Exhibit 99.1
[LOGO OF ANB ALABAMA NATIONAL BANCORPORATION]
ALABAMA NATIONAL BANCORPORATION ANNOUNCES
FIRST QUARTER 2006 EARNINGS
FOR IMMEDIATE RELEASE - Birmingham, Alabama (April 18, 2006) -Alabama National
BanCorporation ("ANB") (NASDAQ/NM: ALAB) today announced earnings for the
quarter ended March 31, 2006.
For the 2006 first quarter, ANB reported earnings of $17.8 million, up 15.5%
from the 2005 first quarter. Diluted earnings per share of $1.02 were up 14.7%
from the 2005 first quarter. Diluted cash earnings per share were $1.05, up
14.0% from the 2005 first quarter. Total revenue grew to $71.5 million in the
2006 first quarter, up 12.3% from $63.7 million in the 2005 first quarter.
Noninterest income represented 26.5% of first quarter 2006 total revenue,
approximately even with the 26.4% reported in the 2005 first quarter. ANB's
taxable equivalent net interest margin improved to 3.96% for the 2006 first
quarter, up 2 basis points from the 2005 first quarter and up 5 basis points
from the fourth quarter of 2005.
"The first quarter was highlighted by a continuation of strong asset quality and
solid EPS growth. We are also pleased to have shown a slight improvement in our
net interest margin as compared with the fourth quarter of 2005," said John H.
Holcomb, III, Chairman and CEO. "This first quarter performance is a good start
to 2006."
Total assets at March 31, 2006 were $6.1 billion. Loan growth (excluding loans
held for sale) was 10.3% annualized during the 2006 first quarter, and deposits
grew at a 6.8% annualized rate. At March 31, 2006 deposits totaled $4.4 billion,
compared to $4.3 billion at December 31, 2005. Quarter-end share owners' equity
was $582.4 million, or $33.95 per share, and tangible book value per share was
$24.82.
During the 2006 first quarter, ANB recognized $210 thousand in net charge-offs,
or an annualized rate of 0.02% of average loans. Quarter-end nonperforming
assets were 0.09% of period end loans and other real estate. The allowance for
loan losses covered nonperforming loans 1,528%.
ANB's acquisition of Florida Choice Bank was completed on April 3, 2006.
Accordingly, ANB's first quarter results and balances do not include Florida
Choice Bank.
ANB is a bank holding company operating 93 banking locations through eleven bank
subsidiaries in Alabama, Florida and Georgia. Alabama subsidiaries include:
First American Bank in north central Alabama; Alabama Exchange Bank in Tuskegee;
and Bank of Dadeville. Florida subsidiaries are: Indian River National Bank in
Vero Beach; First Gulf Bank, N.A. in Escambia County, Florida and Baldwin
County, Alabama; Florida Choice Bank in central Florida; Community Bank of
Naples, N.A.; Public Bank in metropolitan Orlando; CypressCoquina Bank in Ormond
Beach; and Millennium Bank in Gainesville. ANB has one subsidiary in Georgia,
Georgia State Bank in metropolitan Atlanta. ANB provides full banking services
to individuals and businesses. Commercial mortgage services including the
origination of permanent commercial real estate mortgage loans for various
lenders is provided by Byars and Company, a Division of First American Bank.
Brokerage services are provided to customers through First American Bank's
wholly owned subsidiary, NBC Securities, Inc. Investments are not bank
guaranteed, not FDIC insured and may lose value. Insurance services are provided
through ANB Insurance Services, Inc., a wholly owned subsidiary of First
American Bank.
Alabama National BanCorporation common stock is traded on the NASDAQ National
Market System under the symbol "ALAB."
CONFERENCE CALL INSTRUCTIONS:
Alabama National will discuss financial results for the first quarter completed
March 31, 2006 as well as its goals and general outlook for the remainder of
2006 in a conference call to be held Wednesday, April 19, 2006 at 9:00 a.m.
Central Time. A listen-only simulcast and replay of Alabama National's
conference call will be available on-line at the following Internet links:
www.alabamanational.com, under "In The News," or www.viavid.net, on April 19,
beginning at 9:00 a.m. Central Time. The on-line replay will follow immediately
and continue for 30 days.
For live interactive access to the teleconference, please dial 1-800-938-1464 at
9:00 a.m. Central Time on April 19. For those without Internet access, a
telephonic replay will be available through May 19 by dialing 1-800-642-1687 and
entering Conference ID number 7461576.
Many of the comparisons of financial data from period to period presented in the
narrative of this release have been rounded from actual values reported in the
attached selected unaudited financial tables. The percentage changes presented
above are based on a comparison of the actual values recorded in the attached
tables, not the rounded values.
This press release, including the attached selected unaudited financial tables
which are a part of this release, contains financial information determined by
methods other than in accordance with generally accepted accounting principles
("GAAP"). These "non-GAAP" financial measures are "cash earnings" (cash earnings
per share), "tangible book value" (tangible book value per share), "return on
average tangible equity" and "return on average tangible assets." ANB's
management uses these non-GAAP measures in its analysis of ANB's performance.
Cash earnings is defined as net income plus amortization expense (net of tax)
applicable to intangible assets that do not qualify as regulatory capital. Cash
earnings per basic and diluted share is defined as cash earnings divided by
basic and diluted common shares outstanding. ANB's management includes cash
earnings measures to compare the company's earnings exclusive of non-cash
amortization expense and because it is a measure used by many investors as part
of their analysis of ANB's performance. Tangible book value is defined as total
equity reduced by recorded intangible assets. Tangible book value per share is
defined as tangible book value divided by total common shares outstanding. This
measure is important to many investors in the marketplace that are interested in
changes from period to period in book value per share exclusive of changes in
intangible assets. Goodwill, an intangible asset that is recorded in a purchase
business combination, has the effect of increasing total book value while not
increasing the tangible assets of the company. For companies such as Alabama
National that have engaged in multiple business combinations, purchase
accounting requires the recording of significant amounts of goodwill related to
such transactions. Return on average tangible equity is defined as earnings for
the period (annualized for the quarterly period) divided by average equity
reduced by average goodwill and other intangible assets. Return on average
tangible assets is defined as earnings for the period (annualized for the
quarterly period) divided by average assets reduced by average goodwill and
other intangible assets. ANB's management includes these measures because it
believes that they are important when measuring the company's performance
exclusive of the effects of goodwill and other intangibles recorded in recent
acquisitions, and these measures are used by many investors as part of their
analysis of ANB. These disclosures should not be viewed as a substitute for
results determined in accordance with GAAP, nor are they necessarily comparable
to non-GAAP performance measures which may be presented by other companies.
Refer to the "Reconciliation Table" in the attached schedules for a more
detailed analysis of these non-GAAP performance measures and the most directly
comparable GAAP measures.
This press release contains forward-looking statements as defined by federal
securities laws. Statements contained in this press release which are not
historical facts are forward-looking statements. These statements may address
issues that involve significant risks, uncertainties, estimates and assumptions
made by management. ANB undertakes no obligation to update these statements
following the date of this press release. In addition, ANB, through its senior
management, may make from time to time forward-looking public statements
concerning the matters described herein. Such forward-looking statements are
necessarily estimates reflecting the best judgment of ANB's senior management
based upon current information and involve a number of risks and uncertainties.
Certain factors which could affect the accuracy of such forward-looking
statements are identified in the public filings made by ANB with the Securities
and Exchange Commission, and forward looking statements contained in this press
release or in other public statements of ANB or its senior management should be
considered in light of those factors. There can be no assurance that such
factors or other factors will not affect the accuracy of such forward-looking
statements.
