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BANKATLANTIC'S SECOND QUARTER 1993 PROFIT UP 438 PERCENT TO $4.89 MILLION

 FORT LAUDERDALE, Fla., July 20 /PRNewswire/ -- BankAtlantic's (NASDAQ-NMS: ASAL) net income for the quarter ended June 30, 1993 increased 438 percent to $4,886,000, or $0.79 primary and fully diluted earnings per common and common equivalent share, while in the comparable quarter of 1992 BankAtlantic reported net income of $908,000, or $0.15 and $0.13 primary and fully diluted earnings per common and common equivalent share, respectively.
 For the six months ended June 30, 1993 net income was $7,918,000, or $1.28 and $1.27 primary and fully diluted earnings per common and common equivalent share, respectively. In comparison, for the same period in 1992 net earnings were $1,716,000, or $0.27 and $0.25 diluted earnings per common and common equivalent share, respectively. This represents an increase in the first half of 1993 of 361 percent compared to the same period in 1992. The primary and fully diluted earnings per common and common equivalent shares as stated above have been adjusted to reflect the 15 percent common stock dividend paid on June 21, 1993 to common stockholders of record on June 7, 1993.
 "BankAtlantic's core banking activity for second quarter 1993 was approximately $3.1 million -- or approximately $400,000 in excess of the $2.7 million estimate for the quarter previously announced in May. As was the case in the first quarter when BankAtlantic reported net income of $3.03 million, no extraordinary items were included in second quarter 1993 results. However, contributing to net income was an IRS settlement entitling BankAtlantic to receive approximately a $1.4 million income tax benefit relating to net operating loss carrybacks and previous Federal income tax examinations through 1988, as well as interest payments of $587,000," said BankAtlantic Chairman Alan B. Levan.
 The performance of BankAtlantic has recently earned it high ratings from independent banking research firms. VERIBANC, Inc. of Wakefield, Mass. -- in their report dated June 28, 1993 -- awarded BankAtlantic its safest "green" color rating, indicating that the institution meets "high capital standards." (BankAtlantic exceeds all three fully phased-in capital provisions of FIRREA, as well as the capital requirements of FDICIA which became effective in December 1992). VERIBANC, Inc., also assigned BankAtlantic its highest three-star rating, which is based on analysis of financial condition including asset quality, compliance with Federal capital requirements, and insider lending and other criteria. In addition, in a report dated May 17, 1993 BankAtlantic received a "Superior" rating of 210 (on a scale of zero to 300), from IDC Financial Publishing, Inc. of Hartland, Wis. -- one of the nation's leading analysts of financial institutions. According to IDC's criteria, a "Superior" rating is reserved for institutions which have "strong capital, high liquidity and are profitable."
 "We are pleased that BankAtlantic's annualized return on common shareholders' equity rose to 19 percent for the six months ended June 30, 1993, versus 8 percent for the same period in 1992. And another important benchmark of the banking industry, our annualized return on assets, increased to 1.1 percent for the six months ended June 30, 1993, compared to 0.2 percent for the same period in 1992," Levan said.
 Among performance indicators reported for the quarter ended June 30, 1993, BankAtlantic achieved a 32 percent improvement in net interest income after provision for loan losses to $14.11 million, compared to $10.69 million in the same period of 1992. Non-interest expenses decreased to $11.50 million for the quarter ended June 30, 1993, vs. $12.31 million for the comparable quarter in 1992. "Our non-interest expenses for employee compensation and benefits were reduced to $4.64 million for the most recent quarter, compared to $4.77 million a year previous," Levan commented. "We also reported a substantial drop in foreclosed asset activity, net, in the quarter ended June 30, 1993 to $599,000, vs. $985,000 for the same quarter in 1992."
 In recent years BankAtlantic has become a leading provider of a full range of commercial banking products and services, including lending and cash management services tailored to meet the needs of small to mid- sized South Florida companies and businesses. For more than 41 years BankAtlantic has provided quality banking services to residents, visitors and businesses in South Florida. With $1.30 billion in assets and 31 full-service offices in Broward, Palm Beach and Dade counties, BankAtlantic today is the largest independent, community-based financial institution serving South Florida exclusively.
 BANKATLANTIC, A FEDERAL SAVINGS BANK
 (dollars in thousands, except per share data)
 June 30, 1993 Dec. 31, 1992
 Total assets $1,300,828 $1,303,071
 Loans receivable, net 504,560 556,662
 Mortgage-backed securities 506,863 487,494
 Deposits 1,065,994 1,108,115
 Allowance for loan losses 17,000 16,500
 Ratio of allowance to loans 3.26 pct. 2.88 pct
 Non-performing assets 22,886 27,002
 Non-performing assets/
 total assets 1.76 pct. 2.07 pct
 Stockholders' equity 75,615 66,165
 Book value per common share 11.57 12.34
 Book value per common share
 assuming full dilution 11.32 10.23
 Common shares outstanding (A) 5,808,605 4,681,628
 Core capital as a percent of
 adjusted assets 5.78 pct. 5.06 pct
 Tangible capital as a percent of
 adjusted assets 5.77 pct. 5.03 pct
 Risk-based capital as a percent
 of adjusted assets 11.47 pct. 10.03 pct
 For the Quarter Ended
 June 30, 1993 June 30, 1992
 Net interest income $ 14,784 $ 14,764
 Provision for loan losses 674 4,078
 Net interest income
 after provision 14,110 10,686
 Non interest income 2,898 2,976
 Non interest expense 11,496 12,309
 Income before income taxes 5,512 1,353
 Provision for income taxes 626 445
 Net income 4,886 908
 Primary earnings per common share .79 .15
 Fully diluted earnings per common share .79 .13
 Weighted average number of
 primary common shares 5,952,312 4,684,137
 Weighted average number of
 fully diluted common shares 5,952,312 5,304,745
 Average yield on earning assets 7.95 pct. 9.04 pct
 Average cost of funds 3.11 pct. 4.51 pct
 Interest rate margin 4.84 pct. 4.53 pct
 For the Six Months Ended
 June 30, 1993 June 30, 1992
 Net interest income $ 29,660 $ 28,934
 Provision for loan losses 2,288 7,682
 Net interest income
 after provision 27,372 21,252
 Non interest income 5,957 5,910
 Non interest expense 23,015 24,606
 Income before income taxes 10,314 2,556
 Provision for income taxes 2,396 840
 Net income 7,918 1,716
 Primary earnings per common share 1.28 .27
 Fully diluted earnings per common share 1.27 .25
 Weighted average number of
 primary common shares 5,916,033 4,682,883
 Weighted average number of
 fully diluted common shares 5,925,982 5,233,262
 Average yield on earning assets 8.05 pct. 9.23 pct
 Average cost of funds 3.17 pct. 4.76 pct
 Interest rate margin 4.88 pct. 4.47 pct
 (A) -- As adjusted for the 15 percent stock dividend.
 -0- 7/20/93
 /CONTACT: David Finkelman, corporate communications dept. of BankAtlantic, 305-760-5317/
 (ASAL)


CO: BankAtlantic, A Federal Savings Bank ST: Florida IN: FIN SU: ERN

AW-RC -- FL010 -- 3439 07/20/93 14:04 EDT
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Date:Jul 20, 1993
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