FORT LAUDERDALE, Fla., April 3 /PRNewswire-FirstCall/ --
BankAtlantic Bancorp, Inc. (NYSE: BBX) today announced that its Board of
Directors has authorized management to initiate a process to separate its real
estate development subsidiary, Levitt Corporation, from BankAtlantic Bancorp
through a tax-free spin-off which would result in Levitt Corporation becoming
a separate publicly traded company.
BankAtlantic Bancorp intends to request a private letter ruling from the
Internal Revenue Service (IRS) that the distribution of Levitt's shares to
BankAtlantic Bancorp's shareholders will be tax-free to BankAtlantic Bancorp
and to holders of BankAtlantic Bancorp stock. Subject to receipt of the
private letter ruling and any required regulatory approval, BankAtlantic
Bancorp would expect the Levitt Corporation spin-off to take place in the
third or fourth quarter of this year.
Chief Executive Officer Alan B. Levan noted, "Levitt has grown
significantly in the past several years, and has clearly established a
successful track record. In deciding on this course of action, we determined
that Levitt Corporation's future growth prospects would be better met as a
free-standing entity, with independent access to capital and debt markets.
Further, we believe this action will augment the ability of our banking
subsidiary, BankAtlantic, to expand its capital access and improve its growth
potential. Both companies anticipate accessing the capital markets to fund
this growth, and this transaction we believe will assist in those financings.
As an added benefit, we believe institutional investors, traditional bank
investors and Wall Street in general prefer a more conventional business
structure. While most financial service investors understand the value of the
combined traditional synergies of community banking (BankAtlantic) and
investment banking and retail brokerage (Ryan Beck & Co.), we believe that
many investors perceive a "disconnect" between these financial services
entities and our real estate development subsidiary. Levitt Corporation has
delivered solid results and has been a consistent performer. However, we do
not believe Levitt's value and contribution has been fully reflected in the
pricing of BankAtlantic Bancorp's stock. In spinning off Levitt Corporation,
we would be returning BankAtlantic Bancorp to its more traditional roots as a
Florida-based financial services and banking company, creating a separate,
premier real estate development company. As a result, our hope is to unlock
shareholder value, increase investor interest, and result in each company
trading at multiples more comparable with their respective market sector peer
groups."
"After completion of this proposed transaction, Levitt Corporation would
be owned by the shareholders of BankAtlantic Bancorp on a basis that mirrors
their present holdings. Based on certain assumptions utilized, in 2002 the
new publicly held Levitt Corporation would have had gross revenues of
$207.8 million, cost of sales of $159.7 million, after tax earnings of
$19.6 million, and equity of $97.4 million, if this transaction had been in
place for the full year. The book value of BankAtlantic Bancorp was $8.05 per
share at December 31, 2002. After giving effect to the dividend of the Levitt
shares in the spin-off, the book value of the BankAtlantic Bancorp shares
would have been approximately $6.38 per share, if the transaction had been in
place December 31, 2002. Levitt anticipates effecting a "reverse split" of
its stock to bring the book value per share of the post-spin Levitt to a
normal range. Attached are pro-forma financial statements for Levitt
Corporation and BankAtlantic Bancorp reflecting the proposed spin-off."
Mr. Levan continued, "While we are extremely proud of our record results
of BankAtlantic and Levitt in 2002, we are mindful of the enormous
opportunities that await us and the competitive advantage our strategies and
initiatives have helped to create." Some of the highlights from 2002 for
Levitt Corporation and BankAtlantic include:
Levitt Corporation:
The Levitt Corporation spin-off will include all of the Levitt 100% owned
subsidiaries including Levitt and Sons, Core Communities, and Levitt
Commercial. Levitt Corporation also maintains a 40% ownership interest in
Bluegreen Corporation (NYSE: BXG).
Levitt and Sons is America's oldest homebuilder and America's first
builder of planned suburban communities, and is best known for creating New
York's Levittown, Long Island and Levittown, PA. After building approximately
200,000 homes in over 74 years, the Levitt legacy continues and 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. St. Lucie West, the fastest
growing community on Florida's Treasure Coast for the last 7 years, is a
4,600-acre community with 4,000 built and occupied homes, 150 businesses
employing 5,000 people and a university campus. Core Communities' newest
master-planned community is "Tradition". Now under development on Florida's
Treasure Coast in St. Lucie County, Tradition will feature 5,600 residences, a
commercial town center and a world-class corporate park.
Levitt Commercial specializes in development, re-development, and joint
venture opportunities in industrial and retail properties.
