BankAtlantic Bancorp Reports Earnings for the Second Quarter 2005; Record Second Quarter Net Income -- an Increase of 34%; Record Diluted Earnings per Share -- Increased 31%.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. -- 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 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 announced financial results for the second quarter ended June June: see month. 30, 2005. Net income increased 34% to $24.5 million for the second quarter 2005, up from $18.3 million earned in the 2004 quarter. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of rose 31% to $0.38 in the quarter, up from $0.29 earned in the 2004 quarter. The 2005 quarter includes a $2.4 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. 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. charge associated with a decision to vacate To annul, set aside, or render void; to surrender possession or occupancy. The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. the Bank's former headquarters in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the opening of a new corporate headquarters building. Excluding the effect of this item, net income for the quarter would have increased 48% to $26.9 million and diluted earnings per share would have increased 45% to $0.42. Chairman of the Board and Chief Executive Officer, 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, "This is an exciting time for our Company and we are very pleased with the outstanding results produced throughout the organization. At BankAtlantic, low cost deposits continued growth trends that we believe are among the very best in the industry, with total low cost deposits now exceeding $2 billion, compared to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $600 million less than four years ago. Credit quality remained high. Tax equivalent net interest margin grew to 3.90% during the second quarter compared with 3.73% in the 2004 period, and 3.88% in the immediately preceding quarter. Total loans grew 25% to $4.8 billion at quarter end, up from $3.9 billion at the end of the second quarter of 2004. Most of this loan growth occurred in late 2004, and we anticipate continuing to focus on the gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. reduction of borrowings through future growth in low cost deposits. Moreover, Ryan Beck & Co. had an exceptional quarter - completing the largest single transaction in its history, while delivering solid results from all business segments. Ryan Beck's Beck's is a brand of the brewery Brauerei Beck & Co KG in the north German city of Bremen. Owned by local families until February 2002, it was then sold to Interbrew (now InBev) for 3.5 billion DM (1.8 billion euros, 2.1 billion U.S. dollars). income for the quarter rose 86% to $13.0 million and total revenues increased 33% to $87.4 million vs. the corresponding 2004 period. Additional accomplishments and highlights include: "BankAtlantic's 'Florida's Most Convenient Bank' initiative continues to drive impressive growth in new customers and accounts. Since January January: see month. 2002, BankAtlantic has opened nearly a half million new checking and savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , including nearly 49,000 in the second quarter of 2005. Balances in low cost deposits -Demand, Savings and NOW accounts -- increased 23% over the second quarter of 2004 to a total of $2.0 billion at quarter-end, and on a "same store" basis the increase was 23.3%. At December December: see month. 31, 2001, immediately preceding the initiation initiation, the transition and attendant ceremonies, such as ordeals and rites, involved in passing from one state or status to another, often from childhood to adulthood. It was among the most important social institutions of early humans. of the 'Florida's Most Convenient Bank' program, BankAtlantic had $602 million in low cost deposits. Non-interest bearing demand deposits now constitute 28% of deposit funding, up from 24% a year ago, and 13% before the initiation of the program. The steady increases in core deposits continue to surpass our initial goals and confirm our belief that customers value the convenience and service offered by BankAtlantic. The following table provides comparative data on Period-end Balances:
Low Cost Deposit Period-end Balances
Annual
In Millions
-----------
2004 2003 Change
---- ---- ------
Checking (DDA/NOW) $1,549.1 $1,179.2 + 31.4%
Savings $270.0 $209.0 + 29.2%
Total $1,819.1 $1,388.2 + 31.0%
Quarterly
In Millions
-----------
2Q'05 2Q'04 Change
----- ----- ------
Checking (DDA/NOW) $1,700.3 $1,372.6 + 23.9%
Savings $302.7 $251.2 + 20.5%
Total $2,003.0 $1,623.8 + 23.4%
"Although the yield curve has been relatively flat in recent periods, BankAtlantic has continued to realize improvements in its net interest margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ). This continued improvement in NIM reflects a combination of several factors, including the sustained growth of low cost deposits, which are more beneficial in higher rate periods, the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of certain high cost FHLB FHLB Federal Home Loan Bank advances in prior periods, and higher earning asset Earning asset An asset that generates income, e.g., income from rental property. yields. As we have noted before, while a prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. flattening of the yield curve Flattening of the yield curve A change in the yield curve when the spread between the yield on long-term and short-term Treasuries has decreased. Compare steepening of the yield curve and butterfly shift. may temper tem·per n. 1. A state of mind or emotions; mood. 2. A tendency to become easily angry or irritable. 