Alabama National BanCorporation ("ANB") (NASDAQ/NM: ALAB) today
announced record earnings for the quarter and nine months ended
September 30, 2005 and declared a quarterly cash dividend of
$0.3375 per share. For the 2005 third quarter, ANB reported
earnings of $17.1 million, up 16.2% from the 2004 third quarter.
Diluted earnings per share of $0.98 were up 13.5% from the year ago
third quarter. Diluted cash earnings per share were $1.01, up 12.5%
from the 2004 third quarter. Total revenue grew to $69.5 million in
the 2005 third quarter, up 11.7% from $62.2 million in the year ago
third quarter. Noninterest income represented 26.1% of third
quarter 2005 total revenue, down from 29.9% in the 2004 third
quarter. ANB's taxable equivalent net interest margin was 3.94% for
the 2005 third quarter, up 13 basis points from the 2004 third
quarter and up 1 basis point from the second quarter of 2005. "Our
employees have delivered excellent performance for our share owners
in the first nine months of 2005," said John H. Holcomb, III,
Chairman and CEO. "Our focus on asset quality along with successful
loan and deposit growth will continue to be the key factors that
allow us to deliver excellent growth within an acceptable risk
profile." Year-to-date earnings were $48.8 million, an increase of
24.2% over the $39.3 million in earnings reported for the same
period in 2004. Diluted earnings per share for the first nine
months of 2005 were $2.80, up 11.9% from the $2.50 earned in the
same period in 2004. Nine months 2005 cash earnings per diluted
share of $2.89 were up 11.4% over 2004 levels. Total assets at
September 30, 2005 were $5.9 billion. Loan growth (excluding loans
held for sale) was 23.8% on an annualized basis during the 2005
third quarter and 22.1% on a year-to-date annualized basis.
Deposits grew at an 8.4% annualized rate from June 30, 2005 and at
an 11.5% annualized rate from December 31, 2004, ending the
September 30, 2005 period at $4.3 billion. Quarter-end share
owners' equity was $562 million, or $32.89 per share, and tangible
book value per share was $23.65. During the 2005 third quarter, ANB
recognized $398 thousand in net charge-offs, or an annualized rate
of 0.04% of average loans. Combined with first six months net
charge-offs, ANB's year-to-date loss of $880 thousand represents a
rate of 0.03% in net losses to average loans and leases.
Quarter-end nonperforming assets were 0.20% of period end loans and
other real estate. The allowance for loan and lease losses covered
nonperforming loans 697%. The Board of Directors of Alabama
National today announced a quarterly cash dividend of $0.3375 per
share. The dividend is payable January 3, 2006, to stockholders of
record at the close of business on December 15, 2005. ANB is a bank
holding company operating 85 banking locations through ten bank
subsidiaries in Alabama, Florida and Georgia. Alabama subsidiaries
include: First American Bank in north central Alabama; Bank of
Dadeville; and Alabama Exchange Bank in Tuskegee. Florida
subsidiaries are: First Gulf Bank, N.A., in Escambia County,
Florida and Baldwin County, AL; Community Bank of Naples, N.A.;
Millennium Bank in Gainesville; Public Bank in metropolitan
Orlando; CypressCoquina Bank in Ormond Beach; and Indian River
National Bank in Vero Beach. ANB has one subsidiary in Georgia,
Georgia State Bank in metropolitan Atlanta. ANB provides full
banking services to individuals and businesses. Brokerage services
are provided to customers through First American Bank's wholly
owned subsidiary, NBC Securities, Inc. Investments are not bank
guaranteed, not FDIC insured and may lose value. Insurance services
are provided through ANB Insurance Services, Inc., a wholly owned
subsidiary of First American Bank. Alabama National BanCorporation
common stock is traded on the NASDAQ National Market System under
the symbol "ALAB." Conference Call Instructions: Alabama National
will discuss financial results for the third quarter completed
September 30, 2005 as well as its goals and general outlook for the
remainder of 2005 in a conference call to be held Thursday, October
20, 2005 at 9:00 a.m. Central Time. A listen-only simulcast and
replay of Alabama National's conference call will be available
on-line at the following Internet links: www.alabamanational.com,
under "In The News," or www.viavid.net, on October 20, beginning at
