Summit Bank Group, Inc. Reports 2025 2nd Quarter Earnings

Summit Bank Group Reports 2025 2nd Quarter Earnings
-
Q2 2025 Net Income -
or$3.33 million per fully diluted share, an increase of 22.1 percent over Q2 2024.$0.42 -
2025 Year to Date Net Income -
or$6.25 million per fully diluted share, an increase of 21.3 percent over similar period in 2024.$0.80 -
Cash and Securities totaled
- 10.5 percent of assets and increased 7.9 percent over June 30, 2024.$131.6 million -
Year over year Net Loan Growth -
or 8.4 percent.$86.1 million -
Year over year Deposit Growth -
or 7.8 percent.$80.1 million -
Q2 2025 Net Interest Income increased
or 14.5 percent over Q2 2024.$1.77 million
Summit Bank Group reported net income for the second quarter of
The Bank continues to maintain a strong liquidity position with cash and available for sale short-term securities totaling
The Bank has achieved symmetrical balance sheet growth over the last twelve months with
Return on average equity over the trailing four quarters has improved for the fifth consecutive quarter, at 11.5 percent for both the current quarter and the trailing four quarters. Total shareholders’ equity ended the second quarter at
Total non-performing assets as of June 30, 2025, which continued to decline as a percentage of total assets, decreased to just 0.04 percent following 0.20 percent as of December 31, 2024 and 0.10 percent as of March 31, 2025.
In November 2024, the Company announced the Board’s authorization to repurchase shares of its common stock up to a maximum total volume of
Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in
Forward-Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or financial results and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, general economic conditions or conditions within the securities markets, potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, changes in asset quality, charge-offs and credit loss provisions, changes in demand for our products and services, availability of low-cost funding, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged.
Accordingly, you should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
QUARTERLY FINANCIAL REPORT – June 30th 2025 |
||||||||||||
(in thousands except per share data) | Unaudited | Unaudited | Unaudited | |||||||||
As of | As of | As of | ||||||||||
Summary Statements of Condition | Jun. 30, 2025 | Mar. 31, 2025 | Jun. 30, 2024 | |||||||||
Cash and short term investments | $ |
90,253 |
|
$ |
147,684 |
|
$ |
65,857 |
|
|||
Securities |
|
41,313 |
|
|
41,777 |
|
|
56,096 |
|
|||
Loans: | ||||||||||||
Commercial |
|
335,653 |
|
|
324,864 |
|
|
311,540 |
|
|||
Commercial real estate |
|
673,609 |
|
|
650,392 |
|
|
608,581 |
|
|||
Other |
|
89,069 |
|
|
99,921 |
|
|
90,672 |
|
|||
Loan loss reserve and unearned income |
|
(12,044 |
) |
|
(11,228 |
) |
|
(10,654 |
) |
|||
Total net loans |
|
1,086,288 |
|
|
1,063,950 |
|
|
1,000,140 |
|
|||
Property and other assets |
|
29,970 |
|
|
30,521 |
|
|
28,163 |
|
|||
Repossessed property |
|
276 |
|
|
538 |
|
|
958 |
|
|||
Total assets | $ |
1,248,100 |
|
$ |
1,284,470 |
|
$ |
1,151,213 |
|
|||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ |
174,872 |
|
$ |
166,494 |
|
$ |
156,954 |
|
|||
Interest-bearing demand |
|
898,237 |
|
|
862,451 |
|
|
724,928 |
|
|||
Certificates of deposit |
|
28,768 |
|
|
111,732 |
|
|
139,877 |
|
|||
Total deposits |
|
1,101,876 |
|
|
1,140,676 |
|
|
1,021,759 |
|
|||
Subordinated debt |
|
18,503 |
|
|
18,493 |
|
|
18,464 |
|
|||
Other liabilities |
|
11,931 |
|
|
13,124 |
|
|
9,522 |
|
|||
Shareholders' equity |
|
115,789 |
|
|
112,177 |
|
|
101,469 |
|
|||
Total liabilities and shareholders' equity | $ |
1,248,100 |
|
$ |
1,284,470 |
|
$ |
1,151,213 |
|
|||
Book value per share | $ |
14.85 |
|
$ |
14.48 |
|
$ |
13.15 |
|
Unaudited | Unaudited | Unaudited | ||||||||||||||
For the six months ended | For the six months ended | For the three months ended | For the three months ended | |||||||||||||
Summary Statements of Income | Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | ||||||||||||
Interest income | $ |
40,014 |
|
$ |
37,009 |
|
$ |
20,131 |
|
$ |
19,014 |
|
||||
Interest expense |
|
(12,518 |
) |
|
(12,668 |
) |
|
(6,117 |
) |
|
(6,772 |
) |
||||
Net interest income |
|
27,496 |
|
|
24,341 |
|
|
14,014 |
|
|
12,242 |
|
||||
Provision for loan losses |
|
(3,811 |
) |
|
(3,852 |
) |
|
(1,859 |
) |
|
(1,835 |
) |
||||
Noninterest income |
|
632 |
|
|
831 |
|
|
450 |
|
|
633 |
|
||||
Noninterest expense |
|
(15,784 |
) |
|
(14,356 |
) |
|
(8,056 |
) |
|
(7,358 |
) |
||||
Net income before income taxes |
|
8,533 |
|
|
6,964 |
|
|
4,549 |
|
|
3,682 |
|
||||
Provision for income taxes |
|
(2,282 |
) |
|
(1,841 |
) |
|
(1,223 |
) |
|
(980 |
) |
||||
Net income | $ |
6,252 |
|
$ |
5,122 |
|
$ |
3,327 |
|
$ |
2,701 |
|
||||
Net income per share, basic | $ |
0.81 |
|
$ |
0.67 |
|
$ |
0.43 |
|
$ |
0.35 |
|
||||
Net income per share, fully diluted | $ |
0.80 |
|
$ |
0.66 |
|
$ |
0.42 |
|
$ |
0.35 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250723142268/en/
Craig Wanichek
President & Chief Executive Officer
541-684-7500
Source: Summit Bank Group, Inc.