BankAtlantic Bancorp Reports Financial Results for the Second Quarter 2006.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 second quarter 2006. For the three-month period ending June June: see month. 30, 2006, net income was $8.4 million, or $0.13 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 $24.5 million, or $0.38 per diluted share, reported in the second quarter 2005. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , net income was $15.1 million, or $0.24 per diluted share, compared to $44.4 million, or $0.69 per diluted share, for the first six months of 2005. 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. , Chairman and Chief Executive Officer of BankAtlantic Bancorp commented, "In BankAtlantic, the second quarter's results are consistent with our long term strategy of growing our banking franchise, and with our focus on long term returns rather than short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. earnings. The quarter's performance also reflects the impact of a $2.1 million loss at 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 , discussed in detail later in this release, compared to a $13.0 million profit for the corresponding 2005 quarter. "As we have previously discussed, BankAtlantic's strategy includes an aggressive marketing program, new store expansion program, and extended hours 'convenience model.' Although these initiatives involve incremental costs Costs which are additional costs to the Service appropriations that would not have been incurred absent support of the contingency operation. See also financial management. that result in lower earnings than those of prior periods, we continue to believe these costs will translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. into enhanced long term profitability and shareholder value. "During the second quarter, demand deposits rose to a record level of 29.2% of total deposits and low cost deposits (demand, savings, and NOW accounts) grew to a record 58.4% of total deposits. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the continued general national declines in these deposits (which have steadily declined since June, 2005), we believe BankAtlantic's growth in new low cost deposits is among the highest in the industry and continues to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the national trend by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 15%. "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 were essentially unchanged for the second quarter compared to the prior quarter, consistent with our posture posture /pos·ture/ (pos´choor) the attitude of the body.pos´tural pos·ture n. 1. A position of the body or of body parts. 2. in response to interest rates and a flat yield curve Flat Yield Curve A chart that shows that the yields of bonds with short maturities are equal to the yields of bonds with longer maturities. , and as discussed below, our margin has continued to improve. Asset quality has remained high. "Earlier during the second quarter, we announced that Ryan Beck Holdings, Inc., the parent company of Ryan Beck & Co., Inc., had filed a registration statement with the Securities and Exchange Commission for an initial public offering of shares of Ryan Beck Holdings, Inc.'s Class A Common Stock. The purpose of the proposed offering is to monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. a portion of BankAtlantic Bancorp's investment in Ryan Beck through payment to BankAtlantic Bancorp of a special dividend funded by a portion of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). . While we remain intent on monetizing some portion of our investment in Ryan Beck, we have postponed the previously announced initial public offering due to a combination of current equity market conditions and 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). weak recent financial performance. At this point, we anticipate proceeding with the offering when market conditions permit and results at Ryan Beck improve. "As part of our 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" stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, we bought 250,000 shares of our stock in market transactions during the quarter. Commentary on Business Segment Operations: BankAtlantic: "BankAtlantic's 'Florida's Most Convenient Bank' initiatives of providing convenience and service continue to deliver good results. During the second quarter, BankAtlantic opened 58,000 new low cost deposit accounts, an increase of 19% over the number of accounts opened in the corresponding 2005 quarter. These new accounts resulted in approximately $157 million in new low cost deposit balances. Year-to-date, BankAtlantic opened approximately 135,000 new low cost deposit accounts, a 29% increase, with corresponding new balances of approximately $309 million. "At quarter end, 'total bank' and 'same store' low cost deposit balances increased 11.8% and 9.6%, respectively, vs. the second quarter 2005, representing a $236 million increase in low cost deposit balances over the second quarter 2005. While these results are lower than recent 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. at BankAtlantic, we believe that growth of new accounts has been significantly offset by declines in average balances in our 'legacy' customer base. We believe the decline in