This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Summit Financial Group Reports 2010 Fourth Quarter And Full Year Results

MOOREFIELD, W.V., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Company" or "Summit") (Nasdaq:SMMF) today reported net income applicable to common shareholders for the 2010 fourth quarter of $836,000, or $0.11 per diluted share, compared to a 2009 fourth quarter net loss of $508,000 applicable to common shareholders, or ($0.07) per diluted share, and a net loss of $202,000 to common shareholders, or ($0.03) per diluted share, for the third quarter of 2010. The Company reported a full-year 2010 net loss applicable to common shareholders of $2.3 million, or ($0.31) per diluted share, compared to a net loss of $790,000 applicable to common shareholders, or ($0.11) per diluted share, for the 2009 full-year.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, "Our primary focus remains to reduce our portfolio of nonperforming assets, which has been the principal factor contributing to lower earnings performance. We made good progress this year, highlighted by the 14.2% reduction in our nonperforming assets. However, disposition of foreclosed real estate remains difficult to achieve as the return of our real estate markets to normal activity levels has been slower than we anticipated."

"We will continue to manage our problem assets through a combination of asset sales, loan workouts and charge-offs. We believe we are moving in the right direction; although the costs of credit administration have escalated, we have maintained operating expenses at a stable level through staff reductions, salary freezes and the rescission of bonuses until our profitability normalizes. On the revenue side, nonaccruals have negatively affected interest income, but we have been fairly successful managing our funding costs to partially offset the impact. We saw significant net interest margin improvement during the most recent quarter, increasing 37 basis points compared to Q3 2010, following recent maturities and repricings of over $100 million of higher-cost wholesale funding. Given the improving operational trends we've established, we are hopeful that the profit we reported this quarter will serve as a baseline for profitability as we move into 2011."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs