Summit Financial Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Write-Downs of Foreclosed Properties for the Fourth Quarter of 2016
January 30, 2017 at 11:00 am
Share
Summit Financial Group, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $4.71 million, or $0.44 per diluted share, compared to $4.15 million, or $0.39 per diluted share, for the fourth quarter of 2015, representing an increase of 13.6%, or 12.8% per diluted share. Income before income taxes was $7,063,000 against $5,858,000 a year ago. Return on average equity was 12.22% against 11.66% a year ago. Return on average tangible equity was 13.42% against 12.31% a year ago. Return on average assets was 1.07% against 1.12% a year ago. Net interest income was $13,457,000 against $11,733,000 a year ago.
For the year, the company recorded net income of $17.30 million, or $1.61 per diluted share, compared with $16.10 million, or $1.50 per diluted share for 2015, representing an increase of 7.4%, or 7.3% per diluted share. Income before income taxes was $25,305,000 against $22,995,000 a year ago. Return on average equity was 11.53% against 11.62% a year ago. Return on average tangible equity was 12.27% against 12.29% a year ago. Return on average assets was 1.08% against 1.10% a year ago. Net interest income was $49,007,000 against $46,016,000 a year ago.
The company reported write-downs of foreclosed properties were $165,000 in the fourth quarter of 2016 compared to $636,000 during fourth quarter of 2015.
Summit Financial Group, Inc. is the financial holding company for Summit Community Bank, Inc (the Bank). The Company provides a range of banking and other financial services to individuals and businesses. It has a trust and wealth management division offering trust services and other non-bank financial products within its community bank's market area. It provides a range of community banking services, including demand, savings and time deposits; commercial, real estate and consumer loans; trust and wealth management services, and cash management services. Under its commercial banking, it is focused on offering a broad line of financial products and services to small and medium-sized businesses through full service banking offices. Its bankers serve commercial and individual clients throughout West Virginia, the Washington, D.C. metropolitan area, Virginia, Kentucky, Eastern Shore of Maryland and Delaware. The Bank operates approximately 54 banking offices.
Summit Financial Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Write-Downs of Foreclosed Properties for the Fourth Quarter of 2016