Summit Bancshares Reports First Quarter 2005 Earnings FORT WORTH,
Texas, April 13 /PRNewswire-FirstCall/ -- Summit Bancshares, Inc.
(NASDAQ:SBIT), the bank holding company for Summit Bank, N.A.,
today reported net income for the first quarter of 2005 of
$3,013,000, or $0.24 per diluted common share, compared to
$2,451,000, or $.19 per diluted common share, for the comparable
2004 period, a 26.3% increase in per share earnings. Return on
average assets and return on average shareholders' equity were
1.23% and 16.16%, respectively, for the quarter ended March 31,
2005 compared to 1.22% and 14.06%, respectively, for the same
quarter in 2004. The per share earnings and all historical per
share data have been restated to reflect a two-for-one stock split
that was effective December 31, 2004. Also Summit completed its
acquisition of ANB Financial Corporation and its subsidiary,
Arlington National Bank ("ANB"), effective May 1, 2004. The results
of operations for ANB have been included in Summit's consolidated
financial statements since the purchase date. 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 2005. Compared to the first quarter of the
prior year average loans and average deposits increased 23.2% and
23.9% respectively. Net interest income increased 23.5% reflecting
an increase of eleven basis points in net interest margin and a
21.5% increase in average earning assets compared to the first
quarter of 2004. The increase in net interest margin reflects the
increase in market interest rates." He further stated, "As recently
announced we are excited to have Kim Dignum and her staff of Dignum
Financial Services join the Company as a department of the Bank.
Kim brings many years of providing personal financial planning and
other investment services to her customers. Currently DFS has $85
million of assets under management. Her talents will add an
important service to the Bank's customers." Mr. Norwood also noted,
"The Company celebrated its 30 year anniversary in January of 2005.
In that 30 year period the Company has grown to approximately one
billion dollars in assets with shareholders' equity of $74.4
million and a market capitalization of approximately $210 million.
These are significant milestones for the Company." Net interest
income of $10.2 million for the first quarter of 2005 improved $2.0
million, or 23.5% over the first quarter of 2004. 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 increased to 4.47% for the first quarter of
2005 compared to 4.36% for the first quarter of the prior year
partially reflecting the recent increases to the market interest
rate environment. A provision for loan losses was $225,000 for the
first quarter of 2005 while the provision for loan losses was
$605,000 for the same quarter of 2004. For the first quarter of
2005 the Company experienced net loan loss recoveries of previously
charged off loans of $107,000, which represented net recoveries to
average loans for the quarter of 0.02%. As of March 31, 2005, the
allowance for loan losses as a percentage of total loans was 1.47%
and also represented over three times the balance of nonperforming
loans as of the end of the first quarter of 2005. As of March 31,
2005, nonperforming loans were $3.3 million, or 0.46% of total
outstanding loans. Non interest income for the first quarter of
2005 was $1,880,000, a $313,000 increase over the first quarter of
2004. The increase reflected improvements in service charges on
deposit accounts of $76,000, an increase in other fees of $271,000
and a decrease in extraordinary income related to the sale of
assets with the first quarter of last year having a $168,000 gain
while the first quarter of this year had a gain of $134,000. These
increases in non interest income also reflect the impact of the ANB
acquisition. Non interest expenses of $7,252,000 for the first
quarter of 2005 increased $1,722,000 compared to the first quarter
of last year. Primarily the increase is due to the inclusion of ANB
in the 2005 first quarter results as well as expenses in 2005
related to compliance with the Sarbanes Oxley Act's Section 404
which required additional expenditures for auditing and consulting
fees in the amount of approximately $125,000. 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 Thursday, April 14, 2005 at
10:00 a.m. (CT) to discuss the Company's performance for the
quarter ended March 31, 2005. To participate, please call
(800)406-5345 and enter confirmation code 4367304. If you are
unable to participate, an audio playback of the call will be
available starting Thursday, April 14, 2005 at 2:30 p.m. (CT)
through midnight April 28, 2005 (CT) by calling (888)203-1112 and
entering 4367304. The 2005 Annual Meeting of Shareholders will be
held on April 19, 2005 at 3:30 p.m. (CT) at Summit Bancshares, Inc.
Corporate Headquarters, 3880 Hulen Street, Suite 300, Fort Worth,
Texas. 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.
