SANTA ROSA -- Summit State Bank (Nasdaq: SSBI) today reported net income of $1.2 million for the quarter ended Sept. 30, up 6 percent over the same quarter of 2013.
[caption id="attachment_101730" align="alignleft" width="200"] Tom Durea, CEO, Summit State Bank[/caption]
The bank, which has five branches and is headquartered in Santa Rosa, declared an $0.11 dividend to be paid Nov. 25 to shareholders of record on Nov. 17.
For the nine months ended Sept. 30, net income available for common stockholders was $3,572,000 or $0.74 diluted earnings per common share.
“Our performance continues to be driven by our strong community banking team,” said Tom Duryea, president and CEO.
Return on average assets for the quarter was 1 percent, about the same as in 2013. Return on average common equity for the nine months ended Sept. 30, 2014 was 9.5 percent, up from 8 percent in the first nine months of 2013.
Total assets were $463 million on Sept. 30, 2014, compared to $459 million on Sept. 30, 2013.
