-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QlkTtImJaj43zrjUhi8Rr+78yH22/PcbtkoGOLJ8Y0q9UwEQdji8AeOCNx528uDX vmEsRxZZVqrHKATPtbTT/Q== 0001275287-06-001977.txt : 20060418 0001275287-06-001977.hdr.sgml : 20060418 20060418163859 ACCESSION NUMBER: 0001275287-06-001977 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060418 DATE AS OF CHANGE: 20060418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALABAMA NATIONAL BANCORPORATION CENTRAL INDEX KEY: 0000926966 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 631114426 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25160 FILM NUMBER: 06765058 BUSINESS ADDRESS: STREET 1: 1927 FIRST AVENUE NORTH CITY: BIRMINGHAM STATE: AL ZIP: 35209 BUSINESS PHONE: 2055833600 MAIL ADDRESS: STREET 1: 1927 FIRST AVENUE NORTH STREET 2: 1927 FIRST AVENUE NORTH CITY: BIRMINGHAM STATE: AL ZIP: 35209 8-K 1 al5434.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 18, 2006 ALABAMA NATIONAL BANCORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Delaware 0-25160 63-1114426 (State of Incorporation) (Commission File Number) (IRS Employer IdentificationNumber) 1927 First Avenue North, Birmingham, Alabama 35203 (Address of principal executive offices, including zip code) (205) 583-3600 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 18, 2006, Alabama National BanCorporation issued a press release announcing financial results for the quarter ended March 31, 2006. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit Number Exhibit -------------- ---------------------------------- 99.1 Press Release dated April 18, 2006 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Alabama National Bancorporation By: /s/ William E. Matthews, V ----------------------------- William E. Matthews, V Executive Vice President and Chief Financial Officer Dated: April 18, 2006 INDEX TO EXHIBITS Exhibit Number Exhibit - -------------- ----------------------------------- 99.1 Press Release dated April 18, 2006* * This exhibit is furnished to, but not filed with, the Commission by inclusion herein. EX-99.1 2 al5434ex991.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO OF ANB ALABAMA NATIONAL BANCORPORATION] ALABAMA NATIONAL BANCORPORATION ANNOUNCES FIRST QUARTER 2006 EARNINGS FOR IMMEDIATE RELEASE - Birmingham, Alabama (April 18, 2006) -Alabama National BanCorporation ("ANB") (NASDAQ/NM: ALAB) today announced earnings for the quarter ended March 31, 2006. For the 2006 first quarter, ANB reported earnings of $17.8 million, up 15.5% from the 2005 first quarter. Diluted earnings per share of $1.02 were up 14.7% from the 2005 first quarter. Diluted cash earnings per share were $1.05, up 14.0% from the 2005 first quarter. Total revenue grew to $71.5 million in the 2006 first quarter, up 12.3% from $63.7 million in the 2005 first quarter. Noninterest income represented 26.5% of first quarter 2006 total revenue, approximately even with the 26.4% reported in the 2005 first quarter. ANB's taxable equivalent net interest margin improved to 3.96% for the 2006 first quarter, up 2 basis points from the 2005 first quarter and up 5 basis points from the fourth quarter of 2005. "The first quarter was highlighted by a continuation of strong asset quality and solid EPS growth. We are also pleased to have shown a slight improvement in our net interest margin as compared with the fourth quarter of 2005," said John H. Holcomb, III, Chairman and CEO. "This first quarter performance is a good start to 2006." Total assets at March 31, 2006 were $6.1 billion. Loan growth (excluding loans held for sale) was 10.3% annualized during the 2006 first quarter, and deposits grew at a 6.8% annualized rate. At March 31, 2006 deposits totaled $4.4 billion, compared to $4.3 billion at December 31, 2005. Quarter-end share owners' equity was $582.4 million, or $33.95 per share, and tangible book value per share was $24.82. During the 2006 first quarter, ANB recognized $210 thousand in net charge-offs, or an annualized rate of 0.02% of average loans. Quarter-end nonperforming assets were 0.09% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 1,528%. ANB's acquisition of Florida Choice Bank was completed on April 3, 2006. Accordingly, ANB's first quarter results and balances do not include Florida Choice Bank. ANB is a bank holding company operating 93 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 Escambia County, Florida and Baldwin County, Alabama; Florida Choice Bank in central Florida; Community Bank of Naples, N.A.; Public Bank in metropolitan Orlando; CypressCoquina Bank in Ormond Beach; and Millennium Bank in Gainesville. ANB has one subsidiary in Georgia, Georgia State Bank 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 is 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. 