Summit State Bank reports Q3 EPS 27c vs 59c last year

Reports Q3 book value per share $13.77. Summit State Bank continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of 8.24% at September 30, 2023, compared to 8.15% at June 30, 2023, and 8.59% at September 30, 2022. The decrease compared to September 2022 is due to the Bank’s assets outgrowing the retention of capital to build liquidity. “Our third quarter operating results were highlighted by strong revenue generation and stable loan growth,” said Brian Reed, President and CEO. “We are encouraged that loan demand continues to hold up despite the higher rate environment and we continue to aggressively seek out core lending opportunities. Total deposits increased 19% compared to a year ago, and declined 2% during the quarter, with the growth occurring in interest bearing demand and money market accounts compared to the prior quarter end. While the net interest margin decrease was primarily related to pressure from the funding side of the balance sheet, we remain prudent with all new loan pricing. New customer relationships are fueling loan and deposit growth, and we expect that to continue as we grow the Bank organically.”