Exhibit 99.1
N E W S from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
October 17, 2005 | Bob G. Scott, COO |
| (817) 877-2660 |
SUMMIT BANCSHARES REPORTS
THIRD QUARTER 2005 EARNINGS
Fort Worth, Texas - Summit Bancshares, Inc. (NASDAQ: SBIT), a community-oriented bank holding company in Fort Worth, reported third quarter earnings today. Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “I am pleased to report a positive increase in earnings per diluted share of 22.7% for the third quarter over earnings per share for the same quarter of last year. The greatest contributor to the increase in earnings is a 14.1% increase in net interest income, which was aided by an increase in net interest margin and an increase in earnings assets.”
He further stated, “We are very fortunate to be operating in a robust economic environment and have such a strong position in an expanding Fort Worth/Tarrant County market.”
Results of Operations — All prior period per share data has been restated for the two-for-one stock split that was effective December 31, 2004.
For the quarter ended September 30, 2005, net income was $3,456,000 compared to $2,796,000 for the same period in 2004. Net income per diluted share was $0.27 for the three months ended September 30, 2005, compared to $0.22 for the three months ended September 30, 2004. Return on average assets and return on average shareholders’ equity for the third quarter of 2005 were 1.32% and 17.34%, respectively. The Company’s average shareholders’ equity-to-assets ratio was 7.6% for the quarter ended September 30, 2005.
Net income for the nine months ended September 30, 2005 was $9,660,000, or $.76 per diluted share, compared to $7,843,000, or $.62 per diluted share, for the same period last year. Return on average assets and return on average shareholders’ equity for the nine months ended September 30, 2005 were 1.27% and 16.75%, respectively.
Financial Results
Net interest income (tax equivalent) for the third quarter of 2005 was $11.3 million compared to $9.9 million in the third quarter of last year, a 14.1% increase. Since the Company believes it 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 from 4.29% for the third quarter of the prior year to 4.58% for the third quarter of this year. Since late June 2004, the Federal Reserve has increased the target rate for Federal Funds by 275 basis points from 1.00% to 3.75%. During this same period, the prime lending rate has increased from 4.00% to 6.75%. The average prime lending rate increased from 4.42% for the third quarter of 2004 to 6.43% for the third quarter of 2005, an increase of 201 basis points. A portion of this increase in the prime lending rate is reflected in a 93 basis point increase in the Company’s yield on earning assets and a 110 basis point increase in the yield on loans between the third quarter of 2004 and the third quarter of 2005. The portion of the loan portfolio that has fixed rates and the investment securities portfolio, which also has fixed rates, accounted for the earnings asset yield not reflecting a greater portion of the referenced prime rate increase. The cost of interest bearing liabilities increased from 1.49% for the third quarter of last year to 2.38% for the third quarter of this year, an 89 basis point increase, which also reflected the increase in market interest rates referenced above.
If market interest rates continue to rise, the Company believes that its current asset sensitive position will enhance earnings growth (assuming deposit rates do not increase faster than interest rates on earning assets). Furthermore, the Company believes that continued market increases will have a positive impact on net interest income for that portion of earning assets supported by the Company’s non-interest bearing deposits and shareholders’ equity.
The net interest margin did not increase as much in the third quarter as the Company expected due to higher funding costs which were driven by competitive pressures in the market.
Non-interest income increased $35,000 for the third quarter of 2005 compared to the same quarter of the prior year. This increase included a gain of $247,000 on the sale of land previously held for expansion in the third quarter of 2005. In comparison, there was a gain of $176,000 on sale of student loans during the third quarter of 2004. In addition, increases were experienced in the third quarter of this year compared to third quarter of last year due to the acquisition in March 2005 of the investment group Dignum Financial Services and in merchant card and debit card activity. There was a decrease in service charges on deposits, primarily due to higher interest earning credits paid on commercial deposit accounts that are under account analysis for charges.
Non-interest expenses for the third quarter increased $528,000 over the same quarter of the previous year. This increase includes the impacts of: (a) the inclusion in the third quarter of 2005 of the expenses of Dignum Financial Services; (b) 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 (c) certain staff additions to support the Company’s continued growth. These increases were partially offset by reduced expenses compared to the third quarter of the prior year for compliance with Sarbanes Oxley regulatory requirements.
