Summit Bank SBKO reported net income for the third quarter of $1.65 million or 31 cents per fully diluted share. Earnings for the comparable period one year ago were $1.41 million or 27 cents per fully diluted share. Year to date earnings were $4.24 million or 81 cents per fully diluted share, compared to $3.79 million or 73 cents that the Bank earned during the first nine months of 2018, representing an increase of 11.4 percent.
"Our third full service office opened in the KOIN Center in August," says President & CEO Craig Wanichek. "The Portland Metro area has certainly welcomed our community business bank, the reception has exceeded our expectations. A strong start by our team in Portland has reflected this support. In addition, the continued significant growth of loans and deposits in our Eugene/Springfield and Central Oregon Offices is also positively influencing our results."
Summit continues to achieve robust balance sheet growth with total loans and total deposits increasing by 29 percent and 24 percent respectively over the trailing 12 month period. The third quarter of 2019 represented the 18th consecutive quarter during which the Bank achieved year over year growth in total net loans of at least 17 percent. Total net loans as of September 30, 2019, were $417.6 million, representing a $94.4 million increase over the third quarter 2018 total of $323.2 million. Total deposits increased by $85.3 million over the same period. The Bank continues to achieve strong earnings that have supported its balance sheet growth. Total shareholders' equity at September 30, 2019, was $45.4 million, a $6.9 million or 18.1 percent increase over Summit's September 30, 2018 total of $38.4 million.
The Bank continues to hold very low levels of non-performing assets. Total non-performing assets at September 30, 2019 represented just 0.23 percent of total assets, a decrease from 0.68 percent at September 30 2018.
With offices in Eugene, Bend and downtown Portland, Summit Bank is a business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.
QUARTERLY FINANCIAL REPORT – SEPTEMBER 2019 |
|||||||
| (in thousands except per share data) | Unaudited | Unaudited | |||||
| As of | As of | ||||||
| Summary Statements of Condition | Sep. 30, 2019 | Sep. 30, 2018 | |||||
| Cash and short term investments | $ |
61,389 |
|
$ |
54,047 |
|
|
| Securities |
|
6,071 |
|
|
7,394 |
|
|
| Loans: | |||||||
| Commercial |
|
127,264 |
|
|
105,395 |
|
|
| Commercial real estate |
|
261,592 |
|
|
189,658 |
|
|
| Other |
|
36,337 |
|
|
34,285 |
|
|
Loan loss reserve and unearned income |
|
(7,604 |
) |
|
(6,151 |
) |
|
| Total net loans |
|
417,589 |
|
|
323,188 |
|
|
| Property and other assets |
|
13,308 |
|
|
11,929 |
|
|
| Repossessed property |
|
304 |
|
|
1,050 |
|
|
| Total assets | $ |
498,661 |
|
$ |
397,607 |
|
|
| Deposits: | |||||||
| Noninterest-bearing demand | $ |
91,702 |
|
$ |
96,478 |
|
|
| Interest-bearing demand |
|
300,446 |
|
|
238,651 |
|
|
| Certificates of deposit |
|
47,978 |
|
|
19,739 |
|
|
| Total deposits |
|
440,126 |
|
|
354,868 |
|
|
| Other liabilities |
|
13,167 |
|
|
4,316 |
|
|
| Shareholders' equity |
|
45,368 |
|
|
38,423 |
|
|
| Total liabilities and shareholders' equity | $ |
498,661 |
|
$ |
397,607 |
|
|
| Book value per share | $ |
8.74 |
|
$ |
7.46 |
|
|
| Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||||
| For the nine months ending |
For the nine months ending |
For the three months ending |
For the three months ending |
||||||||||||
| Summary Statements of Income | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||||||||||
| Interest income | $ |
19,651 |
|
$ |
15,481 |
|
$ |
6,925 |
|
$ |
5,527 |
|
|||
| Interest expense |
|
(2,462 |
) |
|
(1,442 |
) |
|
(819 |
) |
|
(592 |
) |
|||
| Net interest income |
|
17,189 |
|
|
14,039 |
|
|
6,106 |
|
|
4,935 |
|
|||
| Provision for loan losses |
|
(2,137 |
) |
|
(1,734 |
) |
|
(602 |
) |
|
(590 |
) |
|||
| Noninterest income |
|
1,537 |
|
|
1,296 |
|
|
428 |
|
|
470 |
|
|||
| Noninterest expense |
|
(10,744 |
) |
|
(8,329 |
) |
|
(3,649 |
) |
|
(2,864 |
) |
|||
| Net income before income taxes |
|
5,846 |
|
|
5,271 |
|
|
2,283 |
|
|
1,951 |
|
|||
| Provision for income taxes |
|
(1,604 |
) |
|
(1,479 |
) |
|
(631 |
) |
|
(545 |
) |
|||
| Net income | $ |
4,243 |
|
$ |
3,792 |
|
$ |
1,651 |
|
$ |
1,406 |
|
|||
| Net income per share, basic | $ |
0.82 |
|
$ |
0.74 |
|
$ |
0.32 |
|
$ |
0.27 |
|
|||
| Net income per share, fully diluted | $ |
0.81 |
|
$ |
0.73 |
|
$ |
0.31 |
|
$ |
0.27 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005257/en/
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