Summit State Bank (Nasdaq: SSBI) today reported net income for the
year ended December 31, 2023 of $10,822,000, or $1.62 per diluted
share, a decrease of $6,146,000, or 36%, compared to net income of
$16,968,000, or $2.54 per diluted share for the year ended December
31, 2022. For the fourth quarter ended December 31, 2023, net
income was $1,901,000, or $0.28 per diluted share, compared to
$4,553,000 or $0.68 per diluted share, for the fourth quarter ended
December 31, 2022.
The Board of Directors declared a quarterly cash
dividend of $0.12 per share on January 29, 2024. The quarterly
dividend will be paid on February 15, 2024 to shareholders of
record on February 8, 2024.
“We closed out the year with solid operating
results despite the challenges across the entire banking industry,”
said Brian Reed, President and CEO. “The persistently high interest
rate environment continued to impact net interest income growth
with higher interest expense on deposits and borrowings, which
affected our operating performance for the fourth quarter and the
full year 2023. However, we continue to see steady loan demand in
our markets, and total deposit balances have increased compared to
a year ago. Further, our capital levels and excess liquidity
positions remain strong, and together with revenue generation we
have a solid foundation upon which to continue to grow in the year
ahead.”
Fourth Quarter 2023 Financial
Highlights (at or for the three months ended December 31,
2023)
- Net income was $1,901,000, or $0.28
per diluted share in the fourth quarter of 2023, compared to
$4,553,000, or $0.68 per diluted share, in the fourth quarter of
2022 and $1,821,000, or $0.27 per diluted share, for the quarter
ended September 30, 2023.
- Reversal of net credit losses was
$65,000, compared to a provision for net credit losses of $662,000
in the fourth quarter a year ago and a reversal of net credit
losses of $5,000 at September 30, 2023.
- Net interest margin was 2.85%,
compared to 4.29% in the fourth quarter a year ago and 2.80% in the
preceding quarter.
- Fourth quarter revenues (interest
income plus noninterest income) decreased 6.0% to $15,333,000,
compared to $16,320,000 in the fourth quarter a year ago and
decreased 6.7% compared to $16,427,000 in the preceding
quarter.
- Annualized return on average assets
was 0.67%, compared to 1.69% in the fourth quarter of 2022 and
0.63% in the preceding quarter.
- Annualized return on average equity
was 8.02%, compared to 20.84% in the fourth quarter a year ago and
7.70% in the preceding quarter.
- Net loans increased $24,919,000 to
$938,626,000 at December 31, 2023, compared to $913,707,000 one
year earlier and increased $6,400,000 compared to $932,226,000
three months earlier.
- Total deposits increased 5% to
$1,009,693,000 at December 31, 2023 compared to $962,655,000 at
December 31, 2022 and decreased 2% when compared to the prior
quarter end of $1,030,836,000.
- The Bank’s nonperforming loans to
gross loans increased to 4.63% at December 31, 2023 compared to
3.72% at September 30, 2023 and 0.40% at December 31, 2022.
Additionally, nonperforming assets to total assets increased to
3.94%, at December 31, 2023 compared to 3.09% at September 30, 2023
and 0.34% at December 31, 2022.
- Book value increased to $14.40 per
share, compared to $13.15 per share a year ago.
- Declared a quarterly cash dividend of $0.12 per share for the
three months ended December 31, 2023, September 30, 2023, and
December 31, 2022.
Operating Results
For the fourth quarter of 2023, the annualized
return on average assets was 0.67% and the annualized return on
average equity was 8.02%. This compared to an annualized return on
average assets of 1.69% and an annualized return on average equity
of 20.84%, respectively, for the fourth quarter of 2022.
“Following an unprecedented rise in funding
costs that has affected the entire banking industry over the past
year, our net interest margin started to stabilize during the
fourth quarter; expanding five basis points compared to the prior
quarter,” said Reed. “We are working hard to retain rate sensitive
customer deposits, and while deposit pricing pressure persists, we
continue to benefit from new loan growth as well as existing loans
repricing at higher rates.” Summit’s net interest margin was 2.85%
in the fourth quarter of 2023, compared to 2.80% in the preceding
quarter and 4.29% in the fourth quarter of 2022.
Interest and dividend income increased 6% to
$15,036,000 in the fourth quarter of 2023 compared to $14,188,000
in the fourth quarter of 2022. The increase in interest income is
attributable to a $312,000 increase in loan interest yield
primarily driven by increased loan volume and secondarily by
increased rates, $423,000 increase in interest on deposits with
banks and $113,000 increase in investment interest.
