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Last10K.com | 10-K Annual Report Thu Mar 01 2007
EX-99.1 2 an8633ex991.txt EXHIBIT 99.1 Exhibit 99.1 ALABAMA NATIONAL BANCORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 2006 EARNINGS FOR IMMEDIATE RELEASE - Birmingham, Alabama (January 23, 2007) -Alabama National BanCorporation ("ANB") (NASDAQ Global Select: ALAB) today announced record earnings for the fourth quarter and year ended December 31, 2006. For the 2006 fourth quarter, ANB reported earnings of $22.5 million, up 25.7% from the 2005 fourth quarter. Diluted earnings per share of $1.07 were up 4.9% from the 2005 fourth quarter. Diluted cash earnings per share were $1.12, up 6.2% from the 2005 fourth quarter. Total revenue grew to $85.2 million in the 2006 fourth quarter, up 19.9% from $71.1 million in the 2005 fourth quarter. ANB's taxable equivalent net interest margin was 3.81% for the 2006 quarter, down 10 basis points from the 2005 fourth quarter. For the full year, ANB reported 2006 earnings of $79.8 million, up 19.7% from 2005's $66.7 million in earnings. Diluted earnings per share for 2006 of $4.17 were up 9.1% from the $3.82 recorded for 2005. Diluted cash earnings per share of $4.34 were up 10.0% over 2005's $3.95. Total revenue for 2006 was $312.4 million, up 15.0% from 2005's $271.6 million. ANB's 2006 taxable equivalent net interest margin of 3.88% was 5 basis points below 2005's level. Total assets at year-end 2006 of $7.7 billion were up 29.3% from 2005's $5.9 billion. Deposits grew 28.2% from year-end 2005 to $5.6 billion at December 31, 2006. Year-end share owners' equity was $853.6 million, or $41.51 per share, up $8.11 from December 31, 2005. Year-end 2006 tangible book value per share of $25.41 was up $1.21 from December 31, 2005. "2006 was a year of significant growth for Alabama National," said John H. Holcomb III, Chairman and Chief Executive Officer. "While we are pleased to have increased diluted earnings per share 9.1% in 2006, this EPS growth is at the lower end of our long term targeted goal of 8-12%. Interest rate and economic environments will vary, but our goal is to provide outstanding long term compounded growth in earnings power," continued Holcomb. "We believe the completion of two acquisitions in important markets during the year will add value to our company. The addition of Florida Choice Bank in April and of The Peachtree Bank in October strengthened our franchise in the growing Orlando and Atlanta markets and added a great group of employees and customers to the company." During the fourth quarter, ANB recognized $65 thousand in net charge-offs, bringing the year-to-date figure to $898 thousand, or 0.02% of average loans. Year-end nonperforming assets were 0.21% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 625%. "Credit quality has been a continuing focus of this company's management team since we began working together, and we are therefore pleased with 2006's 0.02% net charge-off ratio," said Holcomb. "Our goal is to continue to earn our company's reputation for superior credit risk management." ANB is a bank holding company operating 100 banking locations through twelve 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 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. 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 Global Select Market under the symbol "ALAB." Conference Call Instructions: Alabama National will discuss financial results for the fourth quarter and year ended December 31, 2006, as well as its goals and general outlook for 2007, in a conference call to be held Wednesday, January 24, 2007 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 "News," or http://viavid.net/dce.aspx?sid=0000398C on January 24, 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 1-800-474-8920 at 9:00 a.m. Central Time on January 24 and enter Conference ID number 2278489. For those without Internet access, a telephonic replay will be available through February 24, 2007 by dialing 1-888-203-1112 and entering Conference ID number 2278489. 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 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. 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) (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
