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Summit Financial (SMMF) Company Profile

Updated Sep 9, 2019
Summit Financial has the following business profile:
Company's Full Name:Summit Financial Group, Inc.
Short Name:Summit Financial
Trading Ticker Symbol:SMMF
Primary Exchange:NASDAQ
Headquarter City/Country:West Virginia, WV
Primary Industry Sector:Finance
Seconday Sub-sector:Major Banks
Main Business Areas: Finance, Major Banks, Financial Services, Regional US Banks, Bank
Dividend Payments:Dividend History

Market and Trading Information for Summit Financial

The following details were available for trading and market data about the stock of Summit Financial as of writing:
Current Share Price:$25.37
Previous Year's Closing Price:$19.31
Percentage Price Change (YTD):31.38%
Market Cap:$317.37 million
52-week Price Range:$17.94 - $27.47
Dividend Per Share:$0.56
EPS (TTM):2.39
Price-Earnings (Trailing):10.61
Price-Earnings (Forward):11.03

Company Profile and Business Description for Summit Financial

Summit Financial Group, Inc. (Summit), incorporated on March 5, 1987, is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank). The Company operates through two segments: community banking, and insurance & financial services. The community banking segment consists of its full service banks, which offer customers traditional banking products and services through various delivery channels. The insurance & financial services segment includes three insurance agency offices that sell insurance products. The Company also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia, which provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty insurance products, as well as group health and life insurance products and consulting services.

The Company provides a range of community banking services, including demand, savings and time deposits; commercial, real estate and consumer loans; letters of credit, and cash management services. The Company also provides overall direction in the areas of credit policy and administration, strategic planning, marketing, investment portfolio management, human resources administration, and other financial and administrative services. The Bank has approximately 30 banking offices located in West Virginia and Virginia.

Lending Activities

The Bank's primary lending focus is providing commercial loans to local businesses with annual sales generally ranging from $300,000 to $30 million and providing owner-occupied real estate loans to individuals. The Bank's loan portfolio categories include commercial, commercial real estate, construction and development, residential real estate, and consumer. Commercial loans are loans made to commercial borrowers that are not secured by real estate. These encompass loans secured by accounts receivable, inventory, and equipment, as well as unsecured loans. Commercial real estate loans consist of commercial mortgages, which are secured by nonresidential and multi-family residential properties.

Construction and development loans are loans made for financing construction or development projects. Construction and development loans portfolio includes commercial and residential land development loans, one- to four-family housing construction, both pre-sold and speculative in nature, multi-family housing construction, non-residential building construction and undeveloped land. Residential real estate loans are mortgage loans to consumers and are secured primarily by a first lien deed of trust. Also included in this category of loans are second liens on one- to four-family properties, commercial loans secured by one- to four-family residence and home equity loans. Consumer loans are loans that establish consumer credit that is granted for the consumer's personal use. These loans include automobile loans and recreational vehicle loans, as well as personal secured and unsecured loans. The Bank's loans are totaled to approximately $1.10 billion.

Investment Activities

The Bank classifies debt and equity securities as held to maturity, available for sale or trading. The Bank's investment portfolio consist of a number of securities, which include the United States Government agencies and corporations, residential mortgage backed securities, state and political subdivisions, corporate debt securities and other. Total available for sale securities of the Bank are totaled to approximately $276.44 million.

Sources of Funds

The Bank's deposits include non-interest bearing demand deposits, interest bearing demand deposits, savings and time deposits. The deposits of Summit Community are insured by the Federal Deposit Insurance Corporation (FDIC). The Bank's total deposits are approximately $1.10 billion. Its borrowings portfolio includes lines of credit, short-term borrowings, long-term borrowings and subordinated debentures.

300 N Main St

Peer / Competitor Companies of Major Banks Sector

Along with Summit Financial Group, Inc., the following other peer (competitor) companies also exist within the same Major Banks - Finance sector whose company profile and dividend history is as follows:

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