08/02/2021 | Press release | Distributed by Public on 08/02/2021 11:29
Loan Balances Modified Due to COVID-19 as of 6/30/2021 | ||||||||||
Dollars in thousands | Total Loan Balance as of 6/30/2021 | Loans Modified to Interest Only Payments | Loans Modified to Payment Deferral | Total Loans Modified |
Percentage of Loans Modified |
|||||
Hospitality Industry | $ | 116,745 | $ | 866 | $ | - | $ | 866 | 0.7 | % |
Non-Owner Occupied Retail Stores | 143,931 | 7,223 | - | 7,223 | 5.0 | % | ||||
Owner-Occupied Retail Stores | 141,703 | - | - | - | - | % | ||||
Restaurants | 11,895 | - | - | - | - | % | ||||
Oil & Gas Industry | 17,158 | - | - | - | - | % | ||||
Other Commercial Loans | 1,315,074 | 581 | - | 581 | - | % | ||||
Total Commercial Loans | 1,746,506 | 8,670 | - | 8,670 | 0.5 | % | ||||
Residential 1-4 Family Personal | 279,970 | - | - | - | - | % | ||||
Residential 1-4 Family Rentals | 189,963 | - | - | - | - | % | ||||
Home Equity Loans | 72,956 | - | - | - | - | % | ||||
Total Residential Real Estate Loans | 542,889 | - | - | - | - | % | ||||
Consumer Loans | 32,731 | - | - | - | - | % | ||||
Mortgage Warehouse Loans | 105,288 | - | - | - | - | % | ||||
Credit Cards and Overdrafts | 2,356 | - | - | - | - | % | ||||
Total Loans | $ | 2,429,770 | $ | 8,670 | $ | - | $ | 8,670 | 0.4 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||
Quarterly Performance Summary (unaudited) -- Q2 2021 vs Q2 2020 | ||||||
For the Quarter Ended | Percent | |||||
Dollars in thousands | 6/30/2021 | 6/30/2020 | Change | |||
Statements of Income | ||||||
Interest income | ||||||
Loans, including fees | $ | 27,697 | $ | 25,624 | 8.1 | % |
Securities | 2,202 | 2,253 | -2.3 | % | ||
Other | 56 | 60 | -6.7 | % | ||
Total interest income | 29,955 | 27,937 | 7.2 | % | ||
Interest expense | ||||||
Deposits | 2,136 | 4,186 | -49.0 | % | ||
Borrowings | 1,008 | 685 | 47.2 | % | ||
Total interest expense | 3,144 | 4,871 | -35.5 | % | ||
Net interest income | 26,811 | 23,066 | 16.2 | % | ||
Provision for credit losses | 1,000 | 3,000 | n/m | |||
Net interest income after provision for credit losses | 25,811 | 20,066 | 28.6 | % | ||
Noninterest income | ||||||
Trust and wealth management fees | 683 | 582 | 17.4 | % | ||
Mortgage origination revenue | 898 | 641 | 40.1 | % | ||
Service charges on deposit accounts | 1,093 | 882 | 23.9 | % | ||
Bank card revenue | 1,519 | 1,087 | 39.7 | % | ||
Realized securities gains | 127 | - | n/a | |||
Bank owned life insurance and annuity income | 275 | 275 | - | % | ||
Other income | 120 | 131 | -8.4 | % | ||
Total noninterest income | 4,715 | 3,598 | 31.0 | % | ||
Noninterest expense | ||||||
Salaries and employee benefits | 8,230 | 7,655 | 7.5 | % | ||
Net occupancy expense | 1,131 | 977 | 15.8 | % | ||
Equipment expense | 1,598 | 1,360 | 17.5 | % | ||
Professional fees | 428 | 417 | 2.6 | % | ||
Advertising and public relations | 138 | 93 | 48.4 | % | ||
Amortization of intangibles | 382 | 410 | -6.8 | % | ||
FDIC premiums | 488 | 110 | 343.6 | % | ||
Bank card expense | 685 | 560 | 22.3 | % | ||
Foreclosed properties expense, net | 746 | 240 | 210.8 | % | ||
Acquisition-related expenses | 454 | 637 | -28.7 | % | ||
Other expenses | 2,756 | 2,738 | 0.7 | % | ||
Total noninterest expense | 17,036 | 15,197 | 12.1 | % | ||
Income before income taxes | 13,490 | 8,467 | 59.3 | % | ||
Income tax expense | 2,930 | 1,518 | 93.0 | % | ||
Net income | $ | 10,560 | $ | 6,949 | 52.0 | % |
Preferred stock dividends | 139 | - | n/a | |||
Net income applicable to common shares | $ | 10,421 | $ | 6,949 | 50.0 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||
Quarterly Performance Summary (unaudited) -- Q2 2021 vs Q2 2020 | ||||||
For the Quarter Ended | Percent | |||||
6/30/2021 | 6/30/2020 | Change | ||||
Per Share Data | ||||||
Earnings per common share | ||||||
Basic | $ | 0.80 | $ | 0.54 | 48.1 | % |
Diluted | $ | 0.80 | $ | 0.54 | 48.1 | % |
Cash dividends | $ | 0.17 | $ | 0.17 | - | % |
Dividend payout ratio | 21.2 | % | 31.7 | % | -33.1 | % |
Average common shares outstanding | ||||||
Basic | 12,952,357 | 12,911,979 | 0.3 | % | ||
Diluted | 13,013,714 | 12,943,804 | 0.5 | % | ||
Common shares outstanding at period end | 12,963,057 | 12,922,045 | 0.3 | % | ||
Performance Ratios | ||||||
Return on average equity | 13.67 | % | 10.75 | % | 27.2 | % |
Return on average tangible equity | 17.03 | % | 13.57 | % | 25.5 | % |
Return on average tangible common equity | 17.59 | % | 13.57 | % | 29.6 | % |
Return on average assets | 1.29 | % | 1.02 | % | 26.5 | % |
Net interest margin (A) | 3.55 | % | 3.68 | % | -3.5 | % |
Efficiency ratio (B) | 49.09 | % | 51.97 | % | -5.5 | % |
NOTE (A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%. | ||||||
NOTE (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.
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||
Six Month Performance Summary (unaudited) -- 2021 vs 2020 | ||||||
For the Six Months Ended | Percent | |||||
Dollars in thousands | 6/30/2021 | 6/30/2020 | Change | |||
Statements of Income | ||||||
Interest income | ||||||
Loans, including fees | $ | 55,234 | $ | 50,859 | 8.6 | % |
Securities | 4,359 | 4,563 | -4.5 | % | ||
Other | 123 | 158 | -22.2 | % | ||
Total interest income | 59,716 | 55,580 | 7.4 | % | ||
Interest expense | ||||||
Deposits | 4,632 | 9,537 | -51.4 | % | ||
Borrowings | 2,022 | 1,534 | 31.8 | % | ||
Total interest expense | 6,654 | 11,071 | -39.9 | % | ||
Net interest income | 53,062 | 44,509 | 19.2 | % | ||
Provision for credit losses | 2,500 | 8,250 | n/m | |||
Net interest income after provision for credit losses | 50,562 | 36,259 | 39.4 | % | ||
Noninterest income | ||||||
Trust and wealth management fees | 1,321 | 1,247 | 5.9 | % | ||
Mortgage origination revenue | 1,896 | 855 | 121.8 | % | ||
Service charges on deposit accounts | 2,193 | 2,145 | 2.2 | % | ||
Bank card revenue | 2,860 | 2,020 | 41.6 | % | ||
Realized securities gains | 602 | 1,038 | -42.0 | % | ||
Bank owned life insurance income and annuity income | 573 | 539 | 6.3 | % | ||
Other income | 244 | 255 | -4.3 | % | ||
Total noninterest income | 9,689 | 8,099 | 19.6 | % | ||
Noninterest expense | ||||||
Salaries and employee benefits | 16,665 | 15,160 | 9.9 | % | ||
Net occupancy expense | 2,305 | 1,860 | 23.9 | % | ||
Equipment expense | 3,180 | 2,789 | 14.0 | % | ||
Professional fees | 766 | 804 | -4.7 | % | ||
Advertising and public relations | 228 | 244 | -6.6 | % | ||
Amortization of intangibles | 787 | 839 | -6.2 | % | ||
FDIC premiums | 765 | 275 | 178.2 | % | ||
Bank card expense | 1,259 | 1,063 | 18.4 | % | ||
Foreclosed properties expense, net | 972 | 1,207 | -19.5 | % | ||
Acquisition-related expenses | 893 | 1,425 | -37.3 | % | ||
Other expenses | 5,649 | 4,529 | 24.7 | % | ||
Total noninterest expense | 33,469 | 30,195 | 10.8 | % | ||
Income before income taxes | 26,782 | 14,163 | 89.1 | % | ||
Income tax expense | 5,863 | 2,708 | 116.5 | % | ||
Net income | $ | 20,919 | $ | 11,455 | 82.6 | % |
Preferred stock dividends | 139 | - | n/a | |||
Net income applicable to common shares | $ | 20,780 | $ | 11,455 | 81.4 | % |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||
Six Month Performance Summary (unaudited) -- 2021 vs 2020 | ||||||
For the Six Months Ended | Percent | |||||
6/30/2021 | 6/30/2020 | Change | ||||
Per Share Data | ||||||
Earnings per common share | ||||||
Basic | $ | 1.61 | $ | 0.89 | 80.9 | % |
Diluted | $ | 1.60 | $ | 0.88 | 81.8 | % |
Cash dividends | $ | 0.34 | $ | 0.34 | - | % |
Dividend payout ratio | 21.3 | % | 38.6 | % | -44.9 | % |
Average common shares outstanding | ||||||
Basic | 12,947,228 | 12,940,590 | 0.1 | % | ||
Diluted | 13,007,889 | 12,983,146 | 0.2 | % | ||
Common shares outstanding at period end | 12,963,057 | 12,922,045 | 0.3 | % | ||
Performance Ratios | ||||||
Return on average equity | 14.09 | % | 8.83 | % | 59.6 | % |
Return on average tangible equity | 17.75 | % | 10.99 | % | 61.5 | % |
Return on average tangible common equity | 18.06 | % | 10.99 | % | 64.3 | % |
Return on average assets | 1.30 | % | 0.78 | % | 66.7 | % |
Net interest margin (A) | 3.60 | % | 3.72 | % | -3.2 | % |
Efficiency ratio (B) | 49.44 | % | 51.70 | % | -4.4 | % |
NOTE (A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%. | ||||||
NOTE (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. |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||
Five Quarter Performance Summary (unaudited) | ||||||||||
For the Quarter Ended | ||||||||||
Dollars in thousands | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Statements of Income | ||||||||||
Interest income | ||||||||||
Loans, including fees | $ | 27,697 | $ | 27,538 | $ | 27,897 | $ | 26,807 | $ | 25,624 |
Securities | 2,202 | 2,157 | 2,228 | 2,382 | 2,253 | |||||
Other | 56 | 67 | 51 | 57 | 60 | |||||
Total interest income | 29,955 | 29,762 | 30,176 | 29,246 | 27,937 | |||||
Interest expense | ||||||||||
Deposits | 2,136 | 2,496 | 2,956 | 3,552 | 4,186 | |||||
Borrowings | 1,008 | 1,014 | 1,014 | 928 | 685 | |||||
Total interest expense | 3,144 | 3,510 | 3,970 | 4,480 | 4,871 | |||||
Net interest income | 26,811 | 26,252 | 26,206 | 24,766 | 23,066 | |||||
Provision for credit losses | 1,000 | 1,500 | 3,000 | 3,250 | 3,000 | |||||
Net interest income after provision for credit losses | 25,811 | 24,752 | 23,206 | 21,516 | 20,066 | |||||
Noninterest income | ||||||||||
Trust and wealth management fees | 683 | 638 | 626 | 622 | 582 | |||||
Mortgage origination revenue | 898 | 998 | 1,163 | 780 | 641 | |||||
