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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.
Summit State Bank (SSBI) reported record net income of $14.7 million for 2021, with diluted earnings per share at $2.20, up from $10.5 million and $1.57 in 2020. The quarterly dividend declared is $0.12 per share. Net loans rose 10% to $821 million, while total deposits grew 12% to $812 million. The bank's net interest margin improved to 4.28%, and return on average assets was 1.64%. Operating expenses increased 15% to $20.3 million.
Summit State Bank (NASDAQ: SSBI) has appointed Belinda Guadarrama to its Board of Directors. Recognized for her advocacy of small and minority businesses, Belinda has received numerous awards, including the California State Small Business Person of the Year. Her leadership experience includes founding GC Micro, a top Hispanic-owned firm, and co-chairing the Dell GovEvolve organization. With total assets of $923 million as of September 30, 2021, Summit State Bank focuses on exceptional service and support for local businesses and nonprofits.
Summit State Bank (Nasdaq: SSBI) reported a net income of $3.8 million for Q3 2021, up 29% from $2.95 million in Q3 2020. Diluted earnings per share rose to $0.63 from $0.49. The Bank declared a quarterly dividend of $0.12 per share, payable on November 18, 2021, to shareholders of record on November 11, 2021. Additionally, a 10% stock dividend will be issued to shareholders of record as of October 29, 2021. Net interest income increased to $9.58 million, with total loans up 8% year-over-year, reflecting strong growth despite rising operating expenses.
Summit State Bank (Nasdaq: SSBI) announced a 10% stock dividend to be paid on or about November 4, 2021, to shareholders of record as of the close of business on October 29, 2021. Shareholders will receive one additional share for every ten shares owned, with cash paid for fractional shares. The bank reported strong financial performance, exceeding strategic plans despite economic challenges. Jim Brush, the Chairman, expressed confidence in the bank's long-term outlook and highlighted the continuous increase in dividends and expansion into new markets.
Summit State Bank (SSBI) reported record net income of $3,898,000 for Q2 2021, marking a 76% increase from Q2 2020. Diluted earnings per share rose to $0.64. A quarterly dividend of $0.12 per share was declared, payable on August 20, 2021. Net interest income increased to $8,976,000, driven by an 8% rise in loans to $765,461,000 and a reduction in the cost of funds. Non-interest income also improved significantly. However, operating expenses rose by 19% to $5,037,000. The bank's efficiency ratio improved to 47.86% from 53.59% a year earlier.
Summit State Bank has been recognized as one of the top 25 performing banks in the U.S. with assets between $500 million and $10 billion, ranking 14th. This recognition was announced by Raymond James as part of the ninth annual Community Bankers Cup awards, which evaluates profitability, operational efficiency, and balance sheet metrics among community banks. Summit State Bank, with total assets of $886 million as of March 31, 2021, emphasizes exceptional customer service and community support, highlighting a diverse management team with significant female and minority representation.
Summit State Bank (Nasdaq: SSBI) reported record net income of $3.32 million and diluted EPS of $0.55 for Q1 2021, marking a 37% year-over-year increase. Net interest income rose to $9.19 million, driven by a 25% increase in net loans to $749.94 million. The Board declared a quarterly dividend of $0.12 per share, payable on May 21, 2021. Despite a drop in non-interest income, operating expenses rose by 9%. The bank early adopted the CECL accounting standard, increasing the allowance for credit losses to 1.51% of total loans. Total assets reached $886 million at quarter-end.
Summit State Bank (Nasdaq: SSBI) reported a record net income of $10.5 million for the year ending December 31, 2020, a 62% increase from $6.5 million in 2019, resulting in diluted earnings per share of $1.73. The bank declared a quarterly dividend of $0.12 per share. Notable growth metrics include a 29% increase in net loans to $746 million and a 27% increase in deposits to $726 million. Nonperforming assets dropped to 0.03% of total assets, and operating expenses rose by 10%. The bank remains optimistic about future growth as it navigates economic challenges.
