Summit State Bank Earns $2.4 Million, or $0.36 Per Diluted Share, in Second Quarter 2025
Summit State Bank (NASDAQ: SSBI) reported strong Q2 2025 financial results with net income of $2.4 million, or $0.36 per diluted share, compared to $928,000 ($0.14/share) in Q2 2024. The bank demonstrated significant improvement with net interest margin expanding to 3.66% from 2.71% year-over-year.
Key highlights include a substantial reduction in non-performing assets to $13.8 million (down from $41.0 million YoY), improved Tier 1 Leverage ratio of 9.84%, and strong total liquidity of $453.3 million (43.9% of total assets). The bank has strategically reduced its balance sheet with net loans down 7% YoY to $851.3 million and deposits decreased 5% to $922.6 million.
Notably, the bank announced the suspension of cash dividends for Q3 2025 to strengthen capital position and enhance liquidity.
Summit State Bank (NASDAQ: SSBI) ha riportato solidi risultati finanziari nel secondo trimestre del 2025 con un utile netto di 2,4 milioni di dollari, pari a 0,36 dollari per azione diluita, rispetto a 928.000 dollari (0,14 dollari per azione) nel secondo trimestre del 2024. La banca ha mostrato un miglioramento significativo con un margine di interesse netto che è salito al 3,66% rispetto al 2,71% dell'anno precedente.
I punti salienti includono una riduzione sostanziale degli asset deteriorati a 13,8 milioni di dollari (in calo rispetto ai 41,0 milioni di dollari dell'anno precedente), un miglioramento del rapporto di leva Tier 1 al 9,84% e una forte liquidità totale di 453,3 milioni di dollari (43,9% del totale degli attivi). La banca ha strategicamente ridotto il proprio bilancio con prestiti netti in calo del 7% su base annua a 851,3 milioni di dollari e depositi diminuiti del 5% a 922,6 milioni di dollari.
Da segnalare, la banca ha annunciato la sospensione dei dividendi in contanti per il terzo trimestre del 2025 al fine di rafforzare la posizione patrimoniale e migliorare la liquidità.
Summit State Bank (NASDAQ: SSBI) reportó sólidos resultados financieros en el segundo trimestre de 2025 con un ingreso neto de 2,4 millones de dólares, o 0,36 dólares por acción diluida, en comparación con 928.000 dólares (0,14 dólares por acción) en el segundo trimestre de 2024. El banco mostró una mejora significativa con un margen de interés neto que se expandió a 3,66% desde 2,71% interanual.
Los aspectos destacados incluyen una reducción sustancial de activos no productivos a 13,8 millones de dólares (desde 41,0 millones año tras año), una mejora en la ratio de apalancamiento Tier 1 al 9,84% y una fuerte liquidez total de 453,3 millones de dólares (43,9% de los activos totales). El banco ha reducido estratégicamente su balance con préstamos netos que bajaron un 7% interanual a 851,3 millones de dólares y depósitos que disminuyeron un 5% a 922,6 millones de dólares.
De manera destacada, el banco anunció la suspensión de dividendos en efectivo para el tercer trimestre de 2025 para fortalecer la posición de capital y mejorar la liquidez.
서밋 스테이트 뱅크(NASDAQ: SSBI)는 2025년 2분기 강력한 재무 실적을 보고했으며 순이익은 240만 달러, 희석 주당 순이익은 0.36달러로 2024년 2분기 92만8천 달러(주당 0.14달러) 대비 크게 증가했습니다. 은행은 순이자마진이 전년 동기 대비 3.66%로 확대되며 상당한 개선을 보였습니다(지난해 2.71%).
주요 내용으로는 부실 자산이 1380만 달러로 대폭 감소(전년 동기 4100만 달러)했고, Tier 1 레버리지 비율이 9.84%로 개선되었으며, 총 유동성이 4억5,330만 달러(총 자산의 43.9%)로 견고함을 유지했습니다. 은행은 전략적으로 대차대조표를 축소하여 순대출금은 전년 대비 7% 감소한 8억5,130만 달러, 예금은 5% 감소한 9억2,260만 달러를 기록했습니다.
특히 은행은 2025년 3분기 현금 배당 중단을 발표하여 자본 위치를 강화하고 유동성을 향상시키기로 했습니다.
Summit State Bank (NASDAQ : SSBI) a publié de solides résultats financiers pour le deuxième trimestre 2025 avec un bénéfice net de 2,4 millions de dollars, soit 0,36 dollar par action diluée, contre 928 000 dollars (0,14 dollar par action) au deuxième trimestre 2024. La banque a montré une amélioration significative avec une marge nette d'intérêt passant à 3,66% contre 2,71% sur un an.
Les points clés incluent une réduction substantielle des actifs non performants à 13,8 millions de dollars (en baisse par rapport à 41,0 millions d'euros en glissement annuel), une amélioration du ratio de levier Tier 1 à 9,84%, et une forte liquidité totale de 453,3 millions de dollars (43,9% des actifs totaux). La banque a réduit stratégiquement son bilan avec des prêts nets en baisse de 7% sur un an à 851,3 millions de dollars et des dépôts en baisse de 5% à 922,6 millions de dollars.
Notamment, la banque a annoncé la suspension des dividendes en espèces pour le troisième trimestre 2025 afin de renforcer sa position en capital et d'améliorer sa liquidité.
Summit State Bank (NASDAQ: SSBI) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 2,4 Millionen US-Dollar bzw. 0,36 US-Dollar je verwässerter Aktie, verglichen mit 928.000 US-Dollar (0,14 US-Dollar/Aktie) im zweiten Quartal 2024. Die Bank zeigte eine deutliche Verbesserung mit einer Ausweitung der Nettozinsmarge auf 3,66% gegenüber 2,71% im Vorjahreszeitraum.
Wichtige Highlights sind eine erhebliche Reduzierung notleidender Vermögenswerte auf 13,8 Millionen US-Dollar (gegenüber 41,0 Millionen US-Dollar im Jahresvergleich), eine verbesserte Tier-1-Leverage-Ratio von 9,84% sowie eine starke Gesamtliquidität von 453,3 Millionen US-Dollar (43,9% der Gesamtaktiva). Die Bank hat ihre Bilanz strategisch verkleinert, wobei die Nettokredite um 7% im Jahresvergleich auf 851,3 Millionen US-Dollar zurückgingen und die Einlagen um 5% auf 922,6 Millionen US-Dollar sanken.
Bemerkenswert ist, dass die Bank die Aussetzung der Bardividenden für das dritte Quartal 2025 angekündigt hat, um die Kapitalposition zu stärken und die Liquidität zu verbessern.
- Net income increased significantly to $2.4 million in Q2 2025 from $928,000 in Q2 2024
- Net interest margin expanded substantially to 3.66% from 2.71% year-over-year
- Non-performing assets decreased by $27.2 million year-over-year to $13.8 million
- Strong liquidity position at 43.9% of total assets ($453.3 million)
- Tier 1 Leverage ratio improved to 9.84% from 9.31% year-over-year
- Operating expenses decreased to $6.3 million from $6.6 million in Q2 2024
- Suspension of cash dividends for Q3 2025
- Net loans decreased 7% year-over-year to $851.3 million
- Total deposits declined 5% year-over-year to $922.6 million
- Noninterest income decreased to $263,000 from $801,000 in Q2 2024
- $492,000 in net charge-offs during Q2 2025
Insights
Summit State Bank shows strong Q2 2025 performance with 160% earnings growth, improved margins, and dividend suspension for capital preservation.
Summit State Bank delivered $2.4 million in Q2 2025 net income (
The bank's net interest margin expanded impressively to
Credit quality shows meaningful improvement with non-performing assets declining to
The Tier 1 Leverage ratio strengthened to
Most notably, management has suspended cash dividends for Q3 2025 to further strengthen capital and enhance liquidity. This prudent capital preservation move, combined with the substantial progress in resolving problem loans, positions the bank for improved financial stability despite continued market volatility in the broader financial sector.
