N E W S from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
July 12, 2004 | Bob G. Scott, COO |
| (817) 877-2660 |
SUMMIT BANCSHARES REPORTS
SECOND QUARTER 2004 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, “The acquisition of Arlington National Bank, Arlington, Texas, was completed effective May 1st. This acquisition brings with it four banking locations and, as of June 30th, deposits of $99.7 million and loans of $60.2 million. The acquisition plus the internal growth of the Company has resulted in the Company’s assets reaching $970 million as of the end of the quarter, a $231 million or 31% increase in the last twelve months. During the second quarter, we also opened a new branch in Euless, Texas. To manage this location we were able to hire the former CEO of an independent bank that was purchased by an out of state regional bank. Expanding into the Arlington & Euless markets has been a top priority for Summit for the last several years. The addition of Arlington National Bank and the Euless branch gives us an immediate resource in these markets as we expand our branches throughout Tarrant County.”
He further stated, “Earnings per diluted share for the quarter increased 5.1% compared to the same quarter last year. The second quarter results reflect the acquisition of Arlington National following purchase accounting rules, therefore you will note double digit increases in most of the categories of income and expense when comparing this quarter’s results to prior quarters. However, after considering the accounting impacts of the acquisition, the Company had a positive quarter of growth and earnings performance.”
Results of Operations
For the quarter ended June 30, 2004, net income was $2,596,000 compared to $2,457,000 for the same period in 2003. Net income per diluted share was $0.41 for the three months ended June 30, 2004, compared to $0.39 for the three months ended June 30, 2003. Return on average assets and return on average shareholders’ equity for the second quarter of 2004 were 1.13% and 14.79%, respectively. The Company’s average shareholders’ equity-to-assets ratio was 7.6% for the quarter ended June 30, 2004. The Arlington National acquisition was partially financed with a $12 million Trust Preferred issue giving the Company a Tier One capital ratio of 9.9%.
Net income for the six months ended June 30, 2004 was $5,047,000 or $0.80 per diluted share, compared to $4,890,000, or $0.78 per diluted share for the same period last year. Return on average assets and return on average shareholders’ equity for the six months ended June 30, 2004 were 1.17% and 14.43%, respectively.
Financial Results
Net interest income for the second quarter of 2004 was $9.0 million compared to $7.6 million in the second quarter of last year. The increase reflects the inclusion of Arlington National’s financial results for two months. 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 4.18% for the quarter compared to 4.53% for the second quarter of the prior year. In addition, the net interest margin for the second quarter was positively impacted by a modest decline in cost of interest-bearing deposits, contributed to by Arlington National’s deposit base, and was negatively impacted by: a) a higher level of liquidity in the quarter in anticipation of rising interest rates with short-term investments averaging $31.2 million for the quarter; b) a continuing decline in yields on investment securities and loans as fixed rate securities and loans repriced in the lower interest rate environment; and c) a higher cost of other borrowings reflecting an increase in Federal Home Loan Bank borrowing and the cost of financing the Arlington National acquisition.
Also, the current low interest rate environment has had a negative impact on net interest income for that portion of earning assets supported by the Company’s high levels of non-interest bearing deposits and shareholders’ equity, as compared to results from periods when market interest rates were higher. As market interest rates begin to rise, the Company believes that its current asset sensitive position will enhance earnings growth assuming deposit rates do not increase significantly faster than interest rates or earning assets.
Non-interest income increased $125,000 or 7.8% for the second quarter of 2004 compared to the same quarter in the prior year with positive increases in service charges on deposit accounts and increases in several other fee based services, including trust fees which is a new service being offered to the Company’s customers as a result of the Arlington acquisition. These increases were somewhat offset by lower mortgage origination fees and investment brokerage fees. 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 $1,104,000 or 21.0% over the same quarter of the previous year. This increase includes the impacts of: a) the addition of Arlington National which contributed $764,000 of expense to the current quarter; and b) a full quarter of expense of opening the Hulen Branch in June of last year and the occupancy of the operations facility in May of last year.
The provision for loan losses was $400,000 in the second quarter of 2004. This was an increase of $160,000 over the same quarter last year. In the quarter, the Company had net loan charge-offs of $130,000. The Allowance for Loan Losses as a percent of outstanding loans was 1.46% (or 1.53% net of the guaranteed portion of SBA loans and student guaranteed loans) at June 30, 2004 as compared to 1.48% at the end of the second quarter of 2003. For the first six months of 2004, the Company recorded net charged-off loans of $199,000.
Non performing assets totaled $3.3 million ($2.2 million net of principal guaranteed by SBA) or 0.49% of loans and foreclosed assets at June 30, 2004, compared to $1.6 million or .32% at June 30, 2003. The Allowance for Loan Losses was 348% of non-performing loans at June 30, 2004. The Company continues to maintain positive measures of asset quality.
The Company’s loans were $673 million at June 30, 2004, an increase of $173 million, or 34.5%, from a year ago. Deposits increased over the past year from $612 million to $776 million, an increase of $164 million, or 26.8%. Shareholders’ equity at June 30, 2004 was $68.7 million, the same as one year ago but reflects change in the available-for-sale investment securities adjustment of $5.6 million which lowered shareholders’ equity.
The Company will host a conference call Tuesday, July 13th at 10:30 a.m. (CT). To access the live call, please call (800) 310-1961 and enter code 253991. A toll free replay of the call will be available for two weeks beginning at 1:30 p.m. (CT), July 13, 2004 through midnight, July 27, 2004. You may access this replay by calling (888) 203-1112 and entering code 253991. Additional information regarding the Company is available on the Company’s website at www.summitbank.net.
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 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 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, 2003.
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.
(Unaudited)
(Dollars in thousands, except per share data)
|
| Quarter Ended |
| % |
| Six Months Ended |
| % |
| |||||||||||
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| |||||||||||||||
|
| 2004 |
| 2003 |
|
| 2004 |
| 2003 |
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| |||||||||||||
EARNINGS SUMMARY |
|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| |
Interest income |
| $ | 11,302 |
| $ | 9,547 |
|
| 18.4 | % | $ | 21,501 |
| $ | 18,798 |
|
| 14.4 | % | |
Interest expense |
|
| 2,274 |
|
| 1,934 |
|
| 17.6 | % |
| 4,190 |
|
| 3,750 |
|
| 11.7 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Net interest income |
|
| 9,028 |
|
| 7,613 |
|
| 18.6 | % |
| 17,311 |
|
| 15,048 |
|
| 15.0 | % | |
Provision for loan losses |
|
| 400 |
|
| 240 |
|
| 66.7 | % |
| 1,005 |
|
| 540 |
|
| 86.1 | % | |
Service charges on deposits |
|
| 1,078 |
|
| 890 |
|
| 21.1 | % |
| 1,984 |
|
| 1,649 |
|
| 20.3 | % | |
Gain on sale of investment securities |
|
| — |
|
| 12 |
|
| -100.0 | % |
| — |
|
| 12 |
|
| -100.0 | % | |
Other income |
|
| 645 |
|
| 696 |
|
| -7.3 | % |
| 1,306 |
|
| 1,285 |
|
| 1.6 | % | |
Salaries and benefits expense |
|
| 3,772 |
|
| 3,090 |
|
| 22.1 | % |
| 7,140 |
|
| 5,995 |
|
| 19.1 | % | |
Occupancy and equipment expense |
|
| 1,117 |
|
| 842 |
|
| 32.7 | % |
| 2,050 |
|
| 1,564 |
|
| 31.1 | % | |
Other expense |
|
| 1,461 |
|
| 1,314 |
|
| 11.2 | % |
| 2,690 |
|
| 2,484 |
|
| 8.3 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Earnings before income taxes |
|
| 4,001 |
|
| 3,725 |
|
| 7.4 | % |
| 7,716 |
|
| 7,411 |
|
| 4.1 | % | |
Provision for income taxes |
|
| 1,405 |
|
| 1,268 |
|
| 10.8 | % |
| 2,669 |
|
| 2,521 |
|
| 5.9 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Net earnings |
| $ | 2,596 |
| $ | 2,457 |
|
| 5.7 | % | $ | 5,047 |
| $ | 4,890 |
|
| 3.2 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Basic earnings per share |
| $ | 0.42 |
| $ | 0.40 |
|
| 5.0 | % | $ | 0.82 |
| $ | 0.79 |
|
| 3.8 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Basic weighted average shares outstanding |
|
| 6,160 |
|
| 6,162 |
|
|
|
|
| 6,156 |
|
| 6,164 |
|
|
|
| |
Diluted earnings per share |
| $ | 0.41 |
| $ | 0.39 |
|
| 5.1 | % | $ | 0.80 |
| $ | 0.78 |
|
| 2.6 | % | |
|
|
|
|
|
|
|
| |||||||||||||
Diluted weighted average shares outstanding |
|
| 6,319 |
|
| 6,311 |
|
|
|
|
| 6,332 |
|
| 6,294 |
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
| $ | 642,935 |
| $ | 573,862 |
| $ | 537,635 |
| $ | 503,936 |
| $ | 499,545 |
|
Total investment securities |
|
| 196,972 |
|
| 187,988 |
|
| 205,162 |
|
| 199,367 |
|
| 165,600 |
|
Earning assets |
|
| 871,084 |
|
| 767,274 |
|
| 746,066 |
|
| 718,601 |
|
| 676,834 |
|
Total assets |
|
| 925,830 |
|
| 808,009 |
|
| 788,426 |
|
| 761,278 |
|
| 719,070 |
|
Noninterest bearing deposits |
|
| 207,815 |
|
| 179,396 |
|
| 184,106 |
|
| 176,478 |
|
| 170,234 |
|
Interest bearing deposits |
|
| 521,812 |
|
| 454,352 |
|
| 450,401 |
|
| 452,325 |
|
| 429,420 |
|
Total deposits |
|
| 729,628 |
|
| 633,748 |
|
| 634,507 |
|
| 628,803 |
|
| 599,654 |
|
Other borrowings |
|
| 121,193 |
|
| 101,349 |
|
| 82,160 |
|
| 61,199 |
|
| 48,866 |
|
Shareholders’ equity |
|
| 70,583 |
|
| 70,116 |
|
| 68,399 |
|
| 68,273 |
|
| 67,739 |
|
|
| Average for Six Months |
| % |
| |||||
|
|
|
| |||||||
|
| 2004 |
| 2003 |
|
| ||||
|
|
|
|
| ||||||
BALANCE SHEET SUMMARY |
|
|
|
|
|
|
|
|
|
|
Total loans |
| $ | 608,398 |
| $ | 487,985 |
|
| 24.7 | % |
Total investment securities |
|
| 192,480 |
|
| 168,091 |
|
| 14.5 | % |
Earning assets |
|
| 819,179 |
|
| 662,593 |
|
| 23.6 | % |
Total assets |
|
| 866,936 |
|
| 703,880 |
|
| 23.2 | % |
Noninterest bearing deposits |
|
| 193,603 |
|
| 165,151 |
|
| 17.2 | % |
Interest bearing deposits |
|
| 488,083 |
|
| 420,416 |
|
| 16.1 | % |
Total deposits |
|
| 681,685 |
|
| 585,567 |
|
| 16.4 | % |
Other borrowings |
|
| 111,271 |
|
| 48,442 |
|
| 129.7 | % |
Shareholders’ equity |
|
| 70,350 |
|
| 67,000 |
|
| 5.0 | % |
|
| Ending Balance |
| |||||||||||||
|
|
| ||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| |||||
|
|
|
|
|
|
| ||||||||||
BALANCE SHEET SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
| $ | 672,686 |
| $ | 593,271 |
| $ | 553,769 |
| $ | 517,994 |
| $ | 500,040 |
|
Total investment securities |
|
| 214,991 |
|
| 181,879 |
|
| 195,959 |
|
| 210,048 |
|
| 178,241 |
|
Total earning assets |
|
| 905,228 |
|
| 818,393 |
|
| 751,063 |
|
| 728,766 |
|
| 693,257 |
|
Allowance for loan losses |
|
| (9,844 | ) |
| (8,320 | ) |
| (7,784 | ) |
| (7,483 | ) |
| (7,412 | ) |
Premises and equipment |
|
| 15,145 |
|
| 12,755 |
|
| 12,920 |
|
| 13,237 |
|
| 13,391 |
|
Total assets |
|
| 969,708 |
|
| 860,361 |
|
| 795,478 |
|
| 777,558 |
|
| 738,916 |
|
Noninterest bearing deposits |
|
| 218,343 |
|
| 186,198 |
|
| 192,877 |
|
| 180,765 |
|
| 176,603 |
|
Interest bearing deposits |
|
| 557,347 |
|
| 470,186 |
|
| 448,504 |
|
| 456,706 |
|
| 435,143 |
|
Total deposits |
|
| 775,690 |
|
| 656,384 |
|
| 641,381 |
|
| 637,471 |
|
| 611,746 |
|
Other borrowings |
|
| 121,785 |
|
| 129,691 |
|
| 82,234 |
|
| 69,230 |
|
| 55,627 |
|
Total liabilities |
|
| 901,009 |
|
| 788,786 |
|
| 726,794 |
|
| 709,546 |
|
| 670,187 |
|
Shareholders’ equity |
|
| 68,699 |
|
| 71,575 |
|
| 68,684 |
|
| 68,012 |
|
| 68,729 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| |||||
|
|
|
|
|
|
| ||||||||||
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
| $ | 2,832 |
| $ | 2,405 |
| $ | 2,351 |
| $ | 1,514 |
| $ | 1,458 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| 369 |
|
| 7 |
|
| — |
|
| — |
|
| 125 |
|
Accruing loans past due 90 days or more |
|
| 111 |
|
| — |
|
| 55 |
|
| — |
|
| 14 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 3,312 |
| $ | 2,412 |
| $ | 2,406 |
| $ | 1,514 |
| $ | 1,597 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 0.49 | % |
| 0.41 | % |
| 0.43 | % |
| 0.29 | % |
| 0.32 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| ||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| ||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance at beginning of period |
| $ | 9,574 |
| $ | 7,784 |
| $ | 7,483 |
| $ | 7,412 |
| $ | 7,365 |
| |||||||||||||
Loans charged off |
|
| (196 | ) |
| (137 | ) |
| (163 | ) |
| (24 | ) |
| (272 | ) | |||||||||||||
Loan recoveries |
|
| 66 |
|
| 68 |
|
| 170 |
|
| 49 |
|
| 79 |
| |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Net (charge-offs) recoveries |
|
| (130 | ) |
| (69 | ) |
| 7 |
|
| 25 |
|
| (193 | ) | |||||||||||||
Provision for loan losses |
|
| 400 |
|
| 605 |
|
| 294 |
|
| 46 |
|
| 240 |
| |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Balance at end of period |
| $ | 9,844 |
| $ | 8,320 |
| $ | 7,784 |
| $ | 7,483 |
| $ | 7,412 |
| |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.46 | % |
| 1.40 | % |
| 1.41 | % |
| 1.45 | % |
| 1.48 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 347.60 | % |
| 345.95 | % |
| 323.57 | % |
| 494.39 | % |
| 503.53 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| 0.02 | % |
| 0.01 | % |
| 0.00 | % |
| -0.01 | % |
| 0.04 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.06 | % |
| 0.11 | % |
| 0.05 | % |
| 0.01 | % |
| 0.05 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
|
| Quarter Ended |
| ||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
|
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| ||||||||||||||||||
|
|
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|
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| |||||||||||||||||||||||
SELECTED RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Return on average assets (annualized) |
|
| 1.13 | % |
| 1.22 | % |
| 1.21 | % |
| 1.29 | % |
| 1.37 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Return on average equity (annualized) |
|
| 14.79 | % |
| 14.06 | % |
| 13.93 | % |
| 14.38 | % |
| 14.55 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Average shareholders’ equity to average assets |
|
| 7.62 | % |
| 8.68 | % |
| 8.68 | % |
| 8.97 | % |
| 9.42 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Yield on earning assets |
|
| 5.23 | % |
| 5.36 | % |
| 5.35 | % |
| 5.38 | % |
| 5.68 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Cost of interest bearing funds |
|
| 1.42 | % |
| 1.39 | % |
| 1.38 | % |
| 1.42 | % |
| 1.62 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Net interest margin (tax equivalent) |
|
| 4.18 | % |
| 4.36 | % |
| 4.36 | % |
| 4.37 | % |
| 4.53 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
Efficiency ratio |
|
| 58.90 | % |
| 55.94 | % |
| 59.29 | % |
| 59.57 | % |
| 56.74 | % | |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
End of period book value per common share |
| $ | 11.14 |
| $ | 11.63 |
| $ | 11.17 |
