N E W Sfrom Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
SUMMIT BANCSHARES ANNOUNCES
FOURTH QUARTER AND YEAR 2003 RESULTS
Fort Worth, Texas — Summit Bancshares, Inc. (Nasdaq:SBIT), a community-oriented bank holding company in Fort Worth, with assets of $795 million, reported fourth quarter earnings today. Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “The financial performance of the Company for 2003 was somewhat mixed. The Company experienced good growth in average balances of loans and deposits of 8.9% and 8.2%, respectively. However the increase in net interest income of 3.1% for the year continued to reflect the very low interest rate environment that the Company has experienced since market rates began their rapid decline in 2001. As a Company more heavily focused on commercial lending we are more impacted by a low rate environment than other banks. However as a result of a 6.7% loan growth in the fourth quarter compared to the third quarter, net interest income increased 3.7% in the quarter which we feel is very positive. This growth in loans partially reflects the addition of seven lenders to our lending staff in the last half of 2003.”
He further stated, “Because of the Company’s continued improvement in asset quality, it was possible to significantly reduce the provisions for loan losses in 2003 compared to the provisions recorded in 2002. However, the Company did experience a significant increase in non-interest expenses due to the strategic investments made in 2002 and 2003 in new technology, new branches, new support facilities and additional personnel. These investments will provide a strong infrastructure to support the long-term growth of the Company which will leverage the investments for increased profits.”
Results of Operations
For the fourth quarter ended December 31, 2003, net income was $2,403,000 compared to $2,266,000 for the same period in 2002. Net income per diluted share was $0.38 for the three months ended December 31, 2003, compared to $0.36 for the three months ended December 31, 2002. Return on average assets and return on average shareholders’ equity for the fourth quarter of 2003 were 1.21% and 13.93%, respectively. The Company’s average shareholders’ equity-to-assets ratio of 8.7% for the quarter ended December 31, 2003, continues to reflect a very strong capital position for the Company.
Net income for the year ended December 31, 2003 was $9,768,000, or $1.55 per diluted share, compared to $9,317,000, or $1.46 per diluted share for the previous year, a 6.2% increase. Return on average assets and return on average shareholders’ equity for the year of 2003 were 1.32% and 14.43%, respectively. These measures of profitability, although below the historical levels for the Company, continue to compare favorably to the Company’s national peers.
Financial Results
Net interest income for the fourth quarter of 2003 was $8,167,000 compared to $7,623,000 for the fourth quarter of last year. The Company is somewhat more sensitive to market interest rate changes than other community banks, due to its heavier commercial lending focus, resulting in the net interest margin declining to 4.36% for the quarter compared to 4.67% for the fourth quarter of the prior year and 4.37% for the third quarter of 2003.
Net interest income totaled $31.1 million for the year ended December 31, 2003, compared to $30.1 million the previous year. This modest increase in net interest income reflects the interest rate compression previously mentioned and the low interest rate environment experienced for the year. Net interest margin averaged 4.48% for the year of 2003 compared to a margin of 4.80% for 2002. This decline resulted from a 61 basis point decline in the yield on average earning assets; the impact of this decline was partially offset by a 41 basis point decline in the cost of average interest-bearing liabilities.
Provision for loan losses was $294,000 in the fourth quarter compared to $775,000 in the same quarter of last year. For the year of 2003, the provision for loan losses was $880,000 compared to $3,140,000 the previous year. For the year of 2003, the Company had net recoveries from previously charged-off loans of $198,000.
Non interest income, excluding gains on sale of investment securities, of $1,371,000 reflected a modest increase for the current quarter compared to the same quarter in the prior year with a positive increase in service charges on deposit accounts offset by decreases in other fee based services, including mortgage brokerage fees.
For the year of 2003, non interest income, excluding gains on sale of investment securities, increased to $5.8 million, a 9.4% increase. Included in this increase was an increase in service charges on deposit accounts of 17.3%.
