Summit State Bank Earns $818,000, or $0.12 Per Diluted Share, in Third Quarter 2025
Summit State Bank (Nasdaq: SSBI) reported net income of $818,000, or $0.12 per diluted share, for Q3 2025 versus $626,000, or $0.09 per diluted share, in Q3 2024. Net interest margin was 3.51% and the Bank recorded annualized ROAA of 0.32% and ROAE of 3.25% for the quarter.
Credit metrics improved year‑over‑year: non‑performing assets declined to $27.98M from $41.97M a year earlier, while the allowance for credit losses to loans was 1.65%. Total liquidity remained strong at $425.7M (42.3% of assets). The Bank reduced balance sheet size as net loans fell to $838.4M and total deposits to $888.8M. The Board suspended the Q3 2025 cash dividend to bolster capital and liquidity.
Summit State Bank (Nasdaq: SSBI) ha riportato utile netto di 818.000 dollari, ovvero 0,12 dollari per azione diluita, nel III trimestre 2025 rispetto a 626.000 dollari, ovvero 0,09 dollari per azione diluita, nel III trimestre 2024. Il margine di interesse netto è stato 3,51% e la Banca ha registrato un ROAA annualizzato dello 0,32% e un ROAE dello 3,25% per il trimestre.
Le metriche di credito sono migliorate anno su anno: gli asset non performanti sono scesi a 27,98 milioni di dollari da 41,97 milioni di dollari un anno prima, mentre la copertura per perdite su crediti sui prestiti era 1,65%. L’insieme della liquidità è rimasto solido a 425,7 milioni di dollari (42,3% degli asset). La Banca ha ridotto la dimensione del bilancio poiché i prestiti netti sono scesi a 838,4 milioni di dollari e i depositi totali a 888,8 milioni di dollari. Il Consiglio ha sospeso il dividendo in contanti del Q3 2025 per rafforzare capitale e liquidità.
Summit State Bank (Nasdaq: SSBI) reportó ingreso neto de 818.000 dólares, o 0,12 dólares por acción diluida, para el tercer trimestre de 2025 frente a 626.000 dólares, o 0,09 dólares por acción diluida, en el tercer trimestre de 2024. El margen neto de interés fue 3,51% y el banco registró ROAA anualizado de 0,32% y ROAE de 3,25% para el trimestre.
Las métricas de crédito mejoraron año tras año: los activos no productivos se redujeron a 27,98 millones de dólares desde 41,97 millones de dólares un año antes, mientras la provisión para pérdidas crediticias sobre préstamos era 1,65%. La liquidez total se mantuvo sólida en 425,7 millones de dólares (42,3% de activos). El banco redujo el tamaño del balance conforme los préstamos netos cayeron a 838,4 millones de dólares y los depósitos totales a 888,8 millones de dólares. La Junta suspenderá el dividendo en efectivo del tercer trimestre de 2025 para fortalecer el capital y la liquidez.
Summit State Bank (나스닥: SSBI)는 순이익 81만 8천 달러를 보고했으며, 희석주당 0.12달러, 2024년 3분기 626,000달러, 희석주당 0.09달러와 비교된다. 순이자마진은 3.51%였고 은행은 분기 ROAA 연환산 0.32% 및 ROAE 3.25%를 기록했다.
연간 비교로 신용지표가 개선되었다: 부실자산은 지난해 같은 기간의 4197만 달러에서 2798만 달러로 감소했으며 대손충당금 비율은 대출에 대해 1.65%였다. 총 유동성은 여전히 견고하게 남아 425.7백만 달러(자산의 42.3%)였다. 은행은 대차대조표 규모를 축소했고 순대출은 838.4백만 달러, 총예금은 888.8백만 달러로 하향 조정됐다. 자본과 유동성을 강화하기 위해 2025년 3분기 현금 배당은 중단되었다.
Summit State Bank (Nasdaq: SSBI) a déclaré un résultat net de 818 000 dollars, soit 0,12 dollar par action diluée, pour le T3 2025 contre 626 000 dollars, ou 0,09 dollar par action diluée, au T3 2024. La marge nette d'intérêt était 3,51% et la banque a enregistré un ROAA annualisé de 0,32% et un ROAE de 3,25% pour le trimestre.