Bluegreen Corporation:
In 2002, the Company together with Levitt Corporation acquired a 40%
ownership interest in Bluegreen Corporation (NYSE: BXG). Bluegreen Corp.
engages in the acquisition, development, marketing and sale of drive-to
vacation resorts, golf communities and residential land. Bluegreen's resorts
are located in a variety of popular vacation destinations throughout the
United States, Florida, and Aruba. Bluegreen land operations are
predominantly located in the Southeastern and Southwestern United States.
Levitt Corporation:
Full Year, 2002 Compared to Full Year, 2001
* Pretax income increased to $25.8 million vs. $11.6 million in the prior
year, an increase of 122%.
* Return on tangible equity improved to 15.3% from 10.6% in 2001.
* Total revenue increased 47% to $56.7 million, up from $38.6 million.
In 2002, BankAtlantic changed the landscape of banking in Florida through
its "Florida's Most Convenient Bank" initiative. This initiative includes
free checking accounts, seven day branch banking, extended lobby hours, a
24 hour live customer service center and dozens of new product and service
initiatives with the goal of branding BankAtlantic as the most innovative,
entrepreneurial, and convenient bank in Florida.
As a result of the transformation of BankAtlantic, we were successful in
increasing the percentage of low cost deposits (demand, NOW and savings
accounts) to total deposits from 27% to 35%, at the end of 2002. These low
cost deposits grew $212 million, a 35% year-over-year increase on a "same
store" basis. Across our system, we opened approximately 77,000 new demand
and NOW checking accounts in 2002, a level approximately 134% higher than our
experience in 2001.
With the combination of our increased visibility resulting from our
"Florida's Most Convenient Bank" initiative, which includes the strong
branding powered by our seven-day branch banking initiatives, the largest
Florida-based bank branch network, 51 years of experience, "Totally Free"
Checking and our menu of diverse and differentiated products and services, and
the many core advantages that distinguish us from other Florida banks, we
believe BankAtlantic is a pioneer in banking and financial services in
Florida.
BankAtlantic:
Full Year, 2002 Compared to Full Year, 2001
* Total average loans grew to $3.5 billion vs. $3.0 billion, an increase
of 17%.
* Average commercial real estate loans increased to $1.5 billion vs.
$1.1 billion, an increase of 36%.
* Average residential loans increased to $1.4 billion vs. $1.3 billion,
an increase of 8%.
* 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
* Non-interest income increased to $53.3 million vs. $37.5 million, or
42%.
BankAtlantic Bancorp:
Full Year, 2002 Compared to Full Year, 2001
* Net income for 2002 was a record $50.3 million, an increase of 56%,
compared to $32.2 million in 2001.
* On a per share basis (fully diluted), net income for 2002 increased 25%
to $0.81, from $0.65 during the corresponding 2001 period.
* Return on tangible equity was 14.14% vs. 12.87%.
Mr. Levan concluded, "We believe the proposed spin-off is a win-win
scenario for our shareholders. The banking and the real estate sectors have
been two of the strongest and most durable segments in Florida's economy and
we have enjoyed being a leader in both of these sectors."
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, Levitt Corporation,
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 Levitt Corporation:
Levitt Corporation is the parent company of Levitt and Sons, Core
Communities, and Levitt Commercial. Levitt Corporation also maintains a 40%
ownership interest in Bluegreen Corporation (NYSE: BXG).
Levitt and Sons is America's oldest homebuilder and America's first
builder of planned suburban communities, and is best known for creating New
York's Levittown, Long Island and Levittown, PA. After building approximately
200,000 homes in over 74 years, Levitt and Sons 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. St. Lucie West, the fastest
growing community on Florida's Treasure Coast for the last 7 years, is a
4,600-acre community with 4,000 built and occupied homes, 150 businesses
employing 5,000 people and a university campus. Core Communities' newest
master-planned community is "Tradition". Now under development on Florida's
Treasure Coast in St. Lucie County, Tradition features 5,600 residences, a
commercial town center and a world-class corporate park.
Levitt Commercial specializes in development, re-development, and joint
venture opportunities in industrial and retail properties.
Bluegreen Corporation:
Levitt Corporation acquired a 40% ownership interest in Bluegreen
Corporation (NYSE: BXG). Bluegreen Corp. engages in the acquisition,
development, marketing and sale of drive-to vacation resorts, golf communities
and residential land. The Company's resorts are located in a variety of
popular vacation destinations including the Smoky Mountains of Tennessee;
Myrtle Beach and Charleston, South Carolina; Branson, Missouri; Wisconsin
Dells and Gordonsville, Wisconsin; Aruba and throughout Florida. Bluegreen
Corp.'s land operations are predominantly located in the Southeastern and
Southwestern United States.
