BankAtlantic Bancorp Announces First Quarter Earnings.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)--April 24, 2001 First Quarter, 2001 Earnings Per Share Increased 78% To $.16 Per Share versus $.09 Per Share in Corresponding 2000 Quarter 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
Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of & Co., today reported earnings before extraordinary items and accounting changes for the quarter ending March 31, 2001 of $6.8 million, or $0.16 per share versus $3.7 million, or $0.09 per share in the corresponding quarter of 2000. Earnings per share increased to $.18 per share from $.15 per share in the comparable quarter in 2000. (All per share data 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 is available. It 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 address provided at the end of this release. Highlights for the first quarter results as compared with the corresponding quarter of 2000:
BankAtlantic Bancorp:
-- Total assets increased to $4.8 billion from $4.3 billion.
-- Consolidated net income increased to $8.0 million from
$7.1 million.
-- Return on average equity increased to 10.6% from 5.6%.
BankAtlantic:
-- Net-interest income increased 8.2% to $37.2 million from
$34.4 million.
-- Pre-tax income increased to $18.2 million from $9.2
million.
-- Loans increased 6.2% to $2.92 billion from $2.75 billion.
Levitt Corporation:
-- Presold homes in backlog reached a record of 905 at
March 31, 2001, up from 330 at the time of the
acquisition of Levitt and Sons in January, 2000.
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, "Our efforts to position our company for diversified diversified (di·verˑ·s growth continue to yield very encouraging results. Some of the accomplishments that have taken place during this quarter include:
-- "We experienced a strong increase in earnings from
banking operations of BankAtlantic. Loan growth has
remained strong, particularly in commercial real
estate and commercial business loans, which climbed
36% and 35%, respectively, between March 31, 2000
and March 31, 2001."
-- "The quality of our small business and indirect
consumer loan portfolios has improved markedly, as
net charge-offs from these sectors fell
significantly. Annualized net charge-offs were only
0.35% for all loans bankwide."
-- "As announced at year end, we are currently exiting
the lower performing locations in our ATM network
and are pursuing possible expansion into more
profitable markets, including expanding our unique
ATM market niches."
-- "We continue to experience very strong results from Levitt
Corporation."
-- "Levitt and Sons has scheduled the formal
grand opening of Bellaggio, its active
adult community in Lake Worth, Florida, in
the summer of 2001."
-- "Levitt and Sons and a joint venture
partner announced a residential rental
apartment development and retail space in
downtown Boca Raton, Florida. Construction
is currently scheduled to begin in the
fourth quarter of 2001."
-- "Levitt Corporation's master planned
community, St. Lucie West, experienced
extremely positive performance during the
quarter. New home sales by all builders at
St Lucie West represented an 89% increase
over the comparable 2000 quarter - an
all-time record. In addition, the Florida
Atlantic University and Indian River
Community College expansion is underway -
giving this development the unique feature
of a college campus contained within the
project. The region is recognized as the
18th fastest growing community in the US
and St. Lucie West is the 4th fastest
growing city in Florida."
-- "Ryan, Beck has received wide recognition for its
money management performance, and has augmented its
management group with several strong additions:"
-- "A recent expansion of its investment
banking activities to include a middle
market group, which focuses on
non-financial institutions in the $10
million to $50 million range."
-- "SNL Securities, Inc. ranked Ryan, Beck No. 1
among mutual to stock thrift charter
conversion advisors based on year 2000
activity."
-- "Cumberland Advisors, Ryan, Beck's wholly
owned money management subsidiary, was
ranked No. 1 for its tax free, total return
bond portfolio performance. Cumberland was
also honored by its listing in the Fourth
Quarter 2000 edition of Nelson's "World's
Best Money Managers"
-- We were pleased to have Nancy Bush rejoin
us as Managing Director and Director of
Financial Institutions Research. Nancy is a
highly respected bank analyst, whose career
includes positions as the "major bank"
analyst with Prudential Securities, as well
as service with both Brown Brothers
Harriman and Dean Witter."
-- We were also very pleased to announce the
appointment for John N. Wyllys as Executive
Vice President and Manager of the Private
Client Group. Previously, John was Senior
Resident and Vice President of Merrill
Lynch & Co.'s Boca Raton, Florida complex."
-- "Our book value per share and tangible book value
per share increased 6.2% to $7.22 and 8.1% to $5.88,
respectively at March 31, 2001 compared to $6.80 and
$5.44, respectively, At December 31, 2000.
Furthermore, we were very pleased with the initial
results of our investor relations activities during
the quarter. Overall, we have seen an increase in
institutional holders and retail interest, an
increase in trading volume, and an appreciable
increase in shareholder value. We are encouraged by
the market's positive response and we will continue
to work to improve shareholder value and service."
"We are pleased with the quarter's performance, and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this will continue to be a year of substantial progress toward our goal of improved profitability and performance. While we have to date seen little indication of a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in South Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , we are nonetheless appropriately cautious in light of the national economy and the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of the markets." ABOUT BANKATLANTIC: 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 banking, brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. and investment banking, and real estate development. BankAtlantic, one of the largest financial institutions headquartered in Florida, provides a comprehensive offering of banking services and products via its broad network of community branches throughout Florida. Levitt Corporation, which includes Levitt and Sons and St. Lucie St. Lucie may refer to:
1 Uninc. residential city (1990 pop. 53,286), Nassau co., SE N.Y., on Long Island; founded 1947. Originally about 7 sq mi (18 sq km) of potato fields, it was developed by Levitt & Sons, Inc. on Long Island and Levittown, PA. After building more than 200,000 homes over 72 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Levitt tradition now continues as part of BankAtlantic with residential developments throughout Florida. Furthermore, 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 5 years. 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: BankAtlantic at www.BankAtlantic.com Levitt & Sons at www.LevittandSons.com Ryan, Beck & Co. at www.RyanBeck.com St. Lucie West at www.StLucieWest.com BankAtlantic is very pleased to announce its new email broadcast service- "e-News." If you would like to receive future news releases or announcements directly via email, please access the e-News banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. on the Investor Relations page at www.BankAtlantic.com. BankAtlantic Contact Info INFO Information INFO Information (logging abbreviation) INFO Inform(ed/ation) INFO Ionic Difluoroamino Oxidizer : Investor Relations 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. Tel: (954) 760- 5402 or CorpComm@BankAtlantic.com. -- Summary financial data are attached. -- Extensive business segment financial information is available. It 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. Except for historical information contained herein, the matters discussed in this report 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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, including but not limited to, the risks and uncertainties associated with: the impact and affects of increased leverage, economic, competitive and other factors affecting the Company and its operations, markets, products and services, credit risks and the related sufficiency of its allowance for loan losses, changes in interest rates and economic policies, the success and profitability of its technological, strategic and business initiatives and other factors discussed elsewhere in this report filed by the Company with the Securities and Exchange Commission ("SEC"). Many of these factors are beyond the Company's control.
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
For the three months ended
(In thousands, except share data) March 31,
2001 2000
----------- -----------
Net Interest income $ 31,671 $ 30,052
Provision for loan
losses 2,761 10,787
----------- -----------
Net Interest income after
provision for loan losses 28,910 19,265
Non-interest income 25,314 28,749
Non-interest expense 43,193 41,901
----------- -----------
Income from before income
taxes, extraordinary item and
cumulative effect of change
in accounting principle 11,031 6,113
Provision for income taxes 4,206 2,432
----------- -----------
Income before extraordinary
item and cumulative effect of
change in accounting principle 6,825 3,681
Extraordinary item, net of taxes -- 3,466
Cumulative effect of change
in accounting principle, net
of taxes (1) 1,138 --
----------- -----------
Net income $ 7,963 $ 7,147
=========== ===========
Class A earnings per share
Basic before extraordinary
item and cumulative
effect of accounting
change $ 0.19 $ 0.09
Extraordinary item -- 0.09
Cumulative effect of
change in accounting
principle 0.03 --
----------- -----------
Basic 0.22 0.18
=========== ===========
Diluted before
extraordinary item and
cumulative effect of
accounting change 0.16 0.09
Extraordinary item -- 0.06
Cumulative effect of
change in accounting
principle 0.02 --
----------- -----------
Diluted 0.18 0.15
=========== ===========
Basic shares outstanding
Class A 31,626,248 31,499,608
=========== ===========
Diluted shares outstanding
Class A 45,695,619 48,586,052
=========== ===========
(1) 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".
Additional segmented 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
March 31, December 31, March 31,
(In thousands, except share data) 2001 2000 2000
----------- ----------- -----------
ASSETS
Cash, due from depository
institutions and short
term investments $ 99,468 $ 86,693 $ 103,307
Loans receivable, net 2,915,119 2,853,804 2,745,911
Securities 1,385,963 1,266,186 984,807
Real estate held for
development and sale and
joint ventures 157,732 147,755 147,919
Office properties and
equipment, net 60,362 59,850 56,301
Federal Home Loan Bank
stock 52,690 51,940 57,160
Deferred income tax asset,
net 18,373 25,973 40,049
Cost over fair value of
net assets acquired 48,786 49,882 52,541
Other assets 73,320 75,217 71,655
----------- ----------- -----------
Total assets $ 4,811,813 $ 4,617,300 $ 4,259,650
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Deposits $ 2,380,721 $ 2,234,485 $ 2,179,709
Advances from FHLB 1,028,803 1,038,801 1,143,188
Short term borrowings 722,621 669,202 332,588
Subordinated debentures,
notes payable, and trust
preferred securities 295,756 299,108 292,144
Other liabilities 119,673 126,883 71,390
----------- ----------- -----------
Total liabilities 4,547,574 4,368,479 4,019,019
----------- ----------- -----------
Stockholders' equity:
Total stockholders' equity
before accumulated other
comprehensive income 254,456 247,191 264,385
Accumulated other
comprehensive income 9,783 1,630 (23,754)
----------- ----------- -----------
Total stockholders' equity 264,239 248,821 240,631
----------- ----------- -----------
Total liabilities and
stockholders' equity $ 4,811,813 $ 4,617,300 $ 4,259,650
=========== =========== ===========
Book value per share $ 7.22 $ 6.80 $ 5.80
=========== =========== ===========
Tangible book value per
share $ 5.88 $ 5.44 $ 4.54
=========== =========== ===========
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