The provision for loan losses was $315,000 at the third quarter of 2005 compared to $495,000 recorded in 2004. In the third quarter the Company had net recoveries of previously charged-off loans of $18,000. The Allowance for Loan Losses as a percent of outstanding loans was 1.48% (or 1.52% when loans are reflected net of the guaranteed portion of SBA loans and student guaranteed loans) at September 30, 2005 as compared to 1.46% at the end of the third quarter of 2004. For the first nine months of 2005, the Company recorded net recoveries of $179,000.
Non-performing assets totaled $7.2 million, or 0.95% ($2.2 million of which was categorized as 90 days past due but accruing) of loans and foreclosed assets, at September 30, 2005, compared to $4.8 million, or .70% at September 30, 2004. The Allowance for Loan Losses was 155% of non-performing loans at September 30, 2005. The Company believes that it continues to maintain positive measures of asset quality.
The Company’s loans were $754 million at September 30, 2005, an increase of $64 million, or 9.3%, from September 30, 2004. Deposits increased over the past year from $792 million at September 30, 2004 to $866 million at September 30, 2005, an increase of $75 million, or 9.4%. Shareholders’ equity at September 30, 2005 was $79.7 million, an increase of $6.2 million, or 8.4% from a year ago.
The Company will host a conference call Tuesday, October 18, 2005 at 10:30 a.m. (CT). To access the live call, please call (800) 481-7713 and enter confirmation code 8740000. A toll free replay of the call will be available for two weeks beginning October 18, 2005 at 3:00 p.m. (CT) through midnight, November 1, 2005. You may access this replay by calling (888) 203-1112 and entering confirmation code 8740000. 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.
(Unaudited)
(Dollars in thousands, except per share data)
|
| Quarter Ended |
|
|
| Nine Months Ended |
|
|
| ||||||||||
|
| % |
| % |
| ||||||||||||||
EARNINGS SUMMARY |
| 2005 |
| 2004 |
|
| 2005 |
| 2004 |
|
| ||||||||
|
|
|
|
|
|
| |||||||||||||
Interest income |
| $ | 15,476 |
| $ | 12,361 |
|
| 25.2 | % | $ | 43,227 |
| $ | 33,862 |
|
| 27.7 | % |
Interest expense |
|
| 4,263 |
|
| 2,533 |
|
| 68.3 | % |
| 11,059 |
| �� | 6,723 |
|
| 64.5 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net interest income |
|
| 11,213 |
|
| 9,828 |
|
| 14.1 | % |
| 32,168 |
|
| 27,139 |
|
| 18.5 | % |
Provision for loan losses |
|
| 315 |
|
| 495 |
|
| -36.4 | % |
| 765 |
|
| 1,500 |
|
| -49.0 | % |
Service charges on deposits |
|
| 992 |
|
| 1,180 |
|
| -15.9 | % |
| 2,964 |
|
| 3,164 |
|
| -6.3 | % |
Gain on sale of investment securities |
|
| — |
|
| 32 |
|
| -100.0 | % |
| — |
|
| 32 |
|
| -100.0 | % |
Other income |
|
| 1,184 |
|
| 929 |
|
| 27.4 | % |
| 3,127 |
|
| 2,235 |
|
| 39.9 | % |
Salaries and benefits expense |
|
| 4,579 |
|
| 4,029 |
|
| 13.7 | % |
| 13,296 |
|
| 11,169 |
|
| 19.0 | % |
Occupancy and equipment expense |
|
| 1,311 |
|
| 1,180 |
|
| 11.1 | % |
| 3,744 |
|
| 3,230 |
|
| 15.9 | % |
Other expense |
|
| 1,747 |
|
| 1,900 |
|
| -8.1 | % |
| 5,407 |
|
| 4,590 |
|
| 17.8 | % |
|
|
|
|
|
