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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 June 30, 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
12,976,946 shares outstanding as of August 6, 2020



Table of Contents


 
 
 
Page
PART  I.
FINANCIAL INFORMATION
 
 
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
Consolidated balance sheets June 30, 2020 (unaudited) and
December 31, 2019
 
 
 
 
 
 
Consolidated statements of income
for the three months and six months ended June 30, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of comprehensive income
for the three months and six months ended June 30, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of shareholders’ equity
for the three months and six months ended
June 30, 2020 and 2019 (unaudited)
 
 
 
 
 
 
Consolidated statements of cash flows
for the six months ended
June 30, 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)

 
June 30,
2020
 
December 31,
2019
Dollars in thousands, except per share amounts
(unaudited)
 
(*)
ASSETS
 
 
 

Cash and due from banks
$
16,572

 
$
28,137

Interest bearing deposits with other banks
26,218

 
33,751

Cash and cash equivalents
42,790

 
61,888

Debt securities available for sale
322,539

 
276,355

Debt securities held to maturity (fair value of $81,609)
80,497

 

Other investments
8,875

 
12,972

Loans held for sale
4,040

 
1,319

Loans, net of unearned income
2,219,707

 
1,913,499

    Less: allowance for credit losses - loans
(27,166
)
 
(13,074
)
         Loans, net
2,192,541

 
1,900,425

Property held for sale
17,954

 
19,276

Premises and equipment, net
51,847

 
44,168

Accrued interest receivable
11,205

 
8,439

Goodwill and other intangible assets
48,513

 
23,022

Cash surrender value of life insurance policies and annuities
55,315

 
43,603

Other assets
25,235

 
12,025

Total assets
$
2,861,351

 
$
2,403,492

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

Liabilities
 

 
 

Deposits
 

 
 

Non-interest bearing
$
443,190

 
$
260,553

Interest bearing
2,008,579

 
1,652,684

Total deposits
2,451,769

 
1,913,237

Short-term borrowings
90,945

 
199,345

Long-term borrowings
708

 
717

Subordinated debentures owed to unconsolidated subsidiary trusts
19,589

 
19,589

Other liabilities
34,909

 
22,840

Total liabilities
2,597,920

 
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 - 12,976,946 shares and 2019 - 12,474,641 shares; outstanding: 2020 - 12,922,045 shares and 2019 - 12,408,542
94,539

 
80,084

Unallocated common stock held by Employee Stock Ownership Plan - 2020 - 54,901 shares and 2019 - 66,099 shares
(593
)
 
(714
)
Retained earnings
166,163

 
165,859

Accumulated other comprehensive income
3,322

 
2,535

Total shareholders' equity
263,431

 
247,764

 
 
 
 
Total liabilities and shareholders' equity
$
2,861,351

 
$
2,403,492


(*) - Derived from audited consolidated financial statements

See Notes to Consolidated Financial Statements

Table of Contents
4


Consolidated Statements of Income (unaudited)


 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
Dollars in thousands, except per share amounts
 
2020
 
2019
 
2020
 
2019
Interest income
 
 
 
 
 
 
 
 
Interest and fees on loans
 
 
 
 
 
 
 
 
Taxable
 
$
25,466

 
$
24,184

 
$
50,555

 
$
47,090

Tax-exempt
 
158

 
168

 
304

 
314

Interest and dividends on securities
 
 

 
 

 
 

 
 

Taxable
 
1,453

 
1,607

 
3,211

 
3,292

Tax-exempt
 
800

 
789

 
1,352

 
1,689

Interest on interest bearing deposits with other banks
 
60

 
134

 
158

 
365

Total interest income
 
27,937

 
26,882

 
55,580

 
52,750

Interest expense
 
 

 
 

 
 

 
 

Interest on deposits
 
4,186

 
5,967

 
9,537

 
11,531

Interest on short-term borrowings
 
499

 
1,397

 
1,129

 
2,869

Interest on long-term borrowings and subordinated debentures
 
186

 
255

 
405

 
514

Total interest expense
 
4,871

 
7,619

 
11,071

 
14,914

Net interest income
 
23,066

 
19,263

 
44,509

 
37,836

Provision for credit losses
 
3,000

 
300

 
8,250

 
550

Net interest income after provision for credit losses
 
20,066

 
18,963

 
36,259

 
37,286

Noninterest income
 
 

 
 

 
 

 
 

Insurance commissions
 
24

 
606

 
31

 
1,780

Trust and wealth management fees
 
582

 
612

 
1,247

 
1,198

Mortgage origination revenue
 
641

 
164

 
855

 
315

Service charges on deposit accounts
 
882

 
1,224

 
2,145

 
2,405

Bank card revenue
 
1,087

 
893

 
2,020

 
1,707

Realized securities gains, net
 

 
1,086

 
1,038

 
1,082

Gain on sale of Summit Insurance Services, LLC
 

 
1,906

 

 
1,906

Bank owned life insurance and annuities income
 
275

 
248

 
539

 
486

Other
 
107

 
71

 
224

 
161

Total noninterest income
 
3,598

 
6,810

 
8,099

 
11,040

Noninterest expenses
 
 

 
 

 
 

 
 