9:00 a.m. Central Time. The on-line replay will follow immediately
and continue for 30 days. For live interactive access to the
teleconference, please dial 1-800-938-1464 at 9:00 a.m. Central
Time on October 20. For those without Internet access, a telephonic
replay will be available through November 20 by dialing
1-800-642-1687 and entering Conference ID number 9985894. Many of
the comparisons of financial data from period to period presented
in the narrative of this release have been rounded from actual
values reported in the attached selected unaudited financial
tables. The percentage changes presented above are based on a
comparison of the actual values recorded in the attached tables,
not the rounded values. This press release, including the attached
selected unaudited financial tables which are a part of this
release, contains financial information determined by methods other
than in accordance with generally accepted accounting principles
("GAAP"). These "non-GAAP" financial measures are "cash earnings"
(cash earnings per share), "tangible book value" (tangible book
value per share), "return on average tangible equity" and "return
on average tangible assets." ANB's management uses these non-GAAP
measures in its analysis of ANB's performance. Cash earnings is
defined as net income plus amortization expense (net of tax)
applicable to intangible assets that do not qualify as regulatory
capital. Cash earnings per basic and diluted share is defined as
cash earnings divided by basic and diluted common shares
outstanding. ANB's management includes cash earnings measures to
compare the company's earnings exclusive of non-cash amortization
expense and because it is a measure used by many investors as part
of their analysis of ANB's performance. Tangible book value is
defined as total equity reduced by recorded intangible assets.
Tangible book value per share is defined as tangible book value
divided by total common shares outstanding. This measure is
important to many investors in the marketplace that are interested
in changes from period to period in book value per share exclusive
of changes in intangible assets. Goodwill, an intangible asset that
is recorded in a purchase business combination, has the effect of
increasing total book value while not increasing the tangible
assets of the company. For companies such as Alabama National that
have engaged in multiple business combinations, purchase accounting
requires the recording of significant amounts of goodwill related
to such transactions. Return on average tangible equity is defined
as earnings for the period (annualized for the quarterly period)
divided by average equity reduced by average goodwill and other
intangible assets. Return on average tangible assets is defined as
earnings for the period (annualized for the quarterly period)
divided by average assets reduced by average goodwill and other
intangible assets. ANB's management includes these measures because
it believes that they are important when measuring the company's
performance exclusive of the effects of goodwill and other
intangibles recorded in recent acquisitions, and these measures are
used by many investors as part of their analysis of ANB. These
disclosures should not be viewed as a substitute for results
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP performance measures which may be presented
by other companies. Refer to the "Reconciliation Table" in the
attached schedules for a more detailed analysis of these non-GAAP
performance measures and the most directly comparable GAAP
measures. This press release contains forward-looking statements as
defined by federal securities laws. Statements contained in this
press release which are not historical facts are forward-looking
statements. These statements may address issues that involve
significant risks, uncertainties, estimates and assumptions made by
management. ANB undertakes no obligation to update these statements
following the date of this press release. In addition, ANB, through
its senior management, may make from time to time forward-looking
public statements concerning the matters described herein. Such
forward-looking statements are necessarily estimates reflecting the
best judgment of ANB's senior management based upon current
information and involve a number of risks and uncertainties.
