SMMF Summit Financial

Summit Financial Group, Inc. is a holding company, which engages in the provision of community banking and insurance services. It operates through the following division: Community Banking, and Lending. the Community Banking division includes demand, savings and time deposits; commercial, real estate and consumer loans; trust and wealth management services; and cash management services. The Lending division refers to the commercial, commercial real estate, construction and land development, residential real estate, consumer and mortgage warehouse lines of credit.The company was founded on March 5, 1987 and is headquartered in Moorefield, WV.

Company profile

H. Charles Maddy
Fiscal year end
Industry (SIC)
Former names
IRS number
SEC advisor number
FINRA CRD number
$4.53B (as of 30 Mar 21)
18,220 (as of 30 Mar 21)
324 (294 investment advisory or research)
Summit Financial
WV 26836

SMMF stock data


Investment data

Data from SEC filings
Securities sold
Number of investors
Regulatory AUM / Assets Under Management
Number of accounts
Number of employees
Top 50 of 182 long holdings
End of quarter 31 Mar 21
Prev Q
%, QoQ
$10.06M 88.38K 125.32K -29.5
$7.97M 73.4K 74.71K -1.8
$7.4M 31.41K 35.65K -11.9
$6.38M 49.09K 60.79K -19.3
$6.27M 38.16K 39.04K -2.2
$6.21M 45.83K 46.57K -1.6
$6.12M 23.51K 25.9K -9.2
$5.53M 72.89K 71.74K +1.6
$5.52M 103.57K 94.35K +9.8
$5.52M 38.99K 35.75K +9.0
$5.18M 195.08K 230.59K -15.4
$4.33M 10.92K 10.69K +2.2
$4.17M 10.47K 11.01K -4.9
$4.13M 47.85K 24.6K +94.5
Vanguard Intl Equity Index F (FTSE EMR MKT ETF)
$4.1M 78.79K 78.79K 0
$4.08M 35.75K 33.41K +7.0
$4.07M 12.75K 14.08K -9.5
$3.54M 36.67K 40.93K -10.4
$3.52M 19.1K 19.1K 0
$3.26M 84.98K 65.92K +28.9
Vanguard Intl Equity Index F (ALLWRLD EX US)
$3.15M 51.89K 53.06K -2.2
$3.09M 25.33K 28.77K -12.0
Vanguard Tax-managed Intl FD
$3.08M 62.73K 68.49K -8.4
$2.89M 10.75K 11.02K -2.5
$2.79M 52.83K 54.44K -3.0
$2.76M 14.77K 14.94K -1.1
$2.67M 47.86K 46.1K +3.8
$2.53M 8.3K 8.69K -4.5
$2.5M 39.09K 39.28K -0.5
$2.47M 45.22K 36.42K +24.2
$2.31M 29.88K 30.4K -1.7
$2.19M 18.38K 18.48K -0.5
$2.17M 22.85K 20.59K +10.9
$2.09M 28.21K 29.44K -4.2
$2.06M 15.92K 16.92K -5.9
$1.81M 12.79K 13.02K -1.7
$1.8M 30.93K 30.87K +0.2
$1.79M 19.83K 20.23K -2.0
$1.74M 33.63K 34.25K -1.8
$1.66M 6K 6K 0
$1.65M 19.68K 19.68K 0
$1.64M 54.14K 52.81K +2.5
$1.63M 10.68K 10.08K +5.9
$1.61M 7.27K 4.39K +65.5
First TR NAS100 Eq Weighted
$1.51M 14.57K 14.72K -1.0
$1.46M 22.96K 25.45K -9.8
$1.45M 14.21K 15.42K -7.9
$1.44M 22.15K 25.8K -14.1
$1.37M 32.74K 31.92K +2.6
$1.35M 6.19K 6.51K -4.8
Holdings list only includes long positions. Only includes long positions.


11 Mar 21
11 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 99.79M 99.79M 99.79M 99.79M 99.79M 99.79M
Cash burn (monthly) 3.07M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 10.34M n/a n/a n/a n/a n/a
Cash remaining 89.44M n/a n/a n/a n/a n/a
Runway (months of cash) 29.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
29 Dec 20 Frye Patrick Common Stock Gift Dispose G No No 0 1,750 0 26,615
7 Dec 20 Gary L Hinkle Common Stock Buy Aquire P No No 21.989 1,413 31.07K 417,688

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

25.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 54 51 +5.9%
Opened positions 5 3 +66.7%
Closed positions 2 6 -66.7%
Increased positions 21 14 +50.0%
Reduced positions 12 19 -36.8%
13F shares
Current Prev Q Change
Total value 138.04M 85.51M +61.4%
Total shares 3.37M 3.16M +6.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 665.41K $14.69M +5.0%
Vanguard 504.58K $11.14M +0.8%
Renaissance Technologies 256.44K $5.66M -3.6%
Dimensional Fund Advisors 248.19K $5.48M +0.7%
SMMF Summit Financial 230.59K $5.09M -5.5%
STT State Street 206.35K $4.56M +2.3%
NTRS Northern Trust 163.57K $3.61M -2.8%
Geode Capital Management 144.82K $3.2M +5.9%
Fourthstone 102.38K $2.26M +554.7%
Verdence Capital Advisors 88.26K $1.95M 0.0%
Largest transactions
Shares Bought/sold Change
Fourthstone 102.38K +86.74K +554.7%
BLK Blackrock 665.41K +31.71K +5.0%
Maryland Capital Management 42K +26.5K +171.0%
JPM JPMorgan Chase & Co. 34.23K +22.94K +203.2%
Gendell Jeffrey L 19.14K +19.14K NEW
SMMF Summit Financial 230.59K -13.33K -5.5%
Renaissance Technologies 256.44K -9.7K -3.6%
Burney 9.55K +9.55K NEW
Baird Financial 9.5K +9.5K NEW
SF Stifel Financial 9.43K +9.43K NEW

