SMAL Summit Bancshares Inc (PK)

Summit Bancshares, Inc. (OTCBB:SMAL), parent company of Summit Bank, announced today that for the year ended December 31, 2008 the consolidated net income for Summit Bancshares, Inc. decreased to $2,088,000 ($1.61 per share) compared to 3,685,000 ($2.37 per share) for the same period in 2007.

As of the period end, total consolidated assets decreased 0.96% to $182,168,000 from $183,926,000 while total deposits increased 0.95% from $160,158,000 to $161,696,000. Total loans increased 1.2% from $120,850,000 to $122,335,000.

On an annualized basis, return on average assets for the year ending December 31, 2008 was 1.14% and return on beginning capital was 9.86%, compared to the ROA of 1.96% and the ROE of 17.11% for the same period last year.

Summit Bancshares (PK) (USOTC:SMAL)
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