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Q3 2008 Earnings Release
October 18, 2008EUGENE, Ore., October 16, 2008 – Summit Bank surpassed the $100 million mark during the third quarter with total assets of $106 million at Sept. 30. Deposits grew robustly to $89.6 million, a 31 percent increase over the same quarter a year ago, and loans grew by 26 percent to $83 million.
Net income during thethird quarter grew by 49 percent over the previous quarter’s results: $134,000 or $.13 cents per fully-diluted share compared to $90,000 or $.09 cents per fully-diluted share. Year to date earnings for 2008 are, however, 4.5 percent less than earnings for the same period in 2007. The bank has reserved larger amounts for loan losses this year to mitigate potential risks associated with the current economic climate. This larger reserve caused the decline in earnings.
"There has never been a greater need for a community bank like Summit – we’re well capitalized, and have no investments in sub-prime real estate transactions or related securities, “said Summit's CEO Ann Marie Mehlum. “We have strong liquidity and are continuing to lend money in Eugene and Springfield, bolstering our local economy. Our continued growth stems from professionals and business owners who recognize our stability and strength, and value the incomparable service delivered by our professional staff.”
“Summit’s earnings grew over the last quarter despite reserving more for loan losses and taking ownership of a foreclosed property,” Mehlum noted. “Our loan portfolio continues to perform very well, we have no non-performing loans, and we have nearly $1 million reserved for possible loan losses. Our depositors enjoy safety and innovative services.”
Last quarter, Summit joined the Money Pass ATM Network, providing fee-free ATM access at over 460 Oregon and 13,000 national machines for its debit card users. It is also installing its first state-of-the-art ATM in November. “We’re always looking for ways to better serve our customers," Mehlum said.
Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. The bank received its charter and began operations in February 2004 as Eugene/Springfield’s first new bank in more than two decades. The bank, headquartered in downtown Eugene at 96 E. Broadway, specializes in providing high quality financial and professional services for small to medium sized businesses and their owners.