Summit Financial Group Reports Second Quarter 2022 EPS of $0.92 on Revenue and Loan Growth
Summit Financial Group (SMMF) reported strong Q2 2022 results with a net income of $11.8 million, or $0.92 per diluted share, reflecting a growth from both the linked quarter and the year-ago period. Total loans reached $2.80 billion, up 4.6% from Q1 2022. Net interest income rose 4.8%, while noninterest income was $3.86 million. The efficiency ratio improved to 47.45%. Nonperforming assets decreased to 0.43% of total assets. Summit maintained a strong credit loss allowance, indicating robust risk management amidst economic uncertainty.
- Net income increased to $11.8 million, up from $11.5 million in Q1 2022 and $10.4 million in Q2 2021.
- Total loans grew 4.6% in Q2 2022, totaling $2.80 billion, marking a 22.7% increase year-over-year.
- Net interest income increased 4.8% from the linked quarter and 15.5% year-over-year.
- Efficiency ratio improved to 47.45%, enhancing operational efficiency.
- Noninterest income declined to $3.86 million in Q2 2022 from $4.55 million in the linked quarter.
- Realized losses on securities amounted to $289,000, indicating challenges in the investment portfolio.
- Mortgage origination revenue decreased significantly to $317,000 in Q2 2022 from $898,000 in the year-ago period.
MOOREFIELD, W. Va., July 28, 2022 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF) today reported financial results for the second quarter of 2022, including continued strong earnings on growth in total revenue and loans.
The Company, which serves commercial and individual clients across West Virginia, the Washington D.C. metropolitan area, Virginia and Kentucky through Summit Community Bank, Inc., reported net income applicable to common shares of
“We are pleased to report another quarter of solid operating performance with improvements in both net interest margin and our efficiency ratio,” said H. Charles Maddy, III, President and Chief Executive Officer. “The continued growth in commercial and total loans, along with sustained strength in asset quality metrics, highlight our ongoing focus on meeting the credit needs of our customers while employing sound underwriting practices. Our solid financial performance during the first half of the year and projected loan growth give us confidence of continued strong operating results for the remainder of the year.”
Highlights for Q2 2022
- Total loans of
$2.80 billion , excluding mortgage warehouse lines of credit and Paycheck Protection Program (“PPP”) lending, increased 4.6 percent, or 18.5 percent annualized, during the quarter and 22.7 percent since June 30, 2021. - Net interest income increased 4.8 percent compared to the linked quarter, and increased 15.5 percent from the year-ago period, primarily due to loan growth.
- Net interest margin (“NIM”) increased 5 basis points to 3.66 percent from the linked quarter and 11 basis points from the year-ago quarter, as increased yields on interest earning assets were partially offset by increased cost of deposits and other funding.
- Total noninterest expense increased to
$17.6 million in the quarter, up 2.4 percent from the linked quarter and up 3.4 percent from the year-ago quarter, as salary and benefits increases were largely offset by disciplined management of other operating costs. - Annualized non-interest expense was unchanged from the linked quarter at 1.91 percent of average assets, and down 18 basis points from the year-ago period.
- Achieved an improved efficiency ratio of 47.45 percent compared to 49.44 percent in Q1 2022 and 48.82 percent in the year-ago quarter.
- Incurred
$2.00 million provision for credit losses in the quarter increasing period-end allowance for loan credit losses to$35.1 million , or 1.18 percent of total loans and 320.6 percent of nonperforming loans. - Foreclosed property held for sale declined by 22.9 percent during the quarter and 59.6 percent from the year-ago quarter to
$5.32 million or 0.14 percent of assets at period end. - Nonperforming assets (“NPAs”) improved to 0.43 percent of total assets at period end, excluding restructured assets, down 8 basis points during the quarter and 67 basis points from June 30, 2021.
- Tangible book value per common share (“TBVPS”) increased
$0.28 t o$20.07 during the quarter, despite unrealized net losses on debt securities available for sale (“AFS”) of$0.91 per common share (net of deferred income taxes) recorded in Other Comprehensive Income (“OCI”), partially offset by increases in the fair values of derivative financial instruments hedging against higher interest rates totaling$0.41 per common share (net of deferred income taxes) also recorded in OCI.
Results from Operations
Net interest income grew to
Noninterest income, consisting primarily of service fee income from community banking activities and trust and wealth management fees, for second quarter 2022 was
Mortgage origination revenue was
Excluding gains and losses on debt securities and equity investments, noninterest income was
Revenue from net interest income and noninterest income, excluding gains and losses on debt securities and equity investments, grew to
Total noninterest expense increased to
Salary and benefit expenses of
Net losses and expenses on foreclosed properties totaled
Other expenses were
- Fraud and robbery losses of
$143,000 during the second quarter of 2022 compared to$90,000 and$16,000 in the linked and year-ago quarters, respectively. - Virginia franchise tax of
$170,000 during the second quarter of 2022 compared to$149,000 and$108,000 in the linked and year-ago quarters, respectively. - Deferred director compensation plan-related income of
$726,000 during the second quarter of 2022 compared to$400,000 during the linked quarter and plan-related expense of$190,000 in the year-ago quarter.
Summit’s efficiency ratio improved to 47.45 percent in the second quarter of 2022 from 49.44 percent in the linked quarter and 48.82 percent for the year-ago period. Non-interest expense to average assets improved to 1.91 percent in both the second quarter of 2022 and the linked quarter compared to 2.09 percent in the year-ago period.
