MOOREFIELD, W.Va., Oct. 24, 2016 (GLOBE NEWSWIRE) — Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ:SMMF) today reported third quarter 2016 net income of $4.28 million, or $0.40 per diluted share, compared to $3.66 million, or $0.34 per diluted share, for the third quarter of 2015, representing an increase of 16.9 percent, or 17.6 percent per diluted share. Q3 2016 earnings compared to Q3 2015 and Q2 2016 were positively impacted by increased net interest earnings and reduced write-downs of foreclosed properties, which were partially offset by increased personnel costs and smaller gains realized on sales of securities.
Excluding from third quarter 2016 one-time items of income, gain, expense and loss, Q3 2016 core earnings approximated $4.38 million, or $0.41 per diluted share compared to Q3 2015 core earnings of $4.11 million, or $0.38 per diluted share, and to Q2 2016 core earnings of $4.09 million, or $0.37 per diluted share.
For the nine months ended September 30, 2016, Summit recorded net income of $12.59 million, or $1.18 per diluted share, compared with $11.96 million, or $1.12 per diluted share, for the comparable 2015 nine-month period, representing an increase of 5.3 percent, or 5.4 percent per diluted share.
Excluding from the nine-month period ended September 30, 2016 one-time items of income, gain, expense and loss, core earnings approximated $12.42 million, or $1.16 per diluted share compared to core earnings of $12.50 million, or $1.18 per diluted share, for the same period of 2015.
Highlights for Q3 2016 include:
- Core revenues increased 9.2 percent (on an annualized basis) compared to the linked quarter, and 5.8 percent compared to the year ago quarter.
- Loans, excluding mortgage warehouse lines of credit, grew $39.4 million during the quarter, or 14.4 percent (on an annualized basis), and have grown $46.4 million, or 5.7 percent (annualized), year-to-date.
- Nonperforming assets as a percentage of total assets declined for the sixteenth consecutive quarter to 2.36 percent, compared to 2.47 percent for the linked quarter, reaching its lowest level since Q2 2008.
- Net interest margin declined 9 basis points compared to Q3 2015, and 8 basis points compared to the linked quarter.
- Recorded charges of $134,000 to write-down foreclosed properties compared to $259,000 in Q2 2016 and $1,046,000 in Q3 2015.
H. Charles Maddy, III, President and Chief Executive Officer of Summit, commented, “I am very pleased to report Summit achieved solid operating results in third quarter 2016. I am particularly gratified by the growth in core revenues which principally resulted from a substantial increase in this past quarter’s lending activity. Further, we closed our acquisition of Highland County Bankshares on October 1, 2016, and our pending acquisition of First Century Bankshares has now received all requisite regulatory approvals and is expected to close in early 2017. The opportunities for us represented by these two acquisitions are significant. They combine Summit with two financially strong banks that have similar cultures, core values and guiding principles as ours, and share the same commitment to build long-term client relationships by providing service beyond expectations.”
Results from Operations
Total revenue for third quarter 2016, consisting of net interest income and noninterest income, grew 3.4 percent to $14.8 million compared to $14.3 million for the third quarter 2015. For the year-to-date period ended September 30, 2016, total revenue was $44.2 million compared to $43.3 million for the same period of 2015, representing a 2.0 percent increase.
Total core revenue, excluding nonrecurring items, described above, was $14.7 million for third quarter 2016 compared to $13.9 million for the same prior-year quarter, an increase of 5.8 percent. For the first nine months of 2016, total core revenue (excluding nonrecurring items) was $43.3 million compared to $42.1 million for the first nine months of 2015, a 2.9 percent improvement.
For the third quarter of 2016, net interest income was $12.0 million, an increase of 6.5 percent from the $11.3 million reported in the prior-year third quarter and increased $304,000 compared to the linked quarter. The net interest margin for third quarter 2016 was 3.32 percent compared to 3.41 percent for the year-ago quarter, and 3.40 percent for the linked quarter.
Noninterest income, consisting primarily of insurance commissions from Summit’s insurance agency subsidiary and service fee income from community banking activities, for third quarter 2016 was $2.75 million compared to $2.99 million for the comparable period of 2015. Excluding realized securities gains, noninterest income was $2.69 million for third quarter 2016, compared to $2.62 million reported for third quarter 2015.
We recorded no provision for loan losses during third quarter 2016, compared to $250,000 for both the linked quarter and year-ago quarter.
Noninterest expense continues to be well-controlled. Total noninterest expense decreased 5.1 percent to $8.42 million compared to $8.87 million for the prior-year third quarter. Excluding from noninterest expense (on a pre-tax basis) merger expenses, flood losses, gains/losses on sales of foreclosed properties, and write-downs of foreclosed properties, noninterest expense would have approximated $8.21 million for Q3 2016 compared to $7.79 million for the comparable period of 2015. Noninterest expense for the first nine months of 2016 increased 1.1 percent compared to the first nine months of 2015.
Balance Sheet
At September 30, 2016, total assets were $1.66 billion, an increase of $165.2 million, or 11.1 percent since December 31, 2015. Total loans, net of unearned fees and allowance for loan losses, were $1.23 billion at September 30, 2016, up $155.3 million, or 14.4 percent, from the $1.08 billion reported at year-end 2015. Excluding mortgage warehouse lines of credit, net loans increased $46.3 million or 4.3 percent from year-end 2015.
At September 30, 2016, deposits were $1.16 billion, an increase of $90.1 million, or 8.4 percent, since year end 2015. During first nine months of 2016, checking deposits remained relatively unchanged at $334.8 million, while time deposits and savings deposits increased by $35.2 million and $54.7 million, respectively, or 7.6 percent and 20.5 percent, respectively.
Asset Quality
As of September 30, 2016, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $39.2 million, or 2.36 percent of assets. This compares to $38.7 million, or 2.47 percent of assets at the linked quarter, and $45.2 million, or 3.07 percent of assets, at third quarter 2015.
Third quarter 2016 net loan charge-off recoveries were $242,000, or 0.09 percent of average loans annualized; with no provision for loan losses. The allowance for loan losses stood at $11.6 million, or 0.93 percent of total loans at September 30, 2016, compared to 1.05 percent at year-end 2015.
Capital Adequacy
Shareholders’ equity was $153.8 million as of September 30, 2016 compared to $143.7 million December 31, 2015 and $140.3 million at September 30, 2015. Tangible book value per common share increased to $13.69 at September 30, 2016 compared to $12.78 at December 31, 2015 and $12.45 at September 30, 2015. Summit had 10,701,841 outstanding common shares at Q3 2016 quarter end compared to 10,671,744 at year end 2015.
Summit’s depository institution, Summit Community Bank, Inc. (the “Bank”), is well in excess of regulatory requirements for a “well capitalized” institution at September 30, 2016. The Bank’s total risk-based capital ratio was 13.4 percent at September 30, 2016 compared to 14.5 percent at December 31, 2015, while its Tier 1 leverage capital ratio was 10.5 percent at September 30, 2016 compared to the 10.8 percent reported at December 31, 2015.
About the Company
Summit Financial Group, Inc. is a $1.66 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates eighteen banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.
FORWARD-LOOKING STATEMENTS
This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as “expects”, “anticipates”, “believes”, “estimates” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could” are intended to identify such forward-looking statements.
Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies. We undertake no obligation to revise these statements following the date of this press release.
NON-GAAP FINANCIAL MEASURES
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Specifically, Summit adjusted GAAP performance measures to exclude the effects of realized and unrealized securities gains and losses, gains/losses on sales of assets, and write-downs of foreclosed properties to estimated fair value included in its Statements of Income. Management deems believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Summit’s core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||
| Quarterly Performance Summary — Q3 2016 vs Q3 2015 | ||||||||||
| For the Quarter Ended | Percent | |||||||||
| Dollars in thousands | 9/30/2016 | 9/30/2015 | Change | |||||||
| Condensed Statements of Income | ||||||||||
| Interest income | ||||||||||
| Loans, including fees | $ | 14,142 | $ | 12,983 | 8.9 | % | ||||
| Securities | 1,759 | 1,543 | 14.0 | % | ||||||
| Other | 5 | 5 | 0.0 | % | ||||||
| Total interest income | 15,906 | 14,531 | 9.5 | % | ||||||
| Interest expense | ||||||||||
| Deposits | 2,209 | 2,106 | 4.9 | % | ||||||
| Borrowings | 1,659 | 1,120 | 48.1 | % | ||||||
| Total interest expense | 3,868 | 3,226 | 19.9 | % | ||||||
| Net interest income | 12,038 | 11,305 | 6.5 | % | ||||||
| Provision for loan losses | – | 250 | -100.0 | % | ||||||
| Net interest income after provision | ||||||||||
| for loan losses | 12,038 | 11,055 | 8.9 | % | ||||||
| Noninterest income | ||||||||||
| Insurance commissions | 1,016 | 983 | 3.4 | % | ||||||
| Service fees related to deposit accounts | 1,138 | 1,111 | 2.4 | % | ||||||
| Realized securities gains | 61 | 372 | -83.6 | % | ||||||
| Other income | 534 | 527 | 1.3 | % | ||||||
| Total noninterest income | 2,749 | 2,993 | -8.2 | % | ||||||
| Noninterest expense | ||||||||||
| Salaries and employee benefits | 4,819 | 4,479 | 7.6 | % | ||||||
| Net occupancy expense | 525 | 496 | 5.8 | % | ||||||
| Equipment expense | 716 | 582 | 23.0 | % | ||||||
| Professional fees | 270 | 402 | -32.8 | % | ||||||
| FDIC premiums | 200 | 300 | -33.3 | % | ||||||
| Merger expense | 80 | – | n/a | |||||||
| Foreclosed properties expense | 100 | 168 | -40.5 | % | ||||||
| Loss (gain) on sales of foreclosed properties | (168 | ) | 35 | n/a | ||||||
| Write-downs of foreclosed properties | 134 | 1,046 | -87.2 | % | ||||||
| Other expenses | 1,743 | 1,364 | 27.8 | % | ||||||
| Total noninterest expense | 8,419 | 8,872 | -5.1 | % | ||||||
