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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer o               Accelerated filer þ    Non-accelerated filer o
                  Smaller reporting company      Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo








Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $2.50 per shareSMMFNASDAQ Global Select Market


Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock as of the latest practicable date.
Common Stock, $2.50 par value
12,982,493 shares outstanding as of November 2, 2020



Table of Contents

   Page
PART  I.FINANCIAL INFORMATION 
    
 Item 1.Financial Statements 
    
  Consolidated balance sheets September 30, 2020 (unaudited) and
December 31, 2019
    
  Consolidated statements of income
for the three months and nine months ended September 30, 2020 and 2019 (unaudited)
    
  Consolidated statements of comprehensive income
for the three months and nine months ended September 30, 2020 and 2019 (unaudited)
    
  Consolidated statements of shareholders’ equity
for the three months and nine months ended
September 30, 2020 and 2019 (unaudited)
    
  Consolidated statements of cash flows
for the nine months ended
September 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 ProceedsNone
    
 Item 3.Defaults upon Senior SecuritiesNone
    
 Item 4.Mine Safety DisclosuresNone
    
 Item 5.Other InformationNone
    
 Item 6.Exhibits
    
EXHIBIT INDEX 
    
SIGNATURES 
3


Item 1. Financial Statements


Consolidated Balance Sheets (unaudited)

September 30,
2020
December 31,
2019
Dollars in thousands, except per share amounts(unaudited)(*)
ASSETS  
Cash and due from banks$16,257 $28,137 
Interest bearing deposits with other banks92,729 33,751 
Cash and cash equivalents108,986 61,888 
Debt securities available for sale297,989 276,355 
Debt securities held to maturity (estimated fair value - $92,786)
91,600  
Other investments10,766 12,972 
Loans held for sale2,538 1,319 
Loans, net of unearned income2,251,804 1,913,499 
    Less: allowance for credit losses - loans(29,354)(13,074)
         Loans, net2,222,450 1,900,425 
Property held for sale17,831 19,276 
Premises and equipment, net52,880 44,168 
Accrued interest receivable10,978 8,439 
Goodwill and other intangible assets48,101 23,022 
Cash surrender value of life insurance policies and annuities57,029 43,603 
Other assets25,714 12,025 
Total assets$2,946,862 $2,403,492 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities  
Deposits  
Non-interest bearing$420,070 $260,553 
Interest bearing2,031,821 1,652,684 
Total deposits2,451,891 1,913,237 
Short-term borrowings140,145 199,345 
Long-term borrowings703 717 
Subordinated debentures29,336  
Subordinated debentures owed to unconsolidated subsidiary trusts19,589 19,589 
Other liabilities33,235 22,840 
Total liabilities2,674,899 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 - 12,981,717 shares and 2019 - 12,474,641 shares; outstanding: 2020 - 12,932,415 shares and 2019 - 12,408,542
94,717 80,084 
Unallocated common stock held by Employee Stock Ownership Plan - 2020 - 49,302 shares and 2019 - 66,099 shares
(532)(714)
Retained earnings173,588 165,859 
Accumulated other comprehensive income4,190 2,535 
Total shareholders' equity271,963 247,764 
Total liabilities and shareholders' equity$2,946,862 $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 September 30,For the Nine Months Ended September 30,
Dollars in thousands, except per share amounts2020201920202019
Interest income    
Interest and fees on loans    
Taxable$26,656 $24,786 $77,211 $71,877 
Tax-exempt151 154 455 467 
Interest and dividends on securities    
Taxable1,445 1,566 4,656 4,859 
Tax-exempt937 618 2,288 2,307 
Interest on interest bearing deposits with other banks57 125 216 490 
Total interest income29,246 27,249 84,826 80,000 
Interest expense    
Interest on deposits3,552 6,214 13,088 17,745 
Interest on short-term borrowings734 1,371 1,863 4,240 
Interest on long-term borrowings and subordinated debentures194 244 600 758 
Total interest expense4,480 7,829 15,551 22,743 
Net interest income24,766 19,420 69,275 57,257 
Provision for credit losses3,250 500 11,500 1,050 
Net interest income after provision for credit losses21,516 18,920 57,775 56,207 
Noninterest income    
Insurance commissions44 40 75 1,821 
Trust and wealth management fees622 632 1,870 1,830 
Mortgage origination revenue780 77 1,636 392 
Service charges on deposit accounts1,138 1,312 3,283 3,716 
Bank card revenue1,237 924 3,257 2,631 
Realized securities gains, net1,522 453 2,560 1,535 
Gain on sale of Summit Insurance Services, LLC   1,906 
Bank owned life insurance and annuities income795 247 1,334 733 
Other69 74 292 235 
Total noninterest income6,207 3,759 14,307 14,799 
Noninterest expenses    
Salaries, commissions and employee benefits8,108 7,044 23,709 21,966 
Net occupancy expense1,057 799 2,917 2,602 
Equipment expense1,474 1,296 4,263 3,694 
Professional fees364 388 1,168 1,266 
Advertising and public relations145 177 389 484 
Amortization of intangibles412 404 1,251 1,300 
FDIC premiums320  595 88 
Bank card expense589 455 1,652 1,367 
Foreclosed properties expense, net607 305 1,815 2,236 
Merger-related expenses28 74 1,453 519 
Other2,405 1,864 6,493 6,473 
Total noninterest expenses15,509 12,806 45,705 41,995 
Income before income tax expense12,214 9,873 26,377 29,011 
Income tax expense2,594 1,812 5,302 5,293 
Net income$9,620 $8,061 $21,075 $23,718 
Basic earnings per common share$0.74 $0.65 $1.63 $1.89 
Diluted earnings per common share$0.74 $0.65 $1.62 $1.88 
See Notes to Consolidated Financial Statements 
Table of Contents
5


