Summit State Bank Reports A 55% Increase In Earnings For 2012 And Declaration Of Dividend

SANTA ROSA, Calif., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the year ended December 31, 2012 of $3,448,000, a 55% increase over 2011. Earnings per share increased to $0.62 in 2012 from $0.33 in 2011.

The quarterly dividend of $0.09 per share was declared payable on February 23 with a record date of February 15, 2013.

Net Income and Results of Operations

The bank had for the year ended December 31, 2012, net income of $3,448,000, net income available for common stockholders, which deducts the preferred dividends, of $2,927,000, and $0.62 per diluted share, compared to net income of $2,228,000, net income available for common stockholders of $1,577,000, and $0.33 per diluted share, for the year ended December 31, 2011.

For the quarter ended December 31, 2012, Summit had net income of $1,024,000, net income available for common stockholders of $941,000, and diluted earnings per share of $0.20 compared to $552,000 in net income, $379,000 net income available for common shareholders, or $0.08 per diluted share, for the same period in 2011.

"Our continuing profitability growth, with 2012 being the best year yet in our 38 year history of serving Sonoma County, is the result of our ongoing success in earning more and more full relationships through the high level of service and care our Summit team is providing our customers, and increasing referrals from our satisfied customers. This has in turn produced strong growth in core deposits, largely demand deposits, providing us the proper funding to meet the lending needs of our community through our $50,000,000 Small Business Lending program," said Thomas Duryea, President and CEO.

Net interest income was $16,249,000 for 2012, a 3.2% increase of $499,000 compared to 2011. The fourth quarter 2012 net interest income was $4,247,000, a 17% increase of $628,000 compared to the fourth quarter of 2011. The increase in net interest income was primarily attributable to higher levels of core relationship deposits and increase in earning assets.

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