This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Summit State Bank Reports Continued Profitability

SANTA ROSA, Calif., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the year ended December 31, 2010 of $1,807,000 or $0.26 per common share.

Net Income and Results of Operations

The Bank had net income of $1,807,000 and net income available for common stockholders, which deducts the preferred dividends, of $1,255,000, or $0.26 per diluted share, for the year ended December 31, 2010 compared to net income of $2,081,000 and net income available for common stockholders of $1,571,000, or $0.33 per diluted share, for the year ended December 31, 2009. Net income available for common stockholders and diluted earnings per share for the quarter ended December 31, 2010 were $298,000 and $0.06 compared to $218,000 and $0.05 for the same period in 2009.

"The Bank's core operating performance continues to strengthen, even in light of additional loan loss provisions," said Thomas Duryea, President and CEO.

Net interest income was $15,333,000 for 2010, an increase of $240,000 compared to 2009 and the provision for loan losses expense increased by $210,000 to $3,860,000 in 2010 compared to $3,650,000 in 2009.

The Bank's net interest margin was 4.55% for the year ended December 31, 2010, compared to 4.47% in 2009. For the fourth quarter of 2010, the Bank's net interest margin was 4.45% compared to 4.56% for the fourth quarter of 2009.

The Bank's efficiency ratio, which expresses operating costs as a percentage of revenues, was 58% for the year 2010 compared to 56% in 2009. The efficiency ratio includes expenses related to problem loan monitoring and resolution.

Core deposits, defined as demand, savings and money market deposits, increased 8.2% to $101,927,000 at December 31, 2010 from $94,184,000 at December 31, 2009. "Our focus over the past three years on building our demand and money market account totals continues to show success despite the difficult environment. Non-interest-bearing deposits increased 50% or $7.9 million to $23.6 million at December 31, 2010 compared to December 31, 2009," said Dennis Kelley, Chief Financial Officer.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs