Summit State Bnk - SSBI STOCK NEWS

Summit State Bank (SSBI) reported a net loss of $6.61M ($0.98 loss per share) for Q4 2024, compared to net income of $1.90M ($0.28 per share) in Q4 2023. The loss was primarily due to a $6.65M provision for credit losses and a $4.12M one-time non-cash goodwill impairment charge.

For the full year 2024, the bank reported a net loss of $3.66M ($0.54 loss per share) versus net income of $10.82M ($1.62 per share) in 2023. The bank's net interest margin improved to 2.88% in Q4 2024 from 2.71% in Q2 and Q3 2024.

The bank has suspended cash dividends for Q1 2025 to build capital and increase liquidity. Non-performing assets decreased to $32.88M (3.08% of total assets) at year-end 2024, with anticipated further reduction of $18.19M in H1 2025 through collateral sales.

Summit State Bank (SSBI) reported Q3 2024 net income of $626,000 ($0.09 per diluted share), down from $1,821,000 ($0.27 per diluted share) in Q3 2023. Net operating income before credit loss provision decreased to $2,122,000 from $2,520,000 year-over-year. The bank suspended its quarterly dividend for Q3 2024 to focus on building capital and liquidity. Operating expenses decreased to $6,181,000 from $6,926,000. Total deposits declined 3% to $1,002,770,000, while net loans decreased 2% to $917,367,000. The bank maintained strong liquidity of $458,554,000 (41.0% of total assets) but faced challenges with nonperforming assets at 3.75% of total assets.

Summit State Bank (Nasdaq: SSBI) has declared its 83rd consecutive quarterly cash dividend, but with a significant reduction. The Board of Directors announced a dividend of $0.04 per share, payable on October 10, 2024, to shareholders of record as of October 3, 2024. This decision was made in response to the current rate environment and its impact on earnings.

President and CEO Brian Reed explained that the dividend reduction is part of a deliberate strategy to build capital, improve capital ratios, and increase liquidity. The bank aims to position itself better for long-term value creation amid economic uncertainty. Reed acknowledged the impact on shareholders, emphasizing that the decision was not taken lightly.

Summit State Bank (Nasdaq: SSBI) reported net income of $928,000, or $0.14 per diluted share, for Q2 2024, compared to $2,985,000, or $0.45 per diluted share, in Q2 2023. The decrease is primarily due to the high interest rate environment impacting funding costs. Key highlights include:

- Net loans decreased to $913,514,000
- Total deposits decreased 8% to $966,587,000
- Net interest margin was 2.71%, down from 3.44% in Q2 2023
- Nonperforming assets were 3.79% of total assets
- The allowance for credit losses to total loans was 1.52%

The bank remains well-capitalized with strong liquidity of $479,202,000, or 44.3% of total assets. Management is focused on improving financial performance and profitability in the face of ongoing industry challenges.

Summit State Bank reported a net income of $1.4 million for the first quarter of 2024 and declared a cash dividend of $0.12 per common share. The bank's financial highlights show a decrease in net income compared to the previous quarters, impacted by challenges in the banking industry. Operating results indicate lower interest income and noninterest income, along with increased operating expenses. The balance sheet review shows a decrease in total deposits and an increase in net loans. Shareholders' equity and tangible book value have also increased. The credit quality remains stable, with a decline in nonperforming assets and no charge-offs during the first quarter.

Summit State Bank (SSBI) appoints Dr. Frank Chong and James Finley to its Board of Directors, bringing diverse expertise in education, finance, and business. Dr. Chong, with a background in community colleges and government, and Mr. Finley, with experience in financial services and corporate management, enhance the board's capabilities.

Summit State Bank (SSBI) reported a decrease in net income for the year ended December 31, 2023, with a 36% decline compared to the previous year. The fourth quarter of 2023 saw a decrease in net income and net interest margin, along with a 6% decrease in revenues. Despite challenges in the banking industry, the bank noted steady loan demand and increased deposit balances. However, nonperforming loans and assets increased, and the bank declared a quarterly cash dividend of $0.12 per share.

Summit State Bank reports a decrease in net income for Q3 2023 compared to Q3 2022. Non-interest income increased due to gains on sale of loans, while net interest income decreased. The bank declared a quarterly cash dividend of $0.12 per share. Loan and deposit growth continue, with total deposits increasing by 19% compared to last year. Net interest margin decreased due to higher funding costs. Nonperforming loans and assets increased compared to previous quarters.

Summit State Bank has been ranked 52nd on the San Francisco Business Times' 2023 Bay Area Corporate Philanthropists List. The list recognizes the top 100 corporate philanthropists in the Bay Area based on local cash giving.