Record Year-To-Date Net Income of $31.6 million,
An increase of 77.5%
FORT LAUDERDALE, Fla., July 22 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic, Levitt
Corporation, and Ryan Beck & Co., today reported net income of $17.2 million
for the second quarter of 2003, compared to $20.3 million earned in the
corresponding period in 2002. On a per share basis, diluted earnings were
$0.28 for the quarter, compared to $0.35 for the second quarter of 2002. Net
income for the six months ended June 30, 2003 was a record $31.6 million, an
increase of 77.5%, compared to $17.8 million in the corresponding 2002 period.
On a per share basis, diluted earnings were $0.51 year-to-date, up from
$0.29 during the first six months of 2002.
Earnings in the first and second quarters 2002 included a $23.8 million
after-tax extraordinary gain related to the purchase of assets and assumption
of certain liabilities of Gruntal & Co. and a $15.1 million charge to earnings
associated with a cumulative change in accounting principle. Adjusting for
these items in 2002, net income from continuing operations was $17.2 million
for the second quarter of 2003, compared to a loss of $3.5 million in the
second quarter of 2002, and year-to-date net income from continuing operations
was $31.6 million for 2003 versus $9.1 million for 2002. Income from
continuing operations in the 2002 periods included an after-tax impairment
loss of $11.8 million on equity securities and after-tax merger-related
expenses of approximately $5.0 million from the Gruntal transaction and the
acquisition of Community Savings Bank.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented,
"Looking at continuing operations, the second quarter was a record for our
company. BankAtlantic experienced record results in attracting new low cost
deposit accounts, record non-interest income, strong loan growth, and a
continuation of its favorable trend in credit quality. Levitt Corporation's
Levitt and Sons reported a record backlog of home sales and Core Communities'
new Tradition development experienced one of the best grand opening attendance
and sales records for similar developments in Florida. Ryan Beck & Co.
reported record revenue for the quarter and a solid level of profitability.
Additional accomplishments and highlights include:
"BankAtlantic's 'Florida's Most Convenient Bank' initiatives, including
seven-day branch banking, extended weekday branch hours, 24/7 live customer
service center, Totally Free Checking, free online banking, and dozens of
additional product and service initiatives, have clearly struck a responsive
chord with our customers and simultaneously created an unbridled energy in our
employees.
"The accelerated growth in core deposits and record new checking and
savings account openings continues to validate our approach and surpass our
initial objectives. During the second quarter of 2003, BankAtlantic opened
over 35,000 new low cost checking and savings accounts. Since January 2002,
BankAtlantic has opened 172,000 new checking and savings accounts.
"The percentage of low cost deposits (demand, NOW and savings deposits) to
total deposits increased to 41% at June 30, 2003, from 30% at the comparable
2002 period-end, and 27% at December 31, 2001.
"Demand deposits increased to 19% of total deposits at June 30, 2003, up
from 16% at year-end 2002, and 13% at year-end 2001.
"The second quarter of 2003 marks the fourth consecutive quarter of over
30% year-over-year quarterly growth in low cost deposits.
"In the second quarter 2003, non-interest income increased 41.9% vs. the
comparable 2002 quarter, and grew 47.2 % year-to-date vs. the comparable 2002
period.
"Commercial, small business, and consumer loan demand remained strong
throughout the quarter, although we anticipate a flattening or modest decline
in loan levels as we reduce purchases of residential loans in response to the
current interest rate environment.
"The bank's credit quality continued to improve during the second quarter
of 2003. Non-performing assets declined to $21.9 million from $52.5 million
at June 30, 2002. The ratio of non-performing loans to total loans improved
from 0.35% at March 31, 2003 to 0.29% at June 30, 2003. The coverage ratio
(the ratio of allowance for loan and lease losses to non-performing loans)
improved from 323% at March 31, 2003 to 376% at June 30, 2003. Net
charge-offs to average loans were 0.06% for the quarter and less than 0.01%
year-to-date. This compares to net charge-offs to average loans of 0.94%
through the first half of 2002.
"BankAtlantic's net interest margin declined to 3.27% for the quarter,
compared to 3.35% in the immediately preceding quarter, and to 3.64% in the
same quarter, 2002. We anticipate this trend to continue in the near-term as
a consequence of the current levels of interest rates, as prepayments of both
mortgage loans and mortgage-related securities remain high.
"BankAtlantic's many initiatives have attracted new customers, reached out
to existing customers, and provided a superior platform for cross promotion
and selling. Simultaneously, these initiatives have greatly raised the
visibility of the bank and truly branded it as 'Florida's Most Convenient
Bank'. Although it is too early to declare an absolute trend, we believe the
favorable results are a clear indication of a very positive energy and upward
momentum.
"Levitt Corporation's homebuilding subsidiary, Levitt and Sons, had a
record backlog of 1,576 units or $335 million at June 30, 2003, up from
713 units or $153 million at June 30, 2002. Sales for the first six months of
1,063 units were $234 million, an increase of 150% over the comparable 2002
period.
"Core Communities celebrated the grand opening of its newest
master-planned community, the 9,000 acre 'Tradition', with a record attendance
of over 12,000 persons on the first weekend the development was open for
sales. Although no home models had been built, unaffiliated builders who had
purchased property from Core Communities recorded 375 new home reservations
and generated approximately $80 million in sales utilizing model renderings
and elevations. Sales in the opening weekend virtually sold out Phase One of
Tradition.
"As previously announced, we have filed a request for a private letter
ruling from the IRS for a proposed spin-off of Levitt Corporation to
BankAtlantic Bancorp shareholders in a tax free transaction. This spin-off is
subject to receipt of the IRS ruling and any required regulatory approvals.
We presently anticipate consummation of the spin-off at December 31, 2003. A
summary of the proposed transaction is available on the Company's website
under 'Supplemental Financials.'
"Ryan Beck & Co. had record second quarter revenues of $64.3 million, an
increase of 49% compared to the second quarter of 2002. Ryan Beck's Private
Client Group contributed 61% and investment-banking activity contributed 9% of
total revenue for the quarter, continuing the pattern of an improved revenue
mix at Ryan Beck following the Gruntal transaction. Ryan Beck's results also
include trading markdowns aggregating $2.5 million relating to the municipal
securities inventory at its GMS Group subsidiary.
"Ryan Beck continues to develop its core business units, recruiting
34 Financial Consultants with more than $400 million in client assets to its
Private Client Group. Year-to-date, the firm has raised more than
$500 million in equity for its investment banking clients. In April, Ryan
Beck launched two successful proprietary unit investment trusts, the 'Ryan
Beck Select Financial Services Equity Portfolio' and the 'Ryan Beck Select
Financial Services Preferred Income Portfolio,' investing more than
$30 million in these funds for clients."
Financial Highlights:
Second Quarter, 2003 Compared to Second Quarter, 2002
BankAtlantic Bancorp (consolidated):
* Net income from continuing operations of $17.2 million vs. a loss of
$3.5 million, which included in the 2002 period an after-tax
impairment of $11.8 million on equity securities, and after-tax
acquisition expenses of $4.3 related to the Gruntal transaction.
* Book value per share rose to $8.46 vs. $7.66, an increase of 10.4%.
BankAtlantic:
* Business segment pretax income of $20.1 million vs. $15.6 million, an
increase of 28.8%.
* Return on tangible assets was 0.99% vs. 0.78%.
* Return on tangible equity was 13.06% vs. 11.14%.
* Total average loans grew to $4.030 billion vs. $3.611 billion, an
increase of 11.6%.
- Average residential loans increased to $1.881 billion vs.
$1.571 billion, an increase of 19.7%.
- Average commercial real estate loans increased to $1.555 billion
vs. $1.500 billion, an increase of 3.7%.
- Average small business loans increased to $159 million vs.
$153 million, an increase of 3.9%.
- Average consumer loans increased to $307 million vs. $245 million,
an increase of 25.3%.
* Net interest margin decreased from 3.64% to 3.27%.
* Non-interest income grew to $19.3 million vs. $13.6 million, an
increase of 41.9%.
* Non-interest expense grew to $38.3 million vs. $36.3 million, an
increase of 5.5%.
Levitt Corporation:
* Business segment pretax income rose to $10.4 million vs. $5.8 million,
an increase of 79.3%.
* Return on tangible equity was 21.61% vs. 15.26%.
Ryan Beck & Co.:
* Business segment pretax income declined to $2.2 million vs.
$19.4 million, a quarter in the 2002 period that included an
extraordinary gain relating to the Gruntal & Co. transaction.
* Return on tangible equity was 8.87%.
Year-To-Date 2003 Highlights Compared To The Corresponding 2002 Period:
BankAtlantic Bancorp (consolidated):
* Net income of $31.6 million vs. $17.8 million, an increase of 77.5%.
* Diluted earnings per share of $0.51 vs. $0.29, an increase of 75.9%.
* Return on average tangible equity was 16.93% vs. 9.99%.
* Net income from continuing operations of $31.6 million vs.
$9.1 million, which included in the 2002 period an after-tax
impairment of $11.8 million on equity securities and after-tax
expenses of $5.0 million related to the Gruntal transaction and the
first quarter 2002 acquisition of Community Savings.
BankAtlantic:
* Business segment pretax income increased to $37.5 million vs.
$29.3 million, an increase of 28.0%.
* Return on tangible assets was 0.95% vs. 0.80%.
* Return on tangible equity was 12.33% vs. 10.53%.
* Total average loans grew to $3.857 billion vs. $3.250 billion, an
increase of 18.7%.
- Average residential loans increased to $1.721 billion vs.
$1.331 billion, an increase of 29.3%.
- Average commercial real estate loans increased to $1.543 billion
vs. $1.403 billion, an increase of 10.0%.
- Average small business loans increased to $161 million vs.
$131 million, an increase of 22.9%.
- Average consumer loans increased to $302 million vs. $232 million,
an increase of 30.2%.
* Net interest margin decreased from 3.51% to 3.31%.
* Non-interest income grew to $33.7 million vs. $22.9 million, an
increase of 47.2%.
* Non-interest expense grew to $73.5 million vs. $64.6 million, an
increase of 13.8%.
Levitt Corporation:
* Business segment pretax income rose to $15.7 million vs.
$12.1 million, an increase of 29.8%.
* Return on tangible equity was 16.40% vs. 15.90%.
Ryan Beck & Co.:
* Business segment pretax income decreased to $5.0 million vs.
$17.9 million, a period in 2002 that included an extraordinary gain
relating to the Gruntal & Co. transaction.
* Return on tangible equity was 10.11%.
BankAtlantic Bancorp's Second 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 Second Quarter, 2003 earnings results
press release and financial summary, and the Supplemental Financials are also
available upon request via fax, email, or postal service, by contacting
BankAtlantic Bancorp's Investor Relations department utilizing 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, 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 and BankAtlantic
Bancorp also hold an aggregate 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 (NYSE: BXG) 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 40 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.GMSgroup.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., Fort 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
* 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 will host an investor and media teleconference call
and webcast on Wednesday, July 23, 2003 at 10:30 a.m. EDT.
* Teleconference Call: To access the teleconference call in the U.S.,
the toll free number to call is 1-888-338-6461. International calls
may be placed to 973-935-8508. A replay of the conference call will
be available beginning on Wednesday, July 23, 2003 through 5:00 p.m.
Friday, August 1. 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: 4055040.
* Webcast: 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
beginning on Wednesday, July 23 through Friday, August 29, 2003.
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 not being successful or producing results which
do not 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. This press release also 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. Further, this press
release contains forward-looking statements with respect to Ryan Beck & Co.
and its subsidiary, 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, the success of
new lines of business, 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)
06/30/2003 03/31/2003
Current Earnings:
GAAP Net Income (note 1) $17,209 14,358
Operating Net Income (note 2) $18,280 14,358
Average Common Shares Outstanding:
Basic 58,321,020 58,171,621
Diluted GAAP 61,898,924 64,250,488
Diluted Operating 61,898,924 64,250,488
Key GAAP Performance Ratios:
Basic earnings per share $0.30 0.25
Diluted earnings per share * $0.28 0.23
Return on average tangible
assets (note 3) 1.21 1.06
Return on average tangible (note 3)
equity 17.38 15.02
Key Operating Performance Ratios:
Basic earnings per share $0.31 0.25
Diluted earnings per share * $0.30 0.23
Operating return on average (note 3)
tangible assets 1.28 1.06
Operating return on average (note 3)
tangible equity 18.46 15.02
* Diluted earnings per share calculation
adds back interest expense net of tax
on convertible securities, if dilutive $129 440
Average Balance Sheet Data:
Assets $5,787,226 5,491,930
Tangible assets (note 3) $5,696,656 5,399,787
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 equity to tangible assets 6.95 7.08
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The Three Months Ended
(in thousands except share
data and ratios)
12/31/2002 09/30/2002 06/30/2002
Current Earnings:
GAAP Net Income (note 1) 18,066 14,473 20,323
Operating Net Income (note 2) 19,020 15,737 13,319
Average Common Shares Outstanding:
Basic 58,085,481 58,065,396 57,973,880
Diluted GAAP 64,188,382 64,320,448 57,973,880
Diluted Operating 64,188,382 64,320,448 64,747,784
Key GAAP Performance Ratios:
Basic earnings per share 0.31 0.25 0.35
Diluted earnings per share * 0.29 0.23 0.35
Return on average tangible
assets (note 3) 1.32 1.02 1.47
Return on average tangible
equity (note 3) 19.98 16.96 24.63
Key Operating Performance Ratios:
Basic earnings per share 0.33 0.27 0.23
Diluted earnings per share * 0.30 0.25 0.21
Operating return on average
tangible assets (note 3) 1.39 1.10 0.96
Operating return on average
tangible equity (note 3) 21.03 18.44 16.14
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if dilutive 440 440 440
Average Balance Sheet Data:
Assets 5,552,458 5,796,782 5,620,134
Tangible assets (note 3) 5,459,454 5,701,036 5,522,552
Loans 3,602,605 3,679,371 3,564,545
Investments 1,207,985 1,392,785 1,367,312
Deposits and escrows 2,970,904 2,988,545 3,028,407
Stockholders' equity 456,579 441,177 427,740
Tangible stockholders'
equity (note 3) 361,681 341,355 330,042
Tangible equity to tangible assets 6.62 5.99 5.98
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share For The Six Months Ended
data and ratios) 06/30/2003 06/30/2002
Current Earnings:
GAAP Net Income (note 1) 31,567 17,796
Operating Net Income (note 2) 32,638 26,587
Average Common Shares Outstanding:
Basic 58,246,733 57,918,382
Diluted GAAP 63,047,682 60,887,362
Diluted Operating 63,047,682 64,981,777
Key GAAP Performance Ratios:
Basic earnings per share 0.54 0.31
Diluted earnings per share * 0.51 0.29
Return on average tangible
assets (note 3) 1.14 0.70
Return on average tangible
equity (note 3) 16.93 9.99
Key Operating Performance Ratios:
Basic earnings per share 0.56 0.46
Diluted earnings per share * 0.53 0.42
Operating return on average
tangible assets (note 3) 1.18 1.05
Operating return on average
