Exhibit 99.2
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The | |||||||||||||||||||||||||||||||||
For The Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
(in thousands except share data and ratios) | |||||||||||||||||||||||||||||||||
9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | |||||||||||||||||||||||||||
Current Earnings: | |||||||||||||||||||||||||||||||||
GAAP Net Income | (note 1) | $ | 18,508 | 17,209 | 14,358 | 18,066 | 14,473 | 50,075 | 32,269 | ||||||||||||||||||||||||
Operating Net Income | (note 2) | $ | 19,528 | 17,526 | 14,275 | 18,033 | 14,877 | 51,329 | 40,774 | ||||||||||||||||||||||||
Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||
Basic | 58,653,188 | 58,321,020 | 58,171,621 | 58,085,481 | 58,065,396 | 58,383,707 | 57,967,925 | ||||||||||||||||||||||||||
Diluted | 61,343,946 | 61,898,924 | 64,250,488 | 64,188,382 | 64,320,448 | 62,475,859 | 64,450,194 | ||||||||||||||||||||||||||
Key GAAP Performance Ratios: | |||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.32 | 0.30 | 0.25 | 0.31 | 0.25 | 0.86 | 0.56 | |||||||||||||||||||||||||
Diluted earnings per share * | $ | 0.30 | 0.28 | 0.23 | 0.29 | 0.23 | 0.80 | 0.52 | |||||||||||||||||||||||||
Return on average tangible assets | (note 3) | % | 1.35 | 1.21 | 1.06 | 1.32 | 1.02 | 1.21 | 0.81 | ||||||||||||||||||||||||
Return on average tangible equity | (note 3) | % | 17.83 | 17.38 | 15.02 | 19.98 | 16.96 | 16.78 | 12.15 | ||||||||||||||||||||||||
Key Operating Performance Ratios: | |||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.33 | 0.30 | 0.25 | 0.31 | 0.26 | 0.88 | 0.70 | |||||||||||||||||||||||||
Diluted earnings per share * | $ | 0.32 | 0.29 | 0.23 | 0.29 | 0.24 | 0.83 | 0.65 | |||||||||||||||||||||||||
Operating return on average tangible assets | (note 3) | % | 1.42 | 1.23 | 1.06 | 1.32 | 1.04 | 1.24 | 1.03 | ||||||||||||||||||||||||
Operating return on average tangible equity | (note 3) | % | 18.81 | 17.70 | 14.93 | 19.94 | 17.43 | 17.20 | 15.36 | ||||||||||||||||||||||||
* Diluted earnings per share calculation adds back interest expense net of tax on convertible securities, if dilutive | $ | — | 129 | 440 | 440 | 440 | 569 | 1,320 | |||||||||||||||||||||||||
Average Balance Sheet Data: | |||||||||||||||||||||||||||||||||
Assets | $ | 5,579,697 | 5,787,226 | 5,491,930 | 5,552,458 | 5,796,782 | 5,623,497 | 5,357,856 | |||||||||||||||||||||||||
Tangible assets | (note 3) | $ | 5,490,370 | 5,696,656 | 5,399,787 | 5,459,454 | 5,701,036 | 5,532,827 | 5,284,820 | ||||||||||||||||||||||||
Loans | $ | 3,942,124 | 3,983,528 | 3,633,446 | 3,602,605 | 3,679,371 | 3,854,041 | 3,369,365 | |||||||||||||||||||||||||
Investments | $ | 901,283 | 1,087,937 | 1,131,737 | 1,207,985 | 1,392,785 | 1,039,475 | 1,364,130 | |||||||||||||||||||||||||
Deposits and escrows | $ | 2,951,536 | 2,925,061 | 2,851,626 | 2,970,904 | 2,988,545 | 2,909,774 | 2,813,699 | |||||||||||||||||||||||||
Stockholders’ equity | $ | 503,274 | 480,115 | 464,712 | 456,579 | 441,177 | 482,764 | 426,790 | |||||||||||||||||||||||||
Tangible stockholders’ equity | (note 3) | $ | 415,294 | 396,050 | 382,487 | 361,681 | 341,355 | 397,986 | 354,005 | ||||||||||||||||||||||||
Tangible equity to tangible assets | % | 7.56 | 6.95 | 7.08 | 6.62 | 5.99 | 7.19 | 6.70 |
Notes:
(1) | GAAP net income is defined as net income in accordance with generally accepted accounting principles. | |
(2) | Operating net income is defined as GAAP income from continuing operations adjusted for restructuring charges and write downs, costs associated with debt redemptions, loss on mutual funds associated with the acquired Gruntal deferred compensation plan, acquisition and conversion related charges and impairment of equity securities, net of tax. | |
(3) | Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible stockholders’ equity is defined as average total stockholders’ equity less average goodwill, core deposit intangibles and other comprehensive income. | |
** | Operating net income is not prepared in accordance with GAAP and this non-GAAP financial measure should not be construed as being superior to GAAP. |
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share data) | 9/30/2003 | 12/31/2002 | 9/30/2002 | |||||||||||
ASSETS | ||||||||||||||
Cash and due from depository institutions | $ | 139,096 | 200,600 | 167,683 | ||||||||||
Securities purchased under resell agreements and federal funds | 4,212 | 50,145 | 147 | |||||||||||
Investment securities and tax certificates (approximate fair value: $159,762, $212,698 and $418,047) | 155,550 | 212,240 | 411,488 | |||||||||||
Loans receivable, net | 3,739,638 | 3,372,630 | 3,627,406 | |||||||||||
Securities available for sale (at fair value) | 354,101 | 707,858 | 639,611 | |||||||||||
Securities owned (at fair value) | 87,837 | 186,454 | 178,774 | |||||||||||
Accrued interest receivable | 29,109 | 33,984 | 36,603 | |||||||||||
Real estate held for development and sale | 256,920 | 200,186 | 202,116 | |||||||||||
Investments and advances in unconsolidated subsidiaries | 102,590 | 112,596 | 111,455 | |||||||||||
Office properties and equipment, net | 93,334 | 92,699 | 91,807 | |||||||||||
Federal Home Loan Bank stock, at cost which approximates fair value | 56,987 | 64,943 | 65,224 | |||||||||||
Deferred tax asset, net | 33,684 | 35,316 | 34,449 | |||||||||||
Goodwill | 76,674 | 78,575 | 79,005 | |||||||||||
Core deposit intangible asset | 12,424 | 13,757 | 14,210 | |||||||||||
Other assets | 54,904 | 59,028 | 64,424 | |||||||||||
Total assets | $ | 5,197,060 | 5,421,011 | 5,724,402 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits | ||||||||||||||
Interest free checking | $ | 594,685 | 462,718 | 428,812 | ||||||||||
NOW accounts | 480,837 | 399,985 | 359,386 | |||||||||||
Savings accounts | 202,355 | 163,641 | 155,328 | |||||||||||
Insured money fund savings | 878,281 | 775,175 | 791,211 | |||||||||||
Certificate accounts | 826,045 | 1,119,036 | 1,240,137 | |||||||||||
Total deposits | 2,982,203 | 2,920,555 | 2,974,874 | |||||||||||
Advances from FHLB | 956,820 | 1,297,170 | 1,307,739 | |||||||||||
Securities sold under agreements to repurchase | 143,230 | 116,279 | 286,663 | |||||||||||
Federal funds purchased | — | — | 45,000 | |||||||||||
Subordinated debentures, notes and bonds payable | 146,696 | 193,816 | 197,195 | |||||||||||
Guaranteed preferred beneficial interests in Company’s Junior Subordinated Debentures | 263,218 | 180,375 | 190,125 | |||||||||||
Securities sold not yet purchased | 15,089 | 38,003 | 33,034 | |||||||||||
Due to clearing agent | 6,086 | 78,791 | 81,774 | |||||||||||
Other liabilities | 170,049 | 126,688 | 150,370 | |||||||||||
Total liabilities | 4,683,391 | 4,951,677 | 5,266,774 | |||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||||
Class A common stock, $.01 par value, authorized 80,000,000 shares; issued and outstanding 54,064,076, 53,441,847 and 53,428,662 shares | 541 | 534 | 534 | |||||||||||
Class B common stock, $.01 par value, authorized 45,000,000 shares; issued and outstanding 4,876,124, 4,876,124 and 4,876,124 shares | 49 | 49 | 49 | |||||||||||
Additional paid-in capital | 256,782 | 252,699 | 252,689 | |||||||||||
Unearned compensation — restricted stock grants | (1,223 | ) | (1,209 | ) | (1,247 | ) | ||||||||
Retained earnings | 258,197 | 213,692 | 197,431 | |||||||||||
Total stockholders’ equity before accumulated other comprehensive income | 514,346 | 465,765 | 449,456 | |||||||||||
Accumulated other comprehensive income (loss) | (677 | ) | 3,569 | 8,172 | ||||||||||
Total stockholders’ equity | 513,669 | 469,334 | 457,628 | |||||||||||
Total liabilities and stockholders’ equity | $ | 5,197,060 | 5,421,011 | 5,724,402 | ||||||||||
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the | |||||||||||||||||||||||||||||||||||
For The Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | ||||||||||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 50,726 | 54,257 | 52,996 | 55,502 | 59,969 | 157,979 | 166,365 | |||||||||||||||||||||||||||
Interest on securities available for sale | 4,598 | 7,686 | 8,657 | 8,214 | 10,322 | 20,941 | 34,192 | ||||||||||||||||||||||||||||
Interest and dividends on investment and | — | ||||||||||||||||||||||||||||||||||
trading securities | 7,668 | 7,462 | 7,510 | 9,404 | 11,369 | 22,640 | 30,669 | ||||||||||||||||||||||||||||
Total interest income | 62,992 | 69,405 | 69,163 | 73,120 | 81,660 | 201,560 | 231,226 | ||||||||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||||||||
Interest on deposits | 7,758 | 9,758 | 11,169 | 14,256 | 16,089 | 28,685 | 48,521 | ||||||||||||||||||||||||||||
Interest on advances from FHLB | 15,025 | 15,291 | 15,316 | 15,960 | 15,856 | 45,632 | 46,452 | ||||||||||||||||||||||||||||
Interest on short-term borrowed funds | 558 | 1,248 | 819 | 744 | 2,305 | 2,625 | 5,802 | ||||||||||||||||||||||||||||
Interest on long-term debt | 6,103 | 6,438 | 5,939 | 7,002 | 6,841 | 18,480 | 17,985 | ||||||||||||||||||||||||||||
Capitalized interest on real estate developments | (1,856 | ) | (1,865 | ) | (1,914 | ) | (1,478 | ) | (1,688 | ) | (5,635 | ) | (4,519 | ) | |||||||||||||||||||||
Total interest expense | 27,588 | 30,870 | 31,329 | 36,484 | 39,403 | 89,787 | 114,241 | ||||||||||||||||||||||||||||
NET INTEREST INCOME | 35,404 | 38,535 | 37,834 | 36,636 | 42,257 | 111,773 | 116,985 | ||||||||||||||||||||||||||||
Provision for loan losses | (1,076 | ) | 1,490 | 850 | 3,291 | 2,082 | 1,264 | 10,786 | |||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION | 36,480 | 37,045 | 36,984 | 33,345 | 40,175 | 110,509 | 106,199 | ||||||||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||||||||||||||
Service charges on deposits | 10,925 | 9,605 | 8,558 | 9,245 | 6,684 | 29,088 | 17,234 | ||||||||||||||||||||||||||||
Other service charges and fees | 4,625 | 6,071 | 3,918 | 3,841 | 3,591 | 14,614 | 10,246 | ||||||||||||||||||||||||||||
Broker/dealer revenue and other commissions | 49,992 | 50,565 | 51,665 | 41,468 | 42,956 | 152,222 | 89,270 | ||||||||||||||||||||||||||||
Securities gains (losses) | (336 | ) | (19 | ) | 384 | (27 | ) | 2,483 | 29 | 8,605 | |||||||||||||||||||||||||
Impairment of securities | — | — | — | (342 | ) | (302 | ) | — | (18,459 | ) | |||||||||||||||||||||||||
Gain (losses) on sales of loans | 10 | 1 | 3 | 2,066 | (230 | ) | 14 | (226 | ) | ||||||||||||||||||||||||||
Income from real estate operations | 18,893 | 22,414 | 14,857 | 18,369 | 8,625 | 56,164 | 31,128 | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated subsidiaries | 3,969 | 2,668 | (112 | ) | 2,167 | 1,654 | 6,525 | 5,334 | |||||||||||||||||||||||||||
Other | 3,100 | 2,729 | 2,907 | 3,077 | 2,137 | 8,736 | 6,322 | ||||||||||||||||||||||||||||
Total non-interest income | 91,178 | 94,034 | 82,180 | 79,864 | 67,598 | 267,392 | 149,454 | ||||||||||||||||||||||||||||
NON-INTEREST EXPENSES: | |||||||||||||||||||||||||||||||||||
Employee compensation and benefits | 60,471 | 62,123 | 61,094 | 51,320 | 54,277 | 183,688 | 129,642 | ||||||||||||||||||||||||||||
Occupancy and equipment | 10,161 | 9,615 | 9,738 | 10,436 | 11,101 | 29,514 | 28,759 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 439 | 439 | 454 | 453 | 453 | 1,332 | 907 | ||||||||||||||||||||||||||||
Write-down of real estate owned | — | — | 755 | — | 1,400 | 755 | 1,464 | ||||||||||||||||||||||||||||
Other | 25,569 | 31,189 | 24,657 | 24,051 | 20,944 | 81,415 | 58,043 | ||||||||||||||||||||||||||||
Restructuring charges and write-downs | — | — | — | — | — | — | 1,007 | ||||||||||||||||||||||||||||
Acquisition related charges | — | — | — | — | (71 | ) | — | 4,925 | |||||||||||||||||||||||||||