Non interest expenses of $5,754,000 for the quarter increased $979,000 compared to the fourth quarter of last year. The increase in expense in the fourth quarter reflected costs associated with the Company’s growth and included increases in salaries and benefits expense and occupancy and equipment expenses primarily related to strategic investments noted earlier. Non interest expenses increased 17.2% for the year of 2003 compared to 2002. For the year personnel expenses increased 16.7% and occupancy and equipment expenses increased 33.1%, each increase primarily related to the strategic investments.
Non performing assets totaled $2.4 million or .43% of loans and foreclosed assets at December 31, 2003, compared to $3.4 million or .73% at December 31, 2002. The allowance for loan losses was 1.41% of total loans and 324% of non-performing loans at December 31, 2003.
Total assets on December 31, 2003, were $795 million, an increase of $107 million from $688 million on December 31, 2002. Loans on December 31, 2003, were $554 million, an increase of $85 million from $469 million at December 31, 2002. Total funding sources, including deposits and short-term borrowed funds, were $724 million at the end of the year, an increase of $104 million over the prior year-end.
The Company will host a fourth quarter earnings conference call Thursday, January 22nd at 10:30 a.m. CT. To participate, please call (800)289-0437 and enter confirmation code 656686. If you are unable to participate, an audio playback of the call will be available starting Thursday, January 22, 2004 at 1:30 p.m. (CT) through midnight February 5, 2004 (CT) by calling (888)203-1112 and entering code 656686.
Certain statements contained in this press release, which 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 contained in such Act. We are including this statement for purposes of invoking these safe harbor provisions. Forward-looking statements are made based on assumptions involving certain known and unknown risks and uncertainties, many of which are beyond the Company’s control, and 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 risk factors and uncertainties are listed from time to time in the Company’s filings with the Securities and Exchange Commission, including but not limited to the annual report on Form 10-K.
Summit Bancshares, Inc.· 3880 Hulen Street, Ste. 300· Fort Worth, Texas 76107
Telephone (817) 336-6817· FAX (817) 877-2672· Web Site: www.summitbank.net
4th QTR-YREND.2004
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EARNINGS SUMMARY | 2003 | 2002 | % Change | 2003 | 2002 | % Change | ||||||||||||||||||||
Interest income | $ | 10,020 | $ | 9,603 | 4.3 | % | $ | 38,527 | $ | 38,657 | –0.3 | % | ||||||||||||||
Interest expense | 1,853 | 1,980 | –6.4 | % | 7,437 | 8,512 | –12.6 | % | ||||||||||||||||||
Net interest income | 8,167 | 7,623 | 7.1 | % | 31,090 | 30,145 | 3.1 | % | ||||||||||||||||||
Provision for loan losses | 294 | 775 | –62.1 | % | 880 | 3,140 | –72.0 | % | ||||||||||||||||||
Service charges on deposits | 881 | 774 | 13.8 | % | 3,443 | 2,934 | 17.3 | % | ||||||||||||||||||
Gain on sale of investment securities | 129 | – | 100.0 | % | 230 | 165 | 39.4 | % | ||||||||||||||||||
