Income From Continuing Operations Increased 54%
Earnings Per Share Increased 53%
FORT LAUDERDALE, Fla., April 19 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX) -- today reported net income from continuing
operations increased 54% to $16.6 million, or $0.26 per diluted share, for the
first quarter of 2004, up from $10.8 million, or $0.17 per diluted share,
earned from continuing operations in the corresponding period in 2003.
Excluding the effect of a large gain recognized in connection with a
litigation settlement and the costs associated with a decision to prepay
certain high-cost debt, net income from continuing operations would have been
$13.4 million vs. $10.8 million, an increase of 24%.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented,
"The first quarter of 2004 was an outstanding quarter for BankAtlantic Bancorp
and gives us an excellent start for the new year. Growth in low cost deposits
at BankAtlantic continued at the very high levels we have experienced since
the inception of our 'Florida's Most Convenient Bank' program. Credit quality
remained strong. We are particularly pleased that our interest margin
continued to improve. Also, Ryan Beck & Co. had an outstanding quarter, with
record income for the quarter, and a strong backlog. Results from all of its
major business units were quite favorable."
Additional accomplishments and highlights include:
BankAtlantic:
"BankAtlantic's 'Florida's Most Convenient Bank' initiatives, including
seven-day banking, extended weekday hours, 24/7 call center service, Totally
Free Checking, free online banking, Totally Free Change Exchange coin
counters, and dozens of additional products and services, continue to attract
new customers and generate new checking and savings account openings at record
rates. Since January 2002, BankAtlantic has opened nearly 290,000 new
checking and savings accounts including more than 45,000 in the first quarter
of 2004. The first quarter of 2004 marks the ninth consecutive quarter of
double-digit growth in new low cost checking and savings account openings. As
shown in the table below, balances in low cost deposits increased 36% on a
"same branch basis" in the first quarter of 2004, over the first quarter of
2003, to a total of $1.55 billion at quarter end. At December 31, 2001,
immediately preceding the initiation of this program, BankAtlantic had
$602 million in low cost deposits. Non-interest bearing demand deposits now
constitute 24% of deposit funding, up from 18% a year ago, and 13% before
initiation of the program.
The following table presents comparative data for new account balances:
DEC '01 MAR '02 JUN '02 SEP '02 DEC '02
Demand Deposits
% of Total Deposits 13% 13% 14% 14% 16%
Low Cost Deposits*
% of Total Deposits 26% 29% 30% 32% 35%
Low Cost Deposit Growth*
"Same Branch"
Year-over-Year
Change** 15% 23% 30% 30%
Effective rate,
Low Cost Deposits* 0.38% 0.49% 0.45% 0.35%
*DDA and NOW Checking plus Savings comprise Low Cost Deposits
**Includes Branches open for 2 years or more
MAR '03 JUN '03 SEP '03 DEC '03 MAR '04
Demand Deposits
% of Total Deposits 18% 19% 20% 21% 24%
Low Cost Deposits*
% of Total Deposits 40% 41% 43% 45% 49%
Low Cost Deposit Growth*
"Same Branch"
Year-over-Year Change** 31% 33% 36% 34% 36%
Effective rate,
Low Cost Deposits* 0.33% 0.28% 0.18% 0.18% 0.18%
*DDA and NOW Checking plus Savings comprise Low Cost Deposits
**Includes Branches open for 2 years or more
"We continue to be excited with the results of our major re-branding of
BankAtlantic. Our new customers bring a new vitality to our organization, and
significantly add to our franchise value. They also provide us with a growing
opportunity to cross promote additional bank products and services.
Furthermore, our increased level of low cost deposits positions BankAtlantic
to benefit in a higher interest rate environment.
"BankAtlantic's loan portfolio quality remained strong. During the first
quarter, the Bank experienced net recoveries on loans of $647,000, continuing
our pattern of low net loan losses over the past several quarters. The ratio
of non-performing assets to total loans and other assets was 0.34% at March
31, 2004 vs. 0.33% at December 31, 2003. Non-performing loans represented
0.29% of total loans at March 31, 2004, vs. 0.25% at December 31, 2003. The
allowance for loan and lease losses to total loans and leases at March 31,
2004 was 1.22%, representing 415% of non-performing loans and 345% of all non-
performing assets. This continued strong loan quality, coupled with the
continuing run-off of the discontinued loan product lines, resulted in a
$859,000 credit to the provision for loan losses during the first quarter of
2004.
"The net interest margin at BankAtlantic improved to 3.73% in the first
quarter of 2004, from 3.39% in the fourth quarter of 2003. Growth in low cost
deposits, a slowing in prepayments of mortgages and our prepayments of certain
FHLB advances have resulted in an improvement in our net interest margin.
While further progress on this front will depend to a large degree on the
pattern and level of interest rates, this increase represents a major
improvement in BankAtlantic's earning power, and validates our move to broaden
our customer base and emphasize community banking as one of our core
foundations.
"On March 30, BankAtlantic announced the promotion of Lloyd DeVaux to the
newly created position of Chief Operating Officer. Mr. DeVaux had previously
been Executive Vice President and Chief Information Officer. He will continue
to work closely with the rest of the executive team on leading implementation
of the bank's strategic objectives, and will assume additional
responsibilities for many other bank-wide functions including expense
management, strategic planning, talent management, and will also assume a
greater role in dealing with the institutional investor community.
"During the quarter, BankAtlantic prepaid approximately $108 million of
Federal Home Loan Bank advances. These FHLB advances had an average effective
rate of 5.5% per annum and were scheduled to mature in 2007 - 2008. After
giving effect to the prepayments, the remaining Federal Home Loan Bank
advances consist of approximately $591 million of fixed rate advances, most of
which are scheduled to mature between 2008 - 2011, with an average effective
rate of approximately 4.98%. In conjunction with the prepayments, we recorded
an after-tax charge of $7.6 million.
"'Yeah, We're Open.' BankAtlantic has succeeded in firmly establishing
our brand as that of the most convenient bank in our market. Toward that end,
during the quarter we launched BankAtlantic's new advertising campaign --
'Yeah, We're Open' emphasizing our 'Florida's Most Convenient Bank'
initiative. With three simple words, 'Yeah, We're Open,' we have encompassed
a strategy totally unique to BankAtlantic.
Ryan Beck & Co.:
"Ryan Beck & Co. had record operating revenues of $65.9 million and net
income of $5.1 million for the 3-month period ending March 31, 2004. Growth
in operating revenues for the first quarter of 2004 grew 19% vs. the
comparable 2003 period. Net income from continuing operations increased 183%
vs. the comparable 2003 period. Return on equity grew to 26.4% vs. an 11.1%
return on average equity in the first quarter of 2003.
"Each of the firm's major business units had strong results. The Private
Client Group revenues for the first quarter 2004 rose 31% to $45.0 million vs.
$34.3 million in the comparable 2003 period. Investment Banking revenues for
the quarter grew to $12.3 million vs. $11.4 million in the comparable 2003
period. During the first quarter, the Financial Institutions Investment
Banking Group announced five mergers with a value of $2.34 billion. Further,
the Middle Market Group completed the IPO for Bakers Footwear Group, Inc.
(BKRS). This initial public offering was one of the best performing IPO's for
the quarter among domestic transactions. Additionally, in early April 2004,
Ryan Beck closed certain major investment banking transactions, which resulted
in revenue in excess of all investment banking revenue realized by Ryan Beck
in the first quarter of this year. The impact of those transactions will be
reflected in the second quarter of 2004.
"Rick Martin joined the firm as Managing Director and Director of
Research. He brings 20 years of research experience within the financial
services industry. Prior to joining the firm, Mr. Martin served as the
Director of Research at Tucker Anthony Sutro Capital Markets, Advest, SBC
Warburg and The Chicago Corporation.
BankAtlantic Bancorp:
"During the first quarter, BankAtlantic Bancorp announced that it had
settled litigation that the Company and certain of its affiliates had filed
related to an investment in a technology company. Pursuant to the settlement,
the Company sold its stock in the technology company to a third party investor
group for $15 million in cash, its original cost, and received additional
compensation for legal expenses and damages consisting of $1.7 million in cash
and the return of 378,000 shares of the Company's Class A Common Stock owned
by the technology company. The parties also exchanged releases and the
pending litigation between the parties will be dismissed in connection with
the settlement. As a result of the settlement, the Company has no further
interest in the technology company. The investment had previously been
charged off, so the effect of this settlement was to increase net income for
the quarter by $10.9 million, net of tax. In addition, the shares of
BankAtlantic Bancorp received in connection with the settlement were retired,
which will reduce shares outstanding by approximately 0.6%.
Financial Highlights:
First Quarter, 2004 Compared to First Quarter, 2003
BankAtlantic Bancorp -- consolidated (adjusted for the Levitt Corporation
spin-off):
* Net income from continuing operations was $16.6 million vs.
$10.8 million. Excluding the effect of a recent litigation settlement and
costs associated with the early redemption of debt, net income from continuing
operations would have been $13.4 million vs. $10.8 million, an increase of
24%.
* Return from continuing operations on tangible equity was 20.26% vs.
11.31%. Excluding the non-recurring items, the return on tangible equity was
16.27% for the current period.
* Book value per share, adjusted for the Levitt spin-off, rose to $7.26.
BankAtlantic:
* Business segment net income of $3.3 million vs. $11.4 million. The 2003
quarter includes a $7.6 million after-tax expense related to the prepayment of
Federal Home Loan Bank (FHLB) advances.
* Return on average tangible assets was 0.30% vs. 0.93%. Excluding the
FHLB advances repayment charge, the return on tangible assets was 0.98% for
the current period.
* Return on tangible equity was 3.19% vs. 12.08%. Excluding the FHLB
prepayment charge, the return on tangible equity was 10.53% for the current
period.
* Net interest margin increased to 3.73% from 3.35% in the first quarter,
2003, and from 3.39% in the fourth quarter, 2003.
* Non-interest income was $18.2 million vs. $15.1 million, an increase of
21%.
* Non-interest expense grew to $54.1 million vs. $36.3 million. Included
in the current period is an $11.7 million pre-tax expense associated with the
prepayment of the FHLB advances. Excluding the prepayment costs, expenses
increased 17%.
Ryan Beck & Co.:
* Business segment net income from continuing operations increased to
$5.1 million vs. $1.8 million, representing a 183% increase over the first
quarter of 2003.
* Return on equity from continuing operations was 26.40% vs. 10.62%.
* Pretax margin increased to 13% for the quarter, up from 6% in the March
31, 2003 quarter.
* Total assets in client accounts were $18.5 billion as of March 31, 2004,
excluding certain annuities and mutual funds.
* Active accounts totaled 178,000 at March 31, 2004, with client money
market balances of approximately $1.2 billion.
* Customer margin debit balances exceeded $231 million at March 31, 2004.
* * *
BankAtlantic Bancorp's First Quarter 2004 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: http://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/1Q2004NewAccountsGraph, 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 assess performance.
The information provided for segment reporting is based on internal reports
utilized by management.
Copies of BankAtlantic Bancorp's First Quarter 2004 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 Tuesday, April 20, 2004 at 11:00 a.m. (Eastern Time).
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 6681905.
A replay of the teleconference call will be available beginning two hours
after the call's completion through 5:00 p.m., Thursday, May 20, 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 at
706-645-9291. The replay digital PIN number for both domestic and
international calls is: 6681905.
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., Thursday, May 20,
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.
