Alabama National BanCorporation Announces Second Quarter 2005 Earnings.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- 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 quarter ended June June: see month. 30, 2005. For the 2005 second quarter, ANB reported earnings of $16.2 million, up 22.3% from the 2004 second quarter. 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 $0.93 were up 11.1% from the year ago quarter. 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. cash earnings per share were $0.96, up 10.0% from the 2004 second quarter. Total revenue grew to $67.3 million in the 2005 second quarter, up 14.2% from $58.9 million in the year ago second quarter. Noninterest income represented 27.1% of second quarter 2005 total revenue, down from 32.7% in the 2004 second quarter. ANB's taxable equivalent net interest margin was 3.93% for the 2005 second quarter, up 28 basis points from the 2004 second quarter and down 1 basis point from the first quarter of 2005. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were $31.7 million, an increase of 29.0% over the $24.6 million in earnings reported for the same period in 2004. Diluted earnings per share for the first six months of 2005 were $1.82, up 11.2% from the $1.64 earned in the first half of 2004. Six months 2005 cash earnings per diluted share of $1.88 were up 11.0% over 2004 levels. "I am proud of our employees and their consistent performance. We are encouraged by the continuation continuation - continuation passing style of loan growth and earnings per share growth while maintaining strong asset quality," said John H. Holcomb Holcomb may refer to:
Total assets at June 30, 2005 were $5.7 billion. Loan growth (excluding loans held for sale) was 25.0% 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 during the 2005 second quarter, while securities purchases continued to be moderate, with ending balances down $24 million from March 31, 2005 levels. Year-to-date annualized loan growth was 21.2%. Deposits grew at an 11.1% annualized rate from March 31, 2005 and at a 13.1% annualized rate from December December: see month. 31, 2004, ending the June 30, 2005 period at $4.2 billion. Quarter-end shareowners' equity was $549 million, or $32.26 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 $23.20. During the 2005 second quarter, ANB recognized $180 thousand in net charge-offs, or an annualized rate of 0.02% of average loans. Combined with first quarter net charge-offs, ANB's year-to-date loss of $482 thousand represents a rate of 0.03% in net losses to average loans and leases. 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. were 0.19% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 714%. ANB is a bank holding company operating 85 banking 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. . 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 north central Alabama Central Alabama is the region in the state of Alabama that stretches approximately 170 miles (270 km) from the western border with Mississippi to eastern border with Georgia and ; Bank of Dadeville; and 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. . Florida subsidiaries are: First Gulf Bank, N.A., in Escambia County, Florida Escambia County is the westernmost county in the U.S. state of Florida. The 2000 population was 294,210. The U.S. Census Bureau 2005 estimate for the county is 296,772.[1] Its county seat is Pensacola, Florida. and 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 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 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. ; Public Bank in metropolitan Orlando Orlando, city, United States 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. ; CypressCoquina Bank in Ormond Beach Ormond Beach, resort and residential city (1990 pop. 29,721), Volusia co., NE Fla., on Halifax River (a lagoon) and the Atlantic Ocean; inc. 1880. It was founded (1873) as a health resort and was the winter home of several famous people, including John D. ; and Indian River Indian River, lagoon, c.100 mi (160 km) long, E Fla., parallel to the east coast from N of Titusville to Stuart. Along the lagoon a variety of citrus and vegetable products are grown and transported by small boats to towns on its waterway and those further inland. National Bank in 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 First American First American may refer to:
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 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. 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." Conference Call Instructions: Alabama National will discuss financial results for the second quarter completed June 30, 2005 as well as its goals and general outlook for the remainder of 2005 in a conference call to be held Wednesday Wednesday: see week. , July July: see month. 20, 2005 at 9:00 a.m. Central Time. 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 July 20, beginning at 9:00 a.m. Central Time. The on-line replay will follow immediately and continue for 30 days. For live interactive access to the teleconference, please dial 1-800-938-1464 at 9:00 a.m. Central Time on July 20. For those without Internet access See how to access the Internet. , a telephonic replay will be available through August 20 by dialing 1-800-648-1687 and entering Conference ID number 7250201. Many of the comparisons of financial data from period to period presented in the narrative of this release have been rounded from actual values reported in the attached selected unaudited financial tables. The percentage changes presented above are based on a comparison of the actual values recorded in the attached tables, not the rounded values. This press release, including the attached selected unaudited financial tables which are a part of this 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 "cash earnings" (cash earnings per share), "tangible book value" (tangible book value per share), "return on average tangible equity" and "return on average tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. ." ANB's management uses these non-GAAP measures in its analysis of ANB's performance. Cash earnings is defined as net income plus amortization expense (net of tax) applicable to 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. 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 basic and diluted share is defined as cash earnings divided by basic and diluted 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 is defined as total equity reduced by recorded intangible assets. Tangible book value per share is defined as tangible book value divided by total common shares outstanding. This measure is important to many investors in the marketplace that are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill, an intangible asset that is recorded in a purchase business combination, has the effect of increasing total book value while not increasing the tangible assets of the company. For companies such as Alabama National that have engaged in multiple business combinations, purchase accounting requires the recording of significant amounts of goodwill related to such transactions. Return on average tangible equity is defined as earnings for the period (annualized for the quarterly period) divided by average equity reduced by average goodwill and other intangible assets. Return on average tangible assets is defined as earnings for the period (annualized for the quarterly period) divided by average assets reduced by average goodwill and other intangible assets. ANB's management includes these measures because it believes that they are important when measuring the company's performance exclusive of the effects of goodwill and other intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. recorded in recent acquisitions, and these measures are 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 and the most directly comparable GAAP 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
2005 2004 Change (b)
---------- ---------- ----------
Net interest income $ 49,087 $ 39,634 23.9%
Noninterest income 18,229 19,288 (5.5)
Total revenue 67,316 58,922 14.2
Provision for loan and lease
losses 1,991 1,278 55.8
Noninterest expense 40,715 37,612 8.3
Net income before income taxes 24,610 20,032 22.9
Income taxes 8,415 6,788 24.0
Net income $ 16,195 $ 13,244 22.3
Weighted average common and
common equivalent shares
outstanding
Basic 17,184 15,555 10.5%
Diluted 17,394 15,806 10.0
Net income per common share
Basic $ .94 $ .85 10.7%
Diluted .93 .84 11.1
Cash earnings (a)
Total $ 16,717 $ 13,814 21.0%
Basic .97 .89 9.5
Diluted .96 .87 10.0
Cash dividends declared on
common stock $ .3375 $ .3125
Return on average assets 1.17% 1.10%
Return on average tangible assets 1.20 1.13
Return on average equity 11.93 12.55
Return on average tangible equity 16.66 18.52
Noninterest Income
Service charge income $ 4,154 $ 4,520 (8.1)%
Investment services income 858 3,273 (73.8)
Securities brokerage and trust
income 4,920 4,197 17.2
Gain on sale of mortgages 3,417 3,491 (2.1)
Gain (loss) on disposal of assets 283 57 396.5
Bank owned life insurance 745 683 9.1
Insurance commissions 833 779 6.9
Other 3,019 2,288 31.9
----------------------
Total noninterest income $ 18,229 $ 19,288 (5.5)
======================
(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.
Six Months Ended
June 30,
---------------------- Percentage
2005 2004 Change (b)
---------- ---------- ----------
Net interest income $ 95,992 $ 74,304 29.2%