Certain factors which could affect the accuracy of such
forward-looking statements are identified in the public filings
made by ANB with the Securities and Exchange Commission, and
forward looking statements contained in this press release or in
other public statements of ANB or its senior management should be
considered in light of those factors. There can be no assurance
that such factors or other factors will not affect the accuracy of
such forward-looking statements. -0- *T ALABAMA NATIONAL
BANCORPORATION (Unaudited Financial Highlights) (in thousands,
except per share amounts and percentages) Three Months Ended
September 30, --------------------------- Percentage 2005 2004
Change (b) ------------- ------------- ----------- Net interest
income $51,359 $43,614 17.8% Noninterest income 18,098 18,566 (2.5)
Total revenue 69,457 62,180 11.7 Provision for loan and lease
losses 2,440 1,624 50.2 Noninterest expense 40,990 38,208 7.3 Net
income before income taxes 26,027 22,348 16.5 Income taxes 8,944
7,642 17.0 Net income $17,083 $14,706 16.2% Weighted average common
and common equivalent shares outstanding Basic 17,198 16,765 2.6%
Diluted 17,412 17,013 2.3 Net income per common share Basic $.99
$.88 13.2% Diluted .98 .86 13.5 Cash earnings (a) Total $17,603
$15,287 15.1% Basic 1.02 .91 12.3 Diluted 1.01 .90 12.5 Cash
dividends declared on common stock $.3375 $.3125 Return on average
assets 1.18% 1.15% Return on average tangible assets 1.22 1.19
Return on average equity 12.20 11.77 Return on average tangible
equity 16.94 17.19 Noninterest Income Service charge income $4,181
$4,537 (7.8)% Investment services income 1,086 2,685 (59.6)
Securities brokerage and trust income 4,641 4,056 14.4 Gain on sale
of mortgages 3,565 2,852 25.0 Gain (loss) on disposal of assets
(21) (68) (69.1) Bank owned life insurance 737 637 15.7 Insurance
commissions 825 833 (1.0) Other 3,084 3,034 1.6 -------------
------------- Total noninterest income $18,098 $18,566 (2.5)%
============= ============= (a) Cash basis earnings exclude the
effect on earnings of amortization expense applicable to intangible
assets that do not qualify as regulatory capital. (b) Percentage
change based on actual not rounded values. Nine Months Ended
September 30, --------------------------- Percentage 2005 2004
Change (b) ------------- ------------- ----------- Net interest
income $147,351 $117,918 25.0% Noninterest income 53,110 55,494
(4.3) Total revenue 200,461 173,412 15.6 Provision for loan and
lease losses 5,975 4,130 44.7 Noninterest expense 120,366 109,991
9.4 Net income before income taxes 74,120 59,291 25.0 Income taxes
25,362 20,034 26.6 Net income $48,758 $39,257 24.2% Weighted
average common and common equivalent shares outstanding Basic
17,185 15,427 11.4% Diluted 17,404 15,680 11.0 Net income per
common share Basic $2.84 $2.54 11.5% Diluted 2.80 2.50 11.9 Cash
earnings (a) Total $50,359 $40,741 23.6% Basic 2.93 2.64 11.0
Diluted 2.89 2.60 11.4 Cash dividends declared on common stock
$1.0125 $.9375 Return on average assets 1.17% 1.11% Return on
average tangible assets 1.21 1.14 Return on average equity 11.96
12.39 Return on average tangible equity 16.71 17.47 Noninterest
Income Service charge income $12,265 $12,868 (4.7)% Investment
services income 3,089 9,865 (68.7) Securities brokerage and trust
income 14,082 12,352 14.0 Gain on sale of mortgages 9,652 8,885 8.6
Gain (loss) on disposal of assets 690 (31) NM Securities gains 72 -
NM Bank owned life insurance 2,136 2,047 4.3 Insurance commissions
2,453 2,570 (4.6) Other 8,671 6,938 25.0 -------------
------------- Total noninterest income $53,110 $55,494 (4.3)%
============= ============= (a) Cash basis earnings exclude the
effect on earnings of amortization expense applicable to intangible
assets that do not qualify as regulatory capital. (b) Percentage
change based on actual not rounded values. NM - Not meaningful
September 30, December 31, Percentage 2005 2004 Change
------------- ------------- ----------- Total assets $5,887,078
$5,315,869 10.7% Earning assets 5,330,815 4,841,255 10.1 Securities
(a) 1,148,333 1,200,407 (4.3) Loans held for sale 33,128 22,313
48.5 Loans and leases, net of unearned income 4,059,919 3,495,701
16.1 Allowance for loan and lease losses 51,679 46,584 10.9
Deposits 4,269,593 3,934,723 8.5 Short-term borrowings 78,000
30,500 155.7 Long-term debt 311,425 393,688 (20.9) Stockholders'
equity 562,448 529,543 6.2 (a) Excludes trading securities ASSET
