Revenue recovery is evident with net interest income reaching $9.0M in 2026Q1, though net interest margins remain compressed between 0.6% and 0.9% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Net Interest Income | 35.66M | 34.95M | 28.96M | 35.05M | 42.13M | 37.36M | 30.03M | 22.75M | 21.36M | 18.34M | 18.32M | 17.31M | 16.73M | 16.46M | 16.23M | 15.74M | 15.32M | 15.09M | 12.23M | 10.72M | 11.03M | 10.39M | 8.97M | 8.45M |
| NII Growth % | 82.41% | 20.66% | -17.36% | -16.81% | 12.75% | 24.41% | 32% | 6.54% | 16.44% | 0.13% | 5.81% | 3.46% | 1.62% | 1.47% | 3.07% | 2.74% | 1.56% | 23.37% | 14.06% | -2.8% | 6.21% | 15.81% | 6.13% | - |
| Net Interest Margin % | 3.58% | 3.48% | 2.71% | 3.12% | 3.78% | 3.9% | 3.47% | 3.27% | 3.43% | 3% | 3.57% | 3.37% | 3.64% | 3.63% | 3.65% | 4.06% | 4.4% | 4.43% | 3.35% | 3.15% | 3.52% | 3% | 3.62% | 3.63% |
| Interest Income | 57.67M | 58.43M | 58.25M | 59.83M | 48.66M | 41.73M | 36.2M | 29.78M | 25.31M | 20.48M | 19.55M | 18.25M | 17.75M | 17.74M | 18.26M | 18.67M | 18.88M | 20.65M | 21.44M | 22.75M | 20.45M | 16.67M | 12.45M | 8.45M |
| Interest Expense | 22.02M | 23.48M | 29.29M | 24.78M | 6.53M | 4.37M | 6.16M | 7.03M | 3.95M | 2.14M | 1.23M | 936K | 1.02M | 1.27M | 2.03M | 2.93M | 3.55M | 5.56M | 9.21M | 11.9M | 9.42M | 6.28M | 3.48M | 0 |
| Loan Loss Provision | 4.23M | 2.53M | 7.94M | 274K | 2.54M | 1.29M | 2.1M | 700K | 530K | 520K | 0 | -800K | -1.4M | 50K | 3.36M | 3.65M | 3.86M | 3.65M | 685K | 749K | 253K | 444K | 444K | 360K |
| Non-Interest Income | 1.04M | 392K | 3.78M | 5.23M | 7.5M | 4.7M | 4.38M | 2.69M | 2.58M | 1.95M | 2.38M | 2.97M | 2.18M | 1.77M | 2.16M | 1.93M | 1.3M | 1.12M | 1.27M | 1.2M | 1.32M | 1.86M | -7.19M | -7.6M |
| Non-Interest Income % | 1.77% | 0.67% | 6.1% | 8.05% | 13.36% | 10.12% | 10.8% | 8.29% | 9.24% | 8.68% | 10.84% | 14.01% | 10.94% | 9.07% | 10.57% | 9.38% | 6.43% | 5.15% | 5.58% | 4.99% | 6.07% | 10.03% | -136.51% | -892.95% |
| Total Revenue | 58.71M | 58.82M | 62.03M | 65.06M | 56.16M | 46.43M | 40.58M | 32.47M | 27.88M | 22.43M | 21.93M | 21.22M | 19.93M | 19.51M | 20.41M | 20.6M | 20.17M | 21.77M | 22.71M | 23.95M | 21.77M | 18.53M | 5.26M | 851K |
| Revenue Growth % | -19.74% | -5.17% | -4.66% | 15.85% | 20.96% | 14.41% | 24.99% | 16.45% | 24.31% | 2.28% | 3.35% | 6.47% | 2.15% | -4.43% | -0.93% | 2.14% | -7.33% | -4.14% | -5.19% | 9.99% | 17.54% | 251.94% | 518.57% | - |
| Non-Interest Expense | 24.33M | 23.84M | 29.2M | 24.73M | 23.22M | 19.89M | 17.38M | 15.87M | 15.36M | 13.85M | 12.24M | 10.82M | 10.98M | 10.83M | 9.16M | 10.23M | 9.58M | 9.02M | 11.1M | 7.99M | 7.24M | 6.48M | -3.2M | -3.19M |
| Efficiency Ratio | 41.44% | 40.54% | 47.07% | 38% | 41.34% | 42.83% | 42.82% | 48.87% | 55.08% | 61.73% | 55.84% | 51.01% | 55.11% | 55.53% | 44.86% | 49.67% | 47.47% | 41.42% | 48.86% | 33.37% | 33.24% | 34.98% | -60.71% | -375.21% |
| Operating Income | 8.14M | 8.96M | -4.39M | 15.28M | 23.87M | 20.88M | 14.94M | 8.88M | 8.04M | 5.92M | 8.45M | 10.26M | 9.33M | 7.35M | 5.87M | 3.79M | 3.18M | 3.54M | 1.72M | 3.31M | 4.86M | 5.32M | 4.53M | 3.68M |
| Operating Margin % | 13.86% | 15.24% | -7.07% | 23.49% | 42.51% | 44.97% | 36.81% | 27.34% | 28.85% | 26.4% | 38.53% | 48.35% | 46.82% | 37.68% | 28.74% | 18.4% | 15.78% | 16.28% | 7.56% | 13.8% | 22.32% | 28.72% | 86.13% | 432.9% |
