-----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, QliV5VUVIObbFvaF+u+t4wwcDtLV9pwRcr86Ra672J3sFdUrhxDy7EzXdFNRFUot UbSn/aUS9ysrZ0SgCkpdfg== 0001275287-06-003664.txt : 20060719 0001275287-06-003664.hdr.sgml : 20060719 20060719171449 ACCESSION NUMBER: 0001275287-06-003664 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060719 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060719 DATE AS OF CHANGE: 20060719 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: 06969937 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 an6444.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): July 19, 2006 ALABAMA NATIONAL BANCORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) DELAWARE 0-25160 63-1114426 (State of Incorporation) (Commission (IRS Employer File Number) 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 July 19, 2006, Alabama National BanCorporation issued a press release announcing financial results for the six months and quarter ended June 30, 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 July 19, 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 ------------------------------ William E. Matthews, V Executive Vice President and Chief Financial Officer Dated: July 19, 2006 INDEX TO EXHIBITS Exhibit Number Exhibit - -------------- -------------------------------------------------------------- 99.1 Press Release dated July 19, 2006* * This exhibit is furnished to, but not filed with, the Commission by inclusion herein. EX-99.1 2 an6444ex991.txt EXHIBIT 99.1 Exhibit 99.1 ALABAMA NATIONAL BANCORPORATION ANNOUNCES SECOND QUARTER 2006 EARNINGS FOR IMMEDIATE RELEASE - Birmingham, Alabama (July 19, 2006) -Alabama National BanCorporation ("ANB") (NASDAQ: ALAB) today announced earnings for the quarter ended June 30, 2006. For the 2006 second quarter, ANB reported earnings of $19.3 million, up 19.3% from the 2005 second quarter. Diluted earnings per share of $1.02 were up 9.3% from the year ago quarter. Diluted cash earnings per share were $1.06, up 10.7% from the 2005 second quarter. Total revenue grew to $77.8 million in the 2006 second quarter, up 15.5% from $67.3 million in the year ago second quarter. ANB's taxable equivalent net interest margin was 3.97% for the 2006 second quarter, up 4 basis points from the 2005 second quarter and up 1 basis point from the first quarter of 2006. "The second quarter continued our focus on the fundamentals of asset quality and growth," said John H. Holcomb, III, Chairman and CEO. "Credit quality continued to meet our standards, with minimal net charge-offs and continued low levels of non-performing assets. Loan growth during the second quarter was surprisingly strong and exceeded our expectations. The current flat yield curve will continue to pose challenges for our industry, but I am confident in our employees' ability to get our fair share of business in any environment." The 2006 second quarter includes results from Florida Choice Bank, which was acquired at the beginning of April 2006. Its results are not included in prior periods. Florida Choice's information systems were converted to the ANB information technology platform during June 2006. "I am proud of the successful system conversion for Florida Choice Bank completed during the second quarter," said Holcomb. "The conversion was the result of a lot of hard work by a great group of employees. Florida Choice's ability to continue excellent growth during the quarter while going through the completion of the merger and system conversion is a testament to the quality of our employees at this bank. We are also excited about the announcement in May of ANB's pending acquisition of The Peachtree Bank." The acquisition of The Peachtree Bank is subject to certain conditions, including regulatory approvals and approval of the shareholders of the holding company of The Peachtree Bank. Year-to-date earnings for the first six months of 2006 were $37.2 million, an increase of 17.4% over the $31.7 million in earnings reported for the same period in 2005. Diluted earnings per share for the first six months of 2006 were $2.04, up 11.9% from the $1.82 earned in the first half of 2005. Six months' 2006 cash earnings per diluted share of $2.12 were up 12.3% over 2005 levels. Total assets at June 30, 2006 were $6.8 billion. Loans (excluding loans held for sale) grew to $4.81 billion, with ending deposits growing to $4.86 billion. Quarter-end share owners' equity was $687 million, or $36.86 per share, and tangible book value per share was $24.48. During the 2006 second quarter, ANB recognized $108 thousand in net charge-offs, or an annualized rate of 0.01% of average loans. Combined with first quarter net charge-offs, ANB's year-to-date loss of $318 thousand represents a rate of 0.01% in net losses to average loans and leases. Quarter-end nonperforming assets were 0.13% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 1,080%. ANB is a bank holding company operating 94 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, AL; 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 Global Select Market under the symbol "ALAB." CONFERENCE CALL INSTRUCTIONS: Alabama National will discuss financial results for the second quarter completed June 30, 2006 as well as its goals and general outlook for the remainder of 2006 in a conference call to be held Thursday, July 20, 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 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 1-800-967-7187 at 9:00 a.m. Central Time on July 20 enter Conference ID number 9549243. For those without Internet access, a telephonic replay will be available through August 19 by dialing 1-800-203-1112 and entering Conference ID number 9549243. 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 or year-to-date period, as applicable) 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 or year-to-date period, as applicable) 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. Contacts: 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 June 30, ----------------------------- Percentage 2006 2005 Change (b) ------------- ------------- ------------- Net interest income $ 58,943 $ 49,087 20.1% Noninterest income 18,810 18,229 3.2 Total revenue 77,753 67,316 15.5 Provision for loan and lease losses 1,920 1,991 (3.6) Noninterest expense 46,275 40,715 13.7 Net income before income taxes 29,558 24,610 20.1 Income taxes 10,241 8,415 21.7 Net income $ 19,317 $ 16,195 19.3 Weighted average common and common equivalent shares outstanding Basic 18,806 17,184 9.4% Diluted 18,984 17,394 9.1 Net income per common share Basic $ 1.03 $ .94 9.0% Diluted 1.02 .93 9.3 Cash earnings (a) Total $ 20,203 $ 16,717 20.9% Basic 1.07 .97 10.4 Diluted 1.06 .96 10.7 Cash dividends declared on common stock $ .375 $ .3375 Return on average assets 1.16% 1.17% Return on average tangible assets 1.20 1.20 Return on average equity 11.33 11.93 Return on average tangible equity 17.06 16.66 Noninterest Income Service charge income $ 4,011 $ 4,154 (3.4)% Investment services income 966 858 12.6 Wealth management income 5,364 4,920 9.0 Gain on sale of mortgages 2,661 3,417 (22.1) Commercial mortgage banking income 284 - NM Gain on disposal of assets 32 283 (88.7) Securities losses (516) - NM Bank owned life insurance 798 745 7.1 Insurance commissions 928 833 11.4 Other 4,282 3,019 41.8 ------------- ------------- Total noninterest income $ 18,810 $ 18,229 3.2 ============= =============
(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
Six Months Ended June 30, ----------------------------- Percentage 2006 2005 Change (b) ------------- ------------- ------------- Net interest income $ 111,518 $ 95,992 16.2% Noninterest income 37,739 35,012 7.8 Total revenue 149,257 131,004 13.9 Provision for loan and lease losses 3,163 3,535 (10.5) Noninterest expense 89,248 79,376 12.4 Income before taxes and cumulative effect of accounting change 56,846 48,093 18.2 Income taxes 19,704 16,418 20.0 Net income before cumulative effect of accounting change 37,142 31,675 17.3 Cumulative effect of accounting change (net of tax) 48 - NM Net income 37,190 $ 31,675 17.4 Weighted average common and common equivalent shares outstanding Basic 18,074 17,178 5.2% Diluted 18,252 17,391 5.0 Net income per common share Basic $ 2.06 $ 1.84 11.6% Diluted 2.04 1.82 11.9 Cash earnings (a) Total $ 38,616 $ 32,756 17.9% Basic 2.14 1.91 12.0 Diluted 2.12 1.88 12.3 Cash dividends declared on common stock $ .75 $ .675 Return on average assets 1.19% 1.17% Return on average tangible assets 1.22 1.20 Return on average equity 11.88 11.83 Return on average tangible equity 17.13 16.59 Noninterest Income Service charge income $ 7,711 $ 8,084 (4.6)% Investment services income 1,830 2,003 (8.6) Wealth management income 10,731 9,441 13.7 Gain on sale of mortgages 5,272 6,087 (13.4) Commercial mortgage banking income 1,016 - NM Gain on disposal of assets 539 711 (24.2) Securities (losses) gains (1,250) 72 NM Bank owned life insurance 1,540 1,399 10.1 Insurance commissions 1,910 1,628 17.3 Other 8,440 5,587 51.1 ------------- ------------- Total noninterest income $ 37,739 $ 35,012 7.8 ============= =============
(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
June 30, December 31, Percentage 2006 2005 Change ------------- ------------- ------------- Total assets $ 6,794,456 $ 5,931,673 14.5% Earning assets 6,116,523 5,385,824 13.6 Securities (a) 1,172,586 1,136,487 3.2 Loans held for sale 17,517 14,940 17.2 Loans and leases, net of unearned income 4,812,387 4,144,095 16.1 Allowance for loan and lease losses 60,739 52,815 15.0 Deposits 4,855,970 4,343,264 11.8 Short-term borrowings 87,800 34,700 153.0 Long-term debt 445,576 369,246 20.7 Stockholders' equity 687,091 571,879 20.1
(a) Excludes trading securities ASSET QUALITY ANALYSIS (in thousands, except percentages)
As of / For the Three Months Ended --------------------------------------------- June 30, March 31, June 30, 2006 2006 2005 ------------- ------------- ------------- Nonaccrual loans $ 5,625 $ 3,524 $ 6,949 Restructured loans - - - Loans past due 90 days or more and still accruing -0- -0- -0- Total nonperforming loans 5,625 3,524 6,949 Other real estate owned 401 487 450 Total nonperforming assets 6,026 4,011 7,399 Total non performing assets as a percentage of period-end loans and other real estate (a) 0.13% 0.09% 0.19% Allowance for loan and lease losses 60,739 53,848 49,687 Provision for loan and lease losses 1,920 1,243 1,991 Loans charged off 513 505 529 Loan recoveries 405 295 349 Net loan and lease losses 108 210 180 Allowance for loan and lease losses as a percentage of period-end loans and leases (a) 1.26% 1.27% 1.29% Allowance for loan and lease losses as a percentage of period-end nonperforming loans 1,079.80 1,528.04 714.30 Net losses to average loans and leases (annualized) 0.01 0.02 0.02
For the Six Months Ended June 30, ----------------------------- Percentage 2006 2005 Change (b) ------------- ------------- ------------- Provision for loan and lease losses $ 3,163 $ 3,535 (10.5)% Loans charged off 1,018 1,018 - Loan recoveries 700 536 30.6 Net loan and lease losses 318 482 (34.0) Net losses to average loans and leases (annualized) 0.01% 0.03%
(a) Excludes loans held for sale TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended --------------------------------------------- June 30, March 31, June 30, 2006 2006 2005 ------------- ------------- ------------- Interest income: Interest and fees on loans 7.75% 7.42% 6.48% Interest on securities: Taxable 4.45 4.38 4.17 Non-taxable 6.41 6.55 6.54 Total interest earning assets 7.10 6.78 5.91 Interest expense: Interest on deposits 3.38% 3.02% 2.11% Interest on short-term borrowing 4.63 4.77 3.53 Interest on long-term debt 5.00 4.71 4.12 Total interest bearing liabilities 3.67 3.30 2.36 Net interest spread 3.43 3.48 3.55 Net interest margin 3.97 3.96 3.93
Six Months Ended June 30, ----------------------------- 2006 2005 ------------- ------------- Interest income: Interest and fees on loans 7.60% 6.36% Interest on securities: Taxable 4.41 4.17 Non-taxable 6.47 6.39 Total interest earning assets 6.95 5.80 Interest expense: Interest on deposits 3.21% 1.98% Interest on short-term borrowing 4.68 3.54 Interest on long-term debt 4.86 3.86 Total interest bearing liabilities 3.49 2.22 Net interest spread 3.46 3.58 Net interest margin 3.97 3.93
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
June 30, December 31, 2006 2005 ------------- ------------- Stockholders' Equity: Equity to assets 10.11% 9.64% Leverage ratio 8.09 8.29 Book value per common share (a) $ 36.86 $ 33.40 Tangible book value per common share (a)(b) 24.48 24.20 Ending shares outstanding 18,641 17,124
(a) Includes a cumulative mark to market adjustment to equity of $(0.71) and $(0.52) per share at June 30, 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 Six Months Ended June 30, June 30, ----------------------------- ----------------------------- 2006 2005 2006 2005 ------------- ------------- ------------- ------------- Net income $ 19,317 $ 16,195 $ 37,190 $ 31,675 Amortization of intangibles, net of tax 886 522 1,426 1,081 Cash earnings $ 20,203 $ 16,717 $ 38,616 $ 32,756 Net income per common share - basic $ 1.03 $ 0.94 $ 2.06 $ 1.84 Effect of amortization of intangibles per share 0.04 0.03 0.08 0.07 Cash earnings per common share - basic $ 1.07 $ 0.97 $ 2.14 $ 1.91 Net income per common share - diluted $ 1.02 $ 0.93 $ 2.04 $ 1.82 Effect of amortization of intangibles per share 0.04 0.03 0.08 0.06 Cash earnings per diluted share $ 1.06 $ 0.96 $ 2.12 $ 1.88 Average assets $ 6,678,659 $ 5,569,778 $ 6,326,862 $ 5,468,305 Average intangible assets (229,375) (154,708) (193,489) (155,058) Average tangible assets $ 6,449,284 $ 5,415,070 $ 6,133,373 $ 5,313,247 Return on average assets 1.16% 1.17% 1.19% 1.17% Effect of average intangible assets 0.04 0.03 0.03 0.03 Return on average tangible assets 1.20% 1.20% 1.22% 1.20% Average equity $ 683,649 $ 544,665 $ 631,380 $ 540,026 Average intangible assets (229,375) (154,708) (193,489) (155,058) Average tangible equity $ 454,274 $ 389,957 $ 437,891 $ 384,968 Return on average equity 11.33% 11.93% 11.88% 11.83% Effect of average intangible assets 5.73 4.73 5.25 4.76 Return on average tangible equity 17.06% 16.66% 17.13% 16.59%
As of ----------------------------- June 30, December 31, 2006 2005 ------------- ------------- Book value $ 687,091 $ 571,879 Intangible assets (230,675) (157,429) Tangible book value $ 456,416 $ 414,450 Book value per common share $ 36.86 $ 33.40 Effect of intangible assets per share (12.38) (9.20) Tangible book value per common share $ 24.48 $ 24.20
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (In thousands, except share amounts)
