FORT LAUDERDALE, Fla., April 30 /PRNewswire-FirstCall/ --
BankAtlantic Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic,
Levitt Corporation, and Ryan Beck & Co., today announced that income increased
14% to $14.4 million for the first quarter of 2003, up from $12.6 million
earned in the corresponding period in 2002. On a per share basis, income for
the quarter was $0.23, up from $0.20 in the corresponding 2002 quarter, an
increase of 15%. All comparisons are before the effect of an accounting
change that impacted income in the first quarter, 2002. During the 2002
quarter, the Company recorded a $15.1 million goodwill impairment (net of tax)
as a cumulative effect of a change in accounting principle. Including that
accounting change, the Company had a net loss of $2.5 million in the first
quarter of the prior year. (All per share amounts are diluted.)
Extensive business segment financial data can be accessed on the Investor
Relations page of the BankAtlantic Bancorp website at
http://www.BankAtlanticBancorp.com at the navigation link labeled "Supplemental
Financials."
Chairman of the Board and CEO Alan B. Levan commented, "Although the first
quarter was marked by a challenging economic climate, our associates focused
on our long-term strategy and produced solid returns and excellent results.
BankAtlantic's growth initiatives, which include seven-day branch banking,
extended weekday branch hours, a 24/7 live customer service center, Totally
Free Checking, free online banking, and many additional product and service
initiatives have produced a distinct momentum throughout our footprint, truly
making BankAtlantic 'Florida's Most Convenient Bank.'
"Our company's recent announcement of the proposed tax-free spin-off of
Levitt Corporation has attracted considerable investor attention, and has
apparently been very well received by the market. Due to Levitt Corporation's
significant growth and highly successful track record, we determined that its
future growth prospects would be enhanced as a freestanding entity with
independent access to the capital markets. In addition, we believe the spin-
off offers the potential to unlock shareholder value and increase investor
interest, and should result in both Levitt and BankAtlantic Bancorp trading at
multiples more comparable to their market sector peer groups. The proposed
spin-off is subject to several conditions, including the receipt of a private
letter ruling from the Internal Revenue Service that the distribution will be
tax-free to BankAtlantic Bancorp and to the holders of its stock. Depending
on the timing of the receipt of the ruling and any required regulatory
approval, we expect the spin-off to take place during the fourth quarter of
2003.
"BankAtlantic's progress in new account openings has been outstanding and
validates our strategic positioning as 'Florida's Most Convenient Bank.' We
opened 37,000 new checking and savings accounts during the first quarter of
2003 vs. 17,000 during the comparable 2002 period, an increase of 117%. The
percentage of low cost deposits (demand, NOW and savings deposits) to total
deposits increased to 40% from 29% during the comparable 2002 period. Demand
deposits increased to 18% of total deposits, up from 16% at year-end 2002.
"Our credit quality ratios continue to improve. During the first quarter,
recoveries on previously charged off loans exceeded total loan losses,
resulting in a net recovery for the quarter of $557,000. The ratio of non-
performing loans and leases to total loans and leases improved from 0.55% at
December 31, 2002 to 0.35% at March 31, 2003. A significant majority of non-
performing loans at quarter-end are residential mortgages, with about
$11.2 million on non-performing status. Our past loss experience from
residential loans has been very good and our present level of non-performing
residential loans is consistent with this historical experience. From the
remaining $2.1 billion balance of the loan portfolio, approximately
$2.6 million of loans, or about 0.12%, are on non-performing status.
"Our net interest margin from banking operations declined to 3.35% from
3.41% in the immediately preceding quarter, following a pattern of consistent
declines for the last four quarters. We expect this situation could continue
to negatively impact bank earnings for at least the next two quarters or for
as long as rates remain at these historically low levels.
"Levitt Corporation's homebuilding subsidiary, Levitt and Sons, set
records in both housing unit backlog and new sales contracts in the first
quarter of 2003. During the quarter, new contracts at Levitt and Sons
communities soared 147% to 467 vs. 189 in the comparable 2002 period. Its
housing unit backlog climbed 60% to 1,129 homes vs. 707 homes in the
comparable 2002 period.
"Core Communities, our master-planned community development subsidiary,
continues to develop the best-selling community on Florida's Treasure Coast --
St. Lucie West. During the quarter, St. Lucie West was recognized as the 8th
best-selling master-planned community in the United States. Home sales by
unaffiliated builders in St. Lucie West in the first quarter, 2003 increased
nearly 70% over the comparable 2002 quarter.
"Ryan Beck & Co. had record first quarter revenues of $64.0 million, an
increase of 347% compared to the first quarter of 2002. Each of the firm's
major business units experienced improved results for the first quarter of
2003 vs. the comparable period in 2002. The acquisition of assets and certain
liabilities of Gruntal & Co. in the second quarter, 2002 contributed
significantly to these results. The Company's Private Client Group
contributed 58% of total revenues for the quarter, adding a more stable
component to Ryan Beck's revenue stream. Ryan Beck's profitability for the
quarter was favorably impacted by one large investment banking transaction,
and in total it raised over $450 million in capital for clients in the first
quarter of 2003. Ryan Beck's results include trading markdowns aggregating
$2.9 million relating to two securities in the municipal inventory of the GMS
subsidiary of Ryan Beck, negatively impacting what was an otherwise very good
quarter.
"In other matters, Ryan Beck added Robert G. Cox to its Board of
Directors. Mr. Cox retired in 2000 as President of Summit Bancorp, which at
the time of his retirement was the largest bank headquartered in New Jersey,"
Mr. Levan concluded.
Financial Highlights:
First Quarter, 2003 Compared to First Quarter, 2002
BankAtlantic Bancorp (consolidated):
* Income, before the cumulative effect of an accounting change, of
$14.4 million vs. $12.6 million, an increase of 14%.
* Diluted earnings per share, before the cumulative effect of an
accounting change, of $0.23 vs. $0.20, an increase of 15%.
* Return on tangible assets was 1.06% vs. 1.09%.
* Return on tangible equity was 15.02% vs. 13.17%.
* Book value per share rose to $8.21 vs. $7.36, an increase of 12%.
BankAtlantic:
* Pretax income of $17.4 million vs. $13.7 million, an increase of 27%.
* Return on average tangible assets was 0.91% vs. 0.82%.
* Return on average tangible equity was 11.58% vs. 9.85%.
* Total average loans grew to $3.681 billion vs. $2.888 billion, an
increase of 27%.
* Average commercial real estate loans increased to $1.530 billion vs.
$1.306 billion, an increase of 17%.
* Average consumer lending rose to $297 million vs. $218 million in the
first quarter of 2002, an increase of 36%.
* Average small business loans increased to $164 million vs. $109
million, an increase of 50%.
* Average residential loans increased to $1.560 billion vs. $1.092
billion, an increase of 43%.
* Net interest margin decreased from 3.36% to 3.35%. The net interest
margin was 3.41% in the immediately preceding quarter.
* Non-interest income grew to $14.4 million vs. $9.4 million, an increase
of 53%.
* Non-interest expense grew to $35.2 million vs. $28.3 million, an
increase of 24%.
Levitt Corporation:
* Pretax income decreased to $5.4 million vs. $6.3 million in the
corresponding quarter of 2002.
* Return on tangible equity was 11.86 % vs. 21.72%.
Ryan Beck & Co.:
* Pretax income before cumulative accounting change rose to $2.7 million
vs. $0.2 million in the corresponding quarter of 2002.
* Return on tangible equity was 10.52% vs. 2.89%.
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, "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.
Seven-Day Branch Banking-Monday through Sunday
Extended branch lobby hours are 8:30 am - 5:00 pm, Monday through
Wednesday, and 8:30 am - 8:00 pm, Thursday and Friday.
Extended drive-thru hours are 7:30 am - 8:00 pm, Monday through Friday.
Saturday branch lobby hours are 8:30 am - 3:00 pm, and drive-thru hours
are 7:30 am - 6:00 pm.
Sunday branch lobby hours are 11:00 am - 4:00 pm, and drive-thru hours
are 11:00 am - 4:00 pm.
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.
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 has 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.
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.BankAtlanticBancorp.com
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 click on the Email Broadcast Sign Up button on
http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations: Leo Hinkley, Phone: (954) 760-5317,
Fax: (954) 760-5415 or InvestorRelations@BankAtlanticBancorp.com
Mailing Address: BankAtlantic Bancorp, Investor Relations, 1750 East
Sunrise Blvd., Ft. Lauderdale, FL 33304
Corporate Communications: Sharon Lyn, Phone: (954) 760-5402,
Fax: (954) 760-5415 or CorpComm@BankAtlanticBancorp.com
BankAtlantic Contact Info:
Public Relations: Hattie Harvey, Tel: (954) 760-5383, Fax: (954) 760-5108
or hharvey@BankAtlantic.com.
Public Relations for BankAtlantic: Boardroom Communications, Caren Berg,
Phone: (954) 370-8999, FAX (954) 370-8892 or caren@boardroompr.com
A financial summary follows.
BankAtlantic Bancorp's First Quarter, 2003 earnings results, press release
and financial summary, as well as the Supplemental Financials (extensive
business segment financial data), are available on BankAtlantic Bancorp's
website: http://www.BankAtlanticBancorp.com.
* To view the press release and financial summary, 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.
Copies of BankAtlantic Bancorp's First Quarter, 2003 earnings results
press release and financial summary, and the Supplemental Financials are also
available upon request via fax, email, or mail, by contacting BankAtlantic
Bancorp's Investor Relations department utilizing the contact information
listed above.
BankAtlantic Bancorp will host an investor and media teleconference call
and webcast on Thursday, May 1, 2003 at 10:00 a.m. EDT. To access the
teleconference call in the U.S., the toll free number to call is
1-888-238-1551. International calls may be placed to 973-582-2776. A replay
of the conference call will be available beginning on Thursday, May 1, 2003
through 5:00 p.m. Friday, May 9. To access the replay option in the U.S., the
toll free number to call is 1-877-519-4471. International calls for the
replay may be placed to 973-341-3080. The replay digital PIN number for both
domestic and international calls is: 3887099. Alternatively, individuals may
listen to the live and/or archived webcast of the teleconference call. The
archive of the teleconference call will be available beginning on Thursday,
May 1 through Tuesday, July 1, 2003. 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.
Except for historical information contained herein, the matters discussed
in this press release contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), that involve substantial risks and uncertainties. When used
in this press release and in any documents incorporated by reference herein,
the words "anticipate", "believe", "estimate", "may", "intend", "expect" and
similar expressions identify certain of such forward-looking statements.
Actual results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements contained
herein. These forward-looking statements are based largely on the expectations
of BankAtlantic Bancorp, Inc. ("the Company") and are subject to a number of
risks and uncertainties that are subject to change based on factors which are,
in many instances, beyond the Company's control. These include, but are not
limited to, risks and uncertainties associated with: the impact of economic,
competitive and other factors affecting the Company and its operations,
markets, products and services; credit risks and loan losses, and the related
sufficiency of the allowance for loan losses; changes in interest rates and
the effects of, and changes in, trade, monetary and fiscal policies and laws;
adverse conditions in the stock market, the public debt market and other
capital markets and the impact of such conditions on our activities and the
value of our assets; 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 may not be successful or 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 Corporation ("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 the proposed spin-off of Levitt Corporation which is subject
to a number of risks and uncertainties that are subject to change based on
factors 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, that Levitt will
not be successful as a separate publicly-traded company, that Levitt will not
have additional access to capital or debt markets or that such markets may
prove to be more expensive than currently available, and 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. 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)
03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002
Current Earnings:
GAAP Net Income
(loss)
(note 1) $14,358 18,066 14,473 20,323 (2,527)
Operating Net
Income
(note 2) $14,358 19,020 15,737 13,319 13,267
Average Common
Shares
Outstanding:
Basic 58,171,621 58,085,481 58,065,396 57,973,880 57,862,267
Diluted
GAAP 64,250,488 64,188,382 64,320,448 57,973,880 65,207,468
Diluted
Operating 64,250,488 64,188,382 64,320,448 64,747,784 65,207,468
Key GAAP
Performance
Ratios:
Basic earnings
(loss) per share $0.25 0.31 0.25 0.35 (0.04)
Diluted earnings
(loss) per
share* $0.23 0.29 0.23 0.35 (0.04)
Return on average
tangible
assets (note 3) 1.06% 1.32 1.02 1.47 (0.22)
Return on average
tangible equity
(note 3) 15.02% 19.98 16.96 24.63 (2.64)
Key Operating
Performance Ratios:
Basic earnings
per share $0.25 0.33 0.27 0.23 0.23
Diluted earnings
per share* $0.23 0.30 0.25 0.21 0.21
Operating return
on average
tangible
assets
(note 3) 1.06% 1.39 1.10 0.96 1.15
Operating return
on average
tangible
equity
(note 3) 15.02% 21.03 18.44 16.14 13.89
* Diluted earnings
per share
calculation
adds back
interest expense
net of tax on
convertible
securities,
if dilutive $440 440 440 440 440
Average Balance
Sheet Data:
Assets $5,491,930 5,552,458 5,796,782 5,620,134 4,656,653
Tangible
assets
(note 3) $5,399,787 5,459,454 5,701,036 5,522,552 4,630,874
Loans $3,633,446 3,602,605 3,679,371 3,564,545 2,864,179
Investments $1,131,737 1,207,985 1,392,785 1,367,312 1,332,292
Deposits
and
escrows $2,851,626 2,970,904 2,988,545 3,028,407 2,424,146
Stockholders'
equity $464,712 456,579 441,177 427,740 411,455
Tangible
stockholders'
equity
(note 3) $382,487 361,681 341,355 330,042 382,161
Tangible
equity
to tangible
assets 7.08% 6.62 5.99 5.98 8.25
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 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.
* 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) 03/31/2003 12/31/2002 03/31/2002
ASSETS
Cash and due from depository
institutions $139,940 200,600 150,543
Securities purchased under resell
agreements and federal funds -- 50,145 152
Investment securities and tax
certificates (approximate fair
value: $175,876,
$212,698 and $413,908) 175,436 212,240 409,294
Loans receivable, net 3,881,143 3,372,630 3,507,518
Securities available for sale
(at fair value) 740,003 707,858 862,385
Securities owned (at fair value) 154,319 186,454 34,666
Accrued interest receivable 35,715 33,984 37,451
Real estate held for development and
sale and joint ventures 266,865 252,087 207,386
Investment in unconsolidated real
estate subsidiary 61,584 60,695 2,730
Office properties and equipment, net 92,834 92,699 79,419
Federal Home Loan Bank stock, at cost
which approximates fair value 65,443 64,943 59,482
Deferred tax asset, net 37,523 35,316 27,047
Goodwill 77,878 78,575 84,855
Core deposit intangible asset 13,303 13,757 15,117
Other assets 64,546 59,028 100,084
Total assets $5,806,532 5,421,011 5,578,129
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $516,404 462,718 393,000
NOW accounts 446,076 399,985 353,633
Savings accounts 180,362 163,641 147,944
Insured money fund savings 820,181 775,175 772,897
Certificate accounts 920,350 1,119,036 1,384,382
Total deposits 2,883,373 2,920,555 3,051,856
Advances from FHLB 1,308,246 1,297,170 1,174,418
Securities sold under agreements to
repurchase 341,144 116,279 364,400
Federal funds purchased 115,000 -- 85,000
Subordinated debentures, notes and
bonds payable 192,919 193,816 160,278
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 245,375 180,375 130,125
Securities sold not yet purchased 49,760 38,003 66,684
Due to clearing agent 36,982 78,791 -
Other liabilities 154,117 126,688 119,124
Total liabilities 5,326,916 4,951,677 5,151,885
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 53,516,846,
53,441,847 and 53,332,587 shares 535 534 533
Class B common stock, $.01 par value,
authorized 45,000,000 shares;
issued and outstanding 4,876,124,
4876,124 and 4,876,124 shares 49 49 49
Additional paid-in capital 253,032 252,699 252,079
Unearned compensation - restricted
stock grants (1,171) (1,209) (1,327)
Retained earnings 226,241 213,692 166,133
Total stockholders' equity before
accumulated other comprehensive
income 478,686 465,765 417,467
Accumulated other comprehensive
income 930 3,569 8,777
Total stockholders' equity 479,616 469,334 426,244
Total liabilities and
stockholders' equity $5,806,532 5,421,011 5,578,129
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
03/31/03 12/31/02 9/30/02 6/30/02 03/31/02
(in thousands)
INTEREST INCOME:
Interest and fees on loans $52,996 55,502 59,969 59,325 47,071
Interest on securities
available for sale 8,657 8,214 10,322 11,804 12,066
Interest and dividends on
investment and
trading securities 9,540 11,657 13,214 11,925 8,701
Total interest income 71,193 75,373 83,505 83,054 67,838
INTEREST EXPENSE:
Interest on deposits 11,169 14,256 16,089 17,106 15,326
Interest on advances from
FHLB 15,316 15,960 15,856 15,676 14,920
Interest on short-term
borrowed funds 819 744 2,305 2,113 1,384
Interest on long-term debt 6,219 7,457 7,306 6,853 4,608
Capitalized interest on
real estate developments (1,574) (1,478) (1,688) (1,613) (1,218)
Total interest expense 31,949 36,939 39,868 40,135 35,020
NET INTEREST INCOME 39,244 38,434 43,637 42,919 32,818
Provision for loan losses 850 3,291 2,082 6,139 2,565
NET INTEREST INCOME AFTER
PROVISION 38,394 35,143 41,555 36,780 30,253
NON-INTEREST INCOME:
Service charges on deposits 8,558 9,245 6,684 5,687 4,863
Other service charges and
fees 3,918 3,841 3,591 3,550 3,105
Broker/dealer revenue and
other commissions 57,984 49,721 50,196 38,191 13,048
Securities gains (losses) 384 (27) 2,483 3,083 3,039
Impairment of securities -- (342) (302) (18,157) --
Gain (losses) on sales of
loans 3 2,066 (230) 2 2
Income from real estate
operations 13,788 18,355 8,852 12,466 11,977
Income from unconsolidated
subsidiary 119 2,181 1,427 1,741 --
Other 3,249 3,563 2,913 2,763 1,866
Total non-interest
income 88,003 88,603 75,614 49,326 37,900
NON-INTEREST EXPENSES:
Employee compensation and
benefits 67,032 58,469 59,714 53,902 26,863
Occupancy and equipment 10,007 10,737 11,377 10,551 7,294
Amortization of intangible
assets 454 453 453 454 --
Write-down of real estate
owned 755 -- 1,400 7 57
Other 26,050 25,957 23,694 23,640 13,526
Restructuring charges and
write-downs -- 3,125 -- 1,007 --
Acquisition related charges -- -- (71) 3,922 1,074
Total non-interest
expenses 104,298 98,741 96,567 93,483 48,814
Income (loss) before income
taxes, extraordinary
items and cumulative
accounting change 22,099 25,005 20,602 (7,377) 19,339
Provision (benefit) for
income taxes 7,741 6,939 6,068 (3,890) 6,759
Income (loss) before
extraordinary items and
cumulative accounting change 14,358 18,066 14,534 (3,487) 12,580
Extraordinary items, net of
tax -- -- (61) 23,810 --
Cumulative accounting change,
net of tax -- -- -- -- (15,107)
GAAP net income (loss)
(note 1) $14,358 18,066 14,473 20,323 (2,527)
Reconciliation of Operating
and GAAP Net Income
GAAP net income (loss) before
extraordinary items
and cumulative accounting
change $14,358 18,066 14,534 (3,487) 12,580
Restructuring charges and
write-downs -- -- -- 655 --
Costs associated with debt
redemption -- 2,031 -- -- --
Loss on mutual funds
associated with acquired
Gruntal deferred
compensation plan -- -- 1,493 -- --
Acquisition and conversion
related charges -- (1,300) (487) 4,350 687
Impairment of securities
available for sale -- 222 196 11,802 --
Operating net income
(note 2) $14,358 19,020 15,737 13,319 13,267
SOURCE BankAtlantic Bancorp
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CONTACT:
Investor Relations, Leo Hinkley,
+1-954-760-5317, or fax, +1-954-760-5415, or
InvestorRelations@BankAtlanticBancorp.com, or Corporate
Communications, Sharon Lyn, +1-954-760-5402, or
CorpComm@BankAtlanticBancorp.com, both of BankAtlantic Bancorp,
Inc., or Public Relations, Hattie Harvey, BankAtlantic,
+1-954-760-5383, or fax, +1-954-760-5108 or
hharvey@BankAtlantic.com; or Caren Berg, Boardroom
Communications, +1-954-370-8999, or fax, +1-954-370-8892 or
caren@boardroompr.com
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