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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K/A
[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999, OR
[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE TRANSITION PERIOD FROM TO
.
Commission File Number: 0-25160
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ALABAMA NATIONAL BANCORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 63-1114426
(State of incorporation (I.R.S. Employer
or organization) Identification No.)
</TABLE>
1927 First Avenue North, Birmingham, AL 35203-4009
(Address of principal executive offices) (Zip Code)
(205) 583-3600
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $1.00 par value
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. [X] No [_]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [_]
The aggregate market value of voting stock held by non-affiliates of the
registrant at March 10, 2000 was $137,778,894.
As of March 10, 2000, the registrant had outstanding 11,065,890 shares of
its common stock.
DOCUMENTS INCORPORATED BY REFERENCE IN THIS FORM 10-K:
(i) The definitive Proxy Statement for the 2000 Annual Meeting of Alabama
National BanCorporation's Stockholders is incorporated by reference into
Part III of this report.
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ITEM 6. SELECTED FINANCIAL DATA
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
(Amounts in thousands, except ratios and per share data)
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<CAPTION>
Year Ended December 31,
----------------------------------------------------------
1999 1998(1) 1997(1) 1996(1) 1995(1)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Income Statement Data:
Interest income......... $ 125,668 $ 115,704 $ 104,508 $ 93,178 $ 62,090
Interest expense........ 59,283 56,555 48,379 42,174 30,079
---------- ---------- ---------- ---------- ----------
Net interest income..... 66,385 59,149 56,129 51,004 32,011
Provision for loan
losses................. 1,954 1,796 3,421 1,035 1,171
---------- ---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses............ 64,431 57,353 52,708 49,969 30,840
Net securities gains
(losses)............... 190 174 (2) (84) 21
Noninterest income...... 30,367 29,176 20,296 19,214 10,749
Noninterest expense..... 62,455 61,154 52,788 50,175 32,141
---------- ---------- ---------- ---------- ----------
Income before income
taxes.................. 32,533 25,549 20,214 18,924 9,469
Provision for income
taxes.................. 10,237 8,154 6,086 5,279 951
---------- ---------- ---------- ---------- ----------
Income before minority
interest in earnings of
consolidated subsidiary
....................... 22,296 17,395 14,128 13,645 8,518
Minority interest in
earnings of
consolidated
subsidiary............. 25 23 12 14 650
---------- ---------- ---------- ---------- ----------
Net income.............. $ 22,271 $ 17,372 $ 14,116 $ 13,631 $ 7,868
========== ========== ========== ========== ==========
Balance Sheet Data:
Total assets............ $1,921,884 $1,672,049 $1,495,814 $1,260,635 $1,142,064
Earning assets.......... 1,716,935 1,493,122 1,313,097 1,149,038 1,035,396
Securities.............. 345,123 324,213 265,102 224,939 227,087
Loans held for sale..... 8,615 19,047 5,291 4,339 2,431
Loans, net of unearned
income................. 1,320,160 1,087,027 961,079 863,968 743,530
Allowance for loan
losses................. 18,068 16,540 14,844 12,633 11,621
Deposits................ 1,442,155 1,275,175 1,125,479 988,876 945,544
Short-term debt......... 18,389 21,700 29,087 42,205 21,280
Long-term debt.......... 124,005 32,328 16,587 12,939 1,089
Stockholders' equity.... 138,255 130,993 116,888 105,204 88,230
Weighted Average Shares
Outstanding--
Diluted(2)............. 11,273 11,173 10,999 10,490 6,429
Per Common Share Data:
Net income--diluted(3).. $ 1.98 $ 1.55 $ 1.28 $ 1.30 $ 1.09
Book value (period
end)................... 12.49 11.94 11.02 10.43 9.04
Tangible book value
(period end)........... 11.52 11.19 10.20 9.66 8.24
Dividends declared...... 0.72 0.60 0.46 0.28 --
Performance Ratios:
Return on average
assets................. 1.26% 1.10% 1.05% 1.17% 1.02%
Return on average
equity................. 16.28 13.81 12.73 14.22 14.30
Net interest margin(4).. 4.18 4.24 4.62 4.75 4.44
Net interest margin
(taxable
equivalent)(4)......... 4.25 4.31 4.71 4.83 4.53
Asset Quality Ratios:
Allowance for loan
losses to period end
loans(5)............... 1.37% 1.52% 1.54% 1.46% 1.56%
Allowance for loan
losses to period end
nonperforming
loans(6)............... 394.67 340.61 281.14 377.22 296.61
Net charge-offs to
average loans(5)....... 0.04 0.01 0.13 0.00 0.05
Nonperforming assets to
period end loans and
foreclosed
property(5)(6)......... 0.40 0.56 0.73 0.48 0.63
Capital and Liquidity
Ratios:
Average equity to
average assets......... 7.77% 7.95% 8.27% 8.21% 7.11%
Leverage (4.00% required
minimum)(7)............ 7.18 7.41 7.75 8.64 10.33
Risk-based capital
Tier 1 (4.00% required
minimum)(7)........... 9.38 10.03 9.89 10.91 10.83
Total (8.00% required
minimum)(7)........... 10.62 11.28 11.14 12.16 12.08
Average loans to average
deposits............... 88.96 83.02 85.44 84.08 78.81
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on this the 17th
day of March, 2000.
ALABAMA NATIONAL BANCORPORATION
/s/ John H. Holcomb, III
By: _________________________________
John H. Holcomb, III,
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Name Title Date
---- ----- ----
<S> <C> <C>
/s/ John H. Holcomb, III Chairman and Chief Executive March 17, 2000
____________________________________ Officer (principal
John H. Holcomb, III executive officer)
</TABLE>
<TABLE>
<S> <C> <C>
/s/ Victor E. Nichol, Jr. President and Chief March 22, 2000
____________________________________ Operating Officer and
Victor E. Nichol, Jr. Director
/s/ William E. Matthews, V Executive Vice President and March 22, 2000
____________________________________ Chief Financial Officer
William E. Matthews, V
/s/ Shelly S. Williams Senior Vice President and March 22, 2000
____________________________________ Controller (principal
Shelly S. Williams accounting officer)
/s/ W. Ray Barnes Director March 22, 2000
____________________________________
W. Ray Barnes
/s/ T. Morris Hackney Director March 17, 2000
____________________________________
T. Morris Hackney
/s/ John D. Johns Director March 22, 2000
____________________________________
John D. Johns
/s/ John J. McMahon, Jr. Director March 22, 2000
____________________________________
John J. McMahon, Jr.
/s/ C. Phillip McWane Director March 22, 2000
____________________________________
C. Phillip McWane
/s/ Drayton Nabers, Jr. Director March 22, 2000
____________________________________
Drayton Nabers, Jr.
/s/ G. Ruffner Page, Jr. Director March 22, 2000
____________________________________
G. Ruffner Page, Jr.
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44
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<CAPTION>
Name Title Date
---- ----- ----
<S> <C> <C>
/s/ W. Stancil Starnes Director March 22, 2000
____________________________________
W. Stancil Starnes
/s/ William D. Montgomery Director March 22, 2000
____________________________________
William D. Montgomery
/s/ Dan M. David Vice Chairman and Director March 22, 2000
____________________________________
Dan M. David
/s/ C. Lloyd Nix Director March 22, 2000
____________________________________
C. Lloyd Nix
/s/ William E. Sexton Director March 22, 2000
____________________________________
William E. Sexton
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