Summit State Bank Earnings Increase 5% to $4.1 Million for First Quarter 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share

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[{"type":"text","content":"SANTA ROSA, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the first quarter ended March 31, 2023 increased $181,000, or 5%, to $4,116,000, or $0.62 per diluted share, compared to net income of $3,935,000, or $0.59 per diluted share for the first quarter ended March 31, 2022. Steady deposit growth and reduced operating expenses contributed to profitability for the quarter. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. The Board of Directors declared a quarterly cash dividend of $0.12 per share on April 24, 2023. The quarterly dividend will be paid on May 18, 2023 to shareholders of record on May 11, 2023. “We posted strong first quarter earnings, fueled by solid net interest income growth, continued non-interest income generation, and lower non-interest expenses,” said Brian Reed, President and CEO. “While the net interest margin decrease was primarily related to pressure from the funding side of the balance sheet, we remain prudent with all new loan pricing, as customer deposits are still our main source of loan funding. Despite unusual challenges presented to us by rapidly rising interest rates, highly publicized bank failures and continued discussion of a pending economic recession, we continue to implement new strategies to help our customers while also growing our operations.” First Quarter 2023 Financial Highlights (at or for the three months ended March 31, 2023) Net income was $4,116,000, or $0.62 per diluted share, compared to $3,935,000, or $0.59 per diluted share, in the first quarter of 2022 and $4,553,000, or $0.68 per diluted share, for the quarter ended December 31, 2022.Provision for credit losses was $400,000, compared to $135,000 in the first quarter a year ago.Net interest margin was 3.69%, compared to 4.29% in the preceding quarter and 4.28% in the first quarter a year ago.First quarter revenues (net interest income plus noninterest income) increased 1.3% to $11,996,000, compared to $11,837,000 in the first quarter a year ago.Annualized return on average assets was 1.47%, compared to 1.66% in the first quarter of 2022.Annualized return on average equity was 18.38%, compared to 18.69% in the first quarter a year ago.Net loans increased $89,452,000 to $907,623,000 at March 31, 2023, compared to $818,171,000 ...

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