Summit Bank

Summit Bank Group reported net income for the third quarter of $3.17 million or 41 cents per fully diluted share. Third quarter net income was $727 thousand or 9 cents per fully diluted share higher than the similar period in 2023, representing 29.7 and 29.2 percent improvements over the third quarter of 2023, respectively. The strong third quarter results increased the Company’s improvement in year to date earnings and earnings per share compared to 2023, which were higher by $1.05 million or 13 cents per share; an improvement of 14.0 percent. Year to date earnings improvement over 2023 includes a non-recurring gain on retirement of subordinated debt during the second quarter that increased earnings by $0.04 per share. “We are excited to see strong deposit growth this quarter, driven by the continued trust of our longtime clients and the addition of new relationships in all of the Oregon markets we serve,” said Craig Wanichek. “This growth reflects the confidence our community has in Summit Bank’s personalized approach to banking. We are committed to maintaining a high level of service that has earned us this support and trust. While the landscape for deposits continues to be very competitive, we are pleased with our overall growth of deposits and are grateful to our longtime and new clients for their support.” Full Press release here: https://bit.ly/3Ue4kNV

Gather around and give thanks for the blessings in our lives. Happy Thanksgiving - may your day be filled with warmth, love, and gratitude. #OregonsBusinessBank #Thanksgiving

Instead of today's regularly scheduled Eugene team meeting, we focused today on gratitude. Each colleague talked about what they are thankful for. We ended with the creation of Gratitude Notes, which we collected and have displayed on our "Gratitude Wall" in Basecamp. They are a reminder of the strong community we have at Summit and contain a note of thanks for a colleague or team. #gratitude #Thanksgiving #SummitonThree

Our Eugene team braved the chill at the Run to Stay Warm event this weekend in Eugene! This annual run raises funds to support Eugene Water & Electric Board (EWEB)'s customer care program, helping local families stay warm during the colder months. We're proud to lace up for a such a meaningful cause!

Megan and Jin from our Eugene office had a wonderful time celebrating the grand opening of Willamalane Park and Recreation District's Tiny Ducks Preschool! This expansion will provide more childcare opportunities for families in Springfield. The event featured a ribbon cutting, tours of the new classrooms, and a look at the playground facility. Congratulations to everyone involved in this impactful project!?

Thank you, so much to Chloe Chapman and Summit Bank for inviting me to share a place at their table, for this wonderful event. It was inspiring to be in a room with hundreds of other community members who share a passion for housing and basic needs. Shout-out, to my friends Bethany Cartledge and Jack Boisen, as well as their staff, who made this event a success. My favorite part was hearing from Representative Pam Marsh and how St. Vincent de Paul of Lane County, Inc. was able to partner to help households during the wildfire recovery. I am also inspired to learn more about the sustainability efforts and expansions in that area. It is really valuable to protect our planet and to do so at a larger organizational level.

Summit Bank Group, Inc. (the “Company”), the holding company for Summit Bank, announced it has adopted a program to repurchase up to $1,000,000 worth of shares of its common stock.?This is the Company’s first stock repurchase program since completing its holding company formation in 2020. Full press release below: https://bit.ly/4hX998U

Supporting outdoor adventures for kids! Our PDX team joined the Teacup / Mt. Hood Nordic community for their Apres-ski fundraiser at The Ruins in Hood River to back the "Kids Under 18 Always Ski Free" policy. Here's to ensuring free winter access for the next generation!

Linda Navarro, who helped turn Oregon’s IOLTA program into nation-wide example of success that has raised millions of dollars for legal aid, has won the President’s Public Leadership Award. Read about her “revolutionary” approach to collaboration here: https://lnkd.in/grBPfKd6

So exciting to kick off the Rose Street Cottages project in Blue River, a partnership with McKenzie Community Land and Neighborhood Building Corporation of Dev Northwest. These six permanently affordable homes will bring stability and opportunity to our community. Special thanks to Jake Shafer for joining us on this exciting journey!