Priya Patel
TLDR: Summit State Bank reported a 38% drop in earnings for the year 2023, with Q4 earnings dropping by 58% compared to the previous year. The bank cited the high interest rate environment as a factor impacting net interest income growth. However, the bank noted steady loan demand and increased total deposit balances compared to the previous year. The loan portfolio grew by 2.7% in 2023 and assets totaled $1.12 billion at year-end. The bank also highlighted the importance of identifying and resolving problem credits and maintaining an adequate reserve balance. Deposits increased by 5% in 2023 and the bank remained classified as “well-capitalized”.
