BIRMINGHAM, Ala., July 24 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
earnings for the quarter and six-month period ended June 30, 2007.
For the 2007 second quarter, ANB reported net income of $22.0
million, or $1.06 per diluted share. Six months year-to-date net
income was $42.0 million, or $2.01 per diluted share. As previously
reported, ANB sold its ANB Insurance Services, Inc. subsidiary on
May 1, 2007. Earnings from the operation of this subsidiary and the
gain from its sale are recorded as income from discontinued
operations in the income statement. Excluding the discontinued
insurance operations, ANB reported earnings from continuing
operations of $21.1 million in the 2007 second quarter, up 6.5%
from the $19.8 million earned in the 2007 first quarter and up 9.2%
from the 2006 second quarter's $19.3 million in net income. Diluted
earnings per share (continuing operations) of $1.01 in the 2007
second quarter were 7.0% above the $0.94 reported in the 2007 first
quarter and 0.6% below the $1.02 reported in the year ago second
quarter. Diluted cash earnings per share (continuing operations)
were $1.05 in the 2007 second quarter, as compared with $1.00 and
$1.06 in the 2007 first quarter and 2006 second quarter,
respectively. ANB had a record quarter for revenue production, with
total revenue from continuing operations of $85.9 million. This
revenue total was up 3.6% from the $82.7 million reported in the
2007 first quarter, and up 11.8% from the 2006 second quarter's
$76.8 million. On a year-to-date basis, ANB's $40.8 million in
income from continuing operations equated to $1.95 in diluted
earnings per share, down 3.9% from the $2.03 earned in the first
six months of 2006. Year-to-date revenue from continuing operations
for the first six months of 2007 was $168.6 million, up 14.4% from
the 2006 six months. ANB's taxable equivalent net interest margin
held steady during the 2007 second quarter with 2007 first quarter
levels, declining 2 basis points to 3.72%. On a year-to-date basis,
the 2007 six months net interest margin of 3.73% was 0.24% below
levels for the same period in 2006. Ending loans (excluding loans
held for sale) grew $113 million during the 2007 second quarter,
representing an 8.3% annualized growth rate for the quarter. Loans
grew $249 million during the first six months of 2007, representing
an annualized 9.4% year-to-date growth rate. Ending deposits of
$5.79 billion were approximately flat with first quarter levels and
grew at an 8.0% annualized rate for the first six months of the
year. Average loans and average deposits grew at 10.1% and 11.6%
annualized rates during the 2007 second quarter, respectively.
Ending total assets at June 30, 2007 were $7.9 billion. On the
credit quality front, ANB recognized $2.48 million in net charge-
offs for the quarter, representing 0.18% of loans on an annualized
basis, bringing the six month year-to-date annualized rate to
0.10%. The second quarter charge-offs were primarily comprised of
charge-downs on properties on which the company's subsidiary banks
have or expect to foreclose. The company recorded a provision for
loan losses of $3.3 million in the 2007 second quarter, up from
$1.9 million recorded in the 2006 second quarter. Nonaccrual loans
were $10.7 million at quarter end, or 0.19% of total loans. Other
real estate owned was $7.7 million, bringing total nonperforming
assets to $18.4 million. As a percentage of period-end loans and
other real estate owned, nonperforming assets rose to 0.32% in the
2007 second quarter as compared with 0.13% in the year ago quarter,
and 0.24% in the quarter ended March 31, 2007. "We are pleased to
report improvement from the first quarter's performance, though our
results remain below our long term expectations," said John H.
Holcomb III, Chairman and CEO. "We were particularly pleased to be
able to report a record quarter for revenue production. Our net
interest margin held steady from first quarter 2007 levels, and we
had respectable loan growth for the quarter and year-to-date.
Deposit growth was also respectable on an average and year-to-date
basis. Our noninterest income areas showed some improvement, with
several business lines reporting record or near-record results.
