BIRMINGHAM, Ala., Oct. 18 /PRNewswire-FirstCall/ -- Alabama National BanCorporation ("ANB") today announced earnings for the quarter ended September 30, 2006 and declared a quarterly cash dividend of $0.375 per share.
For the 2006 third quarter, ANB reported earnings of $20.1 million, up 17.7% from the 2005 third quarter. Diluted earnings per share of $1.06 were up 7.8% from the year ago quarter. Diluted cash earnings per share were $1.10, up 9.2% from the 2005 third quarter. Total revenue grew to $77.9 million in the 2006 third quarter, up 12.2% from $69.5 million in the year ago third quarter. ANB's taxable equivalent net interest margin was 3.81% for the 2006 third quarter, down 13 basis points from the 2005 third quarter and down 16 basis points from the second quarter of 2006.
"Our employees delivered solid results in a banking environment challenged with a flat yield curve and a slowing economy," said John H. Holcomb, III, Chairman and CEO. "While we faced these challenges, our company reported a record quarter for net income and diluted earnings per share. Also, we are pleased with our continued favorable asset quality results."
"We look forward to the fourth quarter, which will be the first period in which The Peachtree Bank will be included in our results. We are excited about having this great bank and its great group of employees as contributing members of our team."
Year-to-date earnings for the first nine months of 2006 were $57.3 million, an increase of 17.5% over the $48.8 million in earnings reported for the same period in 2005. Diluted earnings per share for the first nine months of 2006 were $3.09, up 10.4% from the $2.80 earned in the first nine months of 2005. For the first nine months of 2006, ANB recorded cash earnings per diluted share of $3.22, up 11.2% over 2005 levels.
Total assets at September 30, 2006 were $6.9 billion. Loans (excluding loans held for sale) grew to $4.87 billion, with ending deposits totaling $4.79 billion. Quarter-end share owners' equity was $706.1 million, or $37.86 per share, and tangible book value per share was $25.56.
During the 2006 third quarter, ANB recognized $515 thousand in net charge- offs, or an annualized rate of 0.04% of average loans. Combined with 2006 first and second quarter net charge-offs, ANB's year-to-date loss of $833 thousand represents a rate of 0.02% in net losses to average loans and leases. Quarter-end nonperforming assets were 0.18% of period end loans and other real estate. The allowance for loan losses covered nonperforming loans 735%.
The Board of Directors of Alabama National today announced a quarterly cash dividend of $0.375 per share. The dividend is payable January 3, 2007, to stockholders of record at the close of business on December 15, 2006.
ANB is a bank holding company operating 99 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 third quarter completed September 30, 2006 as well as its goals and general outlook for the remainder of 2006 in a conference call to be held Thursday, October 19, 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/dce.aspx?sid=000035EB,
on October 19, 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 October 19 and enter Conference ID number 1941993. For those without Internet access, a telephonic replay will be available through November 19, 2006 by dialing 1-800-203-1112 and entering Conference ID number 1941993.
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 or year-to-date period, as applicable) 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 or year-to-date period, as applicable) 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
September 30, Percentage
2006 2005 Change (b)
Net interest income $58,196 $51,359 13.3%
Noninterest income 19,709 18,098 8.9
Total revenue 77,905 69,457 12.2
Provision for loan and lease losses 1,130 2,440 (53.7)
Noninterest expense 46,187 40,990 12.7
Net income before income taxes 30,588 26,027 17.5
Income taxes 10,475 8,944 17.1
Net income $20,113 $17,083 17.7
Weighted average common and common
equivalent shares outstanding
Basic 18,834 17,198 9.5%
Diluted 19,012 17,412 9.2
Net income per common share
Basic $1.07 $.99 7.5%
Diluted 1.06 .98 7.8
Cash earnings (a)
Total $20,988 $17,603 19.2%
Basic 1.11 1.02 8.9
Diluted 1.10 1.01 9.2
Cash dividends declared on common stock $.375 $.3375
Return on average assets 1.18% 1.18%
Return on average tangible assets 1.22 1.22
Return on average equity 11.41 12.20
Return on average tangible equity 17.00 16.94
Noninterest Income
Service charge income $4,042 $4,181 (3.3)%
Investment services income 1,292 1,086 19.0
Wealth management income 5,371 4,641 15.7
Gain on sale of mortgages 2,774 3,565 (22.2)
Commercial mortgage banking income 518 - NM
Gain (loss) on disposal of assets 13 (21) NM
Bank owned life insurance 988 737 34.1
Insurance commissions 963 825 16.7
Other 3,748 3,084 21.5
Total noninterest income $19,709 $18,098 8.9
(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
Nine Months Ended
September 30, Percentage
2006 2005 Change (b)
Net interest income $169,714 $147,351 15.2%
Noninterest income 57,448 53,110 8.2
Total revenue 227,162 200,461 13.3
Provision for loan and lease losses 4,293 5,975 (28.2)
Noninterest expense 135,435 120,366 12.5
Income before taxes and cumulative
effect of accounting change 87,434 74,120 18.0
Income taxes 30,179 25,362 19.0
Net income before cumulative effect of
accounting change 57,255 48,758 17.4
Cumulative effect of accounting change
(net of tax) 48 - NM
Net income $57,303 $48,758 17.5
Weighted average common and common
equivalent shares outstanding
Basic 18,336 17,185 6.7%
Diluted 18,521 17,404 6.4
Net income per common share
Basic $3.13 $2.84 10.1%
Diluted 3.09 2.80 10.4
Cash earnings (a)
Total $59,604 $50,359 18.4%
Basic 3.25 2.93 10.9
Diluted 3.22 2.89 11.2
Cash dividends declared on common stock $1.13 $1.0125
Return on average assets 1.18% 1.17%
Return on average tangible assets 1.22 1.21
Return on average equity 11.71 11.96
Return on average tangible equity 17.08 16.71
Noninterest Income
Service charge income $11,753 $12,265 (4.2)%
Investment services income 3,122 3,089 1.1
Wealth management income 16,102 14,082 14.3
Gain on sale of mortgages 8,046 9,652 (16.6)
Commercial mortgage banking income 1,534 - NM
Gain on disposal of assets 552 690 (20.0)
Securities (losses) gains (1,250) 72 NM
Bank owned life insurance 2,528 2,136 18.4
Insurance commissions 2,873 2,453 17.1
Other 12,188 8,671 40.6
Total noninterest income $57,448 $53,110 8.2
(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
September 30, December 31, Percentage
2006 2005 Change
Total assets $6,870,818 $5,931,673 15.8%
Earning assets 6,183,706 5,385,824 14.8
Securities (a) 1,207,919 1,136,487 6.3
Loans held for sale 24,184 14,940 61.9
Loans and leases, net of unearned
income 4,874,244 4,144,095 17.6
Allowance for loan and lease losses 61,354 52,815 16.2
Deposits 4,790,982 4,343,264 10.3
Short-term borrowings 229,635 34,700 561.8
Long-term debt 378,569 369,246 2.5
Stockholders' equity 706,113 571,879 23.5
(a) Excludes trading securities
ASSET QUALITY ANALYSIS
(in thousands, except percentages)
As of / For the Three Months Ended
Sept 30, June 30, Sept 30,
2006 2006 2005
Nonaccrual loans $8,344 $5,625 $7,411
Restructured loans - - -
Loans past due 90 days or more and
still accruing - 0 - - 0 - - 0 -
Total nonperforming loans 8,344 5,625 7,411
Other real estate owned 381 401 668
Total nonperforming assets 8,725 6,026 8,079
Total non performing assets as a
percentage of period-end loans
and other real estate (a) 0.18% 0.13% 0.20%
Allowance for loan and lease losses $61,354 $60,739 $51,679
Provision for loan and lease losses 1,130 1,920 2,440
Loans charged off 848 513 791
Loan recoveries 333 405 393
Net loan and lease losses 515 108 398
Allowance for loan and lease losses
as a percentage of period-end loans and
leases (a) 1.26% 1.26% 1.27%
Allowance for loan and lease losses
as a percentage of period-end
nonperforming loans 735.31 1,079.80 697.33
Net losses to average loans and
leases (annualized) 0.04 0.01 0.04
For the Nine Months Ended
September 30, Percentage
2006 2005 Change
Provision for loan and lease losses $4,293 $5,975 (28.2)%
Loans charged off 1,866 1,809 3.15
Loan recoveries 1,033 929 11.2
Net loan and lease losses 833 880 (5.3)
Net losses to average loans and
