Summit State Bank reports Q1 EPS 62c vs. 59c last year

The Bank maintains reserves at the high-end when compared to peers as exhibited by some increases in non-performing loans and decreases in delinquent loans, resulting in an increase in nonperforming loans to gross loans to 1.13% and nonperforming assets to total assets to 0.91%, at March 31, 2023. This is compared to nonperforming loans to gross loans of 0.40% and nonperforming assets to total assets of 0.34% at December 31, 2022 and 0% for both of these ratios as March 31, 2022. Tangible book value was $13.76 per share, compared to $12.52 per share a year ago. "We posted strong first quarter earnings, fueled by solid net interest income growth, continued non-interest income generation, and lower non-interest expenses," said Brian Reed, President and CEO. "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, as customer deposits are still our main source of loan funding. Despite unusual challenges presented to us by rapidly rising interest rates, highly publicized bank failures and continued discussion of a pending economic recession, we continue to implement new strategies to help our customers while also growing our operations."