QUALITY ANALYSIS (in thousands, except percentages) As of / For the
Three Months Ended Sept 30, June 30, Sept 30, 2005 2005 2004
------------- ------------- ----------- Nonaccrual loans $7,411
$6,949 $8,252 Restructured loans - - - Loans past due 90 days or
more and still accruing 0 0 0 Total nonperforming loans 7,411 6,949
8,252 Other real estate owned 668 450 1,639 Total nonperforming
assets 8,079 7,399 9,891 Total non performing assets as a
percentage of period-end loans and other real estate (a) 0.20%
0.19% 0.29% Allowance for loan and lease losses 51,679 49,637
45,903 Provision for loan and lease losses 2,440 1,991 1,624 Loans
charged off 791 529 825 Loan recoveries 393 349 251 Net loan and
lease losses 398 180 574 Allowance for loan and lease losses as a
percentage of period-end loans and leases (a) 1.27% 1.29% 1.35%
Allowance for loan and lease losses as a percentage of period-end
nonperforming loans 697.33 714.30 556.27 Net losses to average
loans and leases (annualized) 0.04 0.02 0.07 For the Nine Months
Ended September 30, --------------------------- Percentage 2005
2004 Change ------------- ------------- ----------- Provision for
loan and lease losses $5,975 $4,130 44.7% Loans charged off 1,809
3,944 (54.1) Loan recoveries 929 2,245 (58.6) Net loan and lease
losses 880 1,699 (48.2) Net losses to average loans and leases
(annualized) 0.03% 0.07% (a) Excludes loans held for sale TAXABLE
EQUIVALENT YIELDS/RATES Three Months Ended Sept 30, June 30, Sept
30, 2005 2005 2004 ------------- ------------- ----------- Interest
income: Interest and fees on loans 6.78% 6.48% 5.73% Interest on
securities: Taxable 4.15 4.17 4.05 Non-taxable 6.87 6.54 6.05 Total
interest earning assets 6.18 5.91 5.27 Interest expense: Interest
on deposits 2.39 2.11 1.54 Interest on short-term borrowing 4.14
3.53 1.99 Interest on long-term debt 4.29 4.12 3.41 Total interest
bearing liabilities 2.66 2.36 1.72 Net interest spread 3.52 3.55
3.55 Net interest margin 3.94 3.93 3.81 Nine Months Ended September
30, --------------------------- 2005 2004 -------------
------------- Interest income: Interest and fees on loans 6.51%
5.65% Interest on securities: Taxable 4.17 3.93 Non-taxable 6.54
6.20 Total interest earning assets 5.93 5.18 Interest expense:
Interest on deposits 2.12 1.56 Interest on short-term borrowing
3.74 1.77 Interest on long-term debt 3.99 3.37 Total interest
bearing liabilities 2.37 1.70 Net interest spread 3.56 3.48 Net
interest margin 3.94 3.71 STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
September 30, December 31, 2005 2004 ------------- -------------
Stockholders' Equity: Equity to assets 9.55% 9.96% Leverage ratio
8.30 8.44 Book value per common share (a) $32.89 $31.15 Tangible
book value per common share (a)(b) 23.65 21.99 Ending shares
outstanding 17,100 16,999 (a) Includes a cumulative mark to market
adjustment to equity of $(0.34) and $(0.06) per share at September
30, 2005 and December 31, 2004, respectively. (b) Total equity
reduced by intangible assets divided by common shares outstanding.
RECONCILIATION TABLE (in thousands, except per share amounts and
percentages) Three Months Ended Nine Months Ended September 30,
September 30, ----------------------- ----------------------- 2005
2004 2005 2004 ----------- ----------- ----------- ----------- Net
income $17,083 $14,706 $48,758 $39,257 Amortization of intangibles,
net of tax 520 581 1,601 1,484 Cash earnings $17,603 $15,287
$50,359 $40,741 Net income per common share - basic $0.99 $0.88
$2.84 $2.54 Effect of amortization of intangibles per share 0.03
0.03 0.09 0.10 Cash earnings per common share - basic $1.02 $0.91
$2.93 $2.64 Net income per common share - diluted $0.98 $0.86 $2.80
$2.50 Effect of amortization of intangibles per share 0.03 0.04
0.09 0.10 Cash earnings per common share - diluted $1.01 $0.90
$2.89 $2.60 Average assets $5,731,482 $5,075,045 $5,556,994
$4,710,523 Average intangible assets (155,349) (156,690) (155,157)
(123,007) Average tangible assets $5,576,133 $4,918,355 $5,401,837
$4,587,516 Return on average assets 1.18% 1.15% 1.17% 1.11% Effect
of average intangible assets 0.04 0.04 0.04 0.03 Return on average
tangible assets 1.22% 1.19% 1.21% 1.14% Average equity $555,335
$497,023 $545,185 $423,176 Average intangible assets (155,349)
(156,690) (155,157) (123,007) Average tangible equity $399,986
$340,333 $390,028 $300,169 Return on average equity 12.20% 11.77%
11.96% 12.39% Effect of average intangible assets 4.74 5.42 4.75
