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Summit State Bank Reports 15% Increase In Profitability And Declaration Of Dividend

SANTA ROSA, Calif., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended September 30, 2013 of $1,121,000 and earnings per share of $0.23, an increase of 15% in net income and 21% in earnings per share over the quarter ended September 30, 2012. The regular quarterly dividend of $0.11 per share was declared for common shareholders.


The Board of Directors today declared an $0.11 quarterly common stock dividend to be paid on November 25 to shareholders of record on November 15.

Net Income and Results of Operations

The Bank had net income of $1,121,000 and net income available for common stockholders of $1,087,000, or $0.23 per diluted share, for the quarter ended September 30, 2013 compared to net income of $977,000 and net income available for common stockholders of $883,000, or $0.19 per diluted share, for the quarter ended September 30, 2012.

For the nine months ended September 30, 2013, net income available for common stockholders was $2,934,000 and diluted earnings per share was $0.61 compared to $1,986,000 and diluted earnings per share of $0.42, for the nine months ended September 30, 2012.

"We experienced a nice uptick in loan and core deposit growth in the third quarter resulting from the addition of a number of high quality new banking relationships through the hard work and focus of our community banking team. Establishing and building customer relationships that include loans and core deposits as part of our Summit Way focus remains our top goal, which will continue to drive our long term success and further increase franchise value," said Tom Duryea, President & CEO.

Net interest income increased 2% to $4,078,000 in the third quarter and $12,263,000 for the nine months ended September 30, 2013 compared to prior year periods as more earning assets offset the declines experienced in the net interest margin. Average earning assets increased 5.7% between the quarters and 9.4% for the nine month periods while the net interest margin declined to 3.82% for the third quarter and 3.87% for the first nine months of 2013 compared to 3.96% and 4.15% in the 2012 periods.

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