latest news releases from the newsroom
Summit Financial Group, Inc.
Summit Financial Group Reports Third Quarter 2008 Earnings
MOOREFIELD, W.Va., Nov. 4, 2008 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Company" or "Summit") (Nasdaq:SMMF) today reported a net loss for the third quarter of $7.7 million, or $1.03 per diluted share, compared with third quarter 2007 earnings from continuing operations of $3.8 million, or $0.50 per diluted share. Third quarter 2008 results include a $12.0 million provision for loan losses that reflects the higher levels of nonperforming loans in the current quarter, as well as a non-cash other-than-temporary impairment charge of $4.5 million pre-tax ($2.8 million after-tax) relating to the further write-down to fair value of Summit's investments in Fannie Mae and Freddie Mac preferred stock.