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Summit State Bank Earns $2.4 Million, or $0.36 Per Diluted Share, in Second Quarter 2025
Globenewswire· 2025-07-29 13:00
Core Insights - Summit State Bank reported a net income of $2,417,000, or $0.36 per diluted share for Q2 2025, a significant increase from $928,000, or $0.14 per diluted share in Q2 2024 [1][4] - The bank's net interest margin expanded to 3.66% in Q2 2025 from 2.71% in Q2 2024, driven by improved funding costs and loan repricing [5][6] - Non-performing assets decreased to $13,762,000 in Q2 2025, down from $40,994,000 in Q2 2024, indicating effective credit management [4][16] Financial Performance - Interest and dividend income increased by 6.0% to $15,230,000 in Q2 2025 compared to $14,371,000 in Q2 2024, primarily due to higher loan yields [6] - Interest expense decreased by 18% to $6,001,000 in Q2 2025 from $7,277,000 in Q2 2024, reflecting lower funding costs [7] - Operating expenses decreased to $6,305,000 in Q2 2025 from $6,627,000 in Q2 2024, attributed to cost-saving initiatives [10] Balance Sheet Highlights - Total assets were $1,032,472,000 as of June 30, 2025, down from $1,082,045,000 a year earlier [32] - Net loans held for investment decreased by 7% to $851,309,000 compared to $913,514,000 in Q2 2024 [11][12] - Total deposits decreased by 5% to $922,609,000 as of June 30, 2025, compared to $966,587,000 a year earlier [13] Capital and Liquidity - The Tier 1 leverage ratio increased to 9.84% in Q2 2025 from 9.31% in Q2 2024, indicating a strong capital position [15] - The bank maintained total liquidity of $453,328,000, representing 43.9% of total assets as of June 30, 2025 [4] Credit Quality - Non-performing loans represented 1.08% of total loans held for investment as of June 30, 2025, down from 3.87% a year earlier [36] - The allowance for credit losses to total loans held for investment was stable at 1.52% [18][36]
Summit State Bank (SSBI) Earnings Call Presentation
2025-06-27 11:11
99.1 Presentation slides dated May 20, 2024 6 7 9 8 10 11 12 13 16 14 15 17 ...
Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025
GlobeNewswire News Room· 2025-04-29 13:00
Core Viewpoint - Summit State Bank reported a significant improvement in net income for the first quarter of 2025, driven by strong net interest income and a reduction in problem loans compared to the previous year and quarter [1][2]. Financial Performance - Net income for Q1 2025 was $2,494,000, or $0.37 per diluted share, compared to $1,395,000, or $0.21 per diluted share in Q1 2024, and a net loss of $7,142,000, or $1.06 loss per diluted share in Q4 2024 [1][27]. - The net interest margin increased to 3.19% in Q1 2025 from 2.81% in Q1 2024 and 2.88% in Q4 2024 [1][5]. - Non-interest income decreased to $646,000 in Q1 2025 from $948,000 in Q1 2024, primarily due to lower gains on sales of SBA guaranteed loan balances [8][9]. Credit Quality - Non-performing assets decreased to $21,884,000 at March 31, 2025, down from $41,548,000 a year earlier and $32,191,000 at the end of Q4 2024 [15][16]. - The bank reduced non-performing loans by $10,307,000 during Q1 2025 compared to the previous quarter and by $24,101,000 compared to a year ago [2][15]. Balance Sheet Management - Total deposits increased by 2% to $957,065,000 as of March 31, 2025, compared to $939,202,000 a year earlier, while net loans decreased by 4% to $877,354,000 [10][12]. - The Tier 1 leverage ratio improved to 9.45% at March 31, 2025, compared to 9.21% a year earlier, indicating strong capital levels [14][27]. Operational Efficiency - Operating expenses decreased to $6,253,000 in Q1 2025 from $6,400,000 in Q1 2024, attributed to cost-saving measures including a reduction in workforce [9][27]. - The bank maintained strong liquidity of $448,039,000, representing 42.1% of total assets as of March 31, 2025 [1][10].
