BIRMINGHAM, Ala., Jan. 24 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
record earnings for the fourth quarter and year ended December 31,
2005. For the 2005 fourth quarter, ANB reported earnings of $17.9
million, up 16.4% from the 2004 fourth quarter. Diluted earnings
per share of $1.02 were up 15.6% from the 2004 fourth quarter.
Diluted cash earnings per share were $1.05, up 14.6% from the 2004
fourth quarter. Total revenue grew to $71.1 million in the 2005
fourth quarter, up 13.5% from $62.6 million in the 2004 fourth
quarter. Noninterest income represented 26.2% of total fourth
quarter 2005 revenue, down from 27.6% in the 2004 fourth quarter.
ANB's taxable equivalent net interest margin was 3.91% for the 2005
quarter, up 7 basis points from the 2004 fourth quarter. For the
full year, ANB reported 2005 earnings of $66.7 million, up 22.0%
from 2004's $54.6 million in earnings. Diluted earnings per share
for 2005 of $3.82 were up 12.6% from the $3.39 recorded for 2004.
Diluted cash earnings per share of $3.95 were up 12.0% over 2004's
$3.52. Total revenue for 2005 was $271.6 million, up 15.1% from
2004's $236.0 million. Noninterest income for the year represented
26.4% of total revenue, down from 2004's 30.8%. ANB's 2005 taxable
equivalent net interest margin of 3.93% was 19 basis points above
2004's level. "We are pleased with the earnings performance of our
company in 2005," said John H. Holcomb III, Chairman and Chief
Executive Officer. "I want to thank all of our employees for their
hard work during the year. I also want to thank our customers and
our shareowners for the confidence they place in us. We look
forward with enthusiasm to 2006." Total assets at year-end 2005 of
$5.9 billion were up 11.6% from 2004's $5.3 billion. Deposits grew
10.4% from year-end 2004 to $4.3 billion at December 31, 2005.
Year-end share owners' equity was $571.9 million, or $33.40 per
share, up $2.25 from December 31, 2004. Year-end 2005 tangible book
value per share of $24.20 was up $2.21 from December 31, 2004.
During the fourth quarter, ANB recognized $504 thousand in net
charge- offs, bringing the year-to-date figure to 0.04% of average
loans. Year-end nonperforming assets were 0.17% of period end loans
and other real estate. The allowance for loan losses covered
nonperforming loans 819%. ANB is a bank holding company operating
86 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.
Commercial Mortgage Services including the origination of permanent
commercial real estate mortgage loans for various lenders is
provided by Byars and Company, a Division of First American Bank.
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 fourth quarter and year-end completed December 31, 2005 as well
as its goals and general outlook for 2006 in a conference call to
be held Wednesday, January 25, 2006 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:
http://www.alabamanational.com/, under "In The News," or
http://www.viavid.net/, on January 25, 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 800-938-1464 at 9:00 a.m. Central Time
on January 25. A telephonic replay will be available through
February 25 by dialing 800-642-1687 and entering Conference ID
number 4024818. 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. ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights) (in thousands, except per share
