Summit State Bank Named to CB Durable Performance Index™
21 Junio 2023 - 3:00PM
Summit State Bank (Nasdaq: SSBI) announced that the bank has been
named to the CB Durable Performance Index™ for 1Q 2023. The
index highlights banks who have maintained above average
performance over the course of the last 3 years by aggregating and
analyzing performance and regulatory data. The report identified
high performing banks by scoring 11 key performance indicators
regularly used in analyzing bank value.
“We are delighted to be named to the CB Durable
Performance Index™,” said Brian Reed, President and CEO. “Our
inclusion, which was just announced this month, recognizes our
performance in the midst of a very challenging national economy.
We’re pleased to be ranked among the top-performing community banks
in the country.”
The 11 key performance indicators selected by CB
Resource are as follows: Asset Growth Rate, Loan Growth Rate,
Deposit Growth Rate, Return on Average Assets, Return on Average
Equity, Net Interest Margin, Efficiency Ratio, Non-Performing
Assets to Assets, Non-Interest Income to Average Assets,
Non-Interest-Bearing Deposits to Deposits, Cost of Funding Earning
Assets.
CB Resource averaged the past 12 quarters of
data and identified which banks between $1 and $5 billion in assets
were in the top quartile of each KPI. Banks that score in the top
quartile of 4 or more of these KPIs are recognized.
About Summit State Bank
Founded in 1982 and headquartered in Sonoma
County, Summit State Bank, is an award-winning community bank
serving the North Bay. The Bank serves small businesses, nonprofits
and the community, with total assets of $1,147 billion and total
equity of $93 million as of March 31, 2023. The Bank has built its
reputation over the past 40 years by specializing in providing
exceptional customer service and customized financial solutions to
aid in the success of its customers.
Summit State Bank is dedicated to investing in
and celebrating the diverse backgrounds, cultures and talents of
its employees to create high performance and support the evolving
needs of its customers and community it serves. The Bank has been
consistently recognized for its achievements and has been awarded
Best Places to Work in the North Bay, Top Community Bank Loan
Producer, Raymond James Bankers Cup, Super Premier Performing Bank,
and the Piper Sandler SM-ALL Star Award. For more information,
visit www.summitstatebank.com.
About CB Resources
CB Resource is a provider of strategic planning,
capital planning, & Enterprise Risk Management Solutions. Its
client base largely consists of high performing banks that value
its ability to assess risk, communicate performance and risk
information, and provide guidance.
Forward-looking Statements
The financial results in this release are
preliminary. Final financial results and other disclosures will be
reported in Summit State Bank’s quarterly report on Form 10-Q for
the period ended March 31, 2023 and may differ materially from the
results and disclosures in this release due to, among other things,
the completion of final review procedures, the occurrence of
subsequent events or the discovery of additional information.
Except for historical information contained
herein, the statements contained in this news release, are
forward-looking statements within the meaning of the “safe harbor”
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. This release may contain forward-looking statements that
are subject to risks and uncertainties. Such risks and
uncertainties may include but are not necessarily limited to
fluctuations in interest rates, inflation, government regulations
and general economic conditions, and competition within the
business areas in which the Bank will be conducting its operations,
including the real estate market in California and other factors
beyond the Bank’s control. Such risks and uncertainties could cause
results for subsequent interim periods or for the entire year to
differ materially from those indicated. You should not place undue
reliance on the forward-looking statements, which reflect
management’s view only as of the date hereof. The Bank undertakes
no obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.
Contact: Brian Reed, President and CEO,
Summit State Bank (707) 568-4908
Summit State Bank (NASDAQ:SSBI)
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