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.
“Our second quarter earnings continue to be
directly impacted by the high interest rate environment and its
impact on funding costs, a challenge that is affecting the entire
banking industry,” said Brian Reed, President and CEO. “We are
implementing steps to grow net income and remain focused on
improving our financial performance. Loan balances decreased
modestly during the second quarter related to our efforts to focus
on asset quality and pricing versus growth. Our focus is on
improving our performance metrics and increasing profitability in
each successive quarter. While the possibility of a continued
industry-wide higher-for-longer interest rate cycle still exists,
we remain optimistic about our future performance.”
Second Quarter 2024 Financial
Highlights (at or for the three months ended June 30,
2024)
- Net income was $928,000, or $0.14
per diluted share, compared to $2,985,000, or $0.45 per diluted
share, in the second quarter of 2023 and $1,395,000, or $0.21 per
diluted share, for the first quarter ended March 31, 2024.
- The allowance for credit losses to
total loans was 1.52% on June 30, 2024 which is based on estimating
credit losses for the life of the loans in the portfolio.
- The Bank maintains strong total
liquidity of 479,202,000, or 44.3% of total assets as of June 30,
2024. This includes on balance sheet liquidity (cash and
equivalents and unpledged available-for-sale securities) of
$115,094,000 or 10.6% of total assets, plus available borrowing
capacity of $364,108,000 or 33.6% of total assets.
- The Bank remains well-capitalized
and all regulatory capital ratios were well above minimum
requirements on June 30, 2024.
- Net loans decreased $11,292,000 to
$913,514,000 at June 30, 2024, compared to $924,806,000 one year
earlier and decreased $4,171,000 compared to $917,685,000 three
months earlier.
- Total deposits decreased 8% to
$966,587,000 at June 30, 2024, compared to $1,048,316,000 at June
30, 2023, and increased 3% when compared to the prior quarter end
of $939,202,000.
- Book value was $14.44 per share,
compared to $13.92 per share a year ago and $14.43 in the preceding
quarter.
Operating Results
For the second quarter of 2024, the annualized
return on average assets was 0.35% and the annualized return on
average equity was 3.82%. This compared to an annualized return on
average assets of 1.03% and an annualized return on average equity
of 12.69%, respectively, for the second quarter of 2023.
Summit’s net interest margin was 2.71% in the
second quarter of 2024, compared to 2.81% in the preceding quarter
and 3.44% in the second quarter of 2023. The increased interest
costs were partially offset by positive trends in loan yields.
Interest and dividend income decreased 8.0% to $14,371,000 in the
second quarter of 2024 compared to $15,625,000 in the second
quarter of 2023. The decrease in interest income is attributable to
a $998,000 decrease in interest on deposits with banks, a $298,000
decrease in interest on loans, and offset by an increase in
dividends on FHLB stock of $48,000.
“Higher funding costs outpaced the increase in
loan yields during the second quarter, causing our net interest
margin to contract 10 basis points compared to the preceding
quarter,” said Reed. “The cost of deposits was 2.95% during the
second quarter, compared to 2.83% during the preceding quarter, as
customers continue to look for higher yields. Given the current
interest rate environment, the change in deposit mix has and will
continue to place pressure on funding costs. While the bank has
seen an increase in deposit costs, we are fortunate to maintain
local deposit relationships as we work through this interest rate
cycle.”
Noninterest income decreased in the second
quarter of 2024 to $801,000 compared to $1,449,000 in the second
quarter of 2023. The variance is primarily attributed to the Bank
recognizing $1,023,000 in one-time FHLB fee income for prepayment
of long term advances in the second quarter of 2023. This was
partially offset by the Bank recognizing $270,000 in gains on sales
of SBA and USDA guaranteed loan balances in the second quarter of
2024 compared to no gains on sales of SBA and USDA guaranteed loan
balances in the second quarter of 2023.
Operating expenses decreased in the second
quarter of 2024 to $6,627,000 compared to $6,822,000 in the second
quarter of 2023. The decrease is primarily due to a reduction in
stock appreciation rights expense of $416,000 and a decrease in
employee bonus expense of $328,000. This was offset by a $278,000
increase in salaries and commissions net of deferred fees and costs
and a $209,000 increase in FDIC Insurance expenses.
Balance Sheet Review
Net loans decreased 1% to $913,514,000 at June
30, 2024, compared to $924,806,000 at June 30, 2023, and decreased
0.5% compared to March 31, 2024. The Bank’s largest loan types are
commercial real estate loans which make up 74% of the portfolio,
secured by farmland totaling 9% of the portfolio, and 6% in
commercial and industrial loans. Of the commercial real estate
total, approximately 34% or $231,000,000 is owner occupied and the
remaining 66% or $459,000,000 is non-owner occupied. The portfolio
is well diversified between industries with no significant
concentrations, including no material concentration in office space
which totals $113,700,000.
Total deposits decreased 8% to $966,587,000 at
June 30, 2024, compared to $1,048,316,000 at June 30, 2023, and
increased 3% when compared to the prior quarter end. At June 30,
2024, noninterest bearing demand deposit accounts decreased 14%
compared to a year ago and represented 19% of total deposits;
savings, NOW and money market accounts increased 11% compared to a
year ago and represented 49% of total deposits, and CDs decreased
24% compared to a year ago and comprised 32% of total deposits. The
decrease in deposits is a result of the Bank managing its liquidity
levels and asset growth. The average cost of deposits was 2.95% in
the second quarter of 2024, compared to 2.26% in the second quarter
of 2023.
Shareholders’ equity was $97,949,000 at June 30,
2024, compared to $97,878,000 three months earlier and $94,435,000
a year earlier. The increase in shareholders’ equity compared to a
year ago was primarily due to an increase of $2,807,000 in retained
earnings. At June 30, 2024 book value was $14.44 per share,
compared to $14.43 three months earlier, and $13.92 at June 30,
2023.
Summit State Bank continues to maintain capital
levels in excess of the requirements to be categorized as
“well-capitalized” with average equity to assets of 9.04% at June
30, 2024, compared to 8.96% at March 31, 2024, and 8.15% at June
30, 2023. The increase compared to June 2023 was due to the Bank’s
retention of capital which is exceeding asset growth.
Credit Quality
“We continue to closely monitor asset quality
and are diligently working to reduce portfolio risk,” said Reed.
“Nonperforming loans which are concentrated in the secured by
farmland category declined from the immediate prior quarter while
our commercial real estate portfolios continue to perform
well.”
Nonperforming assets were $40,994,000, or 3.79%
of total assets, at June 30, 2024. This compared to $41,548,000 in
nonperforming assets at March 31, 2024, and $24,908,000 in
nonperforming assets at June 30, 2023. There are three specific
relationships totaling $31,800,000, and one real estate owned for
$5,130,000, that together make up 90% of nonperforming assets
portfolio. These three relationships are secured by farmland and
the Bank has specific reserves set aside based on current appraised
values.
Net charge-offs were $1,347,000 during the three
months ended June 30, 2024, compared to net recoveries of $281,000
during the three months ended March 31, 2024 and net recoveries of
$10,000 during the three months ended June 30, 2023. Net charge
offs for the three months ended June 30, 2024 were related to a
loan taken into real estate owned.
For the second quarter of 2024, consistent with
factors within the allowance for credit losses, the Bank recorded a
$6,000 provision for credit loss expense for loans, a $26,000
reversal of credit losses for unfunded loan commitments and a
$4,000 provision for credit losses on investments. This compared to
no provision for credit loss expense on loans and a $35,000
provision for credit losses on unfunded loan commitments and no
provision for credit losses on investments in the second quarter of
2023.
The allowance for credit losses to total loans
was 1.52% on June 30, 2024, and 1.62% on June 30, 2023. The
decrease is due to charging off $1,347,000 on a loan taken into
real estate owned; this loan was previously listed as nonperforming
and carried a specific reserve amount equal to the chargeoff
amount. Although the loan portfolio decreased in the second quarter
of 2024, there was a minimal provision for credit losses on loans
of $6,000 recorded during the three months ended June 30, 2024.
About Summit State Bank
Summit State Bank, a local community bank, has
total assets of $1.1 billion and total equity of $98 million at
June 30, 2024. Headquartered in Sonoma County, the Bank specializes
in providing exceptional customer service and customized financial
solutions to aid in the success of local small businesses and
nonprofits throughout Sonoma County.
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. At the center of diversity is
inclusion, collaboration, and a shared vision for delivering
superior service to customers and results for shareholders.
Presently, 54% of management are women and minorities with 60%
represented on the Executive Management Team. Through the
engagement of its team, Summit State Bank has received many
esteemed awards including: Best Business Bank by North Bay biz
magazine, Best Places to Work in the North Bay by North Bay
Business Journal, Top Performing Banks by ICBA, Top Community Bank
Loan Producer, Raymond James Bankers Cup, Super Premier Performing
Bank by Findley Reports, Bank & Thrift SM-ALL Star by Piper
Sandler, Corporate Philanthropy Award by the San Francisco Business
Times, Hall of Fame by North Bay Biz Magazine, and Diversity in
Business. 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.
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 quarterly report on Form 10-Q for
the period ended June 30, 2024 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 |
|
|
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
Interest and fees on loans |
$ |
13,083 |
|
|
$ |
13,274 |
|
|
$ |
13,381 |
|
|
Interest on deposits with banks |
|
451 |
|
|
|
362 |
|
|
|
1,449 |
|
|
Interest on investment securities |
|
709 |
|
|
|
712 |
|
|
|
715 |
|
|
Dividends on FHLB stock |
|
128 |
|
|
|
129 |
|
|
|
80 |
|
|
|
|
Total interest and dividend income |
|
14,371 |
|
|
|
14,477 |
|
|
|
15,625 |
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
7,046 |
|
|
|
6,786 |
|
|
|
5,819 |
|
|
Federal Home Loan Bank advances |
|
137 |
|
|
|
190 |
|
|
|
48 |
|
|
Junior subordinated debt |
|
94 |
|
|
|
94 |
|
|
|
94 |
|
|
|
|
Total
interest expense |
|
7,277 |
|
|
|
7,070 |
|
|
|
5,961 |
|
|
|
|
Net interest
income before provision for credit losses |
|
7,094 |
|
|
|
7,407 |
|
|
|
9,664 |
|
Provision for (reversal of) credit losses on loans |
|
6 |
|
|
|
(15 |
) |
|
|
- |
|
(Reversal of) provision for credit losses on unfunded loan
commitments |
|
(26 |
) |
|
|
(65 |
) |
|
|
35 |
|
Provision for (reversal of) credit losses on investments |
|
4 |
|
|
|
(5 |
) |
|
|
- |
|
|
|
|
Net interest
income after provision for (reversal of) credit |
|
|
|
|
|
|
|
|
losses on loans, unfunded loan commitments and investments |
|
7,110 |
|
|
|
7,492 |
|
|
|
9,629 |
|
Non-interest income: |
|
|
|
|
|
|
Service charges on deposit accounts |
|
227 |
|
|
|
233 |
|
|
|
215 |
|
|
Rental income |
|
60 |
|
|
|
60 |
|
|
|
39 |
|
|
Net gain on loan sales |
|
270 |
|
|
|
514 |
|
|
|
- |
|
|
Other income |
|
244 |
|
|
|
141 |
|
|
|
1,195 |
|
|
|
|
Total
non-interest income |
|
801 |
|
|
|
948 |
|
|
|
1,449 |
|
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
4,039 |
|
|
|
4,182 |
|
|
|
4,199 |
|
|
Occupancy and equipment |
|
443 |
|
|
|
485 |
|
|
|
442 |
|
|
Other expenses |
|
2,145 |
|
|
|
1,733 |
|
|
|
2,181 |
|
|
|
|
Total
non-interest expense |
|
6,627 |
|
|
|
6,400 |
|
|
|
6,822 |
|
|
|
|
Income
before provision for income taxes |
|
1,284 |
|
|
|
2,040 |
|
|
|
4,256 |
|
Provision for income taxes |
|
356 |
|
|
|
645 |
|
|
|
1,271 |
|
|
|
|
Net
income |
$ |
928 |
|
|
$ |
1,395 |
|
|
$ |
2,985 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.14 |
|
|
$ |
0.21 |
|
|
$ |
0.45 |
|
Diluted earnings per common share |
$ |
0.14 |
|
|
$ |
0.21 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares of common stock outstanding |
|
6,719 |
|
|
|
6,698 |
|
|
|
6,697 |
|
Diluted weighted average shares of common stock outstanding |
|
6,719 |
|
|
|
6,698 |
|
|
|
6,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT STATE
BANK |
STATEMENTS
OF INCOME |
(In thousands except
earnings per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
Interest and fees on loans |
$ |
26,358 |
|
|
|
$ |
26,321 |
|
|
Interest on deposits with banks |
|
813 |
|
|
|
|
2,355 |
|
|
Interest on investment securities |
|
1,421 |
|
|
|
|
1,434 |
|
|
Dividends on FHLB stock |
|
258 |
|
|
|
|
164 |
|
|
|
|
Total interest and dividend income |
|
28,850 |
|
|
|
|
30,274 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
13,832 |
|
|
|
|
10,219 |
|
|
Federal Home Loan Bank advances |
|
328 |
|
|
|
|
167 |
|
|
Junior Subordinated Debt |
|
188 |
|
|
|
|
187 |
|
|
|
|
Total
interest expense |
|
14,348 |
|
|
|
|
10,573 |
|
|
|
|
Net interest
income before provision for credit losses |
|
14,502 |
|
|
|
|
19,701 |
|
(Reversal of) provision for credit losses on loans |
|
(9 |
) |
|
|
|
400 |
|
(Reversal of) provision for credit losses on unfunded loan
commitments |
|
(91 |
) |
|
|
|
2 |
|
(Reversal of) provision for credit losses on investments |
|
(1 |
) |
|
|
|
- |
|
|
|
|
Net interest
income after provision for (reversal of) credit |
|
|
|
|
|
|
|
losses on loans, unfunded loan commitments and investments |
|
14,603 |
|
|
|
|
19,299 |
|
Non-interest income: |
|
|
|
|
|
Service charges on deposit accounts |
|
460 |
|
|
|
|
422 |
|
|
Rental income |
|
120 |
|
|
|
|
79 |
|
|
Net gain on loan sales |
|
784 |
|
|
|
|
1,435 |
|
|
Other income |
|
385 |
|
|
|
|
1,473 |
|
|
|
|
Total
non-interest income |
|
1,749 |
|
|
|
|
3,409 |
|
Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
|
8,221 |
|
|
|
|
7,992 |
|
|
Occupancy and equipment |
|
928 |
|
|
|
|
894 |
|
|
Other expenses |
|
3,879 |
|
|
|
|
3,755 |
|
|
|
|
Total
non-interest expense |
|
13,028 |
|
|
|
|
12,641 |
|
|
|
|
Income
before provision for income taxes |
|
3,324 |
|
|
|
|
10,067 |
|
Provision for income taxes |
|
1,001 |
|
|
|
|
2,966 |
|
|
|
|
Net
income |
$ |
2,323 |
|
|
|
$ |
7,101 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.35 |
|
|
|
$ |
1.06 |
|
Diluted earnings per common share |
$ |
0.35 |
|
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
Basic weighted average shares of common stock outstanding |
|
6,708 |
|
|
|
|
6,689 |
|
Diluted weighted average shares of common stock outstanding |
|
6,708 |
|
|
|
|
6,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT STATE
BANK |
BALANCE
SHEETS |
(In thousands except
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
40,142 |
|
|
$ |
37,712 |
|
|
$ |
112,412 |
|
|
|
|
Total cash and cash equivalents |
|
40,142 |
|
|
|
37,712 |
|
|
|
112,412 |
|
|
|
|
|
|
|
|
|
|
Investment securities: |
|
|
|
|
|
|
Available-for-sale, less allowance for credit losses of $57, $53
and $0 |
|
|
|
|
|
|
|
(at fair value; amortized cost of $96,407, $96,973 and
$97,386) |
|
83,105 |
|
|
|
83,832 |
|
|
|
83,593 |
|
|
|
|
|
|
|
|
|
|
Loans, less allowance for credit losses of $14,145, $15,487 and
$15,261 |
|
913,514 |
|
|
|
917,685 |
|
|
|
924,806 |
|
Bank premises and equipment, net |
|
5,306 |
|
|
|
5,287 |
|
|
|
5,426 |
|
Investment in Federal Home Loan Bank stock (FHLB), at cost |
|
5,889 |
|
|
|
5,541 |
|
|
|
5,541 |
|
Goodwill |
|
4,119 |
|
|
|
4,119 |
|
|
|
4,119 |
|
Other Real Estate Owned |
|
5,130 |
|
|
|
- |
|
|
|
- |
|
Affordable housing tax credit investments |
|
7,942 |
|
|
|
8,165 |
|
|
|
8,586 |
|
Accrued interest receivable and other assets |
|
16,898 |
|
|
|
17,850 |
|
|
|
16,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,082,045 |
|
|
$ |
1,080,191 |
|
|
$ |
1,161,409 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand - non interest-bearing |
$ |
183,181 |
|
|
$ |
179,328 |
|
|
$ |
212,489 |
|
|
Demand - interest-bearing |
|
218,124 |
|
|
|
222,313 |
|
|
|
194,596 |
|
|
Savings |
|
42,974 |
|
|
|
48,214 |
|
|
|
57,003 |
|
|
Money market |
|
212,750 |
|
|
|
222,153 |
|
|
|
176,616 |
|
|
Time deposits that meet or exceed the FDIC insurance limit |
|
74,744 |
|
|
|
65,763 |
|
|
|
175,810 |
|
|
Other time deposits |
|
234,814 |
|
|
|
201,431 |
|
|
|
231,802 |
|
|
|
|
Total
deposits |
|
966,587 |
|
|
|
939,202 |
|
|
|
1,048,316 |
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
3,500 |
|
|
|
28,600 |
|
|
|
- |
|
Junior subordinated debt |
|
5,927 |
|
|
|
5,924 |
|
|
|
5,913 |
|
Affordable housing commitment |
|
4,061 |
|
|
|
4,094 |
|
|
|
4,435 |
|
Accrued interest payable and other liabilities |
|
4,021 |
|
|
|
4,493 |
|
|
|
8,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
984,096 |
|
|
|
982,313 |
|
|
|
1,066,974 |
|
|
|
|
|
|
|
|
|
|
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 6,784,099, 6,784,099 and 6,784,099 |
|
37,623 |
|
|
|
37,552 |
|
|
|
37,301 |
|
|
Retained earnings |
|
69,651 |
|
|
|
69,539 |
|
|
|
66,844 |
|
|
Accumulated other comprehensive loss, net |
|
(9,325 |
) |
|
|
(9,213 |
) |
|
|
(9,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
97,949 |
|
|
|
97,878 |
|
|
|
94,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
1,082,045 |
|
|
$ |
1,080,191 |
|
|
$ |
1,161,409 |
|
|
|
|
|
|
|
|
|
|
|
Financial
Summary |
(Dollars in
thousands except per share data) |
|
|
|
|
|
|
|
|
|
As of and for the |
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Statement of Income Data: |
|
|
|
|
|
|
Net interest income |
|
$ |
7,094 |
|
|
$ |
7,407 |
|
|
$ |
9,664 |
|
Provision
for (reversal of) credit losses on loans |
|
|
6 |
|
|
|
(15 |
) |
|
|
- |
|
(Reversal of) provision for credit losses on unfunded loan
commitments |
|
(26 |
) |
|
|
(65 |
) |
|
|
35 |
|
Provision for (reversal of) credit losses on investments |
|
4 |
|
|
|
(5 |
) |
|
|
- |
|
Non-interest
income |
|
|
801 |
|
|
|
948 |
|
|
|
1,449 |
|
Non-interest
expense |
|
|
6,627 |
|
|
|
6,400 |
|
|
|
6,822 |
|
Provision
for income taxes |
|
|
356 |
|
|
|
645 |
|
|
|
1,271 |
|
Net
income |
|
$ |
928 |
|
|
$ |
1,395 |
|
|
$ |
2,985 |
|
|
|
|
|
|
|
|
Selected per Common Share Data: |
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.14 |
|
|
$ |
0.21 |
|
|
$ |
0.45 |
|
Diluted
earnings per common share |
|
$ |
0.14 |
|
|
$ |
0.21 |
|
|
$ |
0.45 |
|
Dividend per
share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Book value
per common share (1) |
|
$ |
14.44 |
|
|
$ |
14.43 |
|
|
$ |
13.92 |
|
|
|
|
|
|
|
|
Selected Balance Sheet Data: |
|
|
|
|
|
|
Assets |
|
$ |
1,082,045 |
|
|
$ |
1,080,191 |
|
|
$ |
1,161,409 |
|
Loans,
net |
|
|
913,514 |
|
|
|
917,685 |
|
|
|
924,806 |
|
Deposits |
|
|
966,587 |
|
|
|
939,202 |
|
|
|
1,048,316 |
|
Average
assets |
|
|
1,078,700 |
|
|
|
1,087,960 |
|
|
|
1,157,193 |
|
Average
earning assets |
|
|
1,049,254 |
|
|
|
1,057,338 |
|
|
|
1,125,327 |
|
Average
shareholders' equity |
|
|
97,548 |
|
|
|
97,471 |
|
|
|
94,340 |
|
Nonperforming loans |
|
|
35,864 |
|
|
|
41,548 |
|
|
|
24,908 |
|
Net loans
(charged-off) recovered |
|
|
(1,067 |
) |
|
|
281 |
|
|
|
10 |
|
Other real
estate owned |
|
|
5,130 |
|
|
|
- |
|
|
|
- |
|
Total
nonperforming assets |
|
|
40,994 |
|
|
|
41,548 |
|
|
|
24,908 |
|
|
|
|
|
|
|
|
Selected Ratios: |
|
|
|
|
|
|
Return on
average assets (2) |
|
|
0.35 |
% |
|
|
0.51 |
% |
|
|
1.03 |
% |
Return on
average common shareholders' equity (2) |
|
|
3.82 |
% |
|
|
5.74 |
% |
|
|
12.69 |
% |
Efficiency
ratio (3) |
|
|
83.94 |
% |
|
|
76.60 |
% |
|
|
61.39 |
% |
Net interest
margin (2) |
|
|
2.71 |
% |
|
|
2.81 |
% |
|
|
3.44 |
% |
Common
equity tier 1 capital ratio |
|
|
10.39 |
% |
|
|
10.37 |
% |
|
|
9.40 |
% |
Tier 1
capital ratio |
|
|
10.39 |
% |
|
|
10.37 |
% |
|
|
9.40 |
% |
Total
capital ratio |
|
|
12.26 |
% |
|
|
12.24 |
% |
|
|
11.23 |
% |
Tier 1
leverage ratio |
|
|
9.31 |
% |
|
|
9.21 |
% |
|
|
8.36 |
% |
Common
dividend payout ratio (4) |
|
|
87.96 |
% |
|
|
58.27 |
% |
|
|
27.40 |
% |
Average
shareholders' equity to average assets |
|
|
9.04 |
% |
|
|
8.96 |
% |
|
|
8.15 |
% |
Nonperforming loans to total loans |
|
|
3.87 |
% |
|
|
4.45 |
% |
|
|
2.65 |
% |
Nonperforming assets to total assets |
|
|
3.79 |
% |
|
|
3.85 |
% |
|
|
2.14 |
% |
Allowance
for credit losses to total loans |
|
|
1.52 |
% |
|
|
1.66 |
% |
|
|
1.62 |
% |
Allowance
for credit losses to nonperforming loans |
|
|
39.44 |
% |
|
|
37.27 |
% |
|
|
61.27 |
% |
|
|
|
(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 |
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
Statement of Income Data: |
|
|
|
|
|
Net interest income |
|
$ |
14,502 |
|
|
|
$ |
19,701 |
|
(Reversal
of) provision for credit losses on loans |
|
|
(9 |
) |
|
|
|
400 |
|
(Reversal of) provision for credit losses on unfunded loan
commitments |
|
(91 |
) |
|
|
|
2 |
|
(Reversal of) provision for credit losses on investments |
|
(1 |
) |
|
|
|
- |
|
Non-interest
income |
|
|
1,749 |
|
|
|
|
3,409 |
|
Non-interest
expense |
|
|
13,028 |
|
|
|
|
12,641 |
|
Provision
for income taxes |
|
|
1,001 |
|
|
|
|
2,966 |
|
Net
income |
|
$ |
2,323 |
|
|
|
$ |
7,101 |
|
|
|
|
|
|
|
Selected per Common Share Data: |
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.35 |
|
|
|
$ |
1.06 |
|
Diluted
earnings per common share |
|
$ |
0.35 |
|
|
|
$ |
1.06 |
|
Dividend per
share |
|
$ |
0.24 |
|
|
|
$ |
0.24 |
|
Book value
per common share (1) |
|
$ |
14.44 |
|
|
|
$ |
13.92 |
|
|
|
|
|
|
|
Selected Balance Sheet Data: |
|
|
|
|
|
Assets |
|
$ |
1,082,045 |
|
|
|
$ |
1,161,409 |
|
Loans,
net |
|
|
913,514 |
|
|
|
|
924,806 |
|
Deposits |
|
|
966,587 |
|
|
|
|
1,048,316 |
|
Average
assets |
|
|
1,083,330 |
|
|
|
|
1,146,612 |
|
Average
earning assets |
|
|
1,053,296 |
|
|
|
|
1,114,790 |
|
Average
shareholders' equity |
|
|
97,509 |
|
|
|
|
92,587 |
|
Nonperforming loans |
|
|
35,864 |
|
|
|
|
24,908 |
|
Net loans
(charged-off) recovered |
|
|
(1,067 |
) |
|
|
|
22 |
|
Other real
estate owned |
|
|
5,130 |
|
|
|
|
- |
|
Total
nonperforming assets |
|
|
40,994 |
|
|
|
|
24,908 |
|
|
|
|
|
|
|
Selected Ratios: |
|
|
|
|
|
Return on
average assets (2) |
|
|
0.43 |
% |
|
|
|
1.25 |
% |
Return on
average common shareholders' equity (2) |
|
|
4.78 |
% |
|
|
|
15.47 |
% |
Efficiency
ratio (3) |
|
|
80.17 |
% |
|
|
|
54.70 |
% |
Net interest
margin (2) |
|
|
2.76 |
% |
|
|
|
3.56 |
% |
Common
equity tier 1 capital ratio |
|
|
10.39 |
% |
|
|
|
9.40 |
% |
Tier 1
capital ratio |
|
|
10.39 |
% |
|
|
|
9.40 |
% |
Total
capital ratio |
|
|
12.26 |
% |
|
|
|
11.23 |
% |
Tier 1
leverage ratio |
|
|
9.31 |
% |
|
|
|
8.36 |
% |
Common
dividend payout ratio (4) |
|
|
70.12 |
% |
|
|
|
23.14 |
% |
Average
shareholders' equity to average assets |
|
|
9.00 |
% |
|
|
|
8.07 |
% |
Nonperforming loans to total loans |
|
|
3.87 |
% |
|
|
|
2.65 |
% |
Nonperforming assets to total assets |
|
|
3.79 |
% |
|
|
|
2.14 |
% |
Allowance
for credit losses to total loans |
|
|
1.52 |
% |
|
|
|
1.62 |
% |
Allowance
for credit losses to nonperforming loans |
|
|
39.44 |
% |
|
|
|
61.27 |
% |
|
|
|
(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)
過去 株価チャート
から 11 2024 まで 12 2024
Summit State Bank (NASDAQ:SSBI)
過去 株価チャート
から 12 2023 まで 12 2024