Noninterest income 35,012 36,928 (5.2)
Total revenue 131,004 111,232 17.8
Provision for loan and lease
losses 3,535 2,506 41.1
Noninterest expense 79,376 71,783 10.6
Net income before income taxes 48,093 36,943 30.2
Income taxes 16,418 12,392 32.5
Net income $ 31,675 $ 24,551 29.0
Weighted average common and
common equivalent shares
outstanding
Basic 17,178 14,751 16.5%
Diluted 17,391 14,994 16.0
Net income per common share
Basic $ 1.84 $ 1.66 10.8%
Diluted 1.82 1.64 11.2
Cash earnings (a)
Total $ 32,756 $ 25,454 28.7%
Basic 1.91 1.73 10.5
Diluted 1.88 1.70 11.0
Cash dividends declared on
common stock $ .675 $ .625
Return on average assets 1.17% 1.09%
Return on average tangible assets 1.20 1.12
Return on average equity 11.83 12.80
Return on average tangible equity 16.59 17.64
Noninterest Income
Service charge income $ 8,084 $ 8,331 (3.0)%
Investment services income 2,003 7,180 (72.1)
Securities brokerage and trust
income 9,441 8,296 13.8
Gain on sale of mortgages 6,087 6,033 .9
Gain (loss) on disposal of assets 711 37 NM
Securities gains 72 - NM
Bank owned life insurance 1,399 1,410 (.8)
Insurance commissions 1,628 1,737 (6.3)
Other 5,587 3,904 43.1
----------------------
Total noninterest income $ 35,012 $ 36,928 (5.2)
======================
(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
June 30, December 31, Percentage
2005 2004 Change
---------- ---------- ----------
Total assets $5,686,127 $5,315,869 7.0%
Earning assets 5,172,838 4,841,255 6.8
Securities (a) 1,171,281 1,200,407 (2.4)
Loans held for sale 32,247 22,313 44.5
Loans and leases, net of unearned
income 3,848,687 3,495,701 10.1
Allowance for loan and lease
losses 49,637 46,584 6.6
Deposits 4,184,167 3,934,723 6.3
Short-term borrowings 83,225 30,500 172.9
Long-term debt 311,512 393,688 (20.9)
Stockholders' equity 549,297 529,543 3.7
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the
Three Months Ended
June 30, March 31, June 30,
2005 2005 2004
--------- --------- ---------
Nonaccrual loans $ 6,949 $ 6,374 $ 8,307
Restructured loans - - -
Loans past due 90 days or more and
still accruing 0 0 0
Total nonperforming loans 6,949 6,374 8,307
Other real estate owned 450 1,079 1,969
Total nonperforming assets 7,399 7,453 10,276
Total non performing assets as a
percentage of period-end loans and
other real estate (a) 0.19% 0.20% 0.32%
Allowance for loan and lease losses 49,637 47,826 43,484
Provision for loan and lease losses 1,991 1,544 1,278
Loans charged off 529 489 1,790
Loan recoveries 349 187 1,604
Net loan and lease losses 180 302 186
Allowance for loan and lease losses
as a percentage of period-end loans
and leases (a) 1.29% 1.31% 1.36%
Allowance for loan and lease losses
as a percentage of period-end
nonperforming loans 714.30 750.33 523.46
Net losses to average loans and
leases (annualized) 0.02 0.03 0.02
For the Six Months Ended
June 30,
--------------------- Percentage
2005 2004 Change
--------- ---------- ----------
Provision for loan and lease
losses $ 3,535 $ 2,506 41.1%
Loans charged off 1,018 3,119 (67.4)
Loan recoveries 536 1,994 (73.1)
Net loan and lease losses 482 1,125 (57.2)
Net losses to average loans and
leases (annualized) 0.03% 0.07%
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
June 30, March 31, June 30,
2005 2005 2004
-------- -------- --------
Interest income:
Interest and fees on loans 6.48% 6.24% 5.57%
Interest on securities:
Taxable 4.17 4.17 3.91
Non-taxable 6.54 6.24 6.10
Total interest earning assets 5.91 5.68 5.08
Interest expense:
Interest on deposits 2.11 1.85 1.52
Interest on short-term borrowing 3.53 3.57 1.79
Interest on long-term debt 4.12 3.63 3.33
Total interest bearing liabilities 2.36 2.07 1.66
Net interest spread 3.55 3.61 3.42
Net interest margin 3.93 3.94 3.65
Six Months Ended
June 30,
----------------------
2005 2004
---------- ----------
Interest income:
Interest and fees on loans 6.36% 5.61%
Interest on securities:
Taxable 4.17 3.86
Non-taxable 6.39 6.30
Total interest earning assets 5.80 5.12
Interest expense:
Interest on deposits 1.98 1.56
Interest on short-term borrowing 3.54 1.71
Interest on long-term debt 3.86 3.35
Total interest bearing liabilities 2.22 1.69
Net interest spread 3.58 3.43
Net interest margin 3.93 3.65
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
June 30, December 31,
2005 2004
--------- ----------
Stockholders' Equity:
Equity to assets 9.66% 9.96%
Leverage ratio 8.47 8.44
Book value per common share (a) $ 32.26 $ 31.15
Tangible book value per
common share (a)(b) 23.20 21.99
Ending shares outstanding 17,025 16,999
(a) Includes a cumulative mark to market adjustment to equity of
$(0.16) and $(0.06) per share at June 30, 2005 and December 31,
2004, respectively.
(b) Total equity reduced by intangible assets divided by common shares
outstanding.