balances in legacy accounts results from external issues, including the impact of higher interest rates, competition from alternative investment products, significantly increased energy prices, and other similar factors. "For the second quarter 2006, net income for BankAtlantic was $12.8 million, down from $14.8 million in the comparable 2005 period. Net interest income for the second quarter 2006 was $55.3 million, or $0.8 million lower than the 2005 quarter, due to lower earning assets, which more than offset an improved margin. We have continued our strategy of using the growth in low cost deposits to reduce borrowings, and as a result, the ratio of borrowings to total deposits and borrowings at quarter end improved to 29%, down from 38% in the second quarter of 2005, although up slightly from the immediately preceding quarter. Our longer term expectation is for this ratio to trend toward the 10-15% range. "Non-interest income for the second quarter was $35.0 million, 40% greater than the comparable 2005 period, primarily driven by growth in deposit service charges and other fees. Non-interest expense of $72.2 million was $13.9 million, or 24% greater than the corresponding quarter of 2005. The growth in expenses from the prior year was largely the result of an $8.9 million (32%) increase in personnel costs, and a $3.4 million (34%) increase in occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy and equipment expense, again reflecting our growth initiatives and store expansion strategy. Advertising expense increased $1.2 million (19%) from the prior year, reflecting our aggressive program to attract low cost deposits. "The tax equivalent net interest margin was 4.17%, improved from 4.11% in the first quarter of 2006 and 3.90% in the corresponding quarter of 2005. (All references to net interest margin exclude loan participations sold previously recognized as secured borrowings.) We believe the margin improvement is particularly significant in light of the continued flatness of the yield curve. Although further margin improvement will largely depend on the future pattern of interest rates, we continue to believe our high level of low cost deposits and the expected growth in those deposits should result in a 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. further improvement in BankAtlantic's margin. "Credit quality remained good during 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% three months ago to 0.12% at June 30, 2006. The ratio of non-performing assets to total loans plus other real estate also declined modestly during the same period to 0.17%. The allowance for loan losses (ALL) was unchanged from the March 2006 quarter, remaining at $42 million. "During the quarter BankAtlantic announced its store expansion program for the next two years, including the anticipated opening of 20 new stores in 2006 and 27 new stores in 2007. To date in 2006, BankAtlantic has opened five new stores. Each of the new stores opened in 2006 has met or exceeded our expectations for deposit growth, and we are encouraged with the progress in incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. contribution by these stores. Ryan Beck & Co.: "During the second quarter of 2006, Ryan Beck & Co. recorded a net loss of $2.1 million compared to a profit of $13.0 million in the comparable quarter of 2005. On a per share basis, this is equivalent to a $0.03 per diluted share loss, compared to a per diluted share contribution of $0.21 in the 2005 quarter. We believe the loss was largely due to continued weakness in its capital markets and investment banking activities, as well as the compensation costs and direct expenses associated with the expansion of those activities, including expansion of municipal finance and trading areas, principally in late 2005. Additionally, the 2005 quarter included one very large investment banking transaction which contributed significant investment banking fees and capital markets commissions to the quarter's performance. We anticipate an improvement in the Ryan Beck performance in the second half of 2006, as Ryan Beck's 2005 expansion initiatives are expected to produce better results. "Retail brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. activity, which involves providing wealth management services to the mass affluent Mass affluent and emerging affluent are marketing terms used to refer to the growing high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets,[1] market, had second quarter revenue of $36.2 million compared to $35.2 million for the second quarter of 2005. Total client assets have risen to a record high $19 billion. During the past 12 months, this area successfully recruited 56 experienced Financial Consultants. "Revenue from capital markets activities was $14.5 million compared to $20.4 million for the second quarter of 2005. This decrease was due to the large investment banking transaction in 2005, and excluding that transaction from 2005 results, capital markets had higher revenue in 2006. "Investment banking activities resulted in second quarter revenue of $3.4 million compared to $30.3 million for the second quarter 2005. This decrease resulted principally from the large 2005 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. transaction along with decreased activity in Ryan Beck's principal markets."
Financial Highlights:
Second Quarter, 2006 Compared to Second Quarter, 2005
-----------------------------------------------------
BankAtlantic Bancorp - consolidated:
------------------------------------
-- Net income of $8.4 million vs. $24.5 million
-- Diluted earnings per share of $0.13 vs. $0.38
-- Return on average tangible equity was 7.47%
-- Book value per share was $8.51
BankAtlantic:
-------------
-- Business segment net income was $12.8 million vs. $14.8
million, a decrease of 14%
-- 58,000 new low cost deposit accounts opened, an increase of
19% over accounts opened in the corresponding 2005 quarter,
with related new balances of $157 million
-- Return on average tangible assets was 0.88%
-- Return on average tangible equity was 10.38%
-- Tax equivalent net interest margin increased to 4.17% vs.
3.79%
-- Non-interest income was $35.0 million vs. $25.0 million, an
increase of 40%
-- Non-interest expense grew to $72.2 million vs. $58.3 million,
an increase of 24%
Ryan Beck & Co.:
----------------
-- Business segment net loss was ($2.1) million vs. net income of
$13.0 million, a decrease of 116%
-- Return on average tangible equity was (8.55%)
-- Total revenues were $55.4 million vs. $87.4 million (the 2005
quarter included one very large public offering in which Ryan
Beck was the joint lead manager)
-- Retail brokerage revenue was $36.2 million vs. $35.2 million
-- Capital markets revenue was $14.5 million vs. $20.4 million
-- Investment banking revenue was $3.4 million vs. $30.3 million
Year to Date 2006 Compared to Year to Date 2005
-----------------------------------------------
BankAtlantic Bancorp - consolidated:
------------------------------------
-- Net income was $15.1 million vs. $44.4 million, a decrease of
66%
-- Earnings per share of $0.24 vs. $0.69, a decrease of 65%
-- Return on average tangible equity was 6.77%
BankAtlantic:
-------------
-- Business segment net income was $23.2 million vs. $35.6
million, a decrease of 35%
-- 135,000 new low cost deposit accounts opened, an increase of
29% over new accounts opened in the corresponding 2005 period,
with related new balances of $309 million
-- Return on average tangible assets was 0.79%
-- Return on average tangible equity was 9.50%
-- Tax equivalent net interest margin increased to 4.09% vs.
3.78%
-- Non-interest income was $60.4 million (excluding gains
associated with debt redemption) vs. $48.5 million, an
increase of 25%
-- Non-interest expense increased to $139.6 million vs. $108.6
million, an increase of 29%
Ryan Beck & Co.:
----------------
-- Business segment net loss was ($3.6) million vs. net income of
$15.6 million
-- Return on average tangible equity was (7.42%)
-- Total operating revenues decreased to $114.2 million vs.
$145.0 million (the 2005 quarter included one very large
public offering in which Ryan Beck was the joint lead manager)
-- Retail brokerage revenue was $75.7 million vs. $74.5 million
-- Capital markets revenue was $28.2 million vs. $27.7 million
-- Investment banking revenue was $6.3 million vs. $40.7 million
BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Thursday Thursday: see week. , July July: see month. 20, 2006, 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 2645022. 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 18, 2006. 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 2645022. 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, or go directly to http://www.visualwebcaster.com/event.asp?id=34592. 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 18, 2006. BankAtlantic Bancorp's second quarter, 2006 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), will be available on its website at: http://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, 2006 earnings 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 and Ryan Beck & Co. Through these subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage 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 and its online banking division - BankAtlantic.com. BankAtlantic has 81 stores and operates approximately 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. 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 43 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 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 Group, 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:
----------------------------------
Leo Hinkley,
Senior Vice President, Investor Relations
Email: InvestorRelations@BankAtlanticBancorp.com
Donna Rouzeau,
Assistant Vice President, Investor Relations &
Corporate Communications
Email: CorpComm@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, 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, including the impact on the credit quality of our loans, of changes in the commercial real estate market in our trade area; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the BankAtlantic'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 initiatives, new store expansion program, and other growth, marketing or advertising initiatives not resulting in continued growth of low cost deposits or producing results which justify their costs; successfully opening the anticipated number of new stores in 2006 and 2007 and achieving growth and profitability at the stores; 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 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. . Past performance, actual or estimated new account openings and growth rate 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, as well as its revenue mix, the success of new lines of business, including that the expansion of its municipal finance, investment banking and capital markets areas, including the associated increased headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. , will produce results which justify the increased expenses; and additional risks and uncertainties that are subject to change and may be outside of Ryan Beck's control. Moreover, this press release also contains forward-looking statements with respect to the pursuit of a financial transaction regarding the Company's investment in Ryan Beck, which are subject to a number of risks and uncertainties including but not limited to the fact that a financial transaction may not be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. when anticipated, if at all, or may be consummated on terms different than those currently contemplated. 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
2006 2006 2005 2005 2005 2006 2005
------- ------- ------- ------- ------- ------- -------
Earnings (in
thousands):
Net income
(loss)(GAAP
basis) $8,412 6,712 (1,493) 16,260 24,537 15,124 44,415
Operating
net income
(b)
(note 1) $8,374 6,704 8,507 16,260 26,946 15,078 46,824
Average
Common Shares
Outstanding (in
thousands):
Basic 61,324 61,005 60,618 60,555 60,453 61,166 60,263
Diluted 62,820 62,761 62,898 63,193 63,161 62,792 63,176
Key Performance
Ratios (GAAP
basis):
Basic earnings
(loss) per
share $ 0.14 0.11 (0.03) 0.27 0.41 0.25 0.74
Diluted
earnings
(loss) per
share (a) $ 0.13 0.11 (0.03) 0.26 0.38 0.24 0.69
Return on
average
tangible
assets
(note 2) % 0.54 0.43 (0.09) 0.98 1.48 0.48 1.36
Return on
average
tangible
equity
(note 2) % 7.47 6.06 (1.32) 15.05 23.98 6.77 22.12
Key Performance
Ratios
(Operating
basis):
Basic
earnings per
share $ 0.14 0.11 0.14 0.27 0.45 0.25 0.78
Diluted
earnings per
share (a) $ 0.13 0.11 0.13 0.26 0.42 0.24 0.73
Return
on average
tangible
assets
(note 2) % 0.54 0.43 0.53 0.98 1.62 0.48 1.43
Return
on average
tangible
equity
(note 2) % 7.43 6.05 7.52 15.05 26.33 6.75 23.32
(a) Diluted
earnings per
share
calculation
deducts (in
thousands):
subsidiaries
stock
options, if
dilutive $ - - (28) (21) (665) - (785)
Average Balance
Sheet Data
(in millions):
Assets $6,272 6,388 6,463 6,692 6,729 6,330 6,629
Tangible
assets
(note 2) $6,188 6,304 6,378 6,607 6,643 6,245 6,542
Loans
excluding
certain loan
participations
sold
(note 3) $4,482 4,488 4,550 4,726 4,802 4,610 4,567
Loan
participations
sold
(note 3) $ - 125 134 148 165 62 168
Investments $1,258 1,259 1,263 1,322 1,306 1,259 1,274
Deposits and
escrows $3,849 3,831 3,704 3,655 3,658 3,840 3,608
Stockholders'
equity $ 526 522 533 516 490 524 485
Tangible
stockholders'
equity
(note 2) $ 451 443 453 432 409 447 402
Notes:
(1) Operating net income is defined as GAAP net income adjusted for
gains and costs associated with debt redemptions, an impairment
charge relating to BankAtlantic's headquarter facility and a
reserve for a compliance matter.
(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.
(3) Loan participations sold accounted for as secured borrowings.
