2003 Income from Continuing Operations Increased 101%
2003 Diluted Earnings Per Share Increased 94%
Levitt Spin-Off Completed
Bank Elects To Prepay Selected Federal Home Loan Bank Advances And
Terminate Interest Rate Swaps
FORT LAUDERDALE, Fla., Jan. 27 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic and Ryan Beck &
Co., today reported record net income for 2003 of $67.7 million, or
$1.08/diluted share, compared to $50.3 million, or $0.81/diluted share in
2002. Results for the year include operations of Levitt Corporation, which
was spun off to shareholders on December 31, 2003, and accounted for as a
discontinued operation. Excluding the Levitt results, income from continuing
operations increased 101% to $38.6 million, up from $19.2 million earned in
the 2002 period. Diluted earnings per share from continuing operations
increased 94% to $0.62 for 2003, up from $0.32 in 2002.
BankAtlantic Bancorp's spin-off of Levitt Corporation was completed at the
close of business on December 31, 2003, and Levitt Corporation (NYSE: LEV)
began trading as a separate, publicly held company on January 2, 2004.
For the fourth quarter 2003, net income was $17.6 million, or
$0.28/diluted share, compared to $18.1 million, or $0.29/diluted share in the
corresponding 2002 quarter. After the effect of the Levitt spin-off, income
from continuing operations for the quarter was $7.8 million, compared to
$8.8 million earned in the corresponding 2002 quarter. Diluted earnings per
share from continuing operations for the quarter were $0.12, compared to
$0.14.
Results for the quarter and full year were affected by management's
decision to prepay certain fixed rate advances from the Federal Home Loan
Bank, which led to after tax charges of $5.8 million ($0.09/share) in the
quarter and $7.1 million ($0.11/share) year to date. These high cost fixed-
rate funding prepayments involved approximately $140 million for the fourth
quarter with an effective rate of 5.35%, and $325 million for the year 2003
with an effective rate of 5.57%. The decision to prepay these advances was
made in expectation of a favorable impact in future interest costs.
Realization of the expected interest savings is expected to occur within the
2004-2005 timeframe, depending on the future level of short-term interest
rates.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented,
"BankAtlantic Bancorp experienced excellent results throughout the
organization in 2003. The spin-off of Levitt was a milestone for BankAtlantic
Bancorp, in that it simplified our business model, and enabled Levitt, which
has experienced rapid growth, to independently access the capital markets. It
is clear from the reaction of the market to the spin-off that the action was
well received. While the spin-off did result in decreased capital ratios at
the holding company, with the ratio of tangible equity to tangible assets at
an average of 6.65% in the fourth quarter, compared to 8.44% before the effect
of the spin-off, both the bank and BankAtlantic Bancorp remain well
capitalized. Growth in low cost deposits at BankAtlantic continued at the
very high levels we have experienced since inception of our 'Florida's Most
Convenient Bank' program. Credit quality remained high. Additionally, in the
fourth quarter, we were encouraged by a positive movement in the net interest
margin. Ryan Beck contributed another good quarter, with a continuation of
its favorable trend in financial performance.
Additional accomplishments and highlights include:
"BankAtlantic's 'Florida's Most Convenient Bank' initiatives, including
seven-day banking, extended weekday branch hours, 24/7 live customer service
center, Totally Free Checking, free online banking, Totally Free Change
Exchange coin counters, and dozens of additional products and services,
continues to produce results that we believe are unprecedented in this market.
Since January 2002, BankAtlantic has opened 244,000 new checking and savings
accounts, including over 34,000 in the fourth quarter of 2003. The fourth
quarter of 2003 marks the eighth consecutive quarter of double-digit growth in
new low cost checking and savings account openings. In 2003, new checking
(DDA/NOW) and savings account openings were approximately 145,000, compared to
99,000 in 2002, an increase of 46%. As shown in the tables below, balances in
low cost deposits increased 34% on a 'same branch basis' in the fourth quarter
of 2003, to a total of $1.4 billion at quarter-end. Non-interest bearing
demand deposits now constitute 21% of deposit funding, up from 16% last year.
The following is the comparative data of New Account Openings:
DEC MAR JUN SEP
'01 '02 '02 '02
Demand Deposits
% of Total Deposits 13% 13% 14% 14%
Low Cost Deposits*
% of Total Deposits 26% 29% 30% 32%
Low Cost Deposit Growth*
"Same Branch"
Year-over-Year Change** -- 15% 23% 30%
Effective rate,
Low Cost Deposits* -- 0.38% 0.49% 0.45%
*DDA and NOW Checking plus
Savings comprise Low Cost Deposits
**Includes Branches open for 2 years or more
DEC MAR JUNE SEP DEC
'02 '03 '03 '03 '03
Demand Deposits
% of Total
Deposits 16% 18% 19% 20% 21%
Low Cost
Deposits*
% of Total
Deposits 35% 40% 41% 43% 45%
Low Cost Deposit
Growth*
"Same Branch"
Year-over-Year
Change** 30% 31% 33% 36% 34%
Effective rate,
Low Cost
Deposits* 0.35% 0.33% 0.28% 0.18% 0.18%
*DDA and NOW Checking plus
Savings comprise Low Cost Deposits
**Includes Branches open for 2 years or more
"Commercial, small business, and consumer loan demand remained strong.
For the full year, average loans grew 11%, average residential loans increased
15%, average commercial real estate loans rose 7%, and average consumer and
small business loans increased 19%.
"The Bank's trends in credit quality remained favorable during the fourth
quarter, as the ratio of non-performing loans to total loans declined to 0.25%
at year-end, 2003 vs. 0.28% at September 30, 2003 and 0.55% at year-end, 2002.
The ratio of total non-performing assets to total loans and other real estate
declined to 0.33% at year-end 2003 vs. 0.53% at September 30, 2003 and 0.83%
at year-end, 2002. Net charge-offs for 2003 were $1.1 million vs.
$19.8 million for 2002. For 2003, the ratio of net charge-offs to average
outstanding loans declined to 0.03% versus 0.57% for 2002. This necessitated
a negative provision for loan losses of $1.8 million and $0.5 million for the
current quarter and full year, respectively. Also, because of lower charge-
off expectations inherent in our loan portfolio, the ratio of the allowance
for loan losses to total loans outstanding decreased to 1.22% from 1.40% at
last year-end. However, the ratio of the allowance to non-performing assets
increased to 355% from 160% at year-end, 2002. Reflecting the success of our
strong emphasis on credit quality, the ratios of non-performing loans, non-
performing assets, and net charge-offs have improved for the third straight
year.
"The net interest margin at BankAtlantic for the fourth quarter improved
somewhat from the third quarter, 2003, rising to 3.39% from 3.10%. For the
year, the margin declined to 3.28% from 3.52%. The margin improvement in the
current quarter resulted from several factors, including a slowing in
prepayments of mortgages, the growth in low cost deposits, and the effects of
the prepayments of the FHLB advances and the termination of interest rate
swaps.
"Ryan Beck & Co. had record operating revenues in 2003 of $221.4 million,
an increase of 57% over 2002. Fourth quarter operating revenues were a record
$59.3 million, an increase of 33% compared to the fourth quarter of 2002, and
business segment income from continuing operations rose 325% to a record
$4.0 million vs. $0.9 million in the 2002 quarter. Expenses for the current
quarter include a $1.7 million charge resulting from a NASD arbitration ruling
in a case involving a claim by another firm related to Ryan Beck's hiring of
staff. For the full year 2003, Ryan Beck business segment income from
continuing operations rose to $9.6 million following a loss in 2002.
"Each of Ryan Beck's major business units had strong results for the
quarter indicating a continued pattern of improved revenue mix. For the
quarter, revenues of the Private Client Group rose to $40.7 million, an
increase of 19% vs. the comparable 2002 period. Trading revenues rose to
$5.3 million, an increase of 15% vs. the comparable 2002 period. Investment-
banking revenues rose to $8.2 million, an increase of 204% vs. the comparable
2002 period."
Financial Highlights:
Fourth Quarter, 2003 Compared to Fourth Quarter, 2002
BankAtlantic Bancorp - consolidated results from continuing operations
(excluding the results for Levitt Corp.):
-- Income from continuing operations of $7.8 million vs. $8.8 million, a
decrease of 11%. Included in the 2003 period is the after-tax cost of
$5.8 million associated with the prepayment of advances from the Federal Home
Loan Bank.
-- Return (from continuing operations) on tangible equity was 7.23% vs.
9.59%. Excluding the cost of termination of the Federal Home Loan Bank
advances, and adjusting for the decrease in equity resulting from the Levitt
spin-off, return on tangible equity would be 17.20% for the current period.
-- Book value per share, adjusted for the Levitt spin-off, rose to $6.98.
BankAtlantic:
-- Business segment net income of $7.8 million vs. $11.9 million.
Included in the 2003 period is the after-tax cost of $5.8 million associated
with the termination of advances from the Federal Home Loan Bank.
-- Return on tangible assets was 0.68% vs. 0.95%. Excluding the cost of
termination of the Federal Home Loan Bank advances, return on tangible assets
would be 1.18% for the current period.