5.08 Return on average tangible equity 16.94% 17.19% 16.71% 17.47%
As of September 30, December 31, 2005 2004 -------------
------------- Book value $562,448 $529,543 Intangible assets
(158,031) (155,682) Tangible book value $404,417 $373,861 Book
value per common share $32.89 $31.15 Effect of intangible assets
per share (9.24) (9.16) Tangible book value per common share $23.65
$21.99 Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
---------------------------------------------------------- (In
thousands, except share amounts) September 30, December 31, 2005
2004 ------------- ------------ Assets Cash and due from banks
$202,512 $155,027 Interest-bearing deposits in other banks 10,833
21,274 Federal funds sold and securities purchased under resell
agreements 78,602 100,970 Trading securities, at fair value - 590
Investment securities (fair values of $573,115 and $566,602)
580,088 568,493 Securities available for sale, at fair value
568,245 631,914 Loans held for sale 33,128 22,313 Loans and leases
4,063,134 3,499,353 Unearned income (3,215) (3,652) -------------
------------ Loans and leases, net of unearned income 4,059,919
3,495,701 Allowance for loan and lease losses (51,679) (46,584)
------------- ------------ Net loans and leases 4,008,240 3,449,117
Property, equipment and leasehold improvements, net 109,654 99,455
Goodwill 148,088 144,396 Other intangible assets, net 9,943 11,286
Cash surrender value of life insurance 73,794 71,535 Receivable
from investment division customers 11,061 2,223 Other assets 52,890
37,276 ------------- ------------ Totals $5,887,078 $5,315,869
============= ============ Liabilities and Stockholders' Equity
Deposits: Noninterest bearing $769,412 $683,245 Interest bearing
3,500,181 3,251,478 ------------- ------------ Total deposits
4,269,593 3,934,723 Federal funds purchased and securities sold
under repurchase agreements 596,162 379,114 Treasury, tax and loan
accounts - 2,217 Accrued expenses and other liabilities 58,389
43,861 Payable for securities purchased for investment division
customers 11,061 2,223 Short-term borrowings 78,000 30,500
Long-term debt 311,425 393,688 ------------- ------------ Total
liabilities 5,324,630 4,786,326 Common stock, $1 par; 50,000,000
and 27,500,000 shares authorized at September 30, 2005 and December
31, 2004, respectively; 17,100,178 and 16,998,918 outstanding at
September 30, 2005 and December 31, 2004, respectively 17,100
16,999 Additional paid-in capital 346,651 340,161 Retained earnings
204,568 173,345 Accumulated other comprehensive loss, net of tax
(5,871) (962) ------------- ------------ Total stockholders' equity
562,448 529,543 ------------- ------------ Totals $5,887,078
$5,315,869 ============= ============ Alabama National
BanCorporation and Subsidiaries Consolidated Statements of Income
(Unaudited) ------------------------------------------------ (In
thousands, except per share data) For the three months For the nine
months ended September 30, ended September 30, --------------------
------------------- 2005 2004 2005 2004 ---------- ---------
--------- --------- Interest income: Interest and fees on loans and
leases $67,831 $48,320 $184,051 $132,632 Interest on securities
11,985 11,981 36,311 31,833 Interest on deposits in other banks 66
18 191 46 Interest on trading securities 7 9 16 44 Interest on
federal funds sold and securities purchased under resell agreements
798 244 2,035 544 Total interest income 80,687 60,572 222,604
165,099 Interest expense: Interest on deposits 20,690 11,924 53,085
33,403 Interest on federal funds purchased and securities sold
under repurchase agreements 4,519 1,394 10,148 3,354 Interest on
short-term borrowings 754 186 2,030 765 Interest on long-term debt
3,365 3,454 9,990 9,659 --------- --------- --------- ---------
Total interest expense 29,328 16,958 75,253 47,181 ---------
--------- --------- --------- Net interest income 51,359 43,614
147,351 117,918 Provision for loan and lease losses 2,440 1,624
5,975 4,130 --------- --------- --------- --------- Net interest
income after provision for loan and lease losses 48,919 41,990
141,376 113,788 Noninterest income: Securities gains - - 72 - Gain
(loss) on disposition of assets (21) (68) 690 (31) Service charges
on deposit accounts 4,181 4,537 12,265 12,868 Investment services
income 1,086 2,685 3,089 9,865 Securities brokerage and trust
income 4,641 4,056 14,082 12,352 Gain on sale of mortgages 3,565
2,852 9,652 8,885 Bank owned life insurance 737 637 2,136 2,047
