Income From Continuing Operations Increased 87%
Earnings Per Share Increased 81%
FORT LAUDERDALE, Fla., July 21 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX) today reported income from continuing operations
increased 87% to $18.3 million for the second quarter of 2004, up from
$9.8 million earned in the corresponding period in 2003. Diluted earnings per
share from continuing operations increased 81% to $0.29, up from $0.16 earned
in the corresponding period in 2003.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented,
"We are extremely pleased with second quarter results. Since the inception of
BankAtlantic's 'Florida's Most Convenient Bank' initiatives, growth in low
cost deposits has continued at significantly high levels. We maintained a net
interest margin for the quarter of 3.73% vs. 3.27% in the 2003 period. Credit
quality remained strong. Ryan Beck & Co. also had an extraordinary quarter,
reporting an increase of 658% in income from continuing operations over the
equivalent quarter of 2003, reflecting strong investment banking performance."
Additional accomplishments and highlights include:
BankAtlantic:
"BankAtlantic's groundbreaking 'Florida's Most Convenient Bank'
initiatives continue to contribute to record growth in new customers proving
our belief that customers desire the unsurpassed convenience offered by
BankAtlantic. Since January 2002, BankAtlantic has opened over 331,000 new
checking and savings accounts, including nearly 42,000 in the second quarter
of 2004. The second quarter of 2004 marks the tenth consecutive quarter of
double-digit growth in new low cost checking and savings account openings.
The average balances in these accounts are very typical for consumer banking
relationships, with average balances in the range of $2,500 - $3,500 for
individual accounts and approximately $10,000 - $15,000 for small business
accounts. The growth in our low cost deposits from the inception of this
program has resulted from accounts in these ranges.
"As shown in the table below, balances in low cost deposits increased 37%
on a 'same branch basis' in the second quarter of 2004 over the second quarter
of 2003, to a total of $1.6 billion at quarter-end. At December 31, 2001,
immediately preceding the initiation of the 'Florida's Most Convenient Bank'
program, BankAtlantic had $600 million in low cost deposits. Non-interest
bearing demand deposits now constitute 24% of deposit funding, up from 19% a
year ago, and 13% before initiation of the program.
The following table presents comparative data for new account balances:
MAR '02 JUN '02 SEP '02 DEC '02 MAR '03
Demand Deposits, as % of
Total Deposits 13% 14% 14% 16% 18%
Low Cost Deposits*, as % of
Total Deposits 29% 30% 32% 35% 40%
Low Cost Deposit Growth*
"Same Branch" Y-o-Y
Change** 15% 23% 30% 30% 31%
Effective rate, Low Cost
Deposits* 0.38% 0.49% 0.45% 0.35% 0.33%
JUN '03 SEP '03 DEC '03 MAR '04 JUN '04
Demand Deposits, as % of
Total Deposits 19% 20% 21% 24% 24%
Low Cost Deposits*, as % of
Total Deposits 41% 43% 45% 49% 50%
Low Cost Deposit Growth*
"Same Branch" Y-o-Y
Change** 33% 36% 34% 36% 37%
Effective rate, Low Cost
Deposits* 0.28% 0.18% 0.18% 0.18% 0.18%
*Low Cost Deposits consist of DDA, NOW Checking, and Savings.
** Includes branches open two or more years.
"BankAtlantic's credit quality remained strong. The ratio of non-
performing loans remained favorable at 0.32% of total loans at June 30, 2004,
unchanged from the quarter ending March 31, 2004. The ratio of non-performing
assets to total loans plus other real estate improved to 0.35% at June 30,
2004, down from 0.36% at March 31, 2004. The Allowance for Loan and Lease
Losses was 1.18% of total loans and leases at June 30, 2004, down slightly
from 1.22% of total loans and leases at March 31, 2004. However, the coverage
ratio of the Allowance for Loan and Lease Losses to non-performing loans
remained stable at 368% at June 30, 2004 vs. 387% at March 31, 2004.
"During the second quarter, the Bank successfully recovered $2.1 million
from the guarantor on a loan that was charged-off in July of 2002. Primarily
as a result of this recovery, the Bank had net recoveries for the quarter of
$3.3 million and a negative provision of $2.0 million. On a year-to-date
basis, the Bank had net recoveries of $4.0 million and a negative provision of
$2.8 million. In the corresponding period of 2003, net charge-offs were
negligible and a provision of $2.3 million was recorded.
"The net interest margin at BankAtlantic improved to 3.73%, up from 3.27%
in the comparable quarter of 2003 and unchanged from the immediately preceding
quarter. Our continued progress in improving the margin reflects the growth
in low cost deposits together with reductions in high cost Federal Home Loan
Bank advances, as we have made prepayments of those advances in each of the
three preceding quarters. While further margin improvement will largely
depend on the future pattern of interest rates, we believe our level of low
cost deposits, coupled with the positioning of our balance sheet for rising
interest rates should enable BankAtlantic to benefit from a higher interest
rate environment.
"On July 15, BankAtlantic unveiled its branch de novo expansion strategy
for 2005, and its renovation and branch 'branding' initiative for its existing
73 branches. BankAtlantic's commitment to these two programs is designed to
position the Bank for increased growth within its existing markets.
2005 Branch De Novo Initiative:
"BankAtlantic's branch expansion initiative includes a mix of new in-line
and free-standing branches beginning in the first quarter of 2005. The Bank
expects to open between eight and ten branches in 2005. The initial focus
will be to place new branches within BankAtlantic's current footprint, with
future growth in other attractive markets.
Branch Branding Initiative:
"The branch branding initiative, including interior renovation of all
existing 73 BankAtlantic branches, is designed to create a consistent retail
environment and customer-friendly identity regardless of the branch or its
location. The renovation process includes inviting new colors, a comfortable
customer waiting area, a video plasma screen, a redesigned Totally Free Change
Exchange coin counter, and a 'Yeah, We're Open' sign signifying the bank's
convenient 7 day banking strategy and its bold and spirited personality.
Ryan Beck & Co.:
"Ryan Beck & Co. reported record net income of $7.0 million on operating
revenue of $65.9 million for the three-month period ending June 30, 2004.
Growth in operating revenue for the second quarter of 2004 was 23% over the
comparable 2003 period. Investment banking revenues for the quarter grew to
$18 million vs. $5.1 million in the comparable 2003 period. The pre-tax
margin increased to 18.5% in the second quarter 2004, up from 2.8% in the
second quarter of 2003. Income from continuing operations increased 658% vs.
the comparable 2003 period. Year-to-date, return on average equity grew to
31.8% vs. 8.0% for the corresponding period of 2003. Total assets in
approximately 152,000 client accounts were approximately $18.1 billion at June
30, 2004, excluding certain annuities and mutual funds. Commissions and
principal transactions decreased 3.9% from the quarter ended June 30, 2003,
and fell 12% from the immediately preceding quarter, reflecting decreased
activity on the part of individual investors given current market conditions.
"Ryan Beck & Co. reached several significant milestones during the period.
Ryan Beck served as the dealer-manager for one of the largest and most complex
mutual to stock conversions ever by assisting a client in raising over
$1.0 billion in equity and acquiring two companies. Ryan Beck also launched a
major product initiative focusing on exchange-traded funds, with its
Washington Crossing Advisors Conquest Program. This is a proprietary new
program offering discretionary management of ETF portfolios managed by Chief
Investment Strategist, Joe Battipaglia and Ryan Beck's Investment Strategy
Group. Ryan Beck's financial institutions group announced or completed twelve
merger and acquisition (M&A) transactions and five capital financing
transactions through the second quarter. Through June 30, 2004, the firm is
ranked fourth in the SNL Securities M&A League Tables for the number of M&A
transactions announced.
"Ryan Beck also completed the relocation of its headquarters, moving from
Livingston to its new 40,000-square-foot facility in Florham Park, New Jersey,
and expanded its presence and visibility by opening a new branch office in
Cherry Hill, N.J., its first in the southern part of the state. The firm also
made three significant additions to the investment research department during
the quarter.
BankAtlantic Bancorp:
"Earlier this year, we withdrew an announced public offering of up to
6 million shares of equity. Our decision to terminate this offering was based
on the improvement in our equity ratios and cash position, and a market
decline that made an offering unattractive without a compelling need for the
capital at that time. Recently, we decided not to undertake an equity
offering unless a specific capital need arises, such as would result from an
acquisition opportunity which offers a strong economic justification.
"At quarter end, BankAtlantic Bancorp was added to Standard & Poor's (S&P)
SmallCap 600 Index. The S&P 600 Index covers approximately three percent of
the domestic equities market and is well accepted in the investment community
as representing promising smaller capitalization companies. We are very
pleased to be included in this group of companies. In addition, BankAtlantic
Bancorp is also listed in the S&P 1500 Supercomposite Index and the New York
Stock Exchange Composite Index," Levan concluded.