(b) 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) 6/30/2006 12/31/2005 6/30/2005
----------- ----------- -----------
ASSETS
Cash and due from banks $ 163,394 167,032 159,173
Short term investments 1,263 3,229 5,783
Securities available for sale (at
fair value) 662,304 674,544 749,188
Securities owned (at fair value) 174,657 180,292 109,095
Investment securities and tax
certificates (approximate fair
value: $411,117, $364,122 and
$403,951) 415,127 364,444 402,430
Loans receivable, net of allowance
for loan losses of $42,012,
$41,192 and $43,650 4,484,764 4,624,772 4,968,904
Federal Home Loan Bank stock, at
cost which approximates fair
value 62,667 69,931 88,362
Accrued interest receivable 42,655 41,490 41,270
Real estate held for development
and sale 23,585 21,177 23,982
Investments and advances to
unconsolidated subsidiaries 11,996 12,464 7,910
Office properties and equipment,
net 187,283 154,120 135,012
Deferred tax asset, net 35,235 29,615 22,636
Goodwill 76,674 76,674 76,674
Core deposit intangible asset 7,608 8,395 9,197
Due from clearing agent 3,963 - 22,091
Other assets 49,182 43,232 61,344
----------- ----------- -----------
Total assets $ 6,402,357 6,471,411 6,883,051
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Liabilities:
Deposits
Demand $ 1,119,604 1,019,949 1,039,611
NOW 747,437 755,708 660,633
Savings 372,212 313,889 302,677
Money market 740,192 846,441 899,364
Certificates of deposit 855,561 816,689 789,533
----------- ----------- -----------
Total deposits 3,835,006 3,752,676 3,691,818
Advances from FHLB 1,127,065 1,283,532 1,695,265
Securities sold under agreements
to repurchase 196,099 116,026 246,360
Federal funds purchased 224,322 139,475 109,500
Secured borrowings - 138,270 165,375
Subordinated debentures, notes and
bonds payable 37,378 39,092 35,232
Junior subordinated debentures 263,266 263,266 263,266
Securities sold but not yet
purchased 39,173 35,177 28,184
Due to clearing agent 38,730 24,486 -
Other liabilities 120,327 163,075 137,657
----------- ----------- -----------
Total liabilities 5,881,366 5,955,075 6,372,657
----------- ----------- -----------
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
56,338,922, 55,884,089 and
55,766,653 shares 564 559 558
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 261,325 261,720 260,829
Unearned compensation - restricted
stock grants - (936) (916)
Retained earnings 271,740 261,279 251,129
----------- ----------- -----------
Total stockholders' equity before
accumulated other comprehensive
income 533,678 522,671 511,649
Accumulated other comprehensive
(loss) (12,687) (6,335) (1,255)
----------- ----------- -----------
Total stockholders'
equity 520,991 516,336 510,394
----------- ----------- -----------
Total liabilities and
stockholders' equity $ 6,402,357 6,471,411 6,883,051
=========== =========== ===========
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the Six
For The Three Months Ended Months Ended
--------------------------------------- ---------------
(in 6/30 3/31 12/31 9/30 6/30 6/30 6/30
thousands) 2006 2006 2005 2005 2005 2006 2005
------- ------- ------- ------- ------- ------- -------
INTEREST INCOME:
Interest and
fees on
loans $75,765 75,386 75,404 75,747 73,582 151,151 142,099
Interest on
securities
available
for sale 4,314 4,305 4,379 4,741 5,258 8,619 10,553
Interest on
tax exempt
securities 4,856 4,229 4,027 3,963 4,016 9,085 7,369
Interest and
dividends on
investments
and
securities
owned 7,393 8,191 8,777 8,478 7,685 15,584 14,868
------- ------- ------- ------- ------- ------- -------
Total
interest
income 92,328 92,111 92,587 92,929 90,541 184,439 174,889
------- ------- ------- ------- ------- ------- -------
INTEREST EXPENSE:
Interest on
deposits 13,852 12,754 11,736 10,519 9,534 26,606 17,829
