Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Independent Chairperson of the Board Doug Reynolds was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 29
Summit State Bank Announces Net Charge-Off for Third Quarter Ended September 30, 2025 Summit State Bank announced net charge-off for third quarter ended September 30, 2025. There was $1,800,000 in net charge-offs during the three months ended September 30, 2025, compared to $492,000in net charge-offs during the three months ended June 30, 2025 and no net charge-offs during the three months ended September 30, 2024. Announcement • Mar 30
Summit State Bank Reports Unaudited Goodwill Impairment for the Fourth Quarter Ended December 31, 2024 Summit State Bank reported unaudited goodwill impairment for the fourth quarter ended December 31, 2024. For the quarter, the company reported Goodwill impairment of $4,119,000. Declared Dividend • May 03
Third quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 15th May 2024 Payment date: 23rd May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 30
Summit State Bank Declares Quarterly Cash Dividend, Payable on May 23, 2024 The Board of Directors of Summit State Bank 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. Announcement • Mar 30
Summit State Bank Welcomes Dr. Frank Chong and James Finley to its Board of Directors Summit State Bank welcomed 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 February 26, 2024. Currently, Dr. Chong serves as President Emeritus retiring after 11 years at Santa Rosa Junior College. He was also the Deputy Assistant Secretary for Community Colleges at the United States Department of Education, in Washington DC from 2010 to 2012. In addition, he served as the President of Laney College in Oakland, from 2006 to 2009. Mr. Finley is the Owner and President of Treasure Creek Minerals, LLC and Regional Finance Manager at Clean Harbor since 2013. He was formerly Vice President and Chief Financial Officer at Vimasco Corporation from 2017 to 2022. Prior to that, he was the Division Manager of Champion Industries Inc., a commercial printing, office supply and retail office furniture company from 2004 to 2013. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$9.75, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Banks industry in the US. Total loss to shareholders of 22% over the past three years. Declared Dividend • Feb 02
Third quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 7th February 2024 Payment date: 15th February 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jan 30
Summit State Bank Declares Quarterly Cash Dividend, Payable on February 15, 2024 Summit State Bank 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 shareholders of record on February 8, 2024. Recent Insider Transactions • Nov 05
Independent Director recently bought US$88k worth of stock On the 30th of October, Jeffery Allen bought around 6k shares on-market at roughly US$14.17 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$332k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 01
Upcoming dividend of US$0.12 per share at 3.7% yield Eligible shareholders must have bought the stock before 08 November 2023. Payment date: 16 November 2023. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (5.3%). In line with average of industry peers (4.1%). Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.27 (vs US$0.59 in 3Q 2022) Third quarter 2023 results: EPS: US$0.27 (down from US$0.59 in 3Q 2022). Revenue: US$9.43m (down 16% from 3Q 2022). Net income: US$1.82m (down 54% from 3Q 2022). Profit margin: 19% (down from 35% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Oct 26
Summit State Bank Declares Quarterly Cash Dividend, Payable on November 16, 2023 The board of directors of Summit State Bank declared a quarterly cash dividend of $0.12 per share on October 24, 2023. The quarterly dividend will be paid on November 16, 2023 to shareholders of record on November 9, 2023. New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$102.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 02
Upcoming dividend of US$0.12 per share at 2.8% yield Eligible shareholders must have bought the stock before 09 August 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.4%). Announcement • Jul 26
Summit State Bank Declares Quarterly Cash Dividend, Payable on August 17, 2023 Summit State Bank's board of directors declared a quarterly cash dividend of $0.12 per share on July 24, 2023. The quarterly dividend will be paid on August 17, 2023 to shareholders of record on August 10, 2023. Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: US$0.45 (vs US$0.67 in 2Q 2022) Second quarter 2023 results: EPS: US$0.45 (down from US$0.67 in 2Q 2022). Revenue: US$11.1m (down 5.0% from 2Q 2022). Net income: US$2.99m (down 34% from 2Q 2022). Profit margin: 27% (down from 39% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$17.20, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 130% over the past three years. New Risk • Jul 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.5m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Jun 14
Insider recently bought US$50k worth of stock On the 8th of June, Belinda Guadarrama bought around 3k shares on-market at roughly US$15.91 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$51k. Insiders have collectively bought US$276k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 06
Insider recently bought US$51k worth of stock On the 28th of April, Dawn Ross bought around 3k shares on-market at roughly US$15.65 per share. This transaction increased Dawn Ross' direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$235k more in shares than they have sold in the last 12 months. Upcoming Dividend • May 03
Upcoming dividend of US$0.12 per share at 3.1% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: US$0.61 (vs US$0.59 in 1Q 2022) First quarter 2023 results: EPS: US$0.61 (up from US$0.59 in 1Q 2022). Revenue: US$11.6m (flat on 1Q 2022). Net income: US$4.12m (up 4.6% from 1Q 2022). Profit margin: 35% (up from 34% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 01
Upcoming dividend of US$0.12 per share at 3.0% yield Eligible shareholders must have bought the stock before 08 February 2023. Payment date: 16 February 2023. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.0%). Announcement • Jan 25
Summit State Bank Declares Quarterly Cash Dividend, Payable on February 16, 2023 The Board of Directors of Summit State Bank declared a quarterly cash dividend of $0.12 per share on January 23, 2023. The quarterly dividend will be paid on February 16, 2023 to shareholders of record on February 9, 2023. Reported Earnings • Jan 24
Full year 2022 earnings released: EPS: US$2.54 (vs US$2.20 in FY 2021) Full year 2022 results: EPS: US$2.54 (up from US$2.20 in FY 2021). Revenue: US$47.4m (up 15% from FY 2021). Net income: US$17.0m (up 15% from FY 2021). Profit margin: 36% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 19
Independent Director recently bought US$87k worth of stock On the 12th of December, Jeffery Allen bought around 5k shares on-market at roughly US$17.35 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$445k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.0%). Announcement • Oct 27
Summit State Bank Declares Quarterly Dividend, Payable on November 17, 2022 The Board of Directors of Summit State Bank declared a quarterly cash dividend of $0.12 per share on October 25, 2022. The quarterly dividend will be paid on November 17, 2022 to shareholders of record on November 10, 2022. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.59 (vs US$0.57 in 3Q 2021) Third quarter 2022 results: EPS: US$0.59 (up from US$0.57 in 3Q 2021). Revenue: US$11.3m (up 3.0% from 3Q 2021). Net income: US$3.98m (up 4.8% from 3Q 2021). Profit margin: 35% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 18 August 2022. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.1%). In line with average of industry peers (3.1%). Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: US$0.67 (vs US$0.58 in 2Q 2021) Second quarter 2022 results: EPS: US$0.67 (up from US$0.58 in 2Q 2021). Revenue: US$11.7m (up 10% from 2Q 2021). Net income: US$4.50m (up 16% from 2Q 2021). Profit margin: 39% (up from 37% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jul 27
Summit State Bank Declares Quarterly Dividend, Payable on August 18, 2022 Summit State Bank declared a $0.12 per share quarterly dividend on July 25, 2022 to be paid on August 18, 2022 to shareholders of record on August 11, 2022. Announcement • Jun 26
Summit State Bank(NasdaqGM:SSBI) dropped from Russell Microcap Value Index Summit State Bank(NasdaqGM:SSBI) dropped from Russell Microcap Value Index Announcement • Jun 14
Summit State Bank Appoints Douglas V. Reynolds to the Board of Directors Summit State Bank welcomes Douglas Reynolds to its Board of Directors. Mr. Reynolds was elected to the Board of Directors at the bank’s annual meeting of shareholders held on May 23, 2022. Currently, Mr. Reynolds is an attorney for Reynolds & Brown, PPLC. He is the President and Chief Executive Officer of Energy Services of America, where he has also served as a director since 2008. He also serves as the President of the Transylvania Corporation and a director of The Harrah and Reynolds Corporation and Premier Financial Bancorp Inc. Douglas is a graduate of Duke University and holds a law degree from West Virginia University. He is also the son of director Marshall T. Reynolds. His knowledge of the banking industry further solidifies his appointment to the Board. Upcoming Dividend • May 04
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 19 May 2022. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (3.9%). In line with average of industry peers (2.8%). Buying Opportunity • Apr 02
Now 20% undervalued Over the last 90 days, the stock is up 9.1%. The fair value is estimated to be US$21.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 36%. Upcoming Dividend • Feb 02
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 09 February 2022. Payment date: 17 February 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (3.6%). Higher than average of industry peers (2.3%). Upcoming Dividend • Nov 02
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 18 November 2021. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (3.5%). Higher than average of industry peers (2.2%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.57 (vs US$0.44 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$10.9m (up 30% from 3Q 2020). Net income: US$3.80m (up 29% from 3Q 2020). Profit margin: 35% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 20 August 2021. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (3.5%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS US$0.64 (vs US$0.36 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$10.6m (up 44% from 2Q 2020). Net income: US$3.90m (up 76% from 2Q 2020). Profit margin: 37% (up from 30% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 15% share price gain to US$15.10, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 9.7% over the past three years. Upcoming Dividend • May 07
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 21 May 2021. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (3.4%). Higher than average of industry peers (2.2%). Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS US$0.55 (vs US$0.40 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$9.55m (up 22% from 1Q 2020). Net income: US$3.32m (up 37% from 1Q 2020). Profit margin: 35% (up from 31% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Summit State Bank Declares Quarterly Dividend, Payable on May 21, 2021 The Board of Directors of Summit State Bank declared a $0.12 per share quarterly dividend on April 26, 2021 to be paid on May 21, 2021 to shareholders of record on May 14, 2021. Reported Earnings • Jan 27
Full year 2020 earnings released: EPS US$1.73 (vs US$1.07 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$32.6m (up 31% from FY 2019). Net income: US$10.5m (up 62% from FY 2019). Profit margin: 32% (up from 26% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jan 08
Summit State Bank Promotes Michael Castlio to Executive Vice President Summit State Bank has announced the promotion of Michael Castlio as its newest Executive Vice President. Prior to joining Summit State Bank in 2018 as the Bank’s Underwriting Manager, he worked for another Santa Rosa based bank as Credit Manager. At SJSU, Michael served as Vice President and then President of the Financial Management Association and was given the award for Outstanding Student in Finance by Robert Morris & Associates, now the Risk Management Association (RMA). Before moving to Santa Rosa, Michael was involved in his son’s soccer program serving as Team Manager and on tournament committees for the Folsom Soccer Club. Is New 90 Day High Low • Jan 07
New 90-day high: US$13.74 The company is up 12% from its price of US$12.32 on 09 October 2020. The American market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 32% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$9.42m, up 63% from the prior year. Total revenue was US$30.4m over the last 12 months, up 26% from the prior year. Is New 90 Day High Low • Oct 28
New 90-day high: US$12.39 The company is up 21% from its price of US$10.21 on 30 July 2020. The American market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: US$11.17 The company is up 18% from its price of US$9.44 on 10 July 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 6.0% over the same period.