leases (annualized) 0.02% 0.03%
(a) Excludes loans held for sale
TAXABLE EQUIVALENT YIELDS/RATES
Three Months Ended
Sept 30, June 30, Sept 30,
2006 2006 2005
Interest income:
Interest and fees on loans 7.95% 7.75% 6.78%
Interest on securities:
Taxable 4.46 4.45 4.15
Non-taxable 6.38 6.41 6.87
Total interest earning assets 7.27 7.10 6.18
Interest expense:
Interest on deposits 3.72% 3.38% 2.39%
Interest on short-term borrowing 5.62 4.63 4.14
Interest on long-term debt 5.22 5.00 4.29
Total interest bearing liabilities 4.03 3.67 2.66
Net interest spread 3.24 3.43 3.52
Net interest margin 3.81 3.97 3.94
Nine Months Ended
September 30,
2006 2005
Interest income:
Interest and fees on loans 7.72% 6.51%
Interest on securities:
Taxable 4.43 4.17
Non-taxable 6.43 6.54
Total interest earning assets 7.06 5.93
Interest expense:
Interest on deposits 3.39% 2.12%
Interest on short-term borrowing 5.25 3.74
Interest on long-term debt 4.98 3.99
Total interest bearing liabilities 3.68 2.37
Net interest spread 3.38 3.56
Net interest margin 3.91 3.94
STOCKHOLDERS' EQUITY AND CAPITAL RATIOS
Sept 30, December 31,
2006 2005
Stockholders' Equity:
Equity to assets 10.28% 9.64%
Leverage ratio 8.23 8.29
Book value per common share (a) $37.86 $33.40
Tangible book value per common share (a)(b) 25.56 24.20
Ending shares outstanding 18,650 17,124
(a) Includes a cumulative mark to market adjustment to equity of $(0.44)
and $(0.52) per share at September 30, 2006 and December 31, 2005,
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 Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Net income $20,113 $17,083 $57,303 $48,758
Amortization of
intangibles, net of tax 875 520 2,301 1,601
Cash earnings $20,988 $17,603 $59,604 $50,359
Net income per common
share - basic $1.07 $0.99 $3.13 $2.84
Effect of amortization of
intangibles per share 0.04 0.03 0.12 0.09
Cash earnings per
common share - basic $1.11 $1.02 $3.25 $2.93
Net income per common
share - diluted $1.06 $0.98 $3.09 $2.80
Effect of amortization of
intangibles per share 0.04 0.03 0.13 0.09
Cash earnings per
diluted share $1.10 $1.01 $3.22 $2.89
Average assets $6,752,745 $5,731,482 $6,470,383 $5,556,994
Average intangible
assets (230,011) (155,349) (205,795) (155,157)
Average tangible
assets $6,522,734 $5,576,133 $6,264,588 $5,401,837
Return on average
assets 1.18% 1.18% 1.18% 1.17%
Effect of average
intangible assets 0.04 0.04 0.04 0.04
Return on average
tangible assets 1.22% 1.22% 1.22% 1.21%
Average equity $699,333 $555,335 $654,280 $545,185
Average intangible
assets (230,011) (155,349) (205,795) (155,157)
Average tangible
equity $469,322 $399,986 $448,485 $390,028
Return on average
equity 11.41% 12.20% 11.71% 11.96%
Effect of average
intangible assets 5.59 4.74 5.37 4.75
Return on average
tangible equity 17.00% 16.94% 17.08% 16.71%
As of
September 30, December 31,
2006 2005
Book value $706,113 $571,879
Intangible assets (229,372) (157,429)
Tangible book value $476,741 $414,450
Book value per common share $37.86 $33.40
Effect of intangible assets per share (12.30) (9.20)
Tangible book value per common share $25.56 $24.20
Alabama National BanCorporation and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(In thousands, except share amounts)
September 30, 2006 December 31, 2005
Assets
Cash and due from banks $195,474 $189,256
Interest-bearing deposits in other banks 11,669 19,428
Federal funds sold and securities
purchased under resell agreements 64,395 70,472
Trading securities, at fair value 1,295 402
Investment securities (fair values
of $682,025 and $576,424) 697,574 591,153
Securities available for sale, at
fair value 510,345 545,334
Loans held for sale 24,184 14,940
Loans and leases 4,878,945 4,147,739
Unearned income (4,701) (3,644)
Loans and leases, net of unearned
income 4,874,244 4,144,095
Allowance for loan and lease losses (61,354) (52,815)
Net loans and leases 4,812,890 4,091,280
Property, equipment and leasehold
improvements, net 143,603 114,159
Goodwill 214,151 148,071
Other intangible assets, net 15,221 9,358
Cash surrender value of life insurance 99,502 74,593
Receivable from investment division
customers 4,628 7,166
Other assets 75,887 56,061
Totals $6,870,818 $5,931,673
