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Q4 2008 Earnings Release

February 2, 2009

Summit Bank’s loans and deposits showed strong growth in the 2008 fiscal year, and total assets increased by $14.9 million or 16 percent over 2007 ending the year at $104.6 million. The Bank recorded net loan growth of $17 million, or 24 percent, for the year. Deposits increased by $12.2 million, or 16.5 percent.
“We are pleased with the Bank’s 2008 performance given the economic conditions affecting our customers and community,” said Ann Marie Mehlum, CEO and president. “We significantly increased the Bank’s allowance for loan losses during the year by adding $374,000 to reserves for potential risks to the loan portfolio. This reduced net income for the 2008 fiscal year to $354,000 or 35.4 cents per fully diluted share compared to $438,000 or 43 cents per share for 2007. “
Summit’s Board of Directors recently decided not to participate in the United States Treasury’s Capital Purchase Program (CPP). In January, the Bank was notified that it had been granted preliminary approval to receive $2.7 million, confirming Summit’s status as a strong financial institution.
“Summit does not have immediate need for additional capital, and our Board determined that the cost of the government program, together with the uncertainty regarding the terms of the agreement, made this an unattractive source of capital for the Bank. We’re a profitable bank with money to lend and look forward to being part of our community’s recovery,” 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 25 years. The Bank, headquartered in Eugene at 96 E. Broadway, specializes in providing high-level service to professionals, medium-sized businesses and their owners.