perspective, the slight decline in core deposits may signal a need for closer monitoring, especially in an environment where interest rates are fluctuating. The provision for credit losses has increased slightly from the linked quarter, which could be indicative of a more conservative approach to risk management. Overall, the operational results suggest a stable financial performance, with a focus on strategic growth and efficiency.
Summit Financial Group's performance, particularly in terms of loan growth and net interest margin, suggests a competitive stance in the community banking sector. The strategic merger with Burke & Herbert could potentially open up new markets and customer bases, driving future growth. The reported growth in TBVPCS is a strong signal to investors regarding the intrinsic value of the company's shares and the increase in net income is indicative of a robust core operating performance.
However, the modest decline in core deposits and the slight increase in the provision for credit losses warrant attention, as they could affect the company's liquidity and risk profile. The company's focus on optimizing its efficiency ratio and managing non-interest expenses will be crucial in maintaining profitability in a potentially volatile economic environment.
An analysis of Summit Financial Group's financial results must consider the broader economic context, including interest rate trends and regional economic conditions. The modest increase in loan growth suggests that the company is successfully capitalizing on economic activity within its operational footprint. However, the decrease in NIM, although slight, could be reflective of broader market pressures, such as competitive lending rates and a changing interest rate environment.
The pending merger is a strategic move that could provide economies of scale and diversification benefits in the long run, potentially making the company more resilient to regional economic fluctuations. The increase in TBVPCS provides a buffer against market volatility, enhancing the company's financial stability. The efficient use of resources, as indicated by the efficiency ratio, suggests that the company is well-positioned to navigate economic headwinds while continuing to invest in growth opportunities.
MOOREFIELD, W.Va., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Company" or "Summit") (NASDAQ: SMMF) today reported financial results for the fourth quarter of 2023, highlighting robust core operating performance marked by continued notable strength in its net interest margin. The Company’s continued success underscores its position as an exceptional community bank, reflecting a sound strategy and solid operational execution.
The Company, which serves commercial and individual clients across West Virginia, the Washington D.C. metropolitan area, Virginia, Kentucky, the Eastern Shore of Maryland and Delaware through Summit Community Bank, Inc., reported net income applicable to common shares of
Key Highlights for the Fourth Quarter and Year 2023
- Our pending merger with Burke & Herbert Financial Services Corp. ("Burke & Herbert") was approved by both Burke & Herbert’s and Summit’s shareholders on December 6, 2023. The transaction is expected to close in late Q1 2024 following receipt of Federal regulatory approval.
- Tangible Book Value Per Common Share ("TBVPCS") increased by
$1.67 t o$23.89 during the fourth quarter of 2023, representing a 7.5 percent increase. This increase was primarily due to retained earnings and the increase in the fair value of available for sale securities reflected in accumulated other comprehensive loss. For 2023, TBVPCS increased by$2.19 . - Our net interest margin ("NIM") decreased 12 basis points to 3.76 percent from the linked quarter. For the year 2023, NIM increased 11 basis points.
- The fourth quarter saw a modest increase in total loans, excluding mortgage warehouse lines of credit and acquired loans, registering an increase of 2.85 percent (11.4 percent annualized). This performance was further underscored by year-over-year growth of 8.3 percent.
- Summit's core deposits experienced modest decline in the fourth quarter of 2023, down 1.1 percent from the linked quarter and, excluding acquired Provident State Bank, Inc. ("PSB") deposits, increased 1.5 percent during full-year 2023.
- The Company’s provision for credit losses totaled
$1.50 million in the fourth quarter of 2023 compared to$1.25 million in the linked quarter. - Summit’s efficiency ratio was 47.33 percent compared to 47.15 percent in the linked quarter, indicating optimized use of resources. For full year 2023, the efficiency ratio was 47.51 percent compared to 47.76 percent in 2022.
- Annualized non-interest expense ratio decreased to 2.05 percent of average assets from 2.10 percent in the previous quarter and increased from 1.92 percent in the same quarter last year. Excluding acquisition-related expenses, annualized non-interest expense would have been 1.98 percent of average assets in Q4 2023 and 2.01 percent of average assets for Q3 2023.
"We are extremely pleased by our core performance both for fourth quarter and for the year 2023," stated H. Charles Maddy III, President and Chief Executive Officer of Summit Financial Group, "highlighted by solid loan growth, a stable top quartile peer net interest margin, an enviable efficiency ratio and best-in-class return on tangible common equity." Mr. Maddy continued, "Looking ahead as we prepare for our strategic merger with Burke & Herbert, we remain committed to enhancing shareholder value, driven by our foundational strengths and synergistic growth plans. With our dedicated team, resilient strategies and community trust, we are optimistic and geared up for the opportunities and challenges ahead."
Results from Operations
Net interest income totaled
Summit recorded a
Noninterest income, consisting primarily of service fee income from community banking activities and trust and wealth management fees, for fourth quarter 2023 was
Total noninterest expense decreased to
Salary and benefit expenses were
Acquisition-related expenses representing legal, due diligence and fairness opinion costs relative to the Burke & Herbert merger were
Summit’s efficiency ratio was 47.33 percent in the fourth quarter of 2023, an increase from 46.40 percent in the fourth quarter of 2022, and marginally better than the 47.15 percent in the linked quarter. Concurrently, the non-interest expense to average assets ratio was optimized to 2.05 percent, compared to 2.10 percent in the previous quarter, indicating enhanced operational efficiency despite the expanded asset base post-PSB acquisition.
Balance Sheet
As of December 31, 2023, total assets were
Total loans net of unearned fees increased 19.4 percent to
Deposits totaled
Total shareholders’ equity was
Tangible Book Value Per Common Share ("TBVPCS") increased by
Asset Quality
The Company recorded net loan recoveries of
Summit’s allowance for loan credit losses was
Summit’s allowance for credit losses on unfunded loan commitments was
As of December 31, 2023, nonperforming assets ("NPAs"), consisting of nonperforming loans, foreclosed properties, and repossessed assets, totaled
About the Company
Summit Financial Group, Inc. is the
Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), Summit’s management uses, and this press release contains or references, certain non-GAAP financial measures, such as tangible common equity/tangible assets; efficiency ratio; return on average tangible equity and return on average tangible common equity. Summit believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although Summit believes that these non-GAAP financial measures enhance investors' understanding of Summit’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP or are they necessarily comparable to non-GAAP performance measures presented by other companies.
