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Summit State Bank (SSBI) provides timely updates through this dedicated news hub, offering investors and stakeholders immediate access to official announcements. Track press releases covering quarterly earnings, regulatory developments, leadership changes, and community-focused banking initiatives.
This comprehensive resource serves as SSBI's primary news repository, featuring verified information on commercial lending updates, financial service expansions, and risk management strategies. Content is curated to support informed decision-making while reflecting the bank's commitment to regional economic growth.
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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.
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