3. An outburst of rage. continued improvements in NIM, we believe BankAtlantic could potentially continue to realize some further margin improvement in a rising interest rate environment. "Credit quality remained strong in the second quarter, with the ratio of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. to total loans decreasing from 0.14% at March 31, 2005 to 0.12% at June 30, 2005. The ratio of non-performing assets to total loans plus other real estate was also favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , declining slightly from 0.17% at March 31, 2005 to 0.16% at June 30, 2005. During the second quarter, the Bank had net charge-offs of $212,000, compared to net recoveries of $948,000 for the immediately preceding quarter, and a provision for loan losses of $820,000 compared to a negative provision of $3.9 million. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, net recoveries were $736,000 and the provision a negative of $3.1 million. As a result of the continuing improvement in credit quality, the ratio of Allowance for Loan Losses declined slightly from 0.92% at March 31, 2005 to 0.90% at June 30, 2005. "We continue to address compliance with the USA Patriot Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. , anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. laws and the Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. . Our compliance improvements include revised technology and systems and procedures, and a substantial increase to compliance staffing. The 2005 run-rate impact of these on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" compliance-related costs is estimated to be $2.5 million annually. As indicated earlier, we cannot predict whether or to what extent monetary or other penalties or restrictions might be imposed upon us by regulators or other federal agencies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these previously identified compliance deficiencies. "BankAtlantic's 'Yeah, We're we're Contraction of we are. we're we are Open' advertising campaign received national recognition as a Telly Award's Bronze bronze, in metallurgy bronze, in metallurgy, alloy of copper, tin, zinc, phosphorus, and sometimes small amounts of other elements. Bronzes are harder than brasses. Finalist for two television commercials, and a Stevie Awards The Stevie Awards were created in 2002 to honor and generate public recognition of the efforts, accomplishments, and positive contributions of companies and business people worldwide. best radio ad campaign for our radio commercials. "Ryan Beck & Co. During the quarter, Ryan Beck's financial institutions group announced or completed fourteen deals, including the Hudson City
Hudson City, also known as The Pearl City, is a fictional setting located on the New Jersey coast in the United States. Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. de-mutualization transaction, in which Ryan Beck served as joint lead manager on the syndicated offering and sole manager on the subscription offering. The Hudson City transaction was the seventh largest equity raise ever completed in U.S. markets, and was the largest single transaction in Ryan Beck's history. In the Hudson City transaction, 393 million shares of stock were issued and a total of $3.9 billion was raised. In addition, Ryan Beck's middle market investment banking group completed four transactions during the second quarter of 2005. "As a result, Ryan Beck delivered extremely strong results during the quarter. Net income rose 86% to $13.0 million for the quarter, vs. $7.0 million in 2004, and total revenues increased 33% to $87.4 million vs. $65.9 million. Revenues from the Capital Markets Group increased 157% to $25.5 million, up from $9.9 million in the 2004 quarter, and Investment Banking division revenue improved 38% to $23.4 million, up from $17.0 million in the 2004 quarter. Key performance ratios for the second quarter also improved dramatically. Return on average tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. equity increased to a record 60.80%, up from 36.69% in the second quarter 2004. "Ryan Beck's 'Kronos Fund,' its new internally-managed hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , was introduced during the second quarter. The Kronos Kronos or Cronus (both: krō`nəs), in Greek religion and mythology, the youngest Titan, son of Uranus and Gaea. With the help of his mother, he led the Titans in the revolt against Uranus and ruled the world. Fund strives to deliver positive returns under most market conditions utilizing a blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: long/short equity Long/Short Equity A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either. strategy, quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. model, and sector rotation Sector Rotation The action of a mutual fund or portfolio manager shifting investment assets from one sector of the economy to another. Notes: Not all sectors of the economy perform well at the same time. techniques. "Designed to improve the overall visibility and branding power of the firm and its products and services, Ryan Beck's no-nonsense no-non·sense adj. Not tolerating irrelevancies; direct, efficient, and practical: the no-nonsense tones of a stern parent; plain, no-nonsense meals at a diner. advertising campaign, 'Let's Get Down to Work,' ran throughout the metropolitan 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 , New Jersey, Long Island, and Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). markets."
Financial Highlights:
Second Quarter, 2005 Compared to Second Quarter, 2004
BankAtlantic Bancorp - consolidated:
-- Net income of $24.5 million vs. $18.3 million, an increase of
34%. Excluding the impairment charge relating to the former
headquarters building, net income would have been $26.9
million, an increase of 48%.
-- Diluted earnings per share of $0.38 vs. $0.29, an increase of
31%. Excluding the impairment charge, earnings per share would
have been $0.42, an increase of 45%.
-- Return on average tangible equity was 23.98%.
-- Book value per share rose to $8.42.
BankAtlantic:
-- Business segment net income was $14.8 million vs. $14.4
million. Excluding the impairment charge, net income would
have been $17.2 million, a 19% increase.
-- Return on average tangible assets was 0.96% and return on
average tangible equity was 12.74%. Excluding the impairment
charge, these ratios would have been 1.11% and 14.82%,
respectively.
-- The tax equivalent net interest margin increased to 3.90% vs.
3.73%.
-- Non-interest income was $25.0 million vs. $22.2 million, an
increase of 13%.
-- Non-interest expense grew to $58.3 million vs. $42.9 million,
an increase of 36%.
Ryan Beck & Co.:
-- Business segment income increased to $13.0 million vs. $7.0
million, an increase of 86%.
-- Annualized return on average tangible equity was 60.8%.
-- Total operating revenues increased to $87.4 million vs. $65.9
million.
-- Principal transactions were $36.7 million vs. $21.7 million.
-- Investment banking revenue increased to $25.4 million vs.
$18.0 million.
-- Commission income was $19.5 million vs. $22.2 million.
Year-to-Date 2005 Compared to Year-to-Date 2004
BankAtlantic Bancorp - consolidated:
-- Net income of $44.4 million vs. $38.8 million. Excluding the
2005 impairment charge and in 2004, a gain of $22.8 million
from a litigation settlement and $11.7 million of expense
resulting from early redemption of debt, net income would have
been $46.8 million vs. $31.6 million, an increase of 48%.
-- Diluted earnings per share of $0.69 vs. $0.61. Excluding the
effects of the above items, diluted earnings per share were
$0.73 vs. $0.49, an increase of 49%.
-- Annualized return on average tangible equity was 22.12%.
BankAtlantic:
-- Business segment net income was $35.6 million vs. $18.1
million, an increase of 97%. Excluding the items indicated in
the first comment on year-to-date highlights, net income would
have been $38.0 million vs. $25.8 million, an increase of 48%.
-- Return on average tangible assets was 1.17% and return on
average tangible equity was 15.62%. Excluding the impairment
charge, these ratios would have been 1.25% and 16.67%,
respectively.
-- Tax equivalent net interest margin increased to 3.89% vs.
3.73%.
-- Non-interest income was $48.5 million vs. $40.4 million, an
increase of 20%.
-- Non-interest expense grew to $108.6 million vs. $96.4 million,
an increase of 13%.
Ryan Beck & Co.:
-- Business segment income increased to $15.6 million vs. $12.1
million, an increase of 28%.
-- Return on average tangible equity was 36.4%.
-- Total operating revenues increased to $145.0 million vs.
$131.7 million.
-- Principal transactions were $56.5 million vs. $46.1 million.
-- Investment banking revenue increased to $37.3 million vs.
$30.7 million.
-- Commission income was $39.8 million vs. $47.6 million.
BankAtlantic Bancorp will host its second quarter 2005 investor and media teleconference call and webcast on Wednesday Wednesday: see week. , July July: see month. 20, 2005, at 11:00 a.m. (Eastern Time). Teleconference Call Information: To access the teleconference call in the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the toll free number to call is 1-800-968-8156. International calls may be placed to 706-634-5752. Domestic and international callers may reference PIN number 7296660. A replay of the conference call will be available beginning two hours after the call's completion through 5:00 p.m. Eastern Time, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , August 19, 2005. To access the replay option in the U.S. and Canada, the toll free number to call is 1-800-642-1687. International calls for the replay may be placed at 706-645-9291. The replay digital PIN number for both domestic and international calls is 7296660. Webcast Information: Alternatively, individuals may listen to the live and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. archived webcast of the teleconference call. To listen to the webcast, visit http://www.BankAtlanticBancorp.com, access the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section, and click on the "Webcast" navigation navigation, science and technology of finding the position and directing the course of vessels and aircraft. Early Navigational Techniques In ancient times, mariners navigated by the guidance of the sun and stars and landmarks along the coast. link. The archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. of the teleconference call will be available through 5:00 p.m. Eastern Time, Friday, August 19, 2005. BankAtlantic Bancorp's second quarter, 2005 earnings results press release and financial summary, as well as the Supplemental Financials (a detailed summary of significant financial events and extensive business segment financial data), are available on its website at: http://www.BankAtlanticBancorp.com. --To view the press release and financial summary, access the "Investor Relations" section and click on the "Quarterly Financials" navigation link. --To view the Supplemental Financials, access the "Investor Relations" section and click on the "Supplemental Financials" navigation link. Copies of BankAtlantic Bancorp's second quarter, 2005 earnings results press release and financial summary, and the Supplemental Financials are also available upon request via fax, email, or postal service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval mail. To request a copy, contact BankAtlantic Bancorp's Investor Relations department using the contact information listed below. 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 and Ryan Beck & Co. Through these 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. About BankAtlantic: BankAtlantic, "Florida's Most Convenient Bank," is one of the largest financial institutions headquartered in 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 and provides a comprehensive offering of banking services and products via its broad network of community stores throughout Florida and its online banking division - BankAtlantic.com. BankAtlantic has 76 stores and operates more than 200 conveniently located ATMs. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, including several stores open until midnight, Totally Free Online Banking & Bill Pay, 24/7 Customer Service Center, Totally Free Change Exchange coin counters and free retail and business checking with a free gift. About Ryan Beck & Co.: Founded in 1946, Ryan Beck & Co., Inc. provides financial advice and innovative solutions to individuals, institutions, and corporate clients through the activities of approximately 1,100 employees in 39 offices located in 14 states. For individual investors, the firm's Private Client Group provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including investment consulting, retirement plans, insurance, and investment 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 . Institutional clients benefit from the market making, 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. and distribution activities of the firm's experienced Capital Markets Group, which encompasses equity and fixed income trading and institutional sales as well as research. Through its Investment Banking Groups, Ryan Beck raises capital and provides financial advisory services to financial institutions, middle market companies, and municipalities.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
-- To receive future BankAtlantic Bancorp news releases or
announcements directly via Email, please click on the Email Broadcast
Sign Up button on our website: http://www.BankAtlanticBancorp.com.