Contacts:
Alabama National BanCorporation Alabama National BanCorporation
John H. Holcomb III William E. Matthews, V
Chairman of the Board and Executive Vice President and
Chief Executive Officer Chief Financial Officer
(205) 583-3648 (205) 583-3650
ALABAMA NATIONAL BANCORPORATION
Unaudited Financial Highlights
(in thousands, except per share amounts and percentages)
Three Months Ended
March 31,
------------------- Percentage
2006 2005 Change (b)
-------- -------- ------------
Net interest income $ 52,575 $ 46,905 12.1%
Noninterest income 18,929 16,783 12.8
Total revenue 71,504 63,688 12.3
Provision for loan and lease losses 1,243 1,544 (19.5)
Noninterest expense 42,973 38,661 11.2
Income before taxes and cumulative effect
of accounting change 27,288 23,483 16.2
Income taxes 9,463 8,003 18.2
Net income before cumulative effect of accounting change 17,825 15,480 15.1
Cumulative effect of accounting change (net of tax) 48 - NM
Net income $ 17,873 $ 15,480 15.5
Weighted average common and common
equivalent shares outstanding
Basic 17,334 17,151 1.1%
Diluted 17,502 17,384 0.7
Net income per common share
Basic $ 1.03 $ .90 14.2%
Diluted 1.02 .89 14.7
Cash earnings (a)
Total $ 18,413 $ 16,039 14.8%
Basic 1.06 .94 13.6
Diluted 1.05 .92 14.0
Cash dividends declared on common stock $ .3750 $ .3375
Return on average assets 1.21% 1.17%
Return on average tangible assets 1.25 1.20
Return on average equity 12.53 11.73
Return on average tangible equity 17.20 16.52
NONINTEREST INCOME
Service charge income $ 3,868 $ 3,930 (1.6)%
Investment services income 864 1,145 (24.5)
Wealth management income 5,367 4,521 18.7
Gain on sale of mortgages 2,611 2,670 (2.2)
Commercial mortgage banking income 732 - NM
Gain on disposal of assets 507 428 18.5
Securities (losses) gains (734) 72 NM
Bank owned life insurance 742 654 13.5
Insurance commissions 982 795 23.5
Other 3,990 2,568 55.4
-------- --------
Total noninterest income $ 18,929 $ 16,783 12.8
======== ========
(a) Cash basis earnings exclude the effect on earnings of amortization expense
applicable to intangible assets that do not qualify as regulatory capital.
(b) Percentage change based on actual not rounded values.
NM - Not meaningful
March 31, December 31, Percentage
2006 2005 Change
------------ ------------ ------------
Total assets $ 6,085,546 $ 5,931,673 2.6%
Earning assets 5,522,205 5,385,824 2.5
Securities (a) 1,137,864 1,136,487 0.1
Loans held for sale 21,126 14,940 41.4
Loans and leases, net of unearned income 4,247,199 4,144,095 2.5
Allowance for loan and lease losses 53,848 52,815 2.0
Deposits 4,414,826 4,343,264 1.6
Short-term borrowings 30,800 34,700 (11.2)
Long-term debt 378,431 369,246 2.5
Stockholders' equity 582,363 571,879 1.8
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months Ended
------------------------------------------
March 31, December 31, March 31,
2006 2005 2005
------------ ------------ ------------
Nonaccrual loans $ 3,524 $ 6,446 $ 6,374
Restructured loans - - -
Loans past due 90 days or more and
still accruing -0- -0- -0-
Total nonperforming loans 3,524 6,446 6,374
Other real estate owned 487 623 1,079
Total nonperforming assets 4,011 7,069 7,453
Total non performing assets as a
percentage of period-end loans
and other real estate (a) 0.09% 0.17% 0.20%
Allowance for loan and lease losses $ 53,848 $ 52,815 $ 47,826
Provision for loan and lease losses 1,243 1,640 1,544
Loans charged off 505 1,109 489
Loan recoveries 295 605 187
Net loan and lease losses 210 504 302
Allowance for loan and lease losses as a
percentage of period-end loans
and leases (a) 1.27% 1.27% 1.31%
Allowance for loan and lease losses as a
percentage of period-end nonperforming loans 1,528.04 819.35 750.33
Net losses to average loans and
leases (annualized) 0.02 0.05 0.03
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
------------------------------------------
March 31, December 31, March 31,
2006 2005 2005
------------ ------------ ------------
Interest income:
Interest and fees on loans and leases 7.42% 7.09% 6.24%
Interest on securities:
Taxable 4.38 4.14 4.17
Non-taxable 6.55 6.35 6.24
Total interest earning assets 6.78 6.44 5.68
Interest expense:
Interest on deposits 3.02 2.73 1.85
Interest on short-term borrowing 4.77 4.27 3.57
Interest on long-term debt 4.71 4.35 3.63
Total interest bearing liabilities 3.30 2.99 2.07
Net interest spread 3.48 3.45 3.61
Net interest margin 3.96 3.91 3.94
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of
---------------------------
March 31, December 31,
2006 2005
------------ ------------
Stockholders' Equity:
Equity to assets 9.57% 9.64%
Leverage ratio 8.40 8.29
Book value per common share (a) $ 33.95 $ 33.40
Tangible book value per common share (a)(b) 24.82 24.20
Ending shares outstanding (in thousands) 17,155 17,124
(a) Includes a cumulative mark to market adjustment to equity of $(0.59) and
$(0.52) per share at March 31, 2006 and December 31, 2005, respectively.
