Summit Financial Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 27, 2023 at 02:58 pm EDT
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Summit Financial Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 40.31 million compared to USD 30.97 million a year ago. Net income was USD 8.21 million compared to USD 12.01 million a year ago. Basic earnings per share from continuing operations was USD 0.54 compared to USD 0.92 a year ago. Diluted earnings per share from continuing operations was USD 0.54 compared to USD 0.92 a year ago.
For the six months, net interest income was USD 74.5 million compared to USD 60.52 million a year ago. Net income was USD 22.31 million compared to USD 23.71 million a year ago. Basic earnings per share from continuing operations was USD 1.59 compared to USD 1.82 a year ago. Diluted earnings per share from continuing operations was USD 1.59 compared to USD 1.82 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.