Summit Financial Group reports Q3 EPS $1.09 vs. $1.11 last year

Reports Q3 provision for credit losses $1.25M and $8.0M for the linked quarter. Tangible Book Value Per Share increased by 29c to $22.22 during Q3, a 1.3% increase. “We are extremely encouraged by our achievements in Q3 2023, as our strategic initiatives have continued to bear fruit in several critical areas,” stated H. Charles Maddy III, CEO. “Our core operational performance was robust, demonstrated by favorable net interest margin and a marked growth in our core deposits, reflecting the strong confidence our customers place in us. A pivotal highlight of this quarter was the announcement of our merger of peers with Burke & Herbert Financial Services headquartered in Alexandria, Virginia, a renowned financial institution located in one of the best banking markets in the U.S. This significant step forward is not just a growth strategy but a commitment to expanding our service excellence and community impact. We anticipate this consolidation to be a cornerstone event in our history, positioning us for substantial opportunities in 2024 and beyond. Looking ahead as we edge closer to the culmination of our strategic merger with Burke & Herbert, we remain committed to enhancing shareholder value, driven by our foundational strengths and synergistic growth plans. With our dedicated team, resilient strategies and community trust, we are optimistic and geared up for the opportunities and challenges ahead.”