Summit State Bank Reports Continued Profitability, Strengthening Margins & Dividend
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV