Record Fourth Quarter Net Income of $18.1 Million -- An Increase of 72%
Record Net Income for Year of $50.3 Million -- An Increase of 56%
FORT LAUDERDALE, Fla., Feb. 5 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic, Levitt
Companies and Ryan Beck & Co., today announced that Net Income increased 72%
to $18.1 million for the fourth quarter of 2002, up from $10.5 million earned
in the corresponding period in 2001. On a per share basis, Net Income for the
quarter was $0.29, up from $0.19 in the corresponding 2001 quarter. Net
Income for the year ended December 31, 2002 was a record $50.3 million, an
increase of 56%, compared to $32.2 million in 2001. On a per share basis, Net
Income for the year was $0.81, up from $0.65 during the corresponding 2001
period. (All per share amounts are diluted.)
The Company also reported "operating net income" of $19.0 million ($0.30
per share) for the fourth quarter of 2002, an increase of 43% compared to
$13.3 million ($0.24 per share) earned in the corresponding period in 2001.
For the year ended December 31, 2002, "operating net income" was a record
$61.3 million, an increase of 38%, compared to $44.5 million in 2001. On a
per share basis, operating net income was $0.98 vs. $0.88 in 2001. As
discussed more fully below, the Company is restating its results for the
second and third quarters, 2002 downward by $0.02 and $0.01 per share,
respectively.
A more detailed summary of significant financial events, a reconciliation
between Net Income (under Generally Accepted Accounting Principles ("GAAP"))
and "operating net income," and extensive business segment financial data can
be accessed on the Investor Relations page of the BankAtlantic website at the
text link labeled "Supplemental Financials"
(http://www.bankatlantic.com/investorrelations/supplemental.asp ). Net Income
as determined under GAAP is adjusted to "operating net income" by adjusting
for itemized extraordinary and non-recurring items and by removing prior
years' goodwill amortization. The Company believes that this adjustment is
appropriate so as to allow investors to see financial information on the same
basis as used by management in evaluating its various operations. Copies of
the Supplemental Financials can also be received via fax or mail upon request
by contacting BankAtlantic's Investor Relations department utilizing the
contact information listed at the end of this release.
BankAtlantic Bancorp Highlights (consolidated)
Fourth Quarter, 2002 Compared to Fourth Quarter, 2001
* Net Income of $18.1 million vs. $10.5 million, an increase of 72%
* Diluted earnings per share of $0.29 vs. $0.19, an increase of 53%.
* "Operating net income" of $19.0 million vs. $13.3 million, an increase
of 43%.
* "Operating earnings per share" increased to $0.30 vs. $0.24, an
increase of 25%.
* "Operating return" on tangible assets was 1.39% vs. 1.16%.
* "Operating return" on tangible equity was 21.03% vs. 16.25%.
* Book value per share rose to $8.05 vs. $7.50.
Full Year, 2002 Compared to Full Year, 2001
* Net Income of $50.3 million vs. $32.2 million, an increase of 56%.
* Diluted earnings per share of $0.81 vs. $0.65, an increase of 25%.
* "Operating net income" of $61.3 million vs. $44.5 million, an increase
of 38%.
* "Operating earnings per share" increased to $0.98 vs. $0.88, or 11%.
* "Operating return" on tangible assets was 1.15% vs. 0.96%.
* "Operating return" on tangible equity was 17.23% vs. 17.79%.
Management Strategy:
Management determined in 1999 that its objective of increasing shareholder
value and attaining high performance status would be best achieved by
increasing low cost deposits (demand, NOW and savings deposits), increasing
non interest income, improving credit quality, reducing leverage in the
holding company and simplifying our business mix.
In 2000 and 2001, we significantly augmented our management group when we
recruited senior executive officers from high performance institutions to join
our executive management team in the capacity of Chief Financial Officer,
Chief Credit Officer, Chief Community Banking Officer and Chief Information
and Operations Officer. These officers have brought the depth of experience in
financial controls, credit, sales management and technology that our bank
needed to implement its strategy.