Les métriques de crédit se sont améliorées d'année en année : les actifs improductifs ont diminué à 27,98 millions de dollars contre 41,97 millions de dollars l'année précédente, tandis que la provision pour pertes sur prêts était de 1,65%. La liquidité totale est restée solide à 425,7 millions de dollars (42,3% des actifs). La banque a réduit la taille du bilan alors que les prêts nets ont chuté à 838,4 millions de dollars et les dépôts totaux à 888,8 millions de dollars. Le conseil d'administration a suspendu le dividende en espèces du T3 2025 afin de renforcer le capital et la liquidité.
Summit State Bank (Nasdaq: SSBI) berichtete einen Nettogewinn von 818.000 USD, bzw. 0,12 USD pro verwässerter Aktie, für das Q3 2025 gegenüber 626.000 USD bzw. 0,09 USD pro verwässerter Aktie im Q3 2024. Die Nettokapitalrendite (NIM) betrug 3,51% und die Bank verzeichnete eine annualisierte ROAA von 0,32% und ROAE von 3,25% für das Quartal.
Kreditmetriken verbesserten sich im Jahresvergleich: Die notleidenden Vermögenswerte sanken auf 27,98 Mio. USD von 41,97 Mio. USD im Vorjahr, während die Rücklagenquote für Kreditverluste zum Umsatzverhältnis 1,65% betrug. Die Gesamtliquidität blieb stark bei 425,7 Mio. USD (42,3% der Vermögenswerte). Die Bank reduzierte die Bilanzgröße, da die Nettendarlehen auf 838,4 Mio. USD sanken und die Einlagen auf 888,8 Mio. USD stiegen bzw. sanken? Der Vorstand hat die Barausschüttung für Q3 2025 aus Kapital- und Liquiditätsgründen ausgesetzt.
Summit State Bank (ناسداك: SSBI) أبلغت عن صافي دخل قدره 818,000 دولار، أو 0.12 دولارًا للسهم المخفف، للربع الثالث 2025 مقارنة بـ 626,000 دولار، أو 0.09 دولار للسهم المخفف، في الربع الثالث 2024. هامش الفائدة الصافي كان 3.51% وسجل البنك عائدًا على الأصول المعدلة سنويًا قدره 0.32% وعائد على رأس المال المعدل قدره 3.25% للربع.
تحسّنت مقاييس الائتمان من سنة إلى أخرى: انخفضت الأصول غير العاملة إلى 27.98 مليون دولار من 41.97 مليون دولار قبل عام، بينما كانت مخصصات الخسائر الائتمانية إلى القروض 1.65%. ظلت السيولة الإجمالية قوية عند 425.7 مليون دولار (42.3% من الأصول). خفَّضت البنك حجم الميزانية العمومية مع انخفاض القروض الصافية إلى 838.4 مليون دولار وإجمالي الودائع إلى 888.8 مليون دولار. المجلس أوقف توزيعات الأرباح النقدية للربع الثالث من 2025 لتعزيز رأس المال والسيولة.
Summit State Bank (纳斯达克: SSBI) 报告净利润为818,000美元，或每股摊薄收益0.12美元，为2025年第三季度，与2024年第三季度的626,000美元或每股摊薄收益0.09美元相比。净利差为3.51%，银行本季度的年化ROAA为0.32%、ROAE为3.25%。
信用指标同比改善：不良资产下降至2798万美元，低于一年前的4197万美元，而对贷款的信用损失准备金率为1.65%。总流动性保持强劲，为4.257亿美元（占资产的42.3%）。 银行缩减了资产负债表规模，净贷款降至8.384亿美元，存款总额降至8.888亿美元。 董事会暂停了2025年第三季度的现金股利，以增强资本和流动性。
- Net income +31% year-over-year
- Non-performing assets down from $41.97M to $27.98M YoY
- Tier 1 leverage improved to 10.24%, remaining well-capitalized
- Total liquidity of $425.7M (42.3% of assets)
- Total deposits decreased 11% year-over-year to $888.8M
- Net charge-offs of $1.8M in Q3 2025 versus $0 in Q3 2024
- Provision for credit losses rose to $2.709M in Q3 2025
Insights
Steady quarter: year‑over‑year profit and margin improvement, but dividend suspended and credit costs rose.
