Summit Bank Group Reports 2026 1st Quarter Earnings

Record Quarterly Net Income

EUGENE, Ore.--(BUSINESS WIRE)-- Summit Bank Group (OTCID: SBKO)

• Q1 2026 Net Income - $4.56 million or $0.58 per fully diluted share, an increase of 54.0 percent over Q1 2025.
• Q1 2026 earnings per fully diluted share increased 8.4 percent over the previous quarter.
• Cash and Securities total $204.3 million – 15.1 percent of assets, increased from 14.8 percent as of Q1 2025.
• Year over year Net Loan Growth - $53.0 million or 5.0 percent.
• Year over year Deposit Growth - $49.1 million or 4.3 percent.
• Q1 2026 Net Interest Income increased $1.1 million or 8.1 percent over Q1 2025.

Summit Bank Group reported net income for the first quarter of $4.56 million or 58 cents per fully diluted share. Comparable earnings for first quarter of 2025 were $2.93 million or 37 cents per fully diluted share, representing an increase of 54.0 percent or 21 cents to earnings and earnings per fully diluted share respectively. The first quarter earnings growth compared to the first quarter of 2025 was the result of net interest income increasing by $1.1 million, provision for loan losses also improving by $1.1 million, non-interest income improving by $0.6 million, combined with modest growth-related increases to noninterest expense (higher by $525 thousand).

“We are pleased to report our 3^rd consecutive quarter with record EPS; 50, 53, and now 58 cents,” said Craig Wanichek, president and CEO. “The Bank’s trailing 4 quarter EPS is $2.04 and is 15% higher than the previous best ever. The first quarter results reflect the strength of our team, the loyalty of our clients and the momentum we are building across the Company in all of our markets. The strength of our relationships combined with the commitment of our team makes us well-positioned for the opportunities ahead.”

The Bank continues to achieve balanced growth in its loan and deposit portfolio, with total net loans increasing by $53.0 million or 5.0 percent and total deposits increasing by $49.1 million or 4.3 percent over the most recent four quarters. Deposit mix has been significantly improved over the same period with time deposits decreasing by $95.2 million or 85.2 percent and demand and money market account balances increasing by $144 million or 14.0 percent.

The Bank’s balance sheet remains highly liquid with cash and Available for Sale (AFS) short-term securities totaling $204.4 million, which represents 15.1 percent of total assets as of March 31, 2026, increased from $189.5 million or 14.8 percent of assets as of March 31, 2025. 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, 2026, of $323 million. The Bank’s cash and available secured borrowing as of March 31, 2026, total $500 million. This total is 37.0 percent of total assets and 127 percent of total estimated uninsured deposits as of March 31, 2026.

Return on average equity for the first quarter and the trailing four quarters was 14.3 percent and 13.3 percent respectively. Total shareholders’ equity ended the first quarter at $129.4 million, an increase of $17.2 million or 15.3 percent since March 31, 2025. As the Company begins its 23^rd year of operations, capital levels remain very strong, supporting its consistent asset growth with similarly strong retained earnings which have totaled $61.2 million over the last five years.

Total non-performing assets as of March 31, 2026, total 0.54 percent of total assets. This total increased during the first quarter from 0.10 percent of total assets as of December 31, 2025. All of the non-performing assets added during the first quarter carry US Small Business Administration guarantees which reduce the Bank’s exposure to losses on the assets. The total exposure to the Bank after such federal guarantees are applied is reduced to 0.15 percent of total assets.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Central Oregon, and Portland, specializing in providing high-level service to professionals and medium-sized businesses and their owners. The Bank was voted for the fifth year in a row as one of Oregon’s “Top 100 Companies to Work For,” according to Oregon Business Magazine. Summit Bank was recently awarded the “Top 100 Green Companies to Work For” designation for the eighth year. In 2023, 2025 and 2026, Summit Bank was honored as “Favorite Bank” in the Eugene Register-Guard’s annual Reader’s Choice Awards and “Best Bank” by Central Oregon’s Bend Bulletin. Summit Bank Group Inc. is quoted on the OTCID under the symbol SBKO. It was named in January as a Top 10 Place to Work for Working Parents, according to the Eugene Area Chamber of Commerce, in 2025 and again in 2026