In late 2001 and early 2002 BankAtlantic changed the landscape of banking
in Florida through its "Florida's Most Convenient Bank" initiative. This
initiative includes free checking, seven day branch banking, extended lobby
hours, 24 hour customer service center and dozens of new product and customer
service initiatives to brand BankAtlantic as the most unique, innovative,
entrepreneurial and convenient bank in Florida.
Management Commentary:
Chairman of the Board and CEO Alan B. Levan commented, "This was a very
significant year of accomplishment for our company.
* As the result of this transformation of BankAtlantic, we were successful
in increasing the percentage of low cost deposits (demand, NOW and savings
deposits) to total deposits to 35%, from 27% at the end of last year.
Excluding acquisitions, our deposit growth was 5%, or $111 million, in 2002.
Of this increase, $212 million was in low cost deposits, which grew 35% year-
over-year on a "same store" basis -- net of a reduction in higher cost
certificates of deposit of $152 million. Across our system, we opened
approximately 77,000 new demand and NOW accounts in 2002, a level
approximately 134% higher than our experience in 2001. Our objective is to
sustain a 15% rate of increase in low cost deposits and have built our 2003
business plans around such an increase.
* Our increased marketing, personnel and other operating costs associated
with the "Florida's Most Convenient Bank" initiative are approximately $6 - 7
million annually, a continuing investment that we expect to result in improved
net interest margins and higher levels of fee income in coming periods.
* As of 12/31/02, BankAtlantic is the largest Florida-based bank, with 72
full service branches. In addition, as part of the re-branding strategy, we
have also committed to a program to open de novo branches, renovate others,
and to relocate some so as to continue to position our company in the faster
growing/higher deposit level markets within our footprint.
* BankAtlantic completed the acquisition of Community Savings, Ryan Beck
acquired certain assets and related liabilities from Gruntal & Co., and Levitt
Companies and the Company acquired a 40% interest in the outstanding common
stock of Bluegreen Corporation (NYSE: BXG).
* The Community Savings acquisition was a complete success and was
integrated into the BankAtlantic network with minimal customer disruption or
loss of business.
* Ryan Beck also successfully integrated its Gruntal asset acquisition and
we expect this move to serve as the foundation for an improved contribution to
earnings from Ryan Beck in 2003.
* The Bluegreen investment has proven to be a satisfactory contributor to
our bottom-line, adding $5.3 million to pretax income in 2002.
* We continued to experience a marked improvement in credit quality
ratios. During the fourth quarter, the ratio of non-performing loans to total
loans was 0.60% versus 0.88% the preceding quarter. The ratio of non-
performing assets to total loans plus other assets declined from 1.10% in the
third quarter to 0.83% at December 31, 2002. Net charge-offs to average loans
for the fourth quarter were only 0.05% versus 0.43% for the third quarter.
The allowance for loan and lease losses rose from 1.24% of total loans at
September 30, 2002 to 1.40% at December 31, 2002. In addition, the coverage
of the allowance for loan and lease losses to non-performing loans rose to
236%, up from 141% the preceding quarter."
"As we look forward to 2003, we see several developments which will affect
future profitability.
First, the rollout of the "Florida's Most Convenient Bank" initiative
comes with associated costs, which are being incurred before we see its full
benefits. This will constrain near-term earnings growth in BankAtlantic.
Second, the net interest margin narrowed from lower interest rates and
prepayments during 2002, and we expect that it will continue to do so for the
next few quarters. This narrowed margin, coupled with the expenses associated
with the facilities renovation and relocation program, may limit the growth of
BankAtlantic's contribution to 2003 consolidated results. We are confident,
however, that the ultimate contribution of the growth in low cost deposits
attracted through the "Florida's Most Convenient Bank" initiative will more
than justify the near-term costs.