Summit State Bank Reports Revised Fourth Quarter 2024 Financial Results
Globenewswire· 2025-03-28 23:00
Core Insights - Summit State Bank has revised its fourth quarter and full year 2024 financial results, reporting a net loss of $7,142,000 for Q4 2024 and a full-year net loss of $4,193,000, reflecting significant adjustments in credit loss provisions and noninterest income [1][2][8] Financial Performance - The revised fourth quarter earnings estimate indicates a net loss of $7,142,000, or $1.06 loss per diluted share, compared to a net loss of $6,605,000, or $0.98 loss per diluted share previously reported [2] - For the full year 2024, the net loss was $4,193,000, or $0.62 loss per diluted share, down from a net income of $10,822,000, or $1.62 per diluted share in 2023 [9] Income Statement Adjustments - Noninterest income was adjusted from $1,373,000 in Q4 2024 to $680,000, and for the full year from $4,152,000 to $3,459,000 [3] - The total provision for credit losses increased from $6,652,000 to $6,722,000 for Q4 2024 and from $7,845,000 to $7,915,000 for the full year [4] Tax Implications - The effective tax rate for the year ended December 31, 2024, was revised to 4.4%, compared to a previously reported rate of -0.8% [5] Operational Highlights - The Bank's Tier 1 Leverage ratio increased to 8.87% at December 31, 2024, remaining above the minimum required for "well-capitalized" status [23] - The annualized loss on average assets for Q4 2024 was 2.59%, and the loss on average equity was 28.05%, compared to returns of 0.67% and 8.02% respectively in Q4 2023 [13] Credit Quality and Asset Management - Non-performing assets decreased to $32,191,000, or 3.02% of total assets, down from $44,206,000 a year earlier [24] - The Bank charged off $8,343,000 in loans during Q4 2024 and recorded a $6,570,000 provision for credit losses [24][26] Balance Sheet Overview - Total assets decreased to $1,067,094,000 as of December 31, 2024, from $1,122,508,000 a year earlier [41] - Net loans decreased by 4% to $905,075,000, and total deposits decreased by 5% to $962,562,000 compared to the previous year [19][21] Future Outlook - The Bank anticipates further reductions in non-performing loans by $18,187,000 in the first half of 2025 due to loan payoffs from collateral sales [11] - The focus remains on enhancing revenue generation and driving cost efficiencies to improve operational effectiveness [19]
Summit State Bank Reports Fourth Quarter 2024 Financial Results
Newsfilter· 2025-01-28 16:30
Core Points - Summit State Bank reported a net loss of $6,605,000, or $0.98 loss per diluted share for Q4 2024, compared to a net income of $1,901,000, or $0.28 per diluted share for Q4 2023 [1][2] - The annual net loss for 2024 was $3,656,000, or $0.54 loss per diluted share, primarily due to a provision for credit losses totaling $7,958,000 and a one-time goodwill impairment of $4,119,000 [2] - The bank's Tier 1 Leverage ratio improved to 8.92% at the end of 2024, remaining above the 5% minimum required for "well-capitalized" status [5][18] Financial Performance - Pre-tax, pre-provision net income before goodwill for Q4 2024 was $2,994,000, an increase from previous quarters [3][5] - Operating expenses rose to $10,200,000 in Q4 2024, largely due to a one-time goodwill impairment charge [11][40] - Non-interest income increased significantly to $1,373,000 in Q4 2024, compared to $297,000 in Q4 2023, driven by gains on sales of SBA guaranteed loan balances [10][40] Credit Quality - The bank charged off $8,343,000 in loans during Q4 2024 and recorded a $6,646,000 provision for credit losses [19][21] - Non-performing assets decreased to $32,884,000, or 3.08% of total assets, down from $44,206,000 a year earlier [19][40] - The allowance for credit losses to total loans was 1.50% as of December 31, 2024 [22] Balance Sheet - Total assets decreased to $1,067,557,000 at the end of 2024, down from $1,122,508,000 a year earlier [38][39] - Net loans decreased by 4% to $904,999,000 compared to $938,626,000 at the end of 2023 [13][15] - Total deposits also fell by 5% to $962,562,000 at the end of 2024 [14][16] Future Outlook - The bank plans to suspend cash dividends in Q1 2025 to build capital and increase liquidity [4] - The management anticipates further reductions in non-performing loans by $18,187,000 in the first half of 2025 [4]
Summit State Bank Reports Net Income of $626,000 for Third Quarter 2024
GlobeNewswire News Room· 2024-10-30 13:00
Core Viewpoint Summit State Bank reported a decline in net income for the third quarter of 2024, attributed to increased provisions for credit losses and a challenging interest rate environment, while maintaining strong liquidity and capital levels. Financial Performance - Net income for Q3 2024 was $626,000, or $0.09 per diluted share, down from $1,821,000, or $0.27 per diluted share in Q3 2023 [1][2] - Net operating income before credit loss provision and income tax was $2,122,000 for Q3 2024, compared to $2,520,000 in Q3 2023 [1][2] - Operating expenses decreased to $6,181,000 in Q3 2024 from $6,926,000 in Q3 2023 [2][7] - The annualized return on average assets was 0.23% and return on average equity was 2.48% for Q3 2024, compared to 0.63% and 7.59% respectively in Q3 2023 [3] Interest Income and Expenses - Net interest margin was 2.71% in Q3 2024, down from 2.80% in Q3 2023 [4][26] - Interest and dividend income increased slightly to $14,977,000 in Q3 2024 from $14,931,000 in Q3 2023 [4][21] - The cost of deposits rose to 3.05% in Q3 2024 from 2.63% in Q3 2023 [9][5] Credit Quality - A provision