Service charges on deposit accounts | 1,093 | 1,100 | 1,305 | 1,138 | 882 | |||||
Bank card revenue | 1,519 | 1,341 | 1,237 | 1,237 | 1,087 | |||||
Realized securities gains | 127 | 476 | 912 | 1,522 | - | |||||
Bank owned life insurance and annuity income | 275 | 298 | 233 | 795 | 275 | |||||
Other income | 120 | 123 | 301 | 113 | 131 | |||||
Total noninterest income | 4,715 | 4,974 | 5,777 | 6,207 | 3,598 | |||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 8,230 | 8,435 | 8,250 | 7,869 | 7,655 | |||||
Net occupancy expense | 1,131 | 1,174 | 1,046 | 1,057 | 977 | |||||
Equipment expense | 1,598 | 1,581 | 1,502 | 1,474 | 1,360 | |||||
Professional fees | 428 | 338 | 370 | 364 | 417 | |||||
Advertising and public relations | 138 | 90 | 207 | 145 | 93 | |||||
Amortization of intangibles | 382 | 405 | 409 | 412 | 410 | |||||
FDIC premiums | 488 | 277 | 261 | 320 | 110 | |||||
Bank card expense | 685 | 573 | 573 | 589 | 560 | |||||
Foreclosed properties expense, net | 746 | 227 | 676 | 607 | 240 | |||||
Acquisition-related expenses | 454 | 440 | 218 | 28 | 637 | |||||
Other expenses | 2,756 | 2,893 | 3,094 | 2,644 | 2,738 | |||||
Total noninterest expense | 17,036 | 16,433 | 16,606 | 15,509 | 15,197 | |||||
Income before income taxes | 13,490 | 13,293 | 12,377 | 12,214 | 8,467 | |||||
Income tax expense | 2,930 | 2,933 | 2,126 | 2,594 | 1,518 | |||||
Net income | $ | 10,560 | $ | 10,360 | $ | 10,251 | $ | 9,620 | $ | 6,949 |
Preferred stock dividends | 139 | - | - | - | - | |||||
Net income applicable to common shares | $ | 10,421 | $ | 10,360 | $ | 10,251 | $ | 9,620 | $ | 6,949 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||
Five Quarter Performance Summary (unaudited) | ||||||||||
For the Quarter Ended | ||||||||||
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | ||||||
Per Share Data | ||||||||||
Earnings per common share | ||||||||||
Basic | $ | 0.80 | $ | 0.80 | $ | 0.79 | $ | 0.74 | $ | 0.54 |
Diluted | $ | 0.80 | $ | 0.80 | $ | 0.79 | $ | 0.74 | $ | 0.54 |
Cash dividends | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 |
Dividend payout ratio | 21.2 | % | 20.6 | % | 21.5 | % | 22.9 | % | 31.7 | % |
Average common shares outstanding | ||||||||||
Basic | 12,952,357 | 12,942,099 | 12,932,768 | 12,922,158 | 12,911,979 | |||||
Diluted | 13,013,714 | 13,002,062 | 12,980,041 | 12,949,584 | 12,943,804 | |||||
Common shares outstanding at period end | 12,963,057 | 12,950,714 | 12,942,004 | 12,932,415 | 12,922,045 | |||||
Performance Ratios | ||||||||||
Return on average equity | 13.67 | % | 14.51 | % | 14.90 | % | 14.38 | % | 10.75 | % |
Return on average tangible equity | 17.03 | % | 18.49 | % | 18.70 | % | 18.12 | % | 13.57 | % |
Return on average tangible common equity | 17.59 | % | 18.49 | % | 18.70 | % | 18.12 | % | 13.57 | % |
Return on average assets | 1.29 | % | 1.31 | % | 1.37 | % | 1.31 | % | 1.02 | % |
Net interest margin (A) | 3.55 | % | 3.65 | % | 3.76 | % | 3.64 | % | 3.68 | % |
Efficiency ratio (B) | 49.09 | % | 49.79 | % | 49.38 | % | 48.95 | % | 51.97 | % |
NOTE (A) - Presented on a tax-equivalent basis assuming a federal tax rate of 21%. | ||||||||||
NOTE (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.
|
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||
Selected Balance Sheet Data (unaudited) | ||||||||||
Dollars in thousands, except per share amounts | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Assets | ||||||||||
Cash and due from banks | $ | 18,707 | $ | 20,732 | $ | 19,522 | $ | 16,257 | $ | 16,572 |
Interest bearing deposits other banks | 176,282 | 155,865 | 80,265 | 92,729 | 26,218 | |||||
Debt securities, available for sale | 345,742 | 311,384 | 286,127 | 297,989 | 322,539 | |||||
Debt securities, held to maturity | 98,995 | 99,457 | 99,914 | 91,600 | 80,497 | |||||
Loans, net | 2,395,885 | 2,418,029 | 2,379,907 | 2,222,450 | 2,192,541 | |||||
Property held for sale | 13,170 | 13,918 | 15,588 | 17,831 | 17,954 | |||||
Premises and equipment, net | 53,104 | 53,289 | 52,537 | 52,880 | 51,847 | |||||
Goodwill and other intangible assets | 53,858 | 54,239 | 55,123 | 48,101 | 48,513 | |||||
Cash surrender value of life insurance policies and annuities |
60,087 | 59,740 | 59,438 | 57,029 | 55,315 | |||||
Other assets | 56,703 | 61,482 | 57,963 | 49,996 | 49,355 | |||||
Total assets | $ | 3,272,533 | $ | 3,248,135 | $ | 3,106,384 | $ | 2,946,862 | $ | 2,861,351 |
Liabilities and Shareholders' Equity | ||||||||||
Deposits | $ | 2,729,205 | $ | 2,725,010 | $ | 2,595,651 | $ | 2,451,891 | $ | 2,451,769 |
Short-term borrowings | 140,146 | 140,145 | 140,146 | 140,145 | 90,945 | |||||
Long-term borrowings and subordinated debentures |
49,710 | 49,681 | 49,652 | 50,292 | 20,297 | |||||
Other liabilities | 38,265 | 39,854 | 39,355 | 32,571 | 34,909 | |||||
Shareholders' equity - preferred | 14,920 | - | - | - | - | |||||
Shareholders' equity - common | 300,287 | 293,445 | 281,580 | 271,963 | 263,431 | |||||
Total liabilities and shareholders' equity | $ | 3,272,533 | $ | 3,248,135 | $ | 3,106,384 | $ | 2,946,862 | $ | 2,861,351 |
Book value per common share | $ | 23.16 | $ | 22.66 | $ | 21.76 | $ | 21.03 | $ | 20.39 |
Tangible book value per common share | $ | 19.01 | $ | 18.47 | $ | 17.50 | $ | 17.31 | $ | 16.63 |
Tangible common equity to tangible assets | 7.7 | % | 7.5 | % | 7.4 | % | 7.7 | % | 7.6 | % |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||
Regulatory Capital Ratios (unaudited) | ||||||||||
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | ||||||
Summit Financial Group, Inc. | ||||||||||
CET1 Risk-based Capital | 9.6 | % | 9.3 | % | 9.3 | % | 9.9 | % | 9.7 | % |
Tier 1 Risk-based Capital | 10.9 | % | 10.1 | % | 10.0 | % | 10.7 | % | 10.5 | % |
Total Risk Based Capital | 13.0 | % | 12.1 | % | 12.1 | % | 12.9 | % | 11.3 | % |
Tier 1 Leverage | 8.9 | % | 8.5 | % | 8.6 | % | 8.7 | % | 9.0 | % |
Summit Community Bank, Inc. | ||||||||||
CET1 Risk-based Capital | 11.9 | % | 11.1 | % | 11.1 | % | 11.8 | % | 10.5 | % |
Tier 1 Risk-based Capital | 11.9 | % | 11.1 | % | 11.1 | % | 11.8 | % | 10.5 | % |
Total Risk Based Capital | 12.9 | % | 12.0 | % | 12.0 | % | 12.7 | % | 11.4 | % |
Tier 1 Leverage | 9.7 | % | 9.3 | % | 9.5 | % | 9.6 | % | 9.0 | % |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||
Loan Composition (unaudited) | ||||||||||
Dollars in thousands | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Commercial | $ | 326,468 | $ | 348,022 | $ | 306,885 | $ | 350,985 | $ | 323,788 |
Mortgage warehouse lines | 105,288 | 187,995 | 251,810 | 243,730 | 252,472 | |||||
Commercial real estate | ||||||||||
Owner occupied | 392,164 | 358,200 | 351,860 | 312,502 | 336,143 | |||||
Non-owner occupied | 784,415 | 735,594 | 685,565 | 618,624 | 593,167 | |||||
Construction and development | ||||||||||
Land and development | 102,670 | 106,312 | 107,342 | 97,343 | 92,706 | |||||
Construction | 140,788 | 126,011 | 91,100 | 66,878 | 48,116 | |||||
Residential real estate | ||||||||||
Conventional | 398,239 | 411,103 | 425,519 | 368,009 | 371,225 | |||||
Jumbo | 71,694 | 65,851 | 74,185 | 73,836 | 76,360 | |||||
Home equity | 72,956 | 77,684 | 81,588 | 82,991 | 88,929 | |||||
Consumer | 32,732 | 32,924 | 33,906 | 34,655 | 34,640 | |||||
Other | 2,356 | 2,375 | 2,393 | 2,251 | 2,161 | |||||
Total loans, net of unearned fees | 2,429,770 | 2,452,071 | 2,412,153 | 2,251,804 | 2,219,707 | |||||
Less allowance for credit losses | 33,885 | 34,042 | 32,246 | 29,354 | 27,166 | |||||
Loans, net | $ | 2,395,885 | $ | 2,418,029 | $ | 2,379,907 | $ | 2,222,450 | $ | 2,192,541 |
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF) | ||||||||||
Deposit Composition (unaudited) | ||||||||||
Dollars in thousands | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Core deposits | ||||||||||
Non interest bearing checking
|
$ | 503,097 | $ | 505,264 | $ | 440,819 | $ | 420,070 | $ | 443,190 |
Interest bearing checking
|
1,005,725 | 988,204 | 934,185 | 867,442 | 830,258 | |||||
Savings
|
677,000 | 656,514 | 621,168 | 598,564 | 561,029 | |||||
Time deposits
|
441,139 | 456,431 | 460,443 | 414,542 | 422,286 | |||||
Total core deposits | 2,626,961 | 2,606,413 | 2,456,615 | 2,300,618 | 2,256,763 | |||||
Brokered deposits
|
23,521 | 39,125 | 55,454 | 64,120 | 90,279 | |||||
Other non-core time deposits
|
78,723 | 79,472 | 83,582 | 87,153 | 104,727 | |||||
Total deposits | $ | 2,729,205 | $ | 2,725,010 | $ | 2,595,651 | $ | 2,451,891 | $ | 2,451,769 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||
Asset Quality Information (unaudited)
|
||||||||||
For the Quarter Ended | ||||||||||
Dollars in thousands | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Gross loan charge-offs | $ | 343 | $ | 354 | $ | 434 | $ | 1,259 | $ | 218 |
Gross loan recoveries | (141) | (165) | (195) | (245) | (269) | |||||
Net loan charge-offs/(recoveries) | $ | 202 | $ | 189 | $ | 239 | $ | 1,014 | $ | (51) |
Net loan charge-offs to average loans (annualized) | 0.03 | % | 0.03 | % | 0.04 | % | 0.18 | % | -0.01 | % |
Allowance for loan credit losses | $ | 33,885 | $ | 34,042 | $ | 32,246 | $ | 29,354 | $ | 27,166 |
Allowance for loan credit losses as a percentage of period end loans |
1.39 | % | 1.39 | % | 1.34 | % | 1.30 | % | 1.22 | % |
Allowance for credit losses on unfunded loan commitments |
$ | 4,660 | $ | 3,705 | $ | 4,190 | $ | 3.525 | $ | 3,477 |
Nonperforming assets: | ||||||||||
Nonperforming loans | ||||||||||
Commercial | $ | 968 | $ | 848 | $ | 525 | $ | 553 | $ | 754 |
Commercial real estate | 14,430 | 17,137 | 14,237 | 4,313 | 5,822 | |||||
Residential construction and development | 621 | 626 | 235 | 2 | 14 | |||||
Residential real estate | 6,800 | 6,667 | 5,264 | 5,104 | 5,873 | |||||
Consumer | 38 | 54 | 74 | 31 | 29 | |||||
Other | - | - | - | - | 35 | |||||
Total nonperforming loans | 22,857 | 25,332 | 20,335 | 10,003 | 12,527 | |||||
Foreclosed properties | ||||||||||
Commercial real estate | 2,281 | 2,281 | 2,581 | 2,500 | 1,774 | |||||
Commercial construction and development | 3,146 | 3,884 | 4,154 | 4,154 | 4,511 | |||||
Residential construction and development | 6,859 | 7,129 | 7,791 | 10,330 | 10,645 | |||||
Residential real estate | 884 | 624 | 1,062 | 847 | 1,024 | |||||
