Summit Financial Group Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Write-Downs for the Fourth Quarter Ended Ended December 31, 2011
January 30, 2012 at 04:41 pm
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Summit Financial Group Inc. reported earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $9,661,000 against $10,437,000 for the same period a year ago. Income before income taxes was $1,817,000 against $546,000 a year ago. Net income was $1,480,000 against $910,000 a year ago. Net income applicable to common shares was $1,331,000 or $0.16 per diluted share against $836,000 or $0.11 per diluted share a year ago. Return on average equity was 6.40% against 4.17% a year ago. Return on average assets was 0.41% against 0.25% a year ago. Net income applicable to common shares excluding realized securities gains, other-than-temporary impairment of securities and write-downs of foreclosed properties was $1,798,000 or $0.21 per diluted share against $1,914,000 or $0.24 per diluted share a year ago. GAAP total revenue was $11,650,000 against $11,308,000 a year ago. Book value per common share was $10.68 against $11.01 for the same period a year ago. Tangible book value per common share was $9.78 against $9.90 for the same period a year ago.
For the full year, the company reported net interest income of $39,844,000 against $40,152,000 for the same period a year ago. Income before income taxes was $5,109,000 against loss before income taxes of $4,930,000 a year ago. Net income was $4,074,000 against net loss of $1,975,000 a year ago. Net income applicable to common shares was $3,703,000 or $0.49 per diluted share against net loss applicable to common shares of $2,272,000 or $0.31 per diluted share a year ago. Return on average equity was 4.55% against negative return on average equity of 2.60% a year ago. Return on average assets was 0.28% against net return on average assets was 0.15% a year ago. Net income applicable to common shares excluding realized securities gains, other-than-temporary impairment of securities and write-downs of foreclosed properties was $7,036,000 or $0.89 per diluted share against net applicable to common shares excluding realized securities gains, other-than-temporary impairment of securities and write-downs of foreclosed properties of $502,000 or $0.02 per diluted share a year ago. GAAP total revenue was $45,394,000 against $47,890,000 a year ago.
For the fourth quarter ended December 31, 2011, the company reported write-downs of foreclosed properties of $882,000 against $1,206,000 for the same period a year ago.
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, 2011; Reports Write-Downs for the Fourth Quarter Ended Ended December 31, 2011