Summit Bank Group Inc (ID) (SBKO)

$SBKO Summit Bank Announces Brian Thomas Promoted to Senior Vice President and Commercial Banking Team LeadPress Release | 05/24/2022

Summit Bank (OTC Pink: SBKO), a leading independent community bank, announced today that Brian Thomas has been promoted to Senior Vice President, Commercial Banking Team Leader for the bank’s Portland and Southwest Washington Team. The announcement was made by Craig Wanichek, Chief Executive Officer and President of Summit Bank.

“Brian has a passion for working with local business owners and nonprofits to help them exceed their financial goals,” said Wanicheck. “He is the ideal leader to help us continue to expand our business throughout the Portland and Southwest Washington area.”

Thomas has more than 13 years of experience in commercial lending with a focus on local manufacturers, wholesalers, distributors, and professional service providers. He brings a depth of experience with complex owner-occupied and investor real estate transactions and will take a key role in building out the bank’s community-based business, commercial real estate, and manufacturing client base.

A graduate of the University of Oregon, Thomas is active in the community as a volunteer and leader. In 2019, he participated in the Rotary Club of Portland’s U40 Program. He is also a graduate of the Oregon Bankers Association Executive Development Program and is scheduled to begin the Pacific Coast Banking School this fall.

About Summit Bank

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, is a leading independent community bank providing outstanding service to professionals and businesses within various industries including manufacturing, healthcare, public entities, and nonprofits. With offices in Eugene, Central Oregon, and downtown Portland, Summit Bank specializes in high-touch personal banking and local decision-making. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. In 2021, Summit Bank was named the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon, and in 2022, has been named to Oregon Business Magazine’s Top 100 Best Places to Work.

For more information, go to: sbko.bank.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220524005342/en/

$SBKO Summit Bank Group Reports 2022 First Quarter EarningsPress Release | 04/20/2022

Summit Bank Group (OTC Pink: SBKO):

Q1 2022 Net Income - $2.7 million or $0.35 per fully diluted share.
Trailing twelve months Net Income - $11.2 million or $1.47 per fully diluted share.
Year over year Net Loan Growth - $116.0 million or 22.4 percent (excluding PPP loans)
PPP loans outstanding - $3.7 million out of $180.9 million total originations during 2020 and 2021.
Year over year Deposit Growth - $134.0 million or 19.2 percent over March 31st 2021

Summit Bank Group reported net income for the first quarter of $2.73 million or 35 cents per fully diluted share. Comparable earnings for the first quarter of 2021 were $2.37 million or 31 cents per fully diluted share, representing an increase of 15 percent to earnings and 14 percent to earnings per fully diluted share. Excluding all Paycheck Protection Program (PPP) loan related income, Q1 2022 tax equivalent earnings would have been $2.57 million, an increase of $796 thousand, 44.9 percent or $0.08 per fully diluted share over Q1 2021. PPP loan related income in total comprised only 2.2 percent of total Company net interest and non-interest income during the first quarter of 2022 compared to 10.2 percent during the first quarter of 2021.

“As a team over the challenging last two years, we have relied heavily on communication with our clients and prospects. We understand their strategic plans, which has enabled Summit to significantly grow its loan and deposit portfolios,” said Craig Wanichek, president and CEO. “The strong loan growth combined with historically low loan loss are the primary drivers of the earnings growth during the first quarter of 2022.”

Total net loans as of March 31st, 2022, were $637.7 million, which included $3.7 million of PPP loan balances. Net loans excluding PPP loans grew by $25.3 million or 4.1 percent during the first quarter and by $116.0 million or 22.4 percent since March 31st, 2021. Deposit growth also remains robust with total deposits increasing by $35.7 million or 4.5 percent during the first quarter and by $134.0 million or 19.2 percent since March 31st, 2021. The Company has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with return on average equity of 14.5 percent during Q1 2022 following 16.7 percent during Q4 2021 and 15.9 percent for the 2021 fiscal year. The Company is currently in its 10th consecutive year producing a return on equity in excess of 10 percent.

“We were pleased to announce the hiring of Aaron Walker as Chief Credit Officer during the quarter,” said Wanichek. “Aaron has a deep and broad credit background in all of our markets and with our types of loans.”

The Company’s strong earnings continue to support asset growth with total shareholders’ equity ending the first quarter at $74.4 million, an increase of $8.8 million or 13.5 percent since March 31st, 2021. Liquidity remains extremely high with cash and short term investments as of March 31st, 2022 at $208.0 million or 32.6 percent of total net loans.

