Financial News

Summit Bank Group Reports 2022 3rd Quarter Earnings

Summit Bank Group (OTC Pink: SBKO):

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221019005287/en/

Summit Bank Group Reports 3rd Quarter Earnings (Graphic: Business Wire)

Summit Bank Group Reports 3rd Quarter Earnings (Graphic: Business Wire)

  • Q3 2022 Net Income – $3.56 million or $0.46 per fully diluted share.
  • Year to date Net Income – $9.71 million or $1.26 per fully diluted share or 24 percent gain over prior year period
  • Trailing twelve months Net Income – $12.74 million or $1.66 per fully diluted share
  • Year over year Net Loan Growth – $129.1 million or 22.3 percent (excluding PPP loans)
  • Year over year Deposit Growth – $44.2 million or 5.3 percent over September 30, 2021

Summit Bank Group reported net income for the third quarter of $3.56 million or 46 cents per fully diluted share. Comparable earnings for the third quarter of 2021 were $2.92 million or 38 cents per fully diluted share, representing increases of 22 percent and 21 percent to earnings and earnings per fully diluted share, respectively. Year to date net income for 2022 was $9.71 million or $1.26 per fully diluted share representing increases of $1.90 million or 24 percent and 24 cents per fully diluted share or 23 percent over the similar period during 2021. Summit successfully concluded its PPP loan program during the third quarter with de minimis PPP related income during the quarter compared to the third quarter of 2021 where PPP related income comprised 11.5 percent of total net interest and non-interest income.

“The opportunities arising from the balance sheet and earnings growth have seen the Bank add new colleagues,” said Craig Wanichek, president and CEO. “We are very excited this quarter to have added exceptional, experienced bankers in all of our markets.”

Total net loans as of September 30, 2022, were $708.3 million. Net loans grew by $49.0 million or 7.4 percent during the third quarter and by $129.1 million or 22.3 percent (excluding PPP) since September 30, 2021. Deposit growth has slowed during 2022 as clients have deployed excess cash reserves accumulated during the pandemic with total deposits increasing by $9.9 million or 1.1 percent during the third quarter and by $44.2 million or 5.3 percent since September 30, 2021. The Company continues to produce strong and consistent profitability concurrent with the rapid balance sheet growth with return on average equity of 18.5 percent during both Q2 and Q3 2022 compared to 16.8 percent during Q3 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 10.0 percent.

“Strong loan growth for the quarter was the direct result of our bankers working closely with our clients over the last year,” said Wanichek. “Our team is committed to providing unrivaled service to our clients resulting in very responsive banking solutions.”

The Company’s strong earnings continue to support asset growth with total shareholders’ equity ending the third quarter at $80.2 million, an increase of $9.1 million or 12.8 percent since September 30, 2021. Liquidity remains high with cash and short term investments as of September 30, 2022 at $180.1 million or 25.4 percent of total net loans.

“Our strategy of remaining highly liquid and structuring a balance sheet with a short duration has worked well in the rising rate environment,” said Chief Financial Officer Scott Goldstein. “Summit is positioned to support strong loan growth with significant liquidity at the end of the quarter.”

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at September 30, 2022 representing just 0.07 percent of total assets, up slightly from June 30, 2022 and September 30, 2021 levels of 0.04 percent and 0.05 percent respectively.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Central Oregon 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.

SUMMIT BANK GROUP INC. CONSOLIDATED QUARTERLY FINANCIAL REPORT – SEPTEMBER 30, 2022

(in thousands except per share data)   Unaudited   Unaudited    
 

As of

 

As of

   
Summary Statements of Condition   Sep. 30, 2022   Sep. 30, 2021    
Cash and short term investments  

$

180,125

 

 

$

247,401

 

   
Securities  

 

67,286

 

 

 

30,282

 

   
Loans:        
Commercial  

 

219,100

 

 

 

206,838

 

   
Commercial real estate  

 

437,193

 

 

 

373,745

 

   
Other  

 

60,282

 

 

 

48,201

 

   
Loan loss reserve and unearned income  

 

(8,274

)

 

 

(9,163

)

   
Total net loans  

 

708,301

 

 

 

619,621

 

   
Property and other assets  

 

20,137

 

 

 

15,503

 

   
Repossessed property  

 

242

 

 

 

49

 

   
Total assets  

$

976,091

 

 

$

912,856

 

   
         
Deposits:        
Noninterest-bearing demand  

$

212,742

 

 

$

219,488

 

   
Interest-bearing demand  

 

629,475

 

 

 

595,495

 

   
Certificates of deposit  

 

28,478

 

 

 

11,546

 

   
Total deposits  

 

870,695

 

 

 

826,529

 

   
Subordinated debt  

 

19,624

 

 

 

-

 

   
Other liabilities  

 

5,518

 

 

 

15,156

 

   
Shareholders' equity  

 

80,254

 

 

 

71,171

 

   
Total liabilities and shareholders' equity  

$

976,091

 

 

$

912,856

 

   
         
Book value per share  

$

10.51

 

 

$

9.41

 

   
         
  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, 2022   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
Interest income  

$

31,404

 

 

$

24,951

 

 

$

11,963

 

 

$

9,016

 

Interest expense  

 

(1,913

)

 

 

(440

)

 

 

(1,178

)

 

 

(133

)

Net interest income  

 

29,491

 

 

 

24,511

 

 

 

10,785

 

 

 

8,883

 

Provision for loan losses  

 

(2,922

)

 

 

(1,867

)

 

 

(1,376

)

 

 

(731

)

Noninterest income  

 

2,082

 

 

 

1,374

 

 

 

688

 

 

 

493

 

Noninterest expense  

 

(15,539

)

 

 

(13,457

)

 

 

(5,273

)

 

 

(4,690

)

Net income before income taxes  

 

13,112

 

 

 

10,561

 

 

 

4,825

 

 

 

3,955

 

Provision for income taxes  

 

(3,402

)

 

 

(2,747

)

 

 

(1,262

)

 

 

(1,033

)

Net income  

$

9,709

 

 

$

7,814

 

 

$

3,563

 

 

$

2,922

 

         
Net income per share, basic  

$

1.27

 

 

$

1.04

 

 

$

0.47

 

 

$

0.39

 

Net income per share, fully diluted  

$

1.26

 

 

$

1.03

 

 

$

0.46

 

 

$

0.38

 

Contacts

Craig Wanichek, President & Chief Executive Officer

541-684-7500

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