Exhibit 99.1
Alabama National BanCorporation Announces Third Quarter 2004 Earnings
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 18, 2004--Alabama National
BanCorporation ("ANB") (NASDAQ:ALAB) today announced record earnings
for the quarter and nine months ended September 30, 2004.
For the quarter, ANB reported earnings of $14.7 million, up 39.0%
from the 2003 third quarter. Diluted earnings per share of $0.86 were
up 7.5% from the year ago quarter. Cash earnings per diluted share of
$0.90 were up 9.5% from the 2003 third quarter. Third quarter 2004
return on average equity was 11.77% and return on average assets was
1.15%, compared to third quarter 2003 ratios of 15.55% and 1.12%,
respectively. Average equity and average assets were both higher in
the 2004 third quarter as compared to the year ago quarter by
approximately $120.8 million in intangible assets associated with the
Cypress Bank and Indian River National Bank acquisitions completed
during February 2004 and the Coquina Bank acquisition completed in
July 2004. Third quarter 2004 return on average tangible equity and
return on average tangible assets were 17.19% and 1.19%, respectively.
Net revenue, defined as net interest income plus noninterest
income (excluding securities gains or losses and asset disposition
gains or losses), grew to $62.2 million in the 2004 third quarter, up
19.6% from $52.1 million in the year ago quarter. Net revenue per
diluted share in the 2004 third quarter was down 7.5% from the year
ago quarter due to a 15.1% decline in noninterest income and an
increase in the number of diluted shares outstanding. Within
noninterest income, investment services revenue and revenue from the
sale of mortgages declined 41.1% and 47.9%, respectively, from the
levels of the 2003 third quarter. Noninterest income (excluding
securities gains or losses and asset disposition gains or losses)
represented 29.9% of total third quarter 2004 net revenue, as compared
with 40.3% in the 2003 third quarter.
Year-to-date earnings for the nine months ended September 30, 2004
were $39.3 million, an increase of 29.7% over the $30.3 million in
earnings reported for the same period in 2003. Diluted earnings per
share for the 2004 nine months of $2.50 were up 6.5% from the $2.35
reported in the 2003 nine months. Cash earnings per diluted share were
$2.60 for the 2004 nine months, an 8.5% increase over the $2.39 earned
in the first nine months of 2003.
"We are pleased to report these third quarter results for Alabama
National," said John H. Holcomb, III, Chairman and CEO. "Our employees
have delivered strong loan and deposit growth, and we are excited
about the opportunities we face in our markets. We are particularly
proud of our excellent employees in the coastal markets impacted by
the four hurricanes that hit the region during the quarter. They
confirmed our belief about their dedication to their customers and to
the company through their performance during a very difficult time."
During the 2004 third quarter, ANB completed an underwritten
offering of common stock, issuing a total of 977,500 shares including
the underwriters' 15% over-allotment option. ANB raised approximately
$49.7 million in net proceeds through this offering.
Total assets at quarter end of $5.14 billion were up 33.5% from
September 30, 2003's $3.85 billion, driven largely by the acquisitions
of Cypress Bank, Indian River National Bank, and Coquina Bank in 2004.
In addition to the growth through acquisitions, the company's organic
growth continued at a solid rate, with 13.0% annualized loan growth
since year-end 2003, excluding the three 2004 acquisitions. Annualized
loan growth for the third quarter (excluding the third quarter
acquisition of Coquina Bank) was 14.8% over June 30, 2004 balances.
Deposits grew 32.1% to $3.63 billion at September 30, 2004, compared
to $2.75 billion at September 30, 2003, also largely due to the recent
acquisitions. Quarter-end share owners' equity was $521.2 million, or
$30.70 per share, and tangible book value per share was $21.44.
During the 2004 third quarter, ANB recognized $574 thousand in net
charge-offs, representing 0.07% of average loans on an annualized
basis. On a year-to-date basis, net charge-offs of $1.7 million
represent a 0.07% annualized rate. Quarter-end nonperforming assets of
$9.9 million were 0.29% of period end loans and other real estate. The
allowance for loan losses covered nonperforming loans 556%.
ANB is a bank holding company operating 83 banking locations
through thirteen bank subsidiaries in Alabama, Florida and Georgia.
