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Q2 2008 Earnings Release

July 18, 2008

Summit Bank closed the second quarter with both loans and deposits 25% higher than June 30, 2007. Total assets reached $98.5 million, an increase of $19.9 million or 25.2% over the same period a year ago. Total deposits grew by $16.1 million, and total net loans increased by $16.4 million.
Net income was $90,000 or 9.1 cents per fully-diluted share, comparable to last year’s second quarter results of $91,000 or 9.2 cents per fully-diluted share.
"With margins shrinking at most banks and the economy slowing, we maintained our net income -- an important result for our shareholders", said Summit's CEO Ann Marie Mehlum.
She added, “We remain well-capitalized, have no sub-prime mortgage exposure and have a well-managed loan portfolio. Those facts, combined with our focus on deepening and strengthening our customer relationships, are important factors in our continued positive financial results."
Summit Bank received its charter and began operations in February 2004 as the first new bank in more than two decades in the Eugene/Springfield area. The Bank, headquartered in Eugene at 96 E. Broadway, specializes in providing high level service to professionals, medium-sized businesses and their owners.