tangible equity (note 3) 17.50 14.93
* Diluted earnings per share
calculation adds back
interest expense net of tax on
convertible securities, if dilutive 569 880
Average Balance Sheet Data:
Assets 5,640,395 5,138,393
Tangible assets (note 3) 5,549,043 5,076,713
Loans 3,809,454 3,214,362
Investments 1,109,716 1,349,802
Deposits and escrows 2,888,546 2,726,277
Stockholders' equity 472,456 419,596
Tangible stockholders' equity
(note 3) 372,902 356,223
Tangible equity to tangible assets 6.72 7.02
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 income before extraordinary
items and cumulative accounting change, adjusted for restructuring
charges and write downs, costs associated with debt redemptions,
loss on mutual funds associated with the acquired Gruntal deferred
compensation plan, acquisition and conversion related charges and
impairment of equity securities, 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) 06/30/2003 12/31/2002 06/30/2002
ASSETS
Cash and due from depository
institutions $127,150 200,600 150,468
Securities purchased under resell
agreements and federal funds -- 50,145 149
Investment securities and tax
certificates (approximate fair
value: $208,622,
$212,698 and $461,020) 208,621 212,240 453,778
Loans receivable, net 4,024,340 3,372,630 3,564,143
Securities available for sale
(at fair value) 509,572 707,858 767,648
Securities owned (at fair value) 224,405 186,454 244,000
Accrued interest receivable 34,162 33,984 36,687
Real estate held for development and
sale and joint ventures 268,546 252,087 237,962
Investment in unconsolidated real
estate subsidiary 64,381 60,695 58,205
Office properties and equipment, net 92,174 92,699 92,740
Federal Home Loan Bank stock, at cost
which approximates fair value 69,131 64,943 60,732
Deferred tax asset, net 34,527 35,316 38,857
Goodwill 76,674 78,612 83,526
Core deposit intangible asset 12,864 13,757 14,664
Other assets 64,931 58,991 91,833
Total assets $5,811,478 5,421,011 5,895,392
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $546,805 462,718 412,425
NOW accounts 455,514 399,985 335,414
Savings accounts 191,586 163,641 149,967
Insured money fund savings 850,579 775,175 769,390
Certificate accounts 859,896 1,119,036 1,312,902
Total deposits 2,904,380 2,920,555 2,980,098
Advances from FHLB 1,332,300 1,297,170 1,218,926
Securities sold under agreements to
repurchase 218,141 116,279 491,735
Federal funds purchased 155,000 -- 80,000
Subordinated debentures, notes and
bonds payable 140,810 193,816 195,243
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 255,375 180,375 155,125
Securities sold not yet purchased 34,968 38,003 68,325
Due to clearing agent 112,410 78,791 94,312
Other liabilities 162,263 126,688 165,300
Total liabilities 5,315,647 4,951,677 5,449,064
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 53,753,721,
53,441,847 and 53,392,502 shares 538 534 534
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 254,532 252,699 253,127
Unearned compensation - restricted
stock grants (1,133) (1,209) (1,285)
Retained earnings 241,632 213,692 184,768
Total stockholders' equity before
accumulated other comprehensive
income 495,618 465,765 437,193
Accumulated other comprehensive
income 213 3,569 9,135
Total stockholders' equity 495,831 469,334 446,328
Total liabilities and
stockholders' equity $5,811,478 5,421,011 5,895,392
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands) 06/30/2003 03/31/2003
INTEREST INCOME:
Interest and fees on loans $54,257 52,996
Interest on securities available
for sale 7,686 8,657
Interest and dividends on
investment and
trading securities 10,082 9,540
Total interest income 72,025 71,193
INTEREST EXPENSE:
Interest on deposits 9,758 11,169
