Summit State Bank Posts 3Q Loss of 16 Cents a Share
SSBI sits 16% above its 52-week low of $10.35.
Summary
Summit State Bank reported a third-quarter loss of 16 cents per share, a net loss of $1.1 million for the quarter. The bank recorded a $5.69 million provision, and its net interest margin came in at 3.87%. No revenue or prior-year comparison was disclosed, so the magnitude of the deterioration relative to the bank's roughly $81 million market value is not yet clear. For a bank this size, a quarterly loss is a meaningful event because it hits capital and raises questions about credit costs and margin. The full release, including book value, will determine whether this is a one-off charge or a broader earnings problem.
At the time of this announcement, SSBI was trading at $12.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $81.3M. The 52-week trading range was $10.35 to $14.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.