[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

          EXCHANGE ACT OF 1934

          For the quarterly period ended March 31, 2004

OR

[  ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

          EXCHANGE ACT OF 1934

          For the transition period from                          to                                       

                   Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

The Exhibit Index Appears on Page 18

ITEM 1. FINANCIAL STATEMENTS
SUMMIT BANK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

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SUMMIT BANK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)

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SUMMIT BANK CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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This quarterly report contains forward-looking statements and information relating to our subsidiaries and us. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements reflect management's beliefs and assumptions, and are based on information currently available to management. Because these statements reflect the current views of management concerning future events, they involve risks, uncertainties and assumptions, including the risks that unanticipated changes in the interest rate environment could reduce our margins, that competition or general economic conditions could be worse than we expect, or that legislative or regulatory changes could adversely affect our business. Actual results may differ significantly from the results discussed in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statement for any r eason, even if new information becomes available.

In reviewing and understanding financial information for the Company, you are encouraged to read and understand the significant accounting policies which are used in preparing the consolidated financial statements of the Company. These policies are described in Note 1 to the consolidated financial statements which were presented in the Company's 2003 Annual Report on Form 10-K. Of these policies, Management believes that the accounting for the allowance for loan losses is the most critical.

Losses on loans result from a broad range of causes ranging from borrower specific problems, to industry issues, to the impact of the economic environment. The identification of these factors that lead to default or non-performance under a borrower loan agreement and the estimation of loss in these situations are very subjective. In addition, a dramatic change in the performance of one or a small number of borrowers can have a significant impact in the estimate of losses. The depth and duration of any economic recession could impact the credit risk associated with the loan portfolio. Another factor that could affect credit risk is a consideration of concentrations of credit within specific industry sectors. Management monitors loan concentrations in any one industry in relation to the Bank's equity capital and has established limits to mitigate risk. At March 31, 2004, the Bank's largest concentrations are retail trade loans to convenience stores, restaurants, food stores, and liquor stores, which to taled approximately $118 million, or 270%, of capital; commercial real estate loans which totaled approximately $96 million, or 219%, of capital; and loans to service providers: financial, health, lodging and dry cleaners, which totaled approximately $41 million, or 93%, of capital. These concentrations are all within established policy limits. Management has not identified any specific industry weakness that may negatively impact the loan portfolio.

As described further below, management has implemented a process that has been applied consistently to systematically consider the many variables that impact the estimation of the allowance for loan losses. See "Allowance and Provision for Loan Losses."

The Company reported net income of $1,321,000 for the first quarter of 2004, compared to $1,030,000 for the first quarter of 2003, an increase of 28%. Interest income on loans has consistently improved along with the strong growth realized in the loan portfolio over the past year, contributing to the marked increase in total net earnings. The resulting net earnings per share for the first quarter of 2004 were $.23, diluted, compared to $.18, diluted, for first quarter 2003, adjusted for the February 2004 stock dividend. The annualized return on average stockholders' equity for the 2004 three-month period was 15.9% versus 13.1% for the 2003 three-month period, and the return on average assets was 1.09% in the 2004 three-month period compared to 1.01% in the 2003 three-month period. The book value per share was $6.18 at March 31, 2004 compared to $5.79 at December 31, 2003 and $5.59 at March 31, 2003. In the first quarter of 2004 and 2003, the Company paid a cash dividend of $.10 and $.0867 per share, r espectively. The above prior period amounts were restated to reflect the 50% stock dividend paid in February 2004.

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Total assets of the Company grew 16.6% during the trailing twelve months to a new high of $490 million at March 31, 2004. The primary reason for the growth was continued loan demand that has been consistently strong. Total loans increased $56 million during the last twelve months to a total of $325 million. During the first quarter of this year, total loans reflected an increase of $8 million, or 3%. Management reclassified $14 million of Small Business Administration ("SBA") loans as loans held for sale at March 31 as consideration has been given lately to selling the guaranteed portions of certain SBA loans for liquidity needs if deemed prudent. Loan growth in general over the past year has been due to demand for commercial loans. The SBA loan portfolio has been stable during the past year due to constraints on funding availability from the SBA. On April 5, 2004, Congress passed a new budget for 2004 SBA funding, increasing the maximum loan size to $2 million from $750,000 for the program in whic h we participate. This change bodes well for the ability to replace any loans that the Bank sells.

The investment portfolio totaled $130 million at the end of the first quarter 2004, an increase of $4 million since December 31, 2003. In February 2004 the Bank sold several small blocks of investment securities, totaling approximately $5 million to fund loan growth. The sales also resulted in realized gains totaling $110,000. Additional purchases of investment securities during the current quarter replaced the sale of a $5 million agency security and the call of another at par. Gains on these transactions totaled $8,000. A $10 million block of mortgage-backed securities was purchased and leveraged with a repurchase agreement, locking in a spread to offset a decline in loan interest income due to the termination of one of the interest rate swaps.

Total deposits have grown $49 million, or 15%, during the past twelve months and $15 million, or 4%, during the past quarter to $384 million. While demand deposits have declined during the first quarter

by $4 million, they still reflect 21% of total deposits. Growth in deposits has primarily come from time deposit increases. During the first quarter of 2004, time deposits increased $15 million. Approximately $4 million of these time deposits were issued to various credit unions under the national market CD program in order to help fund loan growth. Other borrowed funds have increased over the past twelve months by $4 million as the Bank has relied more on wholesale repurchase agreements to meet short-term funding shortfalls. During the first quarter a $5 million repurchase agreement matured without renewal resulting in a decline in these balances from year-end.

The following table details selected components of the Company's average balance sheet for the current period and the same period last year to illustrate the resulting change over the past year:

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The net interest rate margin at 4.07% through March 31, 2004 was stronger than last year at 3.97% for the same period, primarily because of a lower cost of funds. Costs of time deposits have declined to an average of 2.81% during first quarter 2004 from 3.40% one year earlier. Because time deposits comprise a majority of the Company's interest-bearing funds, approximately 60%, this decline has had a positive effect on the interest rate margin. Yields on interest-earnings assets have also declined, but at a slower pace than time deposits. Despite a margin in excess of 4% for the first quarter of the year, several factors may play a part in increased pressures on the interest rate margin in coming quarters. During first quarter 2004, a $10 million Federal Home Loan Bank ("FHLB") advance repriced to 2.21% from approximately .58% due to the structure of that three-year instrument floating at a spread to LIBOR for the first year and converting to a fixed rate for the remainder of the term. Also, the Bank terminated one of its interest rate swaps, realizing a gain of $121,000, to be recognized over the remaining term of the swap, 36 months. The effect of terminating the swap, which had been used to hedge $25 million of floating rate loans, was a potential decline of $23,000 per month, net of gain recognition, in loan interest income. This decline in income was mitigated through investment security purchases. Additionally, current competition in retail and wholesale CD markets has been driving interest rates up recently. The loan to deposit ratio at March 31, 2004 was 84%, down slightly from 85% at December 31, 2003 as a result of several loan payoffs right at the end of the month. However, compared to the ratio at March 31, 2003 of 80%, loan growth has continued to exceed deposit growth this past year, and more wholesale funding has been utilized to compensate.

The loan loss provision of $464,000 for the first quarter of 2004 was more than double that of first quarter 2003 primarily because of new loan growth, and increased net charge-offs compared to a year ago. Noninterest income was $144,000 higher for the quarter compared to the same period last year as a result of a $128,000 gain included this quarter from the sale of investment securities. There was little change in other components of noninterest income comparing the first quarters of 2004 and 2003.

Non-performing assets increased during first quarter to $917,000 at March 31, 2004, representing .28% of total loans and other real estate, compared to $392,000, or .12%, at year-end 2003. The increase was primarily due to the reclassification of two additional SBA loans to non-accrual status. The March 31, 2004 non-performing assets included two commercial loans totaling $149,000 secured with business assets, two SBA loans totaling $74,000 which are fully guaranteed by the SBA and five SBA loans totaling $694,000 of which $542,000 of the balances were guaranteed by the SBA. The seven SBA loans have all defaulted and are in the process of liquidation. Non-performing assets at December 31, 2003 consisted of five SBA loans of which 85% of the balance was guaranteed by the SBA. There were no loans past due 90 days or more as to principal or interest payments and still accruing at March 31, 2004.

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The allowance for loan losses represents a reserve for probable loan losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with particular emphasis on impaired, non-accruing, past due, and other loans that Management believes require special attention. The determination of the allowance for loan losses is subjective and considered a critical accounting estimate of the Company.

When reviewing the allowance for loan losses, it is important to understand to whom the Company lends. The loan portfolio is primarily comprised of loans to small businesses. In particular, the Company has developed lending niches in a number of industries, the most prevalent of which include restaurants, convenience stores, retail merchants, and strip shopping centers. The risk to lending to these types of businesses is that they typically are more vulnerable to changes in economic conditions. The Company has mitigated the risk to these types of borrowers in several ways. First, a large portion of these loans is supported by government guarantees obtained from the Small Business Administration. Secondly, the majority of the Company's loans are well secured with marketable real estate, and thirdly, the Company performs in-depth economic analyses on these industries in order to remain abreast of current trends and conditions.

The Bank has established a multifaceted methodology to analyze the adequacy of the allowance for loan losses. This methodology includes consideration of the Bank's credit risk rating system, historical charge-offs, loan impairment as defined by FASB 114, loss ratios on criticized and classified loans, and finally, adjustments related to various qualitative factors that may change the risk profile of all or portions of the portfolio. The analysis is used to arrive at a recommended allowance for loan losses.

A general allowance for losses is calculated based on estimates of inherent losses which probably exist as of the evaluation date, taking into account the loans as they are impacted by the above factors. The general allowance for losses on problem loans in these categories is based on a review and evaluation of these loans, taking into consideration financial condition and strengths of the borrower, related collateral, cash flows available for debt repayment, and known and expected economic trends and conditions. General loss percentages for the problem loans are determined based upon historical loss experience and regulatory guidelines. For loans considered impaired, specific allowances are provided in the event that the specific collateral analysis on each problem loan indicates that the probable loss upon liquidation of collateral would be in excess of the expected value of the collateral if the loan is collateral dependent or if the present value of expected future cash flows are less than the loan ba lance. In addition to these allocated reserves, the Company has established an unallocated reserve of $157,000 at March 31, 2004. The basis for the unallocated reserve is due to a number of qualitative factors, such as migration trends in the portfolio, trends in volume, the risk identification process, changes in the outlook for local and regional economic conditions and concentrations of credit.

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The allowance for loan losses increased to $4.2 million at March 31, 2004 from $4.0 million at year-end 2003, an increase of 5%. The increase was due to the growth in the loan portfolio during 2004,as well as an increase in total non-performing loans at March 31, 2004 compared to the total at year-end. Criticized and classified assets at March 31, 2004 also increased to $5.0 million from $4.2 million at December 31, 2003, an increase of 18%, due the addition of a $935,000 conventional loan secured with real estate. Although the combination of criticized and classified assets has increased, since December 31, 2003, four loans totaling $1.5 million were upgraded from the classified to criticized rating, a positive move. Gross charged-off loans for the year to date through March 2004 totaled $287,000, while recoveries for the period totaled $22,000, for an annualized net charge-off ratio of .33% of average total loans. The net charge-off ratio for the first three months of 2003 was .01%. The provision for loan losses increased to $464,000 in first quarter of 2004 compared to $214,000 during the same period last year. The increase was due to the growth in the loan portfolio during the current quarter, as well as higher charge-offs during the quarter.

The allowance for loan losses represented 1.31% and 1.28% of total loans outstanding at March 31, 2004 and December 31, 2003, respectively. The increase, in addition to supporting the loan growth this quarter, was due largely to the emergence of several problem credits. The determination of the allowance for loan losses rests upon Management's judgment about factors affecting loan quality, assumptions about the economy, and other factors; however, Management's judgment is based upon a number of assumptions, which are believed to be reasonable, but which may or may not prove valid. Thus, there can be no assurance that charge-offs in future periods will not exceed the allowance for loan losses or that additional increases in the allowance for loan losses will not be required. In addition, various regulatory agencies, as an integral part of their examination process, periodically, review the Company's allowance for loan losses. Such agencies may require the Company to recognize additions to the allowanc e based on their judgments about information available to them at the time of their examination.

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The following table represents an analysis of the Company's allowance for loan losses including the provision for loan losses and net loan charge-offs for the three months ended March 31, 2004 and 2003.

Based on an analysis performed by management at March 31, 2004 the allowance for loan losses is considered to be adequate to cover loan losses in the portfolio as of that date. However, because of the inherent uncertainty of the assumptions we use in our loan analyses, management cannot assure that loan losses in future periods will not exceed the allowance for loan losses or that additional allocations to the allowance will not be required.

Interest rate swap transactions generally involve the exchange of fixed and floating rate interest rate obligations without the exchange of underlying principal amounts. Entering into interest rate contracts involves not only interest rate risk, but also the risk of counterparties' failure to fulfill their legal obligation. Notional principal amounts often are used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller.

In fourth quarter 2001, the Company entered into an interest rate swap contract with a notional amount of $25 million to reduce the interest rate risk on certain variable rate loans. The interest rate swap changed the variable-rate cash flow exposure on a portion of the loan portfolio to fixed rate cash flows. This swap is currently designated as a hedge instrument against those cash flows and, therefore, any fluctuations in fair value of the interest rate swap are recorded as an adjustment to accumulated other comprehensive income and established as an asset or liability. At March 31, 2004, the fair value of this interest rate swap was a gain of $451,000. This swap matures on October 31, 2004.