Balance Sheet
As of June 30, 2022, total assets were
Total loans net of unearned fees grew to
Total commercial loans, including commercial and industrial (C&I) and commercial real estate (CRE) but excluding PPP lending, grew to
Residential real estate and consumer lending totaled
PPP balances were paid down to
Deposits totaled
- Non-interest bearing deposit accounts decreased
$28.2 million or 4.5 percent in the second quarter of 2022 and increased$97.7 million or 19.4 percent since June 30, 2021. - Interest bearing checking accounts grew
$103.4 million or 9.1 percent in the second quarter of 2022 and$232.6 million or 23.1 percent since June 30, 2021. - Savings accounts declined
$57.0 million or 8.1 percent in the second quarter of 2022 and$31.9 million or 4.7 percent since June 30, 2021. - Core time deposits declined
$40.5 million or 9.5 percent in the second quarter of 2022 and$54.6 million or 12.4 percent since June 30, 2021.
Total shareholders’ equity was
Year-to-date 2022, TBVPS has increased
Summit had 12,763,422 outstanding common shares at the end of the second quarter of 2022 compared to 12,743,125 at year-end 2021.
As announced in the first quarter of 2020, the Board of Directors authorized the open market repurchase of up to 750,000 shares of the issued and outstanding shares of Summit's common stock, of which 323,577 shares have been repurchased to date. The timing and quantity of stock purchases under this repurchase plan are at the discretion of management. During the second quarter of 2022, no shares of Summit’s common stock were repurchased under the Plan.
Asset Quality
Net loan charge-offs (“NCOs”) declined to
Summit recorded a
Summit’s allowance for loan credit losses was
The allowance for loan credit losses stood at 1.18 percent of total loans at June 30, 2022 compared to 1.17 percent at year-end 2021 and 1.39 percent at June 30, 2021. The allowance was 320.6 percent of nonperforming loans at June 30, 2022, compared to 254.4 percent at year-end 2021 and 148.2 percent at June 30, 2021.
Summit’s allowance for credit losses on unfunded loan commitments was
As of June 30, 2022, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties and repossessed assets, totaled
About the Company
Summit Financial Group, Inc. is the
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 the COVID-19 pandemic, 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; and changes in the national and local economies. We undertake no obligation to revise these statements following the date of this press release.
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||
Quarterly Performance Summary (unaudited) | ||||||||
Q2 2022 vs Q2 2021 | ||||||||
For the Quarter Ended | Percent | |||||||
Dollars in thousands | 6/30/2022 | 6/30/2021 | Change | |||||
Statements of Income | ||||||||
Interest income | ||||||||
Loans, including fees | $ | 32,766 | $ | 27,697 | 18.3 | % | ||
Securities | 2,752 | 2,202 | 25.0 | % | ||||
Other | 45 | 56 | -19.6 | % | ||||
Total interest income | 35,563 | 29,955 | 18.7 | % | ||||
Interest expense | ||||||||
Deposits | 2,622 | 2,136 | 22.8 | % | ||||
Borrowings | 1,976 | 1,008 | 96.0 | % | ||||
Total interest expense | 4,598 | 3,144 | 46.2 | % | ||||
Net interest income | 30,965 | 26,811 | 15.5 | % | ||||
Provision for credit losses | 2,000 | 1,000 | 100.0 | % | ||||
Net interest income after provision | ||||||||
for credit losses | 28,965 | 25,811 | 12.2 | % | ||||
Noninterest income | ||||||||
Trust and wealth management fees | 745 | 683 | 9.1 | % | ||||
Mortgage origination revenue | 317 | 898 | -64.7 | % | ||||
Service charges on deposit accounts | 1,674 | 1,093 | 53.2 | % | ||||
Bank card revenue | 1,618 | 1,519 | 6.5 | % | ||||
(Losses) on equity investments | (669 | ) | - | n/a | ||||
Realized gains/(losses) on debt securities | (289 | ) | 127 | -327.6 | % | |||
Bank owned life insurance and annuity income | 331 | 275 | 20.4 | % | ||||
Other income | 129 | 120 | 7.5 | % | ||||
Total noninterest income | 3,856 | 4,715 | -18.2 | % | ||||
Noninterest expense | ||||||||
Salaries and employee benefits | 10,030 | 8,230 | 21.9 | % | ||||
Net occupancy expense | 1,258 | 1,131 | 11.2 | % | ||||
Equipment expense | 1,791 | 1,598 | 12.1 | % | ||||
Professional fees | 507 | 428 | 18.5 | % | ||||
Advertising and public relations | 165 | 138 | 19.6 | % | ||||
Amortization of intangibles | 355 | 382 | -7.1 | % | ||||
FDIC premiums | 190 | 488 | -61.1 | % | ||||
Bank card expense | 810 | 685 | 18.2 | % | ||||
Foreclosed properties expense, net of (gains)/losses | 141 | 746 | -81.1 | % | ||||
Acquisition-related expense | 4 | 454 | -99.1 | % | ||||
Other expenses | 2,358 | 2,756 | -14.4 | % | ||||
Total noninterest expense | 17,609 | 17,036 | 3.4 | % | ||||
Income before income taxes | 15,212 | 13,490 | 12.8 | % | ||||
Income taxes | 3,198 | 2,930 | 9.1 | % | ||||
Net income | 12,014 | 10,560 | 13.8 | % | ||||
Preferred stock dividends | 225 | 139 | 61.9 | % | ||||
Net income applicable to common shares | $ | 11,789 | $ | 10,421 | 13.1 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
Quarterly Performance Summary (unaudited) | |||||||||
Q2 2022 vs Q2 2021 | |||||||||
For the Quarter Ended | Percent | ||||||||
6/30/2022 | 6/30/2021 | Change | |||||||
Per Share Data | |||||||||
Earnings per common share | |||||||||
Basic | $ | 0.92 | $ | 0.80 | 15.0 | % | |||
Diluted | $ | 0.92 | $ | 0.80 | 15.0 | % | |||
Cash dividends per common share | $ | 0.18 | $ | 0.17 | 5.9 | % | |||
Common stock dividend payout ratio | 19.5 | % | 21.2 | % | -8.0 | % | |||
Average common shares outstanding | |||||||||
Basic | 12,754,724 | 12,952,357 | -1.5 | % | |||||
Diluted | 12,810,174 | 13,013,714 | -1.6 | % | |||||
Common shares outstanding at period end | 12,763,422 | 12,963,057 | -1.5 | % | |||||
Performance Ratios | |||||||||
Return on average equity | 14.48 | % | 13.67 | % | 5.9 | % | |||
Return on average tangible equity (C) | 18.28 | % | 17.03 | % | 7.3 | % | |||
Return on average tangible common equity (D) | 19.35 | % | 17.59 | % | 10.0 | % | |||
Return on average assets | 1.30 | % | 1.29 | % | 0.8 | % | |||
Net interest margin (A) | 3.66 | % | 3.55 | % | 3.1 | % | |||
Efficiency ratio (B) | 47.45 | % | 48.82 | % | -2.8 | % | |||
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – 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) – Return on average tangible equity = (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Return on average tangible common equity = (Net income applicable to common shares + Amortization of intangibles [after-tax]) / (Average common shareholders’ equity – Average intangible assets).
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||
Six Month Performance Summary (unaudited) | ||||||||
2022 vs 2021 | ||||||||
For the Six Months Ended | Percent | |||||||
Dollars in thousands | 6/30/2022 | 6/30/2021 | Change | |||||
Statements of Income | ||||||||
Interest income | ||||||||
Loans, including fees | $ | 62,991 | $ | 55,234 | 14.0 | % | ||
Securities | 5,374 | 4,359 | 23.3 | % | ||||
Other | 91 | 123 | -26.0 | % | ||||
Total interest income | 68,456 | 59,716 | 14.6 | % | ||||
Interest expense | ||||||||
Deposits | 4,349 | 4,632 | -6.1 | % | ||||
Borrowings | 3,587 | 2,022 | 77.4 | % | ||||
Total interest expense | 7,936 | 6,654 | 19.3 | % | ||||
Net interest income | 60,520 | 53,062 | 14.1 | % | ||||
Provision for credit losses | 3,950 | 2,500 | 58.0 | % | ||||
Net interest income after provision | ||||||||
for credit losses | 56,570 | 50,562 | 11.9 | % | ||||
Noninterest income | ||||||||
Trust and wealth management fees | 1,503 | 1,321 | 13.8 | % | ||||
Mortgage origination revenue | 656 | 1,896 | -65.4 | % | ||||
Service charges on deposit accounts | 3,074 | 2,193 | 40.2 | % | ||||
Bank card revenue | 3,109 | 2,860 | 8.7 | % | ||||
(Losses) on equity investments | (297 | ) | - | n/a | ||||
Realized gains/(losses) on debt securities, net | (442 | ) | 602 | -173.4 | % | |||
Bank owned life insurance and annuity income | 615 | 573 | 7.3 | % | ||||
Other income | 183 | 244 | -25.0 | % | ||||
Total noninterest income | 8,401 | 9,689 | -13.3 | % | ||||
Noninterest expense | ||||||||
Salaries and employee benefits | 19,731 | 16,665 | 18.4 | % | ||||
Net occupancy expense | 2,499 | 2,305 | 8.4 | % | ||||
Equipment expense | 3,634 | 3,180 | 14.3 | % | ||||
Professional fees | 869 | 766 | 13.4 | % | ||||
Advertising and public relations | 337 | 228 | 47.8 | % | ||||
Amortization of intangibles | 734 | 787 | -6.7 | % | ||||
FDIC premiums | 580 | 765 | -24.2 | % | ||||
Bank card expense | 1,524 | 1,259 | 21.0 | % | ||||
Foreclosed properties expense, net of (gains)/losses | 51 | 972 | -94.8 | % | ||||
Acquisition-related expense | 33 | 893 | -96.3 | % | ||||
Other expenses | 4,817 | 5,649 | -14.7 | % | ||||
Total noninterest expense | 34,809 | 33,469 | 4.0 | % | ||||
Income before income taxes | 30,162 | 26,782 | 12.6 | % | ||||
Income taxes | 6,455 | 5,863 | 10.1 | % | ||||
Net income | 23,707 | 20,919 | 13.3 | % | ||||
Preferred stock dividends | 450 | 139 | 223.7 | % | ||||
