Summit Bank is pleased to report a 12% growth in total assets over the past year.
Despite what some have characterized as a challenging environment for community and regional banks, our dedicated team has continued to help our clients and the communities we serve thrive. We have also experienced strong loan growth, even as many banks have slowed down or stopped providing credit to their customers.
We are excited about the new relationships that have come on board, helping our deposits grow. Our operational and service excellence makes complex treasury account transitions seamless. Clients often say, “I wish I had done that long ago,” after switching to us. Our financial performance has improved and remained strong alongside our growth. The growth in our lending business and more robust performance in our trucking segment, which faced challenges in 2023, has boosted earnings. Overall, our clients are doing very well, which drives our excellent credit quality.
Concerns about commercial real estate loans affecting regional and community banks are prevalent, but our portfolio continues to perform well and is balanced with diverse property types. We are pleased to report minimal refinancing risk, with only 18% of the portfolio maturing before 2027. Less than 5% of our total loans are secured by office collateral, and we have minimal exposure to the areas most affected.
We invest to make banking more accessible for our clients, enhance compliance, and improve efficiency while maintaining personal relationships. We have invested in online account openings to streamline the process for our clients. We continue to explore other banking technologies to meet the needs of nonprofits, locally-owned businesses, and professional firms.
Cybersecurity and fraud prevention are critical. Our team works hard to prevent fraud before it happens, leveraging our close client relationships to detect suspicious transactions early. We have also invested in advanced fraud and security products to protect our clients.
Looking ahead, I am excited about the opportunities in all our markets. The consolidation in our industry has created opportunities to attract clients who value community-based, relationship-driven banking. This partnership aligns with our strategies in treasury management products and services and lending philosophy. We are here to help our clients grow and adapt to changes in their business models. At Summit Bank, our commitment to helping our clients, colleagues, and communities grow and flourish remains steadfast. This commitment goes beyond financial success to include physical, mental, homeownership, family, and environmental health. Our team’s efforts were recently recognized when we were named the number one bank in the Eugene-Springfield area by the Register-Guard and one of the top 100 performing community banks by the American Bankers Association.