Financial Highlights:
Second Quarter, 2004 Compared to Second Quarter, 2003
BankAtlantic Bancorp - consolidated (adjusted for Levitt Corporation spin-
off):
-- Income from continuing operations of $18.3 million vs. $9.8 million, an
increase of 87%.
-- Diluted earnings per share from continuing operations of $0.29 vs.
$0.16, an increase of 81%.
-- Return from continuing operations on tangible equity was 21.18% vs.
9.91%.
-- Book value per share rose to $7.37.
BankAtlantic:
-- Business segment net income was $14.0 million vs. $13.0 million, an
increase of 7.7%.
-- Return on average tangible assets was 1.20% vs. 1.00%.
-- Return on tangible equity was 13.68% vs. 13.18%.
-- Non-interest income was $22.2 million vs. $21.5 million, an increase of
3%.
-- Non-interest expense grew to $43.6 million vs. $40.7 million, an
increase of 7%.
Ryan Beck & Co.:
-- Business segment income from continuing operations increased to
$7.0 million vs. $0.9 million, an increase of 658% over the second quarter,
2003.
-- Return on equity from continuing operations was 33.07% vs. 5.26%.
-- Total operating revenues increased to $65.9 million vs. $53.4 million,
an increase of 23%.
-- Principal transactions were $21.7 million vs. $24.1 million.
-- Investment banking revenue increased to $18.0 million vs. $5.1 million,
an increase of 252%.
-- Commission income increased to $22.2 million vs. $21.6 million, an
increase of 3%.
Year to Date 2004 Compared to Year to Date 2003
BankAtlantic Bancorp - consolidated (adjusted for Levitt Corporation spin-
off):
-- Income from continuing operations was $38.8 million vs. $20.6 million.
Excluding the effect of a litigation settlement and costs associated with the
early redemption of debt, operating net income would have been $31.6 million
vs. $21.7 million, an increase of 46%.
-- Diluted earnings per share from continuing operations were $0.61 vs.
$0.34, an increase of 79%. The effect of the non-recurring transactions was
$0.12 in the current period and $(0.01) last year.
-- Return from continuing operations on average tangible equity was 23.17%
vs. 11.06%. Excluding the non-recurring expenses, the return on average
tangible equity was 18.90% vs. 16.05%.
BankAtlantic:
-- Business segment net income of $17.3 million vs. $24.4 million. The
2004 period includes a $7.6 million after-tax expense related to the
prepayment of "high cost" FHLB advances.
-- Return on average tangible assets was 0.76% vs. 0.97%. Excluding the
prepayment expenses, the return on tangible assets was 1.09% for the current
period.
-- Return on tangible equity was 8.45% vs. 12.52%. Excluding the
prepayment expenses, the return on tangible equity was 12.17% for the current
period.
-- Non-interest income was $40.4 million vs. $36.6 million, an increase of
10%.
-- Non-interest expense grew to $97.7 million vs. $77.0 million. Included
in the current period is an $11.7 million expense associated with the
prepayment of FHLB Advances. Excluding the prepayment charge, expenses
increased 12%.
Ryan Beck & Co.:
-- Business segment net income from continuing operations increased to
$12.1 million vs. $2.7 million.
-- Return on equity from continuing operations was 28.62% vs. 7.81%.
-- Total operating revenues increased to $131.7 million vs.
$108.7 million, an increase of 21%.
BankAtlantic Bancorp will host an investor and media teleconference call
and webcast on Thursday, July 22, 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
8593300.
A replay of the conference call will be available beginning two hours
after the call's completion through 5:00 p.m. Eastern Time, Friday, August 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: 8593300.
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. Eastern
Time, Friday, August 20, 2004.
BankAtlantic Bancorp's Second Quarter, 2004 earnings results press release
and financial summary, as well as the Supplemental Financials (a detailed
summary of significant financial events and extensive business segment
financial data), are available on its website at:
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 Second Quarter, 2004 earnings results
press release and financial summary, and the Supplemental Financials are also
available upon request via fax, email, or postal service mail. To request a
copy, contact BankAtlantic Bancorp's Investor Relations department using the
contact information listed below.
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 including a Miami-Dade branch open until
midnight, free online banking, Totally Free Change Exchange coin counters,
24/7 call center service and free retail and business checking with a free
gift.
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, and consulting and
financial advisory services to financial institutions and middle market
companies. Ryan Beck & Co. also provides independent research in the
financial institutions, healthcare, technology, and consumer product
industries. Ryan Beck & Co. has approximately 500 financial consultants
located in 33 offices nationwide.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
* To receive future BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the Email Broadcast Sign Up button on
http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations:
Leo Hinkley, Senior 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
Investor & Corporate Communications:
Adrienne Zvi
Phone: (954) 760-5241, Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com
Sharon Lyn
Phone: (954) 760-5402, Fax: (954) 760-5415
Email: slyn@BankAtlantic.com
BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
Public Relations:
Hattie Harvey, Public Relations Manager
Telephone: (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, 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; as
well as the impact of regulatory or accounting issues, including the impact of
periodic testing of goodwill and other intangible assets for impairment; and
achieving the benefits of the prepayment of the Federal Home Loan Bank
advances. Further, this press release contains forward-looking statements
relating to BankAtlantic's new branch, de novo expansion strategy and its
renovation and branch "branding" initiative which are subject to a number of
risks and uncertainties. These include, but are not limited to: regulatory
issues, that the number of new branches may be less than anticipated, and that
the new branch, de novo expansion strategy and renovation and branch
"branding" initiative will not be successful or will not produce results which
justify their costs. 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 other new
lines of business including its Washington Crossing Advisors Conquest Program,
uncertainties associated with the Gruntal litigation; that the relocation of
its headquarters, new branch office in Cherry Hill, N.J., or additional
personnel added to its investment research department are not successful or do
not produce results which justify their costs; and additional risks and
uncertainties that are subject to change and 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)
06/30/2004 03/31/2004 12/31/2003
Current Earnings:
Net income (GAAP basis) $18,260 20,524 17,642
Income from continuing
operations (GAAP basis) (note 1) $18,260 20,524 7,826
Operating net income (note 2) $18,260 13,371 13,582
Average Common Shares Outstanding:
Basic 59,343,940 59,257,270 58,891,273
Diluted 62,807,683 63,193,034 61,852,217
Key Performance Ratios (GAAP basis):
Basic earnings per share $0.31 0.35 0.30
Diluted earnings per share * $0.29 0.32 0.28
Basic earnings per share from
continuing operations $0.31 0.35 0.13
Diluted earnings per share from
continuing operations * $0.29 0.32 0.12
Return on average tangible
assets from cont ops (note 3) 1.48 1.75 0.61
Return on average tangible
equity from cont ops (note 3) 21.18 24.97 7.23
Key Performance Ratios (Operating basis):
Basic earnings per share $0.31 0.23 0.23
Diluted earnings per share * $0.29 0.21 0.22
Return on average tangible
assets (note 3,4) 1.48 1.14 1.14
Return on average tangible
equity (note 3,4) 21.18 16.27 17.20
* Diluted earnings per share
calculation adds back:
Interest expense net of tax on
convertible securities, if dilutive $-- -- --
Subsidiaries stock options, if
dilutive (273) (192) (104)
Average Balance Sheet Data:
Assets $5,022,805 4,791,753 5,221,228
Tangible assets (note 3) $4,934,771 4,703,305 5,132,341
Tangible assets excluding
Levitt (note 3) $4,934,771 4,703,305 4,751,321
Loans $3,777,452 3,730,782 3,698,377
Investments $818,812 668,269 773,271
Deposits and escrows $3,205,328 3,064,750 3,032,170
Stockholders' equity $435,852 423,482 521,393
Tangible stockholders'
equity (note 3) $344,832 328,714 433,103
Tangible stockholders'
equity excluding Levitt (note 3) $344,832 328,714 315,808
For The Three Months Ended
(in thousands except share
data and ratios)
09/30/2003 06/30/2003
Current Earnings:
Net income (GAAP basis) 18,508 17,209
Income from continuing
operations (GAAP basis) (note 1) 10,144 9,809
Operating net income (note 2) 11,470 10,880
Average Common Shares Outstanding:
Basic 58,646,254 58,321,020
Diluted 61,343,946 61,898,924
Key Performance Ratios (GAAP basis):
Basic earnings per share 0.32 0.30
Diluted earnings per share * 0.30 0.28
Basic earnings per share from
continuing operations 0.17 0.17
Diluted earnings per share from
continuing operations * 0.16 0.16
Return on average tangible
assets from cont ops (note 3) 0.74 0.69
Return on average tangible
equity from cont ops (note 3) 9.77 9.91
Key Performance Ratios (Operating basis):
Basic earnings per share 0.20 0.19
Diluted earnings per share * 0.19 0.18
Return on average tangible
assets (note 3,4) 0.89 0.81
Return on average tangible
equity (note 3,4) 15.23 15.09
* Diluted earnings per share
calculation adds back:
Interest expense net of tax on
convertible securities, if dilutive -- 129
Subsidiaries stock options, if
dilutive (83) (27)
Average Balance Sheet Data:
Assets 5,579,697 5,787,226
Tangible assets (note 3) 5,490,370 5,696,656
Tangible assets excluding
Levitt (note 3) 5,141,183 5,371,749
Loans 3,942,124 3,983,528
Investments 901,283 1,087,937
Deposits and escrows 2,951,536 2,925,061
Stockholders' equity 503,274 480,115
Tangible stockholders'
equity (note 3) 415,294 396,050
Tangible stockholders'
equity excluding Levitt (note 3) 301,310 288,452
For the Six Months Ended
(in thousands except share
data and ratios)
06/30/2004 06/30/2003
Current Earnings:
Net income (GAAP basis) 38,784 31,567
Income from continuing
operations (GAAP basis) (note 1) 38,784 20,627
Operating net income (note 2) 31,631 21,698
Average Common Shares Outstanding:
Basic 59,300,605 58,246,733
Diluted 62,979,163 63,047,682
Key Performance Ratios (GAAP basis):
Basic earnings per share 0.65 0.54
Diluted earnings per share * 0.61 0.51
Basic earnings per share from
continuing operations 0.65 0.35
Diluted earnings per share from
continuing operations * 0.61 0.34
Return on average tangible
assets from cont ops (note 3) 1.61 0.74
Return on average tangible
equity from cont ops (note 3) 23.17 11.06
Key Performance Ratios (Operating basis):
Basic earnings per share 0.53 0.37
Diluted earnings per share * 0.49 0.35
Return on average tangible
assets (note 3,4) 1.31 0.83
Return on average tangible
equity (note 3,4) 18.90 16.05
* Diluted earnings per share
calculation adds back:
Interest expense net of tax on
convertible securities, if dilutive -- 569
Subsidiaries stock options, if
dilutive (472) (74)
Average Balance Sheet Data:
Assets 4,907,291 5,640,395
Tangible assets (note 3) 4,819,050 5,549,043
Tangible assets excluding
Levitt (note 3) 4,819,050 5,237,616
Loans 3,754,117 3,809,454
Investments 743,550 1,109,716
Deposits and escrows 3,135,040 2,888,546
Stockholders' equity 429,679 472,456
Tangible stockholders'
equity (note 3) 334,806 372,902
Tangible stockholders'
equity excluding Levitt (note 3) 334,806 270,333
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 equity security litigation gain 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
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.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share data) 06/30/2004 12/31/2003 06/30/2003
ASSETS
Cash and due from depository
institutions $132,927 119,882 127,150
Securities purchased under resell
agreements and federal funds 399 -- --
Securities available for sale
(at fair value) 694,554 358,511 509,572
Securities owned (at fair value) 120,953 124,565 224,405
Investment securities and tax
certificates (approximate fair
value: $194,046, $192,706
and $208,622) 194,046 192,706 208,621
Loans receivable, net of allowance
for loan losses of $46,737, $45,595
and $49,576 3,899,099 3,686,153 4,024,344
Federal Home Loan Bank stock, at cost
which approximates fair value 44,154 40,325 69,131
Accrued interest receivable 27,864 27,866 34,162
Real estate held for development and
sale 25,077 21,803 241,346
Investments and advances in
unconsolidated subsidiaries 7,910 7,910 99,094
Office properties and equipment, net 106,105 93,577 92,599
Deferred tax asset, net 22,288 22,999 34,527
Goodwill 76,674 76,674 76,674
Core deposit intangible asset 11,121 11,985 12,864
Due from clearing agent 16,048 -- --
Other assets 49,159 46,593 64,364
Total assets $5,428,378 4,831,549 5,818,853
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $787,819 645,036 546,805
NOW accounts 584,658 533,888 455,514
Savings accounts 251,218 208,966 191,586
Insured money fund savings 906,865 865,590 850,579
Certificate accounts 719,545 804,662 859,896
Total deposits 3,250,105 3,058,142 2,904,380
Advances from FHLB 883,727 782,205 1,332,300
Securities sold under agreements to
repurchase 374,824 138,809 217,950
Federal funds purchased 20,000 -- 155,000
Subordinated debentures, notes and
bonds payable 36,395 36,595 142,461
Junior subordinated debentures 263,266 263,266 263,218
Securities sold not yet purchased 51,321 37,813 34,968
Due to clearing agent -- 8,583 112,410
Other liabilities 108,406 92,684 160,335
Total liabilities 4,988,044 4,418,097 5,323,022
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 54,903,283,
54,396,824 and 53,753,721 shares 549 544 538
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 258,258 259,770 254,532
Unearned compensation - restricted
stock grants (1,090) (1,178) (1,133)
Retained earnings 183,170 148,311 241,632
Total stockholders' equity before
accumulated other comprehensive
income 440,936 407,496 495,618
Accumulated other comprehensive
income (loss) (602) 5,956 213
Total stockholders' equity 440,334 413,452 495,831
Total liabilities and
stockholders' equity $5,428,378 4,831,549 5,818,853
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands) 06/30/2004 03/31/2004 12/31/2003
INTEREST INCOME:
Interest and fees on loans and
leases $48,034 48,936 49,647
Interest on securities available
for sale 5,194 3,653 3,372
Interest and dividends on
investment and securities owned 6,879 7,040 7,833
Total interest income 60,107 59,629 60,852
INTEREST EXPENSE:
Interest on deposits 6,788 6,973 7,504
Interest on advances from FHLB 7,769 9,098 11,667
Interest on short-term borrowed
funds 632 250 289
Interest on long-term debt 4,912 4,827 5,399
Capitalized interest on real estate
developments (346) (307) (312)
Total interest expense 19,755 20,841 24,547
NET INTEREST INCOME 40,352 38,788 36,305
Provision (recovery) for loan losses (1,963) (859) (1,811)
NET INTEREST INCOME AFTER PROVISION 42,315 39,647 38,116
NON-INTEREST INCOME:
Service charges on deposits 13,028 11,277 11,481
Other service charges and fees 6,431 4,637 4,704
Broker/dealer revenue and other
commissions 61,925 62,445 55,566
Securities activities, net 3 72 (1,582)
Equity security litigation
settlement gain -- 22,840 --
Gain on sales of loans 116 129 108
Income from real estate operations 683 305 354
Income from unconsolidated
subsidiaries 118 118 119
Other 3,041 2,542 2,492
Total non-interest income 85,345 104,365 73,242
NON-INTEREST EXPENSES:
Employee compensation and benefits 63,538 67,180 56,795
Occupancy and equipment 11,046 10,250 10,522
Advertising and promotion 5,630 4,694 3,110
Professional fees 2,610 2,737 5,243
Communications 3,106 3,253 2,917
Floor broker and clearing fees 2,438 2,802 2,506
Cost associated with debt
redemption -- 11,741 8,855
Other 9,534 9,357 7,391
Total non-interest expenses 97,902 112,014 97,339
Income from continuing operations
before income taxes 29,758 31,998 14,019
Provision for income taxes 11,498 11,474 6,193
Income from continuing operations 18,260 20,524 7,826
Discontinued operations, net of tax * -- -- 9,816
GAAP net income (note 1) $18,260 20,524 17,642
Reconciliation of Operating and GAAP
Income from continuing operations
GAAP income from continuing
operations $18,260 20,524 7,826
Costs associated with debt redemption -- 7,632 5,756
Equity security litigation settlement
gain -- (14,785) --
Operating net income (note 2) $18,260 13,371 13,582