|
|
| ||||||||||||
Earnings before income taxes |
|
| 5,437 |
|
| 4,365 |
|
| 24.6 | % |
| 15,047 |
|
| 12,081 |
|
| 24.6 | % |
Provision for income taxes |
|
| 1,981 |
|
| 1,569 |
|
| 26.3 | % |
| 5,387 |
|
| 4,238 |
|
| 27.1 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net earnings |
| $ | 3,456 |
| $ | 2,796 |
|
| 23.6 | % | $ | 9,660 |
| $ | 7,843 |
|
| 23.2 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic earnings per share |
| $ | 0.28 |
| $ | 0.23 |
|
| 21.7 | % | $ | 0.78 |
| $ | 0.64 |
|
| 21.9 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic weighted average shares outstanding |
|
| 12,420 |
|
| 12,332 |
|
|
|
|
| 12,405 |
|
| 12,319 |
|
|
|
|
Diluted earnings per share |
| $ | 0.27 |
| $ | 0.22 |
|
| 22.7 | % | $ | 0.76 |
| $ | 0.62 |
|
| 22.6 | % |
|
|
|
|
|
|
|
| ||||||||||||
Diluted weighted average shares outstanding |
|
| 12,664 |
|
| 12,670 |
|
|
|
|
| 12,705 |
|
| 12,667 |
|
|
|
|
|
| Average for Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 735,109 |
| $ | 723,535 |
| $ | 706,902 |
| $ | 694,177 |
| $ | 678,915 |
|
Total investment securities |
|
| 226,441 |
|
| 216,825 |
|
| 220,161 |
|
| 226,530 |
|
| 218,831 |
|
Earning assets |
|
| 974,844 |
|
| 945,251 |
|
| 932,258 |
|
| 924,557 |
|
| 914,595 |
|
Total assets |
|
| 1,038,628 |
|
| 1,007,680 |
|
| 993,154 |
|
| 984,814 |
|
| 976,911 |
|
Noninterest bearing deposits |
|
| 242,849 |
|
| 239,127 |
|
| 225,519 |
|
| 235,846 |
|
| 226,462 |
|
Interest bearing deposits |
|
| 590,390 |
|
| 558,905 |
|
| 559,853 |
|
| 560,341 |
|
| 557,329 |
|
Total deposits |
|
| 833,239 |
|
| 798,032 |
|
| 785,372 |
|
| 796,187 |
|
| 783,791 |
|
Other borrowings |
|
| 121,435 |
|
| 128,684 |
|
| 128,174 |
|
| 109,713 |
|
| 118,083 |
|
Shareholders’ equity |
|
| 79,053 |
|
| 76,575 |
|
| 75,602 |
|
| 74,543 |
|
| 71,038 |
|
|
| Average for Nine Months Ended September 30, |
|
|
|
| ||||
|
|
| % |
| ||||||
BALANCE SHEET SUMMARY |
| 2005 |
| 2004 |
|
| ||||
|
|
|
| |||||||
Total loans |
| $ | 721,952 |
| $ | 632,076 |
|
| 14.2 | % |
Total investment securities |
|
| 221,165 |
|
| 201,327 |
|
| 9.9 | % |
Earning assets |
|
| 950,940 |
|
| 851,216 |
|
| 11.7 | % |
Total assets |
|
| 1,013,320 |
|
| 903,851 |
|
| 12.1 | % |
Noninterest bearing deposits |
|
| 235,896 |
|
| 204,638 |
|
| 15.3 | % |
Interest bearing deposits |
|
| 569,827 |
|
| 511,333 |
|
| 11.4 | % |
Total deposits |
|
| 805,723 |
|
| 715,971 |
|
| 12.5 | % |
Other borrowings |
|
| 126,073 |
|
| 113,559 |
|
| 11.0 | % |
Shareholders’ equity |
|
| 77,089 |
|
| 70,581 |
|
| 9.2 | % |
|
| Ending Balance |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 754,153 |
| $ | 721,161 |
| $ | 716,714 |
| $ | 702,619 |
| $ | 689,906 |
|
Total investment securities |
|
| 236,544 |
|
| 214,750 |
|
| 214,222 |
|
| 223,351 |
|
| 219,264 |
|
Total earning assets |
|
| 1,006,368 |
|
| 945,661 |
|
| 939,934 |
|
| 930,990 |
|
| 928,638 |
|
Allowance for loan losses |
|
| (11,131 | ) |
| (10,798 | ) |
| (10,519 | ) |
| (10,187 | ) |
| (10,079 | ) |
Premises and equipment |
|
| 15,620 |
|
| 15,563 |
|
| 15,462 |
|
| 15,749 |
|
| 15,643 |
|
Total assets |
|
| 1,074,261 |
|
| 1,008,475 |
|
| 999,914 |
|
| 989,117 |
|
| 990,406 |
|
Noninterest bearing deposits |
|
| 258,644 |
|
| 241,643 |
|
| 232,556 |
|
| 235,399 |
|
| 232,586 |
|
Interest bearing deposits |
|
| 607,384 |
|
| 562,846 |
|
| 565,002 |
|
| 556,865 |
|
| 558,938 |
|
Total deposits |
|
| 866,028 |
|
| 804,489 |
|
| 797,558 |
|
| 792,264 |
|
| 791,524 |
|
Other borrowings |
|
| 123,892 |
|
| 122,203 |
|
| 124,007 |
|
| 118,094 |
|
| 121,355 |
|
Total liabilities |
|
| 994,534 |
|
| 930,891 |
|
| 925,477 |
|
| 914,627 |
|
| 916,858 |
|
Shareholders’ equity |
|
| 79,727 |
|
| 77,584 |
|
| 74,437 |
|
| 74,490 |
|
| 73,548 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Nonaccrual loans |
| $ | 4,989 |
| $ | 3,372 |
| $ | 3,294 |
| $ | 2,587 |
| $ | 2,545 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 4 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 4,989 |
| $ | 3,372 |
| $ | 3,294 |
| $ | 2,587 |
| $ | 2,549 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 0.66 | % |
| 0.47 | % |
| 0.46 | % |
| 0.37 | % |
| 0.37 | % |
|
|
|
|
|
|
| ||||||||||
Accruing loans past due 90 days or more |
| $ | 2,178 |
| $ | 36 |
| $ | — |
| $ | 18 |
| $ | 2,300 |
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Balance at beginning of period |
| $ | 10,798 |
| $ | 10,519 |
| $ | 10,187 |
| $ | 10,079 |
| $ | 9,844 |
|
Loans charged off |
|
| (25 | ) |
| (147 | ) |
| (84 | ) |
| (293 | ) |
| (415 | ) |
Loan recoveries |
|
| 43 |
|
| 201 |
|
| 191 |
|
| 111 |
|
| 155 |
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| 18 |
|
| 54 |
|
| 107 |
|
| (182 | ) |
| (260 | ) |
Provision for loan losses |
|
| 315 |
|
| 225 |
|
| 225 |
|
| 290 |
|
| 495 |
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 11,131 |
| $ | 10,798 |
| $ | 10,519 |
| $ | 10,187 |
| $ | 10,079 |
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.48 | % |
| 1.50 | % |
| 1.47 | % |
| 1.45 | % |
| 1.46 | % |
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 223.11 | % |
| 320.23 | % |
| 319.34 | % |
| 393.78 | % |
| 395.41 | % |
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| 0.00 | % |
| -0.01 | % |
| -0.02 | % |
| 0.03 | % |
| 0.04 | % |
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.04 | % |
| 0.03 | % |
| 0.03 | % |
| 0.04 | % |
| 0.07 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
SELECTED RATIOS |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Return on average assets (annualized) |
|
| 1.32 | % |
| 1.27 | % |
| 1.23 | % |
| 1.18 | % |
| 1.14 | % |
|
|
|
|
|
|
| ||||||||||
Return on average equity (annualized) |
|
| 17.34 | % |
| 16.71 | % |
| 16.16 | % |
| 15.58 | % |
| 15.66 | % |
|
|
|
|
|
|
| ||||||||||
Average shareholders’ equity to average assets |
|
| 7.61 | % |
| 7.60 | % |
| 7.63 | % |
| 7.57 | % |
| 7.27 | % |
|
|
|
|
|
|
| ||||||||||
Yield on earning assets |
|
| 6.32 | % |
| 6.12 | % |
| 5.83 | % |
| 5.61 | % |
| 5.39 | % |
|
|
|
|
|
|
| ||||||||||
Cost of interest bearing funds |
|
| 2.38 | % |
| 2.13 | % |
| 1.85 | % |
| 1.65 | % |
| 1.49 | % |
|
|
|
|
|
|
| ||||||||||
Net interest margin (tax equivalent) |
|
| 4.58 | % |
| 4.57 | % |
| 4.47 | % |
| 4.41 | % |
| 4.29 | % |
