Comparing the current results to its competitors, Summit Financial Group Inc reported Revenue increase in the 1 quarter 2024 by 21.38 % year on year. The sales growth was above Summit Financial Group Inc 's competitors' average revenue growth of 3.87 %, achieved in the same quarter.
Summit Financial Group Inc Net Income in the 1 quarter 2024 grew year on year by 21.23%, while most of its competitors have experienced a contraction in net income by -7.09 %.
Summit Financial Group Inc 's Comment on Competition and Industry Peers
Summit Community operates in a competitive environment that includes banks, mortgage companies, and financial service firms. Additional competition arises from savings and loan associations, credit unions, industrial loan associations, insurance companies, small loan companies, finance companies, real estate investment trusts, governmental agencies, credit card organizations, and securities brokers. Larger institutions may have an advantage in serving larger clients because of higher legal lending limits. Summit Community focuses on personal relationships, community involvement, and local advertising as part of its competitive strategy.
Publicly Traded Peers of Summit Financial Group Inc
Parke Bancorp Inc Share Performance
+1.78%
Over The Past 5 Days
Parke Bancorp Inc
Profile
Parke Bancorp Inc is a financial institution that operates as a bank holding company. Through its subsidiary, Parke Bank, it provides various banking services such as accepting deposits, originating loans, and offering other financial products to individuals and businesses. The company's business model primarily revolves around the traditional banking model of generating revenue through interest income, service fees, and other financial services.
Optimumbank Holdings Inc operates as a bank holding company, primarily engaged in providing banking services to retail and commercial customers. They generate revenue through interest income from loans and investments, as well as fees and commissions from various banking services. Their business model focuses on building and maintaining customer relationships, while efficiently managing their loan portfolio and investments to maximize profitability.
Finward Bancorp operates as a leading financial institution with a business model focused on providing comprehensive banking and financial services to its customers. The company aims to generate revenue by offering various lending and deposit products, investment advisory services, and wealth management solutions. Additionally, Finward Bancorp endeavors to maintain a strong relationship with its clients through exceptional customer service and innovative technological solutions.
Norwood Financial Corp is a banking company that primarily focuses on providing various financial services to individuals, businesses, and institutions. Their business model centers around generating revenue through interest income from loans, fees from deposit accounts, and offering other banking products and services to their customers.
National Bankshares Inc operates as the holding company for National Bank, providing banking services to individuals, businesses, and organizations in its local communities. The company primarily generates revenues through interest income from loans and investments, as well as service charges and fees related to its deposit and lending products. National Bankshares Inc aims to maintain a strong and stable financial position by offering competitive banking solutions and fostering long-term relationships with its customers.
Sources:
Summit Financial Group Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: publicly traded companies.
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