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 73 branch locations and operates more than
200 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. Our Kendale Lakes
branch in Miami-Dade will be open until midnight commencing June 1, 2004.
* 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.
About Ryan Beck & Co.:
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 on
approximately 100 companies and 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 at our
website: http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations:
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:
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: Hattie Harvey, Public Relations Manager
Phone: (954) 760-5383, Fax: (954) 760-5388
Email: HHarvey@BankAtlantic.com.
Public Relations for BankAtlantic:
Boardroom Communications, 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 these 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)
For The Three Months Ended
(in thousands except share
data and ratios)
03/31/2004 12/31/2003 09/30/2003
Current Earnings:
Net income (GAAP basis) $ 16,647 17,642 18,508
Income from continuing
operations
(GAAP basis) (note 1) $ 16,647 7,826 10,144
Operating net income (note 2) $ 13,371 13,582 11,470
Average Common Shares Outstanding:
Basic 59,257,270 58,891,273 58,646,254
Diluted 63,193,034 61,852,217 61,343,946
Key Performance Ratios (GAAP basis):
Basic earnings per share $ 0.28 0.30 0.32
Diluted earnings per share * $ 0.26 0.28 0.30
Basic earnings per share from
continuing operations $ 0.28 0.13 0.17
Diluted earnings per share from
continuing operations * $ 0.26 0.12 0.16
Return on average tangible
assets from cont ops (note 3) % 1.42 0.61 0.74
Return on average tangible
equity from cont ops (note 3) % 20.26 7.23 9.77
Key Performance Ratios (Operating
basis):
Basic earnings per share $ 0.23 0.23 0.20
Diluted earnings per share * $ 0.21 0.22 0.19
Return on average tangible
assets (note 3,4) % 1.14 1.14 0.89
Return on average tangible
equity (note 3,4) % 16.27 17.20 15.23
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if
dilutive $ -- -- --
subsidiaries stock options, if
dilutive (192) (104) (83)
Average Balance Sheet Data:
Assets $ 4,791,753 5,221,228 5,579,697
Tangible assets (note 3) $ 4,703,305 5,132,341 5,490,370
Tangible assets
excluding Levitt (note 3) $ 4,703,305 4,751,321 5,141,183
Loans $ 3,730,782 3,698,377 3,942,124
Investments $ 668,269 773,271 901,283
Deposits and escrows $ 3,064,750 3,032,170 2,951,536
Stockholders' equity $ 423,482 521,393 503,274
Tangible stockholders'
equity (note 3) $ 328,714 433,103 415,294
Tangible stockholders'
equity excluding
Levitt (note 3) $ 328,714 315,808 301,310
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 securities impairment recoveries and
costs associated with debt redemptions, 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
Summary of Selected Financial Data (unaudited)
For The Three Months Ended
(in thousands except share
data and ratios)
06/30/2003 03/31/2003
Current Earnings:
Net income (GAAP basis) 17,209 14,358
Income from continuing
operations (GAAP basis) (note 1) 9,809 10,818
Operating net income (note 2) 10,880 10,818
Average Common Shares Outstanding:
Basic 58,321,020 58,171,621
Diluted 61,898,924 64,250,488
Key Performance Ratios (GAAP basis):
Basic earnings per share 0.30 0.25
Diluted earnings per share * 0.28 0.23
Basic earnings per share from
continuing operations 0.17 0.19
Diluted earnings per share from
continuing operations * 0.16 0.17
Return on average
tangible assets
from cont ops (note 3) 0.69 0.80
Return on average
tangible equity
from cont ops (note 3) 9.91 11.31
Key Performance Ratios (Operating
basis):
Basic earnings per share 0.19 0.19
Diluted earnings per share * 0.18 0.17
Return on average tangible
assets (note 3,4) 0.81 0.85
Return on average tangible
equity (note 3,4) 15.09 15.40
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if
dilutive 129 440
subsidiaries stock options, if
dilutive (27) (47)
Average Balance Sheet Data:
Assets 5,787,226 5,491,930
Tangible assets (note 3) 5,696,656 5,399,787
Tangible assets excluding
Levitt (note 3) 5,371,749 5,090,888
Loans 3,983,528 3,633,446
Investments 1,087,937 1,131,737
Deposits and escrows 2,925,061 2,851,626
Stockholders' equity 480,115 464,712
Tangible stockholders'
equity (note 3) 396,050 382,487
Tangible stockholders'
equity
excluding Levitt (note 3) 288,452 281,053
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 securities impairment recoveries and
costs associated with debt redemptions, 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 Financial Condition (unaudited)
(In thousands, except share data) 03/31/2004 12/31/2003 03/31/2003
ASSETS
Cash and due from depository
institutions $114,849 119,882 139,940
Securities purchased under resell
agreements and federal funds 1,953 -- --
Securities available for sale (at
fair value) 358,665 358,511 740,003
Securities owned (at fair value) 122,114 124,565 154,319
Investment securities and tax
certificates (approximate fair
value: $139,075,
$192,706 and $175,876) 139,075 192,706 175,436
Loans receivable, net of allowance
for loan losses of $45,383, $45,595
and $48,695 3,674,173 3,686,153 3,881,015
Federal Home Loan Bank stock, at cost
which approximates fair value 30,340 40,325 65,443
Accrued interest receivable 26,781 27,866 35,715
Real estate held for development and
sale 24,239 21,803 263,317
Investments and advances in
unconsolidated subsidiaries 7,910 7,910 71,794
Office properties and equipment, net 96,628 93,577 93,136
Deferred tax asset, net 17,751 22,999 37,523
Goodwill 76,674 76,674 77,878
Core deposit intangible asset 11,546 11,985 13,303
Other assets 47,785 46,593 64,517
Total assets $4,750,483 4,831,549 5,813,339
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $748,402 645,036 516,404
NOW accounts 567,498 533,888 446,076
Savings accounts 233,832 208,966 180,362
Insured money fund savings 870,447 865,590 820,181
Certificate accounts 723,256 804,662 920,350
Total deposits 3,143,435 3,058,142 2,883,373
Advances from FHLB 591,466 782,205 1,308,246
Securities sold under agreements to
repurchase 118,465 138,809 340,983
Federal funds purchased 25,000 -- 115,000
Subordinated debentures, notes and
bonds payable 37,109 36,595 195,073
Junior subordinated debentures 263,266 263,266 252,918
Securities sold not yet purchased 34,250 37,813 49,760
Due to clearing agent 18,328 8,583 36,982
Other liabilities 89,587 92,684 151,388
Total liabilities 4,320,906 4,418,097 5,333,723
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 54,331,830,
54,396,824 and 53,516,846 shares 543 544 535
Class B common stock, $.01 par value,
authorized 45,000,000 shares;
issued and outstanding 4,876,124,
4,876,124 and 4,876,124 shares 49 49 49
Additional paid-in capital 259,792 259,770 253,032
Unearned compensation - restricted
stock grants (1,134) (1,178) (1,171)
Retained earnings 163,005 148,311 226,241
Total stockholders' equity before
accumulated other comprehensive
income 422,255 407,496 478,686
Accumulated other comprehensive
income 7,322 5,956 930
Total stockholders' equity 429,577 413,452 479,616
Total liabilities and
stockholders' equity $4,750,483 4,831,549 5,813,339
