Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025
Summit State Bank reported strong Q1 2025 performance with net income of $2.5 million ($0.37 per diluted share), up from $1.4 million ($0.21 per share) in Q1 2024. The bank's improvement was driven by:
- Net interest margin expansion to 3.19% (up from 2.81% year-over-year)
- Significant reduction in problem loans, with non-performing assets decreasing to $21.9 million from $41.5 million year-over-year
- Strong liquidity position at $448 million (42.1% of total assets)
- Improved Tier 1 Leverage ratio of 9.45%
The bank suspended cash dividends to build capital and increase liquidity. Notable improvements include a decrease in operating expenses and successful resolution of problem loans, with $8 million in additional reductions expected in Q2 2025. Total deposits increased 2% to $957.1 million, while net loans decreased 4% to $877.4 million as part of strategic balance sheet management.
Summit State Bank ha registrato una solida performance nel primo trimestre del 2025, con un utile netto di 2,5 milioni di dollari (0,37 dollari per azione diluita), in aumento rispetto a 1,4 milioni di dollari (0,21 dollari per azione) nel primo trimestre del 2024. Il miglioramento della banca è stato guidato da:
- Espansione del margine di interesse netto al 3,19% (rispetto al 2,81% dell'anno precedente)
- Significativa riduzione dei prestiti problematici, con attività non performanti scese a 21,9 milioni di dollari da 41,5 milioni di dollari anno su anno
- Solida posizione di liquidità pari a 448 milioni di dollari (42,1% del totale degli attivi)
- Miglioramento del rapporto Tier 1 Leverage al 9,45%
La banca ha sospeso i dividendi in contanti per rafforzare il capitale e aumentare la liquidità. Tra i miglioramenti rilevanti vi sono la riduzione delle spese operative e la risoluzione efficace dei prestiti problematici, con ulteriori riduzioni di 8 milioni di dollari previste nel secondo trimestre del 2025. I depositi totali sono aumentati del 2% raggiungendo 957,1 milioni di dollari, mentre i prestiti netti sono diminuiti del 4% a 877,4 milioni di dollari nell'ambito di una gestione strategica del bilancio.
Summit State Bank informó un sólido desempeño en el primer trimestre de 2025, con un ingreso neto de 2,5 millones de dólares (0,37 dólares por acción diluida), frente a 1,4 millones de dólares (0,21 dólares por acción) en el primer trimestre de 2024. La mejora del banco se debió a:
- Expansión del margen de interés neto al 3,19% (desde 2,81% interanual)
- Reducción significativa de préstamos problemáticos, con activos no productivos que disminuyeron a 21,9 millones de dólares desde 41,5 millones interanual
- Fuerte posición de liquidez de 448 millones de dólares (42,1% del total de activos)
- Mejora en la ratio de apalancamiento Tier 1 al 9,45%
El banco suspendió los dividendos en efectivo para fortalecer el capital y aumentar la liquidez. Las mejoras destacadas incluyen una disminución en los gastos operativos y la resolución exitosa de préstamos problemáticos, con reducciones adicionales de 8 millones de dólares previstas para el segundo trimestre de 2025. Los depósitos totales aumentaron un 2% hasta 957,1 millones de dólares, mientras que los préstamos netos disminuyeron un 4% a 877,4 millones como parte de la gestión estratégica del balance.
서밋 스테이트 은행은 2025년 1분기에 순이익 250만 달러(희석 주당 0.37달러)를 기록하며 2024년 1분기 140만 달러(주당 0.21달러) 대비 크게 성장했습니다. 은행의 개선은 다음과 같은 요인에 기인합니다:
- 순이자마진이 3.19%로 확대됨(전년 동기 2.81% 대비 상승)
- 문제 대출의 대폭 감소, 부실 자산이 2,190만 달러로 전년 동기 4,150만 달러에서 감소
- 총자산의 42.1%인 4억 4,800만 달러의 강력한 유동성 확보
- Tier 1 레버리지 비율 개선, 9.45% 달성
은행은 자본을 확충하고 유동성을 높이기 위해 현금 배당을 중단했습니다. 주목할 만한 개선 사항으로는 운영비용 감소와 문제 대출의 성공적인 해결이 있으며, 2025년 2분기에 추가로 800만 달러의 감소가 예상됩니다. 총 예금은 2% 증가한 9억 5,710만 달러를 기록했으며, 순대출은 전략적 대차대조표 관리의 일환으로 4% 감소한 8억 7,740만 달러였습니다.
Summit State Bank a annoncé une solide performance au premier trimestre 2025 avec un bénéfice net de 2,5 millions de dollars (0,37 dollar par action diluée), en hausse par rapport à 1,4 million de dollars (0,21 dollar par action) au premier trimestre 2024. L'amélioration de la banque a été portée par :
- Une expansion de la marge nette d'intérêt à 3,19 % (contre 2,81 % sur un an)
- Une réduction significative des prêts problématiques, les actifs non performants passant de 41,5 millions à 21,9 millions de dollars en un an
- Une forte position de liquidité à 448 millions de dollars (42,1 % du total des actifs)
- Une amélioration du ratio de levier Tier 1 à 9,45 %
La banque a suspendu les dividendes en espèces pour renforcer son capital et accroître sa liquidité. Parmi les améliorations notables figurent une baisse des charges d'exploitation et la résolution réussie des prêts problématiques, avec une réduction supplémentaire de 8 millions de dollars prévue au deuxième trimestre 2025. Les dépôts totaux ont augmenté de 2 % pour atteindre 957,1 millions de dollars, tandis que les prêts nets ont diminué de 4 % à 877,4 millions de dollars dans le cadre d'une gestion stratégique du bilan.
Summit State Bank meldete eine starke Performance im ersten Quartal 2025 mit einem Nettogewinn von 2,5 Millionen US-Dollar (0,37 US-Dollar je verwässerter Aktie), gegenüber 1,4 Millionen US-Dollar (0,21 US-Dollar je Aktie) im ersten Quartal 2024. Die Verbesserung der Bank wurde angetrieben durch:
- Ausweitung der Nettomarge auf 3,19 % (im Vergleich zu 2,81 % im Vorjahreszeitraum)
- Deutliche Reduzierung der Problemkredite, wobei notleidende Vermögenswerte von 41,5 Millionen auf 21,9 Millionen US-Dollar gesunken sind
- Starke Liquiditätsposition mit 448 Millionen US-Dollar (42,1 % der Gesamtaktiva)
- Verbesserung der Tier-1-Leverage-Ratio auf 9,45 %
Die Bank hat die Bardividenden ausgesetzt, um Kapital aufzubauen und die Liquidität zu erhöhen. Bemerkenswerte Verbesserungen umfassen eine Senkung der Betriebskosten und eine erfolgreiche Abwicklung von Problemkrediten, mit weiteren erwarteten Reduzierungen von 8 Millionen US-Dollar im zweiten Quartal 2025. Die Gesamteinlagen stiegen um 2 % auf 957,1 Millionen US-Dollar, während die Nettokredite im Rahmen des strategischen Bilanzmanagements um 4 % auf 877,4 Millionen US-Dollar zurückgingen.
- Net income increased to $2.49M ($0.37/share) in Q1 2025 vs $1.39M ($0.21/share) in Q1 2024
- Net interest margin improved to 3.19% from 2.81% year-over-year
- Non-performing assets decreased significantly to $21.88M from $41.54M year-over-year
- Strong total liquidity position of $448.03M (42.1% of total assets)
- Tier 1 Leverage ratio improved to 9.45% from 9.21% year-over-year
- $509,000 in net recoveries during Q1 2025 compared to net charge-offs in previous quarter
- Operating expenses decreased to $6.25M from $6.40M year-over-year
- Dividend payments suspended for Q2 2025
- Book value per share declined to $14.07 from $14.43 year-over-year
- Net loans decreased 4% to $877.35M compared to previous year
- Noninterest income decreased to $646,000 from $948,000 year-over-year
- High concentration in commercial real estate (78% of portfolio)
- Six loans to two borrowers totaling $16.04M represent 92% of non-performing loans
Insights
Summit State Bank shows strong recovery with 78% earnings growth, improved credit quality, and expanding margins despite continued dividend suspension.
