Last $11.74 USD
Change Today +0.37 / 3.25%
Volume 12.4K
SMMF On Other Exchanges
Symbol
Exchange
NASDAQ CM
As of 8:10 PM 12/19/14 All times are local (Market data is delayed by at least 15 minutes).

summit financial group inc (SMMF) Snapshot

Open
$11.14
Previous Close
$11.37
Day High
$11.74
Day Low
$10.90
52 Week High
11/3/14 - $12.70
52 Week Low
02/7/14 - $8.89
Market Cap
87.6M
Average Volume 10 Days
7.1K
EPS TTM
$1.36
Shares Outstanding
7.5M
EX-Date
11/27/09
P/E TM
8.6x
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 Consolidated Earnings Results for the Third Quarter and Nine Months September 30, 2014; Announces Net Loan Charge-Offs for the Third Quarter of 2014

Summit Financial Group Inc. reported consolidated earnings results for the third quarter and nine months September 30, 2014. For the quarter, the company's net income applicable to common shares of $3.14 million, or $0.35 per diluted share, compared to $2.08 million, or $0.24 per diluted share, for the third quarter of 2013, representing an increase of 51.3%, or 45.8% per diluted share. TThird quarter 2014 earnings compared to third quarter 2013 were positively impacted by a $1.54 million increase in net interest income and a $750,000 decline in provision for loan losses, but were negatively impacted by a $926,000 increase in write-downs of foreclosed properties. Core earnings approximated $4.10 million, or $0.45 per diluted share impacted by a $926,000 increase in write-downs of foreclosed properties compared to core earnings approximated $2.42 million or $0.27 per diluted share for the same period last year. Total revenue for third quarter 2014, consisting of net interest income and noninterest income, grew 12.8% to $14.0 million compared to $12.4 million for the third quarter 2013. Total core revenue (excluding nonrecurring items, enumerated above) was $13.9 million for third quarter 2014 compared to $12.3 million for the same prior-year quarter, an increase of 12.6%. Net interest income was $11.1 million, an increase of 16.1% from the $9.5 million reported in the prior-year third quarter and increased $757,000 compared to the linked quarter. Income before income taxes was $4,554,000 compared to $3,170,000 for the same period last year. Return on average equity was 11.13% compared to 8.49% and return on average assets were 0.93% compared to 0.67% for the same period last year. For the nine months ended September 30, 2014, the company recorded net income applicable to common shares of $7.58 million, or $0.85 per diluted share, compared with $4.70 million, or $0.55 per diluted share, for the comparable 2013 nine-month period, representing an increase of 61.2%, or 54.5% per diluted share. Core earnings for first nine months of 2014 were approximately $9.85 million, or $1.08 per diluted share, compared to $6.98 million, or $0.79 per diluted share, for the 2013 nine month period. Total revenue was $39.8 million compared to $37.1 million for the same period of 2013, representing a 7.3% increase. Total core revenue (excluding nonrecurring items) was $39.8 million compared to $37.1 million for the first nine months of 2013, a 7.2% improvement. Income before income taxes was $11,373,000 compared to $7,283,000 for the same period last year. Net interest income was $31,435,000 compared to $28,801,000 for the same period last year. Book value per common share was $12.62 compared to $11.32 for the same period last year. Tangible book value per common share increased to $11.81 at September 30, 2014 compared to $10.72 at December 31, 2013 and $10.48 at September 30, 2013. Return on average equity was 9.35% compared to 6.46% and return on average assets was 0.77% compared to 0.51% for the same period last year. The company announced net loan charge-offs of $215,000, or 0.09% of average loans annualized, for the third quarter ended September 30, 2014.

Summit Financial Files Shelf Registration; Mulls Acquisitions

Summit Financial Group Inc. (NasdaqCM:SMMF) has filed a Shelf Registration in the amount of $15 million. The company intends to use the net proceeds from the sale of the securities for general corporate purposes. General corporate purposes may include repayment of debt, additions to working capital, capital expenditures, investments in our subsidiaries, possible acquisitions and the repurchase, redemption or retirement of securities, including shares of common stock.

Summit Financial Group Inc. to Report Q3, 2014 Results on Oct 20, 2014

Summit Financial Group Inc. announced that they will report Q3, 2014 results at 6:00 AM, US Eastern Standard Time on Oct 20, 2014

 

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Industry Analysis

SMMF

Industry Average

Valuation SMMF Industry Range
Price/Earnings 10.8x
Price/Sales 1.7x
Price/Book 0.8x
Price/Cash Flow 8.6x
TEV/Sales NM Not Meaningful
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