Although the quarter's 18 basis points in net loan losses and the
10 basis points in year-to-date net loan losses are both above our
historical average, I believe we are continuing to take appropriate
action on problem credits and to recognize problems promptly, which
practices will serve us well in this economy." ANB's performance
resulted in a return on average tangible assets of 1.18% and a
return on average tangible equity of 16.24% for the 2007 second
quarter, down from 1.20% and 17.06% in the 2006 second quarter. On
a 2007 year-to-date basis, these ratios were 1.14% and 15.71%,
respectively. During the 2007 second quarter, ANB repurchased
200,000 shares of its common stock in open market purchases.
Tangible book value per share at June 30, 2007 was $26.46. ANB is a
bank holding company operating 103 banking locations through eleven
bank subsidiaries in Alabama, Florida and Georgia. Alabama
subsidiaries include: First American Bank in north central Alabama;
Alabama Exchange Bank in Tuskegee; and Bank of Dadeville. Florida
subsidiaries are: Indian River National Bank in Vero Beach; First
Gulf Bank, N.A. in north west Florida and Baldwin County, Alabama;
Florida Choice Bank in metropolitan Orlando and central Florida;
Community Bank of Naples, N.A.; CypressCoquina Bank in Ormond
Beach; and Millennium Bank in Gainesville. ANB has two subsidiaries
in Georgia: Georgia State Bank and The Peachtree Bank, both in
metropolitan Atlanta. ANB provides full banking services to
individuals and businesses. Commercial mortgage services, including
the origination of permanent commercial real estate mortgage loans
for various lenders, are provided by Byars and Company, a division
of First American Bank. Brokerage services are provided to
customers through First American Bank's wholly owned subsidiary,
NBC Securities, Inc. Investments are not bank guaranteed, not FDIC
insured and may lose value. Alabama National BanCorporation common
stock is traded on the NASDAQ Global Select Market under the symbol
"ALAB." Conference Call Instructions: Alabama National will discuss
financial results for the second quarter and six months ended June
30, 2007, as well as its goals and general outlook for the
remainder of 2007, in a conference call to be held Wednesday, July
25, 2007 at 9:00 a.m. Central Time (10:00 Eastern Time). A
listen-only simulcast and replay of Alabama National's conference
call will be available on-line at the following Internet links:
http://www.alabamanational.com/, under "News," or
http://www.viavid.net/dce.aspx?sid=00004139, on July 25, 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 1-800-811- 8824 at 9:00 a.m.
Central Time (10:00 Eastern) on July 25. For those without Internet
access, a telephonic replay will be available through August 25,
2007 by dialing 1-888-203-1112 and entering Replay Pass Code
1854784. 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 with generally accepted accounting
principles ("GAAP"). These "non-GAAP" financial measures are "cash
earnings from continuing operations" (cash earnings per share from
continuing operations), "tangible book value" (tangible book value
per share), "return on average tangible equity" and "return on
average tangible assets." ANB's management uses these non-GAAP
measures in its analysis of ANB's performance. Cash earnings from
continuing operations is defined as net income from continuing
operations plus amortization expense (net of tax) applicable to
intangible assets that do not qualify as regulatory capital. Cash
earnings from continuing operations per basic and diluted share is
defined as cash earnings from continuing operations divided by
basic and diluted common shares outstanding. ANB's management
