Business
Summit State Bank Reports 15% Increase in Net Income to $4,501,000 for Second Quarter 2022 and Declaration of Dividend
SANTA ROSA, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended June 30, 2022 of
About this update from Summit State Bank
[{"type":"text","content":"SANTA ROSA, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended June 30, 2022 of $4,501,000 and diluted earnings per share of $0.67. This compares to net income of $3,898,000 and diluted earnings per share of $0.58 for the quarter ended June 30, 2021. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. Dividend The Board of Directors declared a $0.12 per share quarterly dividend on July 25, 2022 to be paid on August 18, 2022 to shareholders of record on August 11, 2022. Net Income and Results of Operations Net income increased $603,000 or 15% the second quarter of 2022 compared to second quarter of 2021. Net interest income increased to $10,302,000 in the second quarter of 2022 compared to $8,976,000 in the second quarter of 2021. “Our continued increase in net income can be attributed to the Bank’s ongoing focus to grow core operations,” noted Brian Reed, President and CEO. “Throughout the pandemic and heading into a new economic environment, the Bank focuses on helping our customers through hardships while also growing core operations. We are pleased the Bank is benefitting from investing time and resources to make our business stronger and more financially sustainable.” The net interest margin for the second quarter of 2022 was 4.36%, annualized return on average assets was 1.85% and annualized return on average equity was 21.26%. The second quarter of 2021 had a net interest margin of 4.13%, annualized return on average assets of 1.76% and annualized return on average equity of 20.18%. Interest income increased to $11,346,000 in the second quarter of 2022 compared to $10,082,000 in the second quarter of 2021, this was an increase of 13%. The increase in interest income is attributable to a $1,156,000 increase in core loan interest yield primarily driven by increased volume, $54,000 increase in interest on deposits with banks and $46,000 increase in investment interest. Net loans and deposits increased when comparing the second quarter of 2022 to 2021. Net loans increased 11% to $838,265,000 at June 30, 2022 compared to $753,979,000 at June 30, 2021. Total deposits increased 7% to $819,932,000 at June 30, 2022 compared to $763,953,000 at June 30, 2021. Most of the deposit increase is due to the Bank’s ongoing focus t...