Summit Financial Group Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 30, 2013 at 11:00 am
Share
Summit Financial Group Inc. reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net interest income of $9,896,000 against $9,661,000 a year ago. Income before income taxes was $1,979,000 against $1,817,000 a year ago. Net income applicable to common shares was $1,911,000 or $0.22 per diluted share against $1,331,000 or $0.22 per diluted share a year ago.
For the full year, the company reported net interest income of $39,820,000 against $39,844,000 a year ago. Income before income taxes was $6,932,000 against $5,109,000 a year ago. Net income applicable to common shares was $4,396,000 or $0.60 per diluted share against $3,703,000 or $0.49 per diluted share a year ago. Book value per common share as at December 31, 2012 was $11.31 against $10.68 as at December 31, 2011. Tangible book value per common share as at December 31, 2012 was $10.44 against $9.78 as at December 31, 2011.
The company recorded net loan charge-offs for the fourth quarter ended December 31, 2012. Fourth quarter 2012 net loan charge-offs were $2.4 million, or 0.99% of average loans annualized compared to $2.2 million reported in the same period last year.
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, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012