For The Three Months Ended
(in thousands) 09/30/2003 06/30/2003
INTEREST INCOME:
Interest and fees on loans and
leases 50,668 54,191
Interest on securities available
for sale 4,598 7,686
Interest and dividends on
investment and securities owned 7,545 7,344
Total interest income 62,811 69,221
INTEREST EXPENSE:
Interest on deposits 7,758 9,758
Interest on advances from FHLB 15,025 15,291
Interest on short-term borrowed
funds 558 1,248
Interest on long-term debt 4,257 4,531
Capitalized interest on real
estate developments (286) (256)
Total interest expense 27,312 30,572
NET INTEREST INCOME 35,499 38,649
Provision (recovery) for loan losses (1,076) 1,490
NET INTEREST INCOME AFTER PROVISION 36,575 37,159
NON-INTEREST INCOME:
Service charges on deposits 10,925 9,605
Other service charges and fees 4,625 6,071
Broker/dealer revenue and other
commissions 49,992 50,565
Securities activities, net (336) (19)
Equity security litigation
settlement gain -- --
Gain on sales of loans 10 1
Income from real estate operations 66 4,136
Income from unconsolidated
subsidiaries 106 118
Other 2,405 2,125
Total non-interest income 67,793 72,602
NON-INTEREST EXPENSES:
Employee compensation and benefits 55,318 57,415
Occupancy and equipment 10,161 9,615
Advertising and promotion 2,989 3,819
Professional fees 4,239 3,715
Communications 2,821 4,216
Floor broker and clearing fees 2,327 2,236
Cost associated with debt
redemption 2,040 1,648
Other 8,588 11,826
Total non-interest expenses 88,483 94,490
Income from continuing operations
before income taxes 15,885 15,271
Provision for income taxes 5,741 5,462
Income from continuing operations 10,144 9,809
Discontinued operations, net of tax * 8,364 7,400
GAAP net income (note 1) 18,508 17,209
Reconciliation of Operating and GAAP
Income from continuing operations
GAAP income from continuing
operations 10,144 9,809
Costs associated with debt
redemption 1,326 1,071
Equity security litigation
settlement gain -- --
Operating net income (note 2) 11,470 10,880
For the Six Months Ended
(in thousands) 06/30/2004 06/30/2003
INTEREST INCOME:
Interest and fees on loans and
leases 96,970 107,131
Interest on securities available
for sale 8,847 16,343
Interest and dividends on
investment and securities owned 13,919 14,712
Total interest income 119,736 138,186
INTEREST EXPENSE:
Interest on deposits 13,761 20,927
Interest on advances from FHLB 16,867 30,607
Interest on short-term borrowed
funds 882 2,067
Interest on long-term debt 9,739 8,352
Capitalized interest on real
estate developments (653) (595)
Total interest expense 40,596 61,358
NET INTEREST INCOME 79,140 76,828
Provision (recovery) for loan losses (2,822) 2,340
NET INTEREST INCOME AFTER PROVISION 81,962 74,488
NON-INTEREST INCOME:
Service charges on deposits 24,305 18,163
Other service charges and fees 11,068 9,989
Broker/dealer revenue and other
commissions 124,370 102,230
Securities activities, net 75 365
Equity security litigation
settlement gain 22,840 --
Gain on sales of loans 245 4
Income from real estate operations 988 5,222
Income from unconsolidated
subsidiaries 236 200
Other 5,583 4,506
Total non-interest income 189,710 140,679
NON-INTEREST EXPENSES:
Employee compensation and benefits 130,718 114,827
Occupancy and equipment 21,296 19,353
Advertising and promotion 10,324 6,626
Professional fees 5,347 6,830
Communications 6,359 8,045
Floor broker and clearing fees 5,240 4,394
Cost associated with debt
redemption 11,741 1,648
Other 18,891 21,327
Total non-interest expenses 209,916 183,050
Income from continuing operations
before income taxes 61,756 32,117
Provision for income taxes 22,972 11,490
Income from continuing operations 38,784 20,627
Discontinued operations, net of tax * -- 10,940
GAAP net income (note 1) 38,784 31,567
Reconciliation of Operating and GAAP
Income from continuing operations
GAAP income from continuing
operations 38,784 20,627
Costs associated with debt
redemption 7,632 1,071
Equity security litigation
settlement gain (14,785) --
Operating net income (note 2) 31,631 21,698
* Primarily Levitt Corporation.
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 equity security litigation gain and
costs associated with debt redemptions, net of tax.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended
(in thousands except percentages
and per share data) 06/30/2004 03/31/2004 12/31/2003
Gross loans:
Residential real estate $1,386,482 1,326,061 1,403,686
Commercial real estate 1,650,763 1,701,012 1,660,004
Consumer 403,824 374,222 341,246
Lease financing 11,526 13,642 16,293
Commercial business 142,686 141,955 111,705
Small business 182,171 173,890 165,443
Total Loans 3,777,452 3,730,782 3,698,377
Investments - taxable 745,854 664,907 773,271
Investments - tax exempt 72,958 3,362 --
Total interest earning assets 4,596,264 4,399,051 4,471,648
Goodwill and core deposit intangibles 88,034 88,448 88,887
Other non-interest earning assets 338,507 304,254 660,693
Total assets $5,022,805 4,791,753 5,221,228
Tangible assets (note 3) $4,934,771 4,703,305 5,132,341
Deposits:
Savings $242,506 220,005 205,564
NOW 586,259 543,619 507,876
Money funds 912,065 866,767 879,095
Certificates of deposit 709,523 769,949 815,454
Total interest bearing
deposits 2,450,353 2,400,340 2,407,989
Short-term borrowed funds 269,423 128,130 131,095
FHLB advances 696,661 760,973 937,888
Long-term debt 299,931 299,878 413,154
Total interest bearing liabilities 3,716,368 3,589,321 3,890,126
Non-interest bearing deposits 754,975 664,410 624,181
Non-interest bearing other liabilities 115,610 114,540 185,528
Total liabilities 4,586,953 4,368,271 4,699,835
Stockholders' equity 435,852 423,482 521,393
Total liabilities and stockholders'
equity $5,022,805 4,791,753 5,221,228
Other comprehensive (loss) income in
stockholders' equity $2,986 6,320 (597)
Tangible stockholders'
equity (note 3) $344,832 328,714 433,103
Period End
Total loans, net $3,899,099 3,674,173 3,686,153
Total assets 5,428,378 4,750,483 4,831,549
Total stockholders' equity 440,334 429,577 413,452
Common shares outstanding 59,779,407 59,207,954 59,272,948
Cash dividends 1,972,775 1,953,863 1,956,008
Common stock cash dividends per share 0.033 0.033 0.033
Closing stock price (1) 18.45 16.96 14.02
High stock price for the quarter (1) 18.53 19.00 14.58
Low stock price for the quarter (1) 14.37 13.70 10.44
Book value per share - historical 7.37 7.26 6.98
For the three months ended
(in thousands except percentages
and per share data) 09/30/2003 06/30/2003
Gross loans:
Residential real estate 1,714,774 1,880,890
Commercial real estate 1,621,407 1,508,064
Consumer 319,269 306,740
Lease financing 18,935 22,713
Commercial business 108,714 106,323
Small business 159,025 158,798
Total Loans 3,942,124 3,983,528
Investments - taxable 901,283 1,087,937
Investments - tax exempt -- --
Total interest earning assets 4,843,407 5,071,465
Goodwill and core deposit intangibles 89,327 90,570
Other non-interest earning assets 646,963 625,191
Total assets 5,579,697 5,787,226
Tangible assets (note 3) 5,490,370 5,696,656
Deposits:
Savings 197,778 185,685
NOW 473,741 454,108
Money funds 874,789 836,246
Certificates of deposit 837,221 913,564
Total interest bearing
deposits 2,383,529 2,389,603
Short-term borrowed funds 228,427 385,604
FHLB advances 1,249,074 1,313,896
Long-term debt 407,538 409,567
Total interest bearing liabilities 4,268,568 4,498,670
Non-interest bearing deposits 568,007 535,458
Non-interest bearing other
liabilities 239,848 272,983
Total liabilities 5,076,423 5,307,111
Stockholders' equity 503,274 480,115
Total liabilities and stockholders'
equity 5,579,697 5,787,226
Other comprehensive (loss) income in
stockholders' equity (1,347) (6,505)
Tangible stockholders'
equity (note 3) 415,294 396,050
Period End
Total loans, net 3,739,638 4,024,344
Total assets 5,197,060 5,818,851
Total stockholders' equity 513,669 495,831
Common shares outstanding 58,940,200 58,629,845
Cash dividends 1,945,268 1,817,525
Common stock cash dividends per share 0.033 0.031
Closing stock price (1) 10.52 8.78
High stock price for the quarter (1) 11.64 9.22
Low stock price for the quarter (1) 8.68 7.09
Book value per share - historical 8.72 8.46
(1) adjusted to reflect the Levitt spin-off.
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 equity security litigation gain 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
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.
SOURCE BankAtlantic Bancorp
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CONTACT:
Investor Relations, Leo Hinkley, Senior Vice
President, +1-954-760-5317, or
InvestorRelations@BankAtlanticBancorp.com, or Investor &
Corporate Communications, Adrienne Zvi, +1-954-760-5241, or
CorpComm@BankAtlanticBancorp.com, or Sharon Lyn, +1-954-760-5402,
or slyn@BankAtlantic.com, all of BankAtlantic Bancorp, fax,
+1-954-760-5415, or Public Relations, Hattie Harvey, Public
Relations Manager, BankAtlantic, +1-954-760-5383, or fax,
+1-954-760-5388, or hharvey@BankAtlantic.com; or Caren Berg,
Boardroom Communications, +1-954-370-8999, or fax,
+1-954-370-8892, or caren@boardroompr.com, for BankAtlantic
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