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SANTA ROSA, Calif., April 29, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended March 31, 2013 of $1,002,000, a 64% increase over the quarter ended March 31, 2012. A quarterly dividend of $0.11 per share was declared for common shareholders.
The Board of Directors today declared an $0.11 quarterly dividend to be paid on May 23, 2013 to shareholders of record on May 15, 2013. This represents a $0.02 increase in the Bank's regular quarterly dividend.
Net Income and Results of Operations
The Bank had net income of $1,002,000 and net income available for common stockholders of $862,000, or $0.18 per diluted share, for the quarter ended March 31, 2013 compared to net income of $613,000 and net income available for common stockholders of $441,000, or $0.09 per diluted share, for the quarter ended March 31, 2012.
"Our profitability increase continues to be driven by the quality of the Summit team's care and expertise in building and supporting growth opportunities for our clients. This has resulted in increasing profitability of many of our clients resulting in increasing profitability of the bank. Our client's success, drives our success," said Tom Duryea, President & CEO
Net interest income increased 2% at $4,115,000 for the first quarter of 2013 compared to $4,023,000 for the same quarter in 2012. Increase in average earning assets between the quarters was 14%, which offset the net interest margin compression experienced in the current low interest rate environment. Net interest margin was 3.93% for the first quarter of 2013 compared to 4.34% in the first quarter of 2012.
Noninterest income was $363,000 in the first quarter of 2013 compared to $1,070,000 in the first quarter of 2012. The first quarter of 2012 benefitted from gains on securities of $702,000.