| $ | 11.04 |
| $ | 11.15 |
| |||||||||||||
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|
|
|
|
|
| |||||||||||||||||||||||
End of period common shares outstanding |
|
| 6,186 |
|
| 6,154 |
|
| 6,152 |
|
| 6,165 |
|
| 6,166 |
| |||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| |||||||||||||||||
|
|
| ||||||||||||||||||
|
| June 30, 2004 |
| June 30, 2003 |
| |||||||||||||||
|
|
|
| |||||||||||||||||
|
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||
YIELD ANALYSIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal funds sold & due from time |
| $ | 31,177 |
| $ | 75 |
|
| 0.96 | % | $ | 11,689 |
| $ | 33 |
|
| 1.13 | % | |
Investment securities (taxable) |
|
| 190,212 |
|
| 1,778 |
|
| 3.76 | % |
| 160,498 |
|
| 1,599 |
|
| 4.00 | % | |
Investment securities (tax-exempt) |
|
| 6,760 |
|
| 88 |
|
| 5.24 | % |
| 5,102 |
|
| 71 |
|
| 5.62 | % | |
Loans |
|
| 642,935 |
|
| 9,391 |
|
| 5.87 | % |
| 499,545 |
|
| 7,878 |
|
| 6.33 | % | |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Interest Earning Assets |
|
| 871,084 |
|
| 11,332 |
|
| 5.23 | % |
| 676,834 |
|
| 9,581 |
|
| 5.68 | % | |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
| 28,813 |
|
|
|
|
|
|
|
| 27,970 |
|
|
|
|
|
|
| |
Other assets |
|
| 35,256 |
|
|
|
|
|
|
|
| 21,648 |
|
|
|
|
|
|
| |
Allowance for loan losses |
|
| (9,323 | ) |
|
|
|
|
|
|
| (7,382 | ) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Noninterest Earning Assets |
|
| 54,746 |
|
|
|
|
|
|
|
| 42,236 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 925,830 |
|
|
|
|
|
|
| $ | 719,070 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Transaction and money market accounts |
| $ | 238,697 |
|
| 637 |
|
| 1.07 | % | $ | 192,773 |
|
| 570 |
|
| 1.19 | % | |
Savings deposits |
|
| 143,322 |
|
| 408 |
|
| 1.15 | % |
| 114,259 |
|
| 411 |
|
| 1.44 | % | |
Certificates and other time deposits |
|
| 139,794 |
|
| 792 |
|
| 2.28 | % |
| 122,388 |
|
| 800 |
|
| 2.62 | % | |
Other borrowings |
|
| 121,193 |
|
| 437 |
|
| 1.45 | % |
| 48,866 |
|
| 153 |
|
| 1.26 | % | |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Interest Bearing Liabilities |
|
| 643,006 |
|
| 2,274 |
|
| 1.42 | % |
| 478,286 |
|
| 1,934 |
|
| 1.62 | % | |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Demand deposits |
|
| 207,815 |
|
|
|
|
|
|
|
| 170,234 |
|
|
|
|
|
|
| |
Other liabilities |
|
| 4,426 |
|
|
|
|
|
|
|
| 2,811 |
|
|
|
|
|
|
| |
Shareholders’ equity |
|
| 70,583 |
|
|
|
|
|
|
|
| 67,739 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Noninterest Bearing Liabilities |
|
| 282,824 |
|
|
|
|
|
|
|
| 240,784 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities and Shareholders’ Equity |
| $ | 925,830 |
|
|
|
|
|
|
| $ | 719,070 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 9,058 |
|
| 4.18 | % |
|
|
| $ | 7,647 |
|
| 4.53 | % | |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Six Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| June 30, 2004 |
| June 30, 2003 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
|
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
|
| ||||||||||||
YIELD ANALYSIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & due from time |
| $ | 18,301 |
| $ | 88 |
|
| 0.96 | % | $ | 6,517 |
| $ | 37 |
|
| 1.14 | % |
Investment securities (taxable) |
|
| 185,701 |
|
| 3,496 |
|
| 3.77 | % |
| 163,042 |
|
| 3,310 |
|
| 4.09 | % |
Investment securities (tax-exempt) |
