Exhibit 99.1
Summit Financial Group Announces Q3 2003 Earnings & New Mortgage Origination
Unit; Q3 GAAP EPS Declines 3.7%; First Nine Months 2003 GAAP EPS Up 9.5%
MOOREFIELD, W.Va.--(BUSINESS WIRE)--Oct. 22, 2003--Summit
Financial Group, Inc. (OTCBB: SMMF) today reported third quarter 2003
GAAP net income of $1,843,000 or $0.52 per diluted share, down 3.7
percent on an earnings per share basis from the $1,923,000, or $0.54
per diluted share, reported in the third quarter of 2002. Net income
for the third quarter generated an annualized return on average
shareholders' equity of 13.36% and an annualized return on average
assets of 1.02% compared to third quarter ratios of 15.62% and 1.20%,
respectively, in the prior year.
Operating earnings, which exclude the impact of nonrecurring
income and expense items, for third quarter 2003 were $1,797,000 or
$0.51 per diluted share, down 5.6 percent on an earnings per share
basis compared to operating earnings of $1,917,000 or $0.54 per
diluted share for third quarter 2002. Summit's third quarter 2003
results, excluding nonrecurring items, produced an annualized return
on average shareholders' equity of 13.02% and an annualized return on
average assets of 0.99%, compared to prior year ratios of 15.56% and
1.19%, respectively. Nonrecurring items consisted principally of gains
and losses realized on securities transactions and other significant
transactional gains and losses.
GAAP net income for the nine months ended September 30, 2003 was
$5,716,000, or $1.61 per diluted share, up 9.5 percent on an earnings
per share basis compared to $5,194,000 or $1.47 per diluted share for
the same period of 2002. For the nine months ended September 30, 2003
operating earnings excluding one time income and expense items were
$5,605,000 or $1.58 per diluted share, up 8.2 percent on an earnings
per share basis, as compared to the $5,148,000 or $1.46 per diluted
share for the same period of 2002.
In third quarter 2003, Summit organized and established Summit
Financial, LLC ("SFLLC") as a wholly owned subsidiary of Shenandoah
Valley National Bank. SFLLC, headquartered in Herndon, Virginia, will
originate for resale: 1) primarily residential second mortgage debt
consolidation loans to customers throughout the United States marketed
utilizing direct mail; and 2) traditional residential first mortgage
loans to borrowers in northern Virginia. SFLLC incurred a net loss of
$135,000 (net of income tax benefit of $70,000) during third quarter
2003, which is included in Summit's consolidated earnings. Management
anticipates that SFLLC will achieve break even results during fourth
quarter 2003, and will contribute to the Company's earnings beginning
in first quarter 2004.
Summit Financial Group, Inc. is a financial holding company with
total assets of $744 million. Summit operates thirteen banking
locations through its three wholly owned subsidiary banks, Summit
Community Bank headquartered in Moorefield, West Virginia, Capital
State Bank, Inc. in Charleston, West Virginia, and Shenandoah Valley
National Bank in Winchester, Virginia. As discussed above, Summit
organized Summit Financial, LLC, a residential mortgage loan
originator located in Herndon, Virginia during third quarter 2003.
This press release contains forward-looking statements as defined
by federal securities laws. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by management. Actual results could differ materially from
current projections. Please refer to Summit's filings with the
Securities and Exchange Commission for a summary of important factors
that could affect Summit's forward-looking statements. Summit
undertakes no obligation to revise these statements following the date
of this press release.
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Quarterly Performance Summary -- Q3 2003 vs Q3 2002
GAAP Basis
For the Quarter
Dollars in thousands, except Ended Percent
per share amounts 9/30/2003 9/30/2002 Change
- ---------------------------------------------------------------------
Condensed Statements of
Income -- GAAP Basis
Interest income - taxable
equivalent $10,572 $10,586 -0.1%
Interest expense 4,350 4,803 -9.4%
-----------------------------
Net interest income -
taxable equivalent 6,222 5,783 7.6%
Less: taxable equivalent
adjustment 280 241 16.2%
-----------------------------
Net interest income 5,942 5,542 7.2%
Provision for loan losses 232 307 -24.4%
-----------------------------
Net interest income after
provision for loan losses 5,710 5,235 9.1%
Noninterest income 810 601 34.8%
Noninterest expense 3,797 3,115 21.9%
-----------------------------
Income before income taxes 2,723 2,721 0.1%
Income taxes 880 798 10.3%
-----------------------------
Net income $1,843 $1,923 -4.2%
=============================
Per Share Data -- GAAP Basis
Basic earnings $0.53 $0.55 -3.6%
Diluted earnings $0.52 $0.54 -3.7%
Average shares outstanding
Basic 3,504,820 3,508,566 -0.1%
Diluted 3,554,700 3,536,220 0.5%
Performance Ratios -- GAAP
Basis
Return on average equity 13.36% 15.62% -14.5%
Return on average assets 1.02% 1.20% -15.0%
Net yield on earning assets
- taxable equivalent 3.62% 3.80% -4.7%
Efficiency ratio (A) 56.30% 50.15% 12.3%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Quarterly Performance Summary -- Q3 2003 vs Q3 2002
Excluding Nonrecurring Items
For the Quarter
Dollars in thousands, except Ended Percent
per share amounts 9/30/2003 9/30/2002 Change
- ---------------------------------------------------------------------
Condensed Statements of Income
Excluding Nonrecurring Items
Interest income - taxable
equivalent $10,572 $10,586 -0.1%
Interest expense 4,350 4,803 -9.4%
------------------------
Net interest income -
taxable equivalent 6,222 5,783 7.6%
Less: taxable equivalent
adjustment 280 241 16.2%
------------------------
Net interest income 5,942 5,542 7.2%
Provision for loan losses 232 307 -24.4%
------------------------
Net interest income after
provision
for loan losses 5,710 5,235 9.1%
Noninterest income 735 581 26.5%
Noninterest expense 3,797 3,115 21.9%
------------------------
Income before income taxes 2,648 2,701 -2.0%
Income taxes 851 792 7.4%
------------------------
Net income excluding
nonrecurring items $1,797 $1,909 -5.9%
========================
Per Share Data
Excluding Nonrecurring Items
Basic earnings $0.51 $0.54 -5.6%
Diluted earnings $0.51 $0.54 -5.6%
Average shares outstanding
Basic 3,504,820 3,508,566 -0.1%
Diluted 3,554,700 3,536,220 0.5%
Performance Ratios
Excluding Nonrecurring Items
Return on average equity 13.02% 15.56% -16.3%
Return on average assets 0.99% 1.19% -16.8%
Net yield on earning assets -
taxable equivalent 3.62% 3.80% -4.7%
Efficiency ratio (A) 56.30% 50.15% 12.3%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Nine Month Performance Summary -- 2003 vs. 2002
GAAP Basis
For the Nine Months
Dollars in thousands, except Ended Percent
per share amounts 9/30/2003 9/30/2002 Change
- ---------------------------------------------------------------------
Condensed Statements of
Income -- GAAP Basis
Interest income - taxable
equivalent $31,423 $30,975 1.4%
Interest expense 13,278 14,148 -6.1%
------------------------
Net interest income -
taxable equivalent 18,145 16,827 7.8%
Less: taxable equivalent
adjustment 833 752 10.8%
------------------------
Net interest income 17,312 16,075 7.7%
Provision for loan losses 683 907 -24.7%
------------------------
Net interest income after
provision for loan losses 16,629 15,168 9.6%
