Alabama National BanCorporation Announces Earnings for Second Quarter.Business Editors 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)--July 16, 2003 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) ") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALAB ALAB Atomic Safety and Licensing Appeal Board ) today announced earnings for the quarter ended June June: see month. 30, 2003. ANB's results for the second quarter of 2003 produced diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.80, compared to $0.69 in the second quarter of 2002, an increase of 14.9%. Net income of $10.2 million was up 15.7% from the 2002 second quarter. Second quarter 2003 return on average equity was 16.51% and return on average assets was 1.15%. Net revenue, defined as net interest income plus noninterest income (excluding securities and asset disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of gains and other nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items), grew to $51.0 million in the second quarter, up 22.2% from $41.7 million in the year ago quarter. Noninterest income, which represented 42.3% of total second quarter 2003 net revenues, grew 61.1% from the 2002 second quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were $19.7 million, an increase of 13.2% over the $17.4 million in earnings reported for the same period in 2002. During the 2003 six months, diluted earnings per share were $1.55, compared to $1.38 for the same period in 2002, an increase of 12.6%. Return on average equity and return on average assets for the six months ended June 30, 2003, were 16.36% and 1.15%, respectively. Year-to-date noninterest income represented 41.3% of total net revenues. "We are pleased with the results of the second quarter and first six months of 2003," said John H. Holcomb Holcomb may refer to:
n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . We are proud of our excellent group of employees, including those from our newest affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , Millennium millennium [Lat.,=1,000 years], the period of 1,000 years in which, according to some schools of Christian eschatology, Christ will reign again gloriously on earth. Belief in the millennium, based on Rev. 20, has recurred in Christianity since the earliest times. Bank, and the results they have accomplished for Alabama National." ANB completed its acquisition of Millennium Bank ("Millennium") of Gainesville, Florida Gainesville is the largest city and county seat of Alachua County, Florida.GR6 Gainesville is home to the University of Florida, the largest university of the State University System of Florida and the third-largest university in the United States. , on June 19, 2003. As such, ANB's balance sheet for June 30, 2003 includes Millennium, and the June 30, 2003 income statement includes Millennium's performance for this eleven-day period. Total assets at quarter-end of $3.89 billion were up 23.8% from June 30, 2002's $3.14 billion. Deposits at June 30, 2003 were $2.75 billion, an increase of 24.2% over June 30, 2002. Loans (excluding loans held for sale) grew to $2.43 billion at June 30, 2003, up 17.0% from June 30, 2002. June 30, 2003 share owners' equity owners' equity The owners' interest in the assets of a business. Owners' equity includes the amount invested by the owners plus the profits (or minus the losses) in the enterprise. Owners' equity and liabilities are used to finance a firm's assets. was $268.9 million, or $21.02 per share, and tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per share was $18.14. In comparison with year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002, total assets grew $576 million, with $238 million in loan growth and $141 million in securities growth. Total deposit growth from year-end 2002 was $423 million. Included in the above totals are $67 million in loans, $93 million in deposits, and $130 million in assets (including $17 million of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ) related to the Millennium acquisition. ANB continued to report strong asset quality performance, with quarter-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. at 0.40% of period end loans and other real estate, down from March 31, 2003's 0.68%. Consistent with prior periods, ANB continues its practice of having no loans over 90 days past due and still accruing interest. The allowance for loan losses covered nonperforming loans by 535%. Net charge-offs for the quarter of $71 thousand represent a 0.01% 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. rate, and year-to-date net charge-offs of $619 thousand represent a 0.05% annualized rate. ANB is a bank holding company operating 69 locations through twelve bank subsidiaries in Alabama, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . At June 30, 2003, ANB had assets of $3.89 billion. The largest subsidiary for the holding company is Birmingham-based National Bank of Commerce (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. ). Other Alabama subsidiaries include: First American Bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. in Decatur/Huntsville, Athens Athens, city, Greece Athens (ăth`ĭnz), Gr. Athínai, city (1991 pop. 2,907,179; 1991 urban agglomeration pop. 3,072,922), capital of Greece, E central Greece, on the plain of Attica, between the Kifisós and and Auburn/Opelika; First Citizens Bank in 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. ; Bank of Dadeville; Alabama Exchange Bank in Tuskegee Tuskegee (təskē`gē), city (1990 pop. 12,257), seat of Macon co., SE Ala., in a cotton, corn, and dairy region; settled before 1763, inc. 1843. It has gristmills and plants that make cottonseed oil and fertilizer. and First Gulf Bank in Baldwin County Baldwin County can refer to:
Naples, Ital. Napoli, city (1991 pop. 1,067,365), capital of Campania and of Naples prov., S central Italy, on the Bay of Naples, an arm of the Tyrrhenian Sea. , N.A.; Millennium Bank in Gainesville Gainesville. 1 City (1990 pop. 84,770), seat of Alachua co., N central Fla.; inc. 1869. The Univ. of Florida is a major source of employment in the city. Agriculture and the manufacture of electronic equipment add to the economy. ; Peoples State Bank in Groveland Groveland is the name of a number of places in the United States of America:
Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. and Vero Beach Vero Beach (vēr`o), city (1990 pop. 17,350), seat of Indian River co., E Fla., on Indian River (a lagoon and part of the Intracoastal Waterway); founded c.1888, inc. 1919. . ANB has one subsidiary in Georgia, Georgia State Bank in metropolitan Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. . ANB provides full banking services to individuals and businesses. Brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. 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. Investments are not bank guaranteed, not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. 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 National Market System under the symbol "ALAB." Alabama National will provide an online, real time Web cast and rebroadcast of its second quarter conference call to discuss financial results for the quarter completed June 30, 2003. A listen-only simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and replay of Alabama National's conference call will be available on-line at the following Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the links: www.alabamanational.com, under "In The News," or www.viavid.com, on July July: see month. 17, beginning at 9:00 a.m. Central Time. The on-line replay will follow immediately and continue for 30 days. Persons who do not have Internet access See how to access the Internet. may dial 800-938-1464 to listen to the call at 9:00 a.m. Central Time on July 17. A telephonic replay will be available through July 24 by dialing 800-642-1687 and entering conference ID number 1546538. This press release contains financial information determined by methods other than in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). These "non-GAAP" financial measures are "net revenue," "cash earnings" (cash earnings per share) and "tangible book value per share." ANB's management uses these non-GAAP measures in its analysis of ANB's performance. Net revenue is defined as the sum of net interest income plus noninterest income, less any gains or losses from securities sales or asset dispositions. ANB's management believes this measure is useful as an indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of the company's revenue-generating ability. Securities and assets sale disposition gains are excluded from this figure because they are viewed as non-recurring in nature and could distort the measure. Cash earnings is defined as net income plus amortization expense (net of tax) applicable to intangible assets that do not qualify as regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. capital. Cash earnings per share is defined as cash earnings divided by basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 per share is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding. ANB's management believes this measure is useful because it provides book value exclusive of intangible assets and because it is a measure 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 schedules for a more detailed analysis of these non-GAAP performance measures. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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
2003 2002 Change (b)
-------- -------- ----------
Net interest income $29,373 $28,299 3.8%
Noninterest income 21,536 13,366 61.1
Total revenue 50,909 41,665 22.2
Provision for loan and
lease losses 1,424 1,211 17.6
Noninterest expense 34,337 27,586 24.5
Net income before income
taxes 15,148 12,868 17.7
Income taxes 4,984 4,086 22.0
Net income $10,164 $8,782 15.7
Weighted average common and common
equivalent shares outstanding
Basic 12,570 12,359 1.7%
Diluted 12,745 12,657 .7
Net income per common share
Basic $.81 $.71 13.8%
Diluted .80 .69 14.9
Cash earnings (a)
Total $10,339 $8,924 15.9%
Basic .82 .72 13.9
Diluted .81 .71 15.1
Cash dividends declared
on common stock $.285 $.25
Return on average assets 1.15% 1.19%
Return on average equity 16.51 16.09
Noninterest Income
Securities gains $34 $5 580.0%