-- Return on tangible equity was 7.69% vs. 12.54%. Excluding the cost of
termination of the Federal Home Loan Bank advances, return on tangible equity
would be 13.36% for the current period.
-- Net interest margin decreased to 3.39% for the current period.
-- Non-interest income was $16.9 million vs. $17.1 million. Included in
the current period is a $1.6 million loss on termination of interest rate swap
positions. Included in last year's fourth quarter is a $2.1 million gain
associated with the sale of a commercial loan.
-- Non-interest expense grew to $45.5 million vs. $35.5 million. Included
in the 2003 period is the pre-tax cost of $8.9 million ($5.8 million after-
tax) associated with the prepayment of advances from the Federal Home Loan
Bank mentioned above.
Ryan Beck & Co:
-- Business segment net income from continuing operations increased to
$4.0 million vs. $0.9 million.
-- Return (from continuing operations) on tangible equity was 22.43% vs.
6.33%.
Full Year 2003 Compared to 2002:
BankAtlantic Bancorp - consolidated results from continuing operations
(excluding the results for Levitt Corp.)
-- Income from continuing operations of $38.6 million vs. $19.2 million,
an increase of 101%. Included in 2003 is the after-tax cost of $8.2 million
associated with the prepayment of advances from the Federal Home Loan Bank and
other debt redemption. Included in 2002 are the after-tax costs totaling
$19.6 million associated with debt redemption, impairment of equity securities
and expenses related to the acquisition of certain assets of Gruntal & Co.
-- Diluted earnings per share from continuing operations of $0.62 vs.
$0.32, an increase of 94%. The negative effects of advance prepayments and
other debt redemption, the impairment of equity, and the Gruntal asset
acquisition were $0.13 and $0.31, for 2003 and 2002, respectively.
-- Return (from continuing operations) on tangible equity was 9.49% vs.
5.38%. Excluding the negative effects of the items mentioned above, and
adjusting for the decrease in equity resulting from the Levitt spin-off, the
return on tangible equity was 15.67% and 14.28%, for 2003 and 2002,
respectively.
BankAtlantic:
-- Business segment net income of $42.1 million vs. $45.1 million, a
decrease of 7%. Included in the 2003 results is the after-tax cost of $7.1
million associated with the termination of advances from the Federal Home Loan
Bank.
-- Return on tangible assets was 0.86% vs. 0.92%. Excluding the cost of
termination of the Federal Home Loan Bank advances, return on tangible assets
would be 1.00% for 2003.
-- Return on tangible equity was 10.62% vs. 12.37%. Excluding the cost of
termination of the Federal Home Loan Bank advances, return on tangible equity
would be 12.41%.
-- Total average loans grew to $3.857 billion, vs. $3.473 billion, an
increase of 11%.
-- Average Residential loans increased to $1.640 billion vs.
$1.429 billion, an increase of 15%.
-- Average Commercial real estate loans increased to $1.611 billion
vs. $1.501 billion, an increase of 7%.
-- Average Consumer loans increased to $316 million vs. $253 million,
an increase of 25%.
-- Net interest margin decreased to 3.28% from 3.52%.
-- Non-interest income grew to $70.7 million vs. $53.3 million, an
increase of 33%.
-- Non-interest expense grew to $161.6 million vs. $134.4 million.
Included in the 2003 period is the pre-tax cost of $10.9 million ($7.1 million
after-tax) associated with the termination of advances from the Federal Home
Loan Bank.
Ryan Beck & Co:
-- Business segment net income from continuing operations was $9.6 million
vs. a loss of $2.5 million. Excluding expenses related to the Gruntal asset
acquisition in 2002, segment net income was $9.6 million vs. $1.7 million.
-- Return (from continuing operations) on tangible equity was 13.51% in
2003, compared to a loss in 2002.
BankAtlantic Bancorp's Fourth Quarter and Full Year 2003 earnings results
press release, financial summary, press release graphs, and the Supplemental
Financials (extensive business segment financial data), are available on
BankAtlantic Bancorp's website:www.BankAtlanticBancorp.com.
-- To view this press release online, access the "Press Room."
-- To view the financial summary, access the "Investor Relations" section
and click on the "Quarterly Financials" navigation link.
-- To view the accompanying press release graphs, click
http://www.BankAtlanticBancorp.com/4Q2003Graphs, or access the "Investor Relations"
section and click on the "Quarterly Financials" navigation link.
-- To view the Supplemental Financials, access the "Investor Relations"
section and click on the "Supplemental Financials" navigation link.
The Supplemental Financials include segment information. Operating segments
are defined as components of an enterprise about which separate financial
information is available that is regularly reviewed by the chief operating
decision maker in deciding how to allocate resources and assessing
performance. The information provided for segment reporting is based on
internal reports utilized by management.