Net income applicable to common shares | $ | 23,257 | $ | 20,780 | 11.9 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||
Six Month Performance Summary (unaudited) | |||||||||
2022 vs 2021 | |||||||||
For the Six Months Ended | Percent | ||||||||
6/30/2022 | 6/30/2021 | Change | |||||||
Per Share Data | |||||||||
Earnings per common share | |||||||||
Basic | $ | 1.82 | $ | 1.61 | 13.0 | % | |||
Diluted | $ | 1.82 | $ | 1.60 | 13.8 | % | |||
Cash dividends per common share | $ | 0.36 | $ | 0.34 | 5.9 | % | |||
Common stock dividend payout ratio | 19.8 | % | 21.3 | % | -7.0 | % | |||
Average common shares outstanding | |||||||||
Basic | 12,750,037 | 12,947,228 | -1.5 | % | |||||
Diluted | 12,805,873 | 13,007,889 | -1.6 | % | |||||
Common shares outstanding at period end | 12,763,422 | 12,963,057 | -1.5 | % | |||||
Performance Ratios | |||||||||
Return on average equity | 14.34 | % | 14.09 | % | 1.8 | % | |||
Return on average tangible equity (C) | 18.15 | % | 17.75 | % | 2.3 | % | |||
Return on average tangible common equity (D) | 18.87 | % | 18.06 | % | 4.5 | % | |||
Return on average assets | 1.30 | % | 1.30 | % | 0.0 | % | |||
Net interest margin (A) | 3.64 | % | 3.60 | % | 1.1 | % | |||
Efficiency ratio (B) | 48.42 | % | 49.18 | % | -1.5 | % | |||
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – 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) – Return on average tangible equity = (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Return on average tangible common equity = (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 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||||||
Statements of Income | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ | 32,766 | $ | 30,224 | $ | 28,979 | $ | 28,416 | $ | 27,697 | |||||
Securities | 2,752 | 2,623 | 2,763 | 2,348 | 2,202 | ||||||||||
Other | 45 | 46 | 75 | 118 | 56 | ||||||||||
Total interest income | 35,563 | 32,893 | 31,817 | 30,882 | 29,955 | ||||||||||
Interest expense | |||||||||||||||
Deposits | 2,622 | 1,727 | 1,718 | 1,832 | 2,136 | ||||||||||
Borrowings | 1,976 | 1,612 | 1,267 | 1,013 | 1,008 | ||||||||||
Total interest expense | 4,598 | 3,339 | 2,985 | 2,845 | 3,144 | ||||||||||
Net interest income | 30,965 | 29,554 | 28,832 | 28,037 | 26,811 | ||||||||||
Provision for credit losses | 2,000 | 1,950 | 1,500 | - | 1,000 | ||||||||||
Net interest income after provision | |||||||||||||||
for credit losses | 28,965 | 27,604 | 27,332 | 28,037 | 25,811 | ||||||||||
Noninterest income | |||||||||||||||
Trust and wealth management fees | 745 | 757 | 847 | 718 | 683 | ||||||||||
Mortgage origination revenue | 317 | 339 | 1,361 | 742 | 898 | ||||||||||
Service charges on deposit accounts | 1,674 | 1,401 | 1,501 | 1,338 | 1,093 | ||||||||||
Bank card revenue | 1,618 | 1,491 | 1,528 | 1,509 | 1,519 | ||||||||||
(Losses)/gains on equity investments | (669 | ) | 372 | 202 | - | - | |||||||||
Realized gains/(losses) on debt securities, net | (289 | ) | (152 | ) | (109 | ) | (68 | ) | 127 | ||||||
Bank owned life insurance and annuity income | 331 | 283 | 293 | 160 | 275 | ||||||||||
Other income | 129 | 54 | 330 | 168 | 120 | ||||||||||
Total noninterest income | 3,856 | 4,545 | 5,953 | 4,567 | 4,715 | ||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 10,030 | 9,700 | 8,977 | 8,745 | 8,230 | ||||||||||
Net occupancy expense | 1,258 | 1,242 | 1,265 | 1,254 | 1,131 | ||||||||||
Equipment expense | 1,791 | 1,843 | 1,902 | 1,908 | 1,598 | ||||||||||
Professional fees | 507 | 362 | 438 | 374 | 428 | ||||||||||
Advertising and public relations | 165 | 172 | 216 | 254 | 138 | ||||||||||
Amortization of intangibles | 355 | 378 | 387 | 390 | 382 | ||||||||||
FDIC premiums | 190 | 390 | 330 | 354 | 488 | ||||||||||
Bank card expense | 810 | 714 | 703 | 705 | 685 | ||||||||||
Foreclosed properties expense, net of (gains)/losses | 141 | (90 | ) | 403 | 370 | 746 | |||||||||
Acquisition-related expenses | 4 | 29 | 57 | 273 | 454 | ||||||||||
Other expenses | 2,358 | 2,459 | 3,250 | 2,716 | 2,756 | ||||||||||
Total noninterest expense | 17,609 | 17,199 | 17,928 | 17,343 | 17,036 | ||||||||||
Income before income taxes | 15,212 | 14,950 | 15,357 | 15,261 | 13,490 | ||||||||||
Income tax expense | 3,198 | 3,257 | 2,777 | 3,023 | 2,930 | ||||||||||
Net income | 12,014 | 11,693 | 12,580 | 12,238 | 10,560 | ||||||||||
Preferred stock dividends | 225 | 225 | 225 | 225 | 139 | ||||||||||
Net income applicable to common shares | $ | 11,789 | $ | 11,468 | $ | 12,355 | $ | 12,013 | $ | 10,421 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||||
