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BANKATLANTIC REPORTS YEAR-END RESULTS AT ANALYST/PRESS MEETING

 BANKATLANTIC REPORTS YEAR-END RESULTS AT ANALYST/PRESS MEETING
 FORT LAUDERDALE, Fla., March 26 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) chairman Alan B. Levan spoke before an assemblage of reporters, brokers and financial analysts in Miami today and announced financial results for 1991, and discussed the successes, setbacks and challenges experienced by the institution during the past five years.
 Levan stated BankAtlantic exceeds all three current federal regulatory capital requirements. At Dec. 31, 1991, tangible capital stood at 3.43 percent, compared to the requirement of 1.50 percent. Core capital was 3.48 percent, vs. the 3.00 percent required. Risk- based capital stood at 7.57 percent, compared to the required 7.20 percent.
 In 1987, a holding company headed by Levan -- BFC Financial Corporation of Coral Gables, Fla. -- acquired control of BankAtlantic. Shortly thereafter Levan was elected chairman and chief executive officer of BankAtlantic.
 In the ensuing period BankAtlantic formulated and implemented a long-term plan to transform the institution from a traditional thrift oriented toward gathering costly CD deposits and making fixed-rate residential mortgage loans into a responsive, customer-driven institution that offered a range of consumer, commercial and business banking services.
 BankAtlantic's goal on the deposit side of the balance sheet, Levan explained, was to achieve a 50-50 balance between time accounts (CDs primarily) and transaction accounts (checking, NOW and savings accounts). In 1991 BankAtlantic successfully reached its 50-50 deposit mix goal.
 In terms of lending, BankAtlantic's goal was to shift away from long-term residential mortgages toward more diversified lending practices, including such consumer loan products as auto and home equity loans.
 "Core checking account relationships are a critical part of our plan to help fund short-term assets such as personal and commercial loans with transaction account fees and other profitable banking activities," Levan commented.
 Substantial costs were incurred by BankAtlantic in order to implement a long-term plan that in essence restructured the organization, brought in sophisticated computer and back office equipment, put full-service ATMs in place, modernized the branch banking office tri-county network, and virtually retrained employees system-wide in new products and services as well as ways in which to provide consistently better customer service at every point of customer contact.
 "I'm here today to say that BankAtlantic has successfully implemented its restructuring plan, and has done so during a five-year period fraught with pitfalls and difficulties, including stringent federal regulatory changes in the form of the Financial Institutions Reform, Recovery and Enforcement Act, the worst economic downturn in the economy since the depression, a stock market crash, the virtual collapse of real estate markets, the loss through bankruptcy of some of the biggest American businesses, and even the insolvency of the FSLIC. But BankAtlantic stayed on its course and completed its restructuring. BankAtlantic has survived when many others have failed," Levan said.
 "It is in the broader context of BankAtlantic's five year restructuring plan, and an economy pounded by recession, that its 1991 year-end results should be reviewed," Levan stated. "During 1991, BankAtlantic's write down of real estate owned, provisions for branch consolidations, and write downs associated with a large consumer loan portfolio increased $10 million from the previous year. These factors contributed primarily to BankAtlantic's loss for the 12 months ended Dec. 31, 1991 of $8,563,000, or $2.28 per share, compared to a loss of $7,247,000, or $1.89 per share, in 1990," Levan said. The 1991 loss included an extraordinary gain on the early retirement of capital notes of $660,000.
 At the meeting Levan stated the institution has reached a turnaround position in terms of estimated profitability in the first quarter of 1992, and that management is confident a substantial profit will be reported at 1992 year end. He estimated net income for the three months ending March 31, 1992 will reach approximately $600,000, or $0.09 per share, compared to a net loss of $985,000, or $0.27 per share for the same period in 1991. For the 12-month period ending Dec. 31, 1992, Levan estimated BankAtlantic will report a profit of approximately $3.1 million, or $0.55 per share, compared to a net loss of $8.5 million, or $2.28 per share, for the comparable period in 1991.
 At today's meeting Levan also cited some key financial and operations highlights of BankAtlantic's 1991 activities:
 -- Net interest income increased to $55.8 million in 1991 from $50.9 million in 1990, and $43.0 million in 1989.
 -- Net interest margin grew favorably, reaching an average margin of 4.17 percent for January and February of 1992, compared to an average margin of 3.79 percent in 1991, 2.97 percent in 1990, and 2.24 percent in 1989.
 -- Cost of deposits decreased favorably, shrinking to 4.65 percent at March 15, 1992, compared to 5.13 percent for 1991, 6.75 percent for 1990, and 7.28 percent for 1989.
 -- Management estimates non-interest expense will drop to $46.4 million (expense/assets ratio of 3.09 percent) for the 12 months ending Dec. 31, 1992, vs. $65.2 million (4.06 percent) in 1991, and $59.9 million (3.18 percent) in 1990.
 -- The consolidation of 15 branch offices and various back office support functions reduced BankAtlantic staffing to 627 full-time equivalent (F.T.E.) employees in 1991, compared to 789 F.T.E.s in 1990, and 833 F.T.E.s in 1989. The work force is expected to remain stable at 1991 levels throughout 1992.
 -- Estimated salary and benefit expenses in 1992 are expected to drop to $18.91 million, compared to $24.06 million in 1991, $26.25 million in 1990, and $26.75 million in 1989.
 -- Non-performing assets dropped to $44.2 million in 1991, compared to $47.5 million in 1990. BankAtlantic's ratio of non- performing assets/total assets at Dec. 31, 1991 was 3.04 percent as compared to Barnett Bank's ratio for the period of 2.93 percent, and First Union's ratio of 2.61 percent.
 Nineteen-ninety-two marks BankAtlantic's 40th year of providing quality banking services to residents, visitors and businesses in South Florida. With $1.5 billion in assets, BankAtlantic operates full-service banking offices in Broward, Palm Beach and Dade counties.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, except share data)
 Dec. 31, 1991 Dec. 31, 1990
 Total assets $1,455,822 $1,896,587
 Loans receivable, net 728,515 964,863
 Mortgage-backed securities 460,780 439,509
 Deposits 1,255,513 1,455,967
 Allowance for loan losses 13,750 15,741
 Stockholders' equity 50,997 53,230
 Book value per common share 10.47 13.09
 Common shares outstanding 4,070,981 4,066,739
 Core capital as a percent of
 adjusted total assets 3.48 pct. 2.74 pct.
 Tangible capital as a percent
 of adjusted total assets 3.43 pct. 2.69 pct.
 Risk-based capital as a percent
 of risk-adjusted assets 7.57 pct. 6.97 pct.
 For the Quarter Ended
 Dec. 31, 1991 Dec. 31, 1990
 Net interest income $ 14,916 $ 12,680
 Provision for loan losses 4,828 11,336
 Net interest income
 after provision 10,088 1,344
 Non interest income 3,011 6,408
 Non interest expense 17,125 15,875
 Loss before income taxes (4,026) (8,123)
 Benefit for income taxes 1,385 1,575
 Net loss (2,641) (6,548)
 Net loss per common share (.70) (1.70)
 Average common
 shares outstanding 4,070,981 3,851,765
 For the Year Ended
 Dec. 31, 1991 Dec. 31, 1990
 Net interest income $ 55,758 $ 50,864
 Provision for loan losses 17,540 17,655
 Net interest income
 after provision 38,218 33,209
 Non interest income 12,883 17,499
 Non interest expense 65,165 59,907
 Loss before income taxes (14,064) (9,199)
 Benefit for income taxes (4,841) 1,952
 Loss before extraordinary item (9,223) (7,247)
 Extraordinary item 660 --
 Net loss (8,563) (7,247)
 Net loss per common share (2.28) (1.89)
 Average common
 shares outstanding 4,069,947 3,834,559
 -0- 3/26/92
 /CONTACT: David Finkelman of BankAtlantic, a Federal Savings Bank, 305-760-5402/
 (ASAL) CO: BankAtlantic, A Federal Savings Banks ST: Florida IN: FIN SU: ERN


SS-AW -- FL005 -- 1999 03/26/92 13:03 EST
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