Exhibit 99.1
BankAtlantic Bancorp Reports Earnings
For The Fourth Quarter and Full Year 2004
Record 2004 Income From Continuing Operations — An Increase of 83%
2004 Diluted Earnings Per Share Increased 79%
Fourth Quarter Income From Continuing Operations Increased 122%
Fourth Quarter Diluted Earnings Per Share Increased 125%
FORT LAUDERDALE, Florida – January 25, 2005 — BankAtlantic Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic and Ryan Beck & Co., today reported income from continuing operations increased to a record $70.8 million, or $1.11 per diluted share for the year ended December 31, 2004, from $38.6 million, or $0.62 per diluted share, reported in 2003. For the fourth quarter, income from continuing operations more than doubled to $17.3 million, or $0.27 per diluted share, compared to $7.8 million, or $0.12 per diluted share, reported for the corresponding period in 2003. All 2004 results are subject to completion of the 2004 audit and the audit will be subject to the assessment regarding internal controls required by Section 404 of the Sarbanes-Oxley legislation. Operating earnings for the year, excluding a litigation settlement and debt repayment charges, were $1.00 per share on a diluted basis, up 33% from $0.75 recorded in 2003.
Chairman of the Board and Chief Executive Officer Alan B. Levan commented, “Across the entire organization, BankAtlantic Bancorp performed exceptionally well in 2004. At BankAtlantic, growth in low cost deposits continued at the high levels we have been experiencing since the inception of our ‘Florida’s Most Convenient Bank’ initiative. Credit quality remained high. We are pleased with the improvement in BankAtlantic’s net interest margin during the fourth quarter and throughout 2004. Year-over-year, the net interest margin improved 51 basis points (bps) to 3.79%, and in the fourth quarter it improved 52 bps, to a record high of 3.91%. Finally, Ryan Beck & Co. reported record net income from continuing operations of $17.5 million, an increase of 81% over the record results it recorded in 2003, continuing its pattern of exceptional results in each of the two most recent years.
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“As disclosed previously, we are correcting deficiencies in our compliance with the USA Patriot Act, anti-money laundering laws and the Bank Secrecy Act, and we are fully cooperating with our regulators and other federal agencies concerning those deficiencies. We have incurred substantial costs to improve our compliance systems and procedures, including costs associated with engaging attorneys and compliance consultants, acquiring new software and hiring additional compliance staff. Compliance costs in 2004 were approximately $5.0 million, with $2.0 million and $3.0 million incurred in the third and fourth quarters, respectively. These compliance-related costs were primarily one-time and are not expected to recur at these levels in 2005. However, 2005 on-going costs will be higher than our previous run-rate by an estimated $2.0 — $2.5 million annually. We cannot predict whether or to what extent monetary or other penalties will be imposed upon us by our regulators or other federal agencies relating to these compliance deficiencies, or whether these compliance issues will impact our ability to obtain regulatory approvals necessary to proceed with certain aspects of our business plan, including our branch expansion plans.
Additional accomplishments and highlights include:
“BankAtlantic’s landmark ‘Florida’s Most Convenient Bank’initiative continues to drive impressive growth in new customer generation. Despite the after-effects of an unprecedented hurricane season, BankAtlantic experienced significant growth in new checking and savings account openings. Since January 2002, BankAtlantic has opened nearly 410,000 new checking and savings accounts, including nearly 40,000 in the fourth quarter of 2004. The consistent growth in core deposits continues at a rate that exceeds our initial goals and reinforces our belief that customers desire the unparalleled convenience offered by BankAtlantic.
“Balances in low cost deposits increased 31% over the fourth quarter of 2003, to a total of $1.8 billion at quarter-end. At December 31, 2001, immediately preceding the initiation of the ’Florida’s Most Convenient Bank’ program, BankAtlantic had $602 million in low cost deposits. Non-interest bearing demand deposits now constitute 26% of deposit funding, up from 21% a year ago, and 13% before initiation of the program.
Following is the comparative data of Total Bank Period-end Balances:
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Total Bank
Period-end Balances
Annual, Year-over-Year
(In Millions)
2002 | 2003 | Change | ||||||||||
Checking (DDA/NOW) | $ | 862.7 | $ | 1,179.2 | + 36.7 | % | ||||||
Savings | $ | 163.6 | $ | 209.0 | + 27.8 | % | ||||||
Total | $ | 1,026.3 | $ | 1,388.2 | + 35.3 | % | ||||||
Annual, Year-over-Year
(In Millions)
2003 | 2004 | Change | ||||||||||
Checking (DDA/NOW) | $ | 1,179.2 | $ | 1,549.1 | + 31.4 | % | ||||||
Savings | $ | 209.0 | $ | 270.0 | + 29.2 | % | ||||||
Total | $ | 1,388.2 | $ | 1,819.1 | + 31.0 | % |
Annual, Year-over-Year Adjusted for the estimated impact of Hurricane related slowdown in the Third Quarter(1)
(In Millions)
2004 Estimated | ||||||||||||
Based | ||||||||||||
on Hurricane | Assumed | |||||||||||
2003 | Assumptions(1) | Change(1) | ||||||||||
Checking (DDA/NOW) | $ | 1,179.2 | $ | 1,626.4 | + 37.9 | % | ||||||
Savings | $ | 209.0 | $ | 270.6 | + 29.5 | % | ||||||
Total | $ | 1,388.2 | $ | 1,897.0 | + 36.7 | % |
(1)Assumes estimated additional deposit growth in the 3rd Quarter, 2004 of $77.9 million which we believe would have been generated but for Hurricane related slowdowns in New Account Openings during that period. Estimates are calculated based on the application of deposit growth trend lines from prior periods.
• | To view the accompanying graphs, click onFourth Quarter, 2004 Graphs,or access the “Charts and Graphs” section atwww.BankAtlanticBancorp.com, and click on the “Press Room” navigation link. |
“The continued improvement in net interest margin reflects the substantial growth in low cost deposits, restructuring of high cost FHLB advances in prior periods, and higher yields in the current quarter on interest sensitive assets resulting from increases in interest rates. While BankAtlantic could potentially realize further margin improvement in a rising interest rate environment, flattening of the yield curve could temper the impact of higher rates.
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“Credit quality remained strong in the fourth quarter, with the ratios of non-performing loans, non-performing assets, and net charge offs all improving. The ratio of non-performing loans to total loans declined to 0.17% from 0.29% at December 31, 2003, and 0.27% at September 30, 2004. Total non-performing loans were $7.9 million vs. $11.3 million at September 30, 2004 and $10.8 million at December 31, 2003. In 2004, the Bank had net recoveries of $5.5 million compared to net charge offs of $1.1 million for 2003. The ratio of the Allowance for Loan and Lease Losses (ALLL) to total loans declined to 1.00% from 1.24% at December 31, 2003. The lower ratio is primarily the result of the improvements in credit quality and the continuing liquidation of certain discontinued lending operations, which carried higher reserves.
“During the fourth quarter of 2004, BankAtlantic launched two new initiatives to start the new year with a ‘WOW!’ In January, BankAtlantic began its new schedule of ‘midnight hours’ in selected branches throughout its footprint. The ‘midnight hours’ branches provide customers with full-service banking at times convenient to their busy schedules by being open 7 days a week from 7:30 a.m. to midnight. Additionally, BankAtlantic made its Online Banking & Bill Pay totally free for all small business and retail customers. With no additional fees and no restrictions on the number of payments, BankAtlantic’s Online Banking & Bill Pay makes account management and monthly bill paying both affordable and convenient. With the addition of ‘midnight hours’ branches and Totally Free Online Banking & Bill Pay, ‘Florida’s Most Convenient Bank’ continues to demonstrate its commitment of delivering unparalleled convenience to our customers.
“Ryan Beck & Co. delivered extremely solid results again in 2004. Net income from continuing operations grew 81% to a record $17.5 million. Operating revenues for the year rose to a record $243.2 million, a 10% increase from 2003. Return on average tangible equity from continuing operations increased to 22.03%, up from 16.38% for 2003.
“The Financial Institutions Group announced or completed 28 transactions, and was ranked the top mutual-to-stock conversion advisor ranked by proceeds and the number four M&A advisor ranked by the
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number of deals. Moreover, Ryan Beck’s middle market investment banking group enjoyed a record year, serving as strategic/financial advisor in 13 non-bank transactions.
“Ryan Beck’s Private Client Group experienced marked improvement in 2004. Fourth quarter revenues increased to $42.5 million and revenue for 2004 increased to $164.4 million. Recruiting efforts to increase the number of successful financial consultants proved extremely successful. A total of forty-three financial consultants joined the firm during 2004. Looking forward into the first quarter of 2005, the pipeline for new recruiting appears promising.
