BIRMINGHAM, Ala., April 24 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
earnings for the quarter ended March 31, 2007. For the 2007 first
quarter, ANB reported earnings of $19.9 million, up 11.6% from the
$17.9 million earned in the 2006 first quarter. Diluted earnings
per share of $0.95 were 6.8% below the $1.02 reported in the 2006
first quarter, and diluted cash earnings per share of $1.00 were
5.1% below the 2006 first quarter's $1.05. Total revenue of $82.7
million was 17.3% above the 2006 first quarter's $70.5 million.
ANB's taxable equivalent net interest margin declined 7 basis
points in a sequential comparison as compared to the fourth quarter
of 2006, declining from 3.81% to 3.74%. Loans (excluding loans held
for sale) grew $136 million from year-end 2006, representing a
10.4% annualized growth rate for the quarter, and deposits grew
$208 million (15.8% annualized). Total assets at March 31, 2007
were $7.8 billion. On the credit quality front, ANB recognized $331
thousand in net charge- offs for the quarter, representing 0.02% of
loans on an annualized basis. The company recorded a provision for
loan losses of $1.8 million in the quarter, up 41.8% from the
amount recorded in the 2006 first quarter. Nonaccrual loans were
$12.0 million at quarter-end and other real estate owned was $1.6
million, bringing total nonperforming assets to $13.6 million. As a
percentage of period-end loans and other real estate owned,
nonperforming assets rose to 0.24% at March 31, 2007, as compared
with 0.09% at March 31, 2006 and 0.21% at December 31, 2006. "The
first quarter's earnings performance was disappointing in
comparison with our long term goals. The difficult interest rate
environment we face has led to net interest margin compression over
the last several quarters," said John H. Holcomb III, Chairman and
CEO. "In spite of these margin headwinds, we are pleased with the
loan and deposit growth in the quarter. We are also pleased to
continue to report good asset quality numbers." ANB's performance
during the 2007 first quarter resulted in a return on average
assets of 1.05% and return on average equity of 9.36%, a decrease
from 1.21% and 12.53%, respectively, in the 2006 first quarter.
Excluding the impact of intangible assets, ANB's performance
resulted in a return on average tangible assets of 1.09% and a
return on average tangible equity of 15.2% for the 2007 quarter,
down from 1.25% and 17.2%, respectively, in the 2006 first quarter.
Book value per share and tangible book value per share grew to
$42.13 and $26.27, respectively, at March 31, 2007. ANB is a bank
holding company operating 102 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. 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 first
quarter ended March 31, 2007, as well as its goals and general
outlook for the remainder of 2007, in a conference call to be held
Wednesday, April 25, 2007 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 "News," or
http://www.viavid.net/dce.aspx?sid=00003C9E, on April 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 1-800-530- 9010 at 9:00 a.m.
Central Time on April 25 and enter Conference ID number 21336602.
For those without Internet access, a telephonic replay will be
available through May 25, 2007 by dialing 1-800-633-8284 and
entering Conference ID number 21336602. 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 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 March 31, Percentage
2007 2006 Change (b) Net interest income $63,051 $52,575 19.9%
Noninterest income 19,695 17,947 9.7 Total revenue 82,746 70,522
17.3 Provision for loan and lease losses 1,762 1,243 41.8
Noninterest expense 51,110 42,039 21.6 Income before taxes from
continuing operations 29,874 27,240 9.7 Income taxes 10,099 9,442
7.0 Net income from continuing operations 19,775 17,798 11.1 Income
from discontinued operations (net of tax) 170 75 126.7 Net income
$19,945 $17,873 11.6 Weighted average common and common equivalent
shares outstanding Basic 20,793 17,334 20.0% Diluted 20,959 17,502
19.8 Net income per common share from continuing operations Basic
$.95 $1.03 (7.4)% Diluted .94 1.02 (7.2) Net income per common
share Basic $.96 $1.03 (7.0)% Diluted .95 1.02 (6.8) Cash earnings
(a) Total $20,925 $18,413 13.6% Basic 1.01 1.06 (5.3) Diluted 1.00
1.05 (5.1) Cash dividends declared on common stock $.41 $.375
Return on average assets 1.05% 1.21% Return on average tangible
assets 1.09 1.25 Return on average equity 9.36 12.53 Return on
average tangible equity 15.16 17.20 NONINTEREST INCOME Service
charge income $3,922 $3,868 1.4 % Investment services income 1,061
864 22.8 Wealth management income 5,704 5,367 6.3 Gain on sale of
mortgages 3,173 2,611 21.5 Commercial mortgage banking income 399
732 (45.5) Gain on disposal of assets 389 507 (23.3) Securities
(losses) gains - (734) NM Bank owned life insurance 1,105 742 48.9
Other 3,942 3,990 (1.2) Total noninterest income $19,695 $17,947
9.7 (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 March 31, December
31, Percentage 2007 2006 Change Total assets $7,844,428 $7,671,274
2.3% Earning assets 7,029,943 6,856,309 2.5 Securities (a)
1,241,319 1,265,774 (1.9) Loans held for sale 41,755 27,652 51.0
Loans and leases, net of unearned income 5,592,589 5,456,136 2.5
Allowance for loan and lease losses 69,677 68,246 2.1 Deposits
5,775,455 5,567,603 3.7 Short-term borrowings 154,000 161,830 (4.8)
Long-term debt 401,389 402,399 (.3) Stockholders' equity 867,832
853,623 1.7 (a) Excludes trading securities ASSET QUALITY ANALYSIS
(in thousands, except percentages) As of / For the Three Months
Ended March 31, December 31, March 31, 2007 2006 2006 Nonaccrual
loans $11,985 $10,921 $3,524 Restructured loans - - - Loans past
due 90 days or more and still accruing - 0 - - 0 - - 0 - Total
nonperforming loans 11,985 10,921 3,524 Other real estate owned
1,607 790 487 Total nonperforming assets 13,592 11,711 4,011 Total
non performing assets as a percentage of period-end loans and other
real estate (a) 0.24% 0.21% 0.09% Allowance for loan and lease
losses $69,677 $68,246 $53,848 Provision for loan and lease losses
1,762 1,100 1,243 Loans charged off 501 456 505 Loan recoveries 170
391 295 Net loan and lease losses 331 65 210 Allowance for loan and
lease losses as a percentage of period-end loans and leases (a)
1.25% 1.25% 1.27% Allowance for loan and lease losses as a
percentage of period-end nonperforming loans 581.37 624.91 1,528.04
Net losses to average loans and leases (annualized) 0.02 0.00 0.02
(a) Excludes loans held for sale TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended March 31, December 31, March 31, 2007 2006 2006
Interest income: Interest and fees on loans and leases 8.13% 8.09%
7.42% Interest on securities: Taxable 4.62 4.49 4.38 Non-taxable
6.22 6.33 6.55 Total interest earning assets 7.48 7.40 6.78
Interest expense: Interest on deposits 4.10 3.89 3.02 Interest on
short-term borrowing 5.11 5.42 4.77 Interest on long-term debt 5.41
5.67 4.71 Total interest bearing liabilities 4.28 4.16 3.30 Net
interest spread 3.20 3.24 3.48 Net interest margin 3.74 3.81 3.96
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS As of March 31, December
31, 2007 2006 Stockholders' Equity: Equity to assets 11.06% 11.13%
Leverage ratio 8.02 7.99 Book value per common share (a) $42.13
$41.51 Tangible book value per common share (a)(b) 26.27 25.55
Ending shares outstanding (in thousands) 20,599 20,562 (a) Includes
a cumulative mark to market adjustment to equity of $(0.29) and
$(0.36) per share at March 31, 2007 and December 31, 2006,
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 March
31, 2007 2006 Net income $19,945 $17,873 Amortization of
intangibles, net of tax 980 540 Cash earnings $20,925 $18,413 Net
income per common share - basic $0.95 $1.03 Effect of amortization
of intangibles per share 0.06 0.03 Cash earnings per common share -
basic $1.01 $1.06 Net income per common share - diluted $0.94 $1.02
Effect of amortization of intangibles per share 0.06 0.03 Cash
earnings per common share - diluted $1.00 $1.05 Average assets
$7,725,545 $5,971,156 Average intangible assets (330,393) (157,010)
Average tangible assets $7,395,152 $5,814,146 Return on average
assets 1.05% 1.21% Effect of average intangible assets .04 .04
Return on average tangible assets 1.09% 1.25% Average equity
$863,960 $578,530 Average intangible assets (330,393) (157,010)
Average tangible equity $533,567 $421,520 Return on average equity
9.36% 12.53% Effect of average intangible assets 5.80 4.67 Return
on average tangible equity 15.16% 17.20% As of March 31, December
31, 2007 2006 Book value $867,832 $853,623 Intangible assets
(326,755) (328,166) Tangible book value $541,077 $525,457 Book
value per common share $42.13 $41.51 Effect of intangible assets
per share (15.86) (15.96) Tangible book value per common share
$26.27 $25.55 Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited) (In