Other Income | 490 | 586 | –16.4 | % | 2,355 | 2,368 | –0.5 | % | ||||||||||||||||||
Salaries and benefits expense | 3,594 | 2,570 | 39.8 | % | 12,926 | 11,078 | 16.7 | % | ||||||||||||||||||
Occupancy and equipment expense | 983 | 698 | 40.8 | % | 3,611 | 2,713 | 33.1 | % | ||||||||||||||||||
Other Expense | 1,177 | 1,507 | –21.9 | % | 4,916 | 4,518 | 8.8 | % | ||||||||||||||||||
Earnings before income taxes | 3,619 | 3,433 | 5.4 | % | 14,785 | 14,163 | 4.4 | % | ||||||||||||||||||
Provision for income taxes | 1,216 | 1,167 | 4.2 | % | 5,017 | 4,846 | 3.5 | % | ||||||||||||||||||
Net earnings | $ | 2,403 | $ | 2,266 | 6.0 | % | $ | 9,768 | $ | 9,317 | 4.8 | % | ||||||||||||||
Basic earnings per share | $ | 0.39 | $ | 0.37 | 5.4 | % | $ | 1.59 | $ | 1.50 | 6.0 | % | ||||||||||||||
Basic weighted average shares outstanding | 6,158 | 6,140 | 6,161 | 6,224 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.38 | $ | 0.36 | 5.6 | % | $ | 1.55 | $ | 1.46 | 6.2 | % | ||||||||||||||
Diluted weighted average shares outstanding | 6,344 | 6,287 | 6,318 | 6,396 |
Average for Quarter Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
BALANCE SHEET SUMMARY | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||
Total loans | $ | 537,635 | $ | 503,936 | $ | 499,545 | $ | 476,298 | $ | 471,260 | |||||||||||||
Total investment securities | 205,162 | 199,367 | 165,600 | 170,609 | 166,980 | ||||||||||||||||||
Earning assets | 746,066 | 718,601 | 676,834 | 648,193 | 650,995 | ||||||||||||||||||
Total assets | 788,426 | 761,278 | 719,070 | 688,522 | 693,064 | ||||||||||||||||||
Noninterest bearing deposits | 184,106 | 176,478 | 170,234 | 160,011 | 165,756 | ||||||||||||||||||
Interest bearing deposits | 450,401 | 452,325 | 429,420 | 411,313 | 413,657 | ||||||||||||||||||
Total deposits | 634,507 | 628,803 | 599,654 | 571,324 | 579,413 | ||||||||||||||||||
Other borrowings | 82,160 | 61,199 | 48,866 | 48,012 | 44,487 | ||||||||||||||||||
Shareholders’ equity | 68,399 | 68,273 | 67,739 | 66,253 | 64,369 |
Average for Twelve Months Ended December 31, | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
BALANCE SHEET SUMMARY | 2003 | 2002 | % Change | |||||||||||
Total loans | $ | 504,520 | $ | 463,106 | 8.9 | % | ||||||||
Total investment securities | 185,318 | 153,764 | 20.5 | % | ||||||||||
Earning assets | 697,750 | 629,859 | 10.8 | % | ||||||||||
Total assets | 739,658 | 668,909 | 10.6 | % | ||||||||||
Noninterest bearing deposits | 172,784 | 156,868 | 10.1 | % | ||||||||||
Interest bearing deposits | 436,017 | 405,704 | 7.5 | % | ||||||||||
Total deposits | 608,801 | 562,572 | 8.2 | % | ||||||||||
Other borrowings | 60,156 | 39,453 | 52.5 | % | ||||||||||
Shareholders’ equity | 67,673 | 63,189 | 7.1 | % |
Ending Balance | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
BALANCE SHEET SUMMARY | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||
Total loans | $ | 553,769 | $ | 517,994 | $ | 500,040 | $ | 489,352 | $ | 469,145 | |||||||||||||
Total investment securities | 195,959 | 210,048 | 178,241 | 163,639 | 173,512 | ||||||||||||||||||
Total earning assets | 751,063 | 728,766 | 693,257 | 653,066 | 642,919 | ||||||||||||||||||
Allowance for loan losses | (7,784 | ) | (7,483 | ) | (7,412 | ) | (7,365 | ) | (6,706 | ) | |||||||||||||