“During the fourth quarter, Ryan Beck also launched a new proprietary unit investment trust (UIT), theSelect Bank Merger Portfolio, 2004 Series. This portfolio was selected based on criteria its analysts believe should offer investors the potential for attractive risk-adjusted returns in a consolidating market. During 2004, Ryan Beck introduced three proprietary UIT’s with total client assets of more than $148 million at year-end.
“As part of the firm’s continuing efforts to increase industry visibility, Ryan Beck’s CEO Ben Plotkin was elected to a three-year term as a member of the Board of Directors of the Securities Industry Association (SIA).”
Financial Highlights:
Fourth Quarter, 2004 Compared to Fourth Quarter, 2003
BankAtlantic Bancorp — consolidated results from continuing operations
• | Income from continuing operations of $17.3 million vs. $7.8 million, an increase of 122%. Excluding the effects of the cost of early redemption of debt in the 2003 quarter, operating income of $17.3 million compares to $13.6 million, an increase of 27%. | |||
• | Diluted operating earnings per share of $0.27 vs. $0.22, an increase of 23%. | |||
• | Operating return on tangible equity was 18.34% vs. 17.20%. | |||
• | Book value per share rose to $7.81. |
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BankAtlantic:
• | Business segment operating income was $16.8 million vs. $13.6 million, an increase of 24%. | |||
• | Return on average tangible assets was 1.22%. | |||
• | Return on average tangible equity was 15.27%. | |||
• | Non-interest income was $23.0 million vs. $16.9 million, an increase of 36%. | |||
• | Non-interest expense grew to $51.7 million vs. $45.5 million, an increase of 14%. |
Ryan Beck & Co.:
• | Business segment operating income decreased to $1.2 million vs. $4.0 million. | |||
• | Return on average tangible equity was 5.96% vs. 22.85%. | |||
• | Total operating revenues decreased to $55.9 million vs. $59.3 million. | |||
• | Revenue from principal transactions was $24.9 million vs. $25.3 million. | |||
• | Investment banking revenue decreased to $3.8 million vs. $7.3 million. | |||
• | Commission income was essentially unchanged at $23.1 million vs. $23.0 million. |
Year-End 2004 Compared to Year-End 2003
BankAtlantic Bancorp — consolidated results from continuing operations
• | Income from continuing operations was $70.8 million vs. $38.6 million. Excluding the effect of a litigation settlement and costs associated with the early redemption of debt, operating net income would have been $63.6 million vs. $46.8 million, an increase of 36%. | |||
• | Diluted earnings per share from continuing operations were $1.11 vs. $0.62, an increase of 79%. Excluding the litigation settlement and debt redemption, operating earnings per share would have been $1.00 vs. $0.75, an increase of 33%. | |||
• | Return from continuing operations on average tangible equity was 20.01% vs. 9.49%. Excluding the non-recurring items, the return on average tangible equity was 17.99% vs. 15.67%. |
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BankAtlantic:
• | Business segment net income of $48.5 million vs. $42.1 million. The year 2004 includes a $7.6 million after-tax expense related to the prepayment of “high cost” FHLB advances vs. $7.1 million in 2003. Excluding these expenses, operating income would have been $56.2 million vs. $49.2 million. | |||
• | Return on average tangible assets was 0.98% vs. 0.86%. Excluding the prepayment expenses, the return on tangible assets was 1.14% for the current year. | |||
• | Return on tangible equity was 11.47% vs. 10.91%. Excluding the prepayment expenses, the return on tangible equity was 13.27% for the current year. | |||
• | Non-interest income was $85.7 million vs. $70.7 million, an increase of 21%. | |||
• | Non-interest expense grew to $193.6 million vs. $161.6 million. Included in the current period is an $11.7 million expense associated with the prepayment of FHLB Advances vs. $10.9 million in 2003. Excluding the prepayment charges, expenses increased 21%. |
Ryan Beck & Co.:
• | Business segment net income from continuing operations increased to $17.5 million vs. $9.6 million, an increase of 82%. | |||
• | Return on average tangible equity from continuing operations was 22.03% vs. 16.38%. | |||
• | Total operating revenue increased to $243.2 million vs. $221.4 million, an increase of 10%. |
- — - — - — - — - — -
BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Wednesday, January 26, 2005, at 11:00 a.m. Eastern Time.
Teleconference Call Information:
To access the teleconference call in the U.S. and Canada, the toll free number to call is 1-800-968-8156. International calls may be placed to 706-634-5752. Domestic and international callers may reference PIN number3223594.
A replay of the conference call will be available beginning two hours after the call’s completion through 5:00 p.m. Eastern Time, Friday, February 25, 2005. To access the replay option in the U.S. and
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Canada, the toll free number to call is 1-800-642-1687. International calls for the replay may be placed at 706-645-9291. The replay digital PIN number for both domestic and international calls is3223594.
Webcast Information:
Alternatively, individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the live and/or archived webcast of the teleconference call, visit www.BankAtlanticBancorp.com, access the “Investor Relations” section and click on the “Webcast” navigation link. The archive of the teleconference call will be available through 5:00 p.m. Eastern Time, Friday, February 25, 2005.
BankAtlantic Bancorp’s fourth quarter and full year, 2004, earnings results press release and financial summary, as well as the Supplemental Financials (a detailed summary of significant financial events and extensive business segment financial data), will be available on its website at: www.BankAtlanticBancorp.com.
• | To view the press release and financial summary, access the “Investor Relations” section and click on the “Quarterly Financials” navigation link. | |||
• | To view the Supplemental Financials, access the “Investor Relations” section and click on the “Supplemental Financials” navigation link. |
About BankAtlantic Bancorp:
BankAtlantic Bancorp(NYSE: BBX) is a diversified financial services holding company and the parent company of BankAtlantic and Ryan Beck & Co. Through these subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking.
About BankAtlantic:
BankAtlantic,“Florida’s Most Convenient Bank,” is one of the largest financial institutions headquartered in Florida and provides a comprehensive offering of banking services and products via its broad network of community branches throughout Florida and its online banking division — BankAtlantic.com. BankAtlantic has 74 branch locations and operates more than 200 conveniently located ATMs. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours including a Miami-Dade branch open until midnight, free online banking, Totally Free Change Exchange coin counters, 24/7 call center service and free retail and business checking with a free gift.
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About Ryan Beck & Co.:
Founded in 1946, Ryan Beck & Co., Inc. provides financial advice and innovative solutions to individuals, institutions and corporate clients through the activities of approximately 1,100 employees in 39 offices located in 14 states. For individual investors, the firm’s Private Client Group provides a full range of financial services, including investment consulting, retirement plans, insurance and investment advisory services. Institutional clients benefit from the market making, underwriting and distribution activities of the firm’s experienced Capital Markets Group, which encompasses equity and fixed income trading, fixed income products, institutional sales and research. Through its Investment Banking Groups, Ryan Beck provides assistance in the capital formation process and financial advisory services to corporate clients, primarily financial institutions and middle market companies.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
www.RyanBeck.com
* To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website:www.BankAtlanticBancorp.com.
BankAtlantic Bancorp Contact Info:
Investor Relations & Corporate Communications:
Donna Rouzeau, Assistant Vice President
Phone: (954) 760-5317, Fax: (954) 760-5415
Email:CorpComm@BankAtlanticBancorp.com
Investor Relations:
Leo Hinkley, Senior Vice President
Phone: (954) 760-5317, Fax: (954) 760-5415
Email:InvestorRelations@BankAtlanticBancorp.com.
Mailing Address: BankAtlantic Bancorp, Investor Relations, 1750 East Sunrise Blvd., Fort Lauderdale, FL 33304
BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Public Relations:
Hattie Harvey, Vice President, Public Relations
Telephone: (954) 760-5383, Fax: (954) 760-5388, Email:hharvey@BankAtlantic.com.
Public Relations for BankAtlantic:
Boardroom Communications
Caren Berg
Phone: (954) 370-8999, Fax: (954) 370-8892, Email:caren@boardroompr.com
# # #
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Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. When used in this press release and in any documents incorporated by reference herein, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (“the Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services; credit risks and loan losses, and the related sufficiency of the allowance for loan losses; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the banks net interest margin; adverse conditions in the stock market, the public debt market and other capital markets and the impact of such conditions on our activities and the value of our assets; BankAtlantic’s seven-day banking initiative and other growth initiatives not being successful or producing results which do not justify their costs; the impact of periodic testing of goodwill and other intangible assets for impairment; achieving the benefits of the prepayment of the Federal Home Loan Bank advances; as well as the costs related to the correction of compliance deficiencies associated with the USA Patriot Act, anti-money laundering laws and the Bank Secrecy Act, and whether or to what extent monetary or other penalties relating to these compliance deficiencies will be imposed on the Company by regulators or other federal agencies. Estimates and new account opening assumptions are based largely on the application of deposit growth trend lines from prior periods and conjecture relating to the impact of hurricanes which affected Florida during the period. The results or performance derived or implied, directly or indirectly from the estimates and assumptions, are based on our beliefs and may not be accurate. Past performance, actual or estimated new account openings and growth rates, may not be indicative of future results. Further, this press release contains forward-looking statements with respect to Ryan Beck & Co., which are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with its operations, products and services, changes in economic or
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regulatory policies, its ability to recruit and retain financial consultants, the volatility of the stock market and fixed income markets, as well as its revenue mix, the success of new lines of business; and additional risks and uncertainties that are subject to change and may be outside of Ryan Beck’s control. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive.
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BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
(in thousands except share data and ratios) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Net income (GAAP basis) | $ | 17,293 | 14,691 | 18,260 | 20,524 | 17,642 | 70,768 | 67,717 | ||||||||||||||||||||||||
Income from continuing operations (GAAP basis) | (note 1) | $ | 17,293 | 14,691 | 18,260 | 20,524 | 7,826 | 70,768 | 38,597 | |||||||||||||||||||||||
Operating net income | (note 2) | $ | 17,293 | 14,691 | 18,260 | 13,371 | 13,582 | 63,615 | 46,750 | |||||||||||||||||||||||
Average Common Shares Outstanding: | ||||||||||||||||||||||||||||||||
Basic | 59,826,903 | 59,687,354 | 59,343,940 | 59,257,270 | 58,891,273 | 59,525,532 | 58,509,894 | |||||||||||||||||||||||||
Diluted | 63,155,527 | 63,109,757 | 62,807,683 | 63,193,034 | 61,852,217 | 63,056,435 | 62,354,430 | |||||||||||||||||||||||||
Key Performance Ratios (GAAP basis): | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.29 | 0.25 | 0.31 | 0.35 | 0.30 | 1.19 | 1.16 | ||||||||||||||||||||||||
Diluted earnings per share * | $ | 0.27 | 0.23 | 0.29 | 0.32 | 0.28 | 1.11 | 1.08 | ||||||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 0.29 | 0.25 | 0.31 | 0.35 | 0.13 | 1.19 | 0.66 | ||||||||||||||||||||||||
Diluted earnings per share from continuing operations * | $ | 0.27 | 0.23 | 0.29 | 0.32 | 0.12 | 1.11 | 0.62 | ||||||||||||||||||||||||
Return on average tangible assets from cont ops | (note 3) | % | 1.19 | 1.09 | 1.48 | 1.75 | 0.61 | 1.36 | 0.71 | |||||||||||||||||||||||
Return on average tangible equity from cont ops | (note 3) | % | 18.34 | 16.18 | 21.18 | 24.97 | 7.23 | 20.01 | 9.49 | |||||||||||||||||||||||
Key Performance Ratios (Operating basis): | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.29 | 0.25 | 0.31 | 0.23 | 0.23 | 1.07 | 0.80 | ||||||||||||||||||||||||
Diluted earnings per share * | $ | 0.27 | 0.23 | 0.29 | 0.21 | 0.22 | 1.00 | 0.75 | ||||||||||||||||||||||||
Return on average tangible assets | (note 3,4) | % | 1.19 | 1.09 | 1.48 | 1.14 | 1.14 | 1.22 | 0.92 | |||||||||||||||||||||||
Return on average tangible equity | (note 3,4) | % | 18.34 | 16.18 | 21.18 | 16.27 | 17.20 | 17.99 | 15.67 | |||||||||||||||||||||||
* Diluted earnings per share calculation adds back (deducts): | ||||||||||||||||||||||||||||||||
Interest expense net of tax on convertible securities, if dilutive | $ | — | — | — | — | — | — | 569 | ||||||||||||||||||||||||
Subsidiaries stock options, if dilutive | $ | (51 | ) | (152 | ) | (273 | ) | (192 | ) | (104 | ) | (668 | ) | (251 | ) | |||||||||||||||||
Average Balance Sheet Data: | ||||||||||||||||||||||||||||||||
Assets | $ | 5,876,726 | 5,477,966 | 5,022,805 | 4,791,753 | 5,221,228 | 5,294,423 | 5,522,121 | ||||||||||||||||||||||||
Tangible assets | (note 3) | $ | 5,789,562 | 5,390,375 | 4,934,771 | 4,703,305 | 5,132,341 | 5,206,616 | 5,431,901 | |||||||||||||||||||||||
Tangible assets excluding Levitt | (note 3) | $ | 5,789,562 | 5,390,375 | 4,934,771 | 4,703,305 | 4,751,321 | 5,206,616 | 5,090,898 | |||||||||||||||||||||||
Loans | $ | 4,359,145 | 4,031,782 | 3,777,452 | 3,730,782 | 3,698,377 | 3,975,997 | 3,814,857 | ||||||||||||||||||||||||
Investments | $ | 1,075,602 | 1,017,614 | 818,812 | 668,269 | 773,271 | 895,907 | 972,389 | ||||||||||||||||||||||||
Deposits and escrows | $ | 3,370,960 | 3,283,134 | 3,205,328 | 3,064,750 | 3,032,170 | 3,231,568 | 2,940,624 | ||||||||||||||||||||||||
Stockholders’ equity | $ | 468,087 | 451,824 | 435,852 | 423,482 | 521,393 | 444,901 | 492,500 | ||||||||||||||||||||||||
Tangible stockholders’ equity | (note 3) | $ | 377,267 | 363,168 | 344,832 | 328,714 | 433,103 | 353,593 | 406,837 | |||||||||||||||||||||||
Tangible stockholders’ equity excluding Levitt | (note 3) | $ | 377,267 | 363,168 | 344,832 | 328,714 | 315,808 | 353,593 | 298,367 |
Notes:
(1) | GAAP basis income from continuing operations is defined as income from continuing operations in accordance with generally accepted accounting principles. | |
(2) | Operating net income is defined as GAAP income from continuing operations adjusted for revenue from a litigation settlement and costs associated with debt redemptions, net of tax. | |
(3) | Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total stockholders’ equity less average goodwill, core deposit intangibles and other comprehensive income. | |
(4) | Return on average tangible assets and equity are calculated excluding for comparability the assets and equity of Levitt Corporation, which was spun-off to the Company’s shareholders on December 31, 2003. | |
** | 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) | 12/31/2004 | 12/31/2003 | ||||||
ASSETS | ||||||||
Cash and due from depository institutions | $ | 118,967 | 119,882 | |||||
Short term investments | 16,093 | — | ||||||
Securities available for sale (at fair value) | 747,160 | 358,511 | ||||||
Securities owned (at fair value) | 125,443 | 124,565 | ||||||
Investment securities and tax certificates (approximate fair value: $306,435 and $192,706) | 307,438 | 192,706 | ||||||
Loans receivable, net of allowance for loan losses of $46,010 and $45,595 | 4,599,048 | 3,686,153 | ||||||
Federal Home Loan Bank stock, at cost which approximates fair value | 78,619 | 40,325 | ||||||
Accrued interest receivable | 35,982 | 27,866 | ||||||
Real estate held for development and sale | 27,692 | 21,803 | ||||||
Investments and advances in unconsolidated subsidiaries | 7,910 | 7,910 | ||||||
Office properties and equipment, net | 129,790 | 93,577 | ||||||
Deferred tax asset, net | 20,269 | 22,999 | ||||||
Goodwill | 76,674 | 76,674 | ||||||
Core deposit intangible asset | 10,270 | 11,985 | ||||||
Due from clearing agent | 16,619 | — | ||||||
Other assets | 38,803 | 46,593 | ||||||
Total assets | $ | 6,356,777 | 4,831,549 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Deposits | ||||||||
Interest free checking | $ | 890,398 | 645,036 | |||||
NOW accounts | 658,137 | 533,888 | ||||||
Savings accounts | 270,001 | 208,966 | ||||||
Insured money fund savings | 875,422 | 865,590 | ||||||
Certificate accounts | 763,244 | 804,662 | ||||||
Total deposits | 3,457,202 | 3,058,142 | ||||||
Advances from FHLB | 1,544,497 | 782,205 | ||||||
Securities sold under agreements to repurchase | 296,643 | 138,809 | ||||||
Federal funds purchased | 105,000 | — | ||||||
Subordinated debentures, notes and bonds payable | 37,741 | 36,595 | ||||||
Junior subordinated debentures | 263,266 | 263,266 | ||||||
Securities sold not yet purchased | 39,462 | 37,813 | ||||||
Due to clearing agent | — | 8,583 | ||||||
Other liabilities | 143,701 | 92,684 | ||||||
Total liabilities | 5,887,512 | 4,418,097 | ||||||
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 55,214,225 and 54,396,824 shares | 552 | 544 | ||||||
Class B common stock, $.01 par value, authorized 45,000,000 shares; issued and outstanding 4,876,124 and 4,876,124 shares | 49 | 49 | ||||||
Additional paid-in capital | 259,702 | 259,770 | ||||||
Unearned compensation — restricted stock grants | (1,001 | ) | (1,178 | ) | ||||
Retained earnings | 210,955 | 148,311 | ||||||
Total stockholders’ equity before accumulated other comprehensive income | 470,257 | 407,496 | ||||||
Accumulated other comprehensive income (loss) | (992 | ) | 5,956 | |||||
Total stockholders’ equity | 469,265 | 413,452 | ||||||
Total liabilities and stockholders’ equity | $ | 6,356,777 | 4,831,549 | |||||
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
(in thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 60,088 | 52,661 | 48,034 | 48,936 | 49,647 | 209,719 | 207,446 | ||||||||||||||||||||||||
Interest on securities available for sale | 4,905 | 4,974 | 4,584 | 3,620 | 3,372 | 18,083 | 24,313 | |||||||||||||||||||||||||
Interest on tax exempt securities | 2,076 | 1,329 | 610 | 33 | — | 4,048 | — | |||||||||||||||||||||||||
Interest and dividends on investments and securities owned | 7,377 | 7,409 | 6,879 | 7,040 | 7,833 | 28,705 | 30,090 | |||||||||||||||||||||||||
Total interest income | 74,446 | 66,373 | 60,107 | 59,629 | 60,852 | 260,555 | 261,849 | |||||||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||
Interest on deposits | 7,534 | 7,060 | 6,788 | 6,973 | 7,504 | 28,355 | 36,189 | |||||||||||||||||||||||||
Interest on advances from FHLB | 11,458 | 9,364 | 7,769 | 9,098 | 11,667 | 37,689 | 57,299 | |||||||||||||||||||||||||
Interest on short-term borrowed funds | 1,356 | 953 | 632 | 250 | 289 | 3,191 | 2,914 | |||||||||||||||||||||||||
Interest on long-term debt | 5,112 | 5,034 | 4,912 | 4,827 | 5,399 | 19,885 | 18,008 | |||||||||||||||||||||||||
Capitalized interest on real estate developments | (390 | ) | (355 | ) | (346 | ) | (307 | ) | (312 | ) | (1,398 | ) | (1,193 | ) | ||||||||||||||||||
Total interest expense | 25,070 | 22,056 | 19,755 | 20,841 | 24,547 | 87,722 | 113,217 | |||||||||||||||||||||||||
NET INTEREST INCOME | 49,376 | 44,317 | 40,352 | 38,788 | 36,305 | 172,833 | 148,632 | |||||||||||||||||||||||||
Provision (recovery) for loan losses | (4,004 | ) | 1,717 | (1,963 | ) | (859 | ) | (1,811 | ) | (5,109 | ) | (547 | ) | |||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION | 53,380 | 42,600 | 42,315 | 39,647 | 38,116 | 177,942 | 149,179 | |||||||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||||||||||
Service charges on deposits | 13,637 | 13,493 | 13,028 | 11,277 | 11,481 | 51,435 | 40,569 | |||||||||||||||||||||||||
Other service charges and fees | 6,733 | 5,819 | 6,431 | 4,637 | 4,704 | 23,620 | 19,318 | |||||||||||||||||||||||||
Broker/dealer revenue and other commissions | 51,787 | 51,792 | 61,925 | 62,445 | 55,566 | 227,949 | 207,788 | |||||||||||||||||||||||||
Securities activities, net | 3,653 | 2 | 3 | 72 | (1,582 | ) | 3,730 | (1,553 | ) | |||||||||||||||||||||||
Litigation settlement | — | — | — | 22,840 | — | 22,840 | — | |||||||||||||||||||||||||
Gain on sales of loans | 152 | 86 | 116 | 129 | 108 | 483 | 122 | |||||||||||||||||||||||||
Income from real estate operations | 517 | 900 | 683 | 305 | 354 | 2,405 | 5,642 | |||||||||||||||||||||||||
Income from unconsolidated subsidiaries | 126 | 123 | 118 | 118 | 119 | 485 | 425 | |||||||||||||||||||||||||
Other | 3,300 | 2,959 | 3,041 | 2,542 | 2,492 | 11,842 | 9,403 | |||||||||||||||||||||||||
Total non-interest income | 79,905 | 75,174 | 85,345 | 104,365 | 73,242 | 344,789 | 281,714 | |||||||||||||||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||||||||||||||||||
Employee compensation and benefits | 65,354 | 58,992 | 63,538 | 67,180 | 56,795 | 255,064 | 226,940 | |||||||||||||||||||||||||
Occupancy and equipment | 14,753 | 11,782 | 11,236 | 10,375 | 10,522 | 48,146 | 40,036 | |||||||||||||||||||||||||
Advertising and promotion | 5,955 | 4,757 | 5,630 | 4,694 | 3,110 | 21,036 | 12,724 | |||||||||||||||||||||||||
Professional fees | 6,398 | 4,356 | 2,610 | 2,737 | 5,243 | 16,101 | 16,311 | |||||||||||||||||||||||||
Communications | 3,301 | 3,182 | 2,916 | 3,128 | 2,917 | 12,527 | 13,783 | |||||||||||||||||||||||||
Floor broker and clearing fees | 2,452 | 2,143 | 2,438 | 2,802 | 2,506 | 9,835 | 9,227 | |||||||||||||||||||||||||
Cost associated with debt redemption | — | — | — | 11,741 | 8,855 | 11,741 | 12,543 | |||||||||||||||||||||||||
Other | 9,307 | 9,405 | 9,534 | 9,357 | 7,391 | 37,603 | 37,308 | |||||||||||||||||||||||||
Total non-interest expenses | 107,520 | 94,617 | 97,902 | 112,014 | 97,339 | 412,053 | 368,872 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 25,765 | 23,157 | 29,758 | 31,998 | 14,019 | 110,678 | 62,021 | |||||||||||||||||||||||||
Provision for income taxes | 8,472 | 8,466 | 11,498 | 11,474 | 6,193 | 39,910 | 23,424 | |||||||||||||||||||||||||
Income from continuing operations | 17,293 | 14,691 | 18,260 | 20,524 | 7,826 | 70,768 | 38,597 | |||||||||||||||||||||||||
Discontinued operations, net of tax * | — | — | — | — | 9,816 | — | 29,120 | |||||||||||||||||||||||||
GAAP net income(note 1) | $ | 17,293 | 14,691 | 18,260 | 20,524 | 17,642 | 70,768 | 67,717 | ||||||||||||||||||||||||
Reconciliation of Operating and GAAP Income from continuing operations | ||||||||||||||||||||||||||||||||
GAAP income from continuing operations | $ | 17,293 | 14,691 | 18,260 | 20,524 | 7,826 | 70,768 | 38,597 | ||||||||||||||||||||||||
Costs associated with debt redemption | — | — | — | 7,632 | 5,756 | 7,632 | 8,153 | |||||||||||||||||||||||||
Litigation settlement | — | — | — | (14,785 | ) | — | (14,785 | ) | — | |||||||||||||||||||||||
Operating net income(note 2) | $ | 17,293 | 14,691 | 18,260 | 13,371 | 13,582 | 63,615 | 46,750 | ||||||||||||||||||||||||
• Primarily Levitt Corporation.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended | ||||||||||||||||||||
(in thousands except percentages and per share data) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | |||||||||||||||
Gross loans: | ||||||||||||||||||||
Residential real estate | $ | 1,812,018 | 1,583,353 | 1,386,482 | 1,326,061 | 1,403,686 | ||||||||||||||
Commercial real estate | 1,743,952 | 1,670,928 | 1,650,763 | 1,701,012 | 1,660,004 | |||||||||||||||
Consumer | 467,716 | 438,205 | 403,824 | 374,222 | 341,246 | |||||||||||||||
Lease financing | 8,219 | 9,738 | 11,526 | 13,642 | 16,293 | |||||||||||||||
Commercial business | 136,391 | 142,022 | 142,686 | 141,955 | 111,705 | |||||||||||||||
Small business | 190,849 | 187,536 | 182,171 | 173,890 | 165,443 | |||||||||||||||
Total Loans | 4,359,145 | 4,031,782 | 3,777,452 | 3,730,782 | 3,698,377 | |||||||||||||||
Investments — taxable | 823,903 | 845,286 | 745,854 | 664,907 | 773,271 | |||||||||||||||
Investments — tax exempt | 251,699 | 172,328 | 72,958 | 3,362 | — | |||||||||||||||
Total interest earning assets | 5,434,747 | 5,049,396 | 4,596,264 | 4,399,051 | 4,471,648 | |||||||||||||||
Goodwill and core deposit intangibles | 87,164 | 87,591 | 88,034 | 88,448 | 88,887 | |||||||||||||||
Other non-interest earning assets | 354,815 | 340,979 | 338,507 | 304,254 | 660,693 | |||||||||||||||
Total assets | $ | 5,876,726 | 5,477,966 | 5,022,805 | 4,791,753 | 5,221,228 | ||||||||||||||
Tangible assets (note 3) | $ | 5,789,562 | 5,390,375 | 4,934,771 | 4,703,305 | 5,132,341 | ||||||||||||||
Deposits: | ||||||||||||||||||||
Savings | $ | 262,549 | 250,286 | 242,506 | 220,005 | 205,564 | ||||||||||||||
NOW | 622,308 | 590,787 | 586,259 | 543,619 | 507,876 | |||||||||||||||
Money funds | 903,602 | 931,596 | 912,065 | 866,767 | 879,095 | |||||||||||||||
Certificates of deposit | 736,704 | 718,826 | 709,523 | 769,949 | 815,454 | |||||||||||||||
Total interest bearing deposits | 2,525,163 | 2,491,495 | 2,450,353 | 2,400,340 | 2,407,989 | |||||||||||||||
Short-term borrowed funds | 266,840 | 283,011 | 269,423 | 128,130 | 131,095 | |||||||||||||||
FHLB advances | 1,339,051 | 1,036,651 | 696,661 | 760,973 | 937,888 | |||||||||||||||
Long-term debt | 299,741 | 299,596 | 299,931 | 299,878 | 413,154 | |||||||||||||||
Total interest bearing liabilities | 4,430,795 | 4,110,753 | 3,716,368 | 3,589,321 | 3,890,126 | |||||||||||||||
Non-interest bearing deposits | 845,797 | 791,639 | 754,975 | 664,410 | 624,181 | |||||||||||||||
Non-interest bearing other liabilities | 132,047 | 123,750 | 115,610 | 114,540 | 185,528 | |||||||||||||||
Total liabilities | 5,408,639 | 5,026,142 | 4,586,953 | 4,368,271 | 4,699,835 | |||||||||||||||
Stockholders’ equity | 468,087 | 451,824 | 435,852 | 423,482 | 521,393 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,876,726 | 5,477,966 | 5,022,805 | 4,791,753 | 5,221,228 | ||||||||||||||
Other comprehensive income (loss) in stockholders’ equity | $ | 3,656 | 1,065 | 2,986 | 6,320 | (597 | ) | |||||||||||||
Tangible stockholders’ equity (note 3) | $ | 377,267 | 363,168 | 344,832 | 328,714 | 433,103 | ||||||||||||||
Period End | ||||||||||||||||||||
Total loans, net | $ | 4,599,048 | 4,176,571 | 3,899,099 | 3,674,173 | 3,686,153 | ||||||||||||||
Total assets | 6,356,777 | 5,678,612 | 5,428,378 | 4,750,483 | 4,831,549 | |||||||||||||||
Total stockholders’ equity | 469,265 | 459,489 | 440,334 | 429,577 | 413,452 | |||||||||||||||
Common shares outstanding | 60,090,349 | 59,874,084 | 59,779,407 | 59,207,954 | 59,272,948 | |||||||||||||||
Cash dividends | 2,103,164 | 2,095,600 | 1,972,775 | 1,953,863 | 1,956,008 | |||||||||||||||
Common stock cash dividends per share | 0.035 | 0.035 | 0.033 | 0.033 | 0.033 | |||||||||||||||
Closing stock price (1) | 19.90 | 18.32 | 18.45 | 16.96 | 14.02 | |||||||||||||||
High stock price for the quarter (1) | 20.08 | 19.25 | 18.53 | 19.00 | 14.58 | |||||||||||||||
Low stock price for the quarter (1) | 16.06 | 17.40 | 14.37 | 13.70 | 10.44 | |||||||||||||||
Book value per share — historical | 7.81 | 7.67 | 7.37 | 7.26 | 6.98 |
(1) adjusted to reflect the Levitt spin-off.
Bank Operations Business Segment
Condensed Statements of Operations (Unaudited)
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||
(In thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||
Net interest income | $ | 50,339 | 45,380 | 41,344 | 39,795 | 37,326 | 176,858 | 154,100 | ||||||||||||||||||||
Provision (recovery) for loan losses | (4,004 | ) | 1,717 | (1,963 | ) | (859 | ) | (1,811 | ) | (5,109 | ) | (547 | ) | |||||||||||||||
Net Interest income after provision for loan losses | 54,343 | 43,663 | 43,307 | 40,654 | 39,137 | 181,967 | 154,647 | |||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||
Service charges on deposits | 13,637 | 13,493 | 13,028 | 11,277 | 11,481 | 51,435 | 40,569 | |||||||||||||||||||||
Other service charges and fees | 6,733 | 5,819 | 6,431 | 4,637 | 4,704 | 23,620 | 19,318 | |||||||||||||||||||||
Securities gains (losses) | 40 | — | — | (3 | ) | (1,582 | ) | 37 | (1,957 | ) | ||||||||||||||||||
Gain on sales of loans | 152 | 86 | 116 | 129 | 108 | 483 | 122 | |||||||||||||||||||||
Income from real estate operations | 517 | 900 | 683 | 305 | 354 | 2,405 | 5,642 | |||||||||||||||||||||
Other non-interest income | 1,924 | 2,034 | 1,911 | 1,875 | 1,858 | 7,744 | 6,992 | |||||||||||||||||||||
Total non-interest income | 23,003 | 22,332 | 22,169 | 18,220 | 16,923 | 85,724 | 70,686 | |||||||||||||||||||||
Non-interest expense | ||||||||||||||||||||||||||||
Employee compensation and benefits | 25,136 | 23,128 | 22,498 | 22,392 | 20,171 | 93,154 | 79,492 | |||||||||||||||||||||
Occupancy and equipment | 9,658 | 8,100 | 7,809 | 7,146 | 7,092 | 32,713 | 27,329 | |||||||||||||||||||||
Advertising | 5,087 | 3,301 | 4,161 | 3,463 | 2,517 | 16,012 | 9,434 | |||||||||||||||||||||
Professional fees | 4,366 | 3,312 | 807 | 1,258 | 1,129 | 9,743 | 4,390 | |||||||||||||||||||||
Cost associated with debt redemption | — | — | — | 11,741 | 8,855 | 11,741 | 10,895 | |||||||||||||||||||||
Other | 7,417 | 7,689 | 7,658 | 7,495 | 5,702 | 30,259 | 30,075 | |||||||||||||||||||||
Total non-interest expense | 51,664 | 45,530 | 42,933 | 53,495 | 45,466 | 193,622 | 161,615 | |||||||||||||||||||||
Income from bank operations business segment before income taxes | 25,682 | 20,465 | 22,543 | 5,379 | 10,594 | 74,069 | 63,718 | |||||||||||||||||||||
Provision for income taxes | 8,870 | 6,866 | 8,134 | 1,659 | 2,780 | 25,529 | 21,589 | |||||||||||||||||||||
Net income from bank operations business segment | $ | 16,812 | 13,599 | 14,409 | 3,720 | 7,814 | 48,540 | 42,129 | ||||||||||||||||||||
Reconciliation of Operating and business segment net income | ||||||||||||||||||||||||||||
Business segment income | $ | 16,812 | 13,599 | 14,409 | 3,720 | 7,814 | 48,540 | 42,129 | ||||||||||||||||||||
Cost associated with debt redemption | — | — | — | 7,632 | 5,756 | 7,632 | 7,082 | |||||||||||||||||||||
Operating net income | $ | 16,812 | 13,599 | 14,409 | 11,352 | 13,570 | 56,172 | 49,211 | ||||||||||||||||||||
Bank Operations Business Segment
Condensed Statements of Condition and Statistics (Unaudited)
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||
(in thousands except percentages and per share data) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||
Statistics: | ||||||||||||||||||||||||||||
Average total interest earning assets | $ | 5,225,840 | 4,843,628 | 4,422,181 | 4,220,559 | 4,381,497 | 4,680,006 | 4,662,820 | ||||||||||||||||||||
Average total interest bearing liabilities | $ | 4,172,665 | 3,851,388 | 3,483,903 | 3,347,890 | 3,554,854 | 3,715,591 | 3,905,383 | ||||||||||||||||||||
GAAP efficiency ratio | 70.44 | % | 67.24 | 67.60 | 92.21 | 83.81 | 73.74 | 71.90 | ||||||||||||||||||||
GAAP return on average assets | 1.21 | % | 1.05 | 1.21 | 0.33 | 0.66 | 0.97 | 0.84 | ||||||||||||||||||||
GAAP return on average equity | 12.96 | % | 10.76 | 11.72 | 3.00 | 6.42 | 9.64 | 8.87 | ||||||||||||||||||||
Operating efficiency ratio (1) | 70.44 | % | 67.24 | 67.60 | 71.97 | 67.49 | 69.27 | 67.05 | ||||||||||||||||||||
Operating return on average assets (1) | 1.21 | % | 1.05 | 1.21 | 1.00 | 1.15 | 1.12 | 0.99 | ||||||||||||||||||||
Operating return on average equity (1) | 12.96 | % | 10.76 | 11.72 | 9.15 | 11.15 | 11.16 | 10.36 | ||||||||||||||||||||
Net interest margin | 3.91 | % | 3.78 | 3.73 | 3.73 | 3.39 | 3.79 | 3.28 | ||||||||||||||||||||
Yield on earning assets | 5.50 | % | 5.25 | 5.16 | 5.34 | 5.20 | 5.32 | 5.39 | ||||||||||||||||||||
Cost of interest-bearing liabilitie | 1.99 | % | 1.85 | 1.82 | 2.02 | 2.24 | 1.92 | 2.52 | ||||||||||||||||||||
Interest spread | 3.51 | % | 3.40 | 3.34 | 3.32 | 2.96 | 3.40 | 2.87 |
(1) Ratios have been adjusted to exclude costs associated with debt redemptions.
Condensed Statements of Financial Condition (Unaudited)
As of | ||||||||||||||||||||
(In thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Loans receivable | $ | 4,554,952 | 4,132,133 | 3,852,549 | 3,621,787 | 3,630,682 | ||||||||||||||
Held to maturity securities | 378,912 | 215,420 | 236,400 | 167,615 | 231,231 | |||||||||||||||
Available for sale securities | 700,642 | 648,043 | 639,581 | 338,639 | 339,362 | |||||||||||||||
Goodwill | 70,489 | 70,489 | 70,489 | 70,489 | 70,489 | |||||||||||||||
Core deposit intangible asset | 10,270 | 10,695 | 11,121 | 11,546 | 11,985 | |||||||||||||||
Other assets | 329,723 | 308,894 | 312,583 | 284,703 | 283,101 | |||||||||||||||
Total assets | $ | 6,044,988 | 5,385,674 | 5,122,723 | 4,494,779 | 4,566,850 | ||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Interest free checking | $ | 890,919 | 782,677 | 787,945 | 748,533 | 645,325 | ||||||||||||||
NOW accounts | 658,137 | 590,051 | 584,658 | 567,498 | 533,888 | |||||||||||||||
Savings accounts | 270,001 | 252,408 | 251,218 | 233,832 | 208,966 | |||||||||||||||
Total low costs deposits | 1,819,057 | 1,625,136 | 1,623,821 | 1,549,863 | 1,388,179 | |||||||||||||||
Insured money fund savings | 875,422 | 893,315 | 906,865 | 870,447 | 865,590 | |||||||||||||||
Certificate accounts | 763,244 | 724,601 | 719,545 | 723,256 | 804,662 | |||||||||||||||
Total deposits | 3,457,723 | 3,243,052 | 3,250,231 | 3,143,566 | 3,058,431 | |||||||||||||||
Advances from Federal Home Loan Bank | 1,544,497 | 1,249,112 | 883,727 | 591,466 | 782,205 | |||||||||||||||
Short term borrowings | 407,841 | 293,562 | 401,459 | 191,469 | 161,597 | |||||||||||||||
Long term debt | 37,641 | 36,680 | 36,295 | 36,582 | 35,334 | |||||||||||||||
Other liabilities | 80,410 | 52,749 | 55,020 | 42,243 | 39,427 | |||||||||||||||
Total liabilities | 5,528,112 | 4,875,155 | 4,626,732 | 4,005,326 | 4,076,994 | |||||||||||||||
Stockholder’s equity | 516,876 | 510,519 | 495,991 | 489,453 | 489,856 | |||||||||||||||
Total liabilities and stockholder’s equity | $ | 6,044,988 | 5,385,674 | 5,122,723 | 4,494,779 | 4,566,850 | ||||||||||||||
Bank Operations Business Segment
Average Balance Sheet — Yield / Rate Analysis
For the Three Months Ended | ||||||||||||||||||||||||
December 31, 2004 | December 31, 2003 | |||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | |||||||||||||||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential real estate | $ | 1,812,018 | 22,400 | 4.94 | % | $ | 1,403,686 | 16,206 | 4.62 | % | ||||||||||||||
Commercial real estate | 1,737,518 | 26,483 | 6.10 | 1,687,645 | 23,916 | 5.67 | ||||||||||||||||||
Consumer | 467,716 | 5,384 | 4.60 | 341,246 | 3,641 | 4.27 | ||||||||||||||||||
Lease financing | 8,219 | 192 | 9.34 | 16,293 | 471 | 11.56 | ||||||||||||||||||
Commercial business | 98,391 | 1,698 | 6.90 | 111,232 | 1,547 | 5.56 | ||||||||||||||||||
Small business | 190,849 | 3,438 | 7.21 | 165,443 | 3,062 | 7.40 | ||||||||||||||||||
Total loans | 4,314,711 | 59,595 | 5.52 | 3,725,545 | 48,843 | 5.24 | ||||||||||||||||||
Investments — tax exempt | 221,247 | 3,051 | (1) | 5.52 | — | — | — | |||||||||||||||||
Investments — taxable | 689,882 | 9,242 | 5.36 | 655,952 | 8,160 | 4.98 | ||||||||||||||||||
Total interest earning assets | 5,225,840 | 71,888 | 5.50 | % | 4,381,497 | 57,003 | 5.20 | % | ||||||||||||||||
Goodwill and core deposit intangibles | 80,979 | 82,702 | ||||||||||||||||||||||
Other non-interest earning assets | 266,665 | 236,647 | ||||||||||||||||||||||
Total Assets | $ | 5,573,484 | $ | 4,700,846 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Savings | $ | 262,549 | 179 | 0.27 | % | $ | 205,564 | 135 | 0.26 | % | ||||||||||||||
NOW | 622,308 | 582 | 0.37 | 507,875 | 465 | 0.36 | ||||||||||||||||||
Money funds | 903,602 | 2,423 | 1.07 | 879,095 | 1,924 | 0.87 | ||||||||||||||||||
Certificate accounts | 736,704 | 4,350 | 2.35 | 815,454 | 4,980 | 2.42 | ||||||||||||||||||
Total deposits | 2,525,163 | 7,534 | 1.19 | 2,407,988 | 7,504 | 1.24 | ||||||||||||||||||
Short-term borrowed funds | 272,075 | 1,379 | 2.02 | 163,277 | 328 | 0.80 | ||||||||||||||||||
Advances from FHLB | 1,339,051 | 11,458 | 3.40 | 937,888 | 11,667 | 4.94 | ||||||||||||||||||
Long-term debt | 36,376 | 500 | 5.47 | 35,701 | 490 | 5.45 | ||||||||||||||||||
Total interest bearing liabilities | 4,172,665 | 20,871 | 1.99 | 3,544,854 | 19,989 | 2.24 | ||||||||||||||||||
Non-interest bearing deposits | 846,528 | 624,662 | ||||||||||||||||||||||
Non-interest bearing other liabilities | 35,214 | 44,489 | ||||||||||||||||||||||
Total Liabilities | 5,054,407 | 4,214,005 | ||||||||||||||||||||||
Stockholder’s equity | 519,077 | 486,841 | ||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 5,573,484 | $ | 4,700,846 | ||||||||||||||||||||
Net interest income/ net interest spread | 51,017 | 3.51 | % | 37,014 | 2.96 | % | ||||||||||||||||||
Tax equivalent adjustment | (1,068 | ) | — | |||||||||||||||||||||
Capitalized interest from real estate operations | 390 | 312 | ||||||||||||||||||||||
Net interest income | 50,339 | 37,326 | ||||||||||||||||||||||
Margin | ||||||||||||||||||||||||
Interest income/interest earning assets | 5.50 | % | 5.20 | % | ||||||||||||||||||||
Interest expense/interest earning assets | 1.59 | 1.81 | ||||||||||||||||||||||
Net interest margin (tax equivalent) | 3.91 | % | 3.39 | % | ||||||||||||||||||||
(1) The tax equivalent basis is computed using a 35% tax rate.