amounts and percentages) Three Months Ended December 31, Percentage
2005 2004 Change (b) Net interest income $52,496 $45,334 15.8%
Noninterest income 18,613 17,291 7.6 Total revenue 71,109 62,625
13.5 Provision for loan and lease losses 1,640 819 100.2
Noninterest expense 42,114 38,331 9.9 Net income before income
taxes 27,355 23,475 16.5 Income taxes 9,440 8,088 16.7 Net income
$17,915 $15,387 16.4% Weighted average common and common equivalent
shares outstanding Basic 17,284 17,131 0.9% Diluted 17,494 17,368
.7 Net income per common share Basic $1.04 $.90 15.4% Diluted 1.02
.89 15.6 Cash earnings (a) Total $18,435 $15,964 15.5% Basic 1.07
.93 14.5 Diluted 1.05 .92 14.6 Cash dividends declared on common
stock $.3375 $.3125 Return on average assets 1.21% 1.17% Return on
average tangible assets 1.24 1.21 Return on average equity 12.55
11.59 Return on average tangible equity 17.40 16.53 Noninterest
Income Service charge income $4,070 $4,258 (4.4)% Investment
services income 1,121 1,787 (37.3) Securities brokerage and trust
income 5,138 4,511 13.9 Gain on sale of mortgages 2,870 2,681 7.0
Gain on disposal of assets 45 43 4.7 Bank owned life insurance 750
643 16.6 Insurance commissions 1,096 1,034 6.0 Other 3,523 2,334
50.9 Total noninterest income $18,613 $17,291 7.6% (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.
For the Year Ended Percentage December 31, Change 2005 2004 (b) Net
interest income $199,847 $163,252 22.4% Noninterest income 71,723
72,785 (1.5) Total revenue 271,570 236,037 15.1 Provision for loan
and lease losses 7,615 4,949 53.9 Noninterest expense 162,480
148,322 9.5 Net income before income taxes 101,475 82,766 22.6
Income taxes 34,802 28,122 23.8 Net income $66,673 $54,644 22.0%
Weighted average common and common equivalent shares outstanding
Basic 17,216 15,848 8.6% Diluted 17,445 16,100 8.4 Net income per
common share Basic $3.87 $3.45 12.3% Diluted 3.82 3.39 12.6 Cash
earnings (a) Total $68,835 $56,705 21.4% Basic 4.00 3.58 11.7
Diluted 3.95 3.52 12.0 Cash dividends declared on common stock
$1.35 $1.25 Return on average assets 1.18% 1.13% Return on average
tangible assets 1.22 1.16 Return on average equity 12.11 12.15
Return on average tangible equity 16.89 17.19 Noninterest Income
Service charge income $16,335 $17,126 (4.6)% Investment services
income 4,210 11,652 (63.9) Securities brokerage and trust income
19,220 16,863 14.0 Gain on sale of mortgages 12,522 11,566 8.3 Gain
on disposal of assets 735 12 NM Securities gains 72 - NM Bank owned
life insurance 2,886 2,690 7.3 Insurance commissions 3,549 3,604
(1.5) Other 12,194 9,272 31.5 Total noninterest income $71,723
$72,785 (1.5)% (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. NM - Not meaningful December
31, December 31, Percentage 2005 2004 Change Total assets
$5,931,673 $5,315,869 11.6% Earning assets 5,385,824 4,841,255 11.2
Securities (a) 1,136,487 1,200,407 (5.3) Loans held for sale 14,940
22,313 (33.0) Loans and leases, net of unearned income 4,144,095
3,495,701 18.5 Allowance for loan and lease losses 52,815 46,584
13.4 Deposits 4,343,264 3,934,723 10.4 Short-term borrowings 34,700
30,500 13.8 Long-term debt 369,246 393,688 (6.2) Stockholders'
equity 571,879 529,543 8.0 (a) Excludes trading securities ASSET
QUALITY ANALYSIS (in thousands, except percentages) As of/For the
Three Months Ended Dec 31, Sept 30, Dec 31, 2005 2005 2004
Nonaccrual loans $6,446 $7,411 $8,091 Restructured loans - - -
Loans past due 90 days or more and still accruing - 0 - - 0 - - 0 -
Total nonperforming loans 6,446 7,411 8,091 Other real estate owned
623 668 1,531 Total nonperforming assets 7,069 8,079 9,622 Total
non performing assets as a percentage of period-end loans and other
real estate (a) 0.17% 0.20% 0.28% Allowance for loan and lease
losses 52,815 51,679 46,584 Provision for loan and lease losses
1,640 2,440 819 Loans charged off 1,109 791 639 Loan recoveries 605
393 501 Net loan and lease losses 504 398 138 Allowance for loan
and lease losses as a percentage of period-end loans and leases (a)
1.27% 1.27% 1.33% Allowance for loan and lease losses as a
percentage of period-end nonperforming loans 819.35 697.33 575.75
Net losses to average loans and leases (annualized) 0.05 0.04 0.02
For the Year Ended December 31, Percentage 2005 2004 Change
