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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES

EXCHANGE ACT OF 1934 For the transition period from ___________ to __________.

Commission File Number 0-16587

Summit Financial Group, Inc.

(Exact name of registrant as specified in its charter)

West Virginia	55-0672148
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

300 North Main Street
Moorefield, West Virginia	26836
(Address of principal executive offices)	(Zip Code)

(304) 530-1000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☑ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $2.50 per share	SMMF	NASDAQ Global Select Market

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock as of the latest practicable date.

Common Stock, $2.50 par value

14,686,738 shares outstanding as of April 29, 2024

Table of Contents

			Page
PART I.	FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Consolidated balance sheets March 31, 2024 (unaudited) and December 31, 2023	3

		Consolidated statements of income for the three months ended March 31, 2024 and 2023 (unaudited)	4

		Consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023 (unaudited)	5

		Consolidated statements of shareholders’ equity for the three months ended March 31, 2024 and 2023 (unaudited)	6

		Consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 (unaudited)	7

		Notes to consolidated financial statements (unaudited)	9

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	53

	Item 4.	Controls and Procedures	54

PART II.	OTHER INFORMATION

	Item 1.	Legal Proceedings	55

	Item 1A.	Risk Factors	55

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

	Item 3.	Defaults upon Senior Securities	None

	Item 4.	Mine Safety Disclosures	None

	Item 5.	Other Information	None

	Item 6.	Exhibits	56

EXHIBIT INDEX			57

SIGNATURES			58

Table of Contents

Item 1. Financial Statements

Consolidated Balance Sheets (unaudited)

	*March 31,*			*December 31,*
	*2024*			*2023*
Dollars in thousands (except per share amounts)	*(unaudited)*			**()***
ASSETS
Cash and due from banks	$	23,706		$	21,834
Interest bearing deposits with other banks		31,950			30,398
Cash and cash equivalents		55,656			52,232
Debt securities available for sale (at fair value)		490,271			502,762
Debt securities held to maturity (at amortized cost; estimated fair value - $87,029 - 2024, $88,319 - 2023)		93,737			94,227
Less: allowance for credit losses		—			—
Debt securities held to maturity, net		93,737			94,227
Equity investments (at fair value)		11,571			10,958
Other investments		21,842			21,130
Loans, net of unearned fees		3,697,042			3,681,612
Less: allowance for credit losses		(49,232	)		(48,090	)
Loans, net		3,647,810			3,633,522
Property held for sale		3,432			3,729
Premises and equipment, net		62,293			63,038
Accrued interest and fees receivable		20,238			20,004
Goodwill and other intangible assets, net		73,443			74,430
Cash surrender value of life insurance policies and annuities		86,230			85,679
Derivative financial instruments		36,803			33,145
Other assets		39,558			39,466
Total assets	$	4,642,884		$	4,634,322

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing	$	605,509		$	593,576
Interest bearing		3,142,906			3,121,572
Total deposits		3,748,415			3,715,148
Short-term borrowings		262,359			302,957
Long-term borrowings		630			637
Subordinated debentures, net		103,904			103,782
Subordinated debentures owed to unconsolidated subsidiary trusts		19,589			19,589
Other liabilities		53,706			52,001
Total liabilities		4,188,603			4,194,114
Commitments and Contingencies

Shareholders' Equity
Preferred stock and related surplus, $1.00 par value, authorized 250,000 shares; issued: 2024 and 2023 - 1,500 shares		14,920			14,920
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued and outstanding: 2024 - 14,686,738 shares and 2023 - 14,683,457 shares		130,235			129,990
Retained earnings		316,375			302,783
Accumulated other comprehensive loss		(7,249	)		(7,485	)
Total shareholders' equity		454,281			440,208

Total liabilities and shareholders' equity	$	4,642,884		$	4,634,322

(*) - Derived from audited consolidated financial statements

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Income (unaudited)

	*For the Three Months Ended March 31,*
Dollars in thousands (except per share amounts)	*2024*			*2023*
Interest income
Loans, including fees
Taxable	$	59,204		$	45,421
Tax-exempt		45			64
Securities
Taxable		5,025			3,412
Tax-exempt		1,116			1,407
Interest on interest bearing deposits with other banks		132			171
Total interest income		65,522			50,475
Interest expense
Deposits		21,430			14,000
Short-term borrowings		2,661			824
Long-term borrowings and subordinated debentures		1,508			1,462
Total interest expense		25,599			16,286
Net interest income		39,923			34,189
Provision for credit losses		—			1,500
Net interest income after provision for credit losses		39,923			32,689
Noninterest income
Trust and wealth management fees		847			811
Mortgage origination revenue		154			171
Service charges on deposit accounts		1,723			1,392
Bank card revenue		1,833			1,568
Net realized losses on available for sale debt securities		(94	)		(59	)
Net gains on equity investments		40			45
Bank owned life insurance and annuities income		463			336
Other		112			122
Total noninterest income		5,078			4,386
Noninterest expenses
Salaries, commissions and employee benefits		12,058			10,807
Net occupancy expense		1,695			1,333
Equipment expense		2,508			2,030
Professional fees		385			376
Advertising and public relations		272			170
Amortization of intangibles		987			343
FDIC premiums		717			330
Bank card expense		832			696
Foreclosed properties expense, net of losses		12			15
Merger-related expenses		53			331
Other		3,439			2,968
Total noninterest expenses		22,958			19,399
Income before income tax expense		22,043			17,676
Income tax expense		4,996			3,575
Net income		17,047			14,101
Preferred stock dividends		225			225
Net income applicable to common shares	$	16,822		$	13,876

