Summit Bank Reports Q3 2021 Results

EUGENE, Oregon – (COMMERCIAL THREAD) – Summit Bank (OTC Pink: SBKO):

• Third Quarter 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.

• Net income for the past 12 months – $ 11.32 million or $ 1.49 per fully diluted share.

• Net loan growth over the last 12 months – $ 97.2 million or 20.2% (excluding PPP loans).

• Outstanding PPP Loans – $ 40.4 million out of a total of $ 180.9 million of origination in 2020 and 2021.

• Q3 2021 Three-month deposit growth – $ 98.5 million or 13.5% from Q2 2021.

Profit for the third quarter of 2021 exceeded that of a similar period last year by $ 863,000, an increase of 41.9% or $ 0.11 per fully diluted share. Year-to-date profit is up 76.3%, an increase of $ 0.40 over the same period in 2020. The improvement in profit is due to a markedly provision for loan losses. lower than 2020 and strong growth in the Bank’s loan portfolio, excluding the paycheck protection program. (PPP), as well as income from outstanding commissions on the Bank’s PPP loans.

“We are delighted to see that the signs continue to point to an economic recovery for our customers,” said President and CEO Craig Wanishek. “We continued to have strong lending activity in the third quarter. In addition, our relationship banking model continues to prove valuable – we know our customers. We have forged several important new relationships this year, which has resulted in growth in core deposits and loans. Our bankers visit our clients to meet their ever-changing needs as the economy returns to normal and demand for business financing increases.

Total net lending as of September 30, 2021 was $ 619.6 million, which includes $ 40.4 million of PPP loan balances. Net lending excluding PPP loans increased by $ 31.7 million or 5.8% in the quarter and by $ 97.2 million or 20.2% since September 30, 2020. Deposit growth also remains extremely high, with total deposits increasing by $ 200.1 million or 31.9% in the past 12 months. . The Bank has managed to maintain strong and consistent profitability alongside its recent rapid growth in its balance sheet with an average return on equity of 16.8% in the third quarter of 2021, after 15.2% in the second quarter of 2021 and 14.3% for fiscal 2020. The Bank is currently in its ninth consecutive year with a return on equity above 10%.

Summit’s continued strong earnings supported its asset growth during the quarter and as a result the Bank’s capital position remains strong, with total equity at the end of the quarter at $ 71.2 million. dollars, an increase of $ 3.0 million over the past three months, and an increase of $ 11.6 million over the past 12 months. Liquidity remains extremely high with cash and short-term investments as of September 30, 2021 at $ 247.4 million or 39.9% of total net lending.

The Bank continues to hold very low levels of non-performing assets, with total non-performing assets as at September 30, 2021 representing only 0.05% of total assets, compared to 0.26% and 0.08% as at December 31, 2020 and as of June 30, 2021 respectively. .

Summit Bank, with offices in Eugene / Springfield, Central Oregon and the Metro Portland area, specializes in providing high-level service to professionals, mid-size businesses and their owners. Summit was recognized in 2020 as the Small Business Administration (SBA) Top Community Bank Lender in the State of Oregon. Summit Bank is listed on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

QUARTERLY FINANCIAL REPORT – SEPTEMBER 2021