Five Quarter Performance Summary (unaudited) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||||||||
Per Share Data | |||||||||||||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 0.92 | $ | 0.90 | $ | 0.96 | $ | 0.93 | $ | 0.80 | |||||||
Diluted | $ | 0.92 | $ | 0.90 | $ | 0.95 | $ | 0.92 | $ | 0.80 | |||||||
Cash dividends per common share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.17 | |||||||
Common stock dividend payout ratio | 19.1 | % | 19.7 | % | 18.5 | % | 19.1 | % | 21.2 | % | |||||||
Average common shares outstanding | |||||||||||||||||
Basic | 12,754,724 | 12,745,297 | 12,916,555 | 12,964,575 | 12,952,357 | ||||||||||||
Diluted | 12,810,174 | 12,801,903 | 12,976,181 | 13,018,672 | 13,013,714 | ||||||||||||
Common shares outstanding at period end | 12,763,422 | 12,753,094 | 12,743,125 | 12,976,693 | 12,963,057 | ||||||||||||
Performance Ratios | |||||||||||||||||
Return on average equity | 14.48 | % | 14.20 | % | 15.48 | % | 15.30 | % | 13.67 | % | |||||||
Return on average tangible equity (C) | 18.28 | % | 18.02 | % | 19.72 | % | 19.51 | % | 17.03 | % | |||||||
Return on average tangible common equity (D) | 19.35 | % | 18.74 | % | 20.55 | % | 20.34 | % | 17.59 | % | |||||||
Return on average assets | 1.30 | % | 1.30 | % | 1.42 | % | 1.42 | % | 1.29 | % | |||||||
Net interest margin (A) | 3.66 | % | 3.61 | % | 3.49 | % | 3.47 | % | 3.55 | % | |||||||
Efficiency ratio (B) | 47.45 | % | 49.44 | % | 48.85 | % | 49.52 | % | 48.82 | % |
NOTES
(A) – Presented on a tax-equivalent basis assuming a federal tax rate of
(B) – 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) – Return on average tangible equity = (Net income + Amortization of intangibles [after-tax]) / (Average shareholders’ equity – Average intangible assets).
(D) – Return on average tangible common equity = (Net income applicable to common shares + 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 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 17,921 | $ | 18,404 | $ | 21,006 | $ | 21,247 | $ | 18,707 | ||||||
Interest bearing deposits other banks | 31,680 | 42,853 | 57,452 | 189,862 | 176,282 | |||||||||||
Debt securities, available for sale | 368,049 | 374,855 | 401,103 | 424,741 | 345,742 | |||||||||||
Debt securities, held to maturity | 97,116 | 97,589 | 98,060 | 98,528 | 98,995 | |||||||||||
Equity investments | 19,905 | 20,574 | 20,202 | - | - | |||||||||||
Other investments | 18,329 | 10,974 | 11,304 | 10,649 | 10,661 | |||||||||||
Loans, net | 2,941,813 | 2,817,998 | 2,729,093 | 2,521,704 | 2,395,885 | |||||||||||
Property held for sale | 5,319 | 6,900 | 9,858 | 12,450 | 13,170 | |||||||||||
Premises and equipment, net | 55,034 | 55,713 | 56,371 | 56,818 | 53,104 | |||||||||||
Goodwill and other intangible assets, net | 62,856 | 63,212 | 63,590 | 63,977 | 53,858 | |||||||||||
Cash surrender value of life insurance policies and annuities | 71,073 | 70,825 | 60,613 | 60,241 | 60,087 | |||||||||||
Derivative financial instruments | 31,452 | 24,455 | 11,187 | 10,380 | 9,885 | |||||||||||
Other assets | 42,252 | 39,339 | 36,880 | 38,354 | 36,157 | |||||||||||
Total assets | $ | 3,762,799 | $ | 3,643,691 | $ | 3,576,719 | $ | 3,508,951 | $ | 3,272,533 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||||||
Deposits | $ | 2,975,304 | $ | 3,008,063 | $ | 2,943,089 | $ | 2,955,940 | $ | 2,729,205 | ||||||
Short-term borrowings | 291,447 | 140,146 | 140,146 | 140,146 | 140,146 | |||||||||||
Long-term borrowings and | ||||||||||||||||
subordinated debentures, net | 123,311 | 123,260 | 123,159 | 49,739 | 49,710 | |||||||||||
Other liabilities | 38,846 | 41,756 | 42,852 | 39,837 | 38,265 | |||||||||||
Shareholders' equity - preferred | 14,920 | 14,920 | 14,920 | 14,920 | 14,920 | |||||||||||
Shareholders' equity - common | 318,971 | 315,546 | 312,553 | 308,369 | 300,287 | |||||||||||
Total liabilities and shareholders' equity | $ | 3,762,799 | $ | 3,643,691 | $ | 3,576,719 | $ | 3,508,951 | $ | 3,272,533 | ||||||
Book value per common share | $ | 24.99 | $ | 24.74 | $ | 24.53 | $ | 23.76 | $ | 23.16 | ||||||
Tangible book value per common share (A) | $ | 20.07 | $ | 19.79 | $ | 19.54 | $ | 18.83 | $ | 19.01 | ||||||
Tangible common equity to tangible assets (B) | 6.9 | % | 7.0 | % | 7.1 | % | 7.1 | % | 7.7 | % | ||||||
NOTES
(A) – Tangible book value per share = (Common shareholders’ equity – Intangible assets) / Common shares outstanding.
(B) – Tangible common equity to tangible assets = (Common shareholders’ equity – Intangible assets) / (Total assets – Intangible assets).