Basic earnings per common share	$	1.15		$	1.09
Diluted earnings per common share	$	1.14		$	1.08

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Comprehensive Income (unaudited)

	*For the Three Months Ended*
	*March 31,*
Dollars in thousands	*2024*			*2023*
Net income	$	17,047		$	14,101
Other comprehensive (loss) income:
Net unrealized gain (loss) on cashflow hedges of:
2024 - $1,776, net of deferred taxes of $(426); 2023 - $(4,126), net of deferred taxes of $990		1,350			(3,136	)
Net unrealized gain (loss) on fair value hedge of debt securities available for sale of:
2024 - $2,080, net of deferred taxes of $(499); 2023 - $(1,247), net of deferred taxes of $299		1,581			(948	)
Net unrealized (loss) gain on debt securities available for sale of:
2024 - $(3,546), net of deferred taxes of $851 and reclassification adjustment for net realized losses included in net income of $(94), net of tax of $23; 2023 - $9,918, net of deferred taxes of $(2,380) and reclassification adjustment for net realized losses included in net income of $(59), net of tax of $14		(2,695	)		7,538
Total other comprehensive income		236			3,454
Total comprehensive income	$	17,283		$	17,555

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Shareholders’ Equity (unaudited)

								Accumulated
	*Preferred*		*Common*					*Other*			*Total*
	*Stock and*		*Stock and*					*Compre-*			*Share-*
	*Related*		*Related*		*Retained*			*hensive*			*holders'*
Dollars in thousands (except per share amounts)	*Surplus*		*Surplus*		*Earnings*			*(Loss) Income*			*Equity*

Balance December 31, 2023	$	14,920	$	129,990	$	302,783		$	(7,485	)	$	440,208

Three Months Ended March 31, 2024
Net income		—		—		17,047			—			17,047
Other comprehensive income		—		—		—			236			236
Exercise of SARs - 272 shares		—		—		—			—			—
Share-based compensation expense		—		163		—			—			163
Common stock issuances from reinvested dividends - 3,009 shares		—		82		—			—			82
Preferred stock cash dividends declared		—		—		(225	)		—			(225	)
Common stock cash dividends declared ($0.22 per share)		—		—		(3,230	)		—			(3,230	)
Balance, March 31, 2024	$	14,920	$	130,235	$	316,375		$	(7,249	)	$	454,281

Balance December 31, 2022	$	14,920	$	90,696	$	260,393		$	(11,479	)	$	354,530

Three Months Ended March 31, 2023
Net income		—		—		14,101			—			14,101
Other comprehensive income		—		—		—			3,454			3,454
Exercise of SARs - 522 shares		—		—		—			—			—
Share-based compensation expense		—		196		—			—			196
Common stock issuances from reinvested dividends - 2,236 shares		—		47		—			—			47
Preferred stock cash dividends declared		—		—		(225	)		—			(225	)
Common stock cash dividends declared ($0.20 per share)		—		—		(2,557	)		—			(2,557	)
Balance, March 31, 2023	$	14,920	$	90,939	$	271,712		$	(8,025	)	$	369,546

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Cash Flows (unaudited)

	*Three Months Ended*
	*March 31,*			*March 31,*
Dollars in thousands	*2024*			*2023*
Cash Flows from Operating Activities
Net income	$	17,047		$	14,101
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,059			869
Provision for credit losses		—			1,500
Share-based compensation expense		163			196
Deferred income tax expense (benefit)		322			(413	)
Loans originated for sale		(1,154	)		(946	)
Proceeds from sale of loans		1,178			963
Gains on loans held for sale		(24	)		(17	)
Realized losses on debt securities, net		94			59
Gain on equity investments		(40	)		(45	)
Gain on disposal of assets		(8	)		(5	)
Amortization of securities premiums, net		118			843
Accretion related to acquisition adjustments, net		(931	)		(167	)
Amortization of intangibles		987			343
Earnings on bank owned life insurance and annuities		(551	)		(379	)
Increase in accrued interest receivable		(234	)		(398	)
Increase in other assets		(834	)		(916	)
Increase in other liabilities		2,171			1,590
Net cash provided by operating activities		19,363			17,178
Cash Flows from Investing Activities
Proceeds from maturities and calls of debt securities available for sale		1,500			1,145
Proceeds from sales of debt securities available for sale		14,874			36,940
Principal payments received on debt securities available for sale		10,721			8,048
Purchases of debt securities available for sale		(17,871	)		(63,369	)
Purchase of equity investments		(23	)		(41	)
Purchases of other investments		(9,542	)		(3,171	)
Proceeds from redemptions of other investments		8,486			6,141
Net loan originations		(13,351	)		(16,872	)
Purchases of premises and equipment		(684	)		(1,384	)
Proceeds from disposal of premises and equipment		381			12
Improvements to property held for sale		—			(2	)
Proceeds from sales of repossessed assets & property held for sale		294			—
Net cash used in investing activities		(5,215	)		(32,553	)
Cash Flows from Financing Activities
Net (decrease) increase in demand deposit, NOW and savings accounts		(18,839	)		107,693
Net increase in time deposits		52,093			22,370
Net decrease in short-term borrowings		(40,598	)		(85,849	)
Repayment of long-term borrowings		(7	)		(5	)
Proceeds from issuance of common stock		82			47
Dividends paid on common stock		(3,230	)		(2,557	)
Dividends paid on preferred stock		(225	)		(225	)
Net cash (used in) provided by financing activities		(10,724	)		41,474
Increase in cash and cash equivalents		3,424			26,099

continued

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Cash Flows (unaudited)(continued)

	*Three Months Ended*
	*March 31,*		*March 31,*
Dollars in thousands	*2024*		*2023*
Cash and cash equivalents:
Beginning		52,232		44,717
Ending	$	55,656	$	70,816


Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest	$	24,451	$	15,545

Supplemental Disclosures of Noncash Investing and Financing Activities
Real property and other assets acquired in settlement of loans	$	—	$	59
Right of use assets obtained in exchange for lease obligations	$	—	$	733

See Notes to Consolidated Financial Statements

Table of Contents

NOTE 1. BASIS OF PRESENTATION

We, Summit Financial Group, Inc. and subsidiary, prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual year end financial statements. In our opinion, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.

The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. You should carefully consider each risk factor discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The consolidated financial statements and notes included herein should be read in conjunction with our 2023 audited financial statements and Annual Report on Form 10-K.

NOTE 2. SIGNIFICANT NEW AUTHORITATIVE ACCOUNTING GUIDANCE

Recently Adopted

In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU was effective for us January 1, 2024 and did not have a material impact on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU was effective for us January 1, 2024 and did not have a material impact on our consolidated financial statements.

Pending Adoption

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.

In October 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We do not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements.

Table of Contents

NOTE 3. FAIR VALUE MEASUREMENTS

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis.

	*Balance at*		*Fair Value Measurements Using:*
Dollars in thousands	*March 31, 2024*		*Level 1*		*Level 2*		*Level 3*
Debt securities available for sale
U.S. Government sponsored agencies and corporations	$	21,503	$	—	$	21,503	$	—
Residential mortgage-backed securities:
Government sponsored agencies		123,119		—		123,119		—
Nongovernment sponsored entities		73,856		—		69,389		4,467
State and political subdivisions		95,992		—		95,992		—
Corporate debt securities		36,589		—		36,589		—
Asset-backed securities		41,350		—		41,350		—
Tax-exempt state and political subdivisions		97,862		—		97,862		—
Total debt securities available for sale	$	490,271	$	—	$	485,804	$	4,467

Equity investments	$	11,571	$	7,107	$	4,464	$	—

Derivative financial assets
Interest rate caps	$	25,321	$	—	$	25,321	$	—
Interest rate swaps		11,482		—		11,482		—

	*Balance at*		*Fair Value Measurements Using:*
Dollars in thousands	*December 31, 2023*		*Level 1*		*Level 2*		*Level 3*
Debt securities available for sale
U.S. Government sponsored agencies and corporations	$	22,825	$	—	$	22,825	$	—
Residential mortgage-backed securities:
Government sponsored agencies		129,567		—		129,567		—
Nongovernment sponsored entities		73,869		—		69,262		4,607
State and political subdivisions		94,929		—		94,929		—
Corporate debt securities		37,907		—		37,907		—
Asset-backed securities		44,205		—		44,205		—
Tax-exempt state and political subdivisions		99,460		—		99,460		—
Total debt securities available for sale	$	502,762	$	—	$	498,155	$	4,607

Equity investments	$	10,958	$	6,557	$	4,401	$	—

Derivative financial assets
Interest rate caps	$	24,314	$	—	$	24,314	$	—
Interest rate swaps		8,831		—		8,831		—

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We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below.

