BankAtlantic Bancorp Reports Record Third Quarter Operating Earnings.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Oct. 24, 2001 -- "During the quarter, we completed an offering of 5.1 million shares of equity, and $51 million of our 6.75% convertible subordinated debentures were converted into common stock. These two financing transactions increased our shareholders equity by $90 million, or 33 percent, in the third quarter, and dramatically improved the ratio of debt of our holding company to its equity -- from 92% at June 30, 2001 to 42% at September 30, 2001." -- "We were very pleased to announce the execution of a definitive agreement to acquire Community Savings Bankshares (Nasdaq:CMSV). Upon completion of the acquisition, BankAtlantic will be the largest financial institution headquartered in Florida with assets of approximately $5.7 billion. Community is an ideal fit. Its 21 full-service branches extend our banking footprint throughout economically strong Palm Beach, Martin, St. Lucie and Indian River counties. Their strong mortgage lending and residential construction franchise complement our core areas of expertise in commercial and real estate financing. Further, Community Saving's branch network is in close proximity to our Levitt and Sons active adult communities and our Core Communities' master planned developments, presenting a greater opportunity for additional synergies." -- "Levitt and Sons continues to experience very strong sales. During the nine-month period, Levitt and Sons has completely sold out three community developments in Florida, including Ecantada in Pembroke Pines, Huntington Lakes in Naples and Cascade Lakes in Boynton Beach. During the quarter, Levitt and Sons celebrated the grand opening of its newest active adult community development, Bellaggio in Lake Worth, Palm Beach County, Florida." -- "Core Communities, the large master planned community development subsidiary of Levitt Corporation, announced the approval of a development agreement for its newest community, Live Oak Preserve. Following in the successful footsteps of St. Lucie West, ranked the fastest growing community on Florida's Treasure Coast for the last seven consecutive years, Live Oak Preserve is a 1,285-acre master planned community serving both commercial and residential needs. In addition, Core Communities closed on the sale of a 29-acre site in St. Lucie West to WalMart. Core Communities also executed contracts with two large national restaurant chains for locations adjacent to the Marriott Springhill Suites." -- "During the quarter, Ryan, Beck & Co. reached a new milestone as its Fixed Income Products Group successfully placed over $2 billion in brokered deposits since its inception in March of 2000. Furthermore, the unit, which had only recently begun underwriting government agency debt, placed over $250 million for various government-sponsored enterprises, including the Federal Home Loan Bank and Freddie Mac." -- "Book value per share and tangible book value per share increased to $8.06 and $7.18, respectively at September 30, 2001 compared to $6.34 and $4.95, respectively, at September 30, 2000. We are also pleased with the announcement that the American Stock Exchange has launched trading in options in BankAtlantic Bancorp Common Stock." BankAtlantic BankAtlantic, a subsidiary of BankAtlantic Bancorp, Inc. [NYSE: BBX] and based in Fort Lauderdale, Florida, is a company that provides consumer and commercial banking services in south Florida. Bancorp, Inc. (NYSE NYSE See: New York Stock Exchange :BBX BBX Business Basic Extended BBX Business Barter Exchange BBX Blue Bell, Pennsylvania (Airport Code) BBX Blockbuster Express (UK video store) ), the parent company of BankAtlantic, Levitt Corporation and Ryan Ryan may refer to: Places
Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of and Co., today announced that operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before (before a goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge) for the third quarter, 2001 were $12.0 million, or $0.22 per share, compared to $1.2 million, or $0.03 per share, in the third quarter, 2000, an increase of over 630%. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. operating earnings (before the goodwill charge) were $27.4 million compared to $9.9 million in 2000, or $0.58 per share compared to $0.24 per share respectively, an increase of 142%. These results do not include a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge against earnings of $6.6 million, or $0.11 per share for the quarter and $0.13 per share year-to-date, related to the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. in the third quarter of goodwill associated with the 1998 acquisition of Leasing Technology, Inc. (LTI LTI Linear Time Invariant LTI Long Term Incentive (NZ) LTI Lingua Tertii Imperii (language of the NAZI empire, Latin) LTI Lost Time Injury LTI Leadership Training Institute LTI Lost Time Incident ). (All per share amounts are diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. .) The one-time intangible charge will have no negative effect on future earnings, and the Company's 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 level and all 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. capital ratios are unaffected by the charge. Including the goodwill charge, net income was $5.1million for the quarter and $21.7 million year-to-date. -- Extensive business segment financial information and related discussion is available and can be accessed on the Investor Relations page of the BankAtlantic website at the text link labeled "Supplemental Financials". Copies of the Supplemental Financials can also be received via fax or mail upon request by contacting BankAtlantic's Investor Relations Investor relations The process by which the corporation communicates with its investors. department at the contact info provided at the end of this release.
