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.