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Summit Financial Group reports earnings gain

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MOOREFIELD — Summit Financial Group recorded net income of $1.6 million in the first quarter, up from $1.5 million a year ago.

First quarter earnings were helped by a $1.5 million decrease in combined provision for loan losses and write downs of foreclosed properties, which was partially negated by $1.1 million reduction in realized securities gains, the company said in its earnings release.

It was Summit's eight consecutive quarter of positive earnings. Nonperforming assets declined for the fifth consecutive quarter, reaching their lowest level in two years. The bank also achieved $7.7 million growth in gross loans.

"Our continued progress towards achieving improved earnings performance, reducing our portfolio of problem assets, and strengthening our capital levels proceeds as planned," H. Charles Maddy III, president and CEO, said in the earnings release.

"Reducing our portfolio of problem assets remains top priority, and we are very pleased to have reduced nonperforming assets in each of the five most recent quarters. While our disposal of foreclosed properties is still not at the pace we would like, we are encouraged to observe improvement in local real estate market conditions during the quarter just ended.

"We anticipate earnings may continue to fluctuate from quarter-to-quarter in the near term as our foreclosed properties are re-appraised and written-down to estimated fair values on an ongoing

basis."