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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021
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
12,988,667 shares outstanding as of May 3, 2021



Table of Contents

   Page
PART  I.FINANCIAL INFORMATION 
    
 Item 1.Financial Statements 
    
  Consolidated balance sheets March 31, 2021 (unaudited) and
December 31, 2020
    
  Consolidated statements of income
for the three months ended March 31, 2021 and 2020 (unaudited)
    
  Consolidated statements of comprehensive income
for the three months ended March 31, 2021 and 2020 (unaudited)
    
  Consolidated statements of shareholders’ equity
for the three months ended
March 31, 2021 and 2020 (unaudited)
    
  Consolidated statements of cash flows
for the three months ended
March 31, 2021 and 2020 (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)

March 31,
2021
December 31,
2020
Dollars in thousands, except per share amounts(unaudited)(*)
ASSETS  
Cash and due from banks$20,732 $19,522 
Interest bearing deposits with other banks155,865 80,265 
Cash and cash equivalents176,597 99,787 
Debt securities available for sale (at fair value)311,384 286,127 
Debt securities held to maturity (at amortized cost; estimated fair value - $100,354 - 2021, $103,157 - 2020)
99,457 99,914 
   Less: allowance for credit losses  
        Debt securities held to maturity, net99,457 99,914 
Other investments10,776 14,185 
Loans held for sale3,083 1,998 
Loans, net of unearned fees2,452,071 2,412,153 
    Less: allowance for credit losses - loans(34,042)(32,246)
         Loans, net2,418,029 2,379,907 
Property held for sale13,918 15,588 
Premises and equipment, net53,289 52,537 
Accrued interest and fees receivable10,654 11,989 
Goodwill and other intangible assets, net54,239 55,123 
Cash surrender value of life insurance policies and annuities59,740 59,438 
Other assets36,969 29,791 
Total assets$3,248,135 $3,106,384 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities  
Deposits  
Non-interest bearing$505,264 $440,818 
Interest bearing2,219,746 2,154,833 
Total deposits2,725,010 2,595,651 
Short-term borrowings140,145 140,146 
Long-term borrowings694 699 
Subordinated debentures29,398 29,364 
Subordinated debentures owed to unconsolidated subsidiary trusts19,589 19,589 
Other liabilities39,854 39,355 
Total liabilities2,954,690 2,824,804 
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: 2021 - 12,988,667 shares and 2020 - 12,985,708 shares; outstanding: 2021 - 12,950,714 shares and 2020 - 12,942,004
95,234 94,964 
Unallocated common stock held by Employee Stock Ownership Plan - 2021 - 37,953 shares and 2020 - 43,704 shares
(410)(472)
Retained earnings189,803 181,643 
Accumulated other comprehensive income8,818 5,445 
Total shareholders' equity293,445 281,580 
Total liabilities and shareholders' equity$3,248,135 $3,106,384 
(*) - 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 March 31,
Dollars in thousands, except per share amounts20212020
Interest income  
Interest and fees on loans  
Taxable$27,419 $25,089 
Tax-exempt119 146 
Interest and dividends on securities  
Taxable1,295 1,758 
Tax-exempt862 552 
Interest on interest bearing deposits with other banks67 98 
Total interest income29,762 27,643 
Interest expense  
Interest on deposits2,496 5,351 
Interest on short-term borrowings469 630 
Interest on long-term borrowings and subordinated debentures545 219 
Total interest expense3,510 6,200 
Net interest income26,252 21,443 
Provision for credit losses1,500 5,250 
Net interest income after provision for credit losses24,752 16,193 
Noninterest income  
Trust and wealth management fees638 665 
Mortgage origination revenue998 214 
Service charges on deposit accounts1,100 1,263 
Bank card revenue1,341 933 
Realized securities gains, net476 1,038 
Bank owned life insurance and annuities income298 264 
Other123 125 
Total noninterest income4,974 4,502 
Noninterest expenses  
Salaries, commissions and employee benefits8,435 7,672 
Net occupancy expense1,174 883 
Equipment expense1,581 1,429 
Professional fees338 387 
Advertising and public relations90 152 
Amortization of intangibles405 429 
FDIC premiums277 165 
Bank card expense573 503 
Foreclosed properties expense, net227 966 
Merger-related expenses440 788 
Other2,893 1,625 
Total noninterest expenses16,433 14,999 
Income before income tax expense13,293 5,696 
Income tax expense2,933 1,190 
Net income$10,360 $4,506 
Basic earnings per common share$0.80 $0.35 
Diluted earnings per common share$0.80 $0.35 


See Notes to Consolidated Financial Statements 
Table of Contents
5


Consolidated Statements of Comprehensive Income (unaudited)

For the Three Months Ended 
 March 31,
Dollars in thousands20212020
Net income$10,360 $4,506 
Other comprehensive income (loss):  
Net unrealized gain (loss) on cashflow hedge of:
2021 - $8,013, net of deferred taxes of $1,923; 2020 - $(1,427), net of deferred taxes of $(343)
6,090 (1,084)
Net unrealized loss on securities available for sale of:
2021 - $(3,575), net of deferred taxes of $(858) and reclassification adjustment for net realized gains included in net income of $476, net of tax of $114; 2020 - $(816), net of deferred taxes of $(196) and reclassification adjustment for net realized gains included in net income of $1,038, net of tax of $249
(2,717)(620)
Total other comprehensive income (loss)3,373 (1,704)
Total comprehensive income
$13,733 $2,802 









































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 December 31, 2020$94,964 $(472)$181,643 $5,445 $281,580 
Three Months Ended March 31, 2021    
Net income  10,360  10,360 
Other comprehensive income   3,373 3,373 
Exercise of SARs - 380 shares
     