Three Months Ended December 31, ----------------------------- Percentage 2006 2005 Change (b) ------------- ------------- ------------- Net interest income $ 64,394 $ 52,496 22.7% Noninterest income 20,842 18,613 12.0 Total revenue 85,236 71,109 19.9 Provision for loan and lease losses 1,100 1,640 (32.9) Noninterest expense 49,832 42,114 18.3 Net income before income taxes 34,304 27,355 25.4 Income taxes 11,791 9,440 24.9 Net income $ 22,513 $ 17,915 25.7 Weighted average common and common equivalent shares outstanding Basic 20,739 17,284 20.0% Diluted 20,955 17,494 19.8 Net income per common share Basic $ 1.09 $ 1.04 4.7% Diluted 1.07 1.02 4.9 Cash earnings (a) Total $ 23,511 $ 18,476 27.3% Basic 1.13 1.07 6.1 Diluted 1.12 1.06 6.2 Cash dividends declared on common stock $ .375 $ .3375 Return on average assets 1.18% 1.21% Return on average tangible assets 1.23 1.24 Return on average equity 10.57 12.55 Return on average tangible equity 17.41 17.40 Noninterest Income Service charge income $ 4,143 $ 4,070 1.8% Investment services income 1,169 1,121 4.3 Wealth management income 5,800 5,138 12.9 Gain on sale of mortgages 2,944 2,870 2.6 Commercial mortgage banking income 717 501 43.1 Gain on disposal of assets 51 45 13.3 Bank owned life insurance 1,104 750 47.2 Insurance commissions 1,174 1,096 7.1 Other 3,740 3,022 23.8 ------------- ------------- Total noninterest income $ 20,842 $ 18,613 12.0 ============= ============= (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
For the Year Ended December 31, ----------------------------- Percentage 2006 2005 Change (b) ------------- ------------- ------------- Net interest income $ 234,108 $ 199,847 17.1% Noninterest income 78,290 71,723 9.2 Total revenue 312,398 271,570 15.0 Provision for loan and lease losses 5,393 7,615 (29.2) Noninterest expense 185,267 162,480 14.0 Income before taxes and cumulative effect of accounting change 121,738 101,475 20.0 Income taxes 41,970 34,802 20.6 Net income before cumulative effect of accounting change 79,768 66,673 19.6 Cumulative effect of accounting change (net of tax) 48 - NM Net income $ 79,816 $ 66,673 19.7 Weighted average common and common equivalent shares outstanding Basic 18,942 17,216 10.0% Diluted 19,147 17,445 9.8 Net income per common share Basic $ 4.21 $ 3.87 8.8% Diluted 4.17 3.82 9.1 Cash earnings (a) Total $ 83,115 $ 68,835 20.7% Basic 4.39 4.00 9.7 Diluted 4.34 3.95 10.0 Cash dividends declared on common stock $ 1.50 $ 1.35 Return on average assets 1.18% 1.18% Return on average tangible assets 1.23 1.22 Return on average equity 11.36 12.11 Return on average tangible equity 17.18 16.89 Noninterest Income Service charge income $ 15,896 $ 16,335 (2.7)% Investment services income 4,291 4,210 1.9 Wealth management income 21,902 19,220 14.0 Gain on sale of mortgages 10,990 12,522 (12.2) Commercial mortgage banking income 2,251 525 328.8 Gain on disposal of assets 603 735 (18.0) Securities (losses) gains (1,250) 72 NM Bank owned life insurance 3,632 2,886 25.8 Insurance commissions 4,047 3,549 14.0 Other 15,928 11,669 36.5 ------------- ------------- Total noninterest income $ 78,290 $ 71,723 9.2 ============= ============= (a) Excludes trading securities ASSET QUALITY ANALYSIS (in thousands, except percentages)
December 31, December 31, Percentage 2006 2005 Change ------------- ------------- ------------- Total assets $ 7,671,274 $ 5,931,673 29.3% Earning assets 6,856,309 5,385,824 27.3 Securities (a) 1,265,774 1,136,487 11.4 Loans held for sale 27,652 14,940 85.1 Loans and leases, net of unearned income 5,456,136 4,144,095 31.7 Allowance for loan and lease losses 68,246 52,815 29.2 Deposits 5,567,603 4,343,264 28.2 Short-term borrowings 161,830 34,700 366.4 Long-term debt 402,399 369,246 9.0 Stockholders' equity 853,623 571,879 49.3
As of / For the Three Months Ended --------------------------------------------- Dec 31, 2006 Sept 30, 2006 Dec 31, 2005 ------------- ------------- ------------- Nonaccrual loans $ 10,921 $ 8,344 $ 6,446 Restructured loans - - - Loans past due 90 days or more and still accruing - - - Total nonperforming loans 10,921 8,344 6,446 Other real estate owned 790 381 623 Total nonperforming assets 11,711 8,725 7,069 Total non performing assets as a percentage of period-end loans and other real estate (a) 0.21% 0.18% 0.17% Allowance for loan and lease losses $ 68,246 $ 61,354 $ 52,815 Provision for loan and lease losses 1,100 1,130 1,640 Loans charged off 456 848 1,109 Loan recoveries 391 333 605 Net loan and lease losses 65 515 504 Allowance for loan and lease losses as a percentage of period-end loans and leases (a) 1.25% 1.26% 1.27% Allowance for loan and lease losses as a percentage of period-end nonperforming loans 624.91 735.31 819.35 Net losses to average loans and leases (annualized) 0.00 0.01 0.05 (a) Excludes loans held for sale
