56°
Light fog
WED
 86°
 56°
THU
 85°
 53°
FRI
 88°
 55°
SAT
 88°
 56°
SUN
 86°
 55°

Last hours to vote for the Best of Sonoma County finalists! Don't miss out!

Summit State Bank posts best year in history

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.

© The Press Democrat |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View