Interest on
advances
from FHLB 13,007 14,139 15,565 17,332 15,604 27,146 29,278
Interest on
short-term
borrowed
funds 4,931 2,575 2,746 2,108 2,646 7,506 4,745
Interest on
secured
borrowings - 2,401 2,862 2,637 2,483 2,401 4,645
Interest on
long-term
debt 7,891 7,584 6,825 6,392 6,316 15,475 11,988
Capitalized
interest on
real estate
development (289) (480) (513) (477) (437) (769) (889)
------- ------- ------- ------- ------- ------- -------
Total
interest
expense 39,392 38,973 39,221 38,511 36,146 78,365 67,596
------- ------- ------- ------- ------- ------- -------
NET INTEREST
INCOME 52,936 53,138 53,366 54,418 54,395 106,074 107,293
Provision
(recovery
from) loan
losses (20) 163 (109) (3,410) 820 143 (3,096)
------- ------- ------- ------- ------- ------- -------
NET INTEREST
INCOME AFTER
PROVISION 52,956 52,975 53,475 57,828 53,575 105,931 110,389
------- ------- ------- ------- ------- ------- -------
NON-INTEREST
INCOME:
Service
charges on
deposits 21,274 19,099 17,808 16,415 14,744 40,373 27,733
Other service
charges and
fees 7,353 6,222 6,436 5,824 5,849 13,575 11,087
Broker/dealer
revenue 51,381 54,562 49,831 50,368 83,915 105,943 138,601
Securities
activities,
net 2,830 2,541 474 181 90 5,371 192
Gain on sales
of loans 200 94 221 295 116 294 226
Gain
associated
with debt
redemption 1,092 436 - - - 1,528 -
Income
(loss) from
real estate
operations 114 (1,096) (558) 1,142 1,655 (982) 3,896
Income from
unconsolidated
subsidiaries 278 820 211 142 137 1,098 268
Gain (loss)
on the sale
of office
properties
and
equipment,
net 1,806 (28) (16) - 293 1,778 293
Other 2,676 2,272 2,315 2,137 2,404 4,948 5,577
------- ------- ------- ------- ------- ------- -------
Total
non-interest
income 89,004 84,922 76,722 76,504 109,203 173,926 187,873
------- ------- ------- ------- ------- ------- -------
NON-INTEREST
EXPENSE:
Employee
compensation
and benefits 80,011 80,200 70,257 68,455 78,391 160,211 144,186
Occupancy
and
equipment 17,516 16,247 15,394 14,853 13,953 33,763 27,190
Impairment
of office
properties
and
equipment - - - - 3,706 - 3,706
Advertising
and
promotion 8,644 9,957 11,701 6,667 8,069 18,601 14,367
Professional
fees 4,189 4,250 4,692 4,207 4,316 8,439 8,397
Communications 3,930 3,954 3,470 3,371 3,508 7,884 6,713
Floor broker
and clearing
fees 2,142 2,719 2,433 2,305 2,012 4,861 4,380
Costs
associated
with debt
redemption 1,034 423 - - - 1,457 -
Reserve for
fines and
penalties,
compliance
matter - - 10,000 - - - -
Other 14,297 11,918 12,052 11,326 10,188 26,215 19,989
------- ------- ------- ------- ------- ------- -------
Total
non-interest
expense 131,763 129,668 129,999 111,184 124,143 261,431 228,928
------- ------- ------- ------- ------- ------- -------
Income before
income taxes 10,197 8,229 198 23,148 38,635 18,426 69,334
Provision for
income taxes 1,785 1,517 1,691 6,888 14,098 3,302 24,919
------- ------- ------- ------- ------- ------- -------
GAAP net
income (loss) $ 8,412 6,712 (1,493) 16,260 24,537 15,124 44,415
======= ======= ======= ======= ======= ======= =======
Reconciliation
of Operating
and GAAP Net
Income
--------------
GAAP net
income (loss) $ 8,412 6,712 (1,493) 16,260 24,537 15,124 44,415
Gain
associated
with debt
redemption (710) (283) - - - (993) -
Impairment
of office
properties
and
equipment - - - - 2,409 - 2,409
Costs
associated
with debt
redemption 672 275 - - - 947 -
Reserve for
fines and
penalties,
compliance
matter - - 10,000 - - - -
------- ------- ------- ------- ------- ------- -------
Operating net
income
(note 1) $ 8,374 6,704 8,507 16,260 26,946 15,078 46,824
======= ======= ======= ======= ======= ======= =======
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended
------------------------------------------------------
(in thousands except