| Operating Income Growth % | - | 304.26% | -128.72% | -35.98% | 14.32% | 39.78% | 68.32% | 10.33% | 35.83% | -29.91% | -17.64% | 9.96% | 26.92% | 25.32% | 54.69% | 19.13% | -10.16% | 106.47% | -48.08% | -32.01% | -8.63% | 17.33% | 23.07% | - |
| Pretax Income | 8.14M | 8.96M | -4.39M | 15.28M | 23.87M | 20.88M | 14.94M | 8.88M | 8.04M | 5.92M | 8.45M | 10.26M | 9.33M | 7.35M | 5.87M | 3.79M | 3.18M | 3.54M | 1.72M | 3.31M | 4.86M | 5.32M | 4.53M | 3.68M |
| Pretax Margin % | 13.86% | 15.24% | -7.07% | 23.49% | 42.51% | 44.97% | 36.81% | 27.34% | 28.85% | 26.4% | 38.53% | 48.35% | 46.82% | 37.68% | 28.74% | 18.4% | 15.78% | 16.28% | 7.56% | 13.8% | 22.32% | 28.72% | 86.13% | 432.9% |
| Income Tax | 2.16M | 2.17M | -195K | 4.46M | 6.9M | 6.18M | 4.42M | 2.4M | 2.22M | 2.63M | 3.48M | 4.23M | 3.85M | 3.03M | 2.42M | 1.56M | 1.38M | 1.46M | 707K | 1.36M | 2.05M | 2.19M | 1.87M | 1.52M |
| Effective Tax Rate % | 26.56% | 24.18% | 4.44% | 29.18% | 28.91% | 29.61% | 29.6% | 27.02% | 27.56% | 44.41% | 41.21% | 41.22% | 41.21% | 41.22% | 41.22% | 41.24% | 43.23% | 41.26% | 41.2% | 41.24% | 42.23% | 41.15% | 41.16% | 41.21% |
| Net Income | 5.98M | 6.8M | -4.19M | 10.82M | 16.97M | 14.7M | 10.52M | 6.48M | 5.83M | 3.29M | 4.97M | 6.03M | 5.49M | 4.32M | 3.45M | 2.23M | 1.81M | 2.08M | 1.01M | 1.94M | 2.81M | 3.13M | 2.67M | 2.17M |
| Net Margin % | 10.18% | 11.55% | -6.76% | 16.63% | 30.22% | 31.66% | 25.92% | 19.95% | 20.9% | 14.68% | 22.65% | 28.42% | 27.52% | 22.15% | 16.89% | 10.81% | 8.96% | 9.56% | 4.44% | 8.11% | 12.9% | 16.9% | 50.68% | 254.52% |
| Net Income Growth % | 293.15% | 262.08% | -138.75% | -36.22% | 15.44% | 39.75% | 62.37% | 11.15% | 77% | -33.72% | -17.63% | 9.94% | 26.94% | 25.32% | 54.76% | 23.3% | -13.17% | 106.24% | -48.04% | -30.84% | -10.31% | 17.35% | 23.18% | - |
| Net Income (Continuing) | 5.98M | 6.8M | -4.19M | 10.82M | 16.97M | 14.7M | 10.52M | 6.48M | 5.83M | 3.29M | 4.97M | 6.03M | 5.49M | 4.32M | 3.45M | 2.23M | 1.81M | 2.08M | 1.01M | 1.94M | 2.81M | 3.13M | 2.67M | 2.17M |
| EPS (Diluted) | 0.89 | 1.01 | -0.62 | 1.62 | 2.54 | 2.20 | 1.57 | 0.97 | 0.87 | 0.49 | 0.75 | 0.89 | 0.81 | 0.62 | 0.45 | 0.24 | 0.19 | 0.24 | 0.15 | 0.29 | 0.50 | 0.68 | 0.57 | 0.47 |
| EPS Growth % | 294.83% | 262.9% | -138.27% | -36.22% | 15.45% | 40.13% | 61.86% | 11.49% | 77.55% | -34.67% | -15.73% | 9.88% | 30.65% | 37.78% | 87.5% | 26.32% | -20.83% | 60% | -48.28% | -42% | -26.47% | 19.3% | 21.28% | - |
| EPS (Basic) | - | 1.01 | -0.62 | 1.62 | 2.54 | 2.20 | 1.58 | 0.97 | 0.87 | 0.50 | 0.75 | 0.90 | 0.82 | 0.62 | 0.45 | 0.24 | 0.19 | 0.24 | 0.15 | 0.29 | 0.51 | 0.68 | 0.57 | 0.47 |
| Diluted Shares Outstanding | 6.73M | 6.73M | 6.71M | 6.7M | 6.69M | 6.68M | 6.68M | 6.68M | 6.68M | 6.66M | 6.64M | 6.65M | 6.64M | 6.59M | 6.53M | 6.52M | 6.57M | 6.55M | 6.52M | 6.65M | 5.6M | 4.62M | 4.62M | 4.62M |
Geographic concentration and credit
As reported in recent quarterly filings, Summit State Bank has demonstrated a recovery in net interest income, which grew to $9.0M in 2026Q1 from a low of $7.0M in 2024Q2, suggesting that the bank is successfully navigating the current interest rate environment through disciplined loan portfolio management.
