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 A 55% Increase In Earnings For 2012 And Declaration Of Dividend

SANTA ROSA, Calif., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the year ended December 31, 2012 of $3,448,000, a 55% increase over 2011. Earnings per share increased to $0.62 in 2012 from $0.33 in 2011.

The quarterly dividend of $0.09 per share was declared payable on February 23 with a record date of February 15, 2013.

Net Income and Results of Operations

The bank had for the year ended December 31, 2012, net income of $3,448,000, net income available for common stockholders, which deducts the preferred dividends, of $2,927,000, and $0.62 per diluted share, compared to net income of $2,228,000, net income available for common stockholders of $1,577,000, and $0.33 per diluted share, for the year ended December 31, 2011.

For the quarter ended December 31, 2012, Summit had net income of $1,024,000, net income available for common stockholders of $941,000, and diluted earnings per share of $0.20 compared to $552,000 in net income, $379,000 net income available for common shareholders, or $0.08 per diluted share, for the same period in 2011.

"Our continuing profitability growth, with 2012 being the best year yet in our 38 year history of serving Sonoma County, is the result of our ongoing success in earning more and more full relationships through the high level of service and care our Summit team is providing our customers, and increasing referrals from our satisfied customers. This has in turn produced strong growth in core deposits, largely demand deposits, providing us the proper funding to meet the lending needs of our community through our $50,000,000 Small Business Lending program," said Thomas Duryea, President and CEO.

Net interest income was $16,249,000 for 2012, a 3.2% increase of $499,000 compared to 2011. The fourth quarter 2012 net interest income was $4,247,000, a 17% increase of $628,000 compared to the fourth quarter of 2011. The increase in net interest income was primarily attributable to higher levels of core relationship deposits and increase in earning assets.

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

Chart of I:DJI
DOW 16,488.37 +136.99 0.84%
S&P 500 1,968.08 +19.22 0.99%
NASDAQ 4,783.5760 +33.5970 0.71%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs