SSBI News & Events

Net interest margin was 3.62% in the fourth quarter of 2025 compared to 2.88% in the fourth quarter of 2024 and 3.51% in the third quarter of 2025. Book value was $14.94 per share, compared to $13.53 per share a year ago and $14.73 in the third quarter of 2025. Reports CET1 ratio 11.71%. "In 2025, our focus was on building a strong foundation for the future, and we made meaningful progress toward that goal," said Brian Reed, President and CEO. "After reporting a net loss in 2024, we returned to profitability and made significant progress on our strategic priorities. Our core banking operations performed well, with improved net interest margin and disciplined expense management driving our results. While we continue to work through some credit challenges in our loan portfolio, the overall trajectory is positive. Our team remains focused on what we do best: serving the financial needs of local businesses and families. That focus is reflected in our earnings for the fourth quarter and for the year. We are encouraged by this progress and committed to building on this momentum in the year ahead."

"The Bank delivered steady operating results in the third quarter of 2025, marking our third consecutive quarter of solid earnings," said Brian Reed, President and CEO. "Our operating performance was supported by higher net interest income and continued margin expansion compared to the same period last year. While we've made significant headway in resolving the problem loans that impacted our 2024 results, we still have some work to do to lower nonperforming assets. However, we are encouraged by the strength of our team and the positive momentum in our earnings outlook. Despite ongoing volatility in the broader financial sector, we remain focused on disciplined balance sheet management and executing our strategy with consistency."

Net interest margin was 3.66% in the second quarter of 2025 compared to 2.71% in the second quarter of 2024 and 3.19% in the first quarter of 2025. Book value was $14.49 per share, compared to $14.44 per share a year ago and $14.07 in the first quarter of 2025. "We delivered strong operating results in the second quarter of 2025 - our second consecutive quarter of solid earnings - driven by robust net interest income and meaningful margin expansion," said Brian Reed, President and CEO. "With notable progress made in addressing problem loans that weighed on 2024 results, we are encouraged by the momentum in our earnings outlook. Despite ongoing market volatility in the broader financial sector, we remain disciplined in our balance sheet strategy and operational execution. As deposits and loans continue to reprice, we anticipate further upside to our net interest margin."

Net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in the fourth quarter of 2024. Book value was $14.07 per share, compared to $14.43 per share a year ago and $13.53 in the fourth quarter of 2024. "Our operating performance for the first quarter of 2025 was a significant improvement over the prior quarter, fueled by strong net interest income generation and net interest margin expansion," said Brian Reed, President and CEO. "We are feeling positive about our earnings trajectory, as we have made significant progress in resolving problem loans which negatively impacted the Bank's performance in 2024. While market volatility continues throughout the financial sector, we will remain consistent with our balance sheet management and operating procedures. Continued repricing of our deposit and loan portfolio is expected to have a positive impact on our net interest margin and financial results going forward." "We continue to focus on maintaining strong capital levels by strategically managing the balance sheet and suspending cash dividends," said Reed. "As such, the Board determined it will also suspend cash dividends in the second quarter of 2025 so that we can continue to build capital, increase liquidity, and position the Bank to create long-term value for our shareholders." "Another highlight of the first quarter was the substantial decrease in problem loans and non-performing assets," said Reed. "We have been aggressively pursuing solutions to problem loans and have reduced our non-performing loans by $10,307,000 during the first quarter of 2025 compared to the preceding quarter, and by $24,101,000 compared to a year ago. Additionally, we anticipate non-performing loans will be further reduced by $8,016,000 in the second quarter of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract. These loans represent 46% of our $17,400,000 in non-performing loans. We are encouraged with our progress in resolving problem loans and will continue to make this a primary focus of the Bank."