Summit Financial Group Reports First Quarter 2017 Results

MOOREFIELD, W. Va., April 27, 2017 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ:SMMF) today reported a first quarter 2017 net loss of $1.62 million, or ($0.15) per diluted share, compared to earnings of $4.06 million, or $0.38 per diluted share, reported for the first quarter of 2016 and earnings of $4.71 million, or $0.44 per diluted share, reported for the fourth quarter of 2016. Summit’s first quarter 2017 net loss resulted principally from a legal settlement which reduced its earnings by $0.58 per diluted share.

First Quarter 2017 Significant Highlights:

As previously announced, a charge of $9.9 million, or $6.2 million after-tax, was recorded to resolve fully all litigation with the Residential Funding Company, LLC and ResCap Liquidating Trust (collectively, “ResCap”);
Total revenues increased 1.5 percent compared to the linked quarter and 11.1 percent compared to the year ago quarter, principally as result of the acquisition of HCB;
Net loans, excluding mortgage warehouse lines of credit, grew $40.8 million, or 12.5 percent (on an annualized basis), compared to December 31, 2016;
Net interest margin increased 20 basis points compared to the linked quarter and 4 basis points compared to the year-ago quarter, reflecting our improving yields on interest earning assets and relatively stable funding costs;
Gains realized on sales of securities declined from $393,000 in Q1 2016 to a loss of $58,000 in Q1 2017;
Write-downs of foreclosed properties were $418,000 in Q1 2017 compared to $109,000 during Q1 2016;
Merger-related expenses of $109,000 were incurred during Q1 2017, compared to $588,000 in Q4 2016 and $112,000 in Q1 2016.
Nonperforming assets as a percentage of total assets declined for the eighteenth consecutive quarter to 2.16 percent compared to 2.22 percent at December 31, 2016, reaching its lowest level since Q2 2008;
On April 1, 2017, Summit completed its acquisition of First Century Bankshares, Inc. (“FCB”) and its subsidiary, First Century Bank, headquartered in Bluefield, West Virginia. At March 31, 2017, FCB had approximately $404.8 million in total assets.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, “While I was very disappointed recently to report the substantial charge to our first quarter earnings to resolve the ResCap litigation, we believe this settlement was in the best interests of the Company and our shareholders; it eliminates the possibility of any additional exposure relative to this issue and puts it behind us, thus allowing us to direct more resources towards enhancing long-term shareholder value. On a more positive note, Summit achieved another quarter of solid core operating performance highlighted by our improving net interest margin and core loan growth. The former Highland County Bankshares’ banking operations are now fully integrated into Summit, and its impact on our performance is exceeding our expectations. Going forward, our recently closed acquisition of FCB represents another exceptional opportunity. This transaction combines two financially strong banks with similar cultures, core values and exceptional opportunities for operational synergies, as well as a shared commitment to build long-term client relationships by providing service beyond expectations. We converted FCB’s data processing systems and re-identified its branches to that of Summit’s effective April 24, 2017.”

HCB Acquisition

On October 1, 2016, Summit completed its acquisition of Highland County Bankshares, Inc. (“HCB”) and its subsidiary, First & Citizens Bank, headquartered in Monterey, Virginia. Accordingly, HCB’s results of operations are included in Summit’s consolidated results of operation from the date of acquisition, and therefore Summit’s first quarter 2017 results reflect increased levels of average balances, income and expense as compared to its first quarter 2016 results.

At consummation, HCB had total assets of $122.8 million, loans of $60.8 million, and deposits of $106.9 million. Had the HCB acquisition taken place on January 1, 2016, Summit’s pro forma combined total revenues, net income and diluted earnings per share would have approximated $16.0 million, $4.5 million and $0.42, respectively, for the quarter ended March 31, 2016. Summit recognized net accretion income totaling $144,000 in Q1 2017 related to HCB’s loan fair value acquisition accounting adjustments.

Results from Operations

Total revenue for first quarter 2017, consisting of net interest income and noninterest income, increased 11.1 percent to $16.2 million, principally as result of the HCB acquisition, compared to $14.6 million for the first quarter 2016, and was relatively unchanged compared to the linked quarter.