Interest on advances from FHLB 15,291 15,316
Interest on short-term borrowed
funds 1,248 819
Interest on long-term debt 6,792 6,219
Capitalized interest on real
estate developments (1,608) (1,574)
Total interest expense 31,481 31,949
NET INTEREST INCOME 40,544 39,244
Provision for loan losses 1,490 850
NET INTEREST INCOME AFTER PROVISION 39,054 38,394
NON-INTEREST INCOME:
Service charges on deposits 9,605 8,558
Other service charges and fees 6,071 3,918
Broker/dealer revenue and other
commissions 58,091 57,984
Securities gains (losses) (19) 384
Impairment of securities -- --
Gain (losses) on sales of loans 1 3
Income from real estate operations 20,515 13,788
Income from unconsolidated
subsidiary 2,319 119
Other 3,466 3,249
Total non-interest income 100,049 88,003
NON-INTEREST EXPENSES:
Employee compensation and benefits 69,015 67,032
Occupancy and equipment 9,891 10,007
Amortization of intangible assets 439 454
Write-down of real estate owned -- 755
Other 31,298 26,050
Restructuring charges and write-
downs 1,648 --
Acquisition related charges -- --
Total non-interest expenses 112,291 104,298
Income (loss) before income taxes,
extraordinary items and cumulative
accounting change 26,812 22,099
Provision (benefit) for income taxes 9,603 7,741
Income (loss) before extraordinary
items and cumulative accounting change 17,209 14,358
Extraordinary items, net of tax -- --
Cumulative accounting change,
net of tax -- --
GAAP net income (note 1) $17,209 14,358
Reconciliation of Operating and GAAP
Net Income
GAAP net income (loss) before
extraordinary items
and cumulative accounting change $17,209 14,358
Restructuring charges and
write-downs -- --
Costs associated with debt
redemption 1,071 --
Loss on mutual funds associated with
acquired Gruntal deferred compensation plan -- --
Acquisition and conversion related
charges -- --
Impairment of securities available
for sale -- --
Operating net income (note 2) $18,280 14,358
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands) 12/31/2002 09/30/2002 06/30/2002
INTEREST INCOME:
Interest and fees on loans 55,502 59,969 59,325
Interest on securities available
for sale 8,214 10,322 11,804
Interest and dividends on
investment and
trading securities 11,657 13,214 11,925
Total interest income 75,373 83,505 83,054
INTEREST EXPENSE:
Interest on deposits 14,256 16,089 17,106
Interest on advances from FHLB 15,960 15,856 15,676
Interest on short-term borrowed
funds 744 2,305 2,113
Interest on long-term debt 7,457 7,306 6,853
Capitalized interest on real estate
developments (1,478) (1,688) (1,613)
Total interest expense 36,939 39,868 40,135
NET INTEREST INCOME 38,434 43,637 42,919
Provision for loan losses 3,291 2,082 6,139
NET INTEREST INCOME AFTER PROVISION 35,143 41,555 36,780
NON-INTEREST INCOME:
Service charges on deposits 9,245 6,684 5,687
Other service charges and fees 3,841 3,591 3,550
Broker/dealer revenue and other
commissions 49,721 50,196 38,191
Securities gains (losses) (27) 2,483 3,083
Impairment of securities (342) (302) (18,157)
Gain (losses) on sales of loans 2,066 (230) 2
Income from real estate operations 18,355 8,852 12,466
Income from unconsolidated
subsidiary 2,181 1,427 1,741
Other 3,563 2,913 2,763
Total non-interest income 88,603 75,614 49,326
NON-INTEREST EXPENSES:
Employee compensation and benefits 58,469 59,714 53,902
Occupancy and equipment 10,737 11,377 10,551
Amortization of intangible assets 453 453 454
Write-down of real estate owned -- 1,400 7
Other 25,957 23,694 23,640
Restructuring charges and
write-downs 3,125 -- 1,007
Acquisition related charges -- (71) 3,922
Total non-interest expenses 98,741 96,567 93,483
Income (loss) before income taxes,
extraordinary items and cumulative
accounting change 25,005 20,602 (7,377)
Provision (benefit) for income taxes 6,939 6,068 (3,890)
Income (loss) before extraordinary
items and cumulative accounting change 18,066 14,534 (3,487)
Extraordinary items, net of tax -- (61) 23,810
Cumulative accounting change,
net of tax -- -- --
GAAP net income (note 1) 18,066 14,473 20,323
Reconciliation of Operating and GAAP
Net Income
GAAP net income (loss) before
extraordinary items
and cumulative accounting change 18,066 14,534 (3,487)
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
Impairment of securities available
for sale 222 196 11,802
Operating net income (note 2) 19,020 15,737 13,319
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Six Months Ended
(in thousands) 06/30/2003 06/30/2002
INTEREST INCOME:
Interest and fees on loans 107,253 106,396
Interest on securities available
for sale 16,343 23,870
Interest and dividends on
investment and
trading securities 19,622 20,626
Total interest income 143,218 150,892
INTEREST EXPENSE:
Interest on deposits 20,927 32,432
Interest on advances from FHLB 30,607 30,596
Interest on short-term borrowed
funds 2,067 3,497
Interest on long-term debt 13,011 11,461
Capitalized interest on real
estate developments (3,182) (2,831)
Total interest expense 63,430 75,155
NET INTEREST INCOME 79,788 75,737
Provision for loan losses 2,340 8,704
NET INTEREST INCOME AFTER PROVISION 77,448 67,033
NON-INTEREST INCOME:
Service charges on deposits 18,163 10,550
Other service charges and fees 9,989 6,655
Broker/dealer revenue and other
commissions 116,075 51,239
Securities gains (losses) 365 6,122
Impairment of securities -- (18,157)
Gain (losses) on sales of loans 4 4
Income from real estate operations 34,303 24,443
Income from unconsolidated
subsidiary 2,438 1,741
Other 6,715 4,629
Total non-interest income 188,052 87,226
NON-INTEREST EXPENSES:
Employee compensation and benefits 136,047 80,765
Occupancy and equipment 19,898 17,845
Amortization of intangible assets 893 454
Write-down of real estate owned 755 64
Other 57,348 37,166
Restructuring charges and
write-downs 1,648 1,007
Acquisition related charges -- 4,996
Total non-interest expenses 216,589 142,297
Income (loss) before income taxes,
extraordinary items and cumulative
accounting change 48,911 11,962
Provision (benefit) for income taxes 17,344 2,869
Income (loss) before extraordinary
items and cumulative accounting change 31,567 9,093
Extraordinary items, net of tax -- 23,810
Cumulative accounting change,
net of tax -- (15,107)
GAAP net income (note 1) 31,567 17,796
Reconciliation of Operating and GAAP
Net Income
GAAP net income (loss) before
extraordinary items
and cumulative accounting change 31,567 9,093
Restructuring charges and
write-downs -- 655
Costs associated with debt
redemption 1,071 --
Loss on mutual funds associated with
acquired Gruntal deferred
compensation plan -- --
Acquisition and conversion related
charges -- 5,037
Impairment of securities available
for sale -- 11,802
Operating net income (note 2) 32,638 26,587
SOURCE BankAtlantic Bancorp, Inc.
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CONTACT:
For BankAtlantic Bancorp: Investor Relations
- Leo Hinkley, Phone: +1-954-760-5317, Fax: +1-954-760-5415,
InvestorRelations@BankAtlanticBancorp.com, or Corporate
Communications - Sharon Lyn, Phone: +1-954-760-5402, Fax:
+1-954-760-5415, CorpComm@BankAtlanticBancorp.com; or For
BankAtlantic: Public Relations - Hattie Harvey, Tel:
+1-954-760-5383, Fax: +1-954-760-5108, hharvey@BankAtlantic.com,
or Public Relations for BankAtlantic: Boardroom Communications,
Caren Berg, Phone: +1-954-370-8999, Fax: +1-954-370-8892,
caren@boardroompr.com
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