includes cash earnings from continuing operations 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 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 unaudited financial tables 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 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 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
2007 2006 Change (b) Net interest income $64,206 $58,943 8.9%
Noninterest income 21,657 17,863 21.2 Total revenue 85,863 76,806
11.8 Provision for loan and lease losses 3,273 1,920 70.5
Noninterest expense 50,691 45,377 11.7 Income before taxes from
continuing operations 31,899 29,509 8.1 Income taxes 10,840 10,222
6.0 Net income from continuing operations 21,059 19,287 9.2 Income
from discontinued operations (net of tax) 979 30 3163.3 Net income
$22,038 $19,317 14.1% Weighted average common and common equivalent
shares outstanding Basic 20,714 18,806 10.1% Diluted 20,858 18,984
9.9 Net income per common share from continuing operations Basic
$1.02 $1.03 (0.9)% Diluted 1.01 1.02 (.6) Net income per common
share Basic $1.06 $1.03 3.6% Diluted 1.06 1.02 3.8 Cash earnings
per share from continuing operations (a) Total $21,918 $20,144 8.8%
Basic 1.06 1.07 (1.2) Diluted 1.05 1.06 (1.0) Cash dividends
declared on common stock $.41 $.375 Return on average assets 1.13%
1.16% Return on average tangible assets 1.18 1.20 Return on average
equity 10.14 11.33 Return on average tangible equity 16.24 17.06
Noninterest Income Service charge income $4,190 $4,011 4.5%
Investment services income 1,664 966 72.3 Wealth management income
6,332 5,364 18.0 Gain on sale of mortgages 3,693 2,661 38.8
Commercial mortgage banking income 397 284 39.8 Gain on disposal of
assets 104 32 225.0 Securities losses - (516) NM Bank owned life
insurance 1,120 798 40.4 Other 4,157 4,263 (2.5) Total noninterest
income $21,657 $17,863 21.2% (a) Cash earnings exclude the effect
on earnings of amortization expense applicable to intangible assets
that do not qualify as regulatory capital. (b) Percentage change
based on actual not rounded values. NM - Not meaningful Six Months
Ended June 30, Percentage 2007 2006 Change (b) Net interest income
$127,257 $111,518 14.1% Noninterest income 41,352 35,810 15.5 Total
revenue 168,609 147,328 14.4 Provision for loan and lease losses
5,035 3,163 59.2 Noninterest expense 101,801 87,416 16.5 Income
before taxes from continuing operations 61,773 56,749 8.9 Income
taxes 20,939 19,664 6.5 Net income from continuing operations
40,834 37,085 10.1 Income from discontinued operations (net of tax)
1,149 105 994.3 Net income $41,983 $37,190 12.9% Weighted average
common and common equivalent shares outstanding Basic 20,752 18,074
14.8% Diluted 20,904 18,252 14.5 Net income per common share from
continuing operations Basic $1.97 $2.05 (4.1)% Diluted 1.95 2.03
(3.9) Net income per common share Basic $2.02 $2.06 (1.7)% Diluted
2.01 2.04 (1.4) Cash earnings per share from continuing operations
(a) Total $42,643 $38,453 10.9% Basic 2.05 2.13 (3.4) Diluted 2.04
2.11 (3.2) Cash dividends declared on common stock $.82 $.75 Return
on average assets 1.09% 1.19% Return on average tangible assets
1.14 1.22 Return on average equity 9.76 11.88 Return on average
tangible equity 15.71 19.33 Noninterest Income Service charge
income $8,112 $7,711 5.2% Investment services income 2,725 1,830
48.9 Wealth management income 12,036 10,731 12.2 Gain on sale of
mortgages 6,866 5,272 30.2 Commercial mortgage banking income 796
1,016 (21.7) Gain on disposal of assets 493 539 (8.5) Securities
(losses) gains - (1,250) NM Bank owned life insurance 2,225 1,540
44.5 Other 8,099 8,421 (3.8) Total noninterest income $41,352
$35,810 15.5% (a) Cash 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 2007 2006 Change Total assets $7,902,537 $7,671,274