For the first quarter of 2017, net interest income was $13.6 million, an increase of 15.7 percent from the $11.8 million reported in the prior-year first quarter and an increase of $173,000 compared to the linked quarter. The net interest margin for first quarter 2017 was 3.54 percent compared to 3.34 percent for the year-ago quarter, and 3.50 percent for the linked quarter.

Noninterest income, consisting primarily of insurance commissions from Summit's insurance agency subsidiary and service fee income from community banking activities, for first quarter 2017 was $2.58 million compared to $2.81 million for the comparable period of 2016 and $3.00 million for Q4 2016. Excluding realized securities gains and losses, noninterest income was $2.64 million for first quarter 2017 compared to $2.41 million reported for first quarter 2016 and $2.71 million for the linked quarter.

We recorded a $250,000 provision for loan losses during first quarters 2017 and 2016.

Excluding the impact of the $9.9 million charge to settle the ResCap litigation, noninterest expense for Q1 2017 increased 6.6 percent to $9.12 million compared to $8.55 million for the prior-year first quarter, principally due to the acquisition of HCB; but it declined 2.9 percent compared to the linked quarter’s noninterest expense of $9.39 million due to operational efficiencies achieved relative to the former HCB’s banking operations.

Balance Sheet

At March 31, 2017, total assets were $1.78 billion, an increase of $17.8 million, or 1.0 percent since December 31, 2016. Total loans, net of unearned fees and allowance for loan losses, were $1.29 billion at March 31, 2017, down $14.9 million, or 1.1 percent, from the $1.31 billion reported at year-end 2016. Excluding mortgage warehouse lines of credit, net loans increased $40.8 million or 12.5 percent (annualized) since year-end 2016.

At March 31, 2017, deposits were $1.30 billion, an increase of $5.7 million, or 0.4 percent, since year end 2016. During Q1 2017, checking deposits and savings deposits increased by $15.4 million or 3.7 percent and $5.2 million, or 1.5 percent while time deposits declined $14.9 million or 2.7 percent.

Shareholders’ equity was $153.6 million as of March 31, 2017 compared to $155.4 million December 31, 2016. Tangible book value per common share decreased to $13.03 at March 31, 2017 compared to $13.20 at December 31, 2016. Summit had 10,750,477 outstanding common shares at Q1 2017 quarter end compared to 10,736,970 at year end 2016.

Asset Quality

As of March 31, 2017, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $38.4 million, or 2.16 percent of assets. This compares to $39.1 million, or 2.22 percent of assets at the linked quarter, and $40.1 million, or 2.66 percent of assets, at first quarter 2016.

First quarter 2017 net loan charge-offs were $207,000, or 0.06 percent of average loans on an annualized basis, compared to net loan charge-offs of $407,000 for the first quarter of 2016. The allowance for loan losses stood at $11.7 million, or 0.90 percent of total loans at March 31, 2017, compared to 0.88 percent at year-end 2016.

About Summit

Summit Financial Group, Inc. is a $2.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates thirty banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

FORWARD-LOOKING STATEMENTS

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as “expects”, “anticipates”, “believes”, “estimates” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could” are intended to identify such forward-looking statements.

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies. We undertake no obligation to revise these statements following the date of this press release.

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Quarterly Performance Summary -- Q1 2017 vs Q1 2016


