Summit Financial Group, Inc. (SMMF) Bundle
A Brief History of Summit Financial Group, Inc. (SMMF)
Founding and Early Years
Founding and Early Years
Summit Financial Group, Inc. was founded in 1985, originally focusing on providing banking services in West Virginia.
In 1995, it became a publicly traded company on the NASDAQ under the ticker symbol SMMF.
Growth and Expansion
By 2000, Summit Financial had grown its asset base to approximately $500 million.
In 2006, the company expanded its footprint by acquiring Pleasant Valley Bank, enhancing its branch network across West Virginia.
Recent Developments
As of the end of 2022, Summit Financial Group reported total assets of $1.1 billion and a net income of $12 million.
The company has maintained a steady growth rate, with a compound annual growth rate (CAGR) of 7% in assets over the past five years.
Stock Performance
In 2023, SMMF shares traded between $24.50 and $28.00, indicating a 12% increase year-to-date in share value.
The market capitalization of Summit Financial Group stood at approximately $160 million as of October 2023.
Financial Highlights
| Year | Total Assets | Net Income | Earnings Per Share (EPS) | Dividend Per Share |
|---|---|---|---|---|
| 2020 | $970 million | $10 million | $1.30 | $0.40 |
| 2021 | $1.02 billion | $11 million | $1.50 | $0.45 |
| 2022 | $1.1 billion | $12 million | $1.65 | $0.50 |
| 2023 | $1.15 billion | $13 million | $1.80 | $0.55 |
Community Engagement
Summit Financial Group actively engages in community development, contributing over $500,000 in charitable donations in the past year.
The company has established various programs aimed at financial literacy, assisting over 1,000 individuals annually.
Current Strategic Focus
As of 2023, Summit Financial Group is focusing on innovation in digital banking services, with a goal to increase online account openings by 20% within the next fiscal year.
The company has allocated a budget of $2 million towards technology upgrades to enhance customer experience.
A Who Owns Summit Financial Group, Inc. (SMMF)
Ownership Structure
Ownership Structure
Summit Financial Group, Inc. (SMMF) has a diverse ownership structure that includes institutional investors and individual shareholders. As of the latest data available, the following table outlines the significant shareholders of SMMF.
| Shareholder Type | Percentage Ownership | Number of Shares | Market Value (USD) |
|---|---|---|---|
| Institutional Investors | 38.5% | 1,210,000 | $24,080,000 |
| Insider Ownership | 12.0% | 380,000 | $7,600,000 |
| Retail Investors | 49.5% | 1,550,000 | $31,000,000 |
Key Institutional Investors
Notable institutional investors include:
- BlackRock, Inc. - 10% ownership
- Vanguard Group - 8% ownership
- State Street Corporation - 5% ownership
Recent Ownership Changes
In the last fiscal year, Summit Financial Group witnessed the following changes in ownership:
- Increased institutional ownership by 4%.
- Insider ownership remained stable.
- Retail ownership has decreased by 2%.
Stock Performance
As of October 2023, the stock performance of Summit Financial Group (SMMF) indicates a price of $20 per share, with a market capitalization of approximately $48 million.
| Metric | Value |
|---|---|
| Current Stock Price (USD) | $20 |
| Market Capitalization (USD) | $48 million |
| 52-Week High (USD) | $25 |
| 52-Week Low (USD) | $18 |
Dividend Information
Summit Financial Group offers a dividend yield of 3.5%, with a recent quarterly dividend payout of $0.50 per share.
| Dividend Metric | Value |
|---|---|
| Annual Dividend per Share (USD) | $2.00 |
| Dividend Yield (%) | 3.5% |
| Quarterly Dividend (USD) | $0.50 |
Future Outlook
Analysts project potential growth in ownership concentration within institutional investors, indicating a trend towards increased professional investment in Summit Financial Group. The anticipated earnings for the next fiscal year are forecasted at $3 million, with a potential for growth in shareholder value.
Summit Financial Group, Inc. (SMMF) Mission Statement
Corporate Overview
Summit Financial Group, Inc. (SMMF) is a financial services holding company based in the United States. The company primarily focuses on community banking, investment advisory, and other financial services. As of December 31, 2022, SMMF reported total assets of approximately $1.52 billion.
Mission Statement
The mission of Summit Financial Group is to provide exceptional financial services that empower individuals and businesses to achieve their goals. The company is committed to maintaining a strong community presence and fostering meaningful relationships with clients.
Core Values
- Integrity: Upholding the highest ethical standards in all interactions.
- Customer Focus: Prioritizing the needs of clients in service delivery.
- Community Engagement: Actively participating in community initiatives.
- Innovation: Encouraging creative solutions to financial challenges.
- Teamwork: Fostering collaboration among employees to enhance service quality.
Financial Performance
For the fiscal year ended December 31, 2022, Summit Financial Group reported the following financial highlights:
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Total Assets | $1.52 billion | $1.45 billion |
| Total Deposits | $1.26 billion | $1.21 billion |
| Total Net Loans | $1.12 billion | $1.05 billion |
| Net Income | $12.1 million | $10.5 million |
| Return on Assets (ROA) | 0.80% | 0.72% |
| Return on Equity (ROE) | 10.5% | 9.8% |
Strategic Goals
- Enhance Customer Experience: Utilize technology to improve service efficiency and client satisfaction.
- Expand Market Reach: Increase footprint through branches and digital platforms in neighboring states.
- Promote Financial Literacy: Offer educational programs for clients to better understand financial products.
- Invest in Employee Development: Provide training and growth opportunities to staff for professional advancement.
Community Engagement
Summit Financial Group actively engages with the community through various initiatives such as:
- Annual Scholarship Programs totaling over $50,000.
- Community service hours exceeding 1,000 hours contributed by employees in 2022.
- Financial literacy workshops attended by over 500 local residents.
Conclusion
Summit Financial Group remains dedicated to delivering superior financial products and services while maintaining a strong commitment to its core values and community involvement.
How Summit Financial Group, Inc. (SMMF) Works
Overview of Summit Financial Group, Inc.
Summit Financial Group, Inc. operates primarily as a bank holding company for Summit Community Bank, Inc. As of October 2023, SMMF has total assets amounting to approximately $2 billion. The company was established in 1987 and offers a variety of financial services.
Business Segments
The primary segments in which Summit Financial Group operates include:
- Commercial Banking
- Consumer Banking
- Mortgage Banking
- Wealth Management
Financial Highlights
As of the latest fiscal year ended December 31, 2022, SMMF reported the following financial figures:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $73.2 million |
| Net Income | $18.1 million |
| Total Assets | $2.1 billion |
| Total Deposits | $1.8 billion |
| Loan Portfolio | $1.3 billion |
| Return on Assets (ROA) | 0.87% |
| Return on Equity (ROE) | 10.26% |
Revenue Sources
Summit Financial Group generates revenue from various sources, which include:
- Net interest income
- Service fees
- Mortgage origination fees
- Investment advisory fees
Loan Portfolio Composition
The composition of the company’s loan portfolio as of the end of Q3 2023 is as follows:
| Loan Type | Percentage of Total Loans |
|---|---|
| Commercial Loans | 55% |
| Residential Real Estate Loans | 30% |
| Consumer Loans | 10% |
| Commercial Real Estate Loans | 5% |
Branch Network
Summit Financial Group operates a network of branches primarily located in West Virginia and Virginia. As of October 2023, the company has:
- 23 branches
- 5 loan production offices
Market Position
As of 2023, SMMF has established a significant market presence in the regions it serves, with a market capitalization of approximately $115 million.
Regulatory Environment
As a registered bank holding company, Summit Financial Group is regulated by the Federal Reserve and must adhere to various banking regulations, including capital requirements and financial disclosure obligations.
Strategic Initiatives
The company focuses on strategic initiatives such as:
- Enhancing digital banking services
- Expanding loan products
- Improving customer experience
Recent Acquisitions
Summit Financial Group has pursued growth through acquisitions. In 2021, the company acquired a regional bank, adding approximately $300 million in assets and expanding its customer base significantly.
Human Resources
The company employs approximately 250 individuals and focuses on employee training and development to enhance service delivery and operational efficiency.
Community Engagement
Summit Financial Group actively participates in community support and charitable initiatives, contributing over $1 million annually to various local organizations.
How Summit Financial Group, Inc. (SMMF) Makes Money
Revenue Streams
Summit Financial Group, Inc. (SMMF) generates income through various channels, primarily focusing on banking and financial services.
Net Interest Income
Net interest income represents a significant portion of SMMF's overall revenue. For the year ended December 31, 2022, SMMF reported a net interest income of approximately $52.5 million.
Non-Interest Income
Non-interest income includes service charges, fees, and other income sources. In 2022, SMMF recorded non-interest income totaling approximately $7.1 million.
Loan Originations
Loan originations are a major driver of revenue. In 2022, the company reported total loan originations of approximately $324 million, contributing significantly to its interest income.
Depository Services
Depository services bring in fees and interest. As of December 31, 2022, SMMF had total deposits of approximately $635 million.
Table of Financial Performance
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Net Interest Income | $52.5 million | $47.2 million |
| Non-Interest Income | $7.1 million | $6.3 million |
| Total Loan Originations | $324 million | $287 million |
| Total Deposits | $635 million | $550 million |
Investment Services
SMMF also generates revenue through wealth management and investment services, providing advisory services to clients. In 2022, advisory fees accounted for approximately $2.3 million.
Expense Management
Effective management of operational expenses is crucial for profitability. The company reported total operating expenses of approximately $44 million in 2022.
Loan Portfolio Quality
The quality of SMMF's loan portfolio plays a vital role in its profitability. As of December 31, 2022, the company reported a non-performing loan ratio of 0.55%.
Market Position and Trends
Summit Financial Group operates in a competitive market. The bank's total assets were approximately $755 million as of December 31, 2022, indicating steady growth compared to $688 million in 2021.
Future Growth Opportunities
Looking ahead, Summit Financial Group aims to expand its service offerings and improve technology to attract more clients. The company's capital ratios remain strong, with a Tier 1 Capital Ratio of 10.5%.
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