Business
Summit Bank Group Reports 2022 2nd Quarter Earnings
Summit Bank Group Reports 2022 2nd Quarter Earnings.
About this update from Summit Bank Group, Inc.
[{"type":"text","content":"\nSummit Bank Group (OTC Pink: SBKO):\n\n\nQ2 2022 Net Income - $3.4 million or $0.44 per fully diluted share\n\n\nYear to date Net Income - $6.1 million or $0.80 per fully diluted share\n\n\nTrailing twelve months Net Income - $12.1 million or $1.58 per fully diluted share\n\n\nYear over year Net Loan Growth - $111.8 million or 20.4 percent (excluding PPP loans)\n\n\nMinimal remaining PPP loans outstanding - $148 thousand out of $180.9 million total originations\n\n\nYear over year Deposit Growth - $132.7 million or 18.2 percent over June 30, 2021\n\n\nSummit Bank Group reported net income for the second quarter of $3.42 million or 44 cents per fully diluted share. Comparable earnings for the second quarter of 2021 were $2.54 million or 33 cents per fully diluted share, representing an increase of 33 percent to earnings per fully diluted share. Year to date net income for 2022 was $6.15 million or 80 cents per fully diluted share representing an increase of $1.26 million or 26 percent over the similar period during 2021. PPP loan related income in total comprised only 0.1 percent of total Company net interest and non-interest income during the 2nd quarter of 2022 compared to 9.0 percent during Q2 2021.\n\n“We were pleased to achieve strong loan growth in all of our markets, which significantly contributed to the results of the quarter,” said Craig Wanichek, President and CEO. “In addition, we have worked with clients and prospects to manage through a rate period that is unprecedented in recent years.”\n\nTotal net loans as of June 30, 2022, were $659.4 million. Net loans excluding PPP loans grew by $25.2 million or 4.0 percent during the second quarter and by $111.8 million or 20.4 percent since June 30, 2021. Deposit growth also remains robust with total deposits increasing by $30.4 million or 3.7 percent during the second quarter and by $132.7 million or 18.2 percent since June 30, 2021. The Bank’s non PPP lending activity during the pandemic has allowed the Company to maintain its strong and consistent profitability with return on average equity of 18.0 percent during Q2 2022 following 14.5 percent during Q1 2022 and 15.8 percent for the 2021 fiscal year. The Company is currently in its 10th consecutive year producing a return on equity in excess of 10 percent.\n\n“The delivery of tailored...