What's New

Press Releases

Year End 2009 Earnings Release

February 1, 2010

EUGENE, Ore., Feb. 1 – Summit Bank (OTCBB:SBKO) continued to report strong balance sheet growth in 2009. For the year ending December 31, 2009, total assets were $124.0 million, up 18.4% compared to 2008. Loan totals for 2009 increased by 8.9% over 2008, driven by growth in owner-occupied real estate loans. Total deposits at December 31, 2009 were $106.5 million, an increase of 23.2% or $20.3 million over December 31, 2008.
“Despite a year that will be considered one of the most difficult in several generations, Summit Bank finished 2009 with stronger than expected growth in its deposit base and loans,” said Ann Marie Mehlum, President and CEO. “The desire to bank with a well capitalized community bank resonated with local business owners and individuals.”
Core earnings (income before taxes, losses on loans and loan loss provision) for the year were $1.459 million, representing an increase of $542 thousand or 59% over 2008 core earnings of
$917 thousand. However, the Bank recognized $1.488 million in loan related losses and provisions for future losses, resulting in a small loss of $10 thousand for the fiscal year. These measures were taken in response to continued weakness in our local economy, particularly in the real estate market. “We believe we have taken a cautious view of the local and regional real estate and economic environments,” said Mehlum.
Summit increased its total regulatory capital by $283 thousand in 2009 and liquidity at year-end was strong with cash and investments up nearly $11 million over 2008, totaling $24.5 million at year-end. “We are confident that we have the capital and balance sheet strength to execute our 2010 business plan and, despite the small loss, we are pleased to remain comfortably above the supervisory guideline for a well capitalized bank,” Mehlum said.
Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Headquartered in Eugene at 96 E. Broadway, the Bank specializes in providing high-level service to professionals and to medium-sized businesses and their owners.