Total foreclosed properties | 13,170 | 13,918 | 15,588 | 17,831 | 17,954 | |||||
Other repossessed assets | - | - | - | - | - | |||||
Total nonperforming assets | $ | 36,027 | $ | 39,250 | $ | 35,923 | $ | 27,834 | $ | 30,481 |
Nonperforming loans to period end loans | 0.94 | % | 1.03 | % | 0.84 | % | 0.44 | % | 0.56 | % |
Nonperforming assets to period end assets | 1.10 | % | 1.21 | % | 1.16 | % | 0.94 | % | 1.07 | % |
Troubled debt restructurings | ||||||||||
Performing
|
$ | 20,799 | $ | 20,462 | $ | 21,375 | $ | 22,232 | $ | 22,117 |
Nonperforming
|
1,235 | 3,828 | 3,127 | 2,988 | 3,003 | |||||
Total troubled debt restructurings
|
$ | 22,034 | $ | 24,290 | $ | 24,502 | $ | 25,220 | $ | 25,120 |
Loans Past Due 30-89 Days (unaudited) | ||||||||||
For the Quarter Ended | ||||||||||
Dollars in thousands | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||
Commercial | $ | 414 | $ | 335 | $ | 1 | $ | 147 | $ | 196 |
Commercial real estate | 733 | 508 | 274 | 1,740 | 1,231 | |||||
Construction and development | 1,911 | 330 | 47 | 422 | 8 | |||||
Residential real estate | 3,594 | 2,146 | 4,405 | 4,464 | 2,763 | |||||
Consumer | 404 | 96 | 233 | 160 | 164 | |||||
Other | - | 3 | 5 | 2 | 3 | |||||
Total | $ | 7,056 | $ | 3,418 | $ | 4,965 | $ | 6,935 | $ | 4,365 |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates | ||||||||||||||||||
Q2 2021 vs Q1 2021 vs Q2 2020 (unaudited) | ||||||||||||||||||
Q2 2021 | Q1 2021 | Q2 2020 | ||||||||||||||||
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 | $ | 2,455,757 | $ | 27,593 | 4.51 | % | $ | 2,355,705 | $ | 27,419 | 4.72 | % | $ | 2,118,158 | $ | 25,466 | 4.84 | % |
Tax-exempt (2) | 11,370 | 132 | 4.66 | % | 12,679 | 151 | 4.83 | % | 17,244 | 200 | 4.66 | % | ||||||
Securities | ||||||||||||||||||
Taxable | 285,092 | 1,351 | 1.90 | % | 266,289 | 1,295 | 1.97 | % | 248,792 | 1,453 | 2.35 | % | ||||||
Tax-exempt (2) | 147,703 | 1,078 | 2.93 | % | 144,880 | 1,091 | 3.05 | % | 120,385 | 1,012 | 3.38 | % | ||||||
Interest bearing deposits other banks and Federal funds sold | 154,677 | 56 | 0.15 | % | 166,531 | 67 | 0.16 | % | 41,776 | 60 | 0.58 | % | ||||||
Total interest earning assets | 3,054,599 | 30,210 | 3.97 | % | 2,946,084 | 30,023 | 4.13 | % | 2,546,355 | 28,191 | 4.45 | % | ||||||
Noninterest earning assets | ||||||||||||||||||
Cash & due from banks | 19,095 | 17,961 | 16,672 | |||||||||||||||
Premises & equipment | 53,210 | 53,317 | 50,457 | |||||||||||||||
Other assets | 170,470 | 167,343 | 140,355 | |||||||||||||||
Allowance for credit losses | (34,674) | (32,706) | (25,799) | |||||||||||||||
Total assets | $ | 3,262,700 | $ | 3,151,999 | $ | 2,728,040 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Interest bearing liabilities | ||||||||||||||||||
Interest bearing | ||||||||||||||||||
demand deposits | $ | 995,673 | $ | 371 | 0.15 | % | $ | 960,190 | $ | 394 | 0.17 | % | $ | 764,852 | $ | 369 | 0.19 | % |
Savings deposits | 665,735 | 634 | 0.38 | % | 642,241 | 645 | 0.41 | % | 512,634 | 1,200 | 0.94 | % | ||||||
Time deposits | 562,605 | 1,131 | 0.81 | % | 583,723 | 1,457 | 1.01 | % | 625,717 | 2,617 | 1.68 | % | ||||||
Short-term borrowings | 140,146 | 464 | 1.33 | % | 140,146 | 469 | 1.36 | % | 95,744 | 499 | 2.10 | % | ||||||
Long-term borrowings and subordinated debentures |
49,694 | 544 | 4.39 | % | 49,664 | 545 | 4.45 | % | 20,299 | 186 | 3.69 | % | ||||||
Total interest bearing liabilities | 2,413,853 | 3,144 | 0.52 | % | 2,375,964 | 3,510 | 0.60 | % | 2,019,246 | 4,871 | 0.97 | % | ||||||
