Summit State Bank Reports Net Income of $626,000 for Third Quarter 2024
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 (SSBI) ha riportato un reddito netto per il terzo trimestre 2024 di $626,000 ($0.09 per azione diluita), in calo rispetto a $1,821,000 ($0.27 per azione diluita) nel terzo trimestre 2023. Il reddito operativo netto prima delle perdite su crediti è diminuito a $2,122,000 da $2,520,000 rispetto all'anno precedente. La banca ha sospeso il suo dividendo trimestrale per il terzo trimestre 2024 per concentrarsi sull'accumulo di capitale e liquidità. Le spese operative sono diminuite a $6,181,000 da $6,926,000. I depositi totali sono diminuiti del 3% a $1,002,770,000, mentre i prestiti netti sono scesi del 2% a $917,367,000. La banca ha mantenuto una forte liquidità di $458,554,000 (41.0% delle attività totali) ma ha affrontato sfide con beni non performanti al 3.75% delle attività totali.
Summit State Bank (SSBI) reportó un ingreso neto de $626,000 ($0.09 por acción diluida) en el tercer trimestre de 2024, en comparación con $1,821,000 ($0.27 por acción diluida) en el tercer trimestre de 2023. El ingreso operativo neto antes de la provisión para pérdidas crediticias disminuyó a $2,122,000 desde $2,520,000 en el año. El banco suspendió su dividendo trimestral para el tercer trimestre de 2024 para centrarse en aumentar su capital y liquidez. Los gastos operativos disminuyeron a $6,181,000 desde $6,926,000. Los depósitos totales cayeron un 3% a $1,002,770,000, mientras que los préstamos netos disminuyeron un 2% a $917,367,000. El banco mantuvo una sólida liquidez de $458,554,000 (41.0% de los activos totales), pero enfrentó desafíos con activos no productivos que representan el 3.75% de los activos totales.
Summit State Bank (SSBI)는 2024년 3분기 순이익이 $626,000 ($0.09 액면가 기준)으로, 2023년 3분기 $1,821,000 ($0.27 액면가 기준)에서 감소했다고 보고했습니다. 신용 손실 충당금 전 순영업이익은 전년 대비 $2,122,000에서 $2,520,000으로 감소했습니다. 은행은 자본과 유동성을 구축하는 데 집중하기 위해 2024년 3분기 분기 배당금을 중단했습니다. 운영비용은 $6,181,000에서 $6,926,000으로 감소했습니다. 총 예금은 $1,002,770,000으로 3% 감소했으며, 순대출금은 $917,367,000으로 2% 감소했습니다. 은행은 총 자산의 41.0%인 $458,554,000의 강력한 유동성을 유지하고 있으나, 총 자산의 3.75%에 해당하는 부실 자산으로 어려움을 겪고 있습니다.
Summit State Bank (SSBI) a annoncé un revenu net de 626 000 $ (0,09 $ par action diluée) pour le troisième trimestre 2024, en baisse par rapport à 1 821 000 $ (0,27 $ par action diluée) au troisième trimestre 2023. Le revenu opérationnel net avant la provision pour pertes de crédit a diminué à 2 122 000 $ contre 2 520 000 $ d'une année sur l'autre. La banque a suspendu son dividende trimestriel pour le troisième trimestre 2024 afin de se concentrer sur la constitution de capital et de liquidités. Les dépenses opérationnelles ont diminué à 6 181 000 $ contre 6 926 000 $. Les dépôts totaux ont baissé de 3 % à 1 002 770 000 $, tandis que les prêts nets ont diminué de 2 % à 917 367 000 $. La banque a maintenu une liquidité solide de 458 554 000 $ (41,0 % des actifs totaux), mais a rencontré des difficultés avec des actifs non performants représentant 3,75 % des actifs totaux.
Summit State Bank (SSBI) meldete im dritten Quartal 2024 ein Nettoergebnis von $626,000 ($0,09 je verwässerte Aktie), ein Rückgang gegenüber $1,821,000 ($0,27 je verwässerte Aktie) im dritten Quartal 2023. Das operative Nettoergebnis vor der Rückstellung für Kreditausfälle verringerte sich im Jahresvergleich von $2,520,000 auf $2,122,000. Die Bank setzte ihre vierteljährliche Dividende für das dritte Quartal 2024 aus, um sich auf den Aufbau von Kapital und Liquidität zu konzentrieren. Die Betriebsausgaben sanken von $6,926,000 auf $6,181,000. Die Gesamteinlagen fielen um 3% auf $1,002,770,000, während die Nettokredite um 2% auf $917,367,000 zurückgingen. Die Bank hielt eine starke Liquidität von $458,554,000 (41,0% der Gesamtaktiva) aufrecht, hatte jedoch Probleme mit notleidenden Vermögenswerten, die 3,75% der Gesamtaktiva ausmachten.
- Operating expenses decreased by $745,000 year-over-year
- Strong liquidity position at 41.0% of total assets ($458,554,000)
- Book value increased to $14.85 per share from $13.77 year-over-year
- Well-capitalized status maintained with improved equity to assets ratio of 9.10%
- Net income declined 66% to $626,000 from $1,821,000 year-over-year
- Earnings per share dropped to $0.09 from $0.27 year-over-year
- Quarterly dividend suspended for Q3 2024
- Nonperforming assets increased to 3.75% of total assets
- Net interest margin declined to 2.71% from 2.80% year-over-year
- Total deposits decreased 3% year-over-year
- Cost of deposits increased to 3.05% from 2.63% year-over-year
Insights
Summit State Bank's Q3 2024 results show significant challenges, with net income dropping
SANTA ROSA, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income for the third quarter ended September 30, 2024 of
In September 2024 the Bank declared its eighty-third consecutive quarterly cash dividend.
“In this time of economic uncertainty, the Board is focused on balancing its commitment to shareholders while also building capital, increasing liquidity and positioning the Bank to create long-term value,” said Brian Reed, President and CEO. “As such, the Bank is not announcing a dividend for the third quarter of 2024.”
Third Quarter 2024 Financial Highlights (at or for the three months ended September 30, 2024)
- Net operating income before credit loss provision and income tax increased quarter-to-date to
$2,122,000 for Q3 2024 when compared to$1,955,000 in Q1 2024 to$1,267,000 in Q2 2024. - Operating expenses decreased in the third quarter of 2024 to
$6,181,000 compared to$6,926,000 in the third quarter of 2023. - The improvement in net income for the third quarter ended September 30, 2024 was offset by a
$1,320,000 provision for credit losses. - Net income for the third quarter ended September 30, 2024 was
$626,000 , or$0.09 per diluted share, compared to$1,821,000 , or$0.27 per diluted share, in the third quarter of 2023 and$928,000 , or$0.14 per diluted share, for the second quarter ended June 30, 2024. - The allowance for credit losses to total loans was
1.66% on September 30, 2024 which is based on estimating credit losses for the life of the loans in the portfolio. - The Bank maintained strong total liquidity of
$458,554,000 , or41.0% of total assets as of September 30, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of$148,499,000 or13.3% of total assets, plus available borrowing capacity of$310,055,000 or27.7% of total assets. - The Bank remains well-capitalized and all regulatory capital ratios were well above minimum requirements on September 30, 2024.
- Net loans decreased
$14,832,000 t o$917,367,000 at September 30, 2024, compared to$932,199,000 one year earlier and increased$3,853,000 compared to$913,514,000 t hree months earlier. - Total deposits decreased
3% to$1,002,770,000 at September 30, 2024, compared to$1,030,836,000 at September 30, 2023, and increased4% when compared to the prior quarter end of$966,587,000. - Book value was
$14.85 per share, compared to$13.77 per share a year ago and$14.44 in the preceding quarter.
Operating Results
For the third quarter of 2024, the annualized return on average assets was
Summit’s net interest margin was
“Our earnings have been substantially impacted by the high interest rate environment that continues to put upward pressure on our funding costs,” said Reed. “The cost of deposits was
Noninterest income decreased in the third quarter of 2024 to
Operating expenses decreased in the third quarter of 2024 to
Balance Sheet Review
Net loans decreased
Total deposits decreased
Shareholders’ equity was
Summit State Bank continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with average equity to assets of
Credit Quality
“Our primary focus has been managing asset quality and reducing portfolio risk,” said Reed. “Our nonperforming loans, which are concentrated in the “secured by farmland” category, remain elevated as we work with our customers to cure or payoff these loans. The Bank is committed to acting so it can replace this segment of the portfolio with performing loans. Our commercial real estate portfolios continue to perform well.”
