Press Release: BankAtlantic Bancorp, Inc.
May 2, 2002
FORT LAUDERDALE, FL -- BankAtlantic Bancorp, Inc. (NYSE: BBX) yesterday announced record operating earnings of
$13.3 million for the first quarter of 2002, an increase of 69% compared to $7.9 million earned in the corresponding
period in 2001. On a per share basis, operating earnings were $0.21, up from $0.18 in the first quarter, 2001.
Net income for the current quarter was $12.6 million, compared to $8.0 million in the first quarter, 2001. BankAtlantic
Bancorp is the parent company of BankAtlantic, Levitt Companies and Ryan, Beck & Co.
First Quarter Highlights
(As Compared to First Quarter, 2001)
BankAtlantic Bancorp (consolidated)
* Operating earnings of $13.3 million vs. $7.9 million, an increase of 69%.
* Operating EPS (diluted) of $0.21 vs. $0.18, up 17%.
* Operating return on average tangible assets of 1.15%.
* Operating return on average tangible equity of 13.92%.
* Non-interest income of $37.9 million vs. $24.7 million, up 53%.
* Average tangible equity to average tangible assets rose to 8.24%, from
4.31%.
* Total shareholders' equity of $443 million vs. $264 million.
BankAtlantic
* Successful acquisition and conversion of the former Community Savings
into BankAtlantic.
* Community adds approximately $900 million in assets, $640 million in
deposits, $625 million in loans, and 21 new offices to BankAtlantic.
* Introduction of "Florida's Most Convenient Bank" initiative, including
seven day branch banking, extended weekday hours, and live 24/7 call
center.
* Increased penetration of lower-cost demand, savings and other transaction
deposits in funding base, rising from 48% to 54% of deposits.
* Operating Return on Average Assets of 0.88%.
* Operating Return on Average Equity of 10.20%.
Levitt Companies
* Assets of $213 million vs. $168 million, up 27%.
* Net revenues of $12.7 million vs. $7.2 million, up 76%.
* Plans to open four new residential developments in the second quarter.
* Investment of 40% in Bluegreen Corporation, NYSE listed company.
* Return on equity of 21.72%.
Ryan Beck & Co.
* Revenues of $14.3 million vs. $9.7 million, up 47%.
* Third consecutive profitable quarter following losses in first half of
2001.
* Assets of Gruntal & Co. acquired in late April 2002. Assets in customers
accounts increase by $14.4 billion; 500 Investment Counselors added to
Ryan Beck.
* GMS Group, a municipal finance specialty firm, included in the Gruntal
transaction, adds 80 Investment Counselors to the Capital Markets unit of
Ryan, Beck.
* Return on Equity of 2.48%.
Executive Commentary on Operations
Chairman and Chief Executive Officer Alan B. Levan commented, _Our first quarter was marked by several major events,
each of which offers significant promise:
* "On March 22, we completed the acquisition of Community Savings. That
same weekend, we seamlessly converted its systems to ours, and opened for
business on March 25 with 21 additional offices, approximately
$640 million in new deposits, and a 41% increase in customer accounts.
We are delighted in every way with the manner in which this acquisition
has proceeded, including the outstanding efforts of both our and
Community's staffs. Both worked as a team to integrate Community into
BankAtlantic -- enabling us to offer an outstanding array of banking
services to the Community customer base from the very onset. In this
acquisition, we also added 172 new associates with a demonstrated
commitment to their customers and to their new company.
* "Our "High Performance Checking" account-attraction strategy continued
to be successful. We have increased the proportion of our deposit
funding represented by lower-cost demand, savings, and transaction
deposits to 54% compared to 48% at this time last year. We are delighted
with our progress in this arena, and expect continued success in coming
quarters.
* "As the quarter closed, we introduced our "Florida's Most Convenient
Bank" program, seeking to brand our bank as offering the most convenient
package of services, locations and availability in our market. As part
of this program, each retail branch will be open seven days a week to
better serve our customers. We feel it is prudent for us to offer this
service level so that we can establish BankAtlantic as the leader in
convenience and service for our present -- and our new -- customers.
* "Both of our non-banking subsidiaries recently made major moves:
* "On April 26, Ryan, Beck acquired certain assets of Gruntal &
Co., which will add as many as 500 investment consultants and
$14.4 billion in customers' portfolio assets to its base. This
more than triples Ryan, Beck's distribution network, expands its
geographic coverage on the east coast, and provides significant new
presence in the mid-west and west coast. In addition, the
acquisition adds the GMS Group, with 80 investment consultants
focusing on tax-exempt securities, to Ryan, Beck's capital markets
organization.
"This transaction will provide Ryan, Beck with a much larger
platform for the distribution of issuers' securities to the
investing public through both retail and institutional channels.
"Above all, Ryan, Beck intends to retain the personalized service
for which it is known, as it grows into a significant regional firm
having broad distribution powers combined with the service and
expertise of a boutique firm.
* "Levitt Companies announced its acquisition of 40% of Bluegreen
Corporation, a New York Stock Exchange-listed (BXG) company engaged
in the acquisition, development, marketing and sale of drive-to
vacation resorts, golf communities and residential land.
For the first nine months of its fiscal 2002-year, Bluegreen
reported total operating revenues of approximately $220 million and
net income of approximately $10.7 million on sales of 11,588
timeshare interests and 1,092 home sites.
Financial Summary
Operating Net Income
For the quarter ended March 31, 2002, the Company's operating net income, defined as net income in accordance with
generally accepted accounting principles, adjusted for goodwill amortization and non-recurring items, was $13.3
million compared to $7.9 million in the first quarter of 2001, an increase of 69%. On a per diluted share basis,
operating net income was $0.21 for the first quarter 2002 compared to $0.18 for the first quarter 2001, an increase
of 17%.
On an operating basis, the Company's annualized return on average tangible assets and return on average tangible
stockholders' equity were 1.15% and 13.92%, respectively, for the first quarter of 2002. These compared with 2001
first quarter returns of 0.68% and 15.78%, respectively.
