Exhibit 99.1
NEWS from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
April 13, 2005 | Bob G. Scott, COO |
(817)877-2660 |
|
SUMMIT BANCSHARES REPORTS
FIRST QUARTER 2005 EARNINGS
Fort Worth, Texas – Summit Bancshares, Inc. (NASDAQ:SBIT), the bank holding company for Summit Bank, N.A., today reported net income for the first quarter of 2005 of $3,013,000, or $0.24 per diluted common share, compared to $2,451,000, or $.19 per diluted common share, for the comparable 2004 period, a 26.3% increase in per share earnings. Return on average assets and return on average shareholders’ equity were 1.23% and 16.16%, respectively, for the quarter ended March 31, 2005 compared to 1.22% and 14.06%, respectively, for the same quarter in 2004. The per share earnings and all historical per share data have been restated to reflect a two-for-one stock split that was effective December 31, 2004. Also Summit completed its acquisition of ANB Financial Corporation and its subsidiary, Arlington National Bank (“ANB”), effective May 1, 2004. The results of operations for ANB have been included in Summit’s consolidated financial statements since the purchase date.
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 2005. Compared to the first quarter of the prior year average loans and average deposits increased 23.2% and 23.9% respectively. Net interest income increased 23.5% reflecting an increase of eleven basis points in net interest margin and a 21.5% increase in average earning assets compared to the first quarter of 2004. The increase in net interest margin reflects the increase in market interest rates.”
He further stated, “As recently announced we are excited to have Kim Dignum and her staff of Dignum Financial Services join the Company as a department of the Bank. Kim brings many years of providing personal financial planning and other investment services to her customers. Currently DFS has $85 million of assets under management. Her talents will add an important service to the Bank’s customers.”
Mr. Norwood also noted, “The Company celebrated its 30 year anniversary in January of 2005. In that 30 year period the Company has grown to approximately one billion dollars in assets with shareholders’ equity of $74.4 million and a market capitalization of approximately $210 million. These are significant milestones for the Company.”
Net interest income of $10.2 million for the first quarter of 2005 improved $2.0 million, or 23.5% over the first quarter of 2004. 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 increased to 4.47% for the first quarter of 2005 compared to 4.36% for the first quarter of the prior year partially reflecting the recent increases to the market interest rate environment.
A provision for loan losses was $225,000 for the first quarter of 2005 while the provision for loan losses was $605,000 for the same quarter of 2004. For the first quarter of 2005 the Company experienced net loan loss recoveries of previously charged off loans of $107,000, which represented net recoveries to average loans for the quarter of 0.02%. As of March 31, 2005, the allowance for loan losses as a percentage of total loans was 1.47% and also represented over three times the balance of nonperforming loans as of the end of the first quarter of 2005. As of March 31, 2005, nonperforming loans were $3.3 million, or 0.46% of total outstanding loans.
Non interest income for the first quarter of 2005 was $1,880,000, a $313,000 increase over the first quarter of 2004. The increase reflected improvements in service charges on deposit accounts of $76,000, an increase in other fees of $271,000 and a decrease in extraordinary income related to the sale of assets with the first quarter of last year having a $168,000 gain while the first quarter of this year had a gain of $134,000. These increases in non interest income also reflect the impact of the ANB acquisition.
Non interest expenses of $7,252,000 for the first quarter of 2005 increased $1,722,000 compared to the first quarter of last year. Primarily the increase is due to the inclusion of ANB in the 2005 first quarter results as well as expenses in 2005 related to compliance with the Sarbanes Oxley Act’s Section 404 which required additional expenditures for auditing and consulting fees in the amount of approximately $125,000.
Summit files annual, quarterly and special reports, proxy statements and other information with the SEC. Investors may read and copy any of these reports, statements and other information at the SEC’s public reference room located at 450 Fifth Street, N.W., Washington, D.C. 20549. Investors should call the SEC at 1-800-SEC-0330 for further information on the public reference room. The reports, statements, and other information filed by Summit with the SEC are also available free at the SEC’s web site at http://www.sec.gov. You can also obtain a free copy of these reports, statements and other information from Summit’s web site at http://www.summitbank.net.
The Company will host a conference call Thursday, April 14, 2005 at 10:00 a.m. (CT) to discuss the Company’s performance for the quarter ended March 31, 2005. To participate, please call (800)406-5345 and enter confirmation code 4367304. If you are unable to participate, an audio playback of the call will be available starting Thursday, April 14, 2005 at 2:30 p.m. (CT) through midnight April 28, 2005 (CT) by calling (888)203-1112 and entering 4367304.
The 2005 Annual Meeting of Shareholders will be held on April 19, 2005 at 3:30 p.m. (CT) at Summit Bancshares, Inc. Corporate Headquarters, 3880 Hulen Street, Suite 300, Fort Worth, Texas.
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.
(Unaudited)
(Dollars in thousands, except per share data)
|
| Three Months Ended |
| % |
| |||||
|
|
|
| |||||||
EARNINGS SUMMARY |
| 2005 |
| 2004 |
|
| ||||
|
|
|
| |||||||
Interest income |
| $ | 13,373 |
| $ | 10,198 |
|
| 31.1 | % |
Interest expense |
|
| 3,140 |
|
| 1,915 |
|
| 64.0 | % |
|
|
|
|
| ||||||
Net interest income |
|
| 10,233 |
|
| 8,283 |
|
| 23.5 | % |
Provision for loan losses |
|
| 225 |
|
| 605 |
|
| -62.8 | % |
Service charges on deposits |
|
| 982 |
|
| 906 |
|
| 8.4 | % |
Gain on sale of investment securities |
|
| — |
|
| — |
|
| 0.0 | % |
Other income |
|
| 898 |
|
| 661 |
|
| 35.9 | % |
Salaries and benefits expense |
|
| 4,269 |
|
| 3,368 |
|
| 26.8 | % |
Occupancy and equipment expense |
|
| 1,202 |
|
| 933 |
|
| 28.8 | % |
Other expense |
|
| 1,781 |
|
| 1,229 |
|
| 44.9 | % |
|
|
|
|
| ||||||
Earnings before income taxes |
|
| 4,636 |
|
| 3,715 |
|
| 24.8 | % |
Provision for income taxes |
|
| 1,623 |
|
| 1,264 |
|
| 28.4 | % |
|
|
|
|
| ||||||
Net earnings |
| $ | 3,013 |
| $ | 2,451 |
|
| 22.9 | % |
|
|
|
|
| ||||||
Basic earnings per share |
| $ | 0.24 |
| $ | 0.20 |
|
| 20.0 | % |
|
|
|
|
| ||||||
Basic weighted average shares outstanding |
|
| 12,377 |
|
| 12,304 |
|
|
|
|
Diluted earnings per share |
| $ | 0.24 |
| $ | 0.19 |
|
| 26.3 | % |
|
|
|
|
| ||||||
Diluted weighted average shares outstanding |
|
| 12,718 |
|
| 12,692 |
|
|
|
|
|
| Average for Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total loans |
| $ | 706,902 |
| $ | 694,177 |
| $ | 678,915 |
| $ | 642,935 |
| $ | 573,862 |
|
Total investment securities |
|
| 220,161 |
|
| 226,530 |
|
| 218,831 |
|
| 196,972 |
|
| 187,988 |
|
Earning assets |
|
| 932,258 |
|
| 924,557 |
|
| 914,595 |
|
| 871,084 |
|
| 767,274 |
|
Total assets |
|
| 993,154 |
|
| 984,814 |
|
| 976,911 |
|
| 925,830 |
|
| 808,009 |
|
Noninterest bearing deposits |
|
| 225,519 |
|
| 235,846 |
|
| 226,462 |
|
| 207,815 |
|
| 179,396 |
|
Interest bearing deposits |
|
| 559,853 |
|
| 560,341 |
|
| 557,329 |
|
| 521,812 |
|
| 454,352 |
|
Total deposits |
|
| 785,372 |
|
| 796,187 |
|
| 783,791 |
|
| 729,628 |
|
| 633,748 |
|
Other borrowings |
|
| 128,174 |
|
| 109,713 |
|
| 118,083 |
|
| 121,193 |
|
| 101,349 |
|
Shareholders’ equity |
|