Noninterest income 2,180 1,539 41.7%
Noninterest expense 10,576 9,380 12.8%
------------------------
Income before income taxes 8,233 7,327 12.4%
Income taxes 2,517 2,133 18.0%
------------------------
Net income $5,716 $5,194 10.1%
========================
Per Share Data -- GAAP Basis
Basic earnings $1.63 $1.48 10.1%
Diluted earnings $1.61 $1.47 9.5%
Average shares outstanding
Basic 3,504,373 3,508,602 -0.1%
Diluted 3,549,988 3,535,458 0.4%
Performance Ratios -- GAAP
Basis
Return on average equity 14.06% 14.94% -5.9%
Return on average assets 1.08% 1.13% -4.4%
Net yield on earning assets
- taxable equivalent 3.61% 3.86% -6.5%
Efficiency ratio (A) 54.18% 52.83% 2.6%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Nine Month Performance Summary -- 2003 vs. 2002
Excluding Nonrecurring Items
For the Nine Months
Dollars in thousands, except per Ended Percent
share amounts 9/30/2003 9/30/2002 Change
- --------------------------------------------------------------------
Condensed Statements of Income
Excluding Nonrecurring Items
Interest income - taxable
equivalent $31,423 $30,979 1.4%
Interest expense 13,278 14,148 -6.1%
-----------------------
Net interest income - taxable
equivalent 18,145 16,831 7.8%
Less: taxable equivalent
adjustment 833 756 10.2%
-----------------------
Net interest income 17,312 16,075 7.7%
Provision for loan losses 683 907 -24.7%
-----------------------
Net interest income after
provision for loan losses 16,629 15,168 9.6%
Noninterest income 2,000 1,473 35.8%
Noninterest expense 10,576 9,380 12.8%
-----------------------
Income before income taxes 8,053 7,261 10.9%
Income taxes 2,448 2,108 16.1%
-----------------------
Net income $5,605 $5,153 8.8%
=======================
Per Share Data
Excluding Nonrecurring Items
Basic earnings $1.60 $1.47 8.8%
Diluted earnings $1.58 $1.46 8.2%
Average shares outstanding
Basic 3,504,373 3,508,602 -0.1%
Diluted 3,549,988 3,535,458 0.4%
Performance Ratios
Excluding Nonrecurring Items
Return on average equity 13.78% 14.81% -7.0%
Return on average assets 1.05% 1.12% -6.2%
Net yield on earning assets -
taxable equivalent 3.61% 3.86% -6.5%
Efficiency ratio (A) 54.18% 52.83% 2.6%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Five Quarter Performance Summary
GAAP Basis
For the Quarter
Dollars in thousands, except Ended
per share amounts 9/30/2003 6/30/2003 3/31/2003
- --------------------------------------------------------------------
Condensed Statements of
Income -- GAAP Basis
Interest income - taxable
equivalent $10,572 $10,445 $10,408
Interest expense 4,350 4,467 4,461
---------------------------------
Net interest income -
taxable equivalent 6,222 5,978 5,947
Less: taxable equivalent
adjustment 280 277 278
---------------------------------
Net interest income 5,942 5,701 5,669
Provision for loan losses 232 233 218
---------------------------------
Net interest income after
provision for loan losses 5,710 5,468 5,451
Noninterest income 810 797 573
Noninterest expense 3,797 3,439 3,340
---------------------------------
Income before income taxes 2,723 2,826 2,684
Income taxes 880 818 820
---------------------------------
Net income $1,843 $2,008 $1,864
=================================
Per Share Data -- GAAP Basis
Basic earnings $0.53 $0.57 $0.53
Diluted earnings $0.52 $0.57 $0.53
Average shares outstanding
Basic 3,504,820 3,504,358 3,503,930
Diluted 3,554,700 3,534,643 3,529,886
Performance Ratios -- GAAP
Basis
Return on average equity 13.36% 14.62% 14.33%
Return on average assets 1.02% 1.12% 1.09%
Net yield on earning assets
- taxable equivalent 3.62% 3.54% 3.66%
Efficiency ratio (A) 56.30% 53.03% 53.09%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Five Quarter Performance Summary
GAAP Basis
Dollars in thousands, except For the Quarter Ended