3.0% Earning assets 7,083,566 6,856,309 3.3 Securities (a)
1,226,486 1,265,774 (3.1) Loans held for sale 39,512 27,652 42.9
Loans and leases, net of unearned income 5,705,522 5,456,136 4.6
Allowance for loan and lease losses 70,474 68,246 3.3 Deposits
5,785,510 5,567,603 3.9 Short-term borrowings 133,372 161,830
(17.6) Long-term debt 442,378 402,399 9.9 Stockholders' equity
865,593 853,623 1.4 (a) Excludes trading securities ASSET QUALITY
ANALYSIS (in thousands, except percentages) As of / For the Three
Months Ended June 30, March 31, June 30, 2007 2007 2006 Nonaccrual
loans $10,686 $11,985 $5,625 Restructured loans - - - Loans past
due 90 days or more and still accruing - 0 - - 0 - - 0 - Total
nonperforming loans 10,686 11,985 5,625 Other real estate owned
7,678 1,607 401 Total nonperforming assets 18,364 13,592 6,026
Total non performing assets as a percentage of period-end loans and
other real estate (a) 0.32% 0.24% 0.13% Allowance for loan and
lease losses 70,474 69,677 60,739 Provision for loan and lease
losses 3,273 1,762 1,920 Loans charged off 2,799 501 513 Loan
recoveries 323 170 405 Net loan and lease losses 2,476 331 108
Allowance for loan and lease losses as a percentage of period-end
loans and leases (a) 1.24% 1.25% 1.26% Allowance for loan and lease
losses as a percentage of period-end nonperforming loans 659.50
581.37 1,079.80 Net losses to average loans and leases (annualized)
0.18 0.02 0.01 For the Six Months Ended June 30, Percentage 2007
2006 Change Provision for loan and lease losses $5,035 $3,163 59.2%
Loans charged off 3,300 1,018 224.17 Loan recoveries 493 700 (29.6)
Net loan and lease losses 2,807 318 782.7 Net losses to average
loans and leases (annualized) 0.10% 0.01% (a) Excludes loans held
for sale TAXABLE EQUIVALENT YIELDS/RATES Three Months Ended June
30, March 31, June 30, 2007 2007 2006 Interest income: Interest and
fees on loans 8.09% 8.13% 7.75% Interest on securities: Taxable
4.61 4.62 4.45 Non-taxable 6.08 6.22 6.41 Total interest earning
assets 7.48 7.48 7.10 Interest expense: Interest on deposits 4.17%
4.10% 3.38% Interest on short-term borrowing 5.49 5.11 4.63
Interest on long-term debt 5.09 5.41 5.00 Total interest bearing
liabilities 4.32 4.28 3.67 Net interest spread 3.16 3.20 3.43 Net
interest margin 3.72 3.74 3.97 Six Months Ended June 30, 2007 2006
Interest income: Interest and fees on loans 8.11% 7.60% Interest on
securities: Taxable 4.61 4.41 Non-taxable 6.15 6.47 Total interest
earning assets 7.48 6.95 Interest expense: Interest on deposits
4.13% 3.21% Interest on short-term borrowing 5.28 4.68 Interest on
long-term debt 5.24 4.86 Total interest bearing liabilities 4.30
3.49 Net interest spread 3.18 3.46 Net interest margin 3.73 3.97
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS June 30, December 31, 2007
2006 Stockholders' Equity: Equity to assets 10.95% 11.13% Leverage
ratio 7.95 7.99 Book value per common share (a) $42.42 $41.51
Tangible book value per common share (a)(b) 26.46 25.55 Ending
shares outstanding 20,407 20,562 (a) Includes a cumulative mark to
market adjustment to equity of $(0.48) and $(0.29) per share at
June 30, 2007 and December 31, 2006, 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,
2007 2006 2007 2006 Net income from continuing operations $21,059
$19,287 $40,834 $37,085 Amortization of intangibles, net of tax 859
857 1,809 1,368 Cash earnings from continuing operations $21,918
$20,144 $42,643 $38,453 Net income per common share from continuing
operations - basic $1.02 $1.03 $1.97 $2.05 Effect of amortization
of intangibles per share 0.04 0.04 0.08 0.08 Cash earnings per
common share from continuing operations - basic $1.06 $1.07 $2.05
$2.13 Net income per common share from continuing operations -
diluted $1.01 $1.02 $1.95 $2.03 Effect of amortization of
intangibles per share 0.04 0.04 0.09 0.08 Cash earnings per common
share from continuing operations - diluted $1.05 $1.06 $2.04 $2.11
Average assets $7,825,999 $6,678,659 $7,776,049 $6,326,862 Average
intangible assets (327,089) (229,375) (328,731) (193,489) Average
tangible assets $7,498,910 $6,449,284 $7,447,318 $6,133,373 Return
on average assets 1.13% 1.16% 1.09% 1.19% Effect of average
intangible assets 0.05 0.04 0.05 0.03 Return on average tangible
assets 1.18% 1.20% 1.14% 1.22% Average equity $871,492 $683,649
$867,747 $631,380 Average intangible assets (327,089) (229,375)
(328,731) (193,489) Average tangible equity $544,403 $454,274
$539,016 $437,891 Return on average equity 10.14% 11.33% 9.76%
11.88% Effect of average intangible assets 6.10 5.73 5.95 7.45
Return on average tangible equity 16.24% 17.06% 15.71% 19.33% As of
June 30, December 31, 2007 2006 Book value $865,593 $853,623
Intangible assets (325,566) (328,166) Tangible book value $540,027
$525,457 Book value per common share $42.42 $41.51 Effect of
intangible assets per share (15.96) (15.96) Tangible book value per
common share $26.46 $25.55 Alabama National BanCorporation and
Subsidiaries Consolidated Statements of Financial Condition
(Unaudited) (In thousands, except share amounts) June 30, 2007
December 31, 2006 Assets Cash and due from banks $182,101 $200,153
Interest-bearing deposits in other banks 25,419 16,350 Federal
funds sold and securities purchased under resell agreements 83,627
89,865 Trading securities, at fair value 3,000 532 Investment
securities (fair values of $691,943 and $705,460) 713,900 716,406
Securities available for sale, at fair value 512,586 549,368 Loans
held for sale 39,512 27,652 Loans and leases 5,710,253 5,461,400
Unearned income (4,731) (5,264) Loans and leases, net of unearned
income 5,705,522 5,456,136 Allowance for loan and lease losses
(70,474) (68,246) Net loans and leases 5,635,048 5,387,890
Property, equipment and leasehold improvements, net 164,722 155,001
Assets to be disposed of - 3,549 Goodwill 311,682 311,583 Other
intangible assets, net 13,884 16,583 Cash surrender value of life
insurance 107,248 104,992 Receivable from investment division
customers 6,438 1,114 Other assets 103,370 90,236 Totals $7,902,537
$7,671,274 Liabilities and Stockholders' Equity Deposits:
Noninterest bearing $767,775 $849,127 Interest bearing 5,017,735
4,718,476 Total deposits 5,785,510 5,567,603 Federal funds
purchased and securities sold under repurchase agreements 611,291
627,297 Liabilities to be disposed of - 1,019 Accrued expenses and
other liabilities 54,955 56,057 Payable for securities purchased
for investment division customers 9,438 1,446 Short-term borrowings
133,372 161,830 Long-term debt 442,378 402,399 Total liabilities
7,036,944 6,817,651 Common stock, $1 par; 50,000,000 shares
authorized; 20,606,707 and 20,562,467 shares issued at June 30,
2007 and December 31, 2006, respectively 20,607 20,562 Additional
paid-in capital 575,836 573,756 Retained earnings 291,562 266,668
Treasury stock at cost, 200,000 shares at June 30, 2007 (12,578) -
Accumulated other comprehensive loss, net of tax (9,834) (7,363)
Total stockholders' equity 865,593 853,623 Totals $7,902,537
$7,671,274 Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Income (Unaudited) (In thousands, except
per share data) For the For the Three Months Six Months Ended June
30, Ended June 30, 2007 2006 2007 2006 Interest income: Interest
and fees on loans and leases 115,100 91,857 226,665 169,095
Interest on securities 13,838 12,924 27,966 25,054 Interest on
deposits in other banks 270 146 554 225 Interest on trading
