BIRMINGHAM, Ala., Jan. 24 /PRNewswire-FirstCall/ -- Alabama National BanCorporation ("ANB") today announced record earnings for the fourth quarter and year ended December 31, 2005.
For the 2005 fourth quarter, ANB reported earnings of $17.9 million, up 16.4% from the 2004 fourth quarter. Diluted earnings per share of $1.02 were up 15.6% from the 2004 fourth quarter. Diluted cash earnings per share were $1.05, up 14.6% from the 2004 fourth quarter. Total revenue grew to $71.1 million in the 2005 fourth quarter, up 13.5% from $62.6 million in the 2004 fourth quarter. Noninterest income represented 26.2% of total fourth quarter 2005 revenue, down from 27.6% in the 2004 fourth quarter. ANB's taxable equivalent net interest margin was 3.91% for the 2005 quarter, up 7 basis points from the 2004 fourth quarter.
For the full year, ANB reported 2005 earnings of $66.7 million, up 22.0% from 2004's $54.6 million in earnings. Diluted earnings per share for 2005 of $3.82 were up 12.6% from the $3.39 recorded for 2004. Diluted cash earnings per share of $3.95 were up 12.0% over 2004's $3.52. Total revenue for 2005 was $271.6 million, up 15.1% from 2004's $236.0 million. Noninterest income for the year represented 26.4% of total revenue, down from 2004's 30.8%. ANB's 2005 taxable equivalent net interest margin of 3.93% was 19 basis points above 2004's level.
"We are pleased with the earnings performance of our company in 2005," said John H. Holcomb III, Chairman and Chief Executive Officer. "I want to thank all of our employees for their hard work during the year. I also want to thank our customers and our shareowners for the confidence they place in us. We look forward with enthusiasm to 2006."
Total assets at year-end 2005 of $5.9 billion were up 11.6% from 2004's $5.3 billion. Deposits grew 10.4% from year-end 2004 to $4.3 billion at December 31, 2005. Year-end share owners' equity was $571.9 million, or $33.40 per share, up $2.25 from December 31, 2004. Year-end 2005 tangible book value per share of $24.20 was up $2.21 from December 31, 2004.
During the fourth quarter, ANB recognized $504 thousand in net charge- offs, bringing the year-to-date figure to 0.04% of average loans. Year-end nonperforming assets were 0.17% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 819%.
ANB is a bank holding company operating 86 banking locations through ten bank subsidiaries in Alabama, Florida and Georgia. Alabama subsidiaries include: First American Bank in north central Alabama; Bank of Dadeville; and Alabama Exchange Bank in Tuskegee. Florida subsidiaries are: First Gulf Bank, N.A., in Escambia County, Florida and Baldwin County, AL; Community Bank of Naples, N.A.; Millennium Bank in Gainesville; Public Bank in metropolitan Orlando; CypressCoquina Bank in Ormond Beach; and Indian River National Bank in Vero Beach. ANB has one subsidiary in Georgia, Georgia State Bank 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 is 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 National Market System under the symbol "ALAB."
Conference Call Instructions:
Alabama National will discuss financial results for the fourth quarter and year-end completed December 31, 2005 as well as its goals and general outlook for 2006 in a conference call to be held Wednesday, January 25, 2006 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 "In The News," or http://www.viavid.net/, on January 25, 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 800-938-1464 at 9:00 a.m. Central Time on January 25. A telephonic replay will be available through February 25 by dialing 800-642-1687 and entering Conference ID number 4024818.
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 schedules 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
December 31, Percentage
2005 2004 Change (b)
Net interest income $52,496 $45,334 15.8%
Noninterest income 18,613 17,291 7.6
Total revenue 71,109 62,625 13.5
Provision for loan and lease losses 1,640 819 100.2
Noninterest expense 42,114 38,331 9.9
Net income before income taxes 27,355 23,475 16.5
Income taxes 9,440 8,088 16.7
Net income $17,915 $15,387 16.4%
Weighted average common and common
equivalent shares outstanding
Basic 17,284 17,131 0.9%
Diluted 17,494 17,368 .7
Net income per common share
Basic $1.04 $.90 15.4%
Diluted 1.02 .89 15.6
Cash earnings (a)
Total $18,435 $15,964 15.5%
Basic 1.07 .93 14.5
Diluted 1.05 .92 14.6
Cash dividends declared on
common stock $.3375 $.3125
Return on average assets 1.21% 1.17%
Return on average tangible assets 1.24 1.21
Return on average equity 12.55 11.59
Return on average tangible equity 17.40 16.53
Noninterest Income
Service charge income $4,070 $4,258 (4.4)%
Investment services income 1,121 1,787 (37.3)
Securities brokerage and trust income 5,138 4,511 13.9
Gain on sale of mortgages 2,870 2,681 7.0
Gain on disposal of assets 45 43 4.7
Bank owned life insurance 750 643 16.6
Insurance commissions 1,096 1,034 6.0
Other 3,523 2,334 50.9
Total noninterest income $18,613 $17,291 7.6%
(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.
For the Year Ended Percentage
December 31, Change
2005 2004 (b)
Net interest income $199,847 $163,252 22.4%
Noninterest income 71,723 72,785 (1.5)
Total revenue 271,570 236,037 15.1
Provision for loan and lease losses 7,615 4,949 53.9
Noninterest expense 162,480 148,322 9.5
Net income before income taxes 101,475 82,766 22.6
Income taxes 34,802 28,122 23.8
Net income $66,673 $54,644 22.0%
Weighted average common and common
equivalent shares outstanding
Basic 17,216 15,848 8.6%
Diluted 17,445 16,100 8.4
Net income per common share
Basic $3.87 $3.45 12.3%
Diluted 3.82 3.39 12.6
Cash earnings (a)
Total $68,835 $56,705 21.4%
Basic 4.00 3.58 11.7
Diluted 3.95 3.52 12.0
Cash dividends declared on
common stock $1.35 $1.25
Return on average assets 1.18% 1.13%
Return on average tangible assets 1.22 1.16
Return on average equity 12.11 12.15
Return on average tangible equity 16.89 17.19
Noninterest Income
Service charge income $16,335 $17,126 (4.6)%
Investment services income 4,210 11,652 (63.9)
Securities brokerage and trust income 19,220 16,863 14.0
Gain on sale of mortgages 12,522 11,566 8.3
Gain on disposal of assets 735 12 NM
Securities gains 72 - NM
Bank owned life insurance 2,886 2,690 7.3
Insurance commissions 3,549 3,604 (1.5)
Other 12,194 9,272 31.5
Total noninterest income $71,723 $72,785 (1.5)%
(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
2005 2004 Change
Total assets $5,931,673 $5,315,869 11.6%
Earning assets 5,385,824 4,841,255 11.2
Securities (a) 1,136,487 1,200,407 (5.3)
Loans held for sale 14,940 22,313 (33.0)
Loans and leases, net of unearned
income 4,144,095 3,495,701 18.5
Allowance for loan and lease losses 52,815 46,584 13.4
Deposits 4,343,264 3,934,723 10.4
Short-term borrowings 34,700 30,500 13.8
Long-term debt 369,246 393,688 (6.2)
Stockholders' equity 571,879 529,543 8.0
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of/For the Three Months Ended
Dec 31, Sept 30, Dec 31,
2005 2005 2004
Nonaccrual loans $6,446 $7,411 $8,091
Restructured loans - - -
Loans past due 90 days or more and
still accruing - 0 - - 0 - - 0 -
Total nonperforming loans 6,446 7,411 8,091
Other real estate owned 623 668 1,531
Total nonperforming assets 7,069 8,079 9,622
Total non performing assets as a
percentage of period-end loans
and other real estate (a) 0.17% 0.20% 0.28%
Allowance for loan and lease losses 52,815 51,679 46,584
Provision for loan and lease losses 1,640 2,440 819
Loans charged off 1,109 791 639
Loan recoveries 605 393 501
Net loan and lease losses 504 398 138
Allowance for loan and lease losses as
a percentage of period-end loans and
leases (a) 1.27% 1.27% 1.33%
Allowance for loan and lease losses as
a percentage of period-end
nonperforming loans 819.35 697.33 575.75
Net losses to average loans and leases
(annualized) 0.05 0.04 0.02
For the Year Ended
December 31, Percentage
2005 2004 Change
Provision for loan and lease losses $7,615 $4,949 53.9%
Loans charged off 2,918 4,583 (36.3)
Loan recoveries 1,534 2,746 (44.1)
Net loan and lease losses 1,384 1,837 (24.7)
Net losses to average loans and leases
(annualized) 0.04% 0.06%
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
Dec 31, Sept 30, Dec 31,
2005 2005 2004
Interest income:
Interest and fees on loans 7.09% 6.78% 5.96%
Interest on securities:
Taxable 4.14 4.15 4.02
Non-taxable 6.35 6.87 6.04
Total interest earning assets 6.44 6.18 5.42
Interest expense:
Interest on deposits 2.73 2.39 1.65
Interest on short-term borrowing 4.27 4.14 2.68
Interest on long-term debt 4.35 4.29 3.55
Total interest bearing liabilities 2.99 2.66 1.87
Net interest spread 3.45 3.52 3.55
Net interest margin 3.91 3.94 3.84
For the Year Ended
December 31,
2005 2004
Interest income:
Interest and fees on loans 6.67% 5.74%
Interest on securities:
Taxable 4.16 3.95
Non-taxable 6.50 6.16
Total interest earning assets 6.07 5.24
Interest expense:
Interest on deposits 2.28 1.58
Interest on short-term borrowing 3.85 1.94
Interest on long-term debt 4.08 3.42
Total interest bearing liabilities 2.53 1.75
Net interest spread 3.54 3.49
Net interest margin 3.93 3.74
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
As of December 31,
2005 2004
Stockholders' Equity:
Equity to assets 9.64% 9.96%
Leverage ratio 8.29 8.44
Book value per common share (a) $33.40 $31.15
Tangible book value per common
share (a)(b) 24.20 21.99
Ending shares outstanding 17,124 16,999
(a) Includes a cumulative mark to market adjustment to equity of $(0.52)
and $(0.06) per share at December 31, 2005 and 2004, 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 Year Ended
December 31, December 31,
2005 2004 2005 2004
Net income $17,915 $15,387 $66,673 $54,644
Amortization of
intangibles, net of tax 520 577 2,162 2,061
Cash earnings $18,435 $15,964 $68,835 $56,705
Net income per common
share - basic $1.04 $0.90 $3.87 $3.45
Effect of
amortization of
intangibles per share 0.03 0.03 0.13 0.13
Cash earnings per
common share - basic $1.07 $0.93 $4.00 $3.58
Net income per common
share - diluted $1.02 $0.89 $3.82 $3.39
Effect of
amortization of
intangibles per share 0.03 0.03 0.13 0.13
Cash earnings per
common share - diluted $1.05 $0.92 $3.95 $3.52
Average assets $5,892,678 $5,219,630 $5,641,605 $4,838,494
Average intangible
assets (157,744) (157,929) (155,809) (131,784)
Average tangible
assets $5,734,934 $5,061,701 $5,485,796 $4,706,710
Return on average
assets 1.21% 1.17% 1.18% 1.13%
Effect of average
intangible assets 0.03 0.04 0.04 0.03
Return on average
tangible assets 1.24% 1.21% 1.22% 1.16%
Average equity $566,248 $528,229 $550,494 $449,583
Average intangible
assets (157,744) (157,929) (155,809) (131,784)
Average tangible
equity $408,504 $370,300 $394,685 $317,799
Return on average
equity 12.55% 11.59% 12.11% 12.15%
Effect of average
intangible assets 4.85 4.94 4.78 5.04
Return on average
tangible equity 17.40% 16.53% 16.89% 17.19%
As of December 31,
2005 2004
Book value $571,879 $529,543
Intangible assets (157,429) (155,682)
Tangible book value $414,450 $373,861
Book value per common share $33.40 $31.15
Effect of intangible assets per share (9.20) (9.16)
Tangible book value per common share $24.20 $21.99
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share amounts)
December 31, December 31,
2005 2004
Assets
Cash and due from banks $189,256 $155,027
Interest-bearing deposits in other banks 19,428 21,274
Federal funds sold and securities
purchased under resell agreements 70,472 100,970
Trading securities, at fair value 402 590
Investment securities (fair values
of $576,426 and $566,602) 591,153 568,493
Securities available for sale, at
fair value 545,334 631,914
Loans held for sale 14,940 22,313
Loans and leases 4,147,739 3,499,353
Unearned income (3,644) (3,652)
Loans and leases, net of unearned
income 4,144,095 3,495,701
Allowance for loan and lease losses (52,815) (46,584)
Net loans and leases 4,091,280 3,449,117
Property, equipment and leasehold
improvements, net 114,159 99,455
Goodwill 148,071 144,396
Other intangible assets, net 9,358 11,286
Cash surrender value of life insurance 74,593 71,535
Receivable from investment division
customers 7,166 2,223
Other assets 56,061 37,276
Totals $5,931,673 $5,315,869
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $729,045 $683,245
Interest bearing 3,614,219 3,251,478
Total deposits 4,343,264 3,934,723
Federal funds purchased and
securities sold under repurchase
agreements 545,337 379,114
Treasury, tax and loan accounts - 2,217
Accrued expenses and other liabilities 61,361 43,861
Payable for securities purchased
for investment division customers 5,886 2,223
Short-term borrowings 34,700 30,500
Long-term debt 369,246 393,688
Total liabilities 5,359,794 4,786,326
Common stock, $1 par; 50,000,000
shares authorized; 17,124,316 and
16,998,918 shares issued at December 31,
2005 and 2004, respectively 17,124 16,999
Additional paid-in capital 347,434 340,161
Retained earnings 216,144 173,345
Accumulated other comprehensive
loss, net of tax (8,823) (962)
Total stockholders' equity 571,879 529,543
Totals $5,931,673 $5,315,869
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,
2005 2004 2005 2004
Interest income:
Interest and fees on loans
and leases $73,982 $51,832 $258,033 $184,464
Interest on securities 11,838 11,778 48,149 43,611
Interest on deposits in
other banks 83 19 274 65
Interest on trading securities 5 11 21 55
Interest on federal funds sold
and securities purchased
under resell agreements 748 447 2,783 991
Total interest income 86,656 64,087 309,260 229,186
Interest expense:
Interest on deposits 24,402 12,945 77,487 46,348
Interest on federal funds