| 75,602 |
|
| 74,543 |
|
| 71,038 |
|
| 70,583 |
|
| 70,116 |
|
|
| Average for Three Months |
| % |
| |||||
|
|
|
| |||||||
BALANCE SHEET SUMMARY |
| 2005 |
| 2004 |
|
| ||||
|
|
|
| |||||||
Total loans |
| $ | 706,902 |
| $ | 573,862 |
|
| 23.2 | % |
Total investment securities |
|
| 220,161 |
|
| 187,988 |
|
| 17.1 | % |
Earning assets |
|
| 932,258 |
|
| 767,274 |
|
| 21.5 | % |
Total assets |
|
| 993,154 |
|
| 808,009 |
|
| 22.9 | % |
Noninterest bearing deposits |
|
| 225,519 |
|
| 179,396 |
|
| 25.7 | % |
Interest bearing deposits |
|
| 559,853 |
|
| 454,352 |
|
| 23.2 | % |
Total deposits |
|
| 785,372 |
|
| 633,748 |
|
| 23.9 | % |
Other borrowings |
|
| 128,174 |
|
| 101,349 |
|
| 26.5 | % |
Shareholders’ equity |
|
| 75,602 |
|
| 70,116 |
|
| 7.8 | % |
|
| Ending Balance |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 716,714 |
| $ | 702,619 |
| $ | 689,906 |
| $ | 672,686 |
| $ | 593,271 |
|
Total investment securities |
|
| 214,222 |
|
| 223,351 |
|
| 219,264 |
|
| 214,991 |
|
| 181,879 |
|
Total earning assets |
|
| 939,934 |
|
| 930,990 |
|
| 928,638 |
|
| 905,228 |
|
| 818,393 |
|
Allowance for loan losses |
|
| (10,519 | ) |
| (10,187 | ) |
| (10,079 | ) |
| (9,844 | ) |
| (8,320 | ) |
Premises and equipment |
|
| 15,462 |
|
| 15,749 |
|
| 15,643 |
|
| 15,145 |
|
| 12,755 |
|
Total assets |
|
| 999,914 |
|
| 989,117 |
|
| 990,406 |
|
| 969,708 |
|
| 860,361 |
|
Noninterest bearing deposits |
|
| 232,556 |
|
| 235,399 |
|
| 232,586 |
|
| 218,343 |
|
| 186,198 |
|
Interest bearing deposits |
|
| 565,002 |
|
| 556,865 |
|
| 558,938 |
|
| 557,347 |
|
| 470,186 |
|
Total deposits |
|
| 797,558 |
|
| 792,264 |
|
| 791,524 |
|
| 775,690 |
|
| 656,384 |
|
Other borrowings |
|
| 124,007 |
|
| 118,094 |
|
| 121,355 |
|
| 121,785 |
|
| 129,691 |
|
Total liabilities |
|
| 925,477 |
|
| 914,627 |
|
| 916,858 |
|
| 901,009 |
|
| 788,786 |
|
Shareholders’ equity |
|
| 74,437 |
|
| 74,490 |
|
| 73,548 |
|
| 68,699 |
|
| 71,575 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
|
|
|
|
|
| |||||||||||
Nonaccrual loans |
| $ | 3,294 |
| $ | 2,587 |
| $ | 2,545 |
| $ | 2,832 |
| $ | 2,405 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| — |
|
| — |
|
| 4 |
|
| 369 |
|
| 7 |
|
Accruing loans past due 90 days or more |
|
| — |
|
| 18 |
|
| 2,300 |
|
| 111 |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 3,294 |
| $ | 2,605 |
| $ | 4,849 |
| $ | 3,312 |
| $ | 2,412 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 0.46 | % |
| 0.37 | % |
| 0.70 | % |
| 0.49 | % |
| 0.41 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
|
|
|
|
|
| |||||||||||
Balance at beginning of period |
| $ | 10,187 |
| $ | 10,079 |
| $ | 9,844 |
| $ | 8,320 |
| $ | 7,784 |
|
Balance acquired in Arlington National Bank Acquisition |
| $ | — |
|
| — |
|
| — |
|
| 1,254 |
|
| — |
|
Loans charged off |
|
| (84 | ) |
| (293 | ) |
| (415 | ) |
| (196 | ) |
| (137 | ) |
Loan recoveries |
|
| 191 |
|
| 111 |
|
| 155 |
|
| 66 |
|
| 68 |
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| 107 |
|
| (182 | ) |
| (260 | ) |
| (130 | ) |
| (69 | ) |
Provision for loan losses |
|
| 225 |
|
| 290 |
|
| 495 |
|
| 400 |
|
| 605 |
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 10,519 |
| $ | 10,187 |
| $ | 10,079 |
| $ | 9,844 |
| $ | 8,320 |
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.47 | % |
| 1.45 | % |
| 1.46 | % |
| 1.46 | % |
| 1.40 | % |
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 319.34 | % |
| 393.82 | % |
| 396.03 | % |
| 347.60 | % |
| 345.95 | % |
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| -0.02 | % |
| 0.03 | % |
| 0.04 | % |
| 0.02 | % |
| 0.01 | % |
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.03 | % |
| 0.04 | % |
| 0.07 | % |
| 0.06 | % |
| 0.11 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
SELECTED RATIOS |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
|
|
|
|
|
| |||||||||||
Return on average assets (annualized) |
|
| 1.23 | % |
| 1.18 | % |
| 1.14 | % |
| 1.13 | % |
| 1.22 | % |
|
|
|
|
|
|
| ||||||||||
Return on average equity (annualized) |
|
| 16.16 | % |
| 15.58 | % |
| 15.66 | % |
| 14.79 | % |
| 14.06 | % |
|
|
|
|
|
|
| ||||||||||
Average shareholders’ equity to average assets |
|
| 7.63 | % |
| 7.57 | % |
| 7.27 | % |
| 7.62 | % |
| 8.68 | % |
|
|
|
|
|
|
| ||||||||||
Yield on earning assets |
|
| 5.83 | % |
| 5.61 | % |
| 5.39 | % |
| 5.23 | % |
| 5.36 | % |
|
|
|
|
|
|
| ||||||||||
Cost of interest bearing funds |
|
| 1.85 | % |
| 1.65 | % |
| 1.49 | % |
| 1.42 | % |
| 1.39 | % |
|
|
|
|
|
|
| ||||||||||
Net interest margin (tax equivalent) |
|
| 4.47 | % |
| 4.41 | % |
| 4.29 | % |
| 4.18 | % |
| 4.36 | % |
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
| 59.69 | % |
| 59.71 | % |
| 59.23 | % |
| 58.90 | % |
| 55.94 | % |
|
|
|
|
|
|
| ||||||||||
End of period book value per common share |
| $ | 6.01 |
| $ | 6.03 |
| $ | 5.96 |
| $ | 5.57 |
| $ | 5.82 |
|
|
|
|
|
|
|
| ||||||||||
End of period common shares outstanding |
|
| 12,390 |
|
| 12,359 |
|
| 12,334 |
|
| 12,372 |
|
| 12,308 |
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| March 31, 2005 |
| March 31, 2004 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, Repurchases, & Due from time |
| $ | 5,195 |
| $ | 31 |
|
| 2.40 | % | $ | 5,424 |
| $ | 13 |
|
| 0.96 | % |
Investment securities (taxable) |
|
| 212,152 |
|
| 1,926 |
|
| 3.63 | % |
| 181,189 |
|
| 1,718 |
|
| 3.79 | % |
Investment securities (tax-exempt) |
|
| 8,009 |
|
| 106 |
|
| 5.30 | % |
| 6,799 |
|
| 89 |
|
| 5.24 | % |
Loans |
|
| 706,902 |
|
| 11,346 |
|
| 6.51 | % |
| 573,862 |
|
| 8,414 |
|
| 5.90 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 932,258 |
|
| 13,409 |
|
| 5.83 | % |
| 767,274 |
|
| 10,234 |
|
| 5.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 30,059 |
|
|
|
|
|
|
|
| 25,136 |
|
|
|
|
|
|
|
Other assets |
|
| 41,164 |
|
|
|
|
|
|
|
