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Summit Bank Group Inc. reports recurring developments for its role as the holding company for Summit Bank, an Oregon commercial bank serving professionals, mid-sized businesses, and their owners. Company updates focus on quarterly earnings, loan and deposit growth, deposit mix, net interest income, capital ratios, shareholders’ equity, and credit quality measures such as non-performing assets.
News also covers Summit Bank’s market presence in Eugene/Springfield, Central Oregon, and the Portland metro area, along with treasury management and lending services. Other recurring items include common stock repurchase programs, board and market leadership appointments, and community banking recognition tied to the bank’s Oregon franchise.
Summit Bank (OTC Pink: SBKO) has promoted Brian Thomas to Senior Vice President, Commercial Banking Team Leader for its Portland and Southwest Washington teams. CEO Craig Wanichek stated that Thomas is well-suited to help expand the bank's business in these regions. With over 13 years of experience in commercial lending, Thomas will focus on building relationships with local businesses and nonprofits. Summit Bank specializes in personal banking and was recognized as the Top SBA Community Bank Lender in Oregon in 2021.
Summit Bank (OTC Pink: SBKO) has appointed Stacy Koos as Senior Vice President and Market Development Officer for the Eugene/Springfield region. Koos, previously the Commercial Banking Team Leader, will focus on expanding Summit Bank's market presence, particularly in Albany and Corvallis. With over 25 years of banking experience, Koos is recognized for her ability to foster business relationships and drive growth. The announcement was made by Jenny Bennett, Market President for the region.
The Independent Community Bankers of America announced that Craig Wanichek, CEO of Summit Bank, was elected to its Legislative Issues Committee. This committee advocates for community banks, aiming to enhance their role in the economy. Wanichek will engage in grassroots activities in Oregon and work closely with ICBA leadership to promote pro-community bank policies. Under his leadership, Summit Bank has been recognized as a top SBA lender and one of Oregon's best workplaces.
Summit Bank Group (OTC Pink: SBKO) reported a net income of $2.7 million, or $0.35 per fully diluted share, for Q1 2022, up 15% from $2.37 million in Q1 2021. Year-over-year net loan growth reached $116.0 million (22.4%). Total deposits increased by $134.0 million (19.2%) since March 31, 2021. Notably, the bank maintained a return on average equity of 14.5%. The company had cash and short-term investments of $208.0 million, accounting for 32.6% of net loans. Summit Bank also boasts low non-performing assets at just 0.05% of total assets.
Summit Bank (OTC Pink: SBKO) announced the appointment of Aaron Walker as Chief Credit Officer. With nearly 30 years in banking, Walker's experience includes managing a $1.2 billion commercial real estate lending portfolio at Columbia Bank and overseeing C&I teams at Umpqua Bank. His expertise in loan approval and portfolio management is expected to enhance Summit's services. Walker holds a B.S. in Finance from the University of Oregon and an MBA from Colorado State University.
Summit Bank's Jenny Bennett has received the 2022 Women of Influence Award, recognizing her significant contributions to Oregon's business community. Since becoming Market President in September 2021, she has led a 109% deposit growth and helped Summit Bank earn the Eugene Mayor’s Bold Steps Award. The award ceremony will take place on March 2, 2022, at the Oregon Convention Center. Bennett is actively involved in multiple banking associations and promotes community banking. Her leadership and commitment to mentoring women in business were highlighted in the announcement.
Summit Bank Group (OTC Pink: SBKO) reported a Q4 2021 net income of $3.04 million ($0.40 per diluted share) and a fiscal year net income of $10.87 million ($1.42 per diluted share), marking a 28.7% increase year-over-year. The bank achieved a net loan growth of $97.3 million (19.0%) and deposit growth of $137.6 million (20.9%) over the past year. However, Q4 earnings slightly declined by $454,000 compared to Q4 2020. The company completed a $20 million subordinated note private placement to support growth, with strong credit metrics and low non-performing assets maintained at 0.05%.
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Summit Bank Group, Inc. (OTC Pink: SBKO) announced the successful closure of a private placement totaling $20 million in 3.25% Fixed-to-Floating Rate Subordinated Notes due December 1, 2031. The initial interest rate will be 3.25% until December 1, 2026, after which it will transition to a floating rate linked to Three-Month Term SOFR plus a 217 basis point spread. Proceeds will be used for general corporate purposes and to maintain required regulatory capital, supporting future growth plans.
Summit Bank (OTC Pink: SBKO) has announced that Roger Lee, former CEO of Economic Development for Central Oregon, will join the bank as Vice President, Business Client Advisor. With nearly 30 years of experience in economic development, Lee has previously worked on business recruitment and retention. His expertise aims to enhance the business climate in Central Oregon. Market President Gary O’Connell expressed enthusiasm about Lee's capabilities, believing his experience will significantly benefit the bank's efforts in expanding their client base.