EX-99.1 2 sb107051ex991.htm EXHIBIT 99.1

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
June 30,

 

%
Change

 

Six Months Ended
June 30,

 

%
Change

 

 

 

 

 

 

 

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,
2006

 

March 31,
2006

 

December 31,
2005

 

September 30,
2005

 

June 30,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

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
Ended June 30,

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,
2006

 

March 31,
2006

 

December 31,
2005

 

September 30,
2005

 

June 30,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

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,
2006

 

March 31,
2006

 

December 31,
2005

 

September 30,
2005

 

June 30,
2005

 

 

 

 

 

 

 

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,
2006

 

March 31,
2006

 

December 31,
2005

 

September 30,
2005

 

June 30,
2005

 

 

 

 

 

 

 

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,
2006

 

March 31,
2006

 

December 31,
2005

 

September 30,
2005

 

June 30,
2005

 

 

 

 

 

 

 

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
Balance

 

Interest

 

Yield

 

Average
Balance

 

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
Balance

 

Interest

 

Yield

 

Average
Balance

 

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,
2006

 

%

 

June 30,
2005

 

%

 

 

 

 

 

 

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,
2006

 

June 30,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,
2006

 

June 30,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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