thousands, except share amounts) March 31, 2007 December 31, 2006
Assets Cash and due from banks $173,932 $200,153 Interest-bearing
deposits in other banks 21,181 16,350 Federal funds sold and
securities purchased under resell agreements 132,490 89,865 Trading
securities, at fair value 609 532 Investment securities (fair
values of $700,141 and $705,460) 708,464 716,406 Securities
available for sale, at fair value 532,855 549,368 Loans held for
sale 41,755 27,652 Loans and leases 5,597,425 5,461,400 Unearned
income (4,836) (5,264) Loans and leases, net of unearned income
5,592,589 5,456,136 Allowance for loan and lease losses (69,677)
(68,246) Net loans and leases 5,522,912 5,387,890 Property,
equipment and leasehold improvements, net 161,887 155,001 Assets to
be disposed of 3,332 3,549 Goodwill 311,591 311,583 Other
intangible assets, net 15,164 16,583 Cash surrender value of life
insurance 106,137 104,992 Receivable from investment division
customers 29,333 1,114 Other assets 82,786 90,236 Totals $7,844,428
$7,671,274 Liabilities and Stockholders' Equity Deposits:
Noninterest bearing $826,423 $849,127 Interest bearing 4,949,032
4,718,476 Total deposits 5,775,455 5,567,603 Federal funds
purchased and securities sold under repurchase agreements 558,044
627,297 Liabilities to be disposed of 1,179 1,019 Accrued expenses
and other liabilities 58,886 56,057 Payable for securities
purchased for investment division customers 27,643 1,446 Short-term
borrowings 154,000 161,830 Long-term debt 401,389 402,399 Total
liabilities 6,976,596 6,817,651 Common stock, $1 par; 50,000,000
shares authorized; 20,599,260 and 20,562,467 shares issued at March
31, 2007 and December 31, 2006, respectively 20,599 20,562
Additional paid-in capital 575,428 573,756 Retained earnings
277,821 266,668 Accumulated other comprehensive loss, net of tax
(6,016) (7,363) Total stockholders' equity 867,832 853,623 Totals
$7,844,428 $7,671,274 Alabama National BanCorporation and
Subsidiaries Consolidated Statements of Income (Unaudited) (In
thousands, except per share data) For the three months ended March
31, 2007 2006 Interest income: Interest and fees on loans and
leases 111,565 77,238 Interest on securities 14,155 12,130 Interest
on deposits in other banks 257 79 Interest on trading securities 14
11 Interest on federal funds sold and securities purchased under
resell agreements 887 732 Total interest income 126,878 90,190
Interest expense: Interest on deposits 48,880 27,097 Interest on
federal funds purchased and securities sold under repurchase
agreements 7,584 5,810 Interest on short-term borrowings 2,006 397
Interest on long-term debt 5,357 4,311 Total interest expense
63,827 37,615 Net interest income 63,051 52,575 Provision for loan
and lease losses 1,762 1,243 Net interest income after provision
for loan and lease losses 61,289 51,332 Noninterest income:
Securities losses - (734) Gain on disposition of assets 389 507
Service charges on deposit accounts 3,922 3,868 Investment services
income 1,061 864 Wealth management income 5,704 5,367 Gain on sale
of mortgages 3,173 2,611 Commercial mortgage banking income 399 732
Bank owned life insurance 1,105 742 Other 3,942 3,990 Total
noninterest income 19,695 17,947 Noninterest expense: Salaries and
employee benefits 27,068 22,585 Commission based compensation 4,547
4,134 Occupancy and equipment expenses 5,700 4,658 Amortization of
intangibles 1,417 752 Other 12,378 9,910 Total noninterest expense
51,110 42,039 Income before provision for income taxes from
continuing operations 29,874 27,240 Provision for income taxes
10,099 9,442 Net income from continuing operations 19,775 17,798
Income from discontinued operations (net of tax) 170 75 Net income
$19,945 $17,873 Weighted average common shares outstanding: Basic
20,793 17,334 Diluted 20,959 17,502 Earnings per common share from
continuing operations: Basic $0.95 $1.03 Diluted $0.94 $1.02
Earnings per common share: Basic $0.96 $1.03 Diluted $0.95 $1.02
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in
thousands, except yields and rates) Three Months 03/31/07 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $5,579,214 $111,776 8.13% Securities: Taxable
1,116,459 12,732 4.62 Tax exempt 140,656 2,156 6.22 Cash balances
in other banks 25,831 257 4.03 Funds sold 67,648 887 5.32 Trading
account securities 1,106 14 5.13 Total earning assets (2) 6,930,914
