SMMF Summit Financial Group Inc

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

or

☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES

EXCHANGE ACT OF 1934  For the transition period from ___________ to __________.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes			☑			No			☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes			☑			No			☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o               Accelerated filer þ    Non-accelerated filer o

                  Smaller reporting company ☐     Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes			☐			No			☑

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock as of the latest practicable date.

Common Stock, $2.50 par value

13,003,145 shares outstanding as of November 3, 2021

									Page
PART  I.			FINANCIAL INFORMATION
			Item 1.			Financial Statements
						Consolidated balance sheets September 30, 2021 (unaudited) and December 31, 2020			4
						Consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (unaudited)			5
						Consolidated statements of comprehensive income for the three and nine months ended September 30, 2021 and 2020 (unaudited)			6
						Consolidated statements of shareholders’ equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)			7
						Consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 (unaudited)			9
						Notes to consolidated financial statements (unaudited)			11
			Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			48
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			61
			Item 4.			Controls and Procedures			66
PART II.			OTHER INFORMATION
			Item 1.			Legal Proceedings			67
			Item 1A.			Risk Factors			63
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			None
			Item 3.			Defaults upon Senior Securities			None
			Item 4.			Mine Safety Disclosures			None
			Item 5.			Other Information			None
			Item 6.			Exhibits			68
EXHIBIT INDEX									69
SIGNATURES									70

Consolidated Balance Sheets (unaudited)

			September 30, 2021						December 31, 2020
Dollars in thousands, except per share amounts			(unaudited)						(*)
ASSETS
Cash and due from banks			$	21,247					$	19,522
Interest bearing deposits with other banks			189,862						80,265
Cash and cash equivalents			211,109						99,787
Debt securities available for sale (at fair value)			424,741						286,127
Debt securities held to maturity (at amortized cost; estimated fair value - $100,793 - 2021, $103,157 - 2020)			98,528						99,914
Less: allowance for credit losses			—						—
Debt securities held to maturity, net			98,528						99,914
Other investments			10,649						14,185
Loans held for sale			1,393						1,998
Loans, net of unearned fees			2,554,110						2,412,153
Less: allowance for credit losses			(32,406)						(32,246)
Loans, net			2,521,704						2,379,907
Property held for sale			12,450						15,588
Premises and equipment, net			56,818						52,537
Accrued interest and fees receivable			10,484						11,989
Goodwill and other intangible assets, net			63,977						55,123
Cash surrender value of life insurance policies and annuities			60,241						59,438
Other assets			36,857						29,791
Total assets			$	3,508,951					$	3,106,384
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing			$	575,542					$	440,818
Interest bearing			2,380,398						2,154,833
Total deposits			2,955,940						2,595,651
Short-term borrowings			140,146						140,146
Long-term borrowings			684						699
Subordinated debentures			29,466						29,364
Subordinated debentures owed to unconsolidated subsidiary trusts			19,589						19,589
Other liabilities			39,837						39,355
Total liabilities			3,185,662						2,824,804
Commitments and Contingencies
Shareholders' Equity
Preferred stock, $1.00 par value, authorized 250,000 shares; issued: 2021 - 1,500			14,920						—
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2021 - 13,003,145 shares and 2020 - 12,985,708 shares; outstanding: 2021 - 12,976,693 shares and 2020 - 12,942,004			95,863						94,964
Unallocated common stock held by Employee Stock Ownership Plan - 2021 - 26,452 shares and 2020 - 43,704 shares			(285)						(472)
Retained earnings			207,703						181,643
Accumulated other comprehensive income			5,088						5,445
Total shareholders' equity			323,289						281,580
Total liabilities and shareholders' equity			$	3,508,951					$	3,106,384

(*) - Derived from audited consolidated financial statements

See Notes to Consolidated Financial Statements

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Dollars in thousands, except per share amounts						2021						2020						2021						2020
Interest income
Interest and fees on loans
Taxable						$	28,340					$	26,656					$	83,352					$	77,211
Tax-exempt						76						151						299						455
Interest and dividends on securities
Taxable						1,432						1,445						4,078						4,656
Tax-exempt						916						937						2,629						2,288
Interest on interest bearing deposits with other banks						118						57						240						216
Total interest income						30,882						29,246						90,598						84,826
Interest expense
Interest on deposits						1,832						3,552						6,464						13,088
Interest on short-term borrowings						470						734						1,404						1,863
Interest on long-term borrowings and subordinated debentures						543						194						1,631						600
Total interest expense						2,845						4,480						9,499						15,551
Net interest income						28,037						24,766						81,099						69,275
Provision for credit losses						—						3,250						2,500						11,500
Net interest income after provision for credit losses						28,037						21,516						78,599						57,775
Noninterest income
Trust and wealth management fees						718						622						2,039						1,870
Mortgage origination revenue						742						780						2,638						1,636
Service charges on deposit accounts						1,338						1,138						3,530						3,283
Bank card revenue						1,509						1,237						4,369						3,257
Realized securities gains (losses), net						(68)						1,522						534						2,560
Bank owned life insurance and annuities income						160						795						733						1,334
Other						168						113						413						367
Total noninterest income						4,567						6,207						14,256						14,307
Noninterest expenses
Salaries, commissions and employee benefits						8,745						8,108						25,410						23,709
Net occupancy expense						1,254						1,057						3,559						2,917
Equipment expense						1,908						1,474						5,088						4,263
Professional fees						374						364						1,140						1,168
Advertising and public relations						254						145						482						389
Amortization of intangibles						390						412						1,176						1,251
FDIC premiums						354						320						1,119						595
Bank card expense						705						589						1,964						1,652
Foreclosed properties expense						370						607						1,342						1,815
Acquisition-related expenses						273						28						1,167						1,453
Other						2,716						2,405						8,365						6,493
Total noninterest expenses						17,343						15,509						50,812						45,705
Income before income tax expense						15,261						12,214						42,043						26,377
Income tax expense						3,023						2,594						8,886						5,302
Net income						12,238						9,620						33,157						21,075
Dividends on preferred shares						225						—						364						—
Net income applicable to common shares						$	12,013					$	9,620					$	32,793					$	21,075
Basic earnings per common share						$	0.93					$	0.74					$	2.53					$	1.63
Diluted earnings per common share						$	0.92					$	0.74					$	2.52					$	1.62

See Notes to Consolidated Financial Statements 

			For the Three Months Ended   September 30,
Dollars in thousands			2021						2020
Net income			$	12,238					$	9,620
Other comprehensive (loss) income:
Net unrealized gain on cashflow hedge of: 2021 - $907, net of deferred taxes of $218; 2020 - $555, net of deferred taxes of $133			689						422
Net unrealized (loss) gain on securities available for sale of: 2021 - $(3,555), net of deferred taxes of $(853) and reclassification adjustment for net realized losses included in net income of $(68), net of tax of $(16); 2020 - $587, net of deferred taxes of $141 and reclassification adjustment for net realized gains included in net income of $1,522, net of tax of $365			(2,702)						446
Total other comprehensive (loss) income			(2,013)						868
Total comprehensive income			$	10,225					$	10,488

See Notes to Consolidated Financial Statements