Service charge income 3,491 2,889 20.8
Investment services income 6,372 2,578 147.2
Securities brokerage
and trust income 3,905 3,122 25.1
Origination and sale of
mortgages 4,615 2,145 115.2
Loss on disposal of assets (82) (51) NM
Bank owned life insurance 648 752 (13.8)
Insurance commissions 854 622 37.3
Other 1,699 1,304 30.3
-------- --------
Total noninterest income $21,536 $13,366 61.1
======== ========
(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
2003 2002 Change (b)
-------- -------- -----------
Net interest income $57,360 $55,376 3.6%
Noninterest income 40,281 26,593 51.5
Total revenue 97,641 81,969 19.1
Provision for loan and
lease losses 2,515 2,481 1.4
Noninterest expense 65,828 54,041 21.8
Net income before
income taxes 29,298 25,447 15.1
Income taxes 9,609 8,057 19.3
Net income $19,689 $17,390 13.2
Weighted average common and common
equivalent shares outstanding
Basic 12,546 12,354 1.6%
Diluted 12,717 12,644 .6
Net income per common share
Basic $1.57 $1.41 11.5%
Diluted 1.55 1.38 12.6
Cash earnings (a)
Total $20,032 $17,671 13.4%
Basic 1.60 1.43 11.6
Diluted 1.58 1.40 12.7
Cash dividends declared
on common stock $.57 $.50
Return on average assets 1.15% 1.20%
Return on average equity 16.36 16.22
Noninterest Income
Securities gains $39 $35 11.4%
Service charge income 6,813 5,611 21.4
Investment services income 11,532 5,659 103.8
Securities brokerage and
trust income 8,023 5,930 35.3
Origination and sale of
mortgages 7,949 4,558 74.4
Loss on disposal of assets (33) (184) NM
Bank owned life insurance 1,368 1,465 (6.6)
Insurance commissions 1,638 1,149 42.6
Other 2,952 2,370 24.6
-------- --------
Total noninterest income $40,281 $26,593 51.5
======== ========
(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,
----------------------- Percentage
2003 2002 Change
----------- ----------- -----------
Total assets $3,891,969 $3,144,348 23.8%
Earning assets 3,437,754 2,839,722 21.1
Securities (a) 841,236 656,864 28.1
Loans held for sale 95,956 20,833 360.6
Loans and leases, net of
unearned income 2,429,284 2,077,078 17.0
Allowance for loan and lease
losses 35,595 30,680 16.0
Deposits 2,753,722 2,218,054 24.2
Short-term borrowings 59,150 72,100 (18.0)
Long-term debt 274,048 184,081 48.9
Stockholders' equity 268,916 221,496 21.4
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months
Ended
June 30, March 31, June 30,
2003 2003 2002
--------- ---------- ---------
Nonaccrual loans $6,652 $10,813 $8,083
Restructured loans - - -
Loans past due 90 days or more and
still accruing -0- -0- -0-
Total nonperforming loans 6,652 10,813 8,083
Other real estate owned 3,074 4,738 1,906
Total nonperforming assets 9,726 15,551 9,989
Total non performing assets as a
percentage of period-end loans
and other real estate (a) 0.40% 0.68% 0.48%
Allowance for loan and lease losses 35,595 33,247 30,680
Provision for loan and lease losses 1,424 1,091 1,211
Loans charged off 590 1,404 1,009
Loan recoveries 519 856 865
Net loan and lease losses 71 548 144
Allowance for loan and lease losses
as a percentage of period-end loans
and leases (a) 1.47% 1.46% 1.48%
Allowance for loan and lease losses
as a percentage of period-end
nonperforming loans 535.10 307.47 379.56
Net losses to average loans and
leases (annualized) 0.01 0.10 0.03
For the Six
Months Ended
June 30,
----------------- Percentage
2003 2002 Change
--------- ------- -----------
Provision for loan and lease losses $2,515 $2,481 1.4%
Loans charged off 1,994 1,885 5.8
Loan recoveries 1,375 1,565 (12.1)
Net loan and lease losses 619 320 93.4
Net losses to average loans and leases 0.05% 0.03%
(a) Excludes loans held for sale
NM - Not meaningful
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
June 30, March 31, June 30,
2003 2003 2002
--------- ---------- ---------
Interest income:
Interest and fees on loans 6.03% 6.19% 6.88%
Interest on securities:
Taxable 4.09 4.48 5.99
Non-taxable 7.43 7.09 7.45
Total interest earning assets 5.48 5.72 6.61
Interest expense:
Interest on deposits 2.00 2.19 2.69
Interest on short-term borrowing 1.83 2.11 3.04
Interest on long-term debt 3.87 4.02 4.63
Total interest bearing liabilities 2.08 2.24 2.74
Net interest spread 3.40 3.48 3.87
Net interest margin 3.64 3.73 4.21
Six Months Ended
June 30,
-----------------------------
2003 2002
---------- -----------
Interest income:
Interest and fees on loans 6.11% 6.98%
Interest on securities:
Taxable 4.28 6.06
Non-taxable 7.26 7.54
Total interest earning assets 5.60 6.70
Interest expense:
Interest on deposits 2.09 2.80
Interest on short-term borrowing 1.98 2.71
Interest on long-term debt 3.95 4.68
Total interest bearing liabilities 2.16 2.83
Net interest spread 3.44 3.87
Net interest margin 3.69 4.20
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of June 30,
------------------------
2003 2002
---------- ----------
Stockholders' Equity:
Equity to assets 6.91% 7.04%
Leverage ratio 7.16 7.29
Book value per common share (a) $21.02 $17.92
Tangible book value per common share (a) 18.14 16.35
Ending shares outstanding 12,796 12,362
(a) Includes a cumulative mark to market adjustment to equity of $0.37
and $0.23 per share at June 30, 2003 and 2002, respectively.