Cost associated with debt redemption | 2,040 | 1,648 | — | 3,125 | — | 3,688 | — | ||||||||||||||||||||||||||||
Total non-interest expenses | 98,680 | 105,014 | 96,698 | 89,385 | 88,104 | 300,392 | 224,747 | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 28,978 | 26,065 | 22,466 | 23,824 | 19,669 | 77,509 | 30,906 | ||||||||||||||||||||||||||||
Provision for income taxes | 10,776 | 9,610 | 8,191 | 6,745 | 5,995 | 28,577 | 8,828 | ||||||||||||||||||||||||||||
Income from continuing operations | 18,202 | 16,455 | 14,275 | 17,079 | 13,674 | 48,932 | 22,078 | ||||||||||||||||||||||||||||
Discontinued operations, net of tax | 306 | 754 | 83 | 987 | 860 | 1,143 | 1,549 | ||||||||||||||||||||||||||||
Extraordinary items, net of tax | — | — | — | — | (61 | ) | — | 23,749 | |||||||||||||||||||||||||||
Cumulative accounting change, net of tax | — | — | — | — | — | — | (15,107 | ) | |||||||||||||||||||||||||||
GAAP net income | (note 1) | $ | 18,508 | 17,209 | 14,358 | 18,066 | 14,473 | 50,075 | 32,269 | ||||||||||||||||||||||||||
Reconciliation of Operating and GAAP Net Income | |||||||||||||||||||||||||||||||||||
GAAP income from continuing operations | $ | 18,202 | 16,455 | 14,275 | 17,079 | 13,674 | 48,932 | 22,078 | |||||||||||||||||||||||||||
Restructuring charges and write-downs | — | — | — | — | — | — | 655 | ||||||||||||||||||||||||||||
Costs associated with debt redemption | 1,326 | 1,071 | — | 2,031 | — | 2,397 | — | ||||||||||||||||||||||||||||
Loss on mutual funds associated with acquired | — | ||||||||||||||||||||||||||||||||||
Gruntal deferred compensation plan | — | — | — | — | 1,493 | — | 1,493 | ||||||||||||||||||||||||||||
Acquisition and conversion related charges | — | — | — | (1,300 | ) | (487 | ) | — | 4,550 | ||||||||||||||||||||||||||
Impairment of securities available for sale | — | — | — | 222 | 196 | — | 11,998 | ||||||||||||||||||||||||||||
Operating net income | (note 2) | $ | 19,528 | 17,526 | 14,275 | 18,033 | 14,877 | 51,329 | 40,774 | ||||||||||||||||||||||||||
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended | ||||||||||||||||||||||||||
(in thousands except percentages and per share data) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | |||||||||||||||||||||
Gross loans: | ||||||||||||||||||||||||||
Residential real estate | $ | 1,714,774 | 1,880,890 | 1,559,553 | 1,471,218 | 1,576,825 | ||||||||||||||||||||
Commercial real estate | 1,621,407 | 1,508,064 | 1,482,352 | 1,552,221 | 1,543,243 | |||||||||||||||||||||
Consumer | 319,269 | 306,740 | 296,675 | 283,119 | 264,873 | |||||||||||||||||||||
Lease financing | 18,935 | 22,713 | 29,962 | 34,623 | 40,410 | |||||||||||||||||||||
Commercial business | 108,714 | 106,323 | 100,753 | 99,118 | 93,136 | |||||||||||||||||||||
Small business | 159,025 | 158,798 | 164,151 | 162,306 | 160,884 | |||||||||||||||||||||
Total Loans | 3,942,124 | 3,983,528 | 3,633,446 | 3,602,605 | 3,679,371 | |||||||||||||||||||||
Investments | 901,283 | 1,087,937 | 1,131,737 | 1,207,985 | 1,392,785 | |||||||||||||||||||||
Total interest earning assets | 4,843,407 | 5,071,465 | 4,765,183 | 4,810,590 | 5,072,156 | |||||||||||||||||||||
Goodwill and core deposit intangibles | 89,327 | 90,570 | 92,143 | 93,004 | 95,746 | |||||||||||||||||||||
Other non-interest earning assets | 646,963 | 625,191 | 634,604 | 648,864 | 628,880 | |||||||||||||||||||||
Total assets | $ | 5,579,697 | 5,787,226 | 5,491,930 | 5,552,458 | 5,796,782 | ||||||||||||||||||||
Tangible assets | (note 3) | $ | 5,490,370 | 5,696,656 | 5,399,787 | 5,459,454 | 5,701,036 | |||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||
Savings | $ | 197,778 | 185,685 | 171,298 | 157,376 | 149,906 | ||||||||||||||||||||
NOW | 473,741 | 454,108 | 425,642 | 379,271 | 357,709 | |||||||||||||||||||||
Money funds | 874,789 | 836,246 | 809,462 | 795,996 | 786,375 | |||||||||||||||||||||
Certificates of deposit | 837,221 | 913,564 | 966,869 | 1,186,270 | 1,266,869 | |||||||||||||||||||||
Total interest bearing deposits | 2,383,529 | 2,389,603 | 2,373,271 | 2,518,913 | 2,560,859 | |||||||||||||||||||||
Short-term borrowed funds | 228,427 | 385,604 | 269,660 | 194,252 | 519,886 | |||||||||||||||||||||
FHLB advances | 1,249,074 | 1,313,896 | 1,284,983 | 1,305,466 | 1,229,562 | |||||||||||||||||||||
Long-term debt | 407,538 | 409,567 | 377,185 | 377,620 | 346,416 | |||||||||||||||||||||
Total interest bearing liabilities | 4,268,568 | 4,498,670 | 4,305,099 | 4,396,251 | 4,656,723 | |||||||||||||||||||||
Non-interest bearing deposits | 568,007 | 535,458 | 478,355 | 451,991 | 427,686 | |||||||||||||||||||||
Non-interest bearing other liabilities | 239,848 | 272,983 | 243,764 | 247,637 | 271,196 | |||||||||||||||||||||
Total liabilities | 5,076,423 | 5,307,111 | 5,027,218 | 5,095,879 | 5,355,605 | |||||||||||||||||||||
Stockholders’ equity | 503,274 | 480,115 | 464,712 | 456,579 | 441,177 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,579,697 | 5,787,226 | 5,491,930 | 5,552,458 | 5,796,782 | ||||||||||||||||||||
Other comprehensive (loss) income in stockholders’ equity | $ | (1,347 | ) | (6,505 | ) | (9,918 | ) | 1,894 | 4,076 | |||||||||||||||||
Tangible stockholders’ equity | (note 3) | $ | 415,294 | 396,050 | 382,487 | 361,681 | 341,355 | |||||||||||||||||||
Total loans, net | $ | 3,739,638 | 4,024,344 | 3,881,015 | 3,372,630 | 3,627,406 | ||||||||||||||||||||
Total assets | 5,197,060 | 5,819,615 | 5,814,072 | 5,421,011 | 5,724,402 | |||||||||||||||||||||
Total stockholders’ equity | 513,669 | 495,831 | 479,616 | 469,334 | 457,628 | |||||||||||||||||||||
Common shares outstanding | 58,940,200 | 58,629,845 | 58,392,970 | 58,317,971 | 58,304,786 | |||||||||||||||||||||
Cash dividends | 1,945,268 | 1,817,525 | 1,810,182 | 1,807,857 | 1,807,449 | |||||||||||||||||||||
Common stock cash dividends per share | 0.033 | 0.031 | 0.031 | 0.031 | 0.031 | |||||||||||||||||||||
Closing stock price | 14.25 | 11.89 | 9.79 | 9.45 | 8.98 | |||||||||||||||||||||
High stock price for the quarter | 15.77 | 12.49 | 10.12 | 9.76 | 12.15 | |||||||||||||||||||||
Low stock price for the quarter | 11.76 | 9.60 | 8.76 | 7.30 | 7.00 | |||||||||||||||||||||
Book value per share | 8.72 | 8.46 | 8.21 | 8.05 | 7.85 |
Bank Operations Business Segment
Condensed Statements of Operations and Statistics (Unaudited)
For the | ||||||||||||||||||||||||||||||
For the Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(In thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | |||||||||||||||||||||||
Net interest income | $ | 36,558 | 40,716 | 39,499 | 39,684 | 44,697 | 116,773 | 124,438 | ||||||||||||||||||||||
Provision for loan losses | (1,076 | ) | 1,490 | 850 | 3,291 | 2,082 | 1,264 | 10,786 | ||||||||||||||||||||||
Net Interest income after provision for loan losses | 37,634 | 39,226 | 38,649 | 36,393 | 42,615 | 115,509 | 113,652 | |||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||
Service charges on deposits | 10,925 | 9,605 | 8,558 | 9,245 | 6,684 | 29,088 | 17,234 | |||||||||||||||||||||||
Other service charges and fees | 4,625 | 6,071 | 3,918 | 3,841 | 3,591 | 14,614 | 10,246 | |||||||||||||||||||||||
Securities gains (losses) | (336 | ) | (19 | ) | (21 | ) | (27 | ) | 1,977 | (376 | ) | 4,768 | ||||||||||||||||||
Gain (losses) on sales of loans | 10 | 1 | 3 | 2,066 | (230 | ) | 14 | (226 | ) | |||||||||||||||||||||
Income from real estate operations | 66 | 4,137 | 1,087 | — | — | 5,290 | — | |||||||||||||||||||||||
Income from unconsolidated subsidiaries | — | — | — | 644 | 97 | — | 528 | |||||||||||||||||||||||
Other non-interest income | 1,864 | 1,699 | 1,569 | 1,324 | 1,190 | 5,132 | 3,674 | |||||||||||||||||||||||
Total non-interest income | 17,154 | 21,494 | 15,114 | 17,093 | 13,309 | 53,762 | 36,224 | |||||||||||||||||||||||
Non-interest expense | ||||||||||||||||||||||||||||||
Employee compensation and benefits | 19,387 | 20,466 | 19,468 | 17,300 | 16,873 | 59,321 | 47,830 | |||||||||||||||||||||||
Occupancy and equipment | 6,874 | 6,715 | 6,648 | 7,697 | 7,851 | 20,237 | 22,155 | |||||||||||||||||||||||
Amortization of intangible assets | 439 | 439 | 454 | 454 | 453 | 1,332 | 907 | |||||||||||||||||||||||
Write-down of real estate owned | — | — | 755 | — | 1,400 | 755 | 1,464 | |||||||||||||||||||||||
Other | 10,419 | 13,038 | 9,005 | 10,049 | 8,652 | 32,462 | 24,682 | |||||||||||||||||||||||
Restructuring charges and impairment write-downs | — | — | — | — | — | — | 1,007 | |||||||||||||||||||||||
Acquisition and conversion related charges | — | — | — | — | (941 | ) | — | 864 | ||||||||||||||||||||||
Cost associated with debt redemption | 2,040 | — | — | — | — | 2,040 | — | |||||||||||||||||||||||
Total non-interest expense | 39,159 | 40,658 | 36,330 | 35,500 | 34,288 | 116,147 | 98,909 | |||||||||||||||||||||||
Income from bank operations business segment (pretax) | $ | 15,629 | 20,062 | 17,433 | 17,986 | 21,636 | 53,124 | 50,967 | ||||||||||||||||||||||
Reconciliation of Operating and business segment income | ||||||||||||||||||||||||||||||
Business segment income | $ | 15,629 | 20,062 | 17,433 | 17,986 | 21,636 | 53,124 | 50,967 | ||||||||||||||||||||||
Restructuring charges and impairment write-downs | — | — | — | — | — | — | 1,007 | |||||||||||||||||||||||
Acquisition and conversion related charges | — | — | — | — | (941 | ) | — | 864 | ||||||||||||||||||||||
Cost associated with debt redemption | 2,040 | — | — | — | — | 2,040 | — | |||||||||||||||||||||||
Operating income (pretax) | $ | 17,669 | 20,062 | 17,433 | 17,986 | 20,695 | 55,164 | 52,838 | ||||||||||||||||||||||
Statistics: | ||||||||||||||||||||||||||||||
Average total interest earning assets (in 000’s) | $ | 4,706,976 | 4,930,653 | 4,634,822 | 4,681,594 | 4,920,559 | 4,757,626 | 4,645,389 | ||||||||||||||||||||||
Average total interest bearing liabilities (in 000’s) | $ | 3,924,292 | 4,174,158 | 3,979,381 | 4,075,758 | 4,332,964 | 4,026,880 | 4,055,740 | ||||||||||||||||||||||
GAAP operating efficiency ratio | % | 72.91 | 65.36 | 66.52 | 62.53 | 59.11 | 68.11 | 61.56 | ||||||||||||||||||||||
GAAP return on average assets | % | 0.80 | 0.98 | 0.90 | 0.91 | 1.05 | 0.89 | 0.88 | ||||||||||||||||||||||
GAAP return on average equity | % | 8.30 | 10.92 | 9.70 | 9.98 | 12.21 | 9.63 | 10.25 | ||||||||||||||||||||||
Operating efficiency ratio (1) | % | 72.91 | 65.36 | 66.52 | 62.53 | 60.73 | 68.11 | 60.40 | ||||||||||||||||||||||
Operating return on average assets (1) | % | 0.90 | 0.98 | 0.90 | 0.91 | 1.00 | 0.93 | 0.91 | ||||||||||||||||||||||
Operating return on average equity (1) | % | 9.38 | 10.92 | 9.70 | 9.98 | 11.37 | 10.00 | 10.62 | ||||||||||||||||||||||
Net interest margin | % | 3.10 | 3.27 | 3.35 | 3.41 | 3.65 | 3.24 | 3.57 | ||||||||||||||||||||||
Yield on earning assets | % | 5.11 | 5.46 | 5.78 | 6.08 | 6.44 | 5.45 | 6.49 | ||||||||||||||||||||||
Cost of interest-bearing liabilities | % | 2.41 | 2.58 | 2.83 | 3.06 | 3.16 | 2.61 | 3.35 | ||||||||||||||||||||||
Interest spread | % | 2.70 | 2.88 | 2.95 | 3.02 | 3.28 | 2.84 | 3.14 |
(1) | Ratios have been adjusted to exclude restructuring charges, impairment writedowns and acquisition and conversion related charges. |
Condensed Statements of Financial Condition (Unaudited)
As Of | ||||||||||||||||||||||
(In thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans receivable | $ | 3,767,935 | 4,070,332 | 3,925,994 | 3,419,530 | 3,673,746 | ||||||||||||||||
Held to maturity securities | 212,236 | 274,352 | 237,479 | 323,400 | 473,013 | |||||||||||||||||
Available for sale securities | 337,147 | 503,514 | 739,468 | 706,497 | 638,119 | |||||||||||||||||
Goodwill | 70,489 | 70,489 | 70,489 | 71,222 | 71,653 | |||||||||||||||||
