SMAL Summit Bancshares Inc (PK)

Summit Bancshares, Inc. (OTCBB:SMAL), parent company of Summit Bank announced today, that for the year ended December 31, 2007 the consolidated net income for Summit Bancshares, Inc. decreased slightly to $3,685,000 ($2.37 per share) compared to $3,740,000 ($2.34 per share) for the same period in 2006. As of the period end, total consolidated assets decreased 7.6% to $183,926,000 from $198,997,000 while total deposits decreased 8.5% from $175,037,000 to $160,158,000. Total loans decreased 12.1% from $127,783,000 to $120,850,000, which was primarily centered in real estate loans. On an annualized basis, return on average assets for the year ending December 31, 2007 was 2.12% and return on beginning capital was 17.11%, compared to the ROA of 2.01% and the ROE of 19.49% for the same period last year. For the quarter ended December 31, 2007 the consolidated net income for Summit Bancshares Inc. decreased 7.7% from $966,000 to $892,000. This decrease was due primarily to a volume decrease in real estate loans as well as a decrease in the prime rate from the previous year. On an annualized basis, return on average assets for the quarter ending December 31, 2007 was 1.85% and return on beginning capital was 16.85% compared to the ROA of 1.93% and ROE of 18.36% for the same quarter in 2006.