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at March 31st, 2022 representing just 0.05 percent of total assets, unchanged from December 31st, 2021 and down from 0.27 percent March 31st 2021.

“The commitment of our team members and the culture they have created led Summit Bank to being recognized by Oregon Business Magazine as one of the Top 100 Best Companies to Work for in Oregon as well as one of The Top 100 Best Green companies in the State,” said Wanichek. “In addition, Eugene Market President Jenny Bennett was recognized as one of the 20 Most Influential Women Business Leaders in the State of Oregon,” according to the Portland Business Journal.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Central Oregon and Portland, and specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

QUARTERLY FINANCIAL REPORT – MARCH 2022

(in thousands except per share data) Unaudited Unaudited
As of As of
Summary Statements of Condition Mar. 31, 2022 Mar. 31, 2021
Cash and short term investments

$


208,027





$


135,586



Securities




67,318








13,867



Loans:
Commercial




195,350








234,728



Commercial real estate




397,314








341,696



Other




52,797








46,479



Loan loss reserve and unearned income




(7,714


)





(11,623


)
Total net loans




637,746








611,280



Property and other assets




17,797








14,735



Repossessed property




88








169



Total assets

$


930,975





$


775,637




Deposits:
Noninterest-bearing demand

$


205,705





$


171,212



Interest-bearing demand




615,850








508,701



Certificates of deposit




8,875








16,566



Total deposits




830,430








696,479



Subordinated debt




19,603








-



Other liabilities




6,549








13,587



Shareholders' equity




74,394








65,571



Total liabilities and shareholders' equity

$


930,975





$


775,637




Book value per share

$


9.79





$


8.69




Unaudited Unaudited
For the three months ending For the three months ending
Summary Statements of Income Mar. 31, 2022 Mar. 31, 2021
Interest income

$


9,122





$


7,754



Interest expense




(303


)





(178


)
Net interest income




8,819








7,576



Provision for loan losses




(700


)





(641


)
Noninterest income




669








403



Noninterest expense




(5,050


)





(4,140


)
Net income before income taxes




3,739








3,198



Provision for income taxes




(1,011


)





(824


)
Net income

$


2,728





$


2,374




Net income per share, basic

$


0.36





$


0.31



Net income per share, fully diluted

$


0.35





$


0.31






View source version on businesswire.com: https://www.businesswire.com/news/home/20220420005161/en/

$SBKO Summit Bank Group Reports 2021 4th Quarter Earnings
Press Release | 01/26/2022
Summit Bank Group (OTC Pink: SBKO)

Q4 2021 Net Income - $3.04 million or $0.40 per fully diluted share
Fiscal year Net Income - $10.87 million or $1.42 per fully diluted share
Fiscal year Net Loan Growth - $97.3 million or 19.0 percent (excluding PPP loans)
PPP loans outstanding - $9.9 million out of $180.9 million total originations during 2020 and 2021
Fiscal year Deposit Growth - $137.6 million or 20.9 percent over December 31st 2020
Fiscal year 2021 earnings per fully diluted share were up 28.7 percent or an increase of $0.32 over last year. The earnings improvement was driven by sharply lower provision for loan losses compared to 2020, exceptional growth in the Bank’s loan portfolio, excluding all Paycheck Protection Program (PPP) activity, as well as ongoing income from the Bank’s PPP loans. Earnings for Q4 2021 were lower than the similar period last year by $454 thousand. Excluding all PPP loan related income, Q4 2021 tax equivalent earnings would have been $2.36 million, an increase of $428 thousand, 22.2 percent, or $0.05 per fully diluted share over Q4 2020.

Total net loans as of December 31st, 2021, were $618.6 million, which included $9.9 million of PPP loan balances. Net loans excluding PPP loans grew by $29.6 million or 5.1 percent during the fourth quarter and by $97.3 million or 19.0 percent since December 31st, 2020. Deposit growth also remains extremely high with total deposits increasing by $137.6 million or 20.9 percent during the fiscal year. The Company has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with return on average equity of 16.7 percent during Q4 2021 following 16.8 percent during Q3 2021 and 14.3 percent for the 2020 fiscal year. The Company is currently in its ninth consecutive year producing a return on equity in excess of 10 percent.

“We are pleased to deliver another quarter of strong organic loan growth,” said Craig Wanichek, president and CEO. ”Operating successfully through COVID-19 while keeping our clients and colleagues safe continues to be our primary objective.”

The Company completed a $20 million private placement of ten year fixed to floating subordinated notes during the fourth quarter. The proceeds from the debt issuance will support the Company’s current and expected future growth.

