SUMMIT BANK GROUP INC - SBKO STOCK NEWS

Summit Bank Group (OTC PINK: SBKO) reported a strong first quarter of 2023, achieving a record asset size of $1.08 billion, a 16% increase year-over-year. The company's net income for Q1 2023 was $2.32 million or $0.30 per fully diluted share, although this marks a 15% decline compared to Q1 2022. Total deposits grew by $108 million (13%) since March 31, 2022, while net loans increased by $125 million (20.3%), excluding PPP loans. Cash and securities totaled $291.4 million, representing 27% of total assets. Summit expanded its footprint by opening a new office in Portland and purchasing a building in Redmond. The bank maintains low levels of non-performing assets at 0.12%.

Summit Bank announces the appointment of Dan Wahlin as Senior Vice President and Commercial Team Lead at its Westside Portland office. With nearly 40 years of experience in community banking, Wahlin is set to enhance customer relations and team growth. He has previously led a team of over 20 commercial bankers and actively participates in community service.

Wahlin holds a Bachelor of Science in Business Finance and Accounting from Portland State University and is an alumnus of the Graduate School of Banking in Colorado. His extensive background in building client relationships aligns with Summit Bank's commitment to high-touch personal banking.

CEO Craig Wanichek expressed confidence that Wahlin's leadership will contribute positively to the bank's growth in the Westside Portland market.

Summit Bank (OTC PINK: SBKO) has announced the acquisition of a new bank building in Redmond, Oregon, aimed at expanding its business banking presence in Central Oregon. The strategic location at 538 SW Highland Ave will enhance service to local clients, providing ample parking and a modern design after renovations. This acquisition aligns with the bank's growth strategy to meet increasing demand and better serve the financial needs of the Redmond business community. The new facility is expected to open in Fall 2023, following renovations.

Summit Bank (OTC PINK: SBKO) is expanding its operations in the Portland area, with a new office in Washington County, led by veteran banker Greg Oakes. The new location enhances the bank’s presence and aims to leverage the growth in its client base, which has seen significant loan and deposit increases over the past year, primarily in the Westside market. Craig Wanichek, the CEO, emphasized the bank's commitment to local decision-making and community involvement. Summit Bank, recognized as the Top SBA Community Bank Lender in Oregon in 2021, focuses on high-touch personal banking and serves various industries.

Summit Bank (OTC Pink: SBKO) announced Jamie Moffitt, CFO of the University of Oregon, will join its Board of Directors, replacing founding member Ann Marie Mehlum, who is retiring in April 2023. Moffitt's experience spans finance, administration, and strategic planning, aligning with the bank's growth objectives. Craig Wanichek, CEO of Summit Bank, emphasized Moffitt's vision and financial oversight capabilities as valuable assets to the board. With a robust background in both academia and the private sector, including consulting for Fortune 500 companies, Moffitt's addition is poised to enhance the bank's leadership.

Summit Bank Group (OTC Pink: SBKO) achieved a record net income of $3.84 million ($0.50 per diluted share) for Q4 2022, a 27% increase from Q4 2021. The annual net income reached $13.55 million ($1.76 per diluted share), up 25% year-over-year. Net loan growth was $131.3 million (21.6%) and total deposits increased by $62.4 million (7.9%). Return on average equity stood at 17.3% for 2022. Despite a slight decrease in deposits of $13.5 million (1.6%) in Q4, the bank maintained strong profitability. Summit Bank's expansion into Washington County reflects its commitment to serve small and medium-sized businesses.

Summit Bank Group (OTC Pink: SBKO) reported a net income of $3.56 million for Q3 2022, translating to $0.46 per fully diluted share, a 22% increase compared to Q3 2021. Year-to-date net income reached $9.71 million, representing a 24% growth over the prior year. Total net loans increased 22.3% year-over-year, while deposits grew by 5.3%. The bank's return on equity was 18.5%, showing consistent profitability. Summit's strategy has resulted in strong balance sheet growth, with total shareholders' equity rising to $80.2 million.