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2/1/21
Summit Financial Group, Inc. (NASDAQ: SMMF) today reported fourth
quarter 2020 net income of $10.3 million, or $0.79 per diluted share, both representing a quarterly record. In comparison, earnings for third quarter 2020 were $9.62 million, or $0.74 per diluted share, and for fourth quarter 2019 were $8.15 million, or $0.65 per diluted share.
For the full year 2020, Summit recorded net income of $31.3 million, or $2.41 per diluted share, compared with $31.9 million, or $2.53 per diluted share, for 2019, representing a decrease of 1.7 percent or 4.7 percent per diluted share. The principal factor negatively impacting our earnings this past year was the $13.0 million increase in our provision for credit losses ($9.84 million after taxes, or $0.76 per diluted share) compared to 2019. Recently adopted loan loss accounting rules now require us to record all estimated future losses in our loan portfolio, and this contributed significantly to our credit loss provision for 2020 a
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12/15/20
MOOREFIELD, W.V., Dec. 15, 2020 (GLOBE NEWSWIRE)
Summit Financial Group, Inc. (NASDAQ: SMMF) announces completion, effective December 15, 2020, of the acquisition by its subsidiary
Summit Community Bank, Inc. of WinFirst Financial Corp. and its subsidiary, WinFirst Bank, headquartered in Winchester, Kentucky.
The former WinFirst Bank offices will continue to operate under that name until late-May 2021, after which they will operate under the name Summit Community Bank.
About Summit
Summit Financial Group, Inc. is a $3.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia, the Northern, Shenandoah Valley and Southwestern regions of Virginia and the central region of Kentucky, through its bank subsidiary, Summit Community Bank, Inc., which operates 43 banking locations.
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MOOREFIELD, W.V., Dec. 15, 2020 (GLOBE NEWSWIRE) Summit Financial Group, Inc. ( Summit ) (NASDAQ:SMMF) announces completion, effective December 15, 2020, of the acquisition by its subsidiary Summit Community Bank, Inc. of WinFirst Financial Corp. and its subsidiary, WinFirst Bank, headquartered in Winchester, Kentucky.
The former WinFirst Bank offices will continue to operate under that name until late-May 2021, after which they will operate under the name Summit Community Bank.
About Summit
Summit Financial Group, Inc. is a $3.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia, the Northern, Shenandoah Valley and Southwestern regions of Virginia and the central region of Kentucky, through its bank subsidiary, Summit Community Bank, Inc., which operates 43 banking locations.
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