EXHIBIT 99
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FOR RELEASE 6:00 AM ET, January 24, 2020

Contact:    Robert S. Tissue, Executive Vice President & CFO
Telephone:    (304) 530-0552
Email:        rtissue@summitfgi.com

SUMMIT FINANCIAL GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS
Q4 2019 Diluted EPS $0.65 compared to $0.65 for Q3 2019 and $0.60 for Q4 2018

MOOREFIELD, WV - January 24, 2020 (GLOBE NEWSWIRE) - Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ: SMMF) today reported fourth quarter 2019 net income of $8.15 million, or $0.65 per diluted share. In comparison, earnings for third quarter 2019 were $8.06 million, or $0.65 per diluted share, and for fourth quarter 2018 were $7.45 million, or $0.60 per diluted share. Summit achieved returns on average assets and average tangible equity in fourth quarter 2019 of 1.39 percent and 15.25 percent, respectively, compared to 1.38 percent and 16.41 percent, respectively, in the same period of 2018.
Fourth quarter 2019 earnings compared to the linked quarter were positively impacted by increased net interest income resulting primarily from lower funding costs. Also positively impacting fourth quarter 2019 results compared to third quarter 2019 were $312,000 in gains on sales of foreclosed properties compared to $66,000 losses in the linked quarter.
For the full year 2019, Summit achieved record net income of $31.9 million, or $2.53 per diluted share, compared with $28.1 million, or $2.26 per diluted share, for 2018. Our returns on average assets and average tangible equity for 2019 were 1.40 percent and 15.65 percent, respectively, compared to 1.32 percent and 16.09 percent, respectively, for 2018.
Earnings for 2019 were positively impacted by increased net interest income resulting primarily from loan growth as well as lower funding costs, increased realized securities gains and the gain on the sale of our former insurance agency, Summit Insurance Services, LLC (“SIS”). These results were partially offset by larger write-downs on foreclosed properties in Q2 2019 with the goal of selling such properties more rapidly, lower insurance commission revenue during 2019 and increased merger-related expenses.
H. Charles Maddy, III, President and Chief Executive Officer of Summit, commented, “I am very gratified Summit achieved a new annual earnings record both in net income and on a per share basis in 2019. In addition, I am particularly pleased by our continued strong core operating performance in this past quarter, highlighted by our exceptional growth in both our core loans and deposits, while at the same time maintaining a stable net interest margin. Our acquisition of Cornerstone Financial Services, Inc. closed at the beginning of 2020, and it serves to combine Summit with a financially strong bank that shares the same commitment to build long-term client relationships by providing ‘Service Beyond Expectations’. The financial synergies relative to this transaction are already evident. Looking forward to 2020 and beyond, I am optimistic as we gain


The following information was filed by Summit Financial Group Inc (SMMF) on Friday, January 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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