Summit Financial Group reports Q1 EPS $1.14 vs. $1.08 last year

Reports no Q1 provision for credit losses vs. $1.50M in the linked quarter. NIM for Q1 was 3.75% vs. 3.76% for the linked quarter and 3.83% for the prior-year quarter. Recorded Q1 net loan recoveries of $93K vs. net loan recoveries of $188K in 4Q23 and $63K in the year-ago period. Tangible book value per common share was $24.91 from $23.89 at previous quarter end. “We had a strong start to the year highlighted by solid earnings, a stable top quartile peer net interest margin, an enviable efficiency ratio and best-in-class return on tangible common equity” noted CEO H. Charles Maddy, III. “Now as we look forward to the consummation of our strategic partnership with Burke & Herbert, which brings together two organizations dedicated to a community banking model that places an emphasis on service and dedication to the people who live and work among us, I could not be more excited by the combined organization’s prospects for robust growth and for enhancing shareholder value.”