Forward-Looking Statements
This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as "expects", "anticipates", "believes", "estimates" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could" are intended to identify such forward-looking statements.
Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include: the effect of pandemics, including the negative impacts and disruptions on the communities we serve, and the domestic and global economy, which may have an adverse effect on our business; current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth; fiscal and monetary policies of the Federal Reserve; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; the successful integration of operations of our acquisitions; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economies, the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; delays in completing the pending merger of Summit and Burke & Herbert, the failure to obtain necessary regulatory approvals and shareholder approvals or to satisfy any of the other conditions to the merger on a timely basis or at all, the possibility that the anticipated benefits of the merger are not realized when expected or at all, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in Summit's business, regulatory developments, estimated synergies, cost savings and financial benefits of completed transactions, growth strategies, the inability to realize cost savings or improved revenues or to implement integration plans and other consequences associated with the proposed merger; and the other factors discussed in the "Risk Factors" section of Summit’s Annual Report on Form 10–K for the year ended December 31, 2022, in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of Summit’s Quarterly Report on Form 10–Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023, and other reports Summit files with the SEC. We undertake no obligation to revise these statements following the date of this press release.
| Contact: | Robert S. Tissue, Executive Vice President & CFO |
| Telephone: | (304) 530-0552 |
| Email: | rtissue@summitfgi.com |
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
| Quarterly Performance Summary (unaudited) | |||||||||
| Q4 2023 vs Q4 2022 | |||||||||
| For the Quarter Ended | Percent | ||||||||
| Dollars in thousands | 12/31/2023 | 12/31/2022 | Change | ||||||
| Statements of Income | |||||||||
| Interest income | |||||||||
| Loans, including fees | $ | 59,856 | $ | 43,589 | 37.3 | % | |||
| Securities | 6,538 | 4,181 | 56.4 | % | |||||
| Other | 122 | 70 | 74.3 | % | |||||
| Total interest income | 66,516 | 47,840 | 39.0 | % | |||||
| Interest expense | |||||||||
| Deposits | 21,417 | 10,194 | 110.1 | % | |||||
| Borrowings | 4,306 | 3,293 | 30.8 | % | |||||
| Total interest expense | 25,723 | 13,487 | 90.7 | % | |||||
| Net interest income | 40,793 | 34,353 | 18.7 | % | |||||
| Provision for credit losses | 1,500 | 1,500 | 0.0 | % | |||||
| Net interest income after provision for credit losses | 39,293 | 32,853 | 19.6 | % | |||||
| Noninterest income | |||||||||
| Trust and wealth management fees | 952 | 750 | 26.9 | % | |||||
| Mortgage origination revenue | 65 | 286 | -77.3 | % | |||||
| Service charges on deposit accounts | 1,866 | 1,526 | 22.3 | % | |||||
| Bank card revenue | 1,837 | 1,513 | 21.4 | % | |||||
| Net gains on equity investments | 365 | 280 | 30.4 | % | |||||
| Net realized gains/(losses) on debt securities | 15 | (24 | ) | n/m | |||||
| Bank owned life insurance and annuity income | 499 | 367 | 36.0 | % | |||||
| Other income | 202 | 167 | 21.0 | % | |||||
| Total noninterest income | 5,801 | 4,865 | 19.2 | % | |||||
| Noninterest expense | |||||||||
| Salaries and employee benefits | 11,374 | 10,532 | 8.0 | % | |||||
| Net occupancy expense | 1,554 | 1,328 | 17.0 | % | |||||
| Equipment expense | 2,342 | 1,769 | 32.4 | % | |||||
| Professional fees | 529 | 386 | 37.0 | % | |||||
| Advertising and public relations | 432 | 280 | 54.3 | % | |||||
| Amortization of intangibles | 995 | 351 | 183.5 | % | |||||
| FDIC premiums | 670 | 352 | 90.3 | % | |||||
| Bank card expense | 809 | 679 | 19.1 | % | |||||
| Foreclosed properties expense, net of (gains)/losses | 16 | 159 | -89.9 | % | |||||
| Acquisition-related expense | 839 | 81 | n/m | ||||||
| Other expenses | 4,347 | 2,932 | 48.3 | % | |||||
| Total noninterest expense | 23,907 | 18,849 | 26.8 | % | |||||
| Income before income taxes | 21,187 | 18,869 | 12.3 | % | |||||
| Income taxes | 4,590 | 3,783 | 21.3 | % | |||||
| Net income | 16,597 | 15,086 | 10.0 | % | |||||
| Preferred stock dividends | 225 | 225 | n/a | ||||||
| Net income applicable to common shares | $ | 16,372 | $ | 14,861 | 10.2 | % | |||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
| Quarterly Performance Summary (unaudited) | |||||||||
| Q4 2023 vs Q4 2022 | |||||||||
| For the Quarter Ended | Percent | ||||||||
| 12/31/2023 | 12/31/2022 | Change | |||||||
| Per Share Data | |||||||||
| Earnings per common share | |||||||||
| Basic | $ | 1.12 | $ | 1.16 | -3.4 | % | |||
| Diluted | $ | 1.11 | $ | 1.16 | -4.3 | % | |||
| Cash dividends per common share | $ | 0.22 | $ | 0.20 | 10.0 | % | |||
| Common stock dividend payout ratio | 19.5 | % | 16.9 | % | 15.4 | % | |||
| Average common shares outstanding | |||||||||
| Basic | 14,676,383 | 12,775,703 | 14.9 | % | |||||
| Diluted | 14,718,790 | 12,837,637 | 14.7 | % | |||||
| Common shares outstanding at period end | 14,683,457 | 12,783,646 | 14.9 | % | |||||
| Performance Ratios | |||||||||
| Return on average equity | 15.74 | % | 17.50 | % | -10.1 | % | |||
| Return on average tangible equity (C) | 20.01 | % | 21.75 | % | -8.0 | % | |||
| Return on average tangible common equity (D) | 20.91 | % | 22.96 | % | -8.9 | % | |||
| Return on average assets | 1.42 | % | 1.54 | % | -7.8 | % | |||
| Net interest margin (A) | 3.76 | % | 3.80 | % | -1.1 | % | |||
| Efficiency ratio (B) | 47.33 | % | 46.40 | % | 2.0 | % | |||
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.
(C) – Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average common shareholders’ equity – Average intangible assets).
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
| Annual Performance Summary (unaudited) | |||||||||
| 2023 vs 2022 | |||||||||
| For the Year Ended | Percent | ||||||||
| Dollars in thousands | 12/31/2023 | 12/31/2022 | Change | ||||||
| Statements of Income | |||||||||
| Interest income | |||||||||
| Loans, including fees | $ | 217,855 | $ | 145,364 | 49.9 | % | |||
| Securities | 23,961 | 13,052 | 83.6 | % | |||||
| Other | 732 | 331 | 121.1 | % | |||||
| Total interest income | 242,548 | 158,747 | 52.8 | % | |||||
| Interest expense | |||||||||
| Deposits | 73,191 | 20,683 | 253.9 | % | |||||
| Borrowings | 12,788 | 9,078 | 40.9 | % | |||||
| Total interest expense | 85,979 | 29,761 | 188.9 | % | |||||
| Net interest income | 156,569 | 128,986 | 21.4 | % | |||||
| Provision for credit losses | 12,250 | 6,950 | 76.3 | % | |||||
| Net interest income after provision for credit losses | 144,319 | 122,036 | 18.3 | % | |||||
| Noninterest income | |||||||||
| Trust and wealth management fees | 3,436 | 2,978 | 15.4 | % | |||||
| Mortgage origination revenue | 577 | 1,480 | -61.0 | % | |||||
| Service charges on deposit accounts | 6,977 | 6,150 | 13.4 | % | |||||
| Bank card revenue | 7,299 | 6,261 | 16.6 | % | |||||
| Net gains on equity investments | 740 | 265 | 179.2 | % | |||||
| Net realized (losses) on debt securities | (266 | ) | (708 | ) | 62.4 | % | |||
| Bank owned life insurance and annuity income | 1,576 | 1,211 | 30.1 | % | |||||
| Other income | 537 | 516 | 4.1 | % | |||||
| Total noninterest income | 20,876 | 18,153 | 15.0 | % | |||||
| Noninterest expense | |||||||||
| Salaries and employee benefits | 46,296 | 40,452 | 14.4 | % | |||||
| Net occupancy expense | 5,851 | 5,128 | 14.1 | % | |||||
| Equipment expense | 9,094 | 7,253 | 25.4 | % | |||||
| Professional fees | 1,775 | 1,628 | 9.0 | % | |||||
| Advertising and public relations | 1,113 | 893 | 24.6 | % | |||||
| Amortization of intangibles | 3,335 | 1,440 | 131.6 | % | |||||
| FDIC premiums | 2,458 | 1,224 | 100.8 | % | |||||
| Bank card expense | 3,429 | 2,928 | 17.1 | % | |||||
| Foreclosed properties expense, net of (gains)/losses | 89 | 236 | -62.3 | % | |||||
| Acquisition-related expense | 6,444 | 114 | n/m | ||||||
| Other expenses | 14,909 | 11,583 | 28.7 | % | |||||
| Total noninterest expense | 94,793 | 72,879 | 30.1 | % | |||||
| Income before income taxes | 70,402 | 67,310 | 4.6 | % | |||||
| Income taxes | 15,163 | 14,094 | 7.6 | % | |||||
| Net income | 55,239 | 53,216 | 3.8 | % | |||||
| Preferred stock dividends | 900 | 900 | 0.0 | % | |||||
| Net income applicable to common shares | $ | 54,339 | $ | 52,316 | 3.9 | % | |||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
| Annual Performance Summary (unaudited) | |||||||||
| 2023 vs 2022 | |||||||||
| For the Year Ended | Percent | ||||||||
| 12/31/2023 | 12/31/2022 | Change | |||||||
| Per Share Data | |||||||||
| Earnings per common share | |||||||||
| Basic | $ | 3.82 | $ | 4.10 | -6.8 | % | |||
| Diluted | $ | 3.81 | $ | 4.08 | -6.6 | % | |||
| Cash dividends per common share | $ | 0.76 | $ | 0.76 | 0.0 | % | |||
| Common stock dividend payout ratio | 21.6 | % | 18.2 | % | 18.7 | % | |||
| Average common shares outstanding | |||||||||
| Basic | 14,206,811 | 12,760,649 | 11.3 | % | |||||
| Diluted | 14,249,129 | 12,821,533 | 11.1 | % | |||||
| Common shares outstanding at period end | 14,683,457 | 12,783,646 | 14.9 | % | |||||
| Performance Ratios | |||||||||
| Return on average equity | 13.69 | % | 15.83 | % | -13.5 | % | |||
| Return on average tangible equity (C) | 17.51 | % | 19.88 | % | -11.9 | % | |||
| Return on average tangible common equity (D) | 18.34 | % | 21.03 | % | -12.8 | % | |||
| Return on average assets | 1.25 | % | 1.42 | % | -12.0 | % | |||
| Net interest margin (A) | 3.84 | % | 3.73 | % | 2.9 | % | |||
| Efficiency ratio (B) | 47.57 | % | 47.76 | % | -0.4 | % | |||
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.
(C) – Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Non-GAAP financial measure that equals: (Net income applicable to common shares + Amortization of intangibles [after-tax]) / (Average common shareholders’ equity – Average intangible assets).
