Summit Bank Group Reports 2021 4th Quarter Earnings
-
Q4 2021 Net Income -
or$3.04 million per fully diluted share$0.40 -
Fiscal year Net Income -
or$10.87 million per fully diluted share$1.42 -
Fiscal year Net Loan Growth -
or 19.0 percent (excluding PPP loans)$97.3 million -
PPP loans outstanding -
out of$9.9 million total originations during 2020 and 2021$180.9 million -
Fiscal year Deposit Growth -
or 20.9 percent over$137.6 million December 31 st 2020
Fiscal year 2021 earnings per fully diluted share were up 28.7 percent or an increase of
Total net loans as of
“We are pleased to deliver another quarter of strong organic loan growth,” said
The Company completed a
“The support of our subordinated debt offering was a testament to the results of the Bank, low non-performing assets and our position in the markets where we operate,” said Wanichek. “Our clients continue to perform extremely well, resulting in very solid credit metrics.”
The Company’s robust earnings during 2021 have supported asset growth during the year with total shareholders’ equity ending the year at
The Bank continues to hold very low levels of non-performing assets with total non-performing assets at
QUARTERLY FINANCIAL REPORT – |
|||||||
(in thousands except per share data) | Unaudited | Unaudited | |||||
As of | As of | ||||||
Summary Statements of Condition | |||||||
Cash and short term investments | $ |
195,145 |
|
$ |
160,851 |
|
|
Securities |
|
71,328 |
|
|
12,979 |
|
|
Loans: | |||||||
Commercial |
|
185,440 |
|
|
202,183 |
|
|
Commercial real estate |
|
392,071 |
|
|
329,674 |
|
|
Other |
|
49,206 |
|
|
51,352 |
|
|
Loan loss reserve and unearned income |
|
(8,092 |
) |
|
(10,602 |
) |
|
Total net loans |
|
618,625 |
|
|
572,607 |
|
|
Property and other assets |
|
17,384 |
|
|
14,575 |
|
|
Repossessed property |
|
29 |
|
|
124 |
|
|
Total assets | $ |
902,510 |
|
$ |
761,136 |
|
|
Deposits: | |||||||
Noninterest-bearing demand | $ |
212,746 |
|
$ |
162,696 |
|
|
Interest-bearing demand |
|
570,609 |
|
|
470,618 |
|
|
Certificates of deposit |
|
11,389 |
|
|
23,823 |
|
|
Total deposits |
|
794,744 |
|
|
657,136 |
|
|
Subordinated debt |
|
19,593 |
|
|
- |
|
|
Other liabilities |
|
13,966 |
|
|
40,866 |
|
|
Shareholders' equity |
|
74,208 |
|
|
63,134 |
|
|
Total liabilities and shareholders' equity | $ |
902,510 |
|
$ |
761,136 |
|
|
Book value per share | $ |
9.80 |
|
$ |
8.38 |
|
Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||||
For the twelve months ending |
For the twelve months ending |
For the three months ending |
For the three months ending |
||||||||||||
Summary Statements of Income | |||||||||||||||
Interest income | $ |
34,457 |
|
$ |
29,751 |
|
$ |
9,506 |
|
$ |
8,792 |
|
|||
Interest expense |
|
(651 |
) |
|
(1,337 |
) |
|
(211 |
) |
|
(222 |
) |
|||
Net interest income |
|
33,806 |
|
|
28,414 |
|
|
9,295 |
|
|
8,570 |
|
|||
Provision for loan losses |
|
(2,206 |
) |
|
(3,782 |
) |
|
(339 |
) |
|
(501 |
) |
|||
Noninterest income |
|
1,943 |
|
|
1,709 |
|
|
569 |
|
|
845 |
|
|||
Noninterest expense |
|
(18,947 |
) |
|
(15,677 |
) |
|
(5,511 |
) |
|
(4,199 |
) |
|||
Net income before income taxes |
|
14,597 |
|
|
10,664 |
|
|
4,015 |
|
|
4,715 |
|
|||
Provision for income taxes |
|
(3,726 |
) |
|
(2,731 |
) |
|
(980 |
) |
|
(1,225 |
) |
|||
Net income | $ |
10,871 |
|
$ |
7,933 |
|
$ |
3,035 |
|
$ |
3,490 |
|
|||
Net income per share, basic | $ |
1.44 |
|
$ |
1.11 |
|
$ |
0.40 |
|
$ |
0.46 |
|
|||
Net income per share, fully diluted | $ |
1.42 |
|
$ |
1.11 |
|
$ |
0.40 |
|
$ |
0.46 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005154/en/
541-684-7500
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