Summit Bancshares, Inc. Announces First Quarter Earnings

Business Wire, April 24, 1996

OAKLAND, Calif.--(BUSINESS WIRE)--April 24, 1996--Summit Bancshares, Inc., parent company of Summit Bank, announced today that for the first quarter ending March 31, 1996, the consolidated net income for Summit Bancshares, Inc. increased 20.44% to $327,100 ($0.77 per share) from $271,588 ($0.60 per share) for the same period in 1995.

For the same period, total consolidated assets increased 9.36% to $86,603,523 from $79,190,358.

On an annualized basis, return on average assets for the quarter ending March 31, 1996, was 1.58% and return on beginning equity was 11.78%, compared to the ROA of 1.41% and ROE of 10.35% for the same quarter in 1995.

Included in the above figures is the Company's wholly owned subsidiary, Summit Bank, whose net income for the first quarter of 1996 increased 10.64% to $297,682 from $269,060 for the same period last year. Total loans for the Bank decreased 3.73% from $46,427,815 to $44,694,972. Total deposits, however, increased 9% to $75,412,382 from $69,186,779, primarily centered in demand and time certificate accounts.

CONTACT: Summit Bancshares, Inc.

Shirley W. Nelson, 510/839-8800