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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.
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.