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2/1/21 Summit Financial Group, Inc. (NASDAQ: SMMF) today reported fourth quarter 2020 net income of $10.3 million, or $0.79 per diluted share, both representing a quarterly record. In comparison, earnings for third quarter 2020 were $9.62 million, or $0.74 per diluted share, and for fourth quarter 2019 were $8.15 million, or $0.65 per diluted share. For the full year 2020, Summit recorded net income of $31.3 million, or $2.41 per diluted share, compared with $31.9 million, or $2.53 per diluted share, for 2019, representing a decrease of 1.7 percent or 4.7 percent per diluted share. The principal factor negatively impacting our earnings this past year was the $13.0 million increase in our provision for credit losses ($9.84 million after taxes, or $0.76 per diluted share) compared to 2019. Recently adopted loan loss accounting rules now require us to record all estimated future losses in our loan portfolio, and this contributed significantly to our credit loss provisio ....
Share this article Share this article COLUMBUS, Miss., Jan. 28, 2021 /PRNewswire/ BankFirst Capital Corporation (OTCQX: BFCC) (the Company ) reported record net income of $3.9 million for the fourth quarter of 2020, an increase of 16% over net income of $3.4 million for the fourth quarter of 2019. Basic and diluted earnings per share for the fourth quarter of 2020 and 2019 were $0.76 and $0.77, respectively. Net income was $13.5 million for year ended December 31, 2020, an increase of 14% over net income of $11.8 million for the year ended December 31, 2019. Basic and diluted earnings per share for the year ended December 31, 2020 and 2019 were $2.76 and $2.72, respectively. CEO Commentary Moak Griffin, President and Chief Executive Officer of the Company and BankFirst Financial Services, the Company s wholly-owned subsidiary bank, stated, I am pleased to report that we posted record earnings and earnings per share during 2020. In addition, we successfull ....