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SUMMIT STATE BANK News Release For Immediate Release Contact : Brian Reed , President and CEO , Summit State Bank ( 707 ) 568-4908 Summit State Bank Reports 76 % Increase in Net Income to $ 3,898,000 for Second Quarter 2021 and Declaration of Dividend SANTA ROSA , CA - ( July 27 , 2021 ) - Summit State Bank ( Nasdaq : SSBI ) today reported record net income for the quarter ended June 30 , 2021 of $ 3,898,000 and diluted earnings per share of $ 0.64 . This compares to net income of $ 2,218,000 and diluted earnings per share of $ 0.37 for the quarter ended June 30 , 2020. Additionally , a quarterly dividend of $ 0.12 per share was declared for common shareholders . Dividend The Board of Directors declared a $ 0.12 per share quarterly dividend on July 26 , 2021 to be paid on August 20 , 2021 to shareholders of record on August 13 , 2021 . Net Income and Results of Operations Net income increased $ 1,680,000 or 76 % the second quarter of 2021 compared to second quarter of 2020. Net interest income increased to $ 8,976,000 in the second quarter of 2021 compared to $ 7,174,000 in the second quarter of 2020 . " The Bank continues to experience strong core earnings growth in the first half of 2021 , " noted Brian Reed , President and CEO . " The full opening of local businesses in June was a welcomed change . Although the future impacts to the economy is unknown and many economic indicators provide a mixed review on the speed of the recovery , we are pleased to see many businesses beginning to feel the positive impact of this transition . " The net interest margin for the second quarter of 2021 was 4.13 % , annualized return on average assets was 1.76 % and annualized return on average equity was 20.18 % . The second quarter of 2020 had a net interest margin was 3.71 % , annualized return on average assets was 1.12 % and annualized return on average equity was 12.71 % . The Bank is experiencing growth in its margin due to a reduction in cost of funds ; this reduction was caused by repricing high - cost maturing deposits and an increase in low - cost , non - maturing deposit volume . Interest income increased to $ 10,082,000 in the second quarter of 2021 compared to $ 8,816,000 in the second quarter of 2020 , this was an increase of 14 % . The increase in interest income is