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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.

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