Salaries, commissions and employee benefits
 
7,930

 
7,576

 
15,601

 
14,923

Net occupancy expense
 
977

 
880

 
1,860

 
1,803

Equipment expense
 
1,360

 
1,219

 
2,789

 
2,398

Professional fees
 
417

 
475

 
804

 
878

Advertising and public relations
 
93

 
155

 
244

 
308

Amortization of intangibles
 
410

 
420

 
839

 
897

FDIC premiums
 
110

 
88

 
275

 
88

Bank card expense
 
560

 
473

 
1,063

 
911

Foreclosed properties expense, net of gains/losses
 
240

 
1,545

 
1,207

 
1,930

Merger-related expenses
 
637

 
382

 
1,425

 
445

Other
 
2,463

 
2,116

 
4,088

 
4,608

Total noninterest expenses
 
15,197

 
15,329

 
30,195

 
29,189

Income before income tax expense
 
8,467

 
10,444

 
14,163

 
19,137

Income tax expense
 
1,518

 
1,880

 
2,708

 
3,481

Net income
 
$
6,949

 
$
8,564

 
$
11,455

 
$
15,656

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 
$
0.54

 
$
0.68

 
$
0.89

 
$
1.24

Diluted earnings per common share
 
$
0.54

 
$
0.68

 
$
0.88

 
$
1.23

See Notes to Consolidated Financial Statements 

Table of Contents
5


Consolidated Statements of Comprehensive Income (unaudited)


 
For the Three Months Ended 
 June 30,
Dollars in thousands
2020
 
2019
Net income
$
6,949

 
$
8,564

Other comprehensive income (loss):
 

 
 

Net unrealized loss on cashflow hedge of:
2020 - ($1,072), net of deferred taxes of ($257); 2019 - ($545), net of deferred taxes of ($131)
(815
)
 
(414
)
Net unrealized gain on securities available for sale of:
2020 - $4,350, net of deferred taxes of $1,044; 2019 - $2,001, net of deferred taxes of $480 and reclassification adjustment for net realized gains included in net income of $1,086, net of tax of $261
3,306

 
1,521

Total other comprehensive income
2,491

 
1,107

Total comprehensive income
$
9,440

 
$
9,671


 
For the Six Months Ended 
 June 30,
Dollars in thousands
2020
 
2019
Net income
$
11,455

 
$
15,656

Other comprehensive income (loss):
 

 
 

Net unrealized (loss) gain on cashflow hedge of:
2020 - ($2,499), net of deferred taxes of ($600); 2019 - ($557), net of deferred taxes of ($134)
(1,899
)
 
(423
)
Net unrealized gain on securities available for sale of:
2020 - $3,534, net of deferred taxes of $848 and reclassification adjustment for net realized gains included in net income of $1,038, net of tax of $249; 2019 - $5,247, net of deferred taxes of $1,259 and reclassification adjustment for net realized gains included in net income of $1,082, net of tax of $260
2,686

 
3,988

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

 
(328
)
Total other comprehensive income
787

 
3,237

Total comprehensive income
$
12,242

 
$
18,893






















See Notes to Consolidated Financial Statements

Table of Contents
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 at March 31, 2020
$
94,439

 
$
(653
)
 
$
161,408

 
$
831

 
$
256,025

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2020
 

 
 
 
 

 
 

 
 

Net income

 

 
6,949

 

 
6,949

Other comprehensive income

 

 

 
2,491

 
2,491

Vesting of RSUs - 651 shares

 

 

 

 

Share-based compensation expense
161

 

 

 

 
161

Unallocated ESOP shares committed to be released - 5,599 shares
31

 
60

 

 

 
91

Retirement of 8,722 shares of common stock
(162
)
 

 

 

 
(162
)
Common stock issuances from reinvested dividends - 4,273 shares
70

 

 

 

 
70

Common stock cash dividends declared ($0.17 per share)

 

 
(2,194
)
 

 
(2,194
)
Balance, June 30, 2020
$
94,539

 
$
(593
)
 
$
166,163

 
$
3,322

 
$
263,431

 
 
 
 
 
 
 
 
 
 
Balance March 31, 2019
$
86,729

 
$
(884
)
 
$
146,671

 
$
1,114

 
$
233,630

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 

 
 
 
 

 
 

 
 

Net income

 

 
8,564

 

 
8,564

Other comprehensive income

 

 

 
1,107

 
1,107

Exercise of stock options and SARs - 16,815 shares
7

 

 

 

 
7

Share-based compensation expense
149

 

 

 

 
149

Unallocated ESOP shares committed to be released - 5,115 shares
77

 
56

 

 

 
133

Retirement of 235,717 shares of common stock
(6,076
)
 

 

 

 
(6,076
)
Common stock issuances from reinvested dividends - 2,245 shares
60

 

 

 

 
60

Common stock cash dividends declared ($0.15 per share)

 

 
(1,873
)
 

 
(1,873
)
Balance, June 30, 2019
$
80,946

 
$
(828
)
 
$
153,362

 
$
2,221

 
$
235,701
















See Notes to Consolidated Financial Statements

Table of Contents
7


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
(Loss)
 
Total
Share-
holders'
Equity
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2019
$
80,084