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Summit State Bank (SSBI) Company Profile

Updated May 3, 2019
Summit State Bank has the following business profile:
Company's Full Name:Summit State Bank
Short Name:Summit State Bank
Trading Ticker Symbol:SSBI
Primary Exchange:NASDAQ
Headquarter City/Country:California, CA
Primary Industry Sector:Finance
Seconday Sub-sector:Investment Managers
Main Business Areas: Finance, Investment Managers, Financial Services, Regional US Banks
Dividend Payments:Dividend History

Market and Trading Information for Summit State Bank

The following details were available for trading and market data about the stock of Summit State Bank as of writing:
Current Share Price:$11.89
Previous Year's Closing Price:$11.77
Percentage Price Change (YTD):1.02%
Market Cap:$70.52 million
52-week Price Range:$10.65 - $16.1
Dividend Per Share:$0
EPS (TTM):0.9
Price-Earnings (Trailing):13.21
Price-Earnings (Forward):0

Company Profile and Business Description for Summit State Bank

Summit State Bank, incorporated on December 21, 1998, is a state-chartered commercial bank, operating a traditional community banking business within its primary service area of Sonoma County in California. The Bank operates through approximately five offices located in Santa Rosa, Petaluma, Rohnert Park and Healdsburg. The Bank considers loans from Marin, Napa and San Francisco counties. The Bank provides a range of financial services to small-to medium-sized businesses and their owners and employees; professionals and professional associations; entrepreneurs; high net worth families; foundations; estates, and to individual consumers. The Bank offers a range of deposit products and services for both commercial and consumer customers, including electronic banking, cash management services and electronic bill payment. ALTO Service Corporation is the Bank's subsidiary.

The Bank offers Internet banking system, accessible on the Internet at the Bank's Website, www.summitstatebank.com, that enables its customers to view account information; access cash management services, including the initiation of automated clearinghouse payments; make transfers between accounts; pay bills; make loan payments; preschedule deposit transfers and request loan draws, and view cleared deposit items. The Bank also offers telephone-banking services that enable customers to obtain account information, make transfers between accounts, make stop payments, check cleared items, and pre-schedule deposit transfers and loan payments. The Bank has an application for cellular phones that enables to check image deposits, account inquiries and account transfers. The Bank also offers banking by appointment, online banking services, direct payroll and social security deposits, letters of credit, access to national automated teller machine networks, courier services, safe deposit boxes, night depository facilities, notary services, travelers' checks, lockbox and banking by mail.

Lending Activities

The Bank's lending activities are primarily focused on commercial real estate, construction and business loans to its clientele. The Bank provides a range of loan products, such as commercial loans and leases, lines of credit, commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, home equity lines of credit and construction loans. The Bank also offers consumer loans, including auto loans, mortgage loans, home improvement loans, and home equity lines of credit. The Bank's commercial and agricultural loans amount to approximately $75.018 million. Its real estate-commercial loans amount to approximately $175.374 million. Its real estate-construction loans amount to approximately $11.341 million. Its real estate-single family loans amount to approximately $63.899 million. Its real estate-multifamily loans amount to approximately $21.664 million.

Investment Activities

The Bank's securities are classified as available-for-sale and held-to-maturity. The securities classified as held-to-maturity amount to approximately $5.988 million. The securities classified as available for-sale amount to approximately $128.599 million. The available-for-sale securities include the United States treasuries, government agencies, mortgage-backed securities-residential, corporate debt and municipal securities. The held-to-maturity securities include government agencies.

Sources of Funds

Deposits are the Bank's primary source of funds. The Bank focuses on obtaining deposits from the communities it serves. The Bank may accept deposits from outside its market area or receive brokered deposits. The Bank's demand accounts amount to approximately $154.343 million. Its savings and money market accounts amount to approximately $87.089 million. Its time deposits amount to approximately $155.814 million. The Bank's borrowings amount to approximately $55.8 million.

The Bank competes with Bank of America, Wells Fargo Bank, JP Morgan Chase, Umpqua Bank, Luther Burbank Savings, Exchange Bank and Westamerica Bank.

500 Bicentennial Way

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