Noninterest bearing liabilities | ||||||||||||||||||
Demand deposits | 503,116 | 451,957 | 417,992 | |||||||||||||||
Other liabilities | 36,842 | 38,393 | 32,238 | |||||||||||||||
Total liabilities | 2,953,811 | 2,866,314 | 2,469,476 | |||||||||||||||
Shareholders' equity - preferred | 11,254 | - | - | |||||||||||||||
Shareholders' equity - common | 297,635 | 285,685 | 258,564 | |||||||||||||||
Total liabilities and
shareholders' equity
|
$ | 3,262,700 | $ | 3,151,999 | $ | 2,728,040 | ||||||||||||
NET INTEREST EARNINGS | $ | 27,066 | $ | 26,513 | $ | 23,320 | ||||||||||||
NET INTEREST MARGIN | 3.55 | % | 3.65 | % | 3.68 | % | ||||||||||||
(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 21% for all periods presented. The tax equivalent adjustment resulted in an increase in interest income of $255,000, $261,000 and $254,000 for Q2 2021, Q1 2021 and Q2 2020, respectively. |
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF) | ||||||||||||
Average Balance Sheet, Interest Earnings & Expenses and Average Rates | ||||||||||||
YTD 2021 vs YTD 2020 (unaudited) | ||||||||||||
YTD 2021 | YTD 2020 | |||||||||||
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 | $ | 2,406,007 | $ | 55,012 | 4.61 | % | $ | 2,026,814 | $ | 50,555 | 5.02 | % |
Tax-exempt (2) | 12,021 | 281 | 4.71 | % | 16,059 | 385 | 4.82 | % | ||||
Securities | ||||||||||||
Taxable | 275,742 | 2,646 | 1.94 | % | 253,840 | 3,211 | 2.54 | % | ||||
Tax-exempt (2) | 146,300 | 2,168 | 2.99 | % | 95,313 | 1,710 | 3.61 | % | ||||
Interest bearing deposits other banks and Federal funds sold |
160,592 | 123 | 0.15 | % | 38,712 | 159 | 0.83 | % | ||||
Total interest earning assets | 3,000,662 | 60,230 | 4.05 | % | 2,430,738 | 56,020 | 4.63 | % | ||||
Noninterest earning assets | ||||||||||||
Cash & due from banks | 18,592 | 15,548 | ||||||||||
Premises & equipment | 53,263 | 48,303 | ||||||||||
Other assets | 168,510 | 130,604 | ||||||||||
Allowance for loan losses | (33,696) | (24,342) | ||||||||||
Total assets | $ | 3,207,331 | $ | 2,600,851 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Liabilities | ||||||||||||
Interest bearing liabilities | ||||||||||||
Interest bearing | ||||||||||||
demand deposits | $ | 978,029 | $ | 765 | 0.16 | % | $ | 704,404 | $ | 1,449 | 0.41 | % |
Savings deposits | 654,053 | 1,279 | 0.39 | % | 480,827 | 2,537 | 1.06 | % | ||||
Time deposits | 573,107 | 2,588 | 0.91 | % | 620,409 | 5,550 | 1.80 | % | ||||
Short-term borrowings | 140,146 | 933 | 1.34 | % | 107,675 | 1,129 | 2.11 | % | ||||
Long-term borrowings and subordinated debentures |
49,679 | 1,089 | 4.42 | % | 20,301 | 405 | 4.01 | % | ||||
Total interest bearing liabilities | 2,395,014 | 6,654 | 0.56 | % | 1,933,616 | 11,070 | 1.15 | % | ||||
Noninterest bearing liabilities | ||||||||||||
Demand deposits | 477,766 | 378,667 | ||||||||||
Other liabilities | 37,614 | 29,106 | ||||||||||
Total liabilities | 2,910,394 | 2,341,389 | ||||||||||
Shareholders' equity - preferred | 5,658 | - | ||||||||||
Shareholders' equity - common | 291,279 | 259,462 | ||||||||||
Total liabilities and
shareholders' equity
|
$ | 3,207,331 | $ | 2,600,851 | ||||||||
NET INTEREST EARNINGS | $ | 53,576 | $ | 44,950 | ||||||||
NET INTEREST MARGIN | 3.60 | % | 3.72 | % | ||||||||
(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 21%. The tax equivalent adjustment resulted in an increase in interest income of $514,000 and $440,000 for the YTD 2021 and YTD 2020, respectively. |