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
| 56.84 | % |
| 59.07 | % |
| 59.69 | % |
| 59.71 | % |
| 59.23 | % |
|
|
|
|
|
|
| ||||||||||
End of period book value per common share |
| $ | 6.41 |
| $ | 6.25 |
| $ | 6.01 |
| $ | 6.03 |
| $ | 5.96 |
|
|
|
|
|
|
|
| ||||||||||
End of period common shares outstanding |
|
| 12,429 |
|
| 12,421 |
|
| 12,390 |
|
| 12,359 |
|
| 12,334 |
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| September 30, 2005 |
| September 30, 2004 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & due from time |
| $ | 13,294 |
| $ | 114 |
|
| 3.40 | % | $ | 16,849 |
| $ | 51 |
|
| 1.21 | % |
Investment securities (taxable) |
|
| 216,541 |
|
| 2,073 |
|
| 3.83 | % |
| 211,298 |
|
| 1,939 |
|
| 3.67 | % |
Investment securities (tax-exempt) |
|
| 9,900 |
|
| 133 |
|
| 5.37 | % |
| 7,533 |
|
| 113 |
|
| 5.98 | % |
Loans |
|
| 735,109 |
|
| 13,203 |
|
| 7.13 | % |
| 678,915 |
|
| 10,297 |
|
| 6.03 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 974,844 |
|
| 15,523 |
|
| 6.32 | % |
| 914,595 |
|
| 12,400 |
|
| 5.39 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 30,876 |
|
|
|
|
|
|
|
| 31,213 |
|
|
|
|
|
|
|
Other assets |
|
| 43,824 |
|
|
|
|
|
|
|
| 41,022 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (10,916 | ) |
|
|
|
|
|
|
| (9,919 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 63,784 |
|
|
|
|
|
|
|
| 62,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,038,628 |
|
|
|
|
|
|
| $ | 976,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 232,640 |
|
| 886 |
|
| 1.51 | % | $ | 253,642 |
|
| 672 |
|
| 1.05 | % |
Savings deposits |
|
| 173,539 |
|
| 866 |
|
| 1.98 | % |
| 154,980 |
|
| 462 |
|
| 1.19 | % |
Certificates and other time deposits |
|
| 184,211 |
|
| 1,433 |
|
| 3.09 | % |
| 148,707 |
|
| 862 |
|
| 2.31 | % |
Other borrowings |
|
| 121,435 |
|
| 1,078 |
|
| 3.52 | % |
| 118,083 |
|
| 537 |
|
| 1.81 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 711,825 |
|
| 4,263 |
|
| 2.38 | % |
| 675,412 |
|
| 2,533 |
|
| 1.49 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 242,849 |
|
|
|
|
|
|
|
| 226,462 |
|
|
|
|
|
|
|
Other liabilities |
|
| 4,901 |
|
|
|
|
|
|
|
| 3,999 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 79,053 |
|
|
|
|
|
|
|
| 71,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 326,803 |
|
|
|
|
|
|
|
| 301,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,038,628 |
|
|
|
|
|
|
| $ | 976,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 11,260 |
|
| 4.58 | % |
|
|
| $ | 9,867 |
|
| 4.29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Nine Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| September 30, 2005 |
| September 30, 2004 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & due from time |
| $ | 7,823 |
| $ | 181 |
|
| 3.09 | % | $ | 17,813 |
| $ | 139 |
|
| 1.04 | % |
Investment securities (taxable) |
|
| 212,369 |
|
| 5,913 |
|
| 3.71 | % |
| 194,295 |
|
| 5,435 |
|
| 3.73 | % |
Investment securities (tax-exempt) |
|
| 8,796 |
|
| 349 |
|
| 5.29 | % |
| 7,032 |
|
| 291 |
|
| 5.51 | % |
Loans |
|
| 721,952 |
|
| 36,905 |
|
| 6.83 | % |
| 632,076 |
|
| 28,102 |
|
| 5.94 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 950,940 |
|
| 43,348 |
|
| 6.09 | % |
| 851,216 |
|
| 33,967 |
|
| 5.33 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 30,361 |
|
|
|
|
|
|
|
| 28,398 |
|
|
|
|
|
|
|
Other assets |
|
| 42,663 |
|
|
|
|
|
|
|
| 33,314 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (10,644 | ) |
|
|
|
|
|
|
| (9,077 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 62,380 |
|
|
|
|
|
|
|
| 52,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,013,320 |
|
|
|
|
|
|
| $ | 903,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 233,203 |
|
| 2,400 |
|
| 1.38 | % | $ | 229,841 |
|
| 1,827 |
|
| 1.06 | % |
Savings deposits |
|
| 168,002 |
|
| 2,206 |
|
| 1.76 | % |
| 143,237 |
|
| 1,255 |
|
| 1.17 | % |
Certificates and other time deposits |
|
| 168,622 |
|
| 3,563 |
|
| 2.83 | % |
| 138,255 |
|
| 2,392 |
|
| 2.31 | % |
Other borrowings |
|
| 126,073 |
|
| 2,890 |
|
| 3.06 | % |
| 113,559 |
|
| 1,249 |
|
| 1.47 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 695,900 |
|
| 11,059 |
|
| 2.12 | % |
| 624,892 |
|
| 6,723 |
|
| 1.44 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 235,896 |
|
|
|
|
|
|
|
| 204,638 |
|
|
|
|
|
|
|
Other liabilities |
|
| 4,435 |
|
|
|
|
|
|
|
| 3,740 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 77,089 |
|
|
|
|
|
|
|
| 70,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 317,420 |
|
|
|
|
|
|
|
| 278,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,013,320 |
|
|
|
|
|
|
| $ | 903,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 32,289 |
|
| 4.54 | % |
|
|
| $ | 27,244 |
|
| 4.28 | % |
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO |
| September 30, |
| % |
| September 30, |
| % |
| ||||
|
|
|
|
| |||||||||
Commercial and industrial |
| $ | 270,807 |
|
| 35.9 | % | $ | 257,721 |
|
| 37.4 | % |
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 244,966 |
|
| 32.5 | % |
| 198,796 |
|
| 28.8 | % |
Residential |
|
| 89,487 |
|
| 11.9 | % |
| 81,318 |
|
| 11.8 | % |
Construction and development |
|
| 109,431 |
|
| 14.5 | % |
| 111,641 |
|
| 16.2 | % |
Consumer |
|
| 39,462 |
|
| 5.2 | % |
| 40,430 |
|
| 5.9 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
|
| 754,153 |
|
| 100.0 | % |
| 689,906 |
|
| 100.0 | % |
Unearned discounts |
|
| — |
|
| 0.0 | % |
| — |
|
| 0.0 | % |
|
|
|
|
|
| ||||||||
Total loans (net) |
| $ | 754,153 |
|
| 100.0 | % |
| 689,906 |
|
| 100.0 | % |
|
|
|
|
|
|
REGULATORY CAPITAL DATA |
| September 30, |
| September 30, |
| ||
|
|
| |||||
Tier 1 Capital |
| $ | 82,621 |
| $ | 74,338 |
|
Tier 1 Ratio |
|
| 10.45 | % |
| 9.99 | % |
Total Capital (Tier 1 + Tier 2) |
| $ | 92,520 |
| $ | 83,645 |
|
Total Capital Ratio |
|
| 11.70 | % |
| 11.25 | % |
Total Risk-Adjusted Assets |
| $ | 790,653 |
| $ | 743,810 |
|
Tier 1 Leverage Ratio |
|
| 8.04 | % |
| 7.69 | % |
OTHER DATA |
| September 30, |
| September 30, |
| ||
|
|
| |||||
Full Time Equivalent Employees (FTE’s) |
|
| 264 |
|
| 253 |
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
High |
| $ | 19.28 |
| $ | 16.63 |
|
Low |
| $ | 17.16 |
| $ | 14.30 |
|
Close |
| $ | 18.37 |
| $ | 16.63 |
|