Copies of BankAtlantic Bancorp's Fourth Quarter and Full Year 2003
earnings results press release and financial summary, press release graphs,
and the Supplemental Financials are also available upon request via fax,
email, or postal service, by contacting BankAtlantic Bancorp's Investor
Relations department using the contact information listed below.
BankAtlantic Bancorp will host an investor and media teleconference call
and webcast on Wednesday, January 28, 2004 at 10:30 a.m. EST.
Teleconference Call: To access the teleconference call in the U.S. and
Canada, the toll-free number to call is 1-800-968-8156. International calls
may be placed to 706-634-5752. Domestic and international callers may
reference PIN number 4682613.
A replay of the teleconference call will be available beginning two hours
after the call's completion through 5:00 p.m., February 25, 2004. To access
the replay option in the U.S. and Canada, the toll-free number to call is
1-800-642-1687. International calls for the replay may be placed to
706-645-9291. The replay digital PIN number for both domestic and
international calls is: 4682613.
Webcast: Individuals may listen to the live and/or archived webcast of
the teleconference call. To listen to the live and/or archived webcast of the
teleconference call, visit http://www.BankAtlanticBancorp.com, access the "Investor
Relations" section and click on the "Webcast" navigation link. The archive of
the teleconference call will be available through 5:00 p.m., March 31, 2004.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, and Ryan Beck & Co.
Through these subsidiaries, BankAtlantic Bancorp provides a full line of
products and services encompassing consumer and commercial banking, brokerage
and investment banking.
BankAtlantic, "Florida's Most Convenient Bank," is one of the largest
financial institutions headquartered in Florida and provides a comprehensive
offering of banking services and products via its broad network of community
branches throughout Florida and its online banking division -
BankAtlantic.com. BankAtlantic has 73 branch locations and operates more than
190 conveniently located ATMs. BankAtlantic is open 7 days a week and offers
holiday hours, extended weekday hours, Totally Free Change Exchange coin
counters, 24/7 call center service, and free retail and business checking with
a free gift.
Seven-Day Banking - Monday through Sunday
-- Extended branch lobby hours are 8:30 am - 5:00 pm, Monday through
Wednesday, and 8:30 am - 8:00 pm, Thursday and Friday.
-- Extended drive-thru hours are 7:30 am - 8:00 pm, Monday through Friday.
-- Saturday branch lobby hours are 8:30 am - 3:00 pm, and drive-thru hours
are 7:30 am - 6:00 pm.
-- Sunday branch lobby hours are 11:00 am - 4:00 pm, and drive-thru hours
are 11:00 am - 4:00 pm.
Ryan Beck & Co. is a full-service broker dealer engaging in underwriting,
market making, distribution, and trading of equity and debt securities. The
firm also provides money management services, general securities brokerage,
including financial planning for the individual investor, consulting and
financial advisory services to financial institutions and middle market
companies. Ryan Beck & Co. also provides independent research in the
financial institutions, healthcare, technology, and consumer product
industries. Ryan Beck & Co. has approximately 500 financial consultants
located in 33 offices nationwide.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
* To receive future BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the Email Broadcast Sign Up button on:
http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations:
Contact: Leo Hinkley, Vice President
Phone: (954) 760-5317
Fax: (954) 760-5415
Email:InvestorRelations@BankAtlanticBancorp.com.
Mailing Address: BankAtlantic Bancorp, Investor Relations, 1750 East
Sunrise Blvd., Fort Lauderdale, FL 33304
Corporate Communications:
Contact: Sharon Lyn, Assistant Vice President
Phone: (954) 760-5402
Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com
BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
Public Relations:
Contact: Hattie Harvey, Public Relations Manager
Phone: (954) 760-5383
Fax: (954) 760-5108
Email:HHarvey@BankAtlantic.com.
Public Relations for BankAtlantic:
Boardroom Communications
Contact: Caren Berg
Phone: (954) 370-8999
Fax (954) 370-8892
Email: Caren@Boardroompr.com
Except for historical information contained herein, the matters discussed
in this press release contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), that involve substantial risks and uncertainties. When used
in this press release and in any documents incorporated by reference herein,
the words "anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify certain of such forward-looking statements.
