UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 22, 2012
BankAtlantic Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Florida |
001-13133 |
65-0507804 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
2100 West Cypress Creek Road Ft. Lauderdale, Florida |
33309 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code 954-940-5000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
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Item 2.02. Results of Operations and Financial Condition
The information in this item (including Exhibit 99.1) is being furnished pursuant to Items 2.02 and 9.01 and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. On March 22, 2012, BankAtlantic Bancorp, Inc. (the Company) issued a press release announcing its financial results for the three and twelve months ended December 31, 2011, a copy of which is included herein as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
99.1 | Press Release dated March 22, 2012 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 22, 2012
BANKATLANTIC BANCORP, INC. | ||
By: | /s/ Valerie C. Toalson | |
Valerie C. Toalson Executive Vice President Chief Financial Officer |
Exhibit 99.1
BankAtlantic Bancorp Reports Financial Results
For the Fourth Quarter and Full Year, 2011
FORT LAUDERDALE, Florida March 22, 2012 BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported financial results for the fourth quarter and full year ending December 31, 2011.
BankAtlantic Bancorp Results of Operations
BankAtlantic Bancorp, Inc. (the Company) today reported a net loss of ($17.5) million, or ($1.12) per diluted share, for the quarter ended December 31, 2011, versus a net loss of ($46.3) million, or ($3.72) per diluted share, for the quarter ended December 31, 2010.
BankAtlantic Bancorp reported a net loss of ($28.7) million, or ($2.04) per diluted share, for the year ended December 31, 2011, versus a net loss of ($143.3) million, or ($12.91) per diluted share, for the year ended December 31, 2010.
BankAtlantic- Results of Operations
BankAtlantic, the Companys wholly owned bank subsidiary, reported a net loss of ($7.9) million for the fourth quarter of 2011, versus a net loss of ($41.2) million for the fourth quarter of 2010. For the full year 2011, BankAtlantics net loss was ($1.4) million versus a net loss of ($115.9) million for the full year of 2010.
BankAtlantic Capital:
BankAtlantic Bancorps Chairman and CEO, Alan B. Levan commented BankAtlantics capital ratios have remained relatively stable and have never fallen below its regulatory requirements during the last several difficult years for the U.S. and Florida economies. At December 31, 2011, BankAtlantics capital ratios were:
| Tier 1/Core Capital of 8.22%. |
| Tier 1 Risk-Based Capital of 12.93%. |
| Total Risk-Based Capital of 15.15%. |
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Our historical Capital Ratios at BankAtlantic were:
12/2006 | 12/2007 | 12/2008 | 12/2009 | 12/2010 | 6/2011 | 12/2011 | ||||||||||||||||||||||
Tier 1/Core |
7.55 | % | 6.94 | % | 6.80 | % | 7.58 | % | 6.22 | % | 8.24 | % | 8.22 | % | ||||||||||||||
Tier 1 Risk-Based |
10.50 | % | 9.85 | % | 9.80 | % | 10.63 | % | 9.68 | % | 12.38 | % | 12.93 | % | ||||||||||||||
Total Risk-Based |
12.08 | % | 11.63 | % | 11.63 | % | 12.56 | % | 11.72 | % | 14.52 | % | 15.15 | % |
BankAtlantic Bancorp (Parent Company level):
As previously announced, on March 13, 2012, BankAtlantic Bancorp and BB&T Corporation entered into an amendment to their November 1, 2011 Stock Purchase Agreement. Pursuant to the agreement as amended, BankAtlantic Bancorp will sell BankAtlantic to BB&T and BB&T will assume all of Bancorps obligations following the closing with respect to approximately $285 million of outstanding Trust Preferred securities (TruPs). As previously disclosed, it is contemplated that prior to the sale of the Bank, the Bank will distribute to the Company membership interests in two limited liability companies. See the Form 8-K filed by the Company on March 16, 2012 detailing the terms and conditions of the amendment, the assets to be held by the limited liability companies and the transfer of membership interest in one of the entities to BB&T following its assumption of the TruPs, which will provide BB&T with interests representing a $285 million preferential return.
While the Company had previously announced a possible rights offering of its Class A Common Stock to its shareholders, in light of the amended agreement with BB&T, the contemplated rights offering is no longer being pursued at this time.
In connection with the closing of the transaction with BB&T, BankAtlantic Bancorp has requested decertification as a savings and loan holding company. Post closing, the Company expects to remain listed on the New York Stock Exchange, and plans to operate as an asset management company in the near term and to the extent of available funds transition into specialty finance, concluded Mr. Levan.
BankAtlantic Bancorps Fourth Quarter and Full Year, 2011 Supplemental Financials are available at www.BankAtlanticBancorp.com. To view the financial data, access the Investor Relations section and click on the Quarterly Financials or Supplemental Financials
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navigation links. More complete information relating to BankAtlantic Bancorp and its financial results will be detailed in the Companys Annual Report on Form 10-K for the year ended December 31, 2011, which is anticipated to be filed with the Securities and Exchange Commission (the SEC) by the end of March, 2012 and available to view on the SECs website, www.sec.gov, or on BankAtlantic Bancorps website, www.BankAtlanticBancorp.com.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Floridas Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.
BankAtlantic Bancorp, Inc. Contact Info:
Leo Hinkley, Investor and Corporate Communications Officer: 954- 940-5300
InvestorRelations@BankAtlanticBancorp.com
Sharon Lyn, V.P., Investor and Corporate Communications: 954-940-6383
CorpComm@BankAtlanticBancorp.com
# # #
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as plans, believes, will, expects, anticipates, intends, estimates, our view, we see, would and words and phrases of similar
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import. The forward looking statements in this press release are also 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), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and BankAtlantic and their operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, BankAtlantics regulatory capital ratios, the ability of our borrowers to service their obligations and of our customers to maintain account balances and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact of the economy and real estate market values on our assets and the credit quality of our loans (including those held in the asset workout subsidiary of the Company); the risk that loan losses will continue and the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; the impact of and expenses associated with litigation including but not limited to litigation relating to overdraft fees and litigation brought by the SEC; risks associated with maintaining required capital levels and that failing to comply with regulatory mandates will result in the imposition of additional regulatory requirements and/or fines; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the banks net interest margin; adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities and our ability to raise capital; and the risks associated with the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance and perceived trends may not be indicative of future results. In addition, this press release contains forward looking statements relating to the impact of the recent amended agreement between BankAtlantic Bancorp and BB&T that involve a number of risks and uncertainties including, but not limited to, the following: that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all; that BankAtlantic
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Bancorps and/or BankAtlantics business or net asset values may be negatively affected by the pendency of the proposed transaction or otherwise; that regulatory approvals may not be received; that the transaction may not be as advantageous to BankAtlantic Bancorp as expected; that BankAtlantic Bancorps shareholders may not realize the anticipated benefits; that BankAtlantic Bancorps future business plans may not be realized as anticipated, if at all; that the Companys Class A Common Stock may not meet the requirements for continued listing on the NYSE; and that the assets retained by BankAtlantic Bancorp or held by the LLC described in this press release may not be monetized at the values currently ascribed to them. 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, including the Companys Annual Report on Form 10-K for the year ended December 31, 2011. The Company cautions that the foregoing factors are not exclusive.
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Supplemental Financial Information
Fourth Quarter and Full Year, 2011
Release Date: March 22, 2012
This information is preliminary, unaudited and based on data available at the time of the release.
