Summit Finl Group Inc Stock Price, News & Analysis

Summit Financial Group, Inc. (NASDAQ: SMMF) announced a virtual presentation by CEO H. Charles Maddy, III, and CFO Robert S. Tissue during the DA Davidson Mid-Atlantic/Midwest Virtual Bank Tour on November 17, 2020. The presentation materials are available on Summit's website. This financial holding company, based in Moorefield, West Virginia, boasts $2.95 billion in assets and provides community banking services across various regions including the Eastern Panhandle of West Virginia and Northern Virginia through its subsidiary, Summit Community Bank, which has 41 locations.

Summit Financial Group, Inc. (SMMF) reported Q3 2020 net income of $9.62 million, translating to $0.74 per diluted share, an increase from $6.95 million in Q2 2020. Year-to-date net income stood at $21.1 million, down 11.1% from 2019. The company saw a 29.5% rise in net interest income compared to Q2 2020, driven by loan growth. Nonperforming assets decreased to 0.94% of total assets. Summit announced a merger agreement to acquire WinFirst Financial Corp, expected to close by year-end 2020, enhancing its market presence.

Summit Financial Group announced the completion of a $30 million private placement of 5.00% Fixed to Floating Rate Subordinated Notes due 2030. The Notes will initially offer a 5.00% interest for five years, resetting quarterly thereafter based on the three-month SOFR rate plus 487 basis points. Proceeds will fund general corporate purposes, including growth and strategic acquisitions. These Notes qualify as Tier 2 capital for regulatory requirements. The offering was arranged by D.A. Davidson & Co., with legal counsel provided by Hunton Andrews Kurth LLP and Bowles Rice, LLP.

Summit Financial Group announced a virtual presentation by Robert S. Tissue, CFO, and Brad Ritchie, President of Summit Community Bank, during the Piper Sandler Virtual D.C. Community Bank Field Trip on September 16, 2020. This event showcases Summit's commitment to community banking in the Eastern Panhandle and regions of Virginia. Summit Financial Group is a $2.86 billion holding company operating 41 banking locations. Presentation materials are accessible on their website at www.summitfgi.com.

Summit Financial Group (NASDAQ: SMMF) has declared a third quarter 2020 dividend of $0.17 per share, payable on September 30, 2020. Shareholders on record as of September 15, 2020 will receive this dividend. Summit is a $2.9 billion financial holding company based in Moorefield, West Virginia, providing community banking services across various regions in West Virginia and Virginia through its subsidiary, Summit Community Bank, Inc., which operates 41 banking locations.

Summit Financial Group (NASDAQ: SMMF) has declared a second quarter 2020 dividend of $0.17 per share, payable on June 30, 2020. Shareholders of record as of the close of business on June 15, 2020 will receive this dividend. Headquartered in Moorefield, West Virginia, Summit is a $2.5 billion financial holding company providing community banking services across various regions in West Virginia and Virginia.

Summit Financial Group (NASDAQ: SMMF) will participate in the D.A. Davidson 22nd Annual Financial Institutions Conference on May 7-8, 2020. The company's President and CEO, H. Charles Maddy, III, along with Executive Vice President and CFO, Robert S. Tissue, will present virtually. Interested parties can access presentation materials on Summit's official website. Summit Financial Group, based in Moorefield, West Virginia, oversees $2.51 billion in assets and operates thirty-nine banking locations primarily in West Virginia and Virginia.