Summit State Bank posted net income of
The bank reduced balance‑sheet size: net loans declined
Dependencies and risks are clear: the path to normalized credit quality depends on resolving those concentrated relationships and stabilizing loan volumes, while capital and liquidity plans hinge on the dividend suspension and continued deposit management. Concrete items to watch in the next reported quarter include changes in non‑performing assets and net charge‑offs, allowance coverage (currently
SANTA ROSA, Calif., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of
“The Bank delivered steady operating results in the third quarter of 2025, marking our third consecutive quarter of solid earnings,” said Brian Reed, President and CEO. “Our operating performance was supported by higher net interest income and continued margin expansion compared to the same period last year. While we’ve made significant headway in resolving the problem loans that impacted our 2024 results, we still have some work to do to lower nonperforming assets. However, we are encouraged by the strength of our team and the positive momentum in our earnings outlook. Despite ongoing volatility in the broader financial sector, we remain focused on disciplined balance sheet management and executing our strategy with consistency.”
“In light of ongoing market conditions, we are taking decisive steps to reinforce our financial foundation,” continued Reed. “To support this goal, we continue to proactively manage our balance sheet and have made the strategic choice to suspend cash dividends for the third quarter of 2025. This step will help us bolster our capital base, improve liquidity, and better position the Bank to create long-term value for our shareholders.”
Third Quarter 2025 Financial Highlights (at or for the three months ended September 30, 2025)
- Net income was
$818,000 , or$0.12 per diluted share, compared to$626,000 , or$0.09 per diluted share, in the third quarter of 2024 and$2,417,000 , or$0.36 per diluted share for the second quarter ended June 30, 2025. - Net interest margin was
3.51% in the third quarter of 2025 compared to2.71% in the third quarter of 2024 and3.66% in the second quarter of 2025. - Non-performing assets were
$27,978,000 at September 30, 2025 compared to$41,971,000 in non-performing assets at September 30, 2024 and$13,762,000 at June 30, 2025. - The Bank’s Tier 1 Leverage ratio increased to
10.24% at September 30, 2025 compared to9.18% at September 30, 2024. - Annualized return on average assets and annualized return on average equity for the third quarter of 2025 was
0.32% and3.25% , respectively. This compared to annualized return on average assets and annualized return on average equity for the third quarter of 2024 of0.23% and2.48% , respectively. - The allowance for credit losses to total loans held for investment was
1.65% at September 30, 2025 compared to1.66% one year earlier and1.52% in the preceding quarter. - The Bank maintained strong total liquidity of
$425,706,000 , or42.3% of total assets as of September 30, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of$124,640,000 or12.4% of total assets, plus available borrowing capacity of$301,066,000 or29.9% 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
9% to$838,402,000 at September 30, 2025, compared to$917,367,000 one year earlier and decreased2% compared to$851,309,000 in the second quarter of 2025. - Total deposits decreased
11% to$888,784,000 at September 30, 2025, compared to$1,002,770,000 at September 30, 2024, and decreased4% when compared to the second quarter of 2025, at$922,609,000.
- Net loans held for investment decreased
- Book value was
$14.73 per share, compared to$14.85 per share a year ago and$14.49 in the second quarter of 2025.
Operating Results
For the third quarter of 2025, the annualized return on average assets was
“During the third quarter of 2025, our net interest margin expanded by 80 basis points compared to the third quarter of 2024, primarily driven by a favorable shift in the funding mix and continued asset repricing, particularly within the loan portfolio,” said Reed. The Bank’s net interest margin was
Interest and dividend income decreased
Interest expense decreased
Noninterest income decreased in the third quarter of 2025 to
“We remain focused on streamlining operations and managing costs responsibly across the Bank. By improving internal processes and prioritizing efficiency, we are lowering expenses without compromising the level of service our clients rely on,” said Reed.
Operating expenses decreased in the third quarter of 2025 to
Balance Sheet Review
During the third 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 encouraged by the year-over-year improvement in credit quality, but we know there is still work to do,” said Reed. “Non-performing loans increased from the prior quarter, primarily due to three real estate loans from two borrowers placed on non-accrual. We continue to focus on carefully managing asset quality and reducing risk across the portfolio. As of quarter-end, three relationships represent
There was
For the third quarter of 2025, the Bank recorded a provision for credit loss on loans of
On October 24, 2025, the Bank closed its Montgomery Village Branch located at 2300 Midway Drive in Santa Rosa, California. “After four decades of serving the community at this location, the Bank carefully evaluated all available options and, based on a significant increase in rents, determined that not renewing the lease was the most prudent decision for the long-term benefit of our customers and the Bank,” said Reed. “This change reflects our ongoing commitment to invest in branch locations that enhance convenience and service for our customers. Team members from our Montgomery Village Branch have been reassigned to nearby locations, ensuring continuity of care for the customers they serve. The Bank continues to actively evaluate potential new branch opportunities to support future growth and maintain its strong presence in the community.”
Summit State Bank continues to serve the community through its other four Sonoma County branch locations as well as robust online and mobile banking channels.
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 September 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.
| SUMMIT STATE BANK | |||||||||||
| STATEMENTS OF INCOME | |||||||||||
| (In thousands except earnings per share data) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Interest and dividend income: | |||||||||||
| Interest and fees on loans | $ | 13,067 | $ | 13,959 | $ | 13,594 | |||||
| Interest on deposits with banks | 539 | 640 | 592 | ||||||||
| Interest on investment securities | 484 | 503 | 663 | ||||||||
| Dividends on FHLB stock | 130 | 128 | 128 | ||||||||
| Total interest and dividend income | 14,220 | 15,230 | 14,977 | ||||||||
| Interest expense: | |||||||||||
| Deposits | 5,373 | 5,875 | 7,563 | ||||||||
| Federal Home Loan Bank advances | 54 | - | 4 | ||||||||
| Junior subordinated debt | 127 | 126 | 138 | ||||||||
| Total interest expense | 5,554 | 6,001 | 7,705 | ||||||||
| Net interest income before provision for (reversal of) credit losses | 8,666 | 9,229 | 7,272 | ||||||||
| Provision for credit losses on loans | 2,709 | - | 1,320 | ||||||||
| Provision for (reversal of) credit losses on unfunded loan commitments | 49 | (55 | ) | (8 | ) | ||||||
| Reversal of credit losses on investments | (21 | ) | - | (19 | ) | ||||||
| Net interest income after provision for (reversal of) credit losses on loans, unfunded loan commitments and investments | 5,929 | 9,284 | 5,979 | ||||||||
| Non-interest income: | |||||||||||
| Service charges on deposit accounts | 238 | 218 | 241 | ||||||||
| Rental income | 45 | 57 | 60 | ||||||||
| Net gain on loan sales | 308 | 29 | 474 | ||||||||
| Net loss on securities | (7 | ) | (5 | ) | - | ||||||
| Other income (loss) | 303 | (36 | ) | 255 | |||||||
| Total non-interest income | 887 | 263 | 1,030 | ||||||||
| Non-interest expense: | |||||||||||
| Salaries and employee benefits | 3,476 | 3,902 | 3,988 | ||||||||
| Occupancy and equipment | 435 | 467 | 420 | ||||||||
| Other expenses | 1,634 | 1,936 | 1,773 | ||||||||
| Total non-interest expense | 5,545 | 6,305 | 6,181 | ||||||||