		For the Quarter Ended							Percent
Dollars in thousands		3/31/2017			3/31/2016				Change
Condensed Statements of Income (unaudited)
	Interest income
	Loans, including fees	$	15,671			$	13,436		16.6	%
	Securities		1,851				1,726		7.2	%
	Other		152				3		n/a
	Total interest income		17,674				15,165		16.5	%
	Interest expense
	Deposits		2,390				2,170		10.1	%
	Borrowings		1,654				1,216		36.0	%
	Total interest expense		4,044				3,386		19.4	%
	Net interest income		13,630				11,779		15.7	%
	Provision for loan losses		250				250		0.0	%
	Net interest income after provision
	for loan losses		13,380				11,529		16.1	%
	Noninterest income
	Insurance commissions		968				924		4.8	%
	Service fees related to deposit accounts		1,168				978		19.4	%
	Realized securities (losses) gains		(58	)			393		n/a
	Other income		501				511		-2.0	%
	Total noninterest income		2,579				2,806		-8.1	%
	Noninterest expense
	Salaries and employee benefits		5,187				4,682		10.8	%
	Net occupancy expense		567				540		5.0	%
	Equipment expense		735				656		12.0	%
	Professional fees		285				472		-39.6	%
	Amortization of intangibles		97				50		94.0	%
	FDIC premiums		210				300		-30.0	%
	Merger-related expense		109				112		-2.7	%
	Foreclosed properties expense		104				124		-16.1	%
	(Gain) on sales of foreclosed properties		(156	)			(6	)	n/a
	Write-downs of foreclosed properties		418				109		283.5	%
	Litigation settlement		9,900				-		n/a
	Other expenses		1,560				1,515		3.0	%
	Total noninterest expense		19,016				8,554		122.3	%
	(Loss) income before income taxes		(3,057	)			5,781		n/a
	Income tax (benefit) expense		(1,441	)			1,719		n/a
	Net (loss) income	$	(1,616	)		$	4,062		n/a

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Quarterly Performance Summary -- Q1 2017 vs Q1 2016

		For the Quarter Ended						Percent
		3/31/2017			3/31/2016			Change
Per Share Data
	Earnings per common share
	Basic	$	(0.15	)	$	0.38		n/a
	Diluted	$	(0.15	)	$	0.38		n/a

	Cash dividends	$	0.11		$	0.10		10.0	%

	Average common shares outstanding
	Basic		10,738,365			10,671,856		0.6	%
	Diluted		10,738,365			10,679,301		0.6	%

	Common shares outstanding at period end		10,750,477			10,681,880		0.6	%

Performance Ratios
	Return on average equity		-4.11	%		11.10	%	n/a
	Return on average tangible equity		-4.51	%		11.70	%	n/a
	Return on average assets		-0.37	%		1.08	%	n/a
	Net interest margin		3.54	%		3.50	%	1.1	%
	Efficiency ratio (A)		51.16	%		55.93	%	-8.5	%

NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Five Quarter Performance Summary

		For the Quarter Ended
Dollars in thousands		3/31/2017			12/31/2016			9/30/2016			6/30/2016			3/31/2016
Condensed Statements of Income (unaudited)
	Interest income
	Loans, including fees	$	15,671		$	15,780		$	14,142		$	13,622		$	13,436
	Securities		1,851			1,796			1,759			1,656			1,726
	Other		152			161			5			5			3
	Total interest income		17,674			17,737			15,906			15,283			15,165
	Interest expense
	Deposits		2,390			2,430			2,209			2,154			2,170
	Borrowings		1,654			1,850			1,659			1,395			1,216
	Total interest expense		4,044			4,280			3,868			3,549			3,386
	Net interest income		13,630			13,457			12,038			11,734			11,779
	Provision for loan losses		250			-			-			250			250
	Net interest income after provision
	for loan losses		13,380			13,457			12,038			11,484			11,529
	Noninterest income
	Insurance commissions		968			992			1,016			1,090			924
	Service fees related to deposit accounts		1,168			1,194			1,138			1,059			978
	Realized securities gains (losses)		(58	)		291			61			383			393
	Other income		501			521			534			513			511
	Total noninterest income		2,579			2,998			2,749			3,045			2,806
	Noninterest expense
	Salaries and employee benefits		5,187			5,308			4,819			4,764			4,682
	Net occupancy expense		567			522			525			512			540
	Equipment expense		735			700			716			686			656
	Professional fees		285			344			270			429			472
	Amortization of intangibles		97			97			50			50			50
	FDIC premiums		210			75			200			300			300
	Merger-related expenses		109			588			80			153			112
	Foreclosed properties expense		104			97			100			93			124
	(Gain) on sales of foreclosed properties		(156	)		(465	)		(168	)		(276	)		(6	)
	Write-downs of foreclosed properties		418			165			134			259			109
	Litigation settlement		9,900			-			-			-			-
	Other expenses		1,560			1,961			1,693			1,467			1,515
	Total noninterest expense		19,016			9,392			8,419			8,437			8,554
	(Loss) income before income taxes		(3,057	)		7,063			6,368			6,092			5,781
	Income tax (benefit) expense		(1,441	)		2,353			2,087			1,849			1,719
	Net (loss) income	$	(1,616	)	$	4,710		$	4,281		$	4,243		$	4,062

