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Summit Bank Group (SBKO) reported strong financial performance in Q1 2024 with a net income of $2.4 million or $0.31 per fully diluted share, showing growth from the previous quarters. Net loan growth was impressive at $208.0 million, and deposit growth increased by $84.1 million year over year. The company opened a new office in Redmond, Oregon, aiming to expand its client base. Despite margin pressure, loan growth remained robust, and the equipment lending unit showed improvement, leading to positive quarterly results. Summit Bank Group maintained a highly liquid balance sheet with significant borrowing capacity and total assets. Loan growth, deposit growth, and strong retained earnings contributed to the company's financial strength. Non-performing assets slightly increased but remained at a low level, with the commercial real estate portfolio performing well.
Il Gruppo Summit Bank (SBKO) ha riportato una solida performance finanziaria nel primo trimestre del 2024 con un reddito netto di 2,4 milioni di dollari, ovvero 0,31 dollari per azione completamente diluita, evidenziando una crescita rispetto ai trimestri precedenti. La crescita dei prestiti netti è stata impressionante, pari a 208,0 milioni di dollari, e quella dei depositi è aumentata di 84,1 milioni di dollari su base annua. L'azienda ha aperto un nuovo ufficio a Redmond, Oregon, con l'obiettivo di espandere la sua base di clienti. Nonostante la pressione sui margini, la crescita dei prestiti è rimasta solida e l'unità di prestito per attrezzature ha mostrato miglioramenti, portando a risultati trimestrali positivi. Il Gruppo Summit Bank ha mantenuto un bilancio altamente liquido con una significativa capacità di prestito e attivi totali. La crescita dei prestiti, quella dei depositi e forti utili non distribuiti hanno contribuito alla forza finanziaria dell'azienda. Gli asset non performanti sono leggermente aumentati ma sono rimasti su livelli bassi, con un portafoglio immobiliare commerciale che ha registrato buone performance.
El Grupo Summit Bank (SBKO) reportó un fuerte desempeño financiero en el primer trimestre de 2024, con un ingreso neto de $2,4 millones o $0,31 por acción completamente diluida, mostrando un crecimiento respecto a los trimestres anteriores. El crecimiento de los préstamos netos fue impresionante, alcanzando los $208,0 millones, y el crecimiento de los depósitos aumentó en $84,1 millones año tras año. La compañía abrió una nueva oficina en Redmond, Oregón, con el objetivo de expandir su base de clientes. A pesar de la presión sobre los márgenes, el crecimiento de los préstamos se mantuvo robusto y la unidad de préstamos para equipos mostró mejoras, llevando a resultados positivos en el trimestre. Summit Bank Group mantuvo un balance altamente líquido con una capacidad de endeudamiento significativa y activos totales. El crecimiento de los préstamos, el incremento de los depósitos y las fuertes ganancias retenidas contribuyeron a la fortaleza financiera de la empresa. Los activos no productivos aumentaron ligeramente pero se mantuvieron en un nivel bajo, con un portafolio de bienes raíces comerciales que tuvo un buen desempeño.
써밋 뱅크 그룹(SBKO)은 2024년 1분기에 순수입 240만 달러 또는 주당 순이익 0.31달러를 기록하며 전 분기 대비 성장을 보였습니다. 순대출 증가는 2억 800만 달러였으며, 예금 증가는 전년 대비 8410만 달러가 증가했습니다. 회사는 고객 기반을 확대하기 위해 오리건주 레드몬드에 새로운 사무소를 개설했습니다. 여파에도 불구하고 대출 증가는 견실했으며, 장비 대여 부서는 개선되어 긍정적인 분기 실적을 이끌었습니다. Summit Bank Group은 상당한 차입 능력과 총자산을 갖춘 매우 유동적인 잔액을 유지했습니다. 대출 증가, 예금 증가, 강력한 유보 이익은 회사의 재정적 강점에 기여했습니다. 고정자산은 소폭 증가했지만 여전히 낮은 수준을 유지했으며, 상업용 부동산 포트폴리오는 좋은 성과를 보였습니다.
