Summit Bank Group Reports 2024 4th Quarter Earnings
Summit Bank Group (SBKO) reported strong Q4 2024 financial results with net income of $3.01 million ($0.39 per diluted share), marking a 78.7% increase from Q4 2023. The fiscal year 2024 delivered net income of $11.3 million ($1.45 per diluted share), up $2.39 million from 2023.
Key highlights include year-over-year net loan growth of $127.7 million (14.0%) and deposit growth of $196.9 million (21.5%). Cash and securities totaled $180.8 million, representing 14.4% of assets. The bank opened two new offices in Hillsboro and Redmond, contributing to deposit growth. Net interest income improved by 9.6% for the fiscal year and 11.0% for Q4 compared to 2023.
Total shareholders' equity reached $108.7 million, up 13.7% from December 2023. Non-performing assets declined to 0.20% of total assets in Q4 2024.
Summit Bank Group (SBKO) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un reddito netto di 3,01 milioni di dollari (0,39 dollari per azione diluita), segnando un aumento del 78,7% rispetto al quarto trimestre del 2023. L'anno fiscale 2024 ha generato un reddito netto di 11,3 milioni di dollari (1,45 dollari per azione diluita), in aumento di 2,39 milioni di dollari rispetto al 2023.
I punti salienti includono una crescita netta dei prestiti anno su anno di 127,7 milioni di dollari (14,0%) e una crescita dei depositi di 196,9 milioni di dollari (21,5%). Liquidità e titoli ammontano a 180,8 milioni di dollari, rappresentando il 14,4% delle attività. La banca ha aperto due nuovi uffici a Hillsboro e Redmond, contribuendo alla crescita dei depositi. Il reddito netto da interessi è migliorato del 9,6% per l'anno fiscale e dell'11,0% per il quarto trimestre rispetto al 2023.
Il capitale totale degli azionisti ha raggiunto 108,7 milioni di dollari, in aumento del 13,7% rispetto a dicembre 2023. Gli attivi non performanti sono diminuiti allo 0,20% delle attività totali nel quarto trimestre del 2024.
Summit Bank Group (SBKO) reportó sólidos resultados financieros para el cuarto trimestre de 2024, con un ingreso neto de 3.01 millones de dólares (0.39 dólares por acción diluida), marcando un aumento del 78.7% en comparación con el cuarto trimestre de 2023. El año fiscal 2024 reportó un ingreso neto de 11.3 millones de dólares (1.45 dólares por acción diluida), lo que representa un aumento de 2.39 millones de dólares respecto a 2023.
Los aspectos destacados incluyen un crecimiento neto de préstamos interanual de 127.7 millones de dólares (14.0%) y un crecimiento de depósitos de 196.9 millones de dólares (21.5%). El efectivo y los valores totalizaron 180.8 millones de dólares, representando el 14.4% de los activos. El banco abrió dos nuevas oficinas en Hillsboro y Redmond, contribuyendo al crecimiento de depósitos. Los ingresos netos por intereses mejoraron un 9.6% para el año fiscal y un 11.0% para el cuarto trimestre en comparación con 2023.
El capital total de los accionistas alcanzó 108.7 millones de dólares, un aumento del 13.7% respecto a diciembre de 2023. Los activos no productivos disminuyeron al 0.20% del total de activos en el cuarto trimestre de 2024.
서밋 뱅크 그룹 (SBKO)는 2024년 4분기 재무 결과에서 301만 달러 (희석주당 0.39달러)의 순이익을 보고하며, 2023년 4분기 대비 78.7% 증가한 수치를 기록했습니다. 2024 회계연도는 1130만 달러 (희석주당 1.45달러)의 순이익을 달성하며 2023년 대비 239만 달러 증가했습니다.
주요 요점으로는 전년 대비 1억 2770만 달러 (14.0%)의 순 대출 성장과 1억 9690만 달러 (21.5%)의 예금 성장이 포함됩니다. 현금 및 유가는 총 1억 8080만 달러에 달하며, 이는 자산의 14.4%를 차지합니다. 은행은 힐스보로와 레드몬드에 두 개의 새로운 사무소를 열어 예금 성장에 기여했습니다. 순이자 수익은 2023년과 비교하여 회계연도에 9.6%, 4분기에 11.0% 개선되었습니다.
총 주주 자본은 1억 870만 달러에 도달하여 2023년 12월 대비 13.7% 증가했습니다. 부실 자산은 2024년 4분기 전체 자산의 0.20%로 감소했습니다.
Summit Bank Group (SBKO) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un revenu net de 3,01 millions de dollars (0,39 dollar par action diluée), marquant une augmentation de 78,7 % par rapport au quatrième trimestre 2023. L'exercice financier 2024 a généré un revenu net de 11,3 millions de dollars (1,45 dollar par action diluée), en hausse de 2,39 millions de dollars par rapport à 2023.
Les points clés comprennent une croissance nette des prêts d'une année sur l'autre de 127,7 millions de dollars (14,0 %) et une croissance des dépôts de 196,9 millions de dollars (21,5 %). La trésorerie et les titres ont atteint 180,8 millions de dollars, représentant 14,4 % des actifs. La banque a ouvert deux nouveaux bureaux à Hillsboro et Redmond, contribuant à la croissance des dépôts. Les revenus nets d'intérêts ont augmenté de 9,6 % pour l'exercice fiscal et de 11,0 % pour le quatrième trimestre par rapport à 2023.
Les capitaux propres totaux des actionnaires ont atteint 108,7 millions de dollars, en hausse de 13,7 % par rapport à décembre 2023. Les actifs non performants ont diminué à 0,20 % de l'ensemble des actifs au quatrième trimestre 2024.
Summit Bank Group (SBKO) hat starke Finanzzahlen für das vierte Quartal 2024 gemeldet, mit einem Nettogewinn von 3,01 Millionen Dollar (0,39 Dollar pro verwässerter Aktie), was einen Anstieg von 78,7% im Vergleich zum vierten Quartal 2023 darstellt. Im Geschäftsjahr 2024 betrug der Nettogewinn 11,3 Millionen Dollar (1,45 Dollar pro verwässerter Aktie), was einem Anstieg von 2,39 Millionen Dollar im Vergleich zu 2023 entspricht.
Zu den wichtigsten Punkten gehören ein jährliches Nettokreditwachstum von 127,7 Millionen Dollar (14,0%) und ein Einlagenwachstum von 196,9 Millionen Dollar (21,5%). Bargeld und Wertpapiere beliefen sich auf insgesamt 180,8 Millionen Dollar, was 14,4% der Vermögenswerte entspricht. Die Bank eröffnete zwei neue Büros in Hillsboro und Redmond, was zum Einlagenwachstum beitrug. Die Zinserträge verbesserten sich im Geschäftsjahr um 9,6% und im vierten Quartal um 11,0% im Vergleich zu 2023.
Das gesamte Eigenkapital der Aktionäre erreichte 108,7 Millionen Dollar, ein Anstieg von 13,7% gegenüber Dezember 2023. Die notleidenden Vermögenswerte sanken im vierten Quartal 2024 auf 0,20% der Gesamtsumme der Vermögenswerte.
- Q4 net income increased 78.7% year-over-year to $3.01 million
- Annual net income grew 26.2% to $11.3 million
- Deposit growth of 21.5% ($196.9 million)
- Net loan growth of 14.0% ($127.7 million)
- Net interest income increased 9.6% for fiscal year
- Strong liquidity with $439 million in cash and available secured borrowing
- Return on equity maintained above 10% for most quarters over past 11 years
- Non-performing assets decreased to 0.20% of total assets
- Loan growth slowed compared to previous years' 20%+ growth rate
- Decline in acquisition, development and construction loans activity in Q2-Q3 2024
Summit Bank Group Reports 2024 4th Quarter Earnings (Graphic: Business Wire)
-
Q4 2024 Net Income -
$3.01 million $0.39 -
2024 Fiscal Year Net Income -
$11.3 million $1.45 $2.39 million $0.30 -
Year over year Net Loan Growth -
$127.7 million -
Year over year Deposit Growth -
$196.9 million -
Cash and securities total
$180.8 million
Summit Bank Group reported net income for the fourth quarter of
The strong fourth quarter results increased the Company’s improvement in year-to-date earnings and earnings per share compared to 2023, which were higher by
Net Interest Income for the fourth quarter and the fiscal year also showed strong improvement over the similar periods in 2023 as the Bank added new relationships during the year. Net interest income for the fiscal year increased by
Retention and growth of existing clients’ balances, as well as adding new client deposit relationships meant the Bank was successful in growing deposits in 2024 with growth in total deposits of
Total net loans as of December 31, 2024, were
Return on average equity for the fourth quarter and the trailing four quarters was 11.3 percent and 11.1 percent respectively. Total shareholders’ equity ended the fourth quarter at
Total non-performing assets as of December 31, 2024, continued to decline modestly during the fourth quarter to 0.20 percent of total assets after ending the two previous quarters of 2024 at 0.23 and 0.27 percent respectively. Total non-performing assets decreased slightly from 0.22 percent of total assets as of December 31, 2023.
