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.
PSB Holding Corp. reported a net income of $4.39 million for 2022, down from $5.28 million in 2021, with a diluted earnings per share of $2.87. For Q4 2022, net income rose to $1.16 million from $1.02 million year-over-year. The Company’s merger with Summit Financial Group is expected to finalize by Q2 2023. Notably, net interest income declined due to reduced income from the SBA Payroll Protection Program, dropping from $3.13 million in 2021 to $49,000 in 2022. Despite these challenges, net interest margin improved from 2.99% to 3.33% due to rising loan rates. Total assets decreased slightly to $579.9 million.
Summit Financial Group (SMMF) reported strong Q4 2022 results, with net income of $14.9 million ($1.16 per diluted share), up from $14.2 million ($1.11) in Q3 2022 and $12.4 million ($0.95) in Q4 2021. Total loans grew 2.6% during the quarter, with deposits up 2.0%. Tangible book value per common share increased to $21.70, a 4.9% rise. However, net interest margin decreased slightly to 3.80%. Noninterest income fell primarily due to lower mortgage origination revenue. The company is positioned for growth in 2023, aided by the planned merger with PSB Holding Corp.
Summit Financial Group (NASDAQ: SMMF) has announced a merger with PSB Holding Corp. in a 100% stock-for-stock deal valued at $53.9 million. Each PSB shareholder will receive 1.2347 shares of Summit for each PSB share, equating to $35.00 per share based on a recent average price. The merger is expected to enhance services for clients across Maryland's Eastern Shore and Delaware. Combined total assets will approximate $4.5 billion. The transaction awaits regulatory and shareholder approvals.
Summit Financial Group (NASDAQ: SMMF) and PSB Holding Corp. have entered into a definitive merger agreement valued at approximately $53.9 million. PSB shareholders will receive 1.2347 shares of Summit stock for each PSB share, equating to $35.00 per PSB share. This merger is set to close in the second quarter of 2023 after obtaining regulatory approvals. The transaction will combine the banks' strengths, expanding Summit's footprint into Maryland and Delaware, while enhancing client services and financial positions with total assets projected at $4.5 billion.
Summit Financial Group, Inc. (NASDAQ: SMMF) declared a fourth quarter 2022 dividend of $0.20 per share, payable on December 30, 2022, to shareholders on record as of December 15, 2022. The company, with assets of $3.9 billion, provides financial services through Summit Community Bank across West Virginia and surrounding areas. Their focus includes commercial lending, residential lending, and wealth management services, with 44 branches and digital platforms available for customers.
Summit Financial Group (NASDAQ: SMMF) announced that Robert S. Tissue, Executive Vice President and CFO, will meet with institutional investors and analysts at the D. A. Davidson Mid-Atlantic Banks Summit in Philadelphia on November 15, 2022. The presentation materials will be available on the Company’s website. Summit Financial Group, with assets of $3.9 billion, serves clients throughout West Virginia and the surrounding areas, focusing on commercial lending and business banking services, supported by robust digital and mobile platforms.
Summit Financial Group, Inc. (NASDAQ: SMMF) announced that its CEO, H. Charles Maddy, III, and CFO, Robert S. Tissue, will meet institutional investors at the 2022 Piper Sandler East Coast Financial Services Conference on November 8-9, 2022. This engagement aims to strengthen relationships and discuss the company's strategic initiatives. The presentation materials will be accessible on their official website. Summit Financial, a $3.9 billion holding company, offers a range of financial services and operates across West Virginia, D.C., Virginia, and Kentucky.
MOOREFIELD, W.Va., Nov. 2, 2022 - Summit Financial Group (NASDAQ: SMMF) announced that CEO H. Charles Maddy, III, and CFO Robert S. Tissue will meet with institutional investors and analysts at the 2022 Hovde Group Financial Services Conference in Miami, FL, on November 3-4, 2022.
Presentation materials can be accessed on their website. Summit Financial Group, with assets of $3.9 billion, provides banking services across West Virginia and the Washington D.C. area, focusing on commercial lending and digital financial services.
Summit Financial Group reported strong Q3 2022 earnings with net income of $14.2 million ($1.11 per diluted share), compared to $11.8 million in Q2 2022. Total loans rose to $2.9 billion, showing a 2.7% increase during the quarter. The net interest income grew by 10.2%, reaching $34.1 million, driven by higher market rates. The company experienced a decline in nonperforming assets to 0.37%. Despite an increase in noninterest expenses to $19.2 million, the efficiency ratio improved to 47.95%. Tangible book value per common share rose to $20.69, reflecting a 5.89% year-to-date growth.
Summit Financial Group (NASDAQ: SMMF) declared a third quarter 2022 dividend of $0.20 per share, marking an 11% increase from the previous quarter's $0.18. The dividend is payable on September 30, 2022, to shareholders on record as of September 15, 2022. Summit is a $3.76 billion financial holding company providing services in commercial and individual banking across several states, leveraging efficient operations and strong local deposits.
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