Summit Financial Group Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2009. For the fourth quarter of 2009, net loss applicable to common shares was $508,000, or $0.07 loss per diluted share, compared with net income of $3.56 million, or $0.48 per diluted share, in the prior-year fourth quarter. Excluding the nonrecurring items, 2009 fourth quarter operating loss applicable to common shares was $754,000 or $0.10 loss per diluted share, compared to operating income of $4.33 million, or $0.59 per diluted share, for 2008. For the quarter, the company loss before income taxes of $1.3 million compared to profit before income taxes of $3.7 million for the same period a year ago. For the quarter, the company reported negative return on average equity of 2.21% and negative return on average assets of 0.13% compared to return on average equity of 17.08% and return on average assets of 0.89% for the same period a year ago. Net interest income was $10,204,000 against $11,378,000 a year ago period. Book value per share was $11.19 against $11.77 a year ago period. The company reported full-year 2009 net loss applicable to common shares of $790,000, or $0.11 loss per diluted share, compared to 2008 net income of $2.30 million, or $0.31 per diluted share. The loss from nonrecurring items reported for 2009 totaled $4.60 million ($2.90 million after-tax, or $0.38 per diluted share), including a $1.50 million gain on the sale of securities, other-than-temporary-impairment charges of $5.37 million on securities, and a $735,000 charge related to the industry-wide special FDIC assessment. Excluding nonrecurring items from full-year results, operating income applicable to common shares was $2.11 million for 2009, or $0.27 per diluted share, compared to 2008 operating income of $6.43 million, or $0.87 per diluted share. Total revenue, consisting of net interest income and noninterest income, was $49.3 million for 2009, up 5.1% from the $46.9 million of revenue generated in 2008. Excluding nonrecurring charges (net of tax) aggregating $3.98 million in 2009 and $6.43 million in 2008 from total revenue, operating revenue was $53.3 million for 2009, virtually unchanged from $53.4 million in 2008. Net interest income was $43.5 million, a 1.2% decline from the $44.1 million reported in 2008. Noninterest income for 2009 on a GAAP basis was $5.80 million compared to $2.87 million reported in 2008. Excluding nonrecurring charges totaling a net $3.87 million in 2009 and $6.56 million in 2008, including for both years, a securities impairment charge, gains on the sale of securities and other assets, and for 2008 only, the OREO write-down and change in the fair value of interest rate swaps, noninterest income from operations for 2009 was $9.78 million compared with $9.30 million for the prior year, an increase of 5.2%. For the year, the company reported loss before income taxes of $2.8 million compared to income before income taxes of $2.0 million for the same period a year ago. For the year, the company reported negative return on average equity of 0.90% and negative return on average assets of 0.05% compared to return on average equity of 2.59% and return on average assets of 0.15% for the same period a year ago.

Summit Financial Group Inc. expected to Report Q1 2010 Results on April 26, 2010. This event was calculated by Capital IQ (Created on March 4, 2010).

On February 11, 2010, the Board of Directors of Summit Financial Group Inc. appointed Georgette R. George to serve as a member of the board of directors. Ms. George's term will expire at the 2011 Annual Meeting of Shareholders and until her successor is elected and qualified .Ms. George will serve as a member of the Company's Audit and Compliance Committee and the Company's 401(k) Profit Sharing and ESOP Trustee Committee.

Summit Financial Group Reports 2009 Full Year and Fourth Quarter Results

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Results of Operations and Financial Condition

Summit Financial Group Reports 2009 Full Year and Fourth Quarter Results

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Ex

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Ex

Summit Financial Group Reports Second Quarter 2009 Results

Summit Financial Group Reports Q3 2009 Results

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Ex

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Ex

Summit Financial Group Reports Second Quarter 2009 Results

SUMMIT FINANCIAL GROUP INC Files SEC form 10-Q, Quarterly Report

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Results of Operations and Financial Condition

W.Va. bank agrees to greater regulatory scrutiny

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Unregistered Sale of Equity Securities, Material Modification to Right

Summit Financial Group Reports Q3 2009 Results

SUMMIT FINANCIAL GROUP INC Files SEC form 10-Q, Quarterly Report

SUMMIT FINANCIAL GROUP INC Files SEC form 8-K, Results of Operations and Financial Condition