per share amounts 12/31/2002 9/30/2002
- ------------------------------------------------------------
Condensed Statements of
Income -- GAAP Basis
Interest income - taxable
equivalent $10,738 $10,586
Interest expense 4,694 4,803
-------------------------
Net interest income -
taxable equivalent 6,044 5,783
Less: taxable equivalent
adjustment 272 241
-------------------------
Net interest income 5,772 5,542
Provision for loan losses 308 307
-------------------------
Net interest income after
provision
for loan losses 5,464 5,235
Noninterest income 407 601
Noninterest expense 3,227 3,115
-------------------------
Income before income taxes 2,644 2,721
Income taxes 600 798
-------------------------
Net income $2,044 $1,923
=========================
Per Share Data -- GAAP Basis
Basic earnings $0.58 $0.55
Diluted earnings $0.58 $0.54
Average shares outstanding
Basic 3,506,073 3,508,566
Diluted 3,525,115 3,536,220
Performance Ratios -- GAAP
Basis
Return on average equity 15.74% 15.62%
Return on average assets 1.22% 1.20%
Net yield on earning assets
- taxable equivalent 3.83% 3.80%
Efficiency ratio (A) 49.97% 50.15%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Five Quarter Performance Summary
Excluding Nonrecurring Items
For the Quarter
Dollars in thousands, except Ended
per share amounts 9/30/2003 6/30/2003 3/31/2003
- -------------------------------------------------------------------
Condensed Statements of Income
Excluding Nonrecurring Items
Interest income - taxable
equivalent $10,572 $10,445 $10,408
Interest expense 4,350 4,467 4,461
---------------------------------
Net interest income -
taxable equivalent 6,222 5,978 5,947
Less: taxable equivalent
adjustment 280 277 278
---------------------------------
Net interest income 5,942 5,701 5,669
Provision for loan losses 232 233 218
---------------------------------
Net interest income after
provision for loan losses 5,710 5,468 5,451
Noninterest income 735 713 552
Noninterest expense 3,797 3,439 3,340
---------------------------------
Income before income taxes 2,648 2,742 2,663
Income taxes 851 786 812
---------------------------------
Net income $1,797 $1,956 $1,851
=================================
Per Share Data
Excluding Nonrecurring Items
Basic earnings $0.51 $0.56 $0.53
Diluted earnings $0.51 $0.55 $0.52
Average shares outstanding
Basic 3,504,820 3,504,358 3,503,930
Diluted 3,554,700 3,534,643 3,529,886
Performance Ratios
Excluding Nonrecurring Items
Return on average equity 13.02% 14.24% 14.23%
Return on average assets 0.99% 1.10% 1.08%
Net yield on earning assets -
taxable equivalent 3.62% 3.54% 3.66%
Efficiency ratio (A) 56.30% 53.03% 53.09%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Five Quarter Performance Summary
Excluding Nonrecurring Items
Dollars in thousands, except For the Quarter Ended
per share amounts 12/31/2002 9/30/2002
- --------------------------------------------------------
Condensed Statements of
Income
Excluding Nonrecurring Items
Interest income - taxable
equivalent $10,738 $10,586
Interest expense 4,694 4,803
-----------------------
Net interest income -
taxable equivalent 6,044 5,783
Less: taxable equivalent
adjustment 272 241
-----------------------
Net interest income 5,772 5,542
Provision for loan losses 308 307
-----------------------
Net interest income after
provision for loan losses 5,464 5,235
Noninterest income 610 581
Noninterest expense 3,227 3,115
-----------------------
Income before income taxes 2,847 2,701
Income taxes 917 792
-----------------------
Net income $1,930 $1,909
=======================
Per Share Data
Excluding Nonrecurring Items
Basic earnings $0.55 $0.54
Diluted earnings $0.55 $0.54
Average shares outstanding
Basic 3,506,073 3,508,566
Diluted 3,525,115 3,536,220
Performance Ratios
Excluding Nonrecurring Items
Return on average equity 14.86% 15.56%
Return on average assets 1.15% 1.19%
Net yield on earning
assets - taxable
equivalent 3.83% 3.80%
Efficiency ratio (A) 49.97% 50.15%
NOTE:
(A) - Excludes nonrecurring income and expense items and
amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Reconciliation of Operating Earnings to GAAP Net Income
For the Quarter Ended
- ----------------------------------------------------------------------
Dollars in thousands 9/30/03 6/30/03 3/31/03 12/31/02 9/30/02
- ----------------------------------------------------------------------
Operating earnings $1,797 $1,956 $1,851 $1,930 $1,909
Securities gains (losses):
Gross gains (losses) - 66 41 (214) 9
Applicable income tax
effect - (25) (16) 82 (3)
------------------------------------------------
- 41 25 (132) 6
Other gains (losses):
Gross gains (losses) 75 18 (20) 10 11
Applicable income tax
effect (29) (7) 8 (4) (3)
------------------------------------------------
46 11 (12) 6 8
Purchased state ncome
tax credits - - - 240 -
------------------------------------------------
GAAP net income $1,843 $2,008 $1,864 $2,044 $1,923
================================================
For the Nine Months
Ended
--------------------
Dollars in thousands 9/30/2003 9/30/2002
- --------------------------------------------------------
Operating earnings $5,605 $5,153
Securities gains losses):
Gross gains (losses) 106 74
Applicable income
tax effect (41) (28)
--------------------
65 46
Other gains (losses):
Gross gains (losses) 74 (8)
Applicable income
tax effect (28) 3
--------------------
46 (5)
Purchased state income
tax credits - -
--------------------
GAAP net income $5,716 $5,194
====================
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Selected Balance Sheet Data
As of
--------------------
Dollars in thousands, Percent
except per share amounts 9/30/2003 9/30/2002 Change
- ----------------------------------------------------------------------
Assets $744,173 $669,382 11.2%
Securities 223,607 218,490 2.3%
Loans, net 474,489 408,186 16.2%
Intangible assets 3,088 3,239 -4.7%
Deposits 474,955 463,915 2.4%
Short-term borrowings 41,049 12,165 237.4%
Long-term borrowings 165,526 137,597 20.3%
Shareholders' equity 55,502 51,379 8.0%
Book value per share $15.84 $14.65 8.1%
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Asset Quality Information
For the Quarter Ended
-------------------------------------------------
Dollars in thousands 9/30/03 6/30/03 3/31/03 12/31/02 9/30/02
- ----------------------------------------------------------------------
Net loan charge-off's $46 $63 $142 $173 $29
Net loan charge-
off's to average
loans (annualized) 0.04% 0.06% 0.13% 0.18% 0.03%
Allowance for loan
losses $4,484 $4,298 $4,129 $4,053 $3,919
Allowance for loan
losses as a percentage
of period end loans 0.94% 0.94% 0.90% 0.95% 0.95%
Nonperforming assets:
Nonperforming loans $604 $1,056 $715 $1,491 $975
Foreclosed
properties 560 546 677 81 81
Nonaccrual
securitites 399 405 412 421 -
-----------------------------------------
Total $1,563 $2,007 $1,804 $1,993 $1,056
=========================================
Nonperforming loans
and foreclosed
properties to
period end
loans and
foreclosed
properties 0.24% 0.35% 0.32% 0.38% 0.26%
=========================================
Nonperforming
assets to period
end assets 0.21% 0.28% 0.25% 0.30% 0.16%
=========================================
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
Q3 2003 vs Q3 2002
Q3 2003 Q3 2002
--------------------------- ---------------------------
Average Earnings/ Yield/ Average Earnings/ Yield/
Balances Expense Rate Balances Expense Rate
