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Private company

SUMMIT FINANCIAL GROUP, INC.

American state commercial bank that raised $75 million in 2021 (SEC Form D)1

In its 2024 annual report the company says: “We provide 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, the Central region of Kentucky, the Eastern Shore of Maryland and Delaware. We provide these services through our community bank subsidiary, Summit Community Bank.”4 It is headquartered in Moorefield, West Virginia.1

Last updated Oct 21, 2026.

Overview

  • IndustryState Commercial Banks1
  • HeadquartersMoorefield, West Virginia1
  • Incorporated inWV2
  • Business address300 North Main St, Moorefield, Wv 268362
  • Filer categoryAccelerated filer2
  • Legal formCorporation

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Summit Financial Group, Inc. (“Company” or “Summit”) is a $4.6 billion financial holding company headquartered in Moorefield, West Virginia and incorporated on March 5, 1987. We provide 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, the Central region of Kentucky, the Eastern Shore of Maryland and Delaware. We provide these services through our community bank subsidiary, Summit Community Bank (“Summit Community” or “Bank”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

302.4%Net margin5
14.8%Revenue growth, 20235
12.5%Return on equity5
0.00×Debt to equity5
$66.6MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Interest55¢$86.0M
  • Income tax10¢$15.2M
  • Profit35¢$55.2M

Out of $18.3M in revenue.5

Where each dollar of operating cash went, fiscal 2023

  • Capital spending10¢$7.1M
  • Dividends paid16¢$11.9M
  • Kept or used elsewhere74¢$54.7M

Out of $73.7M of cash from operations.5

Financial statements

Revenue65$18.3M in 2023+50% since 2020
0$5.0M$10.0M$15.0M$20.0M2020: $12.1M$12.1M20202021: $14.4M$14.4M2021+19%2022: $15.9M$15.9M2022+10%2023: $18.3M$18.3M2023+15%
Net income78965$55.2M in 2023+364% since 2017
0$20.0M$40.0M$60.0M2017: $11.9M$11.9M20172018: $28.1M$28.1M2018+136%2019: $31.9M$31.9M2019+14%2020: $31.3M$31.3M2020−2%2021: $45.7M$45.7M2021+46%2022: $53.2M$53.2M2022+16%2023: $55.2M$55.2M2023+4%
Fiscal year2017201820192020202120222023
Revenue$12.1M6$14.4M5$15.9M5$18.3M5
Interest$18.4M7$25.6M8$30.0M9$19.5M6$12.5M5$29.8M5$86.0M5
Income before tax$57.4M5$67.3M5$70.4M5
Income tax$9.7M7$7.0M8$7.7M9$7.4M6$11.7M5$14.1M5$15.2M5
Net income$11.9M7$28.1M8$31.9M9$31.3M6$45.7M5$53.2M5$55.2M5
Earnings per share$1.007$2.278$2.559$2.426$3.495$4.105$3.825
Earnings per share (diluted)$1.007$2.268$2.539$2.416$3.475$4.085$3.815
Shares (weighted, basic)12.9M shares512.8M shares514.2M shares5
Shares (weighted, diluted)13.0M shares512.8M shares514.2M shares5

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Corporate structure

SUMMIT FINANCIAL GROUP, INC. sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SUMMIT FINANCIAL GROUP, INC.

  • BlackRock Filed SC 13G on SUMMIT FINANCIAL GROUP, INC., latest Jan 29, 2024 (4 filings since Feb 1, 2022)
  • Castle Creek Capital Partners V, LP Filed SC 13D/A on SUMMIT FINANCIAL GROUP, INC., latest Sep 5, 2023 (2 filings since Dec 9, 2021)
  • SUMMIT FINANCIAL GROUP, INC. Moorefield, West Virginia
    • SFG Capital Trust I, a statutory business trust organized under the laws of the State of Subsidiary · Delaware, United States
    • SFG Capital Trust II, a statutory business trust organized under the laws of the State of Subsidiary · Delaware, United States
    • SFG Capital Trust III, a statutory business trust organized under the laws of the State of Subsidiary · Delaware, United States
    • SFG II, Inc., a second-tier bank holding company organized under the laws of the State of Subsidiary · West Virginia, United States
    • Summit Community Bank, Inc., a state banking corporation organized under the laws of the State of Subsidiary · West Virginia, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SUMMIT FINANCIAL GROUP, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$102.0M5 Dec 31, 2023$90.2M5 Dec 31, 2022+13.1%
Accumulated depreciation$38.9M5 Dec 31, 2023$36.2M5 Dec 31, 2022+7.6%
Property and equipment, net$63.0M5 Dec 31, 2023$54.0M5 Dec 31, 2022+16.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$52.2M5 Dec 31, 2023$44.7M5 Dec 31, 2022+16.8%
Debt securities available for sale$502.8M5 Dec 31, 2023$405.2M5 Dec 31, 2022+24.1%
Debt securities held to maturity$94.2M5 Dec 31, 2023$96.2M5 Dec 31, 2022−2.0%
Loans, net of allowance$3.0B6 Dec 31, 2022$2.7B6 Dec 31, 2021+11.5%
Deposits held (banks)$3.7B5 Dec 31, 2023$3.2B5 Dec 31, 2022+17.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$56.0M5 Dec 31, 2023$55.3M5 Dec 31, 2022+1.3%
Finite-lived intangibles, net$18.4M5 Dec 31, 2023$6.8M5 Dec 31, 2022+170.6%

Leadership

Who has led SUMMIT FINANCIAL GROUP, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. H. Charles Maddy Iii.2006–2024
  2. C. David Robertson2006–2007

Chair

  1. C. David Robertson2008–2010
  2. George R. Ours Jr.2008–2011
  3. Oscar M. Bean2009–2023

President

  1. Ronald F. Miller2006–2011
  2. H. Charles Maddy Iii.2006–2024
  3. C. David Robertson2006–2007
  4. Bradford E. Ritchie2012–2024

Chief financial officer

  1. Robert S. Tissue2006–2024

Chief operating officer

  1. Scott C. Jennings2006–2024
2010201520202025
Board members and other officers (35)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Senior Vice President and Chief Accounting OfficerJulie R Markwood named Nov 23, 202155

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SFG Capital Trust I, a statutory business trust organized under the laws of the State of Delaware3
  • SFG Capital Trust II, a statutory business trust organized under the laws of the State of Delaware3
  • SFG Capital Trust III, a statutory business trust organized under the laws of the State of Delaware3
  • SFG II, Inc., a second-tier bank holding company organized under the laws of the State of West Virginia3
  • Summit Community Bank, Inc., a state banking corporation organized under the laws of the State of West Virginia3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • SUMMIT FINANCIAL GROUP INCApr 17, 2000 to Sep 30, 20202
  • SOUTH BRANCH VALLEY BANCORP INCNov 8, 1995 to Mar 31, 19992

Timeline

  1. May 3, 20248-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights56
  2. Apr 25, 20248-K Results of operations57
  3. Apr 19, 20248-K Other events58
  4. Jan 25, 20248-K Results of operations59
  5. Dec 8, 20238-K Executive or director change60
  6. Dec 7, 20238-K Shareholder vote61
  7. Oct 27, 20238-K Results of operations62
  8. Sep 11, 20238-K Executive or director change63
  9. Aug 25, 20238-K Entered a material agreement; Regulation FD disclosure; Other events64
  10. Aug 24, 20238-K Other events65
  11. Jul 27, 20238-K Results of operations66
  12. May 19, 20238-K Shareholder vote67
  13. Apr 11, 2006New chief executive C. David Robertson becomes CEO15
  14. Apr 10, 2006New chief executive H. Charles Maddy Iii. becomes CEO14

Calendar

When it reported results

  1. Apr 25, 2024Reported quarterly or annual results57
  2. Jan 25, 2024Reported quarterly or annual results59
  3. Oct 27, 2023Reported quarterly or annual results62
  4. Jul 27, 2023Reported quarterly or annual results66
  5. Apr 27, 2023Reported quarterly or annual results68
  6. Jan 26, 2023Reported quarterly or annual results69
  7. Oct 27, 2022Reported quarterly or annual results70
  8. Jul 28, 2022Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

210 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 27 major events, 111 insider forms, 6 large holders, 1 private raises, 53 other. The latest 20:

  1. May 14, 202415-12G EDGAR
  2. May 13, 2024EFFECT EDGAR
  3. May 13, 2024EFFECT EDGAR
  4. May 13, 2024EFFECT EDGAR
  5. May 13, 2024EFFECT EDGAR
  6. May 7, 2024S-8 POS EDGAR
  7. May 7, 2024S-8 POS EDGAR
  8. May 7, 2024S-8 POS EDGAR
  9. May 7, 2024S-8 POS EDGAR
  10. May 7, 2024POS AM EDGAR
  11. May 7, 2024POS AM EDGAR
  12. May 7, 2024POS AM EDGAR
  13. May 7, 2024POS AM EDGAR
  14. May 3, 20244 EDGAR
  15. May 3, 20244 EDGAR
  16. May 3, 20244 EDGAR
  17. May 3, 20244 EDGAR
  18. May 3, 20244 EDGAR
  19. May 3, 20244 EDGAR
  20. May 3, 20244 EDGAR