For the Year Ended December 31, ----------------------------- Percentage 2006 2005 Change ------------ ------------- ------------- Provision for loan and lease losses $ 5,393 $ 7,615 (29.2)% Loans charged off 2,322 2,918 (20.4) Loan recoveries 1,424 1,534 (7.2) Net loan and lease losses 898 1,384 (35.1) Net losses to average loans and leases (annualized) 0.02% 0.04% TAXABLE EQUIVALENT YIELDS/RATES For the Year Ended December 31, ---------------------------- 2006 2005 ------------ ------------ Interest income: Interest and fees on loans 7.83% 6.67% Interest on securities: Taxable 4.45 4.16 Non-taxable 6.40 6.50 Total interest earning assets 7.16 6.07 Interest expense: Interest on deposits 3.53% 2.28% Interest on short-term borrowing 5.32 3.85 Interest on long-term debt 5.15 4.08 Total interest bearing liabilities 3.82 2.53 Net interest spread 3.33 3.54 Net interest margin 3.88 3.93 STOCKHOLDERS' EQUITY AND CAPITAL RATIOS December 31, December 31, 2006 2005 ------------ ------------ Stockholders' Equity: Equity to assets 11.13% 9.64% Leverage ratio 7.95 8.29 Book value per common share $ 41.51 $ 33.40 Tangible book value per common share (a) 25.41 24.20 Ending shares outstanding 20,562 17,124 (a) Total equity reduced by intangible assets divided by common shares outstanding.
Three Months Ended --------------------------------------------- Dec 31, 2006 Sept 30, 2006 Dec 31, 2005 ------------ ------------- ------------ Interest income: Interest and fees on loans 8.09% 7.95% 7.09% Interest on securities: Taxable 4.49 4.46 4.14 Non-taxable 6.33 6.38 6.35 Total interest earning assets 7.40 7.27 6.44 Interest expense: Interest on deposits 3.89% 3.72% 2.73% Interest on short-term borrowing 5.42 5.62 4.27 Interest on long-term debt 5.67 5.22 4.35 Total interest bearing liabilities 4.16 4.03 2.99 Net interest spread 3.24 3.24 3.45 Net interest margin 3.81 3.81 3.91 RECONCILIATION TABLE (in thousands, except per share amounts and percentages)
Three Months Ended Year Ended December 31, December 31, --------------------------------- --------------------------------- 2006 2005 2006 2005 -------------- -------------- -------------- -------------- Net income $ 22,513 $ 17,915 $ 79,816 $ 66,673 Amortization of intangibles, net of tax 998 561 3,299 2,162 Cash earnings $ 23,511 $ 18,476 $ 83,115 $ 68,835 Net income per common share - basic $ 1.09 $ 1.04 $ 4.21 $ 3.87 Effect of amortization of intangibles per share 0.04 0.03 0.18 0.13 Cash earnings per common share - basic $ 1.13 $ 1.07 $ 4.39 $ 4.00 Net income per common share - diluted $ 1.07 $ 1.02 $ 4.17 $ 3.82 Effect of amortization of intangibles per share 0.05 0.04 0.17 0.13 Cash earnings per diluted share $ 1.12 $ 1.06 $ 4.34 $ 3.95 Average assets $ 7,579,646 $ 5,892,678 $ 6,749,978 $ 5,641,605 Average intangible assets (331,784) (157,744) (237,845) (155,809) Average tangible assets $ 7,247,862 $ 5,734,934 $ 6,512,133 $ 5,485,796 Return on average assets 1.18% 1.21% 1.18% 1.18% Effect of average intangible assets 0.05 0.03 0.05 0.04 Return on average tangible assets 1.23% 1.24% 1.23% 1.22% Average equity $ 844,846 $ 566,248 $ 702,313 $ 550,494 Average intangible assets (331,784) (157,744) (237,845) (155,809) Average tangible equity $ 513,062 $ 408,504 $ 464,468 $ 394,685 Return on average equity 10.57% 12.55% 11.36% 12.11% Effect of average intangible assets 6.84 4.85 5.82 4.78 Return on average tangible equity 17.41% 17.40% 17.18% 16.89%
As of December 31, --------------------------------- 2006 2005 -------------- -------------- Book value $ 853,623 $ 571,879 Intangible assets (331,118) (157,429) Tangible book value $ 522,505 $ 414,450 Book value per common share $ 41.51 $ 33.40 Effect of intangible assets per share (16.10) (9.20) Tangible book value per common share $ 25.41 $ 24.20 ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) ---------------------------------------------------------- (In thousands, except share amounts)