SANTA ROSA, Calif., July 29, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of
“We delivered strong operating results in the second quarter of 2025 – our second consecutive quarter of solid earnings - driven by robust net interest income and meaningful margin expansion,” said Brian Reed, President and CEO. “With notable progress made in addressing problem loans that weighed on 2024 results, we are encouraged by the momentum in our earnings outlook. Despite ongoing market volatility in the broader financial sector, we remain disciplined in our balance sheet strategy and operational execution. As deposits and loans continue to reprice, we anticipate further upside to our net interest margin.”
“Maintaining a strong capital position remains a top priority as we navigate the current environment,” said Reed. “To support this objective, we are actively managing our balance sheet and have made the strategic decision to suspend cash dividends for the third quarter of 2025. This action allows us to further strengthen capital, enhance liquidity, and position the Bank to deliver long-term value to shareholders.”
“A key highlight in the second quarter was the notable reduction in non-performing assets, reflecting our proactive approach to resolving problem loans,” said Reed. “Non-performing assets declined by
Second Quarter 2025 Financial Highlights (at or for the three months ended June 30, 2025)
- Net income was
$2,417,000 , or$0.36 per diluted share, compared to$928,000 , or$0.14 per diluted share, in the second quarter of 2024 and$2,494,000 , or$0.37 per diluted share for the first quarter ended March 31, 2025. - Net interest margin was
3.66% in the second quarter of 2025 compared to2.71% in the second quarter of 2024 and3.19% in the first quarter of 2025. - Non-performing assets decreased to
$13,762,000 at June 30, 2025 compared to$40,994,000 in non-performing assets at June 30, 2024 and$21,884,000 at March 31, 2025. - The Bank’s Tier 1 Leverage ratio increased to
9.84% at June 30, 2025 compared to9.31% at June 30, 2024. - Annualized return on average assets and annualized return on average equity for the second quarter of 2025 was
0.93% and9.98% , respectively. This compared to annualized return on average assets and annualized return on average equity for the second quarter of 2024 of0.35% and3.82% , respectively. - The allowance for credit losses to total loans held for investment was
1.52% at June 30, 2025 compared to1.52% one year earlier and1.53% in the preceding quarter. - The Bank maintained strong total liquidity of
$453,328,000 , or43.9% of total assets as of June 30, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of$133,788,000 or13.0% of total assets, plus available borrowing capacity of$319,540,000 or30.9% 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 held for investment decreased
7% to$851,309,000 at June 30, 2025, compared to$913,514,000 one year earlier and decreased3% compared to$877,354,000 in the first quarter of 2025. - Total deposits decreased
5% to$922,609,000 at June 30, 2025, compared to$966,587,000 at June 30, 2024, and decreased4% when compared to the first quarter of 2025, at$957,065,000.
- Net loans held for investment decreased
- Book value was
$14.49 per share, compared to$14.44 per share a year ago and$14.07 in the first quarter of 2025.
Operating Results
For the second quarter of 2025, the annualized return on average assets was
"In the second quarter of 2025, our net interest margin expanded by 47 basis points quarter-over-quarter, driven by a favorable shift in funding costs, continued repricing of our loan portfolio at higher yields and prepayment fees,” said Reed.
The Bank’s net interest margin was
Interest and dividend income increased
Interest expense decreased
Noninterest income decreased in the second quarter of 2025 to
“We remain committed to enhancing operational efficiency and driving cost savings across the Bank. Through targeted expense management initiatives and process improvements, we are reducing our cost structure while maintaining the quality of service our clients expect,” said Reed.
Operating expenses decreased in the second quarter of 2025 to
Balance Sheet Review
During the second 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 held for investment decreased
Net loans held for investment 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
“We are pleased with the progress in credit quality and our main priority continues to be vigilant management of asset quality and risk reduction within the portfolio,” said Reed. “As of June 30, 2025, three loans to a single borrower, totaling
There was
For the second quarter of 2025, the Bank recorded no provision for credit loss on loans, 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 June 30, 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.
