Summit State Bank is a community-focused financial institution that provides a range of banking services to individuals, businesses, and non-profit organizations
The bank emphasizes personalized service and aims to foster long-term relationships with its customers by offering products such as personal and business checking accounts, savings accounts, loans, and mortgage solutions. Additionally, Summit State Bank is committed to contributing to the local economy and supporting community development through various initiatives and partnerships. Their approach combines traditional banking values with modern technology to ensure a seamless experience for clients.
SANTA ROSA, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported a net loss of $6,605,000, or $0.98 loss per diluted share for the fourth quarter ended December 31, 2024, compared to net income of $1,901,000, or $0.28 per diluted share for the fourth quarter ended December 31, 2023. The current quarter’s results were impacted by expenses including a $6,646,000 provision for credit losses on loans and a $4,119,000 one-time non-cash impairment charge to write off the remaining balance of goodwill. The Bank has taken significant charge offs and provisions for credit losses in the fourth quarter of 2024 as a proactive step towards resolving its problem loans. The goodwill impairment was a result of the Bank’s stock price trading below book value and is a non-cash charge that does not impact the Bank’s cash flows, liquidity, or regulatory capital. The Bank ended the year with improved regulatory capital ratios and is focused on expanding net interest margin in 2025.
SANTA ROSA, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income for the third quarter ended September 30, 2024 of $626,000, or $0.09 per diluted share, compared to net income of $1,821,000, or $0.27 per diluted share for the third quarter ended September 30, 2023. Net operating income before credit loss provision and income tax was $2,122,000 for the third quarter ended September 30, 2024 compared to $2,520,000 for the third quarter ended 2023.
SANTA ROSA, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Summit State Bank’s (the “Bank”) (Nasdaq: SSBI) Board of Directors declared the Bank’s eighty third consecutive quarterly cash dividend to common shareholders for $0.04 per share on September 11, 2024. The dividend will be paid on October 10, 2024, to shareholders of record on October 3, 2024.
SANTA ROSA, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income for the second quarter ended June 30, 2024 of $928,000, or $0.14 per diluted share, compared to net income of $2,985,000, or $0.45 per diluted share for the second quarter ended June 30, 2023.
SANTA ROSA, Calif., April 30, 2024 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income for the first quarter ended March 31, 2024 of $1,395,000, or $0.21 per diluted share, compared to net income of $4,116,000, or $0.62 per diluted share for the first quarter ended March 31, 2023.
SANTA ROSA, Calif., March 29, 2024 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ: SSBI) welcomes Dr. Frank Chong and James Finley, to its Board of Directors. Dr. Chong and Mr. Finley were elected to the Board of Directors at the Bank’s Board Meeting held on Monday, February 26, 2024.
SANTA ROSA, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- 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.
SANTA ROSA, Calif., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the third quarter ended September 30, 2023 of $1,821,000, or $0.27 per diluted share, a decrease of $2,158,000, or 54.2%, compared to net income of $3,979,000, or $0.59 per diluted share for the third quarter ended September 30, 2022. Financial results for the quarter reflect strong non-interest income resulting from increased gain on sale of loans. Lower net interest income resulting from an increase in interest expense on deposits offset aforementioned increase in non-interest income.
Today, August 17, 2023, marks an important moment for investors of Summit State Bank (NASDAQ:SSBI). The company will distribute a dividend payout of $0.12 per share, demonstrating an annualized dividend yield of 2.77%.
SANTA ROSA, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) announced today that it has been ranked number 52nd on the San Francisco Business Times’ 2023 Bay Area Corporate Philanthropists List which was published in a supplement in the San Francisco Business Times on July 28, 2023. The Corporate Philanthropy Awards, list and supplement celebrates the Bay Area’s most generous corporate citizens and recognizes those companies that also give their time, talent and resources. The annual list recognizes 100 top corporate philanthropists ranked by local cash giving. It includes for-profit companies and nonprofit health care organizations that made contributions to Bay Area based charitable organizations in the following counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano and Sonoma.
SANTA ROSA, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) (“Summit”) announced today that it is aware that Big Poppy Holdings, Inc. (“Poppy”) has published a notice stating that it holds 332,464 shares of Summit’s common stock, which is approximately 4.9% of the outstanding shares, and that it intends to file an application with the Federal Reserve Board to acquire up to 24.99% of Summit’s common stock. Poppy is the holding company for Poppy Bank, which is headquartered in Santa Rosa, California.
SANTA ROSA, Calif., July 25, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the second quarter ended June 30, 2023 of $2,985,000, or $0.45 per diluted share, a decrease of $1,516,000, or 33.7%, compared to net income of $4,501,000, or $0.67 per diluted share for the second quarter ended June 30, 2022. Financial results for the quarter reflect strong net interest income offset by lower non-interest income resulting from reduced gain on sale of loan activity. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.
SANTA ROSA, Calif., June 21, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) announced that the bank has been named to the CB Durable Performance Index™ for 1Q 2023. The index highlights banks who have maintained above average performance over the course of the last 3 years by aggregating and analyzing performance and regulatory data. The report identified high performing banks by scoring 11 key performance indicators regularly used in analyzing bank value.
SANTA ROSA, Calif., June 20, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) announced that the bank has once again been named to American Banker Magazine’s Top 200 Publicly Traded Community Banks list. In its June 12, 2023 article, American Banker ranked Summit State Bank 18th on its Top 200 Publicly Traded Community Banks list based on three-year average return on equity (“ROE”) as of 12/31/22 (Source: Capital Performance Group). The rankings include publicly-traded banks with less than $2 billion in assets.
SANTA ROSA, Calif., May 22, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) has been recognized by the Independent Community Bankers Association (ICBA) as one of the 2023 Top Performing Banks and the only California bank to be recognized in the More Than a Billion category. ICBA is a member-based trade organization comprised of community banks throughout the United States. The ICBA recognizes consistently high-performing banks utilizing FDIC data, taking into account pre-tax return-on-assets (ROA) figures for the past three years, with the most recent year weighted at 3 times, the second most recent year at 2 times and the third most recent year at 1 time. The qualifying banks are then divided into three broad segments based on asset size and the three-year weighted average ROA. In addition, a bank must have a rating of C or higher by Kroll Bond Ratings to be considered for ranking. Kroll Bond Rating is a global full-service rating agency whose mission is to set the standard of excellence and integrity.
SANTA ROSA, Calif., May 16, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) ranked 9th and is one of only 22 banks in the U.S. to be named to the 2022 Raymond James Bankers Cup, in its annual list of top-performing community banks. Raymond James, an independent investment bank and research firm, analyzed banks nationwide to select its Bankers Cup recipients. This elite annual list recognizes the top 10% of community banks based on various profitability, operational efficiency, and balance sheet metrics. The pool of banks considered for recognition includes all exchange-traded domestic banks, excluding mutual holding companies and potential acquisition targets, with assets between $500 million and $10 billion as of December 31, 2022.
SANTA ROSA, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the first quarter ended March 31, 2023 increased $181,000, or 5%, to $4,116,000, or $0.62 per diluted share, compared to net income of $3,935,000, or $0.59 per diluted share for the first quarter ended March 31, 2022. Steady deposit growth and reduced operating expenses contributed to profitability for the quarter. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.
SANTA ROSA, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the year ended December 31, 2022 increased $2,270,000, or 15%, to $16,968,000, or $2.54 per diluted share, compared to net income of $14,698,000, or $2.20 per diluted share for the year ended December 31, 2021. Strong loan and deposit growth and net interest margin expansion contributed to profitability for the quarter. For the fourth quarter ended December 31, 2022, net income increased 24% to $4,553,000, or $0.68 per diluted share, compared to $3,686,000, or $0.55 per diluted share, for the same period in 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.
SANTA ROSA, Calif., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the third quarter ended September 30, 2022 increased $183,000, or 5%, to $3,979,000, or $0.59 per diluted share, compared to net income of $3,796,000, or $0.57 per diluted share for the third quarter ended September 30, 2021. Strong loan and deposit growth and net interest margin expansion contributed to profitability for the quarter. In the first nine months of 2022, net income increased 10% to $12.4 million, or $1.86 per diluted share, compared to $11.0 million, or $1.65 per diluted share, in the first nine months of 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.
