N E W S from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
April 12, 2004 | Bob G. Scott, COO |
| (817) 877-2660 |
SUMMIT BANCSHARES REPORTS
FIRST QUARTER 2004 EARNINGS
Fort Worth, Texas - Summit Bancshares, Inc. (NASDAQ: SBIT), a community-oriented bank holding company in Fort Worth, with assets of $860 million, reported first quarter earnings today. Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “We are pleased to report positive financial performance of the Company for the first quarter of 2004. Growth in the average balance of loans and deposits were 20.5% and 10.9%, respectively, compared to the first quarter of the prior year. Net interest income increased 11.4% reflecting an 18.4% increase in earning assets over the prior year; however, the net interest margin declined 31 basis points from the first quarter of 2003. As we have noted in the past, the Company is more sensitive to movements in market interest rates than most community banks. In addition, because the Company has a somewhat larger funding base of non-interest bearing funds the current very low interest rate environment has a negative effect on the Company’s net interest income and net interest margin. As market interest rates increase in the future the Company, because of its interest rate structure, will be in a position to benefit from the increase.”
He further stated, “As we reported in February, we are excited about the opportunity to acquire Arlington National Bank. The addition of the Bank along with its staff will be a positive addition to the Company. It is our plan to complete this transaction in the second quarter.”
Results of Operations
For the quarter ended March 31, 2004, net income was $2,451,000 compared to $2,433,000 for the same period in 2003. Net income per diluted share was $0.39 for the three months ended March 31, 2004, the same as for the three months ended March 31, 2003.
Return on average assets and return on average stockholders’ equity for the first quarter of 2004 annualized were 1.22% and 14.06%, respectively. The Company’s average stockholders’ equity-to-assets ratio of 8.7% for the quarter ended March 31, 2004, continues to reflect a strong capital position for the Company.
Financial Results
Net interest income for the first quarter of 2004 was $8,283,000 compared to $7,435,000 in the first quarter of last year. Since the Company is somewhat more sensitive to market interest rate changes than other community banks due to its heavier commercial lending focus, the net interest margin declined to 4.36% for the quarter compared to 4.67% for the first quarter of the prior year reflecting the current very low market interest rate environment experienced by the Company.
In addition, the Company’s net interest margin was the same in the first quarter of this year compared to the last quarter of last year and was down one basis point from the margin recorded for the third quarter of last year. It is positive that the margin was somewhat steady during this nine month period when the prime rate remained at a historically low rate of 4.00% and the Company’s fixed rate assets continued to reprice downward during this period. The Company’s significant growth in assets in the period assisted in maintaining the margin.
The Company’s loans were $593 million at March 31, 2004, an increase of $104 million, or 21.2% from a year ago. The March 31, 2004 deposits were $656 million, an increase of $69 million, or 11.8% at the same date of the prior year. Stockholders’ equity at March 31, 2004, was $71.6 million compared to $66.6 million at March 31, 2003.
Non interest income of $1,567,000 reflected a $219,000, or 16.2%, increase for the first quarter compared to the same quarter in the prior year with positive increases in service charges on deposit accounts and a gain of $167,000 on the sale of foreclosed assets. These increases were somewhat offset by lower mortgage origination fees and investment brokerage fees.
Non interest expenses of $5,530,000 for the first quarter of 2004 increased $733,000 compared to the first quarter of last year. The increase in expense for the quarter reflected costs associated with the Company’s growth and included expenses related to the opening in June 2003 of the Hulen Branch, the expenses related to the relocation of the support staff, including administrative, operations and IT staff, to a new 34,000 sq. ft. facility in May of 2003 and the addition of several lenders and related staff in the last half of 2003.
Non-performing assets totaled $2.4 million or 0.41% of loans and foreclosed assets at March 31, 2004, compared to $2.4 million or .50% at March 31, 2003. The allowance for loan losses was 1.40% of total loans and 346% of non-performing loans at March 31, 2004. This level of allowance for loan losses is projected to provide for any anticipated loan losses.
The Company will host a conference call Tuesday, April 13th at 10:00 a.m. CT. To access the live call, please call (800)946-0716 and enter code 549970. A toll free replay of the call will be available starting Tuesday, April 13th at 1:00 p.m. CT through midnight, April 27th by calling (888)203-1112 and entering code 549970.
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 for the year ended December 31, 2003.
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
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
|
| Three Months Ended |
|
|
| ||||||
|
|
| % |
| |||||||
EARNINGS SUMMARY |
| 2004 |
| 2003 |
| Change |
| ||||
|
|
|
|
| |||||||
Interest income |
| $ | 10,198 |
| $ | 9,251 |
|
| 10.2 | % |
|
Interest expense |
|
| 1,915 |
|
| 1,816 |
|
| 5.5 | % |
|
|
|
|
|
|
|
| |||||
Net interest income |
|
| 8,283 |
|
| 7,435 |
|
| 11.4 | % |
|
Provision for loan losses |
|
| 605 |
|
| 300 |
|
| 101.7 | % |
|
Service charges on deposits |
|
| 906 |
|
| 758 |
|
| 19.5 | % |
|
Gain on sale of investment securities |
|
| - |
|
| - |
|
| 0.0 | % |
|
Other income |
|
| 661 |
|
| 590 |
|
| 12.0 | % |
|
Salaries and benefits expense |
|
| 3,368 |
|
| 2,905 |
|
| 15.9 | % |
|
Occupancy and equipment expense |
|
| 933 |
|
| 722 |
|
| 29.2 | % |
|
Other expense |
|
| 1,229 |
|
| 1,170 |
|
| 5.0 | % |
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
| 3,715 |
|
| 3,686 |
|
| 0.8 | % |
|
Provision for income taxes |
|
| 1,264 |
|
| 1,253 |
|
| 0.9 | % |
|
|
|
|
|
|
|
| |||||
Net earnings |
| $ | 2,451 |
| $ | 2,433 |
|
| 0.7 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| $ | 0.40 |
| $ | 0.39 |
|
| 2.6 | % |
|
|
|
|
|
|
|
| |||||
Basic weighted average shares |
|
| 6,152 |
|
| 6,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
| $ | 0.39 |
| $ | 0.39 |
|
| 0.0 | % |
|
|
|
|
|
|
|
| |||||
Diluted weighted average shares |
|
| 6,346 |
|
| 6,276 |
|
|
|
|
|
|
| Average for Quarter Ended | ||||||||||||||||
|
| |||||||||||||||||
BALANCE SHEET SUMMARY |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||||
|
|
|
|
|
|
| ||||||||||||
Total loans |
| $ | 573,862 |
| $ | 537,635 |
|
| $ | 503,936 |
|
| $ | 499,545 |
| $ | 476,298 |
|
Total investment securities |
|
| 187,988 |
|
| 205,162 |
|
|
| 199,367 |
|
|
| 165,600 |
|
| 170,609 |
|
Earning assets |
|
| 767,274 |
|
| 746,066 |
|
|
| 718,601 |
|
|
| 676,834 |
|
| 648,193 |
|
Total assets |
|
| 808,009 |
|
| 788,426 |
|
|
| 761,278 |
|
|
| 719,070 |
|
| 688,522 |
|
Noninterest bearing deposits |
|
| 179,396 |
|
| 184,106 |
|
|
| 176,478 |
|
|
| 170,234 |
|
| 160,011 |
|
Interest bearing deposits |
|
| 454,352 |
|
| 450,401 |
|
|
| 452,325 |
|
|
| 429,420 |
|
| 411,313 |
|
Total deposits |
|
| 633,748 |
|
| 634,507 |
|
|
| 628,803 |
|
|
| 599,654 |
|
| 571,324 |
|
Other borrowings |
|
| 101,349 |
|
| 82,160 |
|
|
| 61,199 |
|
|
| 48,866 |
|
| 48,012 |
|
Shareholders’ equity |
|
| 70,116 |
|
| 68,399 |
|
|
| 68,273 |
|
|
| 67,739 |
|
| 66,253 |
|
|
| Average for Three Months |
|
|
| ||||||
|
|
| % |
| |||||||
BALANCE SHEET SUMMARY |
| 2004 |
| 2003 |
| Change |
| ||||
|
|
|
|
| |||||||
Total loans |
| $ | 573,862 |
| $ | 476,298 |
|
| 20.5 | % |
|
Total investment securities |
|
| 187,988 |
|
| 170,609 |
|
| 10.2 | % |
|
Earning assets |
|
| 767,274 |
|
| 648,193 |
|
| 18.4 | % |
|
Total assets |
|
| 808,009 |
|
| 688,522 |
|
| 17.4 | % |
|
Noninterest bearing deposits |
|
| 179,396 |
|
| 160,011 |
|
| 12.1 | % |
|
Interest bearing deposits |
|
| 454,352 |
|
| 411,313 |
|
| 10.5 | % |
|
Total deposits |
|
| 633,748 |
|
| 571,324 |
|
| 10.9 | % |
|
Other borrowings |
|
| 101,349 |
|
| 48,012 |
|
| 111.1 | % |
|
Shareholders’ equity |
|
| 70,116 |
|
| 66,253 |
|
| 5.8 | % |
|
|
| Ending Balance |
| |||||||||||||||
|
|
| ||||||||||||||||
BALANCE SHEET SUMMARY |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||||
|
|
|
|
|
|
| ||||||||||||
Total loans |
| $ | 593,271 |
| $ | 553,769 |
|
| $ | 517,994 |
|
| $ | 500,040 |
| $ | 489,352 |
|
Total investment securities |
|
| 181,879 |
|
| 195,959 |
|
|
| 210,048 |
|
|
| 178,241 |
|
| 163,639 |
|
Total earning assets |
|
| 818,393 |
|
| 751,063 |
|
|
| 728,766 |
|
|
| 693,257 |
|
| 653,066 |
|
Allowance for loan losses |
|
| (8,320 | ) |
| (7,784 | ) |
|
| (7,483 | ) |
|
| (7,412 | ) |
| (7,365 | ) |
Premises and equipment |
|
| 12,755 |
|
| 12,920 |
|
|
| 13,237 |
|
|
| 13,391 |
|
| 11,652 |
|
Total assets |
|
| 860,361 |
|
| 795,478 |
|
|
| 777,558 |
|
|
| 738,916 |
|
| 697,893 |
|
Noninterest bearing deposits |
|
| 186,198 |
|
| 192,877 |
|
|
| 180,765 |
|
|
| 176,603 |
|
| 165,220 |
|
Interest bearing deposits |
|
| 470,186 |
|
| 448,504 |
|
|
| 456,706 |
|
|
| 435,143 |
|
| 421,699 |
|
Total deposits |
|
| 656,384 |
|
| 641,381 |
|
|
| 637,471 |
|
|
| 611,746 |
|
| 586,919 |
|
Other borrowings |
|
| 129,691 |
|
| 82,234 |
|
|
| 69,230 |
|
|
| 55,627 |
|
| 41,317 |
|
Total liabilities |
|
| 788,786 |
|
| 726,794 |
|
|
| 709,546 |
|
|
| 670,187 |
|
| 631,313 |
|
Shareholders’ equity |
|
| 71,575 |
|
| 68,684 |
|
|
| 68,012 |
|
|
| 68,729 |
|
| 66,580 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Nonaccrual loans |
| $ | 2,405 |
|
| $ | 2,351 |
|
|
| $ | 1,514 |
|
| $ | 1,458 |
| $ | 2,226 |
|
Restructured loans |
|
| - |
|
|
| - |
|
|
|
| - |
|
|
| - |
|
| - |
|
Other real estate & foreclosed assets |
|
| 7 |
|
|
| - |
|
|
|
| - |
|
|
| 125 |
|
| 125 |
|
Accruing loans past due 90 days or more |
|
| - |
|
|
| 55 |
|
|
|
| - |
|
|
| 14 |
|
| 80 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 2,412 |
|
| $ | 2,406 |
|
|
| $ | 1,514 |
|
| $ | 1,597 |
| $ | 2,431 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets as a |
|
| 0.41 | % |
|
| 0.43 | % |
|
|
| 0.29 | % |
|
| 0.32 | % |
| 0.50 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||||||
|
|
| ||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Balance at beginning of period |
| $ | 7,784 |
|
| $ | 7,483 |
|
|
| $ | 7,412 |
|
| $ | 7,365 |
| $ | 6,706 |
|
Loans charged off |
|
| (137 | ) |
|
| (163 | ) |
|
|
| (24 | ) |
|
| (272 | ) |
| (80 | ) |
Loan recoveries |
|
| 68 |
|
|
| 170 |
|
|
|
| 49 |
|
|
| 79 |
|
| 439 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| (69 | ) |
|
| 7 |
|
|
|
| 25 |
|
|
| (193 | ) |
| 359 |
|
Provision for loan losses |
|
| 605 |
|
|
| 294 |
|
|
|
| 46 |
|
|
| 240 |
|
| 300 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 8,320 |
|
| $ | 7,784 |
|
|
| $ | 7,483 |
|
| $ | 7,412 |
| $ | 7,365 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a |
|
| 1.40 | % |
|
| 1.41 | % |
|
|
| 1.45 | % |
|
| 1.48 | % |
| 1.50 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a |
|
| 345.95 | % |
|
| 323.57 | % |
|
|
| 494.39 | % |
|
| 503.53 | % |
| 319.38 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage |
|
| 0.01 | % |
|
| 0.00 | % |
|
|
| -0.01 | % |
|
| 0.04 | % |
| -0.07 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage |
|
| 0.11 | % |
|
| 0.05 | % |
|
|
| 0.01 | % |
|
| 0.05 | % |
| 0.06 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||||||
|
|
| ||||||||||||||||||
SELECTED RATIOS |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||
Return on average assets (annualized) |
|
| 1.22 | % |
|
| 1.21 | % |
|
|
| 1.29 | % |
|
| 1.37 | % |
| 1.43 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity (annualized) |
|
| 14.06 | % |
|
| 13.93 | % |
|
|
| 14.38 | % |
|
| 14.55 | % |
| 14.89 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders’ equity to average assets |
|
| 8.68 | % |
|
| 8.68 | % |
|
|
| 8.97 | % |
|
| 9.42 | % |
| 9.62 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on earning assets |
|
| 5.36 | % |
|
| 5.35 | % |
|
|
| 5.38 | % |
|
| 5.68 | % |
| 5.81 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of interest bearing funds |
|
| 1.39 | % |
|
| 1.38 | % |
|
|
| 1.42 | % |
|
| 1.62 | % |
| 1.60 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent) |
|
| 4.36 | % |
|
| 4.36 | % |
|
|
| 4.37 | % |
|
| 4.53 | % |
| 4.67 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
| 55.94 | % |
|
| 59.29 | % |
|
|
| 59.57 | % |
|
| 56.74 | % |
| 54.41 | % |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period book value per common share |
| $ | 11.63 |
|
| $ | 11.17 |
|
|
| $ | 11.04 |
|
| $ | 11.15 |
| $ | 10.81 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period common shares outstanding |
|
| 6,154 |
|
|
| 6,152 |
|
|
|
| 6,165 |
|
|
| 6,166 |
|
| 6,179 |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| March 31, 2004 |
| March 31, 2003 |
| ||||||||||||||
|
|
|
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YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
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Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, Repurchases, & Due from time |
| $ | 5,424 |
| $ | 13 |
|
| 0.96 | % | $ | 1,286 |
| $ | 4 |
|
| 1.18 | % |
Investment securities (taxable) |
|
| 181,189 |
|
| 1,718 |
|
| 3.79 | % |
| 165,615 |
|
| 1,711 |
|
| 4.19 | % |
Investment securities (tax-exempt) |
|
| 6,799 |
|
| 89 |
|
| 5.24 | % |
| 4,994 |
|
| 71 |
|
| 5.77 | % |
Loans |
|
| 573,862 |
|
| 8,414 |
|
| 5.90 | % |
| 476,298 |
|
| 7,499 |
|
| 6.39 | % |
|
|
|
|
|
|
|
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Total Interest Earning Assets |
|
| 767,274 |
|
| 10,234 |
|
| 5.36 | % |
| 648,193 |
|
| 9,285 |
|
| 5.81 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
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Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 25,136 |
|
|
|
|
|
|
|
| 25,639 |
|
|
|
|
|
|
|
Other assets |
|
| 23,579 |
|
|
|
|
|
|
|
| 21,686 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (7,980 | ) |
|
|
|
|
|
|
| (6,996 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Noninterest Earning Assets |
|
| 40,735 |
|
|
|
|
|
|
|
| 40,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 808,009 |
|
|
|
|
|
|
| $ | 688,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
|
|
|
|
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Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 196,922 |
|
| 518 |
|
| 1.06 | % | $ | 177,053 |
|
| 462 |
|
| 1.06 | % |
Savings deposits |
|
| 131,280 |
|
| 385 |
|
| 1.18 | % |
| 116,568 |
|
| 397 |
|
| 1.38 | % |
Certificates and other time deposits |
|
| 126,150 |
|
| 738 |
|
| 2.35 | % |
| 117,692 |
|
| 801 |
|
| 2.76 | % |
Other borrowings |
|
| 101,349 |
|
| 274 |
|
| 1.09 | % |
| 48,012 |
|
| 156 |
|
| 1.32 | % |
|
|
|
|
|
|
|
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Total Interest Bearing Liabilities |
|
| 555,701 |
|
| 1,915 |
|
| 1.39 | % |
| 459,325 |
|
| 1,816 |
|
| 1.60 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 179,396 |
|
|
|
|
|
|
|
| 160,011 |
|
|
|
|
|
|
|
Other liabilities |
|
| 2,796 |
|
|
|
|
|
|
|
| 2,933 |
|
|
|
|
|
|
|
Shareholders’ Equity |
|
| 70,116 |
|
|
|
|
|
|
|
| 66,253 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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Total Liabilities and Shareholders’ Equity |
| $ | 808,009 |
|
|
|
|
|
|
| $ | 688,522 |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
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| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 8,319 |
|
| 4.36 | % |
|
|
| $ | 7,469 |
|
| 4.67 | % |
|
|
|
|
|
|
|
|
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|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO |
| March 31, |
| % |
| March 31, |
| % |
| |||||||||
|
|
|
|
|
| |||||||||||||
Commercial and industrial |
| $ | 232,015 |
|
|
| 39.1 | % |
|
| $ | 202,448 |
|
|
| 41.4 | % |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 169,376 |
|
|
| 28.5 | % |
|
|
| 135,353 |
|
|
| 27.7 | % |
|
Residential |
|
| 73,481 |
|
|
| 12.4 | % |
|
|
| 53,388 |
|
|
| 10.9 | % |
|
Construction and development |
|
| 86,315 |
|
|
| 14.6 | % |
|
|
| 64,679 |
|
|
| 13.2 | % |
|
Consumer |
|
| 32,084 |
|
|
| 5.4 | % |
|
|
| 33,484 |
|
|
| 6.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total loans (gross) |
|
| 593,271 |
|
|
| 100.0 | % |
|
|
| 489,352 |
|
|
| 100.0 | % |
|
Unearned discounts |
|
| - |
|
|
| 0.0 | % |
|
|
| - |
|
|
| 0.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total loans (net) |
|
| 593,271 |
|
|
| 100.0 | % |
|
|
| 489,352 |
|
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL DATA |
| March 31, |
| March 31, |
| ||||||
|
|
|
| ||||||||
Tier 1 Capital |
|
| $ | 69,626 |
|
|
| $ | 63,671 |
|
|
Tier 1 Ratio |
|
|
| 11.01 | % |
|
|
| 12.09 | % |
|
Total Capital (Tier 1 + Tier 2) |
|
| $ | 77,539 |
|
|
| $ | 70,264 |
|
|
Total Capital Ratio |
|
|
| 12.26 | % |
|
|
| 13.34 | % |
|
Total Risk-Adjusted Assets |
|
| $ | 632,617 |
|
|
| $ | 526,659 |
|
|
Tier 1 Leverage Ratio |
|
|
| 8.62 | % |
|
|
| 9.04 | % |
|
OTHER DATA |
| March 31, |
| March 31, |
| ||||||
|
|
|
| ||||||||
Full Time Equivalent Employees (FTE’s) |
|
|
| 219 |
|
|
|
| 207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
|
|
|
|
High |
|
| $ | 32.15 |
|
|
| $ | 20.00 |
|
|
Low |
|
| $ | 27.66 |
|
|
| $ | 18.86 |
|
|
Close |
|
| $ | 30.10 |
|
|
| $ | 19.12 |
|
|