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Summit Financial Group reported a robust financial performance for Q1 2023, showcasing 3.0% growth in core deposits and 2.1% growth in total loans year-over-year. The company achieved net income of $13.9 million ($1.08 per diluted share), slightly lower than the previous quarter's $14.9 million but up from $11.5 million in Q1 2022. The tangible book value per share rose to $22.90, an increase of 5.5%. The net interest margin improved to 3.83%, aided by enhanced yields on assets. Despite a 2.9% increase in noninterest expenses, primarily from acquisition costs, the bank maintained a strong efficiency ratio of 48.00%. The recent acquisition of PSB Holding Corp. is expected to broaden the company's market presence.
Summit Financial Group (NASDAQ: SMMF) has successfully completed the acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, effective April 1, 2023. The acquisition aims to enhance Summit's operational footprint and expand its market presence. Post-acquisition, the former Provident State Bank locations will retain their branding until late September 2023, after which they will transition to Summit Community Bank. This strategic move aligns with Summit's focus on commercial lending and retail financial services, leveraging its efficient operations and strong legacy locations in key markets.
Summit Financial Group, Inc. (NASDAQ: SMMF) has declared a first quarter 2023 dividend of $0.20 per share. This dividend is payable on March 31, 2023, to shareholders on record as of March 15, 2023. Summit, a financial holding company with assets totaling $3.9 billion, operates through Summit Community Bank, providing a range of services including commercial lending and retail banking across West Virginia, Virginia, Kentucky, and the D.C. area. The company's strategic focus on in-market lending and efficient operations supports its growth and market positioning.