Exhibit 99.1
NEWS from Summit Bancshares, Inc.
For Immediate Release | For Information Contact: |
July 17, 2006 | Bob G. Scott, COO |
| (817)877-2660 |
SUMMIT BANCSHARES REPORTS
SECOND 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 second quarter of 2006 of $3,523,000, or $0.28 per diluted common share, compared to $3,191,000, or $.25 per diluted common share, for the comparable 2005 period, a 12.0% increase in per share earnings. For the six months ended June 30, 2006, net income was $5,949,000, or $0.47 per diluted common share, a 4.1% decrease over the same period of the prior year. This decrease for the six months reflects the somewhat large provision for loan losses that was recorded in the first quarter of 2006.
Philip E. Norwood, Chairman, President and Chief Executive Officer stated “The fundamentals of the Company remain strong with an 18.4% increase in net interest income for the quarter compared to the same period of the prior year. Also, average loans and average deposits for the quarter increased 14.7% and 12.1%, respectively, from the second quarter of 2005. These increases contributed to a double digit increase in earnings per share for the quarter.”
He further stated, “We are excited about the pending merger with Cullen/Frost Bankers, Inc. that was announced on July 3, 2006. We think this will provide many new opportunities to provide banking services to our customers in Tarrant County.”
Net interest income (tax equivalent) for the second quarter of 2006 was $12.7 million compared to $10.8 million in the second quarter of last year, an 18.4 % increase. Contributing to this increase was a 13.6% increase in average earning assets and an increase in net interest margin of 19 basis points to 4.76%, comparing second quarter 2006 to second quarter 2005. For the six months ended June 30, 2006, net interest income (tax equivalent) was $24.8 million, an increase of 18.2% over the first six months of 2005. The increase is net interest margin continues to reflect the increase in market interest rates and the Company’s sensitivity to changes in market interest rates.
Non-interest income for the second quarter of 2006 was $2,196,000, an increase of $161,000, or 7.9% over the reported amount for the second quarter of the prior year. This increase reflected increases in investment service fees, mortgage origination fees, insurance commissions and debit card fees. For the six months ended June 30, 2006, non-interest income was $4,069,000, an increase of 3.9% over the first six months of 2005.
Non-interest expenses of $8,284,000 for the second quarter of 2006 increased $726,000, or 9.6% compared to the second quarter of last year. Approximately half of this increase was due to increases in salary expenses for merit raises and staff additions.
Also, the increase reflects higher occupancy expense, professional fees and the addition in 2006 of expense for stock options. Non-interest expense for the six months ended June 30, 2006, was $16,420,000 compared to $14,810,000 for the same period in the prior year, an increase of 10.9%. This increase in the six months’ expense also reflects increases in salary expense and occupancy expense.
The provision for loan losses was $1,100,000 for the second quarter of 2006 compared to $225,000 for the same quarter of 2005. This provision, along with the somewhat extraordinary provision for loan losses recorded in the first quarter of 2006, was necessary because of the net loan charge-offs of $4.2 million recorded in the second quarter. Also, the dynamic loan growth experienced in the quarter required the increased provision. The allowance for loan losses was 1.18% of total loans as of June 30, 2006. As of June 30, 2006, non-accrual loans were $6.1 million, or .72% of total loans.
The Company’s loans were $842 million at June 30, 2006, an increase of 16.8% over June 30, 2005. Deposits increased 12.5% to $905 million at June 30, 2006. At June 30, 2006, shareholders’ equity was $84.3 million or a book value of $6.68 per outstanding share.
Return on average assets and return on average shareholders’ equity were 1.24% and 16.80%, respectively for the quarter ended June 30, 2006 and 1.06% and 14.39% respectively for the six months ended June 30, 2006.
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 Tuesday, July 18, 2006 to discuss the Company’s performance for the quarter ended June 30, 2006. To participate, please call (800) 479-9001 and enter confirmation code 3052444. If you are unable to participate an audio playback of the call will be available starting Tuesday, July 18, 2006 at 3:00 p.m. (CT) through midnight, Tuesday, August 1, 2006 (CT) by calling 888-203-1112 and entering confirmation code 3052444.
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 “Risk Factors” 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 |
| % |
| Six Months Ended |
| % |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
EARNINGS SUMMARY |
| 2006 |
| 2005 |
|
| 2006 |
| 2005 |
|
| ||||||||
|
|
|
|
|
|
| |||||||||||||
Interest income |
| $ | 18,912 |
| $ | 14,378 |
|
| 31.5 | % | $ | 36,478 |
| $ | 27,751 |
|
| 31.4 | % |
Interest expense |
|
| 6,239 |
|
| 3,656 |
|
| 70.7 | % |
| 11,755 |
|
| 6,796 |
|
| 73.0 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net interest income |
|
| 12,673 |
|
| 10,722 |
|
| 18.2 | % |
| 24,723 |
|
| 20,955 |
|
| 18.0 | % |
Provision for loan losses |
|
| 1,100 |
|
| 225 |
|
| 388.9 | % |
| 3,100 |
|
| 450 |
|
| 588.9 | % |
Service charges on deposits |
|
| 1,001 |
|
| 990 |
|
| 1.1 | % |
| 1,922 |
|
| 1,972 |
|
| -2.5 | % |
Gain on sale of investment securities |
|
| — |
|
| — |
|
| 0.0 | % |
| — |
|
| — |
|
| 0.0 | % |
Other income |
|
| 1,195 |
|
| 1,045 |
|
| 14.4 | % |
| 2,147 |
|
| 1,943 |
|
| 10.5 | % |
Salaries and benefits expense |
|
| 4,943 |
|
| 4,448 |
|
| 11.1 | % |
| 9,836 |
|
| 8,717 |
|
| 12.8 | % |
Occupancy and equipment expense |
|
| 1,418 |
|
| 1,231 |
|
| 15.2 | % |
| 2,848 |
|
| 2,433 |
|
| 17.1 | % |
Other expense |
|
| 1,923 |
|
| 1,879 |
|
| 2.3 | % |
| 3,736 |
|
| 3,660 |
|
| 2.1 | % |
|
|
|
|
|
|
|
| ||||||||||||
Earnings before income taxes |
|
| 5,485 |
|
| 4,974 |
|
| 10.3 | % |
| 9,272 |
|
| 9,610 |
|
| -3.5 | % |
Provision for income taxes |
|
| 1,962 |
|
| 1,783 |
|
| 10.0 | % |
| 3,323 |
|
| 3,406 |
|
| -2.4 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net earnings |
| $ | 3,523 |
| $ | 3,191 |
|
| 10.4 | % | $ | 5,949 |
| $ | 6,204 |
|
| -4.1 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic earnings per share |
| $ | 0.29 |
| $ | 0.26 |
|
| 11.5 | % | $ | 0.48 |
| $ | 0.50 |
|
| -4.0 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic weighted average shares outstanding |
|
| 12,551 |
|
| 12,418 |
|
|
|
|
| 12,503 |
|
| 12,398 |
|
|
|
|
Diluted earnings per share |
| $ | 0.28 |
| $ | 0.25 |
|
| 12.0 | % | $ | 0.47 |
| $ | 0.49 |
|
| -4.1 | % |
|
|
|
|
|
|
|
| ||||||||||||
Diluted weighted average shares outstanding |
|
| 12,777 |
|
| 12,734 |
|
|
|
|
| 12,758 |
|
| 12,726 |
|
|
|
|
|
| Average for Quarter Ended |
|
|
|
| |||||||||||||
|
|
|
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
|
|
|
| |||||
|
|
|
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 830,097 |
| $ | 793,536 |
| $ | 753,311 |
| $ | 735,109 |
| $ | 723,535 |
|
|
|
|
Total investment securities |
|
| 242,468 |
|
| 253,197 |
|
| 252,508 |
|
| 226,441 |
|
| 216,825 |
|
|
|
|
Earning assets |
|
| 1,073,869 |
|
| 1,048,192 |
|
| 1,017,095 |
|
| 974,844 |
|
| 945,251 |
|
|
|
|
Total assets |
|
| 1,139,224 |
|
| 1,116,659 |
|
| 1,082,477 |
|
| 1,038,628 |
|
| 1,007,680 |
|
|
|
|
Noninterest bearing deposits |
|
| 258,103 |
|
| 251,034 |
|
| 259,062 |
|
| 242,849 |
|
| 239,127 |
|
|
|
|
Interest bearing deposits |
|
| 636,102 |
|
| 608,619 |
|
| 608,863 |
|
| 590,390 |
|
| 558,905 |
|
|
|
|
Total deposits |
|
| 894,205 |
|
| 859,653 |
|
| 867,925 |
|
| 833,239 |
|
| 798,032 |
|
|
|
|
Other borrowings |
|
| 155,510 |
|
| 169,405 |
|
| 128,368 |
|
| 121,435 |
|
| 128,684 |
|
|
|
|
Shareholders’ equity |
|
| 84,121 |
|
| 82,609 |
|
| 80,684 |
|
| 79,053 |
|
| 76,575 |
|
|
|
|
|
| Average for Six Months |
| % |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
BALANCE SHEET SUMMARY |
| 2006 |
| 2005 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total loans |
| $ | 811,917 |
| $ | 715,265 |
|
| 13.5 | % |
|
|
|
|
|
|
|
|
|
Total investment securities |
|
| 247,803 |
|
| 218,484 |
|
| 13.4 | % |
|
|
|
|
|
|
|
|
|
Earning assets |
|
| 1,061,101 |
|
| 938,791 |
|
| 13.0 | % |
|
|
|
|
|
|
|
|
|
Total assets |
|
| 1,128,004 |
|
| 1,000,457 |
|
| 12.7 | % |
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
| 254,588 |
|
| 232,361 |
|
| 9.6 | % |
|
|
|
|
|
|
|
|
|
Interest bearing deposits |
|
| 622,437 |
|
| 559,376 |
|
| 11.3 | % |
|
|
|
|
|
|
|
|
|
Total deposits |
|
| 877,025 |
|
| 791,737 |
|
| 10.8 | % |
|
|
|
|
|
|
|
|
|
Other borrowings |
|
| 162,419 |
|
| 128,430 |
|
| 26.5 | % |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 83,369 |
|
| 76,091 |
|
| 9.6 | % |
|
|
|
|
|
|
|
|
|
|
| Ending Balance |
|
|
|
| |||||||||||||
|
|
|
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
|
|
|
| |||||
|
|
|
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 841,961 |
| $ | 808,606 |
| $ | 774,886 |
| $ | 754,153 |
| $ | 721,161 |
|
|
|
|
Total investment securities |
|
| 235,246 |
|
| 247,882 |
|
| 256,842 |
|
| 236,544 |
|
| 214,750 |
|
|
|
|
Total earning assets |
|
| 1,084,382 |
|
| 1,058,892 |
|
| 1,032,620 |
|
| 1,006,368 |
|
| 945,661 |
|
|
|
|
Allowance for loan losses |
|
| (9,958 | ) |
| (13,092 | ) |
| (11,208 | ) |
| (11,131 | ) |
| (10,798 | ) |
|
|
|
Premises and equipment |
|
| 16,791 |
|
| 16,855 |
|
| 16,515 |
|
| 15,620 |
|
| 15,563 |
|
|
|
|
Total assets |
|
| 1,160,731 |
|
| 1,121,269 |
|
| 1,099,735 |
|
| 1,074,261 |
|
| 1,008,475 |
|
|
|
|
Noninterest bearing deposits |
|
| 262,264 |
|
| 262,087 |
|
| 263,027 |
|
| 258,644 |
|
| 241,643 |
|
|
|
|
Interest bearing deposits |
|
| 643,036 |
|
| 627,810 |
|
| 615,749 |
|
| 607,384 |
|
| 562,846 |
|
|
|
|
Total deposits |
|
| 905,300 |
|
| 889,897 |
|
| 878,776 |
|
| 866,028 |
|
| 804,489 |
|
|
|
|
Other borrowings |
|
| 165,848 |
|
| 144,527 |
|
| 134,231 |
|
| 123,892 |
|
| 122,203 |
|
|
|
|
Total liabilities |
|
| 1,076,480 |
|
| 1,038,928 |
|
| 1,018,402 |
|
| 994,534 |
|
| 930,891 |
|
|
|
|
Shareholders’ equity |
|
| 84,251 |
|
| 82,341 |
|
| 81,333 |
|
| 79,727 |
|
| 77,584 |
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| |||||
|
|
|
|
|
| |||||||||||
Nonaccrual loans |
| $ | 6,058 |
| $ | 11,164 |
| $ | 3,000 |
| $ | 4,989 |
| $ | 3,372 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| — |
|
| 387 |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 6,058 |
| $ | 11,551 |
| $ | 3,000 |
| $ | 4,989 |
| $ | 3,372 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 0.72 | % |
| 1.43 | % |
| 0.39 | % |
| 0.66 | % |
| 0.47 | % |
|
|
|
|
|
|
| ||||||||||
Accruing loans past due 90 days or more |
| $ | — |
| $ | — |
| $ | — |
| $ | 2,178 |
| $ | 36 |
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| |||||
|
|
|
|
|
| |||||||||||
Balance at beginning of period |
| $ | 13,092 |
| $ | 11,208 |
| $ | 11,131 |
| $ | 10,798 |
| $ | 10,519 |
|
Loans charged off |
|
| (4,311 | ) |
| (257 | ) |
| (286 | ) |
| (25 | ) |
| (147 | ) |
Loan recoveries |
|
| 77 |
|
| 141 |
|
| 23 |
|
| 43 |
|
| 201 |
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| (4,234 | ) |
| (116 | ) |
| (263 | ) |
| 18 |
|
| 54 |
|
Provision for loan losses |
|
| 1,100 |
|
| 2,000 |
|
| 340 |
|
| 315 |
|
| 225 |
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 9,958 |
| $ | 13,092 |
| $ | 11,208 |
| $ | 11,131 |
| $ | 10,798 |
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.18 | % |
| 1.62 | % |
| 1.45 | % |
| 1.48 | % |
| 1.50 | % |
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 164.38 | % |
| 117.27 | % |
| 373.66 | % |
| 223.11 | % |
| 320.23 | % |
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| 0.51 | % |
| 0.01 | % |
| 0.03 | % |
| 0.00 | % |
| -0.01 | % |
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.13 | % |
| 0.25 | % |
| 0.05 | % |
| 0.04 | % |
| 0.03 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
SELECTED RATIOS |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| |||||
|
|
|
|
|
| |||||||||||
Return on average assets (annualized) |
|
| 1.24 | % |
| 0.88 | % |
| 1.29 | % |
| 1.32 | % |
| 1.27 | % |
|
|
|
|
|
|
| ||||||||||
Return on average equity (annualized) |
|
| 16.80 | % |
| 11.91 | % |
| 17.29 | % |
| 17.34 | % |
| 16.71 | % |
|
|
|
|
|
|
| ||||||||||
Average shareholders’ equity to average assets |
|
| 7.38 | % |
| 7.40 | % |
| 7.45 | % |
| 7.61 | % |
| 7.60 | % |
|
|
|
|
|
|
| ||||||||||
Yield on earning assets |
|
| 7.09 | % |
| 6.82 | % |
| 6.55 | % |
| 6.32 | % |
| 6.12 | % |
|
|
|
|
|
|
| ||||||||||
Cost of interest bearing funds |
|
| 3.16 | % |
| 2.88 | % |
| 2.53 | % |
| 2.38 | % |
| 2.13 | % |
|
|
|
|
|
|
| ||||||||||
Net interest margin (tax equivalent) |
|
| 4.76 | % |
| 4.68 | % |
| 4.71 | % |
| 4.58 | % |
| 4.57 | % |
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
| 55.46 | % |
| 58.20 | % |
| 58.70 | % |
| 56.84 | % |
| 59.07 | % |
|
|
|
|
|
|
| ||||||||||
End of period book value per common share |
| $ | 6.68 |
| $ | 6.60 |
| $ | 6.54 |
| $ | 6.41 |
| $ | 6.25 |
|
|
|
|
|
|
|
| ||||||||||
End of period common shares outstanding |
|
| 12,604 |
|
| 12,484 |
|
| 12,444 |
|
| 12,429 |
|
| 12,421 |
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| June 30, 2006 |
| June 30, 2005 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest bearing deposits |
| $ | 1,304 |
| $ | 16 |
|
| 4.92 | % | $ | 4,891 |
| $ | 36 |
|
| 2.95 | % |
Investment securities (taxable) |
|
| 228,017 |
|
| 2,297 |
|
| 4.03 | % |
| 208,367 |
|
| 1,914 |
|
| 3.67 | % |
Investment securities (tax-exempt) |
|
| 14,451 |
|
| 196 |
|
| 5.43 | % |
| 8,458 |
|
| 110 |
|
| 5.20 | % |
Loans |
|
| 830,097 |
|
| 16,471 |
|
| 7.96 | % |
| 723,535 |
|
| 12,356 |
|
| 6.85 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 1,073,869 |
|
| 18,980 |
|
| 7.09 | % |
| 945,251 |
|
| 14,416 |
|
| 6.12 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 30,375 |
|
|
|
|
|
|
|
| 30,139 |
|
|
|
|
|
|
|
Other assets |
|
| 48,362 |
|
|
|
|
|
|
|
| 42,973 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (13,382 | ) |
|
|
|
|
|
|
| (10,683 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 65,355 |
|
|
|
|
|
|
|
| 62,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,139,224 |
|
|
|
|
|
|
| $ | 1,007,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 263,205 |
|
| 1,379 |
|
| 2.10 | % | $ | 231,313 |
|
| 797 |
|
| 1.38 | % |
Savings deposits |
|
| 154,334 |
|
| 1,014 |
|
| 2.64 | % |
| 162,065 |
|
| 704 |
|
| 1.74 | % |
Certificates and other time deposits |
|
| 218,563 |
|
| 2,075 |
|
| 3.81 | % |
| 165,527 |
|
| 1,151 |
|
| 2.79 | % |
Other borrowings |
|
| 155,510 |
|
| 1,771 |
|
| 4.57 | % |
| 128,684 |
|
| 1,004 |
|
| 3.13 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 791,612 |
|
| 6,239 |
|
| 3.16 | % |
| 687,589 |
|
| 3,656 |
|
| 2.13 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 258,103 |
|
|
|
|
|
|
|
| 239,127 |
|
|
|
|
|
|
|
Other liabilities |
|
| 5,388 |
|
|
|
|
|
|
|
| 4,389 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 84,121 |
|
|
|
|
|
|
|
| 76,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 347,612 |
|
|
|
|
|
|
|
| 320,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,139,224 |
|
|
|
|
|
|
| $ | 1,007,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 12,741 |
|
| 4.76 | % |
|
|
| $ | 10,760 |
|
| 4.57 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Six Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| June 30, 2006 |
| June 30, 2005 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest bearing deposits |
| $ | 1,381 |
| $ | 32 |
|
| 4.67 | % | $ | 5,042 |
| $ | 67 |
|
| 2.68 | % |
Investment securities (taxable) |
|
| 234,585 |
|
| 4,695 |
|
| 4.00 | % |
| 210,249 |
|
| 3,840 |
|
| 3.65 | % |
Investment securities (tax-exempt) |
|
| 13,218 |
|
| 356 |
|
| 5.39 | % |
| 8,235 |
|
| 216 |
|
| 5.25 | % |
Loans |
|
| 811,917 |
|
| 31,519 |
|
| 7.83 | % |
| 715,265 |
|
| 23,702 |
|
| 6.68 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 1,061,101 |
|
| 36,602 |
|
| 6.96 | % |
| 938,791 |
|
| 27,825 |
|
| 5.98 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 31,881 |
|
|
|
|
|
|
|
| 30,099 |
|
|
|
|
|
|
|
Other assets |
|
| 47,588 |
|
|
|
|
|
|
|
| 42,073 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (12,566 | ) |
|
|
|
|
|
|
| (10,506 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 66,903 |
|
|
|
|
|
|
|
| 61,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,128,004 |
|
|
|
|
|
|
| $ | 1,000,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 261,407 |
|
| 2,566 |
|
| 1.98 | % | $ | 233,490 |
|
| 1,514 |
|
| 1.31 | % |
Savings deposits |
|
| 151,430 |
|
| 1,834 |
|
| 2.44 | % |
| 165,188 |
|
| 1,340 |
|
| 1.64 | % |
Certificates and other time deposits |
|
| 209,600 |
|
| 3,806 |
|
| 3.66 | % |
| 160,698 |
|
| 2,130 |
|
| 2.67 | % |
Other borrowings |
|
| 162,419 |
|
| 3,549 |
|
| 4.41 | % |
| 128,430 |
|
| 1,812 |
|
| 2.85 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 784,856 |
|
| 11,755 |
|
| 3.02 | % |
| 687,806 |
|
| 6,796 |
|
| 1.99 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 254,588 |
|
|
|
|
|
|
|
| 232,361 |
|
|
|
|
|
|
|
Other liabilities |
|
| 5,191 |
|
|
|
|
|
|
|
| 4,199 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 83,369 |
|
|
|
|
|
|
|
| 76,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 343,148 |
|
|
|
|
|
|
|
| 312,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,128,004 |
|
|
|
|
|
|
| $ | 1,000,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 24,847 |
|
| 4.72 | % |
|
|
| $ | 21,029 |
|
| 4.52 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO |
| June 30, |
| % |
| June 30, |
| % |
| ||||
|
|
|
|
| |||||||||
Commercial and industrial |
| $ | 302,998 |
|
| 36.0 | % | $ | 257,362 |
|
| 35.7 | % |
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 276,563 |
|
| 32.8 | % |
| 236,142 |
|
| 32.7 | % |
Residential |
|
| 94,015 |
|
| 11.2 | % |
| 86,558 |
|
| 12.0 | % |
Construction and development |
|
| 133,982 |
|
| 15.9 | % |
| 105,256 |
|
| 14.6 | % |
Consumer |
|
| 34,403 |
|
| 4.1 | % |
| 35,843 |
|
| 5.0 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
|
| 841,961 |
|
| 100.0 | % |
| 721,161 |
|
| 100.0 | % |
Unearned discounts |
|
| — |
|
| 0.0 | % |
| — |
|
| 0.0 | % |
|
|
|
|
|
| ||||||||
Total loans (net) |
| $ | 841,961 |
|
| 100.0 | % | $ | 721,161 |
|
| 100.0 | % |
|
|
|
|
|
|
REGULATORY CAPITAL DATA |
| June 30, |
| June 30, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Tier 1 Capital |
| $ | 90,123 |
| $ | 79,991 |
|
|
|
|
|
|
|
Tier 1 Ratio |
|
| 10.49 | % |
| 10.34 | % |
|
|
|
|
|
|
Total Capital (Tier 1 + Tier 2) |
| $ | 100,081 |
| $ | 89,671 |
|
|
|
|
|
|
|
Total Capital Ratio |
|
| 11.65 | % |
| 11.60 | % |
|
|
|
|
|
|
Total Risk-Adjusted Assets |
| $ | 859,044 |
| $ | 773,286 |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
| 7.99 | % |
| 7.93 | % |
|
|
|
|
|
|
OTHER DATA |
| June 30, |
| June 30, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Full Time Equivalent Employees (FTE’s) |
|
| 265 |
|
| 257 |
|
|
|
|
|
|
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
| $ | 21.73 |
| $ | 18.65 |
|
|
|
|
|
|
|
Low |
| $ | 17.93 |
| $ | 16.00 |
|
|
|
|
|
|
|
Close |
| $ | 21.21 |
| $ | 17.30 |
|
|
|
|
|
|
|