| Income before provision for income taxes | 1,271 | 3,242 | 828 | ||||||||
| Provision for income tax expense | 453 | 825 | 202 | ||||||||
| Net income | $ | 818 | $ | 2,417 | $ | 626 | |||||
| Basic earnings per common share | $ | 0.12 | $ | 0.36 | $ | 0.09 | |||||
| Diluted earnings per common share | $ | 0.12 | $ | 0.36 | $ | 0.09 | |||||
| Basic weighted average shares of common stock outstanding | 6,734,158 | 6,733,823 | 6,719,127 | ||||||||
| Diluted weighted average shares of common stock outstanding | 6,734,158 | 6,733,823 | 6,719,127 | ||||||||
| SUMMIT STATE BANK | |||||||
| STATEMENTS OF INCOME | |||||||
| (In thousands except earnings per share data) | |||||||
| Nine Months Ended | |||||||
| September 30, 2025 | September 30, 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Interest and dividend income: | |||||||
| Interest and fees on loans | $ | 40,446 | $ | 39,952 | |||
| Interest on deposits with banks | 1,656 | 1,405 | |||||
| Interest on investment securities | 1,502 | 2,084 | |||||
| Dividends on FHLB stock | 388 | 386 | |||||
| Total interest and dividend income | 43,992 | 43,827 | |||||
| Interest expense: | |||||||
| Deposits | 17,533 | 21,396 | |||||
| Federal Home Loan Bank advances | 94 | 332 | |||||
| Junior Subordinated Debt | 389 | 325 | |||||
| Total interest expense | 18,016 | 22,053 | |||||
| Net interest income before provision for (reversal of) credit losses | 25,976 | 21,774 | |||||
| Provision for credit losses on loans | 2,132 | 1,311 | |||||
| (Reversal of) credit losses on unfunded loan commitments | (44 | ) | (99 | ) | |||
| (Reversal of) credit losses on investments | (33 | ) | (20 | ) | |||
| Net interest income after provision for (reversal of) credit losses on loans, unfunded loan commitments and investments | 23,921 | 20,582 | |||||
| Non-interest income: | |||||||
| Service charges on deposit accounts | 678 | 701 | |||||
| Rental income | 159 | 180 | |||||
| Net gain on loan sales | 360 | 1,257 | |||||
| Net loss on securities | (12 | ) | - | ||||
| Other income | 609 | 641 | |||||
| Total non-interest income | 1,794 | 2,779 | |||||
| Non-interest expense: | |||||||
| Salaries and employee benefits | 11,104 | 12,210 | |||||
| Occupancy and equipment | 1,323 | 1,348 | |||||
| Other expenses | 5,676 | 5,651 | |||||
| Total non-interest expense | 18,103 | 19,209 | |||||
| Income before provision for income taxes | 7,612 | 4,152 | |||||
| Provision for income tax expense | 1,883 | 1,203 | |||||
| Net income | $ | 5,729 | $ | 2,949 | |||
| Basic earnings per common share | $ | 0.85 | $ | 0.44 | |||
| Diluted earnings per common share | $ | 0.85 | $ | 0.44 | |||
| Basic weighted average shares of common stock outstanding | 6,719,127 | 6,711,803 | |||||
| Diluted weighted average shares of common stock outstanding | 6,719,127 | 6,711,803 | |||||
| SUMMIT STATE BANK | |||||||||||
| BALANCE SHEETS | |||||||||||
| (In thousands except share data) | |||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||
| (Unaudited) | (Audited) | (Unaudited) | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 57,952 | $ | 66,410 | $ | 80,928 | |||||
| Total cash and cash equivalents | 57,952 | 66,410 | 80,928 | ||||||||
| Investment securities: | |||||||||||
| Available-for-sale, less allowance for credit losses of | 66,688 | 67,378 | 76,205 | ||||||||
| Loans held for sale | - | 3,760 | - | ||||||||
| Loans held for investment, less allowance for credit losses of | 838,402 | 851,309 | 917,367 | ||||||||
| Bank premises and equipment, net | 4,893 | 4,974 | 5,251 | ||||||||
| 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 | 6,713 | 6,925 | 7,698 | ||||||||
| Accrued interest receivable and other assets | 21,548 | 21,390 | 16,204 | ||||||||
| Total assets | $ | 1,006,522 | $ | 1,032,472 | $ | 1,118,791 | |||||
| LIABILITIES AND | |||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Deposits: | |||||||||||
| Demand - non interest-bearing | $ | 185,258 | $ | 193,390 | $ | 192,371 | |||||
| Demand - interest-bearing | 215,522 | 207,176 | 212,214 | ||||||||
| Savings | 39,659 | 39,875 | 45,845 | ||||||||
| Money market | 203,126 | 200,320 | 219,593 | ||||||||
| Time deposits that meet or exceed the FDIC insurance limit | 73,162 | 93,325 | 80,801 | ||||||||
| Other time deposits | 172,057 | 188,523 | 251,946 | ||||||||
| Total deposits | 888,784 | 922,609 | 1,002,770 | ||||||||
| Federal Home Loan Bank advances | 5,500 | - | - | ||||||||
| Junior subordinated debt | 5,945 | 5,942 | 5,931 | ||||||||
| Affordable housing commitment | 511 | 511 | 4,061 | ||||||||
| Accrued interest payable and other liabilities | 6,054 | 5,302 | 5,367 | ||||||||
| Total liabilities | 906,794 | 934,364 | 1,018,129 | ||||||||
| 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, 6,771,526 and 6,776,563 | 37,897 | 37,843 | 37,677 | ||||||||
| Retained earnings | 68,602 | 67,782 | 70,012 | ||||||||
| Accumulated other comprehensive loss, net | (6,771 | ) | (7,517 | ) | (7,027 | ) | |||||
| Total shareholders' equity | 99,728 | 98,108 | 100,662 | ||||||||
| Total liabilities and shareholders' equity | $ | 1,006,522 | $ | 1,032,472 | $ | 1,118,791 | |||||
| Financial Summary | |||||||||||
| (Dollars in thousands except per share data) | |||||||||||
| As of and for the | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Statement of Income Data: | |||||||||||
| Net interest income | $ | 8,666 | $ | 9,229 | $ | 7,272 | |||||
| Provision for credit losses on loans | 2,709 | - | 1,320 | ||||||||
| Provision for (reversal of) credit losses on unfunded loan commitments | 49 | (55 | ) | (8 | ) | ||||||
| Reversal of credit losses on investments | (21 | ) | - | (19 | ) | ||||||
| Non-interest income | 887 | 263 | 1,030 | ||||||||
| Non-interest expense | 5,545 | 6,305 | 6,181 | ||||||||
| Provision for income tax expense | 453 | 825 | 202 | ||||||||
| Net income | $ | 818 | $ | 2,417 | $ | 626 | |||||
| Selected per Common Share Data: | |||||||||||
| Basic earnings per common share | $ | 0.12 | $ | 0.36 | $ | 0.09 | |||||
| Diluted earnings per common share | $ | 0.12 | $ | 0.36 | $ | 0.09 | |||||
| Dividend per share | $ | - | $ | - | $ | 0.04 | |||||
| Book value per common share (1) | $ | 14.73 | $ | 14.49 | $ | 14.85 | |||||
| Selected Balance Sheet Data: | |||||||||||
| Assets | $ | 1,006,522 | $ | 1,032,472 | $ | 1,118,791 | |||||
| Loans held for sale | - | 3,760 | - | ||||||||
| Loans held for investment, net | 838,402 | 851,309 | 917,367 | ||||||||
| Deposits | 888,784 | 922,609 | 1,002,770 | ||||||||
| Average assets | 1,014,576 | 1,046,914 | 1,098,469 | ||||||||
| Average earning assets | 980,157 | 1,012,346 | 1,063,476 | ||||||||
| Average shareholders' equity | 99,829 | 97,139 | 99,962 | ||||||||
| Nonperforming loans | 23,541 | 9,325 | 36,841 | ||||||||
| Net loans charged-off | (1,800 | ) | (492 | ) | - | ||||||
| Other real estate owned | 4,437 | 4,437 | 5,130 | ||||||||
| Total nonperforming assets | 27,978 | 13,762 | 41,971 | ||||||||
| Selected Ratios: | |||||||||||
| Return on average assets (2) | 0.32 | % | 0.93 | % | 0.23 | % | |||||
| Return on average common shareholders' equity (2) | 3.25 | % | 9.98 | % | 2.48 | % | |||||
| Efficiency ratio (3) | 58.00 | % | 66.39 | % | 74.45 | % | |||||
| Net interest margin (2) | 3.51 | % | 3.66 | % | 2.71 | % | |||||
| Common equity tier 1 capital ratio | 11.56 | % | 11.17 | % | 10.39 | % | |||||