Actual results, performance, or achievements could differ materially from
those contemplated, expressed, or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on the
expectations of BankAtlantic Bancorp, Inc. ("the Company") and are subject to
a number of risks and uncertainties that are subject to change based on
factors which are, in many instances, beyond the Company's control. These
include, but are not limited to, risks and uncertainties associated with: the
impact of economic, competitive and other factors affecting the Company and
its operations, markets, products and services; credit risks and loan losses,
and the related sufficiency of the allowance for loan losses; changes in
interest rates and the effects of, and changes in, trade, monetary and fiscal
policies and laws; adverse conditions in the stock market, the public debt
market and other capital markets and the impact of such conditions on our
activities and the value of our assets; BankAtlantic's seven-day banking
initiative and other growth initiatives not being successful or producing
results which do not justify their costs; the impact of periodic testing of
goodwill and other intangible assets for impairment; as well as achieving the
benefits of the prepayment of the Federal Home Loan Bank advances. Further,
this press release contains forward-looking statements with respect to Ryan
Beck & Co., which are subject to a number of risks and uncertainties including
but not limited to the risks and uncertainties associated with its operations,
products and services, changes in economic or regulatory policies, the
volatility of the stock market and fixed income markets, as well as its
revenue mix, the success of new lines of business, uncertainties associated
with the Gruntal litigation; and additional risks and uncertainties that are
subject to change and may be outside of Ryan Beck's control. In addition to
the risks and factors identified above, reference is also made to other risks
and factors detailed in reports filed by the Company with the Securities and
Exchange Commission. The Company cautions that the foregoing factors are not
exclusive.
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share data
and ratios) For The Three Months Ended
12/31/2003 09/30/2003 06/30/2003
Current Earnings:
Net income (GAAP basis) 17,642 18,508 17,209
Income from continuing (note 1)
operations (GAAP basis) $7,826 10,144 9,809
Operating net income (note 2)
$13,582 11,470 10,880
Average Common Shares Outstanding:
Basic 58,891,273 58,646,254 58,321,020
Diluted 61,852,217 61,343,946 61,898,924
Key Performance Ratios (GAAP basis):
Basic earnings per share 0.30 0.32 0.30
Diluted earnings per share * 0.28 0.30 0.28
Basic earnings per share from
continuing operations $0.13 0.17 0.17
Diluted earnings per share from
continuing operations * $0.12 0.16 0.16
Return on average tangible
assets from cont ops (note 3) % 0.61 0.74 0.69
Return on average tangible
equity from cont ops (note 3) % 7.23 9.77 9.91
Key Performance Ratios (Operating
basis):
Basic earnings per share $0.23 0.20 0.19
Diluted earnings per share * $0.22 0.19 0.18
Return on average tangible
assets from cont ops (note 3,4) % 1.14 0.89 0.81
Return on average tangible
equity from cont ops (note 3,4) % 17.20 15.23 15.09
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if
dilutive $-- -- 129
Subsidiaries stock options, if
dilutive (104) (83) (27)
Average Balance Sheet Data:
Assets $5,221,228 5,579,697 5,787,226
Tangible assets (note 3) $5,132,341 5,490,370 5,696,656
Tangible assets excluding
Levitt (note 3) $4,751,321 5,141,183 5,371,749
Loans $3,698,377 3,942,124 3,983,528
Investments $773,271 901,283 1,087,937
Deposits and escrows $3,032,170 2,951,536 2,925,061
Stockholders' equity $521,393 503,274 480,115
Tangible stockholders'
equity (note 3) $433,103 415,294 396,050
Tangible stockholders'
equity excluding Levitt (note 3) $315,808 301,310 288,452
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The Three Months Ended
(in thousands except share data and ratios)
03/31/2003 12/31/2002
Current Earnings:
Net income (GAAP basis) 14,358 18,066
Income from continuing
operations (GAAP basis) (note 1) 10,818 8,759
Operating net income (note 2) 10,818 9,712
Average Common Shares Outstanding:
Basic 58,171,621 58,085,481
Diluted 64,250,488 64,188,382
Key Performance Ratios (GAAP basis):
Basic earnings per share 0.25 0.31
Diluted earnings per share * 0.23 0.29
Basic earnings per share from
continuing operations 0.19 0.15
Diluted earnings per share from
continuing operations * 0.17 0.14
Return on average tangible
assets from cont ops (note 3) 0.80 0.64
Return on average tangible
