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Alabama National BanCorporation Announces Fourth Quarter and Year-end 2006 Earnings
24 January 2007 Alabama National BanCorporation ("ANB") (Nasdaq: 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:
http://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.
ALABAMA NATIONAL BANCORPORATION
(Unaudited Financial Highlights)
(in thousands, except per share amounts and percentages)
Three Months Ended Percentage
December 31, Change
2006 2005 (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) 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
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
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months Ended
Dec 31, Sept 30, Dec 31,
2006 2006 2005
Nonaccrual loans $10,921 $8,344 $6,446
Restructured loans - - -
Loans past due 90 days or more and
still accruing - 0 - - 0 - - 0 -
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
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%
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
Dec 31, Sept 30, Dec 31,
2006 2006 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
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.
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)
Three Months 12/31/06
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $5,418,956 $110,520 8.09%
Securities:
Taxable 1,160,415 13,144 4.49
Tax exempt 117,947 1,882 6.33
Cash balances in other banks 21,903 273 4.95
Funds sold 77,437 968 4.96
Trading account securities 1,174 16 5.41
Total earning assets (2) 6,797,831 126,803 7.40
Cash and due from banks 183,275
Premises and equipment 152,104
Other assets 514,284
Allowance for loan and lease losses (67,849)
Total assets $7,579,646
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $1,158,655 $8,220 2.81%
Savings deposits 1,103,602 9,250 3.33
Time deposits 2,325,117 27,496 4.69
Funds purchased 715,806 8,649 4.79
Other short-term borrowings 183,043 2,499 5.42
Long-term debt 380,616 5,441 5.67
Total interest-bearing
liabilities 5,866,839 61,555 4.16
Demand deposits 780,918
Accrued interest and other
liabilities 87,044
Stockholders' equity 844,846
Total liabilities and
stockholders' equity $7,579,646
Net interest spread 3.24%
Net interest income/margin on
a taxable equivalent basis 65,248 3.81%
Tax equivalent adjustment (2) 854
Net interest income/margin $64,394 3.76%
(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 12/31/05
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $4,146,649 $74,124 7.09%
Securities:
Taxable 1,084,433 11,312 4.14
Tax exempt 49,776 797 6.35
Cash balances in other banks 8,242 83 4.00
Funds sold 73,264 748 4.05
Trading account securities 501 5 3.96
Total earning assets (2) 5,362,865 87,069 6.44
Cash and due from banks 174,929
Premises and equipment 112,147
Other assets 295,111
Allowance for loan and lease losses (52,374)
Total assets $5,892,678
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $950,750 $4,539 189.41%
Savings deposits 900,844 4,647 2.05
Time deposits 1,692,425 15,216 3.57
Funds purchased 586,165 5,367 3.63
Other short-term borrowings 54,229 584 4.27
Long-term debt 347,510 3,807 4.35
Total interest-bearing
liabilities 4,531,923 34,160 2.99
Demand deposits 718,055
Accrued interest and other
liabilities 76,452
Stockholders' equity 566,248
Total liabilities and
stockholders' equity $5,892,678
Net interest spread 3.45%
Net interest income/margin on
a taxable equivalent basis 52,909 3.91%
Tax equivalent adjustment (2) 413
Net interest income/margin $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.
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Year Ended 12/31/06
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $4,819,534 $377,279 7.83%
Securities:
Taxable 1,103,913 49,083 4.45
Tax exempt 86,033 5,503 6.40
Cash balances in other banks 15,033 723 4.81
Funds sold 68,766 3,499 5.09
Trading account securities 1,058 50 4.73
Total earning assets (2) 6,094,337 436,137 7.16
Cash and due from banks 180,812
Premises and equipment 134,730
Other assets 400,823
Allowance for loan and lease losses (60,724)
Total assets $6,749,978
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $1,112,263 $29,800 2.68%
Savings deposits 974,001 27,641 2.84
Time deposits 1,996,283 86,584 4.34
Funds purchased 649,007 29,856 4.60
Other short-term borrowings 107,760 5,737 5.32
Long-term debt 386,856 19,941 5.15
Total interest-bearing
liabilities 5,226,170 199,559 3.82
Demand deposits 747,662
Accrued interest and other
liabilities 73,833
Stockholders' equity 702,313
Total liabilities and
stockholders' equity $6,749,978
Net interest spread 3.33%
Net interest income/margin on
a taxable equivalent basis 236,578 3.88%
Tax equivalent adjustment (2) 2,470
Net interest income/margin $234,108 3.84%
(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)
Year Ended 12/31/05
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $3,877,979 $258,575 6.67%
Securities:
Taxable 1,103,820 45,904 4.16
Tax exempt 52,357 3,402 6.50
Cash balances in other banks 8,794 274 3.12
Funds sold 83,602 2,783 3.33
Trading account securities 477 21 4.40
Total earning assets (2) 5,127,029 310,959 6.07
Cash and due from banks 169,624
Premises and equipment 105,734
Other assets 288,879
Allowance for loan and lease losses (49,661)
Total assets $5,641,605
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $910,956 $13,932 1.53%
Savings deposits 899,980 14,360 1.60
Time deposits 1,585,741 49,195 3.10
Funds purchased 515,225 15,515 3.01
Other short-term borrowings 67,940 2,614 3.85
Long-term debt 337,780 13,797 4.08
Total interest-bearing
liabilities 4,317,622 109,413 2.53
Demand deposits 710,774
Accrued interest and other
liabilities 62,715
Stockholders' equity 550,494
Total liabilities and
stockholders' equity $5,641,605
Net interest spread 3.54%
Net interest income/margin on
a taxable equivalent basis 201,546 3.93%
Tax equivalent adjustment (2) 1,699
Net interest income/margin $199,847 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.
Source: prnewswire
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