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Summit State Bank Reports 23% Increase In Profitability And Declaration Of Dividend

Stocks in this article: SSBI

SANTA ROSA, Calif., July 29, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended June 30, 2013 of $1,031,000 and earnings per share of $0.21, an increase of 23% in net income and 50% in earnings per share over the quarter ended June 30, 2012. The regular quarterly dividend of $0.11 per share was declared for common shareholders.

Dividend

The Board of Directors today declared a $0.11 quarterly common stock dividend to be paid on August 23 to shareholders of record on August 15.

Net Income and Results of Operations

The Bank had net income of $1,031,000 and net income available for common stockholders of $986,000, or $0.21 per diluted share, for the quarter ended June 30, 2013 compared to net income of $835,000 and net income available for common stockholders of $663,000, or $0.14 per diluted share, for the quarter ended June 30, 2012.

For the six months ended June 30, 2013, net income available for common stockholders was $1,849,000 and diluted earnings per share was $0.39 compared to $1,104,000 and diluted earnings per share of $0.23, for the six months ended June 30, 2012.

"We continue to gain an increasing number of full banking relationships earned through our team's successful execution of the Summit Way service standards and deep support and care of our local Sonoma County community resulting in increasing profitability. A key part of these full banking relationships include Core Deposits that are an essential driver of the bank's long term sustainability to properly support the needs of our clients and community from which our shareholders will continue to be rewarded," said Tom Duryea, President & CEO.

Net interest income increased 2% to $4,069,000 in the second quarter and $8,185,000 for the six months ended June 30, 2013 compared to prior year periods as more earning assets offset the declines experienced in the net interest margin. Average earning assets increased 9% between the quarters and 11% for the six month periods while the net interest margin declined to 3.87% for the second quarter and 3.90% for the first six months of 2013 compared to 4.16% and 4.25% in 2012.

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