Summit Financial Group reports earnings increase - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Summit Financial Group reports earnings increase

Posted: Updated:
  • BusinessBusinessMore>>

  • West Virginia University Children's Hospital Breaks Ground on New Expansion

    West Virginia University Children's Hospital Breaks Ground on New Expansion

    Tuesday, September 16 2014 10:48 AM EDT2014-09-16 14:48:24 GMT
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
  • Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Monday, September 15 2014 11:07 AM EDT2014-09-15 15:07:16 GMT
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
  • ASBDC to honor small business coach

    ASBDC to honor small business coach

    Sunday, September 14 2014 4:00 PM EDT2014-09-14 20:00:15 GMT
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.

Summit Financial Group reported increased earnings for both the fourth quarter and the full year of 2012, but the company's leadership is warning of "choppy" times ahead.

Summit, which is based in Moorefield, on Jan. 30 reported fourth quarter earnings of $1.91 million, up from $1.33 million in 2011. For the year, earnings were $4.94 million, up from $3.7 million.

In its earnings release, the company listed several high points of the year, including:

  • Achieving the seventh consecutive quarter of positive quarterly earnings.
  • Nonperforming assets continued to decline, reaching their lowest level since the first quarter of 2011.
  • Noninterest expenses remained under control.
  • The company's leverage capital ratio is at its highest level in six years and its total risk-based capital ratio is at highest level in twelve years.

"Reducing our portfolio of problem assets remains our top priority, and we reduced nonperforming assets in each of the four most recent quarters," H. Charles Maddy III, Summit's president and CEO said in the earnings release.

"However, dispositions of foreclosed properties remain frustratingly slow, particularly with respect to commercial and residential development properties. Further, we anticipate earnings may remain choppy quarter-to-quarter in the near term as our foreclosed properties are re-appraised and written-down to estimated fair values on an ongoing basis."

Summit Financial Group is a $1.39 billion financial holding company that provides community banking services primarily in the Eastern Panhandle and south central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia through its bank subsidiary, Summit Community Bank, which operates 15 banking locations. Summit also operates Summit Insurance Services LLC in Moorefield and in Leesburg, Va.