- Summit Bank Group (SBKO, Financial) reported Q1 2025 net income of $2.93 million, a 20.2% increase from Q1 2024.
- Net loans grew by $93.4 million, marking a 9.6% increase year-over-year.
- Total deposits increased by $118.1 million, or 11.6%, from March 31, 2024.
Summit Bank Group (SBKO), headquartered in Eugene, Oregon, has announced a significant financial performance for the first quarter of 2025 with a net income of $2.93 million, equivalent to $0.37 per fully diluted share. This marks a 20.2% increase compared to the $2.42 million or $0.31 per share recorded in the same period last year. The rise is attributed primarily to an 11.4% increase in net interest income, amounting to a $1.38 million gain over Q1 2024, alongside a controlled noninterest expense increase of $701 thousand.
The bank achieved a notable growth in its loan portfolio, with a year-over-year net loan increase of $93.4 million, or 9.6%, ending the quarter with $1.06 billion in total net loans. The growth was largely driven by strong loan performances in Portland, Eugene, and Central Oregon, despite a slight decrease in net interest margin from 4.69% to 4.64% due to a reduced concentration of higher-margin Equipment Finance assets.
Deposit growth also remained robust, with a year-over-year increase of $118.1 million, or 11.6%, bringing total deposits to $1.14 billion as of March 31, 2025. Summit Bank continues to maintain a highly liquid balance sheet with cash and securities totaling $189.5 million, representing 14.8% of total assets.
The bank's liquidity and capital positions are strengthened by secured borrowing commitments from the Federal Home Loan Bank and the Federal Reserve Bank, providing a total available borrowing capacity of $316 million. Combined with its cash reserves, Summit Bank's total liquidity is $464 million, covering 125% of estimated uninsured deposits.
The bank reported a decrease in non-performing assets to 0.10% of total assets, down from 0.20% at the end of December 2024, reflecting effective resolution of problem loans. Summit Bank Group, honored as one of Oregon's "Top 100 Companies to Work For," and "Favorite Bank" in local community awards, continues to focus on tailored financial services for professionals and medium-sized businesses.