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||
Regulatory Capital Ratios (unaudited) | ||||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||||
Summit Financial Group, Inc. | ||||||||||||
CET1 Risk-based Capital | 8.2 | % | 8.3 | % | 8.4 | % | 9.0 | % | 9.6 | % | ||
Tier 1 Risk-based Capital | 9.2 | % | 9.3 | % | 9.5 | % | 10.2 | % | 10.9 | % | ||
Total Risk-based Capital | 13.3 | % | 13.5 | % | 13.8 | % | 12.1 | % | 13.0 | % | ||
Tier 1 Leverage | 8.4 | % | 8.4 | % | 8.3 | % | 8.4 | % | 8.9 | % | ||
Summit Community Bank, Inc. | ||||||||||||
CET1 Risk-based Capital | 11.4 | % | 11.6 | % | 11.9 | % | 11.2 | % | 11.9 | % | ||
Tier 1 Risk-based Capital | 11.4 | % | 11.6 | % | 11.9 | % | 11.2 | % | 11.9 | % | ||
Total Risk-based Capital | 12.4 | % | 12.5 | % | 12.8 | % | 12.1 | % | 12.9 | % | ||
Tier 1 Leverage | 10.4 | % | 10.5 | % | 10.4 | % | 9.2 | % | 9.7 | % | ||
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||
Loan Composition (unaudited) | ||||||||||||
Dollars in thousands | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||
Commercial | $ | 455,202 | $ | 447,482 | $ | 365,301 | $ | 317,855 | $ | 326,468 | ||
Mortgage warehouse lines | 171,399 | 164,895 | 227,869 | 161,628 | 105,288 | |||||||
Commercial real estate | ||||||||||||
Owner occupied | 502,152 | 491,059 | 484,708 | 439,202 | 392,164 | |||||||
Non-owner occupied | 963,646 | 910,174 | 866,031 | 835,071 | 784,415 | |||||||
Construction and development | ||||||||||||
Land and development | 106,840 | 103,203 | 100,805 | 99,718 | 102,670 | |||||||
Construction | 211,955 | 171,383 | 146,038 | 127,432 | 140,788 | |||||||
Residential real estate | ||||||||||||
Conventional | 377,980 | 375,240 | 384,794 | 394,889 | 398,239 | |||||||
Jumbo | 79,803 | 81,443 | 79,108 | 71,977 | 71,694 | |||||||
Home equity | 71,136 | 70,770 | 72,112 | 71,496 | 72,956 | |||||||
Consumer | 33,816 | 32,095 | 31,923 | 32,284 | 32,732 | |||||||
Other | 2,947 | 2,877 | 2,702 | 2,558 | 2,356 | |||||||
Total loans, net of unearned fees | 2,976,876 | 2,850,621 | 2,761,391 | 2,554,110 | 2,429,770 | |||||||
Less allowance for loan credit losses | 35,063 | 32,623 | 32,298 | 32,406 | 33,885 | |||||||
Loans, net | $ | 2,941,813 | $ | 2,817,998 | $ | 2,729,093 | $ | 2,521,704 | $ | 2,395,885 | ||
Unfunded loan commitments | $ | 876,157 | $ | 840,705 | $ | 688,493 | $ | 627,461 | $ | 535,587 | ||
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||||
Deposit Composition (unaudited) | ||||||||||||
Dollars in thousands | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||
Core deposits | ||||||||||||
Non-interest bearing checking | $ | 600,791 | $ | 629,002 | $ | 568,986 | $ | 575,542 | $ | 503,097 | ||
Interest bearing checking | 1,238,368 | 1,134,964 | 1,127,298 | 1,121,028 | 1,005,725 | |||||||
Savings | 645,099 | 702,069 | 698,156 | 693,686 | 677,000 | |||||||
Time deposits | 386,562 | 427,076 | 451,713 | 467,024 | 441,139 | |||||||
Total core deposits | 2,870,820 | 2,893,111 | 2,846,153 | 2,857,280 | 2,626,961 | |||||||
Brokered time deposits | 32,767 | 32,755 | 14,677 | 14,671 | 23,521 | |||||||
Other non-core time deposits | 71,717 | 82,197 | 82,259 | 83,989 | 78,723 | |||||||
Total deposits | $ | 2,975,304 | $ | 3,008,063 | $ | 2,943,089 | $ | 2,955,940 | $ | 2,729,205 | ||
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||
Asset Quality Information (unaudited) | ||||||||||||||||
For the Quarter Ended | ||||||||||||||||
Dollars in thousands | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||||||
Gross loan charge-offs | $ | 306 | $ | 618 | $ | 282 | $ | 528 | $ | 343 | ||||||
Gross loan recoveries | (147 | ) | (109 | ) | (89 | ) | (158 | ) | (141 | ) | ||||||
Net loan charge-offs | $ | 159 | $ | 509 | $ | 193 | $ | 370 | $ | 202 | ||||||
Net loan charge-offs to average loans (annualized) | 0.02 | % | 0.07 | % | 0.03 | % | 0.06 | % | 0.03 | % | ||||||
Allowance for loan credit losses | $ | 35,063 | $ | 32,623 | $ | 32,298 | $ | 32,406 | $ | 33,885 | ||||||
Allowance for loan credit losses as a percentage | ||||||||||||||||
of period end loans | 1.18 | % | 1.14 | % | 1.17 | % | 1.27 | % | 1.39 | % | ||||||
Allowance for credit losses on | ||||||||||||||||
unfunded loan commitments ("ULC") | $ | 7,792 | $ | 8,392 | $ | 7,275 | $ | 5,860 | $ | 4,660 | ||||||