Table of Contents Page |
Page | |||
Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries | ||||
Summary of Selected Financial Data (unaudited) |
2 | |||
Consolidated Statements of Financial Condition (unaudited) |
3 | |||
Consolidated Statements of Operations (unaudited) |
4 | |||
Consolidated Average Balance Sheet (unaudited) |
5 | |||
Nonperforming Assets and Credit Quality Statistics |
6 | |||
Reconciliation of GAAP Financial Measures to Non-GAAP Measures |
7 | |||
BankAtlantic (Bank Operations Business Segment) | ||||
Summary of Selected Financial Data (unaudited) |
8 | |||
Condensed Statements of Operations (unaudited) |
9 | |||
Condensed Statements of Financial Condition (unaudited) |
10 | |||
Quarterly Average Balance Sheet Yield/Rate Analysis |
11 | |||
Year-to-Date Average Balance Sheet Yield/Rate Analysis |
12 | |||
Allowance for Loan Loss and Credit Quality |
13 | |||
Delinquencies, Excluding Non-Accrual Loans, at Period-End |
14 | |||
Loan Provision and Allowance for Loan Losses by Portfolio |
14 | |||
Reconciliation of GAAP Financial Measures to Non-GAAP Measures |
15 | |||
Parent Company Business Segment | ||||
Condensed Statements of Operations (unaudited) |
16 | |||
Condensed Statements of Financial Condition (unaudited) |
16 | |||
Allowance for Loan Loss and Credit Quality |
16 |
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BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)
For the | ||||||||||||||||||||||||||||||
For the Three Months Ended | Years Ended | |||||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||||
Earnings (in thousands): |
||||||||||||||||||||||||||||||
Net (loss) income from continuing operations |
$ | (17,461 | ) | (11,794 | ) | 23,401 | (22,887 | ) | (45,795 | ) | (28,741 | ) | (142,750 | ) | ||||||||||||||||
Net (loss) income |
$ | (17,461 | ) | (11,794 | ) | 23,401 | (22,887 | ) | (46,295 | ) | (28,741 | ) | (143,250 | ) | ||||||||||||||||
Net (loss) income attributable to BankAtlantic Bancorp |
$ | (17,466 | ) | (11,540 | ) | 23,111 | (23,182 | ) | (46,554 | ) | (29,077 | ) | (144,181 | ) | ||||||||||||||||
Pre-tax core operating earnings - Non-GAAP |
(note 1) | $ | (20 | ) | 8,286 | 5,295 | 7,210 | 4,269 | 20,771 | 27,170 | ||||||||||||||||||||
Average Common Shares Outstanding (in thousands): |
||||||||||||||||||||||||||||||
Basic |
15,629 | 15,627 | 13,059 | 12,545 | 12,514 | 14,227 | 11,167 | |||||||||||||||||||||||
Diluted |
15,629 | 15,627 | 13,059 | 12,545 | 12,514 | 14,227 | 11,167 | |||||||||||||||||||||||
Key Performance Ratios |
||||||||||||||||||||||||||||||
Basic and diluted (loss) income per share from continuing operations |
(note 2) | $ | (1.12 | ) | (0.74 | ) | 1.77 | (1.85 | ) | (3.68 | ) | (2.04 | ) | (12.87 | ) | |||||||||||||||
Basic and diluted (loss) income per share |
(note 2) | $ | (1.12 | ) | (0.74 | ) | 1.77 | (1.85 | ) | (3.72 | ) | (2.04 | ) | (12.91 | ) | |||||||||||||||
Return on average tangible assets from continuing operations |
(note 3) | % | (1.89 | ) | (1.24 | ) | 2.18 | (2.02 | ) | (4.06 | ) | (0.70 | ) | (3.11 | ) | |||||||||||||||
Return on average tangible equity from continuing operations |
(note 3) | % | (1,235.74 | ) | (262.69 | ) | (4,557.16 | ) | (1,152.71 | ) | (356.19 | ) | (388.55 | ) | (160.46 | ) | ||||||||||||||
Average Balance Sheet Data (in millions): |
||||||||||||||||||||||||||||||
Assets |
$ | 3,718 | 3,812 | 4,317 | 4,550 | 4,530 | 4,096 | 4,609 | ||||||||||||||||||||||
Tangible assets - Non-GAAP |
(note 3) | $ | 3,704 | 3,798 | 4,303 | 4,536 | 4,515 | 4,082 | 4,594 | |||||||||||||||||||||
Loans, gross |
$ | 2,682 | 2,803 | 2,956 | 3,123 | 3,360 | 2,890 | 3,573 | ||||||||||||||||||||||
Investments |
$ | 763 | 728 | 1,046 | 1,118 | 883 | 912 | 722 | ||||||||||||||||||||||
Deposits and escrows |
$ | 3,317 | 3,386 | 3,859 | 3,980 | 3,900 | 3,633 | 3,981 | ||||||||||||||||||||||
Equity |
$ | 5 | 26 | 6 | 16 | 63 | 13 | 102 | ||||||||||||||||||||||
Tangible equity - Non-GAAP |
(note 3) | $ | 6 | 18 | (2 | ) | 8 | 51 | 7 | 89 | ||||||||||||||||||||
Period End ($ in thousands) |
||||||||||||||||||||||||||||||
Loans receivable, net |
$ | 2,448,203 | 2,545,143 | 2,666,847 | 2,821,429 | 3,018,179 | ||||||||||||||||||||||||
Total assets |
$ | 3,678,119 | 3,740,654 | 3,863,864 | 4,470,629 | 4,509,433 | ||||||||||||||||||||||||
Total (deficit) equity |
$ | (16,926 | ) | 7,121 | 26,235 | (8,729 | ) | 14,743 | ||||||||||||||||||||||
Class A common shares outstanding |
15,434,564 | 15,434,564 | 15,431,699 | 12,395,814 | 12,319,064 | |||||||||||||||||||||||||
Class B common shares outstanding |
195,045 | 195,045 | 195,045 | 195,045 | 195,045 | |||||||||||||||||||||||||
Book value per share |
$ | (1.08 | ) | 0.46 | 1.68 | (0.69 | ) | 1.18 | ||||||||||||||||||||||
Tangible book value per share - Non-GAAP |
(note 4) | $ | (0.63 | ) | 0.46 | 1.19 | (1.29 | ) | 0.50 | |||||||||||||||||||||
High stock price for the quarter |
$ | 7.00 | 5.90 | 5.15 | 6.65 | 7.95 | ||||||||||||||||||||||||
Low stock price for the quarter |
$ | 1.97 | 3.00 | 3.45 | 4.10 | 3.00 | ||||||||||||||||||||||||
Closing stock price |
$ | 3.38 | 3.10 | 4.75 | 4.60 | 5.75 | ||||||||||||||||||||||||
Notes:
(1) | Pre-tax core operating earnings excludes the gain on sale of Tampa branches, provision for loan losses, cost associated with debt redemption, provision for tax certificates, gains/losses on sales of real estate and impairments, restructuring and exit activities. Pre-tax core operating earnings is a non-GAAP measure. |
See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.
(2) | Diluted and basic loss per share are the same for all periods presented. |
(3) | Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total equity less average goodwill, core deposit intangibles and other comprehensive income. Average tangible assets and average tangible equity are non-GAAP measures. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures. |
(4) | Tangible book value per share is defined as equity less accumulated other comprehensive loss, goodwill and core deposit intangibles divided by the number of common shares outstanding. Tangible book value per share is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures. |
2
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
December 31, | December 31, | |||||||
(in thousands) | 2011 | 2010 | ||||||
ASSETS |
||||||||
Cash and due from depository institutions |
$ | 94,550 | 97,930 | |||||
Interest bearing deposits at federal reserve and other banks |
675,741 | 455,538 | ||||||
Securities available for sale and derivatives (at fair value) |
46,435 | 424,391 | ||||||
Investment securities |
| 1,500 | ||||||
Tax certificates, net of allowance of $7,488 and $8,811 |
46,488 | 89,789 | ||||||
Loans receivable, net of allowance for loan losses of $129,887 and $162,139 |
2,448,203 | 3,018,179 | ||||||
Loans held for sale (at lower of cost or fair value) |
55,601 | 29,765 | ||||||
Federal Home Loan Bank stock, at cost which approximates fair value |
18,308 | 43,557 | ||||||
Real estate held for sale |
3,898 | 5,436 | ||||||
Real estate owned |
87,174 | 74,488 | ||||||
Office properties and equipment, net |
139,165 | 151,414 | ||||||
Goodwill and other intangible assets |
13,376 | 14,569 | ||||||
Assets held for sale |
| 37,334 | ||||||
Other assets |
49,180 | 65,543 | ||||||
|
|
|
|
|||||
Total assets |
$ | 3,678,119 | 4,509,433 | |||||
|
|
|
|
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LIABILITIES AND (DEFICIT) EQUITY |
||||||||
Liabilities: |
||||||||
Deposits |
||||||||
Demand |
$ | 846,857 | 792,260 | |||||
Savings |
414,906 | 418,304 | ||||||
NOW |
1,130,569 | 1,370,568 | ||||||
Money market |
523,585 | 354,282 | ||||||
Certificates of deposit |
364,166 | 616,454 | ||||||
Deposits held for sale |
| 341,146 | ||||||
|
|
|
|
|||||
Total deposits |
3,280,083 | 3,893,014 | ||||||
Advances from FHLB |
| 170,000 | ||||||
Securities sold under agreements to repurchase |
| 21,524 | ||||||
Short term borrowings |
| 1,240 | ||||||
Subordinated debentures |
22,000 | 22,000 | ||||||
Junior subordinated debentures |
337,114 | 322,385 | ||||||
Liabilities held for sale |
| 87 | ||||||
Other liabilities |
55,848 | 64,440 | ||||||
|
|
|
|
|||||
Total liabilities |
3,695,045 | 4,494,690 | ||||||
|
|
|
|
|||||
(Deficit) Equity: |
||||||||
Common stock |
156 | 125 | ||||||
Additional paid-in capital |
329,995 | 317,863 | ||||||
Accumulated deficit |
(326,692 | ) | (297,615 | ) | ||||
Accumulated other comprehensive loss |
(20,385 | ) | (6,088 | ) | ||||
|
|
|
|
|||||
Total BankAtlantic Bancorp stockholders (deficit) equity |
(16,926 | ) | 14,285 | |||||
Noncontrolling interests |
