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Article: Summit Financial Group Announces Q1 2003 Earnings; GAAP Basis Diluted EPS Grows 15%.
- Article from:
- Business Wire
- Article date:
- April 16, 2003
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Business Editors
MOOREFIELD, W.Va.--(BUSINESS WIRE)--April 16, 2003
Summit Financial Group, Inc. (OTCBB:SMMF) today reported first quarter 2003 GAAP net income of $1,864,000 or $0.53 per diluted share, up 15.2 percent on an earnings per share basis from the $1,631,000, or $0.46 per diluted share, reported in the first quarter of 2002.
Net income for the first quarter of 2003 generated an annualized return on average shareholders' equity of 14.33% and an annualized return on average assets of 1.09% compared to first quarter ratios of 14.75% and 1.10%, respectively, in the prior year.
Operating earnings, which exclude the impact of ...