Summit Financial Q4 Profit Rises On Higher Revenues - Quick Facts

(RTTNews) - Summit Financial Group Inc. (SMMF, SMMF.OB) reported fourth-quarter 2014 net income applicable to common shares of $3.01 million or $0.32 per share, up from $2.59 million or $0.29 per share in the year-ago period.

The latest quarter's results were positively impacted by a $948,000 increase in net interest income and a $1 million decline in provision for loan losses, but were negatively impacted by a $686,000 increase in non-interest expense, which included a fraud loss of $461,000.

Core earnings for the recent quarter were $3.79 million or $0.40 per share, compared to $2.90 million or $0.32 per share in the year-ago period.

Total revenue for the quarter, consisting of net interest income and noninterest income, grew 6.8 percent to $13.8 million from $12.9 million in the prior-year period.

Total core revenue, excluding nonrecurring items, was $13.6 million, compared to $12.8 million in the year-ago period.

Net interest income rose 9.5 percent to $11.0 million from $10.0 million in the year-ago period, while noninterest income declined to $2.67 million from $2.77 million last year.