| 458 | ||||||
|
|
|
|
|||||
Total (deficit) equity |
(16,926 | ) | 14,743 | |||||
|
|
|
|
|||||
Total liabilities and (deficit) equity |
$ | 3,678,119 | 4,509,433 | |||||
|
|
|
|
3
BankAtlantic Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited)
|
||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||
For the Three Months Ended | Years Ended | |||||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
INTEREST INCOME: |
||||||||||||||||||||||||||||
Interest and fees on loans |
$ | 29,065 | 30,313 | 33,241 | 34,910 | 36,106 | 127,529 | 155,994 | ||||||||||||||||||||
Interest on securities available for sale |
590 | 1,916 | 2,374 | 2,597 | 2,815 | 7,477 | 12,021 | |||||||||||||||||||||
Interest on tax certificates |
806 | 1,027 | 1,043 | 1,410 | 1,544 | 4,286 | 7,251 | |||||||||||||||||||||
Interest and dividends on investments |
500 | 326 | 622 | 588 | 299 | 2,036 | 1,042 | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||
Total interest income |
30,961 | 33,582 | 37,280 | 39,505 | 40,764 | 141,328 | 176,308 | |||||||||||||||||||||
|
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INTEREST EXPENSE: |
||||||||||||||||||||||||||||
Interest on deposits |
3,096 | 3,174 | 3,975 | 4,367 | 4,556 | 14,612 | 22,511 | |||||||||||||||||||||
Interest on advances from FHLB |
| | 38 | 115 | 144 | 153 | 1,209 | |||||||||||||||||||||
Interest on short-term borrowed funds |
| | 3 | 6 | 7 | 9 | 30 | |||||||||||||||||||||
Interest on debentures |
4,270 | 4,127 | 4,080 | 4,008 | 4,007 | 16,485 | 15,796 | |||||||||||||||||||||
|
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|
|
|
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|
|||||||||||||||
Total interest expense |
7,366 | 7,301 | 8,096 | 8,496 | 8,714 | 31,259 | 39,546 | |||||||||||||||||||||
|
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|
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|
|||||||||||||||
NET INTEREST INCOME |
23,595 | 26,281 | 29,184 | 31,009 | 32,050 | 110,069 | 136,762 | |||||||||||||||||||||
Provision for loan losses |
15,216 | 17,901 | 10,709 | 27,812 | 40,643 | 71,638 | 144,361 | |||||||||||||||||||||
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|||||||||||||||
NET INTEREST INCOME AFTER PROVISION |
8,379 | 8,380 | 18,475 | 3,197 | (8,593 | ) | 38,431 | (7,599 | ) | |||||||||||||||||||
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NON-INTEREST INCOME: |
||||||||||||||||||||||||||||
Service charges on deposits |
9,185 | 10,165 | 11,226 | 12,032 | 14,080 | 42,608 | 59,844 | |||||||||||||||||||||
Other service charges and fees |
6,198 | 6,129 | 6,886 | 7,191 | 7,528 | 26,404 | 30,140 | |||||||||||||||||||||
Securities activities, net |
| 6,959 | (1,500 | ) | (24 | ) | (34 | ) | 5,435 | 2,864 | ||||||||||||||||||
(Loss) gain on sale of Tampa branches |
(19 | ) | (34 | ) | 38,656 | | | 38,603 | | |||||||||||||||||||
Other |
3,738 | 2,618 | 3,742 | 4,008 | 3,091 | 14,106 | 14,165 | |||||||||||||||||||||
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|||||||||||||||
Total non-interest income |
19,102 | 25,837 | 59,010 | 23,207 | 24,665 | 127,156 | 107,013 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NON-INTEREST EXPENSE: |
||||||||||||||||||||||||||||
Employee compensation and benefits |
16,910 | 17,116 | 19,731 | 19,290 | 19,868 | 73,047 | 93,950 | |||||||||||||||||||||
Occupancy and equipment |
10,060 | 10,019 | 11,488 | 12,585 | 12,999 | 44,152 | 53,589 | |||||||||||||||||||||
Advertising and business promotion |
1,608 | 1,587 | 1,523 | 1,695 | 2,389 | 6,413 | 8,598 | |||||||||||||||||||||
Professional fees |
5,325 | 6,230 | 1,295 | 3,359 | 6,518 | 16,209 | 20,438 | |||||||||||||||||||||
Check losses |
545 | 559 | 663 | 299 | 705 | 2,066 | 2,421 | |||||||||||||||||||||
Supplies and postage |
701 | 758 | 955 | 902 | 1,052 | 3,316 | 3,954 | |||||||||||||||||||||
Telecommunication |
191 | 388 | 446 | 575 | 635 | 1,600 | 2,533 | |||||||||||||||||||||
Cost associated with debt redemption |
| | 1,115 | 10 | | 1,125 | 60 | |||||||||||||||||||||
Provision for tax certificates |
14 | 969 | 1,021 | 779 | 800 | 2,783 | 4,552 | |||||||||||||||||||||
(Gain) loss on sale of real estate |
(1,484 | ) | (2,023 | ) | (378 | ) | (453 | ) | 663 | (4,338 | ) | 1,607 | ||||||||||||||||
Impairment, restructuring and exit activities |
3,853 | 3,321 | 8,083 | 1,948 | 10,219 | 17,205 | 21,474 | |||||||||||||||||||||
Other |
7,396 | 7,209 | 8,142 | 8,301 | 8,280 | 31,048 | 31,122 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-interest expense |
45,119 | 46,133 | 54,084 | 49,290 | 64,128 | 194,626 | 244,298 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(Loss) income from continuing operations before income taxes |
(17,638 | ) | (11,916 | ) | 23,401 | (22,886 | ) | (48,056 | ) | (29,039 | ) | (144,884 | ) | |||||||||||||||
(Benefit) provision for income taxes |
(177 | ) | (122 | ) | | 1 | (2,261 | ) | (298 | ) | (2,134 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(Loss) income from continuing operations |
(17,461 | ) | (11,794 | ) | 23,401 | (22,887 | ) | (45,795 | ) | (28,741 | ) | (142,750 | ) | |||||||||||||||
Discontinued operations |
| | | | (500 | ) | | (500 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net (loss) income |
(17,461 | ) | (11,794 | ) | 23,401 | (22,887 | ) | (46,295 | ) | (28,741 | ) | (143,250 | ) | |||||||||||||||
Less: net loss (income) attributable to noncontrolling interest |
(5 | ) | 254 | (290 | ) | (295 | ) | (259 | ) | (336 | ) | (931 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net (loss) income attributable to BankAtlantic Bancorp |
$ | (17,466 | ) | (11,540 | ) | 23,111 | (23,182 | ) | (46,554 | ) | (29,077 | ) | (144,181 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
(in thousands except percentages and per share data) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Residential real estate |
$ | 982,042 | 1,038,201 | 1,093,487 | 1,175,875 | 1,270,095 | ||||||||||||||||||
Commercial real estate |
737,497 | 762,270 | 834,114 | 891,043 | 1,010,148 | |||||||||||||||||||
Consumer |
573,833 | 588,257 | 605,062 | 620,986 | 635,564 | |||||||||||||||||||
Commercial business |
121,093 | 124,508 | 125,116 | 134,452 | 139,485 | |||||||||||||||||||
Small business |
267,941 | 289,845 | 298,338 | 300,931 | 304,406 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Loans |
2,682,406 | 2,803,081 | 2,956,117 | 3,123,287 | 3,359,698 | |||||||||||||||||||
Investments |
763,168 | 727,588 | 1,046,442 | 1,117,901 | 882,974 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total interest earning assets |
3,445,574 | 3,530,669 | 4,002,559 | 4,241,188 | 4,242,672 | |||||||||||||||||||
Goodwill and core deposit intangibles |
13,519 | 13,815 | 14,125 | 14,411 | 14,718 | |||||||||||||||||||
Other non-interest earning assets |
258,586 | 267,171 | 300,615 | 294,489 | 272,805 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
$ | 3,717,679 | 3,811,655 | 4,317,299 | 4,550,088 | 4,530,195 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Tangible assets - Non-GAAP |
(note 3) | $ | 3,704,160 | 3,797,840 | 4,303,174 | 4,535,677 | 4,515,477 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits: |
||||||||||||||||||||||||
Demand deposits |
$ | 871,880 | 881,776 | 952,411 | 944,956 | 924,035 | ||||||||||||||||||
Savings |
425,944 | 445,273 | 478,628 | 468,673 | 448,942 | |||||||||||||||||||
NOW |
1,141,826 | 1,206,452 | 1,412,720 | 1,519,105 | 1,476,258 | |||||||||||||||||||
Money market |
491,860 | 420,628 | 408,653 | 389,155 | 406,781 | |||||||||||||||||||
Certificates of deposit |
385,364 | 432,345 | 606,292 | 658,051 | 644,124 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total deposits |
3,316,874 | 3,386,474 | 3,858,704 | 3,979,940 | 3,900,140 | |||||||||||||||||||
Short-term borrowed funds |
1,000 | 1,050 | 10,868 | 19,191 | 18,099 | |||||||||||||||||||
FHLB advances |
| | 42,747 | 134,833 | 149,130 | |||||||||||||||||||
Debentures |
355,948 | 352,213 | 348,540 | 344,971 | 341,409 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total borrowings |
356,948 | 353,263 | 402,155 | 498,995 | 508,638 | |||||||||||||||||||
Other liabilities |
38,588 | 46,370 | 50,635 | 55,040 | 58,015 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total liabilities |
3,712,410 | 3,786,107 | 4,311,494 | 4,533,975 | 4,466,793 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Equity |
5,269 | 25,548 | 5,805 | 16,113 | 63,402 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total liabilities and equity |
$ | 3,717,679 | 3,811,655 | 4,317,299 | 4,550,088 | 4,530,195 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss in equity |
