Alabama National BanCorporation Announces Earnings for Third 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)--Oct. 15, 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/NMS: ALAB ALAB Atomic Safety and Licensing Appeal Board ) today announced earnings for the quarter ended September September: see month. 30, 2003. ANB's results for the third 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 $0.71 in the third quarter of 2002, an increase of 13.0%. Net income of $10.6 million was up 17.3% from the 2002 third quarter. Third quarter 2003 return on average equity was 15.55% and return on average assets was 1.12%. 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 $52.1 million in the third quarter, up 15.1% from $45.2 million in the year ago quarter. Noninterest income, which represented 40.3% of total third quarter 2003 net revenues, grew 33.1% from the 2002 third quarter. During the quarter, Alabama National recognized a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain in the amount of $799,000, resulting from the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy and sale of a mutual insurance company in which ANB had been a policyholder Policyholder An individual who owns an insurance policy. . Although ANB may possibly receive an additional smaller amount in the future from this event, ANB management views this gain as a non-recurring item. Given this gain, ANB elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to prepay pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. certain borrowings from the
Federal Home Loan Bank of 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. during the quarter, and incur To become subject to and liable for; to have liabilities imposed by act or operation of law.Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. the associated prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. in the pre-tax amount of $822,000. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings through September 30, 2003, were $30.3 million, an increase of 14.6% over the $26.4 million in earnings reported for the same period in 2002. During the 2003 nine months, diluted earnings per share were $2.35, compared to $2.08 for the same period in 2002, an increase of 12.8%. Return on average equity and return on average assets for the nine months ended September 30, 2003, were 16.07% and 1.14%, respectively, compared to 16.07% and 1.18% for the same period in 2002. Year-to-date noninterest income represented 40.9% of total net revenues. "We are pleased with the results of the third quarter and first nine months of 2003," said John H. Holcomb Holcomb may refer to:
Total assets at quarter-end of $3.85 billion were up 19.3% from September 30, 2002's $3.23 billion. Deposits at September 30, 2003 were $2.75 billion, an increase of 21.3% over September 30, 2002. Loans (excluding loans held for sale) grew to $2.55 billion at September 30, 2003, up 17.4% from September 30, 2002. September 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 $272.1 million, or $21.23 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 $18.38. 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 $536.8 million, with $357.0 million in loan growth and $123.2 million in securities growth. Total deposit growth from year-end 2002 was $422.1 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 June June: see month. 19, 2003 acquisition of 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. 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 0.35% of period end loans and other real estate, down from September 30, 2002's 0.42%. 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 582%. Net charge-offs for the quarter of $12 thousand represent a 0.00% 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 $631 thousand represent a 0.04% 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 September 30, 2003, ANB had assets of $3.85 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. 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 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 National Market System under the symbol "ALAB." Alabama National will provide an on-line, real time Web cast and rebroadcast of its third quarter conference call to discuss financial results for the quarter completed September 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.net, on October October: see month. 16, 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 October 16. A telephonic replay will be available through November November: see month. 15, by dialing 800-642-1687 and entering Passcode 2966848. 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
September 30,
-------------------- Percentage
2003 2002 Change (b)
--------- --------- ----------
Net interest income $ 31,098 $ 29,466 5.5%
Noninterest income 21,872 16,183 35.2
Total revenue 52,970 45,649 16.0
Provision for loan and lease losses 1,396 2,245 (37.8)
Noninterest expense 35,625 30,174 18.1
Net income before income taxes 15,949 13,230 20.6
Income taxes 5,368 4,212 27.4
Net income $ 10,581 $ 9,018 17.3
Weighted average common and common
equivalent shares outstanding
Basic 12,935 12,364 4.6%
Diluted 13,161 12,679 3.8
Net income per common share
Basic $ .82 $ .73 12.2%
Diluted .80 .71 13.0
Cash earnings (a)
Total $ 10,783 $ 9,181 17.4%
Basic .83 .74 12.3
Diluted .82 .72 13.1
Cash dividends declared on common
stock $ .285 $ .25
Return on average assets 1.12% 1.16%
Return on average equity 15.55 15.79
Noninterest Income
Securities gains $ 4 $ - NM
Service charge income 3,623 3,158 14.7
Investment services income 4,555 3,261 39.7
Securities brokerage and trust
income 3,995 3,864 3.4
Origination and sale of mortgages 5,478 2,814 94.7
Gain on disposal and liquidation of
assets 914 435 110.1
Bank owned life insurance 684 791 (13.5)
Insurance commissions 797 651 22.4
Other 1,822 1,209 50.7
--------- ---------
Total noninterest income $ 21,872 $ 16,183 35.2
========= =========
(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
Nine Months Ended
September 30,
-------------------- Percentage
2003 2002 Change (b)
--------- --------- ----------
Net interest income $ 88,458 $ 84,842 4.3%
Noninterest income 62,153 42,776 45.3
Total revenue 150,611 127,618 18.0
Provision for loan and lease losses 3,911 4,726 (17.2)
Noninterest expense 101,453 84,215 20.5
Net income before income taxes 45,247 38,677 17.0
Income taxes 14,977 12,269 22.1
Net income $ 30,270 $ 26,408 14.6
Weighted average common and common
equivalent shares outstanding
Basic 12,678 12,358 2.6%
Diluted 12,875 12,668 1.6
Net income per common share
Basic $ 2.39 $ 2.14 11.7%
Diluted 2.35 2.08 12.8
Cash earnings (a)
Total $ 30,816 $ 26,852 14.8%
Basic 2.43 2.17 11.9
Diluted 2.39 2.12 12.9
Cash dividends declared on common
stock $ .855 $ .75
Return on average assets 1.14% 1.18%
Return on average equity 16.07 16.07
Noninterest Income
Securities gains $ 43 $ 35 22.9%
Service charge income 10,436 8,769 19.0
Investment services income 16,087 8,920 80.3
Securities brokerage and trust
income 12,018 9,794 22.7
Origination and sale of mortgages 13,427 7,372 82.1
Gain on disposal and liquidation of
assets 881 251 251.0
Bank owned life insurance 2,052 2,256 (9.0)
Insurance commissions 2,435 1,800 35.3
Other 4,774 3,579 33.4
--------- ---------
Total noninterest income $ 62,153 $ 42,776 45.3
========= =========
(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,
---------------------- Percentage
2003 2002 Change
---------- ---------- ----------
Total assets $3,852,941 $3,229,836 19.3%
Earning assets 3,465,292 2,910,247 19.1
Securities (a) 823,526 627,607 31.2
Loans held for sale 37,744 48,835 (22.7)
Loans and leases, net of unearned
income 2,548,353 2,170,400 17.4
Allowance for loan and lease
losses 36,979 32,674 13.2
Deposits 2,752,516 2,270,032 21.3
Short-term borrowings 61,150 77,100 (20.7)
Long-term debt 315,040 189,074 66.6
Stockholders' equity 272,139 228,585 19.1
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months Ended
September 30, June 30, September 30,
2003 2003 2002
------------- ----------- -------------
Nonaccrual loans $ 6,357 $ 6,652 $ 7,380
Restructured loans - - -
Loans past due 90 days or
more and still accruing 0 0 0
Total nonperforming loans 6,357 6,652 7,380
Other real estate owned 2,517 3,074 1,799
Total nonperforming assets 8,874 9,726 9,179
Total non performing assets
as a percentage of
period-end loans and
other real estate (a) 0.35% 0.40% 0.42%
Allowance for loan and
lease losses 36,979 35,595 32,674
Provision for loan and
lease losses 1,396 1,424 2,245
Loans charged off 702 590 824
Loan recoveries 690 519 573
Net loan and lease losses 12 71 251
Allowance for loan and lease
losses as a percentage of
period-end loans and
leases (a) 1.45% 1.47% 1.51%
Allowance for loan and lease
losses as a percentage of
period-end nonperforming
loans 581.71 535.10 442.74
Net losses to average loans
and leases (annualized) 0.00 0.01 0.05
For the Nine Months Ended
September 30,
------------------------- Percentage
2003 2002 Change
----------- ----------- -----------
Provision for loan and lease
losses $ 3,911 $ 4,726 -17.2%
Loans charged off 2,696 2,709 (.5)
Loan recoveries 2,065 2,138 (3.4)
Net loan and lease losses 631 571 10.5
Net losses to average loans and
leases 0.04% 0.04%
(a) Excludes loans held for sale
NM - Not meaningful
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
September 30, June 30, September 30,
2003 2003 2002
-------------- -------------- -------------
Interest income:
Interest and fees on
loans 5.86% 6.03% 6.76%
Interest on securities:
Taxable 3.65 4.09 5.77
Non-taxable 6.82 7.43 7.46
Total interest earning
assets 5.27 5.48 6.47
Interest expense:
Interest on deposits 1.78 2.00 2.58
Interest on short-term
borrowing 1.87 1.83 3.07
Interest on long-term
debt 3.79 3.87 4.58
Total interest bearing
liabilities 1.87 2.08 2.63
Net interest spread 3.40 3.40 3.84
Net interest margin 3.63 3.64 4.17
Nine Months Ended
September 30,
------------------------------
2003 2002
-------------- ---------------
Interest income:
Interest and fees on
loans 6.02% 6.90%
Interest on securities:
Taxable 4.06 5.96
Non-taxable 7.11 7.51
Total interest earning
assets 5.48 6.62
Interest expense:
Interest on deposits 1.98 2.72
Interest on short-term
borrowing 1.95 2.83
Interest on long-term
debt 3.89 4.65
Total interest bearing
liabilities 2.06 2.76
Net interest spread 3.42 3.86
Net interest margin 3.67 4.19
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of September 30,
------------------------------
2003 2002
-------------- ---------------
Stockholders' Equity:
Equity to assets 7.06% 7.08%
Leverage ratio 7.58 7.19
Book value per common
share (a) $ 21.23 $ 18.48
Tangible book value per
common share (a) 18.38 16.84
Ending shares
outstanding 12,819 12,366
(a) Includes a cumulative mark to market adjustment to equity of $0.04
and $0.29 per share at September 30, 2003 and 2002, respectively.
RECONCILIATION TABLE
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2003 2002 2003 2002
-------- -------- -------- --------
Total revenue $ 52,970 $ 45,649 $150,611 $127,618
Securities gains (4) - (43) (35)
Disposal of assets (914) (435) (881) (251)
Net revenue $ 52,052 $ 45,214 $149,687 $127,332
Net income $ 10,581 $ 9,018 $ 30,270 $ 26,408
Amortization of intangibles,
net of tax 202 163 546 444
Cash earnings $ 10,783 $ 9,181 $ 30,816 $ 26,852
Book value $272,139 $228,585 $272,139 $228,585
Intangible assets (36,475) (20,379) (36,475) (20,379)
Tangible book value $235,664 $208,206 $235,664 $208,206
Book value per common share $ 21.23 $ 18.48 $ 21.23 $ 18.48
Effect of intangible assets
per share (2.85) (1.64) (2.85) (1.64)
Tangible book value per
common share $ 18.38 $ 16.84 $ 18.38 $ 16.84
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
----------------------------------------------------------
(In thousands, except share amounts)
September 30, September 30,
2003 2002
------------- -------------
Assets
Cash and due from banks $ 140,451 $ 98,970
Interest-bearing deposits in other
banks 24,471 18,163
Federal funds sold and securities
purchased under resell agreements 31,172 43,813
Trading securities, at fair value 26 1,429
Investment securities (fair value
$295,079 and $250,436, respectively) 295,605 247,583
Securities available for sale, at fair
value 527,921 380,024
Loans held for sale 37,744 48,835
Loans and leases 2,551,300 2,172,871
Unearned income (2,947) (2,471)
---------- ----------
Loans and leases, net of unearned
income 2,548,353 2,170,400
Allowance for loan and lease losses (36,979) (32,674)
---------- ----------
Net loans and leases 2,511,374 2,137,726
Property, equipment and leasehold
improvements, net 77,242 67,688
Goodwill 31,572 15,448
Other intangible assets, net 4,903 4,931
Cash surrender value of life insurance 58,035 55,391
Receivable from investment division
customers 72,495 68,118
Other assets 39,930 41,717
---------- ----------
Total assets $3,852,941 $3,229,836
========== ==========
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $ 426,639 $ 347,675
Interest bearing 2,325,877 1,922,357
---------- ----------
Total deposits 2,752,516 2,270,032
Federal funds purchased and securities
sold under repurchase agreements 337,991 353,361
Treasury, tax and loan accounts 706 1,744
Accrued expenses and other liabilities 43,877 49,940
Payable for securities purchased for
investment division customers 69,522 60,000
Short-term borrowings 61,150 77,100
Long-term debt 315,040 189,074
---------- ----------
Total liabilities 3,580,802 3,001,251
Common stock, $1 par, 27,500,000 shares
authorized; 12,819,788 and 12,424,544
shares issued at September 30, 2003
and 2002, respectively 12,820 12,425
Additional paid-in capital 125,823 104,884
Retained earnings 133,027 109,312
Treasury stock at cost, 723 and 58,650
shares at September 30, 2003 and 2002,
respectively (24) (1,580)
Accumulated other comprehensive income,
net of tax 493 3,544
---------- ----------
Total stockholders' equity 272,139 228,585
---------- ----------
Total liabilities and stockholders'
equity $3,852,941 $3,229,836
========== ==========
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,
--------------------- ---------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Interest income:
Interest and fees on
loans and leases $ 37,578 $ 36,627 $108,041 $107,170
Interest on securities 7,428 9,011 23,878 26,519
Interest on deposits in
other banks 26 36 86 120
Interest on trading
securities 27 14 76 43
Interest on Federal
funds sold and
securities purchased
under resell
agreements 198 172 531 557
-------- -------- -------- --------
Total interest income 45,257 45,860 132,612 134,409
Interest expense:
Interest on deposits 10,355 12,375 32,495 37,968
Interest on Federal
funds purchased and
securities sold under
repurchase agreements 815 1,251 2,435 3,184
Interest on short-term
borrowings 315 606 1,313 1,687
Interest on long-term
debt 2,674 2,162 7,911 6,728
-------- -------- -------- --------
Total interest expense 14,159 16,394 44,154 49,567
-------- -------- -------- --------
Net interest income 31,098 29,466 88,458 84,842
Provision for loan losses 1,396 2,245 3,911 4,726
-------- -------- -------- --------
Net interest income after
provision for loan
losses 29,702 27,221 84,547 80,116
Noninterest income:
Securities gains 4 - 43 35
Gain on disposition and
liquidation of assets 914 435 881 251
Service charges on
deposit accounts 3,623 3,158 10,436 8,769
Investment services
income 4,555 3,261 16,087 8,920
Securities brokerage
and trust income 3,995 3,864 12,018 9,794
Gain on origination and
sale of mortgages 5,478 2,814 13,427 7,372
Bank owned life
insurance 684 791 2,052 2,256
Insurance commissions 797 651 2,435 1,800
Other 1,822 1,209 4,774 3,579
-------- -------- -------- --------
Total noninterest income 21,872 16,183 62,153 42,776
Noninterest expense:
Salaries and employee
benefits 16,874 15,808 48,732 43,561
Commission based
compensation 6,062 4,279 18,285 11,266
Occupancy and equipment
expenses 3,326 3,006 9,696 8,638
Amortization of
intangibles 285 225 762 600
Penalty on long-term
debt repayment 822 - 822 -
Other 8,256 6,856 23,156 20,150
-------- -------- -------- --------
Total noninterest expense 35,625 30,174 101,453 84,215
-------- -------- -------- --------
Income before provision
for income taxes 15,949 13,230 45,247 38,677
Provision for income
taxes 5,368 4,212 14,977 12,269
-------- -------- -------- --------
Net income $ 10,581 $ 9,018 $ 30,270 $ 26,408
======== ======== ======== ========
Net income per common
share (basic) $ .82 $ .73 $ 2.39 $ 2.14
======== ======== ======== ========
Weighted average common
shares outstanding
(basic) 12,935 12,364 12,678 12,358
======== ======== ======== ========
Net income per common
share (diluted) $ .80 $ .71 $ 2.35 $ 2.08
======== ======== ======== ========
Weighted average common
shares outstanding
(diluted) 13,161 12,679 12,875 12,668
======== ======== ======== ========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 09/30/03
-----------------------------
Average Income/ Yield/
Balance Expense Cost
---------- -------- -------
Assets:
Earning assets:
Loans and leases (1)(2) $2,549,891 $ 37,643 5.86%
Securities:
Taxable 768,416 7,061 3.65
Tax exempt (2) 30,881 531 6.82
Cash balances in other banks 11,650 26 0.89
Funds sold 61,345 198 1.28
Trading account securities 3,191 27 3.36
---------- --------
Total earning assets (2) 3,425,374 45,486 5.27
---------- --------
Cash and due from banks 85,028
Premises and equipment 76,805
Other assets 189,257
Allowance for loan and lease losses (36,334)
----------
Total assets $3,740,130
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 511,578 $ 931 0.72
Savings deposits 515,106 1,109 0.85
Time deposits 1,285,128 8,315 2.57
Funds purchased 342,499 815 0.94
Other short-term borrowings 66,750 315 1.87
Long-term debt 279,922 2,674 3.79
---------- --------
Total interest-bearing
liabilities 3,000,983 14,159 1.87
---------- --------
Demand deposits 418,895
Accrued interest and other liabilities 50,273
Stockholders' equity 269,979
----------
Total liabilities and stockholders'
equity $3,740,130
==========
Net interest spread 3.40%
=======
Net interest income/margin on
a taxable equivalent basis 31,327 3.63%
=======
Tax equivalent adjustment (2) 229
--------
Net interest income/margin $ 31,098 3.60%
======= =======
Three Months 09/30/02
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1)(2) $2,153,056 $ 36,689 6.76%
Securities:
Taxable 593,892 8,632 5.77
Tax exempt (2) 30,529 574 7.46
Cash balances in other banks 9,230 36 1.55
Funds sold 39,768 172 1.72
Trading account securities 1,609 14 3.45
---------- --------