| Income before income taxes | 6,368 | 5,176 | 23.0 | % | ||||||
| Income taxes | 2,087 | 1,515 | 37.8 | % | ||||||
| Net income | $ | 4,281 | $ | 3,661 | 16.9 | % | ||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||
| Quarterly Performance Summary — Q3 2016 vs Q3 2015 | ||||||||||
| For the Quarter Ended | Percent | |||||||||
| 9/30/2016 | 9/30/2015 | Change | ||||||||
| Per Share Data | ||||||||||
| Earnings per common share | ||||||||||
| Basic | $ | 0.40 | $ | 0.34 | 17.6 | % | ||||
| Diluted | $ | 0.40 | $ | 0.34 | 17.6 | % | ||||
| Cash dividends | $ | 0.10 | $ | 0.08 | 25.0 | % | ||||
| Average common shares outstanding | ||||||||||
| Basic | 10,692,423 | 10,703,526 | -0.1 | % | ||||||
| Diluted | 10,727,140 | 10,712,203 | 0.1 | % | ||||||
| Common shares outstanding at period end | 10,701,841 | 10,658,199 | 0.4 | % | ||||||
| Performance Ratios | ||||||||||
| Return on average equity | 11.29 | % | 10.42 | % | 8.3 | % | ||||
| Return on average tangible equity | 11.86 | % | 11.01 | % | 7.7 | % | ||||
| Return on average assets | 1.08 | % | 1.00 | % | 8.0 | % | ||||
| Net interest margin | 3.32 | % | 3.41 | % | -2.6 | % | ||||
| Efficiency ratio (A) | 53.30 | % | 52.93 | % | 0.7 | % | ||||
NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||
| Nine Month Performance Summary — 2016 vs 2015 | ||||||||||
| For the Nine Months Ended | Percent | |||||||||
| Dollars in thousands | 9/30/2016 | 9/30/2015 | Change | |||||||
| Condensed Statements of Income | ||||||||||
| Interest income | ||||||||||
| Loans, including fees | $ | 41,200 | $ | 38,804 | 6.2 | % | ||||
| Securities | 5,141 | 5,122 | 0.4 | % | ||||||
| Other | 13 | 7 | 85.7 | % | ||||||
| Total interest income | 46,354 | 43,933 | 5.5 | % | ||||||
| Interest expense | ||||||||||
| Deposits | 6,533 | 6,251 | 4.5 | % | ||||||
| Borrowings | 4,271 | 3,399 | 25.7 | % | ||||||
| Total interest expense | 10,804 | 9,650 | 12.0 | % | ||||||
| Net interest income | 35,550 | 34,283 | 3.7 | % | ||||||
| Provision for loan losses | 500 | 1,000 | -50.0 | % | ||||||
| Net interest income after provision | ||||||||||
| for loan losses | 35,050 | 33,283 | 5.3 | % | ||||||
| Noninterest income | ||||||||||
| Insurance commissions | 3,030 | 3,191 | -5.0 | % | ||||||
| Service fees related to deposit accounts | 3,175 | 3,159 | 0.5 | % | ||||||
| Realized securities gains | 836 | 1,023 | -18.3 | % | ||||||
| Other income | 1,560 | 1,619 | -3.6 | % | ||||||
| Total noninterest income | 8,601 | 8,992 | -4.3 | % | ||||||
| Noninterest expense | ||||||||||
| Salaries and employee benefits | 14,265 | 13,107 | 8.8 | % | ||||||
| Net occupancy expense | 1,576 | 1,483 | 6.3 | % | ||||||
| Equipment expense | 2,059 | 1,677 | 22.8 | % | ||||||
| Professional fees | 1,171 | 1,109 | 5.6 | % | ||||||
| FDIC premiums | 800 | 950 | -15.8 | % | ||||||
| Merger expense | 345 | – | n/a | |||||||
| Foreclosed properties expense | 317 | 534 | -40.6 | % | ||||||
| Loss (gain) on sales of foreclosed properties | (451 | ) | 288 | -256.6 | % | |||||
| Write-downs of foreclosed properties | 503 | 1,779 | -71.7 | % | ||||||
| Other expenses | 4,825 | 4,211 | 14.6 | % | ||||||
| Total noninterest expense | 25,410 | 25,138 | 1.1 | % | ||||||
| Income before income taxes | 18,241 | 17,137 | 6.4 | % | ||||||
| Income taxes | 5,655 | 5,181 | 9.1 | % | ||||||
| Net income | $ | 12,586 | $ | 11,956 | 5.3 | % | ||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||
| Nine Month Performance Summary — 2016 vs 2015 | ||||||||||
| For the Nine Months Ended | Percent | |||||||||
| 9/30/2016 | 9/30/2015 | Change | ||||||||
| Per Share Data | ||||||||||
| Earnings per common share | ||||||||||
| Basic | $ | 1.18 | $ | 1.19 | -0.8 | % | ||||
| Diluted | $ | 1.18 | $ | 1.12 | 5.4 | % | ||||
| Cash dividends | $ | 0.30 | $ | 0.24 | 25.0 | % | ||||
| Average common shares outstanding | ||||||||||
| Basic | 10,682,129 | 10,069,374 | 6.1 | % | ||||||
| Diluted | 10,692,346 | 10,628,139 | 0.6 | % | ||||||
| Common shares outstanding at period end | 10,701,841 | 10,658,199 | 0.4 | % | ||||||
| Performance Ratios | ||||||||||
| Return on average equity | 11.29 | % | 11.61 | % | -2.8 | % | ||||
| Return on average tangible equity | 11.88 | % | 12.29 | % | -3.3 | % | ||||
| Return on average assets | 1.09 | % | 1.09 | % | 0.0 | % | ||||
| Net interest margin | 3.40 | % | 3.50 | % | -2.9 | % | ||||
| Efficiency ratio (A) | 54.84 | % | 51.40 | % | 6.7 | % | ||||
NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||
| Five Quarter Performance Summary | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||
| Condensed Statements of Income | ||||||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 14,142 | $ | 13,622 | $ | 13,436 | $ | 13,265 | $ | 12,983 | ||||||
| Securities | 1,759 | 1,656 | 1,726 | 1,685 | 1,543 | |||||||||||
| Other | 5 | 5 | 3 | 1 | 5 | |||||||||||
| Total interest income | 15,906 | 15,283 | 15,165 | 14,951 | 14,531 | |||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 2,209 | 2,154 | 2,170 | 2,085 | 2,106 | |||||||||||
| Borrowings | 1,659 | 1,395 | 1,216 | 1,133 | 1,120 | |||||||||||
| Total interest expense | 3,868 | 3,549 | 3,386 | 3,218 | 3,226 | |||||||||||
| Net interest income | 12,038 | 11,734 | 11,779 | 11,733 | 11,305 | |||||||||||
| Provision for loan losses | – | 250 | 250 | 250 | 250 | |||||||||||
| Net interest income after provision | ||||||||||||||||
| for loan losses | 12,038 | 11,484 | 11,529 | 11,483 | 11,055 | |||||||||||
| Noninterest income | ||||||||||||||||
| Insurance commissions | 1,016 | 1,090 | 924 | 851 | 983 | |||||||||||
| Service fees related to deposit accounts | 1,138 | 1,059 | 978 | 1,126 | 1,111 | |||||||||||
| Realized securities gains | 61 | 383 | 393 | 421 | 372 | |||||||||||
| Other income | 534 | 513 | 511 | 471 | 527 | |||||||||||
| Total noninterest income | 2,749 | 3,045 | 2,806 | 2,869 | 2,993 | |||||||||||
| Noninterest expense | ||||||||||||||||
| Salaries and employee benefits | 4,819 | 4,764 | 4,682 | 4,530 | 4,479 | |||||||||||
| Net occupancy expense | 525 | 512 | 540 | 481 | 496 | |||||||||||
| Equipment expense | 716 | 686 | 656 | 617 | 582 | |||||||||||
| Professional fees | 270 | 429 | 472 | 507 | 402 | |||||||||||
| FDIC premiums | 200 | 300 | 300 | 270 | 300 | |||||||||||
| Merger expense | 80 | 153 | 112 | – | – | |||||||||||
| Foreclosed properties expense | 100 | 93 | 124 | 150 | 168 | |||||||||||
| Loss (gain) on sales of foreclosed properties | (168 | ) | (276 | ) | (6 | ) | (314 | ) | 35 | |||||||
| Write-downs of foreclosed properties | 134 | 259 | 109 | 636 | 1,046 | |||||||||||
| Other expenses | 1,743 | 1,517 | 1,565 | 1,617 | 1,364 | |||||||||||
| Total noninterest expense | 8,419 | 8,437 | 8,554 | 8,494 | 8,872 | |||||||||||
| Income before income taxes | 6,368 | 6,092 | 5,781 | 5,858 | 5,176 | |||||||||||
| Income taxes | 2,087 | 1,849 | 1,719 | 1,712 | 1,515 | |||||||||||
| Net income | $ | 4,281 | $ | 4,243 | $ | 4,062 | $ | 4,146 | $ | 3,661 | ||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||
| Five Quarter Performance Summary | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | ||||||||||||
| Per Share Data | ||||||||||||||||
| Earnings per common share | ||||||||||||||||
| Basic | $ | 0.40 | $ | 0.40 | $ | 0.38 | $ | 0.39 | $ | 0.34 | ||||||
| Diluted | $ | 0.40 | $ | 0.40 | $ | 0.38 | $ | 0.39 | $ | 0.34 | ||||||
| Cash dividends | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.08 | $ | 0.08 | ||||||
| Average common shares outstanding | ||||||||||||||||
| Basic | 10,692,423 | 10,681,995 | 10,671,856 | 10,661,700 | 10,703,526 | |||||||||||
| Diluted | 10,727,140 | 10,701,017 | 10,679,301 | 10,669,192 | 10,712,203 | |||||||||||
| Common shares outstanding at period end | 10,701,841 | 10,692,320 | 10,681,880 | 10,671,744 | 10,658,199 | |||||||||||
| Performance Ratios | ||||||||||||||||
| Return on average equity | 11.29 | % | 11.49 | % | 11.10 | % | 11.66 | % | 10.42 | % | ||||||
| Return on average tangible equity | 11.86 | % | 12.10 | % | 11.70 | % | 12.31 | % | 11.01 | % | ||||||
| Return on average assets | 1.08 | % | 1.10 | % | 1.08 | % | 1.12 | % | 1.00 | % | ||||||
| Net interest margin | 3.32 | % | 3.40 | % | 3.50 | % | 3.51 | % | 3.41 | % | ||||||
| Efficiency ratio (A) | 53.30 | % | 55.35 | % | 55.93 | % | 54.46 | % | 52.93 | % | ||||||
NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||
| Selected Balance Sheet Data | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| Dollars in thousands, except per share amounts | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | $ | 25,067 | $ | 4,161 | $ | 4,005 | $ | 3,625 | $ | 4,232 | ||||||
| Interest bearing deposits other banks | 9,432 | 8,897 | 12,655 | 5,862 | 8,057 | |||||||||||
| Securities | 262,102 | 261,633 | 271,515 | 280,792 | 272,127 | |||||||||||
| Loans, net | 1,234,605 | 1,166,723 | 1,096,790 | 1,079,331 | 1,062,348 | |||||||||||
| Property held for sale | 24,767 | 23,425 | 24,684 | 25,567 | 29,713 | |||||||||||
