Summit earnings up from ’18
MOOREFIELD — Summit Financial Group has announced 3rd-quarter earnings that are up significantly from the same period in 2018, but down slightly from this year’s 2nd quarter.
Summit earned $8.06 million in the July-September period of this year, up from $6.90 million in the same 3 months of 2018, but down from $8.56 million this April-June.
While interest income rose, loan write-downs dropped markedly in the quarter.
Summit describes itself as a a $2.32 billion financial holding company that provides banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through 32 branches. o
Highland earnings drop
PETERSBURG — The parent company of Capon Valley Bank saw earnings decline during the first 9 months of 2019 compared to a year earlier.
Highlands Bankshares Inc. reported 3-quarter earnings of $2.43 million, compared to $2.91 million a year ago.
That works out to $1.82 a share. A 45-cent dividend was paid to shareholders on Nov. 1.
Highlands Bankshares Inc. is the holding company for Grant County Bank and Capon Valley Bank, which operate 12 banking locations in West Virginia and Virginia and offer credit insurance through HBI Life Insurance Company. o