Summit State Bank Earnings Increase 15% to $17.0 Million for the Year 2022 and Increase 24% to $4.6 Million for Fourth Quarter 2022; Declares Quarterly Cash Dividend of $0.12 Per Common Share

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[{"type":"text","content":"SANTA ROSA, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the year ended December 31, 2022 increased $2,270,000, or 15%, to $16,968,000, or $2.54 per diluted share, compared to net income of $14,698,000, or $2.20 per diluted share for the year ended December 31, 2021. Strong loan and deposit growth and net interest margin expansion contributed to profitability for the quarter. For the fourth quarter ended December 31, 2022, net income increased 24% to $4,553,000, or $0.68 per diluted share, compared to $3,686,000, or $0.55 per diluted share, for the same period in 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. Dividend: The Board of Directors declared a quarterly cash dividend of $0.12 per share on January 23, 2023. The quarterly dividend will be paid on February 16, 2023 to shareholders of record on February 9, 2023. Results of Operations: “We delivered another strong quarter, and record profits for the year 2022,” noted Brian Reed, President and CEO. “We saw substantial growth in the loan portfolio year-over-year, increases to our core deposit base, and expansion of our net interest margin. Continued growth in the loan and investment portfolios, combined with a higher interest rate environment, contributed significantly to the increased net interest income and profitability relative to the prior year. Additionally, noninterest bearing deposit balances continued to increase despite deposit pricing pressures. With our strong core operations and capital base, we have the resources in place to make our business stronger and more financially sustainable. Looking ahead, we remain committed to protecting our profitability as we continue to grow in a disciplined manner.” The 2022 net interest margin was 4.34%, return on average assets was 1.69% and return on average equity was 19.72%. This compared to a net interest margin of 4.28%, return on average assets of 1.64% and return on average equity of 18.48% in 2021. For the fourth quarter of 2022, net interest margin was 4.29%, return on average assets was 1.69% and return on average equity was 20.84%. This compared to net interest margin of 4.34%, annualized return on average assets of 1.59% and annualized return on average equity of 17.46%, respectively, for the fourth quarter ...

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