equity from cont ops (note 3) 11.31 9.59
Key Performance Ratios (Operating
basis):
Basic earnings per share 0.19 0.17
Diluted earnings per share * 0.17 0.16
Return on average tangible
assets from cont ops (note 3,4) 0.85 0.75
Return on average tangible
equity from cont ops (note 3,4) 15.40 14.49
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if dilutive 440 440
Subsidiaries stock options, if
dilutive (47) (14)
Average Balance Sheet Data:
Assets 5,491,930 5,552,458
Tangible assets (note 3) 5,399,787 5,459,454
Tangible assets excluding
Levitt (note 3) 5,090,888 5,163,952
Loans 3,633,446 3,602,605
Investments 1,131,737 1,207,985
Deposits and escrows 2,851,626 2,970,904
Stockholders' equity 464,712 456,579
Tangible stockholders'
equity (note 3) 382,487 365,469
Tangible stockholders' equity
excluding Levitt (note 3) 281,053 268,020
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share data
and ratios) For The Years Ended
12/31/2003 12/31/2002
Current Earnings:
Net income (GAAP basis) 67,717 50,335
Income from continuing
operations (GAAP basis) (note 1) 38,597 19,150
Operating net income (note 2) 46,750 38,799
Average Common Shares Outstanding:
Basic 58,509,894 57,997,556
Diluted 62,354,430 64,400,725
Key Performance Ratios (GAAP basis):
Basic earnings per share 1.16 0.87
Diluted earnings per share * 1.08 0.81
Basic earnings per share from
continuing operations 0.66 0.33
Diluted earnings per share from
continuing operations * 0.62 0.32
Return on average tangible
assets from cont ops (note 3) 0.71 0.36
Return on average tangible
equity from cont ops (note 3) 9.49 5.38
Key Performance Ratios (Operating basis):
Basic earnings per share 0.80 0.67
Diluted earnings per share * 0.75 0.63
Return on average tangible
assets from cont ops (note 3,4) 0.92 0.77
Return on average tangible
equity from cont ops (note 3,4) 15.67 14.28
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if dilutive 569 1,760
Subsidiaries stock options, if
dilutive (251) (24)
Average Balance Sheet Data:
Assets 5,522,121 5,410,030
Tangible assets (note 3) 5,431,901 5,331,769
Tangible assets excluding
Levitt (note 3) 5,090,898 5,066,257
Loans 3,814,857 3,430,387
Investments 972,389 1,324,938
Deposits and escrows 2,940,624 2,854,870
Stockholders' equity 492,500 434,380
Tangible stockholders'
equity (note 3) 406,837 356,271
Tangible stockholders' equity
excluding Levitt (note 3) 298,367 271,673
Notes:
(1) GAAP basis income from continuing operations is defined as income from
continuing operations in accordance with generally accepted accounting
principles.
(2) Operating net income is defined as GAAP income from continuing
operations adjusted for restructuring charges and write downs,
costs associated with debt redemptions, loss on mutual funds
associated with the acquired Gruntal deferred compensation plan,
acquisition and conversion related charges and impairment of equity
securities, net of tax.
(3) Average tangible assets is defined as average total assets less
average goodwill and core deposit intangibles. Average tangible
stockholders' equity is defined as average total stockholders' equity
less average goodwill, core deposit intangibles and other
comprehensive income.
(4) Return on average tangible assets and equity are calculated excluding
Levitt Corporation's assets and equity for comparability.
** Operating net income is not prepared in accordance with GAAP and this
non-GAAP financial measure should not be construed as being superior to
GAAP.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands) 12/31/2003 09/30/2003 06/30/2003
INTEREST INCOME:
Interest and fees on loans and
leases $49,130 51,213 54,791
Interest on securities available
for sale 3,372 4,598 7,686
Interest and dividends on
investment and
trading securities 7,833 7,545 7,344
Total interest income 60,335 63,356 69,821
INTEREST EXPENSE:
Interest on deposits 7,504 7,758 9,758
Interest on advances from FHLB 11,667 15,025 15,291
Interest on short-term borrowed
funds 289 558 1,248
Interest on long-term debt 4,882 4,802 5,131
Capitalized interest on real estate
developments (312) (286) (256)
Total interest expense 24,030 27,857 31,172
NET INTEREST INCOME 36,305 35,499 38,649
Provision (recovery) for loan losses (1,811) (1,076) 1,490
NET INTEREST INCOME AFTER PROVISION 38,116 36,575 37,159
NON-INTEREST INCOME:
Service charges on deposits 11,481 10,925 9,605
Other service charges and fees 4,704 4,625 6,071
Broker/dealer revenue and other
commissions 55,566 49,992 50,565
Securities activities, net (1,582) (336) (19)
Impairment of securities -- -- --
Gain on sales of loans 108 10 1
Income from real estate operations 354 66 4,136
Income from unconsolidated
subsidiaries 119 106 118
Other 2,492 2,405 2,125
Total non-interest income 73,242 67,793 72,602
NON-INTEREST EXPENSES:
Employee compensation and benefits 56,795 55,318 57,415
Occupancy and equipment 10,522 10,161 9,615
Advertising and promotion 3,110 2,989 3,819
Professional fees 5,243 4,239 3,715
Communications 2,917 2,821 4,216
Floor broker and clearing fees 2,506 2,327 2,236
Other 7,391 8,588 11,826
Restructuring and acquisition
charges -- -- --
Cost associated with debt
redemption 8,855 2,040 1,648
Total non-interest expenses 97,339 88,483 94,490
Income from continuing operations
before income
taxes 14,019 15,885 15,271
Provision for income taxes 6,193 5,741 5,462
Income from continuing operations 7,826 10,144 9,809
Discontinued operations, net of tax * 9,816 8,364 7,400
Extraordinary items, net of tax -- -- --
Cumulative accounting change, net of
tax -- -- --
GAAP net income (note 1) $17,642 18,508 17,209
Reconciliation of Operating and GAAP
Income from continuing operations
GAAP income from continuing
operations $7,826 10,144 9,809
Restructuring and acquisition charges -- -- --
Costs associated with debt redemption 5,756 1,326 1,071
Loss on mutual funds associated with
acquired
Gruntal deferred compensation plan -- -- --
Impairment of securities available
for sale -- -- --
Operating net income (note 2) $13,582 11,470 10,880
* Primarily Levitt Corporation.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands) 03/31/2003 12/31/2002
INTEREST INCOME:
Interest and fees on loans and
leases 53,540 56,086
Interest on securities available
for sale 8,657 8,214
Interest and dividends on
investment and
trading securities 7,368 9,208
Total interest income 69,565 73,508
INTEREST EXPENSE:
Interest on deposits 11,169 14,256
Interest on advances from FHLB 15,316 15,960
Interest on short-term borrowed
funds 819 744
Interest on long-term debt 4,421 5,503
Capitalized interest on real
estate developments (339) --
Total interest expense 31,386 36,463
NET INTEREST INCOME 38,179 37,045
Provision (recovery) for loan losses 850 3,291
NET INTEREST INCOME AFTER PROVISION 37,329 33,754
NON-INTEREST INCOME:
Service charges on deposits 8,558 9,245
Other service charges and fees 3,918 3,841
Broker/dealer revenue and other
commissions 51,665 41,468
Securities activities, net 384 (27)
Impairment of securities -- (342)
Gain on sales of loans 3 2,066
Income from real estate operations 1,086 --
Income from unconsolidated
subsidiaries 82 643
Other 2,381 2,195
Total non-interest income 68,077 59,089
NON-INTEREST EXPENSES:
Employee compensation and benefits 57,412 46,829
Occupancy and equipment 9,738 10,436
Advertising and promotion 2,807 3,267
Professional fees 3,115 2,038
Communications 3,829 3,155
Floor broker and clearing fees 2,158 2,462
Other 9,501 8,639
Restructuring and acquisition
charges -- --
Cost associated with debt
redemption -- 3,125
Total non-interest expenses 88,560 79,951
Income from continuing operations
before income
taxes 16,846 12,892
Provision for income taxes 6,028 4,133
Income from continuing operations 10,818 8,759
Discontinued operations, net of tax* 3,540 9,307
Extraordinary items, net of tax -- --
Cumulative accounting change, net of tax -- --
GAAP net income (note 1) 14,358 18,066
Reconciliation of Operating and GAAP
Income
from continuing operations
GAAP income from continuing
operations 10,818 8,759
Restructuring and acquisition
charges -- (1,300)
Costs associated with debt
redemption -- 2,031
Loss on mutual funds associated with
acquired
Gruntal deferred compensation plan -- --
Impairment of securities available
for sale -- 222
Operating net income (note 2) 10,818 9,712
* Primarily Levitt Corporation.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the Years Ended
(in thousands) 12/31/2003 12/31/2002
INTEREST INCOME:
Interest and fees on loans and
leases 208,674 223,589
Interest on securities available
for sale 24,313 42,406
Interest and dividends on
investment and
trading securities 30,090 39,611
Total interest income 263,077 305,606
INTEREST EXPENSE:
Interest on deposits 36,189 62,777
Interest on advances from FHLB 57,299 62,412
Interest on short-term borrowed
funds 2,914 6,546
Interest on long-term debt 19,236 19,375
Capitalized interest on real
estate developments (1,193) --
Total interest expense 114,445 151,110
NET INTEREST INCOME 148,632 154,496
Provision (recovery) for loan losses (547) 14,077
NET INTEREST INCOME AFTER PROVISION 149,179 140,419
NON-INTEREST INCOME:
Service charges on deposits 40,569 26,479
Other service charges and fees 19,318 14,087
Broker/dealer revenue and other
commissions 207,788 130,738
Securities activities, net (1,553) 8,578
Impairment of securities -- (18,801)
