Summit Community Bank, Inc
Summit Community Bank, Inc reported total assets of $4.6 bn at Q1 2024, its last Call Report before it merged into Burke & Herbert Bank & Trust Company. Its common equity tier 1 ratio was 12.02%, and an estimated 34.11% of domestic deposits were uninsured. Source: FDIC Call Report data, cross-checked against FFIEC filings.
- Return on equity (ROE): up 1.23 pp on Q4 2023, to 13.61%
- Bank equity capital: up 2.8% on Q4 2023, to $545.8 mn
- Tier 1 leverage ratio: up 0.39 pp on Q4 2023, to 10.62%
Ranks compare banks in our US coverage that report each metric. Sparklines: the last ten years. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Overview
What stands out about Summit Community Bank, Inc?
Its largest one-quarter change in total assets since Q1 2016 was +18.1% between Q1 2017 and Q2 2017, when it absorbed First Century Bank, Inc..
How large is Summit Community Bank, Inc?
At Q1 2024 the bank held $4.6 bn of assets. Deposits were $3.8 bn and net loans and leases $3.6 bn, a loan-to-deposit ratio of 96.53%. Securities of $588.9 mn made up 12.7% of assets.
Total assets rose 208.7% between Q1 2016 and Q1 2024, from $1.5 bn.
How much of its funding is uninsured?
An estimated 34.11% of domestic deposits were above the FDIC insurance limit at Q1 2024, -0.37 pp from the previous quarter and -6.25 pp from a year earlier.
Key facts, Q1 2024
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total assets | $4.6 bn | +17.3% | |
| Total deposits | $3.8 bn | +14.2% | |
| Net loans and leases | $3.6 bn | +19.2% | |
| Bank equity capital | $545.8 mn | +18.6% | |
| Common equity tier 1 (CET1) ratio | 12.02% | +0.09 pp | |
| Tier 1 leverage ratio | 10.62% | +0.01 pp | |
| Return on equity (ROE) | 13.61% | -0.03 pp | |
| Net interest margin | 3.88% | -0.06 pp | |
| Uninsured share of domestic deposits | 34.11% | -6.25 pp | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $6.7 mn | Narrowed by $761,000 | |
| Noncurrent loans to total loans | 0.59% | +0.35 pp | |
| Net charge-offs to average loans | -0.01% | 0.00 pp |
US rank: rank among the banks in our coverage reporting each metric, 1 = highest unless marked 1 = lowest.
Balance sheet
Total assets, deposits and net loans, quarterly, Q1 2016 to Q1 2024. Dashed amber lines mark the mergers and acquisitions listed under Mergers and acquisitions.
- Total assets $4.6bn
- Deposits $3.8bn
- Net loans $3.6bn
Capital and securities
The common equity tier 1 (CET1) ratio was 12.02% at Q1 2024, +0.09 pp from a year earlier. Since Q1 2016 it has ranged from 10.51% (Q2 2020) to 13.57% (Q1 2016). At Q1 2024 the tier 1 leverage ratio was 10.62% and the total risk-based capital ratio 13.27%. The median CET1 ratio of the size peers listed below was 11.94% at Q1 2024.
Held-to-maturity securities had an unrealized loss of $6.7 mn at Q1 2024, measured as fair value minus amortized cost, equal to 1.2% of bank equity capital. The loss narrowed by $761,000 from a year earlier. The largest unrealized loss on these securities was $12.6 mn at Q3 2022. Available-for-sale securities showed an unrealized loss of $42.0 mn at Q1 2024; the loss widened by $2.0 mn from a year earlier.
Capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 11%
Unrealized gains and losses on securities
- Available for sale -$42mn
- Held to maturity -$7mn
Profitability and loan quality
Return on equity was 13.61% for the year to Q1 2024, annualized, with a return on assets of 1.58% and a net interest margin of 3.88%. The margin was -0.06 pp from a year earlier. The efficiency ratio, noninterest expense as a share of revenue as the FDIC defines it, was 46.81%. Net income for the year to Q1 2024 was $18.3 mn, up 18.7% on the same period a year earlier. The median return on equity of its size peers was 11.47% for the same period.
Noncurrent loans, those 90 days or more past due or no longer accruing interest, were 0.59% of total loans at Q1 2024. Net charge-offs for the year to date were -0.01% of average loans, annualized.
Profitability
- Return on equity 14%
- Net interest margin 3.9%
- Return on assets 1.6%
Compared with banks of similar size
The six banks ranked closest to Summit Community Bank, Inc by total assets at Q1 2024, three above and three below where possible.
Among the seven banks in the table at Q1 2024, Summit Community Bank, Inc is 4th by total assets. Its CET1 ratio of 12.02% compares with a peer median of 11.94%, its tier 1 leverage ratio of 10.62% compares with a peer median of 10.46%, and its return on equity of 13.61% compares with a peer median of 11.47%.
| Bank | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|
| HomeTrust Bank | $4.7 bn | 12.13% | 11.93% | 24.83% | |
| Third Coast Bank | $4.7 bn | 12.32% | 9.21% | 30.01% | |
| First Bank & Trust | $4.6 bn | not reported | 23.35% | 34.24% | |
| Summit Community Bank, Inc | $4.6 bn | 12.02% | 13.61% | 34.11% | |
| Enterprise Bank and Trust Company | $4.6 bn | 11.94% | 9.66% | 34.38% | |
| InterBank | $4.6 bn | 10.38% | 34.72% | 40.75% | |
| Southern Bank | $4.6 bn | 11.27% | 11.01% | 18.63% | |
Q1 2024. Peer median (the six banks, excluding this one): CET1 11.94%, return on equity 11.47%. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Last eight quarters
Summit Community Bank, Inc, as reported in its Call Reports.
