Summit Bank posts higher earnings

Published 12:00 am Thursday, April 19, 2018

: Gary O'Connell, Central Oregon market president for Summit Bank, at the bank on Southwest Columbia Street in Bend in March 2017. (Ryan Brennecke/Bulletin file photo)

Summit Bank reported Wednesday it had first-quarter earnings of $1.15 million, or 28 cents per share.

That was a 51 percent increase over net income of $762,000 in the first quarter of 2017. Earnings per share in the prior-year quarter were 20 cents per share.

Total loans in the quarter ended March 31 were $297.3 million, up 27 percent from a year ago, the bank reported. Total deposits were $328.8 million, up 26.5 percent from a year ago. Summit has offices in Eugene and Bend and specializes in business banking. The stock is traded on the NASDAQ Over-the-Counter Bulletin Board under SBKO.