Total earning assets (2) 2,828,084 46,117 6.47
---------- --------
Cash and due from banks 86,059
Premises and equipment 65,208
Other assets 135,469
Allowance for loan and lease losses (31,601)
----------
Total assets $3,083,219
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 401,149 $ 1,342 1.33
Savings deposits 389,063 1,398 1.43
Time deposits 1,114,383 9,635 3.43
Funds purchased 307,248 1,251 1.62
Other short-term borrowings 78,239 606 3.07
Long-term debt 187,370 2,162 4.58
---------- --------
Total interest-bearing
liabilities 2,477,452 16,394 2.63
---------- --------
Demand deposits 325,632
Accrued interest and other liabilities 53,486
Stockholders' equity 226,649
----------
Total liabilities and stockholders'
equity $3,083,219
==========
Net interest spread 3.84%
=======
Net interest income/margin on
a taxable equivalent basis 29,723 4.17%
=======
Tax equivalent adjustment (2) 257
--------
Net interest income/margin $ 29,466 4.13%
======== =======
(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 09/30/03
-----------------------------
Average Income/ Yield/
Balance Expense Cost
---------- -------- -------
Assets:
Earning assets:
Loans and leases (1)(2) $2,404,068 $108,249 6.02%
Securities:
Taxable 749,279 22,765 4.06
Tax exempt (2) 31,233 1,661 7.11
Cash balances in other banks 11,465 86 1.00
Funds sold 55,341 531 1.28
Trading account securities 2,689 76 3.78
---------- --------
Total earning assets (2) 3,254,075 133,368 5.48
---------- --------
Cash and due from banks 87,812
Premises and equipment 74,649
Other assets 163,433
Allowance for loan and lease losses (34,520)
----------
Total assets $3,545,449
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 507,490 $ 3,482 0.92
Savings deposits 458,843 3,286 0.96
Time deposits 1,227,867 25,727 2.80
Funds purchased 310,743 2,435 1.05
Other short-term borrowings 89,904 1,313 1.95
Long-term debt 271,793 7,911 3.89
---------- --------
Total interest-bearing
liabilities 2,866,640 44,154 2.06
---------- --------
Demand deposits 368,953
Accrued interest and other liabilities 57,995
Stockholders' equity 251,861
----------
Total liabilities and stockholders'
equity $3,545,449
==========
Net interest spread 3.42%
=======
Net interest income/margin on
a taxable equivalent basis 89,214 3.67%
=======
Tax equivalent adjustment (2) 756
--------
Net interest income/margin $ 88,458 3.63%
======== =======
Nine Months 09/30/02
-----------------------------
Average Income/ Yield/
Balance Expense Cost
---------- -------- -------
Assets:
Earning assets:
Loans and leases (1)(2) $2,080,428 $107,379 6.90%
Securities:
Taxable 569,002 25,357 5.96
Tax exempt (2) 31,338 1,760 7.51
Cash balances in other banks 8,380 120 1.91
Funds sold 41,867 557 1.78
Trading account securities 1,314 43 4.38
---------- --------
Total earning assets (2) 2,732,329 135,216 6.62
---------- --------
Cash and due from banks 88,900
Premises and equipment 65,505
Other assets 126,809
Allowance for loan and lease losses (30,487)
----------
Total assets $2,983,056
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 397,458 $ 3,987 1.34
Savings deposits 391,367 4,236 1.45
Time deposits 1,074,352 29,745 3.70
Funds purchased 264,056 3,184 1.61
Other short-term borrowings 79,703 1,687 2.83
Long-term debt 193,542 6,728 4.65
---------- --------
Total interest-bearing
liabilities 2,400,478 49,567 2.76
---------- --------
Demand deposits 314,292
Accrued interest and other liabilities 48,578
Stockholders' equity 219,708
----------
Total liabilities and stockholders'
equity $2,983,056
==========
Net interest spread 3.86%
=======
Net interest income/margin on
a taxable equivalent basis 85,649 4.19%
=======
Tax equivalent adjustment (2) 807
--------
Net interest income/margin $ 84,842 4.15%
======== =======
(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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