FIRST PEOPLES BANK, INC. DEFINED BENEFIT PENSION PLAN 401k Plan overview

FIRST PEOPLES BANK, INC. DEFINED BENEFIT PENSION PLAN Benefits

401k Sponsoring company profile

Company Name:	SUMMIT FINANCIAL GROUP, INC.
Employer identification number (EIN):	550672148
NAIC Classification:	522110
NAIC Description:	Commercial Banking

Form 5500 Filing Information

Plan id#	Filing Submission Date	Name of Administrator	Date Administrator Signed	Name of Company Sponsor	Date Sponsor Signed
003	2021-11-01	DIANE BARTON	2023-08-14	DANYL FREEMAN	2023-08-11
003	2020-11-01	DIANE BARTON	2022-08-15	DANYL FREEMAN	2022-08-11

Plan Statistics for FIRST PEOPLES BANK, INC. DEFINED BENEFIT PENSION PLAN

Measure	Date	Value
2022: FIRST PEOPLES BANK, INC. DEFINED BENEFIT PENSION PLAN 2022 401k membership
Market value of plan assets	2022-10-31	5,136,765
Acturial value of plan assets	2022-10-31	4,741,491
Funding target for retired participants and beneficiaries receiving payment	2022-10-31	3,078,909
Number of terminated vested participants	2022-10-31	12
Fundng target for terminated vested participants	2022-10-31	162,778
Active participant vested funding target	2022-10-31	584,132
Number of active participants	2022-10-31	9
Total funding liabilities for active participants	2022-10-31	584,132
Total participant count	2022-10-31	44
Total funding target for all participants	2022-10-31	3,825,819
Balance at beginning of prior year after applicable adjustments	2022-10-31	201,768
Prefunding balance at beginning of prior year after applicable adjustments	2022-10-31	0
Carryover balanced portion elected for use to offset prior years funding requirement	2022-10-31	0
Prefunding balanced used to offset prior years funding requirement	2022-10-31	0
Amount remaining of carryover balance	2022-10-31	201,768
Amount remaining of prefunding balance	2022-10-31	0
Present value of excess contributions	2022-10-31	0
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2022-10-31	0
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2022-10-31	0
Reductions in caryover balances due to elections or deemed elections	2022-10-31	0
Reductions in prefunding balances due to elections or deemed elections	2022-10-31	0
Balance of carryovers at beginning of current year	2022-10-31	243,171
Balance of prefunding at beginning of current year	2022-10-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2022-10-31	0
Contributions made to avoid restrictions adjusted to valuation date	2022-10-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2022-10-31	0
Unpaid minimum required contributions for all prior years	2022-10-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2022-10-31	0
Remaining amount of unpaid minimum required contributions	2022-10-31	0
Minimum required contributions for current year target normal cost	2022-10-31	22,206
Net shortfall amortization installment of oustanding balance	2022-10-31	0
Waiver amortization installment	2022-10-31	0
Total funding amount beforereflecting carryover/prefunding balances	2022-10-31	0
Carryover balance elected to use to offset funding requirement	2022-10-31	0
Prefunding balance elected to use to offset funding requirement	2022-10-31	0
Additional cash requirement	2022-10-31	0
Contributions allocatedtoward minimum required contributions for current year	2022-10-31	0
Unpaid minimum required contributions for current year	2022-10-31	0
Unpaid minimum required contributions for all years	2022-10-31	0
2021: FIRST PEOPLES BANK, INC. DEFINED BENEFIT PENSION PLAN 2021 401k membership
Market value of plan assets	2021-10-31	4,545,605
Acturial value of plan assets	2021-10-31	4,540,390
Funding target for retired participants and beneficiaries receiving payment	2021-10-31	3,220,162
Number of terminated vested participants	2021-10-31	12
Fundng target for terminated vested participants	2021-10-31	159,047
Active participant vested funding target	2021-10-31	562,440
Number of active participants	2021-10-31	9
Total funding liabilities for active participants	2021-10-31	562,440
Total participant count	2021-10-31	44
Total funding target for all participants	2021-10-31	3,941,649
Balance at beginning of prior year after applicable adjustments	2021-10-31	193,933
Prefunding balance at beginning of prior year after applicable adjustments	2021-10-31	0
Carryover balanced portion elected for use to offset prior years funding requirement	2021-10-31	0
Prefunding balanced used to offset prior years funding requirement	2021-10-31	0
Amount remaining of carryover balance	2021-10-31	193,933
Amount remaining of prefunding balance	2021-10-31	0
Present value of excess contributions	2021-10-31	0
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2021-10-31	0
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2021-10-31	0
Reductions in caryover balances due to elections or deemed elections	2021-10-31	0
Reductions in prefunding balances due to elections or deemed elections	2021-10-31	0
Balance of carryovers at beginning of current year	2021-10-31	201,768
Balance of prefunding at beginning of current year	2021-10-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2021-10-31	0
Contributions made to avoid restrictions adjusted to valuation date	2021-10-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2021-10-31	0
Unpaid minimum required contributions for all prior years	2021-10-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2021-10-31	0
Remaining amount of unpaid minimum required contributions	2021-10-31	0
Minimum required contributions for current year target normal cost	2021-10-31	34,325
Net shortfall amortization installment of oustanding balance	2021-10-31	0
Waiver amortization installment	2021-10-31	0
Total funding amount beforereflecting carryover/prefunding balances	2021-10-31	0
Carryover balance elected to use to offset funding requirement	2021-10-31	0
Prefunding balance elected to use to offset funding requirement	2021-10-31	0
Additional cash requirement	2021-10-31	0
Contributions allocatedtoward minimum required contributions for current year	2021-10-31	0
Unpaid minimum required contributions for current year	2021-10-31	0
Unpaid minimum required contributions for all years	2021-10-31	0

Potentially related plans

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• FIRST PEOPLES BANK OF TENNESSEE 401(K) RETIREMENT PLAN [EIN = 620919617]
• FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION EMPLOYEE BENEFIT PLAN [EIN = 520905189]
• FIRST PEOPLES BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST [EIN = 650824842]
• FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION DEFINED BENEFIT PLAN [EIN = 520905189]

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