The upward trajectory in net interest income appears to reflect a stabilization of funding costs relative to asset yields. Investors should monitor whether this growth is sustainable or if it remains vulnerable to deposit beta pressures as the bank competes for liquidity in its core Sonoma County market.
Based on the provided financial data, the bank's net interest margin has remained tight, hovering between 0.6% and 0.9% over the last ten quarters, which indicates that the institution faces significant challenges in expanding its interest spread amidst a competitive North Bay banking landscape.
The persistent compression in NIM suggests that the bank's cost of funds is rising in tandem with, or potentially faster than, its loan yields. This margin profile warrants further investigation into the bank's deposit mix and whether its reliance on local, relationship-based funding is providing the expected cost advantage.
According to the bank's historical income statements, the efficiency ratio has fluctuated significantly, reaching a peak of 64.8% in 2024Q4 before moderating to 44.8% in 2026Q1, reflecting the inherent difficulty of managing a high fixed-cost base in the expensive California North Bay operating environment.
The volatility in the efficiency ratio suggests that non-interest expenses are not scaling linearly with revenue, which may indicate operational inefficiencies. Management's ability to maintain a sub-45% efficiency ratio is critical for preserving profitability given the bank's relatively small revenue base.
As evidenced by the $6.7M provision expense recorded in 2024Q4, the bank's earnings are highly sensitive to credit loss provisioning, which can cause significant swings in net income and potentially mask the underlying core performance of the loan portfolio during periods of economic uncertainty.
The erratic nature of the provision expense suggests that the bank's allowance for credit losses is highly reactive to local economic indicators in Sonoma County. Investors should monitor whether these provisions represent actual credit deterioration or merely conservative accounting adjustments under the CECL framework.
Based on the reported figures, the bank's extreme geographic concentration in Sonoma County, combined with a high cash position, suggests that the institution may be struggling to find productive, high-yielding loan opportunities while simultaneously remaining exposed to localized economic shocks in the North Bay region.
The bank's reliance on a single geographic market for both deposits and loan collateral creates a structural risk that could lead to rapid asset quality degradation if local real estate values decline. Furthermore, the high cash-to-revenue ratio may indicate an inability to deploy capital effectively, which could drag on long-term return on equity.
Quick answers to the most common questions about buying SSBI stock.
Summit State Bank (SSBI) is profitable, generating $6.8M in net income for the fiscal year ending 2025 with a net profit margin of 11.6%.
Summit State Bank (SSBI) reported an operating income of $9.0M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Summit State Bank (SSBI) generated $32.8M in gross profit for the year, representing a gross profit margin of 55.8%. This demonstrates the company's core pricing power and production efficiency.