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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 ~~September~~March 3031, ~~2023~~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,~~674~~686,~~852~~738 shares outstanding as of ~~November~~April 329, ~~2023~~2024

Table of Contents

			Page
PART I.	FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Consolidated balance sheets September 30, 2023 (unaudited) and December 31, 2022	3
		Consolidated balance sheets March 31, 2024 (unaudited) and December 31, 2023	3
		Consolidated statements of income for the three and nine months ended September 30, 2023 and 2022 (unaudited)	4
		Consolidated statements of income for the three months ended March 31, 2024 and 2023 (unaudited)	4
		Consolidated statements of comprehensive income for the three and nine months ended September 30, 2023 and 2022 (unaudited)	5
		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 and nine months ended September 30, 2023 and 2022 (unaudited)	6
		Consolidated statements of shareholders’ equity for the three months ended March 31, 2024 and 2023 (unaudited)	6
		Consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 (unaudited)	8
		Consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 (unaudited)	7
		Notes to consolidated financial statements (unaudited)	109
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	4542
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	5753
	Item 4.	Controls and Procedures	5854
PART II.	OTHER INFORMATION
	Item 1.	Legal Proceedings	5955
	Item 1A.	Risk Factors	5955
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5955
	Item 3.	Defaults upon Senior Securities	None
	Item 4.	Mine Safety Disclosures	None
	Item 5.	Other Information	None
	Item 6.	Exhibits	6056
EXHIBIT INDEX			6157
SIGNATURES			6258

Table of Contents

Item 1. Financial Statements

Consolidated Balance Sheets (unaudited)

	September 30,			December 31,
	March 31,			December 31,
	2023			2022
	2024			2023
Dollars in thousands (except per share amounts)	(unaudited)			(*)
ASSETS
Cash and due from banks	$	23,~~159~~706		$	1621,~~469~~834
Interest bearing deposits with other banks		3631,~~398~~950			2830,~~248~~398
Cash and cash equivalents		5955,~~557~~656			4452,~~717~~232
Debt securities available for sale (at fair value)		~~511~~490,~~403~~271			~~405~~502,~~201~~762
Debt securities held to maturity (at amortized cost; estimated fair value - $82,448 - 2023, $86,627 - 2022)		94,715			96,163
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		9493,~~715~~737			9694,~~163~~227
Equity investments (at fair value)		3111,~~241~~571			2910,~~494~~958
Other investments		1921,~~579~~842			1621,~~029~~130
Loans held for sale		209			—
Loans, net of unearned fees		3,697,042			3,681,612
Loans, net of unearned fees		3,598,919			3,082,818
Less: allowance for credit losses		(49,232	)		(48,090	)
Less: allowance for credit losses		(47,233	)		(38,899	)
Loans, net		3,647,810			3,633,522
Loans, net		3,551,686			3,043,919
Property held for sale		3,432			3,729
Property held for sale		4,505			5,067
Premises and equipment, net		62,293			63,038
Premises and equipment, net		62,721			53,981
Accrued interest and fees receivable		20,238			20,004
Accrued interest and fees receivable		19,789			15,866
Goodwill and other intangible assets, net		73,443			74,430
Goodwill and other intangible assets, net		75,425			62,150
Cash surrender value of life insurance policies and annuities		86,230			85,679
Cash surrender value of life insurance policies and annuities		85,076			71,640
Derivative financial instruments		36,803			33,145
Derivative financial instruments		44,527			40,506
Other assets		39,558			39,466
Other assets		43,775			31,959
Total assets	$	4,642,884		$	4,634,322
Total assets	$	4,604,208		$	3,916,692
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing	$	~~630~~605,~~055~~509		$	~~553~~593,~~616~~576
Interest bearing		3,~~124~~142,~~440~~906			23,~~616~~121,~~263~~572
Total deposits		3,~~754~~748,~~495~~415			3,~~169~~715,~~879~~148
Short-term borrowings		~~258~~262,~~054~~359			~~225~~302,~~999~~957
Long-term borrowings		~~642~~630			~~658~~637
Subordinated debentures, net		103,~~661~~904			103,~~296~~782
Subordinated debentures owed to unconsolidated subsidiary trusts		19,589			19,589
Other liabilities		5153,~~315~~706			4252,~~741~~001
Total liabilities		4,~~187~~188,~~756~~603			34,~~562~~194,~~162~~114
Commitments and Contingencies
Shareholders' Equity
Preferred stock and related surplus, $1.00 par value, authorized 250,000 shares; issued: 2023 and 2022 - 1,500 shares		14,920			14,920
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: 2023 - 14,674,852 shares and 2022 - 12,783,646 shares		130,508			90,696
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		~~289~~316,~~641~~375			~~260~~302,~~393~~783
Accumulated other comprehensive loss		(187,~~617~~249	)		(117,~~479~~485	)
Total shareholders' equity		~~416~~454,~~452~~281			~~354~~440,~~530~~208
Total liabilities and shareholders' equity	$	4,~~604~~642,~~208~~884		$	34,~~916~~634,~~692~~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 September 30,

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Dollars in thousands (except per share amounts)

~~2023~~2024

~~2022~~2023

~~2023~~

~~2022~~

Interest income

Loans, including fees

Taxable

5859,~~019~~204

3845,~~741~~421

~~157,813~~

~~101,640~~

Tax-exempt

8345

4364

~~186~~

~~134~~

Securities

Taxable

45,~~971~~025

23,~~273~~412

~~13,283~~

~~5,694~~

Tax-exempt

1,~~386~~116

1,~~224~~407

~~4,140~~

~~3,177~~

Interest on interest bearing deposits with other banks

~~235~~132

~~170~~171

~~610~~

~~262~~

Total interest income

6465,~~694~~522

4250,~~451~~475

~~176,032~~

~~110,907~~

Interest expense

Deposits

1921,~~924~~430

614,~~140~~000

~~51,775~~

~~10,489~~

Short-term borrowings

12,~~988~~661

~~850~~824

~~4,024~~

~~1,918~~

Long-term borrowings and subordinated debentures

1,~~509~~508

1,~~348~~462

~~4,457~~

~~3,867~~

Total interest expense

2325,~~421~~599

816,~~338~~286

~~60,256~~

~~16,274~~

Net interest income

4139,~~273~~923

34,~~113~~189

~~115,776~~

~~94,633~~

Provision for credit losses

~~1,250~~—

1,500

~~10,750~~

~~5,450~~

Net interest income after provision for credit losses

4039,~~023~~923

32,~~613~~689

~~105,026~~

~~89,183~~

Noninterest income

Trust and wealth management fees

~~819~~847

~~725~~811

~~2,484~~

~~2,228~~

Mortgage origination revenue

~~172~~154

~~538~~171

~~513~~

~~1,194~~

Service charges on deposit accounts

1,~~775~~723

1,~~550~~392

~~5,110~~

~~4,625~~

Bank card revenue

1,~~907~~833

1,~~639~~568

~~5,462~~

~~4,748~~

Net realized losses on available for sale debt securities

(1294

)

(~~242~~59

)

~~(282~~

)

~~(684~~

)

Net gains (losses) on equity investments

180

283

375

(14

)

Net gains on equity investments

Bank owned life insurance and annuities income

~~311~~463

~~229~~336

~~1,078~~

~~843~~

Other

~~113~~112

~~165~~122

~~334~~

~~348~~

Total noninterest income

5,~~265~~078

4,~~887~~386

~~15,074~~

~~13,288~~

Noninterest expenses

Salaries, commissions and employee benefits

1112,~~959~~058

10,~~189~~807

~~34,922~~

~~29,920~~

Net occupancy expense

1,~~436~~695

1,~~301~~333

~~4,297~~

~~3,801~~

Equipment expense

2,~~361~~508

12,~~851~~030

~~6,752~~

~~5,484~~

Professional fees

~~400~~385

~~372~~376

~~1,246~~

~~1,242~~

Advertising and public relations

~~247~~272

~~276~~170

~~681~~

~~613~~

Amortization of intangibles

~~998~~987

~~354~~343

~~2,340~~

~~1,088~~

FDIC premiums

~~716~~717

~~292~~330

~~1,788~~

~~872~~

Bank card expense

~~972~~832

~~726~~696

~~2,620~~

~~2,249~~

Foreclosed properties expense, net of losses/(gains)

Foreclosed properties expense, net of losses

Acquisition-related expenses

1,110

—

5,604

Merger-related expenses

331

Other

3,~~953~~439

32,~~834~~968

~~10,563~~

~~8,651~~

Total noninterest expenses

2422,~~162~~958

19,~~221~~399

~~70,886~~

~~54,030~~

Income before income tax expense

2122,~~126~~043

1817,~~279~~676

~~49,214~~

~~48,441~~

Income tax expense

4,~~794~~996

3,~~856~~575

~~10,572~~

~~10,311~~

Net income

1617,~~332~~047

14,~~423~~101

~~38,642~~

~~38,130~~

Preferred stock dividends

225

~~675~~

Net income applicable to common shares

16,~~107~~822

1413,~~198~~876

~~37,967~~

~~37,455~~

Basic earnings per common share

1.1015

1.1109

~~2.70~~

~~2.94~~

Diluted earnings per common share

1.0914

1.1108

~~2.69~~

~~2.92~~

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Comprehensive Income (unaudited)

