ALABAMA NATIONAL BANCORPORATION ANNOUNCES RECORD EARNINGS.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Jan. 15, 1997--Alabama National BanCorporation (Nasdaq/NM:ALAB ALAB Atomic Safety and Licensing Appeal Board ) today announced record earnings for both the year as well as the fourth quarter ended Dec. 31, 1996. Net income for the year ended Dec. 31, 1996 was $9.7 million, compared with $4.2 million reported for 1995, an increase of 130%. Net income per common share for the twelve months was $1.45 compared with $1.17 for the year-ago period, an increase of 24%. Net income for the fourth quarter of 1996 was $2.8 million, a 433% increase over 1995's fourth quarter net income of $.5 million. Earnings per common share were $0.41 for the fourth quarter of 1996 compared with $0.12 for the fourth quarter of 1995. Effective at the close of business on Dec. 29, 1995, Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). National BanCorporation (ANB ANB American National Biography ANB American National Bank ANB Alaska Native Brotherhood ANB Arab National Bank ANb Agoraphobic Nosebleed (band) ANB Amarillo National Bank (Texas) ) consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. its merger (the Merger) with National Commerce Corporation (NCC NCC See National Clearing Corporation (NCC). ) and its subsidiaries Commerce Bankshares, Inc. (CBS (Cell Broadcast Service) See cell broadcast. ), National Bank of Commerce of Birmingham (NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. ), and Talladega Talladega (tălədē`gə), city (1990 pop. 18,175), seat of Talladega co., NE central Ala., in the Blue Ridge foothills; inc. 1835. There are significant marble and limestone quarries. Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. (TFSLA). Although ANB survived the Merger, NCC is treated as the acquiring entity because the Merger resulted in a change of control. On Sept. 30, 1996, FIRSTBANC Holding Company, Inc. (FIRSTBANC) was merged into ANB in a pooling-of-interest transaction. Accordingly, the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for 1995 reflect the operations of NCC and its subsidiaries and FIRSTBANC and its subsidiaries only. The consolidated financial statements for 1996 reflect the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
John H. Holcomb Holcomb may refer to:
ANB's return on average assets for the year ended Dec. 31, 1996 was 1.17% and the return on average equity was 15.58%. The return on average assets for the fourth quarter of 1996 was 1.31% and the return on average equity was 17.21%. Asset quality improved as the allowance for loan losses to period-end non-performing assets increased to 427% at Dec. 31, 1996 from 303% at Dec. 31, 1995. Total non-performing assets as a percentage of period-end loans plus other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most was .36% at Dec. 31, 1996 compared with .53% at Dec. 31, 1995. The allowance for loan losses was 1.52% of period-end loans at Dec. 31, 1996. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. grew to $66.1 million at Dec. 31, 1996. This reflects a 14% increase over the $58.2 million in shareholders' equity reported at Dec. 31, 1995. Total assets increased 5.7% to $887.7 million as of Dec. 31, 1996 compared with $839.7 million one year ago. Loans increased to $611.4 million at Dec. 31, 1996, an increase of 10.5% compared with $553.1 million at Dec. 31, 1995. Deposits were relatively flat at $674.7 million at Dec. 31, 1996 compared with $676.5 million at Dec. 31, 1995. Alabama National BanCorporation is the sixth largest bank holding company in Alabama. ANB operates 31 locations in Alabama through seven bank subsidiaries. The lead bank subsidiary for the holding company is Birmingham-based National Bank of Commerce. Other ANB subsidiaries include: Citizens Bank of Talladega; First National Bank of Ashland Ashland (ăsh`lənd). 1 Industrial city (1990 pop. 23,622), Boyd co., E Ky., on terraces along the Ohio River near the influx of the Big Sandy; settled 1786, inc. 1854. ; Bank of Dadeville; Alabama Exchange Bank in Tuskegee; Gulf Bank in Gulf Shores; and First Bank of Baldwin County Baldwin County can refer to:
n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service. Brokerage services are provided to customers through NBC's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , NBC Securities, Inc. -0-
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31 December 31
1996 1995 1996 1995
Net interest income $ 8,971 $ 5,069 $ 34,760 $ 18,795
Provision for loan
losses 30 199 239 409
Noninterest income 3,763 3,066 15,745 7,742
Noninterest expense 9,068 7,356 36,386 20,898
Income before income
taxes and minority
interest in earnings
of subsidiaries 3,636 580 13,880 5,230
Income taxes 853 21 4,141 354
Minority interest in
earnings
of subsidiaries - 371 14 650
Net income 2,783 522 9,725 4,226
Weighted average common
and common equivalent
shares outstanding 6,732 2,874 6,725 2,874
Net income per common
share (1) $ .41 $ .12 $ 1.45 $ 1.17
Cash dividends
declared on
common stock .09 - .28 -
Return on average
assets 1.31% .40% 1.17% .89%
Return on average
equity 17.21 7.55 15.58 15.12
(1) Per common share data is calculated based upon net income as
adjusted for cash dividends paid on preferred stock of $174,000 for
the three months ended Dec. 31, 1995, and $4,000 and $854,000 for the
year ended Dec. 31, 1996 and 1995.
December 31, December 31,
1996 1995
Total assets $887,712 $839,723
Earning assets 810,651 760,373
Securities 152,761 158,266
Loans, net of unearned income 611,441 553,119
Allowance for loan losses 9,322 8,909
Deposits 674,681 676,536
Short-term borrowings 41,000 21,280
Long-term debt 300 821
Stockholders' equity 66,121 58,189
ASSET QUALITY ANALYSIS
(In thousands)
December 31, December 31,
1996 1995
Non-accrual loans $ 1,111 $ 1,245
Restructured loans 605 949
Loans past due 90 days or more and
still accruing - 126
Total non-performing loans 1,716 2,320
Other real estate owned 468 625
Total nonperforming assets 2,184 2,945
Total nonperforming assets as a
percentage of period-end loans and other
real estate 0.36% 0.53%
Allowance for loan losses 9,322 8,909
Provision for loan losses 239 409
Net loan losses (recoveries) (174) (115)
Allowance for loan losses as a percentage
of period-end loans 1.52% 1.61%
Allowance for loan losses as a percentage
of period-end non-performing assets 426.83 302.51
Net recoveries to average loans 0.03 0.04
TAXABLE EQUIVALENT YIELDS/RATES
Year Ended Dec. 31,
Interest income: 1996 1995
Interest and fees on loans 9.37% 9.45%
Interest of securities:
Taxable 6.42 6.59
Non-taxable 8.07 7.53
Total interest earning assets 8.60 8.60
Interest expense:
Interest on deposits 4.49 4.96
Interest on short-term borrowing 6.43 5.63
Total interest bearing liabilities 4.66 5.09
Net interest spread 3.94 3.51
Net interest margin 4.63 4.28
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
December 31, December 31,
Stockholders' Equity: 1996 1995
Equity to assets 7.45% 6.93%
Leverage ratio 6.71 6.06
Book value per common share $ 10.15 $ 8.94
Tangible book value per common shares 9.03 7.78
CONTACT: Alabama National BanCorporation, Birmingham John H. Holcomb, III, 205/583-3648 |
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