SMAL Summit Bancshares Inc (PK)

Summit Bancshares, Inc. (OTCBB:SMAL), parent company of Summit Bank announced today, that for the year ended December 31, 2006 the consolidated net income for Summit Bancshares, Inc. increased to $3,740,612 ($2.34 per share) compared to $2,503,240 ($1.52 per share) for the same period in 2005. As of the period end, total consolidated assets increased 17.2% to $198,996,651 from $169,812,517 while total deposits increased 20.4% from $145,422,421 to $175,037,519, primarily due to the acquisition of new relationships. Total loans increased 12.1% from $113,987,367 to $127,782,919, which was primarily centered in commercial loans. On an annualized basis, return on average assets for the year ending December 31, 2006 was 2.01% and return on beginning capital was 19.49%, compared to the ROA of 1.47% and the ROE of 12.46% for the same period last year. For the quarter ended December 31, 2006 the consolidated net income for Summit Bancshares Inc. increased 20.2% from $803,825 to $966,188. This increase was due primarily to a volume increase in commercial loans as well as an increase in the prime rate from the previous year. On an annualized basis, return on average assets for the quarter ending December 31, 2006 was 1.93% and return on beginning capital was 18.36% compared to the ROA of 1.82% and ROE of 16.68% for the same quarter in 2005.