(13,902 | ) | (6,226 | ) | (6,266 | ) | (6,240 | ) | (2,743 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Tangible equity - Non-GAAP |
(note 3 | ) | $ | 5,652 | 17,959 | (2,054 | ) | 7,942 | 51,427 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Interest Margin |
2.74 | % | 2.98 | % | 2.92 | % | 2.92 | % | 3.03 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
5
Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries
Nonperforming Assets and Credit Quality Statistics
(in thousands) | As of | |||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | ||||||||||||||||||||
Nonaccrual loans: |
||||||||||||||||||||||||
BankAtlantic |
$ | 337,215 | 315,214 | 315,748 | 362,604 | 370,959 | ||||||||||||||||||
Parent- Work out Sub |
8,083 | 9,356 | 9,360 | 11,360 | 14,508 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated nonaccrual loans |
$ | 345,298 | 324,570 | 325,108 | 373,964 | 385,467 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Quarter-to-Date Net Charge-offs: |
||||||||||||||||||||||||
BankAtlantic |
$ | (16,093 | ) | (24,845 | ) | (26,789 | ) | (34,904 | ) | (60,595 | ) | |||||||||||||
Parent- Work out Sub |
45 | 20 | (1,329 | ) | 4 | (3,741 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated charge-offs |
$ | (16,048 | ) | (24,825 | ) | (28,118 | ) | (34,900 | ) | (64,336 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Quarter-to-date Loan Provision: |
||||||||||||||||||||||||
BankAtlantic |
$ | 14,644 | 17,754 | 10,195 | 27,832 | 40,144 | ||||||||||||||||||
Parent- Work out Sub |
572 | 147 | 515 | (20 | ) | 498 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated loan provision |
$ | 15,216 | 17,901 | 10,710 | 27,812 | 40,642 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Allowance for Loan Loss: |
||||||||||||||||||||||||
BankAtlantic |
$ | 129,103 | 130,552 | 137,643 | 154,237 | 161,309 | ||||||||||||||||||
Parent- Work out Sub |
784 | 167 | | 814 | 830 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated allowance for loan loss |
$ | 129,887 | 130,719 | 137,643 | 155,051 | 162,139 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Nonperforming Assets: |
||||||||||||||||||||||||
BankAtlantic |
$ | 418,346 | 400,990 | 389,564 | 432,316 | 438,923 | ||||||||||||||||||
Parent- Work out Sub |
17,219 | 18,747 | 18,004 | 20,195 | 24,668 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated nonperforming assets |
$ | 435,565 | 419,737 | 407,568 | 452,511 | 463,591 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Credit Quality Statistics |
||||||||||||||||||||||||
Allowance for loan losses to total loans |
% | 5.04 | 4.89 | 4.91 | 5.21 | 5.10 | ||||||||||||||||||
Allowance to nonaccrual loans |
% | 37.62 | 40.27 | 42.34 | 41.46 | 42.06 | ||||||||||||||||||
Provision to average loans |
% | 2.27 | 2.55 | 1.45 | 3.56 | 4.84 | ||||||||||||||||||
Nonaccrual loans, gross to total assets |
% | 9.39 | 8.68 | 8.41 | 8.36 | 8.55 | ||||||||||||||||||
Nonperforming assets, gross to total assets |
% | 11.84 | 11.22 | 10.55 | 10.12 | 10.28 |
6
BankAtlantic Bancorp, Inc. and Subsidiaries
Reconciliation of GAAP Financial Measures to Non-GAAP Measures
Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of the Companys operating results and any related trends that may be affecting the Companys business. Management uses pre-tax core operating earnings to measure the Companys ongoing financial performance excluding items that are not currently controllable by management. Management uses book value per share and tangible book value per share to enable investors to compare these measures to the quoted market price of the Companys Class A common stock and to other companies in the industry. The return on average tangible equity and average tangible assets is used by management to measure the Companys effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Reconciliation of (loss) income from continuing operations before income taxes to pre-tax core operating earnings |
||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||
For the Three Months Ended | Years Ended | |||||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
(Loss) income from continuing operations before income taxes |
$ | (17,638 | ) | (11,916 | ) | 23,401 | (22,886 | ) | (48,056 | ) | (29,039 | ) | (144,884 | ) | ||||||||||||||
Loss (gain) on sale of Tampa branches |
19 | 34 | (38,656 | ) | | | (38,603 | ) | | |||||||||||||||||||
Costs associated with debt redemption |
| | 1,115 | 10 | | 1,125 | 60 | |||||||||||||||||||||
Provision for tax certificates |
14 | 969 | 1,021 | 779 | 800 | 2,783 | 4,552 | |||||||||||||||||||||
Loss (gain) on sale of real estate |
(1,484 | ) | (2,023 | ) | (378 | ) | (453 | ) | 663 | (4,338 | ) | 1,607 | ||||||||||||||||
Impairment, restructuring and exit activities |
3,853 | 3,321 | 8,083 | 1,948 | 10,219 | 17,205 | 21,474 | |||||||||||||||||||||
Provision for loan losses |
15,216 | 17,901 | 10,709 | 27,812 | 40,643 | 71,638 | 144,361 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-GAAP pre-tax core operating earnings |
$ | (20 | ) | 8,286 | 5,295 | 7,210 | 4,269 | 20,771 | 27,170 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of (deficit) equity to tangible book value per share |
||||||||||||||||||||
As of | ||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
(Deficit) equity |
$ | (16,926 | ) | $ | 7,121 | $ | 26,235 | $ | (8,729 | ) | $ | 14,743 | ||||||||
Goodwill and core deposit intangibles |
(13,376 | ) | (13,670 | ) | (13,965 | ) | (14,260 | ) | (14,569 | ) | ||||||||||
Other comprehensive loss |
20,385 | 13,664 | 6,346 | 6,807 | 6,088 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Tangible book value |
$ | (9,917 | ) | $ | 7,115 | $ | 18,616 | $ | (16,182 | ) | $ | 6,262 | ||||||||
Common shares outstanding, period end |
15,629,609 | 15,629,609 | 15,626,744 | 12,590,859 | 12,514,109 | |||||||||||||||
Book value per share |
$ | (1.08 | ) | $ | 0.46 | $ | 1.68 | $ | (0.69 | ) | $ | 1.18 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Tangible book value per share - Non-GAAP |
$ | (0.63 | ) | $ | 0.46 | $ | 1.19 | $ | (1.29 | ) | $ | 0.50 | ||||||||
|
|
|
|
|
|
|
|
|
|
Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity |
||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||
For the Three Months Ended | Years Ended | |||||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
Net (loss) income from continuing operations |
$ | (17,461 | ) | (11,794 | ) | 23,401 | (22,887 | ) | (45,795 | ) | (28,741 | ) | (142,750 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average total assets |
3,717,679 | 3,811,655 | 4,317,299 | 4,550,088 | 4,530,195 | 4,096,112 | 4,608,746 | |||||||||||||||||||||
Average goodwill and core deposit intangibles |
(13,519 | ) | (13,815 | ) | (14,125 | ) | (14,411 | ) | (14,718 | ) | (13,964 | ) | (15,185 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average tangible assets |
3,704,160 | 3,797,840 | 4,303,174 | 4,535,677 | 4,515,477 | 4,082,148 | 4,593,561 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average equity |
5,269 | 25,548 | 5,805 | 16,113 | 63,402 | 13,187 | 101,759 | |||||||||||||||||||||
Average goodwill and core deposit intangibles |
(13,519 | ) | (13,815 | ) | (14,125 | ) | (14,411 | ) | (14,718 | ) | (13,964 | ) | (15,185 | ) | ||||||||||||||
Other comprehensive loss |
13,902 | 6,226 | 6,266 | 6,240 | 2,743 | 8,174 | 2,391 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average tangible equity |
$ | 5,652 | 17,959 | (2,054 | ) | 7,942 | 51,427 | 7,937 | 88,965 | |||||||||||||||||||
Return on average assets from continuing operations |
-1.88 | % | -1.24 | % | 2.17 | % | -2.01 | % | -4.04 | % | -0.70 | % | -3.10 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average tangible assets from continuing operationsNon-GAAP |
-1.89 | % | -1.24 | % | 2.18 | % | -2.02 | % | -4.06 | % | -0.70 | % | -3.11 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average equity from continuing operations |
-1325.56 | % | -184.66 | % | 1612.47 | % | -568.16 | % | -288.92 | % | -217.95 | % | -140.28 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average tangible equity from continuing operationsNon-GAAP |
-1235.74 | % | -262.69 | % | -4557.16 | % | -1152.71 | % | -356.19 | % | -388.55 | % | -160.46 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
BankAtlantic (Bank Operations Business Segment)
Summary of Selected Financial Data (unaudited)
For the | ||||||||||||||||||||||||||||||||
(in thousands except percentages) | For the Three Months Ended | Years Ended | ||||||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||||||