Core deposit intangible asset | 12,424 | 12,864 | 13,303 | 13,757 | 14,210 | |||||||||||||||||
Other assets | 286,709 | 289,764 | 309,437 | 369,480 | 344,238 | |||||||||||||||||
Total assets | $ | 4,686,940 | 5,221,315 | 5,296,170 | 4,903,886 | 5,214,979 | ||||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||||
Deposits | $ | 2,982,202 | 2,904,380 | 2,883,373 | 2,920,555 | 2,974,874 | ||||||||||||||||
Advances from Federal Home Loan Bank | 956,820 | 1,332,300 | 1,308,246 | 1,297,170 | 1,307,739 | |||||||||||||||||
Short term borrowings | 167,983 | 401,298 | 523,947 | 127,272 | 378,443 | |||||||||||||||||
Long term debt | 36,077 | 35,112 | 37,579 | 35,755 | 14,026 | |||||||||||||||||
Other liabilities | 62,389 | 70,228 | 71,684 | 55,378 | 75,174 | |||||||||||||||||
Total liabilities | 4,205,471 | 4,743,318 | 4,824,829 | 4,436,130 | 4,750,256 | |||||||||||||||||
Stockholder’s equity | 481,469 | 477,997 | 471,341 | 467,756 | 464,723 | |||||||||||||||||
Total liabilities and stockholder’s equity | $ | 4,686,940 | 5,221,315 | 5,296,170 | 4,903,886 | 5,214,979 | ||||||||||||||||
Bank Operations Business Segment
Average Balance Sheet — Yield / Rate Analysis
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2003 | September 30, 2002 | ||||||||||||||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||||||||||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,714,774 | 18,186 | 4.24 | % | $ | 1,576,825 | 24,806 | 6.29 | % | |||||||||||||||||||||||||
Commercial real estate | 1,666,209 | 24,011 | 5.76 | 1,592,990 | 25,893 | 6.50 | |||||||||||||||||||||||||||||
Consumer | 319,269 | 3,548 | 4.45 | 264,873 | 3,696 | 5.58 | |||||||||||||||||||||||||||||
Lease financing | 18,935 | 538 | 11.37 | 40,410 | 1,256 | 12.43 | |||||||||||||||||||||||||||||
Commercial business | 110,236 | 1,618 | 5.87 | 93,136 | 1,453 | 6.24 | |||||||||||||||||||||||||||||
Small business | 159,025 | 3,022 | 7.60 | 160,884 | 3,141 | 7.81 | |||||||||||||||||||||||||||||
Total loans | 3,988,448 | 50,923 | 5.11 | 3,729,118 | 60,245 | 6.46 | |||||||||||||||||||||||||||||
Investments | 718,528 | 9,210 | 5.13 | 1,191,441 | 18,999 | 6.38 | |||||||||||||||||||||||||||||
Total interest earning assets | 4,706,976 | 60,133 | 5.11 | % | 4,920,559 | 79,244 | 6.44 | % | |||||||||||||||||||||||||||
Goodwill and core deposit intangibles | 83,143 | 88,395 | |||||||||||||||||||||||||||||||||
Other non-interest earning assets | 229,398 | 270,948 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 5,019,517 | $ | 5,279,902 | |||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Savings | $ | 197,778 | 137 | 0.27 | % | $ | 149,906 | 380 | 1.01 | % | |||||||||||||||||||||||||
NOW | 473,741 | 438 | 0.37 | 357,709 | 681 | 0.76 | |||||||||||||||||||||||||||||
Money funds | 874,789 | 1,935 | 0.88 | 786,375 | 3,468 | 1.75 | |||||||||||||||||||||||||||||
Certificate accounts | 837,221 | 5,248 | 2.49 | 1,266,869 | 11,558 | 3.62 | |||||||||||||||||||||||||||||
Total deposits | 2,383,529 | 7,758 | 1.29 | 2,560,859 | 16,087 | 2.49 | |||||||||||||||||||||||||||||
Short-term borrowed funds | 256,826 | 588 | 0.91 | 528,533 | 2,323 | 1.74 | |||||||||||||||||||||||||||||
Advances from FHLB | 1,249,074 | 15,025 | 4.77 | 1,229,562 | 15,856 | 5.12 | |||||||||||||||||||||||||||||
Long-term debt | 34,863 | 489 | 5.56 | 14,010 | 281 | 7.96 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,924,292 | 23,860 | 2.41 | 4,332,964 | 34,547 | 3.16 | |||||||||||||||||||||||||||||
Non-interest bearing deposits | 568,333 | 427,686 | |||||||||||||||||||||||||||||||||
Non-interest bearing other liabilities | 44,637 | 65,664 | |||||||||||||||||||||||||||||||||
Total Liabilities | 4,537,262 | 4,826,314 | |||||||||||||||||||||||||||||||||
Stockholder’s equity | 482,255 | 453,588 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 5,019,517 | $ | 5,279,902 | |||||||||||||||||||||||||||||||
Net interest income/ net interest spread | 36,273 | 2.70 | % | 44,697 | 3.28 | % | |||||||||||||||||||||||||||||
Capitalized interest from real estate operations | 285 | — | |||||||||||||||||||||||||||||||||
Net interest income | 36,558 | 44,697 | |||||||||||||||||||||||||||||||||
Margin | |||||||||||||||||||||||||||||||||||
Interest income/interest earning assets | 5.11 | % | 6.44 | % | |||||||||||||||||||||||||||||||
Interest expense/interest earning assets | 2.01 | 2.79 | |||||||||||||||||||||||||||||||||
Net interest margin | 3.10 | % | 3.65 | % | |||||||||||||||||||||||||||||||
Bank Operations
Average Balance Sheet — Yield / Rate Analysis
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2003 | September 30, 2002 | ||||||||||||||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||||||||||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,718,974 | 62,329 | 4.83 | % | $ | 1,413,025 | 67,966 | 6.41 | % | |||||||||||||||||||||||||
Commercial real estate | 1,584,284 | 70,249 | 5.91 | 1,466,235 | 71,250 | 6.48 | |||||||||||||||||||||||||||||
Consumer | 307,644 | 10,535 | 4.57 | 242,737 | 10,450 | 5.74 | |||||||||||||||||||||||||||||
Lease financing | 23,830 | 2,020 | 11.30 | 46,532 | 4,300 | 12.32 | |||||||||||||||||||||||||||||
Commercial business | 105,806 | 4,564 | 5.75 | 100,164 | 4,499 | 5.99 | |||||||||||||||||||||||||||||
Small business | 160,589 | 8,955 | 7.44 | 140,941 | 8,389 | 7.94 | |||||||||||||||||||||||||||||
Total loans | 3,901,127 | 158,652 | 5.42 | 3,409,634 | 166,854 | 6.52 | |||||||||||||||||||||||||||||
Investments | 856,499 | 35,746 | 5.56 | 1,235,755 | 59,116 | 6.38 | |||||||||||||||||||||||||||||
Total interest earning assets | 4,757,626 | 194,398 | 5.45 | % | 4,645,389 | 225,970 | 6.49 | % | |||||||||||||||||||||||||||
Goodwill and core deposit intangibles | 83,823 | 65,833 | |||||||||||||||||||||||||||||||||
