Summit Bank (OTCBB:SBKO) reported net income for the first quarter of
$424,000 or 39 cents per fully diluted share. Earnings for the
comparable period one year ago were $109,000 or 11 cents per fully
diluted share. First quarter 2014 net interest income of $1.9 million
represents a 38.4 percent improvement over first quarter 2013 net
interest income of $1.4 million. First quarter earnings last year were
adversely impacted 9 cents per share by a loan charge-off. Fully diluted
earnings per share for the trailing four quarters totaled $1.65.
The Bank continues to experience significant growth in its loan and
deposit portfolios. Total net loans as of March 31, 2014, were $126.8
million, representing an 18.6 percent increase over the first quarter
2013 total of $106.9 million. Total demand deposits (excluding time
deposits) increased by $32.1 million or 28.8 percent over the previous
year. Solid earnings over the last four quarters have allowed Summit to
increase its already strong levels of regulatory capital. Total
shareholders’ equity at March 31, 2014, was $14.7 million, an increase
of 18.8% over $12.4 million as of March 31, 2013.
“We are pleased with our continued growth in loans and deposits,” said
Craig Wanichek, president and chief executive officer. “Our consistent
progress has been a reflection of the growth and success of our clients
as well as the development of new relationships within the market. While
our growth has continued to rank us among the top of our peers, we have
strategically utilized our current structure to increase our earnings.”
The Bank continues to hold very low levels of non-performing assets.
Total non-performing assets at March 31, 2014, consist primarily of one
parcel of other real estate owned and represented just 0.5% of total
assets, down slightly from 0.6% at December 31, 2013.
Headquartered in Eugene at 96 E. Broadway, the Bank 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 – MARCH 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands except per share data)
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
Summary Statements of Condition
|
|
Mar. 31, 2014
|
|
|
Mar. 31, 2013
|
|
|
Cash and short term investments
|
|
$
|
26,399
|
|
|
$
|
16,362
|
|
|
Securities
|
|
|
|
|
6,622
|
|
|
|
11,412
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
43,065
|
|
|
|
27,614
|
|
|
Commercial real estate
|
|
|
|
68,745
|
|
|
|
62,499
|
|
|
Other
|
|
|
|
|
17,335
|
|
|
|
18,617
|
|
|
Loan loss reserve and unearned income
|
|
|
(2,348
|
)
|
|
|
(1,834
|
)
|
|
Total net loans
|
|
|
|
|
126,797
|
|
|
|
106,895
|
|
|
Property and other assets
|
|
|
|
6,871
|
|
|
|
6,853
|
|
|
Repossessed property
|
|
|
|
799
|
|
|
|
251
|
|
|
|
Total assets
|
|
|
$
|
167,488
|
|
|
$
|
141,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
49,657
|
|
|
$
|
36,542
|
|
|
Interest-bearing demand
|
|
|
|
94,083
|
|
|
|
75,082
|
|
|
Certificates of deposit
|
|
|
|
2,657
|
|
|
|
12,034
|
|
|
|
Total deposits
|
|
|
|
146,397
|
|
|
|
123,658
|
|
|
Other liabilities
|
|
|
|
6,367
|
|
|
|
5,724
|
|
|
Shareholders' equity
|
|
|
|
14,724
|
|
|
|
12,391
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
167,488
|
|
|
$
|
141,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
|
$
|
13.79
|
|
|
$
|
12.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
For the three
months ending
|
|
For the three
months ending
|
|
|
Summary Statements of Income
|
|
Mar. 31, 2014
|
|
|
Mar. 31, 2013
|
|
|
Interest income
|
|
|
$
|
1,934
|
|
|
$
|
1,409
|
|
|
Interest expense
|
|
|
|
(62
|
)
|
|
|
(56
|
)
|
|
|
Net interest income
|
|
|
|
1,872
|
|
|
|
1,353
|
|
|
Provision for loan losses
|
|
|
|
(169
|
)
|
|
|
(283
|
)
|
|
Noninterest income
|
|
|
|
136
|
|
|
|
140
|
|
|
Noninterest expense
|
|
|
|
(1,155
|
)
|
|
|
(1,047
|
)
|
|
|
Net income before income taxes
|
|
|
684
|
|
|
|
162
|
|
|
Provision for income taxes
|
|
|
(260
|
)
|
|
|
(53
|
)
|
|
|
Net income
|
|
|
$
|
424
|
|
|
$
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share, basic
|
|
$
|
0.40
|
|
|
$
|
0.11
|
|
|
|
Net income per share, fully diluted
|
|
$
|
0.39
|
|
|
$
|
0.11
|
|
Copyright Business Wire 2014