The 210 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

35 open-market trades by officers, directors and large owners since October 2021: 32 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 19, 2024Geary James P IIDirectorBuy896$25.58$22.9KForm 4
Sep 14, 2023HINKLE GARY LDirectorBuy3,367$24.07$81.0KForm 4
Sep 13, 2023HINKLE GARY LDirectorBuy10,710$24.20$259.2KForm 4
Sep 12, 2023HINKLE GARY LDirectorBuy124$24.17$3.0KForm 4
Aug 29, 2023Upson Jill SDirectorBuy1,850$24.81$45.9KForm 4
May 4, 2023JENNINGS SCOTT CEVP & COOBuy1,000$18.17$18.2KForm 4
May 2, 2023BEAN OSCAR MDirectorBuy242$18.55$4.5KForm 4
May 1, 2023Hager JosephEVP & Chief Risk OfficerBuy3,000$19.62$58.9KForm 4
Mar 14, 2023SHOTT JOHN HDirectorBuy500$22.09$11.0KForm 4
Mar 13, 2023Kitzmiller Jason ADirectorBuy9,150$21.75$199.0KForm 4
Mar 13, 2023BEAN OSCAR MDirectorBuy200$21.99$4.4KForm 4
Mar 10, 2023Kitzmiller Jason ADirectorBuy5,289$22.85$120.9KForm 4
Feb 15, 2023PICCIRILLO CHARLESDirectorBuy150$25.99$3.9KForm 4
Feb 9, 2023BEAN OSCAR MDirectorBuy200$25.80$5.2KForm 4
Feb 7, 2023BEAN OSCAR MDirectorBuy100$26.55$2.7KForm 4
Feb 6, 2023COOKMAN JAMES MDirectorBuy530$26.44$14.0KForm 4
Feb 3, 2023JENNINGS SCOTT CEVP & COOBuy200$26.21$5.2KForm 4
Feb 2, 2023George Georgette R.DirectorBuy37$26.21$970Form 4
Feb 2, 2023TISSUE ROBERT SSenior VP & CFOBuy300$26.15$7.8KForm 4
Feb 1, 2023HINKLE GARY LDirectorBuy4,050$25.95$105.1KForm 4

All 35 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$75.0M 2021–2021
Money received by yearMoney received by year, 2021–2021: $75.0M in all. Private raises (Form D) $75.0M.$0$20M$40M$60M$80M2021 · Private raises (Form D): $75.0M2021
Figures by year
YearPrivate raises (Form D)Total
2021$75.0M$75.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Nov 16, 2021Raised $75 million in a private offering of debt55 Form D: 40 investors so far Form D

SEC filer profile

How SUMMIT FINANCIAL GROUP, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSUMMIT FINANCIAL GROUP, INC.1
  • CIK0000811808
  • Employer ID (EIN)55-06721481
  • Filer statusAccelerated filer1
  • Incorporated inWest Virginia1
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address300 North Main St, Moorefield, WV 268361
  • Phone30453010001
  • Shares outstanding14,686,738 as of Apr 29, 202412
  • Public float$265.5M as of Jun 30, 202374
  • On EDGAR sinceNov 8, 19951
  • Filings1,625 in all: 4 (812), 8-K (219), 10-Q (73), 4/A (64), SC 13D/A (64), 5 (37), 425 (36), 13F-HR (28)1
    All 48 form types

    DEF 14A (28), 10-K (23), CORRESP (23), 3 (22), UPLOAD (19), EFFECT (15), SC 13G (15), 10QSB (13), 8-K/A (12), ARS (12), S-4/A (11), S-4 (9), 424B3 (8), SC 13G/A (8), 3/A (7), 10-K/A (5), 10KSB (5), D (5), POS AM (5), S-8 POS (5), SC 13D (5), 10-Q/A (4), S-3 (4), S-8 (4), 10QSB/A (3), 424B5 (3), PRE 14A (3), S-3/A (3), DEFA14A (2), 10-K405 (1), 10KSB/A (1), 13F-HR/A (1), 15-12G (1), 25-NSE (1), 424B1 (1), 5/A (1), AW (1), D/A (1), DEFM14A (1), REGDEX (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2024
    Quarterly report (10-Q) May 2, 2024
    Proxy statement (DEF 14A) Mar 31, 2023
    Latest 8-K (8-K) May 3, 2024

Sources

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