Summit Bank Corporation (SBGA) (NASDAQ: SBGA), parent company of
The Summit National Bank, announces third quarter 2006 earnings of
$1.62 million, or $0.23 diluted earnings per share, up 2.4% over
the $1.58 million, or $0.27 diluted earnings per share, for the
third quarter last year. Net income for the third quarter, 2006
represented a return on average shareholders� equity of 11.12%
compared to 17.79% for the third quarter of last year. For the nine
months ended September 30, 2006, earnings were $4.71 million, or
$0.71 diluted earnings per share, an increase of 11.1% over the
$4.24 million, or $0.74 diluted earnings per share, for the same
period last year. The return on average shareholders� equity for
the first nine months of 2006 was 12.38% compared to 16.15% for the
same period last year. The increase in earnings for both the
quarter and year to date was largely due to increased net interest
income resulting from improvement in net interest margin and the
accretive effects of the acquisition of Concord Bank, N.A.
(Concord) on April 1, 2006. The decline in diluted earnings per
share and return on shareholders� equity from last year is
attributable to the $20.3 million of additional capital raised from
Summit�s common stock offering earlier this year. Summit�s total
assets were $665.7 million at September 30, 2006, up from $525.9
million at December 31, 2005 and $534.2 million at September 30,
2005 primarily due to approximately $120 million in assets from the
Concord acquisition. Total loans increased from $346.0 million at
September 30, 2005 and $358.0 million at December 31, 2005 to
$467.2 million at September 30, 2006. Concord contributed $96
million of loans at the April 1, 2006 closing date as part of that
increase. Loans increased organically $17.8 million during the
third quarter this year. Non-performing assets at September 30,
2006 were $5.9 million, or 1.26% of loans, an increase over the
balance at year end 2005 of $1.2 million, or 0.33% of loans. The
increase in non-performing assets is primarily due to $2.6 million
of other real estate and one related $1.7 million non-accrual loan,
both emanating from the deterioration in 2006 of two related loans
for $4.3 million. Summit holds collateral on the non-accrual loan
and has a Consent agreement with the borrowers and guarantors
calling for the payment of the $1.7 million by December 31, 2006.
The remaining non-performing assets at September 30, 2006 were
fully guaranteed by the SBA. The Concord loan portfolio contained
no non-performing assets at September 30, 2006. The allowance for
loan losses totaled $6.3 million, or 1.36% of loans, at September
30, 2006 compared to $4.6 million, or 1.27% of loans at December
31, 2005 and $4.6 million, or 1.33% of loans, one year ago.
Deposits increased from $440.8 million at September 30, 2005 and
$438.2 million at December 31, 2005 to $549.1 million at September
30, 2006, primarily in non-interest bearing demand accounts and
certificates of deposits. Concord contributed $108 million on April
1, 2006 as part of the increase in deposits. Borrowed funds were
$45.8 million at September 30, 2005 and $40.7 million at December
31, 2005, compared to $42.3 million at September 30, 2006. However,
deposits declined $20.8 million sequentially during the third
quarter of 2006 and borrowings increased $26.8 million during the
quarter correspondingly. Shareholders� equity has increased from
$36.0 million at September 30, 2005 and $36.6 million at December
31, 2005 to $59.8 million at September 30, 2006 due to earnings and
the March, 2006 common stock offering. The net proceeds of the
offering were used to fund the $23.7 million Concord acquisition.
The rising interest rate environment over the past year and the
addition of Concord resulted in net interest income increasing from
$5.30 million for the third quarter of 2005 to $6.87 million for
the same period this year. The net interest margin improved to
4.61% for the third quarter of 2006 from 4.35% for the same quarter
last year. Summit�s net interest margin for the third quarter was
up from the 4.49% recorded for the second quarter of this year. For
the nine months ended September 30, 2006, the net interest margin
was 4.53%, up significantly from the 4.22% in the same period last
year. The provision for loan losses for the third quarter ended
September 30, 2006 was $600,000, up significantly from the
provision for the third quarter last year of $50,000. Net
charge-offs of $223,000 during the quarter and the downgrade of one
$1.3 million credit accounted for the increase in the provision.
For the nine months ended September 30, 2006, the provision for
loan losses was $1.25 million, up from the $514,000 for last year.
Net charge-offs to average loans have been 0.18% for both the nine
months ending September 30, 2005 and 2006. Total noninterest income
was $924,000 for the third quarter of 2006, consistent with
$926,000 for the third quarter of 2005. Noninterest income for the
nine months ended September 30, 2006 was $2.52 million, down from
the $2.84 million last year, primarily due to 2006 losses on the
Bank�s interest rate floor, a decline in international fee income
and a 2005 gain on a sale of other real estate. Noninterest expense
increased from $3.95 million in the third quarter of 2005 to $4.98
million for the third quarter of 2006. The increase was primarily
due to increased salaries and benefits, equipment and other
expenses associated with the operations of Concord, as well as
increases in expenses associated with regulatory and risk
compliance. These increases were partially offset by a decline in
fraud loss expense from last year. Noninterest expense for the nine
months ended September 30, 2006 was $13.80 million, up from $11.96
million last year for the same reasons as noted above. On September
19, 2006, Summit announced that they had entered into a definitive
agreement with UCBH Holdings, Inc. (Nasdaq: UCBH) whereby UCBH
would acquire Summit for approximately $175.5 million. UCBH is the
holding company for United Commercial Bank, a $8.29 billion state
chartered bank headquartered in San Francisco, California. United
Commercial Bank serves the Chinese community and American
businesses doing business in Greater China, and has California
offices in the San Francisco Bay Area, Sacramento, Stockton, Los
Angeles and Orange County. It also has branches in the Pacific
Northwest, New York, New England and Hong Kong, as well as
representative offices in Shenzhen, China and Taipei, Taiwan. The
transaction, expected to close at year end 2006, is subject to
approval by Summit�s shareholders and regulatory approval. Summit
Bank Corporation is the parent company of The Summit National Bank,
a nationally chartered full-service community bank specializing in
the small business and international trade finance markets. It
currently operates five branches in the metropolitan Atlanta area
and two in the South Bay area of San Francisco, California. Concord
Bank now operates as a division of Summit Bank in one location in
Houston, Texas. Summit also operates a representative office in
Shanghai, China. This release contains forward-looking statements
including statements relating to present or future trends or
factors generally affecting the banking industry and specifically
affecting Summit�s operations, markets and products. Without
limiting the foregoing, the words "believes," "anticipates,"
"intends," "expects," or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements involve risks and uncertainties. Actual results could
differ materially from those projected for many reasons, including,
without limitation, changing events and trends that have influenced
Summit�s assumptions, but that are beyond Summit's control. These
trends and events include (i) changes in the interest rate
environment which may reduce margins, (ii) not achieving expected
growth, (iii) less favorable than anticipated changes in the
international, national and local business environments and
securities markets, (iv) adverse changes in the regulatory
requirements affecting Summit, (v) greater competitive pressures
among financial institutions in Summit's markets, (vi) greater loan
losses than historic levels, (vii) difficulties in integrating the
operations of Concord Bank, N.A. with those of Summit, and (viii)
the possibility that the merger with UCBH may not close on a timely
basis or at all. Additional information and other factors that
could affect future financial results are included in Summit�s
Annual Report on Form 10-K and its filings with the Securities and
Exchange Commission. � Selected Financial Information September 30,
