Earnings for the second quarter of this year got a boost from recoveries of loans that had previously been charged off and from a gain on the sale of commercial loans, bank officials said.
For the year to date, Summit reported earnings of
"The addition of a number of new significant relationships drove (a) 32 percent increase in top-line revenue," CEO
The bank also has been able to keep a lid on expenses, which are growing much more slowly than its revenues, Wanichek said.
Both loans and deposits are showing strong growth, he said. Total net loans as of
Demand deposits -- those that are readily available to depositors on demand, such as checking accounts -- increased by
We are pleased to see continued growth in our loans," Wanichek said, "This increase represents the strength of our current clients' businesses and the bank's obtaining new relationships. The expansion and success of our current and new clients also is reflected in the bank's growth in deposits."
The bank has a very low level of problem loans, he said. Loans that are 90 days past due or not being paid, plus foreclosed real estate, amounted to 0.5 percent of the bank's assets as of
Summit plans to add a new product in the third quarter, "mobile deposit capture." which will allow clients to use their phones to take pictures of checks and deposit them directly into their accounts," Chief Banking Officer
Summit's target market is professionals and medium-sized businesses and their owner. It stock trades on the NASDAQ Over-the-Counter Bulletin Board under the ticker symbol SBKO
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