	*Balance at*		*Fair Value Measurements Using:*
Dollars in thousands	*March 31, 2024*		*Level 1*		*Level 2*		*Level 3*

Collateral-dependent loans with an ACLL
Commercial	$	3,299	$	—	$	3,299	$	—
Commercial real estate		16,653		—		16,653		—
Construction and development		248		—		248		—
Residential real estate		352		—		352		—
Total collateral-dependent loans with an ACLL	$	20,552	$	—	$	20,552	$	—

Property held for sale
Commercial real estate	$	—	$	—	$	—	$	—
Construction and development		3,176		—		3,176		—
Total property held for sale	$	3,176	$	—	$	3,176	$	—

	*Balance at*		*Fair Value Measurements Using:*
Dollars in thousands	*December 31, 2023*		*Level 1*		*Level 2*		*Level 3*

Collateral-dependent loans with an ACLL
Commercial real estate	$	13,488	$	—	$	13,488	$	—
Construction and development		248		—		248		—
Residential real estate		637		—		637		—
Total collateral-dependent loans with an ACLL	$	14,373	$	—	$	14,373	$	—

Property held for sale
Commercial real estate	$	297	$	—	$	297	$	—
Construction and development		3,176		—		3,176		—
Total property held for sale	$	3,473	$	—	$	3,473	$	—

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The carrying values and estimated fair values of our financial instruments are summarized below:

	*March 31, 2024*				*Fair Value Measurements Using:*
			*Estimated*
	*Carrying*		*Fair*
Dollars in thousands	*Value*		*Value*		*Level 1*		*Level 2*		*Level 3*
Financial assets
Cash and cash equivalents	$	55,656	$	55,656	$	23,706	$	31,950	$	—
Debt securities available for sale		490,271		490,271		—		485,804		4,467
Debt securities held to maturity		93,737		87,029		—		87,029		—
Equity investments		11,571		11,571		7,107		4,464		—
Other investments		21,842		21,842		—		21,842		—
Loans, net		3,647,810		3,483,889		—		20,552		3,463,337
Accrued interest receivable		20,238		20,238		—		20,238		—
Cash surrender value of life insurance policies and annuities		86,230		86,230		—		86,230		—
Derivative financial assets		36,803		36,803		—		36,803		—
	$	4,464,158	$	4,293,529	$	30,813	$	794,912	$	3,467,804
Financial liabilities
Deposits	$	3,748,415	$	3,740,170	$	—	$	3,740,170	$	—
Short-term borrowings		262,359		262,359		—		262,359		—
Long-term borrowings		630		632		—		632		—
Subordinated debentures		103,904		91,605		—		91,605		—
Subordinated debentures owed to unconsolidated subsidiary trusts		19,589		19,589		—		19,589		—
Accrued interest payable		4,646		4,646		—		4,646		—
	$	4,139,543	$	4,119,001	$	—	$	4,119,001	$	—

	*December 31, 2023*				*Fair Value Measurements Using:*
			*Estimated*
	*Carrying*		*Fair*
Dollars in thousands	*Value*		*Value*		*Level 1*		*Level 2*		*Level 3*
Financial assets
Cash and cash equivalents	$	52,232	$	52,232	$	21,834	$	30,398	$	—
Debt securities available for sale		502,762		502,762		—		498,155		4,607
Debt securities held to maturity		94,227		88,319		—		88,319		—
Equity investments		10,958		10,958		6,557		4,401		—
Other investments		21,130		21,130		—		21,130		—
Loans, net		3,633,522		3,467,324		—		14,373		3,452,951
Accrued interest receivable		20,004		20,004		—		20,004		—
Cash surrender value of life insurance policies and annuities		85,679		85,679		—		85,679		—
Derivative financial assets		33,145		33,145		—		33,145		—
	$	4,453,659	$	4,281,553	$	28,391	$	795,604	$	3,457,558
Financial liabilities
Deposits	$	3,715,148	$	3,706,250	$	—	$	3,706,250	$	—
Short-term borrowings		302,957		302,957		—		302,957		—
Long-term borrowings		637		642		—		642		—
Subordinated debentures		103,782		90,902		—		90,902		—
Subordinated debentures owed to unconsolidated subsidiary trusts		19,589		19,589		—		19,589		—
Accrued interest payable		3,980		3,980		—		3,980		—
	$	4,146,093	$	4,124,320	$	—	$	4,124,320	$	—

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NOTE 4. EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

	*For the Three Months Ended March 31,*
	*2024*							*2023*
				*Common*							*Common*
	*Net Income*			*Shares*		*Per*		*Net Income*			*Shares*		*Per*
Dollars in thousands,except per share amounts	*(Numerator)*			*(Denominator)*		*Share*		*(Numerator)*			*(Denominator)*		*Share*
Net income	$	17,047						$	14,101
Less preferred stock dividends		(225	)						(225	)

Basic earnings per share	$	16,822			14,683,596	$	1.15	$	13,876			12,783,851	$	1.09

Effect of dilutive securities:
Stock appreciation rights ("SARs")					65,017							43,287
Restricted stock units ("RSUs")					1,439							2,964

Diluted earnings per share	$	16,822			14,750,052	$	1.14	$	13,876			12,830,102	$	1.08

SAR grants and RSUs are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive SARs totaled 215,388 for the three months ended March 31, 2024 and 563,936 for the three months ended March 31, 2023, respectively. All RSUs were dilutive at March, 31 2024. There were 707 anti-dilutive RSUs at March 31, 2023.