June 30, December 31, 2006 2005 ------------ ------------ ASSETS Cash and due from banks ....................................................... $ 210,442 $ 189,256 Interest-bearing deposits in other banks ...................................... 22,616 19,428 Federal funds sold and securities purchased under resell agreements ........... 90,430 70,472 Trading securities, at fair value ............................................. 987 402 Investment securities (fair values of $624,923 and $576,424) .................. 651,789 591,153 Securities available for sale, at fair value .................................. 520,797 545,334 Loans held for sale ........................................................... 17,517 14,940 Loans and leases .............................................................. 4,817,025 4,147,739 Unearned income ............................................................... (4,638) (3,644) ------------ ------------ Loans and leases, net of unearned income ...................................... 4,812,387 4,144,095 Allowance for loan and lease losses ........................................... (60,739) (52,815) ------------ ------------ Net loans and leases .......................................................... 4,751,648 4,091,280 Property, equipment and leasehold improvements, net ........................... 134,498 114,159 Goodwill ...................................................................... 214,151 148,071 Other intangible assets, net .................................................. 16,524 9,358 Cash surrender value of life insurance ........................................ 80,162 74,593 Receivable from investment division customers ................................. 14,751 7,166 Other assets .................................................................. 68,144 56,061 ------------ ------------ Totals ........................................................................ $ 6,794,456 $ 5,931,673 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing ......................................................... $ 795,701 $ 729,045 Interest bearing ............................................................ 4,060,269 3,614,219 ------------ ------------ Total deposits ................................................................ 4,855,970 4,343,264 Federal funds purchased and securities sold under repurchase agreements ....... 651,519 545,337 Accrued expenses and other liabilities ........................................ 51,749 61,361 Payable for securities purchased for investment division customers ............ 14,751 5,886 Short-term borrowings ......................................................... 87,800 34,700 Long-term debt ................................................................ 445,576 369,246 ------------ ------------ Total liabilities ............................................................. 6,107,365 5,359,794 Common stock, $1 par; 50,000,000 shares authorized; 18,640,742 and 17,124,316 shares issued at June 30, 2006 and December 31, 2005, respectively .............................................. 18,641 17,124 Additional paid-in capital .................................................... 442,046 347,434 Retained earnings ............................................................. 239,655 216,144 Accumulated other comprehensive loss, net of tax .............................. (13,251) (8,823) ------------ ------------ Total stockholders' equity .................................................... 687,091 571,879 ------------ ------------ Totals ........................................................................ $ 6,794,456 $ 5,931,673 ============ ============
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
For the three months For the six months ended June 30, ended June 30, ------------------------- ------------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- INTEREST INCOME: Interest and fees on loans and leases ......................... $ 91,857 $ 61,054 $ 169,095 $ 116,220 Interest on securities ........................................ 12,924 12,224 25,054 24,326 Interest on deposits in other banks ........................... 146 77 225 125 Interest on trading securities ................................ 8 5 19 9 Interest on federal funds sold and securities purchased under resell agreements ...................................... 993 713 1,725 1,237 ----------- ----------- ----------- ----------- Total interest income ........................................... 105,928 74,073 196,118 141,917 INTEREST EXPENSE: Interest on deposits .......................................... 33,943 17,537 61,040 32,395 Interest on federal funds purchased and securities sold under repurchase agreements .................................. 7,255 3,261 13,065 5,629 Interest on short-term borrowings ............................. 724 870 1,121 1,276 Interest on long-term debt .................................... 5,063 3,318 9,374 6,625 ................................................................ ----------- ----------- ----------- ----------- Total interest expense .......................................... 46,985 24,986 84,600 45,925 ................................................................ ----------- ----------- ----------- ----------- Net interest income ............................................. 58,943 49,087 111,518 95,992 Provision for loan and lease losses ............................. 1,920 1,991 3,163 3,535 ----------- ----------- ----------- ----------- Net interest income after provision for loan and lease losses ... 57,023 47,096 108,355 92,457 NONINTEREST INCOME: Securities (losses) gains ..................................... (516) - (1,250) 72 Gain on disposition of assets ................................. 32 283 539 711 Service charges on deposit accounts ........................... 4,011 4,154 7,711 8,084 Investment services income .................................... 966 858 1,830 2,003 Wealth management income ...................................... 5,364 4,920 10,731 9,441 Gain on sale of mortgages ..................................... 2,661 3,417 5,272 6,087 Commercial mortgage banking income ............................ 284 - 1,016 - Bank owned life insurance ..................................... 798 745 1,540 1,399 Insurance commissions ......................................... 928 833 1,910 1,628 Other ......................................................... 4,282 3,019 8,440 5,587 ----------- ----------- ----------- ----------- Total noninterest income ........................................ 18,810 18,229 37,739 35,012 NONINTEREST EXPENSE: Salaries and employee benefits ................................ 23,478 20,953 46,776 41,406 Commission based compensation ................................. 4,423 4,011 8,557 7,505 Occupancy and equipment expenses .............................. 5,133 4,342 9,890 8,481 Amortization of intangibles ................................... 1,320 769 2,116 1,594 Other ......................................................... 11,921 10,640 21,909 20,390 ----------- ----------- ----------- ----------- Total noninterest expense ....................................... 46,275 40,715 89,248 79,376 ----------- ----------- ----------- ----------- Income before provision for income taxes and cumulative effect of accounting change ........................................... 29,558 24,610 56,846 48,093 Provision for income taxes ...................................... 10,241 8,415 19,704 16,418 ----------- ----------- ----------- ----------- Net income before cumulative effect of accounting change ........ 19,317 16,195 37,142 31,675 Cumulative effect of accounting change (net of tax) ............. - - 48 - ----------- ----------- ----------- ----------- Net income ...................................................... $ 19,317 $ 16,195 $ 37,190 $ 31,675 =========== =========== =========== =========== Weighted average common shares outstanding: Basic ......................................................... 18,806 17,184 18,074 17,178 =========== =========== =========== =========== Diluted ....................................................... 18,984 17,394 18,252 17,391 =========== =========== =========== =========== Earnings per common share before cumulative effect of accounting change: Basic ......................................................... $ 1.03 $ 0.94 $ 2.05 $ 1.84 =========== =========== =========== =========== Diluted ....................................................... $ 1.02 $ 0.93 $ 2.03 $ 1.82 =========== =========== =========== =========== Earnings per common share: Basic ......................................................... $ 1.03 $ 0.94 $ 2.06 $ 1.84 =========== =========== =========== =========== Diluted ....................................................... $ 1.02 $ 0.93 $ 2.04 $ 1.82 =========== =========== =========== ===========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in thousands, except yields and rates)
Three Months 06/30/06 Three Months 06/30/05 ------------------------------------ ------------------------------------ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ----------- ----------- -------- ----------- ----------- -------- ASSETS: Earning assets: Loans and leases (1) ........................... $ 4,758,596 $ 91,978 7.75% $ 3,787,893 $ 61,184 6.48% Securities: Taxable ...................................... 1,089,534 12,087 4.45 1,119,105 11,639 4.17 Tax exempt ................................... 79,355 1,268 6.41 54,335 886 6.54 Cash balances in other banks ................... 12,555 146 4.66 9,836 77 3.14 Funds sold ..................................... 73,930 993 5.39 82,579 713 3.46 Trading account securities ..................... 