Consolidated Statements of Comprehensive Income (unaudited)

For the Three Months Ended 
 September 30,
Dollars in thousands20202019
Net income$9,620 $8,061 
Other comprehensive income:  
Net unrealized gain on cashflow hedge of:
2020 - $555, net of deferred taxes of $133; 2019 - $70, net of deferred taxes of $17
422 53 
Net unrealized gain on securities available for sale of:
2020 - $587, net of deferred taxes of $141 and reclassification adjustment for net realized gains included in net income of $1,522, net of tax of $365; 2019 - $2,068, net of deferred taxes of $496 and reclassification adjustment for net realized gains included in net income of $453, net of tax of $109
446 1,572 
Total other comprehensive income868 1,625 
Total comprehensive income
$10,488 $9,686 
For the Nine Months Ended 
 September 30,
Dollars in thousands20202019
Net income$21,075 $23,718 
Other comprehensive income:  
Net unrealized loss on cashflow hedge of:
2020 - $(1,943), net of deferred taxes of $(466); 2019 - $(487), net of deferred taxes of $(117)
(1,477)(370)
Net unrealized gain on securities available for sale of:
2020 - $4,121 net of deferred taxes of $989 and reclassification adjustment for net realized gains included in net income of $2,560, net of tax of $614; 2019 - $7,315, net of deferred taxes of $1,755 and reclassification adjustment for net realized gains included in net income of $1,535, net of tax of $368
3,132 5,560 
Net unrealized loss on pension plan of:
2019 - $(432), net of deferred taxes of $(104)
 (328)
Total other comprehensive income1,655 4,862 
Total comprehensive income$22,730 $28,580 
























See Notes to Consolidated Financial Statements
Table of Contents
6


Consolidated Statements of Shareholders’ Equity (unaudited)

Dollars in thousands, except per share amountsCommon
Stock and
Related
Surplus
Unallocated
Common
Stock Held
by ESOP
Retained
Earnings
Accumulated
Other
Compre-
hensive
Income
Total
Share-
holders'
Equity
Balance at June 30, 2020$94,539 $(593)$166,163 $3,322 $263,431 
Three Months Ended September 30, 2020    
Net income  9,620  9,620 
Other comprehensive income   868 868 
Share-based compensation expense79    79 
Unallocated ESOP shares committed to be released - 5,599 shares
27 61   88 
Common stock issuances from reinvested dividends - 4,771 shares
72    72 
Common stock cash dividends declared ($0.17 per share)
  (2,195) (2,195)
Balance, September 30, 2020$94,717 $(532)$173,588 $4,190 $271,963 
Balance June 30, 2019$80,946 $(828)$153,362 $2,221 $235,701 
Three Months Ended September 30, 2019    
Net income— — 8,061 — 8,061 
Other comprehensive income— — — 1,625 1,625 
Share-based compensation expense149 — — — 149 
Unallocated ESOP shares committed to be released - 5,251 shares
80 56 — — 136 
Retirement of 52,460 shares of common stock
(1,453)— — — (1,453)
Common stock issuances from reinvested dividends - 2,227 shares
58 — — — 58 
Common stock cash dividends declared ($0.15 per share)
— — (1,855)— (1,855)
Balance, September 30, 2019$79,780 $(772)$159,568 $3,846 $242,422 



















See Notes to Consolidated Financial Statements
Table of Contents
7


Consolidated Statements of Shareholders’ Equity (unaudited)

Dollars in thousands, except per share amountsCommon
Stock and
Related
Surplus
Unallocated Common Stock Held by ESOPRetained
Earnings
Accumulated
Other
Compre-
hensive
Income
(Loss)
Total
Share-
holders'
Equity
Balance, December 31, 2019$80,084 $(714)$165,859 $2,535 $247,764 
Nine Months Ended September 30, 2020    
Impact of adoption of ASC 326  (6,756) (6,756)
Net income  21,075  21,075 
Other comprehensive income   1,655 1,655 
Vesting of RSUs - 651 shares
     
Share-based compensation expense402    402 
Unallocated ESOP shares committed to be released - 16,797 shares
128 182   310 
Retirement of 75,333 shares of common stock
(1,444)   (1,444)
Acquisition of Cornerstone Financial Services, Inc. - 570,000 shares, net of issuance costs
15,354    15,354 
Common stock issuances from reinvested dividends - 11,758 shares
193    193 
Common stock cash dividends declared ($0.51 per share)
  (6,590) (6,590)
Balance, September 30, 2020$94,717 $(532)$173,588 $4,190 $271,963 
Balance, December 31, 2018$80,431 $(939)$141,354 $(1,016)$219,830 
Nine Months Ended September 30, 2019    
Net income— — 23,718 — 23,718 
Other comprehensive income— — — 4,862 4,862 
Exercise of stock options and SARs - 17,255 shares
7 — — — 7 
Share-based compensation expense430