| Premises and equipment, net | 21,802 | 21,405 | 21,589 | 21,572 | 20,457 | |||||||||||
| Intangible assets | 7,348 | 7,398 | 7,448 | 7,498 | 7,548 | |||||||||||
| Cash surrender value of life insurance policies | 38,504 | 38,246 | 37,989 | 37,732 | 37,482 | |||||||||||
| Other assets | 34,009 | 33,293 | 31,893 | 30,450 | 27,340 | |||||||||||
| Total assets | $ | 1,657,636 | $ | 1,565,181 | $ | 1,508,568 | $ | 1,492,429 | $ | 1,469,304 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||||||||
| Deposits | $ | 1,156,785 | $ | 1,096,545 | $ | 1,094,544 | $ | 1,066,709 | $ | 1,072,091 | ||||||
| Short-term borrowings | 234,657 | 205,552 | 153,448 | 171,394 | 145,291 | |||||||||||
| Long-term borrowings and | ||||||||||||||||
| subordinated debentures | 93,735 | 94,214 | 94,692 | 95,170 | 95,648 | |||||||||||
| Other liabilities | 18,640 | 18,201 | 19,755 | 15,412 | 15,985 | |||||||||||
| Shareholders’ equity | 153,819 | 150,669 | 146,129 | 143,744 | 140,289 | |||||||||||
| Total liabilities and shareholders’ equity | $ | 1,657,636 | $ | 1,565,181 | $ | 1,508,568 | $ | 1,492,429 | $ | 1,469,304 | ||||||
| Book value per common share | $ | 14.37 | $ | 14.09 | $ | 13.68 | $ | 13.48 | $ | 13.16 | ||||||
| Tangible book value per common share | $ | 13.69 | $ | 13.40 | $ | 12.98 | $ | 12.78 | $ | 12.45 | ||||||
| Tangible equity to tangible assets | 8.9 | % | 9.2 | % | 9.2 | % | 9.2 | % | 9.1 | % | ||||||
| Tangible common equity to tangible assets | 8.9 | % | 9.2 | % | 9.2 | % | 9.2 | % | 9.1 | % | ||||||
| SUMMIT FINANCIAL GROUP INC. (NASDAQ:SMMF) | |||||||||||||||||
| Regulatory Capital Ratios (A) | |||||||||||||||||
| 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||||
| Summit Financial Group, Inc. | |||||||||||||||||
| CET1 Risk-based Capital | 11.1 | % | 11.5 | % | 11.9 | % | 11.8 | % | 11.7 | % | |||||||
| Tier 1 Risk-based Capital | 12.4 | % | 12.9 | % | 13.5 | % | 13.4 | % | 13.4 | % | |||||||
| Total Risk-based Capital | 13.3 | % | 13.8 | % | 14.5 | % | 14.4 | % | 14.4 | % | |||||||
| Tier 1 Leverage Ratio | 10.4 | % | 10.5 | % | 10.7 | % | 10.7 | % | 10.5 | % | |||||||
| Summit Community Bank, Inc. | |||||||||||||||||
| CET1 Risk-based Capital | 12.5 | % | 13.0 | % | 13.6 | % | 13.6 | % | 13.6 | % | |||||||
| Tier 1 Risk-based Capital | 12.5 | % | 13.0 | % | 13.6 | % | 13.6 | % | 13.6 | % | |||||||
| Total Risk-based Capital | 13.4 | % | 13.9 | % | 14.5 | % | 14.5 | % | 14.6 | % | |||||||
| Tier 1 Leverage Ratio | 10.5 | % | 10.6 | % | 10.7 | % | 10.8 | % | 10.7 | % | |||||||
NOTE (A) – Computed in accordance with Basel III regulatory capital guidelines beginning January 1, 2015
| SUMMIT FINANCIAL GROUP INC. (NASDAQ:SMMF) | |||||||||||||||||
| Loan Composition | |||||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | ||||||||||||
| Commercial | $ | 110,466 | $ | 101,521 | $ | 101,743 | $ | 97,201 | $ | 89,250 | |||||||
| Mortgage warehouse lines | 108,983 | 80,282 | – | – | – | ||||||||||||
| Commercial real estate | |||||||||||||||||
| Owner occupied | 192,254 | 190,534 | 202,680 | 203,555 | 199,068 | ||||||||||||
| Non-owner occupied | 367,196 | 348,099 | 353,350 | 337,295 | 336,550 | ||||||||||||
| Construction and development | |||||||||||||||||
| Land and development | 65,430 | 65,702 | 66,483 | 65,500 | 66,164 | ||||||||||||
| Construction | 11,276 | 8,506 | 7,997 | 9,970 | 8,419 | ||||||||||||
| Residential real estate | |||||||||||||||||
| Non-jumbo | 228,777 | 225,919 | 221,368 | 221,749 | 222,739 | ||||||||||||
| Jumbo | 57,276 | 52,105 | 50,057 | 50,313 | 46,092 | ||||||||||||
| Home equity | 75,161 | 75,904 | 74,097 | 74,300 | 73,652 | ||||||||||||
| Consumer | 19,756 | 19,520 | 19,095 | 19,251 | 19,124 | ||||||||||||
| Other | 9,649 | 10,008 | 11,235 | 11,669 | 12,518 | ||||||||||||
| Total loans, net of unearned fees | 1,246,224 | 1,178,100 | 1,108,105 | 1,090,803 | 1,073,576 | ||||||||||||
| Less allowance for loan losses | 11,619 | 11,377 | 11,315 | 11,472 | 11,228 | ||||||||||||
| Loans, net | $ | 1,234,605 | $ | 1,166,723 | $ | 1,096,790 | $ | 1,079,331 | $ | 1,062,348 | |||||||
| SUMMIT FINANCIAL GROUP INC. (NASDAQ:SMMF) | |||||||||||||||||
| Deposit Composition | |||||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | ||||||||||||
| Non interest bearing checking | $ | 122,652 | $ | 120,845 | $ | 122,378 | $ | 119,010 | $ | 118,887 | |||||||
| Interest bearing checking | 212,172 | 205,095 | 210,878 | 215,721 | 217,242 | ||||||||||||