Statistics: |
||||||||||||||||||||||||||||||||
Average interest earning assets |
$ | 3,433,854 | 3,518,717 | 3,988,628 | 4,224,423 | 4,220,720 | 3,788,493 | 4,262,249 | ||||||||||||||||||||||||
Average interest bearing liabilities |
$ | 2,467,994 | 2,527,734 | 2,986,328 | 3,221,899 | 3,177,611 | 2,798,175 | 3,242,045 | ||||||||||||||||||||||||
Period end borrowings to deposits and borrowings |
% | 0.67 | 0.69 | 0.67 | 2.15 | 5.50 | 0.67 | 5.50 | ||||||||||||||||||||||||
Efficiency ratio |
% | 86.43 | 82.77 | 55.76 | 80.10 | 105.60 | 72.98 | 91.92 | ||||||||||||||||||||||||
Yield on interest earning assets |
% | 3.60 | 3.81 | 3.73 | 3.73 | 3.86 | 3.72 | 4.13 | ||||||||||||||||||||||||
Cost of interest-bearing liabilities |
% | 0.54 | 0.53 | 0.57 | 0.59 | 0.62 | 0.56 | 0.76 | ||||||||||||||||||||||||
Interest spread |
% | 3.06 | 3.28 | 3.16 | 3.14 | 3.24 | 3.16 | 3.37 | ||||||||||||||||||||||||
Net interest margin |
% | 3.22 | 3.43 | 3.30 | 3.28 | 3.40 | 3.30 | 3.55 | ||||||||||||||||||||||||
Net (loss) income |
$ | (7,934 | ) | (7,819 | ) | 30,677 | (16,665 | ) | (41,502 | ) | (1,741 | ) | (116,842 | ) | ||||||||||||||||||
Non-GAAP Measures (Note 1) |
||||||||||||||||||||||||||||||||
Average tangible assets |
$ | 3,671,383 | 3,764,512 | 4,258,843 | 4,495,637 | 4,473,959 | 4,044,561 | 4,543,400 | ||||||||||||||||||||||||
Average tangible equity |
$ | 306,066 | 314,295 | 277,639 | 282,135 | 319,982 | 295,151 | 345,403 | ||||||||||||||||||||||||
Pre-tax core operating earnings |
$ | 8,431 | 11,416 | 11,657 | 11,575 | 8,323 | 43,079 | 47,097 | ||||||||||||||||||||||||
Core operating efficiency ratio |
% | 82.51 | 79.43 | 78.57 | 79.91 | 86.12 | 80.03 | 81.68 | ||||||||||||||||||||||||
Return on average tangible assets |
% | (0.86 | ) | (0.86 | ) | 2.91 | (1.46 | ) | (3.69 | ) | (0.03 | ) | (2.55 | ) | ||||||||||||||||||
Return on average tangible equity |
% | (10.36 | ) | (10.27 | ) | 44.61 | (23.21 | ) | (51.56 | ) | (0.48 | ) | (33.56 | ) | ||||||||||||||||||
Tangible capital to tangible assets |
% | 7.65 | 7.92 | 8.06 | 5.80 | 6.12 | ||||||||||||||||||||||||||
Earning assets repricing at period end: |
||||||||||||||||||||||||||||||||
Percent of earning assets that have fixed rates |
% | 44 | 45 | 45 | 46 | 45 | ||||||||||||||||||||||||||
Percent of earning assets that have variable rates |
% | 56 | 55 | 55 | 54 | 55 | ||||||||||||||||||||||||||
Regulatory capital ratios and statistics at period end |
||||||||||||||||||||||||||||||||
Total risk-based capital |
% | 15.15 | 14.96 | 14.52 | 11.76 | 11.72 | ||||||||||||||||||||||||||
Tier I risk-based capital |
% | 12.93 | 12.77 | 12.38 | 9.68 | 9.68 | ||||||||||||||||||||||||||
Core capital |
% | 8.22 | 8.29 | 8.24 | 5.97 | 6.22 | ||||||||||||||||||||||||||
Risk-weighted assets |
$ | 2,309,257 | 2,396,060 | 2,535,217 | 2,713,638 | 2,855,415 | ||||||||||||||||||||||||||
Adjusted total assets |
$ | 3,633,094 | 3,691,410 | 3,807,960 | 4,401,218 | 4,444,797 | ||||||||||||||||||||||||||
Note 1 |
See page 15 for a reconciliation of non-GAAP measures to GAAP financial measures. |
8
BankAtlantic (Bank Operations Business Segment) Condensed Statements of Operations (unaudited)
|
||||||||||||||||||||||||||||
|
For the Three Months Ended |
|
For the Years Ended |
|||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
Net interest income |
$ | 27,586 | 30,133 | 32,977 | 34,704 | 35,766 | 125,400 | 151,334 | ||||||||||||||||||||
Provision for loan losses |
14,644 | 17,754 | 10,195 | 27,832 | 40,145 | 70,425 | 138,825 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income after provision for loan losses |
12,942 | 12,379 | 22,782 | 6,872 | (4,379 | ) | 54,975 | 12,509 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest income |
||||||||||||||||||||||||||||
Service charges on deposits |
9,185 | 10,165 | 11,226 | 12,032 | 14,080 | 42,608 | 59,844 | |||||||||||||||||||||
Other service charges and fees |
6,198 | 6,129 | 6,886 | 7,191 | 7,528 | 26,404 | 30,140 | |||||||||||||||||||||
Securities activities, net |
| 6,959 | | (24 | ) | (34 | ) | 6,935 | 2,864 | |||||||||||||||||||
(Loss) gain on sale of Tampa branches |
(19 | ) | (34 | ) | 38,656 | | | 38,603 | | |||||||||||||||||||
Other non-interest income |
5,238 | 2,123 | 3,306 | 3,714 | 2,625 | 14,381 | 12,914 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-interest income |
20,602 | 25,342 | 60,074 | 22,913 | 24,199 | 128,931 | 105,762 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Employee compensation and benefits |
16,273 | 16,612 | 19,218 | 18,763 | 20,028 | 70,866 | 91,131 | |||||||||||||||||||||
Occupancy and equipment |
10,060 | 10,019 | 11,488 | 12,585 | 12,996 | 44,152 | 53,585 | |||||||||||||||||||||
Advertising and business promotion |
1,543 | 1,511 | 1,435 | 1,669 | 2,333 | 6,158 | 8,305 | |||||||||||||||||||||
Professional fees |
3,090 | 7,056 | 530 | 2,981 | 5,638 | 13,657 | 17,365 | |||||||||||||||||||||
Check losses |
545 | 558 | 663 | 299 | 705 | 2,065 | 2,421 | |||||||||||||||||||||
Supplies and postage |
678 | 758 | 879 | 870 | 1,024 | 3,185 | 3,813 | |||||||||||||||||||||
Telecommunication |
189 | 386 | 444 | 572 | 632 | 1,591 | 2,513 | |||||||||||||||||||||
Cost associated with debt redemption |
| | 1,115 | 10 | | 1,125 | 60 | |||||||||||||||||||||
Provision for tax certificates |
14 | 969 | 1,021 | 779 | 800 | 2,783 | 4,552 | |||||||||||||||||||||
(Gain) loss on sale of real estate |
(1,479 | ) | (2,023 | ) | (362 | ) | (278 | ) | 663 | (4,142 | ) | 997 | ||||||||||||||||
Impairment, restructuring and exit activities |
3,339 | 2,877 | 7,377 | (399 | ) | 10,219 | 13,194 | 20,708 | ||||||||||||||||||||
Other |
7,398 | 7,193 | 8,081 | 8,303 | 8,286 | 30,975 | 30,866 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-interest expense |
41,650 | 45,916 | 51,889 | 46,154 | 63,324 | 185,609 | 236,316 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(Loss) income from bank operations business segment before income taxes |
(8,106 | ) | (8,195 | ) | 30,967 | (16,369 | ) | (43,504 | ) | (1,703 | ) | (118,045 | ) | |||||||||||||||
(Benefit) provision for income taxes |
(177 | ) | (122 | ) | | 1 | (2,261 | ) | (298 | ) | (2,134 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net (loss) income from bank operationsbusiness segment |
(7,929 | ) | (8,073 | ) | 30,967 | (16,370 | ) | (41,243 | ) | (1,405 | ) | (115,911 | ) | |||||||||||||||
Less: net income attributable to noncontrolling interest |
(5 | ) | 254 | (290 | ) | (295 | ) | (259 | ) | (336 | ) | (931 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net (loss) income attributable to BankAtlantic |
$ | (7,934 | ) | (7,819 | ) | 30,677 | (16,665 | ) | (41,502 | ) | (1,741 | ) | (116,842 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
BankAtlantic (Bank Operations Business Segment)
Condensed Statements of Financial Condition (unaudited)
As of | ||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
ASSETS |
||||||||||||||||||||
Cash and interest bearing deposits in other banks |
$ | 770,167 | 673,922 | 430,544 | 749,355 | 552,913 | ||||||||||||||
Loans receivable, net |
2,442,182 | 2,538,408 | 2,659,442 | 2,813,097 | 3,009,771 | |||||||||||||||
Loans held for sale |
51,898 | 42,620 | 44,856 | 44,542 | 21,704 | |||||||||||||||
Investment securities |
46,488 | 56,268 | 66,211 | 77,837 | 89,814 | |||||||||||||||
Available for sale securities |
46,420 | 84,477 | 316,508 | 376,034 | 424,360 | |||||||||||||||
FHLB stock |
18,308 | 25,223 | 31,614 | 43,557 | 43,557 | |||||||||||||||
Goodwill |
13,081 | 13,081 | 13,081 | 13,081 | 13,081 | |||||||||||||||
Core deposit intangible asset |
295 | 589 | 884 | 1,179 | 1,488 | |||||||||||||||
Assets held for sale |
| | 1,768 | 36,909 | 37,333 | |||||||||||||||
Other assets |
259,707 | 272,460 | 266,563 | 268,975 | 275,147 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
$ | 3,648,546 | 3,707,048 | 3,831,471 | 4,424,566 | 4,469,168 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Demand |
$ | 849,256 | 859,688 | 887,856 | 879,820 | 792,260 | ||||||||||||||
Savings |
414,906 | 439,051 | 447,706 | 452,533 | 418,304 | |||||||||||||||
NOW |
1,130,569 | 1,166,615 | 1,239,130 | 1,307,041 | 1,370,568 | |||||||||||||||
Money market |
523,585 | 449,800 | 399,195 | 366,968 | 354,282 | |||||||||||||||
Certificates of deposit |
364,166 | 409,167 | 454,279 | 609,538 | 616,454 | |||||||||||||||
Deposits held for sale |
| | | 390,432 | 341,146 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total deposits |
3,282,482 | 3,324,321 | 3,428,166 | 4,006,332 | 3,893,014 | |||||||||||||||
Advances from FHLB |
| | | 45,000 | 170,000 | |||||||||||||||