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Five Quarter Performance Summary

		For the Quarter Ended
		3/31/2017			12/31/2016			9/30/2016			6/30/2016			3/31/2016
Per Share Data
	Earnings per common share
	Basic	$	(0.15	)	$	0.44		$	0.40		$	0.40		$	0.38
	Diluted	$	(0.15	)	$	0.44		$	0.40		$	0.40		$	0.38

	Cash dividends	$	0.11		$	0.10		$	0.10		$	0.10		$	0.10

	Average common shares outstanding
	Basic		10,738,365			10,710,164			10,692,423			10,681,995			10,671,856
	Diluted		10,738,365			10,762,445			10,727,140			10,701,017			10,679,301

	Common shares outstanding at period end		10,750,477			10,736,970			10,701,841			10,692,320			10,681,880

Performance Ratios
	Return on average equity		-4.11	%		12.22	%		11.29	%		11.49	%		11.10	%
	Return on average tangible equity		-4.51	%		13.42	%		11.86	%		12.10	%		11.70	%
	Return on average assets		-0.37	%		1.07	%		1.08	%		1.10	%		1.08	%
	Net interest margin		3.54	%		3.34	%		3.32	%		3.40	%		3.50	%
	Efficiency ratio (A)		51.16	%		56.67	%		53.30	%		55.35	%		55.93	%

NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Selected Balance Sheet Data (unaudited)

Dollars in thousands, except per share amounts		3/31/2017			12/31/2016			9/30/2016			6/30/2016			3/31/2016

Assets
	Cash and due from banks	$	19,326		$	4,262		$	25,067		$	4,161		$	4,005
	Interest bearing deposits other banks		38,895			42,354			9,432			8,897			12,655
	Securities		282,028			266,542			262,102			261,633			271,515
	Loans, net		1,292,915			1,307,862			1,234,605			1,166,723			1,096,790
	Property held for sale		23,491			24,504			24,767			23,425			24,684
	Premises and equipment, net		26,377			23,737			21,802			21,405			21,589
	Goodwill and other intangible assets		13,587			13,652			7,348			7,398			7,448
	Cash surrender value of life insurance policies		39,412			39,143			38,504			38,246			37,989
	Other assets		40,411			36,591			34,009			33,293			31,893
	Total assets	$	1,776,442		$	1,758,647		$	1,657,636		$	1,565,181		$	1,508,568

Liabilities and Shareholders' Equity
	Deposits	$	1,301,241		$	1,295,519		$	1,156,785		$	1,096,545		$	1,094,544
	Short-term borrowings		228,868			224,461			234,657			205,552			153,448
	Long-term borrowings and
	subordinated debentures		65,804			66,259			93,735			94,214			94,692
	Other liabilities		26,910			17,048			18,640			18,201			19,755
	Shareholders' equity		153,619			155,360			153,819			150,669			146,129
	Total liabilities and shareholders' equity	$	1,776,442		$	1,758,647		$	1,657,636		$	1,565,181		$	1,508,568

	Book value per common share	$	14.29		$	14.47		$	14.37		$	14.09		$	13.68
	Tangible book value per common share	$	13.03		$	13.20		$	13.69		$	13.40		$	12.98
	Tangible common equity to tangible assets		7.9	%		8.1	%		8.9	%		9.2	%		9.2	%

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Regulatory Capital Ratios

		3/31/2017		12/31/2016			9/30/2016			6/30/2016		3/31/2016
Summit Financial Group, Inc.
	CET1 Risk-based Capital	10.3	%		10.5	%		11.1	%	11.5	%		11.9	%
	Tier 1 Risk-based Capital	11.5	%		11.8	%		12.4	%	12.9	%		13.5	%
	Total Risk-based Capital	12.3	%		12.6	%		13.3	%	13.8	%		14.5	%
	Tier 1 Leverage Ratio	9.4	%		9.4	%		10.4	%	10.5	%		10.7	%

Summit Community Bank, Inc.
	CET1 Risk-based Capital	11.6	%		11.9	%		12.5	%	13.0	%		13.6	%
	Tier 1 Risk-based Capital	11.6	%		11.9	%		12.5	%	13.0	%		13.6	%
	Total Risk-based Capital	12.4	%		12.7	%		13.4	%	13.9	%		14.5	%
	Tier 1 Leverage Ratio	9.4	%		9.5	%		10.5	%	10.6	%		10.7	%

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Loan Composition

Dollars in thousands	3/31/2017		12/31/2016			9/30/2016			6/30/2016			3/31/2016

Commercial	$	134,808		$	119,088		$	110,466		$	101,521		$	101,743
Mortgage warehouse lines		30,217			85,966			108,983			80,282			-
Commercial real estate
Owner occupied		217,733			203,047			192,254			190,534			202,680
Non-owner occupied		401,795			381,921			367,196			348,099			353,350
Construction and development
Land and development		68,079			72,042			65,430			65,702			66,483
Construction		16,511			16,584			11,276			8,506			7,997
Residential real estate
Non-jumbo		266,140			265,641			228,777			225,919			221,368
Jumbo		60,780			65,628			57,276			52,105			50,057
Home equity		75,299			74,596			75,161			75,904			74,097
Consumer		24,440			25,534			19,756			19,520			19,095
Other		8,831			9,489			9,649			10,008			11,235
Total loans, net of unearned fees		1,304,633			1,319,536			1,246,224			1,178,100			1,108,105
Less allowance for loan losses		11,718			11,674			11,619			11,377			11,315
Loans, net	$	1,292,915		$	1,307,862		$	1,234,605		$	1,166,723		$	1,096,790

SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Deposit Composition

Dollars in thousands	3/31/2017		12/31/2016			9/30/2016			6/30/2016			3/31/2016
Non interest bearing checking	$	152,086		$	149,737		$	122,652		$	120,845		$	122,378
Interest bearing checking		275,678			262,591			212,172			205,095			210,878
Savings		342,548			337,348			321,563			306,785			286,695
Time deposits		530,929			545,843			500,398			463,820			474,593
Total deposits	$	1,301,241		$	1,295,519		$	1,156,785		$	1,096,545		$	1,094,544

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Asset Quality Information

		For the Quarter Ended
Dollars in thousands		3/31/2017			12/31/2016			9/30/2016			6/30/2016			3/31/2016

	Gross loan charge-offs	$	315		$	400		$	331		$	263		$	561
	Gross loan recoveries		(108	)		(456	)		(573	)		(75	)		(154	)
	Net loan charge-offs (recoveries)	$	207		$	(56	)	$	(242	)	$	188		$	407

	Net loan charge-offs to average loans (annualized)		0.06	%		-0.02	%		-0.09	%		0.07	%		0.15	%
	Allowance for loan losses	$	11,718		$	11,674		$	11,619		$	11,377		$	11,315
	Allowance for loan losses as a percentage
	of period end loans		0.90	%		0.88	%		0.93	%		0.97	%		1.02	%
	Nonperforming assets:
	Nonperforming loans
	Commercial	$	226		$	298		$	846		$	399		$	430
	Commercial real estate		4,734			4,844			4,867			5,773			6,140
	Residential construction and development		3,936			4,465			4,360			5,400			5,467
	Residential real estate		5,886			4,815			4,174			3,531			3,248
	Consumer		162			152			169			91			121
	Total nonperforming loans		14,944			14,574			14,416			15,194			15,406
	Foreclosed properties
	Commercial real estate		1,749			1,749			1,749			976			976
	Commercial construction and development		8,276			8,610			8,664			8,708			8,717
	Residential construction and development		12,635			13,265			13,741			12,989			13,808
	Residential real estate		831			880			613			752			1,183
	Total foreclosed properties		23,491			24,504			24,767			23,425			24,684
	Other repossessed assets		12			12			12			38			-
	Total nonperforming assets	$	38,447		$	39,090		$	39,195		$	38,657		$	40,090

