Printer Friendly

BANKATLANTIC ANNOUNCES RECORD $16.05 MILLION PROFIT FOR 1992

 FORT LAUDERDALE, Fla., Feb. 24 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) today reported net income for 1992 of $16.05 million, or $3.49 and $3.21 primary and fully diluted earnings per common and common equivalent share, respectively -- the highest one year profit in its 40-year history. In comparison, for the same period in 1991 BankAtlantic reported a net loss of $8.56 million, or $2.28 per common share. Results for 1991 included an extraordinary gain of $660,000, or $0.16 per common share, related to the early retirement of certain Capital Notes issued in 1986.
 For the quarter ended Dec. 31, 1992, BankAtlantic's net income was $12.58 million, or $2.66 and $2.61 primary and fully diluted earnings per common and common equivalent share, respectively, compared to a net loss of $2.64 million, or $0.70 per common share, for the same period in 1991.
 "In today's strict regulatory environment, we are pleased to report BankAtlantic's capital ratios are in full compliance with the 1994 fully phased-in capital requirements of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), as well as provisions of the Federal Deposit Insurance Corporation Improvement Act which became effective in December 1992. As a percent of adjusted total assets at Dec. 31, 1992, risk-based capital stood at 10.03 percent, core capital was 5.06 percent and tangible capital was 5.03 percent -- all in excess of federal requirements.
 "BankAtlantic's performance was outstanding in 1992, and surpassed the estimated $11 million profit previously announced by the institution," BankAtlantic Chairman Alan B. Levan said. "Stockholders' equity grew in 1992 to $66.17 million, compared to $51.00 million in 1991, while book value per common share increased to $11.77 in 1992 assuming conversion of all dilutive options and warrants, vs. $10.47 per common share in 1991.
 "We are particularly pleased with growing recognition and support for BankAtlantic within the investment community in 1992 and to date," Levan said. BankAtlantic common stock soared 915 percent in value in 1992, achieving the highest percentage gain in stock price last year of any Florida-based banking organization listed on the NASDAQ System, New York Stock Exchange or American Stock Exchange, according to Associated Press reports. BankAtlantic ranked as the 15th highest gainer in 1992 on the list of approximately 7,000 public companies whose shares trade publicly in the U.S.
 "Several factors contributed to making 1992 BankAtlantic's best performing year since its founding 40 years ago," Levan stated. "Core banking activity, reflected by net interest income, increased to $60.91 million in 1992 -- up from $54.53 million in 1991. Net interest income for the fourth quarter 1992 increased to $16.47 million, compared to $14.53 for the same period in 1991. Notable is the fact that these increases were achieved in tandem with planned reductions in our total assets to $1.30 billion in 1992 from $1.46 billion in 1991.
 Also contributing substantially to results for 1992 was a gain on the sale of mortgage-backed securities (categorized as "mortgage-backed securities available for sale") of $5.73 million.
 BankAtlantic achieved significant reductions in non-interest expenses in 1992 -- which decreased to $47.14 million in the current year, compared to $65.16 million in 1991. Employee compensation and benefits costs were reduced to $19.20 million in 1992, compared to $24.06 million in 1991. Expenses for occupancy and equipment were also cut to $8.86 million from $10.63 million in 1991 resulting principally from selected consolidations and reductions in branch offices and back office space.
 Operations for the fourth quarter and the year 1992 included amounts relating the bank's previously announced "Covenant Not to Execute" (the "Covenant") entered into by BankAtlantic and an insurance carrier on Oct. 30, 1992. During the fourth quarter and year 1992, the financial effect of the Covenant was to reduce expenses by $3.31 million, increase interest income by $1.93 million and the recognition of loan loss recoveries of $7.32 million.
 "Risk elements" consisting of non-performing assets and renegotiated loans declined significantly in 1992 to $29.66 million at Dec. 31, compared to $44.21 million at Dec. 31, 1991. The resulting percentage of risk elements to total assets fell to 2.28 percent in 1992, compared to 3.04 percent in 1991.
 "In 1987, we announced that one of our most important strategic objectives was to implement programs to reduce BankAtlantic's cost of funds. We succeeded in doing so by achieving a more advantageous mix between transaction accounts such as checking and demand deposit products, and time deposits consisting primarily of CDs. As a result of targeted, aggressive marketing programs and other customer-related activities, BankAtlantic had by 1992 reversed the account mix to approximately 60 percent transaction accounts and 40 percent time deposits, compared to approximately 35 percent transaction accounts and 65 percent time deposits in 1987," Levan said.
 In 1992 BankAtlantic observed its 40th anniversary of providing quality banking services to residents, visitors and businesses in South Florida. With $1.30 billion in assets and 31 full-service offices in Broward, Palm Beach and Dade counties, BankAtlantic is the largest independent, community-based financial institution serving South Florida exclusively.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, per except share data)
 Dec. 31, 1992 Dec. 31, 1991
 Total assets $1,303,071 $1,455,822
 Loans receivable, net 556,662 728,515
 Mortgage-backed securities 487,494 460,780
 Deposits 1,108,115 1,255,513
 Allowance for loan losses 16,500 13,750
 Ratio of allowance to loans 2.88 pct. 1.85 pct.
 Non-performing assets 27,002 36,631
 Non-performing
 assets/total assets 2.07 pct. 2.52 pct.
 Stockholders' equity 66,165 50,997
 Book value per common share 14.19 10.47
 Fully converted book value
 per common share 11.77 N/A
 Common shares outstanding 4,070,981 4,070,981
 Core capital as a percent
 of adjusted assets 5.06 pct. 3.48 pct.
 Tangible capital as a percent
 of adjusted assets 5.03 pct. 3.43 pct.
 Risk-based capital as a percent
 of adjusted assets 10.03 pct. 7.57 pct.
 For the Quarter Ended
 Dec. 31, 1992 Dec. 31, 1991
 Net interest income $ 16,466 $ 14,531
 Provision for (recovery
 from) loan losses (3,828) 4,828
 Net interest income
 after provision 20,294 9,703
 Non interest income 8,084 3,673
 Non interest expense 9,063 17,399
 Income (loss) before
 income taxes 19,315 (4,023)
 Provision (benefit) for
 income taxes 6,735 (1,384)
 Net income (loss) 12,580 (2,639)
 Primary income (loss)
 per common share 2.66 (.70)
 Fully diluted income
 per common share 2.61 N/A
 Weighted average number of
 primary common shares 4,640,450 4,070,981
 Weighted average number of
 fully diluted common shares 4,730,582 N/A
 Average yield on earning assets 9.15 pct. 9.97 pct.
 Average cost of deposits
 and borrowings 3.84 pct. 5.56 pct.
 Interest rate spread 5.31 pct. 4.41 pct.
 For the Year Ended
 Dec. 31, 1992 Dec. 31, 1991
 Net interest income $ 60,909 $ 54,534
 Provision for loan losses 6,650 17,540
 Net interest income
 after provision 54,259 36,994
 Non interest income 17,371 14,106
 Non interest expense 47,137 65,164
 Income (loss) before
 income taxes 24,493 (14,064)
 Provision (benefit) for
 income taxes 8,445 (4,841)
 Income (loss) before
 extraordinary item 16,048 (9,223)
 Extraordinary item --- 660
 Net income (loss) 16,048 (8,563)
 Primary income (loss)
 per common share 3.49 (2.28)
 Fully diluted income
 per common share 3.21 N/A
 Weighted average number of
 common shares 4,348,597 4,069,947
 Weighted average number of
 fully diluted common shares 4,730,582 N/A
 Average yield on earning assets 9.14 pct. 9.89 pct.
 Average cost of deposits
 and borrowings 4.45 pct. 6.24 pct.
 Interest rate spread 4.69 pct. 3.65 pct.
 -0- 2/24/93
 /CONTACT: David Finkelman, communications department of BankAtlantic, 305-760-5317/
 (ASAL)


CO: BankAtlantic, A Federal Savings Bank ST: Florida IN: FIN SU: ERN

JJ-JB -- FL003 -- 9748 02/24/93 08:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 24, 1993
Words:1373
Previous Article:HAUSER ANNOUNCES NEW FLAVORS FACILITY AND NEW FLAVORS ORDERS
Next Article:INTERNATIONAL MOVIE GROUP REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
BANKATLANTIC REPORTS THIRD QUARTER RESULTS
BANKATLANTIC OFFERS NEIGHBORHOOD ELECTRONIC TAX FILING SERVICE
BANKATLANTIC REPORTS YEAR-END RESULTS AT ANALYST/PRESS MEETING
BANKATLANTIC ESTIMATES SECOND QUARTER PROFIT OF $2.7 MILLION -- A 300 PERCENT INCREASE -- AND DECLARES A 15 PERCENT STOCK DIVIDEND
BANKATLANTIC RECEIVES AFFORDABLE HOUSING PROGRAM SUBSIDY TO FINANCE 70 HABITAT FOR HUMANITY HOMES IN SOUTH FLORIDA
BANKATLANTIC BANCORP GETS REGULATORY APPROVAL TO ACQUIRE MEGABANK
BANKATLANTIC BANCORP ANNOUNCES RECORD EARNINGS; UP 18% IN SECOND QUARTER
BankAtlantic Bancorp Earns A Record $5.5 Million for the Third Quarter Before the $7.2 million SAIF Special Assessment; Grows to Become South...
BankAtlantic Bancorp's Third And Fourth Quarter Results To Decline From Prior Periods; Company Focused On Building Infrastructure For Growth.
BankAtlantic Bancorp Announces Third Quarter Earnings.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters