N E W S from Summit Bancshares, Inc.
| For Information Contact: | |
July 18, 2005 |
| Bob G. Scott, COO |
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| (817) 877-2660 |
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SUMMIT BANCSHARES REPORTS
SECOND QUARTER 2005 EARNINGS
Fort Worth, Texas - Summit Bancshares, Inc. (NASDAQ: SBIT), a community-oriented bank holding company in Fort Worth, reported second quarter earnings today. Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “We are pleased to report a positive increase in earnings per share of 19.0% for the second quarter over earnings per share for the same quarter of last year. The increase in market interest rates that began a year ago has contributed significantly to this increase in earnings.”
He further stated, “Increases in the average balances of loans and deposits for the second quarter of 2005 over the second quarter of the prior year were 12.5% and 9.4%, respectively. These positive increases also contributed to the overall earnings increase.”
Results of Operations
For the quarter ended June 30, 2005, net income was $3,191,000 compared to $2,596,000 for the same period in 2004. Net income per diluted share was $0.25 for the three months ended June 30, 2005, compared to $0.21 for the three months ended June 30, 2004. All prior period per share data has been restated for the two- for-one stock split that was effective December 31, 2004. Return on average assets and return on average shareholders’ equity for the second quarter of 2005 were 1.27% and 16.71%, respectively. The Company’s average shareholders’ equity-to-assets ratio was 7.6% for the quarter ended June 30, 2005.
Net income for the six months ended June 30, 2005 was $6,204,000 or $0.49 per diluted share, compared to $5,047,000, or $0.40 per diluted share for the same period last year, a 22.5% increase. Return on average assets and return on average shareholders’ equity for the six months ended June 30, 2005 were 1.25% and 16.44%, respectively.
Financial Results
Net interest income (tax equivalent) for the second quarter of 2005 was $10.8 million compared to $9.1 million in the second quarter of last year, an 18.7% increase. The increase reflects the inclusion of Arlington National Bank’s financial results for two months in the second quarter of 2004 versus three months for the second quarter of 2005. Arlington National Bank was acquired effective May 1, 2004. The net interest margin increased to 4.57% for the second quarter of 2005 compared to 4.18% for the second quarter of the prior year. The Company believes it is somewhat more sensitive to market interest rate changes than other community banks due to its heavier commercial lending focus. Since late June 2004, the Federal Reserve has increased the target rate for Federal Funds by 225 basis points; and during this period, the prime lending rate has increased from 4.00% to 6.25%. This increase in the prime lending rate is reflected in an 89 basis point increase in the Company’s yield on earning assets and a 98 basis point increase in the yield on loans between the second quarter of 2004 and the second quarter of 2005. The Company, however, experienced an increase in the cost of interest bearing liabilities of 71 basis points during the same period.
The current rising interest rate environment also has had a positive impact on net interest income for that portion of earning assets supported by the Company’s non-interest bearing deposits. For the second quarter of 2005 non-interest bearing deposits averaged 30.0% of total deposits. As the Company’s interest earning assets reprice to reflect the increased interest rates in the market already experienced and if interest rates continue to rise the Company believes that its interest rate sensitive position will increase earnings. However, earnings may be somewhat impacted if rates on deposit and other interest bearing liabilities increase significantly faster than interest rates on earning assets.
Non-interest income increased $312,000 or 18.1% for the second quarter of 2005 compared to the same quarter in the prior year with positive increases in merchant card income and investment service fees which were primarily due to the acquisition in March 2005 of the investment group Dignum Financial Services. In addition, in the second quarter of 2005, the Company realized a gain of $169,000 on the sale of student loans. Growth of non-interest income continues to be one of the areas of the Company’s focus.
Non-interest expenses for the second quarter increased $1,208,000 or 19.0% over the same quarter of the previous year. This increase includes the impacts of: (a) the expenses of the Arlington locations being included in the Company’s financial results an additional month versus the same quarter last year; (b) the inclusion in the second quarter of 2005 of the expenses of Dignum Financial Services; (c) the expenses incurred in the new Hulen Motor Bank facility and the permanent office for the Euless Branch, both of which were occupied in the fourth quarter of 2004; and (d) certain staff additions in lending and support functions.
The provision for loan losses was $225,000 in the second quarter of 2005. This was a decrease of $175,000 over the same quarter last year. In the second quarter of 2005, the Company had net loan recoveries of $54,000. The Allowance for Loan Losses as a percent of outstanding loans was 1.50% (or 1.53% when loans are reflected net of the guaranteed portion of SBA loans and guaranteed student loans, which management believes is a more useful number because of the loan guarantees) at June 30, 2005 as compared to 1.46% at the end of the second quarter of 2004. For the first six months of 2005, the Company recorded net recoveries of previously charged-off loans of $161,000.
Non-performing assets totaled $3.4 million ($2.0 million net of principal guaranteed by the SBA), or 0.47% of loans and foreclosed assets at June 30, 2005, compared to $3.3 million, or 0.49% of loans and foreclosed assets, at June 30, 2004. The Allowance for Loan Losses was 317% of non-performing loans at June 30, 2005. The Company continues to maintain favorable measures of asset quality.
The Company’s loans were $721 million at June 30, 2005, an increase of $48 million, or 7.2%, from June 30, 2004. Deposits increased over the same period from $776 million to $804 million, an increase of $28 million, or 3.7%. Shareholders’ equity at June 30, 2005 was $77.6 million.
The Company will host a conference call Tuesday, July 19th at 10:30 a.m. (CT). To access the live call, please call (800) 289-0730 and enter code 1504863. A toll free replay of the call will be available for two weeks beginning at 3:00 p.m. (CT), July 19, 2005 through midnight, August 2, 2005. You may access this replay by calling (888) 203-1112 and entering code 1504863. Additional information regarding the Company is available on the Company’s website at www.summitbank.net.
Certain statements contained in this press release that are not historical in nature, including statements regarding the Company’s and/or management’s intentions, strategies, beliefs, expectations, representations, plans, projections, or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions for forward-looking statements contain in such Act. We are including this statement for purposes of invoking these safe harbor provisions. Forward-looking statements are based on assumptions involving certain known and unknown risks and uncertainties, many of which are beyond the Company’s control, and the other important factors that could cause actual results, performance or achievements to differ materially from the expectations expressed or implied by such forward-looking statements. These risks and uncertainties are listed from time to time in the Company’s filings with the Securities and Exchange Commission, including but not limited to, those set forth under the heading “Factors That May Affect Future Results” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Summit Bancshares, Inc. • 3880 Hulen, Ste. 300 • Fort Worth, Texas 76107
Telephone (817) 336-6817 • FAX (817) 877-2672 • Web Site: www.summitbank.net
SUMMIT BANCSHARES, INC. |
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(Unaudited) |
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(Dollars in thousands, except per share data) |
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| Quarter Ended |
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| Six Months Ended |
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| June 30, |
| % |
| June 30, |
| % |
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EARNINGS SUMMARY |
| 2005 |
| 2004 |
| Change |
| 2005 |
| 2004 |
| Change |
|
Interest income |
| $14,378 |
| $11,302 |
| 27.2 | % | $27,751 |
| $21,501 |
| 29.1 | % |
Interest expense |
| 3,656 |
| 2,274 |
| 60.8 | % | 6,796 |
| 4,190 |
| 62.2 | % |
Net interest income |
| 10,722 |
| 9,028 |
| 18.8 | % | 20,955 |
| 17,311 |
| 21.1 | % |
Provision for loan losses |