Third, the performance of Ryan Beck during 2002 was a significant
improvement, as it successfully integrated its asset purchase from Gruntal &
Co. We expect continued improvement in Ryan Beck operations in 2003.
Fourth, the contribution from Levitt in 2002 was excellent, and we are
pleased to report that it was a record for that company."
"During the third and fourth quarters, BankAtlantic Bancorp sold an
aggregate of $65 million of trust preferred securities at floating rates with
a current average of 4.72%. The net proceeds and other funds were used to
retire outstanding debt of approximately $96 million with fixed interest rates
ranging from 9% to 9.5%. With these transactions, we have largely completed
our earlier-announced program to simplify the capital structure of our
company, and in the process have significantly reduced its funding costs,"
Levan concluded.
Restatement of Second, Third Quarters' Results:
In connection with the Gruntal transaction, Ryan Beck assumed a
nonqualified deferred compensation plan and certain mutual fund assets
associated with the plan. With the prior concurrence of the Company's
independent accountants, the Company accounted for these mutual fund assets
based on accounting principles applicable to BankAtlantic Bancorp, and
accordingly, the assets were accounted for as securities available for sale.
The effect of this treatment was that changes in the fair value of the mutual
fund assets were recorded in other comprehensive income in the equity section
of the Company's balance sheet. Recently, the Company determined, with the
concurrence of its independent accountants, that the accounting treatment for
recording changes in the value of the plan's mutual funds during the second
and third quarters was inappropriate, and that those assets were required to
be treated in accordance with the specialized industry accounting principles
applicable to broker-dealers, which require including changes in the fair
value of the mutual funds as an adjustment to broker/dealer operations income
in the Company's consolidated income statement. Based on such treatment, the
Company has restated its results for the second and third quarters, 2002, to
reflect non-cash unrealized losses associated with changes in the value of the
plan's mutual funds of $1.9 million and $1.0 million, (pre tax), respectively.
The impact of the foregoing is to reduce after tax income by $1.3 million
($0.02/share) and $0.5 million ($0.01/share) for the second and third
quarters, respectively.
Commentary on Operations of Subsidiary Companies:
BankAtlantic -- Fourth Quarter, 2002 Compared to Fourth Quarter, 2001
* "Operating pretax income" of $18.0 million vs. $19.1 million, a
decrease of 6%.
* "Operating return" on tangible assets was 0.93% vs. 1.14%.
* "Operating return" on tangible equity was 12.3% vs. 14.8%.
* Average loans grew to $3.7 billion, vs. $2.9 billion, an increase of
28%.
* Average residential loans increased to $1.5 billion vs. $1.2 billion,
an increase of 25%.
* Average commercial real estate loans increased to $1.6 billion vs.
$1.2 billion, an increase of 33%.
* Average small business loans increased to $162 million vs.
$100 million, an increase of 62%.
* Annualized net charge offs declined to 0.05% of average loans, vs.
0.35%
* Non-performing assets decreased to $29.9 million vs. $42.9 million
* The net interest margin decreased 20 basis points, from 3.61% to 3.41%.
* Non interest income increased to $17.1 million vs. $9.8 million, or
74%.
BankAtlantic -- Full Year, 2002 Compared to Full Year, 2001
* "Operating pretax income" of $ 70.8 million vs. $71.3 million, a
decrease of 0.7%.
* "Operating return" on average tangible assets was 0.92% vs. 1.04%.
* "Operating return" on average tangible equity was 12.5% vs. 13.8%.
* Total average loans grew to $3.5 billion, vs. $3.0 billion, an increase
of 17%.
* Average residential loans increased to $1.4 billion vs. $1.3 billion,
an increase of 8%.
* Average commercial real estate loans increased to $1.5 billion vs.
$1.1 billion, an increase of 36%.
* Average small business loans increased to $146 million vs. $98 million,
an increase of 49%
* Annual average total deposits increased to $2.9 billion vs.
$2.3 billion, an increase of 26%. Excluding acquisitions, deposits
increased to $2.4 billion vs. $2.3 billion.
* Average low cost deposits increased 51% to $865 million. Excluding
acquisitions, low cost deposits increased to $706 million vs.
$572 million.
* Non-interest bearing demand deposits now constitute 16% of deposit
balances, up from 13% last year.
* Net charge offs declined to 0.57% of average loans, vs. 0.64%.
* Non-performing assets decreased to $29.9 million vs. $42.9 million
* The net interest margin decreased nine basis points to 3.52% from
3.61%.
* Non interest income increased to $53.3 million vs. $37.5 million, or
42%.
Levitt Companies -- Fourth Quarter, 2002 Compared to Fourth Quarter, 2001
* "Operating pre-tax income" increased to $10.8 million vs. $2.2 million
in the corresponding quarter of 2001, an increase of 391%. This is
primarily due to continued strength in home sales at Levitt and
Sons, the partial sale of a land tract in Tampa by Core Communities,
and earnings from the Bluegreen investment.
* "Operating return" on equity was 24.8% vs. 8.0%.
* Total revenue increased to $20.4 million vs. $12.2 million.
* New homes contracted increased to 320 vs. 139, an increase of 130%.
Levitt Companies -- Full Year, 2002 Compared to Full Year, 2001
* "Operating pretax income" increased to $25.8 million vs. $11.6 million
in the prior year, an increase of 122%, due principally to the
factors mentioned in the fourth quarter discussion above.
* Operating return" on equity was 15.3% vs. 10.6%.
* Total revenue increased to $56.7 million vs. $38.6 million.
* New homes contracted increased to 1,041 vs. 900, an increase of 15.7%.
Ryan Beck & Co. -- Fourth Quarter, 2002 Compared to Fourth Quarter, 2001
* "Operating pretax income" rose to $2.3 million vs. $282,000, an
increase of 716%.
* "Operating return" on tangible equity was 9.18% vs. 3.76%.
* Total operating revenues increased to $55.4 million vs. $14.4 million,
an increase of 285%.
Ryan Beck & Co. -- Full Year, 2002 Compared to Full Year, 2001
* "Operating pretax income" rose to $4.7 million vs. a $1.6 million loss.
* "Operating return" on tangible equity was 6.18%.
* Total operating revenues increased to $168.9 million vs. $46.7 million,
an increase of 262%.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, Levitt Companies, 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, and real estate development.
BankAtlantic Bancorp is one of the largest financial institutions
headquartered in the State of Florida.
About BankAtlantic: 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 72 branch locations, operates more than
190 conveniently located ATMs and offers extended hours. Visit BankAtlantic's
Website for further information at http://www.BankAtlantic.com.
Seven-Day Branch Banking-Monday through Sunday
Extended branch lobby hours are 8:30AM-5:00PM, Monday through Wednesday,
and 8:30AM-8:00PM, Thursday and Friday.
Extended drive-thru hours are 7:30AM-8:00PM, Monday through Wednesday, and
7:30AM-8:00PM, Thursday and Friday.
Saturday branch lobby hours are 8:30AM-3:00PM, and drive-thru hours are
7:30AM-6:00PM
Sunday branch lobby hours are 11:00AM-4:00PM, and drive-thru hours are
11:00AM-4:00PM
Levitt Companies is the parent company of Levitt and Sons and Core
Communities.
Levitt and Sons, America's oldest homebuilder and first to build planned
suburban communities, currently develops single and multi-family homes for
active adults and families throughout Florida.
Core Communities develops master-planned communities in Florida, including
its original and best-known, St. Lucie West -- a 4,600-acre community with
4,000 built and occupied homes, 150 businesses employing 5,000 people and a
university campus. New master-planned developments include Westchester, now
under development on Florida's Treasure Coast in St. Lucie County, featuring
5,600 residences, a commercial town center and a world-class corporate park.