127,822 7.48 Cash and due from banks 185,361 Premises and equipment
159,227 Other assets 519,171 Allowance for loan and lease losses
(69,128) Total assets $7,725,545 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,182,632
$8,388 2.88 Savings deposits 1,127,416 9,742 3.50 Time deposits
2,530,858 30,750 4.93 Funds purchased 644,755 7,584 4.77 Other
short-term borrowings 159,146 2,006 5.11 Long-term debt 401,727
5,357 5.41 Total interest-bearing liabilities 6,046,534 63,827 4.28
Demand deposits 753,458 Accrued interest and other liabilities
61,593 Stockholders' equity 863,960 Total liabilities and
stockholders' equity $7,725,545 Net interest spread 3.20% Net
interest income/margin on a taxable equivalent basis 63,995 3.74%
Tax equivalent adjustment (2) 944 Net interest income/margin
$63,051 3.69% (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 03/31/06 Average Income/ Yield/ Balance Expense Cost
Assets: Earning assets: Loans and leases (1) $4,225,849 $77,366
7.42% Securities: Taxable 1,068,922 11,540 4.38 Tax exempt 55,328
894 6.55 Cash balances in other banks 7,692 79 4.17 Funds sold
65,813 732 4.51 Trading account securities 995 11 4.48 Total
earning assets (2) 5,424,599 90,622 6.78 Cash and due from banks
181,859 Premises and equipment 114,793 Other assets 303,524
Allowance for loan and lease losses (53,619) Total assets
$5,971,156 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,029,134 $5,794 2.28
Savings deposits 898,962 5,113 2.31 Time deposits 1,714,993 16,190
3.83 Funds purchased 581,923 5,810 4.05 Other short-term borrowings
33,755 397 4.77 Long-term debt 370,940 4,311 4.71 Total
interest-bearing liabilities 4,629,707 37,615 3.30 Demand deposits
686,454 Accrued interest and other liabilities 76,465 Stockholders'
equity 578,530 Total liabilities and stockholders' equity
$5,971,156 Net interest spread 3.48% Net interest income/margin on
a taxable equivalent basis 53,007 3.96% Tax equivalent adjustment
(2) 432 Net interest income/margin $52,575 3.93% (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 03/31/07 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $5,579,214 $111,776 8.13% Securities: Taxable
1,116,459 12,732 4.62 Tax exempt 140,656 2,156 6.22 Cash balances
in other banks 25,831 257 4.03 Funds sold 67,648 887 5.32 Trading
account securities 1,106 14 5.13 Total earning assets (2) 6,930,914
127,822 7.48 Cash and due from banks 185,361 Premises and equipment
159,227 Other assets 519,171 Allowance for loan and lease losses
(69,128) Total assets $7,725,545 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,182,632
$8,388 2.88 Savings deposits 1,127,416 9,742 3.50 Time deposits
2,530,858 30,750 4.93 Funds purchased 644,755 7,584 4.77 Other
short-term borrowings 159,146 2,006 5.11 Long-term debt 401,727
5,357 5.41 Total interest-bearing liabilities 6,046,534 63,827 4.28
Demand deposits 753,458 Accrued interest and other liabilities
61,593 Stockholders' equity 863,960 Total liabilities and
stockholders' equity $7,725,545 Net interest spread 3.20% Net
interest income/margin on a taxable equivalent basis 63,995 3.74%
Tax equivalent adjustment (2) 944 Net interest income/margin
$63,051 3.69% (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 12/31/06 Average Income/ Yield/ Balance Expense Cost
Assets: Earning assets: Loans and leases (1) $5,418,956 $110,520
8.09% Securities: Taxable 1,160,415 13,144 4.49 Tax exempt 117,947
1,882 6.33 Cash balances in other banks 21,903 273 4.95 Funds sold
77,437 968 4.96 Trading account securities 1,174 16 5.41 Total
earning assets (2) 6,797,831 126,803 7.40 Cash and due from banks
183,275 Premises and equipment 152,104 Other assets 514,284
Allowance for loan and lease losses (67,849) Total assets
$7,579,646 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,158,655 $8,220 2.81
Savings deposits 1,103,602 9,250 3.33 Time deposits 2,325,117
27,496 4.69 Funds purchased 715,806 8,649 4.79 Other short-term
borrowings 183,043 2,499 5.42 Long-term debt 380,616 5,441 5.67
Total interest-bearing liabilities 5,866,839 61,555 4.16 Demand
deposits 780,918 Accrued interest and other liabilities 87,044
Stockholders' equity 844,846 Total liabilities and stockholders'
equity $7,579,646 Net interest spread 3.24% Net interest
income/margin on a taxable equivalent basis 65,248 3.81% Tax
equivalent adjustment (2) 854 Net interest income/margin $64,394
3.76% (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/
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