Business
Summit State Bank Reports 19% Increase in Net Income to $3,935,000 for First Quarter 2022 and Declaration of Dividend
SANTA ROSA, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended March 31, 2022 of
About this update from Summit State Bank
[{"type":"text","content":"SANTA ROSA, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended March 31, 2022 of $3,935,000 and diluted earnings per share of $0.59. This compares to net income of $3,317,000 and diluted earnings per share of $0.50 for the quarter ended March 31, 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 April 25, 2022 to be paid on May 19, 2022 to shareholders of record on May 12, 2022. Net Income and Results of Operations Net income increased $618,000 or 19% the first quarter of 2022 compared to first quarter of 2021. Net interest income increased to $9,882,000 in the first quarter of 2022 compared to $9,190,000 in the first quarter of 2021. “The Bank is pleased to announce continued earnings growth in the first quarter of 2022,” noted Brian Reed, President and CEO. “Since the onset of the pandemic, the Bank placed equal focus on helping our customers through hardships while also growing our core operations. Most of our customers have adapted to a new normal with their operations showing positive trends. We are also adjusting to a new steady state and are seeing the benefits from investing time and resources into our business to make it stronger and more sustainable.” The net interest margin for the first quarter of 2022 was 4.28%, annualized return on average assets was 1.66% and annualized return on average equity was 18.69%. The first quarter of 2021 had a net interest margin of 4.35%, annualized return on average assets of 1.54% and annualized return on average equity of 17.80%. Interest income increased to $10,879,000 in the first quarter of 2022 compared to $10,409,000 in the first quarter of 2021, this was an increase of 5%. The increase in interest income is attributable to a $1,296,000 increase in core loan interest yield primarily driven by increased volume, $27,000 increase in investment interest, and a $859,000 decrease in PPP loan volumes and forgiveness. Excluding PPP, core interest income increased to $10,681,000 in the first quarter of 2022 compared to $9,352,000 in the first quarter of 2021, this was a 14% increase. Net loans and deposits increased when comparing the first quarter of 2022 to 2021. Net loans increased 9% ...