BIRMINGHAM, Ala., Oct. 18 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
earnings for the quarter ended September 30, 2006 and declared a
quarterly cash dividend of $0.375 per share. For the 2006 third
quarter, ANB reported earnings of $20.1 million, up 17.7% from the
2005 third quarter. Diluted earnings per share of $1.06 were up
7.8% from the year ago quarter. Diluted cash earnings per share
were $1.10, up 9.2% from the 2005 third quarter. Total revenue grew
to $77.9 million in the 2006 third quarter, up 12.2% from $69.5
million in the year ago third quarter. ANB's taxable equivalent net
interest margin was 3.81% for the 2006 third quarter, down 13 basis
points from the 2005 third quarter and down 16 basis points from
the second quarter of 2006. "Our employees delivered solid results
in a banking environment challenged with a flat yield curve and a
slowing economy," said John H. Holcomb, III, Chairman and CEO.
"While we faced these challenges, our company reported a record
quarter for net income and diluted earnings per share. Also, we are
pleased with our continued favorable asset quality results." "We
look forward to the fourth quarter, which will be the first period
in which The Peachtree Bank will be included in our results. We are
excited about having this great bank and its great group of
employees as contributing members of our team." Year-to-date
earnings for the first nine months of 2006 were $57.3 million, an
increase of 17.5% over the $48.8 million in earnings reported for
the same period in 2005. Diluted earnings per share for the first
nine months of 2006 were $3.09, up 10.4% from the $2.80 earned in
the first nine months of 2005. For the first nine months of 2006,
ANB recorded cash earnings per diluted share of $3.22, up 11.2%
over 2005 levels. Total assets at September 30, 2006 were $6.9
billion. Loans (excluding loans held for sale) grew to $4.87
billion, with ending deposits totaling $4.79 billion. Quarter-end
share owners' equity was $706.1 million, or $37.86 per share, and
tangible book value per share was $25.56. During the 2006 third
quarter, ANB recognized $515 thousand in net charge- offs, or an
annualized rate of 0.04% of average loans. Combined with 2006 first
and second quarter net charge-offs, ANB's year-to-date loss of $833
thousand represents a rate of 0.02% in net losses to average loans
and leases. Quarter-end nonperforming assets were 0.18% of period
end loans and other real estate. The allowance for loan losses
covered nonperforming loans 735%. The Board of Directors of Alabama
National today announced a quarterly cash dividend of $0.375 per
share. The dividend is payable January 3, 2007, to stockholders of
record at the close of business on December 15, 2006. ANB is a bank
holding company operating 99 banking locations through twelve 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,
Alabama; 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
two subsidiaries in Georgia: Georgia State Bank and The Peachtree
Bank, both 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, are 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 third quarter completed September
30, 2006 as well as its goals and general outlook for the remainder
of 2006 in a conference call to be held Thursday, October 19, 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/dce.aspx?sid=000035EB, on
October 19, 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
1-800-474-8920 at 9:00 a.m. Central Time on October 19 and enter
Conference ID number 1941993. For those without Internet access, a
telephonic replay will be available through November 19, 2006 by
dialing 1-800-203-1112 and entering Conference ID number 1941993.
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 September 30,
Percentage 2006 2005 Change (b) Net interest income $58,196 $51,359
13.3% Noninterest income 19,709 18,098 8.9 Total revenue 77,905
69,457 12.2 Provision for loan and lease losses 1,130 2,440 (53.7)
Noninterest expense 46,187 40,990 12.7 Net income before income
taxes 30,588 26,027 17.5 Income taxes 10,475 8,944 17.1 Net income
$20,113 $17,083 17.7 Weighted average common and common equivalent
shares outstanding Basic 18,834 17,198 9.5% Diluted 19,012 17,412
9.2 Net income per common share Basic $1.07 $.99 7.5% Diluted 1.06
.98 7.8 Cash earnings (a) Total $20,988 $17,603 19.2% Basic 1.11
1.02 8.9 Diluted 1.10 1.01 9.2 Cash dividends declared on common
stock $.375 $.3375 Return on average assets 1.18% 1.18% Return on
average tangible assets 1.22 1.22 Return on average equity 11.41
12.20 Return on average tangible equity 17.00 16.94 Noninterest
Income Service charge income $4,042 $4,181 (3.3)% Investment
services income 1,292 1,086 19.0 Wealth management income 5,371
4,641 15.7 Gain on sale of mortgages 2,774 3,565 (22.2) Commercial
mortgage banking income 518 - NM Gain (loss) on disposal of assets
13 (21) NM Bank owned life insurance 988 737 34.1 Insurance
commissions 963 825 16.7 Other 3,748 3,084 21.5 Total noninterest
income $19,709 $18,098 8.9 (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 Nine
Months Ended September 30, Percentage 2006 2005 Change (b) Net
interest income $169,714 $147,351 15.2% Noninterest income 57,448
53,110 8.2 Total revenue 227,162 200,461 13.3 Provision for loan
and lease losses 4,293 5,975 (28.2) Noninterest expense 135,435
120,366 12.5 Income before taxes and cumulative effect of
accounting change 87,434 74,120 18.0 Income taxes 30,179 25,362
19.0 Net income before cumulative effect of accounting change
57,255 48,758 17.4 Cumulative effect of accounting change (net of
tax) 48 - NM Net income $57,303 $48,758 17.5 Weighted average
common and common equivalent shares outstanding Basic 18,336 17,185
6.7% Diluted 18,521 17,404 6.4 Net income per common share Basic
$3.13 $2.84 10.1% Diluted 3.09 2.80 10.4 Cash earnings (a) Total
$59,604 $50,359 18.4% Basic 3.25 2.93 10.9 Diluted 3.22 2.89 11.2
Cash dividends declared on common stock $1.13 $1.0125 Return on
average assets 1.18% 1.17% Return on average tangible assets 1.22
1.21 Return on average equity 11.71 11.96 Return on average
tangible equity 17.08 16.71 Noninterest Income Service charge
income $11,753 $12,265 (4.2)% Investment services income 3,122
3,089 1.1 Wealth management income 16,102 14,082 14.3 Gain on sale
of mortgages 8,046 9,652 (16.6) Commercial mortgage banking income
1,534 - NM Gain on disposal of assets 552 690 (20.0) Securities
(losses) gains (1,250) 72 NM Bank owned life insurance 2,528 2,136
18.4 Insurance commissions 2,873 2,453 17.1 Other 12,188 8,671 40.6
Total noninterest income $57,448 $53,110 8.2 (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 September 30, December 31, Percentage 2006 2005
Change Total assets $6,870,818 $5,931,673 15.8% Earning assets
6,183,706 5,385,824 14.8 Securities (a) 1,207,919 1,136,487 6.3
Loans held for sale 24,184 14,940 61.9 Loans and leases, net of
unearned income 4,874,244 4,144,095 17.6 Allowance for loan and
lease losses 61,354 52,815 16.2 Deposits 4,790,982 4,343,264 10.3
Short-term borrowings 229,635 34,700 561.8 Long-term debt 378,569
369,246 2.5 Stockholders' equity 706,113 571,879 23.5 (a) Excludes
trading securities ASSET QUALITY ANALYSIS (in thousands, except
percentages) As of / For the Three Months Ended Sept 30, June 30,
Sept 30, 2006 2006 2005 Nonaccrual loans $8,344 $5,625 $7,411
Restructured loans - - - Loans past due 90 days or more and still
accruing - 0 - - 0 - - 0 - Total nonperforming loans 8,344 5,625
7,411 Other real estate owned 381 401 668 Total nonperforming
assets 8,725 6,026 8,079 Total non performing assets as a
percentage of period-end loans and other real estate (a) 0.18%
0.13% 0.20% Allowance for loan and lease losses $61,354 $60,739
$51,679 Provision for loan and lease losses 1,130 1,920 2,440 Loans
charged off 848 513 791 Loan recoveries 333 405 393 Net loan and
lease losses 515 108 398 Allowance for loan and lease losses as a
percentage of period-end loans and leases (a) 1.26% 1.26% 1.27%
Allowance for loan and lease losses as a percentage of period-end
nonperforming loans 735.31 1,079.80 697.33 Net losses to average
loans and leases (annualized) 0.04 0.01 0.04 For the Nine Months
Ended September 30, Percentage 2006 2005 Change Provision for loan
and lease losses $4,293 $5,975 (28.2)% Loans charged off 1,866
1,809 3.15 Loan recoveries 1,033 929 11.2 Net loan and lease losses
833 880 (5.3) Net losses to average loans and leases (annualized)
0.02% 0.03% (a) Excludes loans held for sale TAXABLE EQUIVALENT
YIELDS/RATES Three Months Ended Sept 30, June 30, Sept 30, 2006
2006 2005 Interest income: Interest and fees on loans 7.95% 7.75%
6.78% Interest on securities: Taxable 4.46 4.45 4.15 Non-taxable
6.38 6.41 6.87 Total interest earning assets 7.27 7.10 6.18
Interest expense: Interest on deposits 3.72% 3.38% 2.39% Interest
on short-term borrowing 5.62 4.63 4.14 Interest on long-term debt
5.22 5.00 4.29 Total interest bearing liabilities 4.03 3.67 2.66
Net interest spread 3.24 3.43 3.52 Net interest margin 3.81 3.97
3.94 Nine Months Ended September 30, 2006 2005 Interest income:
Interest and fees on loans 7.72% 6.51% Interest on securities:
Taxable 4.43 4.17 Non-taxable 6.43 6.54 Total interest earning
assets 7.06 5.93 Interest expense: Interest on deposits 3.39% 2.12%
Interest on short-term borrowing 5.25 3.74 Interest on long-term
debt 4.98 3.99 Total interest bearing liabilities 3.68 2.37 Net
interest spread 3.38 3.56 Net interest margin 3.91 3.94
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS Sept 30, December 31, 2006
2005 Stockholders' Equity: Equity to assets 10.28% 9.64% Leverage
ratio 8.23 8.29 Book value per common share (a) $37.86 $33.40
Tangible book value per common share (a)(b) 25.56 24.20 Ending
shares outstanding 18,650 17,124 (a) Includes a cumulative mark to
market adjustment to equity of $(0.44) and $(0.52) per share at
September 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 Nine Months Ended
September 30, September 30, 2006 2005 2006 2005 Net income $20,113
$17,083 $57,303 $48,758 Amortization of intangibles, net of tax 875
520 2,301 1,601 Cash earnings $20,988 $17,603 $59,604 $50,359 Net
income per common share - basic $1.07 $0.99 $3.13 $2.84 Effect of
amortization of intangibles per share 0.04 0.03 0.12 0.09 Cash
earnings per common share - basic $1.11 $1.02 $3.25 $2.93 Net
income per common share - diluted $1.06 $0.98 $3.09 $2.80 Effect of
amortization of intangibles per share 0.04 0.03 0.13 0.09 Cash
earnings per diluted share $1.10 $1.01 $3.22 $2.89 Average assets
$6,752,745 $5,731,482 $6,470,383 $5,556,994 Average intangible
assets (230,011) (155,349) (205,795) (155,157) Average tangible
assets $6,522,734 $5,576,133 $6,264,588 $5,401,837 Return on
average assets 1.18% 1.18% 1.18% 1.17% Effect of average intangible
assets 0.04 0.04 0.04 0.04 Return on average tangible assets 1.22%
1.22% 1.22% 1.21% Average equity $699,333 $555,335 $654,280
$545,185 Average intangible assets (230,011) (155,349) (205,795)
(155,157) Average tangible equity $469,322 $399,986 $448,485
$390,028 Return on average equity 11.41% 12.20% 11.71% 11.96%
Effect of average intangible assets 5.59 4.74 5.37 4.75 Return on
average tangible equity 17.00% 16.94% 17.08% 16.71% As of September
30, December 31, 2006 2005 Book value $706,113 $571,879 Intangible
assets (229,372) (157,429) Tangible book value $476,741 $414,450
Book value per common share $37.86 $33.40 Effect of intangible
assets per share (12.30) (9.20) Tangible book value per common
share $25.56 $24.20 Alabama National BanCorporation and
Subsidiaries Consolidated Statements of Financial Condition
(Unaudited) (In thousands, except share amounts) September 30, 2006
December 31, 2005 Assets Cash and due from banks $195,474 $189,256
Interest-bearing deposits in other banks 11,669 19,428 Federal
funds sold and securities purchased under resell agreements 64,395
70,472 Trading securities, at fair value 1,295 402 Investment
securities (fair values of $682,025 and $576,424) 697,574 591,153
Securities available for sale, at fair value 510,345 545,334 Loans
held for sale 24,184 14,940 Loans and leases 4,878,945 4,147,739
Unearned income (4,701) (3,644) Loans and leases, net of unearned
income 4,874,244 4,144,095 Allowance for loan and lease losses
(61,354) (52,815) Net loans and leases 4,812,890 4,091,280
Property, equipment and leasehold improvements, net 143,603 114,159
Goodwill 214,151 148,071 Other intangible assets, net 15,221 9,358
Cash surrender value of life insurance 99,502 74,593 Receivable
from investment division customers 4,628 7,166 Other assets 75,887
56,061 Totals $6,870,818 $5,931,673 Liabilities and Stockholders'
Equity Deposits: Noninterest bearing $743,150 $729,045 Interest
bearing 4,047,832 3,614,219 Total deposits 4,790,982 4,343,264
Federal funds purchased and securities sold under repurchase
agreements 711,258 545,337 Accrued expenses and other liabilities
48,338 61,361 Payable for securities purchased for investment
division customers 5,923 5,886 Short-term borrowings 229,635 34,700
Long-term debt 378,569 369,246 Total liabilities 6,164,705
5,359,794 Common stock, $1 par; 50,000,000 shares authorized;
18,650,179 and 17,124,316 shares issued at September 30, 2006 and
December 31, 2005, respectively 18,650 17,124 Additional paid-in
capital 443,134 347,434 Retained earnings 252,447 216,144
Accumulated other comprehensive loss, net of tax (8,118) (8,823)
Total stockholders' equity 706,113 571,879 Totals $6,870,818
$5,931,673 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, 2006 2005 2006 2005 Interest
income: Interest and fees on loans and leases $97,279 $67,831
$266,374 $184,051 Interest on securities 13,275 11,985 38,329
36,311 Interest on deposits in other banks 225 66 450 191 Interest
on trading securities 15 7 34 16 Interest on federal funds sold and
securities purchased under resell agreements 806 798 2,531 2,035
Total interest income 111,600 80,687 307,718 222,604 Interest
expense: Interest on deposits 38,019 20,690 99,059 53,085 Interest
on federal funds purchased and securities sold under repurchase
agreements 8,142 4,519 21,207 10,148 Interest on short-term
borrowings 2,117 754 3,238 2,030 Interest on long-term debt 5,126
3,365 14,500 9,990 Total interest expense 53,404 29,328 138,004
75,253 Net interest income 58,196 51,359 169,714 147,351 Provision
for loan and lease losses 1,130 2,440 4,293 5,975 Net interest
income after provision for loan and lease losses 57,066 48,919
165,421 141,376 Noninterest income: Securities (losses) gains - -
(1,250) 72 Gain (loss) on disposition of assets 13 (21) 552 690
Service charges on deposit accounts 4,042 4,181 11,753 12,265
Investment services income 1,292 1,086 3,122 3,089 Wealth
management income 5,371 4,641 16,102 14,082 Gain on sale of
mortgages 2,774 3,565 8,046 9,652 Commercial mortgage banking
income 518 - 1,534 - Bank owned life insurance 988 737 2,528 2,136
Insurance commissions 963 825 2,873 2,453 Other 3,748 3,084 12,188