Insurance commissions 825 833 2,453 2,570 Other 3,084 3,034 8,671
6,938 --------- --------- --------- --------- Total noninterest
income 18,098 18,566 53,110 55,494 Noninterest expense: Salaries
and employee benefits 21,680 19,630 63,086 56,301 Commission based
compensation 4,051 4,357 11,556 13,906 Occupancy and equipment
expenses 4,540 4,085 13,021 11,450 Amortization of intangibles 766
858 2,360 2,182 Other 9,953 9,278 30,343 26,152 --------- ---------
--------- --------- Total noninterest expense 40,990 38,208 120,366
109,991 --------- --------- --------- --------- Income before
provision for income taxes 26,027 22,348 74,120 59,291 Provision
for income taxes 8,944 7,642 25,362 20,034 --------- ---------
--------- --------- Net income $17,083 $14,706 $48,758 $39,257
========= ========= ========= ========= Net income per common share
(basic) $.99 $.88 $2.84 $2.54 ========= ========= =========
========= Weighted average common shares outstanding (basic) 17,198
16,765 17,185 15,427 ========= ========= ========= ========= Net
income per common share (diluted) $.98 $.86 $2.80 $2.50 =========
========= ========= ========= Weighted average common shares
outstanding (diluted) 17,412 17,013 17,404 15,680 =========
========= ========= ========= AVERAGE BALANCES, INCOME AND EXPENSES
AND RATES (Amounts in thousands, except yields and rates) Three
Months 09/30/05 ------------------------------ Average Income/
Yield/ Balance Expense Cost ----------- ---------- ------- Assets:
Earning assets: Loans and leases (1) $3,977,186 $67,971 6.78%
Securities: Taxable 1,089,857 11,412 4.15 Tax exempt 50,167 868
6.87 Cash balances in other banks 7,703 66 3.40 Funds sold 85,872
798 3.69 Trading account securities 713 7 3.90 -----------
---------- Total earning assets (2) 5,211,498 81,122 6.18
----------- ---------- Cash and due from banks 171,248 Premises and
equipment 101,588 Other assets 297,664 Allowance for loan and lease
losses (50,516) ----------- Total assets $5,731,482 ===========
Liabilities: Interest-bearing liabilities: Interest-bearing
transaction accounts $901,391 $3,602 1.59 Savings deposits 911,046
3,908 1.70 Time deposits 1,622,181 13,180 3.22 Funds purchased
563,345 4,519 3.18 Other short-term borrowings 72,343 754 4.14
Long-term debt 311,469 3,365 4.29 ----------- ---------- Total
interest-bearing liabilities 4,381,775 29,328 2.66 -----------
---------- Demand deposits 729,220 Accrued interest and other
liabilities 65,152 Stockholders' equity 555,335 ----------- Total
liabilities and stockholders' equity $5,731,482 =========== Net
interest spread 3.52% ======= Net interest income/margin on a
taxable equivalent basis 51,794 3.94% ======= Tax equivalent
adjustment (2) 435 ---------- Net interest income/margin $51,359
3.91% ========== ======= Three Months 09/30/04
------------------------------ Average Income/ Yield/ Balance
Expense Cost ----------- ---------- ------- Assets: Earning assets:
Loans and leases (1) $3,360,817 $48,442 5.73% Securities: Taxable
1,120,518 11,406 4.05 Tax exempt 57,312 871 6.05 Cash balances in
other banks 5,242 18 1.37 Funds sold 58,722 244 1.65 Trading
account securities 778 9 4.60 ----------- ---------- Total earning
assets (2) 4,603,389 60,990 5.27 ----------- ---------- Cash and
due from banks 160,867 Premises and equipment 90,134 Other assets
266,000 Allowance for loan and lease losses (45,345) -----------
Total assets $5,075,045 =========== Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $751,808 $1,440
0.76 Savings deposits 873,149 2,120 0.97 Time deposits 1,449,082
8,364 2.30 Funds purchased 406,405 1,394 1.36 Other short-term
borrowings 37,135 186 1.99 Long-term debt 403,007 3,454 3.41
----------- ---------- Total interest-bearing liabilities 3,920,586
16,958 1.72 ----------- ---------- Demand deposits 602,994 Accrued
interest and other liabilities 54,442 Stockholders' equity 497,023
----------- Total liabilities and stockholders' equity $5,075,045
=========== Net interest spread 3.55% ======= Net interest
income/margin on a taxable equivalent basis 44,032 3.81% =======
Tax equivalent adjustment (2) 418 ---------- Net interest
income/margin $43,614 3.77% ========== ======= (1) Average loans
include nonaccrual loans. All loans and deposits are domestic. (2)
Tax equivalent adjustments are based on the assumed rate of 34%,
and do not give effect to the disallowance for Federal income tax
purposes of interest expense related to certain tax-exempt assets.
