Business
Summit Bank Group Reports 2023 2nd Quarter Earnings
Summit Bank Group Reports 2023 2nd Quarter Earnings.
About this update from Summit Bank Group, Inc.
[{"type":"text","content":"\nSummit Bank Group (OTC Pink: SBKO):\n\n\n\nQ2 2023 Net Income - $2.48 million or $0.32 per fully diluted share. Increase of 6.9 percent over Q1 2023\n\n\n\nCash and securities total $182 million – 18 percent of assets\n\n\n\nYear over year Net Loan Growth - $160.8 million or 24.4 percent\n\n\n\nYear over year Deposit Growth - $6.6 million or 0.8 percent over June 30th 2022\n\n\n\nSummit Bank Group reported net income for the second quarter of $2.48 million or 32 cents per fully diluted share, representing an increase of 7 percent or 2 cents per fully diluted share over the first quarter of 2023. Comparable earnings for the second quarter of 2022 were $3.42 million or 44 cents per fully diluted share. Growth and increased profitability from Summit’s commercial business units improved during the quarter and was accretive to earnings over the same period last year. However, higher loan charge-off activity and losses on sale of collateral in the Bank’s Small Commercial Equipment lending unit reduced earnings per share compared to the second quarter of 2022.\n\n\n“We were pleased that our margin stabilized during the quarter and that the Bank was able to experience terrific loan growth and modest deposit growth,” said President and CEO Craig Wanichek. “The macro slow-down in the trucking industry had an impact on our commercial equipment lending group, which hampered that division’s results.”\n\n\nThe Bank’s balance sheet has responded well to the rapid increases in market interest rates that have occurred over the last twelve months. Net interest income for the second quarter of 2023 increased by $294 thousand over the first quarter of 2023, an increase of 2.7 percent or 3.8 cents per fully diluted share. Year to date net interest income compared to the similar period in 2022 is up $3.5 million representing an increase of 18.6 percent or 44.8 cents per fully diluted share.\n\n\nThe Bank continues to maintain a highly liquid balance sheet with cash and Available for Sale (AFS) short term securities of $182 million, which represents 17.7 percent of total assets as of June 30th 2023. Additionally, the Bank maintains secured borrowing commitments from the Federal Home Loan Bank and the Federal Reserve Bank with total available borrowing capacity as of June 30th 2023 of $177 million...