Summit Bank Group Inc - SBKO STOCK NEWS

Summit Bank Group (OTC Pink: SBKO) reported a net income of $2.7 million, or $0.35 per fully diluted share, for Q1 2022, up 15% from $2.37 million in Q1 2021. Year-over-year net loan growth reached $116.0 million (22.4%). Total deposits increased by $134.0 million (19.2%) since March 31, 2021. Notably, the bank maintained a return on average equity of 14.5%. The company had cash and short-term investments of $208.0 million, accounting for 32.6% of net loans. Summit Bank also boasts low non-performing assets at just 0.05% of total assets.

Summit Bank (OTC Pink: SBKO) announced the appointment of Aaron Walker as Chief Credit Officer. With nearly 30 years in banking, Walker's experience includes managing a $1.2 billion commercial real estate lending portfolio at Columbia Bank and overseeing C&I teams at Umpqua Bank. His expertise in loan approval and portfolio management is expected to enhance Summit's services. Walker holds a B.S. in Finance from the University of Oregon and an MBA from Colorado State University.

Summit Bank's Jenny Bennett has received the 2022 Women of Influence Award, recognizing her significant contributions to Oregon's business community. Since becoming Market President in September 2021, she has led a 109% deposit growth and helped Summit Bank earn the Eugene Mayor’s Bold Steps Award. The award ceremony will take place on March 2, 2022, at the Oregon Convention Center. Bennett is actively involved in multiple banking associations and promotes community banking. Her leadership and commitment to mentoring women in business were highlighted in the announcement.

Summit Bank Group (OTC Pink: SBKO) reported a Q4 2021 net income of $3.04 million ($0.40 per diluted share) and a fiscal year net income of $10.87 million ($1.42 per diluted share), marking a 28.7% increase year-over-year. The bank achieved a net loan growth of $97.3 million (19.0%) and deposit growth of $137.6 million (20.9%) over the past year. However, Q4 earnings slightly declined by $454,000 compared to Q4 2020. The company completed a $20 million subordinated note private placement to support growth, with strong credit metrics and low non-performing assets maintained at 0.05%.

Summit Bank Group, Inc. (OTC Pink: SBKO) announced the successful closure of a private placement totaling $20 million in 3.25% Fixed-to-Floating Rate Subordinated Notes due December 1, 2031. The initial interest rate will be 3.25% until December 1, 2026, after which it will transition to a floating rate linked to Three-Month Term SOFR plus a 217 basis point spread. Proceeds will be used for general corporate purposes and to maintain required regulatory capital, supporting future growth plans.

Summit Bank (OTC Pink: SBKO) has announced that Roger Lee, former CEO of Economic Development for Central Oregon, will join the bank as Vice President, Business Client Advisor. With nearly 30 years of experience in economic development, Lee has previously worked on business recruitment and retention. His expertise aims to enhance the business climate in Central Oregon. Market President Gary O’Connell expressed enthusiasm about Lee's capabilities, believing his experience will significantly benefit the bank's efforts in expanding their client base.

Summit Bank (OTC Pink: SBKO) has appointed Maarty Leunen as Assistant Vice President, Market Development Officer. A Central Oregon native, Leunen has a strong analytical background and extensive local business knowledge. He previously played basketball at the University of Oregon and had a successful 13-year international career. Leunen is committed to strengthening community ties and client relationships. Gary O'Connell, Market President, expressed enthusiasm for Leunen's local advocacy and potential contributions to the bank's growth.

Summit Bank (OTC Pink: SBKO) reported Q3 2021 net income of $2.92 million, or $0.38 per diluted share, marking a 41.9% increase year-over-year. Year-to-date net income reached $7.84 million with a diluted share of $1.03, up 76.3%. Total net loans grew by 20.2% to $619.6 million, excluding PPP loans. Deposit growth was robust at 31.9% year-over-year, totaling $826.5 million. Return on equity stood at 16.8% in Q3, showcasing strong profitability amid ongoing expansion.