Nonperforming assets were
There were no net charge-offs during the three months ended September 30, 2024, compared to net charge-offs of
For the third quarter of 2024, consistent with factors within the allowance for credit losses, the Bank recorded a
The allowance for credit losses to total loans was
About Summit State Bank
Summit State Bank, a local community bank, has 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. At the center of diversity is inclusion, collaboration, and a shared vision for delivering superior service to customers and results for shareholders. Presently,
Forward-looking Statements
The financial results in this release are preliminary. Final financial results and other disclosures will be reported in Summit State Bank’s quarterly report on Form 10-Q for the period ended September 30, 2024 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 contained herein, the statements contained in this news 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. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908
SUMMIT STATE BANK | |||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||
(In thousands except earnings per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Interest and dividend income: | |||||||||||||||
Interest and fees on loans | $ | 13,594 | $ | 13,083 | $ | 12,831 | |||||||||
Interest on deposits with banks | 592 | 451 | 1,263 | ||||||||||||
Interest on investment securities | 663 | 709 | 708 | ||||||||||||
Dividends on FHLB stock | 128 | 128 | 129 | ||||||||||||
Total interest and dividend income | 14,977 | 14,371 | 14,931 | ||||||||||||
Interest expense: | |||||||||||||||
Deposits | 7,563 | 7,046 | 6,895 | ||||||||||||
Federal Home Loan Bank advances | 4 | 137 | 10 | ||||||||||||
Junior subordinated debt | 138 | 94 | 94 | ||||||||||||
Total interest expense | 7,705 | 7,277 | 6,999 | ||||||||||||
Net interest income before provision for credit losses | 7,272 | 7,094 | 7,932 | ||||||||||||
Provision for (reversal of) credit losses on loans | 1,320 | 6 | (27 | ) | |||||||||||
(Reversal of) credit losses on unfunded loan commitments | (8 | ) | (26 | ) | (5 | ) | |||||||||
(Reversal of) provision for credit losses on investments | (19 | ) | 4 | 27 | |||||||||||
Net interest income after provision for (reversal of) credit | |||||||||||||||
losses on loans, unfunded loan commitments and investments | 5,979 | 7,110 | 7,937 | ||||||||||||
Non-interest income: | |||||||||||||||
Service charges on deposit accounts | 241 | 227 | 231 | ||||||||||||
Rental income | 60 | 60 | 61 | ||||||||||||
Net gain on loan sales | 474 | 270 | 1,046 | ||||||||||||
Other income | 255 | 244 | 158 | ||||||||||||
Total non-interest income | 1,030 | 801 | 1,496 | ||||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 3,988 | 4,039 | 4,362 | ||||||||||||
Occupancy and equipment | 420 | 443 | 432 | ||||||||||||
Other expenses | 1,773 | 2,145 | 2,132 | ||||||||||||
Total non-interest expense | 6,181 | 6,627 | 6,926 | ||||||||||||
Income before provision for income taxes | 828 | 1,284 | 2,507 | ||||||||||||
Provision for income taxes | 202 | 356 | 686 | ||||||||||||
Net income | $ | 626 | $ | 928 | $ | 1,821 | |||||||||
Basic earnings per common share | $ | 0.09 | $ | 0.14 | $ | 0.27 | |||||||||
Diluted earnings per common share | $ | 0.09 | $ | 0.14 | $ | 0.27 | |||||||||
Basic weighted average shares of common stock outstanding | 6,719 | 6,719 | 6,697 | ||||||||||||