2006 (In thousands, except per share data) September 30, % � 2006�
� 2005� Change Summary Balance Sheet: Cash and Short Term
Investments $ 17,858� $ 27,371� -34.8% Investments 133,507�
135,964� -1.8% � Commercial Loans 401,406� 289,531� 38.6% SBA Loans
63,305� 55,826� 13.4% Other Loans 2,500� 661� 278.0% Total Loans
467,211� 346,018� 35.0% Allowance for Loan Loss (6,339) (4,609)
37.5% Net Loans 460,872� 341,409� Other Assets 53,427� 29,466�
81.3% Total Assets $ 665,664� $ 534,210� 24.6% � Demand Deposits -
Noninterest-Bearing $ 112,629� $ 104,921� 7.3% NOW & MMA
88,933� 90,344� -1.6% Savings & CDs 347,522� 245,532� 41.5%
Total Deposits 549,084� 440,797� 24.6% Borrowed Funds 42,337�
45,797� -7.6% Other Liabilities 14,468� 11,605� 24.7% Shareholders'
Equity 59,775� 36,011� 66.0% Total Liabilities & Shareholders'
Equity $ 665,664� $ 534,210� 24.6% � Three Months Ended Nine Months
Ended September 30, September 30, %Change� %Change� Summary Income
Statement: � 2006� � 2005� � 2006� � 2005� Interest Income $
11,654� $ 8,015� 45.4% $ 31,619� $ 22,926� 37.9% Interest Expense
4,784� 2,715� 76.2% 12,556� 7,455� 68.4% Net Interest Income 6,870�
5,300� 29.6% 19,063� 15,471� 23.2% Provision for Loan Losses 600�
50� 1100.0% 1,250� 514� 143.2% Net Interest Income after Provision
for Loan Loss 6,270� 5,250� 19.4% 17,813� 14,957� 19.1% Service
Charges on Deposits 357� 337� 6.1% 1,001� 1,031� -2.9%
International Fee Income 352� 412� -14.7% 1,072� 1,153� -7.0% BOLI
121� 115� 5.9% 364� 343� 6.1% Other noninterest income/(loss) 94�
62� 50.9% 82� 317� -74.2% Total Noninterest Income 924� 926� -0.2%
2,519� 2,844� -11.4% Salaries & Benefits 2,398� 2,009� 19.4%
7,067� 5,911� 19.6% Occupancy 486� 365� 33.3% 1,287� 993� 29.6%
Premises & Equipment 398� 452� -11.8% 1,255� 1,279� -1.8% Other
noninterest expense 1,698� 1,121� 51.4% 4,189� 3,776� 10.9% Total
Noninterest Expense 4,980� 3,947� 26.2% 13,798� 11,959� 15.4%
Income before Tax 2,214� 2,229� -0.7% 6,534� 5,842� 11.8% Income
Tax Expense 594� 647� -8.3% 1,825� 1,603� 13.8% Net Income $ 1,620�
$ 1,582� 2.4% $ 4,709� $ 4,239� 11.1% � Average Balances: Average
Assets $ 660,688� $ 529,041� 24.9% $ 616,593� $ 528,615� 16.6%
Average Earning Assets 595,453� 487,309� 22.2% 560,541� 488,245�
14.8% Average Total Loans 460,781� 340,683� 35.3% 425,885� 338,776�
25.7% Average Deposits 558,477� 426,081� 31.1% 525,051� 427,293�
22.9% Average Total Funds 588,196� 484,046� 21.5% 554,592� 486,286�
14.0% Average Shareholders' Equity 58,278� 35,561� 63.9% 50,724�
34,985� 45.0% � Per Share Data: Basic Earnings per Share $ 0.23� $
0.27� -14.8% $ 0.71� $ 0.74� -4.1% Diluted Earnings per Share $
0.23� $ 0.27� -14.8% $ 0.71� $ 0.74� -4.1% Dividend Per Share $
0.10� $ 0.10� 0.0% $ 0.30� $ 0.30� 0.0% Weighted - Average Shares
Outstanding - Basic 7,132,321� 5,694,604� 6,646,371� 5,694,093�
Weighted - Average Shares Outstanding - Diluted 7,155,614�
5,694,604� 6,663,778� 5,694,093� Common Shares Outstanding
7,137,104� 5,694,604� 7,137,104� 5,694,604� � Key Ratios: Return on
Average Assets 0.98% 1.20% 1.02% 1.07% Return on Average
Shareholders' Equity 11.12% 17.80% 12.38% 16.15% Yield on Earning
Assets 7.80% 6.59% 7.54% 6.27% Cost of Funds 3.25% 2.24% 3.02%
2.04% Net Interest Margin 4.61% 4.35% 4.53% 4.22% Noninterest
Income as % of Average Assets 0.56% 0.70% 0.54% 0.72% Noninterest
Expense as % of Average Assets 3.02% 2.98% 2.98% 3.02% Efficiency
Ratio 63.90% 63.39% 63.94% 65.31% � ALLL as % of Total Loans 1.36%
1.33% 1.36% 1.33% Nonperforming Assets as % of Total Loans and ORE
1.26% 0.20% 1.26% 0.20% Net Chargeoffs(Recoveries) as % of Average
Loans � 0.19% � -0.08% � � 0.18% � 0.18% � Summit Bank Corporation
(SBGA) (NASDAQ: SBGA), parent company of The Summit National Bank,
announces third quarter 2006 earnings of $1.62 million, or $0.23
diluted earnings per share, up 2.4% over the $1.58 million, or
$0.27 diluted earnings per share, for the third quarter last year.
