Summit Bank Reports 2020 and 4th Quarter Earnings
Summit Bank (OTC Pink: SBKO) reported a strong 2020, achieving a net income of $7.93 million, up 41.3% from $5.62 million in 2019. Fully diluted earnings per share reached $1.38, marking a 29.1% increase. The bank experienced 17.5% loan growth, totaling $76.5 million, and a 45.6% increase in deposits, amounting to $206 million. Additionally, total net loans rose 30.9% year-over-year. Summit's liquidity and capital position remain strong, with total shareholders’ equity increasing 34.8% to $63.1 million.
- Net income increased by $2.32 million, or 41.3%, from 2019.
- Fully diluted EPS rose to $1.38, up 29.1% from $1.07 in 2019.
- Total deposits grew by $206 million, or 45.6%, year-over-year.
- Net loans increased by 30.9% to $572.6 million compared to 2019.
- Return on average equity stood at 14.3%, exceeding 10% for the eighth consecutive year.
- Non-performing assets increased slightly to 0.26% of total assets, up from 0.18% in 2019.
Summit Bank (OTC Pink: SBKO):
-
2020 Net Income -
$7.93 million , up 41.3 percent from 5.62 million in 2019. -
$1.38 per fully diluted share, up 29.1 percent from 1.07 in 2019. -
2020 Net Loan Growth -
$76.5 million or 17.5 percent (excluding PPP loans). -
PPP loans made during Q2 2020 -
$119 million of which$61 million remain outstanding at FYE. -
2020 Deposit Growth -
$206 million or 45.6 percent over FYE 2019.
We were pleased to originate
“This year, we are tremendously proud to have worked closely alongside our clients, including 440 small businesses and nonprofits across Oregon under the U.S. Small Business Administration’s (SBA) Paycheck Protection Program,” said President and CEO Craig Wanichek. “This symbiotic relationship enabled thousands of Oregonians in the areas we serve to remain employed during the COVID-19 pandemic this year. We’ve had the opportunity to partner with many new clients as well and are humbled by the confidence our communities and clients have in Summit Bank.”
Summit achieved its eighth consecutive year of annual loan growth in excess of 20 percent during 2020. Total net loans (inclusive of PPP loans) as of December 31, 2020, were
Summit’s capital offering combined with strong retained earnings have added significant strength to the Bank’s capital position, with total shareholders’ equity increasing by
The Bank continues to hold very low levels of non-performing assets with total non-performing assets at December 31, 2020 representing just 0.26 percent of total assets, down from 0.90 percent as of September 30, 2020, and a slight increase from 0.18 percent as of December 31, 2019.
Summit Bank, with offices in Eugene/Springfield, Central Oregon and the Portland Metropolitan area, specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.
QUARTERLY FINANCIAL REPORT – DECEMBER 2020
| (in thousands except per share data) | Unaudited | Unaudited | ||||||
| As of | As of | |||||||
| Summary Statements of Condition | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
| Cash and short term investments | $ |
160,851 |
|
$ |
48,373 |
|
||
| Securities |
|
12,979 |
|
|
6,795 |
|
||
| Loans: | ||||||||
| Commercial |
|
202,183 |
|
|
131,977 |
|
||
| Commercial real estate |
|
329,674 |
|
|
272,600 |
|
||
| Other |
|
51,352 |
|
|
40,827 |
|
||
| Loan loss reserve and unearned income |
|
(10,602 |
) |
|
(7,956 |
) |
||
| Total net loans |
|
572,607 |
|
|
437,449 |
|
||
| Property and other assets |
|
14,575 |
|
|
14,457 |
|
||
| Repossessed property |
|
124 |
|
|
314 |
|
||
| Total assets | $ |
761,136 |
|
$ |
507,388 |
|
||
| Deposits: | ||||||||
| Noninterest-bearing demand | $ |
162,696 |
|
$ |
91,982 |
|
||
| Interest-bearing demand |
|
470,618 |
|
|
312,365 |
|
||
| Certificates of deposit |
|
23,823 |
|
|
47,119 |
|
||
| Total deposits |
|
657,136 |
|
|
451,467 |
|
||
| Other liabilities |
|
40,866 |
|
|
9,086 |
|
||
| Shareholders' equity |
|
63,134 |
|
|
46,835 |
|
||
| Total liabilities and shareholders' equity | $ |
761,136 |
|
$ |
507,388 |
|
||
| Book value per share | $ |
10.48 |
|
$ |
9.02 |
|
||
| Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||
| For the twelve months ending |
For the twelve months ending |
For the three months ending |
For the three months ending |
|||||||||||||
| Summary Statements of Income | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||||||||||||
| Interest income | $ |
29,751 |
|
$ |
26,888 |
|
$ |
8,792 |
|
$ |
7,237 |
|
||||
| Interest expense |
|
(1,337 |
) |
|
(3,124 |
) |
|
(222 |
) |
|
(662 |
) |
||||
| Net interest income |
|
28,414 |
|
|
23,764 |
|
|
8,570 |
|
|
6,575 |
|
||||
| Provision for loan losses |
|
(3,782 |
) |
|
(3,009 |
) |
|
(501 |
) |
|
(871 |
) |
||||
| Noninterest income |
|
1,709 |
|
|
1,801 |
|
|
845 |
|
|
264 |
|
||||
| Noninterest expense |
|
(15,677 |
) |
|
(15,053 |
) |
|
(4,199 |
) |
|
(4,309 |
) |
||||
| Net income before income taxes |
|
10,664 |
|
|
7,504 |
|
|
4,715 |
|
|
1,659 |
|
||||
| Provision for income taxes |
|
(2,731 |
) |
|
(1,888 |
) |
|
(1,225 |
) |
|
(284 |
) |
||||
| Net income | $ |
7,933 |
|
$ |
5,616 |
|
$ |
3,491 |
|
$ |
1,375 |
|
||||
| Net income per share, basic | $ |
1.39 |
|
$ |
1.09 |
|
$ |
0.60 |
|
$ |
0.26 |
|
||||
| Net income per share, fully diluted | $ |
1.38 |
|
$ |
1.07 |
|
$ |
0.59 |
|
$ |
0.26 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005164/en/
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