updated 5/10/2011 6:46:44 PM ET 2011-05-10T22:46:44

SANTA ROSA, Calif., May 10, 2011 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported net income for the quarter ended March 31, 2011 of $477,000 or $0.07 per common share.

The Bank had net income of $477,000 and net income available for common stockholders, which deducts the preferred dividends, of $339,000, or $0.07 per diluted share, for the quarter ended March 31, 2011 amending the previous results released on April 28, 2011 of net income for the quarter of $412,000 and net income available for common stockholders of $274,000, or $0.06 per diluted share.

The amended results reflect $112,000 in loan interest income which resulted in an additional $65,000 in after tax net income. The additional interest revenue results in a revised return on average assets of 0.54%, net interest margin of 4.66% and efficiency ratio of 62%.

About Summit State Bank

Summit State Bank has total assets of $374 million and total equity of $55 million at March 31, 2011. Headquartered in Sonoma County, the Bank provides diverse financial products and services throughout Sonoma, Napa, San Francisco, and Marin Counties. Summit State Bank is a Premier Performing Bank, earning the highest Findley Reports designation of all Sonoma County-based banks. Summit State Bank received the Gold Medal award for Best Business Bank from the Northbay Biz Magazine and has also been recognized as one of the North Bay's Best Places to Work by the North Bay Business Journal. Summit State Bank's stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

Forward-looking Statements

Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

CONTACT: Thomas Duryea, President and CEO,
         Summit State Bank
         (707) 568-4920

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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