Watch for further credit deterioration and provision trends. The PTPP improvement is a positive offset, but net income decline and NPA growth suggest caution. Next catalyst is the 10-Q filing for more detail on credit quality and loan loss reserve adequacy.
Price Chart
Executive Summary
Summit State Bank reported Q1 2026 net income of $1.67M ($0.25 EPS), down 33% from $2.49M ($0.37 EPS) a year ago, driven by a $1.06M provision for credit losses versus a $0.58M reversal last year. Pre-tax pre-provision income improved to $3.32M from $2.47M, but asset quality deteriorated with non-performing assets rising to $35.2M (3.53% of assets). The stock is likely to trade down on the earnings miss and credit concerns.
Key Financial Metrics
Key Facts
- Net income $1,674,000 vs $2,494,000 YoY (-33%)
- Diluted EPS $0.25 vs $0.37 YoY
- Pre-tax pre-provision income $3,320,000 vs $2,471,000 YoY (+34%)
- Net interest margin 3.77% vs 3.19% YoY
- Provision for credit losses on loans $1,057,000 vs reversal of $577,000 YoY
- Non-performing assets $35,170,000 vs $21,884,000 YoY (+61%)
- Allowance for credit losses to loans 1.96% vs 1.53% YoY
- Tier 1 leverage ratio 10.67% vs 9.45% YoY
Financial Impact
Net income decreased $820,000 YoY; EPS decreased $0.12; provision for credit losses increased by $1,634,000.
Risk Factors
- Further increase in non-performing assets leading to higher provisions
- Loan portfolio contraction (net loans down 12% YoY) pressuring future interest income
- Economic weakness in local markets (Sonoma County)
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3282746 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $11.95 | awaiting T+60 | — | $12.02 (−0.59%) |
Jul 28, 2026 13w ago | Press Release | $13.17 $11.99 | ▲ +8.96% | ▲ +13.31% | $12.02 (+8.73%) |
Apr 28, 2026 26w ago | Press Release | $13.75 $13.28 | ▲ +3.42% | ▲ +7.41% | $12.02 (+12.58%) |
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