Non-interest income decreased in the fourth
quarter of 2023 to $297,000 compared to $2,132,000 in the fourth
quarter of 2022. The Bank recognized no gains on sales of SBA
guaranteed loan balances in the fourth quarter of 2023, compared to
$1,762,000 in gains on sales of SBA and USDA guaranteed loan
balances in the fourth quarter of 2022.
Operating expenses decreased in the fourth
quarter of 2023 to $5,483,000 compared to $6,395,000 in the fourth
quarter of 2022. The decrease was primarily due to a $741,000
decrease in stock appreciation rights expense, a $570,000 decrease
in annual bonus payout, offset by a one-time expense of $470,000
for a cyber fraud loss.
Balance Sheet Review
Net loans increased 3% to $938,626,000 at
December 31, 2023 compared to $913,707,000 at December 31, 2022 and
increased 1% compared to September 30, 2023.
Total deposits increased 5% to $1,009,693,000 at
December 31, 2023 compared to $962,655,000 at December 31, 2022 and
decreased 2% when compared to the prior quarter end. Most of the
deposit growth year-over-year was due to the Bank’s ongoing focus
on growing local deposits organically. At December 31, 2023,
noninterest bearing demand deposit accounts decreased 20% compared
to a year ago and represented 20% of total deposits; savings, NOW
and money market accounts increased 47% compared to a year ago and
represented 51% of total deposits, and CDs decreased 18% compared
to a year ago and comprised 29% of total deposits. The average cost
of deposits was 2.79% in the fourth quarter of 2023, compared to
1.06% in the fourth quarter of 2022, and 2.63% in the third quarter
of 2023.
Shareholders’ equity was $97,678,000 at December
31, 2023, compared to $93,439,000 three months earlier and
$88,547,000 a year earlier. The increase in shareholders’ equity
compared to a year ago was primarily due to an increase of
$7,571,000 in retained earnings and a decrease of $1,269,000 in
accumulated other comprehensive loss; this change was related to a
decrease in the unrealized loss on available for sale securities
reflecting the decrease in market interest rates during the year.
At December 31, 2023, book value was $14.40 per share, compared to
$13.77 three months earlier, and $13.15 at December 31, 2022.
Summit State Bank continues to maintain capital
levels in excess of the requirements to be categorized as
“well-capitalized” with tangible equity to tangible assets of 8.38%
at December 31, 2023, compared to 8.24% at September 30, 2023, and
8.10% at December 31, 2022.
Credit Quality
“Identifying and resolving problem credits and
maintaining an adequate reserve balance remains a top priority,”
said Reed. Nonperforming assets were $44,206,000, or 3.94% of total
assets, at December 31, 2023, and consisted of eighteen loans; one
loan totaling $6,449,000 is a real estate secured commercial loan,
two loans totaling $5,690,000 are real estate secured construction
and land loans and fifteen loans totaling $32,067,000 are
commercial and agriculture secured loans. All nonperforming assets
were individually assessed, many of which are sufficiently
collateralized, resulting in a corresponding reserve of $1,613,000.
There were $35,267,000 in nonperforming assets at September 30,
2023, and $3,756,000 in nonperforming assets at December 31,
2022.
Due to minimal projected change in expected
losses, the Bank recorded a $65,000 reversal of net credit loss
expense for unfunded commitments in the fourth quarter of 2023.
This compared to $662,000 provision for net credit loss expense in
the fourth quarter of 2022. The allowance for credit losses to
total loans was 1.60% on December 31, 2023 and December 31, 2022.
The real estate portfolio, which accounts for a majority of the
Bank’s loan portfolio, has an average loan-to-value of 50% and debt
service coverage ratio of 1.92% as of December 31, 2023.During
challenging economic times, we remain focused on our mission of
providing exceptional service to our customers and meeting all of
their financial needs,” said Reed.
About Summit State Bank
Founded in 1982 and headquartered in Sonoma
County, Summit State Bank (Nasdaq: SSBI), is an award-winning
community bank servicing the North Bay. The Bank serves small
businesses, nonprofits, and the community, with total assets of
$1,123 million and total equity of $98 million at December 31,
2023. The Bank has built its reputation over the past 40 years by
specializing in providing exceptional customer service and
customized financial solutions to aid in the success of its
customers.
