Summit State Bank reports net loss in Q4 and full year 2024, improving balance sheet.

From GlobeNewswire: 2025-03-28 19:00:00

Summit State Bank reported revised financial results for Q4 and full year 2024, including a net loss of $7,142,000 for Q4 and $4,193,000 for the year. Noninterest income was adjusted to $680,000 for Q4 and $3,459,000 for the year. The Bank’s Tier 1 Leverage ratio increased to 8.87% at the end of 2024. Net interest margin was 2.88% in Q4. The Bank’s balance sheet showed a decrease in net loans and total deposits compared to the previous year. Nonperforming loans were reduced by $9,160,000 in Q4. Summit State Bank is focused on maintaining capital levels and resolving problem loans to create long-term value for shareholders.



Read more at GlobeNewswire: Summit State Bank Reports Revised Fourth Quarter 2024