Exhibit 99.1
NEWS from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
April 12, 2006 | Bob G. Scott, COO |
| (817)877-2660 |
SUMMIT BANCSHARES REPORTS
FIRST QUARTER 2006 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 2006 of $2,426,000, or $0.19 per diluted common share, compared to $3,013,000, or $.24 per diluted common share, for the comparable 2005 period, a 20.8% decrease in per share earnings.
Philip E. Norwood, Chairman, President and Chief Executive Officer stated “The fundamentals of the Company remain strong with double digit growth for both loans and deposits and an 18% increase in net interest income in the quarter compared to the first quarter of the prior year.”
He further stated, “However, as anticipated and discussed in the SEC 8K filing on February 13, 2006, an increased provision for loan losses was required to provide a reserve for loan losses that, in management’s opinion based on information currently available to us, is adequate to cover the exposure to potential loan losses that might occur when considering the current level of non-performing loans.”
The provision for loan losses was $2,000,000 for the first quarter of 2006 while the provision for loan losses was $225,000 for the same quarter of 2005. As noted above, this is an extraordinary provision for loan losses compared to our provisions for the last several quarters. For the first quarter of 2006, the Company experienced net charged off loans of $116,000, which represented net charge offs to average loans for the quarter of 0.06%, annualized. As of March 31, 2006, the allowance for loan losses as a percentage of total loans was 1.62% and also represented 117% of non-performing loans. As of March 31, 2006, non-performing assets were $11.6 million, or 1.43% of total outstanding loans and foreclosed assets, an increase of $8.6 million from the balance at December 31, 2005. The increase reflects the addition in the quarter of the credits totaling $9.3 million, involving two different borrowers, and a decrease of $0.7 million in the quarter of non-performing loans and foreclosed assets that were reported as of December 31, 2005.
Net interest income (tax equivalent) of $12.1 million for the first quarter of 2006 improved $1.8 million, or 17.9%, over the first quarter of 2005. Because the Company believes that it is somewhat more sensitive to market interest rate changes than other community banks due to its heavier commercial lending focus, net interest margin increased to 4.68% for the first quarter of 2006 compared to 4.47% for the first quarter of the prior year reflecting the recent increases in market interest rates and the increase in earning assets.
Non-interest income for the first quarter of 2006 was $1,873,000, a $7,000 decrease over the first quarter of 2005. The decrease reflected declines in: a) service charges on deposit accounts of $61,000, partly due to higher interest earning credits paid on commercial deposit accounts that are under account analysis for charges and, b) an increase in other fees of $54,000 which includes higher insurance commissions and investment fees which more than exceeds an extraordinary income payment of $134,000 included in the first quarter of last year.
Non-interest expenses of $8,136,000 for the first quarter of 2006 increased $884,000 compared to the first quarter of last year. This increase includes the impacts of: a) staff additions to support the Company’s continued growth and increased cost of employee benefits; b) a full quarter’s expense of Summit Financial Partners, which was acquired in late March 2005; and c) loss of tenants’ rents at a bank facility along with generally higher occupancy expenses due to rent escalations and higher utility expense. Also included in the increase in 2006 expense was a $44,000 expense for stock options that was first recorded in this quarter as required by new accounting rules. These increases are net of the decrease in expenses for compliance with SOX 404 incurred in the first quarter of last year.
The Company’s loans were $809 million at March 31, 2006, an increase of 12.8% over March 31, 2005. Deposits increased 11.6% to $890 million at March 31, 2006. At March 31, 2006, shareholders’ equity was $82 million or a book value of $6.60 per share.
Return on average assets and return on average shareholders’ equity were .88% and 11.91%, respectively, for the quarter ended March 31, 2006 compared to 1.23% and 16.16%, respectively, for the same quarter in 2005.
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 at 10:30 a.m. (CT) on Thursday, April 13, 2006 to discuss the Company’s performance for the quarter ended March 31, 2006. To participate, please call (800) 310-1961 and enter confirmation code 8542806. If you are unable to participate an audio playback of the call will be available starting Thursday, April 13, 2006 at 3:00 p.m. (CT) through midnight, Thursday, April 27, 2006 (CT) by calling 888-203-1112 and entering confirmation code 8542806.
The 2006 Annual Meeting of Shareholders will be held on April 18, 2006 at 4:00 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, 2005.
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 |
|
|
| |||||
|
| % |
| |||||||
EARNINGS SUMMARY |
| 2006 |
| 2005 |
|
| ||||
|
|
|
| |||||||
Interest income |
| $ | 17,566 |
| $ | 13,373 |
|
| 31.4 | % |
Interest expense |
|
| 5,516 |
|
| 3,140 |
|
| 75.7 | % |
|
|
|
|
| ||||||
Net interest income |
|
| 12,050 |
|
| 10,233 |
|
| 17.8 | % |
Provision for loan losses |
|
| 2,000 |
|
| 225 |
|
| 788.9 | % |
Service charges on deposits |
|
| 921 |
|
| 982 |
|
| -6.2 | % |
Gain on sale of investment securities |
|
| — |
|
| — |
|
| — |
|
Other income |
|
| 952 |
|
| 898 |
|
| 6.0 | % |
Salaries and benefits expense |
|
| 4,893 |
|
| 4,269 |
|
| 14.6 | % |
Occupancy and equipment expense |
|
| 1,430 |
|
| 1,202 |
|
| 19.0 | % |
Other expense |
|
| 1,813 |
|
| 1,781 |
|
| 1.8 | % |
|
|
|
|
| ||||||
Earnings before income taxes |
|
| 3,787 |
|
| 4,636 |
|
| -18.3 | % |
Provision for income taxes |
|
| 1,361 |
|
| 1,623 |
|
| -16.1 | % |
|
|
|
|
| ||||||
Net earnings |
| $ | 2,426 |
| $ | 3,013 |
|
| -19.5 | % |
|
|
|
|
| ||||||
Basic earnings per share |
| $ | 0.19 |
| $ | 0.24 |
|
| -20.8 | % |
|
|
|
|
| ||||||
Basic weighted average shares outstanding |
|
| 12,455 |
|
| 12,377 |
|
|
|
|
Diluted earnings per share |
| $ | 0.19 |
| $ | 0.24 |
|
| -20.8 | % |
|
|
|
|
| ||||||
Diluted weighted average shares outstanding |
|
| 12,739 |
|
| 12,718 |
|
|
|
|
|
| Average for Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
BALANCE SHEET SUMMARY |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 793,536 |
| $ | 753,311 |
| $ | 735,109 |
| $ | 723,535 |
| $ | 706,902 |
|
Total investment securities |
|
| 253,197 |
|
| 252,508 |
|
| 226,441 |
|
| 216,825 |
|
| 220,161 |
|
Earning assets |
|
| 1,048,192 |
|
| 1,017,095 |
|
| 974,844 |
|
| 945,251 |
|
| 932,258 |
|
Total assets |
|
| 1,116,659 |
|
| 1,082,477 |
|
| 1,038,628 |
|
| 1,007,680 |
|
| 993,154 |
|
Noninterest bearing deposits |
|
| 251,034 |
|
| 259,062 |
|
| 242,849 |
|
| 239,127 |
|
| 225,519 |
|
Interest bearing deposits |
|
| 608,619 |
|
| 608,863 |
|
| 590,390 |
|
| 558,905 |
|
| 559,853 |
|
Total deposits |
|
| 859,653 |
|
| 867,925 |
|
| 833,239 |
|
| 798,032 |
|
| 785,372 |
|
Other borrowings |
|
| 169,405 |
|
| 128,368 |
|
| 121,435 |
|
| 128,684 |
|
| 128,174 |
|
Shareholders’ equity |
|
| 82,609 |
|
| 80,684 |
|
| 79,053 |
|
| 76,575 |
|
| 75,602 |
|
|
| Average for Three Months |
|
|
|
| ||||
|
|
|
|
|
| |||||
|
|
| % |
| ||||||
BALANCE SHEET SUMMARY |
| 2006 |
| 2005 |
|
| ||||
|
|
|
| |||||||
Total loans |
| $ | 793,536 |
| $ | 706,902 |
|
| 12.3 | % |
Total investment securities |
|
| 253,197 |
|
| 220,161 |
|
| 15.0 | % |
Earning assets |
|
| 1,048,192 |
|
| 932,258 |
|
| 12.4 | % |
Total assets |
|
| 1,116,659 |
|
| 993,154 |
|
| 12.4 | % |
Noninterest bearing deposits |
|
| 251,034 |
|
| 225,519 |
|
| 11.3 | % |
Interest bearing deposits |
|
| 608,619 |
|
| 559,853 |
|
| 8.7 | % |
Total deposits |
|
| 859,653 |
|
| 785,372 |
|
| 9.5 | % |
