BIRMINGHAM, Ala., Oct. 23 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation ("ANB") (NASDAQ:ALAB) today announced
earnings for the quarter and nine-month period ended September 30,
2007. For the 2007 third quarter, ANB reported net income of $19.8
million, or $0.95 per diluted share. Nine months year-to-date net
income was $61.8 million, or $2.96 per diluted share. As previously
reported, ANB sold its ANB Insurance Services, Inc. subsidiary
during the 2007 second quarter. Earnings from the operation of this
subsidiary and the gain from its sale are carried as income from
discontinued operations in the income statement. Excluding the
discontinued insurance operations from all periods, ANB reported
earnings from continuing operations of $19.8 million in the 2007
third quarter, down 6.1% from the $21.1 million earned in the 2007
second quarter and down 1.4% from the 2006 third quarter's $20.1
million in net income from continuing operations. Diluted earnings
per share (continuing operations) of $0.95 in the 2007 third
quarter were 5.6% below the $1.01 reported in the 2007 second
quarter and 9.7% below the $1.06 reported in the year ago third
quarter. Diluted cash earnings per share (continuing operations)
were $0.99 in the 2007 third quarter, as compared with $1.05 and
$1.10 in the 2007 second quarter and 2006 third quarter,
respectively. Total revenue from continuing operations in the 2007
third quarter was $85.1 million. This revenue total was down 0.9%
from the $85.9 million reported in the 2007 second quarter, and up
10.6% from the 2006 third quarter's $76.9 million. For the nine
months ended September 30, 2007, ANB's $60.6 million in income from
continuing operations equated to $2.91 in diluted earnings per
share, down 5.8% from the $3.09 earned in the first nine months of
2006. Year-to-date revenue for the first nine months of 2007 was
$253.7 million, up 13.1% from the 2006 nine months. ANB's third
quarter 2007 taxable equivalent net interest margin declined to
3.63%, down from the 3.72% reported in the 2007 second quarter. On
a year- to-date basis, the 2007 nine months net interest margin of
3.70% was 0.21% below levels for the same period in 2006. Ending
loans (excluding loans held for sale) grew $56.5 million during the
2007 third quarter, representing a 4.0% annualized growth rate for
the quarter. During the nine months ended September 30, 2007,
ending loans grew $305.9 million, representing an annualized growth
rate of 7.5%. Ending deposits of $5.68 billion at September 30,
2007 were down slightly from second quarter levels and grew at a
2.8% annualized rate for the first nine months of 2007. Ending
total assets at September 30, 2007 were $7.97 billion. On the
credit quality front, ANB recognized $2.7 million in net charge-
offs for the 2007 third quarter, representing 0.19% of loans on an
annualized basis, bringing the nine month year-to-date annualized
net charge-off rate to 0.13%. The company recorded a provision for
loan losses of $3.3 million in the 2007 third quarter, up from $1.1
million recorded in the 2006 third quarter. Nonaccrual loans were
$20.2 million at quarter end, or 0.35% of total loans. Other real
estate owned at September 30, 2007 was $8.0 million, bringing total
nonperforming assets to $28.2 million. As a percentage of
period-end loans and other real estate owned, nonperforming assets
rose to 0.49% as compared with 0.18% in the year ago quarter and
0.32% in the quarter ended June 30, 2007. "We look forward to our
forthcoming merger with RBC Centura Banks, Inc.," said John H.
Holcomb III, Chairman and CEO. "Our planning efforts with our new
partner are focused on ensuring a smooth transition for our
customers as we prepare to introduce additional products and
services as part of the RBC family." ANB's performance resulted in
a return on average tangible assets of 1.04% and a return on
average tangible equity of 14.25% for the 2007 third quarter, down
from 1.22% and 17.00%, respectively, in the 2006 third quarter. On
a 2007 year-to-date basis, these ratios were 1.10% and 15.04%,
respectively. Tangible book value per share at September 30, 2007
was $27.29. ANB is a bank holding company operating 103 banking
locations through ten bank subsidiaries in Alabama, Florida and
Georgia. Alabama subsidiaries include: First American Bank in north
central Alabama; and Alabama Exchange Bank in Tuskegee. 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 metropolitan Orlando and central
Florida; Community Bank of Naples, N.A.; CypressCoquina Bank in
Ormond Beach; and Millennium Bank in Gainesville. ANB has two
subsidiaries in Georgia: Georgia State Bank and The Peachtree Bank,
both 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, are 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. Alabama National BanCorporation common
stock is traded on the NASDAQ Global Select Market under the symbol
"ALAB." Conference Call: Alabama National will not be holding a
conference call this quarter to discuss these results. 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
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 unaudited financial tables for a more
detailed analysis of these non-GAAP performance measures and the
most directly comparable GAAP measures. This press release contains
forward-looking statements as defined by federal securities laws.
Statements contained in this press release which are not historical
facts are forward-looking statements. These statements may address
issues that involve significant risks, uncertainties, estimates and
assumptions made by management. ANB undertakes no obligation to
update these statements following the date of this press release.
In addition, ANB, through its senior management, may make from time
to time forward-looking public statements concerning the matters
described herein. Such forward-looking statements are necessarily
estimates reflecting the best judgment of ANB's senior management
based upon current information and involve a number of risks and
uncertainties. Certain factors which could affect the accuracy of
such forward-looking statements are identified in the public
filings made by ANB with the Securities and Exchange Commission,
and forward looking statements contained in this press release or
in other public statements of ANB or its senior management should
be considered in light of those factors. There can be no assurance
that such factors or other factors will not affect the accuracy of
such forward-looking statements. Where You Can Find Additional
Information About ANB's Proposed Merger with RBC Centura Banks,
Inc. The proposed merger of ANB with RBC Centura Banks, Inc., a
wholly-owned subsidiary of Royal Bank of Canada ("RBC"), will be
submitted to ANB's stockholders for consideration. RBC will file
with the SEC a Registration Statement on Form F-4 that includes a
preliminary version of a proxy statement of ANB that also
constitutes a preliminary prospectus of RBC. RBC intends to file
the F-4 with the SEC on or about November 30, 2007. Following the
F-4 being declared effective by the SEC, ANB intends to mail the
final proxy statement/prospectus to its stockholders. ANB
stockholders are urged to read the final proxy statement/prospectus
regarding the proposed transaction when it becomes available
because it will contain important information. You may obtain a
free copy of the F-4 (when it becomes available) and the final
proxy statement/prospectus (when it becomes available) and other
documents related to the merger filed by ANB and RBC with the SEC
at the SEC's website at http://www.sec.gov/. You may also obtain
documents filed with the SEC by RBC free of charge from RBC's
website (http://www.rbc.com/) under the heading "News and
Information - Investor Relations" and then under the heading
"Regulatory Filings" and then under the heading "Link to EDGAR
Information and Filings" and then, once it is filed, to the F-4 (or
the most recent amendment thereto). You may also obtain documents
filed with the SEC by ANB free of charge from ANB's website
(http://www.alabamanational.com/) under the heading "Financial
Reports" and then under the item "SEC Filings." Participants in the
Merger RBC, RBC Centura Banks, Inc., ANB and their respective
directors, executive officers and certain other members of
management and employees may be soliciting proxies from ANB
stockholders in favor of the merger. Information regarding the
persons who may, under the rules of the SEC, be considered
participants in the solicitation of ANB stockholders in connection
with the merger will be set forth in the final proxy
statement/prospectus when it becomes available. You can find
information about RBC's executive officers and directors in its
management proxy circular filed with the SEC as an exhibit to its
Form 6-K on February 9, 2007. You can find information about ANB's
executive officers and directors in its definitive proxy statement
filed with the SEC on April 12, 2007. You can obtain free copies of
these documents from the websites of RBC, ANB or the SEC. ALABAMA
NATIONAL BANCORPORATION (Unaudited Financial Highlights) (in
thousands, except per share amounts and percentages) Three Months
Ended September 30, Percentage 2007 2006 Change (b) Net interest
income $63,731 $58,196 9.5% Noninterest income 21,354 18,736 14.0
Total revenue 85,085 76,932 10.6 Provision for loan and lease
losses 3,267 1,130 189.1 Noninterest expense 52,182 45,288 15.2
Income from continuing operations before taxes 29,636 30,514 (2.9)
Income taxes 9,852 10,446 (5.7) Net income from continuing
operations 19,784 20,068 (1.4) Income from discontinued operations
(net of tax) 2 45 (95.6) Net income $19,786 $20,113 (1.6)% Weighted
average common and common equivalent shares outstanding Basic
20,604 18,834 9.4% Diluted 20,751 19,012 9.1 Net income per common
share from continuing operations Basic $.96 $1.07 (9.9)% Diluted
.95 1.06 (9.7) Net income per common share Basic $.96 $1.07 (10.1)%
Diluted .95 1.06 (9.9) Cash earnings per share from continuing
operations (a) Total $20,632 $20,943 (1.5)% Basic 1.00 1.11 (9.9)
Diluted .99 1.10 (9.7) Cash dividends declared on common stock $.41
$.375 Return on average assets 1.00% 1.18% Return on average
tangible assets 1.04 1.22 Return on average equity 8.96 11.41
Return on average tangible equity 14.25 17.00 Noninterest Income
Service charge income $4,903 $4,042 21.3 % Investment services
income 1,189 1,292 (8.0) Wealth management income 6,373 5,371 18.7
Gain on sale of mortgages 2,945 2,774 6.2 Commercial mortgage
banking income 363 518 (29.9) Gain on disposal of assets 131 13
907.7 Bank owned life insurance 1,142 988 15.6 Other 4,308 3,738
15.2 Total noninterest income $21,354 $18,736 14.0 % (a) Cash
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 2007 2006 Change (b) Net
interest income $190,988 $169,714 12.5% Noninterest income 62,706
54,546 15.0 Total revenue 253,694 224,260 13.1 Provision for loan
and lease losses 8,302 4,293 93.4 Noninterest expense 153,983
132,704 16.0 Income from continuing operations before taxes 91,409
87,263 4.8 Income taxes 30,791 30,110 2.3 Net income from
continuing operations 60,618 57,153 6.1 Income from discontinued
operations (net of tax) 1,151 150 667.3 Net income $61,769 $57,303
7.8% Weighted average common and common equivalent shares
outstanding Basic 20,702 18,336 12.9% Diluted 20,861 18,521 12.6
Net income per common share from continuing operations Basic $2.93
$3.12 (6.1)% Diluted 2.91 3.09 (5.8) Net income per common share