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||||
| Five Quarter Performance Summary (unaudited) | |||||||||||||||||
| For the Quarter Ended | |||||||||||||||||
| Dollars in thousands | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||
| Statements of Income | |||||||||||||||||
| Interest income | |||||||||||||||||
| Loans, including fees | $ | 59,856 | $ | 58,102 | $ | 54,413 | $ | 45,485 | $ | 43,589 | |||||||
| Securities | 6,538 | 6,357 | 6,247 | 4,819 | 4,181 | ||||||||||||
| Other | 122 | 235 | 203 | 171 | 70 | ||||||||||||
| Total interest income | 66,516 | 64,694 | 60,863 | 50,475 | 47,840 | ||||||||||||
| Interest expense | |||||||||||||||||
| Deposits | 21,417 | 19,924 | 17,851 | 14,000 | 10,194 | ||||||||||||
| Borrowings | 4,306 | 3,497 | 2,699 | 2,286 | 3,293 | ||||||||||||
| Total interest expense | 25,723 | 23,421 | 20,550 | 16,286 | 13,487 | ||||||||||||
| Net interest income | 40,793 | 41,273 | 40,313 | 34,189 | 34,353 | ||||||||||||
| Provision for credit losses | 1,500 | 1,250 | 8,000 | 1,500 | 1,500 | ||||||||||||
| Net interest income after provision for credit losses | 39,293 | 40,023 | 32,313 | 32,689 | 32,853 | ||||||||||||
| Noninterest income | |||||||||||||||||
| Trust and wealth management fees | 952 | 819 | 854 | 811 | 750 | ||||||||||||
| Mortgage origination revenue | 65 | 172 | 169 | 171 | 286 | ||||||||||||
| Service charges on deposit accounts | 1,866 | 1,775 | 1,943 | 1,392 | 1,526 | ||||||||||||
| Bank card revenue | 1,837 | 1,907 | 1,987 | 1,568 | 1,513 | ||||||||||||
| Net gains on equity investments | 365 | 180 | 150 | 45 | 280 | ||||||||||||
| Net realized gains/(losses) on debt securities | 15 | (12 | ) | (211 | ) | (59 | ) | (24 | ) | ||||||||
| Bank owned life insurance and annuity income | 499 | 311 | 431 | 336 | 367 | ||||||||||||
| Other income | 202 | 113 | 100 | 122 | 167 | ||||||||||||
| Total noninterest income | 5,801 | 5,265 | 5,423 | 4,386 | 4,865 | ||||||||||||
| Noninterest expense | |||||||||||||||||
| Salaries and employee benefits | 11,374 | 11,959 | 12,156 | 10,807 | 10,532 | ||||||||||||
| Net occupancy expense | 1,554 | 1,436 | 1,528 | 1,333 | 1,328 | ||||||||||||
| Equipment expense | 2,342 | 2,361 | 2,361 | 2,030 | 1,769 | ||||||||||||
| Professional fees | 529 | 400 | 471 | 376 | 386 | ||||||||||||
| Advertising and public relations | 432 | 247 | 264 | 170 | 280 | ||||||||||||
| Amortization of intangibles | 995 | 998 | 999 | 343 | 351 | ||||||||||||
| FDIC premiums | 670 | 716 | 742 | 330 | 352 | ||||||||||||
| Bank card expense | 809 | 972 | 951 | 696 | 679 | ||||||||||||
| Foreclosed properties expense, net of (gains)/losses | 16 | 10 | 48 | 15 | 159 | ||||||||||||
| Acquisition-related expenses | 839 | 1,110 | 4,163 | 331 | 81 | ||||||||||||
| Other expenses | 4,347 | 3,953 | 3,641 | 2,968 | 2,932 | ||||||||||||
| Total noninterest expense | 23,907 | 24,162 | 27,324 | 19,399 | 18,849 | ||||||||||||
| Income before income taxes | 21,187 | 21,126 | 10,412 | 17,676 | 18,869 | ||||||||||||
| Income tax expense | 4,590 | 4,794 | 2,203 | 3,575 | 3,783 | ||||||||||||
| Net income | 16,597 | 16,332 | 8,209 | 14,101 | 15,086 | ||||||||||||
| Preferred stock dividends | 225 | 225 | 225 | 225 | 225 | ||||||||||||
| Net income applicable to common shares | $ | 16,372 | $ | 16,107 | $ | 7,984 | $ | 13,876 | $ | 14,861 | |||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||
| Five Quarter Performance Summary (unaudited) | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||
| Per Share Data | ||||||||||||||||
| Earnings per common share | ||||||||||||||||
| Basic | $ | 1.12 | $ | 1.10 | $ | 0.54 | $ | 1.09 | $ | 1.16 | ||||||
| Diluted | $ | 1.11 | $ | 1.09 | $ | 0.54 | $ | 1.08 | $ | 1.16 | ||||||
| Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||
| Common stock dividend payout ratio | 19.5 | % | 19.8 | % | 36.7 | % | 18.1 | % | 16.9 | % | ||||||
| Average common shares outstanding | ||||||||||||||||
| Basic | 14,676,383 | 14,672,176 | 14,668,923 | 12,783,851 | 12,775,703 | |||||||||||
| Diluted | 14,718,790 | 14,714,211 | 14,703,636 | 12,830,102 | 12,837,637 | |||||||||||
| Common shares outstanding at period end | 14,683,457 | 14,674,852 | 14,672,147 | 12,786,404 | 12,783,646 | |||||||||||
| Performance Ratios | ||||||||||||||||
| Return on average equity | 15.74 | % | 15.66 | % | 7.99 | % | 15.55 | % | 17.50 | % | ||||||
| Return on average tangible equity (C) | 20.01 | % | 20.03 | % | 10.86 | % | 19.10 | % | 21.75 | % | ||||||
| Return on average tangible common equity (D) | 20.91 | % | 20.95 | % | 11.37 | % | 20.10 | % | 22.96 | % | ||||||
| Return on average assets | 1.42 | % | 1.42 | % | 0.73 | % | 1.43 | % | 1.54 | % | ||||||
| Net interest margin (A) | 3.76 | % | 3.88 | % | 3.89 | % | 3.83 | % | 3.80 | % | ||||||
| Efficiency ratio (B) | 47.33 | % | 47.15 | % | 47.90 | % | 48.00 | % | 46.40 | % | ||||||
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – Non-GAAP financial measure computed on a tax equivalent basis excluding acquisition-related expenses, gains/losses on sales of assets, write-downs of OREO properties to fair value and amortization of intangibles.