8,671 Total noninterest income 19,709 18,098 57,448 53,110
Noninterest expense: Salaries and employee benefits 24,262 21,680
71,038 63,086 Commission based compensation 4,586 4,051 13,143
11,556 Occupancy and equipment expenses 5,264 4,540 15,154 13,021
Amortization of intangibles 1,306 766 3,422 2,360 Other 10,769
9,953 32,678 30,343 Total noninterest expense 46,187 40,990 135,435
120,366 Income before provision for income taxes and cumulative
effect of accounting change 30,588 26,027 87,434 74,120 Provision
for income taxes 10,475 8,944 30,179 25,362 Net income before
cumulative effect of accounting change 20,113 17,083 57,255 48,758
Cumulative effect of accounting change (net of tax) - - 48 - Net
income $20,113 $17,083 $57,303 $48,758 Weighted average common
shares outstanding: Basic 18,834 17,198 18,336 17,185 Diluted
19,012 17,412 18,521 17,404 Earnings per common share before
cumulative effect of accounting change: Basic $1.07 $0.99 $3.12
$2.84 Diluted $1.06 $0.98 $3.09 $2.80 Earnings per common share:
Basic $1.07 $0.99 $3.13 $2.84 Diluted $1.06 $0.98 $3.09 $2.80
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in
thousands, except yields and rates) Three Months 09/30/06 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $4,861,167 $97,415 7.95% Securities: Taxable
1,095,864 12,312 4.46 Tax exempt 90,761 1,459 6.38 Cash balances in
other banks 17,796 225 5.02 Funds sold 57,876 806 5.53 Trading
account securities 1,245 15 4.78 Total earning assets (2) 6,124,709
112,232 7.27 Cash and due from banks 168,449 Premises and equipment
139,617 Other assets 381,126 Allowance for loan and lease losses
(61,156) Total assets $6,752,745 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,114,186
$8,135 2.90% Savings deposits 955,355 7,217 3.00 Time deposits
1,987,488 22,667 4.52 Funds purchased 657,506 8,142 4.91 Other
short-term borrowings 149,362 2,117 5.62 Long-term debt 389,516
5,126 5.22 Total interest-bearing liabilities 5,253,413 53,404 4.03
Demand deposits 748,435 Accrued interest and other liabilities
51,564 Stockholders' equity 699,333 Total liabilities and
stockholders' equity $6,752,745 Net interest spread 3.24% Net
interest income/margin on a taxable equivalent basis 58,828 3.81%
Tax equivalent adjustment (2) 632 Net interest income/margin
$58,196 3.77% 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% (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 09/30/06 Average Income/ Yield/ Balance Expense Cost
Assets: Earning assets: Loans and leases (1) $4,617,531 $266,759
7.72% Securities: Taxable 1,084,872 35,939 4.43 Tax exempt 75,278
3,621 6.43 Cash balances in other banks 12,718 450 4.73 Funds sold
65,844 2,531 5.14 Trading account securities 1,019 34 4.46 Total
earning assets (2) 5,857,262 309,334 7.06 Cash and due from banks
179,982 Premises and equipment 128,875 Other assets 362,587
Allowance for loan and lease losses (58,323) Total assets
$6,470,383 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,096,629 $21,580 2.63%
Savings deposits 930,326 18,391 2.64 Time deposits 1,885,467 59,088
4.19 Funds purchased 624,763 21,207 4.54 Other short-term
borrowings 82,390 3,238 5.25 Long-term debt 388,959 14,500 4.98
Total interest-bearing liabilities 5,008,534 138,004 3.68 Demand
deposits 736,438 Accrued interest and other liabilities 71,131
Stockholders' equity 654,280 Total liabilities and stockholders'
equity $6,470,383 Net interest spread 3.38% Net interest
income/margin on a taxable equivalent basis 171,330 3.91% Tax
equivalent adjustment (2) 1,616 Net interest income/margin $169,714
3.87% 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% (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/dce.aspx?sid=000035EB
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