Summit State Bank Reports Declaration of Dividend

Summit State Bank (Nasdaq:SSBI) today reported the Board of Directors declared a $0.12 per share quarterly dividend on July 23, 2018 to be paid on August 24, 2018 to shareholders of record on August 17, 2018.

“The Board of Directors continues its regular dividend declaration as the results of strategies that have been implemented and have resulted in improved results,” said Allan Hemphill, Chairman of the Board.

Earlier, Summit State Bank reported a 57% increase in second quarter ended June 30, 2018 net income of $1,461,000 or $0.24 earnings per diluted share compared to $930,000 or $0.15 earnings per diluted share for the second quarter of 2017.  For the six months ended June 30, 2018, net income increased 77% over the same period in 2017, with net income of $3,201,000 or $0.53 earnings per diluted share in 2018 compared to $1,812,000 or $0.30 earnings per diluted share in 2017.

Contact: James E. Brush, President and CEO, Summit State Bank [phone]