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
03/31/2004 12/31/2003 9/30/2003 6/30/2003 3/31/2003
(in thousands)
INTEREST INCOME:
Interest and fees
on loans and
leases $48,936 49,647 50,668 54,191 52,940
Interest on
securities
available for sale 3,620 3,372 4,598 7,686 8,657
Interest and
dividends on
investment and
securities owned 7,073 7,833 7,545 7,344 7,368
Total interest
income 59,629 60,852 62,811 69,221 68,965
INTEREST EXPENSE:
Interest on deposits 6,973 7,504 7,758 9,758 11,169
Interest on advances
from FHLB 9,098 11,667 15,025 15,291 15,316
Interest on short-term
borrowed funds 250 289 558 1,248 819
Interest on long-term
debt 4,827 5,399 4,257 4,531 3,821
Capitalized interest
on real estate
developments (307) (312) (286) (256) (339)
Total interest
expense 20,841 24,547 27,312 30,572 30,786
NET INTEREST INCOME 38,788 36,305 35,499 38,649 38,179
Provision (recovery)
for loan losses (859) (1,811) (1,076) 1,490 850
NET INTEREST INCOME
AFTER PROVISION 39,647 38,116 36,575 37,159 37,329
NON-INTEREST INCOME:
Service charges on
deposits 11,277 11,481 10,925 9,605 8,558
Other service charges
and fees 4,637 4,704 4,625 6,071 3,918
Broker/dealer revenue
and other
commissions 62,445 55,566 49,992 50,565 51,665
Securities
activities, net 72 (1,582) (336) (19) 384
Securities
Impairment
recoveries 16,782 -- -- -- --
Gain on sales of
loans 129 108 10 1 3
Income from real estate
operations 305 354 66 4,136 1,086
Income from
unconsolidated
subsidiaries 118 119 106 118 82
Other 2,542 2,492 2,405 2,125 2,381
Total non-interest
income 98,307 73,242 67,793 72,602 68,077
NON-INTEREST EXPENSES:
Employee compensation
and benefits 67,180 56,795 55,318 57,415 57,412
Occupancy and
equipment 10,250 10,522 10,161 9,615 9,738
Advertising and
promotion 4,694 3,110 2,989 3,819 2,807
Professional fees 2,737 5,243 4,239 3,715 3,115
Communications 3,253 2,917 2,821 4,216 3,829
Floor broker and
clearing fees 2,802 2,506 2,327 2,236 2,158
Cost associated with
debt redemption 11,741 8,855 2,040 1,648 --
Other 9,357 7,391 8,588 11,826 9,501
Total non-interest
expenses 112,014 97,339 88,483 94,490 88,560
Income from continuing
operations before
income taxes 25,940 14,019 15,885 15,271 16,846
Provision for income
taxes 9,293 6,193 5,741 5,462 6,028
Income from continuing
operations 16,647 7,826 10,144 9,809 10,818
Discontinued operations,
net of tax * -- 9,816 8,364 7,400 3,540
GAAP net
income (note 1) $16,647 17,642 18,508 17,209 14,358
Reconciliation of
Operating and
GAAP Income
from continuing
operations
GAAP income from
continuing
operations $16,647 7,826 10,144 9,809 10,818
Costs associated
with debt
redemption 7,632 5,756 1,326 1,071 --
Securities
impairment
recoveries (10,908) -- -- -- --
Operating net
income (note 2) $13,371 13,582 11,470 10,880 10,818
* Primarily Levitt Corporation.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended
(in thousands except percentages
and per share data) 03/31/2004 12/31/2003 09/30/2003
Gross loans:
Residential real estate $1,326,061 1,403,686 1,714,774
Commercial real estate 1,701,012 1,660,004 1,621,407
Consumer 374,222 341,246 319,269
Lease financing 13,642 16,293 18,935
Commercial business 141,955 111,705 108,714
Small business 173,890 165,443 159,025
Total Loans 3,730,782 3,698,377 3,942,124
Investments - taxable 664,907 773,271 901,283
Investments - tax exempt 3,362 -- --
Total interest earning assets 4,399,051 4,471,648 4,843,407
Goodwill and core deposit intangibles 88,448 88,887 89,327
Other non-interest earning assets 304,254 660,693 646,963
Total assets $4,791,753 5,221,228 5,579,697
Tangible assets (note 3) 4,703,305 5,132,341 5,490,370