(b) Total equity reduced by intangible assets divided by common shares
outstanding.
RECONCILIATION TABLE
(in thousands, except per share amounts and percentages)
Three Months Ended
March 31,
---------------------------
2006 2005
------------ ------------
Net income $ 17,873 $ 15,480
Amortization of intangibles, net of tax 540 559
Cash earnings $ 18,413 $ 16,039
Net income per common share - basic $ 1.03 $ 0.90
Effect of amortization of intangibles per share 0.03 0.04
Cash earnings per common share - basic $ 1.06 $ 0.94
Net income per common share - diluted $ 1.02 $ 0.89
Effect of amortization of intangibles per share 0.03 0.03
Cash earnings per common share - diluted $ 1.05 $ 0.92
Average assets $ 5,971,156 $ 5,365,706
Average intangible assets (157,010) (155,411)
Average tangible assets $ 5,814,146 $ 5,210,295
Return on average assets 1.21% 1.17%
Effect of average intangible assets .04 .03
Return on average tangible assets 1.25% 1.20%
Average equity $ 578,530 $ 535,336
Average intangible assets (157,010) (155,411)
Average tangible equity $ 421,520 $ 379,925
Return on average equity 12.53% 11.73%
Effect of average intangible assets 4.67 4.79
Return on average tangible equity 17.20% 16.52%
As of
---------------------------
March 31, December 31,
2006 2005
------------ ------------
Book value $ 582,363 $ 571,879
Intangible assets (156,633) (157,429)
Tangible book value $ 425,730 $ 414,450
Book value per common share $ 33.95 $ 33.40
Effect of intangible assets per share (9.13) (9.20)
Tangible book value per common share $ 24.82 $ 24.20
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
----------------------------------------------------------
(In thousands, except share amounts)
March 31, December 31,
2006 2005
------------ ------------
ASSETS
Cash and due from banks ........................................................ $ 185,535 $ 189,256
Interest-bearing deposits in other banks ....................................... 16,515 19,428
Federal funds sold and securities purchased under resell agreements ............ 97,151 70,472
Trading securities, at fair value .............................................. 2,350 402
Investment securities (fair values of $608,874 and $576,424) ................... 626,378 591,153
Securities available for sale, at fair value ................................... 511,486 545,334
Loans held for sale ............................................................ 21,126 14,940
Loans and leases ............................................................... 4,250,772 4,147,739
Unearned income ................................................................ (3,573) (3,644)
------------ ------------
Loans and leases, net of unearned income ....................................... 4,247,199 4,144,095
Allowance for loan and lease losses ............................................ (53,848) (52,815)
------------ ------------
Net loans and leases ........................................................... 4,193,351 4,091,280
Property, equipment and leasehold improvements, net ............................ 115,215 114,159
Goodwill ....................................................................... 148,071 148,071
Other intangible assets, net ................................................... 8,562 9,358
Cash surrender value of life insurance ......................................... 75,328 74,593
Receivable from investment division customers .................................. 23,647 7,166
Other assets ................................................................... 60,831 56,061
------------ ------------
Totals ......................................................................... $ 6,085,546 $ 5,931,673
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing .......................................................... $ 723,956 $ 729,045
Interest bearing ............................................................. 3,690,870 3,614,219
------------ ------------
Total deposits ................................................................. 4,414,826 4,343,264
Federal funds purchased and securities sold under repurchase agreements ........ 591,396 545,337
Accrued expenses and other liabilities ......................................... 62,352 61,361
Payable for securities purchased for investment division customers ............. 25,378 5,886
Short-term borrowings .......................................................... 30,800 34,700
Long-term debt ................................................................. 378,431 369,246
------------ ------------
Total liabilities .............................................................. 5,503,183 5,359,794
Common stock, $1 par; 50,000,000 shares authorized; 17,155,010 and 17,124,316
shares issued at March 31, 2006 and December 31, 2005, respectively .......... 17,155 17,124
Additional paid-in capital ..................................................... 347,991 347,434
Retained earnings .............................................................. 227,367 216,144
Accumulated other comprehensive loss, net of tax ............................... (10,150) (8,823)
------------ ------------
Total stockholders' equity ..................................................... 582,363 571,879
------------ ------------
Totals ......................................................................... $ 6,085,546 $ 5,931,673
============ ============
ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data)