Allowance for credit losses on ULC | ||||||||||||||||
as a percentage of period end ULC | 0.89 | % | 1.00 | % | 1.06 | % | 0.93 | % | 0.87 | % | ||||||
Nonperforming assets: | ||||||||||||||||
Nonperforming loans | ||||||||||||||||
Commercial | $ | 345 | $ | 433 | $ | 740 | $ | 459 | $ | 968 | ||||||
Commercial real estate | 2,703 | 4,765 | 4,603 | 4,643 | 14,430 | |||||||||||
Residential construction and development | 1,053 | 968 | 1,560 | 448 | 621 | |||||||||||
Residential real estate | 6,799 | 5,549 | 5,772 | 5,514 | 6,800 | |||||||||||
Consumer | 37 | 20 | 21 | 48 | 38 | |||||||||||
Total nonperforming loans | 10,937 | 11,735 | 12,696 | 11,112 | 22,857 | |||||||||||
Foreclosed properties | ||||||||||||||||
Commercial real estate | 440 | 1,251 | 1,389 | 2,192 | 2,281 | |||||||||||
Commercial construction and development | 2,332 | 2,332 | 2,332 | 2,925 | 3,146 | |||||||||||
Residential construction and development | 2,293 | 3,018 | 5,561 | 6,712 | 6,859 | |||||||||||
Residential real estate | 254 | 299 | 576 | 621 | 884 | |||||||||||
Total foreclosed properties | 5,319 | 6,900 | 9,858 | 12,450 | 13,170 | |||||||||||
Other repossessed assets | - | - | - | - | - | |||||||||||
Total nonperforming assets | $ | 16,256 | $ | 18,635 | $ | 22,554 | $ | 23,562 | $ | 36,027 | ||||||
Nonperforming loans to period end loans | 0.37 | % | 0.41 | % | 0.46 | % | 0.44 | % | 0.94 | % | ||||||
Nonperforming assets to period end assets | 0.43 | % | 0.51 | % | 0.63 | % | 0.67 | % | 1.10 | % | ||||||
Troubled debt restructurings | ||||||||||||||||
Performing | $ | 18,657 | $ | 18,971 | $ | 18,887 | $ | 20,535 | $ | 20,799 | ||||||
Nonperforming | 2,236 | 1,822 | 2,039 | 1,141 | 1,235 | |||||||||||
Total troubled debt restructurings | $ | 20,893 | $ | 20,793 | $ | 20,926 | $ | 21,676 | $ | 22,034 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||
Loans Past Due 30-89 Days (unaudited) | |||||||||||
Dollars in thousands | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
Commercial | $ | 989 | $ | 388 | $ | 751 | $ | 304 | $ | 414 | |
Commercial real estate | 4,084 | 1,446 | 683 | 281 | 733 | ||||||
Construction and development | 821 | 645 | 45 | 1,215 | 1,911 | ||||||
Residential real estate | 3,452 | 3,407 | 3,552 | 2,643 | 3,594 | ||||||
Consumer | 196 | 69 | 190 | 193 | 404 | ||||||
Other | 14 | 28 | 22 | 1 | - | ||||||
Total | $ | 9,556 | $ | 5,983 | $ | 5,243 | $ | 4,637 | $ | 7,056 | |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | |||||||||||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates | |||||||||||||||||||||||||
Q2 2022 vs Q1 2022 vs Q2 2021 (unaudited) | |||||||||||||||||||||||||
Q2 2022 | Q1 2022 | Q2 2021 | |||||||||||||||||||||||
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 | $ | 2,902,370 | $ | 32,721 | 4.52 | % | $ | 2,771,842 | $ | 30,178 | 4.42 | % | $ | 2,455,757 | $ | 27,593 | 4.51 | % | |||||||
Tax-exempt (2) | 5,127 | 57 | 4.46 | % | 5,369 | 58 | 4.38 | % | 11,370 | 132 | 4.66 | % | |||||||||||||
Securities | |||||||||||||||||||||||||
Taxable | 297,701 | 1,765 | 2.38 | % | 320,170 | 1,657 | 2.10 | % | 285,092 | 1,351 | 1.90 | % | |||||||||||||
Tax-exempt (2) | 178,043 | 1,249 | 2.81 | % | 180,473 | 1,223 | 2.75 | % | 147,703 | 1,078 | 2.93 | % | |||||||||||||
Interest bearing deposits other banks | |||||||||||||||||||||||||
and Federal funds sold | 37,757 | 45 | 0.48 | % | 72,883 | 46 | 0.26 | % | 154,677 | 56 | 0.15 | % | |||||||||||||
Total interest earning assets | 3,420,998 | 35,837 | 4.20 | % | 3,350,737 | 33,162 | 4.01 | % | 3,054,599 | 30,210 | 3.97 | % | |||||||||||||
Noninterest earning assets | |||||||||||||||||||||||||
Cash & due from banks | 16,351 | 19,226 | 19,095 | ||||||||||||||||||||||
Premises & equipment | 55,449 | 56,043 | 53,210 | ||||||||||||||||||||||
Intangible assets | 63,058 | 63,429 | 54,072 | ||||||||||||||||||||||
Other assets | 165,788 | 142,719 | 116,398 | ||||||||||||||||||||||
Allowance for credit losses | (33,232 | ) | (32,462 | ) | (34,674 | ) | |||||||||||||||||||
Total assets | $ | 3,688,412 | $ | 3,599,692 | $ | 3,262,700 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||||||
Interest bearing | |||||||||||||||||||||||||
demand deposits | $ | 1,189,324 | $ | 1,274 | 0.43 | % | $ | 1,135,068 | $ | 465 | 0.17 | % | $ | 995,673 | $ | 371 | 0.15 | % | |||||||