Other non-interest earning assets | 242,537 | 231,749 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 5,083,986 | $ | 4,942,971 | |||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Savings | $ | 185,432 | 721 | 0.52 | % | $ | 135,272 | 1,024 | 1.01 | % | |||||||||||||||||||||||||
NOW | 451,333 | 1,540 | 0.46 | 310,151 | 1,766 | 0.76 | |||||||||||||||||||||||||||||
Money funds | 840,412 | 7,213 | 1.15 | 734,477 | 10,095 | 1.84 | |||||||||||||||||||||||||||||
Certificate accounts | 905,409 | 19,211 | 2.84 | 1,244,234 | 35,636 | 3.83 | |||||||||||||||||||||||||||||
Total deposits | 2,382,586 | 28,685 | 1.61 | 2,424,134 | 48,521 | 2.68 | |||||||||||||||||||||||||||||
Short-term borrowed funds | 326,400 | 2,762 | 1.13 | 459,762 | 6,037 | 1.76 | |||||||||||||||||||||||||||||
Advances from FHLB | 1,282,519 | 45,633 | 4.76 | 1,161,880 | 46,453 | 5.35 | |||||||||||||||||||||||||||||
Long-term debt | 35,375 | 1,428 | 5.40 | 9,964 | 521 | 6.99 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,026,880 | 78,508 | 2.61 | 4,055,740 | 101,532 | 3.35 | |||||||||||||||||||||||||||||
Non-interest bearing deposits | 527,334 | 389,565 | |||||||||||||||||||||||||||||||||
Non-interest bearing other liabilities | 58,885 | 73,163 | |||||||||||||||||||||||||||||||||
Total Liabilities | 4,613,099 | 4,518,468 | |||||||||||||||||||||||||||||||||
Stockholder’s equity | 470,887 | 424,503 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 5,083,986 | $ | 4,942,971 | |||||||||||||||||||||||||||||||
Net interest income/net interest spread | 115,890 | 2.84 | % | 124,438 | 3.14 | % | |||||||||||||||||||||||||||||
Capitalized interest from real estate operations | 883 | — | |||||||||||||||||||||||||||||||||
Net interest income | 116,773 | 124,438 | |||||||||||||||||||||||||||||||||
Margin Interest income/interest earning assets | 5.45 | % | 6.49 | % | |||||||||||||||||||||||||||||||
Interest expense/interest earning assets | 2.21 | 2.92 | |||||||||||||||||||||||||||||||||
Net interest margin | 3.24 | % | 3.57 | % | |||||||||||||||||||||||||||||||
Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality
For the | ||||||||||||||||||||||||||||||
For the Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | |||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||
Beginning balance | $ | 49,576 | 48,695 | 48,022 | 45,602 | 48,587 | 48,022 | 44,585 | ||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||
Residential real estate | (150 | ) | (98 | ) | (114 | ) | (401 | ) | (284 | ) | (362 | ) | (426 | ) | ||||||||||||||||
Commercial real estate | — | — | — | (140 | ) | (2,549 | ) | — | (6,858 | ) | ||||||||||||||||||||
Commercial business | (1,798 | ) | (536 | ) | (2,453 | ) | (1,106 | ) | (1,779 | ) | (4,787 | ) | (5,964 | ) | ||||||||||||||||
Consumer | (260 | ) | (490 | ) | (405 | ) | (342 | ) | (396 | ) | (1,155 | ) | (1,781 | ) | ||||||||||||||||
Small business | (334 | ) | (1,433 | ) | (620 | ) | (736 | ) | (727 | ) | (2,387 | ) | (2,919 | ) | ||||||||||||||||
Syndication | — | — | — | — | (13 | ) | — | (8,013 | ) | |||||||||||||||||||||
Total charge-offs | (2,542 | ) | (2,557 | ) | (3,592 | ) | (2,725 | ) | (5,748 | ) | (8,691 | ) | (25,961 | ) | ||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||
Residential real estate | 424 | 61 | 57 | 174 | 94 | 542 | 157 | |||||||||||||||||||||||
Commercial real estate | 1 | — | 1 | — | 3 | 2 | 20 | |||||||||||||||||||||||
Commercial business | 492 | 694 | 667 | 559 | 597 | 1,853 | 2,532 | |||||||||||||||||||||||
Consumer | 343 | 414 | 464 | 431 | 411 | 1,221 | 1,487 | |||||||||||||||||||||||
Small business | 748 | 575 | 833 | 630 | 549 | 2,156 | 1,638 | |||||||||||||||||||||||
Syndication | 236 | 204 | 2,127 | 489 | 102 | 2,567 | 785 | |||||||||||||||||||||||
Total recoveries | 2,244 | 1,948 | 4,149 | 2,283 | 1,756 | 8,341 | 6,619 | |||||||||||||||||||||||
Net (charge-offs) recoveries | (298 | ) | (609 | ) | 557 | (442 | ) | (3,992 | ) | (350 | ) | (19,342 | ) | |||||||||||||||||
Provision for loan losses | (1,076 | ) | 1,490 | 850 | 3,292 | 2,082 | 1,264 | 10,786 | ||||||||||||||||||||||
Acquired allowance for loan losses | — | — | (734 | ) | (430 | ) | (1,075 | ) | (734 | ) | 9,573 | |||||||||||||||||||
Ending allowance for loan losses | $ | 48,202 | 49,576 | 48,695 | 48,022 | 45,602 | 48,202 | 45,602 | ||||||||||||||||||||||
Annualized net charge-offs to average loans | 0.03 | % | 0.06 | (0.06 | ) | 0.05 | 0.43 | 0.01 | 0.76 | |||||||||||||||||||||
As of | ||||||||||||||||||||||||||||
9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | ||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||
Nonaccrual loans and tax certificates | $ | 11,290 | 12,900 | 13,357 | 18,232 | 29,366 | ||||||||||||||||||||||
Acquired nonaccrual loans | 314 | 409 | 1,537 | 2,105 | 3,065 | |||||||||||||||||||||||
Real estate owned, net of allowance | 8,904 | 8,157 | 9,045 | 9,607 | 10,015 | |||||||||||||||||||||||
Other repossessed assets | 274 | 435 | 513 | 4 | 1 | |||||||||||||||||||||||
Total nonperforming assets | $ | 20,782 | 21,901 | 24,452 | 29,948 | 42,447 | ||||||||||||||||||||||
Loan loss allowance to non-performing assets | 231.94 | % | 226.36 | 199.15 | 160.35 | 107.43 | ||||||||||||||||||||||
Nonperforming assets to total loans and other assets | 0.53 | % | 0.51 | 0.60 | 0.83 | 1.10 | ||||||||||||||||||||||
Allowance for loan losses to total loans | 1.27 | % | 1.22 | 1.24 | 1.40 | 1.24 |
Levitt Corporation Business Segment
Condensed Statements of Operations and Statistics — Unaudited
For the | ||||||||||||||||||||||||||||||
For the Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||
Sales of real estate | $ | 18,442 | 17,868 | 13,441 | 17,829 | 8,392 | 49,751 | 30,304 | ||||||||||||||||||||||
Income (loss) from Bluegreen Corporation | 3,350 | 1,940 | (134 | ) | 2,107 | 941 | 5,156 | 2,463 | ||||||||||||||||||||||