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In first quarter 2003, the Company entered into a second interest rate swap contract with a notional amount of $25 million to further reduce the interest rate risk on certain variable rate loans. Except for the fixed rate and the maturity date, the terms of the swap were consistent with the interest rate swap previously mentioned. This swap was designated as a hedge instrument against cash flows from variable rate loans. In March 31, 2004 the Bank terminated this swap, realizing $121,000 in gains on this transaction. The gain will be recognized as income over the remaining 36 months of the original swap term. This swap was terminated because its spread between the paying rate and receiving rate, at the time of termination, was only 126 basis points, while the Bank's other existing swaps had larger spreads. Therefore, it had the most exposure to a potential rising rate environment whereby its spread benefit and market value could decline quickly.

In second quarter 2003, the Company entered into a third interest rate swap contract with a notional amount of $25 million to further reduce the interest rate risk on certain variable rate loans. Except for the fixed rate and the maturity date, the terms of the swap are consistent with the interest rate swaps previously mentioned. This swap is also currently designated as a hedge instrument against cash flows from variable rate loans and, therefore, any fluctuations in fair value of the interest rate swap are recorded as an adjustment to accumulated other comprehensive income. At March 31, 2004, the fair value of this interest rate swap was a gain of $566,000. This swap matures on July 31, 2008.

Liquidity has been stable during the first quarter of 2004 as deposit growth and increases in wholesale borrowings have provided adequate funding for loan expansion. At March 31, 2004, the Company's net loan to deposit ratio was 83%, down from the 85% ratio at December 31, 2003 as a result of several loan payoffs at the end of March. Management analyzes the level of off-balance sheet assets and liabilities such as unfunded loan commitments and outstanding letters of credit as they relate to the levels of cash, cash equivalents, liquid investments, and available federal funds lines to ensure that a potential shortfall does not arise. Based on this analysis, management believes that the Company has adequate liquidity to meet short-term operational requirements.

Stockholders' equity of the Company increased $2.4 million during first quarter 2004 to $35.1 million, as a result of earnings in excess of dividends paid and an increase in accumulated other comprehensive income.

The capital level of the Bank exceeds all prescribed regulatory capital guidelines. Regulations require that the most highly rated banks maintain a minimum Tier 1 leverage ratio of 3%, and require other banks to maintain a minimum Tier 1 leverage ratio of 3% plus an additional cushion of at least 1 to 2 percentage points. Tier 1 capital consists of stockholders' equity less certain intangible assets. The Bank's Tier 1 leverage ratio was 8.2% at March 31, 2004 compared to 8.4% at year-end 2003. Regulations require that the Bank maintain a minimum total risk-weighted capital ratio of 8% with 50%, or 4%, of this amount made up of Tier 1 capital. Risk-weighted assets consist of balance sheet assets adjusted by risk category and off-balance sheet asset equivalents similarly adjusted. At March 31, 2004, the Bank had a risk-weighted total capital ratio of 13.0% and a Tier 1 risk-weighted capital ratio of 11.8%, a decrease from year-end 2003 ratios of 13.3% and 12.2%, respectively. The decrease was mainly due to loan growth since these new loans primarily have higher risk-weightings than other types of assets.

In addition to the Company's contractual obligations such as deposits, FHLB advances and other borrowed funds, the Company has commitments to its customers under lines of credit. The total of these commitments at March 31, 2004 was approximately $31 million. The lines include conventional revolving lines of credit that consist of commercial working capital lines that renew annually. Commitments also include annually renewing international lines for letters of credit availability. There are commitments under lines of credit which are not revolving that are used by customers for specific purposes, as well as various types of consumer lines of credit. These include lines secured by mortgages on residential real estate and unsecured revolving credit lines. Although Management regularly monitors the balance of outstanding commitments to ensure funding availability should the need arise, historical records indicate that the total of outstanding commitments is a very consistent amount, and the risk of all cu stomers fully drawing on all these lines at the same time is remote.

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The following table is a summary of the Company's commitments to extend credit and commitments under contractual leases, as well as the Company's contractual obligations, consisting of deposits, FHLB advances and borrowed funds, by contractual maturity date.

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As of March 31, 2004, there were no substantial changes from the interest rate sensitivity analysis or the market value of portfolio equity for various changes in interest rates calculated as of December 31, 2003. The foregoing disclosures related to the market risk of the Company should be read in conjunction with the Company's audited consolidated financial statements, related notes and management's discussion and analysis of financial condition and results of operations for the year ended December 31, 2003 included in the Company's 2003 Annual Report on Form 10-K.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) that is required to be included in the Company's periodic filings with the Securities and Exchange Commission. There have been no significant changes in the Company's internal controls or, to the Company's knowledge, in other factors that could significantly affect those internal controls subsequent to the date the Company carried out its ev aluation, and there have been no corrective actions with respect to significant deficiencies or material weaknesses.

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed by the undersigned, thereunto duly authorized.

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I, Pin Pin Chau, Chief Executive Officer of Summit Bank Corporation, certify that:

Date: May 4, 2004                                                                                            /s/ Pin Pin Chau