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NOTE 5. DEBT SECURITIES

Debt Securities Available for Sale

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities available for sale at March 31, 2024 and December 31, 2023 are summarized as follows:

	*March 31, 2024*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*
Debt Securities Available for Sale
Taxable debt securities
U.S. Government sponsored agencies and corporations	$	22,116	$	33	$	646	$	21,503
Residential mortgage-backed securities:
Government-sponsored agencies		129,634		133		6,648		123,119
Nongovernment-sponsored entities		78,023		137		4,304		73,856
State and political subdivisions
General obligations		80,334		12		14,978		65,368
Various tax revenues		10,657		—		2,052		8,605
Other revenues		26,816		—		4,797		22,019
Corporate debt securities		38,201		39		1,651		36,589
Asset-backed securities		41,287		133		70		41,350
Total taxable debt securities		427,068		487		35,146		392,409
Tax-exempt debt securities
State and political subdivisions
General obligations		80,408		100		4,699		75,809
Other revenues		24,774		4		2,725		22,053
Total tax-exempt debt securities		105,182		104		7,424		97,862
Total debt securities available for sale	$	532,250	$	591	$	42,570	$	490,271

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	*December 31, 2023*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*
Debt Securities Available for Sale
Taxable debt securities
U.S. Government sponsored agencies and corporations	$	23,295	$	38	$	508	$	22,825
Residential mortgage-backed securities:
Government-sponsored agencies		133,709		729		4,871		129,567
Nongovernment-sponsored entities		78,350		22		4,503		73,869
State and political subdivisions
General obligations		79,323		3		14,995		64,331
Various tax revenues		10,665		—		2,107		8,558
Other revenues		26,822		—		4,782		22,040
Corporate debt securities		39,618		52		1,763		37,907
Asset-backed securities		44,388		81		264		44,205
Total taxable debt securities		436,170		925		33,793		403,302
Tax-exempt debt securities
State and political subdivisions
General obligations		80,144		581		3,716		77,009
Other revenues		24,882		28		2,459		22,451
Total tax-exempt debt securities		105,026		609		6,175		99,460
Total debt securities available for sale	$	541,196	$	1,534	$	39,968	$	502,762

Accrued interest receivable on debt securities available for sale totaled $2.9 million at March 31, 2024 and $3.1 million at December 31, 2023, and is included in accrued interest and fees receivable in the accompanying consolidated balance sheets.

The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our available for sale portfolio are located. We own no such securities of any single issuer which we deem to be a concentration.

	*March 31, 2024*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*

California	$	43,888	$	—	$	8,389	$	35,499
Texas		27,926		28		3,733		24,221
Oregon		16,283		—		2,938		13,345
Michigan		14,502		—		1,616		12,886
Pennsylvania		10,662		7		1,273		9,396

Management performs pre-purchase and ongoing analysis to confirm that all investment securities meet applicable credit quality standards.

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The maturities, amortized cost and estimated fair values of debt securities available for sale at March 31, 2024, are summarized as follows:

	*Amortized*		*Estimated*
Dollars in thousands	*Cost*		*Fair Value*
Due in one year or less	$	61,182	$	59,324
Due from one to five years		155,429		149,212
Due from five to ten years		113,695		104,397
Due after ten years		201,944		177,338
Total	$	532,250	$	490,271

The proceeds from sales, calls and maturities of debt securities available for sale, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the three months ended March 31, 2024 and 2023 are as follows:

	*Proceeds from*						*Gross realized*
			*Calls and*		*Principal*
Dollars in thousands	*Sales*		*Maturities*		*Payments*		*Gains*		*Losses*
For the Three Months Ended
March 31,
2024	$	14,874	$	1,500	$	10,721	$	55	$	149

2023	$	36,940	$	1,145	$	8,048	$	446	$	505

Provided below is a summary of debt securities available for sale which were in an unrealized loss position at March 31, 2024 and December 31, 2023.

	*March 31, 2024*
			*Less than 12 months*				*12 months or more*				*Total*
	*# of securities*		*Estimated*		*Unrealized*		*Estimated*		*Unrealized*		*Estimated*		*Unrealized*
Dollars in thousands	*in loss position*		*Fair Value*		*Loss*		*Fair Value*		*Loss*		*Fair Value*		*Loss*
Taxable debt securities
U.S. Government sponsored agencies and corporations		38	$	1,929	$	4	$	18,013	$	642	$	19,942	$	646
Residential mortgage-backed securities:
Government-sponsored agencies		140		35,647		1,060		75,938		5,588		111,585		6,648
Nongovernment-sponsored entities		34		5,955		736		58,633		3,568		64,588		4,304
State and political subdivisions:
General obligations		54		—		—		63,352		14,978		63,352		14,978
Various tax revenues		7		—		—		8,605		2,052		8,605		2,052
Other revenues		21		—		—		22,020		4,797		22,020		4,797
Corporate debt securities		19		4,626		44		19,089		1,607		23,715		1,651
Asset-backed securities		9		4,397		9		7,219		61		11,616		70
Tax-exempt debt securities
State and political subdivisions:
General obligations		52		28,338		419		41,116		4,280		69,454		4,699
Other revenues		21		1,237		12		19,762		2,713		20,999		2,725
Total		395	$	82,129	$	2,284	$	333,747	$	40,286	$	415,876	$	42,570