Highlights for the Third Quarter compared to the
corresponding 2000-quarter (all discussions of
the current quarter exclude goodwill charge):
BankAtlantic Bancorp:
---------------------
-- Total assets increased 7.5% to $4.8 billion.
-- Return on average assets increased to 1.01% for the quarter.
-- Return on average equity increased to 14.9% for the quarter.
BankAtlantic:
-------------
-- Loans increased 4.5% to $2.9 billion.
-- Net-interest income increased 17.1% to $40.6 million.
-- Pre-tax income increased 31.6% to $15.7 million.
-- Total non-interest income increased 19.6% to $9.5 million.
-- Return on average assets improved to 0.90%.
-- Return on average equity improved to 11.0%.
-- The efficiency ratio improved to 53.2% from 56.4%.
Levitt Corporation:
-------------------
-- Total assets increased 17% to $187 million from $160 million.
-- Pre-sold homes in backlog increased 18% to 877 from 743.
-- Sales ofcompleted homes increased 19% to 226 from 190.
-- Pretax income increased significantly to $5.8 million.
-- Return on shareholders' equity improved to 21.5%.
Ryan, Beck & Co.:
-----------------
-- Revenue from principal transactions increased 33% to $4.0 million
from $3.0 million.
-- Investment banking revenue increased 205% to $4.0 million from
$1.3 million.
-- Total operating revenues increased 18.0% to $11.7 million.
-- Pretax income improved to $0.6 million compared to a loss of $1.4
million.
-- Return on equity was 6.0%, representing a significant improvement
from recent quarters.
Highlights for the Nine Month Period compared to the
corresponding 2000 Period
(all discussions of the current year exclude goodwill charge):
BankAtlantic Bancorp:
---------------------
-- Return on average assets increased to 0.77%.
-- Return on average equity increased to 13.5%.
BankAtlantic:
-------------
-- Net-interest income increased 12.4% to $116.3 million.
-- Pre-tax income increased 46.4% to $51.8 million.
-- Total non-interest income increased 15.8% to $27.6 million.
-- Return on average assets improved to 0.99%.
-- Return on average equity improved to 12.3%.
-- The efficiency ratio improved to 54.0% from 54.9%.
Levitt Corporation:
-------------------
-- Sales of completed homes increased 55% to 587 from 378.
-- Pretax income increased significantly to $9.5 million.
-- Return on shareholders' equity improved to 11.7%.
Ryan, Beck & Co.:
-----------------
-- Revenue from principal transactions increased 3.3% to $12.4
million from $12.0 million.
-- Investment banking revenue increased 26.6% to $8.0 million from
$6.4 million.
Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alan A`lan´ n. 1. A wolfhound. B. Levan levan Dentistry A fructose homopolymer linked by β-2,6 bonds, formed by the partial digestion of sucrose by Bacillus and Streptococcus spp, which is a component of dental plaque representing the first biochemical event in cariogenesis. commented, "For the past several quarters, our senior management team has focused on achieving high performance levels in every area of our Company. Our key objectives have included improving the operating performance of BankAtlantic Bancorp and increasing the market following, liquidity and shareholder value of our common stock. During this process, we have thoroughly re-evaluated the performance of each of our products, services, and operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . In earlier quarters, we have restructured our ATM operations, closed down our indirect auto lending business, exited the syndicated lending business, and completely revised our approach to our small business lending. Each of those moves has resulted in improved financial performance." "Our subsidiary, Leasing Technology, Inc. (LTI), has been unable to meet our performance expectations due to unacceptable levels of lease losses, as discussed in earlier reports. Consequently, we have closed the offices of LTI, halted lease originations, and moved the remaining operations to the bank's Fort Lauderdale headquarters. As a result, the goodwill associated with the LTI acquisition was impaired See assistive technology. , resulting in a $6.6 million special charge this quarter. This charge does not affect either "cash basis" earnings or regulatory capital - and management believes the decision to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: LTI operations should ultimately result in significantly improved earnings of BankAtlantic." "Although we are very conscious of the national economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and the potential impact of the tragic events of September September: see month. 