Summit State Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 03:00 am IST
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Summit State Bank reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company’s total interest income was $4,972,000 against $4,873,000 a year ago. Income before provision for income taxes was $2,021,000 against $2,185,000 a year ago. Net income available for common shareholders was $1,188,000 against $1,284,000 a year ago. Basic and diluted earnings per common share were $0.25 against $0.27 a year ago. Net interest income was $4,670,000 against $4,621,000 a year ago. Book value per common share as at December 31, 2016 was $12.17 against $11.99 a year ago. Return on average assets was 0.93% against 1.01% a year ago. Return on average common equity was 7.85% against 8.89% a year ago.
For the year, the company’s total interest income was $19,907,000 against $18,573,000 a year ago. Income before provision for income taxes was $8,449,000 against $10,259,000 a year ago. Net income available for common shareholders was $4,967,000 against $5,938,000 a year ago. Basic and diluted earnings per common share were $1.03 against $1.24 a year ago. Net interest income was $18,673,000 against $17,637,000 a year ago. Return on average assets was 0.97% against 1.24% a year ago. Return on average common equity was 8.37% against 10.60% a year ago.
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.