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Summit Bank Group Reports 2021 4th Quarter Earnings

Summit Bank Group (OTC Pink: SBKO)

  • Q4 2021 Net Income - $3.04 million or $0.40 per fully diluted share
  • Fiscal year Net Income - $10.87 million or $1.42 per fully diluted share
  • Fiscal year Net Loan Growth - $97.3 million or 19.0 percent (excluding PPP loans)
  • PPP loans outstanding - $9.9 million out of $180.9 million total originations during 2020 and 2021
  • Fiscal year Deposit Growth - $137.6 million or 20.9 percent over December 31st 2020

Fiscal year 2021 earnings per fully diluted share were up 28.7 percent or an increase of $0.32 over last year. The earnings improvement was driven by sharply lower provision for loan losses compared to 2020, exceptional growth in the Bank’s loan portfolio, excluding all Paycheck Protection Program (PPP) activity, as well as ongoing income from the Bank’s PPP loans. Earnings for Q4 2021 were lower than the similar period last year by $454 thousand. Excluding all PPP loan related income, Q4 2021 tax equivalent earnings would have been $2.36 million, an increase of $428 thousand, 22.2 percent, or $0.05 per fully diluted share over Q4 2020.

Total net loans as of December 31st, 2021, were $618.6 million, which included $9.9 million of PPP loan balances. Net loans excluding PPP loans grew by $29.6 million or 5.1 percent during the fourth quarter and by $97.3 million or 19.0 percent since December 31st, 2020. Deposit growth also remains extremely high with total deposits increasing by $137.6 million or 20.9 percent during the fiscal year. The Company has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with return on average equity of 16.7 percent during Q4 2021 following 16.8 percent during Q3 2021 and 14.3 percent for the 2020 fiscal year. The Company is currently in its ninth consecutive year producing a return on equity in excess of 10 percent.

“We are pleased to deliver another quarter of strong organic loan growth,” said Craig Wanichek, president and CEO. ”Operating successfully through COVID-19 while keeping our clients and colleagues safe continues to be our primary objective.”

The Company completed a $20 million private placement of ten year fixed to floating subordinated notes during the fourth quarter. The proceeds from the debt issuance will support the Company’s current and expected future growth.

“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 $74.2 million, an increase of $3.0 million during the fourth quarter and an increase of $11.1 million during the 2021 fiscal year. Liquidity remains extremely high with cash and short term investments as of December 31st, 2021 at $195.1 million or 31.6 percent of total net loans.

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at December 31st, 2021 representing just 0.05 percent of total assets, unchanged from September 30th, 2021 and down from 0.26 percent December 31st 2020.

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend and downtown Portland, and specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

QUARTERLY FINANCIAL REPORT – DECEMBER 2021

(in thousands except per share data) Unaudited Unaudited
As of As of
Summary Statements of Condition Dec. 31, 2021 Dec. 31, 2020
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 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020
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

 

 

Contacts

Craig Wanichek, President & Chief Executive Officer

541-684-7500

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