|
| 6,779 |
|
| 178 |
|
| 5.27 | % |
| 5,049 |
|
| 142 |
|
| 5.69 | % |
Loans |
|
| 608,398 |
|
| 17,805 |
|
| 5.89 | % |
| 487,985 |
|
| 15,377 |
|
| 6.35 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Interest Earning Assets |
|
| 819,179 |
|
| 21,567 |
|
| 5.29 | % |
| 662,593 |
|
| 18,866 |
|
| 5.74 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 26,975 |
|
|
|
|
|
|
|
| 26,810 |
|
|
|
|
|
|
|
Other assets |
|
| 29,433 |
|
|
|
|
|
|
|
| 21,667 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (8,651 | ) |
|
|
|
|
|
|
| (7,190 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 47,757 |
|
|
|
|
|
|
|
| 41,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 866,936 |
|
|
|
|
|
|
| $ | 703,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 217,809 |
|
| 1,155 |
|
| 1.07 | % | $ | 184,956 |
|
| 1,033 |
|
| 1.13 | % |
Savings deposits |
|
| 137,301 |
|
| 793 |
|
| 1.16 | % |
| 115,407 |
|
| 807 |
|
| 1.41 | % |
Certificates and other time deposits |
|
| 132,972 |
|
| 1,530 |
|
| 2.31 | % |
| 120,053 |
|
| 1,601 |
|
| 2.69 | % |
Other borrowings |
|
| 111,271 |
|
| 712 |
|
| 1.29 | % |
| 48,442 |
|
| 309 |
|
| 1.29 | % |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Interest Bearing Liabilities |
|
| 599,353 |
|
| 4,190 |
|
| 1.41 | % |
| 468,858 |
|
| 3,750 |
|
| 1.61 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 193,603 |
|
|
|
|
|
|
|
| 165,151 |
|
|
|
|
|
|
|
Other liabilities |
|
| 3,630 |
|
|
|
|
|
|
|
| 2,871 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 70,350 |
|
|
|
|
|
|
|
| 67,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 267,583 |
|
|
|
|
|
|
|
| 235,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 866,936 |
|
|
|
|
|
|
| $ | 703,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 17,377 |
|
| 4.27 | % |
|
|
| $ | 15,116 |
|
| 4.60 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
|
| June 30, |
| % |
| June 30, |
| % |
| ||||
|
|
|
|
|
| ||||||||
LOAN PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ | 249,230 |
|
| 37.0 | % | $ | 204,647 |
|
| 40.9 | % |
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 192,956 |
|
| 28.7 | % |
| 134,370 |
|
| 26.9 | % |
Residential |
|
| 83,398 |
|
| 12.4 | % |
| 54,594 |
|
| 10.9 | % |
Construction and development |
|
| 104,237 |
|
| 15.5 | % |
| 72,422 |
|
| 14.5 | % |
Consumer |
|
| 42,865 |
|
| 6.4 | % |
| 34,007 |
|
| 6.8 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
|
| 672,686 |
|
| 100.0 | % |
| 500,040 |
|
| 100.0 | % |
Unearned discounts |
|
| — |
|
| 0.0 | % |
| — |
|
| 0.0 | % |
|
|
|
|
|
| ||||||||
Total loans (net) |
|
| 672,686 |
|
| 100.0 | % |
| 500,040 |
|
| 100.0 | % |
|
|
|
|
|
|
|
| June 30, |
| June 30, |
| ||
|
|
|
| ||||
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
Tier 1 Capital |
| $ | 72,532 |
| $ | 65,394 |
|
Tier 1 Ratio |
|
| 9.88 | % |
| 12.09 | % |
Total Capital (Tier 1 + Tier 2) |
| $ | 81,716 |
| $ | 72,161 |
|
Total Capital Ratio |
|
| 11.13 | % |
| 13.35 | % |
Total Risk-Adjusted Assets |
| $ | 734,032 |
| $ | 540,676 |
|
Tier 1 Leverage Ratio |
|
| 7.92 | % |
| 8.85 | % |
|
|
|
|
|
| ||
|
| June 30, |
| June 30, |
| ||
|
|
|
| ||||
OTHER DATA |
|
|
|
|
|
|
|
Full Time Equivalent Employees (FTE’s) |
|
| 262 |
|
| 209 |
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
High |
| $ | 30.25 |
| $ | 25.40 |
|
Low |
| $ | 27.00 |
| $ | 18.95 |
|
Close |
| $ | 29.10 |
| $ | 23.48 |
|