QUARTERLY FINANCIAL REPORT – March 31 2026
(in thousands except per share data)		Unaudited				Unaudited				Unaudited
		As of				As of				As of
Summary Statements of Condition		Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
Cash and short term investments		$	177,682			$	119,699			$	147,684
Securities			26,671				27,314				41,777
Loans:
Commercial			335,212				337,963				324,864
Commercial real estate			733,554				700,339				650,392
Other			61,001				76,081				99,921
Loan loss reserve and unearned income			(12,802	)			(12,803	)			(11,228	)
Total net loans			1,116,966				1,101,580				1,063,950
Property and other assets			30,132				30,317				30,521
Repossessed property			84				115				538
Total assets		$	1,351,534			$	1,279,026			$	1,284,470
Deposits:
Noninterest-bearing demand		$	192,283			$	184,733			$	166,494
Interest-bearing demand			980,948				916,878				862,451
Certificates of deposit			16,522				20,231				111,732
Total deposits			1,189,754				1,121,841				1,140,676
Subordinated debt			18,532				18,522				18,493
Other liabilities			13,871				14,054				13,124
Shareholders' equity			129,377				124,608				112,177
Total liabilities and shareholders' equity		$	1,351,534			$	1,279,026			$	1,284,470
Book value per share		$	16.43			$	15.97			$	14.48
		Unaudited				Unaudited				Unaudited
		For the three months ended				For the three months ended				For the three months ended
Summary Statements of Income		Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
Interest income		$	19,874			$	19,865			$	19,883
Interest expense			(5,302	)			(5,755	)			(6,401	)
Net interest income			14,572				14,110				13,482
Provision for loan losses			(866	)			(451	)			(1,953	)
Noninterest income			779				633				182
Noninterest expense			(8,253	)			(8,745	)			(7,728	)
Net income before income taxes			6,232				5,546				3,983
Provision for income taxes			(1,673	)			(1,370	)			(1,059	)
Net income		$	4,559			$	4,177			$	2,925
Net income per share, basic		$	0.58			$	0.54			$	0.38
Net income per share, fully diluted		$	0.58			$	0.53			$	0.37
		Unaudited				Unaudited				Unaudited
		For the three months ended				For the three months ended				For the three months ended
Performance Ratios		Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
Return on Average Assets			1.39	%			1.30	%			0.92	%
Return on Average Tangible Common Equity			14.36	%			13.66	%			10.59	%
Net Interest Margin			4.54	%			4.46	%			4.33	%
Yield on Earning Assets			6.19	%			6.33	%			6.42	%
Cost of Deposits			1.78	%			1.98	%			2.21	%
Efficiency Ratio			53.8	%			59.3	%			56.6	%
EPS Growth (YoY)			54.0	%			35.9	%			19.4	%
Asset Quality
Non-performing assets			0.54	%			0.10	%			0.10	%
Net Charge Offs to Average Loans			0.39	%			0.60	%			0.72	%
Reserve to Total Loans			1.12	%			1.17	%			1.17	%
Provision Expense to Total Loans			0.08	%			0.04	%			0.18	%
Capital
Tier 1 Capital to Risk Weighted Assets			12.51	%			12.32	%			11.66	%
Community Bank Leverage Ratio (CBLR)			11.38	%			10.92	%			10.42	%
Average Balances
Loans		$	1,109,273			$	1,109,044			$	1,062,254
Assets		$	1,315,280			$	1,285,269			$	1,269,661
Deposits		$	1,155,798			$	1,131,354			$	1,127,280

 

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Craig Wanichek, President & Chief Executive Officer 541-684-7500

Source: Summit Bank Group