“The support of our subordinated debt offering was a testament to the results of the Bank, low non-performing assets and our position in the markets where we operate,” said Wanichek. “Our clients continue to perform extremely well, resulting in very solid credit metrics.”

The Company’s robust earnings during 2021 have supported asset growth during the year with total shareholders’ equity ending the year at $74.2 million, an increase of $3.0 million during the fourth quarter and an increase of $11.1 million during the 2021 fiscal year. Liquidity remains extremely high with cash and short term investments as of December 31st, 2021 at $195.1 million or 31.6 percent of total net loans.

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at December 31st, 2021 representing just 0.05 percent of total assets, unchanged from September 30th, 2021 and down from 0.26 percent December 31st 2020.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend and downtown Portland, and specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

QUARTERLY FINANCIAL REPORT – DECEMBER 2021

(in thousands except per share data) Unaudited Unaudited
As of As of
Summary Statements of Condition Dec. 31, 2021 Dec. 31, 2020
Cash and short term investments
$

195,145



$

160,851



Securities


71,328





12,979



Loans:
Commercial


185,440





202,183



Commercial real estate


392,071





329,674



Other


49,206





51,352



Loan loss reserve and unearned income


(8,092

)



(10,602

)

Total net loans


618,625





572,607



Property and other assets


17,384





14,575



Repossessed property


29





124



Total assets
$

902,510



$

761,136




Deposits:
Noninterest-bearing demand
$

212,746



$

162,696



Interest-bearing demand


570,609





470,618



Certificates of deposit


11,389





23,823



Total deposits


794,744





657,136



Subordinated debt


19,593





-



Other liabilities


13,966





40,866



Shareholders' equity


74,208





63,134



Total liabilities and shareholders' equity
$

902,510



$

761,136




Book value per share
$

9.80



$

8.38



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, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020
Interest income
$

34,457



$

29,751



$

9,506



$

8,792



Interest expense


(651

)



(1,337

)



(211

)



(222

)

Net interest income


33,806





28,414





9,295





8,570



Provision for loan losses


(2,206

)



(3,782

)



(339

)



(501

)

Noninterest income


1,943





1,709





569





845



Noninterest expense


(18,947

)



(15,677

)



(5,511

)



(4,199

)

Net income before income taxes


14,597





10,664





4,015





4,715



Provision for income taxes


(3,726

)



(2,731

)



(980

)



(1,225

)

Net income
$

10,871



$

7,933



$

3,035



$

3,490




Net income per share, basic
$

1.44



$

1.11



$

0.40



$

0.46



Net income per share, fully diluted
$

1.42



$

1.11



$

0.40



$

0.46

$SBKO Summit Bank Recognized as Top Community Bank SBA Lender in Oregon During 2021
Press Release | 12/03/2021
Results are in for U.S. Small Business Administration (SBA) loans in Oregon, and Summit Bank (OTC Pink: SBKO) continues to lead the way. Lending totals reported in November of the SBA Portland District Office (with territory including Oregon and Southwest Washington) were recently published. The results detail that Summit Bank is the number one community bank lender in Oregon that offers SBA financing, with over $18MM in SBA loans as a third-party lender this year.

Additionally, in 2021, our SBA department funded 259 PPP loans totaling nearly $62MM for small business support across Oregon. Thanks to our SBA team, we helped local businesses save tens of thousands across Oregon keeping businesses afloat throughout the COVID-19 Pandemic. Over the last 18 months, SBA loans help small businesses promote and strengthen the overall economy through financial assistance and providing counsel to help people start and grow their businesses.

SBA Program Administrator, Ashley Horner noted, “This recognition speaks volumes as to how nimble we are as a community bank. As compared with other lenders, who go through layers of management to get to a decision-maker, we have a small number of people involved in making loan decisions locally. We also take advantage of the latest technology, which allows our deals to get approved faster.”

A recent testament to that expedited turnaround process is Ben Hennes (Co-Owner & CCO of Happylucky): “Melanie and the whole team at Summit bank are phenomenal and were so instrumental in helping my business partner Emily and I secure our first SBA loan. As first-time business owners, their grace, collaboration, and mentorship through the process helped us fulfill our dream of purchasing our agency and keeping this local business independent and in the family. Their speed in processing allowed us to take advantage of some great SBA products, and we're just so grateful for their continued partnership. “

With offices in Eugene, Central Oregon, and the Portland Metropolitan area, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners.