Summit State Bank's Q1 2025 results reveal a remarkable financial recovery, with net income reaching
The bank's profitability metrics show substantial improvement with return on average assets at
Credit quality has improved markedly, with non-performing assets decreasing to
Notable risk concentration remains in the farmland sector, which accounts for
The capital position has strengthened with a Tier 1 Leverage ratio of
Operating expenses decreased year-over-year, primarily due to a
The Board has suspended cash dividends through Q2 2025 to further strengthen capital and liquidity positions, prioritizing long-term value creation over immediate shareholder returns.
SANTA ROSA, Calif., April 29, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of
“Our operating performance for the first quarter of 2025 was a significant improvement over the prior quarter, fueled by strong net interest income generation and net interest margin expansion,” said Brian Reed, President and CEO. “We are feeling positive about our earnings trajectory, as we have made significant progress in resolving problem loans which negatively impacted the Bank’s performance in 2024. While market volatility continues throughout the financial sector, we will remain consistent with our balance sheet management and operating procedures. Continued repricing of our deposit and loan portfolio is expected to have a positive impact on our net interest margin and financial results going forward.”
“We continue to focus on maintaining strong capital levels by strategically managing the balance sheet and suspending cash dividends,” said Reed. “As such, the Board determined it will also suspend cash dividends in the second quarter of 2025 so that we can continue to build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”
“Another highlight of the first quarter was the substantial decrease in problem loans and non-performing assets,” said Reed. “We have been aggressively pursuing solutions to problem loans and have reduced our non-performing loans by
First Quarter 2025 Financial Highlights (at or for the three months ended March 31, 2025)
- Net income was
$2,494,000 , or$0.37 per diluted share, compared to$1,395,000 , or$0.21 per diluted share, in the first quarter of 2024 and a net loss of$7,142,000 , or$1.06 loss per diluted share for the quarter ended December 31, 2024. - Net interest margin was
3.19% in the first quarter of 2025 compared to2.81% in the first quarter of 2024 and2.88% in the fourth quarter of 2024. - Non-performing assets decreased to
$21,884,000 at March 31, 2025 compared to$41,548,000 in non-performing assets at March 31, 2024 and$32,191,000 at December 31, 2024. - Collateral relating to three of the non-performing loans to one borrower is under contract to sell in the second quarter of 2025 and the expected proceeds represent
46% or$8,016,000 of the remaining$17,447,000 of non-performing loans. - The Bank’s Tier 1 Leverage ratio increased to
9.45% at March 31, 2025 compared to9.21% at March 31, 2024. This ratio remains well above the minimum of5% required to be considered “well-capitalized” for regulatory capital purposes. - The Bank’s annualized return on average assets and annualized return on average equity for the first quarter of 2025 was
0.95% and10.80% , respectively. This compared to annualized return on average assets and annualized return on average equity for the first quarter of 2024 of0.51% and5.74% , respectively. - The allowance for credit losses to total loans was
1.53% at March 31, 2025 compared to1.66% one year earlier and1.49% in the preceding quarter. - The Bank maintained strong total liquidity of
$448,039,000 , or42.1% of total assets as of March 31, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of$141,145,000 or13.3% of total assets, plus available borrowing capacity of$306,894,000 or28.9% of total assets. - The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
- Net loans decreased
4% to$877,354,000 at March 31, 2025, compared to$917,685,000 one year earlier and decreased3% compared to$905,075,000 in the fourth quarter of 2024. - Total deposits increased
2% to$957,065,000 at March 31, 2025, compared to$939,202,000 at March 31, 2024, and decreased1% when compared to the fourth quarter of 2024, at$962,562,000.
- Net loans decreased
- Book value was
$14.07 per share, compared to$14.43 per share a year ago and$13.53 in the fourth quarter of 2024.
Operating Results
For the first quarter of 2025, the annualized return on average assets was
“The 31 basis point improvement in our net interest margin during the first quarter of 2025, compared to the preceding quarter, was a result of lower cost of funds as well as higher loan yields as existing loans continue to reprice,” said Reed. “We anticipate additional improvement to our net interest margin over the next few quarters as time deposits and loans reprice.” The Bank’s net interest margin was
Interest and dividend income increased
Interest expense decreased
Noninterest income decreased in the first quarter of 2025 to
“We have worked hard at implementing significant cost savings throughout the Bank to improve operating efficiencies,” said Reed. Operating expenses decreased in the first quarter of 2025 to
Balance Sheet Review
During the first quarter of 2025, the Bank strategically managed its loan and deposit portfolios to reduce balance sheet risk and improve liquidity and capital ratios. As a result, net loans decreased
Net loans were
Total deposits were
Shareholders’ equity was
The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of
Credit Quality
Non-performing assets were
“While we are encouraged with the improvements in credit quality metrics, our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “As of March 31, 2025, six loans to two borrowers totaling
There was
For the first quarter of 2025, consistent with factors within the allowance for credit losses model, the Bank recorded a
About Summit State Bank
Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of
Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.
Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements
The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-Q for the period ended March 31, 2025, and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.
Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
| SUMMIT STATE BANK | |||||||||||||||
| STATEMENTS OF INCOME | |||||||||||||||
| (In thousands except earnings per share data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Interest and dividend income: | |||||||||||||||
| Interest and fees on loans | $ | 13,420 | $ | 13,623 | $ | 13,274 | |||||||||
| Interest on deposits with banks | 477 | 655 | 362 | ||||||||||||
| Interest on investment securities | 515 | 530 | 712 | ||||||||||||
| Dividends on FHLB stock | 130 | 127 | 129 | ||||||||||||
| Total interest and dividend income | 14,542 | 14,935 | 14,477 | ||||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 6,288 | 7,099 | 6,786 | ||||||||||||
| Federal Home Loan Bank advances | 40 | 6 | 190 | ||||||||||||
| Junior subordinated debt | 136 | 128 | 94 | ||||||||||||
| Total interest expense | 6,464 | 7,233 | 7,070 | ||||||||||||
| Net interest income before provision for (reversal of) credit losses | 8,078 | 7,702 | 7,407 | ||||||||||||
| (Reversal of) provision for credit losses on loans | (577 | ) | 6,570 | (15 | ) | ||||||||||
| (Reversal of) provision for credit losses on unfunded loan commitments | (38 | ) | 154 | (65 | ) | ||||||||||
| (Reversal of) credit losses on investments | (13 | ) | (2 | ) | (5 | ) | |||||||||
| Net interest income after provision for (reversal of) credit | |||||||||||||||
| losses on loans, unfunded loan commitments and investments | 8,706 | 980 | 7,492 | ||||||||||||
| Non-interest income: | |||||||||||||||
| Service charges on deposit accounts | 225 | 225 | 233 | ||||||||||||
| Rental income | 57 | 61 | 60 | ||||||||||||
| Net gain on loan sales | 22 | 857 | 514 | ||||||||||||
| Net gain on securities | - | 6 | - | ||||||||||||
| Loss on valuation of other real estate owned | - | (693 | ) | - | |||||||||||
| Other income | 342 | 224 | 141 | ||||||||||||
| Total non-interest income | 646 | 680 | 948 | ||||||||||||
| Non-interest expense: | |||||||||||||||
| Salaries and employee benefits | 3,727 | 3,429 | 4,182 | ||||||||||||
| Occupancy and equipment | 421 | 413 | 485 | ||||||||||||
| Goodwill impairment | - | 4,119 | - | ||||||||||||
| Other expenses | 2,105 | 2,239 | 1,733 | ||||||||||||
| Total non-interest expense | 6,253 | 10,200 | 6,400 | ||||||||||||
| Income (loss) before provision for income taxes | 3,099 | (8,540 | ) | 2,040 | |||||||||||
| Provision for income tax expense (benefit) | 605 | (1,398 | ) | 645 | |||||||||||
| Net income (loss) | $ | 2,494 | $ | (7,142 | ) | $ | 1,395 | ||||||||
| Basic earnings (loss) per common share | $ | 0.37 | $ | (1.06 | ) | $ | 0.21 | ||||||||
| Diluted earnings (loss) per common share | $ | 0.37 | $ | (1.06 | ) | $ | 0.21 | ||||||||
| Basic weighted average shares of common stock outstanding | 6,719 | 6,719 | 6,698 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 6,719 | 6,719 | 6,698 | ||||||||||||
| SUMMIT STATE BANK | ||||||||||||||
| BALANCE SHEETS | ||||||||||||||
| (In thousands except share data) | ||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||||
| ASSETS | ||||||||||||||
| Cash and due from banks | $ | 72,408 | $ | 51,403 | $ | 37,712 | ||||||||
| Total cash and cash equivalents | 72,408 | 51,403 | 37,712 | |||||||||||
| Investment securities: | ||||||||||||||
| Available-for-sale, less allowance for credit losses of | ||||||||||||||
| (at fair value; amortized cost of | 68,737 | 68,228 | 83,832 | |||||||||||
| Loans, less allowance for credit losses of | 877,354 | 905,075 | 917,685 | |||||||||||
| Bank premises and equipment, net | 5,057 | 5,155 | 5,287 | |||||||||||
| Investment in Federal Home Loan Bank stock (FHLB), at cost | 5,889 | 5,889 | 5,541 | |||||||||||
| Goodwill | - | - | 4,119 | |||||||||||
| Other Real Estate Owned | 4,437 | 4,437 | - | |||||||||||
| Affordable housing tax credit investments | 7,202 | 7,413 | 8,165 | |||||||||||
| Accrued interest receivable and other assets | 22,279 | 19,494 | 17,850 | |||||||||||
| Total assets | $ | 1,063,363 | $ | 1,067,094 | $ | 1,080,191 | ||||||||
| LIABILITIES AND | ||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||
| Deposits: | ||||||||||||||
| Demand - non interest-bearing | $ | 198,736 | $ | 185,756 | $ | 179,328 | ||||||||
| Demand - interest-bearing | 192,764 | 193,355 | 222,313 | |||||||||||
| Savings | 39,000 | 47,235 | 48,214 | |||||||||||
| Money market | 212,900 | 226,879 | 222,153 | |||||||||||
| Time deposits that meet or exceed the FDIC insurance limit | 93,154 | 70,717 | 65,763 | |||||||||||
| Other time deposits | 220,511 | 238,620 | 201,431 | |||||||||||
| Total deposits | 957,065 | 962,562 | 939,202 | |||||||||||
| Federal Home Loan Bank advances | - | - | 28,600 | |||||||||||
| Junior subordinated debt | 5,938 | 5,935 | 5,924 | |||||||||||
| Affordable housing commitment | 511 | 511 | 4,094 | |||||||||||
| Accrued interest payable and other liabilities | 4,508 | 6,363 | 4,493 | |||||||||||
| Total liabilities | 968,022 | 975,371 | 982,313 | |||||||||||
| Shareholders' equity | ||||||||||||||
| Preferred stock, no par value; 20,000,000 shares authorized; | ||||||||||||||
| no shares issued and outstanding | - | - | - | |||||||||||
| Common stock, no par value; shares authorized - 30,000,000 shares; | ||||||||||||||
| issued and outstanding 6,776,563, 6,776,563 and 6,784,099 | 37,803 | 37,740 | 37,552 | |||||||||||
| Retained earnings | 65,364 | 62,869 | 69,539 | |||||||||||
| Accumulated other comprehensive loss, net | (7,826 | ) | (8,886 | ) | (9,213 | ) | ||||||||
| Total shareholders' equity | 95,341 | 91,723 | 97,878 | |||||||||||
| Total liabilities and shareholders' equity | $ | 1,063,363 | $ | 1,067,094 | $ | 1,080,191 | ||||||||
| Financial Summary | ||||||||||||
| (Dollars in thousands except per share data) | ||||||||||||
| As of and for the | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Statement of Income Data: | ||||||||||||
| Net interest income | $ | 8,078 | $ | 7,702 | $ | 7,407 | ||||||
| (Reversal of) provision for credit losses on loans | (577 | ) | 6,570 | (15 | ) | |||||||
| (Reversal of) provision for credit losses on unfunded loan commitments | (38 | ) | 154 | (65 | ) | |||||||
| (Reversal of) credit losses on investments | (13 | ) | (2 | ) | (5 | ) | ||||||
| Non-interest income | 646 | 680 | 948 | |||||||||
| Non-interest expense | 6,253 | 10,199 | 6,400 | |||||||||
| Provision for income tax expense (benefit) | 605 | (1,398 | ) | 645 | ||||||||
| Net income (loss) | $ | 2,494 | $ | (7,141 | ) | $ | 1,395 | |||||
| Selected per Common Share Data: | ||||||||||||
| Basic earnings (loss) per common share | $ | 0.37 | $ | (1.06 | ) | $ | 0.21 | |||||
| Diluted earnings (loss) per common share | $ | 0.37 | $ | (1.06 | ) | $ | 0.21 | |||||
| Dividend per share | $ | - | $ | - | $ | 0.12 | ||||||
| Book value per common share (1) | $ | 14.07 | $ | 13.53 | $ | 14.43 | ||||||
| Selected Balance Sheet Data: | ||||||||||||
| Assets | $ | 1,063,363 | $ | 1,067,094 | $ | 1,080,191 | ||||||
| Loans, net | 877,354 | 905,075 | 917,685 | |||||||||
| Deposits | 957,065 | 962,562 | 939,202 | |||||||||
| Average assets | 1,059,902 | 1,098,885 | 1,087,960 | |||||||||
| Average earning assets | 1,028,563 | 1,064,872 | 1,057,338 | |||||||||
| Average shareholders' equity | 93,620 | 101,307 | 97,471 | |||||||||
| Nonperforming loans | 17,447 | 27,754 | 41,548 | |||||||||
| Net loans recovered (charged-off) | 509 | (8,343 | ) | 281 | ||||||||
| Other real estate owned | 4,437 | 4,437 | - | |||||||||
| Total nonperforming assets | 21,884 | 32,191 | 41,548 | |||||||||
| Selected Ratios: | ||||||||||||
| Return (loss) on average assets (2) | 0.95 | % | -2.59 | % | 0.51 | % | ||||||
| Return (loss) on average common shareholders' equity (2) | 10.80 | % | -28.04 | % | 5.74 | % | ||||||
| Efficiency ratio (3) | 71.68 | % | 121.76 | % | 76.60 | % | ||||||
| Net interest margin (2) | 3.18 | % | 2.88 | % | 2.81 | % | ||||||
| Common equity tier 1 capital ratio | 10.47 | % | 10.14 | % | 10.37 | % | ||||||
| Tier 1 capital ratio | 10.47 | % | 10.14 | % | 10.37 | % | ||||||
| Total capital ratio | 12.22 | % | 11.89 | % | 12.24 | % | ||||||
| Tier 1 leverage ratio | 9.45 | % | 8.87 | % | 9.21 | % | ||||||
| Common dividend payout ratio (4) | 0.00 | % | 0.00 | % | 58.27 | % | ||||||
| Average shareholders' equity to average assets | 8.83 | % | 9.22 | % | 8.96 | % | ||||||
| Nonperforming loans to total loans | 1.96 | % | 3.02 | % | 4.45 | % | ||||||
| Nonperforming assets to total assets | 2.06 | % | 3.02 | % | 3.85 | % | ||||||
| Allowance for credit losses to total loans | 1.53 | % | 1.49 | % | 1.66 | % | ||||||
| Allowance for credit losses to nonperforming loans | 78.09 | % | 49.34 | % | 37.27 | % | ||||||
| (1) Total shareholders' equity divided by total common shares outstanding. | ||||||||||||
| (2) Annualized. | ||||||||||||
| (3) Non-interest expenses to net interest and non-interest income, net of securities gains. | ||||||||||||
| (4) Common dividends divided by net income available for common shareholders. | ||||||||||||
Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908
FAQ
How much did Summit State Bank (SSBI) earn in Q1 2025?
Why did Summit State Bank (SSBI) suspend dividends in Q2 2025?
What was Summit State Bank's (SSBI) net interest margin in Q1 2025?
How much did Summit State Bank (SSBI) reduce non-performing loans in Q1 2025?
What is Summit State Bank's (SSBI) current Tier 1 Leverage ratio?
What percentage of Summit State Bank's (SSBI) loan portfolio is in commercial real estate?
