EX-99.1 2 sb106673ex991.htm EXHIBIT 99.1

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
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

 

 

%
Change

 

%
 Change

 

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,
2005

 

June 30,
2005

 

March 31,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

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,

 

 

 

 

 

 

 

%
Change

 

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,
2005

 

June 30,
2005

 

March 31,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

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,
2005

 

June 30,
2005

 

March 31,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

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,
2005

 

June 30,
2005

 

March 31,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

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,
2005

 

June 30,
2005

 

March 31,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

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
Balance

 

Interest

 

Yield

 

Average
Balance

 

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
Balance

 

Interest

 

Yield

 

Average
Balance

 

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,
2005

 

%

 

September 30,
2004

 

%

 

 

 

 

 

 

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,
2005

 

September 30,
2004

 

 

 

 

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,
2005

 

September 30,
2004

 

 

 

 

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