Short term borrowings |
| 960 | 1,020 | 20,909 | 34,435 | |||||||||||||||
Subordinated debentures |
22,000 | 22,000 | 22,000 | 22,000 | 22,000 | |||||||||||||||
Liabilities held for sale |
| | | 79 | 87 | |||||||||||||||
Other liabilities |
52,579 | 53,700 | 58,768 | 60,178 | 62,526 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities |
3,357,061 | 3,400,981 | 3,509,954 | 4,154,498 | 4,182,062 | |||||||||||||||
Equity |
291,485 | 306,067 | 321,517 | 270,068 | 287,106 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and equity |
$ | 3,648,546 | 3,707,048 | 3,831,471 | 4,424,566 | 4,469,168 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
10
BankAtlantic (Bank Operations Business Segment)
Average Balance Sheet - Yield / Rate Analysis
For the Three Months Ended | ||||||||||||||||||||||||
December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||
(in thousands) | Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Residential real estate |
$ | 982,042 | 11,466 | 4.67 | % | $ | 1,270,095 | 15,344 | 4.83 | % | ||||||||||||||
Commercial real estate |
726,735 | 7,486 | 4.12 | 989,741 | 8,938 | 3.61 | ||||||||||||||||||
Consumer |
573,833 | 4,291 | 2.99 | 635,564 | 4,748 | 2.99 | ||||||||||||||||||
Commercial business |
120,145 | 1,556 | 5.18 | 137,950 | 2,263 | 6.56 | ||||||||||||||||||
Small business |
267,941 | 4,223 | 6.30 | 304,406 | 4,758 | 6.25 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans |
2,670,696 | 29,022 | 4.35 | 3,337,756 | 36,051 | 4.32 | ||||||||||||||||||
Investments |
763,158 | 1,896 | 0.99 | 882,964 | 4,658 | 2.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest earning assets |
3,433,854 | 30,918 | 3.60 | % | 4,220,720 | 40,709 | 3.86 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Goodwill and core deposit intangibles |
13,519 | 14,718 | ||||||||||||||||||||||
Other non-interest earning assets |
237,529 | 253,239 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Assets |
$ | 3,684,902 | $ | 4,488,677 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Deposits: |
||||||||||||||||||||||||
Savings |
$ | 425,944 | 167 | 0.16 | % | $ | 448,942 | 257 | 0.23 | % | ||||||||||||||
NOW |
1,141,826 | 1,024 | 0.36 | 1,476,258 | 1,569 | 0.42 | ||||||||||||||||||
Money market |
491,860 | 805 | 0.65 | 406,781 | 465 | 0.45 | ||||||||||||||||||
Certificates of deposit |
385,364 | 1,100 | 1.13 | 644,124 | 2,265 | 1.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest bearing deposits |
2,444,994 | 3,096 | 0.50 | 2,976,105 | 4,556 | 0.61 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowed funds |
1,000 | | | 30,376 | 11 | 0.14 | ||||||||||||||||||
Advances from FHLB |
| | | 149,130 | 144 | 0.38 | ||||||||||||||||||
Subordinated debentures and bonds payable |
22,000 | 236 | 4.26 | 22,000 | 232 | 4.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest bearing liabilities |
2,467,994 | 3,332 | 0.54 | 3,177,611 | 4,943 | 0.62 | ||||||||||||||||||
Demand deposits |
874,621 | 924,021 | ||||||||||||||||||||||
Non-interest bearing other liabilities |
36,605 | 55,088 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Liabilities |
3,379,220 | 4,156,720 | ||||||||||||||||||||||
Equity |
305,682 | 331,957 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and equity |
$ | 3,684,902 | $ | 4,488,677 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income/ net interest spread |
$ | 27,586 |
|
3.06 |
% |
35,766 | 3.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Margin |
||||||||||||||||||||||||
Interest income/interest earning assets |
3.60 | % | 3.86 | % | ||||||||||||||||||||
Interest expense/interest earning assets |
0.38 | 0.46 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest margin |
3.22 | % | 3.40 | % | ||||||||||||||||||||
|
|
|
|
11
BankAtlantic (Bank Operations Business Segment)
Average Balance Sheet - Yield / Rate Analysis
For the Years Ended | ||||||||||||||||||||||||
December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||
(in thousands) | Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Residential real estate |
$ | 1,071,777 | 50,456 | 4.71 | % | $ | 1,392,600 | 68,392 | 4.91 | % | ||||||||||||||
Commercial real estate |
793,361 | 33,338 | 4.20 | 1,043,261 | 39,758 | 3.81 | ||||||||||||||||||
Consumer |
596,881 | 17,679 | 2.96 | 661,718 | 19,285 | 2.91 | ||||||||||||||||||
Commercial business |
125,016 | 7,675 | 6.14 | 135,669 | 9,036 | 6.66 | ||||||||||||||||||
Small business |
289,175 | 18,185 | 6.29 | 307,269 | 19,295 | 6.28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans |
2,876,210 | 127,333 | 4.43 | 3,540,517 | 155,766 | 4.40 | ||||||||||||||||||
Investments |
912,283 | 13,761 | 1.51 | 721,732 | 20,259 | 2.81 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest earning assets |
3,788,493 | 141,094 | 3.72 | % | 4,262,249 | 176,025 | 4.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Goodwill and core deposit intangibles |
13,964 | 15,185 | ||||||||||||||||||||||
Other non-interest earning assets |
256,068 | 281,151 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Assets |
$ | 4,058,525 | $ | 4,558,585 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Deposits: |
||||||||||||||||||||||||
Savings |
$ | 454,487 | 910 | 0.20 | % | $ | 441,286 | 1,112 | 0.25 | % | ||||||||||||||
NOW |
1,318,681 | 4,926 | 0.37 | 1,488,363 | 7,013 | 0.47 | ||||||||||||||||||
Money market |
427,836 | 2,385 | 0.56 | 389,760 | 2,275 | 0.58 | ||||||||||||||||||
Certificates of deposit |
519,524 | 6,391 | 1.23 | 758,000 | 12,112 | 1.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total deposits |
2,720,528 | 14,612 | 0.54 | 3,077,409 | 22,512 | 0.73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowed funds |
11,743 | 14 | 0.12 | 35,056 | 46 | 0.13 | ||||||||||||||||||
Advances from FHLB |
43,904 | 153 | 0.35 | 107,455 | 1,209 | 1.13 | ||||||||||||||||||
Long-term debt |
22,000 | 915 | 4.17 | 22,125 | 924 | 4.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest bearing liabilities |
2,798,175 | 15,694 | 0.56 | 3,242,045 | 24,691 | 0.76 | ||||||||||||||||||
Demand deposits |
913,826 | 903,122 | ||||||||||||||||||||||
Non-interest bearing other liabilities |
45,583 | 55,221 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Liabilities |
3,757,584 | 4,200,388 | ||||||||||||||||||||||
Stockholders equity |
300,941 | 358,197 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 4,058,525 | $ | 4,558,585 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income/net interest spread |
125,400 | 3.16 | % | 151,334 | 3.37 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Margin |
||||||||||||||||||||||||
Interest income/interest earning assets |
3.72 | % | 4.13 | % | ||||||||||||||||||||
Interest expense/interest earning assets |
0.42 | 0.58 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest margin |
3.30 | % | 3.55 | % | ||||||||||||||||||||
|
|
|
|
12
BankAtlantic (Bank Operations Business Segment)
Allowance for Loan Loss and Credit Quality
(in thousands) | For the Three Months Ended | For the Years Ended |
||||||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||||||
Allowance for Loan Losses |
||||||||||||||||||||||||||||||||
Beginning balance |
$ | 130,552 | 137,643 | 154,237 | 161,309 | 181,760 | 161,309 | 173,588 | ||||||||||||||||||||||||
Charge-offs: |
||||||||||||||||||||||||||||||||
Residential real estate |
(2,344 | ) | (3,489 | ) | (5,767 | ) | (13,701 | ) | (4,272 | ) | (25,301 | ) | (18,305 | ) | ||||||||||||||||||
Commercial real estate |
(9,077 | ) | (6,422 | ) | (13,771 | ) | (12,668 | ) | (47,886 | ) | (41,938 | ) | (89,333 | ) | ||||||||||||||||||
Commercial business |
(54 | ) | (7,563 | ) | (124 | ) | (464 | ) | (996 | ) | (8,205 | ) | (996 | ) | ||||||||||||||||||
Consumer |
(6,146 | ) | (6,555 | ) | (6,379 | ) | (7,814 | ) | (7,009 | ) | (26,894 | ) | (39,483 | ) | ||||||||||||||||||
Small business |
(1,141 | ) | (2,321 | ) | (2,010 | ) | (2,611 | ) | (2,409 | ) | (8,083 | ) | (7,873 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total charge-offs |
(18,762 | ) | (26,350 | ) | (28,051 | ) | (37,258 | ) | (62,572 | ) | (110,421 | ) | (155,990 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Recoveries: |
||||||||||||||||||||||||||||||||
Residential real estate |
940 | 543 | 435 | 131 | 284 | 2,049 | 1,166 | |||||||||||||||||||||||||
Commercial real estate |
413 | 1 | 75 | 714 | 1,210 | 1,203 | 1,337 | |||||||||||||||||||||||||
Commercial business |
291 | 1 | 57 | 791 | 57 | 1,140 | 716 | |||||||||||||||||||||||||
Consumer |
764 | 644 | 492 | 408 | 300 | 2,308 | 1,042 | |||||||||||||||||||||||||
Small business |