for credit losses of $1,320,000 was recorded in Q3 2024, impacting net income [14][15] - Nonperforming assets were $41,971,000, or 3.75% of total assets, up from $35,267,000 a year earlier [12][26] - The allowance for credit losses to total loans was 1.66% as of September 30, 2024 [15][26] Balance Sheet Highlights - Total assets were $1,118,791,000 as of September 30, 2024, compared to $1,142,174,000 a year earlier [23][27] - Net loans decreased to $917,367,000 from $932,199,000 a year earlier [8][23] - Total deposits decreased by 3% to $1,002,770,000 compared to $1,030,836,000 a year earlier [9][23] Capital and Liquidity - The bank maintained strong liquidity of $458,554,000, or 41.0% of total assets [2][9] - Shareholders' equity increased to $100,662,000 from $93,439,000 a year earlier [10][24] - The bank remains well-capitalized with all regulatory capital ratios above minimum requirements [11][12]
Summit State Bank Declares Quarterly Cash Dividend
GlobeNewswire News Room· 2024-09-12 13:00
Core Viewpoint - Summit State Bank declared its eighty third consecutive quarterly cash dividend of $0.04 per share, which will be paid on October 10, 2024, to shareholders of record on October 3, 2024 [1] Dividend Decision - The decision to reduce the quarterly cash dividend was influenced by the current rate environment and its impact on earnings, aiming to build capital [2] - The reduction is intended to improve capital ratios, increase liquidity, and position the Bank for long-term value creation amid economic uncertainty [2] Financial Overview - As of June 30, 2024, Summit State Bank has total assets of $1.1 billion and total equity of $98 million [3] Commitment to Diversity and Community - Summit State Bank emphasizes diversity and inclusion, with 54% of management being women and minorities, and 60% representation on the Executive Management Team [4] - The Bank has received multiple awards for its performance and commitment to community service, including Top Performing Community Bank and Best Places to Work [4]
Summit State Bank Reports Net Income of $928,000 for Second Quarter 2024
Newsfilter· 2024-07-31 22:00
Core Viewpoint - Summit State Bank reported a significant decline in net income for the second quarter of 2024, primarily due to high interest rates affecting funding costs, which is a challenge faced by the entire banking industry [1][2]. Financial Performance - Net income for Q2 2024 was $928,000, or $0.14 per diluted share, down from $2,985,000, or $0.45 per diluted share in Q2 2023 [1][2]. - The annualized return on average assets was 0.35% and the return on average equity was 3.82%, compared to 1.03% and 12.69% respectively in Q2 2023 [3][25]. - Net interest margin decreased to 2.71% in Q2 2024 from 3.44% in Q2 2023, attributed to rising funding costs outpacing loan yield increases [4][5]. Loan and Deposit Trends - Net loans decreased by $11,292,000 to $913,514,000 compared to $924,806,000 a year earlier [2][7]. - Total deposits decreased by 8% to $966,587,000 compared to $1,048,316,000 in Q2 2023, although there was a 3% increase from the previous quarter [2][8]. Credit Quality - Nonperforming assets were $40,994,000, or 3.79% of total assets, an increase from $24,908,000 a year earlier [11][25]. - The allowance for credit losses to total loans was 1.52% as of June 30, 2024, down from 1.62% a year ago [14][25]. Capital and Liquidity - The bank maintained strong liquidity of $479,202,000, representing 44.3% of total assets as of June 30, 2024 [2][10]. - Shareholders' equity was $97,949,000, with a book value of $14.44 per share, up from $13.92 a year ago [9][10]. Operating Expenses - Operating expenses decreased to $6,627,000 in Q2 2024 from $6,822,000 in Q2 2023, primarily due to reductions in stock appreciation rights and employee bonuses [6][25].
Summit State Bank Reports Net Income of $928,000 for Second Quarter 2024
GlobeNewswire News Room· 2024-07-31 22:00
Core Viewpoint - Summit State Bank reported a significant decline in net income for the second quarter of 2024, primarily due to high interest rates affecting funding costs, which is a challenge faced by the entire banking industry [1][2]. Financial Performance - Net income for Q2 2024 was $928,000, or $0.14 per diluted share, down from $2,985,000, or $0.45 per diluted share in Q2 2023 [1][2]. - The annualized return on average assets was 0.35% and return on average equity was 3.82%, compared to 1.03% and 12.69% respectively in Q2 2023 [3][25]. - Net interest margin decreased to 2.71% in Q2 2024 from 3.44% in Q2 2023, with interest and dividend income down 8% to $14,371,000 [4][25]. Loan and Deposit Trends - Net loans decreased by $11,292,000 to $913,514,000 compared to $924,806,000 a year earlier [2][7]. - Total deposits decreased by 8% to $966,587,000 compared to $1,048,316,000 in Q2 2023, although there was a 3% increase from the previous quarter [2][8]. Credit Quality - Nonperforming assets were $40,994,000, or 3.79% of total assets, an increase from $24,908,000 a year earlier [11][25]. - The allowance for credit losses to total loans was 1.52% as of June 30, 2024, down from 1.62% a year ago [14][25]. Capital and Liquidity - The bank maintained strong liquidity of $479,202,000, or 44.3% of total assets, as of June 30, 2024 [2][10]. - Shareholders' equity was $97,949,000, with a book value of $14.44 per share, compared to $13.92 a year ago [9][25]. Operating Expenses - Operating expenses decreased to $6,627,000 in Q2 2024 from $6,822,000 in Q2 2023, primarily due to reductions in stock appreciation rights and employee bonuses [6][25].