This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Summit State Bank Reports 21% Increase In Profitability And Declaration Of Dividend

Stocks in this article: SSBI

SANTA ROSA, Calif., April 29, 2014 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended March 31, 2014 of $1,210,000, a 21% increase over the quarter ended March 31, 2013. A quarterly dividend of $0.11 per share was declared for common shareholders.

Dividend

The Board of Directors declared an $0.11 quarterly dividend to be paid on May 23, 2014 to shareholders of record on May 15, 2014.

Net Income and Results of Operations

The Bank had net income of $1,210,000 and net income available for common stockholders of $1,176,000, or $0.24 per diluted share, for the quarter ended March 31, 2014 compared to 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.

"Our stronger earnings continue to be driven by the quality of our team and its deep commitment and hard work to support our growing portfolio of quality customer relationships resulting in our best quarter to date," said Tom Duryea, President & CEO.

Net interest income increased 3.8% at $4,270,000 for the first quarter of 2014 compared to $4,115,000 for the same quarter in 2013. The net interest margin was stable at 3.92% for the first quarter of 2014 compared to 3.93% in the first quarter of 2013.

Non-interest income was $462,000 in the first quarter of 2014 compared to $363,000 in the first quarter of 2013. The increase was primarily attributed to a gain realized on the sale of a foreclosed property.

Total assets increased 5% to $460,133,000 at March 31, 2014 compared to $438,266,000 at March 31, 2013. The asset growth was funded by a $29,207,000 increase in demand, savings and money market deposits. The mix of deposits changed between the periods in favor of demand, savings and money market deposits now comprising 57% of total deposits at March 31, 2014 compared to 51% at March 31, 2013.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs