Third Quarter 2003 Net Income Increased 28%
Diluted Earnings Per Share Increased 30%
Year-To-Date Net Income Increased 55%
Diluted Earnings Per Share Increased 54%
FORT LAUDERDALE, Fla., Oct. 21 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic, Ryan Beck &
Co., and Levitt Corporation, today reported third quarter 2003 net income
increased 28% to $18.5 million, up from $14.5 million earned in the
corresponding 2002 quarter. Diluted earnings per share increased 30% to
$0.30, up from $0.23 in the corresponding quarter of 2002. Year-to-date 2003
net income increased 55% to a record $50.1 million, up from $32.3 million
earned in the corresponding 2002 period. Diluted earnings per share increased
54% to a record $0.80, up from $0.52 in the corresponding 2002 period.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented,
"We are very pleased with the results for the third quarter. Despite a less-
than-ideal national economic climate, BankAtlantic Bancorp experienced
excellent results throughout our organization. BankAtlantic continued its
excellent record in growing low-cost deposits and achieved further progress in
credit quality. Levitt Corporation had a record quarter, with an all-time
high backlog at quarter-end, and Ryan Beck continued its excellent trend in
operations, recording one of the best quarters in the history of the firm."
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, Totally Free
Change Exchange coin counters, and dozens of additional product and service
initiatives, continues to produce results that we believe are unprecedented in
this market.
"This quarter, we opened over 38,000 new low-cost checking and savings
accounts. Since January 2002, BankAtlantic has opened 209,000 new checking
and savings accounts. The third quarter of 2003 marks the seventh consecutive
quarter of double-digit growth in new low-cost checking and savings account
openings. Year-to-date 2003, new checking (DDA/NOW) and savings account
openings were 110,000, compared to 71,000 in the corresponding 2002 period, an
increase of 55%.
"As shown in the table below, balances in low cost deposits increased 36%
on a 'same branch basis' in the third quarter of 2003, to $1.3 billion at
quarter-end. Non-interest bearing demand deposits now constitute 20% of
deposit funding, up from 14% last year."
DEC '01 MAR '02 JUN '02 SEP '02 DEC '02 MAR '03 JUN '03 SEP '03
Demand
Deposits
% of Total
Deposits 13% 13% 14% 14% 16% 18% 19% 20%
Low Cost
Deposits*
% of Total
Deposits 26% 29% 30% 32% 35% 40% 41% 43%
Low Cost
Deposit
Growth*
"Same
Branch"
Year-
over-Year
Change** 15% 23% 30% 30% 31% 33% 36%
Effective
rate,
Low Cost
Deposits* 0.38% 0.49% 0.45% 0.35% 0.33% 0.28% 0.18%
* DDA and NOW Checking plus Savings comprise Low Cost Deposits
** Includes Branches open for 2 years or more
To view the accompanying press release graphs, click
http://www.BankAtlanticBancorp.com/3Q2003Graphs or access the "Investor Relations"
section at http://www.BankAtlanticBancorp.com and click on the "Quarterly Financials"
navigation link.
Levan continued, "In the third quarter 2003, non-interest income at
BankAtlantic increased 29% vs. the comparable 2002 quarter, and grew 48% year-
to-date vs. the comparable 2002 period.
"Commercial, small business, and consumer loan demand remained strong.
Year-to-date total average loans grew 14%, average residential loans increased
22%, average commercial real estate loans rose 8%, and average small business
loans increased 14%.
"The bank's credit quality continued to improve during the third quarter
of 2003. Non-performing assets declined to $20.8 million from $42.4 million
at September 30, 2002. Net charge offs were 0.03% of average loans, vs. 0.43%
last year in the same period. The improvement in credit quality necessitated
a reduction in the provision for loan losses year-to-date, which resulted in a
negative provision of approximately $1.1 million for the quarter. Even after
reducing the allowance for loan losses with this negative provision, the ratio
of the allowance to total loans increased slightly to 1.27%, and the level of
non-performing assets remained steady at 0.53% of loans. Over half of
BankAtlantic's non-performing loans are in our residential 1-4 family loan
category, in which losses have historically been negligible.
"The net interest margin of BankAtlantic continued to decline, as we had
expected. The margin was 3.10% for the quarter, which contributed to a
decrease in net interest income of approximately $4 million from the
immediately preceding quarter. Our balance sheet management strategy remains
conservative, influenced by our concern over the risks associated with making
long-term asset commitments in a period characterized by historically low
interest rates.
"Also in the quarter, we repaid approximately $185 million of fixed rate,
high-cost term advances from the Federal Home Loan Bank which were to mature
in the next several quarters. Prepayment penalties on these advances
precipitated a charge to income of $2.0 million, and are expected to result in
an improvement in net interest income in coming quarters. We will continue to
evaluate actions to address the balance of high cost FHLB advances, which are
a current factor in our narrowed net interest margin.
"Levitt Corporation experienced strong growth and record results during
the quarter. Business segment pretax income for the third quarter rose 346%
to $12.5 million vs. the comparable 2002 quarter.
"Levitt and Sons(TM) reached an all-time high backlog of $456 million, or
a total of 2,075 units. New orders for the nine-month period ending September
30, 2003, were $407 million, on a total of 1,809 homes.
"During the quarter, Levitt and Sons(TM) opened its first active adult
community for pre-construction sales in the Sarasota area. Although models
are not scheduled to open until February 2004, homebuyer response has been
excellent, with 59 new orders in less than 4 months.
"Core Communities had an outstanding summer. Year-to-date 2003 housing
sales by third party builders at St. Lucie West jumped 52%, with 1,299 homes
sold. More homes have been sold at St. Lucie West during the first nine
months of 2003 than in all of 2002, when it ranked as the eighth fastest-
growing master-planned community in the U.S., based on data published by
Robert Charles Lessor.
"We fully expect the pace of activity at St. Lucie West to shift to Core
Communities' newest master-planned community, the 'Tradition' development,
currently planned at 8,000 acres. Tradition is immediately adjacent to St.
Lucie West and offers five miles of direct frontage on Interstate 95.
Tradition opened for sales during the second quarter 2003 and the first of
several families occupied their new homes during the third quarter.
"Also during the quarter, Core Communities sold its commercial interest in
Live Oak Preserve, located in the Tampa area.
"The previously announced proposed spin-off of Levitt Corporation is
progressing as anticipated. We continue to anticipate that the spin-off will
be consummated at December 31, 2003, subject to receipt of a favorable IRS
private letter ruling.
"Ryan Beck & Co. had third quarter operating revenues of $53.4 million, an
increase of 16% compared to the third quarter of 2002, and business segment
pretax income rose to $4.7 million vs. $57,000 in the 2002 quarter, which
included certain charges resulting from the acquisition of Gruntal & Co.'s
assets. Principal transactions rose to a record $21.1 million, an increase of
55%. Each of the firm's major business units had strong results for the
quarter, continuing the pattern of improved revenue mix following the Gruntal
asset acquisition transaction. Revenues of the Ryan Beck's Private Client
Group were $39.6 million, trading revenues for the quarter were $4.6 million,
and investment-banking revenues totaled $7.6 million. We have been
particularly pleased with the growth in relatively more stable revenue from
the Private Client Group. That Group contributed about 74% of Ryan Beck's
total revenue in the quarter, which reduces Ryan Beck's reliance on investment
banking revenue, which is historically more volatile.
"During the quarter, Ryan Beck expanded its Financial Institutions Group
(FIG) with the addition of senior investment bankers in its New York City and
Chicago offices. In addition, Larry A. Silverstein joined the firm as Chief
Financial Officer, succeeding Leonard J. Stanley, who will assume the role of
Executive Vice President and Chief Administrative Officer.
"In total, the FIG group announced eight merger transactions and announced
or completed five capital financing transactions during the third quarter. At
September 30, 2003, Ryan Beck ranked 5th nationally in terms of bank and
thrift acquisitions handled for 2003 (source: SNL Securities)."
Financial Highlights:
Third Quarter, 2003 Compared to Third Quarter, 2002
BankAtlantic Bancorp (consolidated):
* Net income of $18.5 million vs. $14.5 million, an increase of 28%.
* Return on tangible equity was 17.83% vs. 16.96%.
* Book value per share rose to $8.72 vs. $7.85, an increase of 11%.
BankAtlantic:
* Business segment pretax income of $15.6 million vs. $21.6 million, a
decrease of 28%.
* Return on tangible assets was 0.81% vs. 1.07%.
* Return on tangible equity was 9.97% vs. 15.09%.
* Net interest margin decreased from 3.65% to 3.10%.
* Non-interest income grew to $17.2 million vs. $13.3 million, an
increase of 29%.
* Non-interest expense grew to $39.2 million vs. $34.3 million, an
increase of 14%.
Levitt Corporation:
* Business segment pretax income rose to $12.5 million vs. $2.8 million,
an increase of 346%.
* Return on tangible equity was 24.43% vs. 6.96%.
Ryan Beck & Co.:
* Business segment pretax income rose to $4.7 million vs. $57,000.
* Return on tangible equity was 16.23% vs. 0.23%.
Year-To-Date 2003 Highlights Compared To The Corresponding 2002 Period:
BankAtlantic Bancorp (consolidated):
* Net income of $50.1 million vs. $32.3 million, an increase of 55%.
* Earnings per share of $0.80 vs. $0.52, an increase of 54%.
* Return on tangible equity was 16.78% vs. 12.15%.
BankAtlantic:
* Business segment pretax income of $53.1 million vs. $51.0 million, an
increase of 4%.
* Return on tangible assets was 0.91% vs. 0.89%.
* Return on tangible equity was 11.53% vs. 12.08%.
* Total average loans grew to $3.901 billion, vs. $3.410 billion, an
increase of 14%.
* Average residential loans increased to $1.719 billion vs. $1.413
billion, an increase of 22%.
* Average commercial real estate loans increased to $1.584 billion vs.
$1.466 billion, an increase of 8%.
* Average small business loans increased to $161 million vs. $141
million, an increase of 14%.
* Net interest margin decreased from 3.57% to 3.24%.
* Non-interest income grew to $53.8 million vs. $36.2 million, an
increase of 49%.
* Non-interest expense grew to $116.1 million vs. $98.9 million, an
increase of 17%.
Levitt Corporation:
* Business segment pretax income increased to $28.2 million vs. $14.9
million, an increase of 89%.
* Return on tangible equity was 18.41% vs. 12.73%.
Ryan Beck & Co.:
* Business segment pretax income was $9.6 million.
* Return on tangible equity was 11.95% vs. 24.46%.
BankAtlantic Bancorp's Third Quarter, 2003 earnings results press release,
financial summary, press release graphs, and the Supplemental Financials
(extensive business segment financial data), are available on BankAtlantic
Bancorp's website: http://www.BankAtlanticBancorp.com .
* To view this press release online, access the "Press Room."
* To view the financial summary, access the "Investor Relations" section
and click on the "Quarterly Financials" navigation link.
* To view the accompanying press release graphs, click
http://www.BankAtlanticBancorp.com/3Q2003Graphs , or access the "Investor
Relations" section and click on the "Quarterly Financials" navigation
link.
* To view the Supplemental Financials, access the "Investor Relations"
section and click on the "Supplemental Financials" navigation link.
Copies of BankAtlantic Bancorp's Third Quarter, 2003 earnings results
press release and financial summary, press release graphs, and the
Supplemental Financials are also available upon request via fax, email, or
postal service, by contacting BankAtlantic Bancorp's Investor Relations
department utilizing the contact information listed below.
BankAtlantic Bancorp will host an investor and media teleconference call
and webcast on Wednesday, October 22, 2003 at 11:00 a.m. EST.
* Teleconference Call: To access the teleconference call in the U.S.,
the toll free number to call is 1-888-802-7345. International calls may be
placed to 973-935-8516. A replay of the conference call will be available
beginning on Wednesday, October 22, 2003 through 5:00 p.m. Friday, October 31.
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: 4245506.
* 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, October
22 through Friday, November 28, 2003.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, Ryan Beck & Co., and
Levitt Corporation. 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 and operates more than
190 conveniently located ATMs. BankAtlantic is open 7 days a week and offers
holiday hours, extended weekday hours, Totally Free Change Exchange coin
counters, 24/7 call center service, and free retail and business checking with
a free gift.
Seven-Day Branch Banking -- Monday through Sunday
* Extended branch lobby hours are 8:30 a.m. - 5:00 p.m., Monday through
Wednesday, and 8:30 a.m. - 8:00 p.m., Thursday and Friday.
* Extended drive-thru hours are 7:30 a.m. - 8:00 p.m., Monday through
Friday.
* Saturday branch lobby hours are 8:30 a.m. - 3:00 p.m., and drive-thru
hours are 7:30 a.m. - 6:00 p.m.
* Sunday branch lobby hours are 11:00 a.m. - 4:00 p.m., and drive-thru
hours are 11:00 a.m. - 4:00 p.m.
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 33 offices nationwide.
Levitt Corporation is the parent company of Levitt and Sons(TM), Core
Communities, and Levitt Commercial. Levitt Corporation and BankAtlantic
Bancorp also hold an aggregate 40% ownership interest in Bluegreen
Corporation. BankAtlantic Bancorp has announced plans to spin off Levitt
Corporation to shareholders at year-end, 2003, subject to receipt of a
favorable private letter ruling from the IRS.
* Levitt and Sons(TM), America's first builder of planned suburban
communities, 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(TM) 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.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
http://www.LevittCorporation.com
http://www.LevittandSons.com
http://www.CoreCommunities.com
http://www.LevittCommercial.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
* 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, "Florida's Most Convenient Bank," 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 BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the "Email Broadcast Sign Up" button on:
http://www.BankAtlanticBancorp.com
Except for historical information contained herein, the matters discussed
in this press release contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), that involve substantial risks and uncertainties. When used
in this press release and in any documents incorporated by reference herein,
the words "anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify certain of 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; the effect of repaying FHLB advances, 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., 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 revenues mix, 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)
09/30/2003 06/30/2003 03/31/2003
Current Earnings:
GAAP Net Income (note 1) $18,508 17,209 14,358
Operating Net
Income (note 2) $19,528 17,526 14,275
Average Common Shares
Outstanding:
Basic 58,653,188 58,321,020 58,171,621
Diluted 61,343,946 61,898,924 64,250,488
Key GAAP Performance Ratios:
Basic earnings per share $0.32 0.30 0.25
Diluted earnings per share * $0.30 0.28 0.23
Return on average tangible
assets (note 3) %1.35 1.21 1.06
Return on average tangible
equity (note 3) %17.83 17.38 15.02
Key Operating Performance
Ratios:
Basic earnings per share $0.33 0.30 0.25
Diluted earnings per share * $0.32 0.29 0.23
Operating return on average
tangible assets (note 3) %1.42 1.23 1.06
Operating return on average
tangible equity (note 3) %18.81 17.70 14.93
* Diluted earnings per share
calculation adds back
interest expense net of tax
on convertible securities,
if dilutive $-- 129 440
Average Balance Sheet Data:
Assets $5,579,697 5,787,226 5,491,930
Tangible assets (note 3) $5,490,370 5,696,656 5,399,787
Loans $3,942,124 3,983,528 3,633,446
Investments $901,283 1,087,937 1,131,737
Deposits and escrows $2,951,536 2,925,061 2,851,626
Stockholders' equity $503,274 480,115 464,712
Tangible stockholders'
equity (note 3) $415,294 396,050 382,487
Tangible equity to
tangible assets %7.56 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
Current Earnings:
GAAP Net Income (note 1) $18,066 14,473
Operating Net Income (note 2) $18,033 14,877
Average Common Shares Outstanding:
Basic 58,085,481 58,065,396
Diluted 64,188,382 64,320,448
Key GAAP Performance Ratios:
Basic earnings per share %0.31 0.25
Diluted earnings per share * %0.29 0.23
Return on average tangible assets (note 3) %1.32 1.02
Return on average tangible equity (note 3) %19.98 16.96
Key Operating Performance Ratios:
Basic earnings per share $0.31 0.26
Diluted earnings per share * $0.29 0.24
Operating return on average tangible assets
(note 3) %1.32 1.04
Operating return on average tangible equity
(note 3) %19.94 17.43
* Diluted earnings per share calculation
adds back interest expense net of tax on
convertible securities, if dilutive $440 440
Average Balance Sheet Data:
Assets $5,552,458 5,796,782
Tangible assets (note 3) $5,459,454 5,701,036
Loans $3,602,605 3,679,371
Investments $1,207,985 1,392,785
Deposits and escrows $2,970,904 2,988,545
Stockholders' equity $456,579 441,177
Tangible stockholders' equity (note 3) $361,681 341,355
Tangible equity to tangible assets %6.62 5.99
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The Nine Months Ended
(in thousands except share data and ratios)
09/30/2003 09/30/2002
Current Earnings:
GAAP Net Income (note 1) $50,075 32,269
Operating Net Income (note 2) $51,329 40,774
Average Common Shares Outstanding:
Basic 58,383,707 57,967,925
Diluted 62,475,859 64,450,194
Key GAAP Performance Ratios:
Basic earnings per share $0.86 0.56
Diluted earnings per share * $0.80 0.52
Return on average tangible assets (note 3) %1.21 0.81
Return on average tangible equity (note 3) %16.78 12.15
Key Operating Performance Ratios:
Basic earnings per share $0.88 0.70
Diluted earnings per share * $0.83 0.65
Operating return on average tangible assets
(note 3) %1.24 1.03
Operating return on average tangible equity
(note 3) %17.20 15.36
* Diluted earnings per share calculation adds
back interest expense net of tax on convertible
securities, if dilutive $569 1,320
Average Balance Sheet Data:
Assets $5,623,497 5,357,856
Tangible assets (note 3) $5,532,827 5,284,820
Loans $3,854,041 3,369,365
Investments $1,039,475 1,364,130
Deposits and escrows $2,909,774 2,813,699
Stockholders' equity $482,764 426,790
Tangible stockholders' equity (note 3) $397,986 354,005
Tangible equity to tangible assets %7.19 6.70
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 from continuing
operations 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) 09/30/2003 12/31/2002 09/30/2002
ASSETS
Cash and due from depository
institutions $139,096 200,600 167,683
Securities purchased under resell
agreements and federal funds 4,212 50,145 147
Investment securities and tax
certificates (approximate fair
value: $159,762, $212,698 and
$418,047) 155,550 212,240 411,488
Loans receivable, net 3,739,638 3,372,630 3,627,406
Securities available for sale
(at fair value) 354,101 707,858 639,611
Securities owned (at fair value) 87,837 186,454 178,774
Accrued interest receivable 29,109 33,984 36,603
Real estate held for development and
sale 256,920 200,186 202,116
Investments and advances in
unconsolidated subsidiaries 102,590 112,596 111,455
Office properties and equipment, net 93,334 92,699 91,807
Federal Home Loan Bank stock, at cost
which approximates fair value 56,987 64,943 65,224
Deferred tax asset, net 33,684 35,316 34,449
Goodwill 76,674 78,575 79,005
Core deposit intangible asset 12,424 13,757 14,210
Other assets 54,904 59,028 64,424
Total assets $5,197,060 5,421,011 5,724,402
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $594,685 462,718 428,812
NOW accounts 480,837 399,985 359,386
Savings accounts 202,355 163,641 155,328
Insured money fund savings 878,281 775,175 791,211
Certificate accounts 826,045 1,119,036 1,240,137
Total deposits 2,982,203 2,920,555 2,974,874
Advances from FHLB 956,820 1,297,170 1,307,739
Securities sold under agreements to
repurchase 143,230 116,279 286,663
Federal funds purchased -- -- 45,000
Subordinated debentures, notes and
bonds payable 146,696 193,816 197,195
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 263,218 180,375 190,125
Securities sold not yet purchased 15,089 38,003 33,034
Due to clearing agent 6,086 78,791 81,774
Other liabilities 170,049 126,688 150,370
Total liabilities 4,683,391 4,951,677 5,266,774
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 54,064,076,
53,441,847 and 53,428,662 shares 541 534 534
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 256,782 252,699 252,689
Unearned compensation - restricted
stock grants (1,223) (1,209) (1,247)
Retained earnings 258,197 213,692 197,431
Total stockholders' equity before
accumulated other comprehensive
income 514,346 465,765 449,456
Accumulated other comprehensive
income (loss) (677) 3,569 8,172
Total stockholders' equity 513,669 469,334 457,628
Total liabilities and
stockholders' equity $5,197,060 5,421,011 5,724,402
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
(in thousands)
09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002
INTEREST INCOME:
Interest and
fees on
loans $50,726 54,257 52,996 55,502 59,969
Interest on
securities
available
for sale 4,598 7,686 8,657 8,214 10,322
Interest and
dividends on
investment
and trading
securities 7,668 7,462 7,510 9,404 11,369
Total
interest
income 62,992 69,405 69,163 73,120 81,660
INTEREST
EXPENSE:
Interest on
deposits 7,758 9,758 11,169 14,256 16,089
Interest on
advances
from FHLB 15,025 15,291 15,316 15,960 15,856
Interest on
short-term
borrowed
funds 558 1,248 819 744 2,305
Interest on
long-term
debt 6,103 6,438 5,939 7,002 6,841
Capitalized
interest on
real estate
develop-
ments (1,856) (1,865) (1,914) (1,478) (1,688)
Total
interest
expense 27,588 30,870 31,329 36,484 39,403
NET INTEREST
INCOME 35,404 38,535 37,834 36,636 42,257
Provision for
loan losses (1,076) 1,490 850 3,291 2,082
NET INTEREST
INCOME AFTER
PROVISION 36,480 37,045 36,984 33,345 40,175
NON-INTEREST
INCOME:
Service
charges
on deposits 10,925 9,605 8,558 9,245 6,684
Other service
charges and
fees 4,625 6,071 3,918 3,841 3,591
Broker/dealer
revenue and
other
commissions 49,992 50,565 51,665 41,468 42,956
Securities
gains
(losses) (336) (19) 384 (27) 2,483
Impairment of
securities -- -- -- (342) (302)
Gain (losses)
on sales of
loans 10 1 3 2,066 (230)
Income from
real estate
operations 18,893 22,414 14,857 18,369 8,625
Income (loss)
from
unconsoli-
dated
subsidiaries 3,969 2,668 (112) 2,167 1,654
Other 3,100 2,729 2,907 3,077 2,137
Total
non-interest
income 91,178 94,034 82,180 79,864 67,598
NON-INTEREST
EXPENSES:
Employee
compensation
and
benefits 60,471 62,123 61,094 51,320 54,277
Occupancy and
equipment 10,161 9,615 9,738 10,436 11,101
Amortization
of intangible
assets 439 439 454 453 453
Write-down of
real estate
owned -- -- 755 -- 1,400
Other 25,569 31,189 24,657 24,051 20,944
Restructuring
charges and
write-downs -- -- -- -- --
Acquisition
related charges -- -- -- -- (71)
Cost associated
with debt
redemption 2,040 1,648 -- 3,125 --
Total non-
interest
