BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
Summary of Selected Financial Data (unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | ||||||||||||||||||||
Earnings (in thousands): | ||||||||||||||||||||||||
Net (loss) income from continuing operations | $ | (24,564 | ) | (9,926 | ) | (29,610 | ) | 11,728 | (2,204 | ) | ||||||||||||||
Net (loss) income | $ | (23,443 | ) | (9,926 | ) | (29,610 | ) | 11,620 | 5,716 | |||||||||||||||
Average Common Shares Outstanding (in thousands): | ||||||||||||||||||||||||
Basic | 56,097 | 56,054 | 56,832 | 59,190 | 60,635 | |||||||||||||||||||
Diluted | 56,097 | 56,054 | 56,832 | 59,929 | 60,635 | |||||||||||||||||||
Key Performance Ratios | ||||||||||||||||||||||||
Basic (loss) earnings per share from continuing operations | $ | (0.44 | ) | (0.18 | ) | (0.52 | ) | 0.20 | (0.04 | ) | ||||||||||||||
Diluted (loss) earnings per share from continuing operations | $ | (0.44 | ) | (0.18 | ) | (0.52 | ) | 0.20 | (0.04 | ) | ||||||||||||||
Basic (loss) earnings per share | $ | (0.42 | ) | (0.18 | ) | (0.52 | ) | 0.20 | 0.09 | |||||||||||||||
Diluted (loss) earnings per share | $ | (0.42 | ) | (0.18 | ) | (0.52 | ) | 0.19 | 0.09 | |||||||||||||||
Return on average tangible assets from continuing operations | (note 1) | % | (1.57 | ) | (0.63 | ) | (1.85 | ) | 0.74 | (0.14 | ) | |||||||||||||
Return on average tangible equity from continuing operations | (note 1) | % | (25.73 | ) | (9.96 | ) | (27.45 | ) | 10.47 | (1.96 | ) | |||||||||||||
Average Balance Sheet Data (in millions): | ||||||||||||||||||||||||
Assets | $ | 6,350 | 6,354 | 6,479 | 6,407 | 6,439 | ||||||||||||||||||
Tangible assets | (note 1) | $ | 6,274 | 6,278 | 6,402 | 6,330 | 6,358 | |||||||||||||||||
Loans | $ | 4,642 | 4,654 | 4,693 | 4,678 | 4,651 | ||||||||||||||||||
Investments | $ | 1,191 | 1,172 | 1,244 | 1,194 | 1,142 | ||||||||||||||||||
Deposits and escrows | $ | 3,949 | 3,960 | 3,984 | 4,048 | 3,902 | ||||||||||||||||||
Stockholders’ equity | $ | 459 | 471 | 506 | 525 | 529 | ||||||||||||||||||
Tangible stockholders’ equity | (note 1) | $ | 382 | 399 | 431 | 448 | 450 |
Note:
(1) | 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. |
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
Consolidated Statements of Financial Condition (unaudited)
March 31, | December 31, | ||||||||
(in thousands, except share data) | 2008 | 2007 | |||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 310,475 | 124,574 | ||||||
Securities available for sale (at fair value) | 807,445 | 925,363 | |||||||
Investment securities (approximate fair value: $3,148 and $44,688) | 3,184 | 39,617 | |||||||
Financial instruments accounted for at fair value | 8,805 | 10,661 | |||||||
Tax certificates net of allowance of $3,194 and $3,289 | 159,474 | 188,401 | |||||||
Loans receivable, net of allowance for loan losses of $89,836 and $94,020 | 4,483,305 | 4,524,188 | |||||||
Federal Home Loan Bank stock, at cost which approximates fair value | 77,557 | 74,003 | |||||||
Real estate held for development and sale | 33,743 | 33,741 | |||||||
Real estate owned | 19,784 | 17,216 | |||||||
Office properties and equipment, net | 241,827 | 243,863 | |||||||
Goodwill and other intangible assets | 75,536 | 75,886 | |||||||
Other assets | 169,555 | 121,304 | |||||||
Total assets | $ | 6,390,690 | 6,378,817 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Liabilities: | |||||||||
Deposits | |||||||||
Demand | $ | 912,862 | 824,211 | ||||||
NOW | 928,275 | 900,233 | |||||||
Savings | 571,456 | 580,497 | |||||||
Money market | 618,045 | 624,390 | |||||||
Certificates of deposit | 964,976 | 1,024,074 | |||||||
Total deposits | 3,995,614 | 3,953,405 | |||||||
Advances from FHLB | 1,477,040 | 1,397,044 | |||||||
Securities sold under agreements to repurchase | 50,546 | 58,265 | |||||||
Federal funds purchased and other short term borrowings | 46,486 | 108,975 | |||||||
Subordinated debentures and bonds payable | 26,467 | 26,654 | |||||||
Junior subordinated debentures | 294,195 | 294,195 | |||||||
Other liabilities | 66,446 | 80,958 | |||||||
Total liabilities | 5,956,794 | 5,919,496 | |||||||
Stockholders’ equity: | |||||||||
Common stock | 561 | 561 | |||||||
Additional paid-in capital | 217,868 | 216,692 | |||||||
Retained earnings | 212,425 | 236,150 | |||||||
Total stockholders’ equity before accumulated other comprehensive income | 430,854 | 453,403 | |||||||
Accumulated other comprehensive income | 3,042 | 5,918 | |||||||
Total stockholders’ equity | 433,896 | 459,321 | |||||||
Total liabilities and stockholders’ equity | $ | 6,390,690 | 6,378,817 | ||||||
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited)
For the Three Months Ended | ||||||||||||||||||||
(in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||
Interest and fees on loans | $ | 68,136 | 74,415 | 80,082 | 79,914 | 79,587 | ||||||||||||||
Interest on securities available for sale | 10,462 | 8,075 | 4,835 | 4,628 | 4,561 | |||||||||||||||
Interest on tax exempt securities | 42 | 1,266 | 3,838 | 3,800 | 3,796 | |||||||||||||||
Interest and dividends on taxable investments and tax certificates | 5,092 | 5,666 | 6,141 | 5,433 | 5,596 | |||||||||||||||
Total interest income | 83,732 | 89,422 | 94,896 | 93,775 | 93,540 | |||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||
Interest on deposits | 18,593 | 21,443 | 22,558 | 21,473 | 19,002 | |||||||||||||||
Interest on advances from FHLB | 14,946 | 17,443 | 18,987 | 18,103 | 18,723 | |||||||||||||||
Interest on short-term borrowed funds | 1,279 | 2,068 | 2,940 | 2,010 | 2,555 | |||||||||||||||
Interest on long-term debt | 6,283 | 6,650 | 6,652 | 6,136 | 6,114 | |||||||||||||||
Total interest expense | 41,101 | 47,604 | 51,137 | 47,722 | 46,394 | |||||||||||||||
NET INTEREST INCOME | 42,631 | 41,818 | 43,759 | 46,053 | 47,146 | |||||||||||||||
Provision for loan losses | 42,888 | 9,515 | 48,949 | 4,917 | 7,461 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION | (257 | ) | 32,303 | (5,190 | ) | 41,136 | 39,685 | |||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||
Service charges on deposits | 24,014 | 26,342 | 25,894 | 25,808 | 24,595 | |||||||||||||||
Other service charges and fees | 7,433 | 7,171 | 7,222 | 7,524 | 7,033 | |||||||||||||||
Securities activities, net | (4,738 | ) | (3,163 | ) | 1,207 | 8,813 | 1,555 | |||||||||||||
Gain on sales of loans | 76 | 68 | 88 | 138 | 200 | |||||||||||||||
Income from unconsolidated subsidiaries | 1,275 | 337 | 348 | 669 | 1,146 | |||||||||||||||
Loss on the sale of office properties and equipment, net | (61 | ) | (564 | ) | (362 | ) | (42 | ) | (153 | ) | ||||||||||
Other | 2,640 | 2,254 | 2,225 | 2,574 | 2,376 | |||||||||||||||
Total non-interest income | 30,639 | 32,445 | 36,622 | 45,484 | 36,752 | |||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||
Employee compensation and benefits | 35,155 | 37,922 | 34,258 | 37,908 | 41,090 | |||||||||||||||
Occupancy and equipment | 16,386 | 17,026 | 16,954 | 15,927 | 15,944 | |||||||||||||||
Advertising and business promotion | 4,895 | 5,659 | 4,276 | 4,209 | 5,858 | |||||||||||||||
Professional fees | 2,760 | 3,067 | 2,542 | 1,368 | 1,713 | |||||||||||||||
Check losses | 2,718 | 3,547 | 3,341 | 2,731 | 1,857 | |||||||||||||||
Supplies and postage | 1,006 | 1,502 | 1,159 | 1,632 | 1,853 | |||||||||||||||
Telecommunication | 1,502 | 1,348 | 1,286 | 1,556 | 1,381 | |||||||||||||||
Impairment of real estate held for sale | — | — | 3,655 | 1,056 | — | |||||||||||||||
Impairment of real estate owned | — | — | 7,233 | 66 | — | |||||||||||||||
Restructuring charges | (115 | ) | 5,681 | 117 | — | 2,553 | ||||||||||||||
Other | 5,726 | 6,720 | 6,858 | 6,724 | 7,244 | |||||||||||||||
Total non-interest expense | 70,033 | 82,472 | 81,679 | 73,177 | 79,493 | |||||||||||||||
(Loss) income from continuing operations before income taxes | (39,651 | ) | (17,724 | ) | (50,247 | ) | 13,443 | (3,056 | ) | |||||||||||
(Benefit) provision for income taxes | (15,087 | ) | (7,798 | ) | (20,637 | ) | 1,715 | (852 | ) | |||||||||||
(Loss) income from continuing operations | (24,564 | ) | (9,926 | ) | (29,610 | ) | 11,728 | (2,204 | ) | |||||||||||
Discontinued operations | 1,121 | — | — | (108 | ) | 7,920 | ||||||||||||||
Net (loss) income | $ | (23,443 | ) | (9,926 | ) | (29,610 | ) | 11,620 | 5,716 | |||||||||||
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
Consolidated Average Balance Sheet (unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
(in thousands except percentages and per share data) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential real estate | $ | 2,162,421 | 2,196,552 | 2,245,138 | 2,215,606 | 2,181,478 | ||||||||||||||||||
Commercial real estate | 1,307,236 | 1,317,578 | 1,346,842 | 1,384,405 | 1,420,944 | |||||||||||||||||||
Consumer | 722,327 | 697,764 | 662,320 | 635,370 | 606,472 | |||||||||||||||||||
Commercial business | 131,770 | 132,677 | 134,390 | 147,026 | 156,237 | |||||||||||||||||||
Small business | 318,588 | 309,322 | 304,388 | 295,483 | 285,387 | |||||||||||||||||||
Total Loans | 4,642,342 | 4,653,893 | 4,693,078 | 4,677,890 | 4,650,518 | |||||||||||||||||||
Investments — taxable | 1,186,441 | 1,036,382 | 841,486 | 795,156 | 743,936 | |||||||||||||||||||
Investments — tax exempt | 4,314 | 135,961 | 402,482 | 399,160 | 398,388 | |||||||||||||||||||
Total interest earning assets | 5,833,097 | 5,826,236 | 5,937,046 | 5,872,206 | 5,792,842 | |||||||||||||||||||
Goodwill and core deposit intangibles | 75,718 | 76,068 | 76,419 | 76,784 | 81,124 | |||||||||||||||||||
Discontinued assets held for sale | — | — | — | — | 118,319 | |||||||||||||||||||
Other non-interest earning assets | 440,961 | 451,397 | 465,427 | 457,817 | 446,785 | |||||||||||||||||||
Total assets | $ | 6,349,776 | 6,353,701 | 6,478,892 | 6,406,807 | 6,439,070 | ||||||||||||||||||
Tangible assets | (note 1) | $ | 6,274,058 | 6,277,633 | 6,402,473 | 6,330,023 | 6,357,946 | |||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand deposits | $ | 854,534 | 885,006 | 922,293 | 989,259 | 989,293 | ||||||||||||||||||
Savings | 566,448 | 589,966 | 611,862 | 605,939 | 529,435 | |||||||||||||||||||
NOW | 926,381 | 830,898 | 792,462 | 782,018 | 771,017 | |||||||||||||||||||
Money market | 609,062 | 638,041 | 660,925 | 677,545 | 650,383 | |||||||||||||||||||
Certificates of deposit | 992,078 | 1,015,940 | 996,415 | 993,458 | 961,716 | |||||||||||||||||||
Total deposits | 3,948,503 | 3,959,851 | 3,983,957 | 4,048,219 | 3,901,844 | |||||||||||||||||||
Short-term borrowed funds | 163,124 | 182,134 | 225,034 | 151,656 | 197,683 | |||||||||||||||||||
FHLB advances | 1,423,746 | 1,368,242 | 1,398,245 | 1,344,855 | 1,405,279 | |||||||||||||||||||
Long-term debt | 320,650 | 321,885 | 318,762 | 293,489 | 292,899 | |||||||||||||||||||
Total borrowings | 1,907,520 | 1,872,261 | 1,942,041 | 1,790,000 | 1,895,861 | |||||||||||||||||||
Discontinued liabilities held for sale | — | — | — | — | 61,202 | |||||||||||||||||||
Other liabilities | 34,673 | 50,554 | 46,805 | 43,465 | 50,722 | |||||||||||||||||||
Total liabilities | 5,890,696 | 5,882,666 | 5,972,803 | 5,881,684 | 5,909,629 | |||||||||||||||||||
Stockholders’ equity | 459,080 | 471,035 | 506,089 | 525,123 | 529,441 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,349,776 | 6,353,701 | 6,478,892 | 6,406,807 | 6,439,070 | ||||||||||||||||||
Other comprehensive (loss) income in stockholders’ equity | 1,496 | (3,562 | ) | (1,765 | ) | 377 | (2,142 | ) | ||||||||||||||||
Tangible stockholders’ equity | (note 1) | $ | 381,866 | 398,529 | 431,435 | 447,962 | 450,459 | |||||||||||||||||
Net Interest Margin | 2.91 | % | 2.95 | % | 3.11 | % | 3.27 | % | 3.35 | % | ||||||||||||||
Period End | ||||||||||||||||||||||||
Total loans, net | $ | 4,483,305 | 4,524,188 | 4,586,625 | 4,618,690 | 4,622,784 | ||||||||||||||||||
Total assets | 6,390,690 | 6,378,817 | 6,485,593 | 6,495,047 | 6,380,176 | |||||||||||||||||||
Total stockholders’ equity | 433,896 | 459,321 | 471,889 | 512,724 | 514,977 | |||||||||||||||||||
Class A common shares outstanding | 51,228,719 | 51,196,175 | 51,168,201 | 53,212,871 | 54,956,368 | |||||||||||||||||||
Class B common shares outstanding | 4,876,124 | 4,876,124 | 4,876,124 | 4,876,124 | 4,876,124 | |||||||||||||||||||
Cash dividends | 280,524 | 281,130 | 2,315,458 | 2,386,145 | 2,458,490 | |||||||||||||||||||
Common stock cash dividends per share | 0.005 | 0.005 | 0.0412 | 0.0410 | 0.0410 | |||||||||||||||||||
Closing stock price | 3.91 | 4.10 | 8.67 | 8.61 | 10.96 | |||||||||||||||||||
High stock price for the quarter | 5.80 | 9.60 | 9.25 | 11.25 | 13.98 | |||||||||||||||||||
Low stock price for the quarter | 3.32 | 2.89 | 7.50 | 8.38 | 10.87 | |||||||||||||||||||
Book value per share | 7.73 | 8.19 | 8.42 | 8.83 | 8.61 |
Bank Operations Business Segment
Condensed Statements of Operations (Unaudited)
Condensed Statements of Operations (Unaudited)
For the Three Months Ended | ||||||||||||||||||||
(in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
Net interest income | $ | 48,005 | 47,291 | 49,235 | 50,914 | 52,070 | ||||||||||||||
Provision for loan losses | 42,888 | 9,515 | 48,949 | 4,917 | 7,461 | |||||||||||||||
Net interest income after provision for | ||||||||||||||||||||
loan losses | 5,117 | 37,776 | 286 | 45,997 | 44,609 | |||||||||||||||
Non-interest income | ||||||||||||||||||||
Service charges on deposits | 24,014 | 26,342 | 25,894 | 25,808 | 24,595 | |||||||||||||||
Other service charges and fees | 7,433 | 7,171 | 7,222 | 7,524 | 7,033 | |||||||||||||||
Securities activities, net | 341 | 861 | 613 | 212 | 621 | |||||||||||||||
Gain on sales of loans | 76 | 68 | 88 | 138 | 200 | |||||||||||||||
Income from unconsolidated subsidiaries | 1,113 | 163 | 182 | 509 | 365 | |||||||||||||||
Loss on the sale of office properties, net | (61 | ) | (564 | ) | (362 | ) | (42 | ) | (153 | ) | ||||||||||
Other non-interest income | 2,637 | 2,249 | 2,224 | 2,535 | 2,386 | |||||||||||||||
Total non-interest income | 35,553 | 36,290 | 35,861 | 36,684 | 35,047 | |||||||||||||||
Non-interest expense | ||||||||||||||||||||
Employee compensation and benefits | 34,243 | 37,221 | 34,244 | 36,628 | 40,664 | |||||||||||||||
Occupancy and equipment | 16,383 | 17,023 | 16,951 | 15,923 | 15,942 | |||||||||||||||
Advertising and business promotion | 4,861 | 5,596 | 4,221 | 4,079 | 5,788 | |||||||||||||||
Professional fees | 2,260 | 2,969 | 2,444 | 1,233 | 1,620 | |||||||||||||||
Check losses | 2,718 | 3,547 | 3,341 | 2,731 | 1,857 | |||||||||||||||
Supplies and postage | 1,003 | 1,441 | 1,158 | 1,629 | 1,850 | |||||||||||||||
Telecommunication | 1,496 | 1,342 | 1,283 | 1,548 | 1,379 | |||||||||||||||
Impairment of real estate held for sale | — | — | 3,655 | 1,056 | — | |||||||||||||||
Impairment of real estate owned | — | — | 7,233 | 66 | — | |||||||||||||||
Restructuring and exit activities | (115 | ) | 5,681 | 117 | — | 2,553 | ||||||||||||||
Other | 5,777 | 6,761 | 6,848 | 6,629 | 7,117 | |||||||||||||||
Total non-interest expense | 68,626 | 81,581 | 81,495 | 71,522 | 78,770 | |||||||||||||||
(Loss) income from bank operations business segment before income taxes | (27,956 | ) | (7,515 | ) | (45,348 | ) | 11,159 | 886 | ||||||||||||
(Benefit) provision for income taxes | (10,975 | ) | (4,143 | ) | (18,236 | ) | 754 | 247 | ||||||||||||
Net (loss) income from bank operations business segment | $ | (16,981 | ) | (3,372 | ) | (27,112 | ) | 10,405 | 639 | |||||||||||
Bank Operations Business Segment
Condensed Statements of Condition and Statistics (Unaudited)
Condensed Statements of Condition and Statistics (Unaudited)
(in thousands except percentages | For the Three Months Ended | |||||||||||||||||||||||
and per share data) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||||||
Statistics: | ||||||||||||||||||||||||
Tax equivalent: | ||||||||||||||||||||||||
Average earning assets | $ | 5,669,461 | 5,653,913 | 5,750,192 | 5,690,488 | 5,666,507 | ||||||||||||||||||
Average interest bearing liabilities | $ | 4,712,913 | 4,656,897 | 4,718,381 | 4,590,419 | 4,551,448 | ||||||||||||||||||
Average tangible assets | $ | 6,085,957 | 6,080,693 | 6,194,549 | 6,127,470 | 6,092,568 | ||||||||||||||||||
Average tangible equity | $ | 467,952 | 481,495 | 507,963 | 504,091 | 502,827 | ||||||||||||||||||
Borrowings to deposits and borrowings | % | 28.74 | 28.74 | 29.89 | 28.74 | 26.39 | ||||||||||||||||||
Tax equivalent: | ||||||||||||||||||||||||
Yield on earning assets | % | 5.88 | 6.33 | 6.71 | 6.70 | 6.71 | ||||||||||||||||||
Cost of interest-bearing liabilities | % | 3.02 | 3.54 | 3.80 | 3.70 | 3.65 | ||||||||||||||||||
Interest spread | % | 2.86 | 2.79 | 2.91 | 3.00 | 3.06 | ||||||||||||||||||
Net interest margin | % | 3.37 | 3.41 | 3.59 | 3.72 | 3.78 | ||||||||||||||||||
Performance: | ||||||||||||||||||||||||
Efficiency ratio | % | 82.13 | 97.61 | 95.77 | 81.65 | 90.42 | ||||||||||||||||||
Return on average tangible assets | % | (1.12 | ) | (0.22 | ) | (1.75 | ) | 0.68 | 0.04 | |||||||||||||||
Return on average tangible equity | % | (14.52 | ) | (2.80 | ) | (21.35 | ) | 8.26 | 0.51 | |||||||||||||||
Earning assets repricing: | ||||||||||||||||||||||||
Percent of earning assets that have fixed rates | % | 53 | 54 | 54 | 54 | 54 | ||||||||||||||||||
Percent of earning assets that have variable rates | % | 47 | 46 | 46 | 46 | 46 | ||||||||||||||||||
One year Gap | % | 3 | (3 | ) | (9 | ) | (7 | ) | (3 | ) |
Bank Operations Business Segment
Condensed Statements of Financial Condition (Unaudited)
Condensed Statements of Financial Condition (Unaudited)
As of | ||||||||||||||||||||
(in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Loans receivable, net | $ | 4,388,334 | 4,524,188 | 4,586,625 | 4,618,690 | 4,622,784 | ||||||||||||||
Investment securities | 237,031 | 262,404 | 482,666 | 507,593 | 424,487 | |||||||||||||||
Available for sale securities | 790,570 | 789,917 | 570,624 | 563,318 | 556,404 | |||||||||||||||
Goodwill | 70,489 | 70,489 | 70,489 | 70,489 | 70,489 | |||||||||||||||
Core deposit intangible asset | 5,047 | 5,397 | 5,747 | 6,097 | 6,447 | |||||||||||||||
Other assets | 720,485 | 509,567 | 557,951 | 505,874 | 495,098 | |||||||||||||||
Total assets | $ | 6,211,956 | 6,161,962 | 6,274,102 | 6,272,061 | 6,175,709 | ||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand | $ | 912,862 | 824,211 | 896,094 | 971,260 | 1,031,628 | ||||||||||||||
NOW | 928,275 | 900,233 | 801,289 | 769,994 | 799,300 | |||||||||||||||
Savings | 571,456 | 580,497 | 613,010 | 608,791 | 598,579 | |||||||||||||||
Money market | 618,045 | 624,390 | 656,218 | 666,820 | 653,231 | |||||||||||||||
Certificates of deposit | 964,976 | 1,024,074 | 1,002,197 | 1,000,278 | 1,002,284 | |||||||||||||||
Total deposits | 3,995,614 | 3,953,405 | 3,968,808 | 4,017,143 | 4,085,022 | |||||||||||||||
Advances from Federal Home Loan Bank | 1,477,040 | 1,397,044 | 1,417,047 | 1,397,051 | 1,297,055 | |||||||||||||||
Short term borrowings | 108,009 | 170,433 | 245,895 | 193,937 | 137,914 | |||||||||||||||
Long term debt | 26,467 | 26,654 | 29,125 | 29,397 | 29,654 | |||||||||||||||
Other liabilities | 65,351 | 79,147 | 74,539 | 67,747 | 63,108 | |||||||||||||||
Total liabilities | 5,672,481 | 5,626,683 | 5,735,414 | 5,705,275 | 5,612,753 | |||||||||||||||
Stockholder’s equity | 539,475 | 535,279 | 538,688 | 566,786 | 562,956 | |||||||||||||||
Total liabilities and stockholder’s equity | $ | 6,211,956 | 6,161,962 | 6,274,102 | 6,272,061 | 6,175,709 | ||||||||||||||
Bank Operations Business Segment
Average Balance Sheet — Yield / Rate Analysis
Average Balance Sheet — Yield / Rate Analysis
For the Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2008 | March 31, 2007 | |||||||||||||||||||||||||||
(in thousands) | Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Residential real estate | $ | 2,162,421 | 29,653 | 5.49 | % | $ | 2,181,478 | 29,511 | 5.41 | % | ||||||||||||||||||
Commercial real estate | 1,302,735 | 19,514 | 5.99 | 1,420,944 | 29,493 | 8.30 | ||||||||||||||||||||||
Consumer | 722,327 | 10,552 | 5.84 | 606,472 | 11,365 | 7.50 | ||||||||||||||||||||||
Commercial business | 131,676 | 2,542 | 7.72 | 156,238 | 3,490 | 8.94 | ||||||||||||||||||||||
Small business | 318,588 | 5,875 | 7.38 | 285,387 | 5,728 | 8.03 | ||||||||||||||||||||||
Total loans | 4,637,747 | 68,136 | 5.88 | 4,650,519 | 79,587 | 6.85 | ||||||||||||||||||||||
Investments — tax exempt | — | — | — | 396,374 | 5,802 | (1) | 5.85 | |||||||||||||||||||||
Investments — taxable | 1,031,714 | 15,222 | 5.90 | 619,614 | 9,696 | 6.26 | ||||||||||||||||||||||
Total interest earning assets | 5,669,461 | 83,358 | 5.88 | % | 5,666,507 | 95,085 | 6.71 | % | ||||||||||||||||||||
Goodwill and core deposit intangibles | 75,718 | 77,138 | ||||||||||||||||||||||||||
Other non-interest earning assets | 416,496 | 426,061 | ||||||||||||||||||||||||||
Total Assets | $ | 6,161,675 | $ | 6,169,706 | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||
Savings | $ | 566,448 | 2,018 | 1.43 | % | $ | 529,435 | 2,570 | 1.97 | % | ||||||||||||||||||
NOW | 926,381 | 2,683 | 1.16 | 771,017 | 1,512 | 0.80 | ||||||||||||||||||||||
Money market | 609,062 | 3,158 | 2.09 | 650,383 | 3,938 | 2.46 | ||||||||||||||||||||||
Certificates of deposit | 992,078 | 10,734 | 4.35 | 961,716 | 10,982 | 4.63 | ||||||||||||||||||||||
Total interest bearing deposits | 3,093,969 | 18,593 | 2.42 | 2,912,551 | 19,002 | 2.65 | ||||||||||||||||||||||
Short-term borrowed funds | 168,742 | 1,325 | 3.16 | 203,984 | 2,633 | 5.23 | ||||||||||||||||||||||
Advances from FHLB | 1,423,746 | 14,946 | 4.22 | 1,405,279 | 18,723 | 5.40 | ||||||||||||||||||||||
Long-term debt | 26,456 | 489 | 7.43 | 29,634 | 626 | 8.57 | ||||||||||||||||||||||
Total interest bearing liabilities | 4,712,913 | 35,353 | 3.02 | 4,551,448 | 40,984 | 3.65 | ||||||||||||||||||||||
Demand deposits | 854,761 | 989,546 | ||||||||||||||||||||||||||
Non-interest bearing other liabilities | 48,823 | 56,222 | ||||||||||||||||||||||||||
Total Liabilities | 5,616,497 | 5,597,216 | ||||||||||||||||||||||||||
Stockholder’s equity | 545,178 | 572,490 | ||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 6,161,675 | $ | 6,169,706 | ||||||||||||||||||||||||
Net tax equivalent interest income/net interest spread | 48,005 | 2.86 | % | 54,101 | 3.06 | % | ||||||||||||||||||||||
Tax equivalent adjustment | — | (2,031 | ) | |||||||||||||||||||||||||
Net interest income | 48,005 | 52,070 | ||||||||||||||||||||||||||
Margin | ||||||||||||||||||||||||||||
Interest income/interest earning assets | 5.88 | % | 6.71 | % | ||||||||||||||||||||||||
Interest expense/interest earning assets | 2.51 | �� | 2.93 | |||||||||||||||||||||||||
Net interest margin (tax equivalent) | 3.37 | % | 3.78 | % | ||||||||||||||||||||||||
(1) | The tax equivalent basis is computed using a 35% tax rate. |
Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality
Allowance for Loan Loss and Credit Quality
(in thousands) | For the Three Months Ended | |||||||||||||||||||||||
3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | ||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
Beginning balance | $ | 94,020 | 92,358 | 54,754 | 50,373 | 43,602 | ||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||
Residential real estate | (624 | ) | (255 | ) | (3 | ) | (52 | ) | (151 | ) | ||||||||||||||
Commercial real estate | (40,591 | ) | (3,118 | ) | (9,444 | ) | — | — | ||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||
Consumer | (4,836 | ) | (4,094 | ) | (1,689 | ) | (744 | ) | (538 | ) | ||||||||||||||
Small business | (1,196 | ) | (534 | ) | (581 | ) | (1,001 | ) | (438 | ) | ||||||||||||||
Total charge-offs | (47,247 | ) | (8,001 | ) | (11,717 | ) | (1,797 | ) | (1,127 | ) | ||||||||||||||
Recoveries: | ||||||||||||||||||||||||
Residential real estate | — | — | — | 15 | — | |||||||||||||||||||
Commercial real estate | — | — | — | 304 | — | |||||||||||||||||||
Commercial business | 26 | 14 | 29 | 777 | 42 | |||||||||||||||||||
Consumer | 88 | 49 | 120 | 81 | 167 | |||||||||||||||||||
Small business | 61 | 85 | 223 | 84 | 228 | |||||||||||||||||||
Total recoveries | 175 | 148 | 372 | 1,261 | 437 | |||||||||||||||||||
Net charge-offs | (47,072 | ) | (7,853 | ) | (11,345 | ) | (536 | ) | (690 | ) | ||||||||||||||
Transfer specific reserves to Parent | (6,440 | ) | — | — | — | — | ||||||||||||||||||
Provision for loan losses | 42,888 | 9,515 | 48,949 | 4,917 | 7,461 | |||||||||||||||||||
Ending balance | $ | 83,396 | 94,020 | 92,358 | 54,754 | 50,373 | ||||||||||||||||||
Annualized net charge-offs to average loans | % | 4.06 | 0.67 | 0.97 | 0.05 | 0.06 | ||||||||||||||||||
As of | ||||||||||||||||||||||||
3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | ||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||
Nonaccrual loans | $ | 55,790 | 178,591 | 165,369 | 21,806 | 25,746 | ||||||||||||||||||
Nonaccrual tax certificates | 2,013 | 2,094 | 1,140 | 711 | 597 | |||||||||||||||||||
Real estate owned | 19,784 | 17,216 | 17,159 | 23,886 | 23,135 | |||||||||||||||||||
Other repossessed assets | — | — | — | — | — | |||||||||||||||||||
Total nonperforming assets, gross | 77,587 | 197,901 | 183,668 | 46,403 | 49,478 | |||||||||||||||||||
Nonperforming assets, gross to total loans and other assets | % | 1.67 | 4.10 | 3.74 | 0.94 | 1.02 | ||||||||||||||||||
Allowance for loan losses to total loans | % | 1.86 | 2.04 | 1.97 | 1.17 | 1.08 | ||||||||||||||||||
Provision to average loans | % | 3.70 | 0.82 | 4.17 | 0.42 | 0.64 | ||||||||||||||||||
Allowance to nonaccrual loans | % | 149.48 | 52.65 | 55.85 | 251.10 | 195.65 |
Parent Company Business Segment Activities
Condensed Statements of Operations — Unaudited
Condensed Statements of Operations — Unaudited
For the Three Months Ended | ||||||||||||||||||||
(in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
Net interest (expense) | $ | (5,374 | ) | (5,473 | ) | (5,476 | ) | (4,861 | ) | (4,924 | ) | |||||||||
Non-Interest income | ||||||||||||||||||||
Income from unconsolidated subsidiaries | 162 | 174 | 167 | 159 | 781 | |||||||||||||||
Securities activities, net | (5,079 | ) | (4,024 | ) | 594 | 8,601 | 934 | |||||||||||||
Other | 271 | 275 | 156 | 254 | 179 | |||||||||||||||
Non-interest income | (4,646 | ) | (3,575 | ) | 917 | 9,014 | 1,894 | |||||||||||||
Non-interest expense | ||||||||||||||||||||
Employee compensation and benefits | 912 | 701 | 14 | 1,280 | 426 | |||||||||||||||
Advertising and business promotion | 34 | 62 | 55 | 130 | 70 | |||||||||||||||
Professional fees | 500 | 98 | 98 | 135 | 93 | |||||||||||||||
Other | 229 | 300 | 173 | 324 | 323 | |||||||||||||||
Non-interest expense | 1,675 | 1,161 | 340 | 1,869 | 912 | |||||||||||||||
(Loss) income from parent company activities before income taxes | (11,695 | ) | (10,209 | ) | (4,899 | ) | 2,284 | (3,942 | ) | |||||||||||
(Benefit) provision for income taxes | (4,112 | ) | (3,655 | ) | (2,401 | ) | 961 | (1,099 | ) | |||||||||||
Net (loss) income from parent company business segment | $ | (7,583 | ) | (6,554 | ) | (2,498 | ) | 1,323 | (2,843 | ) | ||||||||||
Condensed Statements of Financial Condition — Unaudited
As of | ||||||||||||||||||||
(in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash | $ | 27,624 | 9,163 | 12,540 | 28,332 | 14,699 | ||||||||||||||
Securities | 28,864 | 185,724 | 201,155 | 193,979 | 194,257 | |||||||||||||||
Investment in subsidiaries | 634,447 | 535,281 | 538,691 | 566,787 | 562,958 | |||||||||||||||
Investment in unconsolidated subsidiaries | 8,820 | 8,820 | 8,839 | 8,685 | 7,910 | |||||||||||||||
Other assets | 30,672 | 16,339 | 8,466 | 8,370 | 2,929 | |||||||||||||||
Total assets | $ | 730,427 | 755,327 | 769,691 | 806,153 | 782,753 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Subordinated debentures and notes payable | $ | 294,195 | 294,195 | 294,195 | 289,040 | 263,266 | ||||||||||||||
Other liabilities | 2,336 | 1,811 | 3,607 | 4,389 | 4,510 | |||||||||||||||
Total liabilities | 296,531 | 296,006 | 297,802 | 293,429 | 267,776 | |||||||||||||||
Stockholders’ equity | 434,344 | 459,321 | 471,889 | 512,724 | 514,977 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 730,427 | 755,327 | 769,691 | 806,153 | 782,753 | ||||||||||||||
Parent Company Business Segment
Allowance for Loan Loss and Credit Quality
Allowance for Loan Loss and Credit Quality
Parent Company and Work-out Subsidiary | For the three | |||
(in thousands) | Months Ended | |||
3/31/2008 | ||||
Allowance for Loan Losses | ||||
Beginning balance | $ | — | ||
Specific reserves transfer from BankAtlantic | 6,440 | |||
Provision for loan losses | — | |||
Ending balance | $ | 6,440 | ||
As of | ||||
3/31/2008 | ||||
Credit Quality | ||||
Nonaccrual loans | $ | 101,493 | ||
Specific reserves | (6,440 | ) | ||
Nonaccrual loans, net | 95,053 | |||
Consolidated BankAtlantic Bancorp and Subsidiaries
Change in Commercial Real Estate Non-Accrual Loans
Change in Commercial Real Estate Non-Accrual Loans
Balance at December 31, 2007 | $ | 159,278 | ||
Additional Non-Accruals | 48,683 | |||
Charge-offs | (40,592 | ) | ||
Sales | (30,029 | ) | ||
Transfer to REO | (1,900 | ) | ||
Net Payments | (4,795 | ) | ||
Balance at March 31, 2008 | $ | 130,645 | ||
Consolidated BankAtlantic Bancorp and Subsidiaries
Non performing Assets and Credit Quality Statistics
Non performing Assets and Credit Quality Statistics
As of | ||||
3/31/2008 | ||||
Nonperforming Assets | ||||
Commercial real estate | $ | 130,645 | ||
Residential | 15,141 | |||
Consumer | 4,374 | |||
Commercial business | 6,231 | |||
Small business | 893 | |||
Total nonaccrual loans | 157,284 | |||
Nonaccrual tax certificates | 2,013 | |||
Real estate owned | 19,784 | |||
Other repossessed assets | — | |||
Total nonperforming assets, gross | $ | 179,081 | ||
Credit Quality Statistics | ||||
Nonperforming assets, gross to total loans and other assets | % | 3.77 | ||
Allowance for loan losses to total loans | % | 1.96 | ||
Provision to average loans | % | 3.70 | ||
Allowance to nonaccrual loans | % | 57.12 |