percentages and per
share data)
6/30 3/31 12/31 9/30 6/30
2006 2006 2005 2005 2005
---------- ---------- ---------- ---------- ----------
Loans:
Residential
real estate $2,047,430 2,043,310 2,115,899 2,245,067 2,262,214
Commercial real
estate excluding
certain loan
participations
sold (note 3) 1,483,299 1,561,236 1,576,131 1,643,570 1,731,243
Loan
participations
sold (note 3) - 125,293 134,080 147,633 164,778
Consumer 546,624 539,937 538,321 527,190 505,338
Lease financing 172 467 1,433 2,768 4,710
Commercial
business 148,604 102,066 91,979 90,578 91,756
Small
business 255,701 241,103 226,153 216,931 206,272
---------- ---------- ---------- ---------- ----------
Total Loans 4,481,830 4,613,412 4,683,996 4,873,737 4,966,311
Investments -
taxable 853,224 857,866 867,625 924,911 899,134
Investments -
tax exempt 404,644 401,541 394,935 396,908 406,403
---------- ---------- ---------- ---------- ----------
Total interest
earning
assets 5,739,698 5,872,819 5,946,556 6,195,556 6,271,848
Goodwill and
core deposit
intangibles 84,486 84,878 85,277 85,679 86,095
Other non-interest
earning assets 448,191 430,746 431,215 411,116 371,549
---------- ---------- ---------- ---------- ----------
Total assets $6,272,375 6,388,443 6,463,048 6,692,351 6,729,492
========== ========== ========== ========== ==========
Tangible assets
(note 2) $6,187,889 6,303,565 6,377,771 6,606,672 6,643,397
========== ========== ========== ========== ==========
Deposits:
Demand
deposits $1,109,005 1,065,510 1,017,467 1,000,219 981,643
Savings 364,946 331,117 309,007 303,268 301,331
NOW 764,738 760,419 692,128 666,567 685,769
Money market 765,805 829,700 887,858 904,382 906,514
Certificates of
deposit 844,318 843,866 797,187 781,044 782,335
---------- ---------- ---------- ---------- ----------
Total
deposits 3,848,812 3,830,612 3,703,647 3,655,480 3,657,592
Short-term
borrowed funds 396,870 239,144 276,333 251,242 359,861
FHLB advances 1,010,458 1,164,675 1,345,033 1,659,411 1,615,310
Secured
borrowings - 125,293 134,080 147,633 164,778
Long-term debt
(note 3) 303,052 301,529 301,655 298,887 299,075
---------- ---------- ---------- ---------- ----------
Total
borrowings 1,710,380 1,830,641 2,057,101 2,357,173 2,439,024
Other
liabilities 186,741 204,693 169,156 163,581 142,617
---------- ---------- ---------- ---------- ----------
Total
liabilities 5,745,933 5,865,946 5,929,904 6,176,234 6,239,233
---------- ---------- ---------- ---------- ----------
Stockholders'
equity 526,442 522,497 533,144 516,117 490,259
---------- ---------- ---------- ---------- ----------
Total
liabilities and
stockholders'
equity $6,272,375 6,388,443 6,463,048 6,692,351 6,729,492
========== ========== ========== ========== ==========
Other
comprehensive
(loss) in
stockholders'
equity (8,700) (5,350) (4,810) (1,612) (5,119)
---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity
(note 2) $ 450,656 442,969 452,677 432,050 409,283
========== ========== ========== ========== ==========
Period End
Total loans,
net excluding
certain loan
participations
sold $4,484,764 4,412,989 4,486,502 4,543,245 4,803,529
Loan
participations
sold (note 3) - 111,754 138,270 129,891 165,375
Total assets 6,402,357 6,357,602 6,471,411 6,482,713 6,883,051
Total
stockholders'
equity 520,991 521,770 516,336 523,392 510,394
Common shares
outstanding 61,215,046 61,293,692 60,760,213 60,738,610 60,642,777
Cash dividends 2,330,675 2,334,112 2,308,888 2,308,067 2,122,497
Common stock
cash dividends
per share 0.038 0.038 0.038 0.038 0.035
Closing
stock price 14.84 14.39 14.00 16.99 18.95
High stock
price for the
quarter 15.99 15.23 17.19 19.33 19.15
Low stock price
for the quarter 13.86 12.67 13.29 15.64 16.51
Book value
per share 8.51 8.51 8.50 8.62 8.42
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