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

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EUGENE, Ore.--(BUSINESS WIRE)-- Summit Bank Group, Inc. (OTC Pink: SBKO) (the “Company”), the holding company for Summit Bank (the “Bank”), reported the following:

Summit Bank Group Reports 2025 2nd Quarter Earnings

Summit Bank Group Reports 2025 2nd Quarter Earnings

  • Q2 2025 Net Income - $3.33 million or $0.42 per fully diluted share, an increase of 22.1 percent over Q2 2024.
  • 2025 Year to Date Net Income - $6.25 million or $0.80 per fully diluted share, an increase of 21.3 percent over similar period in 2024.
  • Cash and Securities totaled $131.6 million - 10.5 percent of assets and increased 7.9 percent over June 30, 2024.
  • Year over year Net Loan Growth - $86.1 million or 8.4 percent.
  • Year over year Deposit Growth - $80.1 million or 7.8 percent.
  • Q2 2025 Net Interest Income increased $1.77 million or 14.5 percent over Q2 2024.

Summit Bank Group reported net income for the second quarter of $3.33 million or 42 cents per fully diluted share. Comparable earnings for second quarter of 2024 were $2.70 million, or 35 cents per fully diluted share, representing an increase of 22.1 percent to earnings per fully diluted share. An increase in net interest income of $1.77 million, or 14.5 percent, concurrent with an increase in noninterest expense of only $698 thousand were the primary drivers of the growth in earnings. The increase in net interest income was the result of continued strong loan growth across all markets year over year.

The Bank continues to maintain a strong liquidity position with cash and available for sale short-term securities totaling $131.6 million, which represents 10.5 percent of total assets as of June 30, 2025, compared to $122 million, or 10.6 percent of total assets, as of June 30, 2024. The Bank maintains secured borrowing commitments from the Federal Home Loan Bank and the Federal Reserve Bank with total available borrowing capacity as of June 30, 2025, of $323 million, or 25.9 percent of total assets. Combined, the Bank’s cash and available secured borrowing as of June 30, 2025 totaled $413 million, which equaled 33.1 percent of total assets and 108.0 percent of total estimated uninsured deposits. This total has increased from $391 million one year ago, which equaled 34.0 percent of total assets.

The Bank has achieved symmetrical balance sheet growth over the last twelve months with $86 million added to loans and $80 million added to deposits. Additionally, the quality and mix of deposits has improved over the same period; reducing time certificates of deposit from 13.7 percent of total deposits to 2.6 percent currently. “Our second quarter results reflect the strength of our relationship-based approach to banking. The continued growth of core deposits is not only a sign of the financial strength and growth of our clients but is also a testament to the number of new locally-owned businesses, professional firms and non-profit entities choosing to move their full banking relationship to us in all three of our markets,” said Craig Wanichek, President and CEO.

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 $115.8 million, an increase of $14.3 million or 14.1 percent since June 30, 2024. As the Company continues its 22nd year of operations, capital levels remain very strong, supporting consistent asset growth with similarly strong retained earnings, which have totaled $56.6 million over the last five years.

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 $1.0 million. “Our share repurchase program remains open, and we continue to be active in the market, reflecting our confidence in the Company’s long-term value and commitment to enhancing shareholder returns,” said Craig Wanichek, President and CEO.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Central Oregon, and Portland, specializing in providing high-level service to professionals and medium-sized businesses and their owners. The Bank was voted for the fourth year in a row as one of Oregon’s “Top 100 Companies to Work For,” according to Oregon Business Magazine. In 2023, 2024 and 2025, Summit Bank was honored as “Favorite Bank” in the Eugene Register-Guard’s annual Reader’s Choice Awards and “Best Bank” by Central Oregon’s Bend Bulletin. Summit Bank Group Inc. is quoted on the OTCPK under the symbol SBKO.

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

 

 

Craig Wanichek

President & Chief Executive Officer

541-684-7500

Source: Summit Bank Group, Inc.

Summit Bank Group Inc

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