Premises and equipment | 12,920 | 13,237 | 13,391 | 11,652 | 11,486 | ||||||||||||||||||
Total assets | 795,478 | 777,558 | 738,916 | 697,893 | 687,733 | ||||||||||||||||||
Noninterest bearing deposits | 192,877 | 180,765 | 176,603 | 165,220 | 167,745 | ||||||||||||||||||
Interest bearing deposits | 448,504 | 456,706 | 435,143 | 421,699 | 414,204 | ||||||||||||||||||
Total deposits | 641,381 | 637,471 | 611,746 | 586,919 | 581,949 | ||||||||||||||||||
Other borrowings | 82,234 | 69,230 | 55,627 | 41,317 | 37,255 | ||||||||||||||||||
Total liabilities | 726,794 | 709,546 | 670,187 | 631,313 | 622,795 | ||||||||||||||||||
Shareholders’ equity | 68,684 | 68,012 | 68,729 | 66,580 | 64,938 |
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nonaccrual loans | $ | 2,351 | $ | 1,514 | $ | 1,458 | $ | 2,226 | $ | 2,135 | ||||||||||||
Restructured loans | – | – | – | – | – | |||||||||||||||||
Other real estate & foreclosed assets | – | – | 125 | 125 | 1,268 | |||||||||||||||||
Accruing loans past due 90 days or more | 55 | – | 14 | 80 | 16 | |||||||||||||||||
Total nonperforming assets | $ | 2,406 | $ | 1,514 | $ | 1,597 | $ | 2,431 | $ | 3,419 | ||||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets | 0.43 | % | 0.29 | % | 0.32 | % | 0.50 | % | 0.73 | % |
Quarter Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALLOWANCE FOR LOAN LOSSES | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||
Balance at beginning of period | $ | 7,483 | $ | 7,412 | $ | 7,365 | $ | 6,706 | $ | 6,334 | |||||||||||||
Loans charged off | (163 | ) | (24 | ) | (272 | ) | (80 | ) | (637 | ) | |||||||||||||
Loan recoveries | 170 | 49 | 79 | 439 | 234 | ||||||||||||||||||
Net (charge-offs) recoveries | 7 | 25 | (193 | ) | 359 | (403 | ) | ||||||||||||||||
Provision for loan losses | 294 | 46 | 240 | 300 | 775 | ||||||||||||||||||
Balance at end of period | $ | 7,784 | $ | 7,483 | $ | 7,412 | $ | 7,365 | $ | 6,706 | |||||||||||||
Allowance for loan losses as a percentage of total loans | 1.41 | % | 1.45 | % | 1.48 | % | 1.50 | % | 1.43 | % | |||||||||||||
Allowance for loan losses as a percentage of nonperforming loans | 323.57 | % | 494.39 | % | 503.53 | % | 319.38 | % | 311.76 | % | |||||||||||||
Net charge-offs as a percentage of average loans | 0.00 | % | –0.01 | % | 0.04 | % | –0.07 | % | 0.09 | % | |||||||||||||
Provision for loan losses as a percentage of average loans | 0.05 | % | 0.01 | % | 0.05 | % | 0.06 | % | 0.16 | % |
Quarter Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SELECTED RATIOS | Dectember 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||
Return on average assets (annualized) | 1.21 | % | 1.29 | % | 1.37 | % | 1.43 | % | 1.30 | % | |||||||||||||
Return on average equity (annualized) | 13.93 | % | 14.38 | % | 14.55 | % | 14.89 | % | 13.96 | % | |||||||||||||
Average shareholder’s equity to average assets | 8.68 | % | 8.97 | % | 9.42 | % | 9.62 | % | 9.29 | % | |||||||||||||
Yield on earning assets | 5.35 | % | 5.38 | % | 5.68 | % | 5.81 | % | 5.87 | % | |||||||||||||
Cost of interest bearing funds | 1.38 | % | 1.42 | % | 1.62 | % | 1.60 | % | 1.71 | % | |||||||||||||
Net interest margin (tax equivalent) | 4.36 | % | 4.37 | % | 4.53 | % | 4.67 | % | 4.67 | % | |||||||||||||
Efficiency ratio | 59.29 | % | 59.57 | % | 56.74 | % | 54.41 | % | 52.95 | % | |||||||||||||
End of period book value per common share | $11.17 | $11.04 | $ | 11.15 | $ | 10.81 | $ | 10.58 | |||||||||||||||
End of period common shares outstanding | 6,152 | 6,165 | 6,166 | 6,179 | 6,159 |
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
Three Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 31, 2003 | December 31, 2002 | ||||||||||||||||||||||||||
YIELD ANALYSIS | Average Balance | Interest | Yield | Average Balance | Interest | Yield | |||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||
Federal funds sold & Due from time | $ | 3,269 | $ | 6 | 0.76 | % | $ | 12,755 | $ | 42 | 1.30 | % | |||||||||||||||
Investment securities (taxable) | 198,302 | 1,932 | 3.87 | % | 162,195 | 1,762 | 4.31 | % | |||||||||||||||||||
Investment securities (tax-exempt) | 6,860 | 90 | 5.20 | % | 4,785 | 67 | 5.61 | % | |||||||||||||||||||
Loans | 537,635 | 8,031 | 5.93 | % | 471,260 | 7,766 | 6.54 | % | |||||||||||||||||||
Total Interest Earning Assets | 746,066 | 10,059 | 5.35 | % | 650,995 | 9,637 | 5.87 | % | |||||||||||||||||||
Noninterest Earning Assets: | |||||||||||||||||||||||||||
Cash and due from banks | 25,387 | 27,345 | |||||||||||||||||||||||||
Other assets | 24,555 | 21,264 | |||||||||||||||||||||||||
Allowance for loan losses | (7,582 | ) | (6,540 | ) | |||||||||||||||||||||||
Total Noninterest Earning Assets | 42,360 | 42,069 | |||||||||||||||||||||||||
Total Assets | $ | 788,426 | $ | 693,064 | |||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||
Transaction and money market accounts | $ | 197,375 | 509 | 1.02 | % | $ | 182,083 | 525 | 1.15 | % | |||||||||||||||||
Savings deposits | 128,319 | 394 | 1.22 | % | 118,261 | 447 | 1.50 | % | |||||||||||||||||||
Certificates and other time deposits | 124,707 | 740 | 2.36 | % | 113,313 | 844 | 2.95 | % | |||||||||||||||||||
Other borrowings | 82,160 | 209 | 1.01 | % | 44,487 | 164 | 1.46 | % | |||||||||||||||||||
Total Interest Bearing Liabilities | 532,561 | 1,852 | 1.38 | % | 458,144 | 1,980 | 1.71 | % | |||||||||||||||||||
Noninterest Bearing Liabilities: | |||||||||||||||||||||||||||
Demand deposits | 184,106 | 165,756 | |||||||||||||||||||||||||
Other liabilities | 3,360 | 4,795 | |||||||||||||||||||||||||
Shareholders’ Equity | 68,399 | 64,369 | |||||||||||||||||||||||||
Total Noninterest Bearing Liabilities | 255,865 | 234,920 | |||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 788,426 | $ | 693,064 | |||||||||||||||||||||||
Net Interest Income and Margin (tax equivalent) | $ | 8,207 | 4.36 | % | $ | 7,657 | 4.67 | % |
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
Twelve Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 31, 2003 | December 31, 2002 | ||||||||||||||||||||||||||
YIELD ANALYSIS | Average Balance | Interest | Yield | Average Balance | Interest | Yield | |||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||
Federal funds sold & Due from time | $ | 7,912 | $ | 81 | 1.02 | % | $ | 12,989 | $ | 212 | 1.63 | % | |||||||||||||||
Investment securities (taxable) | 179,539 | 7,106 | 3.96 | % | 150,704 | 7,046 | 4.68 | % | |||||||||||||||||||
Investment securities (tax-exempt) | 5,779 | 314 | 5.43 | % | 3,060 | 177 | 5.77 | % | |||||||||||||||||||