securities 10 8 24 19 Interest on federal funds sold and securities
purchased under resell agreements 907 993 1,794 1,725 Total
interest income 130,125 105,928 257,003 196,118 Interest expense:
Interest on deposits 51,661 33,943 100,541 61,040 Interest on
federal funds purchased and securities sold under repurchase
agreements 7,235 7,255 14,819 13,065 Interest on short-term
borrowings 1,669 724 3,675 1,121 Interest on long-term debt 5,354
5,063 10,711 9,374 Total interest expense 65,919 46,985 129,746
84,600 Net interest income 64,206 58,943 127,257 111,518 Provision
for loan and lease losses 3,273 1,920 5,035 3,163 Net interest
income after provision for loan and lease losses 60,933 57,023
122,222 108,355 Noninterest income: Securities losses - (516) -
(1,250) Gain on disposition of assets 104 32 493 539 Service
charges on deposit accounts 4,190 4,011 8,112 7,711 Investment
services income 1,664 966 2,725 1,830 Wealth management income
6,332 5,364 12,036 10,731 Gain on sale of mortgages 3,693 2,661
6,866 5,272 Commercial mortgage banking income 397 284 796 1,016
Bank owned life insurance 1,120 798 2,225 1,540 Other 4,157 4,263
8,099 8,421 Total noninterest income 21,657 17,863 41,352 35,810
Noninterest expense: Salaries and employee benefits 25,187 22,822
52,255 45,407 Commission based compensation 5,386 4,423 9,933 8,557
Occupancy and equipment expenses 5,819 5,025 11,519 9,683
Amortization of intangibles 1,282 1,276 2,699 2,028 Other 13,017
11,831 25,395 21,741 Total noninterest expense 50,691 45,377
101,801 87,416 Income before provision for income taxes from
continuing operations 31,899 29,509 61,773 56,749 Provision for
income taxes 10,840 10,222 20,939 19,664 Net income from continuing
operations 21,059 19,287 40,834 37,085 Income from discontinued
operations, including a gain on disposal of $1,462,000 for the
three and six months ended June 30, 2007 (net of tax) 979 30 1,149
105 Net income $22,038 $19,317 $41,983 $37,190 Weighted average
common shares outstanding: Basic 20,714 18,806 20,752 18,074
Diluted 20,858 18,984 20,904 18,252 Earnings per common share from
continuing operations: Basic $1.02 $1.03 $1.97 $2.05 Diluted $1.01
$1.02 $1.95 $2.03 Earnings per common share: Basic $1.06 $1.03
$2.02 $2.06 Diluted $1.06 $1.02 $2.01 $2.04 AVERAGE BALANCES,
INCOME AND EXPENSES AND RATES (Amounts in thousands, except yields
and rates) Three Months 06/30/07 Average Income/ Yield/ Balance
Expense Cost Assets: Earning assets: Loans and leases (1)
$5,714,954 $115,303 8.09% Securities: Taxable 1,078,873 12,393 4.61
Tax exempt 144,425 2,189 6.08 Cash balances in other banks 21,732
270 4.98 Funds sold 67,298 907 5.41 Trading account securities 859
10 4.67 Total earning assets (2) 7,028,141 131,072 7.48 Cash and
due from banks 185,397 Premises and equipment 164,020 Other assets
518,772 Allowance for loan and lease losses (70,331) Total assets
$7,825,999 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,199,127 $8,717 2.92%
Savings deposits 1,102,663 9,682 3.52 Time deposits 2,667,493
33,262 5.00 Funds purchased 611,175 7,235 4.75 Other short-term
borrowings 121,946 1,669 5.49 Long-term debt 422,275 5,354 5.09
Total interest-bearing liabilities 6,124,679 65,919 4.32 Demand
deposits 779,936 Accrued interest and other liabilities 49,892
Stockholders' equity 871,492 Total liabilities and stockholders'
equity $7,825,999 Net interest spread 3.16% Net interest
income/margin on a taxable equivalent basis 65,153 3.72% Tax
equivalent adjustment (2) 947 Net interest income/margin $64,206
3.66% Three Months 06/30/06 Average Income/ Yield/ Balance Expense
Cost Assets: Earning assets: Loans and leases (1) $4,758,596
$91,978 7.75% Securities: Taxable 1,089,534 12,087 4.45 Tax exempt
