Business
Summit State Bank Reports 36% Increase in Net Income for Third Quarter 2019 and Declaration of Dividend
SANTA ROSA, Calif., Oct. 22, 2019 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2019, of
About this update from Summit State Bank
[{"type":"text","content":"SANTA ROSA, Calif., Oct. 22, 2019 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2019, of $2,045,000 and diluted earnings per share of $0.34. A quarterly dividend of $0.12 per share was declared for common shareholders.\n Dividend The Board of Directors declared a $0.12 per share quarterly dividend on October 21, 2019 to be paid on November 22, 2019 to shareholders of record on November 15, 2019. Net Income and Results of Operations For the quarter ended September 30, 2019, Summit State Bank (“Bank”) had net income of $2,045,000 and diluted earnings per share of $0.34 compared to net income of $1,505,000 and diluted earnings per share of $0.25 for the same quarter in 2018. Net income increased $540,000 or 36% the third quarter of 2019 compared to the third quarter of 2018. A significant portion of the increase in net income is related to non-interest income. In the third quarter of 2019 non-interest income was $1,001,000 compared to $453,000 in the third quarter of 2018. The primary difference between 2019 and 2018 was the Bank sold more SBA loans in third quarter of 2019 generating $639,000 in gain on sale compared $95,000 in gain on sale in the third quarter of 2018. “Although we are selling some loans, we continue to grow assets at a targeted pace while generating income in line with our 2019 target,” said Jim Brush, President and CEO. “The Bank has a good mix of income generators and cost controls to build a strong future for success.” Net interest income increased to $5,773,000 in the third quarter of 2019 compared to $5,512,000 in the third quarter of 2018. This was an increase of $261,000 or 5% from the prior year. Net loans, deposits and total assets also increased when comparing the third quarter of 2019 to third quarter of 2018. Loans increased 15% to $554,122,000 at September 30, 2019 compared to $481,419,000 at September 30, 2018, deposits increased 20% to $605,130,000 at September 30, 2019 compared to $504,052,000 at September 30, 2018, and total assets increased 14% to $680,840,000 at September 30, 2019 compared to $595,243,000 at September 30, 2018. “Each quarter we are experiencing consistent growth in our loan portfolio. This recent quarter we have increased loans outstanding by 15% compared to the same quarter one year ago,” said Brush. “We hav...