Alabama National BanCorporation announces first quarter results.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)--April 16, 1997--Alabama National BanCorporation (NASDAQ/NMS:ALAB ALAB Atomic Safety and Licensing Appeal Board ) today reported first quarter 1997 net income increased 10.8% to $2.615 million compared to $2.360 million in the first quarter of 1996. Earnings per common share were $0.39 for the first quarter of 1997 compared with $0.35 for the first quarter of 1996. 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) ") had a return on average assets for the first quarter of 1997 of 1.19% and a return on average equity of 15.53%. The return on average assets for the first quarter of 1996 was 1.13% and the return on average equity was 16.00%. "We are pleased to report to our stockholders these first quarter results," said John H. Holcomb Holcomb may refer to:
Total assets increased 9.2%, reaching $905 million at March 31, 1997 compared with $828.7 million one year ago. Loans increased 10.4% to $616.1 million, while deposits increased 8.2% to $715.3 million at March 31, 1997. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. grew to $67.7 million at March 31, 1997, an increase of 13% over the $59.9 million as of March 31, 1996. ANB is the sixth largest bank holding company based in Alabama. The Company operates 32 locations through seven bank subsidiaries. The lead bank subsidiary for ANB 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 subsidiaries include: Citizens Bank of 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. ; First National Bank of Ashland Ashland (ăsh`lənd). 1 Industrial city (1990 pop. 23,622), Boyd co., E Ky., on terraces along the Ohio River near the influx of the Big Sandy; settled 1786, inc. 1854. ; 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. ; Gulf Bank in Gulf Shores; and First Bank of Baldwin County Baldwin County can refer to:
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 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. -0-
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts and percentages)
Three Months Ended
March 31
1997 1996
Net interest income $ 8,790 $ 8,347
Provision for loan losses 25 152
Noninterest income 4,046 4,149
Noninterest expense 8,903 8,603
Income before income taxes 3,908 3,741
Income taxes 1,293 1,381
Net income 2,615 2,360
Weighted average common and common
equivalent shares outstanding 6,762 6,690
Net income per common share (1) .39 .35
Cash dividends declared on common stock .115 .05
Return on average assets 1.19% 1.13%
Return on average equity 15.53% 16.00%
(1) Per common share data for the three months ended March 31,
1996 is calculated based upon net income as adjusted for cash
dividends paid on preferred stock of $4,000.
March 31,
1997 1996
Total assets $905,000 $828,687
Earning assets 831,022 760,200
Securities 162,405 162,113
Loans, net of unearned income 616,132 558,089
Allowance for loan losses 9,459 8,816
Deposits 715,280 661,340
Short-term borrowings 19,500 21,250
Long-term debt 294 795
Stockholders' equity 67,709 59,917
ASSET QUALITY ANALYSIS
(In thousands, except percentages)
March 31,
1997 1996
Non-accrual loans $ 945 $ 1,283
Restructured loans 516 973
Loans past due 90 days or more and
still accruing - 4
Total nonperforming loans 1,461 2,260
Other real estate owned 533 601
Total nonperforming assets 1,994 2,861
Total nonperforming assets as a
percentage of period-end loans and
other real estate 0.32% 0.51%
Allowance for loan losses 9,459 8,816
Provision for loan losses 25 152
Net loan losses (recoveries) (112) 244
Allowance for loan losses as a
percentage of period-end loans 1.54% 1.58%
Allowance for loan losses as a
percentage of period-end nonperforming
assets 474.37 308.14
Net losses (recoveries) to average
loans - annualized (0.07) 0.18
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
March 31,
1997 1996
Interest income:
Interest and fees on loans 9.01% 9.52%
Interest on securities:
Taxable 6.60 5.97
Non-taxable 8.44 8.01
Total interest earning assets 8.42 8.51
Interest expense:
Interest on deposits 4.50 4.62
Interest on short-term borrowing 6.07 6.86
Total interest bearing liabilities 4.62 4.78
Net interest spread 3.80 3.73
Net interest margin 4.44 4.42
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
March 31,
1997 1996
Stockholders' Equity:
Equity to assets 7.48% 7.23%
Leverage ratio 6.88 6.51
Book value per common share $ 10.38 $ 8.96
Tangible book value per common share 9.27 7.84
CONTACT: Alabama National BanCorporation, Birmingham John H. Holcomb, III, 205/583-3648 |
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