Basic $2.98 $3.13 (4.5)% Diluted 2.96 3.09 (4.3) Cash earnings per
share from continuing operations (a) Total $63,275 $59,454 6.4%
Basic 3.06 3.24 (5.7) Diluted 3.03 3.21 (5.5) Cash dividends
declared on common stock $1.23 $1.125 Return on average assets
1.06% 1.18% Return on average tangible assets 1.10 1.22 Return on
average equity 9.49 11.71 Return on average tangible equity 15.04
17.08 Noninterest Income Service charge income $13,015 $11,753 10.7
% Investment services income 3,914 3,122 25.4 Wealth management
income 18,409 16,102 14.3 Gain on sale of mortgages 9,811 8,046
21.9 Commercial mortgage banking income 1,159 1,534 (24.4) Gain on
disposal of assets 624 552 13.0 Securities (losses) gains - (1,250)
NM Bank owned life insurance 3,367 2,528 33.2 Other 12,407 12,159
2.0 Total noninterest income $62,706 $54,546 15.0 % (a) Cash
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 2007 2006
Change Total assets $7,967,331 $7,671,274 3.9% Earning assets
7,152,863 6,856,309 4.3 Securities (a) 1,253,681 1,265,774 (1.0)
Loans held for sale 22,018 27,652 (20.4) Loans and leases, net of
unearned income 5,761,997 5,456,136 5.6 Allowance for loan and
lease losses 71,026 68,246 4.1 Deposits 5,682,313 5,567,603 2.1
Short-term borrowings 149,300 161,830 (7.7) Long-term debt 460,339
402,399 14.4 Stockholders' equity 880,956 853,623 3.2 (a) Excludes
trading securities ASSET QUALITY ANALYSIS (in thousands, except
percentages) As of / For the Three Months Ended Sept 30, June 30,
Sept 30, 2007 2007 2006 Nonaccrual loans $20,239 $10,686 $8,344
Restructured loans - - - Loans past due 90 days or more and still
accruing - 0 - - 0 - - 0 - Total nonperforming loans 20,239 10,686
8,344 Other real estate owned 7,969 7,678 381 Total nonperforming
assets 28,208 18,364 8,725 Total non performing assets as a
percentage of period-end loans and other real estate (a) 0.49%
0.32% 0.18% Allowance for loan and lease losses $71,026 $70,474
$61,354 Provision for loan and lease losses 3,267 3,273 1,130 Loans
charged off 2,981 2,799 848 Loan recoveries 266 323 333 Net loan
and lease losses 2,715 2,476 515 Allowance for loan and lease
losses as a percentage of period-end loans and leases (a) 1.23%
1.24% 1.26% Allowance for loan and lease losses as a percentage of
period-end nonperforming loans 350.94 659.50 735.31 Net losses to
average loans and leases (annualized) 0.19 0.18 0.04 For the Nine
Months Ended September 30, Percentage 2007 2006 Change Provision
for loan and lease losses $8,302 $4,293 93.4 % Loans charged off
6,281 1,866 236.60 Loan recoveries 759 1,033 (26.5) Net loan and
lease losses 5,522 833 562.9 Net losses to average loans and leases
(annualized) 0.13% 0.02% (a) Excludes loans held for sale TAXABLE
EQUIVALENT YIELDS/RATES Three Months Ended Sept 30, June 30, Sept
30, 2007 2007 2006 Interest income: Interest and fees on loans
8.03% 8.09% 7.95% Interest on securities: Taxable 4.61 4.61 4.46
Non-taxable 6.30 6.08 6.38 Total interest earning assets 7.44 7.48
7.27 Interest expense: Interest on deposits 4.19% 4.17% 3.72%
Interest on short-term borrowing 5.46 5.49 5.62 Interest on
long-term debt 5.05 5.09 5.22 Total interest bearing liabilities
4.34 4.32 4.03 Net interest spread 3.10 3.16 3.24 Net interest
margin 3.63 3.72 3.81 Nine Months Ended September 30, 2007 2006
Interest income: Interest and fees on loans 8.08% 7.72% Interest on
securities: Taxable 4.61 4.43 Non-taxable 6.21 6.43 Total interest
earning assets 7.46 7.06 Interest expense: Interest on deposits
4.15% 3.39% Interest on short-term borrowing 5.34 5.25 Interest on
long-term debt 5.17 4.98 Total interest bearing liabilities 4.31
3.68 Net interest spread 3.15 3.38 Net interest margin 3.70 3.91
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS September 30, December 31,
2007 2006 Stockholders' Equity: Equity to assets 11.06% 11.13%
Leverage ratio 8.04 7.99 Book value per common share (a) $43.19
$41.51 Tangible book value per common share (a)(b) 27.29 25.55
Ending shares outstanding 20,397 20,562 (a) Includes a cumulative
mark to market adjustment to equity of $(0.25) and $(0.29) per
share at September 30, 2007 and December 31, 2006, 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, 2007 2006 2007 2006 Net income from
continuing operations $19,784 $20,068 $60,618 $57,153 Amortization
of intangibles, net of tax 848 875 2,657 2,301 Cash earnings from
continuing operations $20,632 $20,943 $63,275 $59,454 Net income
per common share from continuing operations - basic $0.96 $1.07
$2.93 $3.12 Effect of amortization of intangibles per share 0.04
0.04 0.13 0.12 Cash earnings per common share from continuing
operations - basic $1.00 $1.11 $3.06 $3.24 Net income per common
share from continuing operations - diluted $0.95 $1.06 $2.91 $3.09
Effect of amortization of intangibles per share 0.04 0.04 0.12 0.12
Cash earnings per common share from continuing operations - diluted
$0.99 $1.10 $3.03 $3.21 Average assets $7,884,691 $6,752,745
$7,812,661 $6,470,383 Average intangible assets (324,921) (230,011)
(321,419) (205,795) Average tangible assets $7,559,770 $6,522,734
$7,491,242 $6,264,588 Return on average assets 1.00% 1.18% 1.06%
1.18% Effect of average intangible assets 0.04 0.04 0.04 0.04
Return on average tangible assets 1.04% 1.22% 1.10% 1.22% Average
equity $875,842 $699,333 $870,475 $654,280 Average intangible
assets (324,921) (230,011) (321,419) (205,795) Average tangible
equity $550,921 $469,322 $549,056 $448,485 Return on average equity
8.96% 11.41% 9.49% 11.71% Effect of average intangible assets 5.29
5.59 5.55 5.37 Return on average tangible equity 14.25% 17.00%
15.04% 17.08% As of September 30, December 31, 2007 2006 Book value
$880,956 $853,623 Intangible assets (324,279) (328,166) Tangible
book value $556,677 $525,457 Book value per common share $43.19
$41.51 Effect of intangible assets per share (15.90) (15.96)
Tangible book value per common share $27.29 $25.55 Alabama National
BanCorporation and Subsidiaries Consolidated Statements of
Financial Condition (Unaudited) (In thousands, except share
amounts) September 30, 2007 December 31, 2006 Assets Cash and due
from banks $164,103 $200,153 Interest-bearing deposits in other
banks 27,983 16,350 Federal funds sold and securities purchased
under resell agreements 86,364 89,865 Trading securities, at fair
value 820 532 Investment securities (fair values of $729,561 and
$705,460) 737,780 716,406 Securities available for sale, at fair
value 515,901 549,368 Loans held for sale 22,018 27,652 Loans and
leases 5,766,151 5,461,400 Unearned income (4,154) (5,264) Loans
and leases, net of unearned income 5,761,997 5,456,136 Allowance
for loan and lease losses (71,026) (68,246) Net loans and leases
5,690,971 5,387,890 Property, equipment and leasehold improvements,
net 173,666 155,001 Assets to be disposed of - 3,549 Goodwill
311,658 311,583 Other intangible assets, net 12,621 16,583 Cash
surrender value of life insurance 108,384 104,992 Receivable from
investment division customers 13,998 1,114 Other assets 101,064
90,236 Totals $7,967,331 $7,671,274 Liabilities and Stockholders'
Equity Deposits: Noninterest bearing $755,248 $849,127 Interest
bearing 4,927,065 4,718,476 Total deposits 5,682,313 5,567,603
Federal funds purchased and securities sold under repurchase
agreements 719,823 627,297 Liabilities to be disposed of - 1,019
Accrued expenses and other liabilities 59,782 56,057 Payable for
securities purchased for investment division customers 14,818 1,446
Short-term borrowings 149,300 161,830 Long-term debt 460,339
402,399 Total liabilities 7,086,375 6,817,651 Common stock, $1 par;
50,000,000 shares authorized; 20,626,500 and 20,562,467 shares
issued at September 30, 2007 and December 31, 2006, respectively
20,627 20,562 Additional paid-in capital 577,064 573,756 Retained
earnings 302,594 266,668 Treasury stock at cost, 230,000 shares at
September 30, 2007 (14,221) - Accumulated other comprehensive loss,
net of tax (5,108) (7,363) Total stockholders' equity 880,956