December 31, 2006 December 31, 2005 ----------------- ----------------- ASSETS Cash and due from banks ............................................... $ 200,209 $ 189,256 Interest-bearing deposits in other banks .............................. 16,350 19,428 Federal funds sold and securities purchased under resell agreements ... 89,865 70,472 Trading securities, at fair value ..................................... 532 402 Investment securities (fair values of $705,460 and $576,424) .......... 716,406 591,153 Securities available for sale, at fair value .......................... 549,368 545,334 Loans held for sale ................................................... 27,652 14,940 Loans and leases ...................................................... 5,461,400 4,147,739 Unearned income ....................................................... (5,264) (3,644) ----------------- ----------------- Loans and leases, net of unearned income .............................. 5,456,136 4,144,095 Allowance for loan and lease losses ................................... (68,246) (52,815) ----------------- ----------------- Net loans and leases .................................................. 5,387,890 4,091,280 Property, equipment and leasehold improvements, net ................... 155,176 114,159 Goodwill .............................................................. 314,276 148,071 Other intangible assets, net .......................................... 16,842 9,358 Cash surrender value of life insurance ................................ 104,992 74,593 Receivable from investment division customers ......................... 1,114 7,166 Other assets .......................................................... 90,602 56,061 ----------------- ----------------- Totals ................................................................ $ 7,671,274 $ 5,931,673 ================= ================= LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing ................................................. $ 849,127 $ 729,045 Interest bearing .................................................... 4,718,476 3,614,219 ----------------- ----------------- Total deposits ........................................................ 5,567,603 4,343,264 Federal funds purchased and securities sold under repurchase agreements 627,297 545,337 Accrued expenses and other liabilities ................................ 57,076 61,361 Payable for securities purchased for investment division customers .... 1,446 5,886 Short-term borrowings ................................................. 161,830 34,700 Long-term debt ........................................................ 402,399 369,246 ----------------- ----------------- Total liabilities ..................................................... 6,817,651 5,359,794 Common stock, $1 par; 50,000,000 shares authorized; 20,571,953 and 17,124,316 shares issued at December 31, 2006 and 2005, respectively 20,562 17,124 Additional paid-in capital ............................................ 573,756 347,434 Retained earnings ..................................................... 266,668 216,144 Accumulated other comprehensive loss, net of tax ...................... (7,363) (8,823) ----------------- ----------------- Total stockholders' equity ............................................ 853,623 571,879 ----------------- ----------------- Totals ................................................................ $ 7,671,274 $ 5,931,673 ================= ================= ALABAMA NATIONAL BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) --------------------------------------------- (In thousands, except per share data)
For the Three Months For the Year Ended December 31, Ended December 31, --------------------------- --------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ INTEREST INCOME: Interest and fees on loans and leases .................. $ 110,306 $ 73,982 $ 376,680 $ 258,033 Interest on securities ................................. 14,386 11,838 52,715 48,149 Interest on deposits in other banks .................... 273 83 723 274 Interest on trading securities ......................... 16 5 50 21 Interest on federal funds sold and securities purchased under resell agreements ..................... 968 748 3,499 2,783 ------------ ------------ ------------ ------------ Total interest income ..................................... 125,949 86,656 433,667 309,260 INTEREST EXPENSE: Interest on deposits ................................... 44,966 24,402 144,025 77,487 Interest on federal funds purchased and securities sold under repurchase agreements .......... 8,649 5,367 29,856 15,515 Interest on short-term borrowings ...................... 2,499 584 5,737 2,614 Interest on long-term debt ............................. 5,441 3,807 19,941 13,797 ------------ ------------ ------------ ------------ Total interest expense .................................... 61,555 34,160 199,559 109,413 ------------ ------------ ------------ ------------ Net interest income ....................................... 64,394 52,496 234,108 199,847 Provision for loan and lease losses ....................... 1,100 1,640 5,393 7,615 ------------ ------------ ------------ ------------ Net interest income after provision for loan and lease losses ................................... 63,294 50,856 228,715 192,232 NONINTEREST INCOME: Securities (losses) gains .............................. - - (1,250) 72 Gain (loss) on disposition of assets ................... 51 45 603 735 Service charges on deposit accounts .................... 4,143 4,070 15,896 16,335 Investment services income ............................. 1,169 1,121 4,291 4,210 Wealth management income ............................... 5,800 5,138 21,902 19,220 Gain on sale of mortgages .............................. 2,944 2,870 10,990 12,522 Commercial mortgage banking income ..................... 717 501 2,251 525 Bank owned life insurance .............................. 1,104 750 3,632 2,886 Insurance commissions .................................. 1,174 1,096 4,047 3,549 Other .................................................. 3,740 3,022 15,928 11,669 ------------ ------------ ------------ ------------ Total noninterest income .................................. 20,842 18,613 78,290 71,723 NONINTEREST EXPENSE: Salaries and employee benefits ......................... 25,752 22,316 96,790 85,402 Commission based compensation .......................... 4,818 3,902 17,961 15,458 Occupancy and equipment expenses ....................... 5,502 4,632 20,656 17,653 Amortization of intangibles ............................ 1,489 829 4,911 3,189 Other .................................................. 12,271 10,435 44,949 40,778 ------------ ------------ ------------ ------------ Total noninterest expense ................................. 49,832 42,114 185,267 162,480 ------------ ------------ ------------ ------------ Income before provision for income taxes and cumulative effect of accounting change ................. 34,304 27,355 121,738 101,475 Provision for income taxes ................................ 11,791 9,440 41,970 34,802 ------------ ------------ ------------ ------------ Net income before cumulative effect of accounting change .. 22,513 17,915 79,768 66,673 Cumulative effect of accounting change (net of tax) ....... - - 48 - ------------ ------------ ------------ ------------ Net income ................................................ $ 22,513 $ 17,915 $ 79,816 $ 66,673 ============ ============ ============ ============ Weighted average common shares outstanding: Basic ................................................... 20,739 17,284 18,942 17,216 ============ ============ ============ ============ Diluted ................................................. 20,955 17,494 19,147 17,445 ============ ============ ============ ============ Earnings per common share before cumulative effect of accounting change: Basic ................................................... $ 1.09 $ 1.04 $ 4.21 $ 3.87 ============ ============ ============ ============ Diluted ................................................. $ 1.07 $ 1.02 $ 4.17 $ 3.82 ============ ============ ============ ============ Earnings per common share: Basic ................................................... $ 1.09 $ 1.04 $ 4.21 $ 3.87 ============ ============ ============ ============ Diluted ................................................. $ 1.07 $ 1.02 $ 4.17 $ 3.82 ============ ============ ============ ============ AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in thousands, except yields and rates) (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.