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 | |||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Interest and dividend income: | |||||||||||||||
| Interest and fees on loans | $ | 13,959 | $ | 13,420 | $ | 13,083 | |||||||||
| Interest on deposits with banks | 640 | 477 | 451 | ||||||||||||
| Interest on investment securities | 503 | 515 | 709 | ||||||||||||
| Dividends on FHLB stock | 128 | 130 | 128 | ||||||||||||
| Total interest and dividend income | 15,230 | 14,542 | 14,371 | ||||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 5,875 | 6,288 | 7,046 | ||||||||||||
| Federal Home Loan Bank advances | - | 40 | 137 | ||||||||||||
| Junior subordinated debt | 126 | 136 | 94 | ||||||||||||
| Total interest expense | 6,001 | 6,464 | 7,277 | ||||||||||||
| Net interest income before provision for (reversal of) credit losses | 9,229 | 8,078 | 7,094 | ||||||||||||
| (Reversal of) provision for credit losses on loans | - | (577 | ) | 6 | |||||||||||
| Reversal of credit losses on unfunded loan commitments | (55 | ) | (38 | ) | (26 | ) | |||||||||
| (Reversal of) provision for credit losses on investments | - | (13 | ) | 4 | |||||||||||
| Net interest income after (reversal of) provision for credit | |||||||||||||||
| losses on loans, unfunded loan commitments and investments | 9,284 | 8,706 | 7,110 | ||||||||||||
| Non-interest income: | |||||||||||||||
| Service charges on deposit accounts | 218 | 225 | 227 | ||||||||||||
| Rental income | 57 | 57 | 60 | ||||||||||||
| Net gain on loan sales | 29 | 22 | 270 | ||||||||||||
| Net loss on securities | (5 | ) | - | - | |||||||||||
| Loss on valuation of other real estate owned | - | - | - | ||||||||||||
| Other (loss) income | (36 | ) | 342 | 244 | |||||||||||
| Total non-interest income | 263 | 646 | 801 | ||||||||||||
| Non-interest expense: | |||||||||||||||
| Salaries and employee benefits | 3,902 | 3,727 | 4,039 | ||||||||||||
| Occupancy and equipment | 467 | 421 | 443 | ||||||||||||
| Goodwill impairment | - | - | - | ||||||||||||
| Other expenses | 1,936 | 2,105 | 2,145 | ||||||||||||
| Total non-interest expense | 6,305 | 6,253 | 6,627 | ||||||||||||
| Income before provision for income taxes | 3,242 | 3,099 | 1,284 | ||||||||||||
| Provision for income tax expense | 825 | 605 | 356 | ||||||||||||
| Net income | $ | 2,417 | $ | 2,494 | $ | 928 | |||||||||
| Basic earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.14 | |||||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.14 | |||||||||
| Basic weighted average shares of common stock outstanding | 6,733,823 | 6,719,127 | 6,718,614 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 6,733,823 | 6,719,127 | 6,718,614 | ||||||||||||
| SUMMIT STATE BANK | ||||||||||||
| STATEMENTS OF INCOME | ||||||||||||
| (In thousands except earnings per share data) | ||||||||||||
| Six Months Ended | ||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Interest and dividend income: | ||||||||||||
| Interest and fees on loans | $ | 27,379 | $ | 26,358 | ||||||||
| Interest on deposits with banks | 1,117 | 813 | ||||||||||
| Interest on investment securities | 1,018 | 1,421 | ||||||||||
| Dividends on FHLB stock | 258 | 258 | ||||||||||
| Total interest and dividend income | 29,772 | 28,850 | ||||||||||
| Interest expense: | ||||||||||||
| Deposits | 12,163 | 13,832 | ||||||||||
| Federal Home Loan Bank advances | 40 | 328 | ||||||||||
| Junior Subordinated Debt | 262 | 188 | ||||||||||
| Total interest expense | 12,465 | 14,348 | ||||||||||
| Net interest income before (reversal of) credit losses | 17,307 | 14,502 | ||||||||||
| (Reversal of) credit losses on loans | (577 | ) | (9 | ) | ||||||||
| (Reversal of) credit losses on unfunded loan commitments | (93 | ) | (91 | ) | ||||||||
| (Reversal of) credit losses on investments | (13 | ) | (1 | ) | ||||||||
| Net interest income after (reversal of) credit | ||||||||||||
| losses on loans, unfunded loan commitments and investments | 17,990 | 14,603 | ||||||||||
| Non-interest income: | ||||||||||||
| Service charges on deposit accounts | 443 | 460 | ||||||||||
| Rental income | 114 | 120 | ||||||||||
| Net gain on loan sales | 51 | 784 | ||||||||||
| Net loss on securities | (5 | ) | - | |||||||||
| Other income | 306 | 385 | ||||||||||
| Total non-interest income | 909 | 1,749 | ||||||||||
| Non-interest expense: | ||||||||||||
| Salaries and employee benefits | 7,629 | 8,221 | ||||||||||
| Occupancy and equipment | 888 | 928 | ||||||||||
| Other expenses | 4,040 | 3,879 | ||||||||||
| Total non-interest expense | 12,557 | 13,028 | ||||||||||
| Income before provision for income taxes | 6,342 | 3,324 | ||||||||||
| Provision for income tax expense | 1,430 | 1,001 | ||||||||||
| Net income | $ | 4,912 | $ | 2,323 | ||||||||
| Basic earnings per common share | $ | 0.73 | $ | 0.35 | ||||||||
| Diluted earnings per common share | $ | 0.73 | $ | 0.35 | ||||||||
| Basic weighted average shares of common stock outstanding | 6,726,516 | 6,708,100 | ||||||||||
| Diluted weighted average shares of common stock outstanding | 6,726,516 | 6,708,100 | ||||||||||
| SUMMIT STATE BANK | |||||||||||||||
| BALANCE SHEETS | |||||||||||||||
| (In thousands except share data) | |||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||||||
| (Unaudited) | (Audited) | (Unaudited) | |||||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 66,410 | $ | 72,408 | $ | 40,142 | |||||||||
| Total cash and cash equivalents | 66,410 | 72,408 | 40,142 | ||||||||||||
| Investment securities: | |||||||||||||||
| Available-for-sale, less allowance for credit losses of | |||||||||||||||
| (at fair value; amortized cost of | 67,378 | 68,737 | 83,105 | ||||||||||||
| Loans held for sale | 3,760 | - | - | ||||||||||||
| Loans held for investment, less allowance for | |||||||||||||||
| credit losses of | 851,309 | 877,354 | 913,514 | ||||||||||||
| Bank premises and equipment, net | 4,974 | 5,057 | 5,306 | ||||||||||||
| Investment in Federal Home Loan Bank stock (FHLB), at cost | 5,889 | 5,889 | 5,889 | ||||||||||||
| Goodwill | - | - | 4,119 | ||||||||||||
| Other Real Estate Owned | 4,437 | 4,437 | 5,130 | ||||||||||||
| Affordable housing tax credit investments | 6,925 | 7,202 | 7,942 | ||||||||||||
| Accrued interest receivable and other assets | 21,390 | 22,279 | 16,898 | ||||||||||||
| Total assets | $ | 1,032,472 | $ | 1,063,363 | $ | 1,082,045 | |||||||||
| LIABILITIES AND | |||||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||
| Deposits: | |||||||||||||||
| Demand - non interest-bearing | $ | 193,390 | $ | 198,736 | $ | 183,181 | |||||||||
| Demand - interest-bearing | 207,176 | 192,764 | 218,124 | ||||||||||||
| Savings | 39,875 | 39,000 | 42,974 | ||||||||||||
| Money market | 200,320 | 212,900 | 212,750 | ||||||||||||
| Time deposits that meet or exceed the FDIC insurance limit | 93,325 | 93,154 | 74,744 | ||||||||||||