RECONCILIATION TABLE
(in thousands, except per share amounts and percentages)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net income $ 16,195 $ 13,244 $ 31,675 $ 24,551
Amortization of
intangibles, net of
tax 522 570 1,081 903
Cash earnings $ 16,717 $ 13,814 $ 32,756 $ 25,454
Net income per common
share - basic $ 0.94 $ 0.85 $ 1.84 $ 1.66
Effect of
amortization of
intangibles per
share 0.03 0.04 0.07 0.07
Cash earnings per
common share - basic $ 0.97 $ 0.89 $ 1.91 $ 1.73
Net income per common
share - diluted $ 0.93 $ 0.84 $ 1.82 $ 1.64
Effect of
amortization of
intangibles per
share 0.03 0.03 0.06 0.06
Cash earnings per
diluted share $ 0.96 $ 0.87 $ 1.88 $ 1.70
Average assets $5,569,778 $4,858,617 $5,468,305 $4,526,258
Average intangible
assets (154,708) (136,958) (155,058) (105,978)
Average tangible
assets $5,415,070 $4,721,659 $5,313,247 $4,420,280
Return on average
assets 1.17% 1.10% 1.17% 1.09%
Effect of average
intangible assets 0.03 0.03 0.03 0.03
Return on average
tangible assets 1.20% 1.13% 1.20% 1.12%
Average equity $ 544,665 $ 424,519 $ 540,026 $ 385,847
Average intangible
assets (154,708) (136,958) (155,058) (105,978)
Average tangible
equity $ 389,957 $ 287,561 $ 384,968 $ 279,869
Return on average
equity 11.93% 12.55% 11.83% 12.80%
Effect of average
intangible assets 4.73 5.97 4.76 4.84
Return on average
tangible equity 16.66% 18.52% 16.59% 17.64%
As of
June 30, December 31,
2005 2004
----------- -----------
Book value $ 549,297 $ 529,543
Intangible assets (154,328) (155,682)
Tangible book value $ 394,969 $ 373,861
Book value per common share $ 32.26 $ 31.15
Effect of intangible assets per share (9.06) (9.16)
Tangible book value per common share $ 23.20 $ 21.99
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
----------------------------------------------------------------------
(In thousands, except share amounts)
June 30, December 31,
2005 2004
----------- ------------
Assets
Cash and due from banks $ 171,355 $ 155,027
Interest-bearing deposits in other banks 19,036 21,274
Federal funds sold and securities
purchased under resell agreements 101,587 100,970
Trading securities, at fair value - 590
Investment securities (fair values of
$559,178 and $566,602) 564,172 568,493
Securities available for sale, at fair
value 607,109 631,914
Loans held for sale 32,247 22,313
Loans and leases 3,851,855 3,499,353
Unearned income (3,168) (3,652)
---------- ----------
Loans and leases, net of unearned income 3,848,687 3,495,701
Allowance for loan and lease losses (49,637) (46,584)
---------- ----------
Net loans and leases 3,799,050 3,449,117
Property, equipment and leasehold
improvements, net 105,092 99,455
Goodwill 144,638 144,396
Other intangible assets, net 9,690 11,286
Cash surrender value of life insurance 72,947 71,535
Receivable from investment division
customers 7,625 2,223
Other assets 51,579 37,276
---------- ----------
Totals $5,686,127 $5,315,869
========== ==========
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $ 737,153 $ 683,245
Interest bearing 3,447,014 3,251,478
---------- ----------
Total deposits 4,184,167 3,934,723
Federal funds purchased and securities
sold under repurchase agreements 501,734 379,114
Treasury, tax and loan accounts - 2,217
Accrued expenses and other liabilities 48,962 43,861
Payable for securities purchased for
investment division customers 7,230 2,223
Short-term borrowings 83,225 30,500
Long-term debt 311,512 393,688
---------- ----------
Total liabilities 5,136,830 4,786,326
Common stock, $1 par; 50,000,000 and
27,500,000 shares authorized at June 30,
2005 and December 31, 2004,
respectively; 17,024,647 and 16,998,918
outstanding at June 30, 2005 and
December 31, 2004, respectively 17,025 16,999
Additional paid-in capital 341,635 340,161
Retained earnings 193,337 173,345
Accumulated other comprehensive loss, net
of tax (2,700) (962)
---------- ----------
Total stockholders' equity 549,297 529,543
---------- ----------
Totals $5,686,127 $5,315,869
========== ==========
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
(In thousands, except per share data)
For the For the
three months ended six months ended
June 30, June 30,
------------------ ------------------
2005 2004 2005 2004
-------- -------- -------- --------
Interest income:
Interest and fees on loans
and leases $ 61,054 $ 44,099 $116,220 $ 84,312
Interest on securities 12,224 11,097 24,326 19,852
Interest on deposits in
other banks 77 17 125 28
Interest on trading
securities 5 17 9 35
Interest on federal funds
sold and securities
purchased under resell
agreements 713 167 1,237 300
-------- -------- -------- --------
Total interest income 74,073 55,397 141,917 104,527
Interest expense:
Interest on deposits 17,537 11,263 32,395 21,479
Interest on federal funds
purchased and securities
sold under repurchase
agreements 3,261 963 5,629 1,960
Interest on short-term
borrowings 870 285 1,276 579
Interest on long-term debt 3,318 3,252 6,625 6,205
-------- -------- -------- --------
Total interest expense 24,986 15,763 45,925 30,223
-------- -------- -------- --------
Net interest income 49,087 39,634 95,992 74,304
Provision for loan and lease
losses 1,991 1,278 3,535 2,506
-------- -------- -------- --------
Net interest income after
provision for loan and lease
losses 47,096 38,356 92,457 71,798
Noninterest income:
Securities gains - - 72 -
Gain (loss) on disposition
of assets 283 57 711 37
Service charges on deposit
accounts 4,154 4,520 8,084 8,331
Investment services income 858 3,273 2,003 7,180
Securities brokerage and
trust income 4,920 4,197 9,441 8,296
Gain on sale of mortgages 3,417 3,491 6,087 6,033
Bank owned life insurance 745 683 1,399 1,410
Insurance commissions 833 779 1,628 1,737
Other 3,019 2,288 5,587 3,904
-------- -------- -------- --------
Total noninterest income 18,229 19,288 35,012 36,928
Noninterest expense:
Salaries and employee
benefits 20,953 18,992 41,406 36,671
Commission based
compensation 4,011 4,784 7,505 9,549
Occupancy and equipment
expenses 4,342 3,867 8,481 7,365
Amortization of intangibles 769 842 1,594 1,324
Other 10,640 9,127 20,390 16,874
-------- -------- -------- --------
Total noninterest expense 40,715 37,612 79,376 71,783
-------- -------- -------- --------
Income before provision for
income taxes 24,610 20,032 48,093 36,943
Provision for income taxes 8,415 6,788 16,418 12,392
-------- -------- -------- --------
Net income $ 16,195 $ 13,244 $ 31,675 $ 24,551
======== ======== ======== ========
Net income per common share
(basic) $ .94 $ .85 $ 1.84 $ 1.66
======== ======== ======== ========
Weighted average common shares
outstanding (basic) 17,184 15,555 17,178 14,751
======== ======== ======== ========
Net income per common share
(diluted) $ .93 $ .84 $ 1.82 $ 1.64
======== ======== ======== ========
Weighted average common shares
outstanding (diluted) 17,394 15,806 17,391 14,994
======== ======== ======== ========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 06/30/05
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1) $3,787,893 $ 61,184 6.48%
Securities:
Taxable 1,119,105 11,639 4.17
Tax exempt 54,335 886 6.54
Cash balances in other banks 9,836 77 3.14
Funds sold 82,579 713 3.46
Trading account securities 379 5 5.29
---------- --------
Total earning assets (2) 5,054,127 74,504 5.91
---------- --------
Cash and due from banks 169,650
Premises and equipment 108,542
Other assets 285,830
Allowance for loan and lease losses (48,371)
----------
Total assets $5,569,778
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 915,333 $ 3,247 1.42
Savings deposits 896,612 3,167 1.42
Time deposits 1,527,293 11,123 2.92
Funds purchased 483,536 3,261 2.71
Other short-term borrowings 98,924 870 3.53
Long-term debt 323,410 3,318 4.12
---------- --------
Total interest-bearing
liabilities 4,245,108 24,986 2.36
---------- --------
Demand deposits 720,769
Accrued interest and other liabilities 59,236
Stockholders' equity 544,665
----------
Total liabilities and stockholders'
equity $5,569,778
==========
Net interest spread 3.55%
=======
Net interest income/margin on
a taxable equivalent basis 49,518 3.93%
=======
Tax equivalent adjustment (2) 431
--------
Net interest income/margin $ 49,087 3.90%