Net income for the third quarter, 2006 represented a return on
average shareholders' equity of 11.12% compared to 17.79% for the
third quarter of last year. For the nine months ended September 30,
2006, earnings were $4.71 million, or $0.71 diluted earnings per
share, an increase of 11.1% over the $4.24 million, or $0.74
diluted earnings per share, for the same period last year. The
return on average shareholders' equity for the first nine months of
2006 was 12.38% compared to 16.15% for the same period last year.
The increase in earnings for both the quarter and year to date was
largely due to increased net interest income resulting from
improvement in net interest margin and the accretive effects of the
acquisition of Concord Bank, N.A. (Concord) on April 1, 2006. The
decline in diluted earnings per share and return on shareholders'
equity from last year is attributable to the $20.3 million of
additional capital raised from Summit's common stock offering
earlier this year. Summit's total assets were $665.7 million at
September 30, 2006, up from $525.9 million at December 31, 2005 and
$534.2 million at September 30, 2005 primarily due to approximately
$120 million in assets from the Concord acquisition. Total loans
increased from $346.0 million at September 30, 2005 and $358.0
million at December 31, 2005 to $467.2 million at September 30,
2006. Concord contributed $96 million of loans at the April 1, 2006
closing date as part of that increase. Loans increased organically
$17.8 million during the third quarter this year. Non-performing
assets at September 30, 2006 were $5.9 million, or 1.26% of loans,
an increase over the balance at year end 2005 of $1.2 million, or
0.33% of loans. The increase in non-performing assets is primarily
due to $2.6 million of other real estate and one related $1.7
million non-accrual loan, both emanating from the deterioration in
2006 of two related loans for $4.3 million. Summit holds collateral
on the non-accrual loan and has a Consent agreement with the
borrowers and guarantors calling for the payment of the $1.7
million by December 31, 2006. The remaining non-performing assets
at September 30, 2006 were fully guaranteed by the SBA. The Concord
loan portfolio contained no non-performing assets at September 30,
2006. The allowance for loan losses totaled $6.3 million, or 1.36%
of loans, at September 30, 2006 compared to $4.6 million, or 1.27%
of loans at December 31, 2005 and $4.6 million, or 1.33% of loans,
one year ago. Deposits increased from $440.8 million at September
30, 2005 and $438.2 million at December 31, 2005 to $549.1 million
at September 30, 2006, primarily in non-interest bearing demand
accounts and certificates of deposits. Concord contributed $108
million on April 1, 2006 as part of the increase in deposits.
Borrowed funds were $45.8 million at September 30, 2005 and $40.7
million at December 31, 2005, compared to $42.3 million at
September 30, 2006. However, deposits declined $20.8 million
sequentially during the third quarter of 2006 and borrowings
increased $26.8 million during the quarter correspondingly.
Shareholders' equity has increased from $36.0 million at September
30, 2005 and $36.6 million at December 31, 2005 to $59.8 million at
September 30, 2006 due to earnings and the March, 2006 common stock
offering. The net proceeds of the offering were used to fund the
$23.7 million Concord acquisition. The rising interest rate
environment over the past year and the addition of Concord resulted
in net interest income increasing from $5.30 million for the third
quarter of 2005 to $6.87 million for the same period this year. The
net interest margin improved to 4.61% for the third quarter of 2006
from 4.35% for the same quarter last year. Summit's net interest
margin for the third quarter was up from the 4.49% recorded for the
second quarter of this year. For the nine months ended September
30, 2006, the net interest margin was 4.53%, up significantly from
the 4.22% in the same period last year. The provision for loan
losses for the third quarter ended September 30, 2006 was $600,000,
up significantly from the provision for the third quarter last year
of $50,000. Net charge-offs of $223,000 during the quarter and the
downgrade of one $1.3 million credit accounted for the increase in
the provision. For the nine months ended September 30, 2006, the
provision for loan losses was $1.25 million, up from the $514,000
for last year. Net charge-offs to average loans have been 0.18% for
both the nine months ending September 30, 2005 and 2006. Total
noninterest income was $924,000 for the third quarter of 2006,
consistent with $926,000 for the third quarter of 2005. Noninterest
income for the nine months ended September 30, 2006 was $2.52
million, down from the $2.84 million last year, primarily due to
2006 losses on the Bank's interest rate floor, a decline in
international fee income and a 2005 gain on a sale of other real
estate. Noninterest expense increased from $3.95 million in the
third quarter of 2005 to $4.98 million for the third quarter of
2006. The increase was primarily due to increased salaries and
benefits, equipment and other expenses associated with the
operations of Concord, as well as increases in expenses associated
with regulatory and risk compliance. These increases were partially
offset by a decline in fraud loss expense from last year.