Summit State Bank is dedicated to investing in
and celebrating 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. The Bank has been
consistently recognized for its achievements and has been awarded
Best Places to Work in the North Bay, Top Community Bank Loan
Producer, Raymond James Bankers Cup, Super Premier Performing Bank,
the Piper Sandler SM-ALL Star Award, the Independent Community
Bankers of America’s Best-Performing Community Banks, and the San
Francisco Business Times’ 2023 Bay Area Corporate Philanthropists.
For more information, visit www.summitstatebank.com.
Forward-looking Statements
The financial results in this release are
preliminary. Final financial results and other disclosures will be
reported in Summit State Bank’s annual report on Form 10-K for the
period ended December 31, 2023 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 contained
herein, the statements contained in this news 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. This release may contain forward-looking statements that
are subject to risks and uncertainties. Such risks and
uncertainties may include but are not necessarily limited to
fluctuations in interest rates, inflation, government regulations
and general economic conditions, and competition within the
business areas in which the Bank will be conducting its operations,
including the real estate market in California and other factors
beyond the Bank’s control. Such risks and uncertainties could cause
results for subsequent interim periods or for the entire year to
differ materially from those indicated. You should not place undue
reliance on the forward-looking statements, which reflect
management’s view only as of the date hereof. 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 |
|
Year Ended |
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
13,409 |
|
|
$ |
13,097 |
|
|
$ |
52,560 |
|
|
$ |
46,124 |
|
|
Interest on deposits with banks |
|
792 |
|
|
|
369 |
|
|
|
4,410 |
|
|
|
596 |
|
|
Interest on investment securities |
|
712 |
|
|
|
624 |
|
|
|
2,855 |
|
|
|
1,935 |
|
|
Dividends on FHLB stock |
|
123 |
|
|
|
98 |
|
|
|
416 |
|
|
|
301 |
|
|
|
|
Total interest and dividend income |
|
15,036 |
|
|
|
14,188 |
|
|
|
60,241 |
|
|
|
48,956 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
7,113 |
|
|
|
2,380 |
|
|
|
24,227 |
|
|
|
4,942 |
|
|
Federal Home Loan Bank advances |
|
- |
|
|
|
463 |
|
|
|
177 |
|
|
|
1,212 |
|
|
Junior subordinated debt |
|
94 |
|
|
|
94 |
|
|
|
375 |
|
|
|
375 |
|
|
|
|
Total interest expense |
|
7,207 |
|
|
|
2,937 |
|
|
|
24,779 |
|
|
|
6,529 |
|
|
|
|
Net interest income before provision for credit losses |
|
7,829 |
|
|
|
11,251 |
|
|
|
35,462 |
|
|
|
42,427 |
|
(Reversal of) provision for credit losses on loans |
|
(31 |
) |
|
|
807 |
|
|
|
342 |
|
|
|
2,683 |
|
Reversal of credit losses on unfunded loan commitments |
|
(65 |
) |
|
|
(145 |
) |
|
|
(68 |
) |
|
|
(142 |
) |
Provision for credit losses on investments |
|
31 |
|
|
|
- |
|
|
|
58 |
|
|
|
- |
|
|
|
|
Net interest income after provision for (reversal of) credit |
|
|
|
|
|
|
|
|
|
|
|
losses,
unfunded loan commitments and investments |
|
7,894 |
|
|
|
10,589 |
|
|
|
35,130 |
|
|
|
39,886 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
219 |
|
|
|
219 |
|
|
|
872 |
|
|
|
859 |
|
|
Rental income |
|
54 |
|
|
|
37 |
|
|
|
193 |
|
|
|
199 |
|
|
Net gain on loan sales |
|
- |
|
|
|
1,762 |
|
|
|
2,481 |
|
|
|
5,839 |
|
|
Net (loss) gain on securities |