79,355 1,268 6.41 Cash balances in other banks 12,555 146 4.66
Funds sold 73,930 993 5.39 Trading account securities 814 8 3.94
Total earning assets (2) 6,014,784 106,480 7.10 Cash and due from
banks 189,785 Premises and equipment 131,942 Other assets 402,259
Allowance for loan and lease losses (60,111) Total assets
$6,678,659 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,145,632 $7,651 2.68%
Savings deposits 936,041 6,061 2.60 Time deposits 1,950,926 20,231
4.16 Funds purchased 634,029 7,255 4.59 Other short-term borrowings
62,783 724 4.63 Long-term debt 406,217 5,063 5.00 Total
interest-bearing liabilities 5,135,628 46,985 3.67 Demand deposits
773,744 Accrued interest and other liabilities 85,638 Stockholders'
equity 683,649 Total liabilities and stockholders' equity
$6,678,659 Net interest spread 3.43% Net interest income/margin on
a taxable equivalent basis 59,495 3.97% Tax equivalent adjustment
(2) 552 Net interest income/margin $58,943 3.93% (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 06/30/07 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $5,647,459 $227,079 8.11% Securities: Taxable
1,097,562 25,098 4.61 Tax exempt 142,551 4,345 6.15 Cash balances
in other banks 22,538 554 4.96 Funds sold 68,704 1,794 5.27 Trading
account securities 982 24 4.93 Total earning assets (2) 6,979,796
258,894 7.48 Cash and due from banks 185,379 Premises and equipment
161,637 Other assets 518,970 Allowance for loan and lease losses
(69,733) Total assets $7,776,049 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,190,925
$17,105 2.90% Savings deposits 1,114,971 19,424 3.51 Time deposits
2,599,553 64,012 4.97 Funds purchased 627,872 14,819 4.76 Other
short-term borrowings 140,443 3,675 5.28 Long-term debt 412,058
10,711 5.24 Total interest-bearing liabilities 6,085,822 129,746
4.30 Demand deposits 766,770 Accrued interest and other liabilities
55,710 Stockholders' equity 867,747 Total liabilities and
stockholders' equity $7,776,049 Net interest spread 3.18% Net
interest income/margin on a taxable equivalent basis 129,148 3.73%
Tax equivalent adjustment (2) 1,891 Net interest income/margin
$127,257 3.68% Six Months 06/30/06 Average Income/ Yield/ Balance
Expense Cost Assets: Earning assets: Loans and leases (1)
$4,493,694 $169,344 7.60% Securities: Taxable 1,079,285 23,627 4.41
Tax exempt 67,408 2,162 6.47 Cash balances in other banks 10,137
225 4.48 Funds sold 69,894 1,725 4.98 Trading account securities
904 19 4.24 Total earning assets (2) 5,721,322 197,102 6.95 Cash
and due from banks 185,844 Premises and equipment 123,415 Other
assets 353,164 Allowance for loan and lease losses (56,883) Total
assets $6,326,862 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,087,705 $13,445 2.49%
Savings deposits 917,604 11,174 2.46 Time deposits 1,833,611 36,421
4.01 Funds purchased 608,120 13,065 4.33 Other short-term
borrowings 48,349 1,121 4.68 Long-term debt 388,676 9,374 4.86
Total interest-bearing liabilities 4,884,065 84,600 3.49 Demand
deposits 730,340 Accrued interest and other liabilities 81,077
Stockholders' equity 631,380 Total liabilities and stockholders'
equity $6,326,862 Net interest spread 3.46% Net interest
income/margin on a taxable equivalent basis 112,502 3.97% Tax
equivalent adjustment (2) 984 Net interest income/margin $111,518
3.93% (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. DATASOURCE: Alabama National
BanCorporation CONTACT: John H. Holcomb III, Chairman of the Board
and Chief Executive Officer, +1-205-583-3648, or William E.
Matthews, V, Executive Vice President and Chief Financial Officer,
+1-205-583-3650, both of Alabama National BanCorporation Web site:
http://www.alabamanational.com/
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