	For the Three Months Ended
	September 30,
	March 31,
Dollars in thousands	~~2023~~2024			~~2022~~2023
Net income	$	1617,~~332~~047		$	14,~~423~~101
Other comprehensive (loss) income:
Net unrealized gain on cashflow hedges of:
Net unrealized gain (loss) on cashflow hedges of:
2023 - $2,082, net of deferred taxes of $(500); 2022 - $7,508, net of deferred taxes of $(1,802)		1,582			5,706
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 on fair value hedge of debt securities available for sale of:
Net unrealized gain (loss) on fair value hedge of debt securities available for sale of:
2023 - $2,757, net of deferred taxes of $(662); 2022 - $2,962, net of deferred taxes of $(711)		2,095			2,251
2024 - $2,080, net of deferred taxes of $(499); 2023 - $(1,247), net of deferred taxes of $299		1,581			(948	)
Net unrealized loss on debt securities available for sale of:
Net unrealized (loss) gain on debt securities available for sale of:
2023 - $(17,841), net of deferred taxes of $4,282 and reclassification adjustment for net realized losses included in net income of $(12), net of tax of $3; 2022 - $(15,997), net of deferred taxes of $3,839 and reclassification adjustment for net realized losses included in net income of $(242), net of tax of $58		(13,559	)		(12,158	)
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 loss		(9,882	)		(4,201	)
Total other comprehensive income		236			3,454
Total comprehensive income	$	617,~~450~~283		$	1017,~~222~~555

	For the Nine Months Ended
	September 30,
Dollars in thousands	2023			2022
Net income	$	38,642		$	38,130
Other comprehensive (loss) income:
Net unrealized gain on cashflow hedges of:
2023 - $1,372, net of deferred taxes of $(329); 2022 - $23,155, net of deferred taxes of $(5,557)		1,043			17,598
Net unrealized gain on fair value hedge of debt securities available for sale of:
2023 - $3,318, net of deferred taxes of $(796); 2022 - $8,141, net of deferred taxes of $(1,954)		2,522			6,187
Net unrealized loss on debt securities available for sale of:
2023 - $(14,083), net of deferred taxes of $3,380 and reclassification adjustment for net realized losses included in net income of $(282), net of tax of $68; 2022 - $(53,871), net of deferred taxes of $12,929 and reclassification adjustment for net realized losses included in net income of $(684), net of tax of $164		(10,703	)		(40,942	)
Total other comprehensive loss		(7,138	)		(17,157	)
Total comprehensive income	$	31,504		$	20,973

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Shareholders’ Equity (unaudited)

								Accumulated			~~Accumulated~~
	Preferred		Common		~~Unallocated~~			Other			~~Other~~Total			~~Total~~
	Stock and		Stock and		~~Common~~			Compre-			~~Compre~~Share-			~~Share-~~
	Related		Related		~~Stock Held~~Retained			~~Retained~~hensive			~~hensive~~holders'			~~holders'~~
Dollars in thousands (except per share amounts)	Surplus		Surplus		~~by ESOP~~Earnings			~~Earnings~~(Loss) Income			~~Loss~~Equity			~~Equity~~
Balance June 30, 2023	$	14,920	$	130,227	$	—		$	276,762		$	(8,735	)	$	413,174
Balance December 31, 2023	$	14,920	$	129,990	$	302,783		$	(7,485	)	$	440,208
Three Months Ended September 30, 2023
Three Months Ended March 31, 2024
Net income		—		—		—17,047			~~16,332~~—			—17,047			~~16,332~~
Other comprehensive loss		—		—		—			—			(9,882	)		(9,882	)
Other comprehensive income		—		—		—			236			236
Share-based compensation expense		—		220		—			—			—			220
Exercise of SARs - 272 shares		—		—		—			—			—
Common stock issuances from reinvested dividends - 2,705 shares		—		61		—			—			—			61
Share-based compensation expense		—		163		—			—			163
Preferred stock cash dividends declared		—		—		—			(225	)		—			(225	)
Common stock issuances from reinvested dividends - 3,009 shares		—		82		—			—			82
Common stock cash dividends declared ($0.22 per share)		—		—		—			(3,228	)		—			(3,228	)
Preferred stock cash dividends declared		—		—		(225	)		—			(225	)
Balance, September 30, 2023	$	14,920	$	130,508	$	—		$	289,641		$	(18,617	)	$	416,452
Common stock cash dividends declared ($0.22 per share)		—		—		(3,230	)		—			(3,230	)
Balance June 30, 2022	$	14,920	$	90,119	$	(112	)	$	236,438		$	(7,474	)	$	333,891
Balance, March 31, 2024	$	14,920	$	130,235	$	316,375		$	(7,249	)	$	454,281
Three Months Ended September 30, 2022
Balance December 31, 2022	$	14,920	$	90,696	$	260,393		$	(11,479	)	$	354,530
Net income		—		—		—			14,423			—			14,423
Three Months Ended March 31, 2023
Other comprehensive loss		—		—		—			—			(4,201	)		(4,201	)
Net income		—		—		14,101			—			14,101
Exercise of SARs - 4,428 shares		—		—		—			—			—			—
Other comprehensive income		—		—		—			3,454			3,454
Share-based compensation expense		—		145		—			—			—			145
Exercise of SARs - 522 shares		—		—		—			—			—
Unallocated ESOP shares committed to be released - 5,176 shares		—		92		56			—			—			148
Share-based compensation expense		—		196		—			—			196
Common stock issuances from reinvested dividends - 1,619 shares		—		45		—			—			—			45
Common stock issuances from reinvested dividends - 2,236 shares		—		47		—			—			47
Preferred stock cash dividends declared		—		—		—(225	)		~~(225~~—	)		—(225	)		~~(225~~	)
Common stock cash dividends declared ($0.20 per share)		—		—		—(2,557	)		~~(2,552~~—	)		—(2,557	)		~~(2,552~~	)
Balance, September 30, 2022	$	14,920	$	90,401	$	(56	)	$	248,084		$	(11,675	)	$	341,674
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 Shareholders’ Equity (unaudited)

											Accumulated
	Preferred		Common		Unallocated						Other			Total
	Stock and		Stock and		Common						Compre-			Share-
	Related		Related		Stock Held			Retained			hensive			holders'
Dollars in thousands (except per share amounts)	Surplus		Surplus		by ESOP			Earnings			(Loss) Income			Equity
Balance December 31, 2022	$	14,920	$	90,696	$	—		$	260,393		$	(11,479	)	$	354,530
Nine Months Ended September 30, 2023
Net income		—		—		—			38,642			—			38,642
Other comprehensive loss		—		—		—			—			(7,138	)		(7,138	)
Exercise of SARs - 522 shares		—		—		—			—			—			—
Vesting of RSUs - 2,749 shares		—		—		—			—			—			—
Share-based compensation expense		—		634		—			—			—			634
Common stock issuances from reinvested dividends - 7,203 shares		—		158		—			—			—			158
Acquisition of PSB Holding Corp. issuance of 1,880,732 shares, net of issuance costs		—		39,020		—			—			—			39,020
Preferred stock cash dividends declared		—		—		—			(675	)		—			(675	)
Common stock cash dividends declared ($0.62 per share)		—		—		—			(8,719	)		—			(8,719	)
Balance, September 30, 2023	$	14,920	$	130,508	$	—		$	289,641		$	(18,617	)	$	416,452
Balance December 31, 2021	$	14,920	$	89,525	$	(224	)	$	217,770		$	5,482		$	327,473
Nine Months Ended September 30, 2022
Net income		—		—		—			38,130			—			38,130
Other comprehensive loss		—		—		—			—			(17,157	)		(17,157	)
Exercise of SARs - 5,107 shares		—		—		—			—			—			—
Vesting of RSUs - 5,246 shares		—		—		—			—			—			—
Share-based compensation expense		—		469		—			—			—			469
Unallocated ESOP shares committed to be released - 15,527 shares		—		257		168			—			—			425
Common stock issuances from reinvested dividends - 5,640 shares		—		150		—			—			—			150
Preferred stock cash dividend declared		—		—		—			(675	)		—			(675	)
Common stock cash dividends declared ($0.56 per share)		—		—		—			(7,141	)		—			(7,141	)
Balance, September 30, 2022	$	14,920	$	90,401	$	(56	)	$	248,084		$	(11,675	)	$	341,674

See Notes to Consolidated Financial Statements

Table of Contents

Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended
	Three Months Ended
	September 30,			September 30,
	March 31,			March 31,
Dollars in thousands	~~2023~~2024			~~2022~~2023
Cash Flows from Operating Activities
Net income	$	3817,~~642~~047		$	3814,~~130~~101
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		21,~~821~~059			~~2,727~~869
Provision for credit losses		~~10,750~~—			51,~~450~~500
Share-based compensation expense		~~634~~163			~~469~~196
Deferred income tax (benefit) expense		(118	)		487
Deferred income tax expense (benefit)		322			(413	)
Loans originated for sale		(31,~~828~~154	)		(~~18,857~~946	)
Proceeds from sale of loans		31,~~678~~178			~~19,048~~963
Gains on loans held for sale		(5924	)		(~~326~~17	)
Realized losses on debt securities, net		~~282~~94			~~684~~59
(Gain) loss on equity investments		(375	)		14
Gain on equity investments		(40	)		(45	)
(Gain) loss on disposal of assets		(74	)		7
Gain on disposal of assets		(8	)		(5	)
Write-downs of foreclosed properties		132			42
Amortization of securities premiums, net		118			843
Amortization of securities premiums, net		1,016			3,626
Accretion related to acquisition adjustments, net		(931	)		(167	)
Accretion related to acquisition adjustments, net		(2,868	)		(973	)
Amortization of intangibles		987			343
Amortization of intangibles		2,340			1,088
Earnings on bank owned life insurance and annuities		(551	)		(379	)
Earnings on bank owned life insurance and annuities		(1,146	)		(603	)
Increase in accrued interest receivable		(234	)		(398	)
Increase in accrued interest receivable		(2,422	)		(2,664	)
Increase in other assets		(834	)		(916	)
Decrease in other assets		1,524			1,491
Increase in other liabilities		2,171			1,590
Increase in other liabilities		3,777			526
Net cash provided by operating activities		19,363			17,178
Net cash provided by operating activities		54,706			50,366
Cash Flows from Investing Activities
Proceeds from maturities and calls of debt securities available for sale		21,~~442~~500			1,~~795~~145
Proceeds from sales of debt securities available for sale		~~103~~14,~~662~~874			6136,~~471~~940
Principal payments received on debt securities available for sale		2910,~~805~~721			298,~~023~~048
Purchases of debt securities available for sale		(~~115~~17,~~119~~871	)		(~~131~~63,~~913~~369	)
Purchase of equity investments		(~~744~~23	)		(~~4,930~~41	)
Purchases of other investments		(209,~~793~~542	)		(173,~~699~~171	)
Proceeds from redemptions of other investments		168,~~960~~486			106,~~009~~141
Net loan originations		(~~153~~13,~~221~~351	)		(~~315~~16,~~676~~872	)
Purchases of premises and equipment		(~~5,532~~684	)		(1,~~111~~384	)
Proceeds from disposal of premises and equipment		~~116~~381			5512
Improvements to property held for sale		(2—	)		(172	)
Proceeds from sales of repossessed assets & property held for sale		~~595~~294			~~4,732~~—
Purchase of life insurance contracts and annuities		—			(10,000	)
Net cash used in investing activities		(5,215	)		(32,553	)
Cash and cash equivalents from acquisitions, net of cash consideration paid 2023 - $595		14,364			—
Net cash used in investing activities		(127,467	)		(374,261	)
Cash Flows from Financing Activities
Net increase in demand deposit, NOW and savings accounts		84,560			283,192
Net (decrease) increase in demand deposit, NOW and savings accounts		(18,839	)		107,693
Net increase (decrease) in time deposits		3,035			(117,424	)
Net increase in time deposits		52,093			22,370
Net increase in short-term borrowings		14,406			133,002
Net decrease in short-term borrowings		(40,598	)		(85,849	)
Repayment of long-term borrowings		(~~5,159~~7	)		(165	)
Proceeds from issuance of common stock		~~153~~82			~~150~~47
Dividends paid on common stock		(~~675~~3,230	)		(72,~~141~~557	)
Dividends paid on preferred stock		(~~8,719~~225	)		(~~675~~225	)
Net cash provided by financing activities		87,601			291,088
Net cash (used in) provided by financing activities		(10,724	)		41,474
Increase (decrease) in cash and cash equivalents		14,840			(32,807	)
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)

	Nine Months Ended
	Three Months Ended
	September 30,		September 30,
	March 31,		March 31,
Dollars in thousands	~~2023~~2024		~~2022~~2023
Cash and cash equivalents:
Beginning		4452,~~717~~232		7844,~~458~~717
Ending	$	5955,~~557~~656	$	4570,~~651~~816
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest	$	5624,~~767~~451	$	1415,~~089~~545
Income taxes	$	9,724	$	9,195
Supplemental Disclosures of Noncash Investing and Financing Activities
Real property and other assets acquired in settlement of loans	$	59—	$	659
Right of use assets obtained in exchange for lease obligations	$	~~3,946~~—	$	—733
Supplemental Disclosures of Noncash Transactions Included in Acquisition
Assets acquired	$	546,216	$	—
Liabilities assumed	$	522,242	$	—

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, ~~2022~~2023.

The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2023~~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 ~~2022~~2023 audited financial statements and Annual Report on Form 10-K.

NOTE 2. SIGNIFICANT NEW AUTHORITATIVE ACCOUNTING GUIDANCE

Recently Adopted

In ~~July~~March 2023, the ~~Financial Accounting Standards Board ("~~FASB") issued ASU ~~No.~~ 2023-0302, ~~Presentation~~ ~~of Financial Statements (Topic 205), Income Statement~~Investments—~~Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from~~ Equity ~~(Topic~~Method ~~480), Equity (Topic 505),~~ and ~~Compensation—Stock~~Joint ~~Compensation~~Ventures (Topic ~~718~~323): ~~Amendments to SEC Paragraphs Pursuant to SEC Staff~~ Accounting ~~Bulletin~~for ~~No.~~Investments ~~120,~~in ~~SEC~~Tax ~~Staff~~Credit ~~Announcement~~Structures atUsing the ~~March~~ ~~24,~~Proportional ~~2022~~Amortization ~~EITF~~Method. ~~Meeting,~~These ~~and~~amendments ~~Staff~~allow ~~Accounting~~reporting ~~Bulletin~~entities ~~Topic~~to ~~6.B,~~elect ~~Accounting~~to ~~Series~~account ~~Release~~for ~~280—General~~qualifying ~~Revision~~tax ofequity ~~Regulation~~investments ~~S-X:~~using ~~Income~~the orproportional ~~Loss~~amortization ~~Applicable~~method, toregardless ~~Common~~of ~~Stock. ASU 2023-03 amends~~ the ~~ASC~~program ~~for~~giving ~~SEC~~rise ~~updates pursuant~~ to ~~SEC~~the ~~Staff~~related ~~Accounting~~income ~~Bulletin~~tax Nocredits. ~~120;~~The ~~SEC~~ASU ~~Staff~~was ~~Announcement~~effective atfor ~~the~~us ~~March~~January 241, ~~2022~~2024 ~~Emerging Issues Task Force (“EITF”) Meeting;~~ and ~~Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and~~ did not have a ~~significant~~material impact on our consolidated financial statements.

In ~~March~~ June 2022, the FASB issued ASU 2022- 0203, ~~Financial~~ ~~Instruments~~Fair -Value ~~Credit~~Measurement ~~Losses~~ (Topic ~~326~~820): ~~Troubled~~Fair ~~Debt~~Value ~~Restructurings~~Measurement ~~and~~of ~~Vintage~~Equity ~~Disclosures.~~Securities ~~ASU 2022- 02~~Subject ~~eliminates~~to ~~the~~Contractual ~~accounting~~Sale ~~guidance~~Restrictions. ~~for~~ASU ~~troubled debt restructurings in ASC Subtopic 310~~2022- ~~40, Receivables~~03 -clarifies ~~Troubled~~that ~~Debt~~a ~~Restructurings~~contractual byrestriction ~~Creditors,~~on ~~while~~the ~~enhancing~~sale ~~disclosure~~of ~~requirements~~an ~~for~~equity ~~certain~~security ~~loan refinancings and restructurings by creditors when a borrower~~ is ~~experiencing~~not ~~financial~~considered ~~difficulty.~~part ~~Additionally,~~of ~~ASU 2022- 02~~the ~~requires~~unit ~~entities~~of toaccount ~~disclose current-period gross write-offs by year~~ of ~~origination~~the ~~for~~equity ~~financing~~security ~~receivables~~ and, ~~net investments in leases within the scope of ASC Subtopic 326- 20~~therefore, ~~Financial~~ ~~Instruments~~is -not ~~Credit~~considered ~~Losses~~in -measuring ~~Measured~~fair ~~at Amortized Cost~~value. The ASU ~~2022- 02~~ was effective for us on January 1, ~~2023~~2024 and ~~its adoption~~ did ~~not~~ not have a ~~significant~~material impact on our consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method. ASU 2022-01 clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and is intended to better align hedge accounting with an organization’s risk management strategies. In 2017, FASB issued ASU 2017-12 to better align the economic results of risk management activities with hedge accounting. One of the major provisions of that standard was the addition of the last-of-layer hedging method. For a closed portfolio of fixed-rate prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, such as mortgages or mortgage-backed securities, the last-of-layer method allows an entity to hedge its exposure to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 renames that method the portfolio layer method. ASU 2022-01 was effective January 1, 2023 and its adoption did not have a material impact on our consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU was effective January 1, 2023 and its adoption did not have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective January 1, 2023 and its adoption did not have any material adverse impact to our business operation or financial results during the period of transition.

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.

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 is effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. We do not expect the adoption of ASU 2023-02 to have a material impact on our consolidated financial statements. 9

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 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted. We do not expect the adoption of ASU 2022-03 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	~~September~~March 3031, ~~2023~~2024		Level 1		Level 2		Level 3
Debt securities available for sale
U.S. Government sponsored agencies and corporations	$	2521,~~955~~503	$	—	$	2521,~~955~~503	$	—
Residential mortgage-backed securities:
Government sponsored agencies		~~127~~123,~~369~~119		—		~~127~~123,~~369~~119		—
Nongovernment sponsored entities		7273,~~322~~856		—		7269,~~322~~389		—4,467
State and political subdivisions		8995,~~716~~992		—		8995,~~716~~992		—
Corporate debt securities		3736,~~130~~589		—		3736,~~130~~589		—
Asset-backed securities		4641,~~258~~350		—		4641,~~258~~350		—
Tax-exempt state and political subdivisions		~~112~~97,~~653~~862		—		~~112~~97,~~653~~862		—
Total debt securities available for sale	$	~~511~~490,~~403~~271	$	—	$	~~511~~485,~~403~~804	$	—4,467
Equity investments	$	3111,~~241~~571	$	267,~~988~~107	$	4,~~253~~464	$	—
Derivative financial assets
Interest rate caps	$	3025,~~815~~321	$	—	$	3025,~~815~~321	$	—
Interest rate swaps		1311,~~712~~482		—		1311,~~712~~482		—

	Balance at		Fair Value Measurements Using:
Dollars in thousands	December 31, ~~2022~~2023		Level 1		Level 2		Level 3
Debt securities available for sale
U.S. Government sponsored agencies and corporations	$	2022,~~219~~825	$	—	$	2022,~~219~~825	$	—
Residential mortgage-backed securities:
Government sponsored agencies		51129,~~456~~567		—		51129,~~456~~567		—
Nongovernment sponsored entities		6173,~~617~~869		—		6169,~~617~~262		—4,607
State and political subdivisions		9394,~~067~~929		—		9394,~~067~~929		—
Corporate debt securities		3137,~~628~~907		—		2937,~~788~~907		~~1,840~~—
Asset-backed securities		1944,~~476~~205		—		1944,~~476~~205		—
Tax-exempt state and political subdivisions		~~127~~99,~~738~~460		—		~~127~~99,~~738~~460		—
Total debt securities available for sale	$	~~405~~502,~~201~~762	$	—	$	~~403~~498,~~361~~155	$	14,~~840~~607
Equity investments	$	2910,~~494~~958	$	256,~~766~~557	$	34,~~728~~401	$	—
Derivative financial assets
Interest rate caps	$	3024,~~601~~314	$	—	$	3024,~~601~~314	$	—
Interest rate swaps		98,~~905~~831		—		98,~~905~~831		—

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Table of Contents

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	~~September~~March 3031, ~~2023~~2024		Level 1		Level 2		Level 3
Residential mortgage loans held for sale	$	209	$	—	$	209	$	—
Collateral-dependent loans with an ACLL
Commercial	$	423,299	$	—	$	423,299	$	—
Commercial real estate		1316,~~548~~653		—		1316,~~548~~653		—
Construction and development		248		—		248		—
Residential real estate		~~373~~352		—		~~373~~352		—
Total collateral-dependent loans with an ACLL	$	1420,~~211~~552	$	—	$	1420,~~211~~552	$	—
Property held for sale
Commercial real estate	$	~~297~~—	$	—	$	~~297~~—	$	—
Construction and development		43,~~111~~176		—		43,~~111~~176		—
Total property held for sale	$	43,~~408~~176	$	—	$	43,~~408~~176	$	—

	Balance at		Fair Value Measurements Using:
Dollars in thousands	December 31, ~~2022~~2023		Level 1		Level 2		Level 3
Residential mortgage loans held for sale	$	—	$	—	$	—	$	—
Collateral-dependent loans with an ACLL
Commercial real estate	$	313,~~051~~488	$	—	$	313,~~051~~488	$	—
Construction and development		~~350~~248		—		~~350~~248		—
Residential real estate		~~182~~637		—		~~182~~637		—
Total collateral-dependent loans with an ACLL	$	314,~~583~~373	$	—	$	314,~~583~~373	$	—
Property held for sale
Commercial real estate	$	297	$	—	$	297	$	—
Construction and development		43,~~480~~176		—		43,~~480~~176		—
Total property held for sale	$	43,~~777~~473	$	—	$	43,~~777~~473	$	—

1211

Table of Contents

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

September 30, 2023

Fair Value Measurements Using:

March 31, 2024

Fair Value Measurements Using:

Estimated

Carrying

Fair

Dollars in thousands

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents

5955,~~557~~656

23,~~159~~706

3631,~~398~~950

—

Debt securities available for sale

~~511~~490,~~403~~271

—

~~511~~485,~~403~~804

—4,467

Debt securities held to maturity

9493,~~715~~737

8287,~~448~~029

—

8287,~~448~~029

—

Equity investments

3111,~~241~~571

267,~~988~~107

4,~~253~~464

—

Other investments

1921,~~579~~842

—

1921,~~579~~842

—

Loans, net

3,~~551~~647,~~686~~810

3,~~394~~483,~~620~~889

—

1420,~~211~~552

3,~~380~~463,~~409~~337

Accrued interest receivable

1920,~~789~~238

—

1920,~~789~~238

—

Cash surrender value of life insurance policies and annuities

8586,~~076~~230

—

8586,~~076~~230

—

Derivative financial assets

4436,~~527~~803

—

4436,~~527~~803

—

4,~~417~~464,~~573~~158

4,~~248~~293,~~240~~529

5030,~~147~~813

~~817~~794,~~684~~912

3,~~380~~467,~~409~~804

Financial liabilities

Deposits

3,~~754~~748,~~495~~415

3,~~751~~740,~~560~~170

—

3,~~751~~740,~~560~~170

—

Short-term borrowings

~~258~~262,~~054~~359

—

~~258~~262,~~054~~359

—

Long-term borrowings

~~642~~630

~~638~~632

—

~~638~~632

—

Subordinated debentures

103,~~661~~904

9291,~~125~~605

—

9291,~~125~~605

—

Subordinated debentures owed to unconsolidated subsidiary trusts

19,589

—

19,589

—

Accrued interest payable

4,~~464~~646

—

4,~~464~~646

—

4,~~140~~139,~~905~~543

4,~~126~~119,~~430~~001

—

4,~~126~~119,~~430~~001

—

December 31, 2022

Fair Value Measurements Using:

December 31, 2023

Fair Value Measurements Using:

Estimated

Carrying

Fair

Dollars in thousands

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents

4452,~~717~~232

1621,~~469~~834

2830,~~248~~398

—

Debt securities available for sale

~~405~~502,~~201~~762

—

~~403~~498,~~361~~155

14,~~840~~607

Debt securities held to maturity

9694,~~163~~227

8688,~~627~~319

—

8688,~~627~~319

—

Equity investments

2910,~~494~~958

256,~~766~~557

34,~~728~~401

—

Other investments

1621,~~029~~130

—

1621,~~029~~130

—

Loans, net

3,~~043~~633,~~919~~522

23,~~966~~467,~~814~~324

—

314,~~583~~373

23,~~963~~452,~~231~~951

Accrued interest receivable

1520,~~866~~004

—

1520,~~866~~004

—

Cash surrender value of life insurance policies and annuities

7185,~~640~~679

—

7185,~~640~~679

—

Derivative financial assets

4033,~~506~~145

—

4033,~~506~~145

—

34,~~763~~453,~~535~~659

34,~~676~~281,~~894~~553

4228,~~235~~391

~~669~~795,~~588~~604

23,~~965~~457,~~071~~558

Financial liabilities

Deposits

3,~~169~~715,~~879~~148

3,~~166~~706,~~762~~250

—

3,~~166~~706,~~762~~250

—

Short-term borrowings

~~225~~302,~~999~~957

—

~~225~~302,~~999~~957

—

Long-term borrowings

~~658~~637

~~667~~642

—

~~667~~642

—

Subordinated debentures

103,~~296~~782

9190,~~801~~902

—

9190,~~801~~902

—

Subordinated debentures owed to unconsolidated subsidiary trusts

19,589

—

19,589

—

Accrued interest payable

23,~~357~~980

—

23,~~357~~980

—

34,~~521~~146,~~778~~093

34,~~507~~124,~~175~~320

—

34,~~507~~124,~~175~~320

—

1312

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NOTE 4. EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