853,623 Totals $7,967,331 $7,671,274 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,
2007 2006 2007 2006 Interest income: Interest and fees on loans and
leases $116,151 $97,279 $342,816 $266,374 Interest on securities
14,436 13,275 42,402 38,329 Interest on deposits in other banks 265
225 819 450 Interest on trading securities 8 15 32 34 Interest on
federal funds sold and securities purchased under resell agreements
888 806 2,682 2,531 Total interest income 131,748 111,600 388,751
307,718 Interest expense: Interest on deposits 52,806 38,019
153,347 99,059 Interest on federal funds purchased and securities
sold under repurchase agreements 7,534 8,142 22,353 21,207 Interest
on short-term borrowings 1,912 2,117 5,587 3,238 Interest on
long-term debt 5,765 5,126 16,476 14,500 Total interest expense
68,017 53,404 197,763 138,004 Net interest income 63,731 58,196
190,988 169,714 Provision for loan and lease losses 3,267 1,130
8,302 4,293 Net interest income after provision for loan and lease
losses 60,464 57,066 182,686 165,421 Noninterest income: Securities
losses - - - (1,250) Gain on disposition of assets 131 13 624 552
Service charges on deposit accounts 4,903 4,042 13,015 11,753
Investment services income 1,189 1,292 3,914 3,122 Wealth
management income 6,373 5,371 18,409 16,102 Gain on sale of
mortgages 2,945 2,774 9,811 8,046 Commercial mortgage banking
income 363 518 1,159 1,534 Bank owned life insurance 1,142 988
3,367 2,528 Other 4,308 3,738 12,407 12,159 Total noninterest
income 21,354 18,736 62,706 54,546 Noninterest expense: Salaries
and employee benefits 26,695 23,582 78,950 68,989 Commission based
compensation 5,198 4,586 15,131 13,143 Occupancy and equipment
expenses 5,845 5,160 17,364 14,843 Amortization of intangibles
1,262 1,262 3,961 3,290 Other 13,182 10,698 38,577 32,439 Total
noninterest expense 52,182 45,288 153,983 132,704 Income before
provision for income taxes from continuing operations 29,636 30,514
91,409 87,263 Provision for income taxes 9,852 10,446 30,791 30,110
Net income from continuing operations 19,784 20,068 60,618 57,153
Income from discontinued operations, including a gain on disposal
of $1,462,000 for the nine months ended September 30, 2007 (net of
tax) 2 45 1,151 150 Net income $19,786 $20,113 $61,769 $57,303
Weighted average common shares outstanding: Basic 20,604 18,834
20,702 18,336 Diluted 20,751 19,012 20,861 18,521 Earnings per
common share from continuing operations: Basic $0.96 $1.07 $2.93
$3.12 Diluted $0.95 $1.06 $2.91 $3.09 Earnings per common share:
Basic $0.96 $1.07 $2.98 $3.13 Diluted $0.95 $1.06 $2.96 $3.09
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in
thousands, except yields and rates) Three Months 09/30/07 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $5,747,873 $116,327 8.03% Securities: Taxable
1,087,449 12,624 4.61 Tax exempt 172,851 2,746 6.30 Cash balances
in other banks 21,320 265 4.93 Funds sold 59,031 888 5.97 Trading
account securities 587 8 5.41 Total earning assets (2) 7,089,111
132,858 7.44 Cash and due from banks 168,465 Premises and equipment
168,834 Other assets 529,332 Allowance for loan and lease losses
(71,051) Total assets $7,884,691 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,169,311
$8,604 2.92% Savings deposits 1,058,083 9,138 3.43 Time deposits
2,771,279 35,064 5.02 Funds purchased 624,192 7,534 4.79 Other
short-term borrowings 139,054 1,912 5.46 Long-term debt 453,231
5,765 5.05 Total interest-bearing liabilities 6,215,150 68,017 4.34
Demand deposits 729,799 Accrued interest and other liabilities
63,900 Stockholders' equity 875,842 Total liabilities and
stockholders' equity $7,884,691 Net interest spread 3.10% Net
interest income/margin on a taxable equivalent basis 64,841 3.63%
Tax equivalent adjustment (2) 1,110 Net interest income/margin
$63,731 3.57% (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 09/30/06 Average Income/ Yield/ Balance Expense Cost
