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BANKATLANTIC REPORTS 275 PERCENT INCREASE IN FIRST QUARTER PROFIT, ACHIEVES RECORD CORE EARNINGS FOR PERIOD

 FORT LAUDERDALE, Fla., April 21 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) today reported net income of $3,032,000, or $0.67 and $0.56 primary and fully diluted earnings per common and common equivalent share, respectively, for the three months ended March 31, 1993. In comparison, for the same quarterly period in 1992, BankAtlantic reported net income of $808,000, or $0.14 and $0.13 primary and fully diluted earnings per common and common equivalent share, respectively. Profits for the most recent quarter exceeded first quarter 1992 results by 275 percent.
 "BankAtlantic's core banking activities produced our profits in the first quarter; there were no extraordinary items," BankAtlantic Chairman Alan B. Levan commented. "BankAtlantic's record performance in the first quarter is primarily attributable to improved net interest income, reduced non-interest expenses, and reductions in non-performing loans."
 Annualized return on shareholders' equity reached 18.60 percent at March 31, 1993, vs. 5.45 percent at the same date a year earlier. Annualized return on assets increased to 0.87 percent for the quarter ended March 31, 1993, compared to 0.17 percent for the quarter ended March 31, 1992.
 BankAtlantic's capital ratios are in full compliance with the 1994 fully phased-in capital requirements of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), as well as provisions of the Federal Deposit Insurance Corporation Improvement Act which became effective in December 1992. As a percent of adjusted assets at March 31, 1993, risk-based capital stood at 10.87 percent, core capital was 5.29 percent, and tangible capital was 5.27 percent -- all of which exceed federal capital requirements.
 Performance improvements reported for the quarter ended March 31, 1993, include a 25 percent increase in net interest income after provision for loans losses to $13.26 million, vs. $10.57 million in the same period of 1992. Total risk elements in the loan portfolio declined 36.6 percent in the first quarter of 1993 to $27.1 million, compared to $42.8 million for the same period of the previous year. BankAtlantic's net interest margins widened during the most recent quarter, and reached a record 4.75 percent at March 31, 1993, compared to 4.58 percent at the same date a year earlier.
 Non-interest expenses fell 6.0 percent to $11.57 million in the first quarter of 1993, compared to $12.31 million in the same period of 1992. "Our attention to more efficiently delivering quality services to our customers has helped us stabilize and even reduce our overhead costs," Levan said. "For example, over the past year we reduced our occupancy and equipment costs, which dropped in first quarter 1993 to $1.89 million compared to $2.51 million in the comparable period of 1992."
 Over the past five years, BankAtlantic has become a leading provider of a full range of banking products and services, including lending and cash management services tailored to meet the requirements of small to mid-sized South Florida companies and businesses. "BankAtlantic has continued to fund business and corporate loans throughout the much publicized commercial 'credit crunch' of the past year, making a substantial number of commercial loans ranging in size from $50,000 to $5 million during the period. We are proud to be a customer driven, locally based financial institution with strong experience and expertise in the South Florida market," Levan stated.
 BankAtlantic is currently marking its 41st year of providing 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 is the largest independent, community-based financial institution serving South Florida exclusively.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, except per share data)
 March 31, 1993 Dec. 31, 1992
 Total assets $1,295,589 $1,303,071
 Loans receivable, net 519,462 556,662
 Mortgage-backed securities 542,255 487,494
 Deposits 1,083,787 1,108,115
 Allowance for loan losses 17,250 16,500
 Ratio of allowance to loans 3.21 pct. 2.88 pct.
 Non-performing assets 24,444 27,002
 Non-performing
 assets/total assets 1.89 pct. 2.07 pct.
 Stockholders' equity 68,978 66,165
 Book value per common share 14.88 14.19
 Fully converted book value
 per common share 12.10 11.77
 Common shares outstanding 4,071,481 4,070,981
 Core capital as a percent
 of adjusted assets 5.29 pct. 5.06 pct.
 Tangible capital as a percent
 of adjusted assets 5.27 pct. 5.03 pct.
 Risk-based capital as a percent
 of adjusted assets 10.87 pct. 10.03 pct.
 For the Quarter Ended
 March 31, 1993 March 31, 1992
 Net interest income $ 14,875 $ 14,170
 Provision for loan losses 1,614 3,603
 Net interest income
 after provision 13,261 10,567
 Non interest income 3,109 2,944
 Non interest expense 11,568 12,308
 Income before
 income taxes 4,802 1,203
 Provision for
 income taxes 1,770 395
 Net income 3,032 808
 Primary income
 per common share .67 .14
 Fully diluted income
 per common share .56 .13
 Weighted average number of
 primary common shares 4,178,606 4,070,981
 Weighted average number of
 fully diluted common shares 5,128,232 4,488,505
 Average yield on earning assets 8.18 pct. 9.60 pct.
 Average cost of deposits
 and borrowings 3.43 pct. 5.02 pct.
 Interest rate spread 4.75 pct. 4.58 pct.
 -0- 4/21/93
 /CONTACT: David Finkelman, corporate communications department of BankAtlantic, 305-760-5317/
 (ASAL)


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

AW-JB -- FL007 -- 8666 04/21/93 11:10 EDT
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Date:Apr 21, 1993
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