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, energy, healthcare, technology, and consumer product
industries. Ryan Beck & Co. has in excess of 575 financial consultants
located in 36 offices nationwide.
For further information, please visit our websites:
http://www.BankAtlantic.com
http://www.LevittandSons.com
http://www.CoreCommunities.com
http://www.LevittCommercial.com
http://www.RyanBeck.com
http://www.Cumber.com
http://www.GMSgroup.com
* To receive future news releases or announcements directly via email,
please access the e-News banner on the Investor Relations page at
http://www.BankAtlantic.com.
BankAtlantic Bancorp Contact Info:
Investor Relations: Leo Hinkley, Tel: (954) 760-5317,
Fax: (954) 760-5415, or InvestorRelations@BankAtlantic.com
Corporate Communications: Sharon Lyn, Tel: (954) 760-5402 or
CorpComm@BankAtlantic.com
Public Relations for BankAtlantic: Boardroom Communications,
Tel: (954) 370-8999, Caren Berg, 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 the 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, the 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; the effects of, and
changes in, trade, monetary and fiscal policies and laws, including but not
limited to interest rate policies of the Board of Governors of the Federal
Reserve System; adverse conditions in the stock market, the public debt market
and other capital markets (including changes in interest rate conditions) and
the impact of such conditions on our activities; the impact of changes in
financial services' laws and regulations (including laws concerning taxes,
banking, securities and insurance); technological changes; BankAtlantic's
seven-day banking initiative and other growth initiatives are not successful
or do not produce results which justify their costs; the impact of changes in
accounting policies by the Securities and Exchange Commission; the impact of
periodic testing of goodwill and other intangible assets for impairment, and
with respect to the operations of Levitt Companies ("Levitt") and its real
estate subsidiaries: the market for real estate generally and in the areas
where Levitt has developments, the availability and price of land suitable for
development, materials prices, labor costs, interest rates, environmental
factors and governmental regulations; and the Company's success at managing
the risks involved in the foregoing. Further, this press release contains
forward-looking statements with respect to recent acquisitions, each of which
are subject to risks and uncertainties, including the risk that the
acquisitions could involve additional costs or that the future financial and
operating performance of these acquisitions will not be advantageous. 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 ("SEC"). The Company cautions that the
foregoing factors are not exclusive.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statement of Operations (unaudited)
For The Three Months Ended
(in thousands) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
INTEREST INCOME:
Interest and
fees on
loans $ 55,502 59,969 59,325 47,071 51,261
Interest on
securities
available
for sale 8,214 10,322 11,804 12,066 13,052
Interest and
dividends on
investment
and trading
securities 11,657 13,214 11,925 8,701 8,318
Total
interest
income 75,373 83,505 83,054 67,838 72,631
INTEREST
EXPENSE:
Interest on
deposits 14,256 16,089 17,106 15,326 16,725
Interest on
advances
from FHLB 15,960 15,856 15,676 14,920 15,635
Interest on
short-term
borrowed
funds 744 2,305 2,113 1,384 2,878
Interest on
long-term
debt 7,457 7,306 6,853 4,608 4,171
Capitalized
interest on
real estate
develop-
ments (1,478) (1,688) (1,613) (1,218) (1,305)