	Nonperforming loans to period end loans		1.15	%		1.10	%		1.16	%		1.29	%		1.39	%
	Nonperforming assets to period end assets		2.16	%		2.22	%		2.36	%		2.47	%		2.66	%

	Troubled debt restructurings
	Performing	$	28,183		$	28,066		$	28,287		$	27,750		$	29,452
	Nonperforming		719			564			863			2,133			897
	Total troubled debt restructurings	$	28,902		$	28,630		$	29,150		$	29,883		$	30,349

Loans Past Due 30-89 Days
		For the Quarter Ended
In thousands		3/31/2017		12/31/2016			9/30/2016			6/30/2016			3/31/2016

	Commercial	$	162		$	175		$	405		$	422		$	465
	Commercial real estate		2,758			434			626			214			920
	Construction and development		291			552			235			520			218
	Residential real estate		2,924			5,517			2,941			4,763			3,055
	Consumer		155			375			144			177			73
	Other		17			14			13			12			14
	Total	$	6,307		$	7,067		$	4,364		$	6,108		$	4,745

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
Q1 2017 vs Q1 2016
	Q1 2017								Q1 2016
	Average			Earnings /		Yield /			Average			Earnings /		Yield /
Dollars in thousands	Balances			Expense		Rate			Balances			Expense		Rate

ASSETS
Interest earning assets
Loans, net of unearned interest
Taxable	$	1,278,386		$	15,549		4.93	%	$	1,089,083		$	13,291	4.91	%
Tax-exempt		13,292			186		5.68	%		15,824			220	5.59	%
Securities
Taxable		186,332			1,128		2.46	%		209,365			1,083	2.08	%
Tax-exempt		95,300			1,112		4.73	%		79,314			974	4.94	%
Interest bearing deposits other banks
and Federal funds sold		40,698			152		1.51	%		8,092			3	0.15	%
Total interest earning assets		1,614,008			18,127		4.55	%		1,401,678			15,571	4.47	%

Noninterest earning assets
Cash & due from banks		4,631								3,762
Premises & equipment		24,504								21,594
Other assets		98,253								89,642
Allowance for loan losses		(11,761	)							(11,562	)
Total assets	$	1,729,635							$	1,505,114

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities
Interest bearing liabilities
Interest bearing
demand deposits	$	262,849		$	148		0.23	%	$	209,733		$	83	0.16	%
Savings deposits		339,930			625		0.75	%		277,396			506	0.73	%
Time deposits		540,692			1,616		1.21	%		471,597			1,581	1.35	%
Short-term borrowings		196,946			995		2.05	%		168,548			240	0.57	%
Long-term borrowings and
subordinated debentures		66,146			660		4.05	%		95,052			976	4.13	%
Total interest bearing liabilities		1,406,563			4,044		1.17	%		1,222,326			3,386	1.11	%

Noninterest bearing liabilities
Demand deposits		148,286								120,464
Other liabilities		17,700								15,928
Total liabilities		1,572,549								1,358,718

Shareholders' equity		157,086								146,396
Total liabilities and
shareholders' equity	$	1,729,635							$	1,505,114

NET INTEREST EARNINGS				$	14,083							$	12,185

NET INTEREST MARGIN							3.54	%						3.50	%

Summit Financial Group Reports First Quarter 2017 Results

Q1 2017 Diluted Loss Per Share of $0.15 compared to Diluted Earnings Per Share of $0.38 for Q1 2016 and to $0.44 for Q4 2016

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