For the Three Months Ended September 30,

For the Three Months Ended March 31,

2023

2022

2024

2023

Common

Net Income

Per

Net Income

Per

Dollars in thousands,except per share amounts

(Numerator)

(Denominator)

(Numerator)

(Denominator)

Net income

1617,~~332~~047

14,~~423~~101

Less preferred stock dividends

(225

)

(225

)

Basic earnings per share

16,~~107~~822

14,~~672~~683,~~176~~596

1.1015

1413,~~198~~876

12,~~766~~783,~~473~~851

1.1109

Effect of dilutive securities:

Stock appreciation rights ("SARs")

4065,~~584~~017

6543,~~915~~287

Restricted stock units ("RSUs")

1,~~451~~439

32,~~372~~964

Diluted earnings per share

16,~~107~~822

14,~~714~~750,~~211~~052

1.0914

1413,~~198~~876

12,~~835~~830,~~760~~102

1.1108

	For the Nine Months Ended September 30,
	2023							2022
				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	$	38,642						$	38,130
Less preferred stock dividends		(675	)						(675	)
Basic earnings per share	$	37,967			14,048,567	$	2.70	$	37,455			12,755,576	$	2.94
Effect of dilutive securities:
Stock appreciation rights ("SARs")					39,330							56,035
Restricted stock units ("RSUs")					2,900							4,371
Diluted earnings per share	$	37,967			14,090,797	$	2.69	$	37,455			12,815,982	$	2.92

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.

SAR grants and RSUs are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive SARs totaled 522,407 for the three and nine months ended September 30, 2023 and 105,467 for the three and nine months ended September 30, 2022, respectively. All RSUs were dilutive for all periods presented. 13

Table of Contents

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 ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023 are summarized as follows:

September 30, 2023

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

2622,~~818~~116

5333

~~916~~646

2521,~~955~~503

Residential mortgage-backed securities:

Government-sponsored agencies

~~136~~129,~~367~~634

~~470~~133

96,~~468~~648

~~127~~123,~~369~~119

Nongovernment-sponsored entities

78,~~599~~023

—137

64,~~277~~304

7273,~~322~~856

State and political subdivisions

General obligations

7980,~~323~~334

312

1914,~~334~~978

5965,~~992~~368

Various tax revenues

10,~~674~~657

—

2,~~604~~052

8,~~070~~605

Other revenues

2726,~~827~~816

—

64,~~173~~797

2122,~~654~~019

Corporate debt securities

3938,~~534~~201

739

21,~~411~~651

3736,~~130~~589

Asset-backed securities

4641,~~341~~287

75133

~~158~~70

4641,~~258~~350

Total taxable debt securities

~~445~~427,~~483~~068

~~608~~487

4735,~~341~~146

~~398~~392,~~750~~409

Tax-exempt debt securities

State and political subdivisions

General obligations

~~104~~80,~~032~~408

—100

124,~~592~~699

9175,~~440~~809

Other revenues

2524,~~838~~774

—4

42,~~625~~725

2122,~~213~~053

Total tax-exempt debt securities

~~129~~105,~~870~~182

—104

177,~~217~~424

~~112~~97,~~653~~862

Total debt securities available for sale

~~575~~532,~~353~~250

~~608~~591

6442,~~558~~570

~~511~~490,~~403~~271

1514

Table of Contents

	December 31, 2022
	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	$	2023,~~446~~295	$	8338	$	~~310~~508	$	2022,~~219~~825
Residential mortgage-backed securities:
Government-sponsored agencies		55133,~~184~~709		80729		34,~~808~~871		51129,~~456~~567
Nongovernment-sponsored entities		6578,~~860~~350		4822		4,~~291~~503		6173,~~617~~869
State and political subdivisions
General obligations		8279,~~410~~323		93		1914,~~924~~995		6264,~~495~~331
Various tax revenues		10,~~699~~665		—		2,~~591~~107		8,~~108~~558
Other revenues		2926,~~044~~822		—		64,~~580~~782		22,~~464~~040
Corporate debt securities		3339,~~409~~618		4452		1,~~825~~763		3137,~~628~~907
Asset-backed securities		2044,~~009~~388		—81		~~533~~264		1944,~~476~~205
Total taxable debt securities		~~317~~436,~~061~~170		~~264~~925		3933,~~862~~793		~~277~~403,~~463~~302
Tax-exempt debt securities
State and political subdivisions
General obligations		9380,~~910~~144		~~281~~581		63,~~719~~716		8777,~~472~~009
Water and sewer revenues		17,560		120		1,154		16,526
Other revenues		24,882		28		2,459		22,451
Lease revenues		7,411		47		411		7,047
Total tax-exempt debt securities		105,026		609		6,175		99,460
Various tax revenues		7,851		—		1,115		6,736
Total debt securities available for sale	$	541,196	$	1,534	$	39,968	$	502,762
Other revenues		11,274		9		1,326		9,957
Total tax-exempt debt securities		138,006		457		10,725		127,738
Total debt securities available for sale	$	455,067	$	721	$	50,587	$	405,201

Accrued interest receivable on debt securities available for sale totaled $32.49 million at ~~September~~March 3031, ~~2023~~2024 and $3.01 million at December 31, ~~2022~~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.

	September 30, 2023
	March 31, 2024
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
California	$	4543,~~689~~888	$	—	$	108,~~923~~389	$	3435,~~766~~499
Texas		3227,~~865~~926		—28		53,~~961~~733		2624,~~904~~221
Michigan		26,792		—		3,551		23,241
Oregon		16,283		—		2,938		13,345
Oregon		14,723		—		3,935		10,788
Michigan		14,502		—		1,616		12,886
Pennsylvania		1210,~~493~~662		—7		21,~~282~~273		109,~~211~~396

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

Table of Contents

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

Table of Contents

The maturities, amortized cost and estimated fair values of debt securities available for sale at September 30, 2023, are summarized as follows:

	*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

	Amortized		Estimated
Dollars in thousands	Cost		Fair Value
Due in one year or less	$	61,778	$	59,334
Due from one to five years		162,530		153,854
Due from five to ten years		115,465		103,436
Due after ten years		235,580		194,779
Total	$	575,353	$	511,403

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 nine months ended September 30, 2023 and 2022 are as follows:

	Proceeds from						Gross realized
			Calls and		Principal
Dollars in thousands	Sales		Maturities		Payments		Gains		Losses
For the Nine Months Ended
September 30,
2023	$	103,662	$	2,442	$	29,805	$	963	$	1,245
2022	$	61,471	$	1,795	$	29,023	$	218	$	902

Provided below is a summary of debt securities available for sale which were in an unrealized loss position at September 30, 2023 and December 31, 2022.

	September 30, 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		38	$	11,491	$	682	$	8,121	$	234	$	19,612	$	916
Residential mortgage-backed securities:
Government-sponsored agencies		146		75,929		4,875		33,228		4,593		109,157		9,468
Nongovernment-sponsored entities		36		36,310		2,660		30,435		3,617		66,745		6,277
State and political subdivisions:
General obligations		54		—		—		58,997		19,334		58,997		19,334
Various tax revenues		7		—		—		8,070		2,604		8,070		2,604
Other revenues		22		1,403		180		20,251		5,993		21,654		6,173
Corporate debt securities		21		9,614		624		17,938		1,787		27,552		2,411
Asset-backed securities		11		5,706		34		10,644		124		16,350		158
Tax-exempt debt securities
State and political subdivisions:
General obligations		82		49,543		4,903		41,898		7,689		91,441		12,592
Other revenues		24		3,137		363		17,595		4,262		20,732		4,625
Total		441	$	193,133	$	14,321	$	247,177	$	50,237	$	440,310	$	64,558

Table of Contents

	December 31, 2022
			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		28	$	8,012	$	99	$	9,577	$	211	$	17,589	$	310
Residential mortgage-backed securities:
Government-sponsored agencies		58		21,831		1,104		19,459		2,704		41,290		3,808
Nongovernment-sponsored entities		27		35,727		2,974		10,041		1,317		45,768		4,291
State and political subdivisions:
General obligations		56		11,258		1,476		49,858		18,448		61,116		19,924
Various tax revenues		7		1,352		276		6,756		2,315		8,108		2,591
Other revenues		23		6,361		1,040		16,103		5,540		22,464		6,580
Corporate debt securities		20		8,308		591		13,072		1,234		21,380		1,825
Asset-backed securities		13		11,680		277		7,796		256		19,476		533
Tax-exempt debt securities
State and political subdivisions:
General obligations		52		50,671		1,823		26,062		4,896		76,733		6,719
Water and sewer revenues		13		8,800		403		4,471		751		13,271		1,154
Lease revenues		2		3,330		11		1,985		400		5,315		411
Various tax revenues		4		3,597		439		3,139		676		6,736		1,115
Other revenues		7		2,900		393		4,812		933		7,712		1,326
Total		310	$	173,827	$	10,906	$	173,131	$	39,681	$	346,958	$	50,587