(C) – Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Non-GAAP financial measure that equals: (Net income + Amortization of intangibles [after-tax]) / (Average common shareholders’ equity – Average intangible assets).
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||
| Selected Balance Sheet Data (unaudited) | ||||||||||||||||
| Dollars in thousands, except per share amounts | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | $ | 21,834 | $ | 23,159 | $ | 23,341 | $ | 16,488 | $ | 16,469 | ||||||
| Interest bearing deposits other banks | 30,398 | 36,398 | 39,902 | 54,328 | 28,248 | |||||||||||
| Debt securities, available for sale | 502,762 | 511,403 | 512,038 | 431,933 | 405,201 | |||||||||||
| Debt securities, held to maturity | 94,227 | 94,715 | 95,200 | 95,682 | 96,163 | |||||||||||
| Equity investments | 10,958 | 31,241 | 30,818 | 29,867 | 29,494 | |||||||||||
| Other investments | 21,130 | 19,579 | 16,014 | 12,696 | 16,029 | |||||||||||
| Loans, net | 3,633,522 | 3,551,686 | 3,506,880 | 3,059,099 | 3,043,919 | |||||||||||
| Property held for sale | 3,729 | 4,505 | 4,742 | 5,128 | 5,067 | |||||||||||
| Premises and equipment, net | 63,038 | 62,721 | 60,967 | 54,491 | 53,981 | |||||||||||
| Goodwill and other intangible assets, net | 74,430 | 75,425 | 76,423 | 61,807 | 62,150 | |||||||||||
| Cash surrender value of life insurance policies and annuities | 85,679 | 85,076 | 84,790 | 72,019 | 71,640 | |||||||||||
| Derivative financial instruments | 33,145 | 44,527 | 39,951 | 34,758 | 40,506 | |||||||||||
| Other assets | 59,470 | 63,773 | 61,204 | 49,111 | 47,825 | |||||||||||
| Total assets | $ | 4,634,322 | $ | 4,604,208 | $ | 4,552,270 | $ | 3,977,407 | $ | 3,916,692 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||
| Deposits | $ | 3,715,148 | $ | 3,754,495 | $ | 3,735,034 | $ | 3,299,846 | $ | 3,169,879 | ||||||
| Short-term borrowings | 302,957 | 258,054 | 232,150 | 140,150 | 225,999 | |||||||||||
| Long-term borrowings and subordinated debentures, net | 124,008 | 123,892 | 123,776 | 123,660 | 123,543 | |||||||||||
| Other liabilities | 52,001 | 51,315 | 48,136 | 44,205 | 42,741 | |||||||||||
| Total liabilities | 4,194,114 | 4,187,756 | 4,139,096 | 3,607,861 | 3,562,162 | |||||||||||
| Preferred stock and related surplus | 14,920 | 14,920 | 14,920 | 14,920 | 14,920 | |||||||||||
| Common stock and related surplus | 129,990 | 130,508 | 130,227 | 90,939 | 90,696 | |||||||||||
| Retained earnings | 302,783 | 289,641 | 276,762 | 271,712 | 260,393 | |||||||||||
| Accumulated other comprehensive loss | (7,485 | ) | (18,617 | ) | (8,735 | ) | (8,025 | ) | (11,479 | ) | ||||||
| Total shareholders' equity | 440,208 | 416,452 | 413,174 | 369,546 | 354,530 | |||||||||||
| Total liabilities and shareholders' equity | $ | 4,634,322 | $ | 4,604,208 | $ | 4,552,270 | $ | 3,977,407 | $ | 3,916,692 | ||||||
| Book value per common share | $ | 28.96 | $ | 27.36 | $ | 27.14 | $ | 27.73 | $ | 26.57 | ||||||
| Tangible book value per common share (A) | $ | 23.89 | $ | 22.22 | $ | 21.93 | $ | 22.90 | $ | 21.70 | ||||||
| Tangible common equity to tangible assets (B) | 7.7 | % | 7.2 | % | 7.2 | % | 7.5 | % | 7.2 | % | ||||||
NOTES
(A) – Non-GAAP financial measure that equals: (Common stock and related surplus + Retained earnings + Accumulated other comprehensive income/loss – Intangible assets) / Common shares outstanding.
(B) – Non-GAAP financial measure that equals: (Common stock and related surplus + Retained earnings + Accumulated other comprehensive income/loss – Intangible assets) / (Total assets – Intangible assets).
| SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||||||
| Loan Composition (unaudited) | ||||||||||||||||
| Dollars in thousands | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||||||||||
| Commercial | $ | 503,842 | $ | 511,951 | $ | 511,457 | $ | 498,268 | $ | 501,844 | ||||||
| Mortgage warehouse lines | 108,848 | 114,734 | 118,785 | 86,240 | 130,390 | |||||||||||
| Commercial real estate | ||||||||||||||||
| Owner occupied | 545,108 | 547,886 | 566,447 | 469,560 | 467,050 | |||||||||||
| Non-owner occupied | 1,254,337 | 1,217,029 | 1,193,927 | 1,036,358 | 1,004,368 | |||||||||||
| Construction and development | ||||||||||||||||
| Land and development | 145,258 | 114,354 | 117,371 | 102,351 | 106,362 | |||||||||||
| Construction | 374,026 | 349,049 | 309,709 | 290,556 | 282,935 | |||||||||||
| Residential real estate | ||||||||||||||||
| Conventional | 505,398 | 497,076 | 483,998 | 395,312 | 386,874 | |||||||||||
| Jumbo | 116,614 | 113,837 | 117,219 | 111,475 | 92,103 | |||||||||||
| Home equity | 81,126 | 81,967 | 86,050 | 70,167 | 71,986 | |||||||||||
| Consumer | 43,756 | 44,288 | 44,429 | 36,531 | 35,372 | |||||||||||
| Other | 3,299 | 6,748 | 3,169 | 3,117 | 3,534 | |||||||||||
| Total loans, net of unearned fees | 3,681,612 | 3,598,919 | 3,552,561 | 3,099,935 | 3,082,818 | |||||||||||
| Less allowance for loan credit losses | 48,090 | 47,233 | 45,681 | 40,836 | 38,899 | |||||||||||
| Loans, net | $ | 3,633,522 | $ | 3,551,686 | $ | 3,506,880 | $ | 3,059,099 | $ | 3,043,919 | ||||||
| Unfunded loan commitments | $ | 950,001 | $ | 943,508 | $ | 957,278 | $ | 907,757 | $ | 925,657 | ||||||
| SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||||||
| Deposit Composition (unaudited) | ||||||||||||||||
| Dollars in thousands | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||||||||||
| Core deposits | ||||||||||||||||
| Non-interest bearing checking | $ | 593,576 | $ | 630,055 | $ | 679,139 | $ | 552,716 | $ | 553,616 | ||||||
| Interest bearing checking | 2,164,522 | 2,144,737 | 2,024,341 | 1,886,011 | 1,743,299 | |||||||||||
| Savings | 450,526 | 477,348 | 512,129 | 462,631 | 496,751 | |||||||||||
| Time deposits | 473,687 | 469,530 | 465,026 | 327,037 | 343,423 | |||||||||||
| Total core deposits | 3,682,311 | 3,721,670 | 3,680,635 | 3,228,395 | 3,137,089 | |||||||||||
| Brokered time deposits | 32,837 | 32,825 | 54,399 | 71,451 | 32,790 | |||||||||||
| Total deposits | $ | 3,715,148 | $ | 3,754,495 | $ | 3,735,034 | $ | 3,299,846 | $ | 3,169,879 | ||||||
| Estimated uninsured deposits (A) | $ | 1,291,467 | $ | 1,283,610 | $ | 1,189,908 | $ | 933,703 | $ | 946,188 | ||||||
| (A) - Excludes uninsured public funds otherwise secured or collateralized as required by law. | ||||||||||||||||
| SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||
| Regulatory Capital Ratios (unaudited) | ||||||||||||
| 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||
| Summit Financial Group, Inc. | ||||||||||||
| CET1 Risk-based Capital | 9.1 | % | 8.9 | % | 8.7 | % | 8.9 | % | 8.6 | % | ||
| Tier 1 Risk-based Capital | 9.9 | % | 9.7 | % | 9.5 | % | 9.8 | % | 9.5 | % | ||
| Total Risk-based Capital | 13.7 | % | 13.5 | % | 13.3 | % | 14.0 | % | 13.5 | % | ||
| Tier 1 Leverage | 8.7 | % | 8.5 | % | 8.4 | % | 8.7 | % | 8.5 | % | ||
| Summit Community Bank, Inc. | ||||||||||||
| CET1 Risk-based Capital | 11.7 | % | 11.6 | % | 11.3 | % | 11.9 | % | 11.6 | % | ||
| Tier 1 Risk-based Capital | 11.7 | % | 11.6 | % | 11.3 | % | 11.9 | % | 11.6 | % | ||
| Total Risk-based Capital | 12.9 | % | 12.7 | % | 12.5 | % | 13.1 | % | 12.6 | % | ||
| Tier 1 Leverage | 10.2 | % | 10.1 | % | 9.9 | % | 10.6 | % | 10.4 | % | ||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||
| Asset Quality Information (unaudited) | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| Dollars in thousands | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | |||||||||||
| Gross loan charge-offs | $ | 444 | $ | 227 | $ | 4,009 | $ | 164 | $ | 250 | ||||||
| Gross loan recoveries | (632 | ) | (108 | ) | (118 | ) | (227 | ) | (249 | ) | ||||||
| Net loan charge-offs (recoveries) | $ | (188 | ) | $ | 119 | $ | 3,891 | $ | (63 | ) | $ | 1 | ||||
| Net loan charge-offs (recoveries) to average loans (annualized) | -0.02 | % | 0.01 | % | 0.44 | % | -0.01 | % | 0.00 | % | ||||||
| Allowance for loan credit losses | $ | 48,090 | $ | 47,233 | $ | 45,681 | $ | 40,836 | $ | 38,899 | ||||||
| Allowance for loan credit losses as a percentage of period end loans | 1.31 | % | 1.31 | % | 1.29 | % | 1.32 | % | 1.26 | % | ||||||
| Allowance for credit losses on unfunded loan commitments ("ULC") | $ | 7,742 | $ | 6,912 | $ | 7,332 | $ | 6,572 | $ | 6,947 | ||||||
| Allowance for credit losses on ULC as a percentage of period end ULC | 0.81 | % | 0.73 | % | 0.81 | % | 0.72 | % | 0.75 | % | ||||||
| Nonperforming assets: | ||||||||||||||||
