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Q1 Earnings Release

April 20, 2011

Summit Bank reported net income for the 1st quarter of $138,000 or 14 cents per fully diluted share, a
16 percent improvement over the 1st quarter of 2010 when the Bank reported net income of $119,000 or
12 cents per share. The Bank achieved earnings growth by maintaining net interest margin and managing operating expenses. Net interest income for the first quarter of 2011 of $1 million, was level with the first quarter of 2010, largely the result of preserving loan yields, increased investment income and management of interest expense.
Summit continues to maintain a very strong and liquid balance sheet. Total risk based capital for the Bank ended the quarter at 12.9 percent, well in excess of the FDIC’s well capitalized benchmark of 10 percent. Overnight investments and marketable securities comprised 22.7 percent of total assets at quarter end, up from 19.2 percent of assets as of March 31st 2010. In addition core deposits, consisting of checking and money market accounts, increased by $10.4 million to $82.4 million at March 31st 2011, which represents a
14.6 percent increase from March 31st 2010’s total of $71.9 million.
“We have stayed liquid during this difficult economic period and the balance sheet clearly reflects that objective,” stated Ann Marie Mehlum, President and CEO of Summit. “We are also pleased our deposit product mix is growing as desired.”
The Bank continues to actively manage its loan portfolio and reported a reduction in exposure to acquisition, development and construction loans to $8.1 million as of March 31st 2011, or 6.7 percent of total assets, from $12.9 million or 10.4 percent of total assets at the end of first quarter 2010. “We have also seen notable improvement in our non-accruals and other real estate owned assets,” said Craig Wanichek, Chief Credit Administrator of the Bank. “Non-accruals decreased 34% from $3.8 million to $2.5 million year-over-year, and other real estate owned assets declined to $681 thousand this quarter from $877 thousand first quarter last year.”
Headquartered in Eugene at 96 E. Broadway, the Bank is one of the region’s most successful community banks, specializing in providing high-level service to professionals and to medium-sized businesses and their owners.Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.