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.
Summit Financial Group, Inc. (NASDAQ: SMMF) declared a fourth quarter 2020 dividend of $0.17 per share, scheduled for payment on December 31, 2020. Shareholders of record will be those on file as of the close of business on December 15, 2020. The company, headquartered in Moorefield, West Virginia, is valued at $2.95 billion and provides community banking services across various regions in West Virginia and Virginia through its subsidiary, Summit Community Bank.
Summit Financial Group, Inc. (NASDAQ: SMMF) announced a virtual presentation by CEO H. Charles Maddy, III, and CFO Robert S. Tissue during the DA Davidson Mid-Atlantic/Midwest Virtual Bank Tour on November 17, 2020. The presentation materials are available on Summit's website. This financial holding company, based in Moorefield, West Virginia, boasts $2.95 billion in assets and provides community banking services across various regions including the Eastern Panhandle of West Virginia and Northern Virginia through its subsidiary, Summit Community Bank, which has 41 locations.
Summit Financial Group, Inc. (SMMF) reported Q3 2020 net income of $9.62 million, translating to $0.74 per diluted share, an increase from $6.95 million in Q2 2020. Year-to-date net income stood at $21.1 million, down 11.1% from 2019. The company saw a 29.5% rise in net interest income compared to Q2 2020, driven by loan growth. Nonperforming assets decreased to 0.94% of total assets. Summit announced a merger agreement to acquire WinFirst Financial Corp, expected to close by year-end 2020, enhancing its market presence.
Summit Financial Group announced the completion of a $30 million private placement of 5.00% Fixed to Floating Rate Subordinated Notes due 2030. The Notes will initially offer a 5.00% interest for five years, resetting quarterly thereafter based on the three-month SOFR rate plus 487 basis points. Proceeds will fund general corporate purposes, including growth and strategic acquisitions. These Notes qualify as Tier 2 capital for regulatory requirements. The offering was arranged by D.A. Davidson & Co., with legal counsel provided by Hunton Andrews Kurth LLP and Bowles Rice, LLP.
Summit Financial Group announced a virtual presentation by Robert S. Tissue, CFO, and Brad Ritchie, President of Summit Community Bank, during the Piper Sandler Virtual D.C. Community Bank Field Trip on September 16, 2020. This event showcases Summit's commitment to community banking in the Eastern Panhandle and regions of Virginia. Summit Financial Group is a $2.86 billion holding company operating 41 banking locations. Presentation materials are accessible on their website at www.summitfgi.com.
Summit Financial Group (NASDAQ: SMMF) has declared a third quarter 2020 dividend of $0.17 per share, payable on September 30, 2020. Shareholders on record as of September 15, 2020 will receive this dividend. Summit is a $2.9 billion financial holding company based in Moorefield, West Virginia, providing community banking services across various regions in West Virginia and Virginia through its subsidiary, Summit Community Bank, Inc., which operates 41 banking locations.
Summit Financial Group (NASDAQ: SMMF) has declared a second quarter 2020 dividend of $0.17 per share, payable on June 30, 2020. Shareholders of record as of the close of business on June 15, 2020 will receive this dividend. Headquartered in Moorefield, West Virginia, Summit is a $2.5 billion financial holding company providing community banking services across various regions in West Virginia and Virginia.
Summit Financial Group (NASDAQ: SMMF) will participate in the D.A. Davidson 22nd Annual Financial Institutions Conference on May 7-8, 2020. The company's President and CEO, H. Charles Maddy, III, along with Executive Vice President and CFO, Robert S. Tissue, will present virtually. Interested parties can access presentation materials on Summit's official website. Summit Financial Group, based in Moorefield, West Virginia, oversees $2.51 billion in assets and operates thirty-nine banking locations primarily in West Virginia and Virginia.
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