| Savings | 321,563 | 306,785 | 286,695 | 266,825 | 259,185 | ||||||||||||
| Time deposits | 500,398 | 463,820 | 474,593 | 465,153 | 476,777 | ||||||||||||
| Total deposits | $ | 1,156,785 | $ | 1,096,545 | $ | 1,094,544 | $ | 1,066,709 | $ | 1,072,091 | |||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||
| Asset Quality Information | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||
| Gross loan charge-offs | $ | 331 | $ | 263 | $ | 561 | $ | 132 | $ | 774 | ||||||
| Gross loan recoveries | (573 | ) | (75 | ) | (154 | ) | (126 | ) | (481 | ) | ||||||
| Net loan charge-offs (recoveries) | $ | (242 | ) | $ | 188 | $ | 407 | $ | 6 | $ | 293 | |||||
| Net loan charge-offs to average loans (annualized) | -0.09 | % | 0.07 | % | 0.15 | % | 0.00 | % | 0.11 | % | ||||||
| Allowance for loan losses | $ | 11,619 | $ | 11,377 | $ | 11,315 | $ | 11,472 | $ | 11,228 | ||||||
| Allowance for loan losses as a percentage | ||||||||||||||||
| of period end loans | 0.93 | % | 0.97 | % | 1.02 | % | 1.05 | % | 1.05 | % | ||||||
| Nonperforming assets: | ||||||||||||||||
| Nonperforming loans | ||||||||||||||||
| Commercial | $ | 846 | $ | 399 | $ | 430 | $ | 853 | $ | 884 | ||||||
| Commercial real estate | 4,867 | 5,773 | 6,140 | 5,955 | 5,294 | |||||||||||
| Residential construction and development | 4,360 | 5,400 | 5,467 | 5,623 | 5,345 | |||||||||||
| Residential real estate | 4,174 | 3,531 | 3,248 | 3,245 | 3,881 | |||||||||||
| Consumer | 169 | 91 | 121 | 92 | 53 | |||||||||||
| Total nonperforming loans | 14,416 | 15,194 | 15,406 | 15,768 | 15,457 | |||||||||||
| Foreclosed properties | ||||||||||||||||
| Commercial real estate | 1,749 | 976 | 976 | 1,300 | 3,209 | |||||||||||
| Commercial construction and development | 8,664 | 8,708 | 8,717 | 8,717 | 9,328 | |||||||||||
| Residential construction and development | 13,741 | 12,989 | 13,808 | 14,068 | 14,965 | |||||||||||
| Residential real estate | 613 | 752 | 1,183 | 1,482 | 2,211 | |||||||||||
| Total foreclosed properties | 24,767 | 23,425 | 24,684 | 25,567 | 29,713 | |||||||||||
| Other repossessed assets | 12 | 38 | – | 5 | – | |||||||||||
| Total nonperforming assets | $ | 39,195 | $ | 38,657 | $ | 40,090 | $ | 41,340 | $ | 45,170 | ||||||
| Nonperforming loans to period end loans | 1.16 | % | 1.29 | % | 1.39 | % | 1.45 | % | 1.44 | % | ||||||
| Nonperforming assets to period end assets | 2.36 | % | 2.47 | % | 2.66 | % | 2.77 | % | 3.07 | % | ||||||
| Troubled debt restructurings | ||||||||||||||||
| Performing | $ | 28,287 | $ | 27,750 | $ | 29,452 | $ | 29,473 | $ | 29,748 | ||||||
| Nonperforming | 863 | 2,133 | 897 | 1,051 | 1,294 | |||||||||||
| Total troubled debt restructurings | $ | 29,150 | $ | 29,883 | $ | 30,349 | $ | 30,524 | $ | 31,042 | ||||||
| Loans Past Due 30-89 Days | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| In thousands | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||
| Commercial | $ | 405 | $ | 422 | $ | 465 | $ | 339 | $ | 42 | ||||||
| Commercial real estate | 626 | 214 | 920 | 543 | 1,926 | |||||||||||
| Construction and development | 235 | 520 | 218 | 1,182 | 39 | |||||||||||
| Residential real estate | 2,941 | 4,763 | 3,055 | 4,442 | 3,888 | |||||||||||
| Consumer | 144 | 177 | 73 | 186 | 216 | |||||||||||
| Other | 13 | 12 | 14 | 9 | 9 | |||||||||||
| Total | $ | 4,364 | $ | 6,108 | $ | 4,745 | $ | 6,701 | $ | 6,120 | ||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||||||
| Average Balance Sheet, Interest Earnings & Expenses and Average Rates | ||||||||||||||||||||
| Q3 2016 vs Q3 2015 | ||||||||||||||||||||
| Q3 2016 | Q3 2015 | |||||||||||||||||||
| Average | Earnings / | Yield / | Average | Earnings / | Yield / | |||||||||||||||
| Dollars in thousands | Balances | Expense | Rate | Balances | Expense | Rate | ||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||
| Loans, net of unearned interest | ||||||||||||||||||||
| Taxable | $ | 1,187,205 | $ | 14,008 | 4.69 | % | $ | 1,050,058 | $ | 12,855 | 4.86 | % | ||||||||
| Tax-exempt | 14,300 | 202 | 5.62 | % | 13,360 | 194 | 5.76 | % | ||||||||||||
| Securities | ||||||||||||||||||||
| Taxable | 198,411 | 1,139 | 2.28 | % | 208,473 | 933 | 1.78 | % | ||||||||||||
| Tax-exempt | 77,489 | 941 | 4.83 | % | 75,571 | 924 | 4.85 | % | ||||||||||||
| Interest bearing deposits other banks | ||||||||||||||||||||
| and Federal funds sold | 10,029 | 5 | 0.20 | % | 13,116 | 5 | 0.15 | % | ||||||||||||
| Total interest earning assets | 1,487,434 | 16,295 | 4.36 | % | 1,360,578 | 14,911 | 4.35 | % | ||||||||||||
