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• W200319076 abstract "Not so long ago, First Alabama Bancshares, Inc., was the meatloaf on the menu of bank stocks. Other institutions were venturing into the well-known litany of spicy deals-syndicated leveraged buyouts, highly leveraged transactions, and the like, or cooking up an acquisition a week-all the things that, in season, tickle investor and analyst appetites. First Alabama offered plain fare-high capital, steady earnings, sound assets, and a generally conservative outlook that kept the company out of financial fads, or at least limited its interest in them. Robert P. Houston, executive vice-president and comptroller of the $6.7 billion-assets company, is First Alabama's investor relations contact. He recalls how stock analysts calling for insight and information often would press him on the organization's conservatism. Why don't you leverage up? he was often asked. Today, says Houston, analysts don't ask such questions. There's more of an appreciation of quality now, he explains. Healthy is hip. It's just a sound, well-run bank, and in this environment, that's a rarity, says Raimundo C. Archibold, Jr., an analyst at FoxPitt, Kelton Inc., New York. In December, Keefe, Bruyette & Woods, Inc., rated the company number I in asset quality out of the 150 banks tracked in its Nationwide BankScan report. To a degree, the bank's record reflects the Alabama economy, say First Alabama executives and analysts. Chairman and CEO J. Stanley Mackin notes that problems for many other banks arose from succumbing to temptations in their backyards-the high-tech boom in New England and oil business skyrocket of the West and elsewhere. By contrast, we've never had a situation in Alabama to create that type of activity, says Mackin. The peaks and valleys of the state's economy are much less pronounced. As a whole, Alabama's handful of large bank holding companies-First Alabama is third-largest-holds a reputation for conservatism. But there's more to the bank's success, because trouble can easily be imported through syndications and other methods of tapping external markets. First Alabama routinely sticks to markets and people that it knows, says Peter W. Tuz, an analyst with Morgan Keegan & Co. Inc., Memphis. Even its forays into interstate banking in Florida and Georgia have been extensions of Alabama markets. have not been fad lenders nor big speculative lenders, says Mackin. deak with customers we know in the communities we know and attempt to serve their needs. We are not looking for loans all over the country. We like to know our customers very wen. From time to time, First Alabama has latched onto trendy lending ideas, but typically not in the way the herd did. Mackin notes that the organization did get into real estate investment trust lending years ago, but not to the degree of putting the bank on the line. Likewise, it has made LBO loans, but only to Alabama businesses it knows. It avoided participations in syndicated LBOs and has no HLT debt at all. Real estate construction loans represent a miniscule part of its portfolio. The results for 1991 back up all of the foregoing. First Alabama enjoyed record income for the year of $2.38 per share. Return on equity hit 14.27%, versus 13.64% in 1990, and the company maintained return on assets at 1.23%. The ratio of stockholders' equity to total assets rose to 8.49% and the tier I leverage ratio rose to 8.37%. (At press time, yearend risk-adjusted capital ratios had not yet been computed. They were expected to be at or above third-quarter levels: tier 1-to-risk-adjusted assets, 11.95%; total capital-to-risk-adjusted assets, 13.32%.) Credit performance. Testimony to the excellence of First Alabama's credit process and policies are reflected in its yearend credit ratios. For example, total nonperforming assets as a percentage of loans and OREO stood at 1. …" @default.
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• W200319076 date "1992-03-01" @default.
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• W200319076 title "From Stodgy to Sterling, without Changing a Thing; First Alabama Bancshares' Blend of Time-Proven Banking Techniques Has Brought It Respect in a Market Hungry for Quality" @default.
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