Exhibit 99.1
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(NYSE:BBX) Assets1 $4.8 Billion Equity Capital1 $430 Million Book Value per Share1 $7.26 Market Capitalization2 $1.0 Billion Price to Book2 2.33x Price to Earnings2 14.29x 1At 3/31/04 2Trailing 12 months, based on $16.94 per share closing price on 6/23/04 BANKATLANTIC BANCORP |
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Income from Continuing Operations1 (in Millions) $19.2 $38.6 $20.5 Return on Tangible Assets from Continuing Operations1 0.36% 0.71% 1.75% Return on Tangible Equity from Continuing Operations1 5.38% 9.49% 24.97% 1Income before discontinued operations, extraordinary items and the cumulative effect of a change in accounting principle, as shown on slide #43 2002 BANKATLANTIC BANCORP KEY FINANCIAL HIGHLIGHTS 2003 1Q'04 |
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ASSET QUALITY 2002 2003 1Q'04 Non Performing Assets - Gross $31.4 $14.1 $14.0 Non Performing Assets % Loans & Other Assets 0.8% 0.4% 0.3% Net Charge offs $19.8 $1.1 $(0.6) Annualized Net Charge offs to Avg. Loans O/S 0.6% 0.0% (0.1)% Loan Loss Reserve $48.0 $45.6 $45.4 Loan Loss Reserve to Total Loans 1.2% 1.2% 1.2% Loan Loss Reserve Coverage of Non Performing Loans 235.6% 422.1% 387.1% Period-end Balances, Millions |
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INCOME FROM CONTINUING OPERATIONS1 2000 2001 2002 2003 1Q'03 1Q'04 Income from Continuing Ops 18.644 22.53 19.15 38.597 10.818 20.5 Compound Growth 27% CONSOLIDATED 102% Dollars in Millions 1Income before discontinued operations, extraordinary items and the cumulative effect of a change in accounting principle, as shown on slide #43 90% |
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EPS TREND FROM CONTINUING OPERATIONS1 2000 2001 2002 2003 1Q'03 1Q'04 EPS from Continuing Ops 0.43 0.47 0.32 0.62 0.17 0.32 Compound Growth 13% CONSOLIDATED 92% 1 Income before discontinued operations, extraordinary items and the cumulative effect of a change in accounting principle, as shown on slide #43 2 Decline in 2002 primarily due to impairments in the Parent Company's equity securities portfolio $0.322 84% |
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CONSOLIDATED RECONCILIATION OF NET INCOME AND INCOME FROM CONTINUING OPERATIONS Dollars in Thousands, except for EPS NET INCOME (GAAP) $24,714 $32,160 $ 50,335 $67,717 $14,358 $20,524 Income from Discontinued Operations (6,070) (8,492) (22,543) (29,120) (3,540) Cumulative effect of a change in accounting principle (1,138) 15,107 Gruntal extraordinary item (23,749) INCOME FROM CONTINUING OPERATIONS $18,644 $22,530 $19,150 $38,597 10,818 20,524 DILUTED EPS (GAAP)1 $0.54 $0.65 $0.81 $1.08 $0.23 $0.32 Income from Discounted Operations (0.11) (0.16) (0.35) (0.46) (0.06) Cumulative effect of a change in accounting principle (0.02) 0.23 Gruntal extraordinary item (0.37) DILUTED EPS from Continuing Operations $0.43 $0.47 $0.32 $0.62 $0.17 $0.32 1Note: In periods prior to December 31, 2001 BBX's capital structure included a dividend premium for our Class A common shareholders, and EPS was computed under the two-class method. In the Second quarter 2001 BBX shareholders voted to eliminate the dividend premium. FY 2000 FY 2001 FY 2002 FY 2003 1Q '04 1Q '03 |
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BankAtlantic Parent Company Ryan Beck & Co. Operating Net Income: (1) 1Q'04 $11 Million FY'03 $49 Million Equity: 1Q'04 $489 Million Operating Net (Loss): (1) 1Q'04 $(3) Million FY'03 $(12) Million Equity: 1Q'04 $430 Million Operating Net Income: (1) 1Q'04 $5 Million FY'03 $10 Million Equity: 1Q'04 $78 Million BANKATLANTIC BANCORP Operating Net Income: (1) 1Q'04 $13 Million FY'03 $47 Million Equity: 1Q'04 $430 Million 1 Operating Net Income/(Loss) is defined as GAAP Income/(Loss) from continuing operations adjusted for securities impairment recoveries of $14.8 million in 1Q'04 and costs associated with debt redemptions, net of tax, of $7.6 million in 1Q'04 and $8.2 million in FY'03 EARNINGS, CONTRIBUTION |
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FINANCIAL HIGHLIGHTS Total Assets (a) $4.8 Billion Billion -18.3% Total Deposits $3.1 Billion Billion +9.0% Total Loans (Net) $3.7 Billion Billion -5.3% Total Revenues $143.2 Million Million +34.7% Total Expenses $112.0 Million Million +26.5% Net Income $20.5 Million Million +42.9% EPS $0.32 +40.1% EPS from Continuing Ops (b) $0.32 +84.4% 1Q'04 vs 1Q'03 1Q'04, CONSOLIDATED (a) Post Levitt spin-off on 12/31/2003 (b) Income before discontinued operations, extraordinary items and the cumulative effect of a change in accounting principle, as shown on slide #43 |