BankAtlantic Bancorp Reports Financial Results for Second Quarter, 2007.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) ) today announced financial results for the quarter ended June June: see month. 30, 2007. Net income was $11.6 million, or $0.19 per 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. share, compared to net income of $8.1 million, or $0.13 per diluted share, for the second quarter of 2006. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $11.7 million, or $0.20 per diluted share, compared to $10.4 million, or $0.17 per diluted share, for the 2006 period. Net income for the first six months of 2007 was $17.3 million, or $0.28 per diluted share, compared to $14.5 million, or $0.23 per diluted share, for the comparable 2006 period. Income from continuing operations for the first six months of 2007 was $9.5 million, or $0.16 per diluted share, compared to $18.5 million, or $0.29 per diluted share, for the comparable 2006 period. The second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results include an 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. gain of approximately $5.3 million, or $0.09 per diluted share, and $4.2 million, or $0.07 per diluted share, respectively, associated with the quarterly valuation of warrants to purchase shares of Stifel Financial Corp. (Stifel) acquired in connection with the sale of Ryan Ryan may refer to: Places
BankAtlantic Bancorp's Chairman 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, "While we remain committed to the expansion of BankAtlantic through organic growth, we understand that we are in a very challenging economic cycle. This quarter's financial results compared to the prior year reflect growth in deposit accounts, continued opening of new stores, and our focus on operational efficiency. However, it also reflects the significant impact of the economic cycle on our business with margin compression, higher non-performing asset levels and an increase in our loan loss reserves. BankAtlantic Highlights Net Income - "For the second quarter of 2007, BankAtlantic's net income was $10.4 million, down from $12.7 million in the comparable 2006 quarter. As discussed in detail later in this release, the decline was due primarily to net interest margin compression, costs associated with opening new stores, and an increased loan loss provision. These factors were offset in part during the quarter by an increase in non-interest income, a decrease in non-interest expense and a lower provision for income taxes, reflecting a lower effective tax rate based on the amount of projected tax-exempt income Tax-exempt income Dividends and interest not subject to federal and, in some cases, state and local income taxes. anticipated for the year." Store Expansion Program - BankAtlantic's Chief Executive Officer, Jarett S. Levan, commented, "During the second quarter of 2007, we celebrated the grand opening of another new store, bringing the total to six stores opened to date in 2007. We have opened a total of 23 new stores since January January: see month. 1, 2005, which as of June 30, 2007 had balances of $154.3 million in core deposits and $261.8 million in total deposits. (Core deposits include DDA DDA Disability Discrimination Act (1995, UK) DDA Downtown Development Authority DDA Doha Development Agenda DDA Delhi Development Authority DDA Department for Disarmament Affairs DDA Demand Deposit Account DDA Domain Defined Attribute , NOW 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: .) Since the second quarter of 2006, the new stores generated net growth of $113.0 million in core deposits, $182.5 million of total deposits, and over 73,000 of new core deposit accounts. As a whole, these new stores continue to meet or exceed our net contribution goals to 'break-even' on a current earnings basis in 12-15 months. Because of the time required for newly opened stores to break-even, the expenses associated with BankAtlantic's store expansion program negatively impacted BankAtlantic's second quarter pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta results by approximately $2.9 million. We anticipate that the negative impact of the expansion program on 2007 pre-tax income will range between $13.0 and $14.0 million based on the anticipated addition of another 11-13 new stores during the remainder of 2007. We believe the costs of the expansion program are justified by the anticipated performance of the new stores, and that the new stores will continue to contribute to BankAtlantic's overall deposit growth and franchise value as the stores mature. As of quarter-end, we had a total of 94 stores throughout 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 . Deposit Accounts and Balances - "At quarter-end, 'total bank' and 'same store' core deposit balances both increased 5% over the second quarter of 2006, representing a total bank net increase of $110.8 million in core deposits and $182.1 million in total deposits. In the second quarter of 2007, BankAtlantic opened over 60,000 new core deposit accounts, an increase of 4% over the second quarter of 2006, despite a 43% reduction in advertising expense in the 2007 quarter. Credit Quality - "The economic cycle has created a degree of uncertainty, particularly in Florida. As such, we remain cautious in our credit management. The following paragraphs are offered to provide additional clarity regarding the characteristics of our Commercial and Residential portfolios. Commercial Loans - "The Bank's Commercial Real Estate loan portfolio at June 30, 2007 totaled $1.4 billion. This portfolio consists of retail, industrial, residential construction and development loans. Most of these loans are personally guaranteed, BankAtlantic's interest in any of these loans generally does not exceed $20.0 million, and single borrower concentrations are limited to $40.0 million. Approximately twelve loans in this portfolio, aggregating approximately $135 million, are characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. as 'Builder Land Loans'. 'Builder Land Loans' were made to borrowers who have agreements to sell the underlying collateral to national and local home builders pursuant to option contracts. However, due to the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the Florida housing market, some of these option contracts have been cancelled or modified. We continue to monitor the impact of the weak homebuilding environment on this portfolio. Although our non-accrual loans declined $3.9 million in the quarter from the first quarter of 2007, we may have additional downgrades and additional provisions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the portfolio if the housing market does not improve. Residential - "Our Purchased Residential Mortgage portfolio was $2.2 billion at quarter-end, representing approximately 47% of the Bank's total loans. This portfolio contained no sub-prime or negative amortizing loans In banking and finance, an amortizing loan is a loan where the principal of the loan is paid down over the life of the loan, typically through equal payments. Each payment to the lender will consist of a portion of interest and a portion of principle. , and over 90% of the portfolio is distributed geographically outside of the state of Florida. The average FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. in this portfolio was 741 at the time of origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , and the average original loan-to-value of the portfolio was 69%. Quarter-end delinquencies, including non-accrual loans, were 0.39% of the unpaid principal balance, and our loss history on this portfolio over the past twelve months was less than 0.01% of average outstandings. "As previously indicated, during the second quarter of 2007, overall non-accrual loans decreased 15%, or $3.9 million from the first quarter of 2007 but increased $16.5 million compared to the second quarter of 2006, primarily as a result of non-accruals in our 'Builder Land Loans' portfolio. As a result, 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 increased from 0.12% at June 30, 2006 to 0.47% at June 30, 2007. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net charge-offs (recoveries) to average loans were 0.05% for the June 30, 2007 quarter, compared to (0.01)% for the June 30, 2006 quarter. The provision for loan losses in the second quarter of 2007 was $4.9 million, or 0.42% of average loans (annualized) versus a net recovery of $20,000 for the second quarter of 2006. The allowance for loan losses increased $12.7 million from $42.0 million (0.93% of total loans) at June 30, 2006 to $54.8 million (1.17% of total loans) at June 30, 2007. Net Interest Margin and Earning Assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin - "Net interest income for the second quarter of 2007 was $50.9 million compared to $55.3 million in the corresponding 2006 quarter, reflecting a 45 basis point decline in the tax equivalent net interest margin offset in part by a 4% increase in average earning assets. Average earning assets increased $230.2 million, while average core deposits and total deposits increased $138.3 million and $199.2 million, respectively. "The tax equivalent net interest margin was 3.72% in the second quarter of 2007, down from 4.17% in the corresponding quarter of 2006. While earning asset Earning asset An asset that generates income, e.g., income from rental property. yields improved 12 basis points, the cost of interest bearing liabilities increased 56 basis points, reflecting an increase in higher cost deposit categories and pricing tiers. Additionally, average demand deposits declined $119.9 million as we experienced migration to higher cost deposit products, and the higher yielding Commercial Real Estate loan portfolio declined approximately $96 million. Non-interest income - "Non-interest income for the second quarter was $36.7 million, a 5% increase over the comparable 2006 period. Excluding gains of $2.9 million in the second quarter of 2006 related to debt redemption and a sale of office properties, non-interest income would have increased 14% in the second quarter of 2007 over the comparable 2006 period. Additionally, non-interest income as a percent of total revenues rose to 42% in the second quarter of 2007 compared to 39% in 2006, reflecting the increase in the number of transaction accounts and an increase in revenue not directly impacted by the interest rate environment. Non-interest expense - "Non-interest expense for the second quarter of 2007 decreased $0.7 million from the second quarter of 2006 to $71.5 million, which included $4.8 million in increased expenses, year-over-year, related to our store expansion program. We previously noted that the impact of first quarter workforce reductions and reduced marketing expenditures would be reflected in the results for the second quarter. This is evidenced by a decline in expenses from the first to second quarter of 2007 of approximately $7.2 million. The first quarter of 2007 included a charge of $2.6 million in one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. termination benefits, and the second quarter of 2007 included a $1.1 million 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 of real estate held for sale; excluding these items, the improvement in expenses from the first to second quarter of 2007 would have been $5.8 million. We remain committed to prudent expense management in areas that do not impact our 'Florida's Most Convenient Bank' strategy or affect customer service, and continue to explore opportunities for expense savings throughout the organization. However, the costs associated with the additional new stores that are planned to open in the third and fourth quarters of this year are anticipated to result in a net increase in expenses in 2007." BankAtlantic Bancorp: Stifel Investment - BankAtlantic Bancorp's Chairman 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 B. Levan, further commented, "As previously announced during the first quarter of 2007, BankAtlantic Bancorp completed the sale of Ryan Beck to Stifel in a tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. transaction. As part of the sale of Ryan Beck, BankAtlantic Bancorp received 2,377,354 shares of Stifel common stock and warrants to purchase 481,724 shares of Stifel common stock at an exercise price of $36 per share. As the warrants are accounted for as derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. with changes in value reflected in earnings, we recorded a $6.1 million pre-tax gain for the quarter associated with the change in value of the warrants resulting from the increase in the Stifel stock price in the second quarter of 2007, versus the $(1.5) million loss recorded in the first quarter of 2007. Currently, unrealized pre-tax gains in the Stifel holdings are approximately $36 million (based on the July July: see month. 24, 2007 closing price). Excluded from this figure is the contingent earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. , if any, payable pursuant to the terms of the Ryan Beck agreement. The private client contingent payment is based upon defined revenues attributable to specified individuals over a two-year period; assuming such individuals achieve their 2006 revenues annually during the earn-out period, the earn-out would approximate $20 million. The private client earn-out is capped at $40 million for the two years. The investment banking contingent payment is based on defined revenues attributable to specified individuals, and is equal to 25% of the related fees in excess of $25 million for each of the next two years. The contingent payments are payable, at Stifel's election, in cash or common stock, but there is no assurance any amounts will ultimately be payable. Stock Buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. - "As part of our stock buyback program, BankAtlantic Bancorp repurchased just over 2 million shares during the second quarter of 2007. Under the current Board authorization The right or permission to use a system resource; the process of granting access. See access control. which allows repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 6 million shares, we have repurchased and retired approximately 3.9 million shares, or 7% of total outstanding shares at the time the program was initiated. Approximately 2.1 million shares remain available for repurchase under the current program, and we are currently evaluating increasing this amount. Cash Dividend - "BankAtlantic Bancorp's Board of Directors declared a cash dividend of $0.041 per share to all shareholders of record of its Class A and Class B Common Stock at the close of trading on July 3rd, 2007. The second quarter's dividend declaration marked BankAtlantic Bancorp's 56th consecutive quarterly dividend payment." Financial Highlights: Second Quarter, 2007 Compared to Second Quarter, 2006 BankAtlantic Bancorp - consolidated: * Income from continuing operations was $11.7 million vs. $10.4 million, an increase of 12% * 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 from continuing operations was $0.20 vs. $0.17 * Return on average tangible equity from continuing operations was 10.47% * Book value per share was $8.83 BankAtlantic: * Business segment net income was $10.4 million vs. $12.7 million, a decrease of 18% * Over 60,000 new core deposit accounts opened, an increase of 4% over accounts opened in the corresponding 2006 quarter * Return on average tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. was 0.68% * Return on average tangible equity was 8.26% * Tax equivalent net interest margin decreased to 3.72% vs. 4.17% * Non-interest income, before gains of $1.1 million associated with debt redemption and $1.8 million associated with the sale of office properties in 2006, was $36.7 million vs. $32.1 