Three Months 12/31/06 Three Months 12/31/05 ---------------------------------------- ---------------------------------------- Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ------------ ------------ ---------- ------------ ------------ ---------- ASSETS: Earning assets: Loans and leases (1) ................. $ 5,418,956 $ 110,520 8.09% $ 4,146,649 $ 74,124 7.09% Securities: Taxable ............................. 1,160,415 13,144 4.49 1,084,433 11,312 4.14 Tax exempt .......................... 117,947 1,882 6.33 49,776 797 6.35 Cash balances in other banks ......... 21,903 273 4.95 8,242 83 4.00 Funds sold ........................... 77,437 968 4.96 73,264 748 4.05 Trading account securities ........... 1,174 16 5.41 501 5 3.96 ------------ ------------ ------------ ------------ Total earning assets (2) ......... 6,797,831 126,803 7.40 5,362,865 87,069 6.44 ------------ ------------ ------------ ------------ Cash and due from banks ................ 183,275 174,929 Premises and equipment ................. 152,104 112,147 Other assets ........................... 514,284 295,111 Allowance for loan and lease losses .... (67,849) (52,374) ------------ ------------ Total assets .................... $ 7,579,646 $ 5,892,678 ============ ============ LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts $ 1,158,655 $ 8,220 2.81% $ 950,750 $ 4,539 189.41% Savings deposits ..................... 1,103,602 9,250 3.33 900,844 4,647 2.05 Time deposits ........................ 2,325,117 27,496 4.69 1,692,425 15,216 3.57 Funds purchased ...................... 715,806 8,649 4.79 586,165 5,367 3.63 Other short-term borrowings .......... 183,043 2,499 5.42 54,229 584 4.27 Long-term debt ....................... 380,616 5,441 5.67 347,510 3,807 4.35 ------------ ------------ ------------ ------------ Total interest-bearing liabilities 5,866,839 61,555 4.16 4,531,923 34,160 2.99 ------------ ------------ ------------ ------------ Demand deposits ........................ 780,918 718,055 Accrued interest and other liabilities . 87,044 76,452 Stockholders' equity ................... 844,846 566,248 ------------ ------------ Total liabilities and stockholders' equity ........................... $ 7,579,646 $ 5,892,678 ============ ============ Net interest spread .................... 3.24% 3.45% ========== ========== Net interest income/margin on a taxable equivalent basis ........... 65,248 3.81% 52,909 3.91% ========== ========== Tax equivalent adjustment (2) .......... 854 413 ------------ ------------ Net interest income/margin ............. $ 64,394 3.76% $ 52,496 3.88% ============ ========== ============ ========== AVERAGE BALANCES, INCOME AND EXPENSES AND RATES (Amounts in thousands, except yields and rates) (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.