Alabama subsidiaries include: Birmingham-based National Bank of
Commerce (NBC), First American Bank in Decatur/Huntsville, Athens and
Auburn/Opelika; First Citizens Bank in Talladega; Bank of Dadeville;
Alabama Exchange Bank in Tuskegee and First Gulf Bank in Baldwin
County. Florida subsidiaries are: Citizens & Peoples Bank, N.A. in
Pensacola; Community Bank of Naples, N.A.; Millennium Bank in
Gainesville; Public Bank in metropolitan Orlando; Cypress Coquina Bank
in Ormond Beach; and Indian River National Bank in Vero Beach. ANB has
one subsidiary in Georgia, Georgia State Bank in metropolitan Atlanta.
ANB provides full banking services to individuals and businesses.
Brokerage services are provided to customers through NBC'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 the 2004 third quarter results and
its goals and general outlook for the remainder of the year in a
conference call to be held Tuesday, October 19, 2004 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 October 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
800-938-1464 at 9:00 a.m. Central Time on October 19.
For those without internet access, a telephonic replay will be
available through November 19 by dialing 800-642-1687 and entering
Conference ID number 1207024.
This press release contains financial information determined by
methods other than in accordance with Generally Accepted Accounting
Principles ("GAAP"). These "non-GAAP" financial measures are "net
revenue" (net revenue per share), "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. Net revenue is defined as the sum of net interest income
plus noninterest income, less any gains or losses from securities
sales or asset dispositions. ANB's management believes this measure is
useful as an indicator of the company's revenue-generating ability.
Gains and losses from securities sales and asset dispositions are
excluded from this figure because they are viewed as non-recurring and
transactional in nature and could distort the measure. Net revenue per
diluted share is defined as net revenue divided by diluted common
shares outstanding. 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
annualized earnings for the period divided by average equity reduced
by average goodwill and other intangible assets. Return on average
tangible assets is defined as annualized earnings for the 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.
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts and percentages)
Three Months
Ended
September 30,
----------------- Percentage
2004 2003 Change (b)
-------- -------- -----------
Net interest income $43,614 $31,098 40.2%
Noninterest income 18,566 21,872 (15.1)
Total revenue 62,180 52,970 17.4
Provision for loan and lease losses 1,624 1,396 16.3
Noninterest expense 38,208 35,625 7.3
Net income before income taxes 22,348 15,949 40.1
Income taxes 7,642 5,368 42.4
Net income $14,706 $10,581 39.0
Weighted average common and common
equivalent shares outstanding
Basic 16,765 12,935 29.6%
Diluted 17,013 13,161 29.3
Net income per common share
Basic $.88 $.82 7.2%
Diluted .86 .80 7.5
Cash earnings (a)
Total $15,264 $10,783 41.6%
Basic .91 .83 9.2
Diluted .90 .82 9.5
Cash dividends declared on common stock $.3125 $.285
Return on average assets 1.15% 1.12%
Return on average tangible assets 1.19 1.13
Return on average equity 11.77 15.55
Return on average tangible equity 17.19 18.01
Noninterest Income
Service charge income $4,537 $3,623 25.2%
Investment services income 2,685 4,555 (41.1)
Securities brokerage and trust income 4,056 3,995 1.5
Gain on sale of mortgages 2,852 5,478 (47.9)
Gain (loss) on disposal of assets (68) 914 NM
Securities gains - 4 NM
Bank owned life insurance 637 684 (6.9)
Insurance commissions 833 797 4.5
Other 3,034 1,822 66.5
-------- --------
Total noninterest income $18,566 $21,872 (15.1)
======== ========
(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
Nine Months Ended
September 30,
------------------ Percentage
2004 2003 Change (b)
--------- -------- -----------
Net interest income $117,918 $88,458 33.3%
Noninterest income 55,494 62,153 (10.7)
Total revenue 173,412 150,611 15.1
Provision for loan and lease losses 4,130 3,911 5.6
Noninterest expense 109,991 101,453 8.4
Net income before income taxes 59,291 45,247 31.0
Income taxes 20,034 14,977 33.8
Net income $39,257 $30,270 29.7
Weighted average common and common
equivalent shares outstanding
Basic 15,427 12,678 21.7%
Diluted 15,680 12,875 21.8
Net income per common share
Basic $2.54 $2.39 6.6%
Diluted 2.50 2.35 6.5
Cash earnings (a)
Total $40,718 $30,816 32.1%
Basic 2.64 2.43 8.6
Diluted 2.60 2.39 8.5
Cash dividends declared on
common stock $.9375 $.855
Return on average assets 1.11% 1.14%
Return on average tangible assets 1.14 1.15
Return on average equity 12.39 16.07
Return on average tangible equity 17.47 17.97
Noninterest Income
Service charge income $12,868 $10,436 23.3%
Investment services income 9,865 16,087 (38.7)
Securities brokerage and trust income 12,352 12,018 2.8
Gain on sale of mortgages 8,885 13,427 (33.8)
Gain (loss) on disposal of assets (31) 881 NM
Securities gains - 43 NM
Bank owned life insurance 2,047 2,052 (.2)
Insurance commissions 2,570 2,435 5.5
Other 6,938 4,774 45.3
--------- --------
Total noninterest income $55,494 $62,153 (10.7)
========= ========
(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
September 30,
----------------------- Percentage
2004 2003 Change
----------- ----------- -----------
Total assets $5,144,106 $3,852,941 33.5%
Earning assets 4,650,375 3,465,292 34.2
Securities (a) 1,170,793 823,526 42.2
Loans held for sale 22,634 37,744 (40.0)
Loans and leases, net of unearned
income 3,400,297 2,548,353 33.4
Allowance for loan and lease
losses 45,903 36,979 24.1
Deposits 3,634,724 2,752,516 32.1
Short-term borrowings 40,000 61,150 (34.6)
Long-term debt 403,792 315,040 28.2
Stockholders' equity 521,231 272,139 91.5
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of/For the Three Months Ended
September June 30, September
30, 2004 2004 30, 2003
---------- ------- ----------
Nonaccrual loans $8,252 $8,307 $6,357
Restructured loans - - -
Loans past due 90 days or more and
still accruing 0 0 0
Total nonperforming loans 8,252 8,307 6,357
Other real estate owned 1,639 1,969 2,517
Total nonperforming assets 9,891 10,276 8,874
Total non performing assets as a
percentage of period-end loans
and other real estate (a) 0.29% 0.32% 0.35%
Allowance for loan and lease losses 45,903 43,484 36,979
Provision for loan and lease losses 1,624 1,278 1,396
Loans charged off 825 1,790 702
Loan recoveries 251 1,604 690
Net loan and lease losses 574 186 12
Allowance for loan and lease losses as a
percentage of period-end loans and
leases (a) 1.35% 1.36% 1.45%
Allowance for loan and lease losses as a
percentage of period-end
nonperforming loans 556.27 523.46 581.71
Net losses to average loans and leases
(annualized) 0.07 0.02 0.00
For the Nine
Months Ended
September 30,
--------------- Percentage
2004 2003 Change
------- ------- -----------
Provision for loan and lease losses $4,130 $3,911 5.6%
Loans charged off 3,944 2,696 46.3
Loan recoveries 2,245 2,065 8.7
Net loan and lease losses 1,699 631 169.3
Net losses to average loans and leases 0.07% 0.04%
(a) Excludes loans held for sale
NM - Not meaningful
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
September June 30, September
30, 2004 2004 30, 2003
---------- ------ ----------
Interest income:
Interest and fees on loans 5.73% 5.55% 5.86%
Interest on securities:
Taxable 4.05 3.91 3.65
Non-taxable 6.05 6.10 6.82
Total interest earning assets 5.27 5.08 5.27
Interest expense:
Interest on deposits 1.54 1.52 1.78
Interest on short-term borrowing 1.99 1.79 1.87
Interest on long-term debt 3.41 3.27 3.79
Total interest bearing liabilities 1.72 1.66 1.87
Net interest spread 3.55 3.42 3.40
Net interest margin 3.81 3.64 3.63
Nine Months
Ended
September 30,
-------------
2004 2003
------ ------
Interest income:
Interest and fees on loans 5.65% 6.02%
Interest on securities:
Taxable 3.93 4.06
Non-taxable 6.20 7.11
Total interest earning assets 5.18 5.48
Interest expense:
Interest on deposits 1.56 1.98
Interest on short-term borrowing 1.77 1.95
Interest on long-term debt 3.37 3.89
Total interest bearing liabilities 1.70 2.06
Net interest spread 3.48 3.42
Net interest margin 3.71 3.67
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of
September 30,
---------------
2004 2003
------- -------
Stockholders' Equity:
Equity to assets 10.13% 7.06%
Leverage ratio 8.89 7.58
Book value per common share (a) $30.70 $21.23
Tangible book value per common share (a)(b) 21.44 18.38
Ending shares outstanding 16,976 12,819
(a) Includes a cumulative mark to market adjustment to equity of
$0.01 and $0.04 per share at September 30, 2004 and 2003,
respectively.
(b) Total equity reduced by intangible assets divided by common
shares outstanding.
RECONCILIATION TABLE
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Total revenue $62,180 $52,970 $173,412 $150,611
Securities gains - (4) - (43)
Disposal of assets 68 (914) 31 (881)
Net revenue $62,248 $52,052 $173,443 $149,687
Net income $14,706 $10,581 $39,257 $30,270
Amortization of
intangibles, net of
tax 558 202 1,461 546
Cash earnings $15,264 $10,783 $40,718 $30,816
Net income per basic
share $0.88 $0.82 $2.54 $2.39
Amortization of
intangibles per basic
share 0.03 0.01 0.10 0.04
Cash earnings per
basic share $0.91 $0.83 $2.64 $2.43
Net income per diluted
share $0.86 $0.80 $2.50 $2.35
Amortization of
intangibles per
diluted share 0.04 0.02 0.10 0.04
Cash earnings per
diluted share $0.90 $0.82 $2.60 $2.39
Book value $521,231 $272,139 $521,231 $272,139
Intangible assets (157,308) (36,475) (157,308) (36,475)
Tangible book value $363,923 $235,664 $363,923 $235,664
Book value per common
share $30.70 $21.23 $30.70 $21.23
Effect of intangible
assets per share (9.26) (2.85) (9.26) (2.85)
Tangible book value
per share $21.44 $18.38 $21.44 $18.38
Average assets $5,075,045 $3,740,130 $4,710,523 $3,545,449
Average intangible
assets (156,690) (36,950) (123,007) (26,652)
Average tangible
assets $4,918,355 $3,703,180 $4,587,516 $3,518,797
Return on average
assets 1.15% 1.12% 1.11% 1.14%
Effect of average
intangible assets 0.04 0.01 0.03 0.01
Return on average
tangible assets 1.19% 1.13% 1.14% 1.15%
Average equity $497,023 $269,979 $423,176 $251,861
Average intangible
assets (156,690) (36,950) (123,007) (26,652)
Average tangible
equity $340,333 $233,029 $300,169 $225,209
Return on average
equity 11.77% 15.55% 12.39% 16.07%
Effect of average
intangible assets 5.42 2.46 5.08 1.90
Return on average
tangible equity 17.19% 18.01% 17.47% 17.97%
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share amounts)
September 30, September 30,
2004 2003
----------- -----------
Assets
Cash and due from banks $144,110 $140,451
Interest-bearing deposits in other banks 16,313 24,471
Federal funds sold and securities purchased
under resell agreements 39,844 31,172
Trading securities, at fair value 494 26
Investment securities (fair value $533,526 and
$295,079, respectively) 533,492 295,605
Securities available for sale, at fair value 637,301 527,921
Loans held for sale 22,634 37,744
Loans and leases 3,403,695 2,551,300
Unearned income (3,398) (2,947)
----------- -----------
Loans and leases, net of unearned income 3,400,297 2,548,353
Allowance for loan and lease losses (45,903) (36,979)
----------- -----------
Net loans and leases 3,354,394 2,511,374
Property, equipment and leasehold
improvements, net 94,792 77,242
Goodwill 145,169 31,572
Other intangible assets, net 12,139 4,903
Cash surrender value of life insurance 63,898 58,035
Receivable from investment division customers 34,394 72,495
Other assets 45,132 39,930
----------- -----------
Total assets $5,144,106 $3,852,941
=========== ===========
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $599,117 $426,639
Interest bearing 3,035,607 2,325,877
----------- -----------
Total deposits 3,634,724 2,752,516
Federal funds purchased and securities sold
under repurchase agreements 460,493 337,991
Treasury, tax and loan accounts 895 706
Accrued expenses and other liabilities 49,279 43,877
Payable for securities purchased for
investment division customers 33,692 69,522
Short-term borrowings 40,000 61,150
Long-term debt 403,792 315,040
----------- -----------
Total liabilities 4,622,875 3,580,802
Common stock, $1 par, 27,500,000 shares
authorized; 16,975,772 and 12,819,788 shares
issued at September 30, 2004 and 2003,
respectively 16,976 12,820
Additional paid-in capital 340,400 125,823
Retained earnings 163,690 133,027
Treasury stock at cost, 723 shares at
September 30, 2003 - (24)
Accumulated other comprehensive income, net of
tax 165 493
----------- -----------
Total stockholders' equity 521,231 272,139
----------- -----------
Total liabilities and stockholders' equity $5,144,106 $3,852,941
=========== ===========
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
For the three
months ended For the nine months
September 30, ended September 30,
------------------ -------------------
2004 2003 2004 2003
--------- -------- --------- ---------
Interest income:
Interest and fees on loans and
leases $48,320 $37,578 $132,632 $108,041
Interest on securities 11,981 7,428 31,833 23,878
Interest on deposits in other
banks 18 26 46 86
Interest on trading securities 9 27 44 76
Interest on federal funds sold
and securities purchased under
resell agreements 244 198 544 531
-------- -------- --------- ---------
Total interest income 60,572 45,257 165,099 132,612
Interest expense:
Interest on deposits 11,924 10,355 33,403 32,495
Interest on federal funds
purchased and securities sold
under repurchase agreements 1,394 815 3,354 2,435
Interest on short-term
borrowings 186 315 765 1,313
Interest on long-term debt 3,454 2,674 9,659 7,911
-------- -------- --------- ---------
Total interest expense 16,958 14,159 47,181 44,154
-------- -------- --------- ---------
Net interest income 43,614 31,098 117,918 88,458
Provision for loan losses 1,624 1,396 4,130 3,911
-------- -------- --------- ---------
Net interest income after
provision for loan losses 41,990 29,702 113,788 84,547
Noninterest income:
Securities gains - 4 - 43
Gain (loss) on disposition of
assets (68) 914 (31) 881
Service charges on deposit
accounts 4,537 3,623 12,868 10,436
Investment services income 2,685 4,555 9,865 16,087
Securities brokerage and trust
income 4,056 3,995 12,352 12,018
Gain on sale of mortgages 2,852 5,478 8,885 13,427
Bank owned life insurance 637 684 2,047 2,052
Insurance commissions 833 797 2,570 2,435
Other 3,034 1,822 6,938 4,774
-------- -------- --------- ---------
Total noninterest income 18,566 21,872 55,494 62,153
Noninterest expense:
Salaries and employee benefits 19,630 16,874 56,301 48,732
Commission based compensation 4,357 6,062 13,906 18,285
Occupancy and equipment expenses 4,085 3,326 11,450 9,696
Amortization of intangibles 824 285 2,148 762
Penalty on long-term debt
repayment - 822 - 822
Other 9,312 8,256 26,186 23,156
-------- -------- --------- ---------
Total noninterest expense 38,208 35,625 109,991 101,453
-------- -------- --------- ---------
Income before provision for
income taxes 22,348 15,949 59,291 45,247
Provision for income taxes 7,642 5,368 20,034 14,977
-------- -------- --------- ---------
Net income $14,706 $10,581 $39,257 $30,270
======== ======== ========= =========
Net income per common share
(basic) $.88 $.82 $2.54 $2.39
======== ======== ========= =========
Weighted average common shares
outstanding (basic) 16,765 12,935 15,427 12,678
======== ======== ========= =========
Net income per common share
(diluted) $.86 $.80 $2.50 $2.35
======== ======== ========= =========
Weighted average common shares
outstanding (diluted) 17,013 13,161 15,680 12,875
======== ======== ========= =========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 09/30/04
----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $3,360,817 $48,442 5.73%
Securities:
Taxable 1,120,518 11,406 4.05
Tax exempt 57,312 871 6.05
Cash balances in other banks 5,242 18 1.37
Funds sold 58,722 244 1.65
Trading account securities 778 9 4.60
----------- --------
Total earning assets (2) 4,603,389 60,990 5.27
----------- --------
Cash and due from banks 160,867
Premises and equipment 90,134
Other assets 266,000
Allowance for loan and lease losses (45,345)
-----------
Total assets $5,075,045
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $751,808 $1,440 0.76
Savings deposits 873,149 2,120 0.97
Time deposits 1,449,082 8,364 2.30
Funds purchased 406,405 1,394 1.36
Other short-term borrowings 37,135 186 1.99
Long-term debt 403,007 3,454 3.41
----------- --------
Total interest-bearing
liabilities 3,920,586 16,958 1.72
----------- --------
Demand deposits 602,994
Accrued interest and other liabilities 54,442
Stockholders' equity 497,023
-----------
Total liabilities and stockholders'
equity $5,075,045
===========
Net interest spread 3.55%
=======
Net interest income/margin on
a taxable equivalent basis 44,032 3.81%
=======
Tax equivalent adjustment (2) 418
--------
Net interest income/margin $43,614 3.77%
======== =======
Three Months 09/30/03
----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- -------- -------
Assets:
Earning assets:
Loans and leases (1) $2,549,891 $37,643 5.86%
Securities:
Taxable 768,416 7,061 3.65
Tax exempt 30,881 531 6.82
Cash balances in other banks 11,650 26 0.89
Funds sold 61,345 198 1.28
Trading account securities 3,191 27 3.36
----------- --------
Total earning assets (2) 3,425,374 45,486 5.27
----------- --------
Cash and due from banks 85,028
Premises and equipment 76,805
Other assets 189,257
Allowance for loan and lease losses (36,334)
-----------
Total assets $3,740,130
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $511,578 $931 0.72
Savings deposits 515,106 1,109 0.85
Time deposits 1,285,128 8,315 2.57
Funds purchased 342,499 815 0.94
Other short-term borrowings 66,750 315 1.87
Long-term debt 279,922 2,674 3.79
----------- --------
Total interest-bearing liabilities 3,000,983 14,159 1.87
----------- --------
Demand deposits 418,895
Accrued interest and other liabilities 50,273
Stockholders' equity 269,979
-----------
Total liabilities and stockholders'
equity $3,740,130
===========
Net interest spread 3.40%
=======
Net interest income/margin on
a taxable equivalent basis 31,327 3.63%
=======
Tax equivalent adjustment (2) 229
--------
Net interest income/margin $31,098 3.60%
======== =======
(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)
Nine Months 09/30/04
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1) $3,142,319 $132,962 5.65%
Securities:
Taxable 1,029,276 30,274 3.93
Tax exempt 50,860 2,362 6.20
Cash balances in other banks 6,215 46 0.99
Funds sold 58,959 544 1.23
Trading account securities 1,319 44 4.45
----------- ---------
Total earning assets (2) 4,288,948 166,232 5.18
----------- ---------
Cash and due from banks 141,475
Premises and equipment 88,204
Other assets 234,469
Allowance for loan and lease losses (42,573)
-----------
Total assets $4,710,523
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $695,276 $3,868 0.74
Savings deposits 744,658 5,041 0.90
Time deposits 1,427,334 24,494 2.29
Funds purchased 392,212 3,354 1.14
Other short-term borrowings 57,785 765 1.77
Long-term debt 382,541 9,659 3.37
----------- ---------
Total interest-bearing
liabilities 3,699,806 47,181 1.70
----------- ---------
Demand deposits 538,931
Accrued interest and other liabilities 48,610
Stockholders' equity 423,176
-----------
Total liabilities and stockholders'
equity $4,710,523
===========
Net interest spread 3.48%
=======
Net interest income/margin on
a taxable equivalent basis 119,051 3.71%
=======
Tax equivalent adjustment (2) 1,133
---------
Net interest income/margin $117,918 3.67%
========= =======
Nine Months 09/30/03
-----------------------------
Average Income/ Yield/
Balance Expense Cost
----------- --------- -------
Assets:
Earning assets:
Loans and leases (1) $2,404,068 $108,249 6.02%
Securities:
Taxable 749,279 22,765 4.06
Tax exempt 31,233 1,661 7.11
Cash balances in other banks 11,465 86 1.00
Funds sold 55,341 531 1.28
Trading account securities 2,689 76 3.78
----------- ---------
Total earning assets (2) 3,254,075 133,368 5.48
----------- ---------
Cash and due from banks 87,812
Premises and equipment 74,649
Other assets 163,433
Allowance for loan and lease losses (34,520)
-----------
Total assets $3,545,449
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $507,490 $3,482 0.92
Savings deposits 458,843 3,286 0.96
Time deposits 1,227,867 25,727 2.80
Funds purchased 310,743 2,435 1.05
Other short-term borrowings 89,904 1,313 1.95
Long-term debt 271,793 7,911 3.89
----------- ---------
Total interest-bearing
liabilities 2,866,640 44,154 2.06
----------- ---------
Demand deposits 368,953
Accrued interest and other liabilities 57,995
Stockholders' equity 251,861
-----------
Total liabilities and stockholders'
equity $3,545,449
===========
Net interest spread 3.42%
=======
Net interest income/margin on
a taxable equivalent basis 89,214 3.67%
=======
Tax equivalent adjustment (2) 756
---------
Net interest income/margin $88,458 3.63%
========= =======
(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.
CONTACT: Alabama National BanCorporation, Birmingham
John H. Holcomb, III, 205-583-3648
or
William E. Matthews, V, 205-583-3650
www.alabamanational.com