| Tier 1 capital ratio | 11.56 | % | 11.17 | % | 10.39 | % | |||||
| Total capital ratio | 13.21 | % | 12.94 | % | 12.13 | % | |||||
| Tier 1 leverage ratio | 10.24 | % | 9.84 | % | 9.18 | % | |||||
| Common dividend payout ratio (4) | 0.00 | % | 0.00 | % | 42.34 | % | |||||
| Average shareholders' equity to average assets | 9.84 | % | 9.28 | % | 9.10 | % | |||||
| Nonperforming loans to total loans held for investment | 2.76 | % | 1.08 | % | 3.95 | % | |||||
| Nonperforming assets to total assets | 2.78 | % | 1.33 | % | 3.75 | % | |||||
| Allowance for credit losses to total loans held for investment | 1.65 | % | 1.52 | % | 1.66 | % | |||||
| Allowance for credit losses to nonperforming loans | 59.65 | % | 140.84 | % | 41.98 | % | |||||
| (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, 2025 | September 30, 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Statement of Income Data: | |||||||
| Net interest income | $ | 25,976 | $ | 21,774 | |||
| Provision for credit losses on loans | 2,132 | 1,311 | |||||
| Reversal of credit losses on unfunded loan commitments | (44 | ) | (99 | ) | |||
| Reversal of credit losses on investments | (33 | ) | (20 | ) | |||
| Non-interest income | 1,794 | 2,779 | |||||
| Non-interest expense | 18,103 | 19,209 | |||||
| Provision for income tax expense | 1,883 | 1,203 | |||||
| Net income | $ | 5,729 | $ | 2,949 | |||
| Selected per Common Share Data: | |||||||
| Basic earnings per common share | $ | 0.85 | $ | 0.44 | |||
| Diluted earnings per common share | $ | 0.85 | $ | 0.44 | |||
| Dividend per share | $ | - | $ | 0.28 | |||
| Book value per common share (1) | $ | 14.73 | $ | 14.85 | |||
| Selected Balance Sheet Data: | |||||||
| Assets | $ | 1,006,522 | $ | 1,118,791 | |||
| Loans held for investment, net | 838,402 | 917,367 | |||||
| Deposits | 888,784 | 1,002,770 | |||||
| Average assets | 1,040,298 | 1,088,413 | |||||
| Average earning assets | 1,006,845 | 1,056,714 | |||||
| Average shareholders' equity | 96,885 | 98,333 | |||||
| Nonperforming loans | 23,541 | 36,841 | |||||
| Net loans charged-off | (1,783 | ) | (1,066 | ) | |||
| Other real estate owned | 4,437 | 5,130 | |||||
| Total nonperforming assets | 27,978 | 41,971 | |||||
| Selected Ratios: | |||||||
| Return on average assets (2) | 0.74 | % | 0.36 | % | |||
| Return on average common shareholders' equity (2) | 7.91 | % | 4.00 | % | |||
| Efficiency ratio (3) | 65.16 | % | 78.23 | % | |||
| Net interest margin (2) | 3.45 | % | 2.74 | % | |||
| Common equity tier 1 capital ratio | 11.56 | % | 10.39 | % | |||
| Tier 1 capital ratio | 11.56 | % | 10.39 | % | |||
| Total capital ratio | 13.21 | % | 12.13 | % | |||
| Tier 1 leverage ratio | 10.24 | % | 9.18 | % | |||
| Common dividend payout ratio (4) | 0.00 | % | 64.23 | % | |||
| Average shareholders' equity to average assets | 9.31 | % | 9.03 | % | |||
| Nonperforming loans to total loans held for investment | 2.76 | % | 3.95 | % | |||
| Nonperforming assets to total assets | 2.78 | % | 3.75 | % | |||
| Allowance for credit losses to total loans held for investment | 1.65 | % | 1.66 | % | |||
| Allowance for credit losses to nonperforming loans | 59.65 | % | 41.98 | % | |||
| (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
Why did Summit State Bank (SSBI) suspend its Q3 2025 cash dividend?
What were SSBI’s earnings per diluted share for Q3 2025 and how did they compare to Q3 2024?
How large were non-performing assets at Summit State Bank (SSBI) at September 30, 2025?
How did SSBI’s total deposits change in Q3 2025 and what is the amount?
What is Summit State Bank’s reported liquidity position as of September 30, 2025?
Did SSBI’s capital ratios meet regulatory well-capitalized standards in Q3 2025?
