EX-99.3 5 dex993.htm SELECTED FINANCIAL DATA Selected Financial Data

Exhibit 99.3

 

ITEM 6. SELECTED FINANCIAL DATA

FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA

(Amounts in thousands, except ratios and per share data)

 

     Year Ended December 31,  
     2006     2005     2004     2003     2002  

Income Statement Data:

          

Interest income

   $ 433,667     $ 309,260     $ 229,186     $ 178,631     $ 178,147  

Interest expense

     199,559       109,413       65,934       57,668       65,313  
                                        

Net interest income

     234,108       199,847       163,252       120,963       112,834  

Provision for loan and lease losses

     5,393       7,615       4,949       5,931       7,956  
                                        

Net interest income after provision for loan and lease losses

     228,715       192,232       158,303       115,032       104,878  

Net securities (losses) gains

     (1,250 )     72       —         46       35  

Noninterest income

     75,456       68,092       69,072       74,743       58,292  

Noninterest expense

     181,567       159,121       144,680       128,557       110,734  
                                        

Income before income taxes from continuing operations

     121,354       101,275       82,695       61,264       52,471  

Provision for income taxes

     41,820       34,724       28,093       20,327       16,748  
                                        

Net income from continuing operations

     79,534       66,551       54,602       40,937       35,723  

Pre-tax income (loss) from discontinued operations

     457       200       71       180       (34 )

Provision for (benefit of) taxes on discontinued operations

     175       78       29       71       (13 )
                                        

Income (loss) from discontinued operations

     282       122       42       109       (21 )
                                        

Net income

   $ 79,816     $ 66,673     $ 54,644     $ 41,046     $ 35,702  
                                        

Balance Sheet Data:

          

Total assets

   $ 7,671,274     $ 5,931,673     $ 5,315,869     $ 3,820,112     $ 3,316,168  

Earning assets

     6,856,309       5,385,824       4,841,255       3,512,744       3,034,980  

Securities

     1,265,774       1,136,487       1,200,407       810,227       700,333  

Loans held for sale

     27,652       14,940       22,313       16,415       51,030  

Loans and leases, net of unearned income

     5,456,136       4,144,095       3,495,701       2,659,440       2,191,394  

Allowance for loan and lease losses

     68,246       52,815       46,584       36,562       32,704  

Deposits

     5,567,603       4,343,264       3,934,723       2,753,749       2,330,395  

Short-term debt

     161,830       34,700       30,500       41,150       152,100  

Long-term debt

     402,399       369,246       393,688       332,393       240,065  

Stockholders' equity

     853,623       571,879       529,543       279,418       234,492  

Weighted Average Shares Outstanding—Diluted

     19,147       17,445       16,100       12,957       12,683  

Per Common Share Data:

          

Income from continuing operations—diluted

   $ 4.15     $ 3.81     $ 3.39     $ 3.16     $ 2.82  

Income from discontinued operations—diluted

     0.02       0.01       0.00       0.01       (0.01 )

Net income—diluted

     4.17       3.82       3.39       3.17       2.81  

Book value (period end)

     41.51       33.40       31.15       21.76       18.95  

Tangible book value (period end) (4)

     25.55       24.39       22.17       19.28       17.61  

Dividends declared

     1.50       1.35       1.25       1.14       1.00  

Dividend payout ratio—diluted

     35.97 %     35.34 %     36.87 %     35.96 %     35.59 %

Performance Ratios:

          

Return on average assets

     1.18 %     1.18 %     1.13 %     1.14 %     1.18 %

Return on average equity

     11.36       12.11       12.15       15.89       16.01  

Net interest margin (1)

     3.84       3.90       3.71       3.65       4.07  

Net interest margin (taxable equivalent) (1)

     3.88       3.93       3.74       3.68       4.11  

Asset Quality Ratios:

          

Allowance for loan and lease losses to period end loans (2)

     1.25 %     1.27 %     1.33 %     1.37 %     1.49 %

Allowance for loan and lease losses to period end

          

nonperforming loans (3)

     624.91       819.35       575.75       372.44       318.07  

Net charge-offs to average loans and leases (2)

     0.02       0.04       0.06       0.13       0.18  

Nonperforming assets to period end loans and leases

          

and foreclosed property (2)(3)

     0.21       0.17       0.28       0.40       0.59  

Capital and Liquidity Ratios:

          

Average equity to average assets

     10.40 %     9.76 %     9.29 %     7.17 %     7.36 %

Leverage (4.00% required minimum)

     7.95       8.29       8.44       7.73       7.52  

Risk-based capital

          

Tier 1 (4.00% required minimum)

     9.82       10.89       11.49       10.47       10.00  

Total (8.00% required minimum)

     10.98       12.10       12.74       11.73       11.26  

Average loans and leases to average deposits

     99.78       94.41       92.30       94.38       96.44  

(1) Net interest income divided by average earning assets.
(2) Does not include loans held for sale.
(3) Nonperforming loans and nonperforming assets include loans past due 90 days or more that are still accruing interest. It is Alabama National’s policy to place all loans on nonaccrual status when over ninety days past due.
(4) “Tangible book value per share”, a financial measure determined other than in accordance with generally accepted accounting principles, is computed by dividing tangible book value by the total number of common shares outstanding. “Tangible book value” equals book value less goodwill and other intangible assets. Management believes that this measure is useful because it provides book value exclusive of goodwill and other intangible assets and because it is a measure used by many investors as part of their analysis of Alabama National. The following table sets forth a reconciliation of book value per share to tangible book value per share:

 

    Year Ended December 31,  
    2006     2005     2004     2003     2002  

Book value (stockholders’ equity)

  $ 853,623     $ 571,879     $ 529,543     $ 279,418     $ 234,492  

Deduct: goodwill and other intangible assets

    (328,166 )     (154,301 )     (152,661 )     (31,867 )     (16,611 )

Tangible book value

    525,457       417,578       376,882       247,551       217,881  

Book value per common share

    41.51       33.40       31.15       21.76       18.95  

Effect of goodwill and intangible assets per share

    (15.96 )     (9.01 )     (8.98 )     (2.48 )     (1.34 )

Tangible book value per common share

  $ 25.55     $ 24.39     $ 22.17     $ 19.28     $ 17.61  

 

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