Share-based compensation expense126    126 
Unallocated ESOP shares committed to be released - 5,751 shares
74 62   136 
Common stock issuances from reinvested dividends - 2,579 shares
70    70 
Common stock cash dividends declared ($0.17 per share)
  (2,200) (2,200)
Balance, March 31, 2021$95,234 $(410)$189,803 $8,818 $293,445 
Balance December 31, 2019$80,084 $(714)$165,859 $2,535 $247,764 
Three Months Ended March 31, 2020    
Impact of adoption of ASC 326— — (6,756)— $(6,756)
Net income— — 4,506 — 4,506 
Other comprehensive loss— — — (1,704)(1,704)
Share-based compensation expense162 — — — 162 
Unallocated ESOP shares committed to be released - 5,599 shares
70 61 — — 131 
Retirement of 66,611 shares of common stock
(1,282)— — — (1,282)
Acquisition of Cornerstone Financial Services, Inc. - 570,000 shares, net of issuance costs
15,354 — — — 15,354 
Common stock issuances from reinvested dividends - 2,714 shares
51 — — — 51 
Common stock cash dividends declared ($0.17 per share)
— — (2,201)— (2,201)
Balance, March 31, 2020$94,439 $(653)$161,408 $831 $256,025 















See Notes to Consolidated Financial Statements
Table of Contents
7


Consolidated Statements of Cash Flows (unaudited)

 Three Months Ended
Dollars in thousandsMarch 31,
2021
March 31,
2020
Cash Flows from Operating Activities  
Net income$10,360 $4,506 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation859 726 
Provision for credit losses1,500 5,250 
Share-based compensation expense126 162 
Deferred income tax benefit(127)(267)
Loans originated for sale(38,748)(6,444)
Proceeds from sale of loans38,413 7,227 
Gains on loans held for sale(750)(111)
Realized securities gains, net(476)(1,038)
Loss (gain) on disposal of assets138 (67)
Write-downs of foreclosed properties23 945 
Amortization of securities premiums, net948 558 
Accretion related to acquisitions, net(371)(350)
Amortization of intangibles405 429 
Earnings on bank owned life insurance and annuities(302)(179)
Decrease in accrued interest receivable1,335 205 
Increase in other assets(163)(1,247)
Increase (decrease) in other liabilities2,348 (1,003)
Net cash provided by operating activities15,518 9,302 
Cash Flows from Investing Activities  
Proceeds from maturities and calls of debt securities available for sale2,825 2,200 
Proceeds from sales of debt securities available for sale5,117 74,750 
Principal payments received on debt securities available for sale7,222 6,374 
Purchases of debt securities available for sale(44,012)(22,321)
Purchases of other investments (5,001)
Proceeds from redemptions of other investments3,138 6,397 
Net loan originations(40,428)(52,787)
Purchases of premises and equipment(1,611)(2,971)
Proceeds from disposal of premises and equipment 9 
Improvements to property held for sale (585)
Proceeds from sales of repossessed assets & property held for sale1,534 780 
Cash and cash equivalents from acquisitions, net of cash consideration paid 2020 - $14,250
 46,034 
Net cash (used in) provided by investing activities(66,215)52,879 
Cash Flows from Financing Activities  
Net increase in demand deposit, NOW and savings accounts153,810 4,952 
Net decrease in time deposits(24,168)(46,443)
Net decrease in short-term borrowings (37,599)
Repayment of long-term borrowings(5)(6)
Proceeds from issuance of common stock, net of issuance costs70 (36)
Purchase and retirement of common stock (1,282)
Dividends paid on common stock(2,200)(2,201)
Dividends paid on preferred stock — 
Net cash provided by (used in) financing activities127,507 (82,615)
Increase (decrease) in cash and cash equivalents76,810 (20,434)
continued
See Notes to Consolidated Financial Statements
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8


Consolidated Statements of Cash Flows (unaudited) - continued

Three Months Ended
Dollars in thousandsMarch 31,
2021
March 31,
2020
Cash and cash equivalents:  
Beginning99,787 61,888 
Ending$176,597 $41,454 
Supplemental Disclosures of Cash Flow Information  
Cash payments for:  
Interest$3,302 $6,338 
Income taxes$ $ 
Supplemental Disclosures of Noncash Investing and Financing Activities 
Real property and other assets acquired in settlement of loans$ $175 
Right of use assets obtained in exchange for lease obligations$ $ 
Supplemental Disclosures of Noncash Transactions Included in Acquisition
Assets acquired$ $135,130 
Liabilities assumed$ $176,545 











































See Notes to Consolidated Financial Statements
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9



NOTE 1.  BASIS OF PRESENTATION

We, Summit Financial Group, Inc. and subsidiaries, prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual year end financial statements.  In our opinion, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.

The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ materially from these estimates. You should carefully consider each risk factor discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year.  The consolidated financial statements and notes included herein should be read in conjunction with our 2020 audited financial statements and Annual Report on Form 10-K. 

NOTE 2.  SIGNIFICANT NEW AUTHORITATIVE ACCOUNTING GUIDANCE

Recently Adopted
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The ASU is expected to reduce cost and complexity related to the accounting for income taxes by removing specific exceptions to general principles in Topic 740 (eliminating the need for an organization to analyze whether certain exceptions apply in a given period) and improving financial statement preparers’ application of certain income tax-related guidance. This ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements.

In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020. The adoption of ASU 2020-01 did not have a material impact on our consolidated financial statements.

Pending Adoptio