Summit State Bank posts Q4 profit as interest margin expands
Overview
Community bank's Q4 net income was $1.067 mln,
Net interest margin rose to 3.62% from 2.88% a year ago
Non-performing assets decreased to $27.3 mln from $32.2 mln last year
Outlook
Summit State Bank aims to build on current momentum in the year ahead
Company focuses on reducing balance sheet risk and improving capital ratios
Summit State Bank working through credit challenges in loan portfolio
Result Drivers
NET INTEREST MARGIN - Improved net interest margin driven by favorable funding mix and asset repricing, per CEO Brian Reed
EXPENSE MANAGEMENT - Disciplined expense management contributed to profitability, with operating expenses decreasing significantly
CREDIT QUALITY - Reduction in non-performing assets and net charge-offs indicate improved asset quality
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 EPS |
| $0.16 |
|
Q4 Net Income |
| $1.07 mln |
|
Q4 Basic EPS |
| $0.16 |
|
Q4 Net Interest Margin |
| 3.62% |
|
Press Release: ID:nGNX5x3HXh
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