RECONCILIATION TABLE
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Total revenue $50,909 $41,665 $97,641 $81,969
Securities gains (34) (5) (39) (35)
Disposal of assets 82 51 33 184
Net revenue $50,957 $41,711 $97,635 $82,118
Net income $10,164 $8,782 $19,689 $17,390
Amortization of intangibles,
net of tax 175 142 343 281
Cash earnings $10,339 $8,924 $20,032 $17,671
Book value $268,913 $221,496 $268,913 $221,496
Intangible assets (36,778) (19,428) (36,778) (19,428)
Tangible book value $232,135 $202,068 $232,135 $202,068
Book value per common share $21.02 $17.92 $21.02 $17.92
Effect of intangible assets
per share (2.88) (1.57) (2.88) (1.57)
Tangible book value per
common share $18.14 $16.35 $18.14 $16.35
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
----------------------------------------------------------------------
(In thousands, except share amounts)
June 30, June 30,
2003 2002
----------- -----------
Assets
Cash and due from banks $130,766 $91,436
Interest-bearing deposits in other banks 17,791 10,580
Federal funds sold and securities purchased
under resell agreements 53,487 74,367
Investment securities (fair value $360,191
and $278,497, respectively) 354,688 275,572
Securities available for sale, at fair value 486,548 381,292
Loans held for sale 95,956 20,833
Loans and leases 2,431,900 2,079,566
Unearned income (2,616) (2,488)
----------- -----------
Loans and leases, net of unearned income 2,429,284 2,077,078
Allowance for loan and lease losses (35,595) (30,680)
----------- -----------
Net loans and leases 2,393,689 2,046,398
Property, equipment and leasehold
improvements, net 76,792 66,167
Goodwill 31,591 15,325
Other intangible assets, net 5,187 4,103
Cash surrender value of life insurance 57,352 54,632
Receivable from investment division customers 129,316 46,393
Other assets 58,806 57,250
----------- -----------
Total assets $3,891,969 $3,144,348
=========== ===========
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $427,219 $336,454
Interest bearing 2,326,503 1,881,600
----------- -----------
Total deposits 2,753,722 2,218,054
Federal funds purchased and securities sold
under repurchase agreements 352,560 340,801
Treasury, tax and loan accounts 33 1,267
Accrued expenses and other liabilities 59,052 60,156
Payable for securities purchased for
investment division customers 124,488 46,393
Short-term borrowings 59,150 72,100
Long-term debt 274,048 184,081
----------- -----------
Total liabilities 3,623,053 2,922,852
Common stock, $1 par, 27,500,000 shares
authorized; 12,819,788 and 12,424,544
shares issued at June 30, 2003 and
2002, respectively 12,820 12,425
Additional paid-in capital 125,415 104,436
Retained earnings 126,504 103,521
Treasury stock at cost, 23,792 and 62,145
shares at June 30, 2003 and 2002, respectively (589) (1,674)
Accumulated other comprehensive income,
net of tax 4,766 2,788
----------- -----------
Total stockholders' equity 268,916 221,496
----------- -----------
Total liabilities and stockholders' equity $3,891,969 $3,144,348
=========== ===========
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
(In thousands, except per share data)
For the three For the six
months ended months ended
June 30, June 30,
------------------- -----------------
2003 2002 2003 2002
---------- -------- -------- --------
Interest income:
Interest and fees on loans and
leases $35,947 $35,590 $70,463 $70,543
Interest on securities 8,115 8,760 16,450 17,508
Interest on deposits in other
banks 25 43 60 84
Interest on trading securities 29 14 49 29
Interest on Federal funds sold
and securities purchased
under resell agreements 209 185 333 385
-------- -------- -------- --------
Total interest income 44,325 44,592 87,355 88,549
Interest expense:
Interest on deposits 10,994 12,488 22,140 25,593
Interest on Federal funds
purchased and securities sold
under repurchase agreements 861 998 1,620 1,933
Interest on short-term borrowings 442 682 998 1,081
Interest on long-term debt 2,655 2,125 5,237 4,566
-------- -------- -------- --------
Total interest expense 14,952 16,293 29,995 33,173
-------- -------- -------- --------
Net interest income 29,373 28,299 57,360 55,376
Provision for loan losses 1,424 1,211 2,515 2,481
-------- -------- -------- --------
Net interest income after
provision for loan losses 27,949 27,088 54,845 52,895
Noninterest income:
Securities gains 34 5 39 35
Gain (loss) on disposition of
assets (82) (51) (33) (184)
Service charges on deposit
accounts 3,491 2,889 6,813 5,611
Investment services income 6,372 2,578 11,532 5,659
Securities brokerage and trust
income 3,905 3,122 8,023 5,930
Gain on origination and sale of
mortgages 4,615 2,145 7,949 4,558
Bank owned life insurance 648 752 1,368 1,465
Insurance commissions 854 622 1,638 1,149
Other 1,699 1,304 2,952 2,370
-------- -------- -------- --------
Total noninterest income 21,536 13,366 40,281 26,593
Noninterest expense:
Salaries and employee benefits 16,566 14,325 31,858 27,753
Commission based compensation 6,649 3,547 12,223 6,987
Occupancy and equipment expenses 3,157 2,864 6,370 5,632
Amortization of intangibles 244 191 477 375
Other 7,721 6,659 14,900 13,294
-------- -------- -------- --------
Total noninterest expense 34,337 27,586 65,828 54,041
-------- -------- -------- --------
Income before provision for
income taxes 15,148 12,868 29,298 25,447
Provision for income taxes 4,984 4,086 9,609 8,057
-------- -------- -------- --------
Net income $10,164 $8,782 $19,689 $17,390
======== ======== ======== ========
Net income per common share (basic) $.81 $.71 $1.57 $1.41
======== ======== ======== ========
Weighted average common shares
outstanding (basic) 12,570 12,359 12,546 12,354
======== ======== ======== ========
Net income per common share
(diluted) $.80 $.69 $1.55 $1.38
======== ======== ======== ========
Weighted average common shares
outstanding (diluted) 12,745 12,657 12,717 12,644
======== ======== ======== ========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 06/30/03
----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $2,394,732 $36,020 6.03%
Securities:
Taxable 758,152 7,740 4.09
Tax exempt 30,674 568 7.43
Cash balances in other banks 12,208 25 0.82
Funds sold 65,934 209 1.27
Trading account securities 2,700 29 4.31
----------- --------
Total earning assets (2) 3,264,400 44,591 5.48
----------- --------
Cash and due from banks 90,102
Premises and equipment 73,830
Other assets 157,238
Allowance for loan and lease losses (34,038)
-----------
Total assets $3,551,532
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $511,742 $1,239 0.97
Savings deposits 454,108 1,129 1.00
Time deposits 1,237,981 8,626 2.79
Funds purchased 300,939 861 1.15
Other short-term borrowings 96,653 442 1.83
Long-term debt 275,069 2,655 3.87
----------- --------
Total interest-bearing liabilities 2,876,492 14,952 2.08
----------- --------
Demand deposits 364,456
Accrued interest and other liabilities 63,594
Stockholders' equity 246,990
-----------
Total liabilities and stockholders'
equity $3,551,532
===========
Net interest spread 3.40%
=======
Net interest income/margin on
a taxable equivalent basis 29,639 3.64%
=======
Tax equivalent adjustment (2) 266
--------
Net interest income/margin $29,373 3.61%
======== =======
Three Months 06/30/02
----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $2,078,024 $35,660 6.88%
Securities:
Taxable 560,545 8,374 5.99
Tax exempt 31,436 584 7.45
Cash balances in other banks 8,244 43 2.09
Funds sold 41,682 185 1.78
Trading account securities 1,111 14 5.06
----------- --------
Total earning assets (2) 2,721,042 44,860 6.61
----------- --------
Cash and due from banks 85,618
Premises and equipment 68,296
Other assets 122,558
Allowance for loan and lease losses (30,568)
-----------
Total assets $2,966,946
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $401,866 $1,349 1.35
Savings deposits 389,360 1,393 1.43
Time deposits 1,072,822 9,746 3.64
Funds purchased 245,442 998 1.63
Other short-term borrowings 89,887 682 3.04
Long-term debt 184,142 2,125 4.63
----------- --------
Total interest-bearing liabilities 2,383,519 16,293 2.74
----------- --------
Demand deposits 317,670
Accrued interest and other liabilities 46,889
Stockholders' equity 218,868
-----------
Total liabilities and stockholders'
equity $2,966,946
===========
Net interest spread 3.87%
=======
Net interest income/margin on
a taxable equivalent basis 28,567 4.21%
=======
Tax equivalent adjustment (2) 268
--------
Net interest income/margin $28,299 4.17%
======== =======
(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 06/30/03
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $2,329,948 $70,606 6.11%
Securities:
Taxable 739,552 15,704 4.28
Tax exempt 31,412 1,130 7.26
Cash balances in other banks 11,371 60 1.06
Funds sold 52,289 333 1.28
Trading account securities 2,434 49 4.06
----------- --------
Total earning assets (2) 3,167,006 87,882 5.60
----------- --------
Cash and due from banks 89,227
Premises and equipment 73,553
Other assets 150,307
Allowance for loan and lease losses (33,598)
-----------
Total assets $3,446,495
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $505,412 $2,551 1.02
Savings deposits 430,245 2,177 1.02
Time deposits 1,198,762 17,412 2.93
Funds purchased 294,602 1,620 1.11
Other short-term borrowings 101,673 998 1.98
Long-term debt 267,661 5,237 3.95
----------- --------
Total interest-bearing
liabilities 2,798,355 29,995 2.16
----------- --------
Demand deposits 343,568
Accrued interest and other liabilities 61,920
Stockholders' equity 242,652
-----------
Total liabilities and stockholders'
equity $3,446,495
===========
Net interest spread 3.44%
=======
Net interest income/margin on
a taxable equivalent basis 57,887 3.69%
=======
Tax equivalent adjustment (2) 527
--------
Net interest income/margin $57,360 3.65%
======== =======
Six Months 06/30/02
----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $2,043,512 $70,690 6.98%
Securities:
Taxable 556,351 16,725 6.06
Tax exempt 31,749 1,186 7.54
Cash balances in other banks 7,948 84 2.13
Funds sold 42,934 385 1.81
Trading account securities 1,164 29 5.02
----------- --------
Total earning assets (2) 2,683,658 89,099 6.70
----------- --------
Cash and due from banks 90,344
Premises and equipment 65,656
Other assets 122,407
Allowance for loan and lease losses (29,921)
-----------
Total assets $2,932,144
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $395,582 $2,645 1.35
Savings deposits 392,538 2,838 1.46
Time deposits 1,054,005 20,110 3.85
Funds purchased 242,102 1,933 1.61
Other short-term borrowings 80,447 1,081 2.71
Long-term debt 196,679 4,566 4.68
----------- --------
Total interest-bearing liabilities 2,361,353 33,173 2.83
----------- --------
Demand deposits 308,528
Accrued interest and other liabilities 46,083
Stockholders' equity 216,180
-----------
Total liabilities and stockholders'
equity $2,932,144
===========
Net interest spread 3.87%
=======
Net interest income/margin on
a taxable equivalent basis 55,926 4.20%
=======
Tax equivalent adjustment (2) 550
--------
Net interest income/margin $55,376 4.16%
======== =======
(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.
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