During the first quarter of 2002, the Company reported non-recurring expenses of $687,000, net of tax, consisting
of conversion and integration costs associated with the March 22, 2002 acquisition of Community Savings Bancshares,
Inc. In the first quarter of 2001 the Company reported a non-cash expense for amortization of goodwill of $1.025
million, net of tax. As a result of an accounting change that became effective January 1, 2002, the Company did
not report any amortization of goodwill during the first quarter of 2002. During the first quarter of 2001, the
Company reported the cumulative effect of a change in accounting principle of $1.138 million, net of tax, relating
to derivative instruments.
GAAP Net Income
For the quarter ended March 31, 2002, the Company's net income in accordance with generally accepted accounting
principles (GAAP) was $12.6 million compared to $8.0 million for the comparable period of 2001, an increase of
58%. GAAP net income per diluted share was $0.20 and $0.18 for the first quarter of 2002 and 2001, respectively.
Net Interest Income (banking operations)
The Net Interest Margin (NIM) for banking operations for the quarter was 3.36%, a decline of eight basis points
from the NIM in the corresponding quarter of 2001. The net interest margin has recently been impacted by lower
interest rates and the associated prepayment of loans. This resulted in the accelerated amortization of premiums
that the Company has paid in connection with purchases of both loans and investments.
Non-Interest Income and Expense
Non-interest income totaled $37.9 million for the first quarter of 2002, an increase of 53% over the total of $24.7
million reported for the first quarter of 2001. Strong increases were reported in deposit account service charges
as part of customer growth following recent marketing initiatives. Broker/dealer revenues from Ryan, Beck and Co.
also increased substantially, rising 47% from $8.9 million in the first quarter of 2001 to $13.0 million for the
same period of 2002. Additionally, net revenue from sales of real estate and other joint ventures, primarily at
the Levitt Companies, was $12.0 million for the first quarter of 2002 vs. $5.9 million for the first quarter of
2001, an increase of approximately 102%.
The ratio of non-interest income to total net interest income and non-interest income rose significantly to 54%
on a consolidated basis for the quarter, compared to 43% in the corresponding period of 2001. Within BankAtlantic
on a stand-alone basis, this ratio improved from 19% to 21%.
Non-interest expense increased from $43.2 million in the first quarter, 2001 to $48.8 million for the current quarter.
Included in the expenses for the current quarter are non-recurring acquisition related and conversion expenses
of $1.1 million. Included in the expense for the first quarter of 2001 was a non-cash charge for amortization of
goodwill of $1.025 million. Total employee compensation and benefits for the quarter also increased significantly
over the corresponding quarter of 2001, reflecting higher commissions paid to the brokers of Ryan, Beck directly
related to revenue production, and higher staffing levels and general salary increases throughout the Company.
Loan Activity
Average loans outstanding for the first quarter of 2002 were $2.9 billion, slightly down from the comparable quarter
of 2001. Although the Company experienced strong growth in commercial real estate and home equity loans, the increases
in these portfolios were offset by a continued run-off in the syndications, leasing, small business and indirect
lending areas, which were discontinued or curtailed activities, and by a decision to slow purchasing activity in
residential loans because of less attractive available spreads. Loans in the discontinued or curtailed portfolios
declined to $117.6 million at quarter-end from $261.4 million at March 31, 2001. This decline was principally associated
with the continued run-off of loans in these areas, and secondarily from charge-offs.
At quarter-end, the loan portfolio totaled $3.5 billion, up from $2.9 billion at this point last year. This increase
was primarily the result of the Community Savings acquisition, which added approximately $625 million in loans,
principally in residential mortgages.
Provision for Loan Losses
The provision for loan losses in the first quarter of 2002 was $2.6 million vs. $2.8 million in the first quarter
of 2001 and $2.9 million for the fourth quarter of 2001. Annualized net charge-offs to average loans were 1.32%,
0.35% and 0.35% for these respective periods. Included in charge-offs for the first quarter of 2002 was an $8 million
partial charge-off of a syndication loan to a company in the commercial aviation repair parts and maintenance industry
for which a specific reserve had been established in late 2001. Excluding this one loan, net charge-offs were an
annualized rate of 0.21% of average loans.
Non-Performing Loans and Assets
Non-performing assets totaled $54.9 million at March 31, 2002, representing 1.49% of total loans and other assets.
This compares to $27.2 million, or 0.88% of total loans and other assets, at March 31, 2001 and $42.9 million,
or 1.45% of total loans and other assets, at December 31, 2001. The increase in non-performing assets during the
quarter was primarily attributable to a $17 million loan secured by a hotel property in Orlando, and secondarily
to the acquisition of Community Savings. We believe the hotel loan is well secured and no loss is anticipated on
this loan. The ending allowance for loan losses was $48.9 million and $47.1 million at March 31, 2002 and 2001,
representing 1.38% and 1.59% of total loans, respectively.
Attached are financial summaries for the quarter, and summaries of the operations of each of the three major subsidiaries
of the Company.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services holding company and the parent company of
BankAtlantic, Levitt Companies, and Ryan, Beck & Co., LLC. 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," 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.
Seven-Day Branch Banking- Monday through Sunday. Saturday lobby hours are
8:30 A.M._3:00 P.M., and drive-thru hours are 7:30 A.M._6:00 P.M. Sunday
lobby hours are 11:00 A.M.-4:00 P.M., and drive-thru hours are 11:00 A.M.-
4:00 P.M.
Extended lobby hours are 8:30 A.M.-5:00 P.M., Monday through Wednesday,
and 8:30 A.M.- 8:00 P.M., Thursday and Friday. Extended drive-thru hours
are 7:30 A.M.-8:00 P.M., Monday through Wednesday, and 7:30 A.M.-8:00
P.M., Thursday and Friday.
BankAtlantic is one of the largest financial institutions
headquartered in the State of Florida.
Levitt Companies is the parent company of Levitt and Sons, Core
Communities and Levitt Commercial.
Levitt and Sons, America's oldest homebuilder and first to build
planned suburban communities, currently develops single-family homes in
its active adult residential developments throughout Florida.
Core Communities develops master-planned communities in Florida,
including its original and best known, St. Lucie West _- a 4,600-acre
community with 4,000 built and occupied homes, 150 businesses employing
5,000 people and a university campus. New master-planned developments
include Westchester, now under development on Florida's Treasure Coast in
St. Lucie County, featuring 5,600 residences, a commercial town center and
the area's first world-class corporate park. Live Oak Preserve is a
1,285-acre master-planned, gated community under development in the
rapidly growing Tampa Bay Region.
Levitt Commercial specializes in development, re-development, and
joint venture opportunities in industrial and retail properties.
Levitt Companies recently acquired a 40% ownership interest in
Bluegreen Corporation (NYSE: BXG - news), which 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 Orlando, Florida; the
Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston,
South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin;
Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; and Aruba,
while its land operations are predominantly located in the Southeastern
and Southwestern United States.
Ryan, Beck & Co., LLC 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, energy, healthcare,
technology, and consumer product industries. The firm's money management
subsidiary, Cumberland Advisors, Inc., supervises approximately
$500 million in assets for individuals, institutions, retirement plans,
governmental entities and cash management portfolios.
Ryan, Beck & Co. recently acquired certain assets and related entities
from Gruntal & Co., LLC, including the acquisition of GMS Group, LLC. The
combined firm now has in excess of 600 retail account executives located
in 34 offices nationwide, with nearly $19 billion in client assets.
For further information, please visit our websites:
http://www.BankAtlantic.com
http://www.RyanBeck.com http://www.Cumber.com
http://www.LevittandSons.com http://www.CoreCommunities.com
http://www.LevittCommercial.com http://www.StLucieWest.com
Online banking products and services can be accessed directly through http://www.BankAtlantic.com.
To receive future news releases or announcements directly via email, please access the e-News banner on the Investor
Relations page at http://www.BankAtlantic.com.
BankAtlantic Bancorp Contact Info:
Investor Relations: Leo Hinkley, Tel: (954) 760-5317,
Fax: (954) 760-5415, or InvestorRelations@BankAtlantic.com.
Corporate Communications and Media Relations: Sharon Lyn,
Tel: (954) 760-5402 or CorpComm@BankAtlantic.com
Public Relations for BankAtlantic: Boardroom Communications,
Tel: (954) 370-8999, Julie Silver: jsilver@boardroompr.com,
Alison Steinberg: alison@boardroompr.com.
Forward-Looking Statements
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 the 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, the 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 the related sufficiency
of the allowance for loan losses; the effects of, and changes in, trade, monetary and fiscal policies and laws,
including but not limited to interest rate policies of the Board of Governors of the Federal Reserve System; adverse
conditions in the stock market, the public debt market and other capital markets (including changes in interest
rate conditions) and the impact of such conditions on our activities; the impact of changes in financial services'
laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes;
the impact of changes in accounting policies by the Securities and Exchange Commission; and with respect to the
operations of Levitt Companies ("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 acquisition of Community Savings, the acquisition of an interest in Bluegreen Corporation,
and the acquisition of certain assets and assumption of certain liabilities of Gruntal & Co., each of which
are subject to risks and uncertainties, including the risk that the future financial and operating performance
of these acquisitions will not be as advantageous as expected. 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 ("SEC"). The Company cautions that the foregoing factors are not exclusive.
BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
(in thousands except share data and ratios)
For the three months ended
3/31/02 12/31/01 9/30/01
Current Earnings:
GAAP Net Income (note 1) $12,580 10,501 5,091
Operating Net Income (note 2) $13,267 11,671 13,009
Average Common Shares Outstanding:
Basic 57,862,267 51,768,998 43,378,684
Diluted 65,207,468 57,859,579 57,009,076
Key Operating Performance Ratios:
Basic earnings per share $0.23 0.23 0.30
Diluted earnings per share * $0.21 0.21 0.24
Return on average tangible assets
- annualized (note 3) 1.15% 1.02% 1.12%
Return on average tangible equity
- annualized (note 3) 13.92% 14.27% 19.69%
Key GAAP Performance Ratios:
Basic earnings per share $0.22 0.20 0.12
Diluted earnings per share * $0.20 0.19 0.11
Return on average tangible assets
- annualized (note 3) 1.09% 0.91% 0.44%
Return on average tangible equity
- annualized (note 3) 13.20% 12.84% 7.70%
* Diluted earnings per share
calculation adds back interest
expense, net of tax on
convertible securities $440 441 902
Average Balance Sheet Data:
Assets $4,670,805 4,637,164 4,702,464
Tangible Assets (note 3) $4,629,204 4,596,768 4,654,515
Loans $2,871,432 2,907,384 3,016,519
Investments $1,352,276 1,351,227 1,323,386
Deposits $2,424,217 2,275,587 2,352,092
Stockholders' Equity $426,376 373,183 321,115
Tangible Stockholders' Equity
(note 3) $381,261 327,157 264,316
Tangible equity to tangible
assets 8.24% 7.12% 5.68%
(in thousands except share data and ratios)
For the three months ended
6/30/01 3/31/01
Current Earnings:
GAAP Net Income (note 1) 8,605 7,963
Operating Net Income (note 2) 9,654 7,850
Average Common Shares Outstanding:
Basic 36,535,810 36,502,372
Diluted 51,275,621 50,571,743
Key Operating Performance Ratios:
Basic earnings per share 0.26 0.22
Diluted earnings per share * 0.21 0.18
Return on average tangible assets
- annualized (note 3) 0.82 0.68
Return on average tangible equity
- annualized (note 3) 18.64 15.78
Key GAAP Performance Ratios:
Basic earnings per share 0.24 0.22
Diluted earnings per share * 0.19 0.18
Return on average tangible assets
- annualized (note 3) 0.73 0.69
Return on average tangible equity
- annualized (note 3) 16.62 16.01
* Diluted earnings per share
calculation adds back interest
expense, net of tax on
convertible securities 1,027 1,027
Average Balance Sheet Data:
Assets 4,770,853 4,670,648
Tangible Assets (note 3) 4,722,458 4,621,227
Loans 3,063,053 2,967,146
Investments 1,337,647 1,358,453
Deposits 2,377,088 2,275,983
Stockholders' Equity 264,362 256,723
Tangible Stockholders' Equity
(note 3) 207,159 198,971
Tangible equity to tangible assets 4.39 4.31
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 amortization, goodwill impairment, core deposit
amortization and any non-recurring items, net of tax.
(3) Average tangible assets is determined as average total assets less
average goodwill and core deposit intangibles. Average tangible
stockholders' equity is determined as average total stockholders'
equity less average goodwill, core deposit intangibles and other
comprehensive income.
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statement of Financial Condition (unaudited)
(In thousands, except share data) 3/31/02 12/31/01 3/31/01
ASSETS
Cash and due from depository
institutions $150,543 $120,049 $98,226
Securities purchased under resell
agreements 152 156 1,242
Investment securities and tax
certificates (approximate fair value:
$413,908, $434,470 and $369,309) 409,294 428,718 363,782
Loans receivable, net 3,507,518 2,774,238 2,915,119
Securities available for sale
(at fair value) 868,373 843,867 986,055
Trading securities (at fair value) 34,666 68,296 36,126
Accrued interest receivable 37,451 33,706 43,178
Real estate held for development and
sale and joint ventures 212,583 178,273 157,732
Office properties and equipment, net 79,419 61,685 60,362
Federal Home Loan Bank stock, at cost
which approximates fair value 59,482 56,428 52,690
Deferred tax asset, net 25,874 17,879 18,373
Goodwill 99,962 39,859 48,857
Core deposit intangible asset 15,117 -- --
Other assets 94,887 31,332 30,071
Total assets $5,595,321 $4,654,486 $4,811,813
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $3,051,856 $2,276,567 $2,380,721
Advances from FHLB 1,174,418 1,106,030 1,028,803
Securities sold under agreements to
repurchase 364,400 406,070 714,121
Federal funds purchased 85,000 61,000 8,500
Subordinated debentures, notes and
bonds payable 160,278 131,428 221,006
Guaranteed preferred beneficial
interests in Company's Junior
Subordinated Debentures 130,125 74,750 74,750
Other liabilities 185,808 162,968 119,673
Total liabilities 5,151,885 4,218,813 4,547,574
Commitments and contingencies
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 53,332,587,
53,203,159 and 31,742,882 shares 533 532 317
Class B common stock, $.01 par value,
authorized 45,000,000 shares;
issued and outstanding 4,876,124,
4,876,124 and 4,876,124 shares 49 49 49
Additional paid-in capital 252,079 251,202 103,910
Unearned compensation - restricted
stock grants (1,327) (1,359) (341)
Retained earnings 181,240 170,349 150,521
Total stockholders' equity before
accumulated other comprehensive
income 432,574 420,773 254,456
Accumulated other comprehensive income 10,862 14,900 9,783
Total stockholders' equity 443,436 435,673 264,239
Total liabilities and
stockholders' equity $5,595,321 $4,654,486 $4,811,813
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statement of Operations (unaudited)
For the three months ended
(in thousands) 3/31/02 12/31/01 9/30/01
INTEREST INCOME:
Interest and fees on loans $47,071 $51,261 $60,372
Interest on securities available
for sale 12,066 13,052 13,112
Interest and dividends on
investment and trading securities 8,701 8,318 9,595
Total interest income 67,838 72,631 83,079
INTEREST EXPENSE:
Interest on deposits 15,326 16,725 21,410
Interest on advances from FHLB 14,920 15,635 15,476
Interest on short-term borrowed funds 1,384 2,878 4,618
Interest on long-term debt 4,608 4,171 5,440
Capitalized interest on real
estate developments (1,218) (1,305) (1,426)
Total interest expense 35,020 38,104 45,518
NET INTEREST INCOME 32,818 34,527 37,561
Provision for loan losses 2,565 2,846 7,258
NET INTEREST INCOME AFTER PROVISION 30,253 31,681 30,303
NON-INTEREST INCOME:
Service charges on deposits 4,863 4,782 3,820
Other service charges and fees 3,105 3,456 3,903
Broker/dealer revenue and
other commissions 13,048 13,437 10,944
Securities gains (losses) 3,039 5 2,236
Sale of real estate, net 11,977 12,001 11,241
Other 1,868 2,243 2,049
Total non-interest income 37,900 35,924 34,193
NON-INTEREST EXPENSES:
Employee compensation and benefits 27,013 25,423 22,924
Occupancy and equipment 7,144 7,397 7,258
Amortization of intangible assets -- 958 1,041
Other 13,583 16,310 14,092
Restructuring charges and
impairment write-downs -- 331 6,624
Acquisition related charges 1,074 -- --
Total non-interest expenses 48,814 50,419 51,939
Income before income taxes,
extraordinary items
and cumulative accounting change 19,339 17,186 12,557
Provision for income taxes 6,759 6,685 7,213
Income before extraordinary items and
cumulative accounting change 12,580 10,501 5,344
Extraordinary items, net of tax -- -- (253)
Cumulative accounting change, net of tax -- -- --
GAAP net income (note 1) 12,580 10,501 5,091
Operating net income
GAAP net income 12,580 10,501 5,091
Amortization of intangible assets,
net of tax -- 958 1,041
Restructuring charges and impairment
write-downs, net of tax -- 212 6,624
Acquisition related charges, net of tax 687 -- --
Extraordinary items and cumulative
accounting change, net of tax -- -- 253
Operating net income (note 2) $13,267 $11,671 $13,009
For the three months ended
(in thousands) 6/30/01 3/31/01
INTEREST INCOME:
Interest and fees on loans $61,580 $63,851
Interest on securities available for sale 13,284 13,365
Interest and dividends on
investment and trading securities 8,792 9,036
Total interest income 83,656 86,252
INTEREST EXPENSE:
Interest on deposits 23,089 24,444
Interest on advances from FHLB 14,660 14,701
Interest on short-term borrowed funds 7,142 9,632
Interest on long-term debt 6,579 6,748
Capitalized interest on real
estate developments (1,447) (1,571)
Total interest expense 50,023 53,954
NET INTEREST INCOME 33,633 32,298
Provision for loan losses 4,040 2,761
NET INTEREST INCOME AFTER PROVISION 29,593 29,537
NON-INTEREST INCOME:
Service charges on deposits 3,890 3,880
Other service charges and fees 3,811 3,561
Broker/dealer revenue and other commissions 10,202 8,853
Securities gains (losses) 1,221 135
Sale of real estate, net 7,398 5,943
Other 1,947 2,315
Total non-interest income 28,469 24,687
NON-INTEREST EXPENSES:
Employee compensation and benefits 23,152 23,599
Occupancy and equipment 6,953 6,883
Amortization of intangible assets 1,049 1,025
Other 13,671 11,686
Restructuring charges and
impairment write-downs -- --
Acquisition related charges -- --
Total non-interest expenses 44,825 43,193
Income before income taxes,
extraordinary items
and cumulative accounting change 13,237 11,031
Provision for income taxes 4,632 4,206
Income before extraordinary items and
cumulative accounting change 8,605 6,825
Extraordinary items, net of tax
Cumulative accounting change, net of tax -- 1,138
GAAP net income (note 1) 8,605 7,963
Operating net income
GAAP net income 8,605 7,963
Amortization of intangible assets, net of tax 1,049 1,025
Restructuring charges and impairment
write-downs, net of tax -- --
Acquisition related charges, net of tax -- --
Extraordinary items and cumulative
accounting change, net of tax -- (1,138)
Operating net income (note 2) $9,654 $7,850
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
(in thousands except percentages and per share data)
For the three months ended
3/31/02 12/31/01 9/30/01
Gross loans:
Residential real estate $1,091,805 1,223,247 1,334,352
Commercial real estate 1,290,342 1,166,255 1,131,427
Consumer 216,814 211,246 211,920
International 1,236 6,139 22,120
Lease Financing 52,361 59,518 66,641
Commercial business 109,568 140,909 150,999
Small business 109,306 100,068 99,059
Total Loans 2,871,432 2,907,384 3,016,519
Investments 1,352,276 1,351,227 1,323,386
Total interest earning assets 4,223,709 4,258,610 4,339,906
Goodwill and core deposit intangibles 41,601 40,396 47,948
Other non-interest earning assets 405,495 338,158 314,610
Total Assets $4,670,805 4,637,164 4,702,464
Tangible assets (note 3) $4,629,204 4,596,768 4,654,515
Deposits:
Savings $106,984 98,467 98,603
NOW, money funds and checking 873,464 791,805 764,755
Certificates of deposit 1,124,923 1,093,851 1,211,382
Total interest bearing deposits 2,105,370 1,984,122 2,074,740
Short-term borrowed funds 307,060 513,284 527,245
FHLB Advances 1,086,675 1,110,009 1,121,510
Long-term debt 234,686 209,851 255,640
Total interest bearing liabilities 3,733,791 3,817,267 3,979,135
Non-interest bearing deposits 318,847 291,465 277,352
Non-interest bearing other liabilities 191,790 155,249 124,862
Total Liabilities 4,244,428 4,263,981 4,381,349
Stockholders' equity 426,376 373,183 321,115
Total Liabilities and Stockholders'
equity $4,670,805 4,637,164 4,702,464
Other comprehensive income in
stockholders' equity 3,515 5,630 8,851
Tangible stockholders' equity (note 3) $381,261 327,157 $264,316
Period end information:
Total loans, net $3,507,518 $2,774,238 $2,885,518
Total assets 5,595,321 4,654,486 4,765,656
Total stockholders' equity 443,436 435,673 372,433
Common shares outstanding 58,208,711 58,079,283 51,078,554
Cash dividends 1,688,053 1,684,301 1,481,448
Common Stock Cash dividends per share 0.029 0.029 0.029
Closing stock price 13.00 9.18 10.10
High stock price for the quarter 13.00 10.38 11.25
Low stock price for the quarter 8.90 7.68 8.35
Book value per share 7.62 7.50 7.29
(in thousands except percentages and per share data)
For the three months ended
6/30/01 3/31/01
Gross loans:
Residential real estate 1,415,271 1,338,608
Commercial real estate 1,067,583 1,012,805
Consumer 207,688 212,397
International 46,540 60,479
Lease Financing 73,841 77,181
Commercial business 154,901 167,998
Small business 97,229 97,678
Total Loans 3,063,053 2,967,146
Investments 1,337,647 1,358,453
Total interest earning assets 4,400,699 4,325,599
Goodwill and core deposit intangibles 48,395 49,421
Other non-interest earning assets 321,759 295,628
Total Assets 4,770,853 4,670,648
Tangible assets (note 3) 4,722,458 4,621,227
Deposits:
Savings 107,915 107,141
NOW, money funds and checking 747,755 726,581
Certificates of deposit 1,239,568 1,184,281
Total interest bearing deposits 2,095,238 2,018,003
Short-term borrowed funds 660,279 687,722
FHLB Advances 1,045,526 1,033,135
Long-term debt 295,961 296,698
Total interest bearing liabilities 4,097,004 4,035,559
Non-interest bearing deposits 281,850 257,980
Non-interest bearing other liabilities 127,637 120,386
Total Liabilities 4,506,491 4,413,925
Stockholders' equity 264,362 256,723
Total Liabilities and Stockholders' equity 4,770,853 4,670,648
Other comprehensive income in
stockholders' equity 8,808 8,331
Tangible stockholders' equity (note 3) $207,159 $198,971
Period end information:
Total loans, net $2,972,548 $2,915,119
Total assets 4,756,097 4,811,813
Total stockholders' equity 274,413 264,239
Common shares outstanding 36,670,885 36,619,006
Cash dividends 1,193,957 915,246
Common Stock Cash dividends per share 0.029 0.025
Closing stock price 8.69 6.40
High stock price for the quarter 9.00 6.57
Low stock price for the quarter 5.92 3.69
Book value per share 7.48 7.22
BankAtlantic (Bank Operations)
Condensed Statement of Income (Unaudited)
For the Three Months Ended
(In thousands) 3/31/02 12/31/01 9/30/01
Net Interest income $35,259 $37,404 $40,613
Provision for loan losses 2,565 2,846 7,258
Net Interest income after provision
for loan losses 32,694 34,558 33,355
Non-interest income
Service charges on deposits 4,863 4,782 3,821
Other service charges and fees 3,105 3,459 3,903
Securities gains (losses) 23 (38) (3)
Other non-interest income 1,372 1,619 1,790
Total non-interest income 9,363 9,822 9,511
Non-interest expense
Employee Compensation and Benefits 14,227 11,459 12,692
Occupancy and Equipment 6,321 6,540 6,473
Other 6,690 7,244 7,481
Restructuring charges and
impairment write-downs -- -- 550
Acquisition related and
restructuring charges 1,074 -- --
Total non-interest expense 28,312 25,243 27,196
Income from bank operations (pretax) $13,745 $19,137 $15,670
For the Three Months Ended
(In thousands) 6/30/01 3/31/01
Net Interest income $38,485 $37,220
Provision for loan losses 4,040 2,761
Net Interest income after provision
for loan losses 34,445 34,459
Non-interest income
Service charges on deposits 3,889 3,880
Other service charges and fees 3,806 3,561
Securities gains (losses) 527 48
Other non-interest income 1,117 1,296
Total non-interest income 9,339 8,785
Non-interest expense
Employee Compensation and Benefits 12,551 13,177
Occupancy and Equipment 6,172 6,019
Other 7,353 5,861
Restructuring charges and
impairment write-downs (219) --
Acquisition related and
restructuring charges -- --
Total non-interest expense 25,857 25,057
Income from bank operations (pretax) $17,927 $18,187
Condensed Statement of Financial Condition
(Unaudited)
(In thousands) 3/31/02 12/31/01 9/30/01
ASSETS
Loans receivable $3,602,056 $2,824,659 $2,939,312
Held to maturity securities 449,307 408,510 355,765
Available for sale securities 844,106 814,953 920,678
Other assets 344,984 282,568 260,245
Total assets $5,240,453 $4,330,690 $4,476,000
LIABILITIES AND STOCKHOLDER'S EQUITY
Deposits $3,051,857 $2,276,567 $2,301,044
Advances from Federal Home Loan
Bank 1,174,418 1,106,030 1,113,979
Short term borrowings 473,005 512,387 621,176
Mortgage-backed Bond 14,291 --
Other liabilities 75,815 65,203 74,241
Total liabilities 4,789,386 3,960,187 4,110,440
Stockholder's equity(1) 451,067 370,503 365,560
Total liabilities and
stockholder's equity $5,240,453 $4,330,690 $4,476,000
(1) Periods prior to December 31, 2001 were restated to exclude the
equity of Levitt Companies. Levitt Companies was a 100% owned
subsidiary of BankAtlantic until October 1, 2001. On such date
BankAtlantic distributed Levitt Companies' common stock to its parent
BankAtlantic Bancorp, Inc.
Statistics:
Average total interest earning
assets (in 000's) $4,139,162 4,175,025 4,276,121
Average total interest bearing
liabilities (in 000's) $3,555,401 3,620,697 3,736,634
Operating Efficiency Ratio 61.04% 53.45% 53.16%
Operating return on average assets 0.88 1.13 0.93
Operating return on average equity 10.20 13.64 11.42
Net interest margin 3.36% 3.61% 3.83%
Yield on earning assets 6.48% 6.97% 7.70%
Cost of interest-bearing liabilities 3.63% 3.87% 4.43%
Interest rate spread 2.85% 3.10% 3.27%
(In thousands) 6/30/01 3/31/01
ASSETS
Loans receivable $3,029,569 $2,972,885
Held to maturity securities 333,339 341,725
Available for sale securities 832,572 956,553
Other assets 284,113 297,860
Total assets $4,479,593 $4,569,023
LIABILITIES AND STOCKHOLDER'S EQUITY
Deposits $2,380,457 $2,391,914
Advances from Federal Home Loan Bank 1,128,555 1,028,803
Short term borrowings 551,171 724,421
Mortgage-backed Bond
Other liabilities 62,720 66,603
Total liabilities 4,122,903 4,211,741
Stockholder's equity(1) 356,690 357,282
Total liabilities and
stockholder's equity $4,479,593 $4,569,023
(1) Periods prior to December 31, 2001 were restated to exclude the
equity of Levitt Companies. Levitt Companies was a 100% owned
subsidiary of BankAtlantic until October 1, 2001. On such date
BankAtlantic distributed Levitt Companies' common stock to its parent
BankAtlantic Bancorp, Inc.
Statistics:
Average total interest earning
assets ( in 000's) 4,325,245 4,250,001
Average total interest bearing
liabilities (in 000's) 3,804,332 3,740,355
Operating Efficiency Ratio 54.52% 54.47%
Operating return on average
assets 1.01 1.05
Operating return on average
equity 12.66 13.36
Net interest margin 3.55% 3.44%
Yield on earning assets 7.72% 8.11%
Cost of interest-bearing
liabilities 4.75% 5.31%
Interest rate spread 2.97% 2.80%
Bank Operations
Average Balance Sheet - Yield / Rate Analysis
March 31, 2002
(in thousands) Average Revenue/ Yield/
Balance Expense Rate
Loans:
Residential real estate $1,091,805 18,020 6.60%
Commercial real estate 1,307,238 20,530 6.28%
Consumer 216,814 3,232 5.96%
International 1,236 21 6.79%
Lease financing 52,361 1,591 12.15%
Commercial business 109,568 1,625 5.93%
Small business 109,306 2,266 8.29%
Total loans 2,888,329 47,285 6.55%
Investments 1,250,833 19,817 6.34%
Total interest earning assets 4,139,162 67,102 6.48%
Goodwill and core deposit
intangibles 18,427
Other non-interest earning assets 177,273
Total Assets $4,334,862
Deposits:
Savings $106,984 269 1.02%
NOW, money funds and checking 873,464 3,319 1.54%
Certificate accounts 1,124,923 11,738 4.23%
Total deposits 2,105,370 15,326 2.95%
Short-term borrowed funds 361,768 1,581 1.77%
Advances from FHLB 1,086,675 14,920 5.57%
Long-term debt 1,588 16 4.09%
Total interest bearing liabilities 3,555,401 31,843 3.63%
Non-interest bearing deposits 313,302
Non-interest bearing
other liabilities 94,156
Total Liabilities 3,962,859
Stockholders' equity 372,003
Total liabilities and
stockholders' equity $4,334,862
Net interest income/net
interest spread $35,259 2.85%
Margin
Interest income/interest
earning assets 6.48%
Interest expense/interest earning
assets 3.12%
Net interest margin 3.36%
March 31, 2001
(in thousands) Average Revenue/ Yield/
Balance Expense Rate
Loans:
Residential real estate $1,338,608 $25,071 7.49%
Commercial real estate 1,036,512 24,351 9.40%
Consumer 212,397 4,919 9.26%
International 60,479 1,183 7.82%
Lease financing 77,181 2,650 13.73%
Commercial business 167,998 3,792 9.03%
Small business 97,678 2,680 10.97%
Total loans 2,990,853 64,646 8.65%
Investments 1,259,148 21,546 6.84%
Total interest earning assets 4,250,001 86,192 8.11%
Goodwill and core deposit intangibles 25,206
Other non-interest earning assets 138,866
Total Assets $4,414,073
Deposits:
Savings $107,141 $493 1.87%
NOW, money funds and checking 726,581 6,495 3.63%
Certificate accounts 1,184,281 17,456 5.98%
Total deposits 2,018,003 24,444 4.91%
Short-term borrowed funds 689,217 9,827 5.78%
Advances from FHLB 1,033,135 14,701 5.77%
Long-term debt -- -- --
Total interest bearing liabilities 3,740,355 48,972 5.31%
Non-interest bearing deposits 267,887
Non-interest bearing other liabilities 57,361
Total Liabilities 4,065,603
Stockholders' equity 348,503
Total liabilities and
stockholders' equity $4,414,106
Net interest income/net
interest spread $37,220 2.80%
Margin
Interest income/interest
earning assets 8.11%
Interest expense/interest
earning assets 4.67%
Net interest margin 3.44%
BankAtlantic (Bank Operations)
Allowance for Loan Loss, Credit Quality
As of and For the Three Months Ended
(dollars in thousands)
3/31/02 12/31/01 9/30/01
Allowance for Loan Losses
Beginning balance $44,584 $44,288 $48,018
Charge-offs:
Residential real estate (139) (92) --
Commercial real estate -- -- --
Commercial business (2,212) (2,003) (2,955)
Consumer (849) (1,152) (2,075)
Small business (931) (1,419) (816)
Syndication (8,000) -- (7,235)
Total charge-offs (12,131) (4,666) (13,081)
Recoveries:
Residential real estate 3 19 48
Commercial real estate 14 2 --
Commercial business 953 803 699
Consumer 578 746 804
Small business 391 547 542
Syndication 683 -- --
Total recoveries 2,622 2,117 2,093
Net charge-offs (9,509) (2,549) $(10,988)
Provision for loan losses 2,565 2,846 7,258
Acquired allowance for loan losses 11,287 -- --
Ending allowance for loan losses $48,927 $44,585 $44,288
Annualized net charge-offs
to average loans 1.32% 0.35% 1.46%
Credit Quality
Nonaccrual loans and tax certificates 48,025 38,982 43,206
Acquired nonaccrual loans 3,492 -- --
Real estate owned, net of allowance 3,355 3,904 3,077
Other repossessed assets 1 17 10
Total nonperforming assets $54,873 $42,903 $46,293
Loan loss allowance to non performing
assets 0.89% 1.04% 0.96%
Nonperforming assets to total loans
and other assets 1.49% 1.45% 1.50%
Allowance for loan losses to total loans 1.38% 1.58% 1.51%
As of and For the Three Months Ended
(dollars in thousands)
6/30/01 3/31/01
Allowance for Loan Losses
Beginning balance $47,128 $47,000
Charge-offs:
Residential real estate -- (152)
Commercial real estate -- --
Commercial business (3,397) (1,985)
Consumer (983) (1,400)
Small business (840) (1,412)
Syndication -- --
Total charge-offs (5,220) (4,949)
Recoveries:
Residential real estate 91 65
Commercial real estate 7 1
Commercial business 723 494
Consumer 612 859
Small business 637 897
Syndication -- --
Total recoveries 2,070 2,316
Net charge-offs (3,150) (2,633)
Provision for loan losses 4,040 2,761
Acquired allowance for loan losses -- --
Ending allowance for loan losses $48,018 $47,128
Annualized net charge-offs to average loans 0.41% 0.35%
Credit Quality
Nonaccrual loans and tax certificates 26,407 21,518
Acquired nonaccrual loans -- --
Real estate owned, net of allowance 4,321 4,598
Other repossessed assets 325 1,121
Total nonperforming assets $31,053 $27,237
Loan loss allowance to non
performing assets 1.55% 1.73%
Nonperforming assets to total loans
and other assets 0.98% 0.88%
Allowance for loan losses to total
loans 1.59% 1.59%
Levitt Companies, LLC
Condensed Statement of Income - Unaudited
For the Three Months Ended
(in thousands) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
Revenues
Sales of real estate $10,791 $10,691 $9,068 $6,595 $5,101
Joint venture operations 899 284 1,408 456 740
Interest - other 1,016 1,224 1,172 1,197 1,401
Total revenues 12,706 12,199 11,648 8,248 7,242
Operating expenses
Compensation, benefits 2,620 3,174 2,287 2,133 2,136
Selling, general and
administrative 1,852 2,736 1,808 1,650 1,498
Interest 1 13 17 60 90
Litigation accrual -- 2,550 -- -- --
Other 1,945 1,539 1,712 2,327 1,967
Total operating expenses 6,418 10,012 5,824 6,170 5,691
Income from Levitt Companies
(pretax) $6,288 $2,187 $5,824 $2,078 $1,551
Condensed Statement of Financial Condition - Unaudited
As of
(In thousands) 3/31/02 12/31/01 9/30/01
ASSETS
Cash $24,038 $24,249 $19,027
Loans receivable 10,891 6,232 6,181
Real estate inventory and joint
venture investments 164,501 150,805 146,402
Other assets 13,969 14,907 14,985
Total assets $213,399 $196,193 $186,595
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes payable $107,159 $92,131 $87,298
Other liabilities 32,135 34,034 30,301
Total liabilities 139,294 126,165 117,599
Stockholders' equity 74,105 70,028 68,996
Total liabilities and stockholders'
equity $213,399 $196,193 $186,595
Statistics:
Return on equity 21.72% 7.99% 21.48%
Administrative expenses as a % of
revenue 14.58 22.43 15.52%
Gross profit as a percent of sales 28.51 20.85 26.73%
Debt to equity 1.45 1.32 1.27%
Housing units:
Backlog (units) 707 724 877%
Sales (units) 206 292 226%
As of
(In thousands) 6/30/01 3/31/01
ASSETS
Cash $21,083 $21,966
Loans receivable 6,321 5,701
Real estate inventory and joint
venture investments 123,567 125,812
Other assets 14,731 14,104
Total assets $165,702 $167,583
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes payable $75,302 $78,942
Other liabilities 25,109 25,007
Total liabilities 100,411 103,949
Stockholders' equity 65,291 63,634
Total liabilities and stockholders' equity $165,702 $167,583
Statistics:
Return on equity 10.15% 7.09%
Administrative expenses as a % of
revenue 20.00 20.68
Gross profit as a percent of sales 19.88 20.59
Debt to equity 1.15 1.24
Housing units:
Backlog (units) 902 905
Sales (units) 194 167
Ryan, Beck & Co., LLC
Consolidated Statement of Income - Unaudited
For the Three Months Ended
(in thousands) 3/31/02 12/31/019/30/01 6/30/01 3/31/01
Revenues
Principal transactions $7,507 $6,538 $3,987 $3,935 $4,470
Investment banking 2,919 3,973 4,003 3,078 960
Commissions 3,032 3,195 2,954 3,189 3,423
Interest, dividends and other 838 646 738 716 856
Total operating revenues 14,296 14,352 11,682 10,918 9,709
Operating expenses
Compensation, benefits 9,714 10,247 7,416 7,902 7,875
Communication 914 852 774 879 786
Occupancy and equipment 823 857 785 859 786
Clearing fees 849 820 591 612 773
Interest and other 1,763 1,405 1,560 1,581 1,327
Total operating expenses 14,063 14,181 11,126 11,833 11,547
Income (loss) from Ryan Beck
operations (pretax) $233 $171 $556 $(915) $(1,838)
Condensed Statement of Financial Condition - Unaudited
As of
(in thousands) 3/31/02 12/31/01 9/30/01
ASSETS
Cash and cash equivalents $3,007 $1,989 $3,490
Securities 34,666 68,358 33,024
Other investments 456 302 190
Property and equipment, net 3,093 3,054 3,038
Due from clearing agent 52,372 -- 24,950
Other assets 11,411 11,314 11,872
Total assets $105,005 $85,017 $76,564
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Securities sold not yet purchased $66,684 $38,476 $43,273
Note payable to BankAtlantic Bancorp 5,000 -- --
Due to clearing agent -- 9,962 --
Other liabilities 9,278 12,739 9,644
Total liabilities 80,962 61,177 52,917
Stockholders' equity 24,043 23,840 23,647
Total liabilities and stockholders'
equity $105,005 $85,017 $76,564
Statistics:
Return on average equity 2.48% 1.84% 6.02%
Compensation as a percent of revenues 67.95 71.40 63.48
Commissions to total revenues 21.21 22.26 25.29
Principal transactions to total revenues 52.51 45.55 34.13
Investment banking revenue to total
revenues 20.42 27.68 34.27
As of
(in thousands) 6/30/01 3/31/01
ASSETS
Cash and cash equivalents $2,161 $2,247
Securities 31,113 36,126
Other investments 2,050 1,803
Property and equipment, net 3,138 3,158
Due from clearing agent 4,477 --
Other assets 10,703 8,378
Total assets $73,642 $51,712
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Securities sold not yet purchased $40,250 $14,167
Note payable to BankAtlantic Bancorp -- --
Due to clearing agent -- 6,408
Other liabilities 9,767 7,150
Total liabilities 50,017 27,725
Stockholders' equity 23,625 23,987
Total liabilities and stockholders'
equity $73,642 $51,712
Statistics:
Return on average equity (9.84)% (19.20)%
Compensation as a percent of revenues 72.38 81.11
Commissions to total revenues 29.21 35.26
Principal transactions to total
revenues 36.04 46.04
Investment banking revenue to total
revenues 28.19 9.89
SOURCE: BankAtlantic Bancorp, Inc.