Diluted weighted average shares of common stock outstanding | 6,719 | 6,719 | 6,705 | ||||||||||||
SUMMIT STATE BANK | ||||||||||||
STATEMENTS OF INCOME | ||||||||||||
(In thousands except earnings per share data) | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2024 | September 30, 2023 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Interest and dividend income: | ||||||||||||
Interest and fees on loans | $ | 39,952 | $ | 39,152 | ||||||||
Interest on deposits with banks | 1,405 | 3,618 | ||||||||||
Interest on investment securities | 2,084 | 2,143 | ||||||||||
Dividends on FHLB stock | 386 | 293 | ||||||||||
Total interest and dividend income | 43,827 | 45,206 | ||||||||||
Interest expense: | ||||||||||||
Deposits | 21,396 | 17,114 | ||||||||||
Federal Home Loan Bank advances | 332 | 177 | ||||||||||
Junior Subordinated Debt | 325 | 281 | ||||||||||
Total interest expense | 22,053 | 17,572 | ||||||||||
Net interest income before provision for credit losses | 21,774 | 27,634 | ||||||||||
Provision for credit losses on loans | 1,311 | 373 | ||||||||||
(Reversal of) credit losses on unfunded loan commitments | (99 | ) | (3 | ) | ||||||||
(Reversal of) provision for credit losses on investments | (20 | ) | 27 | |||||||||
Net interest income after provision for (reversal of) credit | ||||||||||||
losses on loans, unfunded loan commitments and investments | 20,582 | 27,237 | ||||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 701 | 653 | ||||||||||
Rental income | 180 | 139 | ||||||||||
Net gain on loan sales | 1,257 | 2,481 | ||||||||||
Other income | 641 | 1,630 | ||||||||||
Total non-interest income | 2,779 | 4,903 | ||||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 12,210 | 12,354 | ||||||||||
Occupancy and equipment | 1,348 | 1,326 | ||||||||||
Other expenses | 5,651 | 5,886 | ||||||||||
Total non-interest expense | 19,209 | 19,566 | ||||||||||
Income before provision for income taxes | 4,152 | 12,574 | ||||||||||
Provision for income taxes | 1,203 | 3,652 | ||||||||||
Net income | $ | 2,949 | $ | 8,922 | ||||||||
Basic earnings per common share | $ | 0.44 | $ | 1.33 | ||||||||
Diluted earnings per common share | $ | 0.44 | $ | 1.33 | ||||||||
Basic weighted average shares of common stock outstanding | 6,712 | 6,694 | ||||||||||
Diluted weighted average shares of common stock outstanding | 6,712 | 6,697 | ||||||||||
SUMMIT STATE BANK | ||||||||||||||
BALANCE SHEETS | ||||||||||||||
(In thousands except share data) | ||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 80,928 | $ | 40,142 | $ | 86,604 | ||||||||
Total cash and cash equivalents | 80,928 | 40,142 | 86,604 | |||||||||||
Investment securities: | ||||||||||||||
Available-for-sale, less allowance for credit losses of | ||||||||||||||
(at fair value; amortized cost of | 76,205 | 83,105 | 80,312 | |||||||||||
Loans, less allowance for credit losses of | 917,367 | 913,514 | 932,199 | |||||||||||
Bank premises and equipment, net | 5,251 | 5,306 | 5,334 | |||||||||||
Investment in Federal Home Loan Bank stock (FHLB), at cost | 5,889 | 5,889 | 5,541 | |||||||||||
Goodwill | 4,119 | 4,119 | 4,119 | |||||||||||
Other Real Estate Owned | 5,130 | 5,130 | - | |||||||||||
Affordable housing tax credit investments | 7,698 | 7,942 | 8,360 | |||||||||||
Accrued interest receivable and other assets | 16,204 | 16,898 | 19,705 | |||||||||||
Total assets | $ | 1,118,791 | $ | 1,082,045 | $ | 1,142,174 | ||||||||
LIABILITIES AND | ||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Deposits: | ||||||||||||||