Joint venture operations | (16 | ) | 231 | (313 | ) | (657 | ) | 130 | (98 | ) | 1,506 | |||||||||||||||||||
Interest — other | 890 | 823 | 758 | 1,127 | 512 | 2,471 | 2,025 | |||||||||||||||||||||||
Total revenues | 22,666 | 20,862 | 13,752 | 20,406 | 9,975 | 57,280 | 36,298 | |||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||
Compensation, benefits | 5,153 | 4,708 | 3,682 | 4,491 | 3,334 | 13,543 | 9,492 | |||||||||||||||||||||||
Selling, general and administrative | 4,079 | 4,346 | 3,240 | 4,000 | 2,960 | 11,665 | 8,928 | |||||||||||||||||||||||
Interest | (16 | ) | 8 | 241 | 6 | 70 | 233 | 383 | ||||||||||||||||||||||
Other | 970 | 1,436 | 1,221 | 1,071 | 775 | 3,627 | 2,566 | |||||||||||||||||||||||
Total operating expenses | 10,186 | 10,498 | 8,384 | 9,568 | 7,139 | 29,068 | 21,369 | |||||||||||||||||||||||
Income from Levitt Corporation (pretax) | $ | 12,480 | 10,364 | 5,368 | 10,838 | 2,836 | 28,212 | 14,929 | ||||||||||||||||||||||
Statistics: | ||||||||||||||||||||||||||||||
Return on equity | 24.43 | % | 21.61 | 11.86 | 24.76 | 6.96 | 18.41 | 12.73 | ||||||||||||||||||||||
Administrative expenses as a % of revenue | 18.00 | 20.83 | 23.56 | 19.60 | 29.67 | 20.36 | 24.60 | |||||||||||||||||||||||
Gross profit as a percent of sales | 28.26 | 26.68 | 25.38 | 21.71 | 20.48 | 26.87 | 24.11 | |||||||||||||||||||||||
Debt to equity | 1.30 | 1.38 | 1.46 | 1.37 | 1.49 | 1.30 | 1.49 | |||||||||||||||||||||||
Housing units: | ||||||||||||||||||||||||||||||
Backlog (units) | 2,075 | 1,576 | 1,129 | 885 | 814 | 2,075 | 814 | |||||||||||||||||||||||
Sales (units) | 247 | 210 | 162 | 249 | 195 | 619 | 631 | |||||||||||||||||||||||
New contracts | 746 | 596 | 467 | 320 | 296 | 1,809 | 721 |
Condensed Statements of Financial Condition — Unaudited
As of | ||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash | $ | 39,346 | 31,568 | 27,946 | 19,002 | 13,669 | ||||||||||||||||||||||
Loans receivable | 5,163 | 4,809 | 6,205 | 6,082 | 5,944 | |||||||||||||||||||||||
Real estate inventory | 234,854 | 218,473 | 214,268 | 198,126 | 198,001 | |||||||||||||||||||||||
Investment in unconsolidated subsidiaries | 67,444 | 64,162 | 61,949 | 61,583 | 61,456 | |||||||||||||||||||||||
Other assets | 9,716 | 10,645 | 11,052 | 10,668 | 11,512 | |||||||||||||||||||||||
Total assets | $ | 356,523 | 329,657 | 321,420 | 295,461 | 290,582 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Notes payable | $ | 132,585 | 132,208 | 131,970 | 117,445 | 119,136 | ||||||||||||||||||||||
Notes payable to BankAtlantic Bancorp | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||||||||||
Other liabilities | 68,415 | 49,593 | 48,217 | 40,483 | 41,376 | |||||||||||||||||||||||
Total liabilities | 231,000 | 211,801 | 210,187 | 187,928 | 190,512 | |||||||||||||||||||||||
Stockholder’s equity | 125,523 | 117,856 | 111,233 | 107,533 | 100,070 | |||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 356,523 | 329,657 | 321,420 | 295,461 | 290,582 | ||||||||||||||||||||||
Ryan Beck & Co., Inc. Business Segment
Consolidated Statements of Operations and Statistics — Unaudited
For the | |||||||||||||||||||||||||||||||||
For the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Principal transactions | $ | 21,091 | 24,057 | 25,083 | 15,873 | 13,574 | 70,231 | 33,233 | |||||||||||||||||||||||||
Investment banking | 7,642 | 5,079 | 7,689 | 3,551 | 7,614 | 20,410 | 15,567 | ||||||||||||||||||||||||||
Commissions | 21,258 | 21,603 | 19,352 | 22,044 | 21,768 | 62,213 | 40,880 | ||||||||||||||||||||||||||
Interest, dividends and other | 3,450 | 2,662 | 3,159 | 2,941 | 3,288 | 9,271 | 7,267 | ||||||||||||||||||||||||||
Total operating revenues | 53,441 | 53,401 | 55,283 | 44,409 | 46,244 | 162,125 | 96,947 | ||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||
Compensation, benefits | 35,924 | 36,892 | 37,923 | 31,522 | 34,114 | 110,739 | 69,384 | ||||||||||||||||||||||||||
Communication | 2,822 | 4,216 | 3,829 | 3,155 | 3,035 | 10,867 | 6,997 | ||||||||||||||||||||||||||
Occupancy and equipment | 3,287 | 2,900 | 3,090 | 2,739 | 3,250 | 9,277 | 6,606 | ||||||||||||||||||||||||||
Clearing fees | 2,328 | 2,236 | 2,158 | 2,462 | 2,463 | 6,722 | 5,730 | ||||||||||||||||||||||||||
Acquisition related expenses | — | — | — | — | 870 | — | 4,061 | ||||||||||||||||||||||||||
Interest and other | 4,664 | 5,681 | 5,168 | 3,388 | 3,327 | 15,513 | 9,889 | ||||||||||||||||||||||||||
Total operating expenses | 49,025 | 51,925 | 52,168 | 43,266 | 47,059 | 153,118 | 102,667 | ||||||||||||||||||||||||||
Income (loss) from Ryan Beck continuing operations | 4,416 | 1,476 | 3,115 | 1,143 | (815 | ) | 9,007 | (5,720 | ) | ||||||||||||||||||||||||
Discontinued operations | 246 | 747 | (367 | ) | 1,181 | 933 | 626 | 1,658 | |||||||||||||||||||||||||
Extraordinary item, net of tax | — | — | — | — | (61 | ) | — | 23,749 | |||||||||||||||||||||||||
Cumulative accounting change, net of tax | — | — | — | — | — | — | (1,768 | ) | |||||||||||||||||||||||||
Business segment Income from Ryan Beck operations (pretax) | $ | 4,662 | 2,223 | 2,748 | 2,324 | 57 | 9,633 | 17,919 | |||||||||||||||||||||||||
Reconciliation of Operating and business segment income | |||||||||||||||||||||||||||||||||
Business segment income from continuing operations | $ | 4,416 | 1,476 | 3,115 | 1,143 | (815 | ) | 9,007 | (5,720 | ) | |||||||||||||||||||||||
Acquisition related expenses | — | — | — | — | 192 | — | 4,153 | ||||||||||||||||||||||||||
Loss on mutual funds associated with acquired Gruntal deferred compensation plan | — | — | — | — | 2,297 | — | 2,297 | ||||||||||||||||||||||||||
Operating income (loss) (pretax) | $ | 4,416 | 1,476 | 3,115 | 1,143 | 1,674 | 9,007 | 730 | |||||||||||||||||||||||||
Statistics: | |||||||||||||||||||||||||||||||||
GAAP return on equity | 14.87 | % | 7.41 | 9.39 | 8.17 | 0.21 | 10.24 | 23.65 | |||||||||||||||||||||||||