purchased and securities sold
under repurchase agreements 5,367 1,991 15,515 5,345
Interest on short-term
borrowings 584 262 2,614 1,027
Interest on long-term debt 3,807 3,555 13,797 13,214
Total interest expense 34,160 18,753 109,413 65,934
Net interest income 52,496 45,334 199,847 163,252
Provision for loan and lease
losses 1,640 819 7,615 4,949
Net interest income after
provision for loan and lease
losses 50,856 44,515 192,232 158,303
Noninterest income:
Securities gains - - 72 -
Gain on disposition of assets 45 43 735 12
Service charges on deposit
accounts 4,070 4,258 16,335 17,126
Investment services income 1,121 1,787 4,210 11,652
Securities brokerage and
trust income 5,138 4,511 19,220 16,863
Gain on sale of mortgages 2,870 2,681 12,522 11,566
Bank owned life insurance 750 643 2,886 2,690
Insurance commissions 1,096 1,034 3,549 3,604
Other 3,523 2,334 12,194 9,272
Total noninterest income 18,613 17,291 71,723 72,785
Noninterest expense:
Salaries and employee
benefits 22,316 18,682 85,402 74,983
Commission based
compensation 3,902 3,594 15,458 17,500
Occupancy and equipment
expenses 4,632 4,038 17,653 15,488
Amortization of intangibles 829 852 3,189 3,034
Other 10,435 11,165 40,778 37,317
Total noninterest expense 42,114 38,331 162,480 148,322
Income before provision for
income taxes 27,355 23,475 101,475 82,766
Provision for income taxes 9,440 8,088 34,802 28,122
Net income $17,915 $15,387 $66,673 $54,644
Net income per common share
(basic) $1.04 $.90 $3.87 $3.45
Weighted average common
shares outstanding (basic) 17,284 17,131 17,216 15,848
Net income per common share
(diluted) $1.02 $.89 $3.82 $3.39
Weighted average common
shares outstanding (diluted) 17,494 17,368 17,445 16,100
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 1.89
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)
Three Months 12/31/04
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $3,467,225 $51,973 5.96%
Securities:
Taxable 1,108,835 11,194 4.02
Tax exempt 58,249 885 6.04
Cash balances in other banks 6,255 19 1.21
Funds sold 97,515 447 1.82
Trading account securities 1,020 11 4.29
Total earning assets (2) 4,739,099 64,529 5.42
Cash and due from banks 149,266
Premises and equipment 96,893
Other assets 280,773
Allowance for loan and lease losses (46,401)
Total assets $5,219,630
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $804,670 $1,870 0.92
Savings deposits 853,405 2,193 1.02
Time deposits 1,457,029 8,882 2.43
Funds purchased 435,093 1,991 1.82
Other short-term borrowings 38,858 262 2.68
Long-term debt 398,198 3,555 3.55
Total interest-bearing
liabilities 3,987,253 18,753 1.87
Demand deposits 636,073
Accrued interest and other
liabilities 68,075
Stockholders' equity 528,229
Total liabilities and
stockholders' equity $5,219,630
Net interest spread 3.55%
Net interest income/margin on
a taxable equivalent basis 45,776 3.84%
Tax equivalent adjustment (2) 442
Net interest income/margin $45,334 3.81%
(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.
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Year Ended 12/31/04
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $3,223,989 $184,935 5.74%
Securities:
Taxable 1,049,274 41,468 3.95
Tax exempt 52,717 3,247 6.16
Cash balances in other banks 6,225 65 1.04
Funds sold 68,651 991 1.44
Trading account securities 1,244 55 4.42
Total earning assets (2) 4,402,100 230,761 5.24
Cash and due from banks 143,433
Premises and equipment 90,388
Other assets 246,108
Allowance for loan and lease losses (43,535)
Total assets $4,838,494
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $722,774 $5,738 0.79
Savings deposits 771,993 7,234 0.94
Time deposits 1,434,798 33,376 2.33
Funds purchased 402,991 5,345 1.33
Other short-term borrowings 53,027 1,027 1.94
Long-term debt 386,477 13,214 3.42
Total interest-bearing
liabilities 3,772,060 65,934 1.75
Demand deposits 563,349
Accrued interest and other
liabilities 53,502
Stockholders' equity 449,583
Total liabilities and
stockholders' equity $4,838,494
Net interest spread 3.49%
Net interest income/margin on
a taxable equivalent basis 164,827 3.74%
Tax equivalent adjustment (2) 1,575
Net interest income/margin $163,252 3.71%
(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.
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