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Alabama National BanCorporation Announces Third Quarter 2006 Earnings and Declares Fourth Quarter Dividend
FOR IMMEDIATE RELEASE Birmingham, Alabama (October 18, 2006) Alabama National BanCorporation (ANB) (Nasdaq Global Select: ALAB) today announced earnings for the quarter ended September 30, 2006 and declared a quarterly cash dividend of $0.375 per share.
For the 2006 third quarter, ANB reported earnings of $20.1 million, up 17.7% from the 2005 third quarter. Diluted earnings per share of $1.06 were up 7.8% from the year ago quarter. Diluted cash earnings per share were $1.10, up 9.2% from the 2005 third quarter. Total revenue grew to $77.9 million in the 2006 third quarter, up 12.2% from $69.5 million in the year ago third quarter. ANBs taxable equivalent net interest margin was 3.81% for the 2006 third quarter, down 13 basis points from the 2005 third quarter and down 16 basis points from the second quarter of 2006.
Our employees delivered solid results in a banking environment challenged with a flat yield curve and a slowing economy, said John H. Holcomb, III, Chairman and CEO. While we faced these challenges, our company reported a record quarter for net income and diluted earnings per share. Also, we are pleased with our continued favorable asset quality results.
We look forward to the fourth quarter, which will be the first period in which The Peachtree Bank will be included in our results. We are excited about having this great bank and its great group of employees as contributing members of our team.
Year-to-date earnings for the first nine months of 2006 were $57.3 million, an increase of 17.5% over the $48.8 million in earnings reported for the same period in 2005. Diluted earnings per share for the first nine months of 2006 were $3.09, up 10.4% from the $2.80 earned in the first nine months of 2005. For the first nine months of 2006, ANB recorded cash earnings per diluted share of $3.22, up 11.2% over 2005 levels.
Total assets at September 30, 2006 were $6.9 billion. Loans (excluding loans held for sale) grew to $4.87 billion, with ending deposits totaling $4.79 billion. Quarter-end share owners equity was $706.1 million, or $37.86 per share, and tangible book value per share was $25.56.
During the 2006 third quarter, ANB recognized $515 thousand in net charge-offs, or an annualized rate of 0.04% of average loans. Combined with 2006 first and second quarter net charge-offs, ANBs year-to-date loss of $833 thousand represents a rate of 0.02% in net losses to average loans and leases. Quarter-end nonperforming assets were 0.18% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 735%.
The following information was filed by Alabama National Bancorporation on Wednesday, October 18, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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