Summit Financial Group Inc., parent company of Summit Community Bank, on Wednesday announced its net income rose to $2.08 million during the third quarter, up from the $803,000 it earned during the same quarter last year.
On a per-share basis, the bank holding company earned $0.24 a share, up from $0.10 a share for the third quarter of 2012. That marked the company's best quarter since the fourth quarter of 2008 and its tenth consecutive quarter with positive earnings.
The company said results for the quarter were positively affected by reduced write-downs of foreclosed properties and a lower provision for loan losses.
"We are pleased to report this past quarter's continued progress toward: improving our earnings performance, reducing our portfolio of problem assets and strengthening our capital levels," Summit president and CEO H. Charles Maddy III said.
Through the first nine months of 2013, Summit made net income of $4.7 million, or $0.55 a share, up from $3.03 million and $0.38 a share for the first nine months of 2012.Headquartered in Moorefield, Summit Financial Group, Inc. is a $1.39 billion financial holding company with 15 banking locations in West Virginia and Virginia. Summit also operates Summit Insurance Services, LLC in Moorefield and Leesburg, Va.