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
4 |
|
|
Other income |
|
24 |
|
|
|
117 |
|
|
|
1,655 |
|
|
|
594 |
|
|
|
|
Total non-interest income |
|
297 |
|
|
|
2,132 |
|
|
|
5,201 |
|
|
|
7,495 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
3,044 |
|
|
|
3,873 |
|
|
|
15,399 |
|
|
|
14,651 |
|
|
Occupancy and equipment |
|
386 |
|
|
|
506 |
|
|
|
1,713 |
|
|
|
1,716 |
|
|
Other expenses |
|
2,053 |
|
|
|
2,016 |
|
|
|
7,938 |
|
|
|
7,144 |
|
|
|
|
Total non-interest expense |
|
5,483 |
|
|
|
6,395 |
|
|
|
25,050 |
|
|
|
23,511 |
|
|
|
|
Income before provision for income taxes |
|
2,708 |
|
|
|
6,326 |
|
|
|
15,281 |
|
|
|
23,870 |
|
Provision for income taxes |
|
807 |
|
|
|
1,773 |
|
|
|
4,459 |
|
|
|
6,902 |
|
|
|
|
Net income |
$ |
1,901 |
|
|
$ |
4,553 |
|
|
$ |
10,822 |
|
|
$ |
16,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.28 |
|
|
$ |
0.68 |
|
|
$ |
1.62 |
|
|
$ |
2.54 |
|
Diluted earnings per common share |
$ |
0.28 |
|
|
$ |
0.68 |
|
|
$ |
1.62 |
|
|
$ |
2.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares of common stock outstanding |
|
6,698 |
|
|
|
6,688 |
|
|
|
6,695 |
|
|
|
6,687 |
|
Diluted weighted average shares of common stock outstanding |
|
6,698 |
|
|
|
6,688 |
|
|
|
6,698 |
|
|
|
6,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT STATE
BANK |
BALANCE
SHEETS |
(In thousands except
share data) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
57,789 |
|
$ |
77,567 |
|
|
|
Total cash
and cash equivalents |
|
57,789 |
|
|
77,567 |
|
|
|
|
|
|
|
Investment securities: |
|
|
|
|
Available-for-sale, less allowance for credit losses of $58 and
$0 |
|
|
|
|
|
(at fair value; amortized cost of $97,034 in 2023 and $98,017
in 2022) |
|
84,546 |
|
|
83,785 |
|
|
|
|
|
|
|
Loans, less allowance for credit losses of $15,221 and $14,839 |
|
938,626 |
|
|
913,707 |
Bank premises and equipment, net |
|
5,316 |
|
|
5,461 |
Investment in Federal Home Loan Bank (FHLB) stock, at cost |
|
5,541 |
|
|
4,737 |
Goodwill |
|
|
4,119 |
|
|
4,119 |
Affordable housing tax credit investments |
|
8,405 |
|
|
8,881 |
Accrued interest receivable and other assets |
|
18,166 |
|
|
17,086 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,122,508 |
|
$ |
1,115,343 |
|
|
|
|
|
|
|
LIABILITIES
AND |
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand - non interest-bearing |
$ |
201,909 |
|
$ |
252,033 |
|
Demand - interest-bearing |
|
244,748 |
|
|
143,767 |
|
Savings |
|
54,352 |
|
|
67,117 |
|
Money market |
|
212,278 |
|
|
137,362 |
|
Time deposits that meet or exceed the FDIC insurance limit |
|
63,159 |
|
|
141,691 |
|
Other time deposits |
|
233,247 |
|
|
220,685 |
|
|
|
Total
deposits |
|
1,009,693 |
|
|
962,655 |
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
- |
|
|
41,000 |
Junior subordinated debt, net |
|
5,920 |
|
|
5,905 |
Affordable housing commitment |
|
4,094 |
|
|
4,677 |
Accrued interest payable and other liabilities |
|
5,123 |
|
|
12,560 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
1,024,830 |
|
|
1,026,797 |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
97,678 |
|
|
88,546 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
1,122,508 |
|
$ |
1,115,343 |
|
|
|
|
|
|
|
Financial
Summary |
(In
thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
As of and
for the |
|
As of and
for the |
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Statement of Income Data: |
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
