Exhibit 99.1
NEWS from Summit Bancshares, Inc.
For Immediate Release |
| For Information Contact: |
October 16, 2006 |
| Bob G. Scott, COO |
|
| (817)877-2660 |
SUMMIT BANCSHARES REPORTS
THIRD 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 third quarter of 2006 of $3,590,000, or $0.28 per diluted common share, compared to $3,456,000, or $0.27 per diluted common share, for the comparable 2005 period, a 3.7% increase in per share earnings. For the nine months ended September 30, 2006, net income was $9,539,000, or $0.75 per diluted common share, a 1.3% decrease over the same period of the prior year. This decrease for the nine months is attributable, in part, to the large provision for loan losses of $2,000,000 that was recorded in the first quarter of 2006.
Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “We believe that the fundamentals of the Company remain strong with a 14.7% increase in net interest income (tax equivalent) for the third quarter of 2006 compared to the same period of the prior year. Also, average loans and average deposits for the third quarter of 2006 increased 14.7% and 8.9%, respectively, from the third quarter of 2005.”
He further stated, “We are excited about the pending merger with Cullen/Frost Bankers, Inc. that was announced on July 3, 2006. The merger is expected to close on December 8, 2006. We are looking forward to joining the current Frost employees in Tarrant County and around the state in providing additional new products and services to our customers.”
Net interest income (tax equivalent) for the third quarter of 2006 was $12.9 million compared to $11.3 million in the third quarter of last year, a 14.7% increase. Contributing to this increase was an 11.6% increase in average earning assets and an increase in net interest margin of 13 basis points to 4.71%, comparing the third quarter of 2006 to the third quarter of 2005. For the nine months ended September 30, 2006, net interest income (tax equivalent) was $37.8 million, an increase of 17.0% over the first nine months of 2005. The Company believes that the increase in net interest margin reflects the increase in market interest rates that have occurred over the last twelve months and the Company’s sensitivity to changes in market interest rates as well as the 11.6% increase in average earning assets in the third quarter of 2006 versus the same quarter last year.
Non-interest income for the third quarter of 2006 was $2,101,000, a decrease of $75,000 over the third quarter of the prior year. This decrease resulted primarily from an extraordinary gain on sale of assets in the third quarter of 2005 in the amount of $247,000. In the third quarter of 2006 compared to the third quarter of 2005, there were positive increases in service charges on deposits, investment service fees, mortgage origination fees and debit card fees. For the nine months ended September 30, 2006, non-interest income was $6,170,000, an increase of 1.3% over the first nine months of 2005.
Non-interest expenses of $8,957,000 for the third quarter of 2006 increased $1,320,000, or 17.3% compared to the third quarter of last year. Included in the third quarter 2006 total non-interest expense was the expense impact of a $524,000 check fraud loss representing approximately 40% of the increase for the quarter. Approximately 38% of the increase in non-interest expenses was due to increases in salaries and benefits of personnel and occupancy and equipment expenses directly related to the growth of the Company. Also, in the third quarter of 2006, there was a 68% increase in legal and professional fees
compared to the third quarter of 2005. A portion of this increase is attributable to legal and consulting fees incurred in connection with collection efforts related to a problem credit that was reported in January 2006. Non-interest expense for the nine months ended September 30, 2006, was $25,377,000 compared to $22,447,000 for the same period in the prior year, an increase of 13.1%. This increase in non-interest expense is primarily due to the check fraud loss noted above and increases in salary and benefits expense and occupancy equipment expense.
The provision for loan losses was $415,000 for the third quarter of 2006 compared to $315,000 for the same quarter of 2005. This increase is primarily attributable to a 13.7% increase in period-end loans from September 30, 2005 to September 30, 2006. In the first and second quarters of 2006, the Company recorded provisions for loan losses of $2.0 million and $1.1 million, respectively, in each case primarily related to the problem credit noted above. In the second quarter of 2006, net loan charge-offs of $4.2 million were recorded, primarily related to this problem credit. On October 5, 2006, the Company filed a report with the Securities and Exchange Commission reporting a $3.0 million loan charge-off recovery resulting from a cash payment of $4.5 million on this problem credit. It is anticipated that the recovery will result in a reduction in the provision for loan losses in the fourth quarter of 2006. The allowance for loan losses was 1.21% of total loans as of September 30, 2006. As of September 30, 2006, non-accrual loans were $9.3 million, or 1.08% of total loans.
The Company’s loans were $858 million at September 30, 2006, an increase of 13.7% over September 2005. Deposits increased 7.2% to $929 million at September 30, 2006. At September 30, 2006, shareholders’ equity was $88.8 million, a book value of $7.04 per outstanding share.
Return on average assets and return on average shareholders’ equity was 1.23% and 16.40%, respectively, for the quarter ended September 30, 2006 and 1.12% and 15.08%, respectively, for the nine months ended September 30, 2006.
Summit files annual, quarterly and current 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.
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 contained in the 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 those expressed or implied in such forward-looking statements. These risks and uncertainties are described 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 76107Telephone (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 |
| 2006 |
| 2005 |
|
| 2006 |
| 2005 |
|
| ||||||||
|
|
|
|
|
|
| |||||||||||||
Interest income |
| $ | 19,859 |
| $ | 15,476 |
|
| 28.3 | % | $ | 56,337 |
| $ | 43,227 |
|
| 30.3 | % |
Interest expense |
|
| 7,015 |
|
| 4,263 |
|
| 64.6 | % |
| 18,770 |
|
| 11,059 |
|
| 69.7 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net interest income |
|
| 12,844 |
|
| 11,213 |
|
| 14.5 | % |
| 37,567 |
|
| 32,168 |
|
| 16.8 | % |
Provision for loan losses |
|
| 415 |
|
| 315 |
|
| 31.7 | % |
| 3,515 |
|
| 765 |
|
| 359.5 | % |
Service charges on deposits |
|
| 1,046 |
|
| 992 |
|
| 5.4 | % |
| 2,968 |
|
| 2,964 |
|
| 0.1 | % |
Gain on sale of investment securities |
|
| — |
|
| — |
|
| 0.0 | % |
| — |
|
| — |
|
| 0.0 | % |
Other income |
|
| 1,055 |
|
| 1,184 |
|
| -10.9 | % |
| 3,202 |
|
| 3,127 |
|
| 2.4 | % |
Salaries and benefits expense |
|
| 4,895 |
|
| 4,579 |
|
| 6.9 | % |
| 14,731 |
|
| 13,296 |
|
| 10.8 | % |
Occupancy and equipment expense |
|
| 1,495 |
|
| 1,311 |
|
| 14.0 | % |
| 4,343 |
|
| 3,744 |
|
| 16.0 | % |
Other expense |
|
| 2,567 |
|
| 1,747 |
|
| 46.9 | % |
| 6,303 |
|
| 5,407 |
|
| 16.6 | % |
|
|
|
|
|
|
|
| ||||||||||||
Earnings before income taxes |
|
| 5,573 |
|
| 5,437 |
|
| 2.5 | % |
| 14,845 |
|
| 15,047 |
|
| -1.3 | % |
Provision for income taxes |
|
| 1,983 |
|
| 1,981 |
|
| 0.1 | % |
| 5,306 |
|
| 5,387 |
|
| -1.5 | % |
|
|
|
|
|
|
|
| ||||||||||||
Net earnings |
| $ | 3,590 |
| $ | 3,456 |
|
| 3.9 | % | $ | 9,539 |
| $ | 9,660 |
|
| -1.3 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic earnings per share |
| $ | 0.28 |
| $ | 0.28 |
|
| 0.0 | % | $ | 0.76 |
| $ | 0.78 |
|
| -2.6 | % |
|
|
|
|
|
|
|
| ||||||||||||
Basic weighted average shares outstanding |
|
| 12,591 |
|
| 12,420 |
|
|
|
|
| 12,533 |
|
| 12,405 |
|
|
|
|
Diluted earnings per share |
| $ | 0.28 |
| $ | 0.27 |
|
| 3.7 | % | $ | 0.75 |
| $ | 0.76 |
|
| -1.3 | % |
|
|
|
|
|
|
|
| ||||||||||||
Diluted weighted average shares outstanding |
|
| 12,882 |
|
| 12,664 |
|
|
|
|
| 12,800 |
|
| 12,705 |
|
|
|
|
|
| Average for Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 843,458 |
| $ | 830,097 |
| $ | 793,536 |
| $ | 753,311 |
| $ | 735,109 |
|
Total investment securities |
|
| 242,428 |
|
| 242,468 |
|
| 253,197 |
|
| 252,508 |
|
| 226,441 |
|
Earning assets |
|
| 1,087,761 |
|
| 1,073,869 |
|
| 1,048,192 |
|
| 1,017,095 |
|
| 974,844 |
|
Total assets |
|
| 1,161,279 |
|
| 1,139,224 |
|
| 1,116,659 |
|
| 1,082,477 |
|
| 1,038,628 |
|
Noninterest bearing deposits |
|
| 261,768 |
|
| 258,103 |
|
| 251,034 |
|
| 259,062 |
|
| 242,849 |
|
Interest bearing deposits |
|
| 645,270 |
|
| 636,102 |
|
| 608,619 |
|
| 608,863 |
|
| 590,390 |
|
Total deposits |
|
| 907,038 |
|
| 894,205 |
|
| 859,653 |
|
| 867,925 |
|
| 833,239 |
|
Other borrowings |
|
| 161,058 |
|
| 155,510 |
|
| 169,405 |
|
| 128,368 |
|
| 121,435 |
|
Shareholders’ equity |
|
| 86,863 |
|
| 84,121 |
|
| 82,609 |
|
| 80,684 |
|
| 79,053 |
|
|
| Average for Nine Months |
| % |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||||
BALANCE SHEET SUMMARY |
| 2006 |
| 2005 |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| |||||||
Total loans |
| $ | 822,546 |
| $ | 721,952 |
|
| 13.9 | % |
|
|
|
|
|
|
Total investment securities |
|
| 245,991 |
|
| 221,165 |
|
| 11.2 | % |
|
|
|
|
|
|
Earning assets |
|
| 1,070,085 |
|
| 950,940 |
|
| 12.5 | % |
|
|
|
|
|
|
Total assets |
|
| 1,139,217 |
|
| 1,013,320 |
|
| 12.4 | % |
|
|
|
|
|
|
Noninterest bearing deposits |
|
| 257,008 |
|
| 235,896 |
|
| 8.9 | % |
|
|
|
|
|
|
Interest bearing deposits |
|
| 630,131 |
|
| 569,827 |
|
| 10.6 | % |
|
|
|
|
|
|
Total deposits |
|
| 887,139 |
|
| 805,723 |
|
| 10.1 | % |
|
|
|
|
|
|
Other borrowings |
|
| 161,960 |
|
| 126,073 |
|
| 28.5 | % |
|
|
|
|
|
|
Shareholders’ equity |
|
| 84,547 |
|
| 77,089 |
|
| 9.7 | % |
|
|
|
|
|
|
|
| Ending Balance |
| |||||||||||||
|
|
| ||||||||||||||
BALANCE SHEET SUMMARY |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Total loans |
| $ | 857,840 |
| $ | 841,961 |
| $ | 808,606 |
| $ | 774,886 |
| $ | 754,153 |
|
Total investment securities |
|
| 251,153 |
|
| 235,246 |
|
| 247,882 |
|
| 256,842 |
|
| 236,544 |
|
Total earning assets |
|
| 1,110,008 |
|
| 1,084,382 |
|
| 1,058,892 |
|
| 1,032,620 |
|
| 1,006,368 |
|
Allowance for loan losses |
|
| (10,399 | ) |
| (9,958 | ) |
| (13,092 | ) |
| (11,208 | ) |
| (11,131 | ) |
Premises and equipment |
|
| 16,613 |
|
| 16,791 |
|
| 16,855 |
|
| 16,515 |
|
| 15,620 |
|
Total assets |
|
| 1,177,313 |
|
| 1,160,731 |
|
| 1,121,269 |
|
| 1,099,735 |
|
| 1,074,261 |
|
Noninterest bearing deposits |
|
| 270,863 |
|
| 262,264 |
|
| 262,087 |
|
| 263,027 |
|
| 258,644 |
|
Interest bearing deposits |
|
| 657,935 |
|
| 643,036 |
|
| 627,810 |
|
| 615,749 |
|
| 607,384 |
|
Total deposits |
|
| 928,798 |
|
| 905,300 |
|
| 889,897 |
|
| 878,776 |
|
| 866,028 |
|
Other borrowings |
|
| 153,742 |
|
| 165,848 |
|
| 144,527 |
|
| 134,231 |
|
| 123,892 |
|
Total liabilities |
|
| 1,088,546 |
|
| 1,076,480 |
|
| 1,038,928 |
|
| 1,018,402 |
|
| 994,534 |
|
Shareholders’ equity |
|
| 88,767 |
|
| 84,251 |
|
| 82,341 |
|
| 81,333 |
|
| 79,727 |
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
NONPERFORMING ASSETS |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Nonaccrual loans |
| $ | 9,289 |
| $ | 6,058 |
| $ | 11,164 |
| $ | 3,000 |
| $ | 4,989 |
|
Restructured loans |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other real estate & foreclosed assets |
|
| — |
|
| — |
|
| 387 |
|
| — |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets |
| $ | 9,289 |
| $ | 6,058 |
| $ | 11,551 |
| $ | 3,000 |
| $ | 4,989 |
|
|
|
|
|
|
|
| ||||||||||
Total nonperforming assets as a percentage of loans and foreclosed assets |
|
| 1.08 | % |
| 0.72 | % |
| 1.43 | % |
| 0.39 | % |
| 0.66 | % |
|
|
|
|
|
|
| ||||||||||
Accruing loans past due 90 days or more |
| $ | 638 |
| $ | — |
| $ | — |
| $ | — |
| $ | 2,178 |
|
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Balance at beginning of period |
| $ | 9,958 |
| $ | 13,092 |
| $ | 11,208 |
| $ | 11,131 |
| $ | 10,798 |
|
Loans charged off |
|
| (22 | ) |
| (4,311 | ) |
| (257 | ) |
| (286 | ) |
| (25 | ) |
Loan recoveries |
|
| 48 |
|
| 77 |
|
| 141 |
|
| 23 |
|
| 43 |
|
|
|
|
|
|
|
| ||||||||||
Net (charge-offs) recoveries |
|
| 26 |
|
| (4,234 | ) |
| (116 | ) |
| (263 | ) |
| 18 |
|
Provision for loan losses |
|
| 415 |
|
| 1,100 |
|
| 2,000 |
|
| 340 |
|
| 315 |
|
|
|
|
|
|
|
| ||||||||||
Balance at end of period |
| $ | 10,399 |
| $ | 9,958 |
| $ | 13,092 |
| $ | 11,208 |
| $ | 11,131 |
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of total loans |
|
| 1.21 | % |
| 1.18 | % |
| 1.62 | % |
| 1.45 | % |
| 1.48 | % |
|
|
|
|
|
|
| ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
|
| 111.95 | % |
| 164.38 | % |
| 117.27 | % |
| 373.66 | % |
| 223.11 | % |
|
|
|
|
|
|
| ||||||||||
Net charge-offs (recoveries) as a percentage of average loans |
|
| 0.00 | % |
| 0.51 | % |
| 0.01 | % |
| 0.03 | % |
| 0.00 | % |
|
|
|
|
|
|
| ||||||||||
Provision for loan losses as a percentage of average loans |
|
| 0.05 | % |
| 0.13 | % |
| 0.25 | % |
| 0.05 | % |
| 0.04 | % |
|
|
|
|
|
|
|
|
| Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
SELECTED RATIOS |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
|
|
|
|
| |||||||||||
Return on average assets (annualized) |
|
| 1.23 | % |
| 1.24 | % |
| 0.88 | % |
| 1.29 | % |
| 1.32 | % |
|
|
|
|
|
|
| ||||||||||
Return on average equity (annualized) |
|
| 16.40 | % |
| 16.80 | % |
| 11.91 | % |
| 17.29 | % |
| 17.34 | % |
|
|
|
|
|
|
| ||||||||||
Average shareholders’ equity to average assets |
|
| 7.48 | % |
| 7.38 | % |
| 7.40 | % |
| 7.45 | % |
| 7.61 | % |
|
|
|
|
|
|
| ||||||||||
Yield on earning assets |
|
| 7.27 | % |
| 7.09 | % |
| 6.82 | % |
| 6.55 | % |
| 6.32 | % |
|
|
|
|
|
|
| ||||||||||
Cost of interest bearing funds |
|
| 3.45 | % |
| 3.16 | % |
| 2.88 | % |
| 2.53 | % |
| 2.38 | % |
|
|
|
|
|
|
| ||||||||||
Net interest margin (tax equivalent) |
|
| 4.71 | % |
| 4.76 | % |
| 4.68 | % |
| 4.71 | % |
| 4.58 | % |
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
| 59.63 | % |
| 55.46 | % |
| 58.20 | % |
| 58.70 | % |
| 56.84 | % |
|
|
|
|
|
|
| ||||||||||
End of period book value per common share |
| $ | 7.04 |
| $ | 6.68 |
| $ | 6.60 |
| $ | 6.54 |
| $ | 6.41 |
|
|
|
|
|
|
|
| ||||||||||
End of period common shares outstanding |
|
| 12,601 |
|
| 12,604 |
|
| 12,484 |
|
| 12,444 |
|
| 12,429 |
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| September 30, 2006 |
| September 30, 2005 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest bearing deposits |
| $ | 1,875 |
| $ | 24 |
|
| 5.08 | % | $ | 13,294 |
| $ | 114 |
|
| 3.40 | % |
Investment securities (taxable) |
|
| 227,135 |
|
| 2,389 |
|
| 4.21 | % |
| 216,541 |
|
| 2,073 |
|
| 3.83 | % |
Investment securities (tax-exempt) |
|
| 15,293 |
|
| 213 |
|
| 5.57 | % |
| 9,900 |
|
| 133 |
|
| 5.37 | % |
Loans |
|
| 843,458 |
|
| 17,308 |
|
| 8.14 | % |
| 735,109 |
|
| 13,203 |
|
| 7.13 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 1,087,761 |
|
| 19,934 |
|
| 7.27 | % |
| 974,844 |
|
| 15,523 |
|
| 6.32 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 34,114 |
|
|
|
|
|
|
|
| 30,876 |
|
|
|
|
|
|
|
Other assets |
|
| 49,588 |
|
|
|
|
|
|
|
| 43,824 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (10,184 | ) |
|
|
|
|
|
|
| (10,916 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 73,518 |
|
|
|
|
|
|
|
| 63,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,161,279 |
|
|
|
|
|
|
| $ | 1,038,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 255,760 |
|
| 1,475 |
|
| 2.29 | % | $ | 232,640 |
|
| 886 |
|
| 1.51 | % |
Savings deposits |
|
| 163,024 |
|
| 1,198 |
|
| 2.92 | % |
| 173,539 |
|
| 866 |
|
| 1.98 | % |
Certificates and other time deposits |
|
| 226,486 |
|
| 2,330 |
|
| 4.08 | % |
| 184,211 |
|
| 1,433 |
|
| 3.09 | % |
Other borrowings |
|
| 161,058 |
|
| 2,012 |
|
| 4.96 | % |
| 121,435 |
|
| 1,078 |
|
| 3.52 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 806,328 |
|
| 7,015 |
|
| 3.45 | % |
| 711,825 |
|
| 4,263 |
|
| 2.38 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 261,768 |
|
|
|
|
|
|
|
| 242,849 |
|
|
|
|
|
|
|
Other liabilities |
|
| 6,320 |
|
|
|
|
|
|
|
| 4,901 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 86,863 |
|
|
|
|
|
|
|
| 79,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 354,951 |
|
|
|
|
|
|
|
| 326,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,161,279 |
|
|
|
|
|
|
| $ | 1,038,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 12,919 |
|
| 4.71 | % |
|
|
| $ | 11,260 |
|
| 4.58 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)
|
| Nine Months Ended |
| ||||||||||||||||
|
|
| |||||||||||||||||
|
| September 30, 2006 |
| September 30, 2005 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
YIELD ANALYSIS |
| Average |
| Interest |
| Yield |
| Average |
| Interest |
| Yield |
| ||||||
|
|
|
|
|
|
| |||||||||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold & interest bearing deposits |
| $ | 1,548 |
| $ | 56 |
|
| 4.84 | % | $ | 7,823 |
| $ | 181 |
|
| 3.09 | % |
Investment securities (taxable) |
|
| 232,074 |
|
| 7,084 |
|
| 4.07 | % |
| 212,369 |
|
| 5,913 |
|
| 3.71 | % |
Investment securities (tax-exempt) |
|
| 13,917 |
|
| 569 |
|
| 5.45 | % |
| 8,796 |
|
| 349 |
|
| 5.29 | % |
Loans |
|
| 822,546 |
|
| 48,827 |
|
| 7.94 | % |
| 721,952 |
|
| 36,905 |
|
| 6.83 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Earning Assets |
|
| 1,070,085 |
|
| 56,536 |
|
| 7.06 | % |
| 950,940 |
|
| 43,348 |
|
| 6.09 | % |
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 32,633 |
|
|
|
|
|
