Summit Bancshares, Inc. Announces Annual Earnings Increase 3%

Business Wire, Feb 8, 1999

OAKLAND, Calif.--(BUSINESS WIRE)--Feb. 5, 1999--Summit Bancshares, Inc., parent company of Summit Bank announced today, that for the year ended December 31, 1998 the consolidated net income for Summit Bancshares, Inc. increased approximately 3% to $1,767,392 ($3.81 per share) compared to $1,708,154 ($3.72 per share) for the same period in 1997.

As of the period end, total consolidated assets increased 19.47% to $124,655,576 from $104,341,531 while total deposits increased 21.52% from $90,431,742 to $109,889,359. Total loans decreased 12.85% from $60,832,859 to $53,013,148.

On an annualized basis, return on average assets for the year ending December 31, 1998 was 1.67% and return on beginning primary capital was 13.7%, compared to ROA of 1.8% and ROE of 14.3% for the same period last year.

For the quarter ended December 31, 1998 the consolidated net income for Summit Bancshares, Inc. decreased 8.3% from $444,531 to $410,303. This decrease was due primarily to a decrease in loans outstanding during the last quarter of 1998. On an annualized basis, return on average assets for the quarter ending December 31, 1998 was 1.3% and return on beginning capital was 11.7% compared to the ROA of 1.9% and ROE of 13.4% for the same quarter in 1997.