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BANKATLANTIC REPORTS THIRD QUARTER EARNINGS OF $4.15 MILLION

 FORT LAUDERDALE, Fla., Oct. 14 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) today reported a 137 percent increase in net income for the quarter ended Sept. 30, 1993. Net income for the quarter ended Sept. 30, 1993 amounted to $4,147,000, or $0.65 primary and fully diluted earnings per common and common equivalent share, compared to net income of $1,751,000, or $0.33 and $0.29 primary and fully diluted earnings per common and common equivalent share, respectively, for the quarter ended Sept. 30, 1992. Additionally, at Sept. 30, 1993, book value per common share, assuming full dilution, was $11.89.
 Net income for the nine months ended Sept. 30, 1993 amounted to $12,065,000, or $1.93 and $1.91 primary and fully diluted earnings per common and common equivalent share, respectively, compared to $3,468,000 for the nine months ended Sept. 30, 1992, or $0.60 and $0.54 primary and fully diluted earnings per common and common equivalent share, respectively. The primary and fully diluted earnings per common and common equivalent shares 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.
 Also during the most recent quarter, and as previously announced, the board of directors declared a dividend of $0.06 per common share, which was paid on Sept. 3, 1993 to common shareholders of record on August 23, 1993.
 Net interest income after the provision for loan losses was $14,079,000 for the current quarter compared to $12,694,000 for the quarter ended Sept. 30, 1992, an increase of $1,385,000. Accounting for the change was a decrease of $2,106,000 in the current provision for loan losses to $691,000, compared to the $2,797,000 reported during the quarter ended Sept. 30, 1992. Non-interest income for the current quarter was $2,814,000 compared to $3,304,000 for the 1992 period. The 1992 period included a $444,000 gain from the sale of
mortgage-backed securities. Non-interest expenses for the 1993 period amounted to $9,943,000 compared to $13,377,000 for the 1992 period. This $3,434,000 current decrease in non-interest expenses consisted principally of a $1,348,000 improvement in operations and dispositions of foreclosed assets, and a $1,584,000 decrease in other non-interest expenses. Non-interest expenses for the 1992 period included a $500,000 provision for possible Hurricane Andrew losses and a $250,000 charge related to BankAtlantic's investment in the remaining properties held by a joint venture.
 For the nine months ended Sept. 30, 1993 net interest income after provision for loan losses was $41,428,000, an increase of $7,483,000 from the $33,945,000 reported for the comparable 1992 period. The major reason for the increase was a $7.5 million decrease in the 1993 provision for loan losses to $3 million compared to $10.5 million in 1992. Non-interest income for 1993 was $8.7 million compared to $9.1 million in 1992. During the 1992 period a $444,000 gain was realized from the sale of mortgaged-backed securities. Non-interest expenses for the nine months ended Sept. 30, 1993 were $32.8 million compared to $37.8 million for the same period in 1992. This decrease of $5 million was achieved by the items discussed above for the three months ended Sept. 30, 1993, a $647,000 reduction in legal expenses, and decreased occupancy and equipment costs of $815,000. The 1993 provision for income taxes includes a $1.4 million refund received in June 1993, from the Internal Revenue Service relating to net operating loss carry backs and previous Federal income tax examinations through 1988. This benefit was partially offset by a $175,000 increase in the provision for income taxes in August 1993 due to the change in corporate income tax rates contained in the Omnibus Budget Reconciliation Act of 1993. Additionally, during the nine-month period ended Sept. 30, 1993, stockholders' equity increased to approximately $79.2 million from $66.2 million at Dec. 31, 1992, an increase of 19.7 percent.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, except per share data)
 Sept. 30, 1993 Dec. 31, 1992
 Total assets $1,239,460 $1,303,071
 Loans receivable, net $ 473,876 $ 556,662
 Mortgage-backed securities $ 503,401 $ 487,494
 Deposits $1,059,233 $1,108,115
 Allowance for loan losses $ 17,000 $ 16,500
 Ratio of allowance to loans 3.46 pct. 2.88 pct.
 Non-performing assets $ 20,623 $ 27,002
 Non-performing assets/total assets 1.66 pct. 2.07 pct.
 Stockholders' equity $ 79,193 $ 66,165
 Book value per common share $ 12.19 $ 12.34
 Book value per common share
 assuming full dilution $ 11.89 $ 10.23
 Common shares outstanding (A) 5,808,605 4,681,628
 Core capital as a percent of
 adjusted assets 6.33 pct. 5.06 pct.
 Tangible capital as a percent of
 adjusted assets 6.33 pct. 5.03 pct.
 Risk-based capital as a percent
 of adjusted assets 12.08 pct. 10.03 pct.
 For the Quarter Ended
 Sept. 30, 1993 Sept. 30, 1992
 Net interest income $ 14,770 $ 15,491
 Provision for loan losses 691 2,797
 Net interest income
 after provision for loan losses 14,079 12,694
 Non-interest income 2,814 3,304
 Non interest expense 9,943 13,377
 Income before income taxes 6,950 2,621
 Provision for income taxes 2,803 870
 Net income $ 4,147 $ 1,751
 Primary earnings per common share $ 0.65 $ 0.33
 Fully diluted earnings
 per common share $ 0.65 $ 0.29
 Weighted average number of
 primary common shares 6,023,554 4,684,266
 Weighted average number of
 fully-diluted common shares 6,028,324 5,450,725
 Average yield on earning assets 8.02 pct. 8.79 pct.
 Average cost of funds 3.20 pct. 4.27 pct.
 Interest rate spread 4.82 pct. 4.52 pct.
 For the Nine Months Ended
 Sept. 30, 1993 Sept. 30, 1992
 Net interest income $44,407 $44,423
 Provision for loan losses 2,979 10,478
 Net interest income
 after provision for loan losses 41,428 33,945
 Non-interest income 8,659 9,081
 Non-interest expense 32,823 37,848
 Income before income taxes 17,264 5,178
 Provision for income taxes 5,199 1,710
 Net income $12,065 $ 3,468
 Primary earnings per common share $ 1.93 $ 0.60
 Fully diluted earnings
 per common share $ 1.91 $ 0.54
 Weighted average number of
 primary common shares 5,951,908 4,683,344
 Weighted average number of
 fully-diluted common shares 6,010,578 5,305,753
 Average yield on earning assets 8.05 pct. 9.15 pct.
 Average cost of funds 3.33 pct. 4.66 pct.
 Interest rate spread 4.72 pct. 4.49 pct.
 (A) -- As adjusted for the 15 percent stock dividend.
 -0- 10/14/93
 /CONTACT: David Finkelman, corporate communications, BankAtlantic, 305-760-5317/
 (ASAL)


CO: BankAtlantic ST: Florida IN: FIN SU: ERN

AW-JV -- FL003 -- 2195 10/14/93 11:45 EDT
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Date:Oct 14, 1993
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