|
|
| 30,361 |
|
|
|
|
|
|
|
Other assets |
|
| 48,262 |
|
|
|
|
|
|
|
| 42,663 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (11,763 | ) |
|
|
|
|
|
|
| (10,644 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Earning Assets |
|
| 69,132 |
|
|
|
|
|
|
|
| 62,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 1,139,217 |
|
|
|
|
|
|
| $ | 1,013,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
| $ | 259,503 |
|
| 4,041 |
|
| 2.08 | % | $ | 233,203 |
|
| 2,400 |
|
| 1.38 | % |
Savings deposits |
|
| 155,337 |
|
| 3,032 |
|
| 2.61 | % |
| 168,002 |
|
| 2,206 |
|
| 1.76 | % |
Certificates and other time deposits |
|
| 215,291 |
|
| 6,136 |
|
| 3.81 | % |
| 168,622 |
|
| 3,563 |
|
| 2.83 | % |
Other borrowings |
|
| 161,960 |
|
| 5,561 |
|
| 4.59 | % |
| 126,073 |
|
| 2,890 |
|
| 3.06 | % |
|
|
|
|
|
|
|
| ||||||||||||
Total Interest Bearing Liabilities |
|
| 792,091 |
|
| 18,770 |
|
| 3.17 | % |
| 695,900 |
|
| 11,059 |
|
| 2.12 | % |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 257,008 |
|
|
|
|
|
|
|
| 235,896 |
|
|
|
|
|
|
|
Other liabilities |
|
| 5,571 |
|
|
|
|
|
|
|
| 4,435 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
| 84,547 |
|
|
|
|
|
|
|
| 77,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Bearing Liabilities |
|
| 347,126 |
|
|
|
|
|
|
|
| 317,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 1,139,217 |
|
|
|
|
|
|
| $ | 1,013,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin (tax equivalent) |
|
|
|
| $ | 37,766 |
|
| 4.72 | % |
|
|
| $ | 32,289 |
|
| 4.54 | % |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)
LOAN PORTFOLIO |
| September 30, |
| % |
| September 30, |
| % |
| ||||
|
|
|
|
| |||||||||
Commercial and industrial |
| $ | 310,236 |
|
| 36.2 | % | $ | 270,807 |
|
| 35.9 | % |
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
| 281,107 |
|
| 32.8 | % |
| 244,966 |
|
| 32.5 | % |
Residential |
|
| 93,764 |
|
| 10.9 | % |
| 89,487 |
|
| 11.9 | % |
Construction and development |
|
| 135,992 |
|
| 15.8 | % |
| 109,431 |
|
| 14.5 | % |
Consumer |
|
| 36,741 |
|
| 4.3 | % |
| 39,462 |
|
| 5.2 | % |
|
|
|
|
|
| ||||||||
Total loans (gross) |
| $ | 857,840 |
|
| 100.0 | % | $ | 754,153 |
|
| 100.0 | % |
|
|
|
|
|
|
REGULATORY CAPITAL DATA |
| September 30, |
| September 30, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Tier 1 Capital |
| $ | 93,120 |
| $ | 82,621 |
|
|
|
|
|
|
|
Tier 1 Ratio |
|
| 10.96 | % |
| 10.45 | % |
|
|
|
|
|
|
Total Capital (Tier 1 + Tier 2) |
| $ | 103,519 |
| $ | 92,520 |
|
|
|
|
|
|
|
Total Capital Ratio |
|
| 12.18 | % |
| 11.70 | % |
|
|
|
|
|
|
Total Risk-Adjusted Assets |
| $ | 849,874 |
| $ | 790,653 |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
| 8.10 | % |
| 8.04 | % |
|
|
|
|
|
|
OTHER DATA |
| September 30, |
| September 30, |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||||
Full Time Equivalent Employees (FTE’s) |
|
| 252 |
|
| 264 |
|
|
|
|
|
|
|
Stock Price Range (For the Quarter Ended): |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
| $ | 28.94 |
| $ | 19.28 |
|
|
|
|
|
|
|
Low |
| $ | 26.69 |
| $ | 17.16 |
|
|
|
|
|
|
|
Close |
| $ | 28.12 |
| $ | 18.37 |
|
|
|
|
|
|
|