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Summit Bank Quarterly Earnings Report – December 31, 2018

Summit Bank reported net income for the fiscal year ended December 31, 2018 of $5.76 million or $1.10 per fully diluted share.  Strong contributions from all of Summit’s operating units combined with a lower effective federal tax rate during 2018 allowed the Bank to achieve a 71 percent increase in fully diluted earnings per share compared to the previous year.   2018 earnings represented a $0.45 per fully diluted share increase over fiscal 2017 earnings of $3.28 million or $0.65 per share.  Fully diluted pre-tax earnings per share for the fiscal year 2018 increased 27 percent compared to fiscal year 2017.  

Earnings for the fourth quarter were similarly as strong with pre-tax fully diluted earnings per share of $0.47, an increase over the 4th quarter of 2017 of $0.17 or 58 percent.  

Summit achieved its sixth consecutive year of annual loan growth in excess of 20 percent during 2018.  Total net loans as of December 31, 2018, were $342.1 million, representing a 24 percent increase over the fiscal 2017 total of $276.5 million. Deposit growth mirrored loan increases, with total deposits increasing by $72.8 million or 24 percent over the previous year.  The Bank has maintained its profitability during the recent rapid growth, with return on average equity for 2018 of 15.3 percent marking Summit’s sixth consecutive year producing return on equity in excess of 10 percent.  

“The organizations and individuals we work with continued to prosper in 2018,” said Craig Wanichek, President and CEO, “Summit did as well. We are also excited about the significant new relationships that were added throughout the year.” 

Earlier this year, the Bank announced it took the first steps toward entering Oregon’s largest market, by hiring seven colleagues based in downtown Portland.  The team currently operates a loan production office out of a professional suite.  Summit Bank will open a full service office in downtown Portland in the near future.  “We are excited to introduce Summit Bank to our Portland business, professional and non-profit community and are filling a niche that has been vacated by M&A activity in this town,” said Steve Watts, the Portland team’s Senior Vice President. “As entrepreneurial bankers, we provide our clients with nimble, creative and sensible solutions for their business banking needs.”

Summit’s liquidity and capital positions have remained strong as deposit growth has matched the Bank’s loan growth and operating earnings have continued to increase as the Bank grows.  Cash and short-term investments of $61.1 million, increased by $13.8 million or 29 percent over the trailing twelve months since December 31, 2017. Over the same period, total shareholders’ equity increased by $6.0 million to $40.6 million, an increase of 17.5 percent.

With offices in Eugene and Bend, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank was designated this year as a 100 Best Company to Work for in Oregon, according to Oregon Business Magazine.

Margaret Holmes Tibbets joins Summit Bank as Senior Vice President and Chief Administrative Officer

January 10, 2019, Eugene, OR – Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), today announced that Margaret Holmes Tibbets has joined Summit Bank as Senior Vice President Chief Administrative Officer. She will oversee strategy and is responsible for the internal operations of the Bank including loan and deposit operations, compliance and human resources.  She will also work with our VP of Information Technology Services in product development and technology integration and coordination.  

“One of the greatest attributes we have as a business bank is an ability to adapt and grow as the needs of our clients evolve,” said Wanichek.  “Margaret will provide some vital organizational skills to the Bank while helping maintain our position as the community bank of choice for business clients in Eugene, Springfield, Central Oregon and now, Portland. She is a strong leader who will help us continue to deliver a positive customer experience, while growing our internal processes.  She is highly respected in the banking community and her experience in managing operations, risk management and process efficiencies will help take us where we want to go as a bank.”

 A native Oregonian, Tibbets has a tenured career in banking, serving most recently as Senior Vice President Bank Administration Officer at a $6.3 billion bank in Northern California.  She has served in leadership positions at Tri Counties Bank, Bank of the Cascades and Wells Fargo.  

 Along with her experience as a banker, Tibbets has been instrumental in developing community relationships and fund raising with non-profits and in deploying CRA programs.  Tibbets also recently sat on the Western Bankers Association Federal Government Affairs Committee, where she was an advocate for banking reform on Capitol Hill.  She received a Bachelor of Science degree in Political Science from Oregon State University and is a 2018 Graduate of the Western Bankers Association (WIB) Executive Development Program. 

With offices in Eugene and Bend and a new loan production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  

Summit Bank takes first step into Portland market

January 2, 2019, Eugene, OR – Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), announced today that Summit Bank has taken the first step towards entering Oregon’s largest market, by hiring seven employees that will be based in downtown Portland. While the new employees will operate out of a professional suite initially, Summit Bank intends to occupy office space and a branch in the downtown Portland area in the near future.