Financial report summary

  • Our business, financial condition, liquidity and results of operations have been, and will likely continue to be, adversely affected by the COVID-19 pandemic.
  • Our business may be adversely affected by conditions in financial markets and economic conditions generally.
  • The soundness of other financial institutions could adversely affect us.
  • The value of certain investment securities is volatile and future declines or other-than-temporary impairments could have a materially adverse effect on future earnings and regulatory capital.
  • We are subject to extensive government regulation and supervision.
  • We may become subject to additional regulatory restrictions in the event that our regulatory capital levels decline.
  • Our decisions regarding credit risk could be inaccurate and our allowance for credit losses may be inadequate, which could materially and adversely affect our business, financial condition, results of operations, cash flows and/or future prospects.
  • We may elect or be compelled to seek additional capital in the future, but capital may not be available when it is needed.
  • We rely on funding sources to meet our liquidity needs, such as brokered deposits and FHLB borrowings, which are generally more sensitive to changes in interest rates and can be adversely affected by general economic conditions.
  • We pursue a strategy of supplementing internal growth by acquiring other financial companies or their assets and liabilities that we believe will help us fulfill our strategic objectives and enhance our earnings. There are risks associated with this strategy.
  • We are subject to environmental liability risk associated with lending activities.
  • Changes in interest rates could negatively impact our future earnings.
  • Uncertainty relating to LIBOR calculation process and potential phasing out of LIBOR may adversely affect us.
  • The repeal of Federal prohibitions on payment of interest on demand deposits could increase our interest expense as interest rates rise.
  • Our information systems may experience failure, interruption or breach in security.
  • We are dependent upon third parties for certain information system, data management and processing services and to provide key components of our business infrastructure.
  • Our business is dependent on technology and our inability to invest in technological improvements may adversely affect our results of operations, financial condition and cash flows.
  • Our ability to pay dividends is limited.
  • Our stock price can be volatile.
  • Our executive officers and directors own shares of our common stock, allowing management to have an impact on our corporate affairs.
  • There may be future sales of additional common stock or preferred stock or other dilution of our equity, which may adversely affect the market price of our common stock.
  • Holders of our junior subordinated debentures have rights that are senior to those of our shareholders.
  • Provisions of our amended and restated articles of incorporation could delay or prevent a takeover of us by a third party.
  • The value of our goodwill and other intangible assets may decline.
  • We operate in a very competitive industry and market.
  • We rely heavily on our management team and the unexpected loss of key officers could adversely affect our business, financial condition, results of operations, cash flows and/or future prospects.
  • The negative economic effects caused by terrorist attacks, including cyber attacks, potential attacks and other destabilizing events, would likely contribute to the deterioration of the quality of our loan portfolio and could reduce our customer base, level of deposits and demand for our financial products, such as loans.
  • Changes in accounting standards could impact reported earnings.
  • Our potential inability to integrate companies we may acquire in the future could have a negative effect on our expenses and results of operations.
Management Discussion
  • Net income decreased 1.7% during 2020 to $31.3 million, compared to $31.9 million in 2019, which was 13.5% more than 2018's $28.1 million. Net income was $2.41, $2.53 and $2.26 per diluted share for 2020, 2019 and 2018, respectively, representing a 4.7% decrease in 2020 and 11.9% increase in 2019. Return on average equity was 11.80% in 2020 compared to 13.43% in both 2019 and 2018. Return on average assets for the year ended December 31, 2020 was 1.13% compared to 1.40% in 2019 and 1.32% in 2018.
  • 2020 net income was positively impacted by higher net interest income of $18.4 million (or $1.42 per diluted share), $1.5 million (or $0.12 per diluted share) higher realized securities gains and a $2.0 million increase (or $0.16 per diluted share) in mortgage origination revenue. The $13.0 million increase in provision for credit losses (or $1.00 per diluted share), lower insurance commission revenue of $1.7 million (or $0.13 per diluted share) as result of the sale of our former insurance subsidiary during 2019 (which generated a 2019 gain of $1.9 million pre-tax, or $0.15 per diluted share) and higher salaries and employee benefits of $3.1 million (or $0.24 per diluted share) partially offset these positive impacts.
  • 2019 net income was positively impacted by higher net interest income of $7.3 million (or $0.58 per diluted share), $1.3 million (or $0.10 per diluted share) higher realized securities gains and the $1.9 million pre-tax (or $0.15 per diluted share) gain recognized on the sale of our former insurance subsidiary, Summit Insurance Services, LLC. Lower insurance commission revenue of $2.4 million (or $0.19 per diluted share) and higher writedowns of OREO properties of $1.3 million (or $0.10 per diluted share) partially offset these positive impacts.
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