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.
In September 2024 the Bank declared its
eighty-third consecutive quarterly cash dividend.
“In this time of economic uncertainty, the Board
is focused on balancing its commitment to shareholders while also
building capital, increasing liquidity and positioning the Bank to
create long-term value,” said Brian Reed, President and CEO. “As
such, the Bank is not announcing a dividend for the third quarter
of 2024.”
Third Quarter 2024 Financial
Highlights (at or for the three months ended September 30,
2024)
- Net operating income before credit
loss provision and income tax increased quarter-to-date to
$2,122,000 for Q3 2024 when compared to $1,955,000 in Q1 2024 to
$1,267,000 in Q2 2024.
- Operating expenses decreased in the
third quarter of 2024 to $6,181,000 compared to $6,926,000 in the
third quarter of 2023.
- The improvement in net income for
the third quarter ended September 30, 2024 was offset by a
$1,320,000 provision for credit losses.
- Net income for the third quarter
ended September 30, 2024 was $626,000, or $0.09 per diluted share,
compared to $1,821,000, or $0.27 per diluted share, in the third
quarter of 2023 and $928,000, or $0.14 per diluted share, for the
second quarter ended June 30, 2024.
- The allowance for credit losses to
total loans was 1.66% on September 30, 2024 which is based on
estimating credit losses for the life of the loans in the
portfolio.
- The Bank maintained strong total
liquidity of $458,554,000, or 41.0% of total assets as of September
30, 2024. This includes on balance sheet liquidity (cash and
equivalents and unpledged available-for-sale securities) of
$148,499,000 or 13.3% of total assets, plus available borrowing
capacity of $310,055,000 or 27.7% of total assets.
- The Bank remains well-capitalized
and all regulatory capital ratios were well above minimum
requirements on September 30, 2024.
- Net loans decreased $14,832,000 to
$917,367,000 at September 30, 2024, compared to $932,199,000 one
year earlier and increased $3,853,000 compared to $913,514,000
three months earlier.
- Total deposits decreased 3% to
$1,002,770,000 at September 30, 2024, compared to $1,030,836,000 at
September 30, 2023, and increased 4% when compared to the prior
quarter end of $966,587,000.
- Book value was $14.85 per share,
compared to $13.77 per share a year ago and $14.44 in the preceding
quarter.
Operating Results
For the third quarter of 2024, the annualized
return on average assets was 0.23% and the annualized return on
average equity was 2.48%. This compared to an annualized return on
average assets of 0.63% and an annualized return on average equity
of 7.59%, respectively, for the third quarter of 2023.
Summit’s net interest margin was 2.71% in the
third quarter of 2024 and 2.80% in the third quarter of 2023.
Interest and dividend income increased 0.3% to $14,977,000 in the
third quarter of 2024 compared to $14,931,000 in the third quarter
of 2023. The slight increase in interest income is attributable to
a $763,000 increase in interest on loans offset by a decrease of
$671,000 in interest on deposits with banks and a decrease in
interest on investment securities of $45,000.
“Our earnings have been substantially impacted
by the high interest rate environment that continues to put upward
pressure on our funding costs,” said Reed. “The cost of deposits
was 3.05% during the third quarter, compared to 2.95% during the
preceding quarter, as customers continue to focus on higher yields.
The recent rate decrease by the Federal Reserve will help alleviate
some of the pricing pressures, but rates remain elevated. We have
been actively implementing programs to reduce cost of funds while
preserving our local deposit relationships.”
Noninterest income decreased in the third
quarter of 2024 to $1,030,000 compared to $1,496,000 in the third
quarter of 2023. The decrease is primarily attributed to the Bank
recognizing $474,000 in gains on sales of SBA and USDA guaranteed
loan balances in the third quarter of 2024 compared to $1,046,000
in gains on sales of SBA and USDA guaranteed loan balances in the
third quarter of 2023.
Operating expenses decreased in the third
quarter of 2024 to $6,181,000 compared to $6,926,000 in the third
quarter of 2023. The decrease is primarily due to a decrease in the
accrual employee bonus expenses of $238,000, a reduction in stock
appreciation rights expense of $179,000, a decrease in marketing
expense of $113,000 and a decrease of $75,000 in legal expense.
Balance Sheet Review
Net loans decreased 2% to $917,367,000 at
September 30, 2024, compared to $932,199,000 at September 30, 2023,
and decreased 0.4% compared to June 30, 2024. The Bank’s largest
loan types are commercial real estate loans which make up 78% of
the portfolio, “secured by farmland” totaling 9% of the portfolio,
and 8% in commercial and industrial loans. Of the commercial real
estate total, approximately 32% or $235,000,000 is owner occupied
and the remaining 68% or $491,000,000 is non-owner occupied. The
portfolio is well diversified between industries with no
significant concentrations, including office space which totals
$116,300,000.
Total deposits decreased 3% to $1,002,770,000 at
September 30, 2024, compared to $1,030,836,000 at September 30,
2023, and increased 4% when compared to the prior quarter end. At
September 30, 2024, noninterest bearing demand deposit accounts
decreased 9% compared to a year ago and represented 19% of total
deposits; savings, NOW and money market accounts increased 6%
compared to a year ago and represented 48% of total deposits, and
CDs decreased 10% compared to a year ago and comprised 33% 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 3.05% in the third quarter of 2024, compared to 2.63% in the
third quarter of 2023.
Shareholders’ equity was $100,662,000 at
September 30, 2024, compared to $97,949,000 three months earlier
and $93,439,000 a year earlier. The increase in shareholders’
equity compared to a year ago was primarily due to a reduction in
accumulated other comprehensive loss on securities of $4,790,000
and an increase of $2,145,000 in retained earnings. At September
30, 2024 book value was $14.85 per share, compared to $14.44 three
months earlier, and $13.77 at September 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 9.10% at
September 30, 2024, compared to 9.04% at June 30, 2024, and 8.24%
at September 30, 2023. The increase compared to September 2023 was
due to the Bank’s retention of capital which is exceeding asset
growth.
Credit Quality
“Our primary focus has been managing asset
quality and reducing portfolio risk,” said Reed. “Our nonperforming
loans, which are concentrated in the “secured by farmland”
category, remain elevated as we work with our customers to cure or
payoff these loans. The Bank is committed to acting so it can
replace this segment of the portfolio with performing loans. Our
commercial real estate portfolios continue to perform well.”
Nonperforming assets were $41,971,000, or 3.75%
of total assets, at September 30, 2024. This compared to
$40,994,000 in nonperforming assets at June 30, 2024, and
$35,267,000 in nonperforming assets at September 30, 2023. There
are three specific relationships totaling $32,200,000, and one real
estate owned for $5,130,000, that together make up 89% 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 of any costs.
There were no net charge-offs during the three
months ended September 30, 2024, compared to net charge-offs of
$1,347,000 during the three months ended June 30, 2024 and net
recoveries of $10,000 during the three months ended September 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 third quarter of 2024, consistent with
factors within the allowance for credit losses, the Bank recorded a
$1,320,000 provision for credit loss expense for loans, a $8,000
reversal of credit losses for unfunded loan commitments and a
$19,000 reversal of credit losses on investments. This compared to
a $27,000 reversal of credit loss expense on loans, a $5,000
reversal of credit losses on unfunded loan commitments and a
$27,000 provision for credit losses on investments in the third
quarter of 2023.
The allowance for credit losses to total loans
was 1.66% on September 30, 2024, and 1.61% on September 30, 2023.
The increase is due to a provision for credit losses on loans of
$1,320,000 recorded during the three months ended September 30,
2024. The provision covers a $1,000,000 specific loan reserve and
$300,000 general pool loan reserve.
About Summit State Bank
Summit State Bank, a local community bank, has
total assets of $1.1 billion and total equity of $101 million at
September 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, 60% 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: Top Performing Community Bank by
American Banker, Best Places to Work in the North Bay by North Bay
Business Journal, 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 September 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.
Contact: Brian Reed, President and CEO,
Summit State Bank (707) 568-4908
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SUMMIT STATE BANK |
STATEMENTS OF INCOME |
(In thousands except earnings per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
Interest and fees on loans |
$ |
13,594 |
|
|
$ |
13,083 |
|
|
$ |
12,831 |
|
|
Interest on deposits with banks |
|
592 |
|
|
|
451 |
|
|
|
1,263 |
|
|
Interest on investment securities |
|
663 |
|
|
|
709 |
|
|
|
708 |
|
|
Dividends on FHLB stock |
|
128 |
|
|
|
128 |
|
|
|
129 |
|
|
|
|
Total interest and dividend income |
|
14,977 |
|
|
|
14,371 |
|
|
|
14,931 |
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
7,563 |
|
|
|
7,046 |
|
|
|
6,895 |
|
|
Federal Home Loan Bank advances |
|
4 |
|
|
|
137 |
|
|
|
10 |
|
|
Junior subordinated debt |
|
138 |
|
|
|
94 |
|
|
|
94 |
|
|
|
|
Total interest expense |
|
7,705 |
|
|
|
7,277 |
|
|
|
6,999 |
|
|
|
|
Net interest income before provision for credit losses |
|
7,272 |
|
|
|
7,094 |
|
|
|
7,932 |
|
Provision for (reversal of) credit losses on loans |
|
1,320 |
|
|
|
6 |
|
|
|
(27 |
) |
(Reversal of) credit losses on unfunded loan commitments |
|
(8 |
) |
|
|
(26 |
) |
|
|
(5 |
) |
(Reversal of) provision for credit losses on investments |
|
(19 |
) |
|
|
4 |
|
|
|
27 |
|
|
|
|
Net interest income after provision for (reversal of) credit |
|
|
|
|
|
|
|
|
losses on loans, unfunded loan commitments and investments |
|
5,979 |
|
|
|
7,110 |
|
|
|
7,937 |
|
Non-interest income: |
|
|
|
|
|
|
Service charges on deposit accounts |
|
241 |
|
|
|
227 |
|
|
|
231 |
|
|
Rental income |
|
60 |
|
|
|
60 |
|
|
|
61 |
|
|
Net gain on loan sales |
|
474 |
|
|
|
270 |
|
|
|
1,046 |
|
|
Other income |
|
255 |
|
|
|
244 |
|
|
|
158 |
|
|
|
|
Total non-interest income |
|
1,030 |
|
|
|
801 |
|
|
|
1,496 |
|
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
3,988 |
|
|
|
4,039 |
|
|
|
4,362 |
|
|
Occupancy and equipment |
|
420 |
|
|
|
443 |
|
|
|
432 |
|
|
Other expenses |
|
1,773 |
|
|
|
2,145 |
|
|
|
2,132 |
|
|
|
|
Total non-interest expense |
|
6,181 |
|
|
|
6,627 |
|
|
|
6,926 |
|
|
|
|
Income before provision for income taxes |
|
828 |
|
|
|
1,284 |
|
|
|
2,507 |
|
Provision for income taxes |
|
202 |
|
|
|
356 |
|
|
|
686 |
|
|
|
|
Net income |
$ |
626 |
|
|
$ |
928 |
|
|
$ |
1,821 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
Diluted earnings per common share |
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares of common stock outstanding |
|
6,719 |
|
|
|
6,719 |
|
|
|
6,697 |
|
Diluted weighted average shares of common stock outstanding |
|
6,719 |
|
|
|
6,719 |
|
|
|
6,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT STATE BANK |
STATEMENTS OF INCOME |
(In thousands except earnings per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
Interest and fees on loans |
$ |
39,952 |
|
|
|
$ |
39,152 |
|
|
Interest on deposits with banks |
|
1,405 |
|
|
|
|
3,618 |
|
|
Interest on investment securities |
|
2,084 |
|
|
|
|
2,143 |
|
|
Dividends on FHLB stock |
|
386 |
|
|
|
|
293 |
|
|
|
|
Total interest and dividend income |
|
43,827 |
|
|
|
|
45,206 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
21,396 |
|
|
|
|
17,114 |
|
|
Federal Home Loan Bank advances |
|
332 |
|
|
|
|
177 |
|
|
Junior Subordinated Debt |
|
325 |
|
|
|
|
281 |
|
|
|
|
Total interest expense |
|
22,053 |
|
|
|
|
17,572 |
|
|
|
|
Net interest income before provision for credit losses |
|
21,774 |
|
|
|
|
27,634 |
|
Provision for credit losses on loans |
|
1,311 |
|
|
|
|
373 |
|
(Reversal of) credit losses on unfunded loan commitments |
|
(99 |
) |
|
|
|
(3 |
) |
(Reversal of) provision for credit losses on investments |
|
(20 |
) |
|
|
|
27 |
|
|
|
|
Net interest income after provision for (reversal of) credit |
|
|
|
|
|
|
|
losses on loans, unfunded loan commitments and investments |
|
20,582 |
|
|
|
|
27,237 |
|
Non-interest income: |
|
|
|
|
|
Service charges on deposit accounts |
|
701 |
|
|
|
|
653 |
|
|
Rental income |
|
180 |
|
|
|
|
139 |
|
|
Net gain on loan sales |
|
1,257 |
|
|
|
|
2,481 |
|
|
Other income |
|
641 |
|
|
|
|
1,630 |
|
|
|
|
Total non-interest income |
|
2,779 |
|
|
|
|
4,903 |
|
Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
|
12,210 |
|
|
|
|
12,354 |
|
|
Occupancy and equipment |
|
1,348 |
|
|
|
|
1,326 |
|
|
Other expenses |
|
5,651 |
|
|
|
|
5,886 |
|
|
|
|
Total non-interest expense |
|
19,209 |
|
|
|
|
19,566 |
|
|
|
|
Income before provision for income taxes |
|
4,152 |
|
|
|
|
12,574 |
|
Provision for income taxes |
|
1,203 |
|
|
|
|
3,652 |
|
|
|
|
Net income |
$ |
2,949 |
|
|
|
$ |
8,922 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.44 |
|
|
|
$ |
1.33 |
|
Diluted earnings per common share |
$ |
0.44 |
|
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares of common stock outstanding |
|
6,712 |
|
|
|
|
6,694 |
|
Diluted weighted average shares of common stock outstanding |
|
6,712 |
|
|
|
|
6,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT STATE BANK |
BALANCE SHEETS |
(In thousands except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
80,928 |
|
|
$ |
40,142 |
|
|
$ |
86,604 |
|
|
|
|
Total cash and cash equivalents |
|
80,928 |
|
|
|
40,142 |
|
|
|
86,604 |
|
|
|
|
|
|
|
|
|
|
Investment securities: |
|
|
|
|
|
|
Available-for-sale, less allowance for credit losses of $38, $57
and $0 |
|
|
|
|
|
|
(at fair value; amortized cost of $86,225, $96,407 and
$97,099) |
|
76,205 |
|
|
|
83,105 |
|
|
|
80,312 |
|
|
|
|
|
|
|
|
|
|
Loans, less allowance for credit losses of $15,466, $14,145 and
$15,243 |
|
917,367 |
|
|
|
913,514 |
|
|
|
932,199 |
|
Bank premises and equipment, net |
|
5,251 |
|
|
|
5,306 |
|
|
|
5,334 |
|
Investment in Federal Home Loan Bank stock (FHLB), at cost |
|
5,889 |
|
|
|
5,889 |
|
|
|
5,541 |
|
Goodwill |
|
|
4,119 |
|
|
|
4,119 |
|
|
|
4,119 |
|
Other Real Estate Owned |
|
5,130 |
|
|
|
5,130 |
|
|
|
- |
|
Affordable housing tax credit investments |
|
7,698 |
|
|
|
7,942 |
|
|
|
8,360 |
|
Accrued interest receivable and other assets |
|
16,204 |
|
|
|
16,898 |
|
|
|
19,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,118,791 |
|
|
$ |
1,082,045 |
|
|
$ |
1,142,174 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand - non interest-bearing |
$ |
192,371 |
|
|
$ |
183,181 |
|
|
$ |
210,258 |
|
|
Demand - interest-bearing |
|
212,214 |
|
|
|
218,124 |
|
|
|
201,516 |
|
|
Savings |
|
45,845 |
|
|
|
42,974 |
|
|
|
54,317 |
|
|
Money market |
|
219,593 |
|
|
|
212,750 |
|
|
|
193,080 |
|
|
Time deposits that meet or exceed the FDIC insurance limit |
|
80,801 |
|
|
|
74,744 |
|
|
|
72,836 |
|
|
Other time deposits |
|
251,946 |
|
|
|
234,814 |
|
|
|
298,829 |
|
|
|
|
Total deposits |
|
1,002,770 |
|
|
|
966,587 |
|
|
|
1,030,836 |
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
- |
|
|
|
3,500 |
|
|
|
- |
|
Junior subordinated debt |
|
5,931 |
|
|
|
5,927 |
|
|
|
5,916 |
|
Affordable housing commitment |
|
4,061 |
|
|
|
4,061 |
|
|
|
4,435 |
|
Accrued interest payable and other liabilities |
|
5,367 |
|
|
|
4,021 |
|
|
|
7,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,018,129 |
|
|
|
984,096 |
|
|
|
1,048,735 |
|
|
|
|
|
|
|
|
|
|
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 6,776,563, 6,784,099 and 6,784,099 |
|
37,677 |
|
|
|
37,623 |
|
|
|
37,389 |
|
|
Retained earnings |
|
70,012 |
|
|
|
69,651 |
|
|
|
67,867 |
|
|
Accumulated other comprehensive loss, net |
|
(7,027 |
) |
|
|
(9,325 |
) |
|
|
(11,817 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
100,662 |
|
|
|
97,949 |
|
|
|
93,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,118,791 |
|
|
$ |
1,082,045 |
|
|
$ |
1,142,174 |
|
|
|
|
|
|
|
|
|
|
Financial Summary |
(Dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
As of and for the |
|
|
Three Months Ended |
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Statement of Income Data: |
|
|
|
|
|
|
Net interest income |
|
$ |
7,272 |
|
|
$ |
7,094 |
|
|
$ |
7,932 |
|
Provision for (reversal of) credit losses on loans |
|
|
1,320 |
|
|
|
6 |
|
|
|
(27 |
) |
(Reversal of) credit losses on unfunded loan commitments |
|
(8 |
) |
|
|
(26 |
) |
|
|
(5 |
) |
(Reversal of) provision for credit losses on investments |
|
(19 |
) |
|
|
4 |
|
|
|
27 |
|
Non-interest income |
|
|
1,030 |
|
|
|
801 |
|
|
|
1,496 |
|
Non-interest expense |
|
|
6,181 |
|
|
|
6,627 |
|
|
|
6,926 |
|
Provision for income taxes |
|
|
202 |
|
|
|
356 |
|
|
|
686 |
|
Net income |
|
$ |
626 |
|
|
$ |
928 |
|
|
$ |
1,821 |
|
|
|
|
|
|
|
|
Selected per Common Share Data: |
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
Diluted earnings per common share |
|
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
Dividend per share |
|
$ |
0.04 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Book value per common share (1) |
|
$ |
14.85 |
|
|
$ |
14.44 |
|
|
$ |
13.77 |
|
|
|
|
|
|
|
|
Selected Balance Sheet Data: |
|
|
|
|
|
|
Assets |
|
$ |
1,118,791 |
|
|
$ |
1,082,045 |
|
|
$ |
1,142,174 |
|
Loans, net |
|
|
917,367 |
|
|
|
913,514 |
|
|
|
932,199 |
|
Deposits |
|
|
1,002,770 |
|
|
|
966,587 |
|
|
|
1,030,836 |
|
Average assets |
|
|
1,098,469 |
|
|
|
1,078,700 |
|
|
|
1,155,007 |
|
Average earning assets |
|
|
1,063,476 |
|
|
|
1,049,254 |
|
|
|
1,123,951 |
|
Average shareholders' equity |
|
|
99,962 |
|
|
|
97,548 |
|
|
|
95,180 |
|
Nonperforming loans |
|
|
36,841 |
|
|
|
35,864 |
|
|
|
35,267 |
|
Net loans (charged-off) recovered |
|
|
- |
|
|
|
(1,067 |
) |
|
|
10 |
|
Other real estate owned |
|
|
5,130 |
|
|
|
5,130 |
|
|
|
- |
|
Total nonperforming assets |
|
|
41,971 |
|
|
|
40,994 |
|
|
|
35,267 |
|
|
|
|
|
|
|
|
Selected Ratios: |
|
|
|
|
|
|
Return on average assets (2) |
|
|
0.23 |
% |
|
|
0.35 |
% |
|
|
0.63 |
% |
Return on average common shareholders' equity (2) |
|
|
2.48 |
% |
|
|
3.82 |
% |
|
|
7.59 |
% |
Efficiency ratio (3) |
|
|
74.45 |
% |
|
|
83.94 |
% |
|
|
73.46 |
% |
Net interest margin (2) |
|
|
2.71 |
% |
|
|
2.71 |
% |
|
|
2.80 |
% |
Common equity tier 1 capital ratio |
|
|
9.94 |
% |
|
|
10.22 |
% |
|
|
9.65 |
% |
Tier 1 capital ratio |
|
|
9.94 |
% |
|
|
10.22 |
% |
|
|
9.65 |
% |
Total capital ratio |
|
|
11.66 |
% |
|
|
12.08 |
% |
|
|
11.49 |
% |
Tier 1 leverage ratio |
|
|
9.18 |
% |
|
|
9.31 |
% |
|
|
8.47 |
% |
Common dividend payout ratio (4) |
|
|
42.34 |
% |
|
|
87.96 |
% |
|
|
43.82 |
% |
Average shareholders' equity to average assets |
|
|
9.10 |
% |
|
|
9.04 |
% |
|
|
8.24 |
% |
Nonperforming loans to total loans |
|
|
3.95 |
% |
|
|
3.87 |
% |
|
|
3.72 |
% |
Nonperforming assets to total assets |
|
|
3.75 |
% |
|
|
3.79 |
% |
|
|
3.09 |
% |
Allowance for credit losses to total loans |
|
|
1.66 |
% |
|
|
1.52 |
% |
|
|
1.61 |
% |
Allowance for credit losses to nonperforming loans |
|
|
41.98 |
% |
|
|
39.44 |
% |
|
|
43.22 |
% |
|
|
|
(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 |
|
|
Nine Months Ended |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
(Unaudited) |
|
|
(Unaudited) |
Statement of Income Data: |
|
|
|
|
|
Net interest income |
|
$ |
21,774 |
|
|
|
$ |
27,634 |
|
(Reversal of) provision for credit losses on loans |
|
|
1,311 |
|
|
|
|
373 |
|
(Reversal of) provision for credit losses on unfunded loan
commitments |
|
(99 |
) |
|
|
|
(3 |
) |
(Reversal of) provision for credit losses on investments |
|
(20 |
) |
|
|
|
27 |
|
Non-interest income |
|
|
2,779 |
|
|
|
|
4,903 |
|
Non-interest expense |
|
|
19,209 |
|
|
|
|
19,566 |
|
Provision for income taxes |
|
|
1,203 |
|
|
|
|
3,652 |
|
Net income |
|
$ |
2,949 |
|
|
|
$ |
8,922 |
|
|
|
|
|
|
|
Selected per Common Share Data: |
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.44 |
|
|
|
$ |
1.33 |
|
Diluted earnings per common share |
|
$ |
0.44 |
|
|
|
$ |
1.33 |
|
Dividend per share |
|
$ |
0.28 |
|
|
|
$ |
0.36 |
|
Book value per common share (1) |
|
$ |
14.85 |
|
|
|
$ |
13.77 |
|
|
|
|
|
|
|
Selected Balance Sheet Data: |
|
|
|
|
|
Assets |
|
$ |
1,118,791 |
|
|
|
$ |
1,142,174 |
|
Loans, net |
|
|
917,367 |
|
|
|
|
932,199 |
|
Deposits |
|
|
1,002,770 |
|
|
|
|
1,030,836 |
|
Average assets |
|
|
1,088,413 |
|
|
|
|
1,149,441 |
|
Average earning assets |
|
|
1,056,714 |
|
|
|
|
1,117,877 |
|
Average shareholders' equity |
|
|
98,333 |
|
|
|
|
93,461 |
|
Nonperforming loans |
|
|
36,841 |
|
|
|
|
35,267 |
|
Net loans (charged-off) recovered |
|
|
(1,066 |
) |
|
|
|
31 |
|
Other real estate owned |
|
|
5,130 |
|
|
|
|
- |
|
Total nonperforming assets |
|
|
41,971 |
|
|
|
|
35,267 |
|
|
|
|
|
|
|
Selected Ratios: |
|
|
|
|
|
Return on average assets (2) |
|
|
0.36 |
% |
|
|
|
1.04 |
% |
Return on average common shareholders' equity (2) |
|
|
4.00 |
% |
|
|
|
12.76 |
% |
Efficiency ratio (3) |
|
|
78.23 |
% |
|
|
|
60.13 |
% |
Net interest margin (2) |
|
|
2.74 |
% |
|
|
|
3.31 |
% |
Common equity tier 1 capital ratio |
|
|
9.94 |
% |
|
|
|
9.65 |
% |
Tier 1 capital ratio |
|
|
9.94 |
% |
|
|
|
9.65 |
% |
Total capital ratio |
|
|
11.66 |
% |
|
|
|
11.49 |
% |
Tier 1 leverage ratio |
|
|
9.18 |
% |
|
|
|
8.47 |
% |
Common dividend payout ratio (4) |
|
|
64.23 |
% |
|
|
|
27.36 |
% |
Average shareholders' equity to average assets |
|
|
9.03 |
% |
|
|
|
8.13 |
% |
Nonperforming loans to total loans |
|
|
3.95 |
% |
|
|
|
3.72 |
% |
Nonperforming assets to total assets |
|
|
3.75 |
% |
|
|
|
3.09 |
% |
Allowance for credit losses to total loans |
|
|
1.66 |
% |
|
|
|
1.61 |
% |
Allowance for credit losses to nonperforming loans |
|
|
41.98 |
% |
|
|
|
43.22 |
% |
|
|
|
(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. |
|
|
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