Published on 22 Jan 2024 on GuruFocus.com via Yahoo Finance
Summit Financial Group Inc Reports Steady Growth Amidst Strategic Expansion
Net Income: Summit Financial Group Inc (NASDAQ:SMMF) reported a net income of $16.4 million for Q4 2023, a slight increase from the previous quarter.Earnings Per Share (EPS): EPS for Q4 2023 stood at $1.11, compared to $1.09 in Q3 2023 and $1.16 in Q4 2022.Net Interest Income: Increased by 18.7% year-over-year to $40.8 million in Q4 2023.Efficiency Ratio: Improved marginally to 47.33% in Q4 2023 from 47.15% in the linked quarter.Loan Portfolio: Total loans net of unearned fees grew by 19.4% to $3.7 billion as of December 31, 2023.Asset Quality: Net loan recoveries reported at $188,000 during Q4 2023, with allowance for loan credit losses at $48.1 million.Tangible Book Value Per Common Share (TBVPCS): Increased by $1.67 to $23.89 during Q4 2023.
Warning! GuruFocus has detected 5 Warning Signs with SMMF.
