10 Worst Performing Bank Stocks in 2024

3. Summit State Bank (NASDAQ:SSBI)

Price: $7.40

Number of Hedge Fund Holders: 1

1-Year Price Performance: -28.16%

Summit State Bank (NASDAQ:SSBI) operates as a community bank that provides various financial services to individuals and businesses in Sonoma County, California. It offers different types of accounts like checking, savings, money market, and time deposits where customers can keep their money. The bank also provides loans for businesses, individuals, and non-profit organizations. It also supports local communities through volunteer programs and financial support to nonprofits.

Summit State Bank (NASDAQ:SSBI) has been facing significant credit losses which has led to a decrease of 28% in its price performance over the past 12 months. During the fiscal fourth quarter of 2024 reported a net loss of $6.6 million, compared to a net income of $1.9 million in the same period in 2023. The loss was mainly due to provisions for credit losses of around $6.65 million and a one-time non-cash goodwill impairment charge of $4.12 million.

To manage the losses the management has aggressively pursued solutions for non-performing loans, reducing them by $9.16 million in Q4 2024, and is expecting further reductions by $18.19 million in H1 2025 through loan payoffs from collateral sales. It is one of the worst-performing bank stocks in 2024.