Summit Financial (SMMF)

Summit Financial Group, Inc. is a $3.11 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia, the Northern, Shenandoah Valley and Southwestern regions of Virginia and the central region of Kentucky, through its bank subsidiary, Summit Community Bank, Inc., which operates 43 banking locations.

Company profile

H. Charles Maddy
Fiscal year end
Industry (SIC)
Former names
IRS number
SEC advisor number
FINRA CRD number
$4.53B (as of 13 Apr 21)
18,220 (as of 13 Apr 21)
324 (294 investment advisory or research)
Summit Financial
WV 26836
Office hours
Monday - Friday, 9 A.M. - 5 P.M.


Owner Title From %Ownership
Summit Brokerage Services, Inc. Sole Shareholder 12/1999 > 75%
Leeds, Marshall, Todd Chief Executive Officer, Director 08/2003 < 5%
Jacobs, Steven, Craig Vice President 08/2003 < 5%
Summit Financial Services Group, Inc. Holding Company 02/2004 > 75%
Aretec Group, Inc. Shareholder; 100% of Common Stock 06/2014 > 75%
Neary, Joseph, Daniel Director 10/2016 < 5%
Harrison, Brett, Lamar Director 07/2016 < 5%
Olson, Gregory, Alan Assistant Secretary 10/2016 < 5%
Smiley, Stanley, Robert Vice President 10/2016 < 5%
Bregozzo, Matthew, Gregory Advisory Chief Compliance Officer 10/2018 < 5%
Bowman, Timothy, Joseph Principal Financial Officer 04/2021 < 5%

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 209 long holdings
End of quarter 31 Mar 22
Prev Q
%, QoQ
$10.8M 35.03K 35.64K -1.7
$7.93M 17.55K 16.86K +4.1
$7.82M 73K 74.07K -1.4
$7.57M 48.02K 44.33K +8.3
$7.44M 48.69K 48.87K -0.4
$7.42M 68.81K 74.07K -7.1
$7.08M 39.96K 39.68K +0.7
$6.88M 268.86K 248.86K +8.0
$5.87M 21.88K 23.5K -6.9
$5.54M 43.23K 41.58K +4.0
$5.26M 71.44K 74.77K -4.5
$4.94M 109.31K 108.68K +0.6
$4.93M 28.24K 34K -17.0
$4.7M 38.52K 39.32K -2.0
$4.57M 54.87K 61.21K -10.4
$4.45M 118.77K 119.2K -0.4
$4.2M 14.68K 14.83K -1.0
$4.11M 49.75K 49.51K +0.5
$4.04M 8.91K NEW
$4.01M 11.07K 11.83K -6.4
$3.48M 56.15K 56.46K -0.5
Vanguard Intl Equity Index F (FTSE EMR MKT ETF)
$3.46M 74.95K 78.59K -4.6
$3.44M 44.04K 41.58K +5.9
$3.31M 104.26K 110.1K -5.3
$3.14M 11K 11.09K -0.8
$3.07M 59.35K 62.72K -5.4
$3.03M 30.53K 30.14K +1.3
$3.01M 28.15K 27.5K +2.4
Vanguard Intl Equity Index F (ALLWRLD EX US)
$2.89M 50.19K 50.3K -0.2
$2.86M 20.86K 20.86K 0
$2.83M 13.76K 13.11K +5.0
$2.69M 9K 9.16K -1.8
Vanguard Tax-managed Intl FD
$2.56M 53.34K 60.94K -12.5
$2.46M 8.85K 8.85K 0
$2.45M 15.45K 15.9K -2.8
$2.32M 19.68K 19.68K 0
$2.27M 13.58K 13.61K -0.2
$2.17M 43.73K 35.19K +24.3
$2.13M 13.06K 12.23K +6.8
$2.02M 14.81K 14.27K +3.8
$2.01M 40.47K 40.77K -0.7
$2M 20.44K 20.83K -1.9
$1.98M 38.3K 35.35K +8.3
$1.94M 11.68K 9.23K +26.5
$1.88M 33.64K 34.9K -3.6
$1.79M 53.95K 22.25K +142.5
$1.71M 523 488 +7.2
$1.68M 52.81K 29.7K +77.8
$1.66M 10.26K 11.98K -14.4
$1.65M 16.32K 16.32K 0
Holdings list only includes long positions. Only includes long positions.


