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Summit Bank Q2 2006 Earnings

August 1, 2006

The bank experienced growth in non-interest bearing deposits of $1.5 million and a healthy increase in loans of more than $5 million.

During this quarter Summit Bank launched their merchant service program. Summit Bank is now providing state-of-the-art equipment and network services for businesses accepting credit and debit cards, at very competitive rates.

The Bank's non-interest expense also grew during the quarter as staff was added in accordance withour strategy. Even with the addition of staff members and the implementation of new programs, which are not yet adding to the Bank’s income, profitability is on track. Net interest income for the quarter was $598 thousand as compared to $496 thousand for the previous quarter, with net income before tax of $98 thousand as compared to $61 thousand last quarter.

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Q2 2006 Financial Statement [Download]	14.7 KB
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