Provision for loan and lease losses $7,615 $4,949 53.9% Loans
charged off 2,918 4,583 (36.3) Loan recoveries 1,534 2,746 (44.1)
Net loan and lease losses 1,384 1,837 (24.7) Net losses to average
loans and leases (annualized) 0.04% 0.06% (a) Excludes loans held
for sale TAXABLE EQUIVALENT YIELDS/RATES Three Months Ended Dec 31,
Sept 30, Dec 31, 2005 2005 2004 Interest income: Interest and fees
on loans 7.09% 6.78% 5.96% Interest on securities: Taxable 4.14
4.15 4.02 Non-taxable 6.35 6.87 6.04 Total interest earning assets
6.44 6.18 5.42 Interest expense: Interest on deposits 2.73 2.39
1.65 Interest on short-term borrowing 4.27 4.14 2.68 Interest on
long-term debt 4.35 4.29 3.55 Total interest bearing liabilities
2.99 2.66 1.87 Net interest spread 3.45 3.52 3.55 Net interest
margin 3.91 3.94 3.84 For the Year Ended December 31, 2005 2004
Interest income: Interest and fees on loans 6.67% 5.74% Interest on
securities: Taxable 4.16 3.95 Non-taxable 6.50 6.16 Total interest
earning assets 6.07 5.24 Interest expense: Interest on deposits
2.28 1.58 Interest on short-term borrowing 3.85 1.94 Interest on
long-term debt 4.08 3.42 Total interest bearing liabilities 2.53
1.75 Net interest spread 3.54 3.49 Net interest margin 3.93 3.74
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS As of December 31, 2005
2004 Stockholders' Equity: Equity to assets 9.64% 9.96% Leverage
ratio 8.29 8.44 Book value per common share (a) $33.40 $31.15
Tangible book value per common share (a)(b) 24.20 21.99 Ending
shares outstanding 17,124 16,999 (a) Includes a cumulative mark to
market adjustment to equity of $(0.52) and $(0.06) per share at
December 31, 2005 and 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 Year Ended December 31, December
31, 2005 2004 2005 2004 Net income $17,915 $15,387 $66,673 $54,644
Amortization of intangibles, net of tax 520 577 2,162 2,061 Cash
earnings $18,435 $15,964 $68,835 $56,705 Net income per common
share - basic $1.04 $0.90 $3.87 $3.45 Effect of amortization of
intangibles per share 0.03 0.03 0.13 0.13 Cash earnings per common
share - basic $1.07 $0.93 $4.00 $3.58 Net income per common share -
diluted $1.02 $0.89 $3.82 $3.39 Effect of amortization of
intangibles per share 0.03 0.03 0.13 0.13 Cash earnings per common
share - diluted $1.05 $0.92 $3.95 $3.52 Average assets $5,892,678
$5,219,630 $5,641,605 $4,838,494 Average intangible assets
(157,744) (157,929) (155,809) (131,784) Average tangible assets
$5,734,934 $5,061,701 $5,485,796 $4,706,710 Return on average
assets 1.21% 1.17% 1.18% 1.13% Effect of average intangible assets
0.03 0.04 0.04 0.03 Return on average tangible assets 1.24% 1.21%
1.22% 1.16% Average equity $566,248 $528,229 $550,494 $449,583
Average intangible assets (157,744) (157,929) (155,809) (131,784)
Average tangible equity $408,504 $370,300 $394,685 $317,799 Return
on average equity 12.55% 11.59% 12.11% 12.15% Effect of average
intangible assets 4.85 4.94 4.78 5.04 Return on average tangible
equity 17.40% 16.53% 16.89% 17.19% As of December 31, 2005 2004
Book value $571,879 $529,543 Intangible assets (157,429) (155,682)
Tangible book value $414,450 $373,861 Book value per common share
$33.40 $31.15 Effect of intangible assets per share (9.20) (9.16)
Tangible book value per common share $24.20 $21.99 Alabama National
BanCorporation and Subsidiaries Consolidated Statements of
Financial Condition (Unaudited) (In thousands, except share
amounts) December 31, December 31, 2005 2004 Assets Cash and due
from banks $189,256 $155,027 Interest-bearing deposits in other
banks 19,428 21,274 Federal funds sold and securities purchased
under resell agreements 70,472 100,970 Trading securities, at fair
value 402 590 Investment securities (fair values of $576,426 and
$566,602) 591,153 568,493 Securities available for sale, at fair
value 545,334 631,914 Loans held for sale 14,940 22,313 Loans and
leases 4,147,739 3,499,353 Unearned income (3,644) (3,652) Loans
and leases, net of unearned income 4,144,095 3,495,701 Allowance
for loan and lease losses (52,815) (46,584) Net loans and leases
4,091,280 3,449,117 Property, equipment and leasehold improvements,
net 114,159 99,455 Goodwill 148,071 144,396 Other intangible
assets, net 9,358 11,286 Cash surrender value of life insurance
74,593 71,535 Receivable from investment division customers 7,166
2,223 Other assets 56,061 37,276 Totals $5,931,673 $5,315,869
Liabilities and Stockholders' Equity Deposits: Noninterest bearing
$729,045 $683,245 Interest bearing 3,614,219 3,251,478 Total
deposits 4,343,264 3,934,723 Federal funds purchased and securities
sold under repurchase agreements 545,337 379,114 Treasury, tax and
loan accounts - 2,217 Accrued expenses and other liabilities 61,361
43,861 Payable for securities purchased for investment division
customers 5,886 2,223 Short-term borrowings 34,700 30,500 Long-term
debt 369,246 393,688 Total liabilities 5,359,794 4,786,326 Common
stock, $1 par; 50,000,000 shares authorized; 17,124,316 and
16,998,918 shares issued at December 31, 2005 and 2004,
respectively 17,124 16,999 Additional paid-in capital 347,434
340,161 Retained earnings 216,144 173,345 Accumulated other
comprehensive loss, net of tax (8,823) (962) Total stockholders'
equity 571,879 529,543 Totals $5,931,673 $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 Year Ended December 31, Ended December 31,
2005 2004 2005 2004 Interest income: Interest and fees on loans and
leases $73,982 $51,832 $258,033 $184,464 Interest on securities
11,838 11,778 48,149 43,611 Interest on deposits in other banks 83
19 274 65 Interest on trading securities 5 11 21 55 Interest on
federal funds sold and securities purchased under resell agreements
748 447 2,783 991 Total interest income 86,656 64,087 309,260
229,186 Interest expense: Interest on deposits 24,402 12,945 77,487
46,348 Interest on federal funds purchased and securities sold
under repurchase agreements 5,367 1,991 15,515 5,345 Interest on
short-term borrowings 584 262 2,614 1,027 Interest on long-term
debt 3,807 3,555 13,797 13,214 Total interest expense 34,160 18,753
109,413 65,934 Net interest income 52,496 45,334 199,847 163,252
Provision for loan and lease losses 1,640 819 7,615 4,949 Net
interest income after provision for loan and lease losses 50,856
44,515 192,232 158,303 Noninterest income: Securities gains - - 72
- Gain on disposition of assets 45 43 735 12 Service charges on
deposit accounts 4,070 4,258 16,335 17,126 Investment services
income 1,121 1,787 4,210 11,652 Securities brokerage and trust
income 5,138 4,511 19,220 16,863 Gain on sale of mortgages 2,870
2,681 12,522 11,566 Bank owned life insurance 750 643 2,886 2,690
Insurance commissions 1,096 1,034 3,549 3,604 Other 3,523 2,334
12,194 9,272 Total noninterest income 18,613 17,291 71,723 72,785
Noninterest expense: Salaries and employee benefits 22,316 18,682
85,402 74,983 Commission based compensation 3,902 3,594 15,458
17,500 Occupancy and equipment expenses 4,632 4,038 17,653 15,488
Amortization of intangibles 829 852 3,189 3,034 Other 10,435 11,165
40,778 37,317 Total noninterest expense 42,114 38,331 162,480
148,322 Income before provision for income taxes 27,355 23,475
101,475 82,766 Provision for income taxes 9,440 8,088 34,802 28,122
Net income $17,915 $15,387 $66,673 $54,644 Net income per common
share (basic) $1.04 $.90 $3.87 $3.45 Weighted average common shares
outstanding (basic) 17,284 17,131 17,216 15,848 Net income per
common share (diluted) $1.02 $.89 $3.82 $3.39 Weighted average
common shares outstanding (diluted) 17,494 17,368 17,445 16,100
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in
thousands, except yields and rates) Three Months 12/31/05 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $4,146,649 $74,124 7.09% Securities: Taxable
1,084,433 11,312 4.14 Tax exempt 49,776 797 6.35 Cash balances in
other banks 8,242 83 4.00 Funds sold 73,264 748 4.05 Trading
account securities 501 5 3.96 Total earning assets (2) 5,362,865
87,069 6.44 Cash and due from banks 174,929 Premises and equipment
112,147 Other assets 295,111 Allowance for loan and lease losses
(52,374) Total assets $5,892,678 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $950,750 $4,539
1.89 Savings deposits 900,844 4,647 2.05 Time deposits 1,692,425
15,216 3.57 Funds purchased 586,165 5,367 3.63 Other short-term
borrowings 54,229 584 4.27 Long-term debt 347,510 3,807 4.35 Total
interest-bearing liabilities 4,531,923 34,160 2.99 Demand deposits
718,055 Accrued interest and other liabilities 76,452 Stockholders'
equity 566,248 Total liabilities and stockholders' equity
$5,892,678 Net interest spread 3.45% Net interest income/margin on
a taxable equivalent basis 52,909 3.91% Tax equivalent adjustment
(2) 413 Net interest income/margin $52,496 3.88% (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) Three Months 12/31/04 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $3,467,225 $51,973 5.96% Securities: Taxable
1,108,835 11,194 4.02 Tax exempt 58,249 885 6.04 Cash balances in
other banks 6,255 19 1.21 Funds sold 97,515 447 1.82 Trading
account securities 1,020 11 4.29 Total earning assets (2) 4,739,099
64,529 5.42 Cash and due from banks 149,266 Premises and equipment
96,893 Other assets 280,773 Allowance for loan and lease losses
(46,401) Total assets $5,219,630 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $804,670 $1,870
0.92 Savings deposits 853,405 2,193 1.02 Time deposits 1,457,029
8,882 2.43 Funds purchased 435,093 1,991 1.82 Other short-term
borrowings 38,858 262 2.68 Long-term debt 398,198 3,555 3.55 Total
interest-bearing liabilities 3,987,253 18,753 1.87 Demand deposits
636,073 Accrued interest and other liabilities 68,075 Stockholders'
equity 528,229 Total liabilities and stockholders' equity
$5,219,630 Net interest spread 3.55% Net interest income/margin on
a taxable equivalent basis 45,776 3.84% Tax equivalent adjustment
(2) 442 Net interest income/margin $45,334 3.81% (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) Year Ended 12/31/05 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $3,877,979 $258,575 6.67% Securities: Taxable
1,103,820 45,904 4.16 Tax exempt 52,357 3,402 6.50 Cash balances in
other banks 8,794 274 3.12 Funds sold 83,602 2,783 3.33 Trading
account securities 477 21 4.40 Total earning assets (2) 5,127,029
310,959 6.07 Cash and due from banks 169,624 Premises and equipment
105,734 Other assets 288,879 Allowance for loan and lease losses
(49,661) Total assets $5,641,605 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $910,956 $13,932
1.53 Savings deposits 899,980 14,360 1.60 Time deposits 1,585,741
49,195 3.10 Funds purchased 515,225 15,515 3.01 Other short-term
borrowings 67,940 2,614 3.85 Long-term debt 337,780 13,797 4.08
Total interest-bearing liabilities 4,317,622 109,413 2.53 Demand
deposits 710,774 Accrued interest and other liabilities 62,715
Stockholders' equity 550,494 Total liabilities and stockholders'
equity $5,641,605 Net interest spread 3.54% Net interest
income/margin on a taxable equivalent basis 201,546 3.93% Tax
equivalent adjustment (2) 1,699 Net interest income/margin $199,847
3.90% (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) Year
Ended 12/31/04 Average Income/ Yield/ Balance Expense Cost Assets:
Earning assets: Loans and leases (1) $3,223,989 $184,935 5.74%
Securities: Taxable 1,049,274 41,468 3.95 Tax exempt 52,717 3,247
6.16 Cash balances in other banks 6,225 65 1.04 Funds sold 68,651
991 1.44 Trading account securities 1,244 55 4.42 Total earning
assets (2) 4,402,100 230,761 5.24 Cash and due from banks 143,433
Premises and equipment 90,388 Other assets 246,108 Allowance for
loan and lease losses (43,535) Total assets $4,838,494 Liabilities:
Interest-bearing liabilities: Interest-bearing transaction accounts
$722,774 $5,738 0.79 Savings deposits 771,993 7,234 0.94 Time
deposits 1,434,798 33,376 2.33 Funds purchased 402,991 5,345 1.33
Other short-term borrowings 53,027 1,027 1.94 Long-term debt
386,477 13,214 3.42 Total interest-bearing liabilities 3,772,060
65,934 1.75 Demand deposits 563,349 Accrued interest and other
liabilities 53,502 Stockholders' equity 449,583 Total liabilities
and stockholders' equity $4,838,494 Net interest spread 3.49% Net
interest income/margin on a taxable equivalent basis 164,827 3.74%
Tax equivalent adjustment (2) 1,575 Net interest income/margin
$163,252 3.71% (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. First Call Analyst: FCMN
Contact: DATASOURCE: Alabama National BanCorporation CONTACT: John
H. Holcomb III, Chairman of the Board and Chief Executive Officer,
+1-205-583-3648, or William E. Matthews, V, Executive Vice
President and Chief Financial Officer, +1-205-583-3650, both of
Alabama National BanCorporation Web site:
http://www.alabamanational.com/
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