Summit Community Bank, Inc (merged into Burke & Herbert Bank & Trust Company)
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. The CET1 capital ratio at Summit Community Bank, Inc was 12.02%, and the uninsured share of Summit Community Bank, Inc was 34.11%. Source: FDIC Call Reports.
Key takeaways
- Since , Summit Community Bank, Inc has taken over 6 institutions; the latest was Provident State Bank, Inc. on (FDIC Call Reports).
What sets Summit Community Bank, Inc apart
How large is Summit Community Bank, Inc?
The balance sheet of Summit Community Bank, Inc at : assets $4.6 bn, deposits $3.8 bn, net loans $3.6 bn (loans equal to 96.53% of deposits). Securities make up 12.7% of total assets at Summit Community Bank, Inc. Since , when Summit Community Bank, Inc held $1.5 bn, its assets grew 208.7%. In the year to , deposits at Summit Community Bank, Inc rose 14.2% while its total assets rose 17.3%. At , Summit Community Bank, Inc employed 487 full-time equivalent staff across 52 offices, about $9.5 mn of assets per employee and $72.7 mn of deposits per office.
How much funding at Summit Community Bank, Inc is uninsured?
At Summit Community Bank, Inc, uninsured deposits (above the FDIC limit) made up 34.11% of domestic deposits at (-6.25 pp on a year earlier). In dollars, Summit Community Bank, Inc estimated $1.3 bn of uninsured deposits.
Key facts, Q1 2024
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $3.8 bn | $3.3 bn (Q1 2023) | |
| Net loans and leases | $3.6 bn | $3.1 bn (Q1 2023) | |
| Loan-to-deposit ratio | 96.53% | 92.41% (Q1 2023) | |
| Tier 1 leverage ratio | 10.62% | 10.61% (Q1 2023) | |
| Total risk-based capital ratio | 13.27% | 13.10% (Q1 2023) | |
| Net interest margin | 3.88% | 3.94% (Q1 2023) | |
| Return on assets (ROA) | 1.58% | 1.58% (Q1 2023) | |
| Efficiency ratio | 46.81% | 46.91% (Q1 2023) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $6.7 mn | Narrowed by $761,000 | |
| Unrealized gain/loss on available-for-sale securities | Loss of $42.0 mn | Widened by $2.0 mn | |
| Noncurrent loans to total loans | 0.59% | 0.24% (Q1 2023) | |
| Net charge-offs to average loans | -0.01% | -0.01% (Q1 2023) |
US rank of Summit Community Bank, Inc: 1 = highest unless marked 1 = lowest.
Balance sheet
Summit Community Bank, Inc: assets, deposits and loans
- Total assets $4.6bn
- Deposits $3.8bn
- Net loans $3.6bn
Capital and securities
The CET1 ratio of Summit Community Bank, Inc stood at 12.02% in , +0.09 pp year on year. Low and high at Summit Community Bank, Inc since : 10.51% () to 13.57% (). Equity capital of Summit Community Bank, Inc at : $545.8 mn, or 11.8% of total assets. Summit Community Bank, Inc also reported a total capital ratio of 13.27% for , and a tier 1 leverage ratio of 10.62%.
On held-to-maturity securities, Summit Community Bank, Inc carried an unrealized loss of $6.7 mn at , equal to 1.2% of equity capital. The loss narrowed by $761,000 over the year. Its deepest point: $12.6 mn in . The available-for-sale portfolio of Summit Community Bank, Inc showed an unrealized loss of $42.0 mn at ; the loss widened by $2.0 mn over the year.
Summit Community Bank, Inc: capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 11%
Summit Community Bank, Inc: unrealized securities gains and losses
- Available for sale -$42mn
- Held to maturity -$7mn
Profitability and loan quality
For the year to , Summit Community Bank, Inc earned a return on equity of 13.61%; return on assets: 1.58%. Net interest margin at Summit Community Bank, Inc: 3.88%, -0.06 pp in a year. Summit Community Bank, Inc net income: $18.3 mn, up 18.7% year on year. The efficiency ratio of Summit Community Bank, Inc was 46.81%: about 47 cents cost per revenue dollar, against 58 cents at the median peer.
At , noncurrent loans were 0.59% of total loans at Summit Community Bank, Inc; net charge-offs: -0.01% of average loans. Gross loans and leases at Summit Community Bank, Inc: $3.7 bn at , against $3.1 bn at .
Summit Community Bank, Inc: profitability
- Return on equity 14%
- Net interest margin 3.9%
- Return on assets 1.6%
Peer group of Summit Community Bank, Inc
The peer group of Summit Community Bank, Inc is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Summit Community Bank, Inc (state nonmember bank) and 0 have head offices in West Virginia. Against them, Summit Community Bank, Inc shows CET1 ratio 12.02% against a peer median of 11.94%, return on equity 13.61% against a peer median of 11.47% and uninsured deposit share 34.11% against a peer median of 32.12%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| HomeTrust Bank | State member bank | NC | $4.7 bn | 12.13% | 11.93% | 24.83% | |
| Third Coast Bank | State member bank | TX | $4.7 bn | 12.32% | 9.21% | 30.01% | |
| First Bank & Trust | State nonmember bank | SD | $4.6 bn | not reported | 23.35% | 34.24% | |
| Summit Community Bank, Inc | State nonmember bank | WV | $4.6 bn | 12.02% | 13.61% | 34.11% | |
| Enterprise Bank and Trust Company | State nonmember bank | MA | $4.6 bn | 11.94% | 9.66% | 34.38% | |
| InterBank | State member bank | OK | $4.6 bn | 10.38% | 34.72% | 40.75% | |
| Southern Bank | State member bank | MO | $4.6 bn | 11.27% | 11.01% | 18.63% | |
. FDIC Call Reports.
Last eight quarters
Two years at Summit Community Bank, Inc, to : assets $3.7 bn to $4.6 bn, deposits $3.0 bn to $3.8 bn, equity $425.3 mn to $545.8 mn. Staff 434 to 487; offices 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 |
| 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 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Summit Community Bank, Inc, oldest first; 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).
Questions and identifiers
What were the total assets of Summit Community Bank, Inc?
Summit Community Bank, Inc reported $4.6 bn at in its Call Report.
Is Summit Community Bank, Inc the same as its holding company?
No. This page covers Summit Community Bank, Inc, FDIC certificate 34102; SUMMIT FINANCIAL GROUP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Summit Community Bank, Inc profitable?
Summit Community Bank, Inc reported net income of $18.3 mn for the year to ; annualized return on equity: 13.61%. So yes: Summit Community Bank, Inc made a profit over these months.
When is data for Summit Community Bank, Inc next updated?
Summit Community Bank, Inc no longer files Call Reports; its data ends at .
Where can I check the figures for Summit Community Bank, Inc?
In the FDIC BankFind Suite record for certificate 34102, and in the Call Reports of Summit Community Bank, Inc (RSSD ID 2372774) at the FFIEC Central Data Repository.