814 8 3.94 379 5 5.29 ----------- ----------- ----------- ----------- Total earning assets (2) ................... 6,014,784 106,480 7.10 5,054,127 74,504 5.91 ----------- ----------- ----------- ----------- Cash and due from banks .......................... 189,785 169,650 Premises and equipment ........................... 131,942 108,542 Other assets ..................................... 402,259 285,830 Allowance for loan and lease losses .............. (60,111) (48,371) ----------- ----------- Total assets ............................... $ 6,678,659 $ 5,569,778 =========== =========== LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts .......... $ 1,145,632 $ 7,651 2.68% $ 915,333 $ 3,247 1.42% Savings deposits ............................... 936,041 6,061 2.60 896,612 3,167 1.42 Time deposits .................................. 1,950,926 20,231 4.16 1,527,293 11,123 2.92 Funds purchased ................................ 634,029 7,255 4.59 483,536 3,261 2.71 Other short-term borrowings .................... 62,783 724 4.63 98,924 870 3.53 Long-term debt ................................. 406,217 5,063 5.00 323,410 3,318 4.12 ----------- ----------- ----------- ----------- Total interest-bearing liabilities ......... 5,135,628 46,985 3.67 4,245,108 24,986 2.36 ----------- ----------- ----------- ----------- Demand deposits .................................. 773,744 720,769 Accrued interest and other liabilities ........... 85,638 59,236 Stockholders' equity ............................. 683,649 544,665 ----------- ----------- Total liabilities and stockholders' equity . $ 6,678,659 $ 5,569,778 =========== =========== Net interest spread .............................. 3.43% 3.55% ======== ======== Net interest income/margin on a taxable equivalent basis ..................... 59,495 3.97% 49,518 3.93% ======== ======== Tax equivalent adjustment (2) .................... 552 431 ----------- ----------- Net interest income/margin ....................... $ 58,943 3.93% $ 49,087 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)
Six Months 06/30/06 Six Months 06/30/05 ------------------------------------ ------------------------------------ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ----------- ----------- -------- ----------- ----------- -------- ASSETS: Earning assets: Loans and leases (1) ........................... $ 4,493,694 $ 169,344 7.60% $ 3,690,992 $ 116,481 6.36% Securities: Taxable ...................................... 1,079,285 23,627 4.41 1,120,771 23,180 4.17 Tax exempt ................................... 67,408 2,162 6.47 54,782 1,736 6.39 Cash balances in other banks ................... 10,137 225 4.48 9,629 125 2.62 Funds sold ..................................... 69,894 1,725 4.98 87,703 1,237 2.84 Trading account securities ..................... 904 19 4.24 345 9 5.26 ----------- ----------- ----------- ----------- Total earning assets (2) ................... 5,721,322 197,102 6.95 4,964,222 142,768 5.80 ----------- ----------- ----------- ----------- Cash and due from banks .......................... 185,844 166,102 Premises and equipment ........................... 123,415 104,582 Other assets ..................................... 353,164 281,246 Allowance for loan and lease losses .............. (56,883) (47,847) ----------- ---------- Total assets ............................... $ 6,326,862 $ 5,468,305 =========== =========== LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts .......... $ 1,087,705 $ 13,445 2.49% $ 895,591 $ 5,791 1.30% Savings deposits ............................... 917,604 11,174 2.46 893,916 5,805 1.31 Time deposits .................................. 1,833,611 36,421 4.01 1,512,993 20,799 2.77 Funds purchased ................................ 608,120 13,065 4.33 454,708 5,629 2.50 Other short-term borrowings .................... 48,349 1,121 4.68 72,671 1,276 3.54 Long-term debt ................................. 388,676 9,374 4.86 346,208 6,625 3.86 ----------- ----------- ----------- ----------- Total interest-bearing liabilities ......... 4,884,065 84,600 3.49 4,176,087 45,925 2.22 ----------- ----------- ----------- ----------- Demand deposits .................................. 730,340 697,697 Accrued interest and other liabilities ........... 81,077 54,495 Stockholders' equity ............................. 631,380 540,026 ----------- ----------- Total liabilities and stockholders' equity . $ 6,326,862 $ 5,468,305 =========== =========== Net interest spread .............................. 3.46% 3.58% ======== ======== Net interest income/margin on a taxable equivalent basis ...................... 112,502 3.97% 96,843 3.93% ======== ======== Tax equivalent adjustment (2) .................... 984 851 ----------- ----------- Net interest income/margin ....................... $ 111,518 3.93% $ 95,992 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. -----END PRIVACY-ENHANCED MESSAGE-----