- ------------------------------------------ ---------------------------
Dollars in thousands
ASSETS
Interest earning
assets
Loans, net of
unearned interest
Taxable $463,496 $7,793 6.73% $385,536 $7,323 7.60%
Tax-exempt 5,846 122 8.35% 6,451 137 8.49%
Securities
Taxable 171,064 1,887 4.41% 172,027 2,407 5.60%
Tax-exempt 42,254 726 6.87% 36,241 674 7.44%
Interest bearing
deposits other
banks and
Federal funds
sold 5,586 44 3.15% 9,163 45 1.96%
------ ------ ------ ------ ------ ------
Total interest
earning assets 688,246 10,572 6.14% 609,418 10,586 6.95%
Noninterest earning
assets
Cash & due from
banks 8,761 9,102
Premises &
equipment 14,084 13,237
Other assets 19,010 14,424
Allowance for loan
losses (4,391) (3,773)
------- -------
Total assets $725,710 $642,408
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest bearing
liabilities
Interest bearing
demand deposit $98,084 $163 0.66% $98,726 $391 1.58%
Savings deposits 47,522 57 0.48% 46,622 154 1.32%
Time deposits 281,071 2,240 3.19% 253,569 2,453 3.87%
Short-term
borrowings 32,000 114 1.43% 15,157 65 1.72%
Long-term
borrowings 160,349 1,776 4.43% 135,180 1,740 5.15%
------- ------ ------ ------- ------ ------
619,026 4,350 2.81% 549,254 4,803 3.50%
Noninterest bearing
liabilities
Demand deposits 46,994 39,330
Other liabilities 4,501 4,565
------ ------
Total
liabilities 670,521 593,149
Shareholders'
equity 55,189 49,259
------ ------
Total liabilities
and shareholders'
equity $725,710 $642,408
======== ========
NET INTEREST
EARNINGS $6,222 $5,783
====== ======
NET INTEREST YIELD ON EARNING
ASSETS 3.62% 3.80%
===== =====
SUMMIT FINANCIAL GROUP, INC. (OTCBB: SMMF)
Average Balance Sheet, Interest
Earnings & Expenses and Average Rates
YTD 2003 vs YTD 2002
For the Nine Months Ended September 30,
-----------------------------------------------------
2003 2002
------------------------- -------------------------
Average Earnings/ Yield/ Average Earnings/ Yield/
Balances Expense Rate Balances Expense Rate
- ------------------------------------------ -------------------------
ASSETS
Interest earning assets
Loans, net of
unearned interest
Taxable $443,628 $22,827 6.86% $366,361 $21,075 7.67%
Tax-exempt 5,931 367 8.25% 6,166 392 8.48%
Securities
Taxable 174,554 5,945 4.54% 168,983 7,507 5.92%
Tax-exempt 40,934 2,151 7.01% 33,846 1,892 7.45%
Interest bearing
deposits other
banks and Federal
funds sold 5,860 133 3.03% 5,686 113 2.65%
------- ------ ------ ------- ------ ------
Total interest
earning assets 670,907 31,423 6.24% 581,042 30,979 7.11%
Noninterest earning assets
Cash & due from
banks 8,645 8,518
Premises &
equipment 13,091 13,090
Other assets 20,321 15,836
Allowance for loan
losses (4,240) (3,520)
-------- --------
Total assets $708,724 $614,966
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest bearing
liabilities
Interest bearing
demand deposits $97,891 $590 0.80% $89,861 $1,007 1.49%
Savings deposits 46,821 202 0.58% 45,899 447 1.30%
Time deposits 278,648 6,816 3.26% 241,536 7,256 4.01%
Short-term
borrowings 26,407 286 1.44% 15,428 246 2.13%
Long-term
borrowings 154,382 5,384 4.65% 133,316 5,192 5.19%
------- ------ ------ ------- ------ ------
604,149 13,278 2.93% 526,040 14,148 3.59%
Noninterest bearing
liabilities
Demand deposits 45,394 38,193
Other liabilities 4,965 4,373
------- -------
Total
liabilities 654,508 568,606
Shareholders'
equity 54,216 46,360
------- -------
Total liabilities
and shareholders'
equity $708,724 $614,966
======== ========
NET INTEREST EARNINGS $18,145 $16,831
======= =======
NET INTEREST YIELD ON EARNING
ASSETS 3.61% 3.86%
===== =====
CONTACT: Summit Financial Group, Inc.
Robert S. Tissue, 304-530-0552; rtissue@SummitFGI.com
KEYWORD: WEST VIRGINIA VIRGINIA
INDUSTRY KEYWORD: BANKING EARNINGS
SOURCE: Summit Financial Group, Inc.