“With a proven business model that has delivered 23% annual organic loan growth over the last five years at the same time generating an average return on equity of 13%,” said Wanichek “we feel that the timing is right for Summit Bank to expand our relationship-based approach to small and medium sized businesses, professional and medical firms and nonprofits in the Portland Metro/SW Washington market.” 

The new employees hired for the Portland office are Steve Watts, SVP, Commercial Banking Team Leader, Gabe Wells, VP, Business Client Advisor, Kevin Holmquist, VP, Business Client Advisor, Brian Thomas, VP, Business Client Advisor, Phil Czajka, Portfolio Manager, Max Hawes, Associate Business Client Advisor and Winni Drake, Loan Operations Executive Administrator. 

“We are eager to bring Summit Bank to Portland,” said Watts. “We are bankers who build long term relationships based on knowing our clients, holistically addressing their needs, anticipating the future and providing a consultative approach.  We also strongly believe in giving back to our local community.  We feel confident that Summit Bank is the perfect match.  In addition, the Portland banking landscape currently has a void that Summit Bank, as a strong, nimble, well-positioned Oregon-based community bank will step in and fill.”  

“We are very excited to welcome this accomplished group of bankers to our team,” said Wanichek. “Our new colleagues come to us with vital knowledge of the Portland Metro market, a proven history of commercial lending success and a great team camaraderie. We could not ask for a better group to spearhead this new and exciting venture for Summit Bank.”

With offices in Eugene, Bend and now a loan production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit Bank is the number one community bank lender in Oregon for SBA Financing.  

Summit Portland.1.2.19 LPO

Summit Bank is a Bold Steps Award Finalist

Summit Bank is are honored to be a finalist, along with Hummingbird Wholesale and Yogi Tea, for the 2018 Bold Steps award, which recognizes sustainable businesses and represents a partnership between the City of Eugene, our Mayor and BRING’s reThink business program.

We have a new look and new URL for online business banking.

As of Monday, November 5, Summit Bank’s Online Business Banking has a new look and a new address.

Please note when we update you will need to update your bookmarks. The previous link will no longer work.

Additionally, Retail Online, Business Online, and Access Manager will undergo system maintenance and might be unavailable between midnight and 6AM Central Time on Monday, November 5.

Please contact us with any questions.

Thanks, and we hope you enjoy the updated site!

Summit Bank Hires Al Steinhaus as VP/Business Client Advisor

Gary O’Connell, central Oregon market president of Summit Bank (NASDAQ: SBKO), today announced that Al Steinhaus has joined the local banking team as Vice President (VP) and Business Client Advisor.

“Al brings a wealth of expertise, insight and experience to Summit Bank,” said O’Connell. “As a seasoned banker with extensive knowledge in equipment lending, real estate loans, business acquisition funding and working capital lines, he brings a tremendous amount of value to our Central Oregon team.”A native of Portland, Steinhaus earned his BA in Finance from the University of Oregon and his MBA from Southern Methodist University. He has years of successful experience consulting with clients and prospects about growing and expanding their business. His focus at Summit is on building long term relationships, based on meeting and exceeding the mutual goals and objectives of companies in Oregon. He comes to Summit with 30 years of banking and financial services experience in business development, marketing, strategic planning, risk management and operations.

He is active in the community and volunteers with a number of organizations. He just completed a six-year term on the Board of Directors of the Alumni Association at the University of Oregon.

“I am happy to be a part of Central Oregon’s local community bank,” said Steinhaus. “I am dedicated to building relationships and developing solutions for our current and future clients.”

With offices in Bend and Eugene, Summit Bank is a community business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated for two years in a row as a 100 Best Company to Work for in Oregon, according to Oregon Business Magazine.

Summit Bank offers TSA Pre✓® enrollments at our Central Oregon office Sept. 24-28

Summit Bank is pleased to offer TSA Pre✓® enrollments onsite at our Bend, Oregon location September 24-28, 2018.

TSA Pre✓® is an expedited screening program that enables identified low-risk air travelers to enjoy a smart and efficient screening experience. For TSA Pre✓® travelers, there is no need to remove shoes, 3-1-1 liquids, laptops, light outerwear or belts. Today, TSA Pre✓® has more than 450 lanes at 200+ U.S. airports.

The TSA Pre✓® application program allows U.S. citizens and lawful permanent residents to directly apply for TSA Pre✓®. Once approved, travelers will receive a “Known Traveler Number” (which needs to be added to a travelers airline profile and reservations) and will have the opportunity to utilize TSA Pre✓® lanes at select security checkpoints when flying on the 50 carriers that currently participate in TSA Pre✓® including: Air Canada, Alaska Airlines, Allegiant, American Airlines, Delta Air Lines, Hawaiian Airlines, JetBlue Airways, OneJet, Southwest Airlines, Sun Country Airlines, United Airlines, Virgin America, Seaborne, WestJet, Aeromexico, Lufthansa, Cape Air, Ethihad Airways, Spirit and Frontier. 

To participate in this local enrollment event, follow these steps to pre-enroll

  • Click here to access the application page
  • Click “Start Application Now”, then click “Apply Now”
  • Fill out Steps 1-4
  • On Step 4, Create an Appointment using your location in Zipcode/city/airport code, and click “Next”
  • Choose location “Pop-Up: Summit Bank” and click “Next”
  • Select your desired appointment time (Please be sure to make note of your appointment time, no reminders will be sent out- choose walk-in option for day of enrollment)

IMPORTANT! To complete the application process, you will need to bring documentation proving identity and citizenship status. If you have a valid U.S. passport, that is all you need for ID! You will finish the process onsite by providing your fingerprints for a background check. 

The application fee is $85 and can be paid by credit card, money order, company check, or certified/cashier’s check. Cash and personal checks are not accepted. 

Enroll now in TSA Pre✔® and become part of an expedited security screening program that helps take the stress out of travel. 

Jean Miller joins Central Oregon Office as Assistant Vice President & Branch Operations Supervisor

Gary O’Connell, Central Oregon Market President of Summit Bank (Nasdaq: SBKO), today announced that Jean Miller has joined Summit as an Assistant Vice President and Branch Operations Supervisor. She is a seasoned banker and has over 25 years of experience in leadership, branch operations and risk management positions.

Miller is a 13-year resident of Central Oregon and enjoys being a part of the community, including supporting the Humane Society. Her responsibilities at Summit involve overseeing day-to-day operations, and ensuring that all of our clients receive the exceptional service that Summit Bank has to offer.

“Jean brings outstanding leadership and banking expertise to our office,” says Regional President Gary O’Connell. “Her proven organizational stewardship and knowledge of the Central Oregon business and banking community will continue to strengthen our position as being the business bank of choice in our market.”

With offices in Central Oregon and Eugene, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated for the second year in a row as a 100 Best Company to Work for in Oregon, according to Oregon Business Magazine.

Help safeguard your Summit Bank card(s) from fraud with CardValet®

You can now gain added control and help safeguard your Summit Bank card(s) from fraud with CardValet®.  The CardValet app allows you to define when, where and how your debit card can be used.  You are able to control your spending and protect yourself against fraud, all through a simple, easy-to-use app on your mobile device. 

From the CardValet app, you can:

  • Get real time notifications when your card is used 
  • Receive alerts for all transactions
  • Turn cards “off” (for vacation or if card is lost or stolen)
  • Track and control use of multiple Summit Bank cards
  • Disable card by location (region, country or by location using your phone location)
  • Disable card by merchant types (gas station, groceries, personal care, etc.)
  • Set spending limits (turn “off” for purchases over a certain amount)
  • Show ATM locations

Benefits of CardValet:

  • Actively manage your money and take charge of your Summit Bank debit card usage
  • Businesses can ensure spending policy compliance
  • Monitor transactions to protect accounts 
  • Parents can remotely control and monitor their children’s spending 

Getting started is easy.  Download the CardValet app to your smartphone from the App Store or Google Play and register.  Then, customize your usage settings and alert preferences to manage your credit cards. There are no service charges or fee for CardValet.  

Summit Bank Issues Stock Dividend

Eugene, OR, May 11, 2018 — Summit Bank (OTCBB:SBKO) announced that its Board of Directors approved a 5 for 4 stock split of the company’s shares of common stock payable in the form of a stock dividend. The ex-dividend date is June 4th with shareholders of record as of June 11th receiving an additional share for every four shares they own.

“Given Summit’s strong financial results in the first quarter of 2018 and the increase in our stock price since the last stock split, the Board reviewed a number of options to thank our shareholders for their support,” said Board Chair Paul Weinhold. “We believe the time is right for a one-time split to increase the stock’s marketability and liquidity by making it attractive to a larger number of potential investors.”

Summit Bank reported net income for the first quarter ending March 31, 2018 of $1.15 million or 28 cents per fully diluted share, making the bank’s first quarter earnings the highest the bank has achieved in its history. The Bank has achieved year over year net loan growth in excess of 15 percent during 20 of the previous 21 quarters.

“We are excited to offer this dividend to our investors,” said Craig Wanichek, president and chief executive officer. “We are grateful for the support of our shareholders, who have helped us develop along the way. It is because of strong homegrown support that we have grown. Summit Bank’s credit quality and growth of earnings reflects the financial strength of businesses and professionals in Eugene and Bend, and their acceptance of our personal relationship style of banking.”

With offices in Eugene and Bend, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank was designated for the second year in a row as a 100 Best Company to Work for in Oregon, according to Oregon Business Magazine.