Summit State Bank Posts $1.1 Million Third-Quarter Loss

Summit State Bank posted a preliminary $1.098 million third-quarter loss as a $5.688 million provision for loan credit losses weighed on results at the Sonoma County lender. The unaudited figures cover the three months ended Sept. 30, 2026, and include a $0.16 loss per diluted share.

The result marked a reversal from net income of $818,000, or $0.12 per diluted share, in the year-earlier quarter. Compared with the second quarter, the loss narrowed from $1.307 million, or $0.19 per diluted share. The provision was $5.924 million in that quarter.

Gross charge-offs reached $507,000 in the third quarter as the bank reviewed certain higher-risk credits. President and CEO Brian Reed said, “We did recognize charge-offs and increased provisions during the quarter as we worked to resolve several higher risk credits.”

Net interest margin was 3.87%, down from 3.95% in the second quarter but up from 3.51% a year earlier. Net interest income totaled $8.956 million, while noninterest income was $714,000.

Nonperforming assets stood at $20.676 million, or 2.21% of total assets, on Sept. 30. That compared with $20.757 million on June 30 and $27.978 million on Sept. 30, 2025.

Summit State Bank is listed on Nasdaq under ticker SSBI and serves California’s North Bay. Final results will be reported in the bank’s Form 10-Q for the quarter and could differ materially from the preliminary figures.