BankAtlantic Bancorp Contact Info:
Donna Rouzeau,
Assistant Vice President, Investor Relations & Corporate
Communications
Email: CorpComm@BankAtlanticBancorp.com
Leo Hinkley,
Senior Vice President, Investor Relations
Email: InvestorRelations@BankAtlanticBancorp.com
Phone: (954) 940-5300, Fax: (954) 940-5320
Mailing Address: BankAtlantic Bancorp, Investor Relations,
2100 West Cypress Creek Road, Fort Lauderdale, FL 33309
BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
Public Relations:
Hattie Hess, Vice President, Public Relations
Telephone: (954) 940-6383, Fax: (954) 940-6310
Email: hhess@BankAtlantic.com
Public Relations for BankAtlantic:
Boardroom Communications
Caren Berg
Phone: (954) 370-8999, Fax: (954) 370-8892
Email: caren@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 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 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 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 including their impact on the Bank's net interest margin; 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; BankAtlantic's seven-day Adj. 1. seven-day - lasting through a week; "her weeklong vacation" weeklong long - primarily temporal sense; being or indicating a relatively great or greater than average duration or passage of time or a duration as specified; "a long life"; "a long boring banking initiative and other growth initiatives not producing results which justify their costs; the impact of periodic testing of goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. for impairment; as well as our ability to and the costs associated with the correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. of compliance deficiencies associated with the USA Patriot Act, anti-money laundering laws and the Bank Secrecy Act, and whether or to what extent monetary or other restrictions or penalties relating to these compliance deficiencies will be imposed on the Company by regulators or other federal agencies. The results or performance derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. or implied, directly or indirectly from the estimates and assumptions, are based on our beliefs and may not be accurate. Past performance, actual or estimated new account openings and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. may not be indicative indicative: see mood. of future results. 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. policies, its ability to recruit RECRUIT. A newly made soldier. and retain financial consultants, 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 stock market and fixed income markets and its effects on the volume of its business and the value of its securities positions and portfolio, as well as its revenue mix, and 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 Six
For The Three Months Ended Months Ended
--------------------------------- -------------
6/30/ 3/31/ 12/31/ 9/30/ 6/30/ 6/30/ 6/30/
2005 2005 2004 2004 2004 2005 2004
---- ---- ------ ----- ----- ---- ----
Earnings
(in thousands):
Net income
(GAAP basis) $24,537 19,878 17,293 14,691 18,260 44,415 38,784
Operating net
income (a)
(note 1) $26,946 19,878 17,293 14,691 18,260 46,824 31,631
Average Common
Shares
Outstanding
(in thousands):
Basic 60,453 60,072 59,827 59,687 59,344 60,263 59,301
Diluted 63,161 63,207 63,156 63,110 62,808 63,176 62,979
Key Performance
Ratios (GAAP basis):
Basic earnings
per share $ 0.41 0.33 0.29 0.25 0.31 0.74 0.65
Diluted earnings
per share (b) $ 0.38 0.31 0.27 0.23 0.29 0.69 0.61
Return on average
tangible assets
(note 2) % 1.51 1.27 1.19 1.09 1.48 1.39 1.61
Return on average
tangible equity
(note 2) % 23.98 20.20 18.34 16.18 21.18 22.12 23.17
Key Performance
Ratios (Operating
basis):
Basic earnings
per share $ 0.45 0.33 0.29 0.25 0.31 0.78 0.53
Diluted earnings
per share (b) $ 0.42 0.31 0.27 0.23 0.29 0.73 0.49
Return on average
tangible assets
(note 2) % 1.66 1.27 1.19 1.09 1.48 1.47 1.31
Return on average
tangible equity
(note 2) % 26.33 20.20 18.34 16.18 21.18 23.32 18.90
(b) Diluted earnings
per share
calculation
deducts (in
thousands):
Subsidiaries
stock options,
if dilutive $ (665) (120) (51) (152) (273) (785) (472)
Average Balance
Sheet Data (in
millions):
Assets $ 6,565 6,355 5,877 5,478 5,023 6,460 4,907
Tangible assets
(note 2) $ 6,479 6,268 5,790 5,390 4,935 6,375 4,819
Loans $ 4,802 4,668 4,359 4,032 3,777 4,735 3,754
Investments $ 1,306 1,242 1,076 1,018 819 1,274 744
Deposits and
escrows $ 3,658 3,557 3,371 3,283 3,205 3,608 3,135
Stockholders'
equity $ 490 480 468 452 436 485 430
Tangible
stockholders'
equity (note 2) $ 409 394 377 363 345 402 335
Notes:
(1) Operating net income is defined as GAAP net income adjusted for
gain from a litigation settlement, costs associated with debt
redemptions and an impairment charge relating to BankAtlantic's former
headquarter facility, net of tax.
(2) Average tangible assets is defined as average total assets less
average goodwill and core deposit intangibles. Average tangible equity
is defined as average total stockholders' equity less average
goodwill, core deposit intangibles and other comprehensive income.
(a) 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) 6/30/2005 12/31/2004 6/30/2004
---------- ----------- ----------
ASSETS
Cash and due from banks $ 159,173 118,967 132,927
Short term investments 5,783 16,093 399
Securities available for sale (at
fair value) 749,188 747,160 694,554
Securities owned (at fair value) 109,095 125,443 120,953
Investment securities and tax
certificates (approximate fair
value: $403,951,
$306,963 and $194,046) 402,430 307,438 194,046
Loans receivable, net of allowance
for loan losses of $43,650, $46,010
and $46,737 4,803,529 4,599,048 3,899,099
Federal Home Loan Bank stock, at
cost which approximates fair value 88,362 78,619 44,154
Accrued interest receivable 41,270 35,982 27,864
Real estate held for development and
sale 23,982 27,692 25,077
Investments and advances in
unconsolidated subsidiaries 7,910 7,910 7,910
Office properties and equipment, net 135,012 129,790 106,105
Deferred tax asset, net 22,636 20,269 22,288
Goodwill 76,674 76,674 76,674
Core deposit intangible asset 9,197 10,270 11,121
Due from clearing agent 22,091 16,619 16,048
Other assets 61,344 38,803 49,159
---------- ----------- ----------
Total assets $6,717,676 6,356,777 5,428,378
========== =========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Demand $1,039,611 890,398 787,819
NOW 660,633 658,137 584,658
Savings 302,677 270,001 251,218
Money market 899,364 875,422 906,865
Certificates of deposit 789,533 763,244 719,545
---------- ----------- ----------
Total deposits 3,691,818 3,457,202 3,250,105
Advances from FHLB 1,695,265 1,544,497 883,727
Securities sold under agreements to
repurchase 246,360 296,643 374,824
Federal funds purchased 109,500 105,000 20,000
Subordinated debentures, notes and
bonds payable 35,232 37,741 36,395
Junior subordinated debentures 263,266 263,266 263,266
Securities sold but not yet
purchased 28,184 39,462 51,321
Other liabilities 137,657 143,701 108,406
---------- ----------- ----------
Total liabilities 6,207,282 5,887,512 4,988,044
---------- ----------- ----------
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
55,766,653, 55,214,225 and
54,903,283 shares 558 552 549
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 260,829 259,702 258,258
Unearned compensation - restricted
stock grants (916) (1,001) (1,090)
Retained earnings 251,129 210,955 183,170
---------- ----------- ----------
Total stockholders' equity before
accumulated other comprehensive
income 511,649 470,257 440,936
Accumulated other comprehensive
income (loss) (1,255) (992) (602)
---------- ----------- ----------
Total stockholders' equity 510,394 469,265 440,334
---------- ----------- ----------
Total liabilities and
stockholders' equity $6,717,676 6,356,777 5,428,378
========== =========== ==========
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the Six
For The Three Months Ended Months Ended
--------------------------------- -------------
6/30/ 3/31/ 12/31/ 9/30/ 6/30/ 6/30/ 6/30/
(in thousands) 2005 2005 2004 2004 2004 2005 2004
---- ---- ------ ----- ----- ---- ----
INTEREST
INCOME:
Interest and
fees on
loans $ 71,099 66,355 60,088 52,661 48,034 137,454 96,970
Interest on
securities
available
for sale 5,258 5,295 4,905 4,974 4,584 10,553 8,204
Interest on
tax exempt
securities 3,769 3,225 2,076 1,329 610 6,994 643
Interest and
dividends
on investments
and securities
owned 7,932 7,311 7,377 7,409 6,879 15,243 13,919
-------- ------- ------- ------ ------ ------- -------
Total
interest
income 88,058 82,186 74,446 66,373 60,107 170,244 119,736
-------- ------- ------- ------ ------ ------- -------
INTEREST
EXPENSE:
Interest on
deposits 9,534 8,295 7,534 7,060 6,788 17,829 13,761
Interest on
advances
from FHLB 15,604 13,674 11,458 9,364 7,769 29,278 16,867
Interest on
short-term
borrowed funds 2,646 2,099 1,356 953 632 4,745 882
Interest on
long-term
debt 6,316 5,672 5,112 5,034 4,912 11,988 9,739
Capitalized
interest on
real estate
developments (437) (452) (390) (355) (346) (889) (653)
-------- ------- ------- ------ ------ ------- -------
Total
interest
expense 33,663 29,288 25,070 22,056 19,755 62,951 40,596
-------- ------- ------- ------ ------ ------- -------
NET
INTEREST INCOME 54,395 52,898 49,376 44,317 40,352 107,293 79,140
Provision
(recovery) for
loan losses 820 (3,916) (4,004) 1,717 (1,963) (3,096) (2,822)
-------- ------- ------- ------ ------ ------- -------
NET INTEREST
INCOME AFTER
PROVISION 53,575 56,814 53,380 42,600 42,315 110,389 81,962
-------- ------- ------- ------ ------ ------- -------
NON-INTEREST
INCOME:
Service charges
on deposits 14,744 12,989 13,637 13,493 13,028 27,733 24,305
Other service
charges and
fees 5,849 5,238 6,733 5,819 6,431 11,087 11,068
Broker/dealer
revenue 83,915 54,686 53,061 52,670 63,008 138,601 126,073
Securities
activities,
net 90 102 3,653 2 3 192 75
Litigation
settlement - - - - - - 22,840
Gain on sales
of loans 116 110 152 86 116 226 245
Income from
real estate
operations 1,655 2,241 517 900 683 3,896 988
Income from
unconsolidated
subsidiaries 137 131 126 123 118 268 236
Other 2,697 3,173 2,026 2,081 1,958 5,870 3,880
-------- ------- ------- ------ ------ ------- -------
Total
non-interest
income 109,203 78,670 79,905 75,174 85,345 187,873 189,710
-------- ------- ------- ------ ------ ------- -------
NON-INTEREST
EXPENSES:
Employee
compensation
and benefits 78,391 65,795 65,354 58,992 63,538 144,186 130,718
Occupancy and
equipment 13,953 13,237 14,753 11,782 11,236 27,190 21,611
Impairment on
bank
facilities 3,706 - - - - 3,706 -
Advertising
and promotion 8,069 6,298 5,955 4,757 5,630 14,367 10,324
Professional
fees 4,316 4,081 7,245 4,736 2,997 8,397 6,226
Communications 3,508 3,205 3,301 3,182 2,916 6,713 6,044
Floor broker
and clearing
fees 2,012 2,368 2,452 2,143 2,438 4,380 5,240
Cost associated
with debt
redemption - - - - - - 11,741
Other 10,188 9,801 8,460 9,025 9,147 19,989 18,012
-------- ------- ------- ------ ------ ------- -------
Total
non-interest
expenses 124,143 104,785 107,520 94,617 97,902 228,928 209,916
-------- ------- ------- ------ ------ ------- -------
Income before
income taxes 38,635 30,699 25,765 23,157 29,758 69,334 61,756
Provision for
income taxes 14,098 10,821 8,472 8,466 11,498 24,919 22,972
-------- ------- ------- ------ ------ ------- -------
GAAP net
income $ 24,537 19,878 17,293 14,691 18,260 44,415 38,784
======== ======= ======= ====== ======= ====== =======
Reconciliation
of Operating
and GAAP
Net Income
--------------
GAAP net
income $ 24,537 19,878 17,293 14,691 18,260 44,415 38,784
Impairment on
bank
facilities 2,409 - - - - 2,409 -
Costs associated
with debt
redemption - - - - - - 7,632
Litigation
settlement - - - - - - (14,785)
-------- ------- ------- ------ ------ ------- -------
Operating net
income
(note 1) $ 26,946 19,878 17,293 14,691 18,260 46,824 31,631
