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Summit State Bank Reports A 25% Increase In Earnings For 2013 And Declaration Of Dividend

SANTA ROSA, Calif., Jan. 27, 2014 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the year ended December 31, 2013 of $4,321,000, a 25% increase over 2012. Earnings per share increased to $0.85 in 2013 from $0.62 in 2012.

The quarterly dividend of $0.11 per share was declared payable on February 24 with a record date of February 18, 2014.

Net Income and Results of Operations

The bank had for the year ended December 31, 2013, net income of $4,321,000, net income available for common stockholders, which deducts the preferred dividends, of $4,068,000, and $0.85 diluted earnings per share, compared to net income of $3,448,000, net income available for common stockholders of $2,927,000, and $0.62 diluted earnings per share, for the year ended December 31, 2012.

For the quarter ended December 31, 2013, Summit had net income of $1,166,000, net income available for common stockholders of $1,132,000, and diluted earnings per share of $0.24 compared to $1,024,000 in net income, $941,000 net income available for common shareholders, or $0.20 diluted earnings per share, for the same period in 2012.

"We are pleased 2013 was our most successful year to date as our community banking team continued to grow earnings to a new high and further expand existing high quality customer relationships," said Tom Duryea, President and Chief Executive Officer.

Net interest income was $16,566,000 for 2013, a 2.0% increase of $317,000 compared to 2012. The fourth quarter 2013 net interest income was $4,303,000, compared to $4,247,000 for the fourth quarter of 2012. The increase in net interest income was primarily attributable to higher levels of core relationship deposits and increase in earning assets. The net interest margin was 3.88% for 2013 compared to 4.12% for 2012.

Return on average assets improved in 2013 to 0.98% from 0.84% in 2012 and return on average common equity was 8.33% for 2013 compared to 6.08% in 2012.

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