11 on the national and the local economy, credit quality remains satisfactory. Our credit losses this year have been heavily concentrated in the leasing and the syndications portfolios - with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 83% of our year-to-date loan losses of $17 million coming from these two units. The LTI portfolio has allocated reserves of approximately $10 million for a portfolio with $62 million in current outstandings. Similarly, syndications portfolio has been declining dramatically since our decision in 2000 to exit this business, and it now stands at $68 million, against which we also have a reserve of approximately $9 million. In our judgment, both reserves are adequate. Performance of the commercial real estate portfolio remains good, with only one construction and development credit currently on non-accrual status. Because of the uncertainty surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the economy, we will be especially vigilant in our 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 credit management process." Some of the significant accomplishments of the quarter include: -- "During the quarter, we completed an offering of 5.1 million shares of equity, and $51 million of our 6.75% convertible subordinated debentures were converted into common stock. These two financing transactions increased our shareholders equity by $90 million, or 33 percent, in the third quarter, and dramatically improved the ratio of debt of our holding company to its equity -- from 92% at June 30, 2001 to 42% at September 30, 2001." -- "We were very pleased to announce the execution of a definitive agreement to acquire Community Savings Bankshares (Nasdaq:CMSV). Upon completion of the acquisition, BankAtlantic will be the largest financial institution headquartered in Florida with assets of approximately $5.7 billion. Community is an ideal fit. Its 21 full-service branches extend our banking footprint throughout economically strong Palm Beach, Martin, St. Lucie and Indian River counties. Their strong mortgage lending and residential construction franchise complement our core areas of expertise in commercial and real estate financing. Further, Community Saving's branch network is in close proximity to our Levitt and Sons active adult communities and our Core Communities' master planned developments, presenting a greater opportunity for additional synergies." -- "Levitt and Sons continues to experience very strong sales. During the nine-month period, Levitt and Sons has completely sold out three community developments in Florida, including Ecantada in Pembroke Pines, Huntington Lakes in Naples and Cascade Lakes in Boynton Beach. During the quarter, Levitt and Sons celebrated the grand opening of its newest active adult community development, Bellaggio in Lake Worth, Palm Beach County, Florida." -- "Core Communities, the large master planned community development subsidiary of Levitt Corporation, announced the approval of a development agreement for its newest community, Live Oak Preserve. Following in the successful footsteps of St. Lucie West, ranked the fastest growing community on Florida's Treasure Coast for the last seven consecutive years, Live Oak Preserve is a 1,285-acre master planned community serving both commercial and residential needs. In addition, Core Communities closed on the sale of a 29-acre site in St. Lucie West to WalMart. Core Communities also executed contracts with two large national restaurant chains for locations adjacent to the Marriott Springhill Suites." -- "During the quarter, Ryan, Beck & Co. reached a new milestone as its Fixed Income Products Group successfully placed over $2 billion in brokered deposits since its inception in March of 2000. Furthermore, the unit, which had only recently begun underwriting government agency debt, placed over $250 million for various government-sponsored enterprises, including the Federal Home Loan Bank and Freddie Mac." -- "Book value per share and tangible book value per share increased to $8.06 and $7.18, respectively at September 30, 2001 compared to $6.34 and $4.95, respectively, at September 30, 2000. We are also pleased with the announcement that the American Stock Exchange has launched trading in options in BankAtlantic Bancorp Common Stock." Mr. Levan continued, "Extraordinary times require extraordinary efforts. We all are deeply saddened by the recent events in 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 , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. D.C. All of our associates throughout BankAtlantic Bancorp continue to put forth an extraordinary effort and are to be congratulated for their accomplishments during this difficult quarter. Our prayers go out to those directly touched by this tragedy, as we continue to focus on helping and supporting the communities we serve." About BankAtlantic Bancorp: BankAtlantic Bancorp (NYSE:BBX) is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services holding company and the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck & Co. Through its subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. and investment banking, and real estate development. BankAtlantic 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 branches throughout Florida and its online banking division - BankAtlantic.com. Levitt Corporation is the parent company of Levitt and Sons, and Core Communities. Levitt and Sons, America's oldest homebuilder and first to build planned suburban communities, currently develops single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. homes in its active adult residential developments throughout Florida. Core Communities oversees operations at the St. Lucie St. Lucie may refer to:
residential area, residential district, community - a district where people live; occupied primarily by private residences in Florida. St. Lucie West has been the fastest growing community on Florida's Treasure Coast The Treasure Coast is a term for a region in the U.S. state of Florida stretching from Hobe Sound in the south through Sebastian in the north, including the coastal counties of Indian River, St. Lucie, and Martin. for the last 7 years. Levitt Commercial specializes in development, re-development, and joint venture opportunities in industrial, office and retail properties. Ryan, Beck & Co. engages in underwriting, market making, distribution, and trading of equity and debt securities, money management and general securities brokerage, as well as consulting, research and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to financial institutions and middle market companies. For further information, please visit our websites: http://www.BankAtlantic.com, http://www.LevittandSons.com, http://www.CoreCommunities.com, http://www.StLucieWest.com, http://www.LevittCommercial.com, http://www.RyanBeck.com (a) Online banking products and services can be accessed directly through http://www.BankAtlantic.com. (b) If you would like to receive future news releases or announcements directly via email, please access the e-News banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. on the Investor Relations page at http://www.BankAtlantic.com. Except for historical information contained herein, the matters discussed in this report contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. When used in this press release and in the documents incorporated by reference herein, the words "anticipate", "believe", "estimate", "may", "intend", "expect" and similar expressions identify certain of such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. 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; the impact on the national and local economies of the terrorist actions of September 11, 2001 and U.S actions subsequently; credit risks and the related sufficiency of the allowance for loan losses; and other factors detailed in reports filed by the Company with the Securities and Exchange Commission. With respect to the acquisition of Community Savings, the risks include that the transaction will not be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , that the financing will not be obtained on satisfactory terms, if at all, and that if consummated the transaction will cost more, take longer, or be less advantageous than expected.
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
(In thousands, except share data)
For the three months ended For the nine months ended
-------------------------- -------------------------
September 30, September 30,
-------------------------- -------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Net Interest
income $ 37,050 $ 29,323 $ 101,803 $ 89,064
Provision
for loan
losses 7,258 6,696 14,059 22,016
---------- ---------- ---------- ----------
Net Interest
income after
provision for
loan losses 29,792 22,627 87,744 67,048
Non-interest
income 34,704 22,533 89,038 75,083
Non-interest
expense 45,315 42,570 133,333 125,964
---------- ---------- ---------- ----------
Operating
earnings before
income taxes 19,181 2,590 43,449 16,167
Provision for
income taxes 7,213 1,391 16,051 6,284
---------- ---------- ---------- ----------
Operating
earnings 11,968 1,199 27,398 9,883
Goodwill
impairment 6,624 (1) - 6,624 (1) -
---------- ---------- ---------- ----------
Operating
earnings
after
goodwill
impairment 5,344 1,199 20,774 9,883
Discontinued
operations - 165 - 424
Extraordinary
item, net of
taxes (253) 3,966 (253) 7,432
Cumulative
effect of
change in
accounting
principle,
net of
taxes (2) - - 1,138 -
---------- ---------- ---------- ----------
Net income $ 5,091 $ 5,330 $ 21,659 $ 17,739
========== ========== ========== ==========
Class A earnings per share (3)
Basic operating
earnings $ N/A $ 0.03 $ N/A $ 0.25
Discontinued
operations N/A 0.01 N/A 0.01
Extraordinary
item N/A 0.10 N/A 0.19
Cumulative
effect of
change in
accounting
principle N/A - N/A -
---------- ---------- ---------- ----------
Basic Class A
earnings per
share $ N/A $ 0.14 $ N/A $ 0.45
========== ========== ========== ==========
Diluted
operating
earnings $ N/A $ 0.03 $ N/A $ 0.24
Discontinued
operations N/A 0.01 N/A 0.01
Extraordinary
item N/A 0.10 N/A 0.13
Cumulative
effect of
change in
accounting
principle N/A - N/A -
---------- ---------- ---------- ----------
Diluted Class A
earnings per
share $ N/A $ 0.14 $ N/A $ 0.38
========== ========== ========== ==========
Earnings per share (3)
Basic operating
earnings $ 0.27 $ N/A $ 0.70 $ N/A