From Q2 2022 to Q1 2024, total assets rose 23.8% to $4.6 bn, deposits rose 26.4% to $3.8 bn and bank equity capital rose 28.3% to $545.8 mn. Over the same period its full-time equivalent staff went from 434 to 487 and its offices went from 47 to 52.
| Metric | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $3.7 bn | $3.9 bn | $3.9 bn | $3.9 bn | $4.5 bn | $4.6 bn | $4.6 bn | $4.6 bn |
| Total deposits | $3.0 bn | $3.1 bn | $3.2 bn | $3.3 bn | $3.7 bn | $3.8 bn | $3.7 bn | $3.8 bn |
| Bank equity capital | $425.3 mn | $432.8 mn | $445.0 mn | $460.2 mn | $503.6 mn | $507.6 mn | $531.1 mn | $545.8 mn |
| Common equity tier 1 (CET1) ratio | 11.39% | 11.26% | 11.61% | 11.93% | 11.34% | 11.55% | 11.69% | 12.02% |
| Return on equity (ROE) | 12.43% | 13.18% | 13.55% | 13.64% | 10.02% | 11.46% | 12.38% | 13.61% |
| Uninsured share of domestic deposits | 25.50% | 24.25% | 29.75% | 40.36% | 31.77% | 34.10% | 34.47% | 34.11% |
| Full-time equivalent employees | 434 | 435 | 426 | 429 | 495 | 501 | 492 | 487 |
| Number of offices | 47 | 46 | 46 | 52 | 50 | 51 | 53 | 52 |
Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Mergers and acquisitions
Figures before and after each event are not like for like.
- . Absorbed First and Citizens Bank (FDIC certificate 13011).
- . Absorbed First Century Bank, Inc. (FDIC certificate 6750).
- . Absorbed First Peoples Bank, Inc. (FDIC certificate 6173).
- . Absorbed Cornerstone Bank, Inc. (FDIC certificate 10045).
- . Absorbed WinFirst Bank (FDIC certificate 29313).
- . Absorbed Provident State Bank, Inc. (FDIC certificate 8813).
- . Merged into Burke & Herbert Bank & Trust Company (FDIC certificate 11578).
Source: FDIC BankFind API, institution history. Moves of more than 25% in one quarter are checked against that history in our review.
Identifiers and sources
- FDIC certificate
- 34102
- Federal Reserve RSSD ID
- 2372774
- Head office
- Moorefield, West Virginia
- Holding company
- SUMMIT FINANCIAL GROUP INC (as reported to the FDIC)
- Holding company RSSD ID
- 1247679
- EconoMonitor ID
- EMB-US-000423
Frequently asked questions
What were Summit Community Bank, Inc's total assets?
$4.6 bn at Q1 2024, according to its Call Report as published by the FDIC.
Is Summit Community Bank, Inc the same as its holding company?
No. This page covers the FDIC-insured bank (certificate 34102). Its holding company, SUMMIT FINANCIAL GROUP INC (as reported to the FDIC), reports separately to the Federal Reserve and, if its shares are listed, to the SEC.
How often is this page updated?
Every quarter, after Summit Community Bank, Inc files its Call Report and the FDIC publishes it. This page shows Q1 2024, loaded on 19 October 2026; any sentence that uses an earlier quarter names it.
Where can I check these numbers?
In the FDIC BankFind Suite record for certificate 34102, and in the Call Reports filed under RSSD ID 2372774 at the FFIEC Central Data Repository.
Sources and definitions
Definitions, Call Report fields and formulas for each metric: Bank equity capital, Uses community bank leverage ratio framework, Common equity tier 1 (CET1) ratio, Deposits in domestic offices, Efficiency ratio, Full-time equivalent employees, Loan-to-deposit ratio, Total loans and leases (gross), Net loans and leases, Net charge-offs to average loans, Net income (year to date), Net interest margin, Noncurrent loans to total loans, Number of offices, Return on assets (ROA), Return on equity (ROE), Available-for-sale securities (amortized cost), Available-for-sale securities (fair value), Held-to-maturity securities (amortized cost), Held-to-maturity securities (fair value), Total securities, Tier 1 leverage ratio, Total assets, Total deposits, Total equity capital, Total risk-based capital ratio, Uninsured share of domestic deposits, Estimated uninsured deposits, Unrealized gain/loss on available-for-sale securities, Unrealized gain/loss on held-to-maturity securities.
Checks for this release: Check A (database against the FDIC download) passed, Check B (FDIC against FFIEC Call Report filings) passed.
Source: FDIC BankFind Suite (Call Report data). EconoMonitor is not affiliated with or endorsed by the FDIC. FDIC BankFind Suite API.
Source: FFIEC Central Data Repository (Call Reports). EconoMonitor is not affiliated with or endorsed by the FFIEC. FFIEC Central Data Repository, Public Data Distribution.
Data and analysis only, not financial advice. The FDIC and the FFIEC do not endorse EconoMonitor. See the disclaimer and methodology.