Summit State Bank

Summit State Bank (California)is a state chartered commercial bank. It provides an array of financial services to small & medium-sized businesses, their owners & employees, entrepreneurs, high net worth families, foundations, estates and individual consumers. The firm specializes in business services, personal accounts, nonprofit programs, and mobile banking ranging from lending. checking, merchant, eBanking, automated teller machines, equity loans, and others. The company was founded on December 20, 1982 and is headquartered in Santa Rosa, CA.

Earnings data Q1 2024

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Summit State Bank engages in providing an array of financial services to small and medium-sized businesses, their owners and employees, entrepreneurs, high net worth families, foundations, estates, and individual consumers. It specializes in business services, personal accounts, nonprofit programs, and mobile banking ranging from lending, checking, merchant, eBanking, automated teller machines, equity loans, and others. The company was founded on December 20, 1982 and is headquartered in Santa Rosa, CA.

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.

Summit State Bank welcomes Dr. Frank Chong and James Finley to its Board of Directors

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.

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., 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.

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., 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.

Summit State Bank Ranked a Top Bay Area Corporate Philanthropist by San Francisco Business Times

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.

Summit State Bank Comments on Big Poppy Bancorp, Inc.'s Federal Reserve Application

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.

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., 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.

Summit State Bank Named to CB Durable Performance Index™

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.

Summit State Bank Ranks #18 on American Banker Magazine's Top 200 Publicly Traded Community Banks list

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.

Summit State Bank Recognized Among Top Performing Banks by the Independent Community Bankers Association

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.

Summit State Bank Recognized for 2022 Raymond James Bankers Cup Award

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.

Summit State Bank Earnings Increase 5% to $4.1 Million for First Quarter 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share

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.

Summit State Bank Earnings Increase 15% to $17.0 Million for the Year 2022 and Increase 24% to $4.6 Million for Fourth Quarter 2022; Declares Quarterly Cash Dividend of $0.12 Per Common Share

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.

Summit State Bank Earnings Increase 5% to $4.0 Million for Third Quarter 2022; Quarterly Average Assets Surpass $1.0 Billion; Declares Quarterly Cash Dividend of $0.12 Per Common Share

SANTA ROSA, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended June 30, 2022 of $4,501,000 and diluted earnings per share of $0.67. This compares to net income of $3,898,000 and diluted earnings per share of $0.58 for the quarter ended June 30, 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.

Summit State Bank Reports 15% Increase in Net Income to $4,501,000 for Second Quarter 2022 and Declaration of Dividend

SANTA ROSA, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended March 31, 2022 of $3,935,000 and diluted earnings per share of $0.59. This compares to net income of $3,317,000 and diluted earnings per share of $0.50 for the quarter ended March 31, 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.

Summit State Bank Reports 19% Increase in Net Income to $3,935,000 for First Quarter 2022 and Declaration of Dividend

SANTA ROSA, Calif., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported record net income for the year ended December 31, 2021 of $14,698,000 and diluted earnings per share of $2.20. This compares to net income of $10,517,000 and diluted earnings per share of $1.57 for the year ended December 31, 2020. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.

Summit State Bank Reports Record Earnings, a 40% Increase in Net Income to $14,698,000 for 2021 and Declaration of Dividend

SANTA ROSA, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ: SSBI) appointed Belinda Guadarrama to its Board of Directors.

Summit State Bank Appoints Belinda Guadarrama, President and Chief Executive Officer of GC Micro Corporation, to Board of Directors

SANTA ROSA, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2021 of $3,796,000 and diluted earnings per share of $0.63. This compares to net income of $2,954,000 and diluted earnings per share of $0.49 for the quarter ended September 30, 2020. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.

Summit State Bank Reports 29% Increase in Net Income to $3,796,000 for Third Quarter 2021 and Declaration of Dividend

SANTA ROSA, Calif., Sept. 28, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today announced that its Board of Directors declared a 10% stock dividend to be paid on or about November 4, 2021 to shareholders of record as of the close of business on October 29, 2021. Each shareholder of the Bank will receive one additional share of stock for every ten shares owned on the record date of October 29, 2021. Cash will be paid in lieu of fractional shares based on the closing price of the common stock on the record date.

Summit State Bank Declaration of Stock 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.

Summit State Bank Reports 76% Increase in Net Income to $3,898,000 for Second Quarter 2021 and Declaration of Dividend

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.

Summit State Bank Among Top Performing Banks, Earning the Raymond James Bankers Cup

SANTA ROSA, Calif., April 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported record net income for the quarter ended March 31, 2021 of $3,317,000 and diluted earnings per share of $0.55. This compares to net income of $2,415,000 and diluted earnings per share of $0.40 for the quarter ended March 31, 2020. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders.

Summit State Bank Reports 37% Increase in Net Income to $3,317,000 for First Quarter 2021 and Declaration of Dividend

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.

Summit State Bank Promotes Michael Castlio to Executive Vice President

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