Other borrowings |
|
| 169,405 |
|
| 128,174 |
|
| 32.2 | % |
Shareholders’ equity |
|
| 82,609 |
|
| 75,602 |
|
| 9.3 | % |
|
| Ending Balance |
| |||||||||||||
|
|
| ||||||||||||||
|
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
BALANCE SHEET SUMMARY |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 808,606 |
| $ | 774,886 |
| $ | 754,153 |
| $ | 721,161 |
| $ | 716,714 |
|
Total investment securities |
|
| 247,882 |
|
| 256,842 |
|
| 236,544 |
|
| 214,750 |
|
| 214,222 |
|
Total earning assets |
|
| 1,058,892 |
|
| 1,032,620 |
|
| 1,006,368 |
|
| 945,661 |
|
| 939,934 |
|
Allowance for loan losses |
|
| (13,092 | ) |
| (11,208 | ) |
| (11,131 | ) |
| (10,798 | ) |
| (10,519 | ) |
Premises and equipment |
|
| 16,855 |
|
| 16,515 |
|
| 15,620 |
|
| 15,563 |
|
| 15,462 |
|
Total assets |
|
| 1,121,269 |
|
| 1,099,735 |
|
| 1,074,261 |
|
| 1,008,475 |
|
| 999,914 |
|
Noninterest bearing deposits |
|
| 262,087 |
|
| 263,027 |
|
| 258,644 |
|
| 241,643 |
|
| 232,556 |
|
Interest bearing deposits |
|
| 627,810 |
|
| 615,749 |
|
| 607,384 |
|
| 562,846 |
|
| 565,002 |
|
Total deposits |
|
| 889,897 |
|
| 878,776 |
|
| 866,028 |
|
| 804,489 |
|
| 797,558 |
|
Other borrowings |
|
| 144,527 |
|
| 134,231 |
|
| 123,892 |
|
| 122,203 |
|
| 124,007 |
|
Total liabilities |
|
| 1,038,928 |
|
| 1,018,402 |
|
| 994,534 |
|
| 930,891 |
|
| 925,477 |
|
Shareholders’ equity |
|
| 82,341 |
|
| 81,333 |
|
| 79,727 |
|
| 77,584 |
|
| 74,437 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
NONPERFORMING ASSETS |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| |||||||||||
Nonaccrual loans |
| $ | 11,164 |
| $ | 3,000 |
| $ | 4,989 |
| $ | 3,372 |
| $ | 3,294 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| 387 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 11,551 |
| $ | 3,000 |
| $ | 4,989 |
| $ | 3,372 |
| $ | 3,294 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 1.43 | % |
| 0.39 | % |
| 0.66 | % |
| 0.47 | % |
| 0.46 | % |
|
|
|
|
|
|
| ||||||||||
Accruing loans past due 90 days or more |
| $ | — |
| $ | — |
| $ | 2,178 |
| $ | 36 |
| $ | — |
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| |||||||||||
Balance at beginning of period |
| $ | 11,208 |
| $ | 11,131 |
| $ | 10,798 |
| $ | 10,519 |
| $ | 10,187 |
|
Loans charged off |
|
| (257 | ) |
| (286 | ) |
| (25 | ) |
| (147 | ) |
| (84 | ) |
Loan recoveries |
|
| 141 |
|
| 23 |
|
| 43 |
|
| 201 |
|
| 191 |
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| (116 | ) |
| (263 | ) |
| 18 |
|
| 54 |
|
| 107 |
|
Provision for loan losses |
|
| 2,000 |
|
| 340 |
|
| 315 |
|
| 225 |
|
| 225 |
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 13,092 |
| $ | 11,208 |
| $ | 11,131 |
| $ | 10,798 |
| $ | 10,519 |
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.62 | % |
| 1.45 | % |
| 1.48 | % |
| 1.50 | % |
| 1.47 | % |
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 117.27 | % |
| 373.66 | % |
| 223.11 | % |
| 320.23 | % |
| 319.34 | % |
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| 0.01 | % |
| 0.03 | % |
| 0.00 | % |
| -0.01 | % |
| -0.02 | % |
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.25 | % |
| 0.05 | % |
| 0.04 | % |
| 0.03 | % |
| 0.03 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
|
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| |||||
SELECTED RATIOS |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
| |||||||||||
Return on average assets (annualized) |
|
| 0.88 | % |
| 1.29 | % |
| 1.32 | % |
| 1.27 | % |
| 1.23 | % |
|
|
|
|
|
|
| ||||||||||
Return on average equity (annualized) |
|
| 11.91 | % |
| 17.29 | % |
| 17.34 | % |
| 16.71 | % |
| 16.16 | % |
|
|
|
|
|
|
| ||||||||||
Average shareholders’ equity to average assets |
|
| 7.40 | % |
| 7.45 | % |
| 7.61 | % |
| 7.60 | % |
| 7.63 | % |
|
|
|
|
|
|
| ||||||||||
Yield on earning assets |
|
| 6.82 | % |
| 6.55 | % |
| 6.32 | % |
| 6.12 | % |
| 5.83 | % |
|
|
|
|
|
|
| ||||||||||
Cost of interest bearing funds |
|
| 2.88 | % |
| 2.53 | % |
| 2.38 | % |
| 2.13 | % |
| 1.85 | % |
|
|
|
|
|
|
| ||||||||||
Net interest margin (tax equivalent) |
|
| 4.68 | % |
| 4.71 | % |
| 4.58 | % |
| 4.57 | % |
| 4.47 | % |
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
| 58.20 | % |
| 58.70 | % |
| 56.84 | % |
| 59.07 | % |
| 59.69 | % |
|
|
|
|
|
|
| ||||||||||
End of period book value per common share |
| $ | 6.60 |
| $ | 6.54 |
| $ | 6.41 |
| $ | 6.25 |
| $ | 6.01 |
|
|
|
|
|
|
|
| ||||||||||
End of period common shares outstanding |
|
| 12,484 |
|
| 12,444 |
|
| 12,429 |
|
| 12,421 |
|
| 12,390 |
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| March 31, 2006 |
| March 31, 2005 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
|
| Average |
|
|
|
|
|
|
| Average |
|
|
|
|
|
|
| ||
YIELD ANALYSIS |
|
| Interest |
| Yield |
|
| Interest |
| Yield |
| ||||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest bearing deposits |
| $ | 1,459 |
| $ | 16 |
|
| 4.45 | % | $ | 5,195 |
| $ | 31 |
|
| 2.40 | % |
Investment securities (taxable) |
|
| 241,226 |
|
| 2,398 |
|
| 3.98 | % |
| 212,152 |
|
| 1,926 |
|
| 3.63 | % |
Investment securities (tax-exempt) |
|
| 11,971 |
|
| 160 |
|
| 5.35 | % |
| 8,009 |
|
| 106 |
|
| 5.30 | % |
Loans |
|
| 793,536 |
|
| 15,048 |
|
| 7.69 | % |
| 706,902 |
|
| 11,346 |
|
| 6.51 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 1,048,192 |
|
| 17,622 |
|
| 6.82 | % |
| 932,258 |
|
| 13,409 |
|
| 5.83 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 33,404 |
|
|
|
|
|
|
|
| 30,059 |
|
|
|
|
|
|
|
Other assets |
|
| 46,804 |
|
|
|
|
|
|
|
| 41,164 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (11,741 | ) |
|
|
|
|
|
|
| (10,327 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 68,467 |
|
|
|
|
|
|
|
| 60,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,116,659 |
|
|
|
|
|
|
| $ | 993,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 259,589 |
|
| 1,187 |
|
| 1.85 | % | $ | 235,691 |
|
| 717 |
|
| 1.23 | % |
Savings deposits |
|
| 148,493 |
|
| 820 |
|
| 2.24 | % |
| 168,346 |
|
| 636 |
|
| 1.53 | % |
Certificates and other time deposits |
|
| 200,537 |
|
| 1,731 |
|
| 3.50 | % |
| 155,816 |
|
| 979 |
|
| 2.55 | % |
Other borrowings |
|
| 169,405 |
|
| 1,778 |
|
| 4.26 | % |
| 128,174 |
|
| 808 |
|
| 2.56 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 778,024 |
|
| 5,516 |
|
| 2.88 | % |
| 688,027 |
|
| 3,140 |
|
| 1.85 | % |
Noninterest Bearing Liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 251,034 |
|
|
|
|
|
|
|
| 225,519 |
|
|
|
|
|
|
|
Other liabilities |
|
| 4,992 |
|
|
|
|
|
|
|
| 4,006 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 82,609 |
|
|
|
|
|
|
|
| 75,602 |
|
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|
|
|
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|
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|
|
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|
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|
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| ||||
Total Noninterest Bearing Liabilities |
|
| 338,635 |
|
|
|
|
|
|
|
| 305,127 |
|
|
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|
|
|
|
|
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| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,116,659 |
|
|
|
|
|
|
| $ | 993,154 |
|
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|
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| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 12,106 |
|
| 4.68 | % |
|
|
| $ | 10,269 |
|
| 4.47 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
|
| March 31, |
|
|
|
| March 31, |
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|
| |||
LOAN PORTFOLIO |
|
| % |
|
| % |
| ||||||
|
|
|
|
| |||||||||
Commercial and industrial |
| $ | 283,536 |
|
| 35.1 | % | $ | 266,782 |
|
| 37.3 | % |
Real estate: |
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|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 268,365 |
|
| 33.2 | % |
| 228,701 |
|
| 31.9 | % |
Residential |
|
| 93,879 |
|
| 11.6 | % |
| 85,293 |
|
| 11.9 | % |
Construction and development |
|
| 125,926 |
|
| 15.6 | % |
| 94,940 |
|
| 13.2 | % |
Consumer |
|
| 36,900 |
|
| 4.5 | % |
| 40,998 |
|
| 5.7 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
|
| 808,606 |
|
| 100.0 | % |
| 716,714 |
|
| 100.0 | % |
Unearned discounts |
|
| — |
|
| 0.0 | % |
| — |
|
| 0.0 | % |
|
|
|
|
|
| ||||||||
Total loans (net) |
| $ | 808,606 |
|
| 100.0 | % |
| 716,714 |
|
| 100.0 | % |
|
|
|
|
|
|
|
| March 31, |
| March 31, |
| ||
REGULATORY CAPITAL DATA |
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| ||||
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| |||||
Tier 1 Capital |
| $ | 87,068 |
| $ | 77,487 |
|
Tier 1 Ratio |
|
| 10.71 | % |
| 10.10 | % |
Total Capital (Tier 1 + Tier 2) |
| $ | 97,263 |
| $ | 87,093 |
|
Total Capital Ratio |
|
| 11.97 | % |
| 11.35 | % |
Total Risk-Adjusted Assets |
| $ | 812,665 |
| $ | 767,540 |
|
Tier 1 Leverage Ratio |
|
| 7.88 | % |
| 7.80 | % |
|
| March 31, |
| March 31, |
| ||
OTHER DATA |
|
|
| ||||
|
|
| |||||
Full Time Equivalent Employees (FTE’s) |
|
| 262 |
|
| 261 |
|
Stock Price Range (For the Quarter Ended): |
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|
|
|
|
|
|
High |
| $ | 20.00 |
| $ | 20.50 |
|
Low |
| $ | 17.96 |
| $ | 16.40 |
|
Close |
| $ | 19.27 |
| $ | 17.05 |
|