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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