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SANTA ROSA, Calif., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended September 30, 2010 of $325,000 and declaration of $0.09 quarterly dividend.
The Directors declared a $0.09 quarterly cash dividend to shareholders of record on November 11, 2010 and payable on November 23, 2010.
Net Income and Results of Operations
The Bank had net income of $325,000 and net income available for common stockholders, which deducts the preferred dividends, of $187,000, or $0.04 per diluted share, for the quarter ended September 30, 2010 compared to net income of $166,000 and net income available for common stockholders of $28,000, or $0.01 per diluted share, for the quarter ended September 30, 2009. Net income available for common stockholders and diluted earnings per share for the nine months ended September 30, 2010 were $957,000 and $0.20 compared to $1,353,000 and $0.28 for the same period in 2009.
"Our core operating performance continues to strengthen as our key initiative started in 2008, to reshape the Bank into a full relationship Bank is being firmly established. Our strong net interest margin, efficiency ratio, and core deposit growth, best demonstrate our successful transformation. Net earnings have been impacted by loan loss provisions to address former transaction orientation and the weak economy," stated Thomas Duryea, President and CEO.
The Bank's net interest margin was 4.52% for the three months ended September 30, 2010 compared to 4.47% for the three months ended September 30, 2009. Net interest income was stable at $3,840,000 during the third quarter of 2010 compared to $3,770,000 for the same quarter of 2009.
The Bank's efficiency ratio, which expresses operating costs as a percentage of revenues, was 58% for the third quarter in 2010 compared to 57% in the third quarter of 2009. The efficiency ratio includes expenses related to problem loan monitoring and resolution largely from former transaction orientation.