Operating return on equity | 14.09 | 4.92 | 10.64 | 4.02 | 6.07 | 9.58 | 0.96 | ||||||||||||||||||||||||||
Compensation as a percent of revenues | 67.22 | 69.08 | 68.60 | 70.98 | 73.77 | 68.30 | 71.57 | ||||||||||||||||||||||||||
Commissions to total revenues | 39.78 | 40.45 | 35.01 | 49.64 | 47.07 | 38.37 | 42.17 | ||||||||||||||||||||||||||
Principal transactions to total revenues | 39.47 | 45.05 | 45.37 | 35.74 | 29.35 | 43.32 | 34.28 | ||||||||||||||||||||||||||
Investment banking revenue to total revenues | 14.30 | 9.51 | 13.91 | 8.00 | 16.46 | 12.59 | 16.06 |
Condensed Statements of Financial Condition — Unaudited
As of | |||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 259 | 1,193 | 3,615 | 3,133 | 6,882 | |||||||||||||||||||||||
Securities | 87,837 | 224,405 | 154,319 | 186,454 | 178,774 | ||||||||||||||||||||||||
Other investments | 4,212 | 1,456 | — | 383 | 299 | ||||||||||||||||||||||||
Notes receivable — GMS | 13,681 | — | — | — | — | ||||||||||||||||||||||||
Property and equipment, net | 3,599 | 4,095 | 4,037 | 4,113 | 4,031 | ||||||||||||||||||||||||
Goodwill | 6,184 | 6,184 | 7,389 | 7,351 | 7,351 | ||||||||||||||||||||||||
Other assets | 27,149 | 37,085 | 38,023 | 33,328 | 32,214 | ||||||||||||||||||||||||
Total assets | $ | 142,921 | 274,418 | 207,383 | 234,762 | 229,551 | |||||||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold not yet purchased | $ | 15,089 | 34,968 | 49,760 | 38,003 | 33,034 | |||||||||||||||||||||||
Note payable | 1,176 | 1,550 | 1,930 | 2,304 | 3,427 | ||||||||||||||||||||||||
Note payable to BankAtlantic Bancorp | — | 5,000 | 5,000 | 5,000 | 5,000 | ||||||||||||||||||||||||
Due to clearing agent | 6,087 | 112,410 | 36,982 | 78,791 | 81,774 | ||||||||||||||||||||||||
Other liabilities | 47,013 | 50,137 | 45,038 | 43,897 | 41,660 | ||||||||||||||||||||||||
Total liabilities | 69,365 | 204,065 | 138,710 | 167,995 | 164,895 | ||||||||||||||||||||||||
Stockholder’s equity | 73,556 | 70,353 | 68,673 | 66,767 | 64,656 | ||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 142,921 | 274,418 | 207,383 | 234,762 | 229,551 | |||||||||||||||||||||||
Parent Company Business Segment Activities
Condensed Statements of Operations — Unaudited
For the | |||||||||||||||||||||||||||||
For the Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | 9/30/2003 | 9/30/2002 | ||||||||||||||||||||||
Net interest (expense) | $ | (3,676 | ) | (3,868 | ) | (3,273 | ) | (4,303 | ) | (4,311 | ) | (10,817 | ) | (11,391 | ) | ||||||||||||||
Income from unconsolidated subsidiaries | 635 | 496 | 335 | 74 | 486 | 1,466 | 705 | ||||||||||||||||||||||
Gains on sales of assets | — | — | 404 | — | 506 | 404 | 3,836 | ||||||||||||||||||||||
Impairment writedown | — | — | — | (342 | ) | (302 | ) | — | (18,459 | ) | |||||||||||||||||||
Ryan Beck retention pool compensation expense | — | — | — | — | — | — | (1,038 | ) | |||||||||||||||||||||
Acquisition and conversion related charges | — | — | — | 2,000 | — | — | (2,000 | ) | |||||||||||||||||||||
Cost associated with debt redemption | — | (1,648 | ) | — | (3,125 | ) | — | (1,648 | ) | — | |||||||||||||||||||
Other income (expense) | (504 | ) | (817 | ) | (917 | ) | (446 | ) | (369 | ) | (2,238 | ) | (921 | ) | |||||||||||||||
Loss from parent company activities before a change in accounting principle | (3,545 | ) | (5,837 | ) | (3,451 | ) | (6,142 | ) | (3,990 | ) | (12,833 | ) | (29,268 | ) | |||||||||||||||
Cumulative accounting change | — | — | — | — | — | — | (13,339 | ) | |||||||||||||||||||||
Loss from parent company business segment activities (pretax) | $ | (3,545 | ) | (5,837 | ) | (3,451 | ) | (6,142 | ) | (3,990 | ) | (12,833 | ) | (42,607 | ) | ||||||||||||||
Reconciliation of Operating and business segment income | |||||||||||||||||||||||||||||
Business segment income before cumulative acctg change | $ | (3,545 | ) | (5,837 | ) | (3,451 | ) | (6,142 | ) | (3,990 | ) | (12,833 | ) | (29,268 | ) | ||||||||||||||
Impairment writedown | — | — | — | 342 | 302 | — | 18,459 | ||||||||||||||||||||||
Acquisition and conversion related charges | — | — | — | (2,000 | ) | — | — | 2,000 | |||||||||||||||||||||
Cost associated with debt redemption | — | 1,648 | — | 3,125 | — | 1,648 | — | ||||||||||||||||||||||
Operating loss (pretax) | $ | (3,545 | ) | (4,189 | ) | (3,451 | ) | (4,675 | ) | (3,688 | ) | (11,185 | ) | (8,809 | ) | ||||||||||||||
Condensed Statements of Financial Condition — Unaudited
As of | ||||||||||||||||||||||||||||
(in thousands) | 9/30/2003 | 6/30/2003 | 3/31/2003 | 12/31/2002 | 9/30/2002 | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash | $ | 16,551 | 15,115 | 53,513 | 2,723 | 39,176 | ||||||||||||||||||||||
Securities | 17,254 | 9,458 | 3,935 | 4,761 | 4,892 | |||||||||||||||||||||||
Notes receivable from subsidiaries | 30,000 | 35,000 | 35,000 | 35,000 | 35,000 | |||||||||||||||||||||||
Investment in subsidiaries | 679,253 | 664,825 | 649,837 | 647,169 | 633,908 | |||||||||||||||||||||||
Investment in unconsolidated subsidiaries | 12,545 | 12,027 | 11,279 | 3,363 | 3,475 | |||||||||||||||||||||||
Other assets | 24,050 | 25,490 | 32,129 | 30,454 | 28,592 | |||||||||||||||||||||||
Total assets | $ | 779,653 | 761,915 | 785,693 | 723,470 | 745,043 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
Subordinated debentures and notes payable | $ | 263,318 | 263,318 | 302,735 | 251,737 | 282,725 | ||||||||||||||||||||||
Other liabilities | 2,666 | 2,766 | 3,342 | 2,399 | 4,878 | |||||||||||||||||||||||
Total liabilities | 265,984 | 266,084 | 306,077 | 254,136 | 287,603 | |||||||||||||||||||||||
Stockholders’ equity: | 513,669 | 495,831 | 479,616 | 469,334 | 457,440 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 779,653 | 761,915 | 785,693 | 723,470 | 745,043 | ||||||||||||||||||||||