Summit State Bank earnings climb 27 percent

SANTA ROSA - Summit State Bank, headquartered in Santa Rosa, reported earnings of $5.5 million for calendar year 2014, up 27 percent over 2013.

Shareholders of record on Feb. 18 will receive quarterly dividends on Feb. 24 at 12 cents a share, up 9 percent from the previous payment. Summit State Bank (NASDAQ: SSBI) had annual earnings per share of $1.12 in 2014, up from 85 cents in 2013.

“We are pleased with our 2014 results as we continued to drive new full relationships into our local Sonoma County-based community bank,” said Thomas Duryea, the bank’s president and CEO. The bank also has branches in Petaluma, Rohnert Park and Healdsburg.

Total assets increased to $460 million at the end of 2014, compared with $454 million at the end of 2013. Total equity was $68 million on the last day of 2014.

Net loans declined slightly to $280 million at the close of 2014, compared with $283 million at the close of 2013. The decline in loans was attributed to early payoffs and efforts to work out problem loans. Summit State Bank originated $77 million in loans and commitments during 2014.

Nonperforming assets declined sharply to $5.8 million in December 2014, compared with $10.4 million in December 2013. Nonperforming assets include $4 million in a foreclosed commercial property that is producing income for the bank.

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