Business
Summit Bank Group Reports 2022 First Quarter Earnings
Summit Bank Group Reports 2022 First Quarter Earnings.
About this update from Summit Bank Group, Inc.
[{"type":"text","content":"\nSummit Bank Group (OTC Pink: SBKO):\n\n\nQ1 2022 Net Income - $2.7 million or $0.35 per fully diluted share.\n\n\nTrailing twelve months Net Income - $11.2 million or $1.47 per fully diluted share.\n\n\nYear over year Net Loan Growth - $116.0 million or 22.4 percent (excluding PPP loans)\n\n\nPPP loans outstanding - $3.7 million out of $180.9 million total originations during 2020 and 2021.\n\n\nYear over year Deposit Growth - $134.0 million or 19.2 percent over March 31st 2021\n\n\nSummit Bank Group reported net income for the first quarter of $2.73 million or 35 cents per fully diluted share. Comparable earnings for the first quarter of 2021 were $2.37 million or 31 cents per fully diluted share, representing an increase of 15 percent to earnings and 14 percent to earnings per fully diluted share. Excluding all Paycheck Protection Program (PPP) loan related income, Q1 2022 tax equivalent earnings would have been $2.57 million, an increase of $796 thousand, 44.9 percent or $0.08 per fully diluted share over Q1 2021. PPP loan related income in total comprised only 2.2 percent of total Company net interest and non-interest income during the first quarter of 2022 compared to 10.2 percent during the first quarter of 2021.\n\n“As a team over the challenging last two years, we have relied heavily on communication with our clients and prospects. We understand their strategic plans, which has enabled Summit to significantly grow its loan and deposit portfolios,” said Craig Wanichek, president and CEO. “The strong loan growth combined with historically low loan loss are the primary drivers of the earnings growth during the first quarter of 2022.”\n\nTotal net loans as of March 31st, 2022, were $637.7 million, which included $3.7 million of PPP loan balances. Net loans excluding PPP loans grew by $25.3 million or 4.1 percent during the first quarter and by $116.0 million or 22.4 percent since March 31st, 2021. Deposit growth also remains robust with total deposits increasing by $35.7 million or 4.5 percent during the first quarter and by $134.0 million or 19.2 percent since March 31st, 2021. The Company has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with return on average equity of 14.5 percent during Q1 2022 following 16.7 percent dur...