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in
thousands, except yields and rates) Nine Months 09/30/05
------------------------------ Average Income/ Yield/ Balance
Expense Cost ----------- ---------- ------- Assets: Earning assets:
Loans and leases (1) $3,787,438 $184,451 6.51% Securities: Taxable
1,110,353 34,592 4.17 Tax exempt 53,227 2,605 6.54 Cash balances in
other banks 8,980 191 2.84 Funds sold 87,086 2,035 3.12 Trading
account securities 469 16 4.56 ----------- ---------- Total earning
assets (2) 5,047,553 223,890 5.93 ----------- ---------- Cash and
due from banks 167,836 Premises and equipment 103,573 Other assets
286,779 Allowance for loan and lease losses (48,747) -----------
Total assets $5,556,994 =========== Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $897,545 $9,393
1.40 Savings deposits 899,689 9,713 1.44 Time deposits 1,549,789
33,979 2.93 Funds purchased 491,318 10,148 2.76 Other short-term
borrowings 72,560 2,030 3.74 Long-term debt 334,501 9,990 3.99
----------- ---------- Total interest-bearing liabilities 4,245,402
75,253 2.37 ----------- ---------- Demand deposits 708,320 Accrued
interest and other liabilities 58,087 Stockholders' equity 545,185
----------- Total liabilities and stockholders' equity $5,556,994
=========== Net interest spread 3.56% ======= Net interest
income/margin on a taxable equivalent basis 148,637 3.94% =======
Tax equivalent adjustment (2) 1,286 ---------- Net interest
income/margin $147,351 3.90% ========== ======= Nine Months
09/30/04 ------------------------------ Average Income/ Yield/
Balance Expense Cost ----------- ---------- ------- Assets: Earning
assets: Loans and leases (1) $3,142,319 $132,962 5.65% Securities:
Taxable 1,029,276 30,274 3.93 Tax exempt 50,860 2,362 6.20 Cash
balances in other banks 6,215 46 0.99 Funds sold 58,959 544 1.23
Trading account securities 1,319 44 4.45 ----------- ----------
Total earning assets (2) 4,288,948 166,232 5.18 -----------
---------- Cash and due from banks 141,475 Premises and equipment
88,204 Other assets 234,469 Allowance for loan and lease losses
(42,573) ----------- Total assets $4,710,523 ===========
Liabilities: Interest-bearing liabilities: Interest-bearing
transaction accounts $695,276 $3,868 0.74 Savings deposits 744,658
5,041 0.90 Time deposits 1,427,334 24,494 2.29 Funds purchased
392,212 3,354 1.14 Other short-term borrowings 57,785 765 1.77
Long-term debt 382,541 9,659 3.37 ----------- ---------- Total
interest-bearing liabilities 3,699,806 47,181 1.70 -----------
---------- Demand deposits 538,931 Accrued interest and other
liabilities 48,610 Stockholders' equity 423,176 ----------- Total
liabilities and stockholders' equity $4,710,523 =========== Net
interest spread 3.48% ======= Net interest income/margin on a
taxable equivalent basis 119,051 3.71% ======= Tax equivalent
adjustment (2) 1,133 ---------- Net interest income/margin $117,918
3.67% ========== ======= (1) Average loans include nonaccrual
loans. All loans and deposits are domestic. (2) Tax equivalent
adjustments are based on the assumed rate of 34%, and do not give
effect to the disallowance for Federal income tax purposes of
interest expense related to certain tax-exempt assets. *T
Astera Labs (NASDAQ:ALAB)
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