EUGENE, Ore., Feb. 6, 2015 /PRNewswire/ -- Summit Bank (OTCBB:
SBKO) reported net income for the fourth quarter of $675 thousand or 30
cents per fully diluted share, up 24% from last year.
Earnings for the comparable period one year ago were $544 thousand or 27
cents per fully diluted share. Fiscal year earnings
for 2014 were $2.4 million or
$1.10 per fully diluted share, up 67%
compared to $1.4 million or
$0.69 cents per share for fiscal year
2013. Year to date return on average assets and return on
average equity were 1.4 percent and 15.5 percent,
respectively.
"The significant increase in earnings is attributable to the
continued expansion of our loan portfolio, which has experienced 8
consecutive quarters of double-digit growth," said Craig Wanichek, President and Chief Executive
Officer. "It was another exciting year where we were able to add a
significant number of new large and small relationships. The growth
in loans, together with maintaining our expenses also improved our
efficiency ratio from 59% to 55%. These strong results were
achieved at the same time we invested in our Small Business
Administration initiative."
Total net loans as of December 31,
2014, were $147.0 million,
representing a 24.8 percent increase over the December 31, 2013 total of $117.8 million. Total deposits increased by
$23.9 million or 17.9 percent over
the previous year. Summit's capital base continues to grow in
step with the Bank's steady asset growth driven by consistently
strong earnings. Total shareholders' equity at December 31, 2014, was $16.8 million, an increase of 19.5% or
$2.8 million over December 31 2013.
"Our strategy to work with clients, understand what they need,
and provide flexible structures to meet their goals has resulted in
Summit being one of the few banks in America producing this level
of earnings and loan growth," said Wanichek.
The Bank continues to hold very low levels of non-performing
assets. Loans that are 90 days past due or in non-accrual
status plus repossessed property, measured as a percentage of
assets, stands at 0.4 percent at December
31, 2014, compared to 0.6 percent one year ago.
Headquartered in Eugene at 96
E. Broadway, the Bank specializes in providing high-level service
to professionals and to medium-sized businesses and their owners.
Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board
as SBKO.
|
QUARTERLY
FINANCIAL REPORT - DECEMBER 2014
|
|
|
|
|
|
|
|
|
|
|
(in thousands except
per share data)
|
|
Unaudited
|
|
|
Unaudited
|
|
|
As
of
|
|
|
As
of
|
|
Summary Statements
of Condition
|
|
Dec. 31,
2014
|
|
|
Dec. 31,
2013
|
|
Cash and short term
investments
|
$
|
17,986
|
|
$
|
19,652
|
|
Securities
|
|
6,284
|
|
|
7,246
|
|
Loans:
|
|
|
|
|
|
|
Commercial
|
|
52,301
|
|
|
36,349
|
|
Commercial real
estate
|
|
80,640
|
|
|
65,702
|
|
Other
|
|
16,790
|
|
|
17,939
|
|
Loan loss reserve and
unearned income
|
|
(2,721)
|
|
|
(2,157)
|
|
Total net
loans
|
|
147,010
|
|
|
117,834
|
|
Property and other
assets
|
|
7,263
|
|
|
6,811
|
|
Repossessed
property
|
|
723
|
|
|
914
|
|
Total
assets
|
$
|
179,266
|
|
$
|
152,457
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$
|
49,079
|
|
$
|
45,148
|
|
Interest-bearing
demand
|
|
93,200
|
|
|
83,946
|
|
Certificates of
deposit
|
|
15,447
|
|
|
4,681
|
|
Total
deposits
|
|
157,726
|
|
|
133,775
|
|
Other
liabilities
|
|
4,692
|
|
|
4,587
|
|
Shareholders'
equity
|
|
16,848
|
|
|
14,095
|
|
Total liabilities and
shareholders' equity
|
$
|
179,266
|
|
$
|
152,457
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
7.77
|
|
$
|
6.73
|
|
Unaudited
|
|
Unaudited
|
|
For the
twelve
|
|
For the
twelve
|
|
months
ending
|
|
months
ending
|
|
Summary Statements
of Income
|
Dec. 31,
2014
|
|
Dec. 31,
2013
|
|
Interest
income
|
$
8,521
|
|
$
6,731
|
|
Interest
expense
|
(247)
|
|
(226)
|
|
Net
interest income
|
8,274
|
|
6,505
|
|
Provision for loan
losses
|
(463)
|
|
(740)
|
|
Noninterest
income
|
1,117
|
|
940
|
|
Noninterest
expense
|
(5,139)
|
|
(4,410)
|
|
Net income
before income taxes
|
3,789
|
|
2,295
|
|
Provision for income
taxes
|
(1,388)
|
|
(857)
|
|
Net
income
|
$
2,401
|
|
$
1,439
|
|
|
|
|
|
Net income
per share, basic
|
$
1.12
|
|
$
0.70
|
|
Net income
per share, fully diluted
|
$
1.10
|
|
$
0.69
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/summit-bank-reports-4th-quarter-earnings-300032026.html
SOURCE Summit Bank