Last $10.00 USD
Change Today 0.00 / 0.00%
Volume 900.0
SMMF On Other Exchanges
Symbol
Exchange
NASDAQ CM
As of 10:29 AM 10/23/14 All times are local (Market data is delayed by at least 15 minutes).

summit financial group inc (SMMF) Snapshot

Open
$10.00
Previous Close
$10.00
Day High
$10.00
Day Low
$10.00
52 Week High
06/2/14 - $11.23
52 Week Low
02/7/14 - $8.89
Market Cap
74.6M
Average Volume 10 Days
3.0K
EPS TTM
$1.18
Shares Outstanding
7.5M
EX-Date
11/27/09
P/E TM
8.5x
Dividend
--
Dividend Yield
--
Current Stock Chart for SUMMIT FINANCIAL GROUP INC (SMMF)

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summit financial group inc (SMMF) Details

Summit Financial Group, Inc. operates as a financial holding company for Summit Community Bank that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and South Central regions of West Virginia, and the Northern region of Virginia. Its community banking services include demand, savings, and time deposits; commercial, commercial real estate, construction and development, residential real estate, and consumer loans; letters of credit; and cash management services. The company also operates as an insurance agency that provides commercial and personal lines of insurance products comprising group health, life, and disability benefit plans. As of April 30, 2014, it operated 15 banking offices. Summit Financial Group, Inc. was founded in 1987 and is headquartered in Moorefield, West Virginia.

224 Employees
Last Reported Date: 03/7/14
Founded in 1987

summit financial group inc (SMMF) Top Compensated Officers

Vice Chairman, Chief Executive Officer, Presi...
Total Annual Compensation: $397.5K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $193.3K
Chief Operating Officer and Senior Vice Presi...
Total Annual Compensation: $193.3K
Compensation as of Fiscal Year 2013.

summit financial group inc (SMMF) Key Developments

Summit Financial Group Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2014

Summit Financial Group Inc. reported earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income applicable to common shares of $2.24 million, or $0.25 per diluted share, compared to $1.02 million, or $0.13 per diluted share, for the second quarter of 2013, representing an increase of 118.9%, or 92.3% per diluted share. Net interest income was $10.3 million, an increase of 8.6% from the $9.5 million reported in the prior-year second quarter and increased $282,000 compared to the linked quarter. Income before income taxes was $3,495,000 compared to $1,669,000 a year ago. Net income was $2,432,000 compared to $1,217,000 a year ago. Return on average equity was 8.37% compared to 4.40% a year ago. Return on average assets was 0.69% compared to 0.35% a year ago. Book value per common share was $12.21 compared to $11.15 a year ago. Tangible book value per common share was $11.40 compared to $10.31 a year ago. Core earnings applicable to common shares were $2,907,000 compared to $2,347,000 a year ago. Core diluted earnings per common share was $0.32 compared to $0.27 a year ago. Total core revenue was $13,069,000 compared to $12,291,000 a year ago. For the six months, the company recorded net income applicable to common shares of $4.44 million, or $0.50 per diluted share, compared with $2.62 million, or $0.31 per diluted share, for the comparable 2013 six-month period, representing an increase of 69.5%, or 61.3 % per diluted share. Net interest income was $20,358,000 compared to $19,262,000 a year ago. Income before income taxes was $6,819,000 compared to $4,112,000 a year ago. Net income was $4,822,000 compared to $3,010,000 a year ago. Return on average equity was 8.42% compared to 5.47% a year ago. Return on average assets was 0.69% compared to 0.43% a year ago. Core earnings applicable to common shares were $5,749,000 compared to $4,564,000 a year ago. Core diluted earnings per common share was $0.65 compared to $0.52 a year ago. Total core revenue was $25,911,000 compared to $24,809,000 a year ago. The company reported net loan charge-offs for the second quarter ended June 30, 2014. For the quarter, the company reported net loan charge-offs was $1,063,000 compared to $3,898,000 a year ago.

Summit Financial Group Inc. Reports Earnings Results for the First Quarter Ended March 31, 2014; Announces Net Loan Charge-Offs for the First Quarter of 2014

Summit Financial Group Inc. reported earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total interest income of $14,070,000 compared to $14,569,000 a year ago. Net interest income was $10,038,000 compared to $9,758,000 a year ago. Net interest income after provision for loan losses was $9,038,000 compared to $8,258,000 a year ago. Income before income taxes was $3,323,000 compared to $2,444,000 a year ago. Net income was $2,389,000 compared to $1,793,000 a year ago. Net income applicable to common shares was $2,196,000 or $0.25 per diluted share compared to $1,599,000 or $0.19 per diluted share a year ago. Return on average equity was 8.46% compared to 6.55% a year ago. Return on average assets was 0.69% compared to 0.52% a year ago. Tangible book value per common share was $11.09 as at March 31, 2014 compared to $10.60 as at March 31, 2013. GAAP total revenue was $12,821,000 compared to $12,506,000 a year ago. Book value per common share was $11.91 as at March 31, 2014 compared to $11.45 as at March 31, 2013. First quarter of 2014 earnings compared to the first quarter of 2013 were positively impacted by a $500,000 decrease in provision for loan losses and a $280,000 increase in net interest income. Total revenue for first quarter 2014, consisting of net interest income and noninterest income, grew 2.5% to $12.8 million compared to $12.5 million for the first quarter 2013. Total revenue excluding realized securities losses of $22,000 for the first quarter of 2014 and excluding $42,000 in realized securities gains and $54,000 OTTI of securities from the first quarter of 2013 was $12.8 million for first quarter 2014 compared to $12.5 million in the prior-year quarter. First quarter of 2014 earnings compared to the first quarter of 2013 were positively impacted by a $500,000 decrease in provision for loan losses and a $280,000 increase in net interest income. First quarter 2014 net loan charge-offs were $2.59 million, or 1.08% of average loans annualized; while adding $1.00 million to the allowance for loan losses. The allowance for loan losses stood at $11.1 million, or 1.14% of total loans at March 31, 2014, compared to 1.33% at year-end 2013. Write-downs of foreclosed properties were $928,000 compared to $929,000 a year ago.

Summit Financial Group Inc., Annual General Meeting, May 15, 2014

Summit Financial Group Inc., Annual General Meeting, May 15, 2014., at 13:00 Eastern Daylight. Location: Company's Corporate Office. Agenda: To elect five directors to serve until 2017; to ratify the selection of Arnett Foster Toothman, PLLC as the company's independent registered public accounting firm for the year ending December 31, 2014; to approve company's 2014 long-term incentive plan; and to transact such other business as may properly come before the meeting.

 

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Industry Analysis

SMMF

Industry Average

Valuation SMMF Industry Range
Price/Earnings 10.6x
Price/Sales 1.6x
Price/Book 0.7x
Price/Cash Flow 7.5x
TEV/Sales NM Not Meaningful
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