For the three months
ended March 31,
----------------------------
2006 2005
------------ ------------
INTEREST INCOME:
Interest and fees on loans and leases .......................................... 77,238 55,166
Interest on securities ......................................................... 12,130 12,102
Interest on deposits in other banks ............................................ 79 48
Interest on trading securities ................................................. 11 4
Interest on federal funds sold and securities purchased
under resell agreements ...................................................... 732 524
------------ ------------
Total interest income ............................................................. 90,190 67,844
INTEREST EXPENSE:
Interest on deposits ........................................................... 27,097 14,858
Interest on federal funds purchased and securities sold
under repurchase agreements .................................................. 5,810 2,368
Interest on short-term borrowings .............................................. 397 406
Interest on long-term debt ..................................................... 4,311 3,307
------------ ------------
Total interest expense ............................................................ 37,615 20,939
------------ ------------
Net interest income ............................................................... 52,575 46,905
Provision for loan and lease losses ............................................... 1,243 1,544
------------ ------------
Net interest income after provision for loan and lease losses ..................... 51,332 45,361
NONINTEREST INCOME:
Securities (losses) gains ...................................................... (734) 72
Gain on disposition of assets .................................................. 507 428
Service charges on deposit accounts ............................................ 3,868 3,930
Investment services income ..................................................... 864 1,145
Wealth management income ....................................................... 5,367 4,521
Gain on sale of mortgages ...................................................... 2,611 2,670
Commercial mortgage banking income ............................................. 732 -
Bank owned life insurance ...................................................... 742 654
Insurance commissions .......................................................... 982 795
Other .......................................................................... 3,990 2,568
------------ ------------
Total noninterest income .......................................................... 18,929 16,783
NONINTEREST EXPENSE:
Salaries and employee benefits ................................................. 23,298 20,453
Commission based compensation .................................................. 4,134 3,494
Occupancy and equipment expenses ............................................... 4,757 4,139
Amortization of intangibles .................................................... 796 825
Other .......................................................................... 9,988 9,750
------------ ------------
Total noninterest expense ......................................................... 42,973 38,661
------------ ------------
Income before provision for income taxes and cumulative effect
of accounting change ........................................................... 27,288 23,483
Provision for income taxes ........................................................ 9,463 8,003
------------ ------------
Net income before cumulative effect of accounting change .......................... 17,825 15,480
Cumulative effect of accounting change (net of tax) ............................... 48 -
------------ ------------
Net income ........................................................................ $ 17,873 $ 15,480
============ ============
Weighted average common shares outstanding:
Basic ........................................................................... 17,334 17,151
============ ============
Diluted ......................................................................... 17,502 17,384
============ ============
Earnings per common share before cumulative effect of accounting change:
Basic ........................................................................... $ 1.03 $ 0.90
============ ============
Diluted ......................................................................... $ 1.02 $ 0.89
============ ============
Earnings per common share:
Basic ........................................................................... $ 1.03 $ 0.90
============ ============
Diluted ......................................................................... $ 1.02 $ 0.89
============ ============
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 03/31/06 Three Months 03/31/05
-------------------------------------- --------------------------------------
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Cost Balance Expense Cost
------------ ------------ -------- ------------ ------------ --------
ASSETS:
Earning assets:
Loans and leases (1) ................... $ 4,225,849 $ 77,366 7.42% $ 3,593,014 $ 55,297 6.24%
Securities:
Taxable ............................... 1,068,922 11,540 4.38 1,122,456 11,541 4.17
Tax exempt ............................ 55,328 894 6.55 55,234 850 6.24
Cash balances in other banks ........... 7,692 79 4.17 14,369 48 1.35