Le Groupe Summit Bank (SBKO) a rapporté de fortes performances financières au premier trimestre 2024 avec un revenu net de 2,4 millions de dollars ou 0,31 dollar par action pleinement diluée, marquant une croissance par rapport aux trimestres précédents. La croissance des prêts nets était impressionnante, à 208,0 millions de dollars, et la croissance des dépôts a augmenté de 84,1 millions de dollars d'une année sur l'autre. La société a ouvert un nouvel bureau à Redmond, Oregon, dans le but d'élargir sa base de clients. Malgré la pression sur les marges, la croissance des prêts est restée robuste et l'unité de prêt d'équipement a montré des améliorations, conduisant à des résultats trimestriels positifs. Le Groupe Summit Bank a maintenu un bilan hautement liquide avec une capacité d'emprunt importante et des actifs totaux. La croissance des prêts, l'accroissement des dépôts et des bénéfices non distribués solides ont contribué à la force financière de l'entreprise. Les actifs non performants ont légèrement augmenté mais sont restés à un niveau bas, avec un portefeuille immobilier commercial performant.
Die Summit Bank Gruppe (SBKO) berichtete über eine starke finanzielle Leistung im ersten Quartal 2024 mit einem Nettoeinkommen von 2,4 Millionen Dollar bzw. 0,31 Dollar pro vollständig verwässerter Aktie, was ein Wachstum gegenüber den vorherigen Quartalen zeigt. Das Wachstum der Netto-Darlehen war beeindruckend bei 208,0 Millionen Dollar und das Wachstum der Einlagen erhöhte sich um 84,1 Millionen Dollar im Vergleich zum Vorjahr. Das Unternehmen eröffnete ein neues Büro in Redmond, Oregon, mit dem Ziel, seine Kundenbasis zu erweitern. Trotz Margendrucks blieb das Darlehenswachstum robust, und die Ausrüstungs-Leih-Einheit zeigte Verbesserungen und führte zu positiven Quartalsergebnissen. Die Summit Bank Gruppe hielt eine hochliquide Bilanz mit bedeutender Kreditkapazität und Gesamtvermögen. Darlehenswachstum, Einlagenwachstum und starke zurückgehaltene Gewinne trugen zur finanziellen Stärke des Unternehmens bei. Nicht leistungsfähige Vermögenswerte stiegen leicht an, blieben jedoch auf niedrigem Niveau, wobei das gewerbliche Immobilienportfolio gut abschnitt.
Positive
Summit Bank Group reported a net income of $2.4 million or $0.31 per fully diluted share for Q1 2024, a significant increase from previous quarters.
Net loan growth for the company was $208.0 million, showing a 27.3% increase year over year.
Deposit growth also saw a substantial increase of $84.1 million over the previous year.
The company opened a new office in Redmond, Oregon, to drive client and deposit growth in the area.
Despite margin pressure, the company experienced strong loan growth and improved results in the equipment lending unit.
Summit Bank Group maintained a highly liquid balance sheet with significant borrowing capacity and total assets.
Strong retained earnings and capital levels supported the company's asset growth, with a total shareholders' equity increase of $10.3 million.
Non-performing assets slightly increased but remained at a low level, with the commercial real estate portfolio performing well.
Negative
None.
EUGENE, Ore.--(BUSINESS WIRE)--
Summit Bank Group (OTC Pink: SBKO)
Q1 2024 Net Income - $2.4 million or $0.31 per fully diluted share.
Q1 2024 Net Income increased from $0.30 per share for Q1 2023 and $0.22 per share for Q4 2023.
Cash and Securities totaled $149.9 million – 13.0 percent of assets.
Year over year Net Loan Growth - $208.0 million or 27.3 percent.
Year over year Deposit Growth - $84.1 million or 9.0 percent over March 31st 2023.
Summit Bank Group reported net income for the first quarter of $2.4 million or 31 cents per fully diluted share. Comparable earnings for the quarter ended December 31, 2023 were $1.68 million or 22 cents per fully diluted share, representing an increase of 41 percent or 9 cents to earnings and earnings per fully diluted share, respectively. First quarter provision for loan loss expense declined by $655 thousand from the previous quarter, which was the result of the continued decline in total balances in the Bank’s small commercial equipment finance portfolio and credit quality improvements.
