Summit Financial Group Inc. in Moorefield, W.Va., said Friday that it narrowed its second-quarter loss 14.5% from a year earlier.
The $1.5 billion-asset company recorded a $2.95 million loss, or 40 cents a share. For last year's second quarter it posted a loss of $3.45 million, or 46 cents a share.
It attributed the loss to a higher provision for loan losses, forgone interest income on nonperforming assets and expenses associated with the resolution of problem assets
Summit charged off $5.6 million in the second quarter and took an $8.5 million provision for loan losses, compared with a $5.5 million provision a year earlier. As of June 30, Summit had nonperforming assets of $111.8 million, or 7.4% of total assets, compared with 6.9% the previous quarter and 5.2% a year earlier.
