Alabama National BanCorporation Announces Record Earnings for Quarter.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. 19, 1999-- 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/NM:ALAB ALAB Atomic Safety and Licensing Appeal Board ) today announced record earnings for the third quarter and nine months ended September September: see month. 30, 1999. ANB reported net earnings for the 1999 third quarter of $5.72 million, a 13.2% increase over 1998's third quarter net earnings of $5.05 million. Earnings per common share were $0.51 (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. ) and $0.51 (basic) compared with $0.45 (diluted) and $0.47 (basic) for the third quarter of 1998. ANB's return on average assets and return on average equity for the quarter ended September 30, 1999, were 1.27% and 16.45%, respectively, compared with 1.25% and 15.81% for the third quarter of 1998. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were $16.12 million, an increase of 12.3% over the $14.35 million reported in 1998. Net income per common share was $1.43 (diluted) and $1.45 (basic), compared to $1.30 (diluted) and $1.34 (basic) for the same period in 1998. Return on average assets and return on average equity for the nine months ended September 30, 1999, were 1.25% and 15.86%, respectively, compared with 1.23% and 15.60% in the first nine months of 1998. Total assets increased 9.6% to $1.86 billion as of September 30, 1999, compared with $1.70 billion one year ago. Loans increased to $1.25 billion at quarter end, an increase of 23.4% compared with $1.01 billion at September 30, 1998. Deposits increased 12.3% to $1.41 billion from $1.25 billion at September 30, 1998. 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 $137.6 million at September 30, 1999, reflecting a 5.3% increase over the $130.7 million in shareholders' equity reported at September 30, 1998. "We are extremely pleased with ANB's results for the third quarter and the first nine months of 1999. We are delighted to show an 11.4% growth in net revenue, led by strong growth in net interest revenue," said John H. Holcomb Holcomb may refer to:
See also: Spite the difficult interest rate environment, which has impacted both the mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and fixed income businesses." ANB's allowance for loan losses covered period-end non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. 385.36% at September 30, 1999, compared with September 1998's 340.40% coverage. 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 were 0.44% at September 30, 1999, compared with 0.59% at September 30, 1998. Year-to-date net loan losses were 0.04% of average loans. ANB is a $1.86 billion bank holding company operating 45 locations through ten 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. . The lead bank subsidiary for the holding company is 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. "). 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 Decatur. 1 City (1990 pop. 48,761), seat of Morgan co., N Ala., on the Tennessee River; inc. 1826. It has shipyards, port traffic, and diverse industries, including steel manufacturing. ; First Citizens Bank, N.A. 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. and Public Bank in St. Cloud cloud, aggregation of minute particles of water or ice suspended in the air. Formation of Clouds Clouds are formed when air containing water vapor is cooled below a critical temperature called the dew point and the resulting moisture condenses into . ANB has one subsidiary in Georgia, Georgia State Bank in Mableton. ANB subsidiaries provide retail and commercial banking, investment, brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , trust, leasing, insurance and mortgage banking services to individuals and businesses that prefer local bank decision-making decision-making, 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. Insurance services are provided through the recently-acquired Rankin Insurance Agency, a subsidiary of First American Bank. ANB common stock is traded on the NASDAQ/National Market System under the symbol "ALAB." Statements contained in this press release which are not historical facts are 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. . 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. -0-
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts and percentages)
Three Months Ended
September 30, Percentage
1999 1998 Change
Net interest income $17,038 $14,429 18.1%
Provision for loan losses 408 277 47.3
Noninterest income 6,933 7,085 (2.1)
Noninterest expense 15,234 13,934 9.3
Earnings before income taxes 8,329 7,303 14.0
Income taxes 2,609 2,251 15.9
Net earnings $ 5,720 $ 5,052 13.2
Weighted average common and common
equivalent shares outstanding
Basic 11,127 10,861 2.4%
Diluted 11,315 11,161 1.4
Net earnings per common share
Basic $ .51 $ .47 8.5%
Diluted .51 .45 13.3
Cash earnings (excluding goodwill
amortization)
Total $ 5,870 $ 5,128 14.5%
Basic per common share .53 .47 12.8
Diluted per common share .52 .46 13.0
Cash dividends declared on
common stock $ .18 $ .15
Return on average assets 1.27% 1.25%
Return on average equity 16.45 15.81
Non-Interest Income
Securities gains $ - $ 1 (100)%
Service charge income 1,916 1,888 1.5
Investment services 2,136 2,541 (15.9)
Trust department income 550 510 7.8
Origination and sale of mortgages 860 1,105 (22.2)
Gain (loss) on disposal of assets 38 39 (2.6)
Bank owned life insurance 386 281 37.4
Other 1,047 720 45.4
--------------------
Total noninterest income $ 6,933 $ 7,085 (2.1)
====================
Nine Months Ended
September 30, Percentage
1999 1998 Change
Net interest income $48,376 $43,382 11.5%
Provision for loan losses 1,338 888 50.7
Noninterest income 22,386 21,551 3.9
Noninterest expense 45,853 43,164 6.2
Earnings before income taxes 23,571 20,881 12.9
Income taxes 7,452 6,530 14.1
Net earnings $16,119 $14,351 12.3
Weighted average common and common
equivalent shares outstanding
Basic 11,084 10,722 3.4%
Diluted 11,273 11,078 1.8
Net earnings per common share
Basic $ 1.45 $ 1.34 8.2%
Diluted 1.43 1.30 10.0
Cash earnings (excluding goodwill
amortization)
Total $16,383 $14,578 12.4%
Basic per common share 1.48 1.36 8.8
Diluted per common share 1.45 1.32 9.8
Cash dividends declared on
common stock $ .54 $ .45
Return on average assets 1.25% 1.23%
Return on average equity 15.86 15.60
Non-Interest Income
Securities gains $ 189 $ 174 8.6%
Service charge income 5,538 5,362 3.3
Investment services 7,857 8,346 (5.9)
Trust department income 1,620 1,567 3.4
Origination and sale of mortgages 3,229 3,017 7.0
Gain (loss) on disposal of assets 246 328 (25.0)
Bank owned life insurance 1,111 879 26.4
Other 2,596 1,878 38.2
---------------------
Total noninterest income $22,386 $21,551 3.9
=====================
September 30, Percentage
1999 1998 Change
Total assets $1,863,368 $1,699,754 9.6%
Earning assets 1,687,253 1,465,365 15.1
Securities 351,754 366,127 (3.9)
Loans held for sale 8,162 13,117 (37.8)
Loans, net of unearned income 1,252,806 1,015,102 23.4
Allowance for loan losses 17,553 16,016 9.6
Deposits 1,408,965 1,255,138 12.3
Short-term borrowings 48,389 22,200 118.0
Long-term debt 71,025 17,344 309.5
Stockholders' equity 137,641 130,714 5.3
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of/For the
Nine Months Ended
September 30, Percentage
1999 1998 Change
Nonaccrual loans $ 4,056 $ 4,182 (3.0)%
Restructured loans 499 523 (4.6)
Loans past due 90 days or more and
still accruing - -
Total nonperforming loans 4,555 4,705 (3.2)
Other real estate owned 1,020 1,256 (18.8)
Total nonperforming assets 5,575 5,961 (6.5)
Total nonperforming assets as a
percentage of period-end loans
and other real estate 0.44% 0.59%
Allowance for loan losses 17,553 16,016 9.6
Provision for loan losses 1,338 888 50.7
Net loan losses (recoveries) 325 (284) (214.4)
Allowance for loan losses as a
percentage of period-end loans (a) 1.40% 1.58%
Allowance for loan losses as a
percentage of period-end
nonperforming loans 385.36 340.40
Net losses (recoveries) to average loans 0.04 (0.04)
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
September 30,
1999 1998
Interest income:
Interest and fees on loans 8.58% 9.03%
Interest on securities:
Taxable 6.34 6.26
Non-taxable 7.26 8.59
Total interest earning assets 8.02 8.26
Interest expense:
Interest on deposits 4.18 4.61
Interest on short-term borrowing 5.58 4.82
Interest on long-term debt 5.21 6.22
Total interest bearing liabilities 4.38 4.74
Net interest spread 3.64 3.52
Net interest margin 4.25 4.16
Nine Months Ended
September 30,
1999 1998
Interest income:
Interest and fees on loans 8.51% 9.23%
Interest on securities:
Taxable 6.22 6.33
Non-taxable 7.42 8.07
Total interest earning assets 7.93 8.43
Interest expense:
Interest on deposits 4.16 4.61
Interest on short-term borrowing 5.39 6.73
Interest on long-term debt 5.18 5.70
Total interest bearing liabilities 4.31 4.76
Net interest spread 3.62 3.67
Net interest margin 4.25 4.30
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
September 30,
1999 1998
Stockholders' Equity:
Equity to assets 7.39% 7.69%
Leverage ratio 7.36 7.55
Book value per common share $ 12.44 $ 11.85
Tangible book value per common share 11.46 11.10
Ending shares outstanding 11,064 11,028
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