Why The Summit State Bank Stock Increased 1.46% (SSBI)

By Amit Chowdhry ● Jan 25, 2023
  • The stock price of Summit State Bank (SSBI) increased by 1.46% in the most recent trading session. This is why.

The stock price of Summit State Bank (SSBI) increased by 1.46% in the most recent trading session.

Why: Summit State Bank reported net income for the year ended December 31, 2022, increased $2,270,000, or 15%, to $16,968,000, or $2.54 per diluted share, compared to net income of $14,698,000, or $2.20 per diluted share for the year ended December 31, 2021.

The strong loan and deposit growth and net interest margin expansion contributed to profitability for the quarter. And for the fourth quarter that ended December 31, 2022, net income increased 24% to $4,553,000, or $0.68 per diluted share, compared to $3,686,000, or $0.55 per diluted share, for the same period in 2021. Plus, a quarterly dividend of $0.12 per share was declared for common shareholders.

The Board of Directors declared a quarterly cash dividend of $0.12 per share on January 23, 2023. And the quarterly dividend will be paid on February 16, 2023 to shareholders of record on February 9, 2023.