6 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 61.26M 61.26M 61.26M 61.26M 61.26M 61.26M
Cash burn (monthly) 5.73M 9.61M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 16.48M 27.62M n/a n/a n/a n/a
Cash remaining 44.78M 33.63M n/a n/a n/a n/a
Runway (months of cash) 7.8 3.5 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
22 Jun 22 Jill S Upson Common Stock Buy Acquire P No No 27.52 250 6.88K 307
17 Jun 22 Jill S Upson Common Stock Buy Acquire P Yes No 27.39 100 2.74K 113
20 May 22 Tissue Robert S Common Stock Other Acquire J Yes No 0 1,727.957 0 17,000.606
20 May 22 Ritchie Bradford E Common Stock Other Acquire J Yes No 0 1,367.344 0 8,403.369
20 May 22 Owens Patricia L Common Stock Other Acquire J Yes No 0 1,104.936 0 5,622.632
34.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 70 64 +9.4%
Opened positions 7 9 -22.2%
Closed positions 1 3 -66.7%
Increased positions 20 16 +25.0%
Reduced positions 21 14 +50.0%
13F shares Current Prev Q Change
Total value 114.51M 272.86M -58.0%
Total shares 4.43M 4.36M +1.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Castle Creek Capital Partners V 744.73K $20.12M 0.0%
BLK Blackrock 686.07K $17.56M -0.8%
Vanguard 486.53K $12.45M -6.2%
Dimensional Fund Advisors 275.59K $7.05M +3.9%
SMMF Summit Financial 268.86K $6.88M +8.0%
Renaissance Technologies 236.74K $6.06M +2.2%
STT State Street 198.88K $5.09M +2.0%
Fourthstone 188.58K $4.83M -21.6%
Geode Capital Management 184.65K $4.73M +2.3%
NTRS Northern Trust 113.33K $2.9M -5.2%
Largest transactions Shares Bought/sold Change
EJF Capital 75K +75K NEW
Fourthstone 188.58K -51.86K -21.6%
Vanguard 486.53K -31.93K -6.2%
SMMF Summit Financial 268.86K +20K +8.0%
Millennium Management 17.47K +17.47K NEW
Context BH Capital Management 32.21K +17.02K +112.0%
River Oaks Capital 95.4K +12.9K +15.6%
Panagora Asset Management 10.42K +10.42K NEW
Dimensional Fund Advisors 275.59K +10.39K +3.9%
American Century Companies 46.14K +10.22K +28.4%

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.
  • Acquisitions may be delayed, impeded, or prohibited due to regulatory issues.
  • 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.
  • The trading volume in our common stock is less than that of larger financial services companies.
  • 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 inflation, 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
  • For the quarter ended March 31, 2022, our net interest income on a fully taxable-equivalent basis increased $718,000 to $29.8 million compared to $29.1 million for the quarter end December 31, 2021. Our taxable-equivalent earnings on interest earning assets increased $1,072,000, while the cost of interest bearing liabilities increased $354,000 (see Tables I and II).
  • For the three months ended March 31, 2022, average interest earning assets increased to $3.35 billion compared to $3.31 billion for the three months ended December 31, 2021, while average interest bearing liabilities increased to $2.64 billion for the three months ended March 31, 2022 from $2.61 billion for the three months ended December 31, 2021.
  • For the quarter ended March 31, 2022, our net interest margin increased to 3.61%, compared to 3.49% for the linked quarter, as the yields on earning assets increased 16 basis points and the cost of our interest bearing funds increased by 6 basis points.

Content analysis

H.S. freshman Avg
New words: absorb, beneficial, bring, broad, combat, construction, curtail, difficulty, directly, disclose, disclosing, epidemiological, faced, fourth, franchise, fulfill, gain, hotel, layer, motel, muncipal, November, proactively, prolonged, recognition, respond, resurgence, situation, standard, TableVI, understand, Vintage
Removed: absence, accrue, agreed, anniversary, assure, CAA, Cabell, card, Clarifying, client, complexity, continuity, Cornerstone, County, created, deemed, deferment, deferral, demonstrated, Depending, driven, eastern, eliminating, extraordinarily, faith, functional, GDP, good, governmental, hardship, headquartered, implemented, initiative, insignificant, intervening, Joint, Kanawha, Kentucky, magnitude, mitigate, modified, panhandle, passed, posed, program, proportion, Putnam, reduce, relief, removing, requested, RSU, SCB, secondary, simplification, Simplifying, small, summarize, thereof, treatment, unable, underwriting, unknown, usage, Winchester, WinFirst