Summit Financial Q3 Profit Rises, Provision For Loan Losses Falls

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

The latest earnings were positively impacted by a $1.54 million increase in net interest income and a $750,000 decline in provision for loan losses to $250,000, but were hurt by a $926,000 increase in write-downs of foreclosed properties.

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