expenses 98,680 105,014 96,698 89,385 88,104
Income from
continuing
operations
before income
taxes 28,978 26,065 22,466 23,824 19,669
Provision for
income taxes 10,776 9,610 8,191 6,745 5,995
Income from
continuing
operations 18,202 16,455 14,275 17,079 13,674
Discontinued
operations,
net of tax 306 754 83 987 860
Extraordinary
items, net of
tax -- -- -- -- (61)
Cumulative
accounting
change, net of
tax -- -- -- -- --
GAAP net income
(note 1) $18,508 17,209 14,358 18,066 14,473
Reconciliation
of Operating
and GAAP Net
Income
GAAP income from
continuing
operations $18,202 16,455 14,275 17,079 13,674
Restructuring
charges and
write-downs -- -- -- -- --
Costs
associated
with debt
redemption 1,326 1,071 -- 2,031 --
Loss on mutual
funds
associated
with acquired
Gruntal deferred
compensation
plan -- -- -- -- 1,493
Acquisition
and conversion
related
charges -- -- -- (1,300) (487)
Impairment of
securities
available
for sale -- -- -- 222 196
Operating net
income
(note 2) $19,528 17,526 14,275 18,033 14,877
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the Nine Months Ended
09/30/2003 09/30/2002
(in thousands)
INTEREST INCOME:
Interest and fees on loans $157,979 166,365
Interest on securities available for sale 20,941 34,192
Interest and dividends on investment and
trading securities 22,640 30,669
Total interest income 201,560 231,226
INTEREST EXPENSE:
Interest on deposits 28,685 48,521
Interest on advances from FHLB 45,632 46,452
Interest on short-term borrowed funds 2,625 5,802
Interest on long-term debt 18,480 17,985
Capitalized interest on real estate (5,635) (4,519)
Total interest expense 89,787 114,241
NET INTEREST INCOME 111,773 116,985
Provision for loan losses 1,264 10,786
NET INTEREST INCOME AFTER PROVISION 110,509 106,199
NON-INTEREST INCOME:
Service charges on deposits 29,088 17,234
Other service charges and fees 14,614 10,246
Broker/dealer revenue and other commissions 152,222 89,270
Securities gains (losses) 29 8,605
Impairment of securities -- (18,459)
Gain (losses) on sales of loans 14 (226)
Income from real estate operations 56,164 31,128
Income (loss) from unconsolidated subsidiaries 6,525 5,334
Other 8,736 6,322
Total non-interest income 267,392 149,454
NON-INTEREST EXPENSES:
Employee compensation and benefits 183,688 129,642
Occupancy and equipment 29,514 28,759
Amortization of intangible assets 1,332 907
Write-down of real estate owned 755 1,464
Other 81,415 58,043
Restructuring charges and write-downs -- 1,007
Acquisition related charges -- 4,925
Cost associated with debt redemption 3,688 --
Total non-interest expenses 300,392 224,747
Income from continuing operations before
income taxes 77,509 30,906
Provision for income taxes 28,577 8,828
Income from continuing operations 48,932 22,078
Discontinued operations, net of tax 1,143 1,549
Extraordinary items, net of tax -- 23,749
Cumulative accounting change, net of tax -- (15,107)
GAAP net income (note 1) $50,075 32,269
Reconciliation of Operating and GAAP Net Income
GAAP income from continuing operations $48,932 22,078
Restructuring charges andwrite-downs -- 655
Costs associated with debt redemption 2,397 --
Loss on mutual funds associated with acquired --
Gruntal deferred compensation plan -- 1,493
Acquisition and conversion related charges -- 4,550
Impairment of securities available for sale -- 11,998
Operating net income (note 2) $51,329 40,774
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 from continuing
operations 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.
SOURCE BankAtlantic Bancorp, Inc.
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CONTACT:
Investor Relations, Leo Hinkley,
+1-954-760-5317, or email,
InvestorRelations@BankAtlanticBancorp.com, or Sharon Lyn,
+1-954-760-5402, or email, CorpComm@BankAtlanticBancorp.com, both
of BankAtlantic Bancorp, Inc.
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