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Summit Financial Group Inc - SMMF STOCK NEWS

Welcome to our dedicated news page for Summit Financial Group (Ticker: SMMF), a resource for investors and traders seeking the latest updates and insights on Summit Financial Group.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Summit Financial Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Summit Financial Group's position in the market.

News
Burke & Herbert Financial Services Corp. Announces First Quarter 2024 Results and Declares Common Stock Dividend
Rhea-AI Summary

Burke & Herbert Financial Services Corp. reported Q1 2024 results with a net income of $5.2 million, declaring a $0.53 per share dividend. The balance sheet remains strong with $758.3 million liquidity, $3.0 billion in deposits, and $2.1 billion in loans. The Company's merger with Summit Financial Group, Inc. is set to close on May 3, 2024, creating a financial holding company with over $8 billion in assets.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.76%
Tags
dividends earnings
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News
Summit Financial Group Reports First Quarter 2024 Earnings of $1.14 Per Share
Rhea-AI Summary
Summit Financial Group, Inc. reported strong first-quarter earnings of $1.14 per share, showcasing growth in loans and net income of $16.8 million. The pending merger with Burke & Herbert is expected to enhance shareholder value. Key highlights include a 4.3% increase in TBVPCS, 0.48% growth in total loans, and a 0.91% increase in core deposits. Net interest income rose by 16.8%, while noninterest income decreased. Total assets reached $4.6 billion with a 0.2% increase, and total loans saw a 0.4% growth. Summit's efficiency ratio was 48.29%, up from the prior year. The company recorded net loan recoveries and no provision for credit losses in Q1 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.12%
Tags
earnings
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News
Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. Announce Receipt of Regulatory Approvals and Closing Date for Merger of Equals
Rhea-AI Summary
Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. have received all regulatory approvals for their merger of equals, with the closing date set for May 3, 2024. Additionally, Burke & Herbert's annual shareholder meeting has been scheduled for July 15, 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.24%
Tags
acquisition
News
Summit Financial Group, Inc. Announces Q1 2024 Common Dividend of $0.22 Per Share
Rhea-AI Summary
Summit Financial Group, Inc. (NASDAQ: SMMF) declares a first quarter 2024 dividend of $0.22 per share. The $4.6 billion financial holding company focuses on in-market commercial lending and other business banking services. Summit serves clients in multiple states through digital and mobile banking platforms.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.19%
Tags
dividends earnings
-
News
Burke & Herbert Financial Services Corp. Announces Fourth Quarter and Full Year 2023 Results and Declares Common Stock Dividend
Rhea-AI Summary
Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) reported a strong balance sheet with a $0.53 per share regular cash dividend, net income of $5.1 million for the quarter, and a total liquidity of $959.5 million. The company also announced its merger with Summit Financial Group, Inc. The financial results for the quarter ended December 31, 2023, showed a decrease in net income compared to the same quarter in 2022, but the balance sheet remains strong with ample liquidity and stable asset quality.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.58%
Tags
dividends earnings
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News
CORRECTION: Summit Financial Group Reports Earnings of $1.11 Per Share for Fourth Quarter 2023
Rhea-AI Summary
Summit Financial Group, Inc. (NASDAQ: SMMF) reported strong financial results for Q4 2023, with net income applicable to common shares of $16.4 million. The company's pending merger with Burke & Herbert Financial Services Corp. was approved, and TBVPCS increased by $1.67 to $23.89. However, the net interest margin decreased by 12 basis points, and core deposits experienced a modest decline in the fourth quarter of 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.54%
Tags
earnings
News
Summit Financial Group Reports Earnings of $1.11 Per Share for Fourth Quarter 2023
Rhea-AI Summary
Summit Financial Group, Inc. reported strong financial results for Q4 2023, with net income of $16.4 million, a 7.5% increase in Tangible Book Value Per Common Share, and a 2.85% increase in total loans. The pending merger with Burke & Herbert Financial Services Corp. was approved by shareholders, and the Company's efficiency ratio was 47.33% for Q4 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.54%
Tags
earnings
-
News
Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. Announce Receipt of Shareholder Approval for Merger
Rhea-AI Summary
Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) and Summit Financial Group, Inc. (Nasdaq: SMMF) have announced the approval of their merger by their respective shareholders. The closing of the proposed merger is subject to regulatory approvals and other customary closing conditions.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.16%
Tags
acquisition
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News
Summit Financial Group, Inc. Announces Q4 Common Dividend of $0.22 Per Share
Rhea-AI Summary
Summit Financial Group, Inc. (NASDAQ: SMMF) declares a fourth quarter 2023 dividend of $0.22 per share, payable on December 29, 2023. With a focus on in-market commercial lending and business banking services, Summit serves clients in West Virginia, the Washington, D.C. area, Virginia, Kentucky, Eastern Shore of Maryland, and Delaware. The company offers various financial services through digital and mobile banking platforms, along with 54 full-service branch locations.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
dividends
News
Burke & Herbert Financial Services Corp. Announces Third Quarter 2023 Results and Declares Common Stock Dividend
Rhea-AI Summary
Burke & Herbert Financial Services Corp. reported financial results for Q3 2023. Net income was $4.1 million, or $0.55 per diluted share. Total loans increased by $69.6 million. The board of directors declared a $0.53 per share cash dividend. The Company and Summit Financial Group, Inc. announced a merger.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.38%
Tags
dividends earnings
Stock SMMF logo
Summit Financial Group Inc

Nasdaq:SMMF

SMMF Rankings

#3153 Ranked by Market Cap
#3748 Ranked by Stock Gains
#1079 Ranked by Dividends

SMMF Stock Data

368.85M
12.72M
11.87%
42.08%
0.42%
Commercial Banking
Finance and Insurance
Link
United States
Moorefield

About SMMF

summit financial group, inc. is a financial holding company which provides community banking and insurance services . summit’s community banking operations consist of 15 banking offices located in the eastern panhandle and south central regions of west virginia and in the shenandoah valley and northern regions of virginia. summit financial group inc.’s affiliate entities are: summit community bank, a state chartered community bank , and summit insurance services, llc, a full lines insurance agency.