| Noninterest earning assets | ||||||||||||||||||||
| Cash & due from banks | 3,938 | 3,871 | ||||||||||||||||||
| Premises & equipment | 21,613 | 20,502 | ||||||||||||||||||
| Other assets | 87,636 | 93,563 | ||||||||||||||||||
| Allowance for loan losses | (11,567 | ) | (11,521 | ) | ||||||||||||||||
| Total assets | $ | 1,589,054 | $ | 1,466,993 | ||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||
| Interest bearing | ||||||||||||||||||||
| demand deposits | $ | 211,264 | $ | 85 | 0.16 | % | $ | 210,691 | $ | 61 | 0.11 | % | ||||||||
| Savings deposits | 316,358 | 608 | 0.76 | % | 251,932 | 450 | 0.71 | % | ||||||||||||
| Time deposits | 481,060 | 1,516 | 1.25 | % | 485,453 | 1,595 | 1.30 | % | ||||||||||||
| Short-term borrowings | 189,760 | 675 | 1.42 | % | 148,012 | 130 | 0.35 | % | ||||||||||||
| Long-term borrowings and | ||||||||||||||||||||
| subordinated debentures | 94,106 | 985 | 4.16 | % | 97,500 | 990 | 4.03 | % | ||||||||||||
| Total interest bearing liabilities | 1,292,548 | 3,869 | 1.19 | % | 1,193,588 | 3,226 | 1.07 | % | ||||||||||||
| Noninterest bearing liabilities | ||||||||||||||||||||
| Demand deposits | 124,490 | 118,603 | ||||||||||||||||||
| Other liabilities | 20,280 | 14,242 | ||||||||||||||||||
| Total liabilities | 1,437,318 | 1,326,433 | ||||||||||||||||||
| Shareholders’ equity – preferred | – | – | ||||||||||||||||||
| Shareholders’ equity – common | 151,736 | 140,560 | ||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||
| shareholders’ equity | $ | 1,589,054 | $ | 1,466,993 | ||||||||||||||||
| NET INTEREST EARNINGS | $ | 12,426 | $ | 11,685 | ||||||||||||||||
| NET INTEREST MARGIN | 3.32 | % | 3.41 | % | ||||||||||||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||||||
| Average Balance Sheet, Interest Earnings & Expenses and Average Rates | ||||||||||||||||||||
| YTD 2016 vs YTD 2015 | ||||||||||||||||||||
| YTD 2016 | YTD 2015 | |||||||||||||||||||
| Average | Earnings / | Yield / | Average | Earnings / | Yield / | |||||||||||||||
| Dollars in thousands | Balances | Expense | Rate | Balances | Expense | Rate | ||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||
| Loans, net of unearned interest | ||||||||||||||||||||
| Taxable | $ | 1,134,463 | $ | 40,788 | 4.80 | % | $ | 1,044,010 | $ | 38,443 | 4.92 | % | ||||||||
| Tax-exempt | 14,890 | 624 | 5.60 | % | 12,801 | 547 | 5.71 | % | ||||||||||||
| Securities | ||||||||||||||||||||
| Taxable | 206,437 | 3,284 | 2.12 | % | 211,642 | 3,302 | 2.09 | % | ||||||||||||
| Tax-exempt | 76,155 | 2,814 | 4.94 | % | 75,685 | 2,759 | 4.87 | % | ||||||||||||
| Interest bearing deposits other banks | ||||||||||||||||||||
| and Federal funds sold | 9,093 | 13 | 0.19 | % | 9,395 | 6 | 0.09 | % | ||||||||||||
| Total interest earning assets | 1,441,038 | 47,523 | 4.41 | % | 1,353,533 | 45,057 | 4.45 | % | ||||||||||||
| Noninterest earning assets | ||||||||||||||||||||
| Cash & due from banks | 3,819 | 3,842 | ||||||||||||||||||
| Premises & equipment | 21,575 | 20,373 | ||||||||||||||||||
| Other assets | 89,013 | 96,142 | ||||||||||||||||||
| Allowance for loan losses | (11,517 | ) | (11,285 | ) | ||||||||||||||||
| Total assets | $ | 1,543,928 | $ | 1,462,605 | ||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||
| Interest bearing | ||||||||||||||||||||
| demand deposits | $ | 208,755 | $ | 248 | 0.16 | % | $ | 205,749 | $ | 179 | 0.12 | % | ||||||||
| Savings deposits | 296,458 | 1,663 | 0.75 | % | 252,701 | 1,307 | 0.69 | % | ||||||||||||
| Time deposits | 474,691 | 4,622 | 1.30 | % | 485,939 | 4,765 | 1.31 | % | ||||||||||||
| Short-term borrowings | 180,694 | 1,334 | 0.99 | % | 149,177 | 368 | 0.33 | % | ||||||||||||
| Long-term borrowings and | ||||||||||||||||||||
| subordinated debentures | 94,574 | 2,937 | 4.15 | % | 101,245 | 3,030 | 4.00 | % | ||||||||||||
| 1,255,172 | 10,804 | 1.15 | % | 1,194,811 | 9,649 | 1.08 | % | |||||||||||||
| Noninterest bearing liabilities | ||||||||||||||||||||
| Demand deposits | 121,701 | 116,057 | ||||||||||||||||||
| Other liabilities | 18,423 | 14,371 | ||||||||||||||||||
| Total liabilities | 1,395,296 | 1,325,239 | ||||||||||||||||||
| Shareholders’ equity – preferred | – | 2,388 | ||||||||||||||||||
| Shareholders’ equity – common | 148,632 | 134,978 | ||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||
| shareholders’ equity | $ | 1,543,928 | $ | 1,462,605 | ||||||||||||||||