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 National Market System under the symbol "ALAB." CONFERENCE CALL INSTRUCTIONS: Alabama National will discuss financial results for the first quarter completed March 31, 2006 as well as its goals and general outlook for the remainder of 2006 in a conference call to be held Wednesday, April 19, 2006 at 9:00 a.m. Central Time. A listen-only simulcast and replay of Alabama National's conference call will be available on-line at the following Internet links: www.alabamanational.com, under "In The News," or www.viavid.net, on April 19, 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 April 19. For those without Internet access, a telephonic replay will be available through May 19 by dialing 1-800-642-1687 and entering Conference ID number 7461576. 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" (cash earnings per share), "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 is defined as net income plus amortization expense (net of tax) applicable to intangible assets that do not qualify as regulatory 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 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 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. Contacts: Alabama National BanCorporation Alabama National BanCorporation John H. Holcomb III William E. Matthews, V Chairman of the Board and Executive Vice President and Chief Executive Officer Chief Financial Officer (205) 583-3648 (205) 583-3650 ALABAMA NATIONAL BANCORPORATION Unaudited Financial Highlights (in thousands, except per share amounts and percentages)
Three Months Ended March 31, ------------------- Percentage 2006 2005 Change (b) -------- -------- ------------ Net interest income $ 52,575 $ 46,905 12.1% Noninterest income 18,929 16,783 12.8 Total revenue 71,504 63,688 12.3 Provision for loan and lease losses 1,243 1,544 (19.5) Noninterest expense 42,973 38,661 11.2 Income before taxes and cumulative effect of accounting change 27,288 23,483 16.2 Income taxes 9,463 8,003 18.2 Net income before cumulative effect of accounting change 17,825 15,480 15.1 Cumulative effect of accounting change (net of tax) 48 - NM Net income $ 17,873 $ 15,480 15.5 Weighted average common and common equivalent shares outstanding Basic 17,334 17,151 1.1% Diluted 17,502 17,384 0.7 Net income per common share Basic $ 1.03 $ .90 14.2% Diluted 1.02 .89 14.7 Cash earnings (a) Total $ 18,413 $ 16,039 14.8% Basic 1.06 .94 13.6 Diluted 1.05 .92 14.0 Cash dividends declared on common stock $ .3750 $ .3375 Return on average assets 1.21% 1.17% Return on average tangible assets 1.25 1.20 Return on average equity 12.53 11.73 Return on average tangible equity 17.20 16.52 NONINTEREST INCOME Service charge income $ 3,868 $ 3,930 (1.6)% Investment services income 864 1,145 (24.5) Wealth management income 5,367 4,521 18.7 Gain on sale of mortgages 2,611 2,670 (2.2) Commercial mortgage banking income 732 - NM Gain on disposal of assets 507 428 18.5 Securities (losses) gains (734) 72 NM Bank owned life insurance 742 654 13.5 Insurance commissions 982 795 23.5 Other 3,990 2,568 55.4 -------- -------- Total noninterest income $ 18,929 $ 16,783 12.8 ======== ========
(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
March 31, December 31, Percentage 2006 2005 Change ------------ ------------ ------------ Total assets $ 6,085,546 $ 5,931,673 2.6% Earning assets 5,522,205 5,385,824 2.5 Securities (a) 1,137,864 1,136,487 0.1 Loans held for sale 21,126 14,940 41.4 Loans and leases, net of unearned income 4,247,199 4,144,095 2.5 Allowance for loan and lease losses 53,848 52,815 2.0 Deposits 4,414,826 4,343,264 1.6 Short-term borrowings 30,800 34,700 (11.2) Long-term debt 378,431 369,246 2.5 Stockholders' equity 582,363 571,879 1.8
(a) Excludes trading securities ASSET QUALITY ANALYSIS (in thousands, except percentages)
As of / For the Three Months Ended ------------------------------------------ March 31, December 31, March 31, 2006 2005 2005 ------------ ------------ ------------ Nonaccrual loans $ 3,524 $ 6,446 $ 6,374 Restructured loans - - - Loans past due 90 days or more and still accruing -0- -0- -0- Total nonperforming loans 3,524 6,446 6,374 Other real estate owned 487 623 1,079 Total nonperforming assets 4,011 7,069 7,453 Total non performing assets as a percentage of period-end loans and other real estate (a) 0.09% 0.17% 0.20% Allowance for loan and lease losses $ 53,848 $ 52,815 $ 47,826 Provision for loan and lease losses 1,243 1,640 1,544 Loans charged off 505 1,109 489 Loan recoveries 295 605 187 Net loan and lease losses 210 504 302 Allowance for loan and lease losses as a percentage of period-end loans and leases (a) 1.27% 1.27% 1.31% Allowance for loan and lease losses as a percentage of period-end nonperforming loans 1,528.04 819.35 750.33 Net losses to average loans and leases (annualized) 0.02 0.05 0.03
(a) Excludes loans held for sale TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended ------------------------------------------ March 31, December 31, March 31, 2006 2005 2005 ------------ ------------ ------------ Interest income: Interest and fees on loans and leases 7.42% 7.09% 6.24% Interest on securities: Taxable 4.38 4.14 4.17 Non-taxable 6.55 6.35 6.24 Total interest earning assets 6.78 6.44 5.68 Interest expense: Interest on deposits 3.02 2.73 1.85 Interest on short-term borrowing 4.77 4.27 3.57 Interest on long-term debt 4.71 4.35 3.63 Total interest bearing liabilities 3.30 2.99 2.07 Net interest spread 3.48 3.45 3.61 Net interest margin 3.96 3.91 3.94
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of --------------------------- March 31, December 31, 2006 2005 ------------ ------------ Stockholders' Equity: Equity to assets 9.57% 9.64% Leverage ratio 8.40 8.29 Book value per common share (a) $ 33.95 $ 33.40 Tangible book value per common share (a)(b) 24.82 24.20 Ending shares outstanding (in thousands) 17,155 17,124
(a) Includes a cumulative mark to market adjustment to equity of $(0.59) and $(0.52) per share at March 31, 2006 and December 31, 2005, 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 March 31, --------------------------- 2006 2005 ------------ ------------ Net income $ 17,873 $ 15,480 Amortization of intangibles, net of tax 540 559 Cash earnings $ 18,413 $ 16,039 Net income per common share - basic $ 1.03 $ 0.90 Effect of amortization of intangibles per share 0.03 0.04 Cash earnings per common share - basic $ 1.06 $ 0.94 Net income per common share - diluted $ 1.02 $ 0.89 Effect of amortization of intangibles per share 0.03 0.03 Cash earnings per common share - diluted $ 1.05 $ 0.92 Average assets $ 5,971,156 $ 5,365,706 Average intangible assets (157,010) (155,411) Average tangible assets $ 5,814,146 $ 5,210,295 Return on average assets 1.21% 1.17% Effect of average intangible assets .04 .03 Return on average tangible assets 1.25% 1.20% Average equity $ 578,530 $ 535,336 Average intangible assets (157,010) (155,411) Average tangible equity $ 421,520 $ 379,925 Return on average equity 12.53% 11.73% Effect of average intangible assets 4.67 4.79 Return on average tangible equity 17.20% 16.52%
As of --------------------------- March 31, December 31, 2006 2005 ------------ ------------ Book value $ 582,363 $ 571,879 Intangible assets (156,633) (157,429) Tangible book value $ 425,730 $ 414,450 Book value per common share $ 33.95 $ 33.40 Effect of intangible assets per share (9.13) (9.20) Tangible book value per common share $ 24.82 $ 24.20
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) ---------------------------------------------------------- (In thousands, except share amounts)
March 31, December 31, 2006 2005 ------------ ------------ ASSETS Cash and due from banks ........................................................ $ 185,535 $ 189,256 Interest-bearing deposits in other banks ....................................... 16,515 19,428 Federal funds sold and securities purchased under resell agreements ............ 97,151 70,472 Trading securities, at fair value .............................................. 2,350 402 Investment securities (fair values of $608,874 and $576,424) ................... 626,378 591,153 Securities available for sale, at fair value ................................... 511,486 545,334 Loans held for sale ............................................................ 21,126 14,940 Loans and leases ............................................................... 4,250,772 4,147,739 Unearned income ................................................................ (3,573) (3,644) ------------ ------------ Loans and leases, net of unearned income ....................................... 4,247,199 4,144,095 Allowance for loan and lease losses ............................................ (53,848) (52,815) ------------ ------------ Net loans and leases ........................................................... 4,193,351 4,091,280 Property, equipment and leasehold improvements, net ............................ 115,215 114,159 Goodwill ....................................................................... 148,071 148,071 Other intangible assets, net ................................................... 8,562 9,358 Cash surrender value of life insurance ......................................... 75,328 74,593 Receivable from investment division customers .................................. 23,647 7,166 Other assets ................................................................... 60,831 56,061 ------------ ------------ Totals ......................................................................... $ 6,085,546 $ 5,931,673 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing .......................................................... $ 723,956 $ 729,045 Interest bearing ............................................................. 3,690,870 3,614,219 ------------ ------------ Total deposits ................................................................. 4,414,826 4,343,264 Federal funds purchased and securities sold under repurchase agreements ........ 591,396 545,337 Accrued expenses and other liabilities ......................................... 62,352 61,361 Payable for securities purchased for investment division customers ............. 25,378 5,886 Short-term borrowings .......................................................... 30,800 34,700 Long-term debt ................................................................. 378,431 369,246 ------------ ------------ Total liabilities .............................................................. 5,503,183 5,359,794 Common stock, $1 par; 50,000,000 shares authorized; 17,155,010 and 17,124,316 shares issued at March 31, 2006 and December 31, 2005, respectively .......... 17,155 17,124 Additional paid-in capital ..................................................... 347,991 347,434 Retained earnings .............................................................. 227,367 216,144 Accumulated other comprehensive loss, net of tax ............................... (10,150) (8,823) ------------ ------------ Total stockholders' equity ..................................................... 582,363 571,879 ------------ ------------ Totals ......................................................................... $ 6,085,546 $ 5,931,673 ============ ============
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
For the three months ended March 31, ---------------------------- 2006 2005 ------------ ------------ INTEREST INCOME: Interest and fees on loans and leases .......................................... 77,238 55,166 Interest on securities ......................................................... 12,130 12,102 Interest on deposits in other banks ............................................ 79 48 Interest on trading securities ................................................. 11 4 Interest on federal funds sold and securities purchased under resell agreements ...................................................... 732 524 ------------ ------------ Total interest income ............................................................. 90,190 67,844 INTEREST EXPENSE: Interest on deposits ........................................................... 27,097 14,858 Interest on federal funds purchased and securities sold under repurchase agreements .................................................. 5,810 2,368 Interest on short-term borrowings .............................................. 397 406 Interest on long-term debt ..................................................... 4,311 3,307 ------------ ------------ Total interest expense ............................................................ 37,615 20,939 ------------ ------------ Net interest income ............................................................... 52,575 46,905 Provision for loan and lease losses ............................................... 1,243 1,544 ------------ ------------ Net interest income after provision for loan and lease losses ..................... 51,332 45,361 NONINTEREST INCOME: Securities (losses) gains ...................................................... (734) 72 Gain on disposition of assets .................................................. 507 428 Service charges on deposit accounts ............................................ 3,868 3,930 Investment services income ..................................................... 864 1,145 Wealth management income ....................................................... 5,367 4,521 Gain on sale of mortgages ...................................................... 2,611 2,670 Commercial mortgage banking income ............................................. 732 - Bank owned life insurance ...................................................... 742 654 Insurance commissions .......................................................... 982 795 Other .......................................................................... 3,990 2,568 ------------ ------------ Total noninterest income .......................................................... 18,929 16,783 NONINTEREST EXPENSE: Salaries and employee benefits ................................................. 23,298 20,453 Commission based compensation .................................................. 4,134 3,494 Occupancy and equipment expenses ............................................... 4,757 4,139 Amortization of intangibles .................................................... 796 825 Other .......................................................................... 9,988 9,750 ------------ ------------ Total noninterest expense ......................................................... 42,973 38,661 ------------ ------------ Income before provision for income taxes and cumulative effect of accounting change ........................................................... 27,288 23,483 Provision for income taxes ........................................................ 9,463 8,003 ------------ ------------ Net income before cumulative effect of accounting change .......................... 17,825 15,480 Cumulative effect of accounting change (net of tax) ............................... 48 - ------------ ------------ Net income ........................................................................ $ 17,873 $ 15,480 ============ ============ Weighted average common shares outstanding: Basic ........................................................................... 17,334 17,151 ============ ============ Diluted ......................................................................... 17,502 17,384 ============ ============ Earnings per common share before cumulative effect of accounting change: Basic ........................................................................... $ 1.03 $ 0.90 ============ ============ Diluted ......................................................................... $ 1.02 $ 0.89 ============ ============ Earnings per common share: Basic ........................................................................... $ 1.03 $ 0.90 ============ ============ Diluted ......................................................................... $ 1.02 $ 0.89 ============ ============
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in thousands, except yields and rates)
Three Months 03/31/06 Three Months 03/31/05 -------------------------------------- -------------------------------------- Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ------------ ------------ -------- ------------ ------------ -------- ASSETS: Earning assets: Loans and leases (1) ................... $ 4,225,849 $ 77,366 7.42% $ 3,593,014 $ 55,297 6.24% Securities: Taxable ............................... 1,068,922 11,540 4.38 1,122,456 11,541 4.17 Tax exempt ............................ 55,328 894 6.55 55,234 850 6.24 Cash balances in other banks ........... 7,692 79 4.17 14,369 48 1.35 Funds sold ............................. 65,813 732 4.51 87,935 524 2.42 Trading account securities ............. 995 11 4.48 311 4 5.22 ------------ ------------ ------------ ------------ Total earning assets (2) ........... 5,424,599 90,622 6.78 4,873,319 68,264 5.68 ------------ ------------ ------------ ------------ Cash and due from banks .................. 181,859 82,775 Premises and equipment ................... 114,793 100,578 Other assets ............................. 