Demand - non interest-bearing | $ | 192,371 | $ | 183,181 | $ | 210,258 | ||||||||
Demand - interest-bearing | 212,214 | 218,124 | 201,516 | |||||||||||
Savings | 45,845 | 42,974 | 54,317 | |||||||||||
Money market | 219,593 | 212,750 | 193,080 | |||||||||||
Time deposits that meet or exceed the FDIC insurance limit | 80,801 | 74,744 | 72,836 | |||||||||||
Other time deposits | 251,946 | 234,814 | 298,829 | |||||||||||
Total deposits | 1,002,770 | 966,587 | 1,030,836 | |||||||||||
Federal Home Loan Bank advances | - | 3,500 | - | |||||||||||
Junior subordinated debt | 5,931 | 5,927 | 5,916 | |||||||||||
Affordable housing commitment | 4,061 | 4,061 | 4,435 | |||||||||||
Accrued interest payable and other liabilities | 5,367 | 4,021 | 7,548 | |||||||||||
Total liabilities | 1,018,129 | 984,096 | 1,048,735 | |||||||||||
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, 6,784,099 and 6,784,099 | 37,677 | 37,623 | 37,389 | |||||||||||
Retained earnings | 70,012 | 69,651 | 67,867 | |||||||||||
Accumulated other comprehensive loss, net | (7,027 | ) | (9,325 | ) | (11,817 | ) | ||||||||
Total shareholders' equity | 100,662 | 97,949 | 93,439 | |||||||||||
Total liabilities and shareholders' equity | $ | 1,118,791 | $ | 1,082,045 | $ | 1,142,174 | ||||||||
Financial Summary | ||||||||||||
(Dollars in thousands except per share data) | ||||||||||||
As of and for the | ||||||||||||
Three Months Ended | ||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Statement of Income Data: | ||||||||||||
Net interest income | $ | 7,272 | $ | 7,094 | $ | 7,932 | ||||||
Provision for (reversal of) credit losses on loans | 1,320 | 6 | (27 | ) | ||||||||
(Reversal of) credit losses on unfunded loan commitments | (8 | ) | (26 | ) | (5 | ) | ||||||
(Reversal of) provision for credit losses on investments | (19 | ) | 4 | 27 | ||||||||
Non-interest income | 1,030 | 801 | 1,496 | |||||||||
Non-interest expense | 6,181 | 6,627 | 6,926 | |||||||||
Provision for income taxes | 202 | 356 | 686 | |||||||||
Net income | $ | 626 | $ | 928 | $ | 1,821 | ||||||
Selected per Common Share Data: | ||||||||||||
Basic earnings per common share | $ | 0.09 | $ | 0.14 | $ | 0.27 | ||||||
Diluted earnings per common share | $ | 0.09 | $ | 0.14 | $ | 0.27 | ||||||
Dividend per share | $ | 0.04 | $ | 0.12 | $ | 0.12 | ||||||
Book value per common share (1) | $ | 14.85 | $ | 14.44 | $ | 13.77 | ||||||
Selected Balance Sheet Data: | ||||||||||||
Assets | $ | 1,118,791 | $ | 1,082,045 | $ | 1,142,174 | ||||||
Loans, net | 917,367 | 913,514 | 932,199 | |||||||||
Deposits | 1,002,770 | 966,587 | 1,030,836 | |||||||||
Average assets | 1,098,469 | 1,078,700 | 1,155,007 | |||||||||
Average earning assets | 1,063,476 | 1,049,254 | 1,123,951 | |||||||||
Average shareholders' equity | 99,962 | 97,548 | 95,180 | |||||||||
Nonperforming loans | 36,841 | 35,864 | 35,267 | |||||||||
Net loans (charged-off) recovered | - | (1,067 | ) | 10 | ||||||||
Other real estate owned | 5,130 | 5,130 | - | |||||||||
Total nonperforming assets | 41,971 | 40,994 | 35,267 | |||||||||
Selected Ratios: | ||||||||||||
Return on average assets (2) | 0.23 | % | 0.35 | % | 0.63 | % | ||||||
Return on average common shareholders' equity (2) | 2.48 | % | 3.82 | % | 7.59 | % | ||||||
Efficiency ratio (3) | 74.45 | % | 83.94 | % | 73.46 | % | ||||||
Net interest margin (2) | 2.71 | % | 2.71 | % | 2.80 | % | ||||||
Common equity tier 1 capital ratio | 9.94 | % | 10.22 | % | 9.65 | % | ||||||