View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005491/en/

$SBKO Summit Bank Hires Long-Time Executive Director Roger Lee as Vice President, Business Client Advisor
Press Release | 11/22/2021
Gary O’Connell, Market President of Summit Bank (OTC Pink: SBKO), today announced that Roger Lee, the long-time Chief Executive Officer for the Economic Development of Central Oregon (EDCO) has joined the team as Vice President, Business Client Advisor. He brings nearly 30 years of economic development strategy including business recruitment and retention, industry development, and strategic projects to improve the overall business climate of Central Oregon.

Throughout his tenure at EDCO, Lee was dedicated to creating a diversified economy. He helped attract businesses from outside areas to Central Oregon and enabled these businesses to provide middle-class jobs for the region’s workforce. Prior to his time at EDCO, he was the director of the Baker City Economic Development Department, where he oversaw the execution of comprehensive economic and community development programs within Baker County. For the past eight years, Lee also has served on the loan committee for Evergreen Business Capital, an SBA 504 lender and Summit Bank partner.

As Central Oregon continues to flourish while dealing with the effects the pandemic had on the local economy, Lee has decided it’s time to take on a new role. “I am very thankful for the opportunity at Summit Bank to continue helping businesses in our region. I look forward to learning about this industry and to working with a hard-driving, results-oriented team. It’s been remarkable how many people have already commented that Summit Bank is the perfect fit for me.”

O’Connell agrees. “We’re very excited to have Roger on board. His depth of experience, knowledge, and management capabilities will complement our growing team of business client advisors as we help to continually grow the number of businesses we serve in our market.”

With offices in Central Oregon, Eugene, and Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners.


View source version on businesswire.com: https://www.businesswire.com/news/home/20211122006513/en/

$SBKO Summit Bank Announces Phil Czajka Promotion to Assistant Vice President, Business Client Advisor
Press Release | 10/05/2021
Jamie Shulman, market president of Summit Bank (OTC Pink: SBKO), today announced that Phil Czajka has been promoted to Assistant Vice President, Business Client Advisor. Phil brings more than 10 years of experience in banking including a strong analytical background and extensive knowledge in the healthcare industry both locally and nationwide.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211005006048/en/

Summit Bank Announces Phil Czajka Promotion to Assistant Vice President, Business Client Advisor (Photo: Business Wire).
Summit Bank Announces Phil Czajka Promotion to Assistant Vice President, Business Client Advisor (Photo: Business Wire).

Phil was part of the original seven that opened Summit Bank’s office in the Portland Metropolitan area. He assisted in developing the bank’s dental lending program. “During his time at Summit Bank, Phil has proven to be a reliable asset and colleague. In his role as Business Client Advisor, he will continue to work with our clients and assist local businesses while managing a portfolio of satisfied clients both in the healthcare and commercial real estate spaces,” says Shulman. “Phil’s promotion will allow him to focus more on taking care of existing and prospective clients. He will advocate for and assist local businesses in both the Portland and SW Washington markets.”

Phil is an active member in the Portland and SW Washington communities. He currently is an active member of Leap Adventure’s finance committee, the Commercial Real Estate for Women (CREW) program committee, West Ridge Community Board Member, Southwest Washington Contractors Association and is a Youth Coach at Vancouver Parks & Recreation. In his spare time, he volunteers with the Oregon and Clark County Food Banks, Habitat for Humanity, Meals on Wheels, Mission of Mercy, College Possible, Trillium Family Services and the Oregon State College of Business.

With offices in Eugene, Central Oregon and the Portland Metropolitan area, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners.


View source version on businesswire.com: https://www.businesswire.com/news/home/20211005006048/en/

Summit Bank Announces Stock Split Business Wire   "Press Releases - English"
EUGENE, Ore. --(BUSINESS WIRE)-- Summit Bank (OTCBB:SBKO) announced today that its Board of Directors has unanimously approved a two for one stock split of the companys shares of common stock payable in the form of a stock dividend. The ex-dividend date will be April 4, 2014 , and shareholders of record as of April 9, 2014 will receive one additional share for every share they own.

Given Summits strong financial results for 2013 and the increase in our stock price, the Board reviewed a number of alternatives to thank our shareholders for their support over the years, said Craig Wanichek , president and chief executive officer. We believed the time was right for a one-time split to reward existing shareholders and increase the stocks marketability by making it attractive to a larger number of potential investors.

Summit Bank reported net interest income and non-interest income of $7.4 million for the fiscal year ending December 31, 2013 , up 46.8% from $5.0 million in 2012. Net income for the year was $1.4 million or $1.39 per fully diluted share up 120.6% from 2012.

Headquartered in Eugene at 96 E. Broadway , the Bank specializes in providing high-level service to professionals and to local businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.