The Bank’s commercial real estate portfolio continues to perform well, with multifamily and industrial loans comprising nearly half of a balanced mix of property types. Refinance and interest rate risk is limited as only 17 percent of the portfolio matures or has a rate reset prior to 2027.
Summit Bank does not have any Non-Owner-Occupied office loan exposure in downtown
Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in
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.
QUARTERLY FINANCIAL REPORT – December 31, 2024
| (in thousands except per share data) | Unaudited | Unaudited | Unaudited | ||||||||
| As of | As of | As of | |||||||||
| Summary Statements of Condition | Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | ||||||||
| Cash and short term investments | $ |
130,991 |
|
$ |
168,888 |
|
$ |
71,265 |
|
||
| Securities |
|
49,846 |
|
|
56,422 |
|
|
63,637 |
|
||
| Loans: | |||||||||||
| Commercial |
|
308,939 |
|
|
306,615 |
|
|
283,870 |
|
||
| Commercial real estate |
|
652,722 |
|
|
648,733 |
|
|
580,801 |
|
||
| Other |
|
92,466 |
|
|
74,521 |
|
|
61,002 |
|
||
| Loan loss reserve and unearned income |
|
(11,227 |
) |
|
(10,619 |
) |
|
(10,511 |
) |
||
| Total net loans |
|
1,042,899 |
|
|
1,019,251 |
|
|
915,161 |
|
||
| Property and other assets |
|
30,905 |
|
|
28,438 |
|
|
27,634 |
|
||
| Repossessed property |
|
457 |
|
|
688 |
|
|
672 |
|
||
| Total assets | $ |
1,255,097 |
|
$ |
1,273,686 |
|
$ |
1,078,370 |
|
||
| Deposits: | |||||||||||
| Noninterest-bearing demand | $ |
173,957 |
|
$ |
185,145 |
|
$ |
175,716 |
|
||
| Interest-bearing demand |
|
849,460 |
|
|
830,276 |
|
|
687,863 |
|
||
| Certificates of deposit |
|
90,468 |
|
|
121,648 |
|
|
53,363 |
|
||
| Total deposits |
|
1,113,885 |
|
|
1,137,069 |
|
|
916,943 |
|
||
| Subordinated debt |
|
18,484 |
|
|
18,474 |
|
|
19,675 |
|
||
| Other liabilities |
|
14,011 |
|
|
12,581 |
|
|
46,097 |
|
||
| Shareholders' equity |
|
108,718 |
|
|
105,563 |
|
|
95,655 |
|
||
| Total liabilities and shareholders' equity | $ |
1,255,097 |
|
$ |
1,273,686 |
|
$ |
1,078,370 |
|
||
| Book value per share | $ |
14.08 |
|
$ |
13.68 |
|
$ |
12.46 |
|
||
| Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||||
| For the twelve months ended | For the twelve months ended | For the three months ended | For the three months ended | ||||||||||||
| Summary Statements of Income | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |||||||||||
| Interest income | $ |
78,191 |
|
$ |
65,222 |
|
$ |
20,730 |
|
$ |
17,619 |
|
|||
| Interest expense |
|
(27,254 |
) |
|
(18,748 |
) |
|
(7,096 |
) |
|
(5,335 |
) |
|||
| Net interest income |
|
50,937 |
|
|
46,474 |
|
|
13,634 |
|
|
12,284 |
|
|||
| Provision for loan losses |
|
(7,392 |
) |
|
(8,966 |
) |
|
(2,108 |
) |
|
(2,672 |
) |
|||
| Noninterest income |
|
1,046 |
|
|
508 |
|
|
123 |
|
|
(262 |
) |
|||
| Noninterest expense |
|
(29,569 |
) |
|
(25,796 |
) |
|
(7,897 |
) |
|
(6,943 |
) |
|||
| Net income before income taxes |
|
15,022 |
|
|
12,220 |
|
|
3,752 |
|
|
2,407 |
|
|||
| Provision for income taxes |
|
(3,716 |
) |
|
(3,299 |
) |
|
(738 |
) |
|
(728 |
) |
|||
| Net income | $ |
11,306 |
|
$ |
8,921 |
|
$ |
3,013 |
|
$ |
1,679 |
|
|||
| Net income per share, basic | $ |
1.47 |
|
$ |
1.16 |
|
$ |
0.39 |
|
$ |
0.22 |
|
|||
| Net income per share, fully diluted | $ |
1.45 |
|
$ |
1.15 |
|
$ |
0.39 |
|
$ |
0.22 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129425795/en/
Craig Wanichek, President & Chief Executive Officer 541-684-7500
Source: Summit Bank Group
FAQ
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