| NET INTEREST EARNINGS | $ | 36,719 | $ | 35,408 | ||||||||||||||||
| NET INTEREST MARGIN | 3.40 | % | 3.50 | % | ||||||||||||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | |||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures | |||||||||||||||||
| For the Quarter Ended | For the Nine Months Ended | ||||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 9/30/2015 | 9/30/2016 | 9/30/2015 | ||||||||||||
| Core earnings applicable to common shares | $ | 4,376 | $ | 4,087 | $ | 4,108 | $ | 12,415 | $ | 12,503 | |||||||
| FHLB special dividend | – | – | – | – | 176 | ||||||||||||
| Applicable income tax effect | – | – | – | – | (65 | ) | |||||||||||
| Realized securities gains | 61 | 383 | 372 | 836 | 1,023 | ||||||||||||
| Applicable income tax effect | (23 | ) | (142 | ) | (138 | ) | (309 | ) | (379 | ) | |||||||
| Merger expense | (80 | ) | (153 | ) | – | (345 | ) | – | |||||||||
| Applicable income tax effect | 30 | 57 | – | 128 | – | ||||||||||||
| Flood losses | (167 | ) | – | – | (167 | ) | – | ||||||||||
| Applicable income tax effect | 62 | – | – | 62 | – | ||||||||||||
| Gain (loss) on sales of foreclosed properties | 169 | 276 | (35 | ) | 451 | (288 | ) | ||||||||||
| Applicable income tax effect | (63 | ) | (102 | ) | 13 | (167 | ) | 107 | |||||||||
| Write-downs foreclosed properties | (134 | ) | (259 | ) | (1,046 | ) | (503 | ) | (1,779 | ) | |||||||
| Applicable income tax effect | 50 | 96 | 387 | 186 | 658 | ||||||||||||
| (95 | ) | 156 | (447 | ) | 171 | (547 | ) | ||||||||||
| GAAP net income applicable to common shares | $ | 4,281 | $ | 4,243 | $ | 3,661 | $ | 12,586 | $ | 11,956 | |||||||
| Core diluted earnings per common share | $ | 0.41 | $ | 0.37 | $ | 0.38 | $ | 1.16 | $ | 1.18 | |||||||
| FHLB special dividend | – | – | – | – | 0.02 | ||||||||||||
| Applicable income tax effect | – | – | – | – | (0.01 | ) | |||||||||||
| Realized securities gains | 0.01 | 0.04 | 0.03 | 0.08 | 0.10 | ||||||||||||
| Applicable income tax effect | – | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.04 | ) | ||||||||
| Merger expense | (0.01 | ) | (0.01 | ) | – | (0.03 | ) | – | |||||||||
| Applicable income tax effect | – | – | – | 0.01 | – | ||||||||||||
| Flood losses | (0.02 | ) | – | – | (0.02 | ) | – | ||||||||||
| Applicable income tax effect | 0.01 | – | – | 0.01 | – | ||||||||||||
| Gain (loss) on sales of foreclosed properties | 0.02 | 0.03 | – | 0.04 | (0.03 | ) | |||||||||||
| Applicable income tax effect | (0.01 | ) | (0.01 | ) | – | (0.01 | ) | 0.01 | |||||||||
| Write-downs of foreclosed properties | (0.01 | ) | (0.02 | ) | (0.10 | ) | (0.05 | ) | (0.17 | ) | |||||||
| Applicable income tax effect | – | 0.01 | 0.04 | 0.02 | 0.06 | ||||||||||||
| (0.01 | ) | 0.03 | (0.04 | ) | 0.02 | (0.06 | ) | ||||||||||
| GAAP diluted earnings per common share | $ | 0.40 | $ | 0.40 | $ | 0.34 | $ | 1.18 | $ | 1.12 | |||||||
| SUMMIT FINANCIAL GROUP, INC. (NASDAQ:SMMF) | ||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures | ||||||||||||||||
| For the Quarter Ended | For the Nine Months Ended | |||||||||||||||
| Dollars in thousands | 9/30/2016 | 6/30/2016 | 9/30/2015 | 9/30/2016 | 9/30/2015 | |||||||||||
| Total core revenue | $ | 14,727 | $ | 14,396 | $ | 13,926 | $ | 43,315 | $ | 42,076 | ||||||
| FHLB special dividend | – | – | – | – | 176 | |||||||||||
| Realized securities gains | 60 | 383 | 372 | 836 | 1,023 | |||||||||||
| 60 | 383 | 372 | 836 | 1,199 | ||||||||||||
| GAAP total revenue | $ | 14,787 | $ | 14,779 | $ | 14,298 | $ | 44,151 | $ | 43,275 | ||||||
| Total core noninterest income | $ | 2,688 | $ | 2,662 | $ | 2,621 | $ | 7,765 | $ | 7,969 | ||||||
| Realized securities gains | 61 | 383 | 372 | 836 | 1,023 | |||||||||||
| GAAP total noninterest income | $ | 2,749 | $ | 3,045 | $ | 2,993 | $ | 8,601 | $ | 8,992 | ||||||
| Total core noninterest expense | $ | 8,207 | $ | 8,301 | $ | 7,791 | $ | 24,846 | $ | 23,161 | ||||||
| Merger expense | 80 | 153 | – | 345 | – | |||||||||||
| Flood losses | 167 | – | – | 167 | – | |||||||||||
| (Gain) loss on sales of foreclosed properties | (169 | ) | (276 | ) | 35 | (451 | ) | 198 | ||||||||
| Write-downs of foreclosed properties | 134 | 259 | 1,046 | 503 | 1,779 | |||||||||||
| 212 | 136 | 1,081 | 564 | 1,977 | ||||||||||||
| GAAP total noninterest expense | $ | 8,419 | $ | 8,437 | $ | 8,872 | $ | 25,410 | $ | 25,138 | ||||||
CONTACT: Contact: Robert S. Tissue, Sr. Vice President & CFO Telephone: (304) 530-0552 Email: [email protected]