| 225 |
| 400 |
| -43.8 | % | 450 |
| 1,005 |
| -55.2 | % |
Service charges on deposits |
| 990 |
| 1,078 |
| -8.2 | % | 1,972 |
| 1,984 |
| -0.6 | % |
Gain on sale of investment securities |
| — |
| — |
| 0.0 | % | — |
| — |
| 0.0 | % |
Other income |
| 1,045 |
| 645 |
| 62.0 | % | 1,943 |
| 1,306 |
| 48.8 | % |
Salaries and benefits expense |
| 4,448 |
| 3,772 |
| 17.9 | % | 8,717 |
| 7,140 |
| 22.1 | % |
Occupancy and equipment expense |
| 1,231 |
| 1,117 |
| 10.2 | % | 2,433 |
| 2,050 |
| 18.7 | % |
Other expense |
| 1,879 |
| 1,461 |
| 28.6 | % | 3,660 |
| 2,690 |
| 36.1 | % |
Earnings before income taxes |
| 4,974 |
| 4,001 |
| 24.3 | % | 9,610 |
| 7,716 |
| 24.5 | % |
Provision for income taxes |
| 1,783 |
| 1,405 |
| 26.9 | % | 3,406 |
| 2,669 |
| 27.6 | % |
Net earnings |
| $3,191 |
| $2,596 |
| 22.9 | % | $6,204 |
| $5,047 |
| 22.9 | % |
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Basic earnings per share |
| $0.26 |
| $0.21 |
| 23.8 | % | $0.50 |
| $0.41 |
| 22.0 | % |
Basic weighted average shares |
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outstanding |
| 12,418 |
| 12,320 |
| 12,398 |
| 12,312 |
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Diluted earnings per share |
| $0.25 |
| $0.21 |
| 19.0 | % | $0.49 |
| $0.40 |
| 22.5 | % |
Diluted weighted average shares |
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outstanding |
| 12,734 |
| 12,638 |
| 12,726 |
| 12,664 |
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| Average for Quarter Ended |
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| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
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BALANCE SHEET SUMMARY |
| 2005 |
| 2005 |
| 2004 |
| 2004 |
| 2004 |
|
Total loans |
| $723,535 |
| $706,902 |
| $694,177 |
| $678,915 |
| $642,935 |
|
Total investment securities |
| 216,825 |
| 220,161 |
| 226,530 |
| 218,831 |
| 196,972 |
|
Earning assets |
| 945,251 |
| 932,258 |
| 924,557 |
| 914,595 |
| 871,084 |
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Total assets |
| 1,007,680 |
| 993,154 |
| 984,814 |
| 976,911 |
| 925,830 |
|
Noninterest bearing deposits |
| 239,127 |
| 225,519 |
| 235,846 |
| 226,462 |
| 207,815 |
|
Interest bearing deposits |
| 558,905 |
| 559,853 |
| 560,341 |
| 557,329 |
| 521,812 |
|
Total deposits |
| 798,032 |
| 785,372 |
| 796,187 |
| 783,791 |
| 729,628 |
|
Other borrowings |
| 128,684 |
| 128,174 |
| 109,713 |
| 118,083 |
| 121,193 |
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Shareholders’ equity |
| 76,575 |
| 75,602 |
| 74,543 |
| 71,038 |
| 70,583 |
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| Average for Six Months |
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| Ended- June 30, |
| % |
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BALANCE SHEET SUMMARY |
| 2005 |
| 2004 |
| Change |
|
Total loans |
| $715,265 |
| $608,398 |
| 17.6 | % |
Total investment securities |
| 218,484 |
| 192,480 |
| 13.5 | % |
Earning assets |
| 938,791 |
| 819,179 |
| 14.6 | % |
Total assets |
| 1,000,457 |
| 866,936 |
| 15.4 | % |
Noninterest bearing deposits |
| 232,361 |
| 193,603 |
| 20.0 | % |
Interest bearing deposits |
| 559,376 |
| 488,083 |
| 14.6 | % |
Total deposits |
| 791,737 |
| 681,685 |
| 16.1 | % |
Other borrowings |
| 128,430 |
| 111,271 |
| 15.4 | % |
Shareholders’ equity |
| 76,091 |
| 70,350 |
| 8.2 | % |
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Ending Balance |
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June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
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BALANCE SHEET SUMMARY |
| 2005 |
| 2005 |
| 2004 |
| 2004 |
| 2004 |
|
Total loans |
| $721,161 |
| $716,714 |
| $702,619 |
| $689,906 |
| $672,686 |
|
Total investment securities |
| 214,750 |
| 214,222 |
| 223,351 |
| 219,264 |
| 214,991 |
|
Total earning assets |
| 945,661 |
| 939,934 |
| 930,990 |
| 928,638 |
| 905,228 |
|
Allowance for loan losses |
| (10,798 | ) | (10,519 | ) | (10,187 | ) | (10,079 | ) | (9,844 | ) |
Premises and equipment |
| 15,563 |
| 15,462 |
| 15,749 |
| 15,643 |
| 15,145 |
|
Total assets |
| 1,008,475 |
| 999,914 |
| 989,117 |
| 990,406 |
| 969,708 |
|
Noninterest bearing deposits |
| 241,643 |
| 232,556 |
| 235,399 |
| 232,586 |
| 218,343 |
|
Interest bearing deposits |
| 562,846 |
| 565,002 |
| 556,865 |
| 558,938 |
| 557,347 |
|
Total deposits |
| 804,489 |
| 797,558 |
| 792,264 |
| 791,524 |
| 775,690 |
|
Other borrowings |
| 122,203 |
| 124,007 |
| 118,094 |
| 121,355 |
| 121,785 |
|
Total liabilities |
| 930,891 |
| 925,477 |
| 914,627 |
| 916,858 |
| 901,009 |
|
Shareholders’ equity |
| 77,584 |
| 74,437 |
| 74,490 |
| 73,548 |
| 68,699 |
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SUMMIT BANCSHARES, INC. | |||||||||
(Unaudited) | |||||||||
(Dollars in thousands) | |||||||||
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| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
NONPERFORMING ASSETS | 2005 |
| 2005 |
| 2004 |
| 2004 |
| 2004 |
Nonaccrual loans | $ 3,372 |
| $ 3,294 |
| $ 2,587 |
| $ 2,545 |
| $ 2,832 |
Restructured loans | — |
| — |
| — |
| — |
| — |
Other real estate & foreclosed assets | — |
| — |
| — |
| 4 |
| 369 |
Accruing loans past due 90 days or more | 36 |
| — |
| 18 |
| 2,300 |
| 111 |
Total nonperforming assets | $ 3,408 |
| $ 3,294 |
| $ 2,605 |
| $ 4,849 |
| $ 3,312 |
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Total nonperforming assets as a |
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percentage of loans and foreclosed assets | 0.47% |
| 0.46% |
| 0.37% |
| 0.70% |
| 0.49% |
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| Quarter Ended | ||||||||
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
ALLOWANCE FOR LOAN LOSSES | 2005 |
| 2005 |
| 2004 |
| 2004 |
| 2004 |
Balance at beginning of period | $ 10,519 |
| $ 10,187 |
| $ 10,079 |
| $ 9,844 |
| $ 8,320 |
Balance acquired in Arlington National Bank Acquisition | — |
| — |
| — |
| — |
| 1,254 |
Loans charged off | (147) |
| (84) |
| (293) |
| (415) |
| (196) |
Loan recoveries | 201 |
| 191 |
| 111 |
| 155 |
| 66 |
Net (charge-offs) recoveries | 54 |
| 107 |
| (182) |
| (260) |
| (130) |
Provision for loan losses | 225 |
| 225 |
| 290 |
| 495 |
| 400 |
Balance at end of period | $ 10,798 |
| $ 10,519 |
| $ 10,187 |
| $ 10,079 |
| $ 9,844 |
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Allowance for loan losses as a |
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percentage of total loans | 1.50% |
| 1.47% |
| 1.45% |
| 1.46% |
| 1.46% |
Allowance for loan losses as a |
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percentage of nonperforming loans | 316.84% |
| 319.34% |
| 393.82% |
| 396.03% |
| 347.60% |
Net charge-offs (recoveries) as a percentage |
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of average loans | -0.01% |
| -0.02% |
| 0.03% |
| 0.04% |
| 0.02% |
Provision for loan losses as a percentage |
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of average loans | 0.03% |
| 0.03% |
| 0.04% |
| 0.07% |
| 0.06% |
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| Quarter Ended | ||||||||
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
SELECTED RATIOS | 2005 |
| 2005 |
| 2004 |
| 2004 |
| 2004 |
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Return on average assets (annualized) | 1.27% |
| 1.23% |
| 1.18% |
| 1.14% |
| 1.13% |
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Return on average equity (annualized) | 16.71% |
| 16.16% |
| 15.58% |
| 15.66% |
| 14.79% |
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Average shareholders’ equity to average assets | 7.60% |
| 7.63% |
| 7.57% |
| 7.27% |
| 7.62% |
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Yield on earning assets | 6.12% |
| 5.83% |
| 5.61% |
| 5.39% |
| 5.23% |
|
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Cost of interest bearing funds | 2.13% |
| 1.85% |
| 1.65% |
| 1.49% |
| 1.42% |
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Net interest margin (tax equivalent) | 4.57% |
| 4.47% |
| 4.41% |
| 4.29% |
| 4.18% |
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Efficiency ratio | 59.07% |
| 59.69% |
| 59.71% |
| 59.23% |
| 58.90% |
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End of period book value per common share | $ 6.25 |
| $ 6.01 |
| $ 6.03 |
| $ 5.96 |
| $ 5.57 |
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End of period common shares outstanding | 12,421 |
| 12,390 |
| 12,359 |
| 12,334 |
| 12,372 |
SUMMIT BANCSHARES, INC. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
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| Three Months Ended | ||||||||||
| June 30, 2005 |
| June 30, 2004 | ||||||||
| Average |
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| Average |
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YIELD ANALYSIS | Balance |
| Interest |
| Yield |
| Balance |
| Interest |
| Yield |
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Interest Earning Assets: |
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Federal funds sold & due from time | $ 4,891 |
| $ 36 |
| 2.95% |
| $ 31,177 |
| $ 75 |
| 0.96% |
Investment securities (taxable) | 208,367 |
| 1,914 |
| 3.67% |
| 190,212 |
| 1,778 |
| 3.76% |
Investment securities (tax-exempt) | 8,458 |
| 110 |
| 5.20% |
| 6,760 |
| 88 |
| 5.26% |
Loans | 723,535 |
| 12,356 |
| 6.85% |
| 642,935 |
| 9,391 |
| 5.87% |
Total Interest Earning Assets | 945,251 |
| 14,416 |
| 6.12% |
| 871,084 |
| 11,332 |
| 5.23% |
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Noninterest Earning Assets: |
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Cash and due from banks | 30,139 |
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| 28,813 |
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Other assets | 42,973 |
|
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| 35,256 |
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Allowance for loan losses | (10,683) |
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| (9,323) |
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Total Noninterest Earning Assets | 62,429 |
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| 54,746 |
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Total Assets | $ 1,007,680 |
|
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|
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| $ 925,830 |
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Interest Bearing Liabilities: |
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Transaction and money market accounts | $ 231,313 |
| 797 |
| 1.38% |
| $ 238,697 |
| 637 |
| 1.07% |
Savings deposits | 162,065 |
| 704 |
| 1.74% |
| 143,322 |
| 408 |
| 1.15% |
Certificates and other time deposits | 165,527 |
| 1,151 |
| 2.79% |
| 139,794 |
| 792 |
| 2.28% |
Other borrowings | 128,684 |
| 1,004 |
| 3.13% |
| 121,193 |
| 437 |
| 1.45% |
Total Interest Bearing Liabilities | 687,589 |
| 3,656 |
| 2.13% |
| 643,006 |
| 2,274 |
| 1.42% |
|
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Noninterest Bearing Liabilities: |
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Demand deposits | 239,127 |
|
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|
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| 207,815 |
|
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|
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Other liabilities | 4,389 |
|
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|
|
| 4,426 |
|
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|
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Shareholders’ equity | 76,575 |
