Summit State Bank(US:SSBI) Globenewswireยท2025-07-29 13:00Core 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]