Summit Community Bank. Banking. Moorefield, West Virginia followers. Proud to provide our clients Service Beyond Expectations. Member FDIC, Equal. This page has all the information about Banks in Summit Point, WV you need. Find Bank perfect for Read more about Bank Of America Atm in Winchester, VA. Housing Summit (MOVED TO ) We would like to thank everyone for their Wells Fargo; Blue Ridge Association of Realtors; Denise Snapp, City National Bank, Mortgage Loan Officer; Coldwell Banker Winchester, VA
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Recently adopted loan loss accounting rules now require us to record all estimated future losses in our loan portfolio, and this contributed significantly to our credit loss provision for as we recorded our estimate of loan losses expected to result from the COVID pandemic.
Summit completed its acquisition of WinFirst Financial Corp. I am particularly gratified by our continued strong core operating performance, highlighted by strong growth in net interest income, all while maintaining a stable net interest margin and well-controlled noninterest expenses.
These results validate not only our core growth strategies, but our ability to remain disciplined in trying times. This is also a tribute to our management and employees who have worked tirelessly the past year to put forth consistent, high levels of client service despite the many challenges.
Looking ahead, I am inspired by our gaining momentum towards the goal to be a consistently growing, high-performing community banking institution. We are both fundamentally and financially strong as we face the challenges of and beyond. Net interest margin in Q4 increased 12 basis points to 3. Efficiency ratio was Nonperforming assets as a percentage of total assets increased to 1. Completed acquisition of WinFirst Financial Corp. Results from Operations Total revenue for fourth quarter , consisting of net interest income and noninterest income, increased The net interest margin for fourth quarter was 3.
As result of the adoption of CECL, the provision for credit losses now represents an estimate of the full amount of expected credit losses relative to loans, whereas under the pre-CECL incurred loss accounting method, the provision was only an estimate of probable existing loan losses.
Q4 total noninterest expense increased This year-over-year increase resulted primarily due to the acquisition of Cornerstone and MVB Bank branches during early Summit had 12,, outstanding common shares at Q4 quarter end compared to 12,, at year end As announced in Q1 , the Board of Directors authorized the open market repurchase of up to , shares of the issued and outstanding shares of Summit's common stock.
The timing and quantity of stock purchases under this repurchase plan are at the discretion of management. During Q4 , no shares of our common stock were repurchased under the Plan. The allowance for loan credit losses stood at 1. The following tables summarize the aggregate balances of loans the Company has modified as result of the COVID pandemic as of December 31, and September 30, classified by types of loans and impacted borrowers.