Exhibit 99.1
Alabama National BanCorporation Announces Third Quarter 2005 Earnings and
Declares Fourth Quarter Dividend
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 19, 2005--Alabama National
BanCorporation ("ANB") (NASDAQ/NM: ALAB) today announced record
earnings for the quarter and nine months ended September 30, 2005 and
declared a quarterly cash dividend of $0.3375 per share.
For the 2005 third quarter, ANB reported earnings of $17.1
million, up 16.2% from the 2004 third quarter. Diluted earnings per
share of $0.98 were up 13.5% from the year ago third quarter. Diluted
cash earnings per share were $1.01, up 12.5% from the 2004 third
quarter. Total revenue grew to $69.5 million in the 2005 third
quarter, up 11.7% from $62.2 million in the year ago third quarter.
Noninterest income represented 26.1% of third quarter 2005 total
revenue, down from 29.9% in the 2004 third quarter. ANB's taxable
equivalent net interest margin was 3.94% for the 2005 third quarter,
up 13 basis points from the 2004 third quarter and up 1 basis point
from the second quarter of 2005.
"Our employees have delivered excellent performance for our share
owners in the first nine months of 2005," said John H. Holcomb, III,
Chairman and CEO. "Our focus on asset quality along with successful
loan and deposit growth will continue to be the key factors that allow
us to deliver excellent growth within an acceptable risk profile."
Year-to-date earnings were $48.8 million, an increase of 24.2%
over the $39.3 million in earnings reported for the same period in
2004. Diluted earnings per share for the first nine months of 2005
were $2.80, up 11.9% from the $2.50 earned in the same period in 2004.
Nine months 2005 cash earnings per diluted share of $2.89 were up
11.4% over 2004 levels.
Total assets at September 30, 2005 were $5.9 billion. Loan growth
(excluding loans held for sale) was 23.8% on an annualized basis
during the 2005 third quarter and 22.1% on a year-to-date annualized
basis. Deposits grew at an 8.4% annualized rate from June 30, 2005 and
at an 11.5% annualized rate from December 31, 2004, ending the
September 30, 2005 period at $4.3 billion. Quarter-end share owners'
equity was $562 million, or $32.89 per share, and tangible book value
per share was $23.65.
During the 2005 third quarter, ANB recognized $398 thousand in net
charge-offs, or an annualized rate of 0.04% of average loans. Combined
with first six months net charge-offs, ANB's year-to-date loss of $880
thousand represents a rate of 0.03% in net losses to average loans and
leases. Quarter-end nonperforming assets were 0.20% of period end
loans and other real estate. The allowance for loan and lease losses
covered nonperforming loans 697%.
The Board of Directors of Alabama National today announced a
quarterly cash dividend of $0.3375 per share. The dividend is payable
January 3, 2006, to stockholders of record at the close of business on
December 15, 2005.
ANB is a bank holding company operating 85 banking locations
through ten bank subsidiaries in Alabama, Florida and Georgia. Alabama
subsidiaries include: First American Bank in north central Alabama;
Bank of Dadeville; and Alabama Exchange Bank in Tuskegee. Florida
subsidiaries are: First Gulf Bank, N.A., in Escambia County, Florida
and Baldwin County, AL; Community Bank of Naples, N.A.; Millennium
Bank in Gainesville; Public Bank in metropolitan Orlando;
CypressCoquina 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 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 third
quarter completed September 30, 2005 as well as its goals and general
outlook for the remainder of 2005 in a conference call to be held
Thursday, October 20, 2005 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 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
1-800-938-1464 at 9:00 a.m. Central Time on October 20. For those
without Internet access, a telephonic replay will be available through
November 20 by dialing 1-800-642-1687 and entering Conference ID
number 9985894.
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.
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts and percentages)
Three Months Ended
September 30,
--------------------------- Percentage
2005 2004 Change (b)
------------- ------------- -----------
Net interest income $51,359 $43,614 17.8%
Noninterest income 18,098 18,566 (2.5)
Total revenue 69,457 62,180 11.7
Provision for loan and lease
losses 2,440 1,624 50.2
Noninterest expense 40,990 38,208 7.3
Net income before income taxes 26,027 22,348 16.5
Income taxes 8,944 7,642 17.0
Net income $17,083 $14,706 16.2%
Weighted average common and
common equivalent shares
outstanding
Basic 17,198 16,765 2.6%
Diluted 17,412 17,013 2.3
Net income per common share
Basic $.99 $.88 13.2%
Diluted .98 .86 13.5
Cash earnings (a)
Total $17,603 $15,287 15.1%
Basic 1.02 .91 12.3
Diluted 1.01 .90 12.5
Cash dividends declared on
common stock $.3375 $.3125
Return on average assets 1.18% 1.15%
Return on average tangible
assets 1.22 1.19
Return on average equity 12.20 11.77
Return on average tangible
equity 16.94 17.19
Noninterest Income
Service charge income $4,181 $4,537 (7.8)%
Investment services income 1,086 2,685 (59.6)
Securities brokerage and trust
income 4,641 4,056 14.4
Gain on sale of mortgages 3,565 2,852 25.0
Gain (loss) on disposal of
assets (21) (68) (69.1)
Bank owned life insurance 737 637 15.7
Insurance commissions 825 833 (1.0)
Other 3,084 3,034 1.6
------------- -------------
Total noninterest income $18,098 $18,566 (2.5)%
============= =============
(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.
Nine Months Ended
September 30,
--------------------------- Percentage
2005 2004 Change (b)
------------- ------------- -----------
Net interest income $147,351 $117,918 25.0%
Noninterest income 53,110 55,494 (4.3)
Total revenue 200,461 173,412 15.6
Provision for loan and lease
losses 5,975 4,130 44.7
Noninterest expense 120,366 109,991 9.4
Net income before income taxes 74,120 59,291 25.0
Income taxes 25,362 20,034 26.6
Net income $48,758 $39,257 24.2%
Weighted average common and
common equivalent shares
outstanding
Basic 17,185 15,427 11.4%
Diluted 17,404 15,680 11.0
Net income per common share
Basic $2.84 $2.54 11.5%
Diluted 2.80 2.50 11.9
Cash earnings (a)
Total $50,359 $40,741 23.6%
Basic 2.93 2.64 11.0
Diluted 2.89 2.60 11.4
Cash dividends declared on
common stock $1.0125 $.9375
Return on average assets 1.17% 1.11%
Return on average tangible
assets 1.21 1.14
Return on average equity 11.96 12.39
Return on average tangible
equity 16.71 17.47
Noninterest Income
Service charge income $12,265 $12,868 (4.7)%
Investment services income 3,089 9,865 (68.7)
Securities brokerage and trust
income 14,082 12,352 14.0
Gain on sale of mortgages 9,652 8,885 8.6
Gain (loss) on disposal of
assets 690 (31) NM
Securities gains 72 - NM
Bank owned life insurance 2,136 2,047 4.3
Insurance commissions 2,453 2,570 (4.6)
Other 8,671 6,938 25.0
------------- -------------
Total noninterest income $53,110 $55,494 (4.3)%
============= =============
(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, December 31, Percentage
2005 2004 Change
------------- ------------- -----------
Total assets $5,887,078 $5,315,869 10.7%
Earning assets 5,330,815 4,841,255 10.1
Securities (a) 1,148,333 1,200,407 (4.3)
Loans held for sale 33,128 22,313 48.5
Loans and leases, net of
unearned income 4,059,919 3,495,701 16.1
Allowance for loan and lease
losses 51,679 46,584 10.9
Deposits 4,269,593 3,934,723 8.5
Short-term borrowings 78,000 30,500 155.7
Long-term debt 311,425 393,688 (20.9)
Stockholders' equity 562,448 529,543 6.2
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months Ended
Sept 30, June 30, Sept 30,
2005 2005 2004
------------- ------------- -----------
Nonaccrual loans $7,411 $6,949 $8,252
Restructured loans - - -
Loans past due 90 days or more
and still accruing 0 0 0
Total nonperforming loans 7,411 6,949 8,252
Other real estate owned 668 450 1,639
Total nonperforming assets 8,079 7,399 9,891
Total non performing assets as
a percentage of period-end loans
and other real estate (a) 0.20% 0.19% 0.29%
Allowance for loan and lease
losses 51,679 49,637 45,903
Provision for loan and lease
losses 2,440 1,991 1,624
Loans charged off 791 529 825
Loan recoveries 393 349 251
Net loan and lease losses 398 180 574
Allowance for loan and lease
losses as a percentage of
period-end loans and leases (a) 1.27% 1.29% 1.35%
Allowance for loan and lease
losses as a percentage of
period-end nonperforming loans 697.33 714.30 556.27
Net losses to average loans
and leases (annualized) 0.04 0.02 0.07
For the Nine Months Ended
September 30,
--------------------------- Percentage
2005 2004 Change
------------- ------------- -----------
Provision for loan and lease
losses $5,975 $4,130 44.7%
Loans charged off 1,809 3,944 (54.1)
Loan recoveries 929 2,245 (58.6)
Net loan and lease losses 880 1,699 (48.2)
Net losses to average loans
and leases (annualized) 0.03% 0.07%
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
Sept 30, June 30, Sept 30,
2005 2005 2004
------------- ------------- -----------
Interest income:
Interest and fees on loans 6.78% 6.48% 5.73%
Interest on securities:
Taxable 4.15 4.17 4.05
Non-taxable 6.87 6.54 6.05
Total interest earning assets 6.18 5.91 5.27
Interest expense:
Interest on deposits 2.39 2.11 1.54
Interest on short-term
borrowing 4.14 3.53 1.99
Interest on long-term debt 4.29 4.12 3.41
Total interest bearing
liabilities 2.66 2.36 1.72
Net interest spread 3.52 3.55 3.55
Net interest margin 3.94 3.93 3.81
Nine Months Ended
September 30,
---------------------------
2005 2004
------------- -------------
Interest income:
Interest and fees on loans 6.51% 5.65%
Interest on securities:
Taxable 4.17 3.93
Non-taxable 6.54 6.20
Total interest earning assets 5.93 5.18
Interest expense:
Interest on deposits 2.12 1.56
Interest on short-term
borrowing 3.74 1.77
Interest on long-term debt 3.99 3.37
Total interest bearing
liabilities 2.37 1.70
Net interest spread 3.56 3.48
Net interest margin 3.94 3.71
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
September 30, December 31,
2005 2004
------------- -------------
Stockholders' Equity:
Equity to assets 9.55% 9.96%
Leverage ratio 8.30 8.44
Book value per common share (a) $32.89 $31.15
Tangible book value per common
share (a)(b) 23.65 21.99
Ending shares outstanding 17,100 16,999
(a) Includes a cumulative mark to market adjustment to equity of
$(0.34) and $(0.06) per share at September 30, 2005 and December
31, 2004, 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 Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net income $17,083 $14,706 $48,758 $39,257
Amortization of
intangibles, net of
tax 520 581 1,601 1,484
Cash earnings $17,603 $15,287 $50,359 $40,741
Net income per common
share - basic $0.99 $0.88 $2.84 $2.54
Effect of amortization
of intangibles per
share 0.03 0.03 0.09 0.10
Cash earnings per
common share - basic $1.02 $0.91 $2.93 $2.64
Net income per common
share - diluted $0.98 $0.86 $2.80 $2.50
Effect of amortization
of intangibles per
share 0.03 0.04 0.09 0.10
Cash earnings per
common share -
diluted $1.01 $0.90 $2.89 $2.60
Average assets $5,731,482 $5,075,045 $5,556,994 $4,710,523
Average intangible
assets (155,349) (156,690) (155,157) (123,007)
Average tangible
assets $5,576,133 $4,918,355 $5,401,837 $4,587,516
Return on average
assets 1.18% 1.15% 1.17% 1.11%
Effect of average
intangible assets 0.04 0.04 0.04 0.03
Return on average
tangible assets 1.22% 1.19% 1.21% 1.14%
Average equity $555,335 $497,023 $545,185 $423,176
Average intangible
assets (155,349) (156,690) (155,157) (123,007)
Average tangible
equity $399,986 $340,333 $390,028 $300,169
Return on average
equity 12.20% 11.77% 11.96% 12.39%
Effect of average
intangible assets 4.74 5.42 4.75 5.08
Return on average
tangible equity 16.94% 17.19% 16.71% 17.47%
As of
September 30, December 31,
2005 2004
------------- -------------
Book value $562,448 $529,543
Intangible assets (158,031) (155,682)
Tangible book value $404,417 $373,861
Book value per common share $32.89 $31.15
Effect of intangible assets per share (9.24) (9.16)
Tangible book value per common share $23.65 $21.99
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
----------------------------------------------------------
(In thousands, except share amounts)
September 30, December 31,
2005 2004
------------- ------------
Assets
Cash and due from banks $202,512 $155,027
Interest-bearing deposits in other banks 10,833 21,274
Federal funds sold and securities
purchased under resell agreements 78,602 100,970
Trading securities, at fair value - 590
Investment securities (fair values of
$573,115 and $566,602) 580,088 568,493
Securities available for sale, at fair
value 568,245 631,914
Loans held for sale 33,128 22,313
Loans and leases 4,063,134 3,499,353
Unearned income (3,215) (3,652)
------------- ------------
Loans and leases, net of unearned income 4,059,919 3,495,701
Allowance for loan and lease losses (51,679) (46,584)
------------- ------------
Net loans and leases 4,008,240 3,449,117
Property, equipment and leasehold
improvements, net 109,654 99,455
Goodwill 148,088 144,396
Other intangible assets, net 9,943 11,286
Cash surrender value of life insurance 73,794 71,535
Receivable from investment division
customers 11,061 2,223
Other assets 52,890 37,276
------------- ------------
Totals $5,887,078 $5,315,869
============= ============
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $769,412 $683,245
Interest bearing 3,500,181 3,251,478
------------- ------------
Total deposits 4,269,593 3,934,723
Federal funds purchased and securities
sold under repurchase agreements 596,162 379,114
Treasury, tax and loan accounts - 2,217
Accrued expenses and other liabilities 58,389 43,861
Payable for securities purchased for
investment division customers 11,061 2,223
Short-term borrowings 78,000 30,500
Long-term debt 311,425 393,688
------------- ------------
Total liabilities 5,324,630 4,786,326
Common stock, $1 par; 50,000,000 and
27,500,000 shares authorized at September
30, 2005 and December 31, 2004,
respectively; 17,100,178 and 16,998,918
outstanding at September 30, 2005 and
December 31, 2004, respectively 17,100 16,999
Additional paid-in capital 346,651 340,161
Retained earnings 204,568 173,345
Accumulated other comprehensive loss,
net of tax (5,871) (962)
------------- ------------
Total stockholders' equity 562,448 529,543
------------- ------------
Totals $5,887,078 $5,315,869
============= ============
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
------------------------------------------------
(In thousands, except per share data)
For the three months For the nine months
ended September 30, ended September 30,
-------------------- -------------------
2005 2004 2005 2004
---------- --------- --------- ---------
Interest income:
Interest and fees on loans
and leases $67,831 $48,320 $184,051 $132,632
Interest on securities 11,985 11,981 36,311 31,833
Interest on deposits in
other banks 66 18 191 46
Interest on trading
securities 7 9 16 44
Interest on federal funds
sold and securities
purchased under resell
agreements 798 244 2,035 544
Total interest income 80,687 60,572 222,604 165,099
Interest expense:
Interest on deposits 20,690 11,924 53,085 33,403
Interest on federal funds
purchased and securities
sold under repurchase
agreements 4,519 1,394 10,148 3,354
Interest on short-term
borrowings 754 186 2,030 765
Interest on long-term debt 3,365 3,454 9,990 9,659
--------- --------- --------- ---------
Total interest expense 29,328 16,958 75,253 47,181
--------- --------- --------- ---------
Net interest income 51,359 43,614 147,351 117,918
Provision for loan and lease
losses 2,440 1,624 5,975 4,130
--------- --------- --------- ---------
Net interest income after
provision for loan and
lease losses 48,919 41,990 141,376 113,788
Noninterest income:
Securities gains - - 72 -
Gain (loss) on disposition
of assets (21) (68) 690 (31)
Service charges on deposit
accounts 4,181 4,537 12,265 12,868
Investment services income 1,086 2,685 3,089 9,865
Securities brokerage and
trust income 4,641 4,056 14,082 12,352
Gain on sale of mortgages 3,565 2,852 9,652 8,885
Bank owned life insurance 737 637 2,136 2,047
Insurance commissions 825 833 2,453 2,570
Other 3,084 3,034 8,671 6,938
--------- --------- --------- ---------
Total noninterest income 18,098 18,566 53,110 55,494
Noninterest expense:
Salaries and employee
benefits 21,680 19,630 63,086 56,301
Commission based
