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