(Unaudited) (Dollars in thousands, except per share data) Three
Months Ended March 31, % EARNINGS SUMMARY 2005 2004 Change Interest
income $13,373 $10,198 31.1% Interest expense 3,140 1,915 64.0% Net
interest income 10,233 8,283 23.5% Provision for loan losses 225
605 -62.8% Service charges on deposits 982 906 8.4% Gain on sale of
investment securities --- --- 0.0% Other income 898 661 35.9%
Salaries and benefits expense 4,269 3,368 26.8% Occupancy and
equipment expense 1,202 933 28.8% Other expense 1,781 1,229 44.9%
Earnings before income taxes 4,636 3,715 24.8% Provision for income
taxes 1,623 1,264 28.4% Net earnings $3,013 $2,451 22.9% Basic
earnings per share $0.24 $0.20 20.0% Basic weighted average shares
outstanding 12,377 12,304 Diluted earnings per share $0.24 $0.19
26.3% Diluted weighted average shares outstanding 12,718 12,692
Average for Quarter Ended March 31, Dec. 31, Sept. 30, June 30,
March 31, BALANCE SHEET SUMMARY 2005 2004 2004 2004 2004 Total
loans $706,902 $694,177 $678,915 $642,935 $573,862 Total investment
securities 220,161 226,530 218,831 196,972 187,988 Earning assets
932,258 924,557 914,595 871,084 767,274 Total assets 993,154
984,814 976,911 925,830 808,009 Noninterest bearing deposits
225,519 235,846 226,462 207,815 179,396 Interest bearing deposits
559,853 560,341 557,329 521,812 454,352 Total deposits 785,372
796,187 783,791 729,628 633,748 Other borrowings 128,174 109,713
118,083 121,193 101,349 Shareholders' equity 75,602 74,543 71,038
70,583 70,116 Average for Three Months Ended March 31, % BALANCE
SHEET SUMMARY 2005 2004 Change Total loans $706,902 $573,862 23.2%
Total investment securities 220,161 187,988 17.1% Earning assets
932,258 767,274 21.5% Total assets 993,154 808,009 22.9%
Noninterest bearing deposits 225,519 179,396 25.7% Interest bearing
deposits 559,853 454,352 23.2% Total deposits 785,372 633,748 23.9%
Other borrowings 128,174 101,349 26.5% Shareholders' equity 75,602
70,116 7.8% Ending Balance March 31, Dec. 31, Sept. 30, June 30,
March 31, BALANCE SHEET SUMMARY 2005 2004 2004 2004 2004 Total
loans $716,714 $702,619 $689,906 $672,686 $593,271 Total investment
securities 214,222 223,351 219,264 214,991 181,879 Total earning
assets 939,934 930,990 928,638 905,228 818,393 Allowance for loan
losses (10,519) (10,187) (10,079) (9,844) (8,320) Premises and
equipment 15,462 15,749 15,643 15,145 12,755 Total assets 999,914
989,117 990,406 969,708 860,361 Noninterest bearing deposits
232,556 235,399 232,586 218,343 186,198 Interest bearing deposits
565,002 556,865 558,938 557,347 470,186 Total deposits 797,558
792,264 791,524 775,690 656,384 Other borrowings 124,007 118,094
121,355 121,785 129,691 Total liabilities 925,477 914,627 916,858
901,009 788,786 Shareholders' equity 74,437 74,490 73,548 68,699
71,575 SUMMIT BANCSHARES, INC. (Unaudited) (Dollars in thousands)
March 31, Dec. 31, Sept. 30, June 30, March 31, NONPERFORMING
ASSETS 2005 2004 2004 2004 2004 Nonaccrual loans $3,294 $2,587
$2,545 $2,832 $2,405 Restructured loans --- --- --- --- --- Other
real estate & foreclosed assets --- --- 4 369 7 Accruing loans
past due 90 days or more --- 18 2,300 111 --- Total nonperforming
assets $3,294 $2,605 $4,849 $3,312 $2,412 Total nonperforming
assets as a percentage of loans and foreclosed assets 0.46% 0.37%
0.70% 0.49% 0.41% Quarter Ended ALLOWANCE FOR March 31, Dec. 31,
Sept. 30, June 30, March 31, LOAN LOSSES 2005 2004 2004 2004 2004
Balance at beginning of period $10,187 $10,079 $9,844 $8,320 $7,784
Balance acquired in Arlington National Bank Acquisition $--- ---
--- 1,254 --- Loans charged off (84) (293) (415) (196) (137) Loan
recoveries 191 111 155 66 68 Net (charge-offs) recoveries 107 (182)
(260) (130) (69) Provision for loan losses 225 290 495 400 605