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $743,150 $729,045
Interest bearing 4,047,832 3,614,219
Total deposits 4,790,982 4,343,264
Federal funds purchased and securities
sold under repurchase agreements 711,258 545,337
Accrued expenses and other liabilities 48,338 61,361
Payable for securities purchased
for investment division customers 5,923 5,886
Short-term borrowings 229,635 34,700
Long-term debt 378,569 369,246
Total liabilities 6,164,705 5,359,794
Common stock, $1 par; 50,000,000 shares
authorized; 18,650,179 and 17,124,316
shares issued at September 30,
2006 and December 31, 2005, respectively 18,650 17,124
Additional paid-in capital 443,134 347,434
Retained earnings 252,447 216,144
Accumulated other comprehensive
loss, net of tax (8,118) (8,823)
Total stockholders' equity 706,113 571,879
Totals $6,870,818 $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 nine months
ended September 30, ended September 30,
2006 2005 2006 2005
Interest income:
Interest and fees on loans and
leases $97,279 $67,831 $266,374 $184,051
Interest on securities 13,275 11,985 38,329 36,311
Interest on deposits in other banks 225 66 450 191
Interest on trading securities 15 7 34 16
Interest on federal funds sold and
securities purchased
under resell agreements 806 798 2,531 2,035
Total interest income 111,600 80,687 307,718 222,604
Interest expense:
Interest on deposits 38,019 20,690 99,059 53,085
Interest on federal funds
purchased and securities sold
under repurchase agreements 8,142 4,519 21,207 10,148
Interest on short-term borrowings 2,117 754 3,238 2,030
Interest on long-term debt 5,126 3,365 14,500 9,990
Total interest expense 53,404 29,328 138,004 75,253
Net interest income 58,196 51,359 169,714 147,351
Provision for loan and lease losses 1,130 2,440 4,293 5,975
Net interest income after provision
for loan and lease losses 57,066 48,919 165,421 141,376
Noninterest income:
Securities (losses) gains - - (1,250) 72
Gain (loss) on disposition of assets 13 (21) 552 690
Service charges on deposit accounts 4,042 4,181 11,753 12,265
Investment services income 1,292 1,086 3,122 3,089
Wealth management income 5,371 4,641 16,102 14,082
Gain on sale of mortgages 2,774 3,565 8,046 9,652
Commercial mortgage banking income 518 - 1,534 -
Bank owned life insurance 988 737 2,528 2,136
Insurance commissions 963 825 2,873 2,453
Other 3,748 3,084 12,188 8,671
Total noninterest income 19,709 18,098 57,448 53,110
Noninterest expense:
Salaries and employee benefits 24,262 21,680 71,038 63,086
Commission based compensation 4,586 4,051 13,143 11,556
Occupancy and equipment expenses 5,264 4,540 15,154 13,021
Amortization of intangibles 1,306 766 3,422 2,360
Other 10,769 9,953 32,678 30,343
Total noninterest expense 46,187 40,990 135,435 120,366
Income before provision for income
taxes and cumulative effect
of accounting change 30,588 26,027 87,434 74,120
Provision for income taxes 10,475 8,944 30,179 25,362
Net income before cumulative effect
of accounting change 20,113 17,083 57,255 48,758
Cumulative effect of accounting
change (net of tax) - - 48 -
Net income $20,113 $17,083 $57,303 $48,758
Weighted average common shares
outstanding:
Basic 18,834 17,198 18,336 17,185
Diluted 19,012 17,412 18,521 17,404
Earnings per common share before
cumulative effect of accounting
change:
Basic $1.07 $0.99 $3.12 $2.84
Diluted $1.06 $0.98 $3.09 $2.80
Earnings per common share:
Basic $1.07 $0.99 $3.13 $2.84
Diluted $1.06 $0.98 $3.09 $2.80
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 09/30/06
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $4,861,167 $97,415 7.95%
Securities:
Taxable 1,095,864 12,312 4.46
Tax exempt 90,761 1,459 6.38
Cash balances in other banks 17,796 225 5.02
Funds sold 57,876 806 5.53
Trading account securities 1,245 15 4.78
Total earning assets (2) 6,124,709 112,232 7.27
Cash and due from banks 168,449
Premises and equipment 139,617
Other assets 381,126
Allowance for loan and lease losses (61,156)
Total assets $6,752,745
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $1,114,186 $8,135 2.90%
Savings deposits 955,355 7,217 3.00
Time deposits 1,987,488 22,667 4.52
Funds purchased 657,506 8,142 4.91