|
|
|
|
| 70,583 |
|
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|
|
Total Noninterest Bearing Liabilities | 320,091 |
|
|
|
|
| 282,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity | $ 1,007,680 |
|
|
|
|
| $ 925,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (tax equivalent) |
| $ 10,760 |
| 4.57% |
|
|
| $ 9,058 |
| 4.18% |
SUMMIT BANCSHARES, INC. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended | ||||||||||
| June 30, 2005 |
| June 30, 2004 | ||||||||
| Average |
|
|
|
|
| Average |
|
|
|
|
YIELD ANALYSIS | Balance |
| Interest |
| Yield |
| Balance |
| Interest |
| Yield |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & due from time | $ 5,042 |
| $ 67 |
| 2.68% |
| $ 18,300 |
| $ 88 |
| 0.96% |
Investment securities (taxable) | 210,249 |
| 3,840 |
| 3.65% |
| 185,701 |
| 3,496 |
| 3.77% |
Investment securities (tax-exempt) | 8,235 |
| 216 |
| 5.25% |
| 6,779 |
| 178 |
| 5.27% |
Loans | 715,265 |
| 23,702 |
| 6.68% |
| 608,398 |
| 17,805 |
| 5.89% |
Total Interest Earning Assets | 938,791 |
| 27,825 |
| 5.98% |
| 819,178 |
| 21,567 |
| 5.29% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks | 30,099 |
|
|
|
|
| 26,975 |
|
|
|
|
Other assets | 42,073 |
|
|
|
|
| 29,417 |
|
|
|
|
Allowance for loan losses | (10,506) |
|
|
|
|
| (8,651) |
|
|
|
|
Total Noninterest Earning Assets | 61,666 |
|
|
|
|
| 47,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets | $ 1,000,457 |
|
|
|
|
| $ 866,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts | $ 233,490 |
| 1,514 |
| 1.31% |
| $ 217,810 |
| 1,155 |
| 1.07% |
Savings deposits | 165,188 |
| 1,340 |
| 1.64% |
| 137,301 |
| 793 |
| 1.16% |
Certificates and other time deposits | 160,698 |
| 2,130 |
| 2.67% |
| 132,972 |
| 1,530 |
| 2.31% |
Other borrowings | 128,430 |
| 1,812 |
| 2.85% |
| 111,271 |
| 712 |
| 1.29% |
Total Interest Bearing Liabilities | 687,806 |
| 6,796 |
| 1.99% |
| 599,354 |
| 4,190 |
| 1.41% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits | 232,361 |
|
|
|
|
| 193,605 |
|
|
|
|
Other liabilities | 4,199 |
|
|
|
|
| 3,610 |
|
|
|
|
Shareholders’ equity | 76,091 |
|
|
|
|
| 70,350 |
|
|
|
|
Total Noninterest Bearing Liabilities | 312,651 |
|
|
|
|
| 267,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity | $ 1,000,457 |
|
|
|
|
| $ 866,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (tax equivalent) |
| $ 21,029 |
| 4.52% |
|
|
| $ 17,377 |
| 4.27% |
SUMMIT BANCSHARES, INC. | |||||||
(Unaudited) | |||||||
(Dollars in thousands, except per share data) | |||||||
|
|
|
|
|
|
|
|
| June 30, |
|
|
| June 30, |
|
|
LOAN PORTFOLIO | 2005 |
| % |
| 2004 |
| % |
Commercial and industrial | $ 257,362 |
| 35.7% |
| $ 249,230 |
| 37.0% |
Real estate: |
|
|
|
|
|
|
|
Commercial | 236,142 |
| 32.7% |
| 192,956 |
| 28.7% |
Residential | 86,558 |
| 12.0% |
| 83,398 |
| 12.4% |
Construction and development | 105,256 |
| 14.6% |
| 104,237 |
| 15.5% |
Consumer | 35,843 |
| 5.0% |
| 42,865 |
| 6.4% |
Total loans (gross) | 721,161 |
| 100.0% |
| 672,686 |
| 100.0% |
Unearned discounts | — |
| 0.0% |
| — |
| 0.0% |
Total loans (net) | $ 721,161 |
| 100.0% |
| $ 672,686 |
| 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| June 30, |
|
|
|
|
REGULATORY CAPITAL DATA | 2005 |
| 2004 |
|
|
|
|
Tier 1 Capital | $ 79,995 |
| $ 72,430 |
|
|
|
|
Tier 1 Ratio | 10.47% |
| 10.02% |
|
|
|
|
Total Capital (Tier 1 + Tier 2) | $ 89,549 |
| $ 81,478 |
|
|
|
|
Total Capital Ratio | 11.74% |
| 11.27% |
|
|
|
|
Total Risk-Adjusted Assets | $ 763,086 |
| $ 723,022 |
|
|
|
|
Tier 1 Leverage Ratio | 8.03% |
| 7.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| June 30, |
|
|
|
|
OTHER DATA | 2005 |
| 2004 |
|
|
|
|
Full Time Equivalent Employees (FTE’s) | 257 |
| 262 |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
High | $ 18.65 |
| $ 15.13 |
|
|
|
|
Low | $ 16.00 |
| $ 13.50 |
|
|
|
|
Close | $ 17.30 |
| $ 14.55 |
|
|
|
|