Summit State Bank on Thursday reported annual profits jumped 23 percent last year to $2.2 million as it boosted deposits and whittled away at its backlog of problem loans.
The Santa Rosa bank reported $387.6 million in total assets at the end of 2011, up from $347.9 million a year ago.
“We continue to attract new full banking relationships including core deposits that are reducing our cost of funds, enabling us to provide new loans to small businesses and nonprofits that are strengthening our local Sonoma County community,” Thomas Duryea, the bank’s president and CEO, said in a statement.
Deposits rose to $312.1 million, up from $280 million a year ago. Net loans fell to $270 million, down from $280.4 million a year ago.
Summit recorded $13.4 million in nonperforming assets, including $1 million in foreclosed real estate, down from $13.5 million a year ago.
“Although nonperforming assets continue to be elevated, we are encouraged with the progress toward resolutions,” Bill Fogarty, the bank’s chief credit officer, said in a statement.
— Press Democrat staff