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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 29 % Increase in Net Income to $ 3,796,000 for Third Quarter 2021 and Declaration of Dividend SANTA ROSA , CA - ( October 27 , 2021 ) - Summit State Bank ( Nasdaq : SSBI ) today reported net income for the quarter ended September 30 , 2021 of $ 3,796,000 and diluted earnings per share of $ 0.63 . This compares to net income of $ 2,954,000 and diluted earnings per share of $ 0.49 for the quarter ended September 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 October 26 , 2021 to be paid on November 18 , 2021 to shareholders of record on November 11 , 2021 . In September the Bank announced that its Board of Directors declared a 10 % stock dividend to be paid on or about November 4 , 2021 to shareholders of record as of the close of business on October 29 , 2021. Each shareholder of the Bank will receive one additional share of stock for every ten shares owned on the record date of October 29 , 2021. Cash will be paid in lieu of fractional shares based on the closing price of the common stock on the record date . These stock dividends will also receive a $ 0.12 per share quarterly dividend to shareholders of record on November 11 , 2021 to be paid on November 18 , 2021 . Net Income and Results of Operations Net income increased $ 842,000 or 29 % the third quarter of 2021 compared to third quarter of 2020. Net interest income increased to $ 9,585,000 in the third quarter of 2021 compared to $ 7,740,000 in the third quarter of 2020 . " Last month the Bank announced that it will be issuing a 10 % stock dividend to each shareholder of record as of the close of business on October 29 , 2021 , " said Brian Reed , President and CEO . " We are pleased to see that the Bank's ongoing financial performance can deliver meaningful returns like this to our shareholders . We are optimistic about the Bank's long - term outlook as we see many local businesses recovering from the impacts of COVID and we continue growing in our communities through strong banking relationships . "