Tier 1 capital ratio | 9.94 | % | 10.22 | % | 9.65 | % | ||||||
Total capital ratio | 11.66 | % | 12.08 | % | 11.49 | % | ||||||
Tier 1 leverage ratio | 9.18 | % | 9.31 | % | 8.47 | % | ||||||
Common dividend payout ratio (4) | 42.34 | % | 87.96 | % | 43.82 | % | ||||||
Average shareholders' equity to average assets | 9.10 | % | 9.04 | % | 8.24 | % | ||||||
Nonperforming loans to total loans | 3.95 | % | 3.87 | % | 3.72 | % | ||||||
Nonperforming assets to total assets | 3.75 | % | 3.79 | % | 3.09 | % | ||||||
Allowance for credit losses to total loans | 1.66 | % | 1.52 | % | 1.61 | % | ||||||
Allowance for credit losses to nonperforming loans | 41.98 | % | 39.44 | % | 43.22 | % | ||||||
(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. | ||||||||||||
Financial Summary | |||||||||
(Dollars in thousands except per share data) | |||||||||
As of and for the | |||||||||
Nine Months Ended | |||||||||
September 30, 2024 | September 30, 2023 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Statement of Income Data: | |||||||||
Net interest income | $ | 21,774 | $ | 27,634 | |||||
(Reversal of) provision for credit losses on loans | 1,311 | 373 | |||||||
(Reversal of) provision for credit losses on unfunded loan commitments | (99 | ) | (3 | ) | |||||
(Reversal of) provision for credit losses on investments | (20 | ) | 27 | ||||||
Non-interest income | 2,779 | 4,903 | |||||||
Non-interest expense | 19,209 | 19,566 | |||||||
Provision for income taxes | 1,203 | 3,652 | |||||||
Net income | $ | 2,949 | $ | 8,922 | |||||
Selected per Common Share Data: | |||||||||
Basic earnings per common share | $ | 0.44 | $ | 1.33 | |||||
Diluted earnings per common share | $ | 0.44 | $ | 1.33 | |||||
Dividend per share | $ | 0.28 | $ | 0.36 | |||||
Book value per common share (1) | $ | 14.85 | $ | 13.77 | |||||
Selected Balance Sheet Data: | |||||||||
Assets | $ | 1,118,791 | $ | 1,142,174 | |||||
Loans, net | 917,367 | 932,199 | |||||||
Deposits | 1,002,770 | 1,030,836 | |||||||
Average assets | 1,088,413 | 1,149,441 | |||||||
Average earning assets | 1,056,714 | 1,117,877 | |||||||
Average shareholders' equity | 98,333 | 93,461 | |||||||
Nonperforming loans | 36,841 | 35,267 | |||||||
Net loans (charged-off) recovered | (1,066 | ) | 31 | ||||||
Other real estate owned | 5,130 | - | |||||||
Total nonperforming assets | 41,971 | 35,267 | |||||||
Selected Ratios: | |||||||||
Return on average assets (2) | 0.36 | % | 1.04 | % | |||||
Return on average common shareholders' equity (2) | 4.00 | % | 12.76 | % | |||||
Efficiency ratio (3) | 78.23 | % | 60.13 | % | |||||
Net interest margin (2) | 2.74 | % | 3.31 | % | |||||
Common equity tier 1 capital ratio | 9.94 | % | 9.65 | % | |||||
Tier 1 capital ratio | 9.94 | % | 9.65 | % | |||||
Total capital ratio | 11.66 | % | 11.49 | % | |||||
Tier 1 leverage ratio | 9.18 | % | 8.47 | % | |||||
Common dividend payout ratio (4) | 64.23 | % | 27.36 | % | |||||
Average shareholders' equity to average assets | 9.03 | % | 8.13 | % | |||||
Nonperforming loans to total loans | 3.95 | % | 3.72 | % | |||||
Nonperforming assets to total assets | 3.75 | % | 3.09 | % | |||||
Allowance for credit losses to total loans | 1.66 | % | 1.61 | % | |||||
Allowance for credit losses to nonperforming loans | 41.98 | % | 43.22 | % | |||||
(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. |
FAQ
What was Summit State Bank's (SSBI) earnings per share in Q3 2024?
Why did Summit State Bank (SSBI) suspend its Q3 2024 dividend?