Assets: Earning assets: Loans and leases (1) $4,861,167 $97,415
7.95% Securities: Taxable 1,095,864 12,312 4.46 Tax exempt 90,761
1,459 6.38 Cash balances in other banks 17,796 225 5.02 Funds sold
57,876 806 5.53 Trading account securities 1,245 15 4.78 Total
earning assets (2) 6,124,709 112,232 7.27 Cash and due from banks
168,449 Premises and equipment 139,617 Other assets 381,126
Allowance for loan and lease losses (61,156) Total assets
$6,752,745 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,114,186 $8,135 2.90%
Savings deposits 955,355 7,217 3.00 Time deposits 1,987,488 22,667
4.52 Funds purchased 662,649 8,142 4.87 Other short-term borrowings
149,362 2,117 5.62 Long-term debt 389,516 5,126 5.22 Total
interest-bearing liabilities 5,258,556 53,404 4.03 Demand deposits
748,486 Accrued interest and other liabilities 46,371 Stockholders'
equity 699,333 Total liabilities and stockholders' equity
$6,752,745 Net interest spread 3.24% Net interest income/margin on
a taxable equivalent basis 58,828 3.81% Tax equivalent adjustment
(2) 632 Net interest income/margin $58,196 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 09/30/07 Average
Income/ Yield/ Balance Expense Cost Assets: Earning assets: Loans
and leases (1) $5,681,298 $343,406 8.08% Securities: Taxable
1,094,154 37,722 4.61 Tax exempt 152,762 7,091 6.21 Cash balances
in other banks 22,128 819 4.95 Funds sold 65,444 2,682 5.48 Trading
account securities 849 32 5.04 Total earning assets (2) 7,016,635
391,752 7.46 Cash and due from banks 179,679 Premises and equipment
164,062 Other assets 522,462 Allowance for loan and lease losses
(70,177) Total assets $7,812,661 Liabilities: Interest-bearing
liabilities: Interest-bearing transaction accounts $1,183,641
$25,709 2.90% Savings deposits 1,095,800 28,562 3.48 Time deposits
2,657,424 99,076 4.98 Funds purchased 626,632 22,353 4.77 Other
short-term borrowings 139,975 5,587 5.34 Long-term debt 425,933
16,476 5.17 Total interest-bearing liabilities 6,129,405 197,763
4.31 Demand deposits 754,311 Accrued interest and other liabilities
58,470 Stockholders' equity 870,475 Total liabilities and
stockholders' equity $7,812,661 Net interest spread 3.15% Net
interest income/margin on a taxable equivalent basis 193,989 3.70%
Tax equivalent adjustment (2) 3,001 Net interest income/margin
$190,988 3.64% (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 09/30/06 Average Income/ Yield/ Balance Expense Cost
Assets: Earning assets: Loans and leases (1) $4,617,531 $266,759
7.72% Securities: Taxable 1,084,872 35,939 4.43 Tax exempt 75,278
3,621 6.43 Cash balances in other banks 12,718 450 4.73 Funds sold
65,844 2,531 5.14 Trading account securities 1,019 34 4.46 Total
earning assets (2) 5,857,262 309,334 7.06 Cash and due from banks
179,982 Premises and equipment 128,875 Other assets 362,587
Allowance for loan and lease losses (58,323) Total assets
$6,470,383 Liabilities: Interest-bearing liabilities:
Interest-bearing transaction accounts $1,096,629 $21,580 2.63%
Savings deposits 930,326 18,391 2.64 Time deposits 1,885,467 59,088
4.19 Funds purchased 626,496 21,207 4.53 Other short-term
borrowings 82,390 3,238 5.25 Long-term debt 388,959 14,500 4.98
Total interest-bearing liabilities 5,010,267 138,004 3.68 Demand
deposits 736,455 Accrued interest and other liabilities 69,381
Stockholders' equity 654,280 Total liabilities and stockholders'
equity $6,470,383 Net interest spread 3.38% Net interest
income/margin on a taxable equivalent basis 171,330 3.91% Tax
equivalent adjustment (2) 1,616 Net interest income/margin $169,714
3.87% (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. DATASOURCE: Alabama National
BanCorporation CONTACT: John H. Holcomb III, Chairman of the Board
and Chief Executive Officer, +1-205-583-3648, or William E.
Matthews, V, Executive Vice President and Chief Financial Officer,
+1-205-583-3650, both of Alabama National BanCorporation Web site:
http://www.alabamanational.com/
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