261 | 316 | 203 | 310 | 126 | 1,090 | 626 | |||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total recoveries |
2,669 | 1,505 | 1,262 | 2,354 | 1,977 | 7,790 | 4,887 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net charge-offs |
(16,093 | ) | (24,845 | ) | (26,789 | ) | (34,904 | ) | (60,595 | ) | (102,631 | ) | (151,103 | ) | ||||||||||||||||||
Provision for loan losses |
14,644 | 17,754 | 10,195 | 27,832 | 40,144 | 70,425 | 138,824 | |||||||||||||||||||||||||
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|
|
|
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|
|||||||||||||||||||
Ending balance |
$ | 129,103 | 130,552 | 137,643 | 154,237 | 161,309 | 129,103 | 161,309 | ||||||||||||||||||||||||
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|
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|
|
|
|
As of | ||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | ||||||||||||||||||||
Credit Quality |
||||||||||||||||||||||||
Nonaccrual loans |
||||||||||||||||||||||||
Commercial real estate |
$ | 206,038 | 190,715 | 190,684 | 239,798 | 243,299 | ||||||||||||||||||
Consumer |
14,134 | 14,202 | 14,614 | 13,231 | 14,120 | |||||||||||||||||||
Small business |
12,016 | 11,708 | 11,990 | 12,172 | 10,879 | |||||||||||||||||||
Residential real estate |
85,855 | 81,287 | 81,362 | 81,555 | 86,538 | |||||||||||||||||||
Commercial business |
19,172 | 17,302 | 17,098 | 15,848 | 16,123 | |||||||||||||||||||
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|
|
|
|
|
|
|
|||||||||||||||
Total Nonaccrual loans |
337,215 | 315,214 | 315,748 | 362,604 | 370,959 | |||||||||||||||||||
Nonaccrual tax certificates |
3,094 | 2,416 | 2,756 | 3,402 | 3,636 | |||||||||||||||||||
Real estate owned |
78,037 | 83,360 | 71,060 | 66,310 | 64,328 | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||
Total nonperforming assets |
$ | 418,346 | 400,990 | 389,564 | 432,316 | 438,923 | ||||||||||||||||||
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|
|
|
|
|
|
|
|||||||||||||||
Allowance for loan losses to total loans |
% | 5.02 | 4.89 | 4.92 | 5.20 | 5.08 | ||||||||||||||||||
Allowance to nonaccrual loans |
% | 38.29 | 41.42 | 43.59 | 42.54 | 43.48 | ||||||||||||||||||
Provision to average loans |
% | 2.19 | 2.54 | 1.39 | 3.58 | 4.81 | ||||||||||||||||||
Annualized net charge-offs to average loans |
% | 2.41 | 3.56 | 3.64 | 4.49 | 7.26 | ||||||||||||||||||
Nonaccrual loans to total assets |
% | 9.24 | 8.50 | 8.24 | 8.20 | 8.30 | ||||||||||||||||||
Nonperforming assets to total assets |
% | 11.47 | 10.82 | 10.17 | 9.77 | 9.82 |
13
BankAtlantic (Bank Operations Business Segment)
Delinquencies, Excluding Non-Accrual Loans, at Period-End
($ in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||||
Commercial real estate |
$ | 7,863 | 973 | | 1,400 | 31 | ||||||||||||||||
Consumer |
9,323 | 9,652 | 9,230 | 12,025 | 12,405 | |||||||||||||||||
Small business |
2,032 | 2,021 | 2,210 | 2,200 | 2,712 | |||||||||||||||||
Residential real estate |
14,323 | 16,637 | 16,060 | 20,528 | 23,053 | |||||||||||||||||
Commercial business |
119 | 3,704 | 338 | 19,552 | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total BankAtlantic |
$ | 33,660 | 32,987 | 27,838 | 55,705 | 38,201 | ||||||||||||||||
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|
|
|
|
|
|
|
|||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | ||||||||||||||||||
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|
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|
|
|
|||||||||||||
Commercial real estate |
% | 1.11 | 0.13 | | 0.17 | | ||||||||||||||||
Consumer |
% | 1.68 | 1.69 | 1.57 | 2.00 | 2.01 | ||||||||||||||||
Small business |
% | 0.71 | 0.71 | 0.75 | 0.74 | 0.89 | ||||||||||||||||
Residential real estate * |
% | 1.50 | 1.65 | 1.51 | 1.83 | 1.88 | ||||||||||||||||
Commercial business |
% | 0.10 | 3.17 | 0.28 | 15.36 | | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||
Total BankAtlantic |
% | 1.29 | 1.22 | 0.99 | 1.86 | 1.20 | ||||||||||||||||
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|
|
|
|
|
|
|
* Includes $873.8 million, $918.4 million, $973.4 million, $1.0 billion and $1.1 billion of purchased residential loans with delinquencies excluding non-accrual loans of 1.36%, 1.52%, 1.41%, 1.58% and 1.77% as of December 30, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.
BankAtlantic (Bank Operations Business Segment)
Loan Provision & Allowance for Loan Losses
($ in thousands) | 4Q
2011 Loan Provision |
Allowance for Loan Losses |
% of Reserves to Total Loans |
|||||||||
Commercial real estate |
$ | 7,325 | 66,269 | 9.82 | % | |||||||
Consumer |
4,991 | 22,554 | 4.06 | |||||||||
Small business |
91 | 7,168 | 2.52 | |||||||||
Residential real estate |
(2,709 | ) | 16,704 | 1.79 | ||||||||
Commercial business |
4,946 | 16,408 | 13.89 | |||||||||
|
|
|
|
|
|
|||||||
Total BankAtlantic |
$ | 14,644 | 129,103 | 5.02 | % | |||||||
|
|
|
|
|
|
14
BankAtlantic (Bank Operations Business Segment)
Reconciliation of GAAP Financial Measures to Non-GAAP Measures
Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of BankAtlantics operating results and any related trends that may be affecting BankAtlantics business. Management uses pre-tax core operating earnings to measure BankAtlantics ongoing financial performance excluding items that are not currently controllable by management. Management uses core expenses to measure expense reduction trends excluding items that are not currently controllable by management. The core operating efficiency ratio is used by management to measure the costs expended to generate a dollar of revenues excluding items that are not currently controllable by management. The return on average tangible equity and average tangible assets is used by management to measure BankAtlantics effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. The tangible equity to tangible asset ratio is used by management to evaluate capital adequacy trends and to allow for comparison to other companies in the industry. Management uses the core deposit measure to assess trends relating to its lower cost deposit categories, which management believes may generally be more indicative of relationship deposits. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies
Reconciliation of (loss) income from bank operations business segment before income taxes to pre-tax core operating earnings |
||||||||||||||||||||||||||||
For the Three Months Ended | For the Years Ended |
|||||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
(Loss) income from bank operations business segment before income taxes |
$ | (8,106 | ) | (8,195 | ) | 30,967 | (16,369 | ) | (43,504 | ) | (1,703 | ) | (118,045 | ) | ||||||||||||||
Loss (gain) on sale of Tampa branches |
19 | 34 | (38,656 | ) | | | (38,603 | ) | | |||||||||||||||||||
Costs associated with debt redemption |
| | 1,115 | 10 | | 1,125 | 60 | |||||||||||||||||||||
Provision for tax certificates |
14 | 969 | 1,021 | 779 | 800 | 2,783 | 4,552 | |||||||||||||||||||||
Loss (gain) on sale of real estate |
(1,479 | ) | (2,023 | ) | (362 | ) | (278 | ) | 663 | (4,142 | ) | 997 | ||||||||||||||||
Impairment, restructuring and exit activities |
3,339 | 2,877 | 7,377 | (399 | ) | 10,219 | 13,194 | 20,708 | ||||||||||||||||||||
Provision for loan losses |
14,644 | 17,754 | 10,195 | 27,832 | 40,145 | 70,425 | 138,825 | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-GAAP pre-tax core operating earnings |
$ | 8,431 | 11,416 | 11,657 | 11,575 | 8,323 | 43,079 | 47,097 | ||||||||||||||||||||
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|
|
|
|
|
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|
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|
|
|
|||||||||||||||
Reconciliation of non-interest expense to core expenses and calculation of core operating efficiency ratio |
||||||||||||||||||||||||||||
For the Three Months Ended | For the Years Ended |
|||||||||||||||||||||||||||
($ in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
Non-interest expense |
$ | 41,650 | 45,916 | 51,889 | 46,154 | 63,324 | 185,609 | 236,316 | ||||||||||||||||||||
Costs associated with debt redemption |
| | (1,115 | ) | (10 | ) | | (1,125 | ) | (60 | ) | |||||||||||||||||
Provision for tax certificates |
(14 | ) | (969 | ) | (1,021 | ) | (779 | ) | (800 | ) | (2,783 | ) | (4,552 | ) | ||||||||||||||
Gain (loss) on sale of real estate |
1,479 | 2,023 | 362 | 278 | (663 | ) | 4,142 | (997 | ) | |||||||||||||||||||
Impairment, restructuring and exit activities |
(3,339 | ) | (2,877 | ) | (7,377 | ) | 399 | (10,219 | ) | (13,194 | ) | (20,708 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Core expenses |