7,829 |
|
|
$ |
11,251 |
|
|
$ |
35,462 |
|
|
$ |
42,427 |
|
(Reversal
of) provision for credit losses on loans |
|
|
(31 |
) |
|
|
807 |
|
|
|
342 |
|
|
|
2,683 |
|
Reversal of provision for credit losses on unfunded loan
commitments |
|
(65 |
) |
|
|
(145 |
) |
|
|
(68 |
) |
|
|
(142 |
) |
Provision
for credit losses on investments |
|
|
31 |
|
|
|
- |
|
|
|
58 |
|
|
|
- |
|
Non-interest
income |
|
|
297 |
|
|
|
2,132 |
|
|
|
5,201 |
|
|
|
7,495 |
|
Non-interest
expense |
|
|
5,483 |
|
|
|
6,395 |
|
|
|
25,050 |
|
|
|
23,511 |
|
Provision
for income taxes |
|
|
807 |
|
|
|
1,773 |
|
|
|
4,459 |
|
|
|
6,902 |
|
Net
income |
|
$ |
1,901 |
|
|
$ |
4,553 |
|
|
$ |
10,822 |
|
|
$ |
16,968 |
|
|
|
|
|
|
|
|
|
|
Selected per Common Share Data: |
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.28 |
|
|
$ |
0.68 |
|
|
$ |
1.62 |
|
|
$ |
2.54 |
|
Diluted
earnings per common share |
|
$ |
0.28 |
|
|
$ |
0.68 |
|
|
$ |
1.62 |
|
|
$ |
2.54 |
|
Dividend per
share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
Book value
per common share (1) |
|
$ |
14.40 |
|
|
$ |
13.15 |
|
|
$ |
14.40 |
|
|
$ |
13.15 |
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Data: |
|
|
|
|
|
|
|
|
Assets |
|
$ |
1,122,508 |
|
|
$ |
1,115,343 |
|
|
$ |
1,122,508 |
|
|
$ |
1,115,343 |
|
Loans,
net |
|
|
938,626 |
|
|
|
913,707 |
|
|
|
938,626 |
|
|
|
913,707 |
|
Deposits |
|
|
1,009,693 |
|
|
|
962,655 |
|
|
|
1,009,693 |
|
|
|
962,655 |
|
Average
assets |
|
|
1,123,057 |
|
|
|
1,070,000 |
|
|
|
1,142,790 |
|
|
|
1,005,186 |
|
Average
earning assets |
|
|
1,089,808 |
|
|
|
1,040,154 |
|
|
|
1,110,801 |
|
|
|
978,169 |
|
Average
shareholders' equity |
|
|
94,096 |
|
|
|
86,675 |
|
|
|
93,621 |
|
|
|
86,038 |
|
Nonperforming loans |
|
|
44,206 |
|
|
|
3,756 |
|
|
|
44,206 |
|
|
|
3,756 |
|
Total
nonperforming assets |
|
|
44,206 |
|
|
|
3,756 |
|
|
|
44,206 |
|
|
|
3,756 |
|
|
|
|
|
|
|
|
|
|
Selected Ratios: |
|
|
|
|
|
|
|
|
Return on
average assets (2) |
|
|
0.67 |
% |
|
|
1.69 |
% |
|
|
0.95 |
% |
|
|
1.69 |
% |
Return on
average common shareholders' equity (2) |
|
|
8.02 |
% |
|
|
20.84 |
% |
|
|
11.56 |
% |
|
|
19.72 |
% |
Efficiency
ratio (3) |
|
|
67.47 |
% |
|
|
47.77 |
% |
|
|
61.60 |
% |
|
|
47.10 |
% |
Net interest
margin (2) |
|
|
2.85 |
% |
|
|
4.29 |
% |
|
|
3.19 |
% |
|
|
4.34 |
% |
Common
equity tier 1 capital ratio |
|
|
10.15 |
% |
|
|
9.41 |
% |
|
|
10.15 |
% |
|
|
9.41 |
% |
Tier 1
capital ratio |
|
|
10.15 |
% |
|
|
9.41 |
% |
|
|
10.15 |
% |
|
|
9.41 |
% |
Total
capital ratio |
|
|
12.00 |
% |
|
|
11.27 |
% |
|
|
12.00 |
% |
|
|
11.27 |
% |
Tier 1
leverage ratio |
|
|
8.85 |
% |
|
|
8.53 |
% |
|
|
8.85 |
% |
|
|
8.53 |
% |
Common
dividend payout ratio (4) |
|
|
42.63 |
% |
|
|
17.72 |
% |
|
|
30.05 |
% |
|
|
19.01 |
% |
Average
shareholders' equity to average assets |
|
|
8.38 |
% |
|
|
8.10 |
% |
|
|
8.19 |
% |
|
|
8.56 |
% |
Nonperforming loans to total loans |
|
|
4.63 |
% |
|
|
0.40 |
% |
|
|
4.63 |
% |
|
|
0.40 |
% |
Nonperforming assets to total assets |
|
|
3.94 |
% |
|
|
0.34 |
% |
|
|
3.94 |
% |
|
|
0.34 |
% |
Allowance
for credit losses to total loans |
|
|
1.60 |
% |
|
|
1.60 |
% |
|
|
1.60 |
% |
|
|
1.60 |
% |
Allowance
for credit losses to nonperforming loans |
|
|
34.43 |
% |
|
|
395.09 |
% |
|
|
34.43 |
% |
|
|
395.09 |
% |
|
|
|
|
|
(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
Summit State Bank (NASDAQ:SSBI)
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