million, an increase of 14% * Non-interest expense, before the $1.1 million impairment charge of real estate held for sale in 2007 and $1.0 million of costs associated with debt redemption in 2006, was $70.5 million vs. $71.2 million, a decrease of 1% Year to Date 2007 Compared to Year to Date 2006 BankAtlantic Bancorp - consolidated: * Income from continuing operations was $9.5 million vs. $18.5 million * Diluted earnings per share from continuing operations of $0.16 vs. $0.29 * Return on average tangible equity from continuing operations was 4.24% BankAtlantic: * Business segment net income was $11.0 million vs. $22.9 million * Nearly 140,000 new core deposit accounts opened, an increase of 4% over accounts opened in 2006 * Return on average tangible assets was 0.36% * Return on average tangible equity was 4.39% * Non-interest income, before gains of $1.5 million associated with debt redemption and $1.8 million associated with the sale of office properties in 2006, was $71.7 million vs. $58.7 million, an increase of 22% * Non-interest expense, before the $1.1 million impairment charge of real estate held for sale in 2007, the one-time charge of $2.6 million for termination benefits in 2007 and the $1.5 million costs associated with debt redemption in 2006, grew to $146.7 million vs. $138.6 million, an increase of 6% BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Wednesday Wednesday: see week. , July 25, 2007, at 10:00 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 5790546. A replay of the conference call will be available beginning two hours after the call's completion through 5:00 p.m. Eastern Time, Wednesday, August 8, 2007. 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 5790546. 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 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 link, or go directly to http://www.visualwebcaster.com/event.asp?id=40582. The archive of the teleconference call will be available through 5:00 p.m. Eastern Time, Wednesday, August 8, 2007. BankAtlantic Bancorp's second quarter, 2007 financial 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), will be available on its website at: www.BankAtlanticBancorp.com. * To view the 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, 2007 financial results press release and financial summary, and the Supplemental Financials will also be made 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. BankAtlantic Bancorp owned Ryan Beck Holdings, Inc. ("Ryan Beck"), a subsidiary engaged in retail and institutional brokerage and investment banking. On March 1, 2007, BankAtlantic Bancorp announced that it had completed the sale of Ryan Beck to Stifel Financial Corp. Ryan Beck is accounted for as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . About BankAtlantic: BankAtlantic, "Florida's Most Convenient Bank," is one of the largest financial institutions headquartered in Florida and provides a comprehensive offering of banking services and products via its broad network of community stores and its online banking division - BankAtlantic.com. BankAtlantic currently has 97 stores and operates more than 250 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. For further information, please visit our websites: www.BankAtlanticBancorp.com www.BankAtlantic.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 Officer 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 - To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.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 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, including the impact on the credit quality of our loans, of changes in the real estate markets in our trade area, and where our collateral is located; the quality of our residential land acquisition and development loans (including "Builder Land Loans") and conditions specifically in that market sector; 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 banking initiatives and other growth, marketing or advertising initiatives not resulting in continued growth of core deposits or producing results which do not justify their costs; the success of our expense discipline initiatives; BankAtlantic's new store expansion program, successfully opening the anticipated number of new stores in 2007 and achieving, growth and profitability at the stores in the time frames anticipated, if at all; and 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. Past performance, actual or estimated new account openings and growth rate may not be indicative of future results. Additionally, we acquired a significant investment in Stifel equity securities in connection with the Ryan Beck Holdings, Inc. sale subjecting us to the risk of the value of Stifel shares and warrants received varying over time, and the risk that no gain will be realized. The earn-out amounts payable under the agreement with Stifel are contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the performance of individuals and divisions of Ryan Beck which are now under the exclusive control and direction of Stifel, and there is no assurance that we will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive any earn-out payments. 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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