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, operates more than
180 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 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
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 in excess of 500 financial consultants
located in 42 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, Phone: (954) 760-5317,
Fax: (954) 760-5415 or InvestorRelations@BankAtlantic.com
Mailing Address: 1750 East Sunrise Boulevard, Fort Lauderdale, FL 33304
Corporate Communications: Sharon Lyn, Phone: (954) 760-5402 or
CorpComm@BankAtlantic.com
BankAtlantic and Levitt Corporation Public Relations: Hattie Harvey,
Phone: (954) 760- 5383, HHarvey@BankAtlantic.com
Public Relations for BankAtlantic: Boardroom Communications, Caren Berg,
Phone: (954) 370-8999 or caren@boardroompr.com
Matters discussed in this press release contain forward-looking statements
within the meaning of the private Securities Litigation Reform Act of 1995.
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, including
that the conditions relating to regulatory approval and the tax-free nature of
the spin-off may not be met, that business, economic, or market conditions may
make the spin-off less advantageous to BankAtlantic Bancorp and Levitt, that
Levitt will not be successful as an separate publicly traded company, that it
will not have additional access to capital or debt markets or that such
markets may prove to be more expensive than currently available, that the
Board may in the future conclude that it is not in the best interest of the
Company or the shareholders to pursue the spin-off and other factors detailed
in reports filed by the Company with the Securities and Exchange Commission,
including specifically those factors relating to Levitt's growth and
operations. Further, the attached pro forma information provided may not be
indicative of the results or financial positions of the separate companies
after the spin-off. The assumptions utilized and the adjustments made in
connection with the preparation of the pro forma may not prove to be accurate.
SUMMARY PRO FORMA STATEMENTS OF FINANCIAL CONDITION
(Unaudited) - See Notes
As of December 31, 2002
BankAtlantic Bancorp Levitt
As Originally Pro
(In thousands) Reported Pro Forma Forma
ASSETS
Cash and short-term investments $250,745 $240,032 $19,001
Investments 1,171,495 1,171,495 --
Loans 3,372,630 3,463,030 6,082
Real estate held for development and
sale 252,087 24,233 202,377
Investment in unconsolidated real
estate subsidiary 60,695 -- 60,695
Other assets 313,359 306,231 10,670
Total Assets $5,421,011 $5,205,021 $298,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $2,920,555 $2,920,555 $--
FHLB Advances 1,297,170 1,297,170 --
Other short-term borrowings 116,279 124,567 --
Other long-term borrowings 374,191 284,251 160,945
Other liabilities 243,482 206,540 40,484
Total Liabilities 4,951,677 4,833,083 201,429
Stockholders' equity 469,334 371,938 97,396
Total Liabilities and Stockholders'
Equity $5,421,011 $5,205,021 $298,825
Notes:
1) These pro forma schedules reflect the statements of financial
condition and statements of operations for BankAtlantic Bancorp as
originally reported for the year ended December 31, 2002, and as they
would have been reported for BankAtlantic Bancorp and Levitt
Corporation if the proposed spin-off had occurred as of January 1,
2002.
2) Included in the pro forma statements of financial condition and the pro
forma statements of operations were adjustments that were eliminated in
consolidation in the BankAtlantic Bancorp financial statements as
originally reported that became assets, liabilities, income and
expenses upon post spin-off in the pro forma financial statements.
3) Certain adjustments have been made relating to the transfer of
ownership of BankAtlantic Bancorp's interest in Bluegreen Corporation
and adjustments to the debt owed by Levitt to BankAtlantic Bancorp.
These adjustments reflect management's current plans for structuring
this transaction.
4) Gains on the sale of real estate and joint venture activity is
presented net of cost of sales. Levitt's pro forma includes gross
revenues from real estate activity of $207.8 million, costs associated
with those sales of $159.7 million and income from joint venture
activities of approximately $400,000.
