Friday, January 27, 2012
Eugene's Summit Bank reported an 81% increase in profits in 2011.
Several things contributed to the higher profits, bank officials explained, including cutting the bank’s expenses, reducing its losses on loans, and earning higher interest income.
During the course of the year, Summit was able to lower its operating expenses by $60,000 through various cost-cutting initiatives, according to bank officials.
The bank also has been working to resolve real estate loans it has made that have gotten into trouble, with the result that losses from loans that have gone sour have come down and the overall quality of the bank’s assets have gone up, bank officials said.
Read more at The Register-Guard.