Loans | 504,520 | 31,171 | 6.18 | % | 463,106 | 31,326 | 6.76 | % | |||||||||||||||||||
Total Interest Earning Assets | 697,750 | 38,672 | 5.54 | % | 629,859 | 38,761 | 6.15 | % | |||||||||||||||||||
Noninterest Earning Assets: | |||||||||||||||||||||||||||
Cash and due from banks | 26,295 | 25,728 | |||||||||||||||||||||||||
Other assets | 22,964 | 19,760 | |||||||||||||||||||||||||
Allowance for loan losses | (7,351 | ) | (6,438 | ) | |||||||||||||||||||||||
Total Noninterest Earning Assets | 41,908 | 39,050 | |||||||||||||||||||||||||
Total Assets | $ | 739,658 | $ | 668,909 | |||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||
Transaction and money market accounts | $ | 193,841 | 2,108 | 1.09 | % | $ | 180,060 | 2,378 | 1.32 | % | |||||||||||||||||
Savings deposits | 119,851 | 1,581 | 1.32 | % | 112,977 | 1,909 | 1.69 | % | |||||||||||||||||||
Certificates and other time deposits | 122,325 | 3,121 | 2.55 | % | 112,667 | 3,594 | 3.19 | % | |||||||||||||||||||
Other borrowings | 60,156 | 627 | 1.04 | % | 39,453 | 631 | 1.60 | % | |||||||||||||||||||
Total Interest Bearing Liabilities | 496,173 | 7,437 | 1.50 | % | 445,157 | 8,512 | 1.91 | % | |||||||||||||||||||
Noninterest Bearing Liabilities: | |||||||||||||||||||||||||||
Demand deposits | 172,784 | 156,868 | |||||||||||||||||||||||||
Other liabilities | 3,028 | 3,695 | |||||||||||||||||||||||||
Shareholders’ Equity | 67,673 | 63,189 | |||||||||||||||||||||||||
Total Noninterest Bearing Liabilities | 243,485 | 223,752 | |||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 739,658 | $ | 668,909 | |||||||||||||||||||||||
Net Interest Income and Margin (tax equivalent) | $ | 31,235 | 4.48 | % | $ | 30,249 | 4.80 | % |
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO | December 31, 2003 | % | December 31, 2002 | % | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Commercial and industrial | $ | 219,805 | 39.7 | % | $ | 195,120 | 41.6 | % | ||||||||||
Real estate: | ||||||||||||||||||
Commercial | 159,082 | 28.7 | % | 130,755 | 27.9 | % | ||||||||||||
Residential | 67,635 | 12.2 | % | 48,447 | 10.3 | % | ||||||||||||
Construction and development | 74,069 | 13.4 | % | 59,941 | 12.8 | % | ||||||||||||
Consumer | 33,178 | 6.0 | % | 34,882 | 7.4 | % | ||||||||||||
Total loans (gross) | 553,769 | 100.0 | % | 469,145 | 100.0 | % | ||||||||||||
Unearned discounts | – | 0.0 | % | – | 0.0 | % | ||||||||||||
Total loans (net) | 553,769 | 100.0 | % | 469,145 | 100.0 | % |
REGULATORY CAPITAL DATA | December 31, 2003 | December 31, 2002 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Tier 1 Capital | $ | 67,996 | $ | 62,076 | ||||||
Tier 1 Ratio | 11.45 | % | 12.16 | % | ||||||
Total Capital (Tier 1 + Tier 2) | $ | 75,426 | $ | 68,463 | ||||||
Total Capital Ratio | 12.70 | % | 13.41 | % | ||||||
Total Risk-Adjusted Assets | $ | 594,044 | $ | 510,639 | ||||||
Tier 1 Leverage Ratio | 8.62 | % | 8.96 | % |
OTHER DATA | December 31, 2003 | December 31, 2002 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Full Time Equivalent Employees (FTE’s) | 225 | 205 | ||||||||
Stock Price Range (For the Quarter Ended): | ||||||||||
High | $ | 28.95 | $ | 21.21 | ||||||
Low | $ | 26.45 | $ | 18.77 | ||||||
Close | $ | 27.61 | $ | 19.50 |