Summit State Bank posts best year in history

ROBERT DIGITALE
THE PRESS DEMOCRAT

Summit State Bank reported Monday that its annual earnings jumped 55 percent last year to $3.4 million, the best performance in its 38-year history.

The Santa Rosa bank's assets rose 15 percent last year to $444.9 million, President/CEO Thomas Duryea said in a statement.

Nonperforming assets declined to $9.7 million, down 28 percent from a year earlier. Summit reported those assets include a $4.1 million foreclosed commercial property that is producing income for the bank.

Total deposits increased 9 percent to $341 million.

Summit on Monday announced it would continue its quarterly dividend of 9 cents per share, payable on Feb. 23.

The bank has five branches in Sonoma County.

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