Summit State Bank (SSBI) Bundle
A Brief History of Summit State Bank (SSBI)
Foundation and Early Years
Summit State Bank was established in 2004 in Santa Rosa, California, primarily serving local communities by providing personalized banking services. The bank was founded to offer comprehensive financial solutions, focusing on consumer and business banking.
Growth and Development
In its initial years, SSBI focused on expanding its customer base, leveraging its community-oriented approach. By 2010, the bank reported total assets of approximately $400 million and deposits exceeding $300 million.
Key Financial Milestones
| Year | Total Assets ($ million) | Total Deposits ($ million) | Net Income ($ million) | Return on Assets (%) |
|---|---|---|---|---|
| 2004 | 50 | 40 | 0.5 | 1.00 |
| 2010 | 400 | 300 | 2.5 | 0.63 |
| 2015 | 550 | 450 | 3.5 | 0.64 |
| 2020 | 650 | 500 | 4.0 | 0.62 |
| 2023 | 750 | 600 | 5.0 | 0.67 |
Community Engagement and Services Offered
SSBI has been actively involved in supporting local initiatives. The bank participates in various community service programs, focusing on local education and economic development. Services offered include:
- Personal Banking
- Business Banking
- Mortgage Solutions
- Wealth Management
- Online Banking
Technological Advancements
In response to the growing demand for digital banking, SSBI launched a revamped online banking platform in 2021. This platform provides customers with enhanced security features, mobile accessibility, and comprehensive financial tools.
Recent Performance and Strategic Initiatives
As of 2023, SSBI has demonstrated robust financial performance, with total assets reaching $750 million. The bank continues to focus on strategic initiatives aimed at increasing market share and improving customer experience.
Future Outlook
The future outlook for Summit State Bank remains positive, with plans to expand its range of services and increase its footprint in California. The bank aims to leverage technology to enhance operational efficiency and customer engagement.
A Who Owns Summit State Bank (SSBI)
Current Ownership Structure
As of the latest available data, Summit State Bank (SSBI) has a diverse ownership structure consisting primarily of institutional and individual shareholders.
| Type of Ownership | Percentage of Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 34.5% | 1,235,000 |
| Insider Ownership | 10.2% | 360,000 |
| Individual Investors | 55.3% | 2,000,000 |
Major Institutional Shareholders
The following table outlines the major institutional shareholders of Summit State Bank, including their respective holdings and percentages.
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 450,000 | 12.5% |
| The Vanguard Group, Inc. | 350,000 | 9.7% |
| State Street Corporation | 250,000 | 7.3% |
Insider Holdings
Insider ownership at Summit State Bank is comprised of key management and board members.
| Name | Position | Shares Owned |
|---|---|---|
| John Doe | CEO | 150,000 |
| Jane Smith | CFO | 100,000 |
| Robert Brown | Board Member | 75,000 |
Stock Performance Overview
The stock performance of Summit State Bank has shown considerable variation over the past year.
| Date | Stock Price ($) | Market Capitalization ($ million) |
|---|---|---|
| January 2023 | 18.50 | 130 |
| July 2023 | 22.00 | 160 |
| October 2023 | 21.00 | 150 |
Recent Changes in Ownership
Recent filings indicate a shift in shareholder composition, reflecting market dynamics.
- Increase in shares by BlackRock, Inc. by 5% in April 2023
- Reduction of insider holdings by 2% in September 2023
- Acquisition of shares by new institutional investors in Q3 2023
Summit State Bank (SSBI) Mission Statement
Core Values
Summit State Bank is committed to its core values, which include:
- Integrity
- Excellence
- Community Engagement
- Customer-Centric Approach
Target Markets
Summit State Bank primarily serves various customer segments, including:
- Individuals
- Small Businesses
- Non-Profits
- Corporations
Financial Performance
As of the end of 2022, Summit State Bank reported the following financial performance metrics:
| Metric | Amount |
|---|---|
| Total Assets | $686 million |
| Total Deposits | $563 million |
| Total Loans | $509 million |
| Net Income | $6.5 million |
| Return on Assets (ROA) | 0.95% |
| Return on Equity (ROE) | 10.47% |
Community Involvement
Summit State Bank emphasizes its role in community involvement, investing in local initiatives worth over:
- $350,000 annually to support education programs
- $100,000 for local health initiatives
- $75,000 towards environmental sustainability efforts
Customer Commitment
Summit State Bank aims to offer superior service through:
- 24/7 Customer Support
- Online Banking Solutions
- Personalized Financial Advisory Services
Technological Advancements
Investments in technology for enhanced customer experience reached:
- $1.2 million in mobile banking applications
- $800,000 in cybersecurity systems
- $500,000 in digital payment solutions
Future Goals
Looking ahead, Summit State Bank targets growth and efficiency with goals to:
- Increase total assets by 15% by the end of 2025
- Expand branch locations by 5 new branches in Northern California
- Enhance digital product offerings by developing 3 new services
Employee Engagement
Summit State Bank believes in fostering employee satisfaction, as indicated by:
- 85% employee satisfaction rate as per the latest survey
- 90% employee retention rate over the past year
- 100+ hours of professional development offered annually
Market Position
The bank holds a significant market share in the region, accounting for:
- 5.2% market share in commercial banking
- 7.3% market share in small business loans
How Summit State Bank (SSBI) Works
Overview of Summit State Bank
Summit State Bank (SSBI) is a community bank that primarily serves the regions of Sonoma County, California. The bank focuses on providing personal and commercial banking services to its customers.
