Profile: Summit Financial Group Inc (SMMF.OQ)

SMMF.OQ on NASDAQ Stock Exchange Capital Market

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Summit Financial Group, Inc. (Summit), incorporated on March 5, 1987, is a financial holding company. The Company provides community banking services in the Eastern Panhandle and South Central regions of West Virginia and the Northern region of Virginia. It provides these services through its community bank subsidiary, Summit Community Bank (the Bank). It also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia. It provides a range of community banking services, including demand, savings and time deposits; commercial, real estate and consumer loans; letters of credit, and cash management services. The deposits of Summit Community are insured by the Federal Deposit Insurance Corporation (FDIC). As of December 31, 2012, the Company’s community bank, Summit Community Bank, has a total of 15 banking offices located in West Virginia and Virginia. In addition, it also operates an insurance agency, Summit Insurance Services, LLC with an office in Moorefield, West Virginia which offers both commercial and personal lines of insurance and two offices in Leesburg, Virginia, specializing in group health, life and disability benefit plans.

Lending Activities

The Bank segments its loan portfolio into the lending categories, such as commercial, commercial real estate, construction and development, residential real estate, and consumer. Commercial loans are loans made to commercial borrowers, which are not secured by real estate. Commercial real estate loans consist of commercial mortgages, which are secured by nonresidential and multi-family residential properties. Construction and development loans are loans made for the purpose of financing construction or development projects. This portfolio includes commercial and residential land development loans, one-to-four family housing construction both pre-sold and speculative in nature, multi-family housing construction, non-residential building construction, and undeveloped land. Residential real estate loans are mortgage loans to consumers and are secured by a first lien deed of trust. These loans are traditional one-to-four family residential mortgages. Also included in this category of loans are second liens on one-to-four family properties, as well as home equity loans. Consumer loans are loans, which establish consumer credit that is granted for the consumer’s personal use. These loans include automobile loans, recreational vehicle loans, as well as personal secured and unsecured loans. During the year ended December 31, 2012, net loans averaged $969.8 million.

Investment Activities

As of December 31, 2012, securities comprised approximately 20.3% of total assets. During 2012, average securities approximated $305.5 million.

Sources of Funds

Brokered deposits represent certificates of deposit acquired through a third party. As of December 31, 2011, these deposits totaled $190.4 million. As of December 31, 2012, total short-term borrowings were $12.0 million. As of December 31, 2012, total long-term borrowings of $203.3 million consisted of funds borrowed on available lines of credit from the Federal Home Loan Bank and structured reverse repurchase agreements with two unaffiliated institutions. As of December 31, 2012, borrowings from the Federal Home Loan Bank totaled $439.0million. As of December 31, 2012, it had subordinated debt totaling $16.8 million.

Company Address

Summit Financial Group Inc

300 N Main St
MOOREFIELD   WV   26836-1055
P: +1304.5301000

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