Last $11.50 USD
Change Today -0.039 / -0.34%
Volume 612.0
As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

summit financial group inc (SMMF) Snapshot

Open
$11.54
Previous Close
$11.54
Day High
$11.54
Day Low
$11.44
52 Week High
11/3/14 - $12.70
52 Week Low
08/6/14 - $9.17
Market Cap
85.8M
Average Volume 10 Days
2.4K
EPS TTM
$1.41
Shares Outstanding
7.5M
EX-Date
11/27/09
P/E TM
8.2x
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.

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 Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2014

Summit Financial Group Inc. reported earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $14.452 million against $14.359 million a year ago. Net interest income was $10.951 million against $10.003 million a year ago. Net interest income after provision for loan losses was $10.951 million against $9.003 million a year ago. Income before income taxes was $4.663 million against $3.475 million a year ago. Net income was $3.199 million against $2.788 million a year ago. Net income applicable to common shares was $3.008 million against $2.594 million a year ago. Diluted earnings per share were $0.32 against $0.29 a year ago. Return on average equity was 10.10% against 10.15% a year ago. Return on average assets was 0.89% against 0.80% a year ago. Fourth quarter of 2014 earnings compared to fourth quarter of 2013 were positively impacted by a $948,000 increase in net interest income and a $1.0 million decline in provision for loan losses, but were negatively impacted by a $686,000 increase in noninterest expense, which included a fraud loss of $461,000. Excluding from fourth quarter 2014 (on a pre-tax basis) realized securities gains of $149,000, losses on sales of foreclosed properties of $628,000, write-downs of foreclosed properties of $300,000 and the $461,000 fraud loss, fourth quarter of 2014 core earnings approximated $3.79 million, or $0.40 per diluted share. Excluding from fourth quarter of 2013 (on a pre-tax basis) realized securities gains of $124,000, gains on sales of foreclosed properties of $28,000, and write-downs of foreclosed properties of $644,000, fourth quarter of 2013 core earnings approximated $2.90 million, or $0.32 per diluted share. Total core revenue (excluding nonrecurring items) was $13.6 million for fourth quarter 2014 compared to $12.8 million for the same prior-year quarter, an increase of 6.6%. For the year, the company reported total interest income of $57.626 million against $57.280 million a year ago. Net interest income was $42.385 million against $38.803 million a year ago. Net interest income after provision for loan losses was $40.135 million against $34.303 million a year ago. Income before income taxes was $16.034 million against $10.756 million a year ago. Net income was $11.356 million against $8.068 million a year ago. Net income applicable to common shares was $10.585 million against $7.293 million a year ago. Diluted earnings per share were $1.17 against $0.84 a year ago. Return on average equity was 9.54% against 7.38% a year ago. Return on average assets was 0.80% against 0.58% a year ago. Book value per common share was $13.57 as on December 31, 2014 compared with $11.55 as on December 31, 2013. Tangible book value per common was $12.78 as on December 31, 2014 compared with $10.72 as on December 31, 2013. Excluding from the full-year 2014 nonrecurring items (on a pre-tax basis) comprised of realized securities gains of $213,000, losses on sales of foreclosed properties of $827,000, OTTI charges of $1,000 and write-downs of foreclosed properties of $3.77 million, and from the 2013 full year realized securities gains of $240,000, losses on sale of foreclosed properties of $518,000, OTTI charges of $118,000 and write-downs of foreclosed properties of $3.72 million, core earnings for full-year 2014 were approximately $13.64 million, or $1.50 per diluted share, compared to $9.89 million, or $1.12 per diluted share, for full-year 2013. For full-year 2014, total core revenue (excluding nonrecurring items) was $53.4 million compared to $49.9 million for full-year 2013, a 7.0% improvement. For the fourth quarter, the company reported net loan charge-offs of $0.126 million.

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.

 

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Industry Analysis

SMMF

Industry Average

Valuation SMMF Industry Range
Price/Earnings 10.6x
Price/Sales 1.7x
Price/Book 0.7x
Price/Cash Flow 8.4x
TEV/Sales NM Not Meaningful
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