======== ======= ======= ====== ======= ====== =======
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
(in thousands except
percentages and
per share For the three months ended
data) 6/30/2005 3/31/2005 12/31/2004 9/30/2004 6/30/2004
Loans:
Residential
real estate $ 2,262,214 2,085,473 1,812,018 1,583,353 1,386,482
Commercial
real estate 1,731,243 1,764,927 1,743,952 1,670,928 1,650,763
Consumer 505,338 487,746 467,716 438,205 403,824
Lease
financing 4,710 6,242 8,219 9,738 11,526
Commercial
business 91,756 128,372 136,391 142,022 142,686
Small business 206,272 195,733 190,849 187,536 182,171
---------- ---------- ---------- ---------- ----------
Total Loans 4,801,533 4,668,493 4,359,145 4,031,782 3,777,452
Investments -
taxable 899,134 877,003 823,903 845,286 745,854
Investments -
tax exempt 406,403 364,824 251,699 172,328 72,958
---------- ---------- ---------- ---------- ----------
Total interest
earning
assets 6,107,070 5,910,320 5,434,747 5,049,396 4,596,264
Goodwill and
core deposit
intangibles 86,095 86,791 87,164 87,591 88,034
Other
non-interest
earning assets 371,549 358,024 354,815 340,979 338,507
---------- ---------- ---------- ---------- ----------
Total assets $ 6,564,714 6,355,135 5,876,726 5,477,966 5,022,805
========== ========== ========== ========== ==========
Tangible assets
(note 2) $ 6,478,619 6,268,344 5,789,562 5,390,375 4,934,771
========== ========== ========== ========== ==========
Deposits:
Demand
deposits $ 981,643 912,897 845,797 791,639 754,975
Savings 301,331 281,512 262,549 250,286 242,506
NOW 685,769 664,313 622,308 590,787 586,259
Money market 906,514 921,382 903,602 931,596 912,065
Certificates
of deposit 782,335 777,353 736,704 718,826 709,523
---------- ---------- ---------- ---------- ----------
Total
deposits 3,657,592 3,557,457 3,370,960 3,283,134 3,205,328
Short-term
borrowed funds 359,861 352,911 266,840 283,011 269,423
FHLB advances 1,615,310 1,536,434 1,339,051 1,036,651 696,661
Long-term debt 299,075 300,551 299,741 299,596 299,931
---------- ---------- ---------- ---------- ----------
Total
borrowings 2,274,246 2,189,896 1,905,632 1,619,258 1,266,015
Other
liabilities 142,617 128,233 132,047 123,750 115,610
---------- ---------- ---------- ---------- ----------
Total
liabilities 6,074,455 5,875,586 5,408,639 5,026,142 4,586,953
---------- ---------- ---------- ---------- ----------
Stockholders'
equity 490,259 479,549 468,087 451,824 435,852
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
stockholders'
equity $ 6,564,714 6,355,135 5,876,726 5,477,966 5,022,805
========== ========== ========== ========== ==========
Other
comprehensive
income (loss)
in
stockholders'
equity $ (5,119) (949) 3,656 1,065 2,986
---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity
(note 2) $ 409,283 393,707 377,267 363,168 344,832
========== ========== ========== ========== ==========
Period End
Total loans,
net $ 4,803,529 4,637,232 4,599,048 4,176,571 3,899,099
Total assets 6,717,676 6,418,351 6,356,777 5,678,612 5,428,378
Total
stockholders'
equity 510,394 480,981 469,265 459,489 440,334
Common shares
outstanding 60,642,777 60,542,092 60,090,349 59,874,084 59,779,407
Cash dividends 2,122,497 2,118,973 2,103,164 2,095,600 1,972,775
Common stock
cash dividends
per share 0.035 0.035 0.035 0.035 0.033
Closing stock
price 18.95 17.40 19.90 18.32 18.45
High stock
price for
the quarter 19.15 20.00 20.08 19.25 18.53
Low stock
price for
the quarter 16.51 17.02 16.06 17.40 14.37
Book value
per share 8.42 7.94 7.81 7.67 7.37
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