SUMMIT BANK GROUP INC - SBKO STOCK NEWS

Summit Bank (OTC Pink: SBKO) announces the promotion of Jenny Bennett to Market President for the Eugene and Springfield Market. She succeeds Craig Wanichek, who remains President and CEO. Bennett, previously Senior Vice President of Marketing and Business Development, aims to leverage her experience to enhance Summit's client base. Under her leadership, the bank has seen significant growth. Summit Bank, based in Eugene, specializes in serving medium-sized businesses and was recognized as the top SBA community bank lender in Oregon in 2020.

Summit Bank (OTC Pink: SBKO) announces the appointment of Doug Wolford as Vice President and SBA Program Advisor. With nearly 30 years of experience in the Small Business Administration sector, Doug previously led SBA initiatives at a regional bank across several states, including Oregon and Washington. His expertise aims to enhance relationships with SBA borrowers, providing clients with access to SBA 7(a) loans, SBA Express Lines of Credit, and USDA loans. Summit Bank has been recognized as a top SBA lender in Oregon, indicating a strong commitment to small businesses.

Summit Bank, Oregon's fourth-largest bank, has established the Eugene/Springfield Advisory Board, comprising six local business leaders to provide strategic guidance. Notable members include Kyle Hudson (CEO, IMA Financial), Paula Lafferty (CEO, SnoTemp), and Scott Williams (Chairman, Hamilton Construction). This initiative aims to enhance Summit Bank's mission of being the preferred banking partner for small to medium-sized businesses in Oregon. President Craig Wanichek highlighted the board's diverse expertise as crucial for strengthening the bank's commitment to the community.

Summit Bank (OTC Pink: SBKO) reported Q2 2021 net income of $2.54 million or $0.33 per fully diluted share, a 66% increase from last year. Year-to-date net income reached $4.91 million or $0.65 per share. The bank's net loan growth stood at $76.4 million (16.2%) excluding PPP loans, while total deposits grew by $140.1 million (23.8%) over the past 12 months. Loan quality improved, with non-performing assets at just 0.08% of total assets. Total assets now exceed $800 million, reflecting strong operational management amid the pandemic.

Summit Bank (OTC Pink: SBKO) has introduced a Portland Metropolitan-based Board of Advisors comprising seven experienced leaders aimed at guiding its growth strategy. The board includes professionals from diverse fields such as real estate, insurance, and healthcare. Notable members include Adam K. Abplanalp from Cobalt CPA and David Howitt from Meriwether Group. Market President Jamie Shulman expressed confidence that their expertise will enhance client relationships and strategic decisions. The advisory board will convene quarterly, with its first meeting scheduled for July 20.

Summit Bank (OTC Pink: SBKO) has appointed Angela DeVita as Vice President, Relationship Banking Manager for the Portland Metropolitan and Southwest Washington market. With over 20 years of banking experience, DeVita aims to enhance large deposit relationships and implement tailored Treasury Management solutions for commercial clients. Steve Watts, Team Lead, expressed enthusiasm about her joining, highlighting her expertise in developing business banking relationships. Summit Bank is recognized for high-level service to medium-sized businesses and was awarded the Top SBA Community Bank Lender in Oregon in 2020.

Summit Bank (OTC Pink: SBKO) reported a robust Q1 2021 with net income reaching $2.37 million, a remarkable 111% increase compared to Q1 2020. The bank achieved net loan growth of $38.7 million, up 6.8% from December 2020. Over the trailing 12 months, net loan growth totaled $147.1 million (31.7%). Total deposits grew by $39 million or 6.0%. The return on average equity stood at 14.9%, maintaining profitability with a low 0.27% non-performing asset rate.

Summit Bank Group, Inc. (OTC Pink:SBKO) has announced a five-for-four stock split, payable as a stock dividend. The ex-dividend date is April 9, with shareholders of record by April 1 receiving one extra share for every four held. Chair Paul Weinhold emphasized that the split aims to enhance the stock’s marketability and liquidity. In fiscal 2020, the bank reported net income of $7.93 million, or $1.38 per diluted share, marking a 29% increase from 2019, alongside consistent net loan growth of over 15% for 26 quarters.