Summit State Bank - SSBI STOCK NEWS

Summit State Bank (SSBI) reported a 5% increase in net income for Q1 2023, totaling $4.116 million, or $0.62 per diluted share, up from $3.935 million in Q1 2022. The growth stemmed from steady deposit growth and reduced operating expenses. The Bank declared a quarterly dividend of $0.12 per share, payable on May 18, 2023. Notably, total deposits increased by 22% year-over-year to $1.016 billion, while net loans rose 11% to $907.623 million. Despite these gains, the net interest margin fell to 3.69%, down from 4.28% a year earlier, influenced by rising funding costs. Nonperforming assets also increased to 0.91% of total assets, reflecting a shift in credit quality standards.

Summit State Bank (Nasdaq: SSBI) reported a 15% increase in net income for 2022, totaling $16.97 million, or $2.54 per diluted share, compared to 2021. The bank noted a substantial growth in loans and deposits, with net loans rising 11% to $913.71 million and total deposits up 19% to $962.65 million. The net interest margin for 2022 was 4.34%, with a strong fourth-quarter performance showing a 24% net income increase. A quarterly cash dividend of $0.12 per share was declared. However, operating expenses increased 16% year-over-year, reflecting rising salaries and benefits. Nonperforming assets rose to $3.76 million, with a provision for credit losses of $2.54 million recorded in 2022.

Summit State Bank (Nasdaq: SSBI) reported a 5% rise in net income for Q3 2022, reaching $3.98 million or $0.59 per diluted share, up from $3.8 million or $0.57 per share in Q3 2021. Strong loan and deposit growth, along with net interest margin expansion to 4.42%, contributed to this profitability. Year-to-date net income increased 10% to $12.4 million. The bank declared a quarterly dividend of $0.12 per share. Non-interest income decreased, and a provision for credit loss expense of $770,000 was recognized due to strong loan production.

Summit State Bank (Nasdaq: SSBI) reported a net income of $4,501,000 for Q2 2022, a 15% increase from $3,898,000 in Q2 2021, translating to a diluted EPS of $0.67. The Board declared a $0.12 quarterly dividend payable on August 18, 2022. Key metrics include net interest income rising to $10,302,000 and net loans increasing by 11% to $838,265,000. Operating expenses increased by 5% to $5,298,000, primarily due to higher salaries. Summit State Bank emphasizes a commitment to community service while maintaining financial strength.

Summit State Bank (NASDAQ: SSBI) has appointed Douglas Reynolds to its Board of Directors following the bank's annual meeting on May 23, 2022. Reynolds brings significant management experience, serving as President and CEO of Energy Services of America and as an attorney. His extensive knowledge of the banking industry is seen as an asset to the board. As of March 31, 2022, the bank reported total assets of $981 million and total equity of $84 million, highlighting its commitment to providing exceptional customer service to local businesses and nonprofits.

Summit State Bank (Nasdaq: SSBI) reported a net income of $3,935,000 for Q1 2022, a 19% increase from $3,317,000 in Q1 2021, with diluted earnings per share rising to $0.59 from $0.50. The bank declared a quarterly dividend of $0.12 per share, payable on May 19, 2022. Net interest income increased to $9,882,000 in Q1 2022, up from $9,190,000 last year, while total deposits rose 10% to $831,934,000. Despite a 30% increase in operating expenses, the bank maintains a strong outlook with no nonperforming assets.