Summit Bank Group Reports 2023 Year and 4th Quarter Earnings [Yahoo! Finance]
SUMMIT BANK GROUP INC (SBKO)
NASDAQ:AMEX Investor Relations:
sbko.bank/investor-relations
Company Research
Source: Yahoo! Finance
Q4 2023 Net Income - $1.68 million or $0.22 per fully diluted share. Cash and securities total $135 million – 12.5 percent of assets. Year over year Net Loan Growth - $175.0 million or 23.6 percent. Year over year Deposit Growth - $59.8 million or 7.0 percent. Summit Bank Group reported net income for the fourth quarter of $1.68 million, or $0.22 per fully diluted share. Comparable earnings for the quarter ended September 30, 2023 were $2.44 million, or $0.32 per fully diluted share, representing a decrease of 31 percent, or $0.11 to earnings and earnings per fully diluted share, respectively. Higher loan charge-off activity and losses on sale of collateral in the Bank's Small Commercial Equipment lending unit reduced earnings per share during the fourth quarter by approximately $0.06 per share compared to the third quarter and higher provision for loan losses in the Bank's other lending units accounted for an additional $0.04 per fully diluted share. "The team was pleased
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