BIRMINGHAM, Ala., July 19 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
earnings for the quarter ended June 30, 2006. For the 2006 second
quarter, ANB reported earnings of $19.3 million, up 19.3% from the
2005 second quarter. Diluted earnings per share of $1.02 were up
9.3% from the year ago quarter. Diluted cash earnings per share
were $1.06, up 10.7% from the 2005 second quarter. Total revenue
grew to $77.8 million in the 2006 second quarter, up 15.5% from
$67.3 million in the year ago second quarter. ANB's taxable
equivalent net interest margin was 3.97% for the 2006 second
quarter, up 4 basis points from the 2005 second quarter and up 1
basis point from the first quarter of 2006. "The second quarter
continued our focus on the fundamentals of asset quality and
growth," said John H. Holcomb, III, Chairman and CEO. "Credit
quality continued to meet our standards, with minimal net
charge-offs and continued low levels of non-performing assets. Loan
growth during the second quarter was surprisingly strong and
exceeded our expectations. The current flat yield curve will
continue to pose challenges for our industry, but I am confident in
our employees' ability to get our fair share of business in any
environment." The 2006 second quarter includes results from Florida
Choice Bank, which was acquired at the beginning of April 2006. Its
results are not included in prior periods. Florida Choice's
information systems were converted to the ANB information
technology platform during June 2006. "I am proud of the successful
system conversion for Florida Choice Bank completed during the
second quarter," said Holcomb. "The conversion was the result of a
lot of hard work by a great group of employees. Florida Choice's
ability to continue excellent growth during the quarter while going
through the completion of the merger and system conversion is a
testament to the quality of our employees at this bank. We are also
excited about the announcement in May of ANB's pending acquisition
of The Peachtree Bank." The acquisition of The Peachtree Bank is
subject to certain conditions, including regulatory approvals and
approval of the shareholders of the holding company of The
Peachtree Bank. Year-to-date earnings for the first six months of
2006 were $37.2 million, an increase of 17.4% over the $31.7
million in earnings reported for the same period in 2005. Diluted
earnings per share for the first six months of 2006 were $2.04, up
11.9% from the $1.82 earned in the first half of 2005. Six months'
2006 cash earnings per diluted share of $2.12 were up 12.3% over
2005 levels. Total assets at June 30, 2006 were $6.8 billion. Loans
(excluding loans held for sale) grew to $4.81 billion, with ending
deposits growing to $4.86 billion. Quarter-end share owners' equity
was $687 million, or $36.86 per share, and tangible book value per
share was $24.48. During the 2006 second quarter, ANB recognized
$108 thousand in net charge-offs, or an annualized rate of 0.01% of
average loans. Combined with first quarter net charge-offs, ANB's
year-to-date loss of $318 thousand represents a rate of 0.01% in
net losses to average loans and leases. Quarter- end nonperforming
assets were 0.13% of period end loans and other real estate. The
allowance for loan losses covered nonperforming loans 1,080%. ANB
is a bank holding company operating 94 banking locations through
eleven bank subsidiaries in Alabama, Florida and Georgia. Alabama
subsidiaries include: First American Bank in north central Alabama;
Alabama Exchange Bank in Tuskegee; and Bank of Dadeville. Florida
subsidiaries are: Indian River National Bank in Vero Beach; First
Gulf Bank, N.A. in Escambia County, Florida and Baldwin County, AL;
Florida Choice Bank in central Florida; Community Bank of Naples,
N.A.; Public Bank in metropolitan Orlando; CypressCoquina Bank in
Ormond Beach; and Millennium Bank in Gainesville. 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 Global
Select Market under the symbol "ALAB." Conference Call
Instructions: Alabama National will discuss financial results for
the second quarter completed June 30, 2006 as well as its goals and
general outlook for the remainder of 2006 in a conference call to
be held Thursday, July 20, 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 July 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 1-800-967-7187 at 9:00 a.m. Central Time on July 20 enter
Conference ID number 9549243. For those without Internet access, a
telephonic replay will be available through August 19 by dialing
1-800-203-1112 and entering Conference ID number 9549243. 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 or
year-to-date period, as applicable) 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 or year-to-date period, as
applicable) 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 unaudited financial tables 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 June 30, Percentage
2006 2005 Change (b) Net interest income $58,943 $49,087 20.1%
Noninterest income 18,810 18,229 3.2 Total revenue 77,753 67,316
15.5 Provision for loan and lease losses 1,920 1,991 (3.6)
Noninterest expense 46,275 40,715 13.7 Net income before income
taxes 29,558 24,610 20.1 Income taxes 10,241 8,415 21.7 Net income
$19,317 $16,195 19.3 Weighted average common and common equivalent
shares outstanding Basic 18,806 17,184 9.4% Diluted 18,984 17,394
9.1 Net income per common share Basic $1.03 $.94 9.0% Diluted 1.02
.93 9.3 Cash earnings (a) Total $20,203 $16,717 20.9% Basic 1.07
.97 10.4 Diluted 1.06 .96 10.7 Cash dividends declared on common
stock $.375 $.3375 Return on average assets 1.16% 1.17% Return on
average tangible assets 1.20 1.20 Return on average equity 11.33
11.93 Return on average tangible equity 17.06 16.66 Noninterest
Income Service charge income $4,011 $4,154 (3.4)% Investment
services income 966 858 12.6 Wealth management income 5,364 4,920
9.0 Gain on sale of mortgages 2,661 3,417 (22.1) Commercial
mortgage banking income 284 - NM Gain on disposal of assets 32 283
(88.7) Securities losses (516) - NM Bank owned life insurance 798
745 7.1 Insurance commissions 928 833 11.4 Other 4,282 3,019 41.8
Total noninterest income $18,810 $18,229 3.2 (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 Six Months Ended June 30, Percentage 2006 2005
Change (b) Net interest income $111,518 $95,992 16.2% Noninterest
income 37,739 35,012 7.8 Total revenue 149,257 131,004 13.9
Provision for loan and lease losses 3,163 3,535 (10.5) Noninterest
expense 89,248 79,376 12.4 Income before taxes and cumulative
effect of accounting change 56,846 48,093 18.2 Income taxes 19,704
16,418 20.0 Net income before cumulative effect of accounting
change 37,142 31,675 17.3 Cumulative effect of accounting change
(net of tax) 48 - NM Net income 37,190 $31,675 17.4 Weighted
average common and common equivalent shares outstanding Basic
18,074 17,178 5.2% Diluted 18,252 17,391 5.0 Net income per common
share Basic $2.06 $1.84 11.6% Diluted 2.04 1.82 11.9 Cash earnings
(a) Total $38,616 $32,756 17.9% Basic 2.14 1.91 12.0 Diluted 2.12
1.88 12.3 Cash dividends declared on common stock $.75 $.675 Return
on average assets 1.19% 1.17% Return on average tangible assets
1.22 1.20 Return on average equity 11.88 11.83 Return on average
tangible equity 17.13 16.59 Noninterest Income Service charge
income $7,711 $8,084 (4.6)% Investment services income 1,830 2,003
(8.6) Wealth management income 10,731 9,441 13.7 Gain on sale of
mortgages 5,272 6,087 (13.4) Commercial mortgage banking income
1,016 - NM Gain on disposal of assets 539 711 (24.2) Securities
(losses) gains (1,250) 72 NM Bank owned life insurance 1,540 1,399
10.1 Insurance commissions 1,910 1,628 17.3 Other 8,440 5,587 51.1
Total noninterest income $37,739 $35,012 7.8 (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 June 30, December 31, Percentage 2006 2005
Change Total assets $6,794,456 $5,931,673 14.5% Earning assets
6,116,523 5,385,824 13.6 Securities (a) 1,172,586 1,136,487 3.2
Loans held for sale 17,517 14,940 17.2 Loans and leases, net of
unearned income 4,812,387 4,144,095 16.1 Allowance for loan and
lease losses 60,739 52,815 15.0 Deposits 4,855,970 4,343,264 11.8
Short-term borrowings 87,800 34,700 153.0 Long-term debt 445,576
369,246 20.7 Stockholders' equity 687,091 571,879 20.1 (a) Excludes
trading securities ASSET QUALITY ANALYSIS (in thousands, except
percentages) As of / For the Three Months Ended June 30, March 31,
June 30, 2006 2006 2005 Nonaccrual loans $5,625 $3,524 $6,949
Restructured loans - - - Loans past due 90 days or more and still
accruing - 0 - - 0 - - 0 - Total nonperforming loans 5,625 3,524
6,949 Other real estate owned 401 487 450 Total nonperforming
assets 6,026 4,011 7,399 Total non performing assets as a
percentage of period-end loans and other real estate (a) 0.13%
0.09% 0.19% Allowance for loan and lease losses 60,739 53,848
49,687 Provision for loan and lease losses 1,920 1,243 1,991 Loans
charged off 513 505 529 Loan recoveries 405 295 349 Net loan and
lease losses 108 210 180 Allowance for loan and lease losses as a
percentage of period-end loans and leases (a) 1.26% 1.27% 1.29%
Allowance for loan and lease losses as a percentage of period-end
nonperforming loans 1,079.80 1,528.04 714.30 Net losses to average
loans and leases (annualized) 0.01 0.02 0.02 For the Six Months
Ended June 30, Percentage 2006 2005 Change Provision for loan and
lease losses $3,163 $3,535 (10.5)% Loans charged off 1,018 1,018 -
Loan recoveries 700 536 30.6 Net loan and lease losses 318 482
(34.0) Net losses to average loans and leases (annualized) 0.01%
0.03% (a) Excludes loans held for sale TAXABLE EQUIVALENT
YIELDS/RATES Three Months Ended June 30, March 31, June 30, 2006
2006 2005 Interest income: Interest and fees on loans 7.75% 7.42%
6.48% Interest on securities: Taxable 4.45 4.38 4.17 Non-taxable
6.41 6.55 6.54 Total interest earning assets 7.10 6.78 5.91
Interest expense: Interest on deposits 3.38% 3.02% 2.11% Interest
on short-term borrowing 4.63 4.77 3.53 Interest on long-term debt
5.00 4.71 4.12 Total interest bearing liabilities 3.67 3.30 2.36
Net interest spread 3.43 3.48 3.55 Net interest margin 3.97 3.96
3.93 Six Months Ended June 30, 2006 2005 Interest income: Interest
and fees on loans 7.60% 6.36% Interest on securities: Taxable 4.41
4.17 Non-taxable 6.47 6.39 Total interest earning assets 6.95 5.80
Interest expense: Interest on deposits 3.21% 1.98% Interest on
short-term borrowing 4.68 3.54 Interest on long-term debt 4.86 3.86
Total interest bearing liabilities 3.49 2.22 Net interest spread
3.46 3.58 Net interest margin 3.97 3.93 STOCKHOLDERS' EQUITY AND
CAPITAL RATIOS June 30, December 31, 2006 2005 Stockholders'
Equity: Equity to assets 10.11% 9.64% Leverage ratio 8.09 8.29 Book
value per common share (a) $36.86 $33.40 Tangible book value per
common share (a)(b) 24.48 24.20 Ending shares outstanding 18,641
17,124 (a) Includes a cumulative mark to market adjustment to
equity of $(0.71) and $(0.52) per share at June 30, 2006 and
December 31, 2005, 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 Six Months Ended June 30, June 30,
2006 2005 2006 2005 Net income $19,317 $16,195 $37,190 $31,675
Amortization of intangibles, net of tax 886 522 1,426 1,081 Cash
earnings $20,203 $16,717 $38,616 $32,756 Net income per common
share - basic $1.03 $0.94 $2.06 $1.84 Effect of amortization of
intangibles per share 0.04 0.03 0.08 0.07 Cash earnings per common
share - basic $1.07 $0.97 $2.14 $1.91 Net income per common share -
diluted $1.02 $0.93 $2.04 $1.82 Effect of amortization of
intangibles per share 0.04 0.03 0.08 0.06 Cash earnings per diluted
share $1.06 $0.96 $2.12 $1.88 Average assets $6,678,659 $5,569,778
$6,326,862 $5,468,305 Average intangible assets (229,375) (154,708)
(193,489) (155,058) Average tangible assets $6,449,284 $5,415,070
$6,133,373 $5,313,247 Return on average assets 1.16% 1.17% 1.19%
1.17% Effect of average intangible assets 0.04 0.03 0.03 0.03
Return on average tangible assets 1.20% 1.20% 1.22% 1.20% Average
equity $683,649 $544,665 $631,380 $540,026 Average intangible
assets (229,375) (154,708) (193,489) (155,058) Average tangible
equity $454,274 $389,957 $437,891 $384,968 Return on average equity
11.33% 11.93% 11.88% 11.83% Effect of average intangible assets
5.73 4.73 5.25 4.76 Return on average tangible equity 17.06% 16.66%
17.13% 16.59% As of June 30, December 31, 2006 2005 Book value
$687,091 $571,879 Intangible assets (230,675) (157,429) Tangible
book value $456,416 $414,450 Book value per common share $36.86
$33.40 Effect of intangible assets per share (12.38) (9.20)
Tangible book value per common share $24.48 $24.20 Alabama National
BanCorporation and Subsidiaries Consolidated Statements of
Financial Condition (Unaudited) (In thousands, except share
amounts) June 30, 2006 December 31, 2005 Assets Cash and due from
banks $210,442 $189,256 Interest-bearing deposits in other banks
22,616 19,428 Federal funds sold and securities purchased under
resell agreements 90,430 70,472 Trading securities, at fair value
987 402 Investment securities (fair values of $624,923 and
$576,424) 651,789 591,153 Securities available for sale, at fair
value 520,797 545,334 Loans held for sale 17,517 14,940 Loans and
leases 4,817,025 4,147,739 Unearned income (4,638) (3,644) Loans
and leases, net of unearned income 4,812,387 4,144,095 Allowance
for loan and lease losses (60,739) (52,815) Net loans and leases
4,751,648 4,091,280 Property, equipment and leasehold improvements,
net 134,498 114,159 Goodwill 214,151 148,071 Other intangible
assets, net 16,524 9,358 Cash surrender value of life insurance
80,162 74,593 Receivable from investment division customers 14,751
7,166 Other assets 68,144 56,061 Totals $6,794,456 $5,931,673
Liabilities and Stockholders' Equity Deposits: Noninterest bearing
$795,701 $729,045 Interest bearing 4,060,269 3,614,219 Total
deposits 4,855,970 4,343,264 Federal funds purchased and securities
sold under repurchase agreements 651,519 545,337 Accrued expenses
and other liabilities 51,749 61,361 Payable for securities
purchased for investment division customers 14,751 5,886 Short-term
borrowings 87,800 34,700 Long-term debt 445,576 369,246 Total
liabilities 6,107,365 5,359,794 Common stock, $1 par; 50,000,000
shares authorized; 18,640,742 and 17,124,316 shares issued at June
30, 2006 and December 31, 2005, respectively 18,641 17,124
Additional paid-in capital 442,046 347,434 Retained earnings
239,655 216,144 Accumulated other comprehensive loss, net of tax
(13,251) (8,823) Total stockholders' equity 687,091 571,879 Totals
$6,794,456 $5,931,673 Alabama National BanCorporation and
Subsidiaries Consolidated Statements of Income (Unaudited) (In
thousands, except per share data) For the For the three months six