Total
interest
expense 36,939 39,868 40,135 35,020 38,104
NET INTEREST
INCOME 38,434 43,637 42,919 32,818 34,527
Provision
for loan
losses 3,291 2,082 6,139 2,565 2,846
NET INTEREST
INCOME AFTER
PROVISION 35,143 41,555 36,780 30,253 31,681
NON-INTEREST
INCOME:
Service
charges on
deposits 9,245 6,684 5,687 4,863 4,782
Other service
charges and
fees 3,841 3,591 3,550 3,105 3,456
Broker/dealer
revenue and
other
commissions 49,721 50,196 38,191 13,048 13,437
Securities
gains (losses) (27) 2,483 3,083 3,039 2,832
Impairment of
securities (342) (302) (18,157) -- (2,827)
Gain (losses)
on sales of
loans 2,066 (230) 2 2 37
Income from
real estate
operations 18,355 8,852 12,466 11,977 12,001
Other 5,744 4,340 4,504 1,866 2,206
Total non-
interest
income 88,603 75,614 49,326 37,900 35,924
NON-INTEREST
EXPENSES:
Employee
compensation
and
benefits 58,469 59,714 53,902 26,863 25,423
Occupancy and
equipment 10,737 11,377 10,551 7,294 7,397
Amortization
of intangible
assets 453 453 454 -- 958
Write-down of
real estate
owned -- 1,400 7 57 (181)
Other 25,957 23,694 23,640 13,526 16,822
Restructuring
charges and
write-downs 3,125 -- 1,007 -- --
Acquisition
related
charges -- (71) 3,922 1,074 --
Total non-
interest
expenses 98,741 96,567 93,483 48,814 50,419
Income (loss)
before income
taxes,
extraordinary
items and
cumulative
accounting
change 25,005 20,602 (7,377) 19,339 17,186
Provision
(benefit)
for income
taxes 6,939 6,068 (3,890) 6,759 6,685
Income (loss)
before
extraordinary
items and
cumulative
accounting
change 18,066 14,534 (3,487) 12,580 10,501
Extraordinary
items, net
of tax -- (61) 23,810 -- --
Cumulative
accounting
change,
net of tax -- -- -- (15,107) --
GAAP net
income (loss)
(note 1) $ 18,066 14,473 20,323 (2,527) 10,501
Reconciliation
of Operating and
GAAP Net Income
GAAP net income
(loss) before
extraordinary
items and
cumulative
accounting
change $ 18,066 14,534 (3,487) 12,580 10,501
Amortization
of goodwill -- -- -- -- 958
Restructuring
charges and
write-downs -- -- 655 -- --
Costs associated
with debt
redemption 2,031 -- -- -- --
Loss on mutual
funds associated
with acquired
Gruntal pension
plan -- 1,493 -- -- --
Acquisition and
conversion
related charges (1,300) (487) 4,350 687 --
Impairment of
securities
available
for sale 222 196 11,802 -- 1,838
Operating net
income
(note 2) $ 19,020 15,737 13,319 13,267 13,297
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statement of Operations (unaudited)
For The
Year Ended
(in thousands) 12/31/02 12/31/01
INTEREST INCOME:
Interest and fees on loans $ 221,867 237,064
Interest on securities available for sale 42,406 52,813
Interest and dividends on investment and
trading securities 45,497 35,741
Total interest income 309,770 325,618
INTEREST EXPENSE:
Interest on deposits 62,777 85,668
Interest on advances from FHLB 62,412 60,472
Interest on short-term borrowed funds 6,546 24,270
Interest on long-term debt 26,224 22,938
Capitalized interest on real estate
developments (5,997) (5,749)
Total interest expense 151,962 187,599
NET INTEREST INCOME 157,808 138,019
Provision for loan losses 14,077 16,905
NET INTEREST INCOME AFTER PROVISION 143,731 121,114
NON-INTEREST INCOME:
Service charges on deposits 26,479 16,372
Other service charges and fees 14,087 14,731
Broker/dealer revenue and other commissions 151,156 43,436
Securities gains (losses) 8,578 7,124
Impairment of securities (18,801) (3,527)
Gain (losses) on sales of loans 1,840 60
Income from real estate operations 51,650 36,583
Other 16,454 8,494
Total non-interest income 251,443 123,273
NON-INTEREST EXPENSES:
Employee compensation and benefits 198,948 95,098
Occupancy and equipment 39,959 28,491