Other short-term borrowings 149,362 2,117 5.62
Long-term debt 389,516 5,126 5.22
Total interest-bearing
liabilities 5,253,413 53,404 4.03
Demand deposits 748,435
Accrued interest and other liabilities 51,564
Stockholders' equity 699,333
Total liabilities and
stockholders' equity $6,752,745
Net interest spread 3.24%
Net interest income/margin on
a taxable equivalent basis 58,828 3.81%
Tax equivalent adjustment (2) 632
Net interest income/margin $58,196 3.77%
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Three Months 09/30/05
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $3,977,186 $67,971 6.78%
Securities:
Taxable 1,089,857 11,412 4.15
Tax exempt 50,167 868 6.87
Cash balances in other banks 7,703 66 3.40
Funds sold 85,872 798 3.69
Trading account securities 713 7 3.90
Total earning assets (2) 5,211,498 81,122 6.18
Cash and due from banks 171,248
Premises and equipment 101,588
Other assets 297,664
Allowance for loan and lease losses (50,516)
Total assets $5,731,482
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $901,391 $3,602 1.59%
Savings deposits 911,046 3,908 1.70
Time deposits 1,622,181 13,180 3.22
Funds purchased 563,345 4,519 3.18
Other short-term borrowings 72,343 754 4.14
Long-term debt 311,469 3,365 4.29
Total interest-bearing
liabilities 4,381,775 29,328 2.66
Demand deposits 729,220
Accrued interest and other liabilities 65,152
Stockholders' equity 555,335
Total liabilities and
stockholders' equity $5,731,482
Net interest spread 3.52%
Net interest income/margin on
a taxable equivalent basis 51,794 3.94%
Tax equivalent adjustment (2) 435
Net interest income/margin $51,359 3.91%
(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)
Nine Months 09/30/06
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $4,617,531 $266,759 7.72%
Securities:
Taxable 1,084,872 35,939 4.43
Tax exempt 75,278 3,621 6.43
Cash balances in other banks 12,718 450 4.73
Funds sold 65,844 2,531 5.14
Trading account securities 1,019 34 4.46
Total earning assets (2) 5,857,262 309,334 7.06
Cash and due from banks 179,982
Premises and equipment 128,875
Other assets 362,587
Allowance for loan and lease losses (58,323)
Total assets $6,470,383
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $1,096,629 $21,580 2.63%
Savings deposits 930,326 18,391 2.64
Time deposits 1,885,467 59,088 4.19
Funds purchased 624,763 21,207 4.54
Other short-term borrowings 82,390 3,238 5.25
Long-term debt 388,959 14,500 4.98
Total interest-bearing
liabilities 5,008,534 138,004 3.68
Demand deposits 736,438
Accrued interest and other liabilities 71,131
Stockholders' equity 654,280
Total liabilities and
stockholders' equity $6,470,383
Net interest spread 3.38%
Net interest income/margin on
a taxable equivalent basis 171,330 3.91%
Tax equivalent adjustment (2) 1,616
Net interest income/margin $169,714 3.87%
AVERAGE BALANCES, INCOME AND EXPENSES AND RATES
(Amounts in thousands, except yields and rates)
Nine Months 09/30/05
Average Income/ Yield/
Balance Expense Cost
Assets:
Earning assets:
Loans and leases (1) $3,787,438 $184,451 6.51%
Securities:
Taxable 1,110,353 34,592 4.17
Tax exempt 53,227 2,605 6.54
Cash balances in other banks 8,980 191 2.84
Funds sold 87,086 2,035 3.12
Trading account securities 469 16 4.56
Total earning assets (2) 5,047,553 223,890 5.93
Cash and due from banks 167,836
Premises and equipment 103,573
Other assets 286,779
Allowance for loan and lease losses (48,747)
Total assets $5,556,994
Liabilities:
Interest-bearing liabilities:
Interest-bearing transaction
accounts $897,545 $9,393 1.40%
Savings deposits 899,689 9,713 1.44
Time deposits 1,549,789 33,979 2.93
Funds purchased 491,318 10,148 2.76
Other short-term borrowings 72,560 2,030 3.74
Long-term debt 334,501 9,990 3.99
Total interest-bearing
liabilities 4,245,402 75,253 2.37
Demand deposits 708,320
Accrued interest and other liabilities 58,087
Stockholders' equity 545,185
Total liabilities and
stockholders' equity $5,556,994
Net interest spread 3.56%
Net interest income/margin on
a taxable equivalent basis 148,637 3.94%
Tax equivalent adjustment (2) 1,286
Net interest income/margin $147,351 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.