Year Ended 12/31/06 Year Ended 12/31/05 ---------------------------------------- ---------------------------------------- Average Income/ Yield/ Average Income/ Yield/ Balance Expense Cost Balance Expense Cost ------------ ------------ ---------- ------------ ------------ ---------- ASSETS: Earning assets: Loans and leases (1) ................. $ 4,819,534 $ 377,279 7.83% $ 3,877,979 $ 258,575 6.67% Securities: Taxable ............................. 1,103,913 49,083 4.45 1,103,820 45,904 4.16 Tax exempt .......................... 86,033 5,503 6.40 52,357 3,402 6.50 Cash balances in other banks ......... 15,033 723 4.81 8,794 274 3.12 Funds sold ........................... 68,766 3,499 5.09 83,602 2,783 3.33 Trading account securities ........... 1,058 50 4.73 477 21 4.40 ------------ ------------ ------------ ------------ Total earning assets (2) ......... 6,094,337 436,137 7.16 5,127,029 310,959 6.07 ------------ ------------ ------------ ------------ Cash and due from banks ............... 180,812 169,624 Premises and equipment ................ 134,730 105,734 Other assets .......................... 400,823 288,879 Allowance for loan and lease losses ... (60,724) (49,661) ------------ ------------ Total assets ................... $ 6,749,978 $ 5,641,605 ============ ============ LIABILITIES: Interest-bearing liabilities: Interest-bearing transaction accounts $ 1,112,263 $ 29,800 2.68% $ 910,956 $ 13,932 1.53% Savings deposits ..................... 974,001 27,641 2.84 899,980 14,360 1.60 Time deposits ........................ 1,996,283 86,584 4.34 1,585,741 49,195 3.10 Funds purchased ...................... 649,007 29,856 4.60 515,225 15,515 3.01 Other short-term borrowings .......... 107,760 5,737 5.32 67,940 2,614 3.85 Long-term debt ....................... 386,856 19,941 5.15 337,780 13,797 4.08 ------------ ------------ ------------ ------------ Total interest-bearing liabilities ................... 5,226,170 199,559 3.82 4,317,622 109,413 2.53 ------------ ------------ ------------ ------------ Demand deposits ....................... 747,662 710,774 Accrued interest and other liabilities 73,833 62,715 Stockholders' equity .................. 702,313 550,494 ------------ ------------ Total liabilities and stockholders' equity ........................... $ 6,749,978 $ 5,641,605 ============ ============ Net interest spread ................... 3.33% 3.54% ========== ========== Net interest income/margin on a taxable equivalent basis .......... 236,578 3.88% 201,546 3.93% ========== ========== Tax equivalent adjustment (2) ......... 2,470 1,699 ------------ ------------ Net interest income/margin ............ $ 234,108 3.84% $ 199,847 3.90% ============ ========== ============ ==========
The following information was filed by Alabama National Bancorporation on Tuesday, January 23, 2007 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Alabama National Bancorporation's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Alabama National Bancorporation.
Assess how Alabama National Bancorporation's management team is paid from their Annual Proxy
Alabama National Bancorporation's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Material Contracts, Statements, Certifications & more
Alabama National Bancorporation provided additional information to their SEC Filing as exhibits
Exhibit 10.3B: 2Nd Amendment To 3Rd Amendment And Restatement Of Performance Share Plan
Exhibit 10.39: Summary Of Compensation Arrangements
Exhibit 10.42: Florida Choice Bank Officers' And Employees' Stock Option Plan
Exhibit 10.42A: Amend #1, Florida Choice Bank Officers' And Employees' Stock Option Plan
Exhibit 10.42B: Amend #2, Florida Choice Bank Officers' And Employees' Stock Option Plan
Exhibit 10.42C: Amend #3, Florida Choice Bank Officers' And Employees' Stock Option Plan
Exhibit 10.43: The Peachtree Bank 1998 Stock Option Plan
Exhibit 10.43A: First Amendment To The Peachtree Bank 1998 Stock Option Plan
Exhibit 10.44: Junior Subordinated Indenture
Exhibit 10.44A: First Supplemental Indenture
Exhibit 10.45: Guarantee Agreement Dated As Of December 20, 2002
Exhibit 10.46: Amended And Restated Trust Agreement Dated December 20, 2002
Exhibit 10.47: Indenture Dated As Of March 29, 2005
Exhibit 10.47A: First Supplemental Indenture Dated As Of September 29, 2006
Exhibit 10.48: Guarantee Agreement
Exhibit 10.49: Amended And Restated Declaration Of Trust
Exhibit 21.1: Subsidiaries Of Alabama National Bancorporation
Exhibit 23.1: Consent Of Pricewaterhousecoopers L.L.P.
Exhibit 31.1: Section 302 Certification, Ceo
Exhibit 31.2: Section 302 Ceertification, Cfo
Exhibit 32.1: Section 906 Certification
CIK: 926966
Form Type: 10-K Annual Report
Accession Number: 0001193125-07-043957
Submitted to the SEC: Thu Mar 01 2007 1:10:56 PM EST
Accepted by the SEC: Thu Mar 01 2007
Period: Sunday, December 31, 2006
Industry: State Commercial Banks
External Resources:
SEC.gov
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