| Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025 |
SANTA ROSA, Calif., April 29, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of $2,494,000, or $0.37 per diluted share for the first quarter ended March 31, 2025, compared to net income of $1,395,000, or $0.21 per diluted share for the first quarter ended March 31, 2024. |
globenewswire.com |
2025-04-29 13:00:00 |
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| Summit State Bank Reports Revised Fourth Quarter 2024 Financial Results |
SANTA ROSA, Calif., March 28, 2025 (GLOBE NEWSWIRE) -- Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported that it has revised its fourth quarter and full year 2024 financial results from those announced in the press release dated January 28, 2025. In connection with the preparation and review of its 2024 financial statements, the Bank has concluded it is necessary to record a $693,000 other real estate owned valuation adjustment, a $146,000 increase in reserve for unfunded loans, and a $76,000 credit loss provision reversal for the fourth quarter 2024. The need for the valuation adjustment results from an updated appraisal report obtained in the first quarter of 2025. The additional reserve for unfunded loans and provision reversal results from the Bank's adoption of a new CECL model as of December 31, 2024. The valuation adjustment was expensed against noninterest income and also reduced the Bank's other real estate owned asset. The additional reserve for undisbursed loans and the reversal of the credit losses on loans resulted in a net expense against the provision for credit losses. The income tax provision was adjusted accordingly for all changes noted above. |
globenewswire.com |
2025-03-28 21:00:00 |
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| Summit State Bank Reports Fourth Quarter 2024 Financial Results |
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. |
globenewswire.com |
2025-01-28 13:30:00 |
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| Summit State Bank Reports Net Income of $626,000 for Third Quarter 2024 |
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. |
globenewswire.com |
2024-10-30 11:00:00 |
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| Summit State Bank Declares Quarterly Cash Dividend |
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. |
globenewswire.com |
2024-09-12 13:00:00 |
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| Summit State Bank Reports Net Income of $928,000 for Second Quarter 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. |
globenewswire.com |
2024-07-31 22:00:00 |
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| Summit State Bank Reports Net Income of $1.4 Million for First Quarter 2024; Declares Quarterly Cash Dividend of $0.12 Per Common Share |
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. |
globenewswire.com |
2024-04-30 13:00:00 |
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| Summit State Bank welcomes Dr. Frank Chong and James Finley to its Board of Directors |
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. |
globenewswire.com |
2024-03-30 01:00:00 |
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| Summit State Bank Reports Net Income of $10.8 Million for the Year 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share |
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. |
globenewswire.com |
2024-01-30 11:00:00 |
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| Summit State Bank Reports Net Income of $1.8 Million for Third Quarter 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share |
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. |
globenewswire.com |
2023-10-25 13:00:00 |
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| Summit State Bank Ranked a Top Bay Area Corporate Philanthropist by San Francisco Business Times |
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. |
globenewswire.com |
2023-08-01 17:01:00 |
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| Summit State Bank Comments on Big Poppy Bancorp, Inc.'s Federal Reserve Application |
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. |
globenewswire.com |
2023-07-27 13:00:00 |
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| Summit State Bank Reports Net Income of $3.0 Million for Second Quarter 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share |
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. |
globenewswire.com |
2023-07-25 13:00:00 |
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| Summit State Bank Reports 76% Increase in Net Income to $3,898,000 for Second Quarter 2021 and Declaration of Dividend |
SANTA ROSA, Calif., July 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported record net income for the quarter ended June 30, 2021 of $3,898,000 and diluted earnings per share of $0.64. This compares to net income of $2,218,000 and diluted earnings per share of $0.37 for the quarter ended June 30, 2020. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. |
globenewswire.com |
2021-07-27 13:00:00 |
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| Summit State Bank Among Top Performing Banks, Earning the Raymond James Bankers Cup |
SANTA ROSA, Calif., April 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank has been selected as one of the 25 top performing banks in the nation based on assets between $500MM and $10 billion. “We are incredibly honored to receive this prestigious recognition, ranking 14th among the top 25 top performing banks in the nation. We are humbled to be associated with other high performing banks and one of only three California banks,” states Brian Reed, President and CEO of Summit State Bank. |
globenewswire.com |
2021-04-27 17:00:00 |
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| Summit State Bank Promotes Michael Castlio to Executive Vice President |
SANTA ROSA, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Brian Reed, President and Chief Executive Officer of Summit State Bank (NASDAQ: SSBI) has announced the promotion of Michael Castlio as its newest Executive Vice President. |
globenewswire.com |
2021-01-06 13:00:00 |
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| 5 Banks With High Dividend Yields |
As of Dec. 14, the GuruFocus All-in-One Screener, a Premium feature, found that the following companies have low price-earnings ratios and are owned by gurus. |
gurufocus.com |
2020-12-14 14:22:36 |
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| Summit State Bank Reports 44% Increase in Net Income to $2,954,000 for Third Quarter 2020 and Declaration of Dividend |
SANTA ROSA, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2020 of $2,954,000 and diluted earnings per share of $0.49. This compares to net income of $2,045,000 and diluted earnings per share of $0.34 for the same quarter in 2019. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. |
globenewswire.com |
2020-10-28 11:00:00 |
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