Amortization of intangible assets 1,360 4,073
Write-down of real estate owned 1,464 117
Other 86,817 56,031
Restructuring charges and write-downs 4,132 6,955
Acquisition related charges 4,925 --
Total non-interest expenses 337,605 190,765
Income (loss) before income taxes,
extraordinary items and cumulative
accounting change 57,569 53,622
Provision (benefit) for income taxes 15,876 22,600
Income (loss) before extraordinary items and
cumulative accounting change 41,693 31,022
Extraordinary items, net of tax 23,749 --
Cumulative accounting change, net of tax (15,107) 1,138
GAAP net income (loss) $ 50,335 32,160
Reconciliation of Operating and GAAP Net Income
GAAP net income (loss) before extraordinary
items and cumulative accounting change $ 41,693 31,022
Amortization of goodwill -- 4,073
Restructuring charges and write-downs 655 6,836
Costs associated with debt redemption 2,031 253
Loss on mutual funds associated with acquired
Gruntal pension plan 1,493 --
Acquisition and conversion related charges 3,250 --
Impairment of securities available for sale 12,221 2,293
Operating net income (note 1) $ 61,343 44,476
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statement of Financial Condition (unaudited)
(In thousands, except share data) 12/31/02 12/31/01
ASSETS
Cash and due from depository
institutions $ 200,600 120,049
Securities purchased under resell
agreements and federal funds 50,145 156
Investment securities and tax
certificates (approximate fair
value: $212,240 and $434,470) 212,240 428,718
Loans receivable, net 3,372,630 2,774,238
Securities available for sale (at
fair value) 707,858 843,867
Trading securities (at fair value) 186,454 68,296
Accrued interest receivable 33,984 33,706
Real estate held for development and
sale and joint ventures 252,087 178,273
Investment in unconsolidated real
estate subsidiary 60,695 --
Office properties and equipment, net 92,699 61,685
Federal Home Loan Bank stock, at cost
which approximates fair value 64,943 56,428
Deferred tax asset, net 35,316 17,879
Goodwill 78,611 39,859
Core deposit intangible asset 13,757 --
Other assets 58,992 31,332
Total assets $ 5,421,011 4,654,486
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 2,920,555 2,276,567
Advances from FHLB 1,297,170 1,106,030
Securities sold under agreements to
repurchase 116,279 406,070
Federal funds purchased -- 61,000
Subordinated debentures, notes and
bonds payable 193,816 131,428
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 180,375 74,750
Securities sold not yet purchased 38,003 38,431
Due to clearing agent 78,791 9,962
Other liabilities 126,688 114,575
Total liabilities 4,951,677 4,218,813
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 53,441,847
and 53,203,159 shares 534 532
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 252,699 251,202
Unearned compensation - restricted
stock grants (1,209) (1,359)
Retained earnings 213,692 170,349
Total stockholders' equity before
accumulated other comprehensive
income 465,765 420,773
Accumulated other comprehensive
income 3,569 14,900
Total stockholders' equity 469,334 435,673
Total liabilities and
stockholders' equity $ 5,421,011 4,654,486
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share data and ratios)
For The Three Months Ended
12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
Current Earnings:
GAAP Net Income
(loss) (note 1) $ 18,066 14,473 20,323 (2,527) 10,501
Operating Net
Income (note 2) $ 19,020 15,737 13,319 13,267 13,297
Average Common
Shares
Outstanding:
Basic 58,085,481 58,065,396 57,973,880 57,862,267 51,768,998
Diluted
GAAP 64,188,382 64,320,448 57,973,880 65,207,468 57,859,579
Diluted
Operating 64,188,382 64,320,448 64,747,784 65,207,468 57,859,579
