Summit Financial Group Reports First Quarter 2020 Results
Summit Financial Group, Inc. (SMMF)
Last summit financial group, inc. earnings: 4/30 06:00 am
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snl.com/irweblinkx/corporateprofile.aspx?iid=1021909&wvsessionid=wv5e39803f032f4296a4327be814f5bdec&print=1
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Source: GlobeNewswire
MOOREFIELD, W.V., April 30, 2020 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF) today reported first quarter 2020 net income of $4.51 million, or $0.35 per diluted share. In comparison, earnings for fourth quarter 2019 were $8.15 million, or $0.65 per diluted share, and for first quarter 2019, $7.09 million, or $0.56 per diluted share. Summit achieved returns on average assets and average tangible equity in first quarter 2020 of 0.73 percent and 8.55 percent, respectively, compared to 1.27 percent and 14.80 percent, respectively, in the same period of 2019. “Despite the unprecedented challenges posed by the COVID-19 crisis and its resulting business conditions, Summit produced solid core earnings this past quarter,” commented H. Charles Maddy, III, President and Chief Executive Officer of Summit. “As we navigate the COVID-19 crisis, we believe our Company is well-prepared to endure its impacts. The Company has strong levels of capital and
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