Deposits:
Savings $220,005 205,564 197,778
NOW 543,619 507,876 473,741
Money funds 866,767 879,095 874,789
Certificates of deposit 769,949 815,454 837,221
Total interest bearing
deposits 2,400,340 2,407,989 2,383,529
Short-term borrowed funds 128,130 131,095 228,427
FHLB advances 760,973 937,888 1,249,074
Long-term debt 299,878 413,154 407,538
Total interest bearing liabilities 3,589,321 3,890,126 4,268,568
Non-interest bearing deposits 664,410 624,181 568,007
Non-interest bearing other liabilities 114,540 185,528 239,848
Total liabilities 4,368,271 4,699,835 5,076,423
Stockholders' equity 423,482 521,393 503,274
Total liabilities and stockholders'
equity $4,791,753 5,221,228 5,579,697
Other comprehensive (loss) income in
stockholders' equity $6,320 (597) (1,347)
Tangible stockholders'
equity (note 3) $328,714 433,103 415,294
Period End
Total loans, net $3,674,173 3,686,153 3,739,638
Total assets 4,750,483 4,831,549 5,197,060
Total stockholders' equity 429,577 413,452 513,669
Common shares outstanding 59,207,954 59,272,948 58,940,200
Cash dividends 1,953,863 1,956,008 1,945,268
Common stock cash dividends per share 0.033 0.033 0.033
Closing stock price (1) 16.96 14.02 10.52
High stock price for the quarter (1) 19.00 14.58 11.64
Low stock price for the quarter (1) 13.70 10.44 8.68
Book value per share - historical 7.26 6.98 8.72
(1) adjusted to reflect the Levitt spin-off.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended
(in thousands except percentages and
per share data) 06/30/2003 03/31/2003
Gross loans:
Residential real estate 1,880,890 1,559,553
Commercial real estate 1,508,064 1,482,352
Consumer 306,740 296,675
Lease financing 22,713 29,962
Commercial business 106,323 100,753
Small business 158,798 164,151
Total Loans 3,983,528 3,633,446
Investments - taxable 1,087,937 1,131,737
Investments - tax exempt -- --
Total interest earning assets 5,071,465 4,765,183
Goodwill and core deposit intangibles 90,570 92,143
Other non-interest earning assets 625,191 634,604
Total assets 5,787,226 5,491,930
Tangible assets (note 3) 5,696,656 5,399,787
Deposits:
Savings 185,685 171,298
NOW 454,108 425,642
Money funds 836,246 809,462
Certificates of deposit 913,564 966,869
Total interest bearing
deposits 2,389,603 2,373,271
Short-term borrowed funds 385,604 269,660
FHLB advances 1,313,896 1,284,983
Long-term debt 409,567 377,185
Total interest bearing liabilities 4,498,670 4,305,099
Non-interest bearing deposits 535,458 478,355
Non-interest bearing other
liabilities 272,983 243,764
Total liabilities 5,307,111 5,027,218
Stockholders' equity 480,115 464,712
Total liabilities and stockholders'
equity 5,787,226 5,491,930
Other comprehensive (loss) income in
stockholders' equity (6,505) (9,918)
Tangible stockholders'
equity (note 3) 396,050 382,487
Period End
Total loans, net 4,024,344 3,881,015
Total assets 5,818,851 5,813,339
Total stockholders' equity 495,831 479,616
Common shares outstanding 58,629,845 58,392,970
Cash dividends 1,817,525 1,810,182
Common stock cash dividends per share 0.031 0.031
Closing stock price (1) 8.78 7.23
High stock price for the quarter (1) 9.22 7.47
Low stock price for the quarter (1) 7.09 6.47
Book value per share - historical 8.46 8.21
(1) adjusted to reflect the Levitt spin-off.
SOURCE BankAtlantic Bancorp
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CONTACT:
Leo Hinkley, Vice President, Investor
Relations, +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, BankAtlantic, +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, for
BankAtlantic
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