Summit State Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Dividend Payable on February 23, 2012
January 26, 2012 at 06:30 pm
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Summit State Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $4,296,000 compared to $4,625,000 a year ago. Net interest income before provision for loan losses was $3,619,000 compared to $3,818,000 a year ago. Income before provision for income taxes was $943,000 compared to $746,000 a year ago. Net income available for common stockholders was $379,000 or $0.08 per basic and diluted common share compared to $298,000 or $0.06 per basic and diluted common share a year ago. Return on average assets was 0.56% compared to 0.49% a year ago. Return on average common equity was 3.16% compared to 2.48% a year ago. Return on average common tangible equity was 3.46% compared to 2.71% a year ago.
For the year, the company reported total interest income of $18,678,000 compared to $18,886,000 a year ago. Net interest income before provision for loan losses was $15,750,000 compared to $15,333,000 a year ago. Income before provision for income taxes was $3,792,000 compared to $3,183,000 a year ago. Net income available for common stockholders was $1,577,000 or $0.33 per basic and diluted common share compared to $1,255,000 or $0.26 per basic and diluted common share a year ago. Book value per common share was $9.98 compared to $9.95 a year ago. Return on average assets was 0.59% compared to 0.51% a year ago. Return on average common equity was 3.33% compared to 2.64% a year ago. Return on average common tangible equity was 3.65% compared to 2.89% a year ago.
The company declared quarterly dividend of $0.09 per share payable on February 23, 2012 with a record date of February 15, 2012.
Summit State Bank (the Bank) is a state-chartered commercial bank. The Bank operates a traditional community banking business within its primary service area of Sonoma County in California. It provides an array of financial services to small to medium-sized businesses and their owners and employees, entrepreneurs, families, foundations, estates and individual consumers. The Bank offers depository and lending services primarily to meet the needs of its business, nonprofit organization and individual clientele. These services include a variety of transaction, money market, savings and time deposit account alternatives. The Bank's lending activities are directed primarily towards commercial real estate, construction and business loans. It provides a set of loan products, such as commercial loans and leases, lines of credit, commercial real estate loans, Small Business Administration (SBA), loans and others. Its branch locations include Santa Rosa, Petaluma, Rohnert Park and Healdsburg.
Summit State Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Dividend Payable on February 23, 2012