Discontinued
operations - N/A - N/A
Extraordinary
item - N/A - N/A
Cumulative
effect of
change in
accounting
principle - N/A 0.03 N/A
---------- ---------- ---------- ----------
Basic earnings
per share
before
goodwill
impairment $ 0.27 $ N/A $ 0.73 $ N/A
---------- ---------- ---------- ----------
Goodwill
impairment (0.15) N/A (0.17) N/A
---------- ---------- ---------- ----------
Basic earnings
per share
after
goodwill
impairment $ 0.12 $ N/A $ 0.56 $ N/A
========== ========== ========== ==========
Diluted
operating
earnings $ 0.22 N/A $ 0.58 $ N/A
Discontinued
operations - N/A - N/A
Extraordinary
item - N/A (0.01) N/A
Cumulative
effect of
change in
accounting
principle - N/A 0.02 N/A
---------- ---------- ---------- ----------
Diluted
earnings
per share
before
goodwill
impairment $ 0.22 $ N/A $ 0.59 $ N/A
Goodwill
impairment (0.11) N/A (0.13) N/A
---------- ---------- ---------- ----------
Diluted
earnings per
share after
goodwill
impairment $ 0.11 $ N/A $ 0.46 $ N/A
========== ========== ========== ==========
Basic shares
outstanding
Class A N/A 31,588,054 N/A 31,544,733
========== ========== ========== ==========
Diluted shares
outstanding
Class A N/A 31,722,395 N/A 47,702,745
========== ========== ========== ==========
Basic shares
outstanding 43,378,684 N/A 38,839,248 N/A
========== ========== ========== ==========
Diluted shares
outstanding 57,009,076 N/A 53,010,671 N/A
========== ========== ========== ==========
(1) Includes a one-time goodwill impairment charge of $6.6 million associated with the closing down of LTI's operations during the three months ended September 30, 2001. (2) The cumulative effect of the change in accounting principle resulted from the implementation of Financial Accounting Standard Number 133, "Accounting for Derivative Instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. and Hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. Activities". (3) In prior periods our capital structure included a dividend preference for our Class A shareholders. As a consequence of the dividend preference we used the two-class method to calculate our earnings per share. During the 2001 second quarter our shareholders voted to eliminate the dividend preference. As a result we will no longer use the two-class method to calculate our earnings per share as of January January: see month. 1, 2001. If the two-class method for calculating earnings per share were no longer utilized as of April 1, 2001, the 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 after goodwill impairment for the nine months ended September 30, 2001 would remain unchanged. Additional business segment financial tables are available and can be accessed on the Investor Relations page of the BankAtlantic website at the text link labeled "Supplemental Financials". Copies of the Supplemental Financials can also be received via fax or mail upon request by contacting BankAtlantic's Investor Relations department at the address provided at the end of this release.
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL CONDITION - UNAUDITED
(In thousands, except share data)
September 30, December 31, September 30,
------------- ------------- -------------
2001 2000 2000
------------- ------------- -------------
4560*0.36
ASSETS
Cash, due from
depository
institutions and
short term
investments $ 103,481 $ 86,693 $ 83,087
Loans receivable,
net 2,885,518 2,853,804 2,750,439
Securities 1,338,096 1,266,186 1,177,988
36
Real estate held
for development
and sale and joint
ventures 173,032 147,755 157,255
Office properties
and equipment, net 61,986 59,850 59,004
Federal Home Loan
Bank stock 56,428 51,940 49,988
Deferred income tax
asset, net 16,669 25,973 31,902
Cost over fair
value of net
assets acquired 40,807 49,882 50,898
Other assets 89,639 75,217 71,124
------------- ------------- -------------
Total assets $ 4,765,656 $ 4,617,300 $ 4,431,685
============= ============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 2,293,597 $ 2,234,485 $ 2,186,728
Advances from FHLB 1,113,979 1,038,801 979,749
Short term
borrowings 616,521 669,202 637,295
Subordinated
debentures, notes
payable, and trust
preferred
securities 211,656 299,108 301,850
Other liabilities 157,470 126,883 94,261
------------- ------------- -------------
Total liabilities 4,393,223 4,368,479 4,199,883
------------- ------------- -------------
Stockholders' equity:
Total stockholders'
equity before
accumulated other
comprehensive
income 357,751 247,191 241,238
Accumulated other
comprehensive
income 14,682 1,630 (9,436)
------------- ------------- -------------
Total stockholders'
equity 372,433 248,821 231,802
------------- ------------- -------------
Total liabilities
and stockholders'
equity $ 4,765,656 $ 4,617,300 $ 4,431,685
============= ============= =============
Book value per
share $ 8.06 $ 6.80 $ 6.34
============= ============= =============
Tangible book
value per share $ 7.18 $ 5.44 $ 4.95
============= ============= =============
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