Balance at end of period $10,519 $10,187 $10,079 $9,844 $8,320
Allowance for loan losses as a percentage of total loans 1.47%
1.45% 1.46% 1.46% 1.40% Allowance for loan losses as a percentage
of nonperforming loans 319.34% 393.82% 396.03% 347.60% 345.95% Net
charge-offs (recoveries) as a percentage of average loans -0.02%
0.03% 0.04% 0.02% 0.01% Provision for loan losses as a percentage
of average loans 0.03% 0.04% 0.07% 0.06% 0.11% Quarter Ended March
31, Dec. 31, Sept. 30, June 30, March 31, SELECTED RATIOS 2005 2004
2004 2004 2004 Return on average assets (annualized) 1.23% 1.18%
1.14% 1.13% 1.22% Return on average equity (annualized) 16.16%
15.58% 15.66% 14.79% 14.06% Average shareholders' equity to average
assets 7.63% 7.57% 7.27% 7.62% 8.68% Yield on earning assets 5.83%
5.61% 5.39% 5.23% 5.36% Cost of interest bearing funds 1.85% 1.65%
1.49% 1.42% 1.39% Net interest margin (tax equivalent) 4.47% 4.41%
4.29% 4.18% 4.36% Efficiency ratio 59.69% 59.71% 59.23% 58.90%
55.94% End of period book value per common share $6.01 $6.03 $5.96
$5.57 $5.82 End of period common shares outstanding 12,390 12,359
12,334 12,372 12,308 SUMMIT BANCSHARES, INC. (Unaudited) (Dollars
in thousands) Three Months Ended March 31, 2005 March 31, 2004
Average Average YIELD ANALYSIS Balance Interest Yield Balance
Interest Yield Interest Earning Assets: Federal funds sold,
Repurchases, & Due from time $5,195 $31 2.40% $5,424 $13 0.96%
Investment securities (taxable) 212,152 1,926 3.63% 181,189 1,718
3.79% Investment securities (tax-exempt) 8,009 106 5.30% 6,799 89
5.24% Loans 706,902 11,346 6.51% 573,862 8,414 5.90% Total Interest
Earning Assets 932,258 13,409 5.83% 767,274 10,234 5.36%
Noninterest Earning Assets: Cash and due from banks 30,059 25,136
Other assets 41,164 23,579 Allowance for loan losses (10,327)
(7,980) Total Noninterest Earning Assets 60,896 40,735 Total Assets
$993,154 $808,009 Interest Bearing Liabilities: Transaction and
money market accounts $235,691 717 1.23% $196,922 518 1.06% Savings
deposits 168,346 636 1.53% 131,280 385 1.18% Certificates and other
time deposits 155,816 979 2.55% 126,150 738 2.35% Other borrowings
128,174 808 2.56% 101,349 274 1.09% Total Interest Bearing
Liabilities 688,027 3,140 1.85% 555,701 1,915 1.39% Noninterest
Bearing Liabilities: Demand deposits 225,519 179,396 Other
liabilities 4,006 2,796 Shareholders' Equity 75,602 70,116 Total
Liabilities and Shareholders' Equity $993,154 $808,009 Net Interest
Income and Margin (tax equivalent) $10,269 4.47% $8,319 4.36%
SUMMIT BANCSHARES, INC. (Unaudited) (Dollars in thousands, except
per share data) March 31, March 31, 2005 % 2004 % LOAN PORTFOLIO
Commercial and industrial $266,782 37.3% $232,015 39.1% Real
estate: Commercial 228,701 31.9% 169,376 28.5% Residential 85,293
11.9% 73,481 12.4% Construction and development 94,940 13.2% 86,315
14.6% Consumer 40,998 5.7% 32,084 5.4% Total loans (gross) 716,714
100.0% 593,271 100.0% Unearned discounts --- 0.0% --- 0.0% Total
loans (net) 716,714 100.0% 593,271 100.0% March 31, March 31,
REGULATORY CAPITAL DATA 2005 2004 Tier 1 Capital $77,496 $69,626
Tier 1 Ratio 10.25% 11.01% Total Capital (Tier 1 + Tier 2) $86,946
$77,539 Total Capital Ratio 11.50% 12.26% Total Risk-Adjusted
Assets $755,992 632,617 Tier 1 Leverage Ratio 7.83% 8.62% March 31,
March 31, OTHER DATA 2005 2004 Full Time Equivalent Employees
(FTE's) 261 219 Stock Price Range (For the Quarter Ended): High
$20.50 $16.07 Low $16.40 $13.83 Close $17.05 $15.05
http://www.newscom.com/cgi-bin/prnh/20041025/DASBANKLOGO
http://photoarchive.ap.org/ DATASOURCE: Summit Bancshares, Inc.
CONTACT: Bob G. Scott, COO of Summit Bancshares, Inc.,
+1-817-877-2660 Web site: http://www.summitbank.net/
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