ALABAMA NATIONAL BANCORPORATION REPORTS RECORD EARNINGS.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 25, 1996--Alabama National BanCorporation (Nasdaq/NM:ALAB ALAB Atomic Safety and Licensing Appeal Board ) today announced record earnings for the first quarter ended March 31, 1996. Effective at the close of business on December 29, 1995, Alabama 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 its merger (the Merger) with National Commerce Corporation (NCC NCC See National Clearing Corporation (NCC). ) and Commerce Bankshares, Inc. (CBS (Cell Broadcast Service) See cell broadcast. ), the parent companies of 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 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. 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 of ANB for the 1995 quarter reflect the operations of NCC and its subsidiary only. The consolidated financial statements for the 1996 quarter 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
Net income for the 1996 quarter increased 113% over the first quarter of 1995 to $2.3 million up from $1.1 million. Earnings per share were $0.35, a decrease of $0.03 per share on a 153% increase in shares outstanding from quarter to quarter. The increase in the number of shares for the first quarter of 1996 was primarily shares issued in the Merger. -0-
ALABAMA NATIONAL BANCORPORATION
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended
March 31,
1996 1995
Net interest income $ 7,958 $ 4,100
Provision for loan losses 147 --
Noninterest income 4,056 880
Noninterest expenses 8,276 3,401
Income before income taxes and minority
interest in earnings of subsidiaries 3,591 1,579
Income taxes 1,337 332
Minority interest in earnings of subsidiaries 2 189
Net income $ 2,252 $ 1,058
Net income per common share(1) $ .35 $ .38 Weighted average common and common equivalent shares outstanding 6,385 2,527 (1) Per common share data is calculated based upon net income as adjusted for cash dividends paid on preferred stock of $79,000 for the three months ended March 31, 1995. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma combined basis, assuming the Merger had occurred on January 1, 1995, ANB and its subsidiaries (including NCC and CBS) would have earned $0.33 per common share on an average of 6,290,336 common and common equivalent shares outstanding for the first quarter in 1995. The following compares the results of operations assuming the Merger had been consummated on January 1, 1995, and the results of operations of ANB (excluding NCC and CBS) as previously reported in its quarterly report for the three months ended March 31, 1995. -0-
Three Months Ended
March 31, 1995
Combined Previously
Pro Forma Reported
Net interest income $ 7,395 $ 3,543
Provision for loan losses 62 62
Noninterest income 1,548 671
Noninterest expense 6,098 2,664
Net income 2,102 1,038
Net income per common share $ .33 $ .30 Weighted average common and common equivalent shares outstanding 6,290 3,454 John H. Holcomb, III, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "We are very pleased with the results of the first three months of merged operations. As a result of the Merger, significant benefits are being realized by our combined organizations that will enhance shareholder value. The Merger has provided additional opportunities to offer loan products, credit cards, and home banking, trust, investment and brokerage services in our traditional community bank markets. We have a broader market presence and are committed to providing our customers with the highest levels of service and convenience." ANB's return on average assets for the first three months of 1996 was 1.12% and the return on average equity was 15.99%. The efficiency ratio was 69.06% for the first three months of 1996. Asset quality remained excellent as the allowance for loan losses to period-end nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. increased to 304.38% from 300.00% at year end 1995. Net charge-offs remained extremely low at .19% on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. The allowance for loan losses was 1.59% of net loans. -0-
ALABAMA NATIONAL BANCORPORATION
Unaudited Financial Highlights
(In thousands, except per share data)
March 31, December 31,
1996 1995
Total assets $794,478 $806,574 Earning assets 729,558 730,581 Securities 153,095 148,116 Loans, net of unearned income 538,290 533,977 Allowance for loan losses 8,541 8,640 Deposits 631,299 646,614 Short-term borrowings 21,250 21,280 Long-term debt 319 324 Stockholders' equity 57,229 55,590 Book value $ 9.23 $ 8.97 Tangible book value 8.02 7.74 Alabama National BanCorporation is the sixth largest bank holding company in Alabama. The Company operates 28 locations in Alabama through seven bank subsidiaries: National Bank of Commerce of Birmingham; Citizens Bank of Talladega; First National Bank of Ashland; Bank of Dadeville; Alabama Exchange Bank in Tuskegee; Gulf Bank in Orange Beach; and St. Clair Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks in Pell City. ANB provides full banking services to individuals and small businesses that prefer local bank decision-making 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. At March 31, 1996, ANB had assets of $794 million. CONTACT: Alabama National BanCorporation, Birmingham Frank W. Whitehead whitehead /white·head/ (hwit´hed) 1. milium. 2. closed comedo. white·head n. 1. , 205/583-3654 |
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