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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.
Summit Financial Group (SMMF) reported strong Q2 2022 results with a net income of $11.8 million, or $0.92 per diluted share, reflecting a growth from both the linked quarter and the year-ago period. Total loans reached $2.80 billion, up 4.6% from Q1 2022. Net interest income rose 4.8%, while noninterest income was $3.86 million. The efficiency ratio improved to 47.45%. Nonperforming assets decreased to 0.43% of total assets. Summit maintained a strong credit loss allowance, indicating robust risk management amidst economic uncertainty.
Summit Financial Group, Inc. (NASDAQ: SMMF) has declared a second quarter 2022 dividend of $0.18 per share, payable on June 30, 2022. Shareholders of record as of the close of business on June 15, 2022 will receive this payment. As a financial holding company with assets of $3.64 billion, Summit focuses on commercial lending and a range of financial services through its digital platforms and 45 branch locations, serving clients in West Virginia, Virginia, Kentucky, and the Washington, D.C. region.
Summit Financial Group reported robust Q1 2022 results, highlighting net income of $11.5 million, or $0.90 per diluted share, marking a year-over-year increase. Total loans reached $2.68 billion, a 21.6% rise from the previous year. The net interest margin improved to 3.61%, with net interest income at a record $29.6 million. Operating expenses declined to $17.2 million, showcasing disciplined cost management. Asset quality also improved, with nonperforming assets down to 0.51% of total assets. Meanwhile, the company’s tangible book value per share grew to $19.79.
Summit Financial Group, Inc. (NASDAQ: SMMF) has declared a first quarter 2022 dividend of $0.18 per share, set to be paid on March 31, 2022. Shareholders of record as of the close of business on March 15, 2022 will qualify for this dividend. The company, valued at $3.58 billion, offers a range of financial services primarily through Summit Community Bank, focusing on commercial lending and digital banking.
Summit Financial Group (SMMF) reported strong Q4 2021 results, with net income increasing 2.8% to $12.4 million, or $0.95 per diluted share. Yearly earnings rose 44.1% to $45.1 million. Total loans grew 6.4% in the quarter, while net interest income also increased by 2.8%, reaching $28.8 million. The efficiency ratio improved to 49.04%. Despite a $1.5 million provision for credit losses, nonperforming assets decreased to 0.63% of total assets. The company raised $75 million in capital via subordinated notes. Tangible book value per share increased to $19.54.
Summit Financial Group, Inc. (NASDAQ: SMMF) has declared a fourth quarter 2021 dividend of $0.18 per share. The dividend is payable on December 31, 2021 to common shareholders on record as of December 15, 2021. With assets totaling $3.51 billion, Summit focuses on commercial lending and providing a range of financial services through digital platforms and 45 branch locations across multiple states, including West Virginia and Virginia. The company emphasizes efficient operations and strong legacy deposits.
Summit Financial Group, Inc. (NASDAQ: SMMF) has successfully completed a private placement of $75 million in its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, targeted at qualified institutional buyers. The notes will have a fixed rate for the first five years, then transition to a variable rate. Proceeds will support general corporate purposes, including potential stock repurchases and strategic initiatives.
This issuance aids in enhancing the Company's Tier 2 capital, vital for regulatory compliance.
Summit Financial Group (NASDAQ: SMMF) announced that CEO H. Charles Maddy, III, and CFO Robert S. Tissue will present virtually at the D.A. Davidson Mid-Atlantic Bank Tour on November 17, 2021. The presentation materials are available on their website. Summit Financial, a $3.51 billion financial holding company, offers commercial and individual banking services in West Virginia, the Washington, D.C. area, Virginia, and Kentucky, with a focus on efficient operations and core deposits.
Summit Financial Group (NASDAQ: SMMF) announced investor presentations scheduled for Q4 2021. The presentation materials are accessible on their website. As a financial holding company with assets of $3.51 billion, Summit offers services through Summit Community Bank, focusing on commercial and individual clients in West Virginia, D.C., Virginia, and Kentucky. Their operations include commercial lending and retail financial services via digital platforms and 45 branches.
Summit Financial Group (SMMF) reported strong Q3 2021 results, with net income increasing 15.3% to $12.0 million, or $0.92 per diluted share. Year-to-date earnings grew 55.6% to $32.8 million. Total loans rose 3.7% in the quarter, with commercial loans increasing 7.2%. Net interest income reached $28.0 million, a 4.6% increase from Q2 2021. Summit also improved asset quality, reducing nonperforming assets to 0.67% of total assets. Despite a decrease in net interest margin to 3.47%, the company remains well-positioned for future growth.
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