Summit Financial Q1 EPS $1.14 up from $1.08 YoY; merger closing May 3

SUMMIT FINANCIAL GROUP, INC.

2024-Q1 EPS reported $1.14 revenue$4,500,000

Diluted EPS $1.14 vs $1.11 Q4'23 and $1.08 Q1'23; net income $16.8M.
Net interest margin 3.75% vs 3.76% linked quarter; loans up 0.4% from year-end.
No provision for credit losses; NPAs rose to $25.1M (0.54% of assets) from $16.2M.
Tangible book value per share rose $1.02 to $24.91.
All regulatory approvals received for Burke & Herbert merger; expected close May 3, 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.99

SUMMIT FINANCIAL GROUP, INC. reported first quarter of 2024 results: revenue $39.9 million, net income $16.8 million, EPS $1.14 per diluted share.

Period: first quarter of 2024
Revenue: $39.9 million
Net income: $16.8 million
EPS: $1.14 per diluted share
Result: reported results

Exact text from the filing

efficiency ratio was 48.29 percent compared to 47.33 percent in the linked quarter, indicating optimized use of resources. Results from Operations Net interest income totaled $39.9 million in the first quarter of 2024, an increase of 16.8 percent from the prior-year first quarter, and a decrease of 2.1 percent from the linked quarter. NIM for the first quarter 2024

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Source: SEC EDGAR

accession 0001437749-24-013177

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