Summit State Bank of Santa Rosa reports 18% decline in first-quarter net income

The Santa Rosa-based bank said its net income for the January-through-March period was $1.4 million compared with $1.7 million a year ago.|
BILL SWINDELL
THE PRESS DEMOCRAT

Summit State Bank on Tuesday reported its net income decreased 18% during the first quarter compared with the same period of 2018.

Officials for the Santa Rosa-based bank said net income declined to ?$1.4 million for the January-?through-March quarter, from $1.7 million during the year-ago period.

Jim Brush, president and chief executive of Summit, attributed the decrease to hiring more staff and retaining more Small Business Administration loans instead of selling them into the secondary market.

The bank’s net interest income - the difference between the revenue generated from loans subtracted by the interest paid on deposits - increased 4% from a year ago to $5.5 million during the first quarter.

Bill Swindell

UPDATED: Please read and follow our commenting policy:
  • This is a family newspaper, please use a kind and respectful tone.
  • No profanity, hate speech or personal attacks. No off-topic remarks.
  • No disinformation about current events.
  • We will remove any comments — or commenters — that do not follow this commenting policy.
Send a letter to the editor