Net income and earnings per share for the first quarter of 2024 increased from the first quarter of 2023 by $102 thousand or one cent per share (31 cents versus 30 cents per share) with higher net interest income offset by higher growth-related increases to non-interest expense.
“We are pleased to announce we opened our new Redmond, Oregon office located at 538 Southwest Highland Ave on Friday April 22nd,” said Craig Wanichek, President and CEO. “We believe this will add to our new client and deposit growth in the robust Redmond market and surrounding areas. Loan growth continued in Q1, which partially offset margin pressure. Additionally, a stabilization of the equipment lending unit led to improved quarterly results.”
The Company continues to maintain a highly liquid balance sheet with cash and available for sale short-term securities of $149.9 million, which represents 13.0 percent of total assets as of March 31, 2024, an increase from $134.9 million or 12.5 percent of assets as of December 31, 2023. Additionally, the Bank maintains secured borrowing commitments from the Federal Home Loan Bank and the Federal Reserve Bank with total available borrowing capacity as of March 31, 2024 of $330 million, increased from its December 31, 2023 total available of $253 million. Combined, the Company’s cash and available secured borrowing as of March 31, 2024 total $393 million. This total is 36.5 percent of total assets and 130 percent of total estimated uninsured deposits as of March 31, 2024.
“Summit continues to maintain significant balance sheet strength,” said Wanichek. “The increase in certificate of deposit balances was primarily wholesale funding, which was used to retire all FHLB borrowings, support strong growth in our markets and bolster cash reserves.”
Loan growth continued to be extremely strong during the first quarter with total net loan growth of $55.4 million, bringing the trailing twelve-month net loan growth total to $208.0 million for an increase of 27.3 percent over March 31, 2023. Total deposits year over year are up $84.1 million, or 9.0 percent, with excess cash balances held on March 31, 2023 deployed to fund the increase in net loans during the most recent twelve months.
“Strong loan growth primarily resulted from conservatively underwritten construction loans in the process of completion,” said Wanichek. “In first quarter we began to see a slowdown in loan activity and pipelines attributable to the increased rate environment and at the same time saw increased activity in deposit pipelines as a result of our business development activities.”
Return on average equity for the first quarter and the trailing twelve months was 9.9 percent and 9.7 percent, respectively. Total shareholders’ equity ended the first quarter at $98.2 million, an increase of $10.3 million, or 11.7 percent, since March 31, 2023. As the Company begins its 21st year of operations, capital levels remain very strong, supporting the asset growth with consistently strong retained earnings which have totaled $42.8 million over the last four years.
Total non-performing assets as of March 31, 2024 have declined slightly during the first quarter to 0.20 percent of total assets after ending 2023 at 0.22 percent. Total non-performing assets have increased compared to the March 31, 2023 figure of 0.12 percent, with the entirety of the year-over-year increase attributable to a single SBA guaranteed loan relationship currently in non-accrual status. The Bank’s commercial real estate portfolio continues to perform well. The portfolio does not have any non-owner occupied office loans in downtown Portland.
About Summit Bank Group, Inc.
Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend and Portland and specializes in providing high-level service to professionals and medium-sized businesses and their owners. The Bank was voted for the third year in a row as one of Oregon’s “Top 100 Companies to Work For,” according to Oregon Business Magazine. The Bank was voted in 2023 as “Favorite Bank” in the EugeneRegister-Guard’s annual Reader’s Choice Awards and “Best Bank” by Central Oregon’s Bend Bulletin. Summit’s Chief Operating Officer, Chris Hemmings, was named an Executive of the Year last week by the Portland Business Journal. Summit Bank Group Inc. is quoted on the OTCPK as SBKO.
Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, general economic conditions or conditions within the securities markets, potential recessionary conditions, changes in asset quality, charge-offs and credit loss provisions, changes in demand for our products and services, availability of low-cost funding, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged.
Accordingly, you should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