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	*December 31, 2023*
			*Less than 12 months*				*12 months or more*				*Total*
	*# of securities*		*Estimated*		*Unrealized*		*Estimated*		*Unrealized*		*Estimated*		*Unrealized*
Dollars in thousands	*in loss position*		*Fair Value*		*Loss*		*Fair Value*		*Loss*		*Fair Value*		*Loss*
Taxable debt securities
U.S. Government sponsored agencies and corporations		39	$	11,809	$	287	$	9,329	$	221	$	21,138	$	508
Residential mortgage-backed securities:
Government-sponsored agencies		133		68,815		1,528		32,902		3,343		101,717		4,871
Nongovernment-sponsored entities		35		27,804		1,493		40,274		3,010		68,078		4,503
State and political subdivisions:
General obligations		54		—		—		63,336		14,995		63,336		14,995
Various tax revenues		7		—		—		8,558		2,107		8,558		2,107
Other revenues		21		1,530		56		18,854		4,726		20,384		4,782
Corporate debt securities		21		6,758		341		18,310		1,422		25,068		1,763
Asset-backed securities		17		23,823		110		9,961		154		33,784		264
Tax-exempt debt securities
State and political subdivisions:
General obligations		39		7,479		69		43,626		3,647		51,105		3,716
Other revenues		19		807		28		19,317		2,431		20,124		2,459
Total		385	$	148,825	$	3,912	$	264,467	$	36,056	$	413,292	$	39,968

We do not intend to sell the above securities, and it is more likely than not that we will not be required to sell these securities before recovery of their amortized cost bases. We believe that this decline in value is primarily attributable to changes in market interest rates, and in some cases limited market liquidity and is not due to credit quality, as none of these securities are in default and all carry above investment grade ratings. Accordingly, no allowance for credit losses has been recognized relative to these securities.

Debt Securities Held to Maturity

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities held to maturity at March 31, 2024 and December 31, 2023 are summarized as follows:

	*March 31, 2024*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*
Debt Securities Held to Maturity
Tax-exempt debt securities
State and political subdivisions:
General obligations	$	68,603	$	—	$	4,567	$	64,036
Water and sewer revenues		7,768		—		461		7,307
Lease revenues		4,130		—		354		3,776
Sales tax revenues		4,428		—		450		3,978
Various tax revenues		5,403		—		649		4,754
Other revenues		3,405		—		227		3,178
Total debt securities held to maturity	$	93,737	$	—	$	6,708	$	87,029

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	*December 31, 2023*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*
Debt Securities Held to Maturity
Tax-exempt debt securities
State and political subdivisions:
General obligations	$	68,966	$	—	$	4,029	$	64,937
Water and sewer revenues		7,816		—		417		7,399
Lease revenues		4,151		—		321		3,830
Sales tax revenues		4,446		—		409		4,037
Various tax revenues		5,425		—		536		4,889
Other revenues		3,423		—		196		3,227
Total debt securities held to maturity	$	94,227	$	—	$	5,908	$	88,319

Accrued interest receivable on debt securities held to maturity totaled $937,000 at March 31, 2024 and $1.1 million at December 31, 2023, respectively and is included in accrued interest and fees receivable in the accompanying consolidated balance sheets.

The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our held to maturity portfolio are located. We own no such securities of any single issuer which we deem to be a concentration.

	*March 31, 2024*
	*Amortized*		*Unrealized*				*Estimated*
Dollars in thousands	*Cost*		*Gains*		*Losses*		*Fair Value*
Texas	$	14,718	$	—	$	955	$	13,763
California		9,396		—		521		8,875
Pennsylvania		8,282		—		493		7,789
Florida		7,297		—		710		6,587
Michigan		6,739		—		561		6,178

The following table displays the amortized cost of held to maturity debt securities by credit rating at March 31, 2024 and December 31, 2023.

	*March 31, 2024*
Dollars in thousands	*AAA*		AA		A		*BBB*		*Below Investment Grade*
Tax-exempt state and political subdivisions	$	14,791	$	71,697	$	7,249	$	—	$	—

	*December 31, 2023*
Dollars in thousands	*AAA*		AA		A		*BBB*		*Below Investment Grade*
Tax-exempt state and political subdivisions	$	14,866	$	72,086	$	7,275	$	—	$	—

We owned no past due or nonaccrual held to maturity debt securities at March 31, 2024 or December 31, 2023.

The maturities, amortized cost and estimated fair values of held to maturity debt securities at March 31, 2024, are summarized as follows:

	*Amortized*		*Estimated*
Dollars in thousands	*Cost*		*Fair Value*
Due in one year or less	$	—	$	—
Due from one to five years		—		—
Due from five to ten years		4,003		3,809
Due after ten years		89,734		83,220
Total	$	93,737	$	87,029

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There were no proceeds from calls and maturities of debt securities held to maturity for the three months ended March 31, 2024 or 2023.