Noninterest expense for the nine months ended September 30, 2006
was $13.80 million, up from $11.96 million last year for the same
reasons as noted above. On September 19, 2006, Summit announced
that they had entered into a definitive agreement with UCBH
Holdings, Inc. (Nasdaq: UCBH) whereby UCBH would acquire Summit for
approximately $175.5 million. UCBH is the holding company for
United Commercial Bank, a $8.29 billion state chartered bank
headquartered in San Francisco, California. United Commercial Bank
serves the Chinese community and American businesses doing business
in Greater China, and has California offices in the San Francisco
Bay Area, Sacramento, Stockton, Los Angeles and Orange County. It
also has branches in the Pacific Northwest, New York, New England
and Hong Kong, as well as representative offices in Shenzhen, China
and Taipei, Taiwan. The transaction, expected to close at year end
2006, is subject to approval by Summit's shareholders and
regulatory approval. Summit Bank Corporation is the parent company
of The Summit National Bank, a nationally chartered full-service
community bank specializing in the small business and international
trade finance markets. It currently operates five branches in the
metropolitan Atlanta area and two in the South Bay area of San
Francisco, California. Concord Bank now operates as a division of
Summit Bank in one location in Houston, Texas. Summit also operates
a representative office in Shanghai, China. This release contains
forward-looking statements including statements relating to present
or future trends or factors generally affecting the banking
industry and specifically affecting Summit's operations, markets
and products. Without limiting the foregoing, the words "believes,"
"anticipates," "intends," "expects," or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected for many
reasons, including, without limitation, changing events and trends
that have influenced Summit's assumptions, but that are beyond
Summit's control. These trends and events include (i) changes in
the interest rate environment which may reduce margins, (ii) not
achieving expected growth, (iii) less favorable than anticipated
changes in the international, national and local business
environments and securities markets, (iv) adverse changes in the
regulatory requirements affecting Summit, (v) greater competitive
pressures among financial institutions in Summit's markets, (vi)
greater loan losses than historic levels, (vii) difficulties in
integrating the operations of Concord Bank, N.A. with those of
Summit, and (viii) the possibility that the merger with UCBH may
not close on a timely basis or at all. Additional information and
other factors that could affect future financial results are
included in Summit's Annual Report on Form 10-K and its filings
with the Securities and Exchange Commission. -0- *T Selected
Financial Information September 30, 2006 (In thousands, except per
share data) September 30, ------------------ % 2006 2005 Change
------------------------ Summary Balance Sheet: Cash and Short Term
Investments $ 17,858 $ 27,371 -34.8% Investments 133,507 135,964
-1.8% Commercial Loans 401,406 289,531 38.6% SBA Loans 63,305
55,826 13.4% Other Loans 2,500 661 278.0% Total Loans 467,211
346,018 35.0% Allowance for Loan Loss (6,339) (4,609) 37.5% Net
Loans 460,872 341,409 Other Assets 53,427 29,466 81.3% Total Assets
$665,664 $534,210 24.6% Demand Deposits - Noninterest-Bearing
$112,629 $104,921 7.3% NOW & MMA 88,933 90,344 -1.6% Savings
& CDs 347,522 245,532 41.5% Total Deposits 549,084 440,797
24.6% Borrowed Funds 42,337 45,797 -7.6% Other Liabilities 14,468
11,605 24.7% Shareholders' Equity 59,775 36,011 66.0% Total
Liabilities & Shareholders' Equity $665,664 $534,210 24.6%
Three Months Ended September 30, % Summary Income Statement: 2006
2005 Change ----------------------------- Interest Income $ 11,654
