Summit State Bank Reports Net Income of $1.8 Million for Third Quarter 2023; Declares Quarterly Cash Dividend of $0.12 Per Common Share

December 15, 2023

https://www.globenewswire.com/news-release/2023/10/25/2766608/7752/en/Summit-State-Bank-Reports-Net-Income-of-1-8-Million-for-Third-Quarter-2023-Declares-Quarterly-Cash-Dividend-of-0-12-Per-Common-Share.html

SANTA ROSA, Calif., Oct. 25, 2023 (GLOBE NEWSWIRE) — Summit State Bank (Nasdaq:SSBI) today reported net income for the third quarter ended September 30, 2023 of $1,821,000, or $0.27 per diluted share, a decrease of $2,158,000, or 54.2%, compared to net income of $3,979,000, or $0.59 per diluted share for the third quarter ended September 30, 2022. Financial results for the quarter reflect strong non-interest income resulting from increased gain on sale of loans. Lower net interest income resulting from an increase in interest expense on deposits offset aforementioned increase in non-interest income.

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