Summit Bancshares, Inc. Announces Second Quarter Earnings Increase

Business Wire, July 30, 1999

OAKLAND, Calif.--(BUSINESS WIRE)--July 29, 1999--

Summit Bancshares, Inc., (OTC BB:SMAL) parent company of Summit Bank announced today, that for the second quarter ending June 30, 1999 the consolidated net income for Summit Bancshares, Inc. was $446,124 ($.94 per share) compared to $436,118 ($.93 per share) for the same period in 1998, an increase of 2%.

As of the Period end, total consolidated assets increased 15.07% to $126,788,987 from $110,188,412 while total deposits increased 16.55% from $95,571,543 to $111,391,911.

On an annualized basis, return on average assets for the quarter ending June 30, 1999 was 1.41% and return on beginning primary capital was 12.22%, compared to ROA of 1.65% and ROE of 13.11% for the same period last year.

Included in the above figures is the company's wholly owned subsidiary, Summit Bank, whose net income for the second quarter of 1999 increased to $427,586 from $426,238 for the same period last year. Total loans for the Bank increased 2.52% from $50,316,841 to $51,586,956. Total deposits increased 16.40% to $112,527,298 from $96,673,532 for the same period in 1998.