At March 31, 2024, no allowance for credit losses on debt securities held to maturity has been recognized.

NOTE 6. LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (ACLL)

Loans

The following table presents the amortized cost of loans held for investment:

	*March 31,*		*December 31,*
Dollars in thousands	*2024*		*2023*
Commercial	$	533,214	$	503,842
Commercial real estate - owner occupied
Professional & medical		167,386		156,941
Retail		178,994		170,391
Other		223,027		217,776
Commercial real estate - non-owner occupied
Hotels & motels		216,170		215,642
Mini-storage		80,838		68,517
Multifamily		309,190		302,298
Retail		247,109		254,246
Other		427,641		413,634
Construction and development
Land & land development		105,425		145,258
Construction		341,727		374,026
Residential 1-4 family real estate
Personal residence		362,942		362,733
Rental - small loan		144,657		142,665
Rental - large loan		123,132		116,614
Home equity		80,027		81,126
Mortgage warehouse lines		108,858		108,848
Consumer		43,107		43,756
Other
Credit cards		2,251		2,286
Overdrafts		1,347		1,013
Total loans, net of unearned fees		3,697,042		3,681,612
Less allowance for credit losses - loans		49,232		48,090
Loans, net	$	3,647,810	$	3,633,522

Accrued interest and fees receivable on loans totaled $14.6 million and $14.1 million at March 31, 2024 and December 31, 2023, respectively and is included in accrued interest and fees receivable in the accompanying consolidated balance sheets.

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The following table presents the contractual aging of the amortized cost basis of past due loans by class as of March 31, 2024 and December 31, 2023.

	*March 31, 2024*
	*Past Due*										*90 days or more and*
Dollars in thousands	*30-59 days*		*60-89 days*		*90 days or more*		*Total*		*Current*		*Accruing*
Commercial	$	6,111	$	—	$	880	$	6,991	$	526,223	$	290
Commercial real estate - owner occupied
Professional & medical		61		—		357		418		166,968		—
Retail		—		—		—		—		178,994		—
Other		1,512		19		72		1,603		221,424		—
Commercial real estate - non-owner occupied
Hotels & motels		—		—		—		—		216,170		—
Mini-storage		—		—		—		—		80,838		—
Multifamily		—		—		—		—		309,190		—
Retail		—		—		487		487		246,622		—
Other		455		858		—		1,313		426,328		—
Construction and development
Land & land development		—		—		216		216		105,209		—
Construction		—		—		—		—		341,727		—
Residential 1-4 family real estate
Personal residence		2,809		273		1,435		4,517		358,425		114
Rental - small loan		487		401		263		1,151		143,506		77
Rental - large loan		—		—		181		181		122,951		—
Home equity		728		206		313		1,247		78,780		—
Mortgage warehouse lines		—		—		—		—		108,858		—
Consumer		284		119		53		456		42,651		12
Other
Credit cards		10		—		13		23		2,228		13
Overdrafts		—		—		—		—		1,347		—
Total	$	12,457	$	1,876	$	4,270	$	18,603	$	3,678,439	$	506

	*December 31, 2023*
	*Past Due*										*90 days or more and*
Dollars in thousands	*30-59 days*		*60-89 days*		*90 days or more*		*Total*		*Current*		*Accruing*
Commercial	$	1,092	$	60	$	485	$	1,637	$	502,205	$	—
Commercial real estate - owner occupied
Professional & medical		327		—		357		684		156,257		—
Retail		195		165		119		479		169,912		—
Other		270		—		—		270		217,506		—
Commercial real estate - non-owner occupied
Hotels & motels		—		—		—		—		215,642		—
Mini-storage		130		—		—		130		68,387		—
Multifamily		211		—		—		211		302,087		—
Retail		777		18		—		795		253,451		—
Other		—		—		—		—		413,634		—
Construction and development
Land & land development		295		275		—		570		144,688		—
Construction		—		—		—		—		374,026		—
Residential 1-4 family real estate
Personal residence		3,511		489		1,071		5,071		357,662		—
Rental - small loan		331		78		75		484		142,181		—
Rental - large loan		—		—		411		411		116,203		—
Home equity		1,723		269		466		2,458		78,668		307
Mortgage warehouse lines		—		—		—		—		108,848		—
Consumer		228		181		106		515		43,241		5
Other
Credit cards		40		3		22		65		2,221		23
Overdrafts		—		—		—		—		1,013		—
Total	$	9,130	$	1,538	$	3,112	$	13,780	$	3,667,832	$	335

Table of Contents

The following table presents the nonaccrual loans included in the net balance of loans at March 31, 2024 and December 31, 2023.