Key GAAP
Performance
Ratios:
Basic earnings
(loss) per
share $ 0.31 0.25 0.35 (0.04) 0.20
Diluted earnings
(loss) per
share * $ 0.29 0.23 0.35 (0.04) 0.19
Return on
average
tangible
assets (note 3) % 1.32 1.02 1.47 (0.22) 0.91
Return on
average
tangible
equity (note 3)% 19.98 16.96 24.63 (2.64) 12.83
Key Operating
Performance
Ratios:
Basic earnings
(loss) per
share $ 0.33 0.27 0.23 0.23 0.26
Diluted earnings
(loss) per
share * $ 0.30 0.25 0.21 0.21 0.24
Operating return
on average
tangible
assets (note 3) % 1.39 1.10 0.96 1.15 1.16
Operating return
on average
tangible
equity (note 3)% 21.03 18.44 16.14 13.89 16.25
* Diluted earnings
per share
calculation
adds back
interest
expense net of
tax on
convertible
securities,
if dilutive $ 440 440 440 440 441
Average Balance
Sheet Data:
Assets $ 5,552,458 5,796,782 5,620,134 4,656,653 4,637,305
Tangible
Assets
(note 3) $ 5,459,454 5,701,036 5,522,552 4,630,874 4,596,908
Loans $ 3,602,605 3,679,371 3,564,545 2,864,179 2,899,626
Invest-
ments $ 1,207,985 1,392,785 1,367,312 1,332,292 1,330,722
Deposits
and
escrows $ 2,970,904 2,988,545 3,028,407 2,424,146 2,275,587
Stock-
holders'
Equity $ 456,579 441,177 427,740 411,455 373,351
Tangible
Stock-
holders'
Equity
(note 3) $ 361,681 341,355 330,042 382,161 327,325
Tangible
equity to
tangible
assets % 6.62 5.99 5.98 8.25 7.12
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share data and ratios)
For The
Year Ended
12/31/02 12/31/01
Current Earnings:
GAAP Net Income (loss) (note 1) $ 50,335 32,160
Operating Net Income (note 2) $ 61,343 44,476
Average Common Shares Outstanding:
Basic 57,997,556 42,091,961
Diluted GAAP 64,400,725 54,313,104
Diluted Operating 64,400,725 54,313,104
Key GAAP Performance Ratios:
Basic earnings (loss) per share $ 0.87 0.76
Diluted earnings (loss) per share * $ 0.81 0.65
Return on average tangible assets (note 3) % 0.94 0.69
Return on average tangible equity (note 3) % 14.14 12.87
Key Operating Performance Ratios:
Basic earnings (loss) per share $ 1.06 1.06
Diluted earnings (loss) per share * $ 0.98 0.88
Operating return on average
tangible assets (note 3) % 1.15 0.96
Operating return on average
tangible equity (note 3) % 17.23 17.79
* Diluted earnings per share calculation
adds back interest expense net of tax
on convertible securities, if dilutive $ 1,760 3,397
Average Balance Sheet Data:
Assets $ 5,410,030 4,695,327
Tangible Assets (note 3) $ 5,331,769 4,648,808
Loans $ 3,430,387 2,978,811
Investments $ 1,324,938 1,322,230
Deposits and escrows $ 2,854,870 2,320,266
Stockholders' Equity $ 434,380 304,392
Tangible Stockholders' Equity (note 3) $ 355,970 249,973
Tangible equity to tangible assets % 6.68 5.38
Notes:
(1) GAAP net income is defined as net income in accordance with generally
accepted accounting principles.
(2) Operating net income is defined as GAAP net income adjusted for
goodwill amortization, goodwill impairment, core deposit
amortization and any non-operating activities, 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.
SOURCE BankAtlantic Bancorp, Inc.
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Related links:
http://www.bankatlantic.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000905/BANKATLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Investor Relations, Leo Hinkley,
+1-954-760-5317, or fax, +1-954-760-5415, or
InvestorRelations@BankAtlantic.com, or Corporate Communications,
Sharon Lyn, +1-954-760-5402, or CorpComm@BankAtlantic.com, both
of BankAtlantic Bancorp, Inc.; or Caren Berg, Boardroom
Communications, +1-954-370-8999, caren@boardroompr.com, for
BankAtlantic Bancorp, Inc.
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