SANTA ROSA, Calif., July 29, 2010 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the Quarter ended June 30, 2010 of $506,000. The Board of Directors declared a cash dividend of $.09 per common share payable August 23, 2010 to shareholders of record on August 11, 2010.
Net Income and Results of Operations
The Bank had net income of $506,000 and net income available for common stockholders, which deducts the preferred dividends, of $368,000, or $0.08 per diluted share, for the quarter ended June 30, 2010 compared to net income of $713,000 and net income available for common stockholders of $575,000, or $0.12 per diluted share, for the quarter ended June 30, 2009. Net income available for common and diluted earnings per share for the six months ended June 30, 2010 were $770,000 or $0.16 compared to $1,325,000 or $0.28 for the same period in 2009."Continuing strong operating results driven by our disciplined asset and liability side initiatives were tempered by the increase in the allowance for loan losses and credit expenses related to former transaction credit focus and present economic conditions," stated Thomas Duryea, President and CEO. The Bank's net interest margin was 4.56% for the three months ended June 30, 2010 compared to 4.53% for the three months ended June 30, 2009. Net interest income was stable at $3,795,000 during the second quarter of 2010 compared to $3,872,000 for the same quarter of 2009. The Bank's regulatory capital remains well above the required capital ratios with a Tier 1 capital leverage ratio of 14.7%, a Tier 1 risk-based capital ratio of 18.1% and a Total risk-based capital ratio of 19.4% at June 30, 2010. "Continued strong core operations and strong capital ratios have allowed continued dividends to our shareholders," said Dennis Kelley, Chief Financial Officer.