$ 8,015 45.4% Interest Expense 4,784 2,715 76.2% Net Interest
Income 6,870 5,300 29.6% Provision for Loan Losses 600 50 1100.0%
Net Interest Income after Provision for Loan Loss 6,270 5,250 19.4%
Service Charges on Deposits 357 337 6.1% International Fee Income
352 412 -14.7% BOLI 121 115 5.9% Other noninterest income/(loss) 94
62 50.9% Total Noninterest Income 924 926 -0.2% Salaries &
Benefits 2,398 2,009 19.4% Occupancy 486 365 33.3% Premises &
Equipment 398 452 -11.8% Other noninterest expense 1,698 1,121
51.4% Total Noninterest Expense 4,980 3,947 26.2% Income before Tax
2,214 2,229 -0.7% Income Tax Expense 594 647 -8.3% Net Income $
1,620 $ 1,582 2.4% Average Balances: Average Assets $ 660,688 $
529,041 24.9% Average Earning Assets 595,453 487,309 22.2% Average
Total Loans 460,781 340,683 35.3% Average Deposits 558,477 426,081
31.1% Average Total Funds 588,196 484,046 21.5% Average
Shareholders' Equity 58,278 35,561 63.9% Per Share Data: Basic
Earnings per Share $ 0.23 $ 0.27 -14.8% Diluted Earnings per Share
$ 0.23 $ 0.27 -14.8% Dividend Per Share $ 0.10 $ 0.10 0.0% Weighted
- Average Shares Outstanding - Basic 7,132,321 5,694,604 Weighted -
Average Shares Outstanding - Diluted 7,155,614 5,694,604 Common
Shares Outstanding 7,137,104 5,694,604 Key Ratios: Return on
Average Assets 0.98% 1.20% Return on Average Shareholders' Equity
11.12% 17.80% Yield on Earning Assets 7.80% 6.59% Cost of Funds
3.25% 2.24% Net Interest Margin 4.61% 4.35% Noninterest Income as %
of Average Assets 0.56% 0.70% Noninterest Expense as % of Average
Assets 3.02% 2.98% Efficiency Ratio 63.90% 63.39% ALLL as % of
Total Loans 1.36% 1.33% Nonperforming Assets as % of Total Loans
and ORE 1.26% 0.20% Net Chargeoffs(Recoveries) as % of Average
Loans 0.19% -0.08%
----------------------------------------------------------------------
Nine Months Ended September 30, Summary Income Statement: % 2006
2005 Change ------------------------------ Interest Income $ 31,619
$ 22,926 37.9% Interest Expense 12,556 7,455 68.4% Net Interest
Income 19,063 15,471 23.2% Provision for Loan Losses 1,250 514
143.2% Net Interest Income after Provision for Loan Loss 17,813
14,957 19.1% Service Charges on Deposits 1,001 1,031 -2.9%
International Fee Income 1,072 1,153 -7.0% BOLI 364 343 6.1% Other
noninterest income/(loss) 82 317 -74.2% Total Noninterest Income
2,519 2,844 -11.4% Salaries & Benefits 7,067 5,911 19.6%
Occupancy 1,287 993 29.6% Premises & Equipment 1,255 1,279
-1.8% Other noninterest expense 4,189 3,776 10.9% Total Noninterest
Expense 13,798 11,959 15.4% Income before Tax 6,534 5,842 11.8%
Income Tax Expense 1,825 1,603 13.8% Net Income $ 4,709 $ 4,239
11.1% Average Balances: Average Assets $ 616,593 $ 528,615 16.6%
Average Earning Assets 560,541 488,245 14.8% Average Total Loans
425,885 338,776 25.7% Average Deposits 525,051 427,293 22.9%
Average Total Funds 554,592 486,286 14.0% Average Shareholders'
Equity 50,724 34,985 45.0% Per Share Data: Basic Earnings per Share
$ 0.71 $ 0.74 -4.1% Diluted Earnings per Share $ 0.71 $ 0.74 -4.1%
Dividend Per Share $ 0.30 $ 0.30 0.0% Weighted - Average Shares
Outstanding - Basic 6,646,371 5,694,093 Weighted - Average Shares
Outstanding - Diluted 6,663,778 5,694,093 Common Shares Outstanding
7,137,104 5,694,604 Key Ratios: Return on Average Assets 1.02%
1.07% Return on Average Shareholders' Equity 12.38% 16.15% Yield on
Earning Assets 7.54% 6.27% Cost of Funds 3.02% 2.04% Net Interest
Margin 4.53% 4.22% Noninterest Income as % of Average Assets 0.54%
0.72% Noninterest Expense as % of Average Assets 2.98% 3.02%
Efficiency Ratio 63.94% 65.31% ALLL as % of Total Loans 1.36% 1.33%
Nonperforming Assets as % of Total Loans and ORE 1.26% 0.20% Net
Chargeoffs(Recoveries) as % of Average Loans 0.18% 0.18%
----------------------------------------------------------------------
*T
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