Summit State Bank provides various banking products and services to individuals and businesses primarily in Sonoma County, California. It offers personal and business checking, money market, sweep, savings, and demand accounts; time certificates of deposit; and specialized deposit accounts, such as professional, small business packaged, tiered, individual retirement, and other retirement plan accounts. The company also provides loans, including commercial loans and leases; lines of credit; commercial real estate, small business administration, residential mortgage, and construction loans; and home equity lines of credit, as well as term loans, credit lines to individuals, equipment loans, and business lines of credit. Its loan products also comprise loans for accounts receivable and inventory financing, loans to agriculture-related businesses, and equipment and expansion financing programs. In addition, the company provides Internet and telephone banking; and other services, such as banking by appointment, online banking, direct payroll and social security deposits, letters of credit, access to national automated teller machine networks, courier, safe deposit boxes, night depository facilities, notary, travelers checks, lockbox, and banking by mail. Further, it offers cash management and electronic bill payment services. The company operates through five depository offices located in Santa Rosa, Rohnert Park, Healdsburg, and Petaluma, as well as loan production offices in Roseville, California and Scottsdale, Arizona. Summit State Bank was founded in 1982 and is headquartered in Santa Rosa, California.
IPO Year: 2006
Exchange: NASDAQ
Website: summitstatebank.com
SANTA ROSA, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ:SSBI) appointed Belinda Guadarrama to its Board of Directors. "We are pleased to welcome Ms. Guadarrama as a Director. Belinda's experience and advocacy of small and minority businesses, and dedication to the community, has earned her local and national recognition through various prestigious awards, including California State Small Business Person of the Year by the Small Business Association, Hispanic Business Woman of the Year by the United States Hispanic Chamber of Commerce, the National Director's Legacy Award for Lifetime Achievement by the U.S. Department of Commerce Minority Development Agency, and Th
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. 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 share
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. "The current rate environment, and its impact on earnings, led to our decision to reduce the quarterly cash dividend. The dividend reduction reflects the Bank's deliberate approach to build capital," said Brian Reed, President and CEO. "We recognize the importance and impact of the dividend reduction on all of our shareholders, and it was not mad
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. "Our second quarter earnings continue to be directly impacted by the high interest rate environment and its impact on funding costs, a challenge that is affecting the entire banking industry," said Brian Reed, President and CEO. "We are implementing steps to grow net income and remain focused on improving our financial performance. Loan balances decreased modestly during the s
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. The Board of Directors declared the Bank's eighty second consecutive quarterly cash dividend for common shareholders of $0.12 per share on April 29, 2024. It will be paid on May 23, 2024, to shareholders of record on May 16, 2024. "First quarter earnings were impacted by current challenges facing the entire banking industry. We are implementing steps to reverse declines in
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. "We are pleased to welcome Dr. Chong and Mr. Finley as directors. Frank served as Superintendent/President of Santa Rosa Junior College, has a vast knowledge of the Sonoma County community and possesses strong leadership experience. Mr. Finley was selected for his knowledge of the financial services industry and business acumen," stated Josh Cox, Chairman of the Board. Currently, Dr. Chong serves as President
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on January 29, 2024. The quarterly dividend will be paid on February 15, 2024 to sh
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on October 2
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's Board of Directors will review Poppy's application and may comment on or respond to the application in due course. About Summit State Bank Founde
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on July 24, 2023. The quar
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. "We are delighted to be named to the CB Durable Performance Index™," said Brian Reed, President and CEO. "Our inclusion, which was just announced this month, recognizes our performance in the midst of a very challenging nation
Summit State Bank (NASDAQ:SSBI) reported quarterly earnings of $0.21 per share. This is a 66.13 percent decrease over earnings of $0.62 per share from the same period last year.
Today, February 15, 2024, Summit State Bank (NASDAQ:SSBI) will distribute a dividend payout of $0.12 per share, highlighting an annualized dividend yield of 4.03%. Shareholders who owned the stock before the ex-dividend date on February 07, 2024 will be eligible for this payout. Summit State Bank Recent Dividend Payouts table { width: 100%; border-collapse: collapse; font-family: Arial, sans-serif; font-size: 14px; } th, td { padding: 8px; text-align: left; } th { background-color: #293a5a; color: #fff; text-align: left; } tr:
Tuesday marks the last chance for investors to receive the next dividend payout from Summit State Bank (NASDAQ:SSBI). What's Happening The company announced on Monday that it would pay shareholders a quarterly dividend of 12 cents per share. On Wednesday, Summit State Bank will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 12 cents lower than it would have opened on any other day. In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Wednesday. Shareholders who own SSBI as of the end of Tuesday's session are eligible to receive the 12 cents
Summit State Bank (NASDAQ:SSBI) reported quarterly earnings of $0.27 per share. This is a 54.24 percent decrease over earnings of $0.59 per share from the same period last year.
Today, August 17, 2023, marks an important moment for investors of Summit State Bank (NASDAQ:SSBI). The company will distribute a dividend payout of $0.12 per share, demonstrating an annualized dividend yield of 2.77%. Remember, only shareholders prior to the ex-dividend date on August 09, 2023 are eligible for this payout. Summit State Bank Recent Dividend Payouts table { width: 100%; border-collapse: collapse; font-family: Arial, sans-serif; font-size: 14px; } th, td { padding: 8px; text-align: left; } th { background-color: #293a5a; color: #fff;
Summit State Bank (NASDAQ:SSBI) reported quarterly earnings of $0.45 per share. This is a 32.84 percent decrease over earnings of $0.67 per share from the same period last year. The company reported $11.11 million in sales this quarter. This is a 12.19 percent decrease over sales of $12.66 million the same period last year.
Summit State Bank (NASDAQ:SSBI) reported quarterly earnings of $0.62 per share. This is a 5.08 percent increase over earnings of $0.59 per share from the same period last year.
Summit State Bank (NASDAQ:SSBI) reported quarterly earnings of $0.59 per share. This is a 3.51 percent increase over earnings of $0.57 per share from the same period last year.
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. 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 share
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. "The current rate environment, and its impact on earnings, led to our decision to reduce the quarterly cash dividend. The dividend reduction reflects the Bank's deliberate approach to build capital," said Brian Reed, President and CEO. "We recognize the importance and impact of the dividend reduction on all of our shareholders, and it was not mad
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. "Our second quarter earnings continue to be directly impacted by the high interest rate environment and its impact on funding costs, a challenge that is affecting the entire banking industry," said Brian Reed, President and CEO. "We are implementing steps to grow net income and remain focused on improving our financial performance. Loan balances decreased modestly during the s
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. The Board of Directors declared the Bank's eighty second consecutive quarterly cash dividend for common shareholders of $0.12 per share on April 29, 2024. It will be paid on May 23, 2024, to shareholders of record on May 16, 2024. "First quarter earnings were impacted by current challenges facing the entire banking industry. We are implementing steps to reverse declines in
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on January 29, 2024. The quarterly dividend will be paid on February 15, 2024 to sh
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on October 2
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on July 24, 2023. The quar
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. The Board of Directors declared a quarterly cash dividend of $0.12 per share on April 24, 2023. The quarterly dividend will be paid on May 18, 2023 to shareholders of reco
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 decla
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 sha