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
Peoples Bancorp Inc Share Performance
-2.71%
30 Days
Peoples Bancorp Inc
Profile
Peoples Bancorp Inc operates as a financial holding company that provides a range of banking, investment, and insurance services to individuals and businesses. Its business model focuses on offering comprehensive financial solutions and building long-term relationships with its customers to meet their banking and financial needs.
MVB Financial Corp operates as a financial holding company that provides a range of banking products and services. It primarily focuses on serving business customers, including small and medium-sized businesses, through its various banking subsidiaries.
M&T Bank Corporation operates as a regional bank, offering a variety of financial services including commercial and retail banking, mortgage lending, and wealth management to both individual and business customers. The company focuses on building long-term relationships and delivering personalized service to enhance customer satisfaction and loyalty.
Mid Penn Bancorp Inc is a financial holding company that provides a range of banking and financial services through its subsidiary bank, Mid Penn Bank. Their business model revolves around offering retail and commercial banking services, including traditional deposit products, loans, and financial planning services. Through its community-focused approach, Mid Penn Bancorp aims to meet the banking needs of individuals, businesses, and communities in Central Pennsylvania.
MidWestOne Financial Group Inc's business model revolves around providing a wide range of banking and financial services to individuals and businesses, aiming to generate revenue primarily through lending activities and fee-based services. They strive to attract and retain customers by focusing on personalized financial solutions and leveraging technology to enhance their offerings.
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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