months ended June 30, ended June 30, 2006 2005 2006 2005 Interest
income: Interest and fees on loans and leases $91,857 $61,054
$169,095 $116,220 Interest on securities 12,924 12,224 25,054
24,326 Interest on deposits in other banks 146 77 225 125 Interest
on trading securities 8 5 19 9 Interest on federal funds sold and
securities purchased under resell agreements 993 713 1,725 1,237
Total interest income 105,928 74,073 196,118 141,917 Interest
expense: Interest on deposits 33,943 17,537 61,040 32,395 Interest
on federal funds purchased and securities sold under repurchase
agreements 7,255 3,261 13,065 5,629 Interest on short-term
borrowings 724 870 1,121 1,276 Interest on long-term debt 5,063
3,318 9,374 6,625 Total interest expense 46,985 24,986 84,600
45,925 Net interest income 58,943 49,087 111,518 95,992 Provision
for loan and lease losses 1,920 1,991 3,163 3,535 Net interest
income after provision for loan and lease losses 57,023 47,096
108,355 92,457 Noninterest income: Securities (losses) gains (516)
- (1,250) 72 Gain on disposition of assets 32 283 539 711 Service
charges on deposit accounts 4,011 4,154 7,711 8,084 Investment
services income 966 858 1,830 2,003 Wealth management income 5,364
4,920 10,731 9,441 Gain on sale of mortgages 2,661 3,417 5,272
6,087 Commercial mortgage banking income 284 - 1,016 - Bank owned
life insurance 798 745 1,540 1,399 Insurance commissions 928 833
1,910 1,628 Other 4,282 3,019 8,440 5,587 Total noninterest income
18,810 18,229 37,739 35,012 Noninterest expense: Salaries and
employee benefits 23,478 20,953 46,776 41,406 Commission based
compensation 4,423 4,011 8,557 7,505 Occupancy and equipment
expenses 5,133 4,342 9,890 8,481 Amortization of intangibles 1,320
769 2,116 1,594 Other 11,921 10,640 21,909 20,390 Total noninterest
expense 46,275 40,715 89,248 79,376 Income before provision for
income taxes and cumulative effect of accounting change 29,558
24,610 56,846 48,093 Provision for income taxes 10,241 8,415 19,704
16,418 Net income before cumulative effect of accounting change
19,317 16,195 37,142 31,675 Cumulative effect of accounting change
(net of tax) - - 48 - Net income $19,317 $16,195 $37,190 $31,675
Weighted average common shares outstanding: Basic 18,806 17,184
18,074 17,178 Diluted 18,984 17,394 18,252 17,391 Earnings per
common share before cumulative effect of accounting change: Basic
$1.03 $0.94 $2.05 $1.84 Diluted $1.02 $0.93 $2.03 $1.82 Earnings
per common share: Basic $1.03 $0.94 $2.06 $1.84 Diluted $1.02 $0.93
$2.04 $1.82 AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates) Three Months
06/30/06 Average Income/ Yield/ Balance Expense Cost Assets:
Earning assets: Loans and leases (1) $4,758,596 $91,978 7.75%
Securities: Taxable 1,089,534 12,087 4.45 Tax exempt 79,355 1,268
6.41 Cash balances in other banks 12,555 146 4.66 Funds sold 73,930
993 5.39 Trading account securities 814 8 3.94 Total earning assets
(2) 6,014,784 106,480 7.10 Cash and due from banks 189,785 Premises
and equipment 131,942 Other assets 402,259 Allowance for loan and
lease losses (60,111) Total assets $6,678,659 Liabilities:
Interest-bearing liabilities: Interest-bearing transaction accounts
$1,145,632 $7,651 2.68% Savings deposits 936,041 6,061 2.60 Time
deposits 1,950,926 20,231 4.16 Funds purchased 634,029 7,255 4.59
Other short-term borrowings 62,783 724 4.63 Long-term debt 406,217
5,063 5.00 Total interest-bearing liabilities 5,135,628 46,985 3.67
Demand deposits 773,744 Accrued interest and other liabilities
85,638 Stockholders' equity 683,649 Total liabilities and
stockholders' equity $6,678,659 Net interest spread 3.43% Net
interest income/margin on a taxable equivalent basis 59,495 3.97%
Tax equivalent adjustment (2) 552 Net interest income/margin
$58,943 3.93% Three Months 06/30/05 Average Income/ Yield/ Balance
Expense Cost Assets: Earning assets: Loans and leases (1)
$3,787,893 $61,184 6.48% Securities: Taxable 1,119,105 11,639 4.17
Tax exempt 54,335 886 6.54 Cash balances in other banks 9,836 77
3.14 Funds sold 82,579 713 3.46 Trading account securities 379 5
5.29 Total earning assets (2) 5,054,127 74,504 5.91 Cash and due
from banks 169,650 Premises and equipment 108,542 Other assets
285,830 Allowance for loan and lease losses (48,371) Total assets
$5,569,778 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $915,333 $3,247 1.42% Savings
deposits 896,612 3,167 1.42 Time deposits 1,527,293 11,123 2.92
Funds purchased 483,536 3,261 2.71 Other short-term borrowings
98,924 870 3.53 Long-term debt 323,410 3,318 4.12 Total
interest-bearing liabilities 4,245,108 24,986 2.36 Demand deposits
720,769 Accrued interest and other liabilities 59,236 Stockholders'
equity 544,665 Total liabilities and stockholders' equity
$5,569,778 Net interest spread 3.55% Net interest income/margin on
a taxable equivalent basis 49,518 3.93% Tax equivalent adjustment
(2) 431 Net interest income/margin $49,087 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) Six Months 06/30/06 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $4,493,694 $169,344 7.60% Securities: Taxable
1,079,285 23,627 4.41 Tax exempt 67,408 2,162 6.47 Cash balances in
other banks 10,137 225 4.48 Funds sold 69,894 1,725 4.98 Trading
account securities 904 19 4.24 Total earning assets (2) 5,721,322
197,102 6.95 Cash and due from banks 185,844 Premises and equipment
123,415 Other assets 353,164 Allowance for loan and lease losses
(56,883) Total assets $6,326,862 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,087,705
$13,445 2.49% Savings deposits 917,604 11,174 2.46 Time deposits
1,833,611 36,421 4.01 Funds purchased 608,120 13,065 4.33 Other
short-term borrowings 48,349 1,121 4.68 Long-term debt 388,676
9,374 4.86 Total interest-bearing liabilities 4,884,065 84,600 3.49
Demand deposits 730,340 Accrued interest and other liabilities
81,077 Stockholders' equity 631,380 Total liabilities and
stockholders' equity $6,326,862 Net interest spread 3.46% Net
interest income/margin on a taxable equivalent basis 112,502 3.97%
Tax equivalent adjustment (2) 984 Net interest income/margin
$111,518 3.93% Six Months 06/30/05 Average Income/ Yield/ Balance
Expense Cost Assets: Earning assets: Loans and leases (1)
$3,690,992 $116,481 6.36% Securities: Taxable 1,120,771 23,180 4.17
Tax exempt 54,782 1,736 6.39 Cash balances in other banks 9,629 125
2.62 Funds sold 87,703 1,237 2.84 Trading account securities 345 9
5.26 Total earning assets (2) 4,964,222 142,768 5.80 Cash and due
from banks 166,102 Premises and equipment 104,582 Other assets
281,246 Allowance for loan and lease losses (47,847) Total assets
$5,468,305 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $895,591 $5,791 1.30% Savings
deposits 893,916 5,805 1.31 Time deposits 1,512,993 20,799 2.77
Funds purchased 454,708 5,629 2.50 Other short-term borrowings
72,671 1,276 3.54 Long-term debt 346,208 6,625 3.86 Total
interest-bearing liabilities 4,176,087 45,925 2.22 Demand deposits
697,697 Accrued interest and other liabilities 54,495 Stockholders'
equity 540,026 Total liabilities and stockholders' equity
$5,468,305 Net interest spread 3.58% Net interest income/margin on
a taxable equivalent basis 96,843 3.93% Tax equivalent adjustment
(2) 851 Net interest income/margin $95,992 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.
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/ http://www.viavid.net/
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