BankAtlantic Bancorp Announces Earnings For The Fourth Quarter And Full Year 2001.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Jan. 29, 2002 Operating Earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before Before Goodwill Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. Increased 146% Year-Over-Year BankAtlantic BankAtlantic, a subsidiary of BankAtlantic Bancorp, Inc. [NYSE: BBX] and based in Fort Lauderdale, Florida, is a company that provides consumer and commercial banking services in south Florida. Bancorp, Inc. (NYSE NYSE See: New York Stock Exchange :BBX BBX Business Basic Extended BBX Business Barter Exchange BBX Blue Bell, Pennsylvania (Airport Code) BBX Blockbuster Express (UK video store) ), the parent company of BankAtlantic, Levitt Corporation and Ryan Ryan may refer to: Places
Year 2001 operating earnings (before goodwill impairment) were a record $39.6 million compared to $16.1 million in 2000, an increase of 146%. On a per share basis, operating earnings were $0.79 per share compared to $0.38 per share respectively. Net income for 2001, including a non-recurring charge for impairment of goodwill relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's leasing subsidiary in the third quarter, was $33.8 million, or $0.69 per share, compared to $24.7 million, or $0.54 per share in 2000. (All per share amounts are diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. .) Extensive business segment financial information and related discussion are available and can be accessed on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of the BankAtlantic website at the text link labeled "Supplemental Financials". Copies of the Supplemental Financials can also be received via fax or mail upon request by contacting BankAtlantic's Investor Relations department at the "Contact Info" section at the end of this release.
Highlights for the Fourth Quarter, 2001
---------------------------------------
Compared to the Corresponding 2000 Quarter:
-------------------------------------------
BankAtlantic Bancorp, Consolidated:
-----------------------------------
- Equity capital increased 17% to $437 million from $372 million
at September 30, 2001.
- Return on average assets increased to 1.05% from 0.55%.
- Return on average equity increased to 13.03% from 11.16%.
- Average equity to average assets increased to 8.05% from 4.94%.
BankAtlantic:
-------------
- Net interest income (after provision for loan loss) increased
25% to $34.6 million from $27.7 million.
- Net interest margin increased to 3.61% from 3.45%.
- Pretax income increased 81% to $19.1 million from $10.6 million,
before the effect of restructuring charges incurred in 2000 associated
with the Bank's ATM network.
- Return on average assets increased to 1.13% from 0.48%.
- Return on average equity increased to 13.64% from 6.26%.
- Efficiency ratio improved to 53.45% from 60.53%.
Levitt Corporation:
-------------------
- Total assets increased 16% to $195 million from $169 million.
- Pre-sold homes in backlog increased 3% to 724 from 703.
- Sales of completed homes increased 20% to 292 from 243.
Ryan, Beck & Co.:
-----------------
- Total assets increased 40% to $85 million from $61 million.
- Revenue from principal transactions increased 135% to $6.5
million from $2.8 million.
- The company recorded profitable operations for the second
consecutive quarter following losses earlier in 2001.
Highlights for the Full Year 2001,
----------------------------------
Compared to 2000:
-----------------
BankAtlantic Bancorp, Consolidated:
-----------------------------------
- Equity capital increased 76% to $437 million from $249 million
at year-end.
- Pretax operating earnings (before goodwill impairment) increased
128% to $63 million from $28 million.
- Operating earnings (before goodwill impairment) increased 146%
to $40 million from $16 million.
- Net income increased 37% to $34 million from $25 million.
BankAtlantic:
-------------
- Net interest income increased 11% to $154 million from $138
million.
- Net interest margin increased to 3.61% from 3.47%.
- Pretax income increased 64% to $72 million from $43 million.
- Total non-interest income increased 10% to $37 million from $34
million.
Levitt Corporation:
-------------------
- Total revenue increased 26% to $39 million from $31 million.
- Pretax income increased 40% to $14 million from $10 million.
- Sales of homes by Levitt & Sons increased significantly, rising
42% to a new record high for the Company with 879 homes delivered to
buyers for the year.
Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alan A`lan´ n. 1. A wolfhound. B. Levan levan Dentistry A fructose homopolymer linked by β-2,6 bonds, formed by the partial digestion of sucrose by Bacillus and Streptococcus spp, which is a component of dental plaque representing the first biochemical event in cariogenesis. commented, "We are very proud of the achievements of our associates throughout BankAtlantic Bancorp during this very difficult year for our nation. Clearly, our record performance is the direct consequence of our associates ongoing focus, our "whatever it takes" attitude to achieve customer satisfaction, and a company-wide commitment to results. Some of their significant accomplishments for the quarter and the year include: - "BankAtlantic continued to experience strong growth." "Our Commercial Lending Division achieved a new record production level in 2001, with originations of new commitments aggregating $791 million. Since year-end, 1999, the average outstandings of this division have risen to $1.3 billion, an increase of 50%. During this period, we successfully opened loan production offices covering the Tampa/St. Petersburg region, while maintaining a strong credit culture. We also recently announced plans to open similar offices covering the Jacksonville and Fort Myers/Naples markets, and we anticipate opening other commercial loan centers in selected Florida markets." "From an asset quality standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , our initiatives over the last two years have produced solid results. Total net charge-offs declined to $19.3 million, from $26.6 million in 2000, or a reduction of 27%. The provision for loan loss was reduced to $16.9 million, from $29.1 million, or down 42% from 2000. Approximately 92% of the net charge-offs experienced by BankAtlantic during 1999-2001 related to the discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: indirect consumer, lease financing, and syndication See syndication format. portfolios and from our previous restructured small business lending activity. Non-performing assets declined to $33.0 million, from $37.4 million, at September 30, 2001, or 1.11% of the loan and other asset portfolio. The ratio of net charge-offs to total loans outstanding improved significantly, declining to 0.69% for 2001 versus 0.92% in 2000 and 0.88% in 1999. In the fourth quarter 2001 this ratio was at 0.36%." "Our Community Banking Division continues to enjoy good growth. We are tightly focused on providing distinguished service and convenience as our hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. . Through initiatives launched throughout the year, our core markets achieved significant new records. Year-over-year consumer loans increased 58% in the Tampa/St. Petersburg and 69% in Palm Beach County. Year-over-year small business loans increased 116% in Broward County and 270% in Dade County Dade County can refer to the following places:
"Our ATM network results also improved as we increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in the cruise ship industry. During the quarter, we announced the placement of ATMs on Celebrity Cruises' new ship, The Summit, and on Royal Caribbean Cruises' newest ship, The Adventure of the Seas Completed in 2001, Adventure of the Seas is the third Voyager-class cruise ship from Royal Caribbean International. Voyager-class ships are the third largest passenger ships in the world; currently, only Cunard's Queen Mary 2 and Royal Caribbean International's Freedom class ships . BankAtlantic now operates 46 ATMs on three of the leading cruise lines
Name Headquarters A'rosa Europe NCL America America AIDA Cruises Europe American Cruise Lines America in Florida." "BankAtlantic.com, our online banking division, has continued to grow as a natural extension and effective delivery channel for our community banking customers, having generated over 25,000 new enrollments. In addition, BankAtlantic announced the enhancement of its Corporate Cash Management services with CashLinkWeb -- an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking service that provides businesses with a wide array of convenient and secure Cash Management functions." "During the third quarter of 2001, we announced the execution of a definitive agreement to acquire Community Savings Bankshares (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ). We believe this acquisition will create a market footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. on Florida's east coast extending from Miami-Dade, Broward, and Palm Beach counties, where BankAtlantic is concentrated, through northern Palm Beach, Martin, St. Lucie St. Lucie may refer to:
income - the financial gain (earned or unearned) accruing over a given period of time of more than 40% above the national average. Closing of the acquisition is expected to occur during the first quarter 2002, pending receipt of regulatory approval." "2002 marks BankAtlantic's 50th anniversary. For a half-century, the bank has evolved within one of the most exciting, and fastest growing marketplaces in the world. Armed with these 50 years of franchise experience and branding, our management team and staff are motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo and energized to continue to produce high performance results for our stockholders." - "We continue to see strong earnings from real estate operations associated with Levitt Corporation, which includes the combined activities of Levitt and Sons and Core Communities." "Seventy-three year old Levitt and Sons certainly exhibits a strong branding power and visibility. In the process of achieving strong financial results, Levitt sold out three complete communities in 2001. At present, Levitt and Sons has two new active adult communities in development. Ponte Vecchio The Ponte Vecchio (IPA pronunciation: [ˈpɔnte ˈvɛkkio]) (Italian for Old Bridge)[1] is a Medieval bridge over the Arno River, in Florence, Italy, noted for having shops built along it. , located in Boynton Beach Boynton Beach, city (1990 pop. 46,194), Palm Beach co., SE Fla., on the Atlantic coast; inc. 1920. A major suburban area, it is also a beach resort and vegetable-shipping point. , FL, continues to demonstrate very strong demand, and Bellaggio, located in Lake Worth, FL, has produced home sales ahead of schedule since its grand opening in September 2001. Currently in the 2002 pipeline are an active adult community "Cascades at Estero" in the Naples/Fort Myers area, a family and "empty nester empty nester n. Informal A parent whose children have grown and left home. Noun 1. empty nester - a parent whose children have grown up and left home " community "Magnolia Magnolia, city, United States Magnolia (măgnō`lyə), city (1990 pop. 11,151), seat of Columbia co., SW Ark.; inc. 1855. Its oil industry has been important since 1938. Lakes" in St. Lucie West, and family developments "Regency Regency, in British history, the period of the last nine years (1811–20) of the reign of George III, when the king's insanity had rendered him unfit to rule and the government was vested in the prince of Wales (later George IV) as regent. Hills" in Clermont and "Avalon Park Avalon Park is a neighborhood community located in Orlando, Florida, United States. It is a community built on the principle of New Urbanism, also known as Neo-Traditionalism. " in East Orlando." "Core Communities' award winning master-planned community "St. Lucie West" continues to exhibit strong sales with 700 new homes sold by Levitt and Sons and other builders in 2001. On the commercial side, the fourth quarter also saw the ground breaking for the Regional Headquarters for the Drug Enforcement Agency, the grand opening of the Indian River Community College Indian River Community College (IRCC) is a community college based in Fort Pierce, Florida which serves the counties of Indian River, Martin, Okeechobee and St. Lucie. It has branch campuses in Okeeconbee, St. Lucie West in Port St. and Florida Atlantic University “FAU” redirects here. For other uses, see FAU (disambiguation). Florida Atlantic University, also referred to as FAU or Florida Atlantic, is a public, coeducational research university with its main campus in Boca Raton, Florida, United States. educational complex, and the ground breaking for a new national restaurant chain. Moreover, St. Lucie West was recently featured as a "Thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. Florida Town" on the front page of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times." "During the quarter, Core Communities announced the approval of a development agreement with Hillsborough County Hillsborough County is the name of two counties in the United States:
n. A subdivision or neighborhood, often surrounded by a barrier, to which entry is restricted to residents and their guests. of 1,590 homes, commercial facilities, office space, and plans for an innovative mixed-use school facility. The site is located on the largest "in-fill" property available in the high growth corridor northeast of Tampa. Core Communities also has announced development plans for Westchester, a new master-planned community in St. Lucie County on a 2,033-acre site. Ground breaking for both Live Oak and Westchester are scheduled in 2002. With these two developments coming on stream, we have provided for the continued availability of land for continued growth." - "Ryan, Beck & Co.'s bottom line performance improved in the last half of 2001, following losses in the first two quarters. We are pleased with the improvement, which resulted from reductions in expenses in some areas and from increased corporate finance transactions during the latter part of the year." "We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the future performance of Ryan, Beck will continue to improve as its traditional focus on financial institutions is augmented by successful enlargement enlargement, n an increase in size. enlargement, Dilantin, n.pr See hyperplasia, gingival, Dilantin. enlargement, idiopathic, n of its retail and private client network, and institutional sales and management offerings." "During the quarter, Ryan, Beck's financial institutions group served as manager or co-manager Co-manager A second-tier Participant, ranked by size of participation. in offerings totaling over $400 million. Ryan, Beck's middle market group completed an $11.8 million secondary offering of stock for an international chain of restaurants. In the mergers and acquisitions arena, the firm served as buy-side financial advisor in a transaction involving two New Jersey institutions. Internally, the firm expanded its proprietary trading Proprietary Trading When a firm trades for direct gain instead of commission dollars. Essentially, the firm has decided to profit from the market rather than commissions from processing trades. operations with the expansion of its taxable fixed income trading department, focusing primarily on trading government and government agency instruments. Ryan, Beck's private client group and institutional sales departments saw significant growth as well. Late in the fourth quarter, the firm opened two new retail branch offices in New York. Additionally, Ryan, Beck opened a new office in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , which markets and manages fixed income investments for municipalities and other institutional accounts." - "At the BankAtlantic Bancorp level, in the fourth quarter we completed an offering of common stock, the second such offering completed by BankAtlantic Bancorp in 2001. The offering consisted of 6.9 million shares of common stock and raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $53.5 million. The proceeds will be used to finance a portion of the purchase price of the Community Savings Bankshares acquisition." "In combination with the other financing transactions completed during 2001 and our record earnings, we have increased the equity base of our Company from $249 million to $437 million, an increase of 76%. This increase gives us a stronger capital base, and provides us with both the capital resources and the access to markets for additional profitable growth through increasing market share and by acquisition within our target markets." "Contrary to the broader market trends, our stock greatly outperformed the Dow (Direct OverWrite) See magneto-optic disk. , Nasdaq and the S&P 500. At year-end, our approximate price appreciation was 145% and the total return was 149%. Overall, we have seen an increase in both institutional and retail holders, an increase in trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , and an appreciable ap·pre·cia·ble adj. Possible to estimate, measure, or perceive: appreciable changes in temperature. See Synonyms at perceptible. increase in shareholder value. Together with the increase in equity from the stock offerings, our market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. has risen by 289% to $533 million during the past year. Our book value per share and tangible book value per share increased to $7.53 and $6.84, respectively at December 31, 2001 compared to $6.80 and $5.44, respectively at December 31, 2000." Mr. Levan concluded, "The year 2001 was an exciting and very productive year for BankAtlantic Bancorp and we were very encouraged by the progress made by our associates and their initiatives. As we enter 2002, we intend to focus on further improving our performance for the benefit of both our shareholders and our customers." About BankAtlantic Bancorp: --------------------------- BankAtlantic Bancorp (NYSE:BBX) is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services holding company and the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck & Co. Through its subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial lending, brokerage and investment banking, and real estate development. BankAtlantic 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. Levitt Corporation is the parent company of Levitt and Sons, and Core Communities. Levitt and Sons, America's oldest homebuilder and first to build planned suburban communities, currently develops single-family homes in its active adult residential developments throughout Florida. Core Communities oversees operations at the St. Lucie West development, and is involved in developing new master-planned communities in Florida. St. Lucie West has been the fastest growing community on Florida's Treasure Coast The Treasure Coast is a term for a region in the U.S. state of Florida stretching from Hobe Sound in the south through Sebastian in the north, including the coastal counties of Indian River, St. Lucie, and Martin. for the last 7 years. Levitt Commercial specializes in development, re-development, and joint venture opportunities in industrial, office and retail properties. Ryan, Beck & Co. engages in underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , market making, distribution, and trading of equity and debt securities, money management and general securities brokerage, as well as consulting, research and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to financial institutions and middle market companies. For further information, please visit our websites: http://www.BankAtlantic.com http://www.LevittandSons.com http://www.CoreCommunities.com http://www.StLucieWest.com http://www.LevittCommercial.com http://www.RyanBeck.com -Online banking products and services can be accessed directly through www.BankAtlantic.com. -If you would like to receive future news releases or announcements directly via email, please access the e-News banner on the Investor Relations page at www.BankAtlantic.com. BankAtlantic Bancorp Contact Info: Investor Relations: Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Hinkley, Tel: (954) 760-5317, Fax: (954) 760-5415, or InvestorRelations@BankAtlantic.com. Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. and Media Relations: Sharon Lyn, Tel: (954) 760-5402 or CorpComm@BankAtlantic.com. Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most for BankAtlantic: Boardroom Communications, Tel: (954) 370-8999, Fran Schwartz, fschwartz@boardroompr.com Alison Steinberg, alison@boardroompr.com Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. (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 the 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, the risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services; the impact on the national and local economies of the terrorist actions of September 11, 2001 and subsequently, as well as military activities or conflicts; credit risks and the related sufficiency of the allowance for loan losses; the effects of, and changes in, trade, monetary and fiscal policies and laws, including but not limited to interest rate policies of the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. ; adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on our activities; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; the impact of changes in accounting policies by the Securities and Exchange Commission; and with respect to the operations of Levitt Corporation ("Levitt") and its real estate subsidiaries: the market for real estate generally and in the areas where Levitt has developments, the availability and price of land suitable for development, materials prices, labor costs, interest rates, environmental factors and governmental regulations; and the Company's success at managing the risks involved in the foregoing. Further, this press release contains forward-looking statements with respect to the pending acquisition and merger of BankAtlantic Bancorp, Inc. and Community Savings Bankshares, Inc., which is subject to risks and uncertainties, including but not limited to, the risk that the transaction will not be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , the risk that regulatory approval will not be obtained, and the risk that, if consummated, the transaction will cost more, take longer, or be less advantageous than expected. 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 ("SEC"). The Company cautions that the foregoing factors are not exclusive. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by the cautionary statements above.
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
(In thousands, except share data)
For the three months ended For the year ended
-------------------------- ----------------------
December 31, December 31,
-------------------------- ----------------------
2001 2000 2001 2000
----------- ----------- --------- ---------
Net Interest income $ 34,129 $ 28,815 $135,932 $117,879
Provision for
loan losses 2,846 7,116 16,905 29,132
----------- ----------- --------- ---------
Net Interest income
after provision for
loan losses 31,283 21,699 119,027 88,747
Non-interest income 36,322 41,081 125,360 116,164
Non-interest expense 47,869 51,243 181,202 177,207
Goodwill impairment - - 6,624 (1) -
----------- ----------- --------- --------
Operating earnings
before income taxes 19,736 11,537 56,561 27,704
Provision for
income taxes 7,578 5,323 23,629 11,607
----------- ----------- --------- --------
Operating earnings 12,158 6,214 32,932 16,097
Discontinued
operations - 245 - 669
Extraordinary
items, net
of taxes - 516 (253) 7,948
Cumulative effect
of change in
accounting
principle, net
of taxes (2) - - 1,138 -
----------- ----------- --------- --------
Net income $ 12,158 $ 6,975 $ 33,817 $ 24,714
=========== =========== ========= ========
Class A earnings per share (3)
Basic operating
earnings $ N/A $ 0.17 $ N/A $ 0.42
Discontinued
operations N/A 0.01 N/A 0.02
Extraordinary item N/A 0.01 N/A 0.20
Cumulative effect of
change in accounting
principle N/A - N/A -
----------- ----------- --------- ---------
Basic Class A
earnings per
share $ N/A $ 0.19 $ N/A $ 0.64
=========== =========== ========= =========
Diluted operating
earnings $ N/A $ 0.14 $ N/A $ 0.38
Discontinued
operations N/A 0.01 N/A 0.01
Extraordinary item N/A 0.01 N/A 0.15
Cumulative effect of
change in accounting
principle N/A - N/A -
----------- ----------- --------- ---------
Diluted Class A
earnings per
share $ N/A $ 0.16 $ N/A $ 0.54
=========== =========== ========= =========
Earnings per share (3)
Basic operating
earnings (4) $ 0.23 $ N/A $ 0.79(4) $ N/A
Discontinued
operations - N/A - N/A
Extraordinary item - N/A (0.01) N/A
Cumulative effect
of change in
accounting
principle - N/A 0.02 N/A
----------- ----------- --------- ---------
Basic earnings
per share 0.23 N/A 0.80 N/A
=========== =========== ========= =========
Diluted operating
earnings (4) $ 0.22 N/A $ 0.67(4) $ N/A
Discontinued
operations - N/A - N/A
Extraordinary item - N/A - N/A
Cumulative effect
of change in
accounting principle - N/A 0.02 N/A
---------- ---------- --------- ---------
Diluted earnings
per share 0.22 N/A 0.69 N/A
========== ========== ========= =========
Basic shares
outstanding Class A N/A 31,605,840 N/A 31,560,093
========== ========== ========= =========
Diluted shares
outstanding Class A N/A 45,285,849 N/A 47,126,250
========== ========== ========= =========
Basic shares
outstanding 51,768,998 N/A 42,091,961 N/A
========== ========== ========= =========
Diluted shares
outstanding 57,859,579 N/A 54,313,104 N/A
========== ========== ========= =========
(1) Includes a onetime goodwill impairment charge of $6.6 million
associated with the closing down of LTI's operations during the year
ended December 31, 2001. Excluding the goodwill impairment basic and
diluted earnings per share would have been $0.95 and $0.81,
respectively for the year ended December 31, 2001.
(2) The cumulative effect of the change in accounting principle
resulted from the implementation of Financial Accounting Standard
Number 133, "Accounting for Derivative Instruments and Hedging
Activities".
(3) In prior periods our capital structure included a dividend
premium for our Class A shareholders. As a consequence of the dividend
premium we used the twoclass method to calculate our earnings per
share. During the 2001 second quarter our shareholders voted to
eliminate the dividend premium. As a result we will no longer use the
twoclass method to calculate our earnings per share as of January 1,
2001. If the twoclass method for calculating earnings per share were
no longer utilized as of April 1, 2001, the diluted earnings per share
for the year ended December 31, 2001 would remain unchanged.
(4) Operating earnings before goodwill impairment for the year
ended December 31, 2001 was $39.6 million, or $0.94 and $0.79 basic
and diluted earnings per share, respectively.
Additional business segment financial tables are available and can
be accessed on the Investor Relations page of the BankAtlantic website
at the text link labeled "Supplemental Financials". Copies of the
Supplemental Financials can also be received via fax or mail upon
request by contacting BankAtlantic's Investor Relations department at
the address provided at the end of this release.
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL CONDITION - UNAUDITED
(In thousands, except share data)
December 31, December 31,
------------ ------------
2001 2000
------------ ------------
ASSETS
Cash, due from depository
institutions and short term
investments $ 120,205 $ 86,693
Loans receivable, net 2,774,238 2,853,804
Securities 1,340,881 1,266,186
Real estate held for development
and sale and joint ventures 178,273 147,755
Office properties and equipment,
net 61,685 59,850
Federal Home Loan Bank stock 56,428 51,940
Deferred income tax asset, net 16,986 25,973
Cost over fair value of net assets
acquired 39,859 49,882
Other assets 65,038 75,217
------------ ----------
Total assets $4,653,593 $4,617,300
============ ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $2,276,567 $2,234,485
Advances from FHLB 1,106,030 1,038,801
Short term borrowings 467,070 669,202
Subordinated debentures,
notes payable, and trust
preferred securities 206,178 299,108
Other liabilities 160,418 126,883
---------- ----------
Total liabilities 4,216,263 4,368,479
---------- ----------
Stockholders' equity:
Total stockholders' equity
before accumulated other
comprehensive income 422,430 247,191
Accumulated other
comprehensive income 14,900 1,630
---------- ----------
Total stockholders' equity 437,330 248,821
---------- ----------
Total liabilities and
stockholders' equity $4,653,593 $4,617,300
========== ==========
Book value per share $ 7.53 $ 6.80
========== ==========
Tangible book value per share $ 6.84 $ 5.44
========== ==========
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