National BanCorporation Announces Second Quarter 2007
IMMEDIATE RELEASE - Birmingham, Alabama (July 24, 2007) - Alabama National
BanCorporation (“ANB”) (NASDAQ/Global Select Market: ALAB) today announced
earnings for the quarter and six-month period ended June 30, 2007.
2007 second quarter, ANB reported net income of $22.0 million, or $1.06 per
diluted share. Six months year-to-date net income was $42.0 million, or $2.01
per diluted share. As previously reported, ANB sold its ANB Insurance Services,
Inc. subsidiary on May 1, 2007. Earnings from the operation of this subsidiary
and the gain from its sale are recorded as income from discontinued operations
in the income statement.
the discontinued insurance operations, ANB reported earnings from continuing
operations of $21.1 million in the 2007 second quarter, up 6.5% from the $19.8
million earned in the 2007 first quarter and up 9.2% from the 2006 second
quarter’s $19.3 million in net income. Diluted earnings per share (continuing
operations) of $1.01 in the 2007 second quarter were 7.0% above the $0.94
reported in the 2007 first quarter and 0.6% below the $1.02 reported in the
ago second quarter. Diluted cash earnings per share (continuing operations)
$1.05 in the 2007 second quarter, as compared with $1.00 and $1.06 in the 2007
first quarter and 2006 second quarter, respectively.
record quarter for revenue production, with total revenue from continuing
operations of $85.9 million. This revenue total was up 3.6% from the $82.7
million reported in the 2007 first quarter, and up 11.8% from the 2006 second
quarter’s $76.8 million.
year-to-date basis, ANB’s $40.8 million in income from continuing operations
equated to $1.95 in diluted earnings per share, down 3.9% from the $2.03 earned
in the first six months of 2006. Year-to-date revenue from continuing operations
for the first six months of 2007 was $168.6 million, up 14.4% from the 2006
taxable equivalent net interest margin held steady during the 2007 second
quarter with 2007 first quarter levels, declining 2 basis points to 3.72%.
year-to-date basis, the 2007 six months net interest margin of 3.73% was 0.24%
below levels for the same period in 2006. Ending loans (excluding loans held
sale) grew $113 million during the 2007 second quarter, representing an 8.3%
annualized growth rate for the quarter. Loans grew $249 million during the
six months of 2007, representing an annualized 9.4% year-to-date growth rate.
Ending deposits of $5.79 billion were approximately flat with first quarter
levels and grew at an 8.0% annualized
rate for the first six months of the year. Average loans and average deposits
grew at 10.1% and 11.6% annualized rates during the 2007 second quarter,
respectively. Ending total assets at June 30, 2007 were $7.9 billion.
The following information was filed by Alabama National Bancorporation on Tuesday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Alabama National Bancorporation's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Alabama National Bancorporation.
CIK: 926966 Form Type:10-Q Quarterly Report Accession Number: 0001193125-07-174978 Submitted to the SEC: Wed Aug 08 2007 11:14:01 AM EST Accepted by the SEC: Wed Aug 08 2007 Period: Saturday, June 30, 2007 Industry: State Commercial Banks