Summit State Bank reports 50-percent increase in third-quarter profit

The $1.5 million in earnings was the result of higher average loan balances and an increase in amount of loans made as percentage of total assets.|
BILL SWINDELL
THE PRESS DEMOCRAT

Summit State Bank of Santa Rosa on Tuesday reported a 50-percent increase in net income for the third quarter compared with the same period in 2017.

The $1.5 million in earnings was a result of higher average loan balances as well as an increase in the amount of loans made as percentage of total assets, said Jim Brush, the bank’s chief executive officer and president.

The bank has declared a 12-cent quarterly dividend that will be paid on Nov. 27.

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