| 23,579 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (10,327 | ) |
|
|
|
|
|
|
| (7,980 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 60,896 |
|
|
|
|
|
|
|
| 40,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 993,154 |
|
|
|
|
|
|
| $ | 808,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 235,691 |
|
| 717 |
|
| 1.23 | % | $ | 196,922 |
|
| 518 |
|
| 1.06 | % |
Savings deposits |
|
| 168,346 |
|
| 636 |
|
| 1.53 | % |
| 131,280 |
|
| 385 |
|
| 1.18 | % |
Certificates and other time deposits |
|
| 155,816 |
|
| 979 |
|
| 2.55 | % |
| 126,150 |
|
| 738 |
|
| 2.35 | % |
Other borrowings |
|
| 128,174 |
|
| 808 |
|
| 2.56 | % |
| 101,349 |
|
| 274 |
|
| 1.09 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 688,027 |
|
| 3,140 |
|
| 1.85 | % |
| 555,701 |
|
| 1,915 |
|
| 1.39 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 225,519 |
|
|
|
|
|
|
|
| 179,396 |
|
|
|
|
|
|
|
Other liabilities |
|
| 4,006 |
|
|
|
|
|
|
|
| 2,796 |
|
|
|
|
|
|
|
Shareholders’ Equity |
|
| 75,602 |
|
|
|
|
|
|
|
| 70,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 993,154 |
|
|
|
|
|
|
| $ | 808,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 10,269 |
|
| 4.47 | % |
|
|
| $ | 8,319 |
|
| 4.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO |
| March 31, |
| % |
| March 31, |
| % |
| ||||
|
|
|
|
| |||||||||
Commercial and industrial |
| $ | 266,782 |
|
| 37.3 | % | $ | 232,015 |
|
| 39.1 | % |
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 228,701 |
|
| 31.9 | % |
| 169,376 |
|
| 28.5 | % |
Residential |
|
| 85,293 |
|
| 11.9 | % |
| 73,481 |
|
| 12.4 | % |
Construction and development |
|
| 94,940 |
|
| 13.2 | % |
| 86,315 |
|
| 14.6 | % |
Consumer |
|
| 40,998 |
|
| 5.7 | % |
| 32,084 |
|
| 5.4 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
|
| 716,714 |
|
| 100.0 | % |
| 593,271 |
|
| 100.0 | % |
Unearned discounts |
|
| — |
|
| 0.0 | % |
| — |
|
| 0.0 | % |
|
|
|
|
|
| ||||||||
Total loans (net) |
|
| 716,714 |
|
| 100.0 | % |
| 593,271 |
|
| 100.0 | % |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL DATA |
| March 31, |
| March 31, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Tier 1 Capital |
| $ | 77,496 |
| $ | 69,626 |
|
|
|
|
|
|
|
Tier 1 Ratio |
|
| 10.25 | % |
| 11.01 | % |
|
|
|
|
|
|
Total Capital (Tier 1 + Tier 2) |
| $ | 86,946 |
| $ | 77,539 |
|
|
|
|
|
|
|
Total Capital Ratio |
|
| 11.50 | % |
| 12.26 | % |
|
|
|
|
|
|
Total Risk-Adjusted Assets |
| $ | 755,992 |
| $ | 632,617 |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
| 7.83 | % |
| 8.62 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA |
| March 31, |
| March 31, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Full Time Equivalent Employees (FTE’s) |
|
| 261 |
|
| 219 |
|
|
|
|
|
|
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
| $ | 20.50 |
| $ | 16.07 |
|
|
|
|
|
|
|
Low |
| $ | 16.40 |
| $ | 13.83 |
|
|
|
|
|
|
|
Close |
| $ | 17.05 |
| $ | 15.05 |
|
|
|
|
|
|
|