| Nonperforming loans | ||||||||||||||||
| Commercial | $ | 1,088 | $ | 783 | $ | 254 | $ | 402 | $ | 93 | ||||||
| Commercial real estate | 5,675 | 6,402 | 5,970 | 1,700 | 1,750 | |||||||||||
| Residential construction and development | 708 | 750 | 772 | 813 | 851 | |||||||||||
| Residential real estate | 4,831 | 4,787 | 4,298 | 4,322 | 5,117 | |||||||||||
| Consumer | 137 | 124 | 46 | 65 | 12 | |||||||||||
| Total nonperforming loans | 12,439 | 12,846 | 11,340 | 7,302 | 7,823 | |||||||||||
| Foreclosed properties | ||||||||||||||||
| Commercial real estate | 297 | 297 | 297 | 297 | 297 | |||||||||||
| Commercial construction and development | 1,253 | 2,187 | 2,187 | 2,187 | 2,187 | |||||||||||
| Residential construction and development | 1,924 | 1,924 | 2,161 | 2,293 | 2,293 | |||||||||||
| Residential real estate | 255 | 97 | 97 | 351 | 290 | |||||||||||
| Total foreclosed properties | 3,729 | 4,505 | 4,742 | 5,128 | 5,067 | |||||||||||
| Total nonperforming assets | $ | 16,168 | $ | 17,351 | $ | 16,082 | $ | 12,430 | $ | 12,890 | ||||||
| Nonperforming loans to period end loans | 0.34 | % | 0.36 | % | 0.32 | % | 0.24 | % | 0.25 | % | ||||||
| Nonperforming assets to period end assets | 0.35 | % | 0.38 | % | 0.35 | % | 0.31 | % | 0.33 | % | ||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||
| Loans Past Due 30-89 Days (unaudited) | |||||||||||||||
| Dollars in thousands | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||
| Commercial | $ | 1,152 | $ | 3,300 | $ | 1,006 | $ | 463 | $ | 3,168 | |||||
| Commercial real estate | 1,711 | 781 | 513 | 1,000 | 641 | ||||||||||
| Construction and development | 570 | 793 | 161 | 3,459 | 317 | ||||||||||
| Residential real estate | 6,114 | 4,620 | 4,933 | 2,311 | 6,231 | ||||||||||
| Consumer | 401 | 440 | 389 | 252 | 253 | ||||||||||
| Other | 43 | 37 | 17 | 13 | 22 | ||||||||||
| Total | $ | 9,991 | $ | 9,971 | $ | 7,019 | $ | 7,498 | $ | 10,632 | |||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||||||||||||||
| Average Balance Sheet, Interest Earnings & Expenses and Average Rates | |||||||||||||||||||||||||||
| Q4 2023 vs Q3 2023 vs Q4 2022 (unaudited) | |||||||||||||||||||||||||||
| Q4 2023 | Q3 2023 | Q4 2022 | |||||||||||||||||||||||||
| Average | Earnings / | Yield / | Average | Earnings / | Yield / | Average | Earnings / | Yield / | |||||||||||||||||||
| Dollars in thousands | Balances | Expense | Rate | Balances | Expense | Rate | Balances | Expense | Rate | ||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||
| Interest earning assets | |||||||||||||||||||||||||||
| Loans, net of unearned interest (1) | |||||||||||||||||||||||||||
| Taxable | $ | 3,688,505 | $ | 59,802 | 6.43 | % | $ | 3,591,583 | $ | 58,040 | 6.41 | % | $ | 3,100,595 | $ | 43,549 | 5.57 | % | |||||||||
| Tax-exempt (2) | 4,357 | 68 | 6.19 | % | 3,911 | 78 | 7.91 | % | 4,525 | 52 | 4.56 | % | |||||||||||||||
| Securities | |||||||||||||||||||||||||||
| Taxable | 410,211 | 5,129 | 4.96 | % | 417,299 | 4,972 | 4.73 | % | 280,114 | 2,747 | 3.89 | % | |||||||||||||||
| Tax-exempt (2) | 206,375 | 1,784 | 3.43 | % | 211,150 | 1,754 | 3.30 | % | 219,245 | 1,813 | 3.28 | % | |||||||||||||||
| Interest bearing deposits other banks and Federal funds sold | 31,053 | 122 | 1.56 | % | 39,200 | 235 | 2.38 | % | 25,785 | 70 | 1.08 | % | |||||||||||||||
| Total interest earning assets | 4,340,501 | 66,905 | 6.12 | % | 4,263,143 | 65,079 | 6.06 | % | 3,630,264 | 48,231 | 5.27 | % | |||||||||||||||
| Noninterest earning assets | |||||||||||||||||||||||||||
| Cash & due from banks | 22,485 | 24,229 | 16,892 | ||||||||||||||||||||||||
| Premises & equipment | 63,298 | 62,085 | 54,431 | ||||||||||||||||||||||||
| Intangible assets | 75,043 | 76,037 | 62,336 | ||||||||||||||||||||||||
| Other assets | 215,821 | 219,150 | 191,926 | ||||||||||||||||||||||||
| Allowance for loan credit losses | (47,834 | ) | (46,498 | ) | (37,377 | ) | |||||||||||||||||||||
| Total assets | $ | 4,669,314 | $ | 4,598,146 | $ | 3,918,472 | |||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||||||||
| Interest bearing demand deposits | 2,170,953 | 16,196 | 2.96 | % | 2,057,035 | 15,053 | 2.90 | % | 1,615,275 | 7,848 | 1.93 | % | |||||||||||||||
| Savings deposits | 459,277 | 1,986 | 1.72 | % | 493,565 | 2,035 | 1.64 | % | 529,039 | 1,651 | 1.24 | % | |||||||||||||||
| Time deposits | 508,383 | 3,235 | 2.52 | % | 505,824 | 2,836 | 2.22 | % | 399,101 | 695 | 0.69 | % | |||||||||||||||
| Short-term borrowings | 309,657 | 2,791 | 3.58 | % | 267,935 | 1,988 | 2.94 | % | 276,823 | 1,868 | 2.68 | % | |||||||||||||||
| Long-term borrowings and subordinated debentures | 123,954 | 1,515 | 4.85 | % | 123,839 | 1,509 | 4.83 | % | 123,488 | 1,425 | 4.58 | % | |||||||||||||||
| Total interest bearing liabilities | 3,572,224 | 25,723 | 2.86 | % | 3,448,198 | 23,421 | 2.69 | % | 2,943,726 | 13,487 | 1.82 | % | |||||||||||||||
| Noninterest bearing liabilities | |||||||||||||||||||||||||||
| Demand deposits | 621,082 | 681,035 | 586,617 | ||||||||||||||||||||||||
| Other liabilities | 54,160 | 51,669 | 43,378 | ||||||||||||||||||||||||
| Total liabilities | 4,247,466 | 4,180,902 | 3,573,721 | ||||||||||||||||||||||||
| Shareholders' equity - preferred | 14,920 | 14,920 | 14,920 | ||||||||||||||||||||||||
| Shareholders' equity - common | 406,928 | 402,324 | 329,831 | ||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 4,669,314 | $ | 4,598,146 | $ | 3,918,472 | |||||||||||||||||||||
| NET INTEREST EARNINGS | $ | 41,182 | $ | 41,658 | $ | 34,744 | |||||||||||||||||||||
| NET INTEREST MARGIN | 3.76 | % | 3.88 | % | 3.80 | % | |||||||||||||||||||||
| (1) - For purposes of this table, nonaccrual loans are included in average loan balances. | |||||||||||||||||||||||||||
| (2) - Interest income on tax-exempt securities and loans has been adjusted assuming a Federal tax rate of | |||||||||||||||||||||||||||
| The tax equivalent adjustment resulted in an increase in interest income of | |||||||||||||||||||||||||||
| Q3 2023 and Q4 2022, respectively. | |||||||||||||||||||||||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||||||
| Average Balance Sheet, Interest Earnings & Expenses and Average Rates | |||||||||||||||||||
| YTD 2023 vs YTD 2022 (unaudited) | |||||||||||||||||||
| YTD 2023 | YTD 2022 | ||||||||||||||||||
| Average | Earnings / | Yield / | Average | Earnings / | Yield / | ||||||||||||||
| Dollars in thousands | Balances | Expense | Rate | Balances | Expense | Rate | |||||||||||||
| ASSETS | |||||||||||||||||||
| Interest earning assets | |||||||||||||||||||
| Loans, net of unearned interest (1) | |||||||||||||||||||
| Taxable | $ | 3,472,844 | $ | 217,615 | 6.27 | % | $ | 2,949,350 | $ | 145,189 | 4.92 | % | |||||||
| Tax-exempt (2) | 4,618 | 304 | 6.58 | % | 4,961 | 222 | 4.47 | % | |||||||||||
| Securities | |||||||||||||||||||
| Taxable | 392,720 | 18,412 | 4.69 | % | 295,264 | 8,442 | 2.86 | % | |||||||||||
| Tax-exempt (2) | 210,945 | 7,024 | 3.33 | % | 195,558 | 5,836 | 2.98 | % | |||||||||||
| Interest bearing deposits other banks and Federal funds sold | 34,948 | 732 | 2.09 | % | 46,248 | 331 | 0.72 | % | |||||||||||
| Total interest earning assets | 4,116,075 | 244,087 | 5.93 | % | 3,491,381 | 160,020 | 4.58 | % | |||||||||||
| Noninterest earning assets | |||||||||||||||||||
| Cash & due from banks | 21,948 | 17,473 | |||||||||||||||||
| Premises & equipment | 60,123 | 55,219 | |||||||||||||||||
| Intangible assets | 73,430 | 62,878 | |||||||||||||||||
| Other assets | 209,305 | 167,982 | |||||||||||||||||
| Allowance for loan credit losses | (44,564 | ) | (34,630 | ) | |||||||||||||||
| Total assets | $ | 4,436,317 | $ | 3,760,303 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||
| Interest bearing demand deposits | $ | 2,009,253 | $ | 55,471 | 2.76 | % | $ | 1,350,227 | $ | 13,863 | 1.03 | % | |||||||
| Savings deposits | 490,219 | 7,935 | 1.62 | % | 627,630 | 4,155 | 0.66 | % | |||||||||||
| Time deposits | 479,573 | 9,785 | 2.04 | % | 479,545 | 2,665 | 0.56 | % | |||||||||||
| Short-term borrowings | 238,351 | 6,816 | 2.86 | % | 204,265 | 3,786 | 1.85 | % | |||||||||||
| Long-term borrowings and subordinated debentures | 123,777 | 5,972 | 4.82 | % | 123,331 | 5,292 | 4.29 | % | |||||||||||
| 3,341,173 | 85,979 | 2.57 | % | 2,784,998 | 29,761 | 1.07 | % | ||||||||||||
| Noninterest bearing liabilities | |||||||||||||||||||
| Demand deposits | 641,806 | 597,199 | |||||||||||||||||
| Other liabilities | 49,966 | 42,005 | |||||||||||||||||
| Total liabilities | 4,032,945 | 3,424,202 | |||||||||||||||||
| Shareholders' equity - preferred | 14,920 | 14,920 | |||||||||||||||||
| Shareholders' equity - common | 388,452 | 321,181 | |||||||||||||||||
| Total liabilities and shareholders' equity | $ | 4,436,317 | $ | 3,760,303 | |||||||||||||||
| NET INTEREST EARNINGS | $ | 158,108 | $ | 130,259 | |||||||||||||||
| NET INTEREST MARGIN | 3.84 | % | 3.73 | % | |||||||||||||||
| (1) - For purposes of this table, nonaccrual loans are included in average loan balances. | |||||||||||||||||||
| (2) - Interest income on tax-exempt securities and loans has been adjusted assuming a Federal tax rate of | |||||||||||||||||||
| The tax equivalent adjustment resulted in an increase in interest income of | |||||||||||||||||||
| YTD 2023 and YTD 2022 periods, respectively. | |||||||||||||||||||
FAQ
What was Summit Financial Group, Inc.'s net income for Q4 2023?
What was the percentage increase in Tangible Book Value Per Common Share for Q4 2023?
What was the increase in total loans for Q4 2023?
Was the pending merger with Burke & Herbert Financial Services Corp. approved by shareholders?
What was Summit Financial Group, Inc.'s efficiency ratio for Q4 2023?