compensation 4,051 4,357 11,556 13,906
Occupancy and equipment
expenses 4,540 4,085 13,021 11,450
Amortization of intangibles 766 858 2,360 2,182
Other 9,953 9,278 30,343 26,152
--------- --------- --------- ---------
Total noninterest expense 40,990 38,208 120,366 109,991
--------- --------- --------- ---------
Income before provision for
income taxes 26,027 22,348 74,120 59,291
Provision for income taxes 8,944 7,642 25,362 20,034
--------- --------- --------- ---------
Net income $17,083 $14,706 $48,758 $39,257
========= ========= ========= =========
Net income per common share
(basic) $.99 $.88 $2.84 $2.54
========= ========= ========= =========
Weighted average common
shares outstanding (basic) 17,198 16,765 17,185 15,427
========= ========= ========= =========
Net income per common share
(diluted) $.98 $.86 $2.80 $2.50
========= ========= ========= =========
Weighted average common
shares outstanding
(diluted) 17,412 17,013 17,404 15,680
========= ========= ========= =========
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 09/30/05
------------------------------
Average Income/ Yield/
Balance Expense Cost
----------- ---------- -------
Assets:
Earning assets:
Loans and leases (1) $3,977,186 $67,971 6.78%
Securities:
Taxable 1,089,857 11,412 4.15
Tax exempt 50,167 868 6.87
Cash balances in other banks 7,703 66 3.40
Funds sold 85,872 798 3.69
Trading account securities 713 7 3.90
----------- ----------
Total earning assets (2) 5,211,498 81,122 6.18
----------- ----------
Cash and due from banks 171,248
Premises and equipment 101,588
Other assets 297,664
Allowance for loan and lease losses (50,516)
-----------
Total assets $5,731,482
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $901,391 $3,602 1.59
Savings deposits 911,046 3,908 1.70
Time deposits 1,622,181 13,180 3.22
Funds purchased 563,345 4,519 3.18
Other short-term borrowings 72,343 754 4.14
Long-term debt 311,469 3,365 4.29
----------- ----------
Total interest-bearing liabilities 4,381,775 29,328 2.66
----------- ----------
Demand deposits 729,220
Accrued interest and other liabilities 65,152
Stockholders' equity 555,335
-----------
Total liabilities and
stockholders' equity $5,731,482
===========
Net interest spread 3.52%
=======
Net interest income/margin on a taxable
equivalent basis 51,794 3.94%
=======
Tax equivalent adjustment (2) 435
----------
Net interest income/margin $51,359 3.91%
========== =======
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%
========== =======
(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 09/30/05
------------------------------
Average Income/ Yield/
Balance Expense Cost
----------- ---------- -------
Assets:
Earning assets:
Loans and leases (1) $3,787,438 $184,451 6.51%
Securities:
Taxable 1,110,353 34,592 4.17
Tax exempt 53,227 2,605 6.54
Cash balances in other banks 8,980 191 2.84
Funds sold 87,086 2,035 3.12
Trading account securities 469 16 4.56
----------- ----------
Total earning assets (2) 5,047,553 223,890 5.93
----------- ----------
Cash and due from banks 167,836
Premises and equipment 103,573
Other assets 286,779
Allowance for loan and lease losses (48,747)
-----------
Total assets $5,556,994
===========
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction accounts $897,545 $9,393 1.40
Savings deposits 899,689 9,713 1.44
Time deposits 1,549,789 33,979 2.93
Funds purchased 491,318 10,148 2.76
Other short-term borrowings 72,560 2,030 3.74
Long-term debt 334,501 9,990 3.99
----------- ----------
Total interest-bearing
liabilities 4,245,402 75,253 2.37
----------- ----------
Demand deposits 708,320
Accrued interest and other liabilities 58,087
Stockholders' equity 545,185
-----------
Total liabilities and
stockholders' equity $5,556,994
===========
Net interest spread 3.56%
=======
Net interest income/margin on a taxable
equivalent basis 148,637 3.94%
=======
Tax equivalent adjustment (2) 1,286
----------
Net interest income/margin $147,351 3.90%
========== =======
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%
========== =======
(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
John H. Holcomb, III, 205-583-3648
or
William E. Matthews, V, 205-583-3650