Savings deposits | 672,353 | 689 | 0.41 | % | 700,115 | 573 | 0.33 | % | 665,735 | 634 | 0.38 | % | |||||||||||||
Time deposits | 517,360 | 659 | 0.51 | % | 542,360 | 689 | 0.52 | % | 562,605 | 1,131 | 0.81 | % | |||||||||||||
Short-term borrowings | 207,227 | 696 | 1.35 | % | 140,230 | 373 | 1.08 | % | 140,146 | 464 | 1.33 | % | |||||||||||||
Long-term borrowings and | |||||||||||||||||||||||||
subordinated debentures | 123,263 | 1,280 | 4.17 | % | 123,203 | 1,239 | 4.08 | % | 49,694 | 544 | 4.39 | % | |||||||||||||
Total interest bearing liabilities | 2,709,527 | 4,598 | 0.68 | % | 2,640,976 | 3,339 | 0.51 | % | 2,413,853 | 3,144 | 0.52 | % | |||||||||||||
Noninterest bearing liabilities | |||||||||||||||||||||||||
Demand deposits | 605,724 | 586,903 | 503,116 | ||||||||||||||||||||||
Other liabilities | 41,307 | 42,493 | 36,842 | ||||||||||||||||||||||
Total liabilities | 3,356,558 | 3,270,372 | 2,953,811 | ||||||||||||||||||||||
Shareholders' equity - preferred | 14,920 | 14,921 | 11,254 | ||||||||||||||||||||||
Shareholders' equity - common | 316,934 | 314,399 | 297,635 | ||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||
shareholders' equity | $ | 3,688,412 | $ | 3,599,692 | $ | 3,262,700 | |||||||||||||||||||
NET INTEREST EARNINGS | $ | 31,239 | $ | 29,823 | $ | 27,066 | |||||||||||||||||||
NET INTEREST MARGIN | 3.66 | % | 3.61 | % | 3.55 | % | |||||||||||||||||||
(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 | |||||||||||||||||||||||||
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates | ||||||||||||||||
YTD 2022 vs YTD 2021 (unaudited) | ||||||||||||||||
YTD 2022 | YTD 2021 | |||||||||||||||
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 | $ | 2,837,467 | $ | 62,900 | 4.47 | % | $ | 2,406,007 | $ | 55,012 | 4.61 | % | ||||
Tax-exempt (2) | 5,248 | 115 | 4.42 | % | 12,021 | 281 | 4.71 | % | ||||||||
Securities | ||||||||||||||||
Taxable | 308,872 | 3,420 | 2.23 | % | 275,742 | 2,646 | 1.94 | % | ||||||||
Tax-exempt (2) | 179,252 | 2,473 | 2.78 | % | 146,300 | 2,168 | 2.99 | % | ||||||||
Interest bearing deposits other banks | ||||||||||||||||
and Federal funds sold | 55,222 | 91 | 0.33 | % | 160,592 | 123 | 0.15 | % | ||||||||
Total interest earning assets | 3,386,061 | 68,999 | 4.11 | % | 3,000,662 | 60,230 | 4.05 | % | ||||||||
Noninterest earning assets | ||||||||||||||||
Cash & due from banks | 17,781 | 18,592 | ||||||||||||||
Premises & equipment | 55,746 | 53,263 | ||||||||||||||
Intangible assets | 63,242 | 54,496 | ||||||||||||||
Other assets | 154,200 | 114,014 | ||||||||||||||
Allowance for loan losses | (32,849 | ) | (33,696 | ) | ||||||||||||
Total assets | $ | 3,644,181 | $ | 3,207,331 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest bearing liabilities | ||||||||||||||||
Interest bearing | ||||||||||||||||
demand deposits | $ | 1,162,346 | $ | 1,739 | 0.30 | % | $ | 978,029 | $ | 765 | 0.16 | % | ||||
Savings deposits | 686,157 | 1,262 | 0.37 | % | 654,053 | 1,279 | 0.39 | % | ||||||||
Time deposits | 529,791 | 1,348 | 0.51 | % | 573,107 | 2,588 | 0.91 | % | ||||||||
Short-term borrowings | 173,914 | 1,068 | 1.24 | % | 140,146 | 933 | 1.34 | % | ||||||||
Long-term borrowings and | ||||||||||||||||
subordinated debentures | 123,234 | 2,519 | 4.12 | % | 49,679 | 1,089 | 4.42 | % | ||||||||
2,675,442 | 7,936 | 0.60 | % | 2,395,014 | 6,654 | 0.56 | % | |||||||||
Noninterest bearing liabilities | ||||||||||||||||
Demand deposits | 596,365 | 477,766 | ||||||||||||||
Other liabilities | 41,779 | 37,614 | ||||||||||||||
Total liabilities | 3,313,586 | 2,910,394 | ||||||||||||||
Shareholders' equity - preferred | 14,920 | 5,658 | ||||||||||||||
Shareholders' equity - common | 315,675 | 291,279 | ||||||||||||||
Total liabilities and | ||||||||||||||||
shareholders' equity | $ | 3,644,181 | $ | 3,207,331 | ||||||||||||
NET INTEREST EARNINGS | $ | 61,063 | $ | 53,576 | ||||||||||||
NET INTEREST MARGIN | 3.64 | % | 3.60 | % | ||||||||||||
(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 2022 and YTD 2021 periods, respectively. | ||||||||||||||||
Contact: Robert S. Tissue, Executive Vice President & CFO
Telephone: (304) 530-0552
Email: rtissue@summitfgi.com
FAQ
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