Summit State Bank announces loan and income growth

SANTA ROSA -- Summit State Bank (Nasdaq: SSBI) announced growth in its loan portfolio, deposits and net income in the third quarter, with $1.1 million in quarterly net income representing a 15 percent increase over the same quarter in 2012.

Citing new customer relationships spurred by the bank's "$50,000,000 Small Business Lending Program," Summit announced that its loan portfolio increased 7 percent over the three-month period ended Sept. 30, to $290.6 million. While that portfolio volume was essentially unchanged from the same quarter in 2012, an increase in earning assets has helped the bank realize a 2 percent increase in net interest income versus the comparable quarter, at $4.1 million.

Total assets increased by 7 percent over the 12 months, to $459.2 million. Deposits grew by 5.9 percent over the period, to $352 million.

"We experienced a nice uptick in loan and core deposit growth in the third quarter resulting from the addition of a number of high-quality new banking relationships through the hard work and focus of our community banking team," said Tom Duryea, president and chief executive, in a statement.

The bank's board of directors declared an 11 cent quarterly dividend to shareholders of record as of Nov. 15, payable on Nov. 25.

Average earning assets increased by 9.4 percent for the nine-month period, at $423.6 million. The bank announced that it had no provision for loan losses in the recent quarter, and $12.1 million combined in nonperforming loans and real estate as of Sept. 30.

The bank's earnings for the quarter were equivalent to 23 cents per diluted share. Shares in Summit were trading at $9.90 at the close of the Nasdaq on Thursday, up from an opening price of $9.89.

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