SBGA Summit Bank

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