Press Release


Summit Bank Reports 3rd Quarter Earnings

Company Release - 10/30/2019 9:00 AM ET

EUGENE, Ore.--(BUSINESS WIRE)-- Summit Bank (OTC Pink: SBKO) reported net income for the third quarter of $1.65 million or 31 cents per fully diluted share. Earnings for the comparable period one year ago were $1.41 million or 27 cents per fully diluted share. Year to date earnings were $4.24 million or 81 cents per fully diluted share, compared to $3.79 million or 73 cents that the Bank earned during the first nine months of 2018, representing an increase of 11.4 percent.

“Our third full service office opened in the KOIN Center in August,” says President & CEO Craig Wanichek. “The Portland Metro area has certainly welcomed our community business bank, the reception has exceeded our expectations. A strong start by our team in Portland has reflected this support. In addition, the continued significant growth of loans and deposits in our Eugene/Springfield and Central Oregon Offices is also positively influencing our results.”

Summit continues to achieve robust balance sheet growth with total loans and total deposits increasing by 29 percent and 24 percent respectively over the trailing 12 month period. The third quarter of 2019 represented the 18th consecutive quarter during which the Bank achieved year over year growth in total net loans of at least 17 percent. Total net loans as of September 30, 2019, were $417.6 million, representing a $94.4 million increase over the third quarter 2018 total of $323.2 million. Total deposits increased by $85.3 million over the same period. The Bank continues to achieve strong earnings that have supported its balance sheet growth. Total shareholders’ equity at September 30, 2019, was $45.4 million, a $6.9 million or 18.1 percent increase over Summit’s September 30, 2018 total of $38.4 million.

The Bank continues to hold very low levels of non-performing assets. Total non-performing assets at September 30, 2019 represented just 0.23 percent of total assets, a decrease from 0.68 percent at September 30 2018.

With offices in Eugene, Bend and downtown Portland, Summit Bank is a business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

QUARTERLY FINANCIAL REPORT – SEPTEMBER 2019

(in thousands except per share data) Unaudited Unaudited
As of As of
Summary Statements of Condition Sep. 30, 2019 Sep. 30, 2018
Cash and short term investments

$

61,389

 

$

54,047

 

Securities

 

6,071

 

 

7,394

 

Loans:
Commercial

 

127,264

 

 

105,395

 

Commercial real estate

 

261,592

 

 

189,658

 

Other

 

36,337

 

 

34,285

 

Loan loss reserve and unearned income

 

(7,604

)

 

(6,151

)

Total net loans

 

417,589

 

 

323,188

 

Property and other assets

 

13,308

 

 

11,929

 

Repossessed property

 

304

 

 

1,050

 

Total assets

$

498,661

 

$

397,607

 

 
Deposits:
Noninterest-bearing demand

$

91,702

 

$

96,478

 

Interest-bearing demand

 

300,446

 

 

238,651

 

Certificates of deposit

 

47,978

 

 

19,739

 

Total deposits

 

440,126

 

 

354,868

 

Other liabilities

 

13,167

 

 

4,316

 

Shareholders' equity

 

45,368

 

 

38,423

 

Total liabilities and shareholders' equity

$

498,661

 

$

397,607

 

 
Book value per share

$

8.74

 

$

7.46

 

Unaudited Unaudited Unaudited Unaudited
For the nine
months ending
For the nine
months ending
For the three
months ending
For the three
months ending
Summary Statements of Income Sep. 30, 2019 Sep. 30, 2018 Sep. 30, 2019 Sep. 30, 2018
Interest income

$

19,651

 

$

15,481

 

$

6,925

 

$

5,527

 

Interest expense

 

(2,462

)

 

(1,442

)

 

(819

)

 

(592

)

Net interest income

 

17,189

 

 

14,039

 

 

6,106

 

 

4,935

 

Provision for loan losses

 

(2,137

)

 

(1,734

)

 

(602

)

 

(590

)

Noninterest income

 

1,537

 

 

1,296

 

 

428

 

 

470

 

Noninterest expense

 

(10,744

)

 

(8,329

)

 

(3,649

)

 

(2,864

)

Net income before income taxes

 

5,846

 

 

5,271

 

 

2,283

 

 

1,951

 

Provision for income taxes

 

(1,604

)

 

(1,479

)

 

(631

)

 

(545

)

Net income

$

4,243

 

$

3,792

 

$

1,651

 

$

1,406

 

 
Net income per share, basic

$

0.82

 

$

0.74

 

$

0.32

 

$

0.27

 

Net income per share, fully diluted

$

0.81

 

$

0.73

 

$

0.31

 

$

0.27

 

 

Craig Wanichek, President & Chief Executive Officer 541-684-7500

Source: Summit Bank