Summit Bank Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 31, 2018 at 09:00 am EST
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Summit Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net income of $605,000 or $0.15 per basic and diluted share compared to $759,000 or $0.21 per basic and diluted share a year ago. Net interest income was $4,260,000 compared to $3,301,000 a year ago. Net income before taxes was $1,535,000 compared to $1,227,000 a year ago.
For the year, the company reported net income of $3,283,000 or $0.84 per diluted share compared to $2,855,000 or $0.81 per diluted share a year ago. Net interest income was $15,691,000 compared to $12,268,000 a year ago. Net income before taxes was $5,922,000 compared to $4,599,000 a year ago. Book value per share was $8.43 compared to $7.01 a year ago.
Summit Bank is an independent community bank. The Bank provides personalized service and professional banking advice. It provides commercial banking, financing, real estate lending and other services primarily in Lane, Deschutes and Multnomah Counties in Oregon. The Bank's personal banking services include loans, such as home equity lines of credit, personal lines of credit, professional lines of credit, and auto, boat and recreational vehicle (RV) loans. The Bank offers a range of deposits for businesses. It provides a full range of deposit services for business, including customer service, customized business online banking, business mobile banking, automated clearing house (ACH) and wire transfers, remote deposit service, business visa debit card with automated teller machine (ATM) access, corporate credit cards, courier services and lockbox. The Bank's deposits include noninterest-bearing demand deposits, savings and interest-bearing demand deposits, and time deposits.