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 ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023 are summarized as follows:

September 30, 2023

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

6968,~~328~~603

—

84,~~379~~567

6064,~~949~~036

Water and sewer revenues

7,~~864~~768

—

~~784~~461

7,~~080~~307

Lease revenues

4,~~172~~130

—

~~668~~354

3,~~504~~776

Sales tax revenues

4,~~463~~428

—

~~911~~450

3,~~552~~978

Various tax revenues

5,~~446~~403

—

~~1,139~~649

4,~~307~~754

Other revenues

3,~~442~~405

—

~~386~~227

3,~~056~~178

Total debt securities held to maturity

9493,~~715~~737

—

126,~~267~~708

8287,~~448~~029

1817

Table of Contents

December 31, 2022

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

7068,~~401~~966

—

64,~~480~~029

6364,~~921~~937

Water and sewer revenues

87,~~006~~816

—

~~672~~417

7,~~334~~399

Lease revenues

4,~~234~~151

—

~~534~~321

3,~~700~~830

Sales tax revenues

4,~~515~~446

—

~~689~~409

34,~~826~~037

Various tax revenues

5,~~511~~425

—

~~871~~536

4,~~640~~889

Other revenues

3,~~496~~423

—

~~290~~196

3,~~206~~227

Total debt securities held to maturity

9694,~~163~~227

—

95,~~536~~908

8688,~~627~~319

Accrued interest receivable on debt securities held to maturity totaled $937,000 at ~~September~~March 3031, ~~2023~~2024 and $1.1 million at December 31, ~~2022~~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.

September 30, 2023

March 31, 2024

Amortized

Unrealized

Estimated

Dollars in thousands

Cost

Gains

Losses

Fair Value

Texas

14,~~872~~718

—

~~1,690~~955

13,~~182~~763

California

9,~~504~~396

—

~~921~~521

8,~~583~~875

Pennsylvania

8,~~362~~282

—

~~1,035~~493

7,~~327~~789

Florida

7,~~365~~297

—

~~1,262~~710

6,~~103~~587

Michigan

6,~~805~~739

—

~~1,027~~561

56,~~778~~178

The following table displays the amortized cost of held to maturity debt securities by credit rating at ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023.

September 30, 2023

March 31, 2024

Dollars in thousands

AAA

BBB

Below Investment Grade

Tax-exempt state and political subdivisions

14,~~940~~791

7271,~~471~~697

7,~~304~~249

—

December 31, 2022

December 31, 2023

Dollars in thousands

AAA

BBB

Below Investment Grade

Tax-exempt state and political subdivisions

1214,~~846~~866

7572,~~932~~086

7,~~385~~275

—

We owned no past due or nonaccrual held to maturity debt securities at ~~September~~March 3031, ~~2023~~2024 or December 31, ~~2022~~2023.

The maturities, amortized cost and estimated fair values of held to maturity debt securities at ~~September~~March 3031, ~~2023~~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,~~047~~003		3,~~663~~809
Due after ten years		9089,~~668~~734		7883,~~785~~220
Total	$	9493,~~715~~737	$	8287,~~448~~029

1918

Table of Contents

There were no proceeds from calls and maturities of debt securities held to maturity for the ~~nine~~three months ended ~~September~~March 3031, ~~2023~~2024 or ~~2022~~2023.

At ~~September~~March 3031, ~~2023~~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:

	September 30,		December 31,
	March 31,		December 31,
Dollars in thousands	~~2023~~2024		~~2022~~2023
Commercial	$	~~511~~533,~~951~~214	$	~~501~~503,~~844~~842
Commercial real estate - owner occupied
Professional & medical		~~157~~167,~~549~~386		~~120~~156,~~872~~941
Retail		~~170~~178,~~535~~994		~~188~~170,~~196~~391
Other		~~219~~223,~~802~~027		~~157~~217,~~982~~776
Commercial real estate - non-owner occupied
Hotels & motels		~~180~~216,~~112~~170		~~141~~215,~~042~~642
Mini-storage		6880,~~066~~838		5168,~~109~~517
Multifamily		~~294~~309,~~872~~190		~~272~~302,~~705~~298
Retail		~~254~~247,~~917~~109		~~192~~254,~~270~~246
Other		~~419~~427,~~062~~641		~~347~~413,~~242~~634
Construction and development
Land & land development		~~114~~105,~~354~~425		~~106~~145,~~362~~258
Construction		~~349~~341,~~049~~727		~~282~~374,~~935~~026
Residential 1-4 family real estate
Personal residence		~~354~~362,~~978~~942		~~265~~362,~~326~~733
Rental - small loan		~~142~~144,~~098~~657		~~121~~142,~~548~~665
Rental - large loan		~~113~~123,~~837~~132		92116,~~103~~614
Home equity		8180,~~967~~027		7181,~~986~~126
Mortgage warehouse lines		~~114~~108,~~734~~858		~~130~~108,~~390~~848
Consumer		4443,~~288~~107		3543,~~372~~756
Other
Credit cards		2,~~197~~251		2,~~182~~286
Overdrafts		41,~~551~~347		1,~~352~~013
Total loans, net of unearned fees		3,~~598~~697,~~919~~042		3,~~082~~681,~~818~~612
Less allowance for credit losses - loans		4749,~~233~~232		3848,~~899~~090
Loans, net	$	3,~~551~~647,~~686~~810	$	3,~~043~~633,~~919~~522

Accrued interest and fees receivable on loans totaled $1214.36 million and $1014.41 million at ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, respectively and is included in accrued interest and fees receivable in the accompanying consolidated balance sheets.

Table of Contents

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 ~~contractual~~nonaccrual ~~aging~~loans ofincluded in the ~~amortized~~net ~~cost~~balance ~~basis~~ of ~~past due~~ loans ~~by class as of~~at ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023.

	September 30, 2023
	March 31,				December 31,
	Past Due										90 days or more and
	2024				2023
Dollars in thousands	30-59 days		60-89 days		90 days or more		Total		Current		Accruing
			Nonaccrual				Nonaccrual
Commercial	$	3,060	$	245	$	207	$	3,512	$	508,439	$	16
			with No				with No
Commercial real estate - owner occupied
			Allowance for				Allowance for
Professional & medical		194		278		—		472		157,077		—
			Credit Losses				Credit Losses
Retail		120		92		131		343		170,192		—
Dollars in thousands	Nonaccrual		- Loans		Nonaccrual		- Loans
Other		98		—		—		98		219,704		—
Commercial	$	7,537	$	—	$	1,088	$	2
Commercial real estate - non-owner occupied
Commercial real estate - owner occupied
Hotels & motels		—		—		—		—		180,112		—
Professional & medical		357		—		395		—
Mini-storage		—		—		—		—		68,066		—
Retail		254		—		525		—
Multifamily		265		—		94		359		294,513		—
Other		1,553		73		236		—
Retail		—		—		606		606		254,311		—
Commercial real estate - non-owner occupied
Other		37		—		—		37		419,025		—
Hotels & motels		—		—		—		—
Construction and development
Mini-storage		—		—		—		—
Land & land development		1,544		—		—		1,544		112,810		—
Multifamily		434		—		446		—
Construction		—		—		—		—		349,049		—
Retail		4,467		3,300		4,073		3,520
Residential 1-4 family real estate
Other		1,313		456		—		—
Personal residence		2,890		827		812		4,529		350,449		—
Construction and development
Rental - small loan		645		200		126		971		141,127		—
Land & land development		891		—		708		—
Rental - large loan		—		—		403		403		113,434		—
Construction		—		—		—		—
Home equity		744		295		334		1,373		80,594		—
Residential 1-4 family real estate
Mortgage warehouse lines		—		—		—		—		114,734		—
Personal residence		1,873		—		1,879		—
Consumer		346		103		97		546		43,742		1
Rental - small loan		1,822		439		1,922		245
Other
Rental - large loan		181		—		410		—
Credit cards		35		2		11		48		2,149		11
Home equity		369		—		313		—
Overdrafts		—		—		—		—		4,551		—
Mortgage warehouse lines		—		—		—		—
Total	$	9,978	$	2,042	$	2,821	$	14,841	$	3,584,078	$	28
Consumer		70		—		109		—
Other
Credit cards		—		—		—		—
Overdrafts		—		—		—		—
Total	$	21,121	$	4,268	$	12,104	$	3,767

	December 31, 2022
	Past Due										90 days or more and
Dollars in thousands	30-59 days		60-89 days		90 days or more		Total		Current		Accruing
Commercial	$	2,982	$	201	$	34	$	3,217	$	498,627	$	—
Commercial real estate - owner occupied
Professional & medical		100		—		—		100		120,772		—
Retail		—		—		221		221		187,975		—
Other		376		135		37		548		157,434		—
Commercial real estate - non-owner occupied
Hotels & motels		—		—		—		—		141,042		—
Mini-storage		—		—		—		—		51,109		—
Multifamily		—		—		58		58		272,647		—
Retail		165		—		438		603		191,667		—
Other		—		—		—		—		347,242		—
Construction and development
Land & land development		317		852		—		1,169		105,193		—
Construction		—		—		—		—		282,935		—
Residential 1-4 family real estate
Personal residence		3,768		741		1,969		6,478		258,848		—
Rental - small loan		1,093		582		816		2,491		119,057		—
Rental - large loan		—		—		—		—		92,103		—
Home equity		1,401		105		52		1,558		70,428		—
Mortgage warehouse lines		—		—		—		—		130,390		—
Consumer		182		71		—		253		35,119		—
Other
Credit cards		9		13		12		34		2,148		12
Overdrafts		—		—		—		—		1,352		—
Total	$	10,393	$	2,700	$	3,637	$	16,730	$	3,066,088	$	12

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

The following table presents the nonaccrual loans included in the net balance of loans at September 30, 2023 and December 31, 2022.

	September 30,				December 31,
	2023				2022
			Nonaccrual				Nonaccrual
			with No				with No
			Allowance for				Allowance for
			Credit Losses				Credit Losses
Dollars in thousands	Nonaccrual		- Loans		Nonaccrual		- Loans
Commercial	$	767	$	10	$	93	$	48
Commercial real estate - owner occupied
Professional & medical		131		—		—		—
Retail		421		—		350		—
Other		371		—		423		—
Commercial real estate - non-owner occupied
Hotels & motels		—		—		—		—
Mini-storage		—		—		—		—
Multifamily		553		—		538		—
Retail		4,925		3,746		439		—
Other		—		—		—		—
Construction and development
Land & land development		750		—		852		—
Construction		—		—		—		—
Residential 1-4 family real estate
Personal residence		1,959		—		2,892		—
Rental - small loan		1,943		169		2,066		—
Rental - large loan		403		—		—		—
Home equity		482		—		158		—
Mortgage warehouse lines		—		—		—		—
Consumer		113		—		—		—
Other
Credit cards		—		—		—		—
Overdrafts		—		—		—		—
Total	$	12,818	$	3,925	$	7,811	$	48

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.

The following tables present the amortized cost basis of loans at September 30, 2023 made to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2023 and the percentage of those such loans to total loans in their respective loan classes. There were no commitments to lend additional funds under these modifications as of September 30, 2023.

	For the Three Months Ended
	September 30, 2023
					Combination
					Term Extension				% of Total
	Payment		Term		and				Class of
Dollars in thousands	Delay		Extension		Payment Delay		Total		Loans
Commercial real estate - owner occupied
Other	$	—	$	36	$	—	$	36		0.0	%
Commercial real estate - non-owner occupied
Retail		—		397		—		397		0.2	%
Residential 1-4 family real estate
Rental - small loan		—		191		—		191		0.1	%
Total	$	—	$	624	$	—	$	624		0.0	%

	For the Nine Months Ended
	September 30, 2023
					Combination
					Term Extension				% of Total
	Payment		Term		and				Class of
Dollars in thousands	Delay		Extension		Payment Delay		Total		Loans
Commercial	$	—	$	22,400	$	—	$	22,400		4.4	%
Commercial real estate - owner occupied
Other		—		36		—		36		0.0	%
Commercial real estate - non-owner occupied
Retail		—		397		—		397		0.2	%
Residential 1-4 family real estate
Personal residence		109		7		66		182		0.1	%
Rental - small loan		—		360		—		360		0.3	%
Total	$	109	$	23,200	$	66	$	23,375		0.6	%

Table of Contents

The ACLL incorporates an estimate of lifetime expected credit losses and is recorded on each loan upon origination or acquisition. We use a loss-rate, or cohort, method to estimate expected credit losses. The starting point for the estimate of the ACLL is historical loss information, which includes losses from modifications to borrowers experiencing financial difficulty. The assessment of whether a borrower is experiencing financial difficulty is made at the time of the modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACLL because of the measurement methodologies used to estimate the allowance, a change to the ACLL is generally not recorded upon modification. When principal forgiveness is granted, the amortized cost basis of the loan is written off against the ACLL.

The following tables present the financial effect of the modifications made to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2023:

	For the Three Months Ended
	September 30, 2023
	Weighted-Average		Weighted-Average
	Payment Delay		Term Extension
Dollars in thousands	in Months		in Months
Commercial real estate - owner occupied
Other		—		12
Commercial real estate - non-owner occupied
Retail		—		20
Residential 1-4 family real estate
Rental - small loan		—		20

	For the Nine Months Ended
	September 30, 2023
	Weighted-Average		Weighted-Average
	Payment Delay		Term Extension
Dollars in thousands	in Months		in Months
Commercial		—		8
Commercial real estate - owner occupied
Other		—		12
Commercial real estate - non-owner occupied
Retail		—		20
Residential 1-4 family real estate
Personal residence		8		7
Rental - small loan		—		16

The following table presents the amortized cost basis of loans that were modified during the nine months ended September 30, 2023 and subsequently defaulted. For purposes of these tables, a default represents any loan that was more than 30 days past due at any time during the period or the loan was fully or partially charged off during the period.

	September 30, 2023
			Combination
			Term Extension
			and
Dollars in thousands	Term Extension		Payment Delay
Commercial	$	278	$	—
Residential 1-4 family real estate
Personal residence		7		66
Rental - small loan		169		—
Total	$	454	$	66

Upon determination that a modified loan, or a portion of a loan, has subsequently been deemed uncollectible, the loan, or a portion of the loan, is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACLL is adjusted by the same amount.

The following table depicts an age analysis of loans that have been modified during the nine months ended September 30, 2023 on an amortized cost basis:

	September 30, 2023
			Past Due
							90 Days
Dollars in thousands	Current		30-59 Days		60-89 Days		or More		Total
Commercial	$	22,400	$	—	$	—	$	—	$	22,400
Commercial real estate - owner occupied
Other		36		—		—		—		36
Commercial real estate - non-owner occupied
Retail		397		—		—		—		397
Residential 1-4 family real estate
Personal residence		175		7		—		—		182
Rental - small loan		191		169		—		—		360
Total	$	23,199	$	176	$	—	$	—	$	23,375

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 ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, based on the most recent analysis performed, the risk category of loans based on year of origination is as follows:

	September 30, 2023
	March 31, 2024
																		Revolvi-			Revolving-
Dollars in thousands		Risk Rating	~~2023~~2024		~~2022~~2023			~~2021~~2022			~~2020~~2021		~~2019~~2020		Prior			ng			Term		Total
Commercial		Pass	$	2635,~~303~~472	$	~~138~~60,~~691~~037		$	6799,~~865~~157		$	2049,~~007~~650	$	1614,~~937~~627	$	1117,~~197~~027		$	~~203~~204,~~876~~092		$	—	$	~~484~~480,~~876~~062
		Special Mention		~~421~~—		~~477~~718			~~217~~5,535			~~255~~3,793		442,400		12,~~921~~721			130,~~089~~172			—		445,~~424~~339
		Substandard		59—		53110			~~22,469~~968			—506		10—		5,972			55257			—		227,~~651~~813
Total Commercial				2635,~~783~~472		~~139~~60,~~221~~865			90105,~~551~~660			2053,~~262~~949		1617,~~991~~027		1325,~~123~~720			~~205~~234,~~020~~521			—		~~511~~533,~~951~~214
Current Period Charge-Offs				—		—(22	)		(1—	)		—		—		—(16	)		~~(19~~—	)		—		(2038	)
Commercial Real Estate - Owner Occupied
Professional & medical		Pass		~~16,663~~575		20,~~628~~207			5318,~~775~~994			963,~~806~~814		79,~~731~~376		4448,~~593~~660			21,~~101~~457			—		~~155~~163,~~297~~083
		Special Mention		—		—			—			1,~~099~~935		—1,085		~~877~~849			—			—		13,~~976~~869
		Substandard		—		—			—			68—		—		~~208~~434			—			—		~~276~~434
Total Professional & Medical				~~16,663~~575		20,~~628~~207			5318,~~775~~994			1065,~~973~~749		710,~~731~~461		4549,~~678~~943			21,~~101~~457			—		~~157~~167,~~549~~386
Current Period Charge-Offs				—		—			—			—		—		(3	)		—			—		(3	)
Retail		Pass		2,015		23,157			67,924			12,019		24,894		35,064			3,193			—		168,266
		Special Mention		—		—			—			—		—		1,870			—			—		1,870
		Substandard		—		—			—			—		—		399			—			—		399
Total Retail				2,015		23,157			67,924			12,019		24,894		37,333			3,193			—		170,535
Current Period Charge-Offs				—		—			—			—		—		—			—			—		—
Other		Pass		22,285		49,419			37,308			25,994		15,769		61,802			4,140			—		216,717
Retail		Pass		1,464		5,430			22,717			76,843		11,575		56,069			3,157			—		177,255
		Special Mention		—		—			54—			—		~~130~~—		1,~~717~~379			—			—		1,~~901~~379
		Substandard		—		—			—			—		~~367~~—		~~781~~360			36—			—		~~1,184~~360
Total Other				22,285		49,419			37,362			25,994		16,266		64,300			4,176			—		219,802
Total Retail				1,464		5,430			22,717			76,843		11,575		57,808			3,157			—		178,994
Current Period Charge-Offs				—		—			—			—		—		~~(28~~—	)		—			—		~~(28~~—	)
Total Commercial Real Estate - Owner Occupied				40,963		93,204			159,061			48,986		48,891		147,311			9,470			—		547,886
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				—		—			—			—		—		—			—			—		—
Total Commercial Real Estate - Owner Occupied				3,222		57,960			89,967			180,605		47,139		182,587			7,927			—		569,407
Commercial Real Estate - Non-Owner Occupied
Hotels & motels		Pass		~~15,761~~—		3855,~~161~~682			1241,~~058~~328			911,~~218~~931		549,~~098~~104		2980,~~442~~535			~~4,250~~550			—		~~162~~199,~~988~~130
		Special Mention		—		—			—			—		—		—			—			—		—
		Substandard		—		—			—			~~2,660~~—		142,~~259~~631		~~205~~14,409			—			—		17,~~124~~040
Total Hotels & Motels				~~15,761~~—		3855,~~161~~682			1241,~~058~~328			11,~~878~~931		6811,~~357~~735		2994,~~647~~944			~~4,250~~550			—		~~180~~216,~~112~~170
Current Period Charge-Offs				—		—			—			—		—		—			—			—		—
Mini-storage		Pass		~~941~~710		231,~~010~~707			1230,~~041~~227			515,~~264~~279		46,~~342~~587		2226,~~427~~263			—26			—		6880,~~025~~799
		Special Mention		—		—			—			—		—		4139			—			—		4139
		Substandard		—		—			—			—		—		—			—			—		—
Total Mini-storage				~~941~~710		231,~~010~~707			1230,~~041~~227			515,~~264~~279		46,~~342~~587		2226,~~468~~302			—26			—		6880,~~066~~838
Current Period Charge-Offs				—		—			—			—		—		—			—			—		—
Multifamily		Pass		62,~~485~~558		6815,~~662~~381			7268,~~761~~569			5295,~~991~~618		2141,~~585~~911		7075,~~641~~418			1,~~194~~386			—		~~294~~300,~~319~~841
		Special Mention		—		—			—			—		—7,916		—			—			—		—7,916
		Substandard		—		—			—			~~409~~—		—391		~~144~~42			—			—		~~553~~433
Total Multifamily				62,~~485~~558		6815,~~662~~381			7268,~~761~~569			5395,~~400~~618		2150,~~585~~218		7075,~~785~~460			1,~~194~~386			—		~~294~~309,~~872~~190
Current Period Charge-Offs				—		—			—			—		—		—			—			—		—

Table of Contents

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

Retail	Pass		199		36,392		49,341		53,050		48,691		44,541			3,998		—		236,212
	Special Mention		—		2,777		3,340		65		—		873			—		—		7,055
	Substandard		—				—		—		—		3,842			—		—		3,842
Total Retail			199		39,169		52,681		53,115		48,691		49,256			3,998		—		247,109
*Current Period Charge-Offs*			—		—		—		—		—		—			—		—		—

Other	Pass		1,905		84,478		103,578		90,545		55,678		61,613			12,059		—		409,856
	Special Mention				443		5,449		—		—		7,578			—		—		13,470
	Substandard		—		—		—		—		—		4,315			—		—		4,315
Total Other			1,905		84,921		109,027		90,545		55,678		73,506			12,059		—		427,641
*Current Period Charge-Offs*			—		—		—		—		—		(286	)		—		—		(286	)

*Total Commercial Real Estate - Non-Owner Occupied*			5,372		196,860		301,832		266,488		172,909		319,468			18,019		—		1,280,948

Construction and Development

Land & land development	Pass		1,638		16,916		21,255		19,945		9,319		18,545			11,312		—		98,930
	Special Mention		—		—		4,488		—		143		561			—		—		5,192
	Substandard		—		121		95		—		—		1,087			—		—		1,303
Total Land & land development			1,638		17,037		25,838		19,945		9,462		20,193			11,312		—		105,425
*Current Period Charge-Offs*			—		—		—		—		—		—			—		—		—

Construction	Pass		1,296		71,615		81,729		147,730		38,093		—			600		—		341,063
	Special Mention		—		664		—		—		—		—			—		—		664
	Substandard		—		—		—		—		—		—			—		—		—
Total Construction			1,296		72,279		81,729		147,730		38,093		—			600		—		341,727
*Current Period Charge-Offs*			—		—		—		—		—		—			—		—		—

*Total Construction and Development*			2,934		89,316		107,567		167,675		47,555		20,193			11,912		—		447,152

Residential 1-4 Family Real Estate

Personal residence	Pass		8,402		54,486		62,806		54,423		31,357		133,857			—		—		345,331
	Special Mention		54		217		51		51		203		8,752			—		—		9,328
	Substandard		—		162		54		65		—		8,002			—		—		8,283
Total Personal Residence			8,456		54,865		62,911		54,539		31,560		150,611			—		—		362,942
*Current Period Charge-Offs*			—		—		—		—		—		(6	)		—		—		(6	)

Rental - small loan	Pass		5,333		18,155		22,045		26,265		10,866		49,027			6,790		—		138,481
	Special Mention		—		—		277		360		98		2,501			174		—		3,410
	Substandard		—		534		151		—		—		1,984			97		—		2,766
Total Rental - Small Loan			5,333		18,689		22,473		26,625		10,964		53,512			7,061		—		144,657
*Current Period Charge-Offs*			—		—		—		—		—		—			—		—		—

Rental - large loan	Pass		6,912		6,745		41,397		35,163		12,171		13,428			3,641		—		119,457
	Special Mention		—		—		—		—		—		2,865			—		—		2,865
	Substandard		—		—		629		—		—		181			—		—		810
Total Rental - Large Loan			6,912		6,745		42,026		35,163		12,171		16,474			3,641		—		123,132
*Current Period Charge-Offs*			—		—		—		—		—		—			—		—		—

Home equity	Pass		—		11		822		423		206		2,629			72,974		—		77,065
	Special Mention		—		—		31		311		100		818			838		—		2,098
	Substandard		—		—		—		25		—		794			45		—		864
Total Home Equity			—		11		853		759		306		4,241			73,857		—		80,027
*Current Period Charge-Offs*			—		—		—		—		—		(15	)		—		—		(15	)

*Total Residential 1-4 Family Real Estate*			20,701		80,310		128,263		117,086		55,001		224,838			84,559		—		710,758

Table of Contents

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

Mortgage warehouse lines		Pass		—			—			—			—			—			—			108,858		—		108,858
Total Mortgage Warehouse Lines				—			—			—			—			—			—			108,858		—		108,858
Current Period Charge-Offs				—			—			—			—			—			—			—		—		—

Consumer		Pass		8,256			16,304			8,864			3,286			1,481			1,376			969		—		40,536
		Special Mention		278			925			645			134			84			100			3		—		2,169
		Substandard		70			138			132			34			—			2			26		—		402
Total Consumer				8,604			17,367			9,641			3,454			1,565			1,478			998		—		43,107
Current Period Charge-Offs				(70	)		(21	)		(70	)		(11	)		(35	)		—			—		—		(207	)

Other

Credit cards		Pass		2,251			—			—			—			—			—			—		—		2,251
Total Credit Cards				2,251			—			—			—			—			—			—		—		2,251
Current Period Charge-Offs				(7	)		—			—			—			—			—			—		—		(7	)

Overdrafts		Pass		1,347			—			—			—			—			—			—		—		1,347
Total Overdrafts				1,347			—			—			—			—			—			—		—		1,347
Current Period Charge-Offs				(217	)		—			—			—			—			—			—		—		(217	)

Total Other				3,598			—			—			—			—			—			—		—		3,598

Total			$	79,903		$	502,678		$	742,930		$	789,257		$	341,196		$	774,284		$	466,794	$	—	$	3,697,042
Total Charge-Offs			$	(294	)	$	(43	)	$	(70	)	$	(11	)	$	(35	)	$	(323	)	$	—	$	—	$	(776	)

	*December 31, 2023*
														*Revolvi-*	*Revolving-*
Dollars in thousands	*Risk Rating*	*2023*		*2022*		*2021*		*2020*		*2019*		*Prior*		ng	*Term*	*Total*

Commercial	Pass	$	63,526	$	130,075	$	55,932	$	17,841	$	15,802	$	9,693	$

Filing Compare · SUMMIT FINANCIAL GROUP, INC.