Stock Analysis Report

Summit Financial Group

Executive Summary

Summit Financial Group, Inc. operates as a financial holding company for Summit Community Bank, Inc.

Snowflake Analysis

Flawless balance sheet, good value and pays a dividend.

Similar Companies

Share Price & News

How has Summit Financial Group's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: SMMF's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: SMMF underperformed the US Banks industry which returned -24.8% over the past year.

Return vs Market: SMMF underperformed the US Market which returned -11.5% over the past year.

Shareholder returns

7 Day9.7%9.6%10.5%
30 Day-20.9%-27.0%-15.4%
90 Day-35.5%-38.5%-21.4%
1 Year-32.8%-34.6%-22.5%-24.8%-9.6%-11.5%
3 Year-13.8%-19.5%-16.8%-22.9%12.6%5.4%
5 Year62.9%45.0%12.2%-0.5%32.8%18.1%

Price Volatility Vs. Market

How volatile is Summit Financial Group's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Summit Financial Group undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: SMMF ($17.34) is trading below our estimate of fair value ($37.16)

Significantly Below Fair Value: SMMF is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: SMMF is good value based on its PE Ratio (6.8x) compared to the Banks industry average (8.9x).

PE vs Market: SMMF is good value based on its PE Ratio (6.8x) compared to the US market (13x).

Price to Earnings Growth Ratio

PEG Ratio: SMMF's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: SMMF is overvalued based on its PB Ratio (0.9x) compared to the US Banks industry average (0.8x).

Next Steps

Future Growth

How is Summit Financial Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SMMF's earnings are forecast to decline over the next 3 years (-2.7% per year).

Earnings vs Market: SMMF's earnings are forecast to decline over the next 3 years (-2.7% per year).

High Growth Earnings: SMMF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SMMF's revenue (2.5% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: SMMF's revenue (2.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SMMF's Return on Equity is forecast to be low in 3 years time (11.7%).

Next Steps

Past Performance

How has Summit Financial Group performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SMMF has high quality earnings.

Growing Profit Margin: SMMF's current net profit margins (34.3%) are higher than last year (33%).

Past Earnings Growth Analysis

Earnings Trend: SMMF's earnings have grown by 19.9% per year over the past 5 years.

Accelerating Growth: SMMF's earnings growth over the past year (13.5%) is below its 5-year average (19.9% per year).

Earnings vs Industry: SMMF earnings growth over the past year (13.5%) exceeded the Banks industry 11.2%.

Return on Equity

High ROE: SMMF's Return on Equity (12.9%) is considered low.

Next Steps

Financial Health

How is Summit Financial Group's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: SMMF has a low level of unsold assets or inventory.

Debt Coverage by Assets: SMMF's debt is not covered by short term assets (assets are 0.4x debt).

Financial Institutions Analysis

Asset Level: SMMF's level of assets compared to its equity is low.

Allowance for Bad Loans: SMMF has a sufficient allowance for bad loans.

Low Risk Liabilities: SMMF's liabilities are made up of primarily low risk sources of funding.

Loan Level: SMMF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SMMF's loans are broadly funded by customer deposits.

Level of Bad Loans: SMMF has an appropriate level of bad loans (0.6%)

Next Steps


What is Summit Financial Group's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SMMF's dividend (3.92%) is higher than the bottom 25% of dividend payers in the US market (1.98%).

High Dividend: SMMF's dividend (3.92%) is low compared to the top 25% of dividend payers in the US market (5.45%).

Stability and Growth of Payments

Stable Dividend: SMMF's dividend payments have been volatile in the past 10 years.

Growing Dividend: SMMF's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (23.2%), SMMF's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: SMMF's dividends in 3 years are forecast to be well covered by earnings (28.6% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Charlie Maddy (56yo)





Mr. H. Charles Maddy, III, also known as Charlie has been the President and Chief Executive Officer of Summit Financial Group Inc. ("Group") since 1994. Mr. Maddy has been Chief Executive Officer of Summit ...

CEO Compensation Analysis

Compensation vs Market: Charlie's total compensation ($USD1.31M) is about average for companies of similar size in the US market ($USD1.45M).

Compensation vs Earnings: Charlie's compensation has increased by more than 20% in the past year.

Leadership Team

H. Maddy
Vice Chairman26.17yrsUS$1.31m0.81% $1.8m
Robert Tissue
Executive VP & CFO22.17yrsUS$427.05k0.58% $1.3m
Scott Jennings
Executive VP & COO19.42yrsUS$434.29k0.17% $374.8k
Bradford Ritchie
Senior VP & President of Summit Community Bank8.17yrsUS$404.24k0.17% $389.6k
Julie Markwood
Senior VP & Chief Accounting Officerno datano data0.10% $236.3k
Teresa Ely
Executive Assistant to President & CEO and Director of Shareholder Relationsno datano datano data
Danyl Freeman
VP & Chief Human Resources Officerno datano datano data
Patricia Owens
Chief Banking Officerno datano data0.038% $85.3k
Lorraine Brisell
Market President0.17yrno datano data


Average Tenure


Average Age

Experienced Management: SMMF's management team is seasoned and experienced (19.4 years average tenure).

Board Members

H. Maddy
Vice Chairman26.17yrsUS$1.31m0.81% $1.8m
Oscar Bean
Chairman of the Board25.17yrsUS$69.61k0.80% $1.8m
Dewey Bensenhaver
Independent Director20.08yrsUS$15.95k0.33% $739.0k
James Cookman
Independent Director26.17yrsUS$14.00k0.20% $454.5k
Thomas Hawse
Independent Director32.17yrsUS$18.75k0.71% $1.6m
Gary Hinkle
Independent Director27.17yrsUS$19.95k3.15% $7.1m
Gerald Huffman
Independent Director20.08yrsUS$17.30k0.89% $2.0m
Charles Piccirillo
Independent Director22.17yrsUS$18.55k0.34% $775.4k
James Geary
Independent Director12.83yrsUS$17.35kno data
John Gianola
Independent Director3.25yrsUS$19.85k0.024% $53.6k


Average Tenure


Average Age

Experienced Board: SMMF's board of directors are seasoned and experienced ( 21.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: SMMF insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Summit Financial Group, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Summit Financial Group, Inc.
  • Ticker: SMMF
  • Exchange: NasdaqGS
  • Founded: 1987
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$226.194m
  • Shares outstanding: 13.04m
  • Website:

Number of Employees


  • Summit Financial Group, Inc.
  • 300 North Main Street
  • Moorefield
  • West Virginia
  • 26836
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SMMFNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJan 1999


Summit Financial Group, Inc. operates as a financial holding company for Summit Community Bank, Inc. that provides community banking and other financial services to individuals and businesses primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, and Shenandoah Valley and Southwestern regions of Virginia. The company operates through three segments: Community Banking, Trust and Wealth Management, and Insurance. Its community banking services include demand, savings, and time deposits; commercial, commercial real estate, construction and land development, residential real estate, and consumer loans; and mortgage warehouse lines of credit, as well as trust and wealth management, and cash management services. The company also offers insurance brokerage services, such as corporate and personal property and casualty insurance products, as well as group health and life insurance products, and consulting services. As of December 31, 2018, it operated through 30 banking offices. Summit Financial Group, Inc. was founded in 1987 and is headquartered in Moorefield, West Virginia. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 00:32
End of Day Share Price2020/03/27 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.