Summit Financial Q3 Profit Increases - Quick Facts

(RTTNews) - Summit Financial Group Inc. (SMMF) reported third quarter 2014 net income applicable to common shares of $3.14 million, or $0.35 per share, up from $2.08 million, or $0.24 per share, for the third quarter of 2013.

The latest-quarter results were positively impacted by a $1.54 million increase in net interest income and a $750,000 decline in provision for loan losses, but were negatively impacted by a $926,000 increase in write-downs of foreclosed properties.

Excluding from third quarter 2014 realized securities gains of $128,000, losses on sales of foreclosed properties of $70,000, and write-downs of foreclosed properties of $1.58 million, core earnings for the recent quarter was $4.10 million, or $0.45 per share.

Total revenue for third quarter 2014, consisting of net interest income and noninterest income, grew 12.8 percent to $14.0 million compared to $12.4 million for the third quarter 2013.

Total core revenue, excluding nonrecurring items,was $13.9 million for third quarter 2014 compared to $12.3 million for the same prior-year quarter, an increase of 12.6 percent.

For the third quarter of 2014, net interest income was $11.1 million, an increase of 16.1 percent from the $9.5 million reported in the prior-year third quarter and increased $757,000 compared to the linked quarter.

Noninterest income, consisting primarily of insurance commissions from Summit's insurance agency subsidiary and service fee income from community banking activities, for third quarter 2014 was $2.91 million compared to $2.86 million for the comparable period of 2014. Excluding realized securities gains/losses and OTTI of securities, noninterest income was $2.79 million for third quarter 2014, compared to $2.77 million reported for third quarter 2013.