Summit Financial Group Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31. 2015; Reports Net Loan Charge-Offs for the Fourth Quarter of 2015
January 25, 2016 at 04:30 pm IST
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Summit Financial Group Inc. reported earnings results for the fourth quarter and full year ended December 31. 2015. For the quarter, the company reported total interest income of $14.951 million against $14.452 million a year ago. Net interest income was $11.733 million against $10.951 million a year ago. Net interest income after provision for loan losses was $11.483 million against $10.951 million a year ago. Income before income taxes was $5.858 million against $4.663 million a year ago. Net income was $4.146 million against $3.199 million a year ago. Net income applicable to common shares was $4.146 million against $3.008 million a year ago. Diluted earnings per share were $0.39 against $0.32 a year ago. Return on average equity was 11.66% against 10.10% a year ago. Return on average assets was 1.12% against 0.89% a year ago. Return on average tangible equity was 12.31% against 10.76% for the same period a year ago. Total core revenue was $14.2 million for fourth quarter 2015 compared to $13.6 million for the same prior-year quarter, an increase of 4.1%.
For the year, the company reported total interest income of $58.883 million against $57.626 million a year ago. Net interest income was $46.016 million against $42.385 million a year ago. Net interest income after provision for loan losses was $44.766 million against $40.135 million a year ago. Income before income taxes was $22.995 million against $16.034 million a year ago. Net income was $16.102 million against $11.356 million a year ago. Net income applicable to common shares was $16.102 million against $10.585 million a year ago. Diluted earnings per share were $1.50 against $1.17 a year ago. Return on average equity was 11.62% against 9.54% a year ago. Return on average assets was 1.10% against 0.80% a year ago. Return on average tangible equity was 12.29% against 10.22% for the same period a year ago. Book value per common share was $13.48 as on December 31, 2015 compared with $12.60 as on December 31, 2014. Tangible book value per common was $12.78 as on December 31, 2015 compared with $11.86 as on December 31, 2014. Total core revenue was $56.4 million compared to $53.4 million for full-year 2014, a 5.7% improvement.
For the fourth quarter, the company reported net loan charge-offs of $6,000.
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. 2015; Reports Net Loan Charge-Offs for the Fourth Quarter of 2015