SUMMIT FINANCIAL GROUP, INC.
summitfgi.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 2, 2024. Its latest SEC filing is a 15-12G from May 14, 2024.
10-Q for Q1 FY2024, filed May 2, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides community banking services—deposits, loans, and trust and wealth management—to individuals and businesses.
10-K for FY2023, filed Mar 12, 2024
How Did They Make Money?
It earns interest on loans and pays interest on deposits; the difference is its primary income. It also collects deposit-account fees for transactions, overdrafts and monthly upkeep, card fees as card transactions occur, and trust and wealth fees generally each month.
10-K for FY2023, filed Mar 12, 2024Our primary source of income is net interest income from loans and deposits. Business volumes tend to be influenced by the overall economic…View ↗
Service fees on deposit accounts are fees we charge our deposit customers for transaction-based, account maintenance and overdraft…View ↗
Bank card revenue is comprised of interchange revenue and ATM fees. Interchange revenue is earned when Summit’s debit and credit…View ↗
Trust and wealth management fees consist of 1) trust fees and 2) commissions earned from an independent, third-party broker-dealer. We earn…View ↗
$18.3M
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10-K for FY2023, filed Mar 12, 2024
$18.3M ↗
Who Were Their Customers?
Individuals and local businesses use Summit Community for banking services, with officers and staff building customer relationships through full-service banking offices. Mortgage warehouse lending is funded through a participation arrangement with a regional bank for mortgage originators.
10-K for FY2023, filed Mar 12, 2024We provide a wide range of community banking services, including demand, savings and time deposits; commercial, real estate and consumer…View ↗
In order to compete with other financial service providers, we principally rely upon personal relationships established by our officers…View ↗
Our primary lending focus is providing commercial loans to local businesses with annual sales generally up to $150 million and providing…View ↗
We segment our loan portfolio into the following major lending categories: commercial, commercial real estate, construction and land…View ↗
Did Revenues Turn Into Profits?
Yes. Its net income in FY2023 was larger than its revenue and turned 365 cents into free cash flow.
How Were They Changing?
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May 3, 2024
Summit merged into Burke & Herbert
Summit's separate corporate existence ended, and Burke & Herbert became the surviving corporation.
Sources
8-K, filed May 3, 2024
At the Effective Time of the Merger, the separate corporate existence of Summit ceased. The articles of incorporation and bylaws of Burke &…View ↗
Shrank. Revenue fell 83% in 4 years, from $107.1M in FY2019 to $18.3M in FY2023, about 36% a year.
Expanded service area
The latest report adds the Eastern Shore of Maryland and Delaware to its listed community-banking markets; the older report listed markets in West Virginia, Virginia and Kentucky.
10-K for FY2020, filed Mar 11, 2021 10-K for FY2023, filed Mar 12, 2024Summit Financial Group, Inc. (“Company” or “Summit”) is a $3.11 billion financial holding company headquartered in Moorefield, West…View ↗
Summit Financial Group, Inc. (“Company” or “Summit”) is a$4.6 billion financial holding company headquartered in Moorefield, West Virginia…View ↗
Broader business borrowers
The latest report describes commercial loans to local businesses with a higher annual-sales ceiling than the older report.
10-K for FY2020, filed Mar 11, 2021 10-K for FY2023, filed Mar 12, 2024Our primary lending focus is providing commercial loans to local businesses with annual sales generally up to $75 million and providing…View ↗
Our primary lending focus is providing commercial loans to local businesses with annual sales generally up to $150 million and providing…View ↗
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