Business Services Industry
BankAtlantic Bancorp Announces Second Quarter Earnings — Record Earnings Per Share —
Business Wire, July 24, 2001
BANKATLANTIC BANCORP
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
(In thousands, except share data)
For the three months For the six months
ended ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Net Interest income $ 33,082 $ 29,689 $ 64,753 $ 59,741
Provision for loan
losses 4,040 4,533 6,801 15,320
---------- ---------- ---------- ----------
Net Interest income
after provision for
loan losses 29,042 25,156 57,952 44,421
Non-interest income 29,020 23,801 54,334 52,550
Non-interest expense 44,825 41,493 88,018 83,394
---------- ---------- ---------- ----------
Income from before
income taxes,
extraordinary item and
cumulative effect of
change in accounting
principle 13,237 7,464 24,268 13,577
Provision for income
taxes 4,632 2,461 8,838 4,893
---------- ---------- ---------- ----------
Income before
discontinued
operations,
extraordinary item and
cumulative effect of
change in accounting
principle 8,605 5,003 15,430 8,684
Discontinued operations -- 259 -- 259
Extraordinary item,
net of taxes -- -- -- 3,466
Cumulative effect of
change in accounting
principle, net of
taxes(1) -- -- 1,138 --
---------- ---------- ---------- ----------
Net income $ 8,605 $ 5,262 $ 16,568 $ 12,409
========== ========== ========== ==========
Class A earnings per share (2)
Basic from continuing
operations $ N/A $ 0.12 $ N/A $ 0.21
Discontinued
operations N/A 0.01 N/A 0.01
Extraordinary item N/A -- N/A 0.09
Cumulative effect of
change in accounting
principle N/A -- N/A --
---------- ---------- ---------- ----------
Basic Class A earnings
per share $ N/A $ 0.13 $ N/A $ 0.31
========== ========== ========== ==========
Diluted from
continuing
operations $ N/A $ 0.11 $ N/A $ 0.19
Discontinued
operations N/A -- N/A 0.01
Extraordinary item N/A -- N/A 0.06
Cumulative effect of
change in accounting
principle N/A -- N/A --
---------- ---------- ---------- ----------
Diluted Class A earnings
per share $ N/A $ 0.11 $ N/A $ 0.26
========== ========== ========== ==========
Earnings per share (2)
Basic from continuing
operations $ 0.24 $ N/A $ 0.42 $ 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 $ 0.24 $ N/A $ 0.45 $ N/A
========== ========== ========== ==========
Diluted from
continuing
operations $ 0.19 N/A $ 0.34 $ 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
---------- ---------- ---------- ----------
Diluted $ 0.19 $ N/A $ 0.37 $ N/A
========== ========== ========== ==========
Basic shares
outstanding Class A N/A 31,546,061 N/A 31,522,835
========== ========== ========== ==========
Diluted shares
outstanding Class A N/A 47,194,152 N/A 47,894,114
========== ========== ========== ==========
Basic shares
outstanding 36,535,810 N/A 36,519,091 N/A
========== ========== ========== ==========
Diluted shares
outstanding 51,275,621 N/A 50,909,002 N/A
========== ========== ========== ==========
(1) The cumulative effect of the change in accounting principle
resulted from the implementation of Financial Accounting Standard
Number 133, "Accounting for Derivative Instruments and Hedging
Activities."
(2) 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 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 for the six months ended June 30, 2001 would remain
unchanged.
Additional segmented 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)
June 30, December 31, June 30,
2001 2000 2000
------- ----------- --------
ASSETS
Cash, due from depository
institutions and short term
investments $ 99,272 $ 86,693 $ 81,552
Loans receivable, net 2,972,548 2,853,804 2,780,536
Securities 1,253,389 1,266,186 1,151,058
Real estate held for
development and sale and
joint ventures 154,546 147,755 156,974
Office properties and
equipment, net 61,649 59,850 56,155
Federal Home Loan Bank stock 56,428 51,940 50,958
Deferred income tax asset,
net 17,495 25,973 38,469
Cost over fair value of net
assets acquired 48,463 49,882 51,913
Other assets 92,307 75,217 70,976
----------- ----------- -----------
Total assets $ 4,756,097 $ 4,617,300 $ 4,438,591
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 2,370,505 $ 2,234,485 $ 2,138,319
Advances from FHLB 1,128,555 1,038,801 989,140
Short term borrowings 545,714 669,202 676,502
Subordinated debentures,
notes payable, and trust
preferred securities 295,258 299,108 300,269
Other liabilities 141,652 126,883 87,567
----------- ----------- -----------
Total liabilities 4,481,684 4,368,479 4,191,797
----------- ----------- -----------
Stockholders' equity:
Total stockholders' equity
before accumulated other
comprehensive income 262,224 247,191 267,523
Accumulated other comprehensive
income 12,189 1,630 (20,729)
----------- ----------- -----------
Total stockholders' equity 274,413 248,821 246,794
----------- ----------- -----------
Total liabilities and
stockholders' equity $ 4,756,097 $ 4,617,300 $ 4,438,591
=========== =========== ===========
Book value per share $ 7.48 $ 6.80 $ 5.95
=========== =========== ===========
Tangible book value per share $ 6.16 $ 5.44 $ 4.70
=========== =========== ===========
COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group
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