	*March 31,*				*December 31,*
	*2024*				*2023*
			*Nonaccrual*				*Nonaccrual*
			*with No*				*with No*
			*Allowance for*				*Allowance for*
			*Credit Losses*				*Credit Losses*
Dollars in thousands	*Nonaccrual*		*- Loans*		*Nonaccrual*		*- Loans*
Commercial	$	7,537	$	—	$	1,088	$	2
Commercial real estate - owner occupied
Professional & medical		357		—		395		—
Retail		254		—		525		—
Other		1,553		73		236		—
Commercial real estate - non-owner occupied
Hotels & motels		—		—		—		—
Mini-storage		—		—		—		—
Multifamily		434		—		446		—
Retail		4,467		3,300		4,073		3,520
Other		1,313		456		—		—
Construction and development
Land & land development		891		—		708		—
Construction		—		—		—		—
Residential 1-4 family real estate
Personal residence		1,873		—		1,879		—
Rental - small loan		1,822		439		1,922		245
Rental - large loan		181		—		410		—
Home equity		369		—		313		—
Mortgage warehouse lines		—		—		—		—
Consumer		70		—		109		—
Other
Credit cards		—		—		—		—
Overdrafts		—		—		—		—
Total	$	21,121	$	4,268	$	12,104	$	3,767

Modifications to Borrowers Experiencing Financial Difficulty

We adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. Generally, the modifications we grant are extensions of terms, deferrals of payments for an extended period or interest rate reductions. Occasionally, we may modify a loan by providing principal forgiveness. In some cases, we will modify a loan by providing multiple types, or combinations, of concessions. During first quarter 2024, we modified 2 loans totaling $188,000, which we deem insignificant, there were no commitments to lend additional funds under these modifications and one modified loan totaling $19,000 was past due 53 days. During first quarter 2023, we modified 3 loans totaling $456,000, which we deem insignificant, there were no commitments to lend additional funds under these modifications, and the payment status of each loan was current at March 31, 2023.

Table of Contents

Credit Quality Indicators: We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. We analyze loans individually by classifying the loans as to credit risk. We internally grade all commercial loans at the time of loan origination. In addition, we perform an annual loan review on all non-homogenous commercial loan relationships with an aggregate exposure of $5.0 million, at which time these loans are re-graded. We use the following definitions for our risk grades:

Pass: Loans graded as Pass are loans to borrowers of acceptable credit quality and risk. They are higher quality loans that do not fit any of the other categories described below.

Special Mention: Commercial loans categorized as Special Mention are potentially weak. The credit risk may be relatively minor yet represent a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the asset may weaken or inadequately protect our position in the future.

Substandard: Commercial loans categorized as Substandard are inadequately protected by the borrower’s ability to repay, equity and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the identified weaknesses are not mitigated.

Doubtful: Commercial loans categorized as Doubtful have all the weaknesses inherent in those loans classified as Substandard, with the added elements that the full collection of the loan is improbable and the possibility of loss is high.

Loss: Loans classified as loss are considered to be non-collectible and of such little value that their continuance as a bankable asset is not warranted. This does not mean that the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future.

Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are reunderwritten at the point of renewal and considered current period originations for purposes of the table below. As of March 31, 2024 and December 31, 2023, based on the most recent analysis performed, the risk category of loans based on year of origination is as follows:

	*March 31, 2024*
																	*Revolvi-*		*Revolving-*
Dollars in thousands		*Risk Rating*	*2024*		*2023*			*2022*		*2021*		*2020*		*Prior*			ng		*Term*		*Total*

Commercial		Pass	$	35,472	$	60,037		$	99,157	$	49,650	$	14,627	$	17,027		$	204,092	$	—	$	480,062
		Special Mention		—		718			5,535		3,793		2,400		2,721			30,172		—		45,339
		Substandard		—		110			968		506		—		5,972			257		—		7,813
Total Commercial				35,472		60,865			105,660		53,949		17,027		25,720			234,521		—		533,214
Current Period Charge-Offs				—		(22	)		—		—		—		(16	)		—		—		(38	)

Commercial Real Estate - Owner Occupied

Professional & medical		Pass		575		20,207			18,994		63,814		9,376		48,660			1,457		—		163,083
		Special Mention		—		—			—		1,935		1,085		849			—		—		3,869
		Substandard		—		—			—		—		—		434			—		—		434
Total Professional & Medical				575		20,207			18,994		65,749		10,461		49,943			1,457		—		167,386
Current Period Charge-Offs				—		—			—		—		—		—			—		—		—

Retail		Pass		1,464		5,430			22,717		76,843		11,575		56,069			3,157		—		177,255
		Special Mention		—		—			—		—		—		1,379			—		—		1,379
		Substandard		—		—			—		—		—		360			—		—		360
Total Retail				1,464		5,430			22,717		76,843		11,575		57,808			3,157		—		178,994
Current Period Charge-Offs				—		—			—		—		—		—			—		—		—

Other		Pass		1,183		32,323			48,256		37,961		20,458		71,010			3,277		—		214,468
		Special Mention		—		—			—		52		4,645		1,789			—		—		6,486
		Substandard		—		—			—		—		—		2,037			36		—		2,073
Total Other				1,183		32,323			48,256		38,013		25,103		74,836			3,313		—		223,027
Current Period Charge-Offs				—		—

SUMMIT FINANCIAL GROUP, INC. 10-Q