Summit Financial Group, Inc. has reported financial results for the first quarter of 2023, revealing a strong earnings performance marked by notable growth in both loans and total revenue. The company’s continued success underscores its position as a reliable partner in the financial services industry, reflecting a sound strategy and solid operational execution.
The Company, which serves commercial and individual clients across West Virginia, the Washington D.C. metropolitan area, Virginia and Kentucky through Summit Community Bank, Inc., reported net income applicable to common shares of $13.9 million, or $1.08 per diluted share, for the first quarter of 2023, as compared to $14.9 million, or $1.16 per diluted share, for the fourth quarter of 2022 and $11.5 million, or $0.90 per diluted share, for the first quarter of 2022.
“We had a strong start to the year with impressive loan and deposit growth in the first quarter of 2023, increased tangible book value per common share, and improved net interest margin. We maintained strong credit quality and improved our provision for credit losses while achieving a low efficiency ratio through expense management,” noted H. Charles Maddy, III, president and chief executive officer. “Despite challenging conditions, we remain optimistic about our growth prospects and are excited about our recent acquisition of PSB Holding Corp. and its bank subsidiary, Provident State Bank, Inc., which will enable us to expand our footprint in the Eastern Shore of Maryland and Delaware. I am confident that our bank is well-positioned to deliver long-term shareholder value through organic growth and strategic acquisitions.”