SUMMARY PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited) - See Notes
For the Year Ended December 31, 2002
BankAtlantic Bancorp Levitt
As Originally Pro
(In thousands) Reported Pro Forma Forma
Net interest income $157,808 $159,472 $162
Provision for loan losses 14,077 14,077 --
Net interest income after provision
for loan losses 143,731 145,395 162
Non-interest income:
Service charges and other banking
fees 40,566 40,566 --
Investment banking income 151,156 151,156 --
Gains on sales of real estate and
joint venture activities 51,650 1,303 48,521
Income from unconsolidated real
estate subsidiary 5,349 -- 5,349
Gains (losses) on sales of assets
and redemption of debt 7,293 7,293 --
Impairment of securities (18,801) (18,801) --
Other 11,105 9,233 1,892
Total non-interest income 248,318 190,750 55,762
Non-interest expense:
Employee compensation and benefits 198,948 184,965 13,983
Restructuring and acquisition
related charges and impairments 5,932 5,932 --
Other 129,600 113,516 16,104
Total non-interest expense 334,480 304,413 30,087
Income before income taxes,
extraordinary items and
cumulative effect of a change in
accounting principle 57,569 31,732 25,837
Provision for income taxes 15,876 9,597 6,279
Income before extraordinary items
and cumulative effect of a
change in accounting principle 41,693 22,135 19,558
Extraordinary items, net of tax 23,749 23,749 --
Cumulative accounting change,
net of tax (15,107) (15,107) --
GAAP net income $50,335 $30,777 $19,558
Reconciliation of Operating and GAAP
Net Income *
GAAP net income before extraordinary
items and cumulative
accounting change $41,693 $22,135 $19,558
Restructuring charges and write-downs 655 655 --
Cost associated with debt redemption 2,031 2,031 --
Loss on mutual funds associated with
Gruntal deferred comp plan 1,493 1,493 --
Acquisition and conversion related
charges 3,250 3,250 --
Impairment of securities 12,221 12,221 --
Operating net income $61,343 $41,785 $19,558
* Net income as determined by GAAP is adjusted to "operating net income"
by adjusting for itemized extraordinary and non-operating items. 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.
CONSOLIDATING PRO FORMA WORKSHEET
PRO FORMA STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
As of December 31, 2002
BBX Levitt
As As
Originally Originally Eliminating
(In thousands) Reported Reported Adjustments
ASSETS
Cash and short-term investments $250,745 19,001 8,288
Investments 1,171,495 -- --
Loans 3,372,630 6,082 82,982
Real estate held for development and
sale and joint ventures 252,087 202,377 (25,477)
Investment in unconsolidated
real estate subsidiary 60,695 57,332 --
Other Assets 313,359 10,670 3,542
Total Assets $5,421,011 295,462 69,335
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $2,920,555 -- --
FHLB Advances 1,297,170 -- --
Other short-term borrowings 116,279 -- 8,288
Other long-term borrowings 374,191 147,445 57,505
Other liabilities 243,482 40,484 3,542
Total Liabilities 4,951,677 187,929 69,335
Stockholders' Equity 469,334 107,533 --
Total Liabilities and
stockholders' equity $5,421,011 295,462 69,335
CONSOLIDATING PRO FORMA WORKSHEET
PRO FORMA STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
As of December 31, 2002
BBX Spin Off BBX
Post Transact- Pro
(In thousands) Levitt ions Forma
ASSETS
Cash and short-term investments 240,032 -- 240,032
Investments 1,171,495 -- 1,171,495
Loans 3,449,530 13,500 3,463,030
Real estate held for development and
sale and joint ventures 24,233 -- 24,233
Investment in unconsolidated
real estate subsidiary 3,363 (3,363) --
Other Assets 306,231 -- 306,231
Total Assets 5,194,884 10,137 5,205,021
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits 2,920,555 -- 2,920,555
FHLB Advances 1,297,170 -- 1,297,170
Other short-term borrowings 124,567 -- 124,567
Other long-term borrowings 284,251 -- 284,251
Other liabilities 206,540 -- 206,540
Total Liabilities 4,833,083 -- 4,833,083
Stockholders' Equity 361,801 10,137 371,938
Total Liabilities and
stockholders' equity 5,194,884 10,137 5,205,021
CONSOLIDATING PRO FORMA WORKSHEET
PRO FORMA STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
As of December 31, 2002
Levitt
As
Originally Spin Off Levitt
(In thousands) Reported Transactions Pro Forma
ASSETS
Cash and short-term investments 19,001 -- 19,001
Investments - -- --
Loans 6,082 -- 6,082
Real estate held for development and
sale and joint ventures 202,377 -- 202,377
Investment in unconsolidated real
estate subsidiary 57,332 3,363 60,695
Other Assets 10,670 -- 10,670
Total Assets 295,462 3,363 298,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits -- -- --
FHLB Advances -- -- --
Other short-term borrowings -- -- --
Other long-term borrowings 147,445 13,500 160,945
Other liabilities 40,484 -- 40,484
Total Liabilities 187,929 13,500 201,429
Stockholders' Equity 107,533 (10,137) 97,396
Total Liabilities and
stockholders' equity 295,462 3,363 298,825
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
For the Year Ended December 31, 2002
BBX Levitt
As As
Originally Originally Eliminating
(In thousands) Reported Reported Adjustments
Net interest income $157,808 871 1,826
Provision for loan losses 14,077 -- --
Net interest income after provision
for loan losses 143,731 871 1,826
Non-interest income:
Service charges and other banking
fees 40,566 -- --
Investment banking income 151,156 -- --
Gains on sales of real estate and
joint venture activities 51,650 48,521 (1,826)
Income from unconsolidated real
estate subsidiary 5,349 4,570 --
Gains (losses) on sales of assets
and redemption of debt 7,293 -- --
Impairment of securities (18,801) -- --
Other 11,105 1,892 20
Total non-interest income 248,318 54,983 (1,806)
Non-interest expense:
Employee compensation and benefits 198,948 13,983 --
Restructuring and acquisition related
charges and impairments 5,932 -- --
Other 129,600 16,104 20
Total non-interest expense 334,480 30,087 20
Income before income taxes,
extraordinary items and
cumulative effect of a change in
accounting principle 57,569 25,767 --
Provision for income taxes 15,876 6,254 --
Income before extraordinary items
and cumulative effect of a
change in accounting principle $41,693 19,513 --
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
For the Year Ended December 31, 2002
BBX Spin Off BBX
Post Transact- Pro
(In thousands) Levitt ions Forma
Net interest income 158,763 709 159,472
Provision for loan losses 14,077 -- 14,077
Net interest income after provision
for loan losses 144,686 709 145,395
Non-interest income:
Service charges and other banking fees 40,566 -- 40,566
Investment banking income 151,156 -- 151,156
Gains on sales of real estate and
joint venture activities 1,303 -- 1,303
Income from unconsolidated real
estate subsidiary 779 (779) --
Gains (losses) on sales of assets
and redemption of debt 7,293 -- 7,293
Impairment of securities (18,801) (18,801)
Other 9,233 -- 9,233
Total non-interest income 191,529 (779) 190,750
Non-interest expense:
Employee compensation and benefits 184,965 -- 184,965
Restructuring and acquisition related
charges and impairments 5,932 -- 5,932
Other 113,516 -- 113,516
Total non-interest expense 304,413 -- 304,413
Income before income taxes,
extraordinary items and
cumulative effect of a change in
accounting principle 31,802 (70) 31,732
Provision for income taxes 9,622 (25) 9,597
Income before extraordinary items
and cumulative effect of a change
in accounting principle 22,180 (45) 22,135
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
For the Year Ended December 31, 2002
Levitt Spin Off Levitt
As Originally Transact- Pro
(In thousands) Reported ions Forma
Net interest income 871 (709) 162
Provision for loan losses -- -- --
Net interest income after provision
for loan losses 871 (709) 162
Non-interest income:
Service charges and other banking fees -- -- --
Investment banking income -- -- --
Gains on sales of real estate and
joint venture activities 48,521 -- 48,521
Income from unconsolidated real
estate subsidiary 4,570 779 5,349
Gains (losses) on sales of assets
and redemption of debt -- -- --
Impairment of securities -- -- --
Other 1,892 -- 1,892
Total non-interest income 54,983 779 55,762
Non-interest expense:
Employee compensation and benefits 13,983 -- 13,983
Restructuring and acquisition related
charges and impairments -- -- --
Other 16,104 -- 16,104
Total non-interest expense 30,087 -- 30,087
Income before income taxes,
extraordinary items and
cumulative effect of a change in
accounting principle 25,767 70 25,837
Provision for income taxes 6,254 25 6,279
Income before extraordinary items
and cumulative
effect of a change in accounting
principle 19,513 45 19,558
SOURCE BankAtlantic Bancorp, Inc.
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Related links:
http://www.bankatlantic.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000905/BANKATLOGO
CONTACT:
Investors - Leo Hinkley, +1-954-760-5317, or
Fax, +1-954-760-5415, InvestorRelations@BankAtlantic.com,
Corporate Communications - Sharon Lyn, +1-954-760-5402,
CorpComm@BankAtlantic.com, or BankAtlantic and Levitt Corporation
Public Relations - Hattie Harvey, +1-954-760-5383,
HHarvey@BankAtlantic.com, all of BankAtlantic Bancorp, Inc.; or
Public Relations - Caren Berg of Boardroom Communications,
+1-954-370-8999, caren@boardroompr.com, for BankAtlantic Bancorp,
Inc.
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