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Summit Financial Group, Inc. - SMMF STOCK NEWS

Welcome to our dedicated page for Summit Financial Group news (Ticker: SMMF), a resource for investors and traders seeking the latest updates and insights on Summit Financial Group stock.

Summit Financial Group, Inc. (NASDAQ: SMMF), headquartered in Moorefield, West Virginia, is a dynamic financial holding company providing comprehensive community banking and insurance services. With a network of 15 banking offices, Summit operates in the Eastern Panhandle and South Central regions of West Virginia and extends its reach into the Shenandoah Valley and Northern regions of Virginia. The company’s affiliate entities include Summit Community Bank, a state-chartered community bank, and Summit Insurance Services, LLC, a full-service insurance agency.

Summit Financial Group has recently reported significant financial growth. For the third quarter of 2023, the company posted a net income of $16.1 million, or $1.09 per diluted share, which is a notable increase from $7.98 million, or $0.54 per diluted share, in the previous quarter. This growth was mainly driven by reduced credit loss provisions and acquisition-related expenses.

Key achievements for Summit include the strategic acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, Inc., and the announced merger with Burke & Herbert Financial Services Corp., a prominent financial institution headquartered in Alexandria, Virginia. These moves are expected to enhance Summit's service excellence and community impact significantly.

Financial highlights for the third quarter of 2023 include:

  • Net interest income of $41.3 million, a 21.0% increase from the prior-year quarter.
  • Total assets of $4.6 billion, reflecting a 17.6% increase since December 31, 2022.
  • Total loans net of unearned fees increased to $3.6 billion, marking a 17.0% year-over-year growth.
  • Total deposits of $3.8 billion, a 0.5% increase during the quarter.
  • Stable net interest margin (NIM) at 3.88% for Q3 2023.

Summit's efficiency ratio improved to 47.15%, demonstrating enhanced operational efficiency despite an expanded asset base. Noninterest expenses decreased by 11.6% to $24.2 million, reflecting fewer acquisition-related costs.

The company's strategic focus on in-market commercial lending and business banking services in robust markets, coupled with its highly efficient operations and strong core deposits, positions Summit Financial Group for continued success. Additionally, Summit offers residential and consumer lending, trust and wealth management, and other retail financial services through digital banking platforms and more than 50 full-service branches.

Looking ahead, Summit is committed to leveraging its strengths and synergies from its mergers to enhance shareholder value. The company's forward-looking approach is expected to drive substantial opportunities and growth in 2024 and beyond.

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Burke & Herbert Financial Services Corp. reported Q1 2024 results with a net income of $5.2 million, declaring a $0.53 per share dividend. The balance sheet remains strong with $758.3 million liquidity, $3.0 billion in deposits, and $2.1 billion in loans. The Company's merger with Summit Financial Group, Inc. is set to close on May 3, 2024, creating a financial holding company with over $8 billion in assets.

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Summit Financial Group, Inc. reported strong first-quarter earnings of $1.14 per share, showcasing growth in loans and net income of $16.8 million. The pending merger with Burke & Herbert is expected to enhance shareholder value. Key highlights include a 4.3% increase in TBVPCS, 0.48% growth in total loans, and a 0.91% increase in core deposits. Net interest income rose by 16.8%, while noninterest income decreased. Total assets reached $4.6 billion with a 0.2% increase, and total loans saw a 0.4% growth. Summit's efficiency ratio was 48.29%, up from the prior year. The company recorded net loan recoveries and no provision for credit losses in Q1 2024.
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Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. have received all regulatory approvals for their merger of equals, with the closing date set for May 3, 2024. Additionally, Burke & Herbert's annual shareholder meeting has been scheduled for July 15, 2024.
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Summit Financial Group, Inc. (NASDAQ: SMMF) declares a first quarter 2024 dividend of $0.22 per share. The $4.6 billion financial holding company focuses on in-market commercial lending and other business banking services. Summit serves clients in multiple states through digital and mobile banking platforms.
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Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) reported a strong balance sheet with a $0.53 per share regular cash dividend, net income of $5.1 million for the quarter, and a total liquidity of $959.5 million. The company also announced its merger with Summit Financial Group, Inc. The financial results for the quarter ended December 31, 2023, showed a decrease in net income compared to the same quarter in 2022, but the balance sheet remains strong with ample liquidity and stable asset quality.
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Summit Financial Group, Inc. (NASDAQ: SMMF) reported strong financial results for Q4 2023, with net income applicable to common shares of $16.4 million. The company's pending merger with Burke & Herbert Financial Services Corp. was approved, and TBVPCS increased by $1.67 to $23.89. However, the net interest margin decreased by 12 basis points, and core deposits experienced a modest decline in the fourth quarter of 2023.
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Summit Financial Group, Inc. reported strong financial results for Q4 2023, with net income of $16.4 million, a 7.5% increase in Tangible Book Value Per Common Share, and a 2.85% increase in total loans. The pending merger with Burke & Herbert Financial Services Corp. was approved by shareholders, and the Company's efficiency ratio was 47.33% for Q4 2023.
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Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) and Summit Financial Group, Inc. (Nasdaq: SMMF) have announced the approval of their merger by their respective shareholders. The closing of the proposed merger is subject to regulatory approvals and other customary closing conditions.
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Summit Financial Group, Inc. (NASDAQ: SMMF) declares a fourth quarter 2023 dividend of $0.22 per share, payable on December 29, 2023. With a focus on in-market commercial lending and business banking services, Summit serves clients in West Virginia, the Washington, D.C. area, Virginia, Kentucky, Eastern Shore of Maryland, and Delaware. The company offers various financial services through digital and mobile banking platforms, along with 54 full-service branch locations.
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Burke & Herbert Financial Services Corp. reported financial results for Q3 2023. Net income was $4.1 million, or $0.55 per diluted share. Total loans increased by $69.6 million. The board of directors declared a $0.53 per share cash dividend. The Company and Summit Financial Group, Inc. announced a merger.
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FAQ

What is the current stock price of Summit Financial Group (SMMF)?

The current stock price of Summit Financial Group (SMMF) is $25.7 as of May 2, 2024.

What is the market cap of Summit Financial Group (SMMF)?

The market cap of Summit Financial Group (SMMF) is approximately 377.4M.

What services does Summit Financial Group, Inc. provide?

Summit Financial Group offers community banking and insurance services through its affiliates Summit Community Bank and Summit Insurance Services, LLC.

Where does Summit Financial Group operate?

Summit operates in the Eastern Panhandle and South Central regions of West Virginia, as well as the Shenandoah Valley and Northern regions of Virginia.

What was Summit Financial Group's net income for Q3 2023?

Summit reported a net income of $16.1 million, or $1.09 per diluted share, for the third quarter of 2023.

What were the key financial highlights for Summit in Q3 2023?

Key highlights include net interest income of $41.3 million, total assets of $4.6 billion, total loans of $3.6 billion, and total deposits of $3.8 billion.

What is Summit’s strategy for growth?

Summit focuses on in-market commercial lending and providing business banking services in dynamic markets. The company is also leveraging mergers and acquisitions to enhance its service offerings and expand its market reach.

What are Summit Financial Group's recent achievements?

Recent achievements include the acquisition of PSB Holding Corp. and the announcement of a merger with Burke & Herbert Financial Services Corp.

How does Summit maintain operational efficiency?

Summit’s efficiency ratio improved to 47.15% in Q3 2023, reflecting effective cost management and operational efficiency despite an expanded asset base.

What are Summit's core business areas?

Summit focuses on community banking, commercial lending, residential and consumer lending, trust and wealth management, and other retail financial services.

What is Summit’s digital banking platform?

Summit offers convenient digital and mobile banking platforms, including MySummitBank.com, to provide various financial services to its customers.

What is the significance of Summit’s merger with Burke & Herbert?

The merger with Burke & Herbert is significant for expanding Summit's service excellence and community impact, positioning the combined organization for robust growth and enhanced shareholder value.

Summit Financial Group, Inc.

Nasdaq:SMMF

SMMF Rankings

SMMF Stock Data

377.45M
12.86M
11.56%
42.1%
0.43%
Banks - Regional
State Commercial Banks
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United States of America
MOOREFIELD