Summit State Bank (Nasdaq: SSBI) on Tuesday reported 2018 net income of $5.8 million, up 77 percent from $3.2 million in 2017.
And the board of directors for the Santa Rosa-based bank declared a 12 cent-per-share quarterly dividend, to be paid on Feb. 26 to shareholders of record on Feb. 19.
“We are in the third year of implementing Summit State Bank’s strategy to increase core deposits and loan volume and enhance earnings performance,” said Jim Brush, President and CEO.
Summit has “minimized the impact a rising interest rate environment has had by increasing total loans as a percent of assets.”
The bank stated it experienced a 4.8 percent increase in gross loans during the fourth quarter 2018 and a 15.3 percent increase for 2018. Summit recorded a provision for loan loss that was relatively flat to the prior year: $530,000 in 2018 versus $520,000 in 2017.
In 2018 Summit’s net interest income increased by 16.4 percent up to $21.6 million in 2018 from $18.5 million in 2017.
“The growth in 2018 was subdued by a one-time deposit of approximately $55 million made prior to Dec. 31, 2017, and partially withdrawn after year end,” the bank stated.
Total assets were $622.1 million at the end of last year, up 1.8 percent.
“Staying true to our commitment of improving long-term shareholder value as well as caring for our employees, customers and community we serve is at the center of our strategic focus," Brush said. "I am optimistic about the trajectory we are on to build sustainable growth.”