Bank Operations
Average Balance Sheet — Yield / Rate Analysis
For the Years Ended | ||||||||||||||||||||||||
December 31, 2004 | December 31, 2003 | |||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | |||||||||||||||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential real estate | $ | 1,527,911 | 72,758 | 4.76 | % | $ | 1,639,504 | 78,535 | 4.79 | % | ||||||||||||||
Commercial real estate | 1,683,068 | 96,585 | 5.74 | 1,610,707 | 94,193 | 5.85 | ||||||||||||||||||
Consumer | 421,167 | 17,959 | 4.26 | 316,113 | 14,177 | 4.48 | ||||||||||||||||||
Lease financing | 10,771 | 1,125 | 10.44 | 21,930 | 2,490 | 11.35 | ||||||||||||||||||
Commercial business | 101,288 | 6,423 | 6.34 | 107,371 | 6,126 | 5.71 | ||||||||||||||||||
Small business | 183,642 | 13,118 | 7.14 | 161,245 | 11,973 | 7.43 | ||||||||||||||||||
Total loans | 3,927,847 | 207,968 | 5.29 | 3,856,870 | 207,494 | 5.38 | ||||||||||||||||||
Investments — tax exempt | 110,748 | 5,988 | (1) | 5.41 | — | — | — | |||||||||||||||||
Investments — taxable | 641,411 | 34,995 | 5.46 | 805,950 | 43,907 | 5.45 | ||||||||||||||||||
Total interest earning assets | 4,680,006 | 248,951 | 5.32 | % | 4,662,820 | 251,401 | 5.39 | % | ||||||||||||||||
Goodwill and core deposit intangibles | 81,622 | 83,541 | ||||||||||||||||||||||
Other non-interest earning assets | 251,631 | 241,057 | ||||||||||||||||||||||
Total Assets | $ | 5,013,259 | $ | 4,987,418 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Savings | $ | 243,906 | 652 | 0.27 | % | $ | 190,506 | 856 | 0.45 | % | ||||||||||||||
NOW | 585,857 | 2,163 | 0.37 | 465,585 | 2,005 | 0.43 | ||||||||||||||||||
Money funds | 903,585 | 8,698 | 0.96 | 850,162 | 9,137 | 1.07 | ||||||||||||||||||
Certificate accounts | 733,717 | 16,842 | 2.30 | 882,736 | 24,191 | 2.74 | ||||||||||||||||||
Total deposits | 2,467,065 | 28,355 | 1.15 | 2,388,989 | 36,189 | 1.51 | ||||||||||||||||||
Short-term borrowed funds | 252,718 | 3,349 | 1.33 | 285,284 | 3,089 | 1.08 | ||||||||||||||||||
Advances from FHLB | 959,588 | 37,689 | 3.93 | 1,195,653 | 57,299 | 4.79 | ||||||||||||||||||
Long-term debt | 36,220 | 2,002 | 5.53 | 35,457 | 1,917 | 5.41 | ||||||||||||||||||
Total interest bearing liabilities | 3,715,591 | 71,395 | 1.92 | 3,905,383 | 98,494 | 2.52 | ||||||||||||||||||
Non-interest bearing deposits | 765,084 | 551,866 | ||||||||||||||||||||||
Non-interest bearing other liabilities | 29,111 | 55,261 | ||||||||||||||||||||||
Total Liabilities | 4,509,786 | 4,512,510 | ||||||||||||||||||||||
Stockholder’s equity | 503,473 | 474,908 | ||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 5,013,259 | $ | 4,987,418 | ||||||||||||||||||||
Net interest income/net interest spread | 177,556 | 3.40 | % | 152,907 | 2.87 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,096 | ) | — | |||||||||||||||||||||
Capitalized interest from real estate operations | 1,398 | 1,193 | ||||||||||||||||||||||
Net interest income | 176,858 | 154,100 | ||||||||||||||||||||||
Margin | ||||||||||||||||||||||||
Interest income/interest earning assets | 5.32 | % | 5.39 | % | ||||||||||||||||||||
Interest expense/interest earning assets | 1.53 | 2.11 | ||||||||||||||||||||||
Net interest margin | 3.79 | % | 3.28 | % | ||||||||||||||||||||
(1) The tax equivalent basis is computed using a 35% tax rate.
Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality
(in thousands) | For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||
12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | ||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||
Beginning balance | $ | 48,778 | 46,737 | 45,383 | 45,595 | 48,202 | 45,595 | 48,022 | ||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||
Residential real estate | (76 | ) | (151 | ) | (124 | ) | (231 | ) | (320 | ) | (582 | ) | (681 | ) | ||||||||||||||
Commercial real estate | (645 | ) | — | — | — | — | (645 | ) | — | |||||||||||||||||||
Commercial business | (762 | ) | (429 | ) | (80 | ) | (344 | ) | (1,306 | ) | (1,615 | ) | (6,094 | ) | ||||||||||||||
Consumer | (71 | ) | (174 | ) | (285 | ) | (248 | ) | (1,085 | ) | (778 | ) | (2,240 | ) | ||||||||||||||
Small business | (233 | ) | (144 | ) | (35 | ) | (44 | ) | (321 | ) | (456 | ) | (2,708 | ) | ||||||||||||||
Syndication | — | — | — | — | — | — | — | |||||||||||||||||||||
Total charge-offs | (1,787 | ) | (898 | ) | (524 | ) | (867 | ) | (3,032 | ) | (4,076 | ) | (11,723 | ) | ||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||
Residential real estate | 190 | 53 | 217 | 26 | 184 | 486 | 726 | |||||||||||||||||||||
Commercial real estate | 2,000 | 1 | 2,050 | 1 | — | 4,052 | 3 | |||||||||||||||||||||
Commercial business | 259 | 454 | 828 | 559 | 466 | 2,100 | 2,319 | |||||||||||||||||||||
Consumer | 266 | 167 | 240 | 338 | 538 | 1,011 | 1,759 | |||||||||||||||||||||
Small business | 231 | 378 | 429 | 392 | 482 | 1,430 | 2,637 | |||||||||||||||||||||
Syndication | 77 | 169 | 77 | 198 | 566 | 521 | 3,133 | |||||||||||||||||||||
Total recoveries | 3,023 | 1,222 | 3,841 | 1,514 | 2,236 | 9,600 | 10,577 | |||||||||||||||||||||
Net (charge-offs) recoveries | 1,236 | 324 | 3,317 | 647 | (796 | ) | 5,524 | (1,146 | ) | |||||||||||||||||||
Provision (recovery) for loan losses | (4,004 | ) | 1,717 | (1,963 | ) | (859 | ) | (1,811 | ) | (5,109 | ) | (547 | ) | |||||||||||||||
Adjustments to acquired loan losses | — | — | — | — | — | — | (734 | ) | ||||||||||||||||||||
Ending allowance for loan losses | $ | 46,010 | 48,778 | 46,737 | 45,383 | 45,595 | 46,010 | 45,595 | ||||||||||||||||||||
Annualized net charge-offs (recoveries) to average loans | (0.11 | )% | (0.03 | ) | (0.35 | ) | (0.07 | ) | 0.09 | (0.14 | ) | 0.03 | ||||||||||||||||
As of | ||||||||||||||||||||
12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | ||||||||||||||||
Credit Quality | ||||||||||||||||||||
Nonaccrual loans | $ | 7,903 | 11,352 | 12,711 | 11,724 | 10,803 | ||||||||||||||
Nonaccrual tax certificates | 381 | 448 | 586 | 565 | 894 | |||||||||||||||
Real estate owned | 692 | 1,059 | 1,321 | 1,667 | 2,422 | |||||||||||||||
Other repossessed assets | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total nonperforming assets | $ | 8,976 | 12,859 | 14,618 | 13,956 | 14,119 | ||||||||||||||
Nonperforming assets to total loans and other assets | 0.19 | % | 0.30 | 0.36 | 0.37 | 0.36 | ||||||||||||||
Allowance for loan losses to total loan | 1.00 | % | 1.17 | 1.20 | 1.24 | 1.24 |
Ryan Beck & Co., Inc. Business Segment
Consolidated Statements of Operations and Statistics — Unaudited
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||
(in thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Principal transactions | $ | 24,925 | 19,393 | 21,654 | 24,443 | 25,288 | 90,415 | 95,519 | ||||||||||||||||||||
Investment banking | 3,753 | 13,835 | 18,026 | 12,631 | 7,318 | 48,245 | 27,728 | |||||||||||||||||||||
Commissions | 23,109 | 18,564 | 22,245 | 25,371 | 22,963 | 89,289 | 85,176 | |||||||||||||||||||||