======== =======
Three Months 06/30/04
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1) $3,194,216 $ 44,211 5.57%
Securities:
Taxable 1,088,577 10,571 3.91
Tax exempt 52,522 797 6.10
Cash balances in other banks 7,936 17 0.86
Funds sold 67,373 167 1.00
Trading account securities 1,381 17 4.95
---------- --------
Total earning assets (2) 4,412,005 55,780 5.08
---------- --------
Cash and due from banks 141,724
Premises and equipment 94,599
Other assets 253,477
Allowance for loan and lease losses (43,188)
----------
Total assets $4,858,617
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 728,049 $ 1,319 0.73
Savings deposits 767,314 2,408 1.26
Time deposits 1,479,325 7,536 2.05
Funds purchased 384,820 963 1.01
Other short-term borrowings 64,036 285 1.79
Long-term debt 392,998 3,252 3.33
---------- --------
Total interest-bearing
liabilities 3,816,542 15,763 1.66
---------- --------
Demand deposits 564,352
Accrued interest and other liabilities 53,204
Stockholders' equity 424,519
----------
Total liabilities and stockholders'
equity $4,858,617
==========
Net interest spread 3.42%
=======
Net interest income/margin on
a taxable equivalent basis 40,017 3.65%
=======
Tax equivalent adjustment (2) 383
--------
Net interest income/margin $ 39,634 3.61%
======== =======
(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 06/30/05
-----------------------------
Average Income/ Yield/
Balance Expense Cost
---------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $3,690,992 $116,481 6.36%
Securities:
Taxable 1,120,771 23,180 4.17
Tax exempt 54,782 1,736 6.39
Cash balances in other banks 9,629 125 2.62
Funds sold 87,703 1,237 2.84
Trading account securities 345 9 5.26
---------- --------
Total earning assets (2) 4,964,222 142,768 5.80
---------- --------
Cash and due from banks 166,102
Premises and equipment 104,582
Other assets 281,246
Allowance for loan and lease losses (47,847)
----------
Total assets $5,468,305
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 895,591 $ 5,791 1.30
Savings deposits 893,916 5,805 1.31
Time deposits 1,512,993 20,799 2.77
Funds purchased 454,708 5,629 2.50
Other short-term borrowings 72,671 1,276 3.54
Long-term debt 346,208 6,625 3.86
---------- --------
Total interest-bearing
liabilities 4,176,087 45,925 2.22
---------- --------
Demand deposits 697,697
Accrued interest and other liabilities 54,495
Stockholders' equity 540,026
----------
Total liabilities and stockholders'
equity $5,468,305
==========
Net interest spread 3.58%
=======
Net interest income/margin on
a taxable equivalent basis 96,843 3.93%
=======
Tax equivalent adjustment (2) 851
--------
Net interest income/margin $ 95,992 3.90%
======== =======
Six Months 06/30/04
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1) $3,031,870 $ 84,520 5.61%
Securities:
Taxable 983,153 18,868 3.86
Tax exempt 47,599 1,491 6.30
Cash balances in other banks 6,707 28 0.84
Funds sold 59,078 300 1.02
Trading account securities 1,593 35 4.42
---------- --------
Total earning assets (2) 4,130,000 105,242 5.12
---------- --------
Cash and due from banks 131,672
Premises and equipment 87,228
Other assets 218,530
Allowance for loan and lease losses (41,172)
----------
Total assets $4,526,258
==========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $ 666,699 $ 2,428 0.73
Savings deposits 679,707 3,643 1.08
Time deposits 1,416,340 15,408 2.19
Funds purchased 385,038 1,960 1.02
Other short-term borrowings 68,223 579 1.71
Long-term debt 372,195 6,205 3.35
---------- --------
Total interest-bearing
liabilities 3,588,202 30,223 1.69
---------- --------
Demand deposits 506,548
Accrued interest and other liabilities 45,661
Stockholders' equity 385,847
----------
Total liabilities and stockholders'
equity $4,526,258
==========
Net interest spread 3.43%
=======
Net interest income/margin on
a taxable equivalent basis 75,019 3.65%
=======
Tax equivalent adjustment (2) 715
--------
Net interest income/margin $ 74,304 3.62%
======== =======
(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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