Summit State Bank Reports Third Quarter 2026 Financial Results

Article summary

Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported a net loss of $1,098,000, or $0.16 loss per diluted share for the third quarter ended September 30, 2026, compared to net income of $818,000, or $0.12 earnings per diluted share for the third quarter ended September 30, 2025. The current quarter's results were impacted by a $5,688,000 provision for credit losses on loans. During the third quarter of 2026, the Bank also recognized $507,000 in gross charge-offs as part of a comprehensive review of certain higher-risk credits and obtaining new information pertaining to collateral values. These actions reflect the Board's and management's ongoing efforts to address identified credit risks and pursue appropriate resolution strategies.