SANTA ROSA, Calif., July 29, 2014 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended June 30, 2014 of $1,281,000, a 24% increase over the quarter ended June 30, 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 August 25, 2014 to shareholders of record on August 15, 2014.Net Income and Results of Operations The Bank had net income of $1,281,000 and net income available for common stockholders of $1,247,000, or $0.26 per diluted share, for the quarter ended June 30, 2014 compared to 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. For the six months ended June 30, 2014 and 2013 the net income available for common stockholders and diluted earnings per common share were $2,422,000 or $0.50 and $1,849,000 or $0.39. "Our earnings continue to be driven by our team's strong efforts in attracting like-minded local small businesses, their owners, individuals, and non-profits to our Summit Way brand of community banking," said Tom Duryea, President and CEO. Return on average assets for the quarter and first six months of 2014 were 1.12% and 1.10% compared to 0.95% and 0.94% for the same periods in 2013. Return on average common equity for the six months ended June 30, 2014 was 9.8% compared to 7.5% in the first six months of 2013. The net interest margin declined to 3.76% from 3.87% between the second quarters of 2014 and 2013. The six month periods had a decline to 3.84% compared to 3.90% in 2013. However, net interest income increased for the 2014 periods as increased loan and investment volumes more than offset the declines in the net interest margin and the cost of funds continues to decline.