Exhibit 99.1
BankAtlantic Bancorp Reports Earnings For First Quarter, 2003
FORT LAUDERDALE, Fla., April 30 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic, Levitt
Corporation, and Ryan Beck & Co., today announced that income increased 14% to
$14.4 million for the first quarter of 2003, up from $12.6 million earned in the
corresponding period in 2002. On a per share basis, income for the quarter was
$0.23, up from $0.20 in the corresponding 2002 quarter, an increase of 15%. All
comparisons are before the effect of an accounting change that impacted income
in the first quarter, 2002. During the 2002 quarter, the Company recorded a
$15.1 million goodwill impairment (net of tax) as a cumulative effect of a
change in accounting principle. Including that accounting change, the Company
had a net loss of $2.5 million in the first quarter of the prior year. (All per
share amounts are diluted.)
Extensive business segment financial data can be accessed on the Investor
Relations page of the BankAtlantic Bancorp website at
www.BankAtlanticBancorp.com at the navigation link labeled "Supplemental
Financials."
Chairman of the Board and CEO Alan B. Levan commented, "Although the first
quarter was marked by a challenging economic climate, our associates focused on
our long-term strategy and produced solid returns and excellent results.
BankAtlantic's growth initiatives, which include seven-day branch banking,
extended weekday branch hours, a 24/7 live customer service center, Totally Free
Checking, free online banking, and many additional product and service
initiatives have produced a distinct momentum throughout our footprint, truly
making BankAtlantic 'Florida's Most Convenient Bank.'
"Our company's recent announcement of the proposed tax-free spin-off of
Levitt Corporation has attracted considerable investor attention, and has
apparently been very well received by the market. Due to Levitt Corporation's
significant growth and highly successful track record, we determined that its
future growth prospects would be enhanced as a freestanding entity with
independent access to the capital markets. In addition, we believe the spin-off
offers the potential to unlock shareholder value and increase investor interest,
and should result in both Levitt and BankAtlantic Bancorp trading at multiples
more comparable to their market sector peer groups. The proposed spin-off is
subject to several conditions, including the receipt of a private letter ruling
from the Internal Revenue Service that the distribution will be tax-free to
BankAtlantic Bancorp and to the holders of its stock. Depending on the timing of
the receipt of the ruling and any required regulatory approval, we expect the
spin-off to take place during the fourth quarter of 2003.
"BankAtlantic's progress in new account openings has been outstanding and
validates our strategic positioning as 'Florida's Most Convenient Bank.' We
opened 37,000 new checking and savings accounts during the first quarter of 2003
vs. 17,000 during the comparable 2002 period, an increase of 117%. The
percentage of low cost deposits (demand, NOW and savings deposits) to total
deposits increased to 40% from 29% during the comparable 2002 period. Demand
deposits increased to 18% of total deposits, up from 16% at year-end 2002.
"Our credit quality ratios continue to improve. During the first quarter,
recoveries on previously charged off loans exceeded total loan losses, resulting
in a net recovery for the quarter of $557,000. The ratio of non-performing loans
and leases to total loans and leases improved from 0.55% at December 31, 2002 to
0.35% at March 31, 2003. A significant majority of non-performing loans at
quarter-end are residential mortgages, with about $11.2 million on
non-performing status. Our past loss experience from residential loans has been
very good and our present level of non-performing residential loans is
consistent with this historical experience. From the remaining $2.1 billion
balance of the loan portfolio, approximately $2.6 million of loans, or about
0.12%, are on non-performing status.
"Our net interest margin from banking operations declined to 3.35% from
3.41% in the immediately preceding quarter, following a pattern of consistent
declines for the last four quarters. We expect this situation could continue
to negatively impact bank earnings for at least the next two quarters or for as
long as rates remain at these historically low levels.
"Levitt Corporation's homebuilding subsidiary, Levitt and Sons, set
records in both housing unit backlog and new sales contracts in the first
quarter of 2003. During the quarter, new contracts at Levitt and Sons
communities soared 147% to 467 vs. 189 in the comparable 2002 period. Its
housing unit backlog climbed 60% to 1,129 homes vs. 707 homes in the comparable
2002 period.
"Core Communities, our master-planned community development subsidiary,
continues to develop the best-selling community on Florida's Treasure Coast --
St. Lucie West. During the quarter, St. Lucie West was recognized as the 8th
best-selling master-planned community in the United States. Home sales by
unaffiliated builders in St. Lucie West in the first quarter, 2003 increased
nearly 70% over the comparable 2002 quarter.
"Ryan Beck & Co. had record first quarter revenues of $64.0 million, an
increase of 347% compared to the first quarter of 2002. Each of the firm's major
business units experienced improved results for the first quarter of 2003 vs.
the comparable period in 2002. The acquisition of assets and certain liabilities
of Gruntal & Co. in the second quarter, 2002 contributed significantly to these
results. The Company's Private Client Group contributed 58% of total revenues
for the quarter, adding a more stable component to Ryan Beck's revenue stream.
Ryan Beck's profitability for the quarter was favorably impacted by one large
investment banking transaction, and in total it raised over $450 million in
capital for clients in the first quarter of 2003. Ryan Beck's results include
trading markdowns aggregating $2.9 million relating to two securities in the
municipal inventory of the GMS subsidiary of Ryan Beck, negatively impacting
what was an otherwise very good quarter.
"In other matters, Ryan Beck added Robert G. Cox to its Board of
Directors. Mr. Cox retired in 2000 as President of Summit Bancorp, which at the
time of his retirement was the largest bank headquartered in New Jersey," Mr.
Levan concluded.
Financial Highlights:
First Quarter, 2003 Compared to First Quarter, 2002
BankAtlantic Bancorp (consolidated):
* Income, before the cumulative effect of an accounting change, of
$14.4 million vs. $12.6 million, an increase of 14%.
* Diluted earnings per share, before the cumulative effect of an
accounting change, of $0.23 vs. $0.20, an increase of 15%.
* Return on tangible assets was 1.06% vs. 1.09%.
* Return on tangible equity was 15.02% vs. 13.17%.
* Book value per share rose to $8.21 vs. $7.36, an increase of 12%.
BankAtlantic:
* Pretax income of $17.4 million vs. $13.7 million, an increase of
27%.
* Return on average tangible assets was 0.91% vs. 0.82%.
* Return on average tangible equity was 11.58% vs. 9.85%.
* Total average loans grew to $3.681 billion vs. $2.888 billion, an
increase of 27%.
* Average commercial real estate loans increased to $1.530
billion vs. $1.306 billion, an increase of 17%.
* Average consumer lending rose to $297 million vs. $218 million
in the first quarter of 2002, an increase of 36%.
* Average small business loans increased to $164 million vs.
$109 million, an increase of 50%.
* Average residential loans increased to $1.560 billion vs.
$1.092 billion, an increase of 43%.
* Net interest margin decreased from 3.36% to 3.35%. The net interest
margin was 3.41% in the immediately preceding quarter.
* Non-interest income grew to $14.4 million vs. $9.4 million, an
increase of 53%.
* Non-interest expense grew to $35.2 million vs. $28.3 million, an
increase of 24%.
Levitt Corporation:
* Pretax income decreased to $5.4 million vs. $6.3 million in the
corresponding quarter of 2002.
* Return on tangible equity was 11.86 % vs. 21.72%.
Ryan Beck & Co.:
* Pretax income before cumulative accounting change rose to $2.7
million vs. $0.2 million in the corresponding quarter of 2002.
* Return on tangible equity was 10.52% vs. 2.89%.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, Levitt Corporation, 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, and real estate development.
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 73 branch locations, operates more than 180 conveniently
located ATMs and offers extended hours.
Seven-Day Branch Banking-Monday through Sunday
Extended branch lobby hours are 8:30 am - 5:00 pm, Monday through
Wednesday, and 8:30 am - 8:00 pm, Thursday and Friday.
Extended drive-thru hours are 7:30 am - 8:00 pm, Monday through Friday.
Saturday branch lobby hours are 8:30 am - 3:00 pm, and drive-thru hours
are 7:30 am - 6:00 pm.
Sunday branch lobby hours are 11:00 am - 4:00 pm, and drive-thru hours are
11:00 am - 4:00 pm.
Levitt Corporation: is the parent company of Levitt and Sons, Core
Communities, and Levitt Commercial. Levitt Corporation also maintains a 40%
ownership interest in Bluegreen Corporation.
Levitt and Sons is America's oldest homebuilder and America's first
builder of planned suburban communities, and is best known for creating New
York's Levittown, Long Island and Levittown, PA. After building approximately
200,000 homes in over 74 years, Levitt and Sons currently develops single and
multi-family homes for active adults and families throughout Florida.
Core Communities develops master-planned communities in Florida, including
its original and best known, St. Lucie West. St. Lucie West, the fastest growing
community on Florida's Treasure Coast for the last 7 years, is a 4,600-acre
community with 4,000 built and occupied homes, 150 businesses employing 5,000
people and a university campus. Core Communities' newest master-planned
community is "Tradition." Now under development on Florida's Treasure Coast in
St. Lucie County, Tradition features 5,600 residences, a commercial town center
and a world-class corporate park.
Levitt Commercial specializes in development, re-development, and joint
venture opportunities in industrial and retail properties. Bluegreen
Corporation: Levitt Corporation has a 40% ownership interest in Bluegreen
Corporation (NYSE: BXG). Bluegreen Corp. engages in the acquisition,
development, marketing and sale of drive-to vacation resorts, golf communities
and residential land. The Company's resorts are located in a variety of popular
vacation destinations including the Smoky Mountains of Tennessee; Myrtle Beach
and Charleston, South Carolina; Branson, Missouri; Wisconsin Dells and
Gordonsville, Wisconsin; Aruba and throughout Florida. Bluegreen Corp.'s land
operations are predominantly located in the Southeastern and Southwestern United
States.
Ryan Beck & Co. is a full-service broker dealer engaging in underwriting,
market making, distribution, and trading of equity and debt securities. The firm
also provides money management services, general securities brokerage, including
financial planning for the individual investor, consulting and
financial advisory services to financial institutions and middle market
companies. Ryan Beck & Co. also provides independent research in the financial
institutions, healthcare, technology, and consumer product industries. Ryan Beck
& Co. has in excess of 500 financial consultants located in 42 offices
nationwide.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
www.LevittandSons.com
www.CoreCommunities.com
www.LevittCommercial.com
www.RyanBeck.com
www.Cumber.com
www.GMSgroup.com
* To receive future news releases or announcements directly via Email,
please click on the Email Broadcast Sign Up button on
www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations: Leo Hinkley, Phone: (954) 760-5317,
Fax: (954) 760-5415 or InvestorRelations@BankAtlanticBancorp.com
Mailing Address: BankAtlantic Bancorp, Investor Relations, 1750 East Sunrise
Blvd., Ft. Lauderdale, FL 33304
Corporate Communications: Sharon Lyn, Phone: (954) 760-5402,
Fax: (954) 760-5415 or CorpComm@BankAtlanticBancorp.com
BankAtlantic Contact Info:
Public Relations: Hattie Harvey, Tel: (954) 760-5383, Fax: (954) 760-5108 or
hharvey@BankAtlantic.com.
Public Relations for BankAtlantic: Boardroom Communications, Caren Berg,
Phone: (954) 370-8999, FAX (954) 370-8892 or caren@boardroompr.com
A financial summary follows.
BankAtlantic Bancorp's First Quarter, 2003 earnings results, press release
and financial summary, as well as the Supplemental Financials (extensive
business segment financial data), are available on BankAtlantic Bancorp's
website: 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.
Copies of BankAtlantic Bancorp's First Quarter, 2003 earnings results
press release and financial summary, and the Supplemental Financials are also
available upon request via fax, email, or mail, by contacting BankAtlantic
Bancorp's Investor Relations department utilizing the contact information listed
above.
BankAtlantic Bancorp will host an investor and media teleconference call
and webcast on Thursday, May 1, 2003 at 10:00 a.m. EDT. To access the
teleconference call in the U.S., the toll free number to call is 1-888-238-1551.
International calls may be placed to 973-582-2776. A replay of the conference
call will be available beginning on Thursday, May 1, 2003 through 5:00 p.m.
Friday, May 9. To access the replay option in the U.S., the toll free number to
call is 1-877-519-4471. International calls for the replay may be placed to
973-341-3080. The replay digital PIN number for both domestic and international
calls is: 3887099. Alternatively, individuals may listen to the live and/or
archived
webcast of the teleconference call. The archive of the teleconference call will
be available beginning on Thursday, May 1 through Tuesday, July 1, 2003. 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.
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; 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; the
impact of changes in financial services' laws and regulations (including laws
concerning taxes, banking, securities and insurance); technological changes;
BankAtlantic's seven-day banking initiative and other growth initiatives may not
be successful or produce results which justify their costs; the impact of
changes in accounting policies by the Securities and Exchange Commission; the
impact of periodic testing of goodwill and other intangible assets for
impairment, and with respect to the operations of Levitt Corporation ("Levitt")
and its real estate subsidiaries: the market for real estate generally and in
the areas where Levitt has developments, the availability and price of land
suitable for development, materials prices, labor costs, interest rates,
environmental factors and governmental regulations; and the Company's success at
managing the risks involved in the foregoing. Further, this press release
contains forward-looking statements with respect to the proposed spin-off of
Levitt Corporation which is subject to a number of risks and uncertainties that
are subject to change based on factors including that the conditions relating to
regulatory approval and the tax-free nature of the spin-off may not be met, that
business, economic, or market conditions may make the spin-off less
advantageous, that Levitt will not be successful as a separate publicly-traded
company, that Levitt will not have additional access to capital or debt markets
or that such markets may prove to be more expensive than currently available,
and that the Board may in the future conclude that it is not in the best
interest of the Company or the shareholders to pursue the spin-off. 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.
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For The Three Months Ended
(in thousands except share data and ratios)
03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002
Current Earnings:
GAAP Net Income
(loss)
(note 1) $ 14,358 18,066 14,473 20,323 (2,527)
Operating Net
Income
(note 2) $ 14,358 19,020 15,737 13,319 13,267
Average Common
Shares
Outstanding:
Basic 58,171,621 58,085,481 58,065,396 57,973,880 57,862,267
Diluted
GAAP 64,250,488 64,188,382 64,320,448 57,973,880 65,207,468
Diluted
Operating 64,250,488 64,188,382 64,320,448 64,747,784 65,207,468
Key GAAP
Performance
Ratios:
Basic earnings
(loss) per share $ 0.25 0.31 0.25 0.35 (0.04)
Diluted earnings
(loss) per
share* $ 0.23 0.29 0.23 0.35 (0.04)
Return on average
tangible
assets (note 3) 1.06% 1.32 1.02 1.47 (0.22)
Return on average
tangible equity
(note 3) 15.02% 19.98 16.96 24.63 (2.64)
Key Operating
Performance Ratios:
Basic earnings
per share $ 0.25 0.33 0.27 0.23 0.23
Diluted earnings
per share* $ 0.23 0.30 0.25 0.21 0.21
Operating return
on average
tangible
assets
(note 3) 1.06% 1.39 1.10 0.96 1.15
Operating return
on average
tangible
equity
(note 3) 15.02% 21.03 18.44 16.14 13.89
* Diluted earnings
per share
calculation
adds back
interest expense
net of tax on
convertible
securities,
if dilutive $ 440 440 440 440 440
Average Balance
Sheet Data:
Assets $5,491,930 5,552,458 5,796,782 5,620,134 4,656,653
Tangible
assets
(note 3) $5,399,787 5,459,454 5,701,036 5,522,552 4,630,874
Loans $3,633,446 3,602,605 3,679,371 3,564,545 2,864,179
Investments $1,131,737 1,207,985 1,392,785 1,367,312 1,332,292
Deposits
and
escrows $2,851,626 2,970,904 2,988,545 3,028,407 2,424,146
Stockholders'
equity $ 464,712 456,579 441,177 427,740 411,455
Tangible
stockholders'
equity
(note 3) $ 382,487 361,681 341,355 330,042 382,161
Tangible
equity
to tangible
assets 7.08% 6.62 5.99 5.98 8.25
Notes:
(1) GAAP net income is defined as net income in accordance with generally
accepted accounting principles.
(2) Operating net income is defined as GAAP net income adjusted for goodwill
impairment, core deposit amortization and any non-operating activities,
net of tax.
(3) Average tangible assets is defined as average total assets less average
goodwill and core deposit intangibles. Average tangible stockholders'
equity is defined as average total stockholders' equity less average
goodwill, core deposit intangibles and other comprehensive income.
* Operating net income is not prepared in accordance with GAAP and this
non-GAAP financial measure should not be construed as being superior to
GAAP.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share data) 03/31/2003 12/31/2002 03/31/2002
ASSETS
Cash and due from depository
institutions $ 139,940 200,600 150,543
Securities purchased under resell
agreements and federal funds -- 50,145 152
Investment securities and tax
certificates (approximate fair
value: $175,876,
$212,698 and $413,908) 175,436 212,240 409,294
Loans receivable, net 3,881,143 3,372,630 3,507,518
Securities available for sale
(at fair value) 740,003 707,858 862,385
Securities owned (at fair value) 154,319 186,454 34,666
Accrued interest receivable 35,715 33,984 37,451
Real estate held for development and
sale and joint ventures 266,865 252,087 207,386
Investment in unconsolidated real
estate subsidiary 61,584 60,695 2,730
Office properties and equipment, net 92,834 92,699 79,419
Federal Home Loan Bank stock, at cost
which approximates fair value 65,443 64,943 59,482
Deferred tax asset, net 37,523 35,316 27,047
Goodwill 77,878 78,575 84,855
Core deposit intangible asset 13,303 13,757 15,117
Other assets 64,546 59,028 100,084
Total assets $5,806,532 5,421,011 5,578,129
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Interest free checking $ 516,404 462,718 393,000
NOW accounts 446,076 399,985 353,633
Savings accounts 180,362 163,641 147,944
Insured money fund savings 820,181 775,175 772,897
Certificate accounts 920,350 1,119,036 1,384,382
Total deposits 2,883,373 2,920,555 3,051,856
Advances from FHLB 1,308,246 1,297,170 1,174,418
Securities sold under agreements to
repurchase 341,144 116,279 364,400
Federal funds purchased 115,000 -- 85,000
Subordinated debentures, notes and
bonds payable 192,919 193,816 160,278
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 245,375 180,375 130,125
Securities sold not yet purchased 49,760 38,003 66,684
Due to clearing agent 36,982 78,791 --
Other liabilities 154,117 126,688 119,124
Total liabilities 5,326,916 4,951,677 5,151,885
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 53,516,846,
53,441,847 and 53,332,587 shares 535 534 533
Class B common stock, $.01 par value,
authorized 45,000,000 shares;
issued and outstanding 4,876,124,
4876,124 and 4,876,124 shares 49 49 49
Additional paid-in capital 253,032 252,699 252,079
Unearned compensation - restricted
stock grants (1,171) (1,209) (1,327)
Retained earnings 226,241 213,692 166,133
Total stockholders' equity before
accumulated other comprehensive
income 478,686 465,765 417,467
Accumulated other comprehensive
income 930 3,569 8,777
Total stockholders' equity 479,616 469,334 426,244
Total liabilities and
stockholders' equity $5,806,532 5,421,011 5,578,129
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
For The Three Months Ended
03/31/03 12/31/02 9/30/02 6/30/02 03/31/02
(in thousands)
INTEREST INCOME:
Interest and fees on loans $52,996 55,502 59,969 59,325 47,071
Interest on securities
available for sale 8,657 8,214 10,322 11,804 12,066
Interest and dividends on
investment and
trading securities 9,540 11,657 13,214 11,925 8,701
Total interest income 71,193 75,373 83,505 83,054 67,838
INTEREST EXPENSE:
Interest on deposits 11,169 14,256 16,089 17,106 15,326
Interest on advances from
FHLB 15,316 15,960 15,856 15,676 14,920
Interest on short-term
borrowed funds 819 744 2,305 2,113 1,384
Interest on long-term debt 6,219 7,457 7,306 6,853 4,608
Capitalized interest on
real estate developments (1,574) (1,478) (1,688) (1,613) (1,218)
Total interest expense 31,949 36,939 39,868 40,135 35,020
NET INTEREST INCOME 39,244 38,434 43,637 42,919 32,818
Provision for loan losses 850 3,291 2,082 6,139 2,565
NET INTEREST INCOME AFTER
PROVISION 38,394 35,143 41,555 36,780 30,253
NON-INTEREST INCOME:
Service charges on deposits 8,558 9,245 6,684 5,687 4,863
Other service charges and
fees 3,918 3,841 3,591 3,550 3,105
Broker/dealer revenue and
other commissions 57,984 49,721 50,196 38,191 13,048
Securities gains (losses) 384 (27) 2,483 3,083 3,039
Impairment of securities -- (342) (302) ( 18,157) --
Gain (losses) on sales of
loans 3 2,066 (230) 2 2
Income from real estate
operations 13,788 18,355 8,852 12,466 11,977
Income from unconsolidated
subsidiary 119 2,181 1,427 1,741 --
Other 3,249 3,563 2,913 2,763 1,866
Total non-interest
income 88,003 88,603 75,614 49,326 37,900
NON-INTEREST EXPENSES:
Employee compensation and
benefits 67,032 58,469 59,714 53,902 26,863
Occupancy and equipment 10,007 10,737 11,377 10,551 7,294
Amortization of intangible
assets 454 453 453 454 --
Write-down of real estate
owned 755 -- 1,400 7 57
Other 26,050 25,957 23,694 23,640 13,526
Restructuring charges and
write-downs -- 3,125 -- 1,007 --
Acquisition related charges -- -- (71) 3,922 1,074
Total non-interest
expenses 104,298 98,741 96,567 93,483 48,814
Income (loss) before income
taxes, extraordinary
items and cumulative
accounting change 22,099 25,005 20,602 (7,377) 19,339
Provision (benefit) for
income taxes 7,741 6,939 6,068 (3,890) 6,759
Income (loss) before
extraordinary items and
cumulative accounting change 14,358 18,066 14,534 (3,487) 12,580
Extraordinary items, net of
tax -- -- (61) 23,810 --
Cumulative accounting change,
net of tax -- -- -- -- (15,107)
GAAP net income (loss)
(note 1) $14,358 18,066 14,473 20,323 (2,527)
Reconciliation of Operating
and GAAP Net Income
GAAP net income (loss) before
extraordinary items
and cumulative accounting
change $14,358 18,066 14,534 (3,487) 12,580
Restructuring charges and
write-downs -- -- -- 655 --
Costs associated with debt
redemption -- 2,031 -- -- --
Loss on mutual funds
associated with acquired
Gruntal deferred
compensation plan -- -- 1,493 -- --
Acquisition and conversion
related charges -- (1,300) (487) 4,350 687
Impairment of securities
available for sale -- 222 196 11,802 --
Operating net income
(note 2) $14,358 19,020 15,737 13,319 13,267
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the three months ended
---------------------------------------------------------------
(in thousands except percentages and
per share data) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Gross loans:
Residential real estate $ 1,559,553 1,471,218 1,576,825 1,570,598 1,091,653
Commercial real estate 1,482,352 1,552,221 1,543,243 1,453,042 1,281,112
Consumer 296,675 283,119 264,873 245,209 218,130
International 0 499 570 359 1,236
Lease financing 29,962 34,623 40,410 46,315 52,871
Commercial business 100,753 98,619 92,566 96,352 109,909
Small business 164,151 162,306 160,884 152,670 109,268
----------- ---------- ---------- ---------- ----------
Total Loans 3,633,446 3,602,605 3,679,371 3,564,545 2,864,179
Investments 1,131,737 1,207,985 1,392,785 1,367,312 1,332,292
----------- ---------- ---------- ---------- ----------
Total interest earning assets 4,765,183 4,810,590 5,072,156 4,931,857 4,196,471
Goodwill and core deposit intangibles 92,143 93,004 95,746 97,582 25,779
Other non-interest earning assets 634,604 648,864 628,880 590,695 434,403
----------- ---------- ---------- ---------- ----------
Total assets $ 5,491,930 5,552,458 5,796,782 5,620,134 4,656,653
=========== ========== ========== ========== ==========
Tangible assets (note 3) $ 5,399,787 5,459,454 5,701,036 5,522,552 4,630,874
=========== ========== ========== ========== ==========
Deposits:
Savings $ 171,298 157,376 149,906 148,926 106,984
NOW, money funds and checking 1,235,104 1,175,267 1,144,084 1,116,337 873,464
Certificates of deposit 966,869 1,186,270 1,266,869 1,340,929 1,124,904
----------- ---------- ---------- ---------- ----------
Total interest bearing
deposits 2,373,271 2,518,913 2,560,859 2,606,192 2,105,351
Short-term borrowed funds 269,660 194,252 519,886 477,267 307,060
FHLB advances 1,284,983 1,305,466 1,229,562 1,169,404 1,086,675
Long-term debt 377,185 377,620 346,416 318,476 234,685
----------- ---------- ---------- ---------- ----------
Total interest bearing liabilities 4,305,099 4,396,251 4,656,723 4,571,339 3,733,772
Non-interest bearing deposits 478,355 451,991 427,686 422,215 318,795
Non-interest bearing other liabilities 243,764 247,637 271,196 198,840 192,631
----------- ---------- ---------- ---------- ----------
Total liabilities 5,027,218 5,095,879 5,355,605 5,192,394 4,245,198
----------- ---------- ---------- ---------- ----------
Stockholders' equity 464,712 456,579 441,177 427,740 411,455
----------- ---------- ---------- ---------- ----------
Total liabilities and stockholders' equity $ 5,491,930 5,552,458 5,796,782 5,620,134 4,656,653
=========== ========== ========== ========== ==========
Other comprehensive (loss) income in
stockholders' equity $ (9,918) 1,894 4,076 116 3,515
----------- ---------- ---------- ---------- ----------
Tangible stockholders' equity (note 3) $ 382,487 361,681 341,355 330,042 382,161
=========== ========== ========== ========== ==========
Period end information:
Total loans, net $ 3,881,143 3,372,630 3,627,406 3,564,143 3,507,518
Total assets 5,806,532 5,421,011 5,724,214 5,895,392 5,578,129
Total stockholders' equity 479,616 469,334 457,440 446,328 426,244
Common shares outstanding 58,392,970 58,317,971 58,304,786 58,268,626 58,208,711
Cash dividends 1,810,182 1,807,857 1,807,449 1,689,953 1,688,053
Common stock cash dividends per share 0.031 0.031 0.031 0.029 0.029
Closing stock price 9.79 9.45 8.98 12.40 13.00
High stock price for the quarter 10.12 9.76 12.15 12.97 13.00
Low stock price for the quarter 8.76 7.30 7.00 10.05 8.90
Book value per share 8.21 8.05 7.85 7.66 7.36
Bank Operations Business Segment
Condensed Statements of Operations and Statistics (Unaudited)
For the Three Months Ended
---------------------------------------------------------------------
(In thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Net interest income $ 39,159 39,684 44,697 44,482 35,259
Provision for loan losses 850 3,291 2,082 6,139 2,565
---------- ----------- ----------- ----------- -----------
Net Interest income after provision for loan losses 38,309 36,393 42,615 38,343 32,694
---------- ----------- ----------- ----------- -----------
Non-interest income
Service charges on deposits 8,558 9,245 6,684 5,687 4,863
Other service charges and fees 3,918 3,841 3,591 3,550 3,105
Securities gains (losses) (21) (27) 1,977 2,770 21
Gain (losses) on sales of loans 3 2,066 (230) 2 2
Other non-interest income 1,900 1,968 1,287 1,543 1,372
---------- ----------- ----------- ----------- -----------
Total non-interest income 14,358 17,093 13,309 13,552 9,363
---------- ----------- ----------- ----------- -----------
Non-interest expense
Employee compensation and benefits 19,039 17,300 17,170 17,158 14,227
Occupancy and equipment 6,636 7,697 7,554 7,555 6,321
Amortization of intangible assets 454 454 453 454 --
Write-down of real estate owned 755 -- 1,400 7 57
Other 8,350 10,049 8,652 9,397 6,633
Restructuring charges and
impairment write-downs -- -- -- 1,007 --
Acquisition and conversion
related charges -- -- (941) 731 1,074
---------- ----------- ----------- ----------- -----------
Total non-interest expense 35,234 35,500 34,288 36,309 28,312
---------- ----------- ----------- ----------- -----------
Income from bank operations
business segment (pretax) $ 17,433 17,986 21,636 15,586 13,745
========== =========== =========== =========== ===========
Reconciliation of Operating and
business segment income
Business segment income $ 17,433 17,986 21,636 15,586 13,745
Restructuring charges and
impairment write-downs -- -- -- 1,007 --
Acquisition and conversion
related charges -- -- (941) 731 1,074
---------- ----------- ----------- ----------- -----------
Operating income (pretax) $ 17,433 17,986 20,695 17,324 14,819
========== =========== =========== =========== ===========
Statistics:
Average total interest earning
assets (in 000's) $4,634,822 4,681,594 4,948,182 4,886,780 4,139,301
Average total interest bearing
liabilities (in 000's) $3,979,381 4,075,758 4,332,964 4,278,876 3,555,383
GAAP operating efficiency ratio % 65.84 62.53 59.11 62.57 63.45
GAAP return on average assets % 0.90 0.91 1.05 0.77 0.81
GAAP return on average equity % 9.70 9.98 12.21 8.91 9.46
Operating efficiency ratio(1) % 65.84 62.53 60.73 59.57 61.04
Operating return on average
assets(1) % 0.90 0.91 1.00 0.85 0.88
Operating return on average
equity(1) % 9.70 9.98 11.37 9.87 10.20
Net interest margin % 3.35 3.41 3.64 3.63 3.36
Yield on earning assets % 5.78 6.08 6.41 6.52 6.48
Cost of interest-bearing
liabilities % 2.83 3.06 3.16 3.29 3.63
Interest spread % 2.95 3.02 3.25 3.22 2.85
(1) Ratios have been adjusted to exclude restructuring charges, impairment
writedowns and acquisition and conversion related charges.
Condensed Statements of Financial Condition (Unaudited)
As Of
--------------------------------------------------------------
(In thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
---------- ---------- --------- --------- ---------
ASSETS
Loans receivable $3,926,122 3,419,530 3,673,746 3,614,946 3,553,129
Held to maturity securities 237,479 323,400 473,013 510,736 449,307
Available for sale securities 739,468 706,497 638,119 762,376 844,106
Goodwill 70,489 71,222 71,653 74,929 76,257
Core deposit intangible asset 13,303 13,757 14,210 14,664 15,117
Other assets 309,899 369,480 344,238 353,034 302,537
---------- ---------- ---------- ---------- ----------
Total assets $5,296,760 4,903,886 5,214,979 5,330,685 5,240,453
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
Deposits $2,883,373 2,920,555 2,974,874 2,980,098 3,051,857
Advances from Federal Home Loan Bank 1,308,246 1,297,170 1,307,739 1,218,926 1,174,418
Short term borrowings 523,947 127,272 378,443 579,354 473,005
Long term debt 35,425 35,755 14,026 14,315 14,291
Other liabilities 74,428 55,378 75,174 79,372 75,815
---------- ---------- ---------- ---------- ----------
Total liabilities 4,825,419 4,436,130 4,750,256 4,872,065 4,789,386
Stockholder's equity 471,341 467,756 464,723 458,620 451,067
---------- ---------- ---------- ---------- ----------
Total liabilities and stockholder's equity $5,296,760 4,903,886 5,214,979 5,330,685 5,240,453
========== ========== ========== ========== ==========
Bank Operations Business Segment
Average Balance Sheet - Yield/Rate Analysis
For the Three Months Ended
----------------------------------------------------------------------------
March 31, 2003 March 31, 2002
------------------------------------ ------------------------------------
Average Revenue/ Yield/ Average Revenue/ Yield/
Balance Expense Rate Balance Expense Rate
------- -------- -------- ------- -------- --------
Loans:
Residential real estate $1,559,553 21,586 5.54% $1,091,653 $ 18,021 6.60%
Commercial real estate 1,530,402 22,866 5.98 1,305,903 20,531 6.29
Consumer 296,675 3,467 4.67 218,130 3,231 5.92
International -- -- -- 1,236 20 6.47
Lease financing 29,962 834 11.13 52,871 1,591 12.04
Commercial business 100,753 1,450 5.76 109,407 1,625 5.94
Small business 164,151 3,037 7.40 109,268 2,266 8.30
---------- ---------- ---- ---------- ---------- ----
3,681,496 53,240 5.78 2,888,468 47,285 6.55
---------- ---------- ---- ---------- ---------- ----
Investments 953,326 13,688 5.74 1,250,833 19,817 6.34
---------- ---------- ---- ---------- ---------- ----
Total interest earning assets 4,634,822 66,928 5.78% 4,139,301 67,102 6.48%
---------- ---------- ---- ---------- ---------- ----
Goodwill and core deposit intangibles 84,754 18,427
Other non-interest earning assets 261,961 177,273
---------- ----------
Total Assets $4,981,537 $4,335,001
========== ==========
Deposits:
Savings $ 171,298 316 0.75% $ 106,984 $ 269 1.02%
NOW, money funds and checking 1,235,104 3,194 1.05 873,464 3,318 1.54
Certificate accounts 966,869 7,659 3.21 1,124,904 11,739 4.23
---------- ---------- ---- ---------- ---------- ----
2,373,271 11,169 1.91 2,105,352 15,326 2.95
---------- ---------- ---- ---------- ---------- ----
Short-term borrowed funds 285,716 837 1.19 361,768 1,581 1.77
Advances from FHLB 1,284,983 15,316 4.83 1,086,675 14,920 5.57
Long-term debt 35,411 447 5.12 1,588 16 4.09
---------- ---------- ---- ---------- ---------- ----
Total interest bearing liabilities 3,979,381 27,769 2.83 3,555,383 31,843 3.63
Non-interest bearing deposits 478,355 318,795
Non-interest bearing other liabilities 63,538 88,680
---------- ----------
Total Liabilities 4,521,274 3,962,858
Stockholder's equity 460,263 372,143
---------- ----------
Total liabilities and stockholder's equity $4,981,537 $4,335,001
========== ==========
Net interest income/net interest spread $ 39,159 2.95% $ 35,259 2.85%
========== ==== ========== ====
Margin
Interest income/interest earning assets 5.78% 6.48%
Interest expense/interest earning assets 2.43 3.12
---- ----
Net interest margin 3.35% 3.36%
==== ====
Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality
(in thousands) As of and For the Three Months Ended
----------------------------------------------------------
3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Allowance for Loan Losses
Beginning balance $ 48,022 45,602 48,587 48,927 44,585
Charge-offs:
Residential real estate (114) (401) (284) (3) (139)
Commercial real estate -- (140) (2,549) (4,309) --
Commercial business (2,453) (1,106) (1,779) (1,972) (2,213)
Consumer (405) (342) (396) (536) (849)
Small business (620) (736) (727) (1,261) (931)
Syndication -- -- (13) -- (8,000)
-------- -------- -------- -------- ------
Total charge-offs (3,592) (2,725) (5,748) (8,081) (12,132)
-------- -------- -------- -------- ------
Recoveries:
Residential real estate 57 174 94 60 3
Commercial real estate 1 -- 3 3 14
Commercial business 667 559 597 982 953
Consumer 464 431 411 498 578
Small business 833 630 549 698 391
Syndication 2,127 489 102 -- 683
-------- -------- -------- -------- ------
Total recoveries 4,149 2,283 1,756 2,241 2,622
-------- -------- -------- -------- ------
Net recoveries (charge-offs) 557 (442) (3,992) (5,840) (9,510)
-------- -------- -------- -------- ------
Provision for loan losses 850 3,292 2,082 6,139 2,565
Acquired allowance for loan losses (734) (430) (1,075) (639) 11,287
-------- -------- -------- -------- ------
Ending allowance for loan losses $ 48,695 48,022 45,602 48,587 48,927
======== ======== ======== ======== ======
Annualized net charge-offs to average loans % (0.06) 0.05 0.43 0.66 1.33
======== ======== ======== ======== ======
Credit Quality
Nonaccrual loans and tax certificates $ 13,357 18,232 29,366 37,792 48,025
Acquired nonaccrual loans 1,537 2,105 3,065 3,136 3,492
Real estate owned, net of allowance 9,045 9,607 10,015 11,603 3,355
Other repossessed assets 513 4 1 0 1
-------- -------- -------- -------- ------
Total nonperforming assets $ 24,452 29,948 42,447 52,531 54,873
======== ======== ======== ======== ======
Loan loss allowance to non performing assets % 199.15 160.35 107.43 92.49 89.16
======== ======== ======== ======== ======
Nonperforming assets to total loans and
other assets % 0.60 0.83 1.10 1.38 1.49
Allowance for loan losses to total loans % 1.24 1.40 1.24 1.34 1.38
Levitt Corporation
Condensed Statements of Operations and Statistics - Unaudited
For the Three Months Ended
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Revenues
Sales of real estate $13,441 17,829 8,392 11,121 10,791
Income (loss) from unconsolidated
subsidiary (134) 2,107 941 1,522 --
Joint venture operations (313) (657) 130 477 899
Interest - other 758 1,127 512 736 777
------- -------- -------- -------- --------
Total revenues 13,752 20,406 9,975 13,856 12,467
------- -------- -------- -------- --------
Operating expenses
Compensation, benefits 3,682 4,491 3,334 3,538 2,620
Selling, general and
administrative 2,706 3,147 2,378 2,432 1,852
Interest 241 6 70 312 1
Other 1,755 1,924 1,357 1,769 1,706
------- -------- -------- -------- --------
Total operating expenses 8,384 9,568 7,139 8,051 6,179
------- -------- -------- -------- --------
Income from Levitt Corporation (pretax) $ 5,368 10,838 2,836 5,805 6,288
======= ======== ======== ======== ========
Statistics:
Return on equity % 11.86 24.76 6.96 15.26 21.72
Administrative expenses as
a % of revenue 19.68 15.42 23.84 17.55 14.86
Gross profit as a percent of sales 25.38 21.71 20.48 23.73 28.51
Debt to equity 1.46 1.37 1.49 1.49 1.45
Housing units:
Backlog (units) 1,129 885 814 713 707
Sales (units) 162 249 195 230 206
New contracts 467 320 296 236 189
Condensed Statements of Financial Condition - Unaudited
As of
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
ASSETS
Cash $ 27,946 19,002 13,669 15,485 24,038
Loans receivable 6,205 6,082 5,944 5,575 10,891
Real estate inventory and joint
venture investments 218,351 202,377 202,937 187,628 164,501
Investment in unconsolidated
subsidiary 57,866 57,332 56,520 55,267 --
Other assets 11,052 10,668 11,512 13,387 13,969
-------- -------- -------- -------- --------
Total assets $321,420 295,461 290,582 277,342 213,399
======== ======== ======== ======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Notes payable $131,970 117,445 119,136 115,079 107,159
Notes payable to BankAtlantic Bancorp 30,000 30,000 30,000 30,000 --
Other liabilities 48,217 40,483 41,376 34,885 32,135
-------- -------- -------- -------- --------
Total liabilities 210,187 187,928 190,512 179,964 139,294
-------- -------- -------- -------- --------
Stockholder's equity 111,233 107,533 100,070 97,378 74,105
-------- -------- -------- -------- --------
Total liabilities and stockholder's
equity $321,420 295,461 290,582 277,342 213,399
======== ======== ======== ======== ========
Ryan, Beck & Co., Inc. Business Segment
Consolidated Statements of Operations and Statistics - Unaudited
For the Three Months Ended
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Revenues
Principal transactions $30,041 21,890 20,180 16,725 7,507
Investment banking 8,513 5,225 7,791 5,080 2,919
Commissions 19,889 22,608 22,224 16,386 3,032
Interest, dividends and other 5,531 5,680 5,909 4,912 838
------- -------- -------- -------- --------
Total operating revenues 63,974 55,403 56,104 43,103 14,296
------- -------- -------- -------- --------
Operating expenses
Compensation, benefits 44,290 38,669 39,553 30,959 9,714
Communication 4,265 3,538 3,523 3,314 914
Occupancy and equipment 3,371 2,988 3,526 2,719 823
Clearing fees 2,402 2,712 2,671 2,467 849
Acquisition related expenses -- -- 870 3,191 --
Interest and other 6,898 5,172 5,843 4,870 1,763
------- -------- -------- -------- --------
Total operating expenses 61,226 53,079 55,986 47,520 14,063
------- -------- -------- -------- --------
Income (loss) from Ryan Beck
operations before extraordinary
item and cumulative
accounting change (pretax) 2,748 2,324 118 (4,417) 233
Extraordinary item, net of tax -- -- (61) 23,810 --
Cumulative accounting change, net of tax -- -- -- -- (1,768)
------- -------- -------- -------- --------
Business segment Income (loss)
from Ryan Beck
operations (pretax) $ 2,748 2,324 57 19,393 (1,535)
======= ======== ======== ======== ========
Reconciliation of Operating and
business segment income
Business segment income (loss) $ 2,748 2,324 57 19,393 (1,535)
Acquisition related expenses -- -- 192 3,961 --
Loss on mutual funds associated
with acquired
Gruntal derferred compensation plan -- -- 2,297 -- --
Extraordinary item, net of tax -- -- 61 (23,810) --
Cumulative accounting change, net of tax -- -- -- -- 1,768
------- -------- -------- -------- --------
Operating income (loss) (pretax) $ 2,748 2,324 2,607 (456) 233
======= ======== ======== ======== ========
Statistics:
GAAP return on equity % 9.39 8.17 0.21 76.42 (14.03)
Operating return on equity 9.39 8.17 9.46 (1.80) 2.13
Compensation as a percent of revenues 69.23 69.80 70.50 71.83 67.95
Commissions to total revenues 31.09 40.81 39.61 38.02 21.21
Principal transactions to
total revenues 46.96 39.51 35.97 38.80 52.51
Investment banking revenue to
total revenues 13.31 9.43 13.89 11.79 20.42
Condensed Statements of Financial Condition - Unaudited
As of
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
ASSETS
Cash and cash equivalents $ 3,615 3,133 6,882 15,225 3,007
Securities 154,319 186,454 178,774 244,000 34,666
Other investments 0 383 299 374 456
Property and equipment, net 4,037 4,113 4,031 3,567 3,093
Due from clearing agent -- -- -- -- 52,372
Goodwill 7,389 7,351 7,351 7,351 7,351
Other assets 38,023 33,328 32,214 22,445 8,022
-------- -------- -------- -------- --------
Total assets $207,383 234,762 229,551 292,962 108,967
======== ======== ======== ======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Securities sold not yet purchased $ 49,760 38,003 33,034 68,325 66,684
Note payable 1,930 2,304 3,427 3,427 --
Note payable to BankAtlantic Bancorp 5,000 5,000 5,000 5,000 5,000
Due to clearing agent 36,982 78,791 81,774 94,312 --
Other liabilities 45,038 43,897 41,660 56,929 9,278
-------- -------- -------- -------- --------
Total liabilities 138,710 167,995 164,895 227,993 80,962
-------- -------- -------- -------- --------
Stockholder's equity 68,673 66,767 64,656 64,969 28,005
-------- -------- -------- -------- --------
Total liabilities and
stockholder's equity $207,383 234,762 229,551 292,962 108,967
======== ======== ======== ======== ========
Parent Company Business Segment Activities
Condensed Statements of Operations - Unaudited
For the Three Months Ended
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
Net interest (expense) $(3,191) (4,303) (4,311) (4,068) (3,012)
Income from unconsolidated subsidiary 253 74 486 219 --
Gains on sales of assets 404 -- 506 312 3,018
Impairment writedown -- (342) (302) (18,157) --
Ryan Beck retention pool
compensation expense -- -- -- (519) (519)
Acquisition and conversion
related charges -- 2,000 -- (2,000) --
Cost associated with debt redemption -- (3,125) -- -- --
Other income (expense) (917) (446) (369) (138) (414)
------- -------- -------- -------- --------
Loss from parent company activities
before a change in
accounting principle (3,451) (6,142) (3,990) (24,351) (927)
Cumulative accounting change -- -- -- -- (13,339)
------- -------- -------- -------- --------
Loss from parent company business
segment activities (pretax) $(3,451) (6,142) (3,990) (24,351) (14,266)
======= ======== ======== ======== ========
Reconciliation of Operating and
business segment income
Business segment income before
cumulative acctg change $(3,451) (6,142) (3,990) (24,351) (927)
Impairment writedown -- 342 302 18,157 --
Acquisition and conversion related
charges -- (2,000) -- 2,000 --
Cost associated with debt redemption -- 3,125 -- -- --
------- -------- -------- -------- --------
Operating loss (pretax) $(3,451) (4,675) (3,688) (4,194) (927)
======= ======== ======== ======== ========
Condensed Statements of Financial Condition - Unaudited
As of
--------------------------------------------------------
(in thousands) 3/31/2003 12/31/2002 9/30/2002 6/30/2002 3/31/2002
--------- ---------- --------- --------- ---------
ASSETS
Cash $ 53,513 2,723 39,176 3,465 26,821
Securities 3,935 4,761 4,892 8,672 37,530
Notes receivable from subsidiaries 35,000 35,000 35,000 35,000 5,000
Investment in subsidiaries and
joint ventures 657,398 647,169 633,908 623,293 554,642
Investment in unconsolidated
subsidiary 3,718 3,363 3,475 2,938 --
Other assets 32,129 30,454 28,592 27,808 15,450
-------- -------- -------- -------- --------
Total assets $785,693 723,470 745,043 701,176 639,443
======== ======== ======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures and
notes payable $302,735 251,737 282,725 250,158 201,292
Other liabilities 3,342 2,399 4,878 4,690 9,823
-------- -------- -------- -------- --------
Total liabilities 306,077 254,136 287,603 254,848 211,115
-------- -------- -------- -------- --------
Stockholders' equity: 479,616 469,334 457,440 446,328 428,328
-------- -------- -------- -------- --------
Total liabilities and
stockholders' equity $785,693 723,470 745,043 701,176 639,443
======== ======== ======== ======== ========