| Other time deposits | 188,523 | 220,511 | 234,814 | ||||||||||||
| Total deposits | 922,609 | 957,065 | 966,587 | ||||||||||||
| Federal Home Loan Bank advances | - | - | 3,500 | ||||||||||||
| Junior subordinated debt | 5,942 | 5,938 | 5,927 | ||||||||||||
| Affordable housing commitment | 511 | 511 | 4,061 | ||||||||||||
| Accrued interest payable and other liabilities | 5,302 | 4,508 | 4,021 | ||||||||||||
| Total liabilities | 934,364 | 968,022 | 984,096 | ||||||||||||
| 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 6,771,526, 6,776,563 and 6,784,099 | 37,843 | 37,803 | 37,623 | ||||||||||||
| Retained earnings | 67,782 | 65,364 | 69,651 | ||||||||||||
| Accumulated other comprehensive loss, net | (7,517 | ) | (7,826 | ) | (9,325 | ) | |||||||||
| Total shareholders' equity | 98,108 | 95,341 | 97,949 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 1,032,472 | $ | 1,063,363 | $ | 1,082,045 | |||||||||
| Financial Summary | ||||||||||||
| (Dollars in thousands except per share data) | ||||||||||||
| As of and for the | ||||||||||||
| Three Months Ended | ||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Statement of Income Data: | ||||||||||||
| Net interest income | $ | 9,229 | $ | 8,078 | $ | 7,094 | ||||||
| (Reversal of) provision for credit losses on loans | - | (577 | ) | 6 | ||||||||
| Reversal of credit losses on unfunded loan commitments | (55 | ) | (38 | ) | (26 | ) | ||||||
| Reversal of credit losses on investments | - | (13 | ) | 4 | ||||||||
| Non-interest income | 263 | 646 | 801 | |||||||||
| Non-interest expense | 6,305 | 6,253 | 6,627 | |||||||||
| Provision for income tax expense | 825 | 605 | 356 | |||||||||
| Net income | $ | 2,417 | $ | 2,494 | $ | 928 | ||||||
| Selected per Common Share Data: | ||||||||||||
| Basic earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.14 | ||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.14 | ||||||
| Dividend per share | $ | - | $ | - | $ | 0.12 | ||||||
| Book value per common share (1) | $ | 14.49 | $ | 14.07 | $ | 14.44 | ||||||
| Selected Balance Sheet Data: | ||||||||||||
| Assets | $ | 1,032,472 | $ | 1,063,363 | $ | 1,082,045 | ||||||
| Loans held for sale | 3,760 | - | - | |||||||||
| Loans held for investment, net | 851,309 | 877,354 | 913,514 | |||||||||
| Deposits | 922,609 | 957,065 | 966,587 | |||||||||
| Average assets | 1,046,914 | 1,059,902 | 1,078,700 | |||||||||
| Average earning assets | 1,012,346 | 1,028,563 | 1,049,254 | |||||||||
| Average shareholders' equity | 97,139 | 93,620 | 97,548 | |||||||||
| Nonperforming loans | 9,325 | 17,447 | 35,864 | |||||||||
| Net loans (charged-off) recovered | (492 | ) | 509 | (1,067 | ) | |||||||
| Other real estate owned | 4,437 | 4,437 | 5,130 | |||||||||
| Total nonperforming assets | 13,762 | 21,884 | 40,994 | |||||||||
| Selected Ratios: | ||||||||||||
| Return on average assets (2) | 0.93 | % | 0.95 | % | 0.35 | % | ||||||
| Return on average common shareholders' equity (2) | 9.98 | % | 10.80 | % | 3.82 | % | ||||||
| Efficiency ratio (3) | 66.39 | % | 71.68 | % | 83.94 | % | ||||||
| Net interest margin (2) | 3.66 | % | 3.19 | % | 2.71 | % | ||||||
| Common equity tier 1 capital ratio | 11.15 | % | 10.67 | % | 10.22 | % | ||||||
| Tier 1 capital ratio | 11.15 | % | 10.67 | % | 10.22 | % | ||||||
| Total capital ratio | 12.92 | % | 12.43 | % | 12.08 | % | ||||||
| Tier 1 leverage ratio | 9.84 | % | 9.45 | % | 9.31 | % | ||||||