Funds sold ............................. 65,813 732 4.51 87,935 524 2.42
Trading account securities ............. 995 11 4.48 311 4 5.22
------------ ------------ ------------ ------------
Total earning assets (2) ........... 5,424,599 90,622 6.78 4,873,319 68,264 5.68
------------ ------------ ------------ ------------
Cash and due from banks .................. 181,859 82,775
Premises and equipment ................... 114,793 100,578
Other assets ............................. 303,524 356,351
Allowance for loan and lease losses ...... (53,619) (47,317)
------------ ------------
Total assets ...................... $ 5,971,156 $ 5,365,706
============ ============
LIABILITIES:
Interest-bearing liabilities:
Interest-bearing transaction accounts .. $ 1,029,134 $ 5,794 2.28 $ 875,630 $ 2,544 1.18
Savings deposits ....................... 898,962 5,113 2.31 891,190 2,638 1.20
Time deposits .......................... 1,714,993 16,190 3.83 1,498,534 9,676 2.62
Funds purchased ........................ 581,923 5,810 4.05 425,560 2,368 2.26
Other short-term borrowings ............ 33,755 397 4.77 46,127 406 3.57
Long-term debt ......................... 370,940 4,311 4.71 369,259 3,307 3.63
------------ ------------ ------------ ------------
Total interest-bearing
liabilities ..................... 4,629,707 37,615 3.30 4,106,300 20,939 2.07
------------ ------------ ------------ ------------
Demand deposits .......................... 686,454 674,369
Accrued interest and other liabilities ... 76,465 49,701
Stockholders' equity ..................... 578,530 535,336
------------ ------------
Total liabilities and stockholders'
equity ............................. $ 5,971,156 $ 5,365,706
============ ============
Net interest spread ...................... 3.48% 3.61%
======== ========
Net interest income/margin on
a taxable equivalent basis ............. 53,007 3.96% 47,325 3.94%
Tax equivalent adjustment (2) ............ 432 ======== 420 ========
------------ ------------
Net interest income/margin ............... $ 52,575 3.93% $ 46,905 3.90%
============ ======== ============ ========
(1) Average loans include nonaccrual loans All loans and deposits are domestic
(2) Tax equivalent adjustments are based on the assumed rate of 34%, and do not
give effect to the disallowance for Federal income tax purposes of interest
expense related to certain tax-exempt assets
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 03/31/06 Three Months 12/31/05
-------------------------------------- --------------------------------------
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Cost Balance Expense Cost
------------ ------------ -------- ------------ ------------ --------
ASSETS:
Earning assets:
Loans and leases (1) ................... $ 4,225,849 $ 77,366 7.42% $ 4,146,649 $ 74,124 7.09%
Securities:
Taxable ............................... 1,068,922 11,540 4.38 1,084,433 11,312 4.14
Tax exempt ............................ 55,328 894 6.55 49,776 797 6.35
Cash balances in other banks ........... 7,692 79 4.17 8,242 83 4.00
Funds sold ............................. 65,813 732 4.51 73,264 748 4.05
Trading account securities ............. 995 11 4.48 501 5 3.96
------------ ------------ ------------ ------------
Total earning assets (2) ........... 5,424,599 90,622 6.78 5,362,865 87,069 6.44
------------ ------------ ------------ ------------
Cash and due from banks .................. 181,859 174,929
Premises and equipment ................... 114,793 112,147
Other assets ............................. 303,524 295,111
Allowance for loan and lease losses ...... (53,619) (52,374)
------------ ------------
Total assets ...................... $ 5,971,156 $ 5,892,678
============ ============
LIABILITIES:
Interest-bearing liabilities:
Interest-bearing transaction accounts .. $ 1,029,134 $ 5,794 2.28 $ 950,750 $ 4,539 1.89
Savings deposits ....................... 898,962 5,113 2.31 900,844 4,647 2.05
Time deposits .......................... 1,714,993 16,190 3.83 1,692,425 15,216 3.57
Funds purchased ........................ 581,923 5,810 4.05 586,165 5,367 3.63
Other short-term borrowings ............ 33,755 397 4.77 54,229 584 4.27
Long-term debt ......................... 370,940 4,311 4.71 347,510 3,807 4.35
------------ ------------ ------------ ------------
Total interest-bearing
liabilities ..................... 4,629,707 37,615 3.30 4,531,923 34,160 2.99
------------ ------------ ------------ ------------
Demand deposits .......................... 686,454 718,055
Accrued interest and other liabilities ... 76,465 76,452
Stockholders' equity ..................... 578,530 566,248
------------ ------------
Total liabilities and stockholders'
equity ............................. $ 5,971,156 $ 5,892,678
============ ============
Net interest spread ...................... 3.48% 3.45%
======== ========
Net interest income/margin on
a taxable equivalent basis ............. 53,007 3.96% 52,909 3.91%
Tax equivalent adjustment (2) ............ 432 ======== 413 ========
------------ ------------
Net interest income/margin ............... $ 52,575 3.93% $ 52,496 3.88%
============ ======== ============ ========
(1) Average loans include nonaccrual loans All loans and deposits are domestic
(2) Tax equivalent adjustments are based on the assumed rate of 34%, and do not
give effect to the disallowance for Federal income tax purposes of interest
expense related to certain tax-exempt assets