Interest, dividends and other | 4,114 | 3,727 | 3,949 | 3,416 | 3,683 | 15,206 | 12,951 | |||||||||||||||||||||
Total operating revenues | 55,901 | 55,519 | 65,874 | 65,861 | 59,252 | 243,155 | 221,374 | |||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||
Compensation, benefits | 39,439 | 35,090 | 40,297 | 44,042 | 36,619 | 158,868 | 147,358 | |||||||||||||||||||||
Professional fees | 2,044 | 1,063 | 1,330 | 1,045 | 3,775 | 5,482 | 10,467 | |||||||||||||||||||||
Communications | 3,301 | 3,182 | 2,916 | 3,128 | 2,916 | 12,527 | 13,783 | |||||||||||||||||||||
Occupancy and equipment | 5,095 | 3,680 | 3,426 | 3,228 | 3,430 | 15,429 | 12,707 | |||||||||||||||||||||
Floor broker and clearing fees | 2,452 | 2,143 | 2,438 | 2,802 | 2,506 | 9,835 | 9,227 | |||||||||||||||||||||
Interest and other | 2,318 | 3,179 | 3,292 | 3,054 | 2,444 | 11,843 | 11,263 | |||||||||||||||||||||
Total operating expenses | 54,649 | 48,337 | 53,699 | 57,299 | 51,690 | 213,984 | 204,805 | |||||||||||||||||||||
Income from Ryan Beck before income taxes | 1,252 | 7,182 | 12,175 | 8,562 | 7,562 | 29,171 | 16,569 | |||||||||||||||||||||
Provision for income taxes | 11 | 3,082 | 5,161 | 3,434 | 3,559 | 11,688 | 6,924 | |||||||||||||||||||||
Income from Ryan Beck’s continuing operations | 1,241 | 4,100 | 7,014 | 5,128 | 4,003 | 17,483 | 9,645 | |||||||||||||||||||||
Discontinued operations (GMS), net of tax | — | — | — | — | — | — | 1,143 | |||||||||||||||||||||
Net income from Ryan Beck business segment | $ | 1,241 | 4,100 | 7,014 | 5,128 | 4,003 | 17,483 | 10,788 | ||||||||||||||||||||
Statistics: | ||||||||||||||||||||||||||||
GAAP return on equity | 5.50 | % | 18.44 | 33.07 | 26.40 | 20.65 | 19.39 | 13.91 | ||||||||||||||||||||
Continuing operations return on equity | 5.50 | 18.44 | 33.07 | 26.40 | 20.65 | 19.39 | 12.44 | |||||||||||||||||||||
Compensation as a percent of revenues | 70.55 | 63.20 | 61.17 | 66.87 | 61.80 | 65.34 | 66.57 | |||||||||||||||||||||
Commissions to total revenues | 41.34 | 33.44 | 33.77 | 38.52 | 38.75 | 36.72 | 38.48 | |||||||||||||||||||||
Principal transactions to total revenues | 44.59 | 34.93 | 32.87 | 37.11 | 42.68 | 37.18 | 43.15 | |||||||||||||||||||||
Investment banking revenue to total revenues | 6.71 | 24.92 | 27.36 | 19.18 | 12.35 | 19.84 | 12.53 |
Condensed Statements of Financial Condition — Unaudited
As of | ||||||||||||||||||||
(in thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,674 | 4,225 | 4,000 | 4,888 | 5,538 | ||||||||||||||
Securities | 125,443 | 111,944 | 120,953 | 122,114 | 124,565 | |||||||||||||||
Notes receivable — GMS | 6,096 | 6,438 | 8,551 | 10,261 | 11,971 | |||||||||||||||
Property and equipment, net | 7,472 | 7,748 | 6,762 | 4,749 | 3,713 | |||||||||||||||
Goodwill | 6,184 | 6,184 | 6,184 | 6,184 | 6,184 | |||||||||||||||
Due from clearing agent | 16,619 | 14,478 | 16,048 | — | — | |||||||||||||||
Other assets | 28,129 | 24,441 | 25,809 | 28,051 | 26,703 | |||||||||||||||
Total assets | $ | 193,617 | 175,458 | 188,307 | 176,247 | 178,674 | ||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Securities sold not yet purchased | $ | 39,462 | 31,760 | 51,321 | 34,250 | 37,813 | ||||||||||||||
Note payable | — | — | — | 427 | 801 | |||||||||||||||
Due to clearing agent | — | — | — | 18,328 | 8,583 | |||||||||||||||
Other liabilities | 63,974 | 54,757 | 52,145 | 45,559 | 53,922 | |||||||||||||||
Total liabilities | 103,436 | 86,517 | 103,466 | 98,564 | 101,119 | |||||||||||||||
Stockholder’s equity | 90,181 | 88,941 | 84,841 | 77,683 | 77,555 | |||||||||||||||
Total liabilities and stockholder’s equity | $ | 193,617 | 175,458 | 188,307 | 176,247 | 178,674 | ||||||||||||||
Parent Company Business Segment Activities
Condensed Statements of Operations — Unaudited
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||
(in thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | 12/31/2004 | 12/31/2003 | |||||||||||||||||||||
Net interest (expense) | $ | (3,593 | ) | (3,683 | ) | (3,583 | ) | (3,592 | ) | (3,804 | ) | (14,451 | ) | (14,621 | ) | |||||||||||||
Income from unconsolidated subsidiaries | 126 | 123 | 118 | 118 | 119 | 485 | 425 | |||||||||||||||||||||
Gains on sales of assets | 3,613 | 2 | 3 | 75 | — | 3,693 | 404 | |||||||||||||||||||||
Litigation settlement | — | — | — | 22,840 | — | 22,840 | — | |||||||||||||||||||||
Employee compensation and benefits | (778 | ) | (774 | ) | (743 | ) | (747 | ) | — | (3,042 | ) | — | ||||||||||||||||
Cost associated with debt redemption | — | — | — | — | — | — | (1,648 | ) | ||||||||||||||||||||
Other income (expense) | (536 | ) | (160 | ) | (755 | ) | (637 | ) | (455 | ) | (2,088 | ) | (2,826 | ) | ||||||||||||||
Income (loss) from parent company activities before income taxes | (1,168 | ) | (4,492 | ) | (4,960 | ) | 18,057 | (4,140 | ) | 7,437 | (18,266 | ) | ||||||||||||||||
Provision (Benefit) for income taxes | (409 | ) | (1,483 | ) | (1,797 | ) | 6,381 | (148 | ) | 2,692 | (5,089 | ) | ||||||||||||||||
Income (loss) from parent company activities from continuing operations | $ | (759 | ) | (3,009 | ) | (3,163 | ) | 11,676 | (3,992 | ) | 4,745 | (13,177 | ) | |||||||||||||||
Reconciliation of Operating and business segment income | ||||||||||||||||||||||||||||
Business segment income from continuing operations | $ | (759 | ) | (3,009 | ) | (3,163 | ) | 11,676 | (3,992 | ) | 4,745 | (13,177 | ) | |||||||||||||||
Litigation settlement | — | — | — | (14,785 | ) | — | (14,785 | ) | — | |||||||||||||||||||
Cost associated with debt redemption | — | — | — | — | — | — | 1,071 | |||||||||||||||||||||
Operating loss | $ | (759 | ) | (3,009 | ) | (3,163 | ) | (3,109 | ) | (3,992 | ) | (10,040 | ) | (12,106 | ) | |||||||||||||
Condensed Statements of Financial Condition — Unaudited
As of | ||||||||||||||||||||
(in thousands) | 12/31/2004 | 9/30/2004 | 6/30/2004 | 3/31/2004 | 12/31/2003 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash | $ | 9,131 | 10,643 | 10,850 | 48,841 | 22,765 | ||||||||||||||
Securities | 64,656 | 62,324 | 61,812 | 21,826 | 20,949 | |||||||||||||||
Notes receivable from related parties | 38,000 | 38,000 | 38,000 | 42,125 | 43,500 | |||||||||||||||
Investment in subsidiaries | 607,061 | 599,462 | 580,834 | 567,139 | 567,411 | |||||||||||||||
Investment in unconsolidated subsidiaries | 7,910 | 7,912 | 7,910 | 7,910 | 7,910 | |||||||||||||||
Other assets | 8,918 | 7,937 | 7,154 | 7,821 | 16,953 | |||||||||||||||
Total assets | $ | 735,676 | 726,278 | 706,560 | 695,662 | 679,488 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Subordinated debentures and notes payable | $ | 263,366 | 263,366 | 263,366 | 263,366 | 263,366 | ||||||||||||||
Other liabilities | 3,045 | 3,423 | 2,860 | 2,719 | 2,670 | |||||||||||||||
Total liabilities | 266,411 | 266,789 | 266,226 | 266,085 | 266,036 | |||||||||||||||
Stockholders’ equity | 469,265 | 459,489 | 440,334 | 429,577 | 413,452 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 735,676 | 726,278 | 706,560 | 695,662 | 679,488 | ||||||||||||||