303,524 356,351 Allowance for loan and lease losses ...... (53,619) (47,317) ------------ ------------ Total assets ...................... $ 5,971,156 $ 5,365,706 ============ ============ LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts .. $ 1,029,134 $ 5,794 2.28 $ 875,630 $ 2,544 1.18 Savings deposits ....................... 898,962 5,113 2.31 891,190 2,638 1.20 Time deposits .......................... 1,714,993 16,190 3.83 1,498,534 9,676 2.62 Funds purchased ........................ 581,923 5,810 4.05 425,560 2,368 2.26 Other short-term borrowings ............ 33,755 397 4.77 46,127 406 3.57 Long-term debt ......................... 370,940 4,311 4.71 369,259 3,307 3.63 ------------ ------------ ------------ ------------ Total interest-bearing liabilities ..................... 4,629,707 37,615 3.30 4,106,300 20,939 2.07 ------------ ------------ ------------ ------------ Demand deposits .......................... 686,454 674,369 Accrued interest and other liabilities ... 76,465 49,701 Stockholders' equity ..................... 578,530 535,336 ------------ ------------ Total liabilities and stockholders' equity ............................. $ 5,971,156 $ 5,365,706 ============ ============ Net interest spread ...................... 3.48% 3.61% ======== ======== Net interest income/margin on a taxable equivalent basis ............. 53,007 3.96% 47,325 3.94% Tax equivalent adjustment (2) ............ 432 ======== 420 ======== ------------ ------------ Net interest income/margin ............... $ 52,575 3.93% $ 46,905 3.90% ============ ======== ============ ========
(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)
Three Months 03/31/06 Three Months 12/31/05 -------------------------------------- -------------------------------------- Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ------------ ------------ -------- ------------ ------------ -------- ASSETS: Earning assets: Loans and leases (1) ................... $ 4,225,849 $ 77,366 7.42% $ 4,146,649 $ 74,124 7.09% Securities: Taxable ............................... 1,068,922 11,540 4.38 1,084,433 11,312 4.14 Tax exempt ............................ 55,328 894 6.55 49,776 797 6.35 Cash balances in other banks ........... 7,692 79 4.17 8,242 83 4.00 Funds sold ............................. 65,813 732 4.51 73,264 748 4.05 Trading account securities ............. 995 11 4.48 501 5 3.96 ------------ ------------ ------------ ------------ Total earning assets (2) ........... 5,424,599 90,622 6.78 5,362,865 87,069 6.44 ------------ ------------ ------------ ------------ Cash and due from banks .................. 181,859 174,929 Premises and equipment ................... 114,793 112,147 Other assets ............................. 303,524 295,111 Allowance for loan and lease losses ...... (53,619) (52,374) ------------ ------------ Total assets ...................... $ 5,971,156 $ 5,892,678 ============ ============ LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts .. $ 1,029,134 $ 5,794 2.28 $ 950,750 $ 4,539 1.89 Savings deposits ....................... 898,962 5,113 2.31 900,844 4,647 2.05 Time deposits .......................... 1,714,993 16,190 3.83 1,692,425 15,216 3.57 Funds purchased ........................ 581,923 5,810 4.05 586,165 5,367 3.63 Other short-term borrowings ............ 33,755 397 4.77 54,229 584 4.27 Long-term debt ......................... 370,940 4,311 4.71 347,510 3,807 4.35 ------------ ------------ ------------ ------------ Total interest-bearing liabilities ..................... 4,629,707 37,615 3.30 4,531,923 34,160 2.99 ------------ ------------ ------------ ------------ Demand deposits .......................... 686,454 718,055 Accrued interest and other liabilities ... 76,465 76,452 Stockholders' equity ..................... 578,530 566,248 ------------ ------------ Total liabilities and stockholders' equity ............................. $ 5,971,156 $ 5,892,678 ============ ============ Net interest spread ...................... 3.48% 3.45% ======== ======== Net interest income/margin on a taxable equivalent basis ............. 53,007 3.96% 52,909 3.91% Tax equivalent adjustment (2) ............ 432 ======== 413 ======== ------------ ------------ Net interest income/margin ............... $ 52,575 3.93% $ 52,496 3.88% ============ ======== ============ ========
(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 -----END PRIVACY-ENHANCED MESSAGE-----