EX-99.1 3 d14458_ex99-1.htm

N E W S  from Summit Bancshares, Inc.

For Immediate Release

For Information Contact:

April 12, 2004

Bob G. Scott, COO

 

(817) 877-2660

SUMMIT BANCSHARES REPORTS
FIRST QUARTER 2004 EARNINGS

Fort Worth, Texas - Summit Bancshares, Inc. (NASDAQ: SBIT), a community-oriented bank holding company in Fort Worth, with assets of $860 million, reported first quarter earnings today.  Philip E. Norwood, Chairman, President and Chief Executive Officer stated, “We are pleased to report positive financial performance of the Company for the first quarter of 2004.  Growth in the average balance of loans and deposits were 20.5% and 10.9%, respectively, compared to the first quarter of the prior year.  Net interest income increased 11.4% reflecting an 18.4% increase in earning assets over the prior year; however, the net interest margin declined 31 basis points from the first quarter of 2003.  As we have noted in the past, the Company is more sensitive to movements in market interest rates than most community banks.  In addition, because the Company has a somewhat larger funding base of non-interest bearing funds the current very low interest rate environment has a negative effect on the Company’s net interest income and net interest margin.  As market interest rates increase in the future the Company, because of its interest rate structure, will be in a position to benefit from the increase.” 

He further stated, “As we reported in February, we are excited about the opportunity to acquire Arlington National Bank.  The addition of the Bank along with its staff will be a positive addition to the Company.  It is our plan to complete this transaction in the second quarter.”

Results of Operations

For the quarter ended March 31, 2004, net income was $2,451,000 compared to $2,433,000 for the same period in 2003.  Net income per diluted share was $0.39 for the three months ended March 31, 2004, the same as for the three months ended March 31, 2003.

Return on average assets and return on average stockholders’ equity for the first quarter of 2004 annualized were 1.22% and 14.06%, respectively.  The Company’s average stockholders’ equity-to-assets ratio of 8.7% for the quarter ended March 31, 2004, continues to reflect a strong capital position for the Company.

Financial Results

Net interest income for the first quarter of 2004 was $8,283,000 compared to $7,435,000 in the first quarter of last year.  Since the Company is somewhat more sensitive to market interest rate changes than other community banks due to its heavier commercial lending focus, the net interest margin declined to 4.36% for the quarter compared to 4.67% for the first quarter of the prior year reflecting the current very low market interest rate environment experienced by the Company.

In addition, the Company’s net interest margin was the same in the first quarter of this year compared to the last quarter of last year and was down one basis point from the margin recorded for the third quarter of last year.  It is positive that the margin was somewhat steady during this nine month period when the prime rate remained at a historically low rate of 4.00% and the Company’s fixed rate assets continued to reprice downward during this period.  The Company’s significant growth in assets in the period assisted in maintaining the margin.  

The Company’s loans were $593 million at March 31, 2004, an increase of $104 million, or 21.2% from a year ago.  The March 31, 2004 deposits were $656 million, an increase of $69 million, or 11.8% at the same date of the prior year.  Stockholders’ equity at March 31, 2004, was $71.6 million compared to $66.6 million at March 31, 2003. 

Non interest income of $1,567,000 reflected a $219,000, or 16.2%, increase for the first quarter compared to the same quarter in the prior year with positive increases in service charges on deposit accounts and a gain of $167,000 on the sale of foreclosed assets.  These increases were somewhat offset by lower mortgage origination fees and investment brokerage fees.

Non interest expenses of $5,530,000 for the first quarter of 2004 increased $733,000 compared to the first quarter of last year.  The increase in expense for the quarter reflected costs associated with the Company’s growth and included expenses related to the opening in June 2003 of the Hulen Branch, the expenses related to the relocation of the support staff, including administrative, operations and IT staff, to a new 34,000 sq. ft. facility in May of 2003 and the addition of several lenders and related staff in the last half of 2003. 