Financial Performance
As of the third quarter of 2023, Summit State Bank reported the following financial figures:
| Financial Metric | Amount (USD) |
|---|---|
| Total Assets | $935 million |
| Total Loans | $718 million |
| Total Deposits | $832 million |
| Net Income | $3.5 million |
| Return on Assets (ROA) | 0.37% |
| Return on Equity (ROE) | 5.51% |
Core Banking Services
Summit State Bank offers a variety of banking services, including:
- Checking and savings accounts
- Commercial loans
- Home mortgages
- Small business loans
- Wealth management services
Customer Demographics
The bank primarily serves personal banking clients, local businesses, and agricultural sectors in the region. The demographic breakdown includes:
| Category | Percentage |
|---|---|
| Individual Customers | 45% |
| Small Businesses | 35% |
| Agricultural Sector | 20% |
Branch Locations
Summit State Bank operates multiple branches within Sonoma County, with the following locations:
| Branch Location | Address |
|---|---|
| Santa Rosa | 1000 4th Street, Santa Rosa, CA 95404 |
| Petaluma | 200 Petaluma Blvd N, Petaluma, CA 94952 |
| Sonoma | 300 W Napa St, Sonoma, CA 95476 |
| Healdsburg | 400 Healdsburg Ave, Healdsburg, CA 95448 |
Technology and Innovation
Summit State Bank invests in technology to enhance customer experience. Key technologies include:
- Online banking platform
- Mobile banking applications
- Automated teller machines (ATMs)
- Fraud detection systems
Community Involvement
The bank is committed to community engagement and contributes to local initiatives. Recent contributions include:
| Initiative | Amount Contributed (USD) |
|---|---|
| Local Education Programs | $100,000 |
| Community Development Projects | $75,000 |
| Nonprofit Organizations | $50,000 |
Regulatory Compliance
Summit State Bank adheres to strict regulatory standards set by various financial authorities. Key compliance areas include:
- Anti-Money Laundering (AML)
- Consumer Financial Protection Bureau (CFPB) regulations
- Federal Deposit Insurance Corporation (FDIC) requirements
Market Position
Summit State Bank competes with several local and regional banks in Sonoma County. Market share data for 2023 shows:
| Bank | Market Share (%) |
|---|---|
| Summit State Bank | 4.5% |
| Wells Fargo | 20.0% |
| Bank of America | 15.0% |
| First Republic Bank | 10.0% |
| Other Competitors | 50.5% |
How Summit State Bank (SSBI) Makes Money
Interest Income
Summit State Bank generates a significant portion of its revenue from interest income. As of the latest financial reports, the bank reported an interest income of approximately $12.5 million for the fiscal year ending 2022.
This income primarily comes from:
- Loans and leases: $10 million
- Investment securities: $2.5 million
Non-Interest Income
Alongside interest income, SSBI also benefits from non-interest income, which totaled around $3 million in 2022. This includes various fees and commissions.
The breakdown of non-interest income sources is as follows:
| Source | Amount ($ million) |
|---|---|
| Service charges on deposit accounts | 1.2 |
| Wealth management fees | 0.8 |
| Loan fees | 0.6 |
| Other income | 0.4 |
Loan Portfolio
As of 2023, the loan portfolio of Summit State Bank amounted to approximately $120 million. Within this portfolio, the following types of loans are predominant:
- Commercial loans: $60 million
- Residential mortgages: $30 million
- Consumer loans: $30 million
Deposit Operations
Deposits serve as a critical factor for the bank’s funding. Summit State Bank had total deposits of around $150 million as of 2023. The types of deposits include:
- Checking accounts: $60 million
- Savings accounts: $50 million
- Certificates of deposit: $40 million
Operating Expenses
The bank's operating expenses, which are essential for assessing profitability, were approximately $8 million in the latest fiscal year. This includes:
- Personnel expenses: $4 million
- Occupancy expenses: $2 million
- Other operating expenses: $2 million
Net Interest Margin
For the fiscal year 2022, Summit State Bank reported a net interest margin of 3.5%. This margin is derived from the difference between the interest income earned and the interest paid on deposits.
Return on Assets and Equity
SSBI reported a return on assets (ROA) of 1.2% and a return on equity (ROE) of 10% in 2022, indicating effective management of its resources for profitability.
Investment Strategy
The bank's investment in government securities and municipal bonds has been strategic. As of 2023, the portfolio consisted of approximately $20 million in investment-grade securities.
Future Growth Strategies
Looking ahead, Summit State Bank aims to increase its market share by focusing on:
- Expanding loan offerings by 15% over the next year.
- Improving digital banking services to enhance customer experience.
- Strategic partnerships to offer new financial products.
Summit State Bank (SSBI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support