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Summit Bank Reports 2021 3rd Quarter Earnings

Summit Bank (OTC Pink: SBKO):

  • Q3 2021 Net Income - $2.92 million or $0.38 per fully diluted share.
  • Year to date Net Income - $7.84 million or $1.03 per fully diluted share.
  • Trailing 12 month Net Income - $11.32 million or $1.49 per fully diluted share.
  • Trailing 12 month Net Loan Growth - $97.2 million or 20.2 percent (excluding PPP loans).
  • PPP loans outstanding - $40.4 million out of $180.9 million total originations during 2020 and 2021.
  • Q3 2021 Three month deposit growth - $98.5 million or 13.5 percent over Q2 2021.

Earnings for Q3 2021 exceeded the similar period last year by $863,000, an increase of 41.9 percent or $0.11 per fully diluted share. Year to date earnings are up 76.3 percent, which is an increase of $0.40 over the same period in 2020. The earnings improvement was driven by sharply lower provision for loan losses compared to 2020 and strong growth in the Bank’s loan portfolio, excluding Paycheck Protection Program (PPP) activity, as well as ongoing fee income from the Bank’s PPP loans.

“We are pleased to see that signs are continuing to point to an economic resurgence for our clients,” says President & CEO Craig Wanichek. “We continued to have strong loan activity during the third quarter. In addition, our relationship banking model is proving consistently valuable – we know our clients. We on-boarded several new significant relationships this year, which has resulted in the growth of core deposits and loans. Our bankers are out visiting with our clients to address their evolving needs as the economy returns to normal and demand for business financing grows.”

Total net loans as of September 30 2021, were $619.6 million, which includes $40.4 million of PPP loan balances. Net loans excluding PPP loans grew by $31.7 million or 5.8 percent during the quarter and by $97.2 million or 20.2 percent since September 30, 2020. Deposit growth also remains extremely high with total deposits increasing by $200.1 million or 31.9 percent over the trailing 12 month period. The Bank has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with return on average equity of 16.8 percent during Q3 2021 following 15.2 percent during Q2 2021 and 14.3 percent for the 2020 fiscal year. The Bank is currently in its ninth consecutive year yielding a return on equity in excess of 10 percent.

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 $71.2 million, an increase of $3.0 million over the last three months and an increase of $11.6 million over the last 12 months. Liquidity remains extremely high with cash and short term investments as of September 30, 2021 at $247.4 million or 39.9 percent of total net loans.

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at September 30, 2021 representing just 0.05 percent of total assets, down from 0.26 percent and 0.08 percent at December 31, 2020 and June 30, 2021 respectively.

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 – SEPTEMBER 2021

(in thousands except per share data)   Unaudited   Unaudited    
  As of   As of    
Summary Statements of Condition   Sep. 30, 2021   Sep. 30, 2020    
Cash and short term investments  

$

247,377

 

 

$

130,266

 

   
Securities  

 

30,282

 

 

 

12,478

 

   
Loans:        
Commercial  

 

206,838

 

 

 

249,055

 

   
Commercial real estate  

 

373,745

 

 

 

321,577

 

   
Other  

 

48,201

 

 

 

42,613

 

   
Loan loss reserve and unearned income  

 

(9,163

)

 

 

(12,237

)

   
Total net loans  

 

619,621

 

 

 

601,009

 

   
Property and other assets  

 

15,503

 

 

 

14,712

 

   
Repossessed property  

 

49

 

 

 

259

 

   
Total assets  

$

912,832

 

 

$

758,725

 

   
         
Deposits:        
Noninterest-bearing demand  

$

219,488

 

 

$

165,527

 

   
Interest-bearing demand  

 

595,495

 

 

 

434,133

 

   
Certificates of deposit  

 

11,546

 

 

 

26,802

 

   
Total deposits  

 

826,529

 

 

 

626,461

 

   
Other liabilities  

 

15,132

 

 

 

72,711

 

   
Shareholders' equity  

 

71,171

 

 

 

59,552

 

   
Total liabilities and shareholders' equity  

$

912,832

 

 

$

758,725

 

   
         
Book value per share  

$

9.41

 

 

$

7.93

 

   
         
  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, 2021   Sep. 30, 2020   Sep. 30, 2021   Sep. 30, 2020
Interest income  

$

24,951

 

 

$

20,959

 

 

$

9,016

 

 

$

7,020

 

Interest expense  

 

(440

)

 

 

(1,115

)

 

 

(133

)

 

 

(274

)

Net interest income  

 

24,511

 

 

 

19,844

 

 

 

8,883

 

 

 

6,746

 

Provision for loan losses  

 

(1,867

)

 

 

(3,281

)

 

 

(731

)

 

 

(782

)

Noninterest income  

 

1,374

 

 

 

864

 

 

 

493

 

 

 

400

 

Noninterest expense  

 

(13,436

)

 

 

(11,478

)

 

 

(4,690

)

 

 

(3,676

)

Net income before income taxes  

 

10,582

 

 

 

5,949

 

 

 

3,955

 

 

 

2,688

 

Provision for income taxes  

 

(2,747

)

 

 

(1,506

)

 

 

(1,033

)

 

 

(629

)

Net income  

$

7,835

 

 

$

4,444

 

 

$

2,922

 

 

$

2,059

 

         
Net income per share, basic  

$

1.04

 

 

$

0.63

 

 

$

0.39

 

 

$

0.27

 

Net income per share, fully diluted  

$

1.03

 

 

$

0.63

 

 

$

0.38

 

 

$

0.27

 

 

Contacts

Craig Wanichek, President & Chief Executive Officer

541-684-7500

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