Summit State Bank reports Q1 EPS 21c vs 62c last year

Reports Q1 revenue $15.43M vs $16.61M last year. “First quarter earnings were impacted by current challenges facing the entire banking industry. We are implementing steps to reverse declines in net income and remain focused on continuing to improve financial performance,” said Brian Reed, President and CEO. “We continue to operate in a high interest rate environment where competition for deposits is growing and the cost of funding remains high. Additionally, quarterly loan growth has moderated, as we remain selective with the loans we are putting on the balance sheet. We are focused on protecting our net interest income while also maintaining a strong capital position as we look for opportunities to grow in our market.”