Summit Financial Group reports Q4 EPS $1.11 vs. $1.16 last year

Net interest margin decreased 12 basis points to 3.76 percent from the linked quarter. For the year 2023, NIM increased 11 basis points. “We are extremely pleased by our core performance both for fourth quarter and for the year 2023,” stated H. Charles Maddy III, President and CEO of Summit Financial Group, “highlighted by solid loan growth, a stable top quartile peer net interest margin, an enviable efficiency ratio and best-in-class return on tangible common equity.” Maddy continued, “Looking ahead as we prepare for 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.”