Summit Bank Reports 2021 2nd Quarter Earnings
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.
- Q2 2021 net income increased by $1.1 million or 66% year-over-year.
- Year-to-date net income up 85.3% compared to last year.
- Net loan growth of $76.4 million (16.2%) excluding PPP loans.
- Total deposits increased by $140.1 million (23.8%) in the trailing 12 months.
- Non-performing assets represent only 0.08% of total assets, down from 0.27%.
- None.
Summit Bank (OTC Pink: SBKO)
-
Q2 2021 Net Income -
$2.54 million or$0.33 per fully diluted share. -
Year to date Net Income -
$4.91 million or$0.65 per fully diluted share. -
Trailing 12 month Net Income -
$10.46 million or$1.38 per fully diluted share. -
Trailing 12 month Net Loan Growth -
$76.4 million or 16.2 percent (excluding PPP loans) -
PPP loans outstanding -
$71.3 million out of$180.9 million total originations during 2020 and 2021. -
Q2 2021 Three month Deposit Growth -
$31.6 million or 4.5 percent over Q1 2021
Earnings for Q2 2021 exceeded the similar period last year by
“We are very pleased with our overall credit quality coming out of the pandemic,” said Craig Wanichek, president and chief executive officer. “This is a testament to the strong operational management of our clients during very uncertain times.”
Total net loans as of June 30, 2021, were
“Our bankers have been very active in our markets. This has resulted in loan and deposit growth with both new and existing clients,” said Wanichek. Summit Bank is now over
Summit’s continued robust earnings have supported its asset growth during the quarter and thus the Bank’s capital position remains strong, with total shareholders’ equity ending the quarter at
The Bank continues to hold very low levels of non-performing assets with total non-performing assets at June 30, 2021 representing just 0.08 percent of total assets, down from 0.27 percent at March 31, 2021.
Summit Bank, with offices in Eugene, Bend and the Portland Metropolitan area, specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit was recognized earlier this year as a Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the OTC Pink as SBKO.
QUARTERLY FINANCIAL REPORT – JUNE 2021 |
||||||||
(in thousands except per share data) | Unaudited | Unaudited | ||||||
As of | As of | |||||||
Summary Statements of Condition | Jun. 30, 2021 | Jun. 30, 2020 | ||||||
Cash and short term investments | $ |
145,312 |
|
$ |
112,489 |
|
||
Securities |
|
31,613 |
|
|
6,909 |
|
||
Loans: | ||||||||
Commercial |
|
226,087 |
|
|
241,712 |
|
||
Commercial real estate |
|
365,160 |
|
|
299,533 |
|
||
Other |
|
37,776 |
|
|
56,531 |
|
||
Loan loss reserve and unearned income |
|
(10,236 |
) |
|
(12,192 |
) |
||
Total net loans |
|
618,788 |
|
|
585,584 |
|
||
Property and other assets |
|
15,452 |
|
|
14,828 |
|
||
Repossessed property |
|
106 |
|
|
289 |
|
||
Total assets | $ |
811,270 |
|
$ |
720,099 |
|
||
Deposits: | ||||||||
Noninterest-bearing demand | $ |
187,585 |
|
$ |
152,977 |
|
||
Interest-bearing demand |
|
528,801 |
|
|
402,969 |
|
||
Certificates of deposit |
|
11,687 |
|
|
32,003 |
|
||
Total deposits |
|
728,073 |
|
|
587,948 |
|
||
Other liabilities |
|
15,069 |
|
|
74,729 |
|
||
Shareholders' equity |
|
68,128 |
|
|
57,422 |
|
||
Total liabilities and shareholders' equity | $ |
811,270 |
|
$ |
720,099 |
|
||
Book value per share | $ |
9.01 |
|
$ |
7.65 |
|
Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||||
For the six months ending |
For the six months ending |
For the three months ending |
For the three months ending |
||||||||||||
Summary Statements of Income | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||||||||
Interest income | $ |
15,935 |
|
$ |
13,939 |
|
$ |
8,181 |
|
$ |
6,968 |
|
|||
Interest expense |
|
(307 |
) |
|
(841 |
) |
|
(129 |
) |
|
(291 |
) |
|||
Net interest income |
|
15,628 |
|
|
13,098 |
|
|
8,052 |
|
|
6,677 |
|
|||
Provision for loan losses |
|
(1,136 |
) |
|
(2,499 |
) |
|
(495 |
) |
|
(1,063 |
) |
|||
Noninterest income |
|
881 |
|
|
464 |
|
|
478 |
|
|
197 |
|
|||
Noninterest expense |
|
(8,746 |
) |
|
(7,802 |
) |
|
(4,606 |
) |
|
(3,863 |
) |
|||
Net income before income taxes |
|
6,627 |
|
|
3,261 |
|
|
3,429 |
|
|
1,948 |
|
|||
Provision for income taxes |
|
(1,714 |
) |
|
(877 |
) |
|
(890 |
) |
|
(534 |
) |
|||
Net income | $ |
4,913 |
|
$ |
2,384 |
|
$ |
2,540 |
|
$ |
1,414 |
|
|||
Net income per share, basic | $ |
0.65 |
|
$ |
0.35 |
|
$ |
0.34 |
|
$ |
0.20 |
|
|||
Net income per share, fully diluted | $ |
0.65 |
|
$ |
0.35 |
|
$ |
0.33 |
|
$ |
0.20 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005127/en/
FAQ
What were Summit Bank's Q2 2021 earnings results?
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