Gain on sales of loans 122 1,840
Income from real estate operations 5,642 --
Income from unconsolidated
subsidiaries 425 1,293
Other 9,403 7,535
Total non-interest income 281,714 171,749
NON-INTEREST EXPENSES:
Employee compensation and benefits 226,940 166,979
Occupancy and equipment 40,036 39,196
Advertising and promotion 12,725 10,447
Professional fees 16,312 7,527
Communications 13,783 10,152
Floor broker and clearing fees 9,227 8,192
Other 37,306 32,417
Restructuring and acquisition
charges -- 5,932
Cost associated with debt
redemption 12,543 3,125
Total non-interest expenses 368,872 283,967
Income from continuing operations
before income
taxes 62,021 28,201
Provision for income taxes 23,424 9,051
Income from continuing operations 38,597 19,150
Discontinued operations, net of tax* 29,120 22,543
Extraordinary items, net of tax -- 23,749
Cumulative accounting change, net of tax -- (15,107)
GAAP net income (note 1) 67,717 50,335
Reconciliation of Operating and GAAP
Income
from continuing operations
GAAP income from continuing
operations 38,597 19,150
Restructuring and acquisition
charges -- 3,905
Costs associated with debt
redemption 8,153 2,031
Loss on mutual funds associated with
acquired --
Gruntal deferred compensation plan -- 1,493
Impairment of securities available
for sale -- 12,220
Operating net income (note 2) 46,750 38,799
* Primarily Levitt Corporation.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share data) 12/31/2003 12/31/2002
ASSETS
Cash and due from depository
institutions $119,882 200,600
Securities purchased under resell
agreements and federal funds -- 50,145
Securities available for sale (at fair value) 358,511 707,858
Securities owned (at fair value) 124,565 186,454
Investment securities and tax
certificates (approximate fair
value: $192,706 and $212,698) 192,706 212,240
Loans receivable, net of allowance
for loan losses of $45,595 and $48,022 3,686,153 3,372,630
Federal Home Loan Bank stock, at cost
which approximates fair value 40,325 64,943
Accrued interest receivable 27,866 33,984
Real estate held for development and sale 21,803 200,186
Investments and advances in
unconsolidated subsidiaries 7,910 112,596
Office properties and equipment, net 93,577 92,699
Deferred tax asset, net 22,999 35,316
Goodwill 76,674 78,612
Core deposit intangible asset 11,985 13,757
Other assets 46,593 58,991
Total assets $4,831,549 5,421,011
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $645,036 462,718
NOW accounts 533,888 399,985
Savings accounts 208,966 163,641
Insured money fund savings 865,590 775,175
Certificate accounts 804,662 1,119,036
Total deposits 3,058,142 2,920,555
Advances from FHLB 782,205 1,297,170
Securities sold under agreements to
repurchase 138,809 116,279
Subordinated debentures, notes and
bonds payable 36,595 193,816
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures -- 180,375
Junior subordinated debentures 263,266 --
Securities sold not yet purchased 37,813 38,003
Due to clearing agent 8,583 78,791
Other liabilities 92,684 126,688
Total liabilities 4,418,097 4,951,677
Stockholders' equity:
Preferred stock, $.01 par value,
10,000,000 shares authorized;
none issued and outstanding -- --
Class A common stock, $.01 par value,
authorized 80,000,000 shares;
issued and outstanding 54,396,824
and 53,441,847 shares 544 534
Class B common stock, $.01 par value,
authorized 45,000,000 shares;
issued and outstanding 4,876,124
and 4,876,124 shares 49 49
Additional paid-in capital 259,770 252,699
Unearned compensation - restricted
stock grants (1,178) (1,209)
Retained earnings 148,311 213,692
Total stockholders' equity before
accumulated other comprehensive
income 407,496 465,765
Accumulated other comprehensive
income 5,956 3,569
Total stockholders' equity 413,452 469,334
Total liabilities and
stockholders' equity $4,831,549 5,421,011
SOURCE BankAtlantic Bancorp
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http://www.bankatlantic.com
http://www.BankAtlanticBancorp.com
http://www.RyanBeck.com
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CONTACT:
Leo Hinkley, Vice President, +1-954-760-5317,
or InvestorRelations@BankAtlanticBancorp.com, or Sharon Lyn,
Assistant Vice President, Corporate Communications,
+1-954-760-5402, or CorpComm@BankAtlanticBancorp.com, both of
BankAtlantic Bancorp, Inc., fax, +1-954-760-5415; or Hattie
Harvey, Public Relations Manager, +1-954-760-5383, or fax,
+1-954-760-5108, or email, HHarvey@BankAtlantic.com; or Caren
Berg, Boardroom Communications, +1-954-370-8999, or fax,
+1-954-370-8892, or email, Caren@Boardroompr.com, both for
BankAtlantic Bancorp
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