Summit Community Bank, Inc

Headquarters

310 N Main St
Moorefield, WV 26836
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 6.25% →
1-Year CD 0.31% 5.25% →
2-Year CD 0.46% 5.00% →
5-Year CD 0.76% 4.67% →
30-Year Mortgage N.A. 0.00% →
15-Year Mortgage N.A. 0.00% →
HELOC 5.75% 0.99% →

2023 Overview

General Bank Information

Summit Community Bank, Inc is an FDIC insured institution located in Moorefield, WV. It was founded in 0000 and has approximately $3.89 billion in assets. Customers can open an account at one of its 32 branches.

FDIC Insured Yes
FDIC Certificate # 34102
Date Established 0000
Assets $ 3.89 billion
Loans $ 3.04 billion
Deposits $ 3.18 billion
Capital $ 445.05 million
 

For a more detailed analysis of Summit Community Bank, Inc's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - June 7, 2023

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.10% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.16% $10,000 $14,999 Learn More
6 Mo CD
0.21% $100,000 $199,999 Learn More
12 Mo CD
0.21% $10,000 $14,999 Learn More
12 Mo CD
0.26% $10,000 $14,999 Learn More
12 Mo CD
0.31% $100,000 $199,999 Learn More
12 Mo CD
0.26% $100,000 $199,999 Learn More
18 Mo CD
0.36% $10,000 $14,999 Learn More
18 Mo CD
0.31% $10,000 $14,999 Learn More
18 Mo CD
0.41% $100,000 $199,999 Learn More
18 Mo CD
0.36% $100,000 $199,999 Learn More
24 Mo CD
0.41% $10,000 $14,999 Learn More
24 Mo CD
0.36% $10,000 $14,999 Learn More
24 Mo CD
0.46% $100,000 $199,999 Learn More
24 Mo CD
0.41% $100,000 $199,999 Learn More
30 Mo CD
0.46% $10,000 $14,999 Learn More
30 Mo CD
0.41% $10,000 $14,999 Learn More
30 Mo CD
0.51% $100,000 $199,999 Learn More
30 Mo CD
0.46% $100,000 $199,999 Learn More
36 Mo CD
0.56% $10,000 $14,999 Learn More
36 Mo CD
0.51% $10,000 $14,999 Learn More
36 Mo CD
0.61% $100,000 $199,999 Learn More
36 Mo CD
0.56% $100,000 $199,999 Learn More
48 Mo CD
0.61% $10,000 $14,999 Learn More
48 Mo CD
0.66% $100,000 $199,999 Learn More
60 Mo CD
0.71% $10,000 $14,999 Learn More
60 Mo CD
0.76% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less

Online Only Savings Rates of SFGI Direct, a division of Summit Community Bank

Online Savings Rates APY MIN MAX
Savings Account
3.81% $500 - Learn More

Bank Online Offers

SGFI Direct Lowers Its Online Savings Rate
Feb 20, 2020

SGFI Direct has lowered its online savings rate from 1.91% APY to 1.86% APY.


 

Loan Rates - June 7, 2023

Your Current Location: Virginia, VA 20146

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Summit Community Bank, Inc branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


Summit Community Bank, Inc Locations



Climate Initiatives

Summit Community Bank, Inc is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

Summit Community Bank, Inc Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Summit Community Bank, Inc. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Summit Community Bank, Inc U.S. Bank Average
2.66% 4.09%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2022, Summit Community Bank, Inc had $7,822,000 in non-current loans and $5,067,000 in owned real estate. To cover these potential losses it had $445,048,000 in equity and $38,899,000 in loans loss reserves. That gives it a Texas Ratio of 2.66%.

Return on Equity
Summit Community Bank, Inc U.S. Bank Average
13.55% 10.02%

Summit Community Bank, Inc has a Return on Equity of 13.55% versus the BestCashCow average of 10.02%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Summit Community Bank, Inc U.S. Bank Average
11.44% 10.44%

Summit Community Bank, Inc has a Capitalization of 11.44% versus the BestCashCow average of 10.44. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Summit Community Bank, Inc Balance Sheet Analysis

As of December 31, 2022, Summit Community Bank, Inc had assets of $3,890,541,000, loans of $3,043,919,000, and deposits of $3,180,917,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2022
ASSETS
Cash & Balances due from depository institutions $ 44.71 million
Interest-bearing balances $ 28.25 million
Total securities $ 505.00 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 3.04 billion
Loan loss allowance $ 38.90 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 5.07 million
Goodwill and other intangibles $ 64.53 million
All other assets $ 153.66 million
     Total Assets $ 3.45 billion
LIABILITIES
Total deposits $ 3.18 billion
      Interest-bearing deposits $ 2.62 billion
      Deposits held in domestic offices $ 3.18 billion
      % insured (estimated) 70.26%
Federal funds purchased and repurchase agreements $ 0.15 million
Trading liabilities N.A.
Other borrowed funds $ 298.11 million
Subordinated debt N.A.
All other liabilities $ 28.67 million
      Total Liabilities $ 3.45 billion
      Shareholders’ Equity $ 445.05 million

Summary Income Statement

December 31, 2022
INCOME AND EXPENSES
Total Interest Income $ 158.72 million
Total Interest Expense $ 24.51 million
Net interest income $ 134.22 million
Provision for loan and lease losses $ 6.95 million
Total non interest income $ 18.47 million
Total non interest expense $ 71.56 million
Pre-tax Net Operating Income $ 33.74 million

Bank Loan Profile?

The top three loan types in Summit Community Bank, Inc’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in West Virginia, Summit Community Bank, Inc has a significantly higher percent of Multifamily Mortgages, Construction and Development Loans, Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 17.38
Multifamily
Mortgages
9.43
Credit Card Loans 0.04
Consumer Auto Loans 0.54
Small Business Loans 5.84
Construction and Development Loans 10.47
Commercial Real Estate 37.82
Commercial and Industrial Loans 13.97
Farm Loans 0.17

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