Non-performing assets totaled $2.4 million or 0.41% of loans and foreclosed assets at March 31, 2004, compared to $2.4 million or .50% at March 31, 2003.  The allowance for loan losses was 1.40% of total loans and 346% of non-performing loans at March 31, 2004.  This level of allowance for loan losses is projected to provide for any anticipated loan losses.

The Company will host a conference call Tuesday, April 13th at 10:00 a.m. CT. To access the live call, please call (800)946-0716 and enter code 549970.  A toll free replay of the call will be available starting Tuesday, April 13th at 1:00 p.m. CT through midnight, April 27th by calling (888)203-1112 and entering code 549970.

Certain statements contained in this press release, which 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 such Act.  We are including this statement for purposes of invoking these safe harbor provisions.  Forward-looking statements are made 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 the expectations expressed or implied by such forward-looking statements.  These risk factors and uncertainties are listed from time to time in the company’s filings with the Securities and Exchange Commission, including but not limited to the annual report on Form 10-K for the year ended December 31, 2003.

Summit Bancshares, Inc. · 3880 Hulen Street, 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)

 

 

Three Months Ended
March 31,

 

 

 

 

 

 

%

 

EARNINGS SUMMARY

 

2004

 

2003

 

Change

 

 

 

 

 

 

Interest income

 

$

10,198

 

$

9,251

 

 

10.2

%

 

Interest expense

 

 

1,915

 

 

1,816

 

 

5.5

%

 

 

 

 

 

 

 

 

Net interest income

 

 

8,283

 

 

7,435

 

 

11.4

%

 

Provision for loan losses

 

 

605

 

 

300

 

 

101.7

%

 

Service charges on deposits

 

 

906

 

 

758

 

 

19.5

%

 

Gain on sale of investment securities

 

 

-

 

 

-

 

 

0.0

%

 

Other income

 

 

661

 

 

590

 

 

12.0

%

 

Salaries and benefits expense

 

 

3,368

 

 

2,905

 

 

15.9

%

 

Occupancy and equipment expense

 

 

933

 

 

722

 

 

29.2

%

 

Other expense

 

 

1,229

 

 

1,170

 

 

5.0

%

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

3,715

 

 

3,686

 

 

0.8

%

 

Provision for income taxes

 

 

1,264

 

 

1,253

 

 

0.9

%

 

 

 

 

 

 

 

 

Net earnings

 

$

2,451

 

$

2,433

 

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.40

 

$

0.39

 

 

2.6

%

 

 

 

 

 

 

 

 

Basic weighted average shares
     outstanding

 

 

6,152

 

 

6,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.39

 

$

0.39

 

 

0.0

%

 

 

 

 

 

 

 

 

Diluted weighted average shares
     outstanding

 

 

6,346

 

 

6,276

 

 

 

 

 

 

 

Average for Quarter Ended

 

 

BALANCE SHEET SUMMARY

 

March 31,
2004

 

December 31,
2003

 

September 30,
2003

 

June 30,
2003

 

March 31,
2003

 

 

 

 

 

 

 

 

Total loans

 

$

573,862

 

$ 

537,635

 

 

$ 

503,936

 

 

$

499,545

 

$

476,298

 

Total investment securities

 

 

187,988

 

 

205,162

 

 

 

199,367

 

 

 

165,600

 

 

170,609

 

Earning assets

 

 

767,274

 

 

746,066

 

 

 

718,601

 

 

 

676,834

 

 

648,193

 

Total assets

 

 

808,009

 

 

788,426

 

 

 

761,278

 

 

 

719,070

 

 

688,522

 

Noninterest bearing deposits

 

 

179,396

 

 

184,106

 

 

 

176,478

 

 

 

170,234

 

 

160,011

 

Interest bearing deposits

 

 

454,352

 

 

450,401

 

 

 

452,325

 

 

 

429,420

 

 

411,313

 

Total deposits

 

 

633,748

 

 

634,507

 

 

 

628,803

 

 

 

599,654

 

 

571,324

 

Other borrowings

 

 

101,349

 

 

82,160

 

 

 

61,199

 

 

 

48,866

 

 

48,012

 

Shareholders’ equity

 

 

70,116

 

 

68,399

 

 

 

68,273

 

 

 

67,739

 

 

66,253

 

 

 

Average for Three Months
Ended March 31,

 

 

 

 

 

 

%

 

BALANCE SHEET SUMMARY

 

2004

 

2003

 

Change

 

 

 

 

 

 

Total loans

 

$

573,862

 

$

476,298

 

 

20.5

%

 

Total investment securities

 

 

187,988

 

 

170,609

 

 

10.2

%

 

Earning assets

 

 

767,274

 

 

648,193

 

 

18.4

%

 

Total assets

 

 

808,009

 

 

688,522

 

 

17.4

%

 

Noninterest bearing deposits

 

 

179,396

 

 

160,011

 

 

12.1

%

 

Interest bearing deposits

 

 

454,352

 

 

411,313

 

 

10.5

%

 

Total deposits

 

 

633,748

 

 

571,324

 

 

10.9

%

 

Other borrowings

 

 

101,349

 

 

48,012

 

 

111.1

%

 

Shareholders’ equity

 

 

70,116

 

 

66,253

 

 

5.8

%

 

 

 

Ending Balance

 

 

 

 

BALANCE SHEET SUMMARY

 

March 31,
2004

 

December 31,
2003

 

September 30,
2003

 

June 30,
2003

 

March 31,
2003

 

 

 

 

 

 

 

 

Total loans

 

$

593,271

 

$ 

553,769

 

 

$ 

517,994

 

 

$

500,040

 

$

489,352

 

Total investment securities

 

 

181,879

 

 

195,959

 

 

 

210,048

 

 

 

178,241

 

 

163,639

 

Total earning assets

 

 

818,393

 

 

751,063

 

 

 

728,766

 

 

 

693,257

 

 

653,066

 

Allowance for loan losses

 

 

(8,320

)

 

(7,784

)

 

 

(7,483

)

 

 

(7,412

)

 

(7,365

)

Premises and equipment

 

 

12,755

 

 

12,920

 

 

 

13,237

 

 

 

13,391

 

 

11,652

 

Total assets

 

 

860,361

 

 

795,478

 

 

 

777,558

 

 

 

738,916

 

 

697,893

 

Noninterest bearing deposits

 

 

186,198

 

 

192,877

 

 

 

180,765

 

 

 

176,603

 

 

165,220

 

Interest bearing deposits

 

 

470,186

 

 

448,504

 

 

 

456,706

 

 

 

435,143

 

 

421,699

 

Total deposits

 

 

656,384

 

 

641,381

 

 

 

637,471

 

 

 

611,746

 

 

586,919

 

Other borrowings

 

 

129,691

 

 

82,234

 

 

 

69,230

 

 

 

55,627

 

 

41,317

 

Total liabilities

 

 

788,786

 

 

726,794

 

 

 

709,546

 

 

 

670,187

 

 

631,313

 

Shareholders’ equity

 

 

71,575

 

 

68,684

 

 

 

68,012

 

 

 

68,729

 

 

66,580

 

SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)

NONPERFORMING ASSETS

 

March 31,
2004

 

December 31,
2003

 

September 30,
2003

 

June 30,
2003

 

March 31,
2003

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

2,405

 

 

$

2,351

 

 

 

$ 

1,514

 

 

$

1,458

 

$

2,226

 

Restructured loans

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

-

 

Other real estate & foreclosed assets

 

 

7

 

 

 

-

 

 

 

 

-

 

 

 

125

 

 

125

 

Accruing loans past due 90 days or more

 

 

-

 

 

 

55

 

 

 

 

-

 

 

 

14

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

     Total nonperforming assets

 

$

2,412

 

 

$

2,406

 

 

 

$

1,514

 

 

$

1,597

 

$

2,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets as a
   percentage of loans and foreclosed assets

 

 

0.41

%

 

 

0.43

%

 

 

 

0.29

%

 

 

0.32

%

 

0.50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

ALLOWANCE FOR LOAN LOSSES

 

March 31,
2004

 

December 31,
2003

 

September 30,
2003

 

June 30,
2003

 

March 31,
2003

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

7,784

 

 

$

7,483

 

 

 

$

7,412

 

 

$

7,365

 

$

6,706

 

Loans charged off

 

 

(137

)

 

 

(163

)

 

 

 

(24

)

 

 

(272

)

 

(80

)

Loan recoveries

 

 

68

 

 

 

170

 

 

 

 

49

 

 

 

79

 

 

439

 

 

 

 

 

 

 

 

 

 

 

 

   Net (charge-offs) recoveries

 

 

(69

)

 

 

7

 

 

 

 

25

 

 

 

(193

)

 

359

 

Provision for loan losses

 

 

605

 

 

 

294

 

 

 

 

46

 

 

 

240

 

 

300

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 

$

8,320

 

 

$

7,784

 

 

 

$

7,483

 

 

$

7,412

 

$

7,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a
   percentage of total loans

 

 

1.40

%

 

 

1.41

%

 

 

 

1.45

%

 

 

1.48

%

 

1.50

%

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a
   percentage of nonperforming loans

 

 

345.95

%

 

 

323.57

%

 

 

 

494.39

%

 

 

503.53

%

 

319.38

%

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) as a percentage
   of average loans

 

 

0.01

%

 

 

0.00

%

 

 

 

-0.01

%

 

 

0.04

%

 

-0.07

%

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses as a percentage
   of average loans

 

 

0.11

%

 

 

0.05

%

 

 

 

0.01

%

 

 

0.05

%

 

0.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

SELECTED RATIOS

 

March 31,
2004

 

December 31,
2003

 

September 30,
2003

 

June 30,
2003

 

March 31,
2003

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 

1.22

%

 

 

1.21

%

 

 

 

1.29

%

 

 

1.37

%

 

1.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity (annualized)

 

 

14.06

%

 

 

13.93

%

 

 

 

14.38

%

 

 

14.55

%

 

14.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders’ equity to average assets

 

 

8.68

%

 

 

8.68

%

 

 

 

8.97

%

 

 

9.42

%

 

9.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yield on earning assets

 

 

5.36

%

 

 

5.35

%

 

 

 

5.38

%

 

 

5.68

%

 

5.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of interest bearing funds

 

 

1.39

%

 

 

1.38

%

 

 

 

1.42

%

 

 

1.62

%

 

1.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (tax equivalent)

 

 

4.36

%

 

 

4.36

%

 

 

 

4.37

%

 

 

4.53

%

 

4.67

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

55.94

%

 

 

59.29

%

 

 

 

59.57

%

 

 

56.74

%

 

54.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period book value per common share

 

$

11.63

 

 

$

11.17

 

 

 

$

11.04

 

 

$

11.15

 

$

10.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period common shares outstanding

 

 

6,154

 

 

 

6,152

 

 

 

 

6,165

 

 

 

6,166

 

 

6,179

 

 

 

 

 

 

 

 

 

 

 

 

SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands)

 

 

Three Months Ended

 

 

 

 

 

 

March 31, 2004

 

March 31, 2003

 

 

 

 

 

YIELD ANALYSIS

 

Average
Balance

 

Interest

 

Yield

 

Average
Balance

 

Interest

 

Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold, Repurchases, & Due from time

 

$

5,424

 

$

13

 

 

0.96

%

$

1,286

 

$

4

 

 

1.18

%

Investment securities (taxable)

 

 

181,189

 

 

1,718

 

 

3.79

%

 

165,615

 

 

1,711

 

 

4.19

%

Investment securities (tax-exempt)

 

 

6,799

 

 

89

 

 

5.24

%

 

4,994

 

 

71

 

 

5.77

%

Loans

 

 

573,862

 

 

8,414

 

 

5.90

%

 

476,298

 

 

7,499

 

 

6.39

%

 

 

 

 

 

 

 

 

     Total Interest Earning Assets

 

 

767,274

 

 

10,234

 

 

5.36

%

 

648,193

 

 

9,285

 

 

5.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

25,136

 

 

 

 

 

 

 

 

25,639

 

 

 

 

 

 

 

Other assets

 

 

23,579

 

 

 

 

 

 

 

 

21,686

 

 

 

 

 

 

 

Allowance for loan losses

 

 

(7,980

)

 

 

 

 

 

 

 

(6,996

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total Noninterest Earning Assets

 

 

40,735

 

 

 

 

 

 

 

 

40,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total Assets

 

$

808,009

 

 

 

 

 

 

 

$

688,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and money market accounts

 

$

196,922

 

 

518

 

 

1.06

%

$

177,053

 

 

462

 

 

1.06

%

Savings deposits

 

 

131,280

 

 

385

 

 

1.18

%

 

116,568

 

 

397

 

 

1.38

%

Certificates and other time deposits

 

 

126,150

 

 

738

 

 

2.35

%

 

117,692

 

 

801

 

 

2.76

%

Other borrowings

 

 

101,349

 

 

274

 

 

1.09

%

 

48,012

 

 

156

 

 

1.32

%

 

 

 

 

 

 

 

 

     Total Interest Bearing Liabilities

 

 

555,701

 

 

1,915

 

 

1.39

%

 

459,325

 

 

1,816

 

 

1.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

179,396

 

 

 

 

 

 

 

 

160,011

 

 

 

 

 

 

 

Other liabilities

 

 

2,796

 

 

 

 

 

 

 

 

2,933

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

70,116

 

 

 

 

 

 

 

 

66,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total Liabilities and Shareholders’ Equity

 

$

808,009

 

 

 

 

 

 

 

$

688,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income and Margin (tax equivalent)

 

 

 

 

$

8,319

 

 

4.36

%

 

 

 

$

7,469

 

 

4.67

%

 

 

 

 

 

 

 

 

 

 

 

 

SUMMIT BANCSHARES, INC.
(Unaudited)
(Dollars in thousands, except per share data)

LOAN PORTFOLIO

 

March 31,
2004

 

%

 

March 31,
2003

 

%

 

 

 

 

 

 

 

Commercial and industrial

 

$

232,015

 

 

 

39.1

%

 

 

$

202,448

 

 

 

41.4

%

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Commercial

 

 

169,376

 

 

 

28.5

%

 

 

 

135,353

 

 

 

27.7

%

 

   Residential

 

 

73,481

 

 

 

12.4

%

 

 

 

53,388

 

 

 

10.9

%

 

   Construction and development

 

 

86,315

 

 

 

14.6

%

 

 

 

64,679

 

 

 

13.2

%

 

Consumer

 

 

32,084

 

 

 

5.4

%

 

 

 

33,484

 

 

 

6.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans (gross)

 

 

593,271

 

 

 

100.0

%

 

 

 

489,352

 

 

 

100.0

%

 

Unearned discounts

 

 

-

 

 

 

0.0

%

 

 

 

-

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans (net)

 

 

593,271

 

 

 

100.0

%

 

 

 

489,352

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL DATA

 

March 31,
2004

 

March 31,
2003

 

 

 

 

 

Tier 1 Capital

 

 

$

69,626

 

 

 

$

63,671

 

 

Tier 1 Ratio

 

 

 

11.01

%

 

 

 

12.09

%

 

Total Capital (Tier 1 + Tier 2)

 

 

$

77,539

 

 

 

$

70,264

 

 

Total Capital Ratio

 

 

 

12.26

%

 

 

 

13.34

%

 

Total Risk-Adjusted Assets

 

 

$

632,617

 

 

 

$

526,659

 

 

Tier 1 Leverage Ratio

 

 

 

8.62

%

 

 

 

9.04

%

 

OTHER DATA

 

March 31,
2004

 

March 31,
2003

 

 

 

 

 

Full Time Equivalent Employees (FTE’s)

 

 

 

219

 

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Price Range (For the Quarter Ended):

 

 

 

 

 

 

 

 

 

 

 

     High

 

 

$

32.15

 

 

 

$

20.00

 

 

     Low

 

 

$

27.66

 

 

 

$

18.86

 

 

     Close

 

 

$

30.10

 

 

 

$

19.12