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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, Inc. (NASDAQ: SMMF) announced that President and CEO H. Charles Maddy, III, along with Executive VP and CFO Robert S. Tissue, will present virtually at the Piper Sandler 2021 D.C. Bank Field Trip on September 14, 2021. The presentation materials will be accessible on the company’s website. Summit Financial, a financial holding company with assets of $3.27 billion, provides a diverse range of services, including commercial and residential lending, trust, wealth management, and mobile banking across several states.
Summit Financial Group, Inc. (NASDAQ: SMMF) announced a third-quarter 2021 dividend of $0.18 per share, payable on September 30, 2021, to shareholders recorded by September 15, 2021. Headquartered in Moorefield, West Virginia, Summit Financial Group operates community banking services with assets totaling $3.27 billion through its subsidiary, Summit Community Bank, Inc., which runs 46 full-service locations across West Virginia, Virginia, and Kentucky.
Summit Financial Group (SMMF) reported a strong financial performance for Q2 2021, with net income of $10.4 million, or $0.80 per diluted share, reflecting an 81.4% increase year-over-year. Total loans grew 3.7% during the quarter, while net interest income rose 2.1% from the previous quarter, totaling $26.8 million. The company also announced the acquisition of MVB Bank's Southern West Virginia operations. Despite a decrease in net interest margin to 3.55%, the efficiency ratio improved to 49.09%. The provision for credit losses declined to $1.0 million, signaling robust asset quality.
Summit Financial Group, Inc. (NASDAQ: SMMF) announced the acquisition of four full-service branch banking offices and two drive-up locations from MVB Bank, a subsidiary of MVB Financial Corp. This acquisition encompasses nearly all community banking operations of MVB Bank in Southern West Virginia. The new locations, located in Charleston, Hurricane, Barboursville, and Huntington, are expected to strengthen Summit's presence in the region. Summit currently operates 46 banking locations across West Virginia and Virginia.
Summit Financial Group (NASDAQ: SMMF) has declared a dividend of $0.17 per share for the second quarter of 2021. This dividend is payable on June 30, 2021, to common shareholders on record as of June 15, 2021. Summit, a financial holding company with assets of $3.25 billion, primarily serves community banking needs in West Virginia, Virginia, and Kentucky through its subsidiary, Summit Community Bank, which operates 43 locations.
Summit Financial Group (SMMF) has signed a definitive agreement to acquire substantially all of MVB Bank's Southern West Virginia community banking operations. This includes multiple banking centers and drive-up locations, with an estimated $193 million in deposits and $57 million in loans to be assumed by Summit. The transaction, intended to bolster Summit's presence in the Charleston-Huntington market, is subject to regulatory approvals and is expected to close in Q3 2021.
Summit Financial Group reported record earnings in Q1 2021 with net income of $10.4 million, or $0.80 per diluted share, up from $10.3 million in Q4 2020 and $4.51 million a year earlier. Key highlights include a 20.4% revenue growth to $31.2 million and a 22.4% increase in net interest income year-over-year. However, nonperforming assets rose slightly to 1.21% of total assets. The efficiency ratio improved to 49.79%. Despite a decrease in net interest margin to 3.65%, strong loan growth and reduced credit loss provisions indicate robust core operating performance.
Summit Financial Group, Inc. (NASDAQ: SMMF) declared a Q1 2021 dividend of $0.17 per share, payable on March 31, 2021, to shareholders on record as of March 15, 2021. Headquartered in Moorefield, West Virginia, Summit is a $3.11 billion financial holding company providing community banking services across regions in West Virginia, Virginia, and Kentucky through its subsidiary, Summit Community Bank, offering 43 banking locations.
Summit Financial Group, Inc. (SMMF) reported a record Q4 2020 net income of $10.3 million, or $0.79 per diluted share, up from $9.62 million in Q3 2020. For 2020, net income was $31.3 million, a decrease from $31.9 million in 2019, mainly due to a $13 million increase in credit loss provisions. The bank's acquisition of WinFirst Financial Corp. contributed to its growth. Net interest income rose by 23.3% from Q3 2020 and 32.2% year-over-year, while total assets increased by 29.2% to $3.11 billion.
Summit Financial Group, Inc. (NASDAQ: SMMF) has completed the acquisition of WinFirst Financial Corp. and its subsidiary, WinFirst Bank, effective December 15, 2020. This strategic move enhances Summit's community banking footprint in Kentucky and aligns with its expansion goals. The WinFirst Bank branches will retain their branding until late-May 2021, after which they will transition to Summit Community Bank. Summit Financial, with assets totaling $3.1 billion, operates 43 banking locations across several states.
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