Summit Financial Q4 Profit Rises

(RTTNews) - Summit Financial Group Inc. (SMMF) reported net income of $7.45 million for fourth quarter 2018 or $0.60 per share compared to $2.32 million or $0.19 per share, for the fourth quarter of 2017.

Earnings per share for fourth quarter 2017 were negatively impacted by the one-time charge of $0.28 to re-measure the Company's net deferred tax assets as result of enactment of the Tax Cuts and Jobs Act.

Total revenue for fourth quarter 2018, consisting of net interest income and non-interest income, increased 4.1 percent to $22.2 million compared to $21.4 million for the fourth quarter 2017.

For the fourth quarter of 2018, net interest income increased 3.5 percent to $18.1 million compared to $17.4 million for the prior-year fourth quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share and revenues of $17.7 million for the quarter. Analysts' estimates typically exclude special items.