From GlobeNewswire: 2024-04-30 09:00:00

Summit State Bank reported a net income of $1,395,000 for the first quarter of 2024, down from $4,116,000 in the same period last year. The Board declared a $0.12 cash dividend per share to be paid on May 23, 2024. Key financial highlights include a decrease in net interest margin to 2.81% and a 7.1% drop in revenues to $15,425,000 compared to the first quarter of 2023. Noninterest income also decreased to $948,000 and operating expenses increased to $6,400,000. Net loans increased to $917,685,000 and total deposits decreased to $939,202,000 at March 31, 2024. Nonperforming loans declined, and capital levels remain strong. The Bank’s tangible equity to tangible assets was 8.96% at March 31, 2024. Overall, Summit State Bank is focused on improving financial performance amidst industry challenges.



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