| Common dividend payout ratio (4) | 0.00 | % | 0.00 | % | 87.96 | % | ||||||
| Average shareholders' equity to average assets | 9.28 | % | 8.83 | % | 9.04 | % | ||||||
| Nonperforming loans to total loans held for investment | 1.08 | % | 1.96 | % | 3.87 | % | ||||||
| Nonperforming assets to total assets | 1.33 | % | 2.06 | % | 3.79 | % | ||||||
| Allowance for credit losses to total loans held for investment | 1.52 | % | 1.53 | % | 1.52 | % | ||||||
| Allowance for credit losses to nonperforming loans | 140.84 | % | 78.09 | % | 39.44 | % | ||||||
| (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 | |||||||||
| Six Months Ended | |||||||||
| June 30, 2025 | June 30, 2024 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||
| Statement of Income Data: | |||||||||
| Net interest income | $ | 17,307 | $ | 14,502 | |||||
| Reversal of credit losses on loans | (577 | ) | (9 | ) | |||||
| Reversal of credit losses on unfunded loan commitments | (93 | ) | (91 | ) | |||||
| Reversal of credit losses on investments | (13 | ) | (1 | ) | |||||
| Non-interest income | 909 | 1,749 | |||||||
| Non-interest expense | 12,557 | 13,028 | |||||||
| Provision for income tax expense | 1,430 | 1,001 | |||||||
| Net income | $ | 4,912 | $ | 2,323 | |||||
| Selected per Common Share Data: | |||||||||
| Basic earnings per common share | $ | 0.73 | $ | 0.35 | |||||
| Diluted earnings per common share | $ | 0.73 | $ | 0.35 | |||||
| Dividend per share | $ | - | $ | 0.24 | |||||
| Book value per common share (1) | $ | 14.49 | $ | 14.44 | |||||
| Selected Balance Sheet Data: | |||||||||
| Assets | $ | 1,032,472 | $ | 1,082,045 | |||||
| Loans held for sale | 3,760 | - | |||||||
| Loans held for investment, net | 851,309 | 913,514 | |||||||
| Deposits | 922,609 | 966,587 | |||||||
| Average assets | 1,053,372 | 1,083,330 | |||||||
| Average earning assets | 1,020,410 | 1,053,296 | |||||||
| Average shareholders' equity | 95,389 | 97,509 | |||||||
| Nonperforming loans | 9,325 | 35,864 | |||||||
| Net loans recovered (charged-off) | 17 | (1,067 | ) | ||||||
| Other real estate owned | 4,437 | 5,130 | |||||||
| Total nonperforming assets | 13,762 | 40,994 | |||||||
| Selected Ratios: | |||||||||
| Return on average assets (2) | 0.94 | % | 0.43 | % | |||||
| Return on average common shareholders' equity (2) | 10.38 | % | 4.78 | % | |||||
| Efficiency ratio (3) | 68.91 | % | 80.17 | % | |||||
| Net interest margin (2) | 3.42 | % | 2.76 | % | |||||
| Common equity tier 1 capital ratio | 11.15 | % | 10.22 | % | |||||
| Tier 1 capital ratio | 11.15 | % | 10.22 | % | |||||
| Total capital ratio | 12.92 | % | 12.08 | % | |||||
| Tier 1 leverage ratio | 9.84 | % | 9.31 | % | |||||
| Common dividend payout ratio (4) | 0.00 | % | 70.12 | % | |||||
| Average shareholders' equity to average assets | 9.06 | % | 9.00 | % | |||||
| Nonperforming loans to total loans held for investment | 1.08 | % | 3.87 | % | |||||
| Nonperforming assets to total assets | 1.33 | % | 3.79 | % | |||||
| Allowance for credit losses to total loans held for investment | 1.52 | % | 1.52 | % | |||||
| Allowance for credit losses to nonperforming loans | 140.84 | % | 39.44 | % | |||||
| (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 Q2 2025?
Why did Summit State Bank suspend dividends in Q3 2025?
How much did Summit State Bank's non-performing assets decrease in Q2 2025?
What is Summit State Bank's current net interest margin?
What is Summit State Bank's current liquidity position?