$ | 39,776 | 44,093 | 42,738 | 46,042 | 51,642 | 172,649 | 209,999 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income |
27,586 | 30,133 | 32,977 | 34,704 | 35,766 | 125,400 | 151,334 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest income |
20,602 | 25,342 | 60,074 | 22,913 | 24,199 | 128,931 | 105,762 | |||||||||||||||||||||
Gain on sale of Tampa branches |
19 | 34 | (38,656 | ) | | | (38,603 | ) | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Core non-interest income |
20,621 | 25,376 | 21,418 | 22,913 | 24,199 | 90,328 | 105,762 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenues |
$ | 48,207 | $ | 55,509 | $ | 54,395 | $ | 57,617 | $ | 59,965 | $ | 215,728 | $ | 257,096 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-GAAP core operating efficiency ratio |
82.51 | % | 79.43 | % | 78.57 | % | 79.91 | % | 86.12 | % | 80.03 | % | 81.68 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity |
||||||||||||||||||||||||||||
For the Three Months Ended | For the Years Ended |
|||||||||||||||||||||||||||
($ in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
Net (loss) income from bank operations business segment |
$ | (7,929 | ) | (8,073 | ) | 30,967 | (16,370 | ) | (41,243 | ) | (1,405 | ) | (115,911 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average total assets |
3,684,902 | 3,778,327 | 4,272,968 | 4,510,048 | 4,488,677 | 4,058,525 | 4,558,585 | |||||||||||||||||||||
Average goodwill and core deposit intangibles |
(13,519 | ) | (13,815 | ) | (14,125 | ) | (14,411 | ) | (14,718 | ) | (13,964 | ) | (15,185 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average tangible assets |
3,671,383 | 3,764,512 | 4,258,843 | 4,495,637 | 4,473,959 | 4,044,561 | 4,543,400 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average equity |
305,682 | 321,884 | 285,498 | 290,307 | 331,957 | 300,941 | 358,197 | |||||||||||||||||||||
Average goodwill and core deposit intangibles |
(13,519 | ) | (13,815 | ) | (14,125 | ) | (14,411 | ) | (14,718 | ) | (13,964 | ) | (15,185 | ) | ||||||||||||||
Other comprehensive loss |
13,903 | 6,226 | 6,266 | 6,239 | 2,743 | 8,174 | 2,391 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average tangible equity |
$ | 306,066 | 314,295 | 277,639 | 282,135 | 319,982 | 295,151 | 345,403 | ||||||||||||||||||||
Return on average assets from continuing operations |
-0.86 | % | -0.85 | % | 2.90 | % | -1.45 | % | -3.68 | % | -0.03 | % | -2.54 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average tangible assets from continuing operationsNon-GAAP |
-0.86 | % | -0.86 | % | 2.91 | % | -1.46 | % | -3.69 | % | -0.03 | % | -2.55 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average equity from continuing operations |
-10.38 | % | -10.03 | % | 43.39 | % | -22.56 | % | -49.70 | % | -0.47 | % | -32.36 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average tangible equity from continuing operationsNon-GAAP |
-10.36 | % | -10.27 | % | 44.61 | % | -23.21 | % | -51.56 | % | -0.48 | % | -33.56 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of equity to total tangible capital; Total assets to total tangible assets; The calculation of tangible capital to tangible assets |
||||||||||||||||||||
As of | ||||||||||||||||||||
($ in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
Equity |
$ | 291,485 | 306,067 | 321,517 | 270,068 | 287,106 | ||||||||||||||
Goodwill and core deposit intangibles |
(13,376 | ) | (13,670 | ) | (13,965 | ) | (14,260 | ) | (14,569 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total tangible capital |
278,109 | 292,397 | 307,552 | 255,808 | 272,537 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
3,648,546 | 3,707,048 | 3,831,471 | 4,424,566 | 4,469,168 | |||||||||||||||
Goodwill and core deposit intangibles |
(13,376 | ) | (13,670 | ) | (13,965 | ) | (14,260 | ) | (14,569 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total tangible assets |
$ | 3,635,170 | $ | 3,693,378 | $ | 3,817,506 | $ | 4,410,306 | $ | 4,454,599 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-GAAP tangible capital to tangible assets |
7.65 | % | 7.92 | % | 8.06 | % | 5.80 | % | 6.12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
Reconciliation of total deposits to core deposits |
||||||||||||||||||||
As of | ||||||||||||||||||||
|
|
|||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
Total deposits |
$ | 3,282,482 | 3,324,321 | 3,428,166 | 4,006,332 | 3,893,014 | ||||||||||||||
Non-core deposits held for sale |
| | | (75,813 | ) | (75,010 | ) | |||||||||||||
Money market |
(523,585 | ) | (449,800 | ) | (399,195 | ) | (366,968 | ) | (354,282 | ) | ||||||||||
Certificates of deposit |
(364,166 | ) | (409,167 | ) | (454,279 | ) | (609,538 | ) | (616,454 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Core deposits |
2,394,731 | 2,465,354 | 2,574,692 | 2,954,013 | 2,847,268 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
15
Parent Company Business Segment
Condensed Statements of Operations (unaudited)
For the Three Months Ended | For the Years Ended |
|||||||||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | |||||||||||||||||||||
Net interest expense |
$ | (3,991 | ) | (3,851 | ) | (3,794 | ) | (3,695 | ) | (3,716 | ) | (15,331 | ) | (14,572 | ) | |||||||||||||
Provision (recovery) for loan losses |
572 | 147 | 515 | (20 | ) | 498 | 1,214 | 5,536 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest expense after provision for loan losses |
(4,563 | ) | (3,998 | ) | (4,309 | ) | (3,675 | ) | (4,214 | ) | (16,545 | ) | (20,108 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest income |
||||||||||||||||||||||||||||
Income from unconsolidated trusts |
(1,550 | ) | 482 | 432 | 381 | 335 | (255 | ) | 1,054 | |||||||||||||||||||
Securities activities, net |
| | (1,500 | ) | | | (1,500 | ) | | |||||||||||||||||||
Other |
(325 | ) | 327 | 317 | 209 | 431 | 1,178 | 1,257 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest income |
(1,224 | ) | 809 | (751 | ) | 590 | 766 | (576 | ) | 2,311 | ||||||||||||||||||
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|
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Non-interest expense |
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Employee compensation and benefits |
637 | 505 | 512 | 527 | (160 | ) | 2,181 | 2,819 | ||||||||||||||||||||
Advertising and business promotion |
65 | 76 | 88 | 26 | 56 | 255 | 293 | |||||||||||||||||||||
Professional fees |
2,235 | (826 | ) | 765 | 378 | 881 | 2,552 | 3,074 | ||||||||||||||||||||
(Gain)/loss on sale of real estate |
(5 | ) | | (16 | ) | (175 | ) | | (196 | ) | 610 | |||||||||||||||||
Asset impairments |
514 | 444 | 706 | 2,347 | | 4,011 | 766 | |||||||||||||||||||||
Other |
299 | 333 | 451 | 329 | 328 | 1,412 | 1,481 | |||||||||||||||||||||
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|
|
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|
|
|
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Non-interest expense |
3,745 | 532 | 2,506 | 3,432 | 1,105 | 10,215 | 9,043 | |||||||||||||||||||||
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|
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Loss from parent company activities before income taxes |
(9,532 | ) | (3,721 | ) | (7,566 | ) | (6,517 | ) | (4,553 | ) | (27,336 | ) | (26,840 | ) | ||||||||||||||
Provision (benefit) for income taxes |
| | | | | | | |||||||||||||||||||||
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|
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|
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Net loss from parent company business segment |
$ | (9,532 | ) | (3,721 | ) | (7,566 | ) | (6,517 | ) | (4,553 | ) | (27,336 | ) | (26,840 | ) | |||||||||||||
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|
|
|
|
|
|
Parent Company Business Segment
Condensed Statements of Financial Condition - Unaudited
As of | ||||||||||||||||||||
(in thousands) | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | |||||||||||||||
ASSETS |
||||||||||||||||||||
Cash |
$ | 2,524 | 2,195 | 3,839 | 13,112 | 12,226 | ||||||||||||||
Securities |
15 | 9 | 9 | 1,508 | 1,507 | |||||||||||||||
Investment in subsidiaries |
309,798 | 326,633 | 341,498 | 291,616 | 313,319 | |||||||||||||||
Investment in unconsolidated trusts |
10,106 | 11,655 | 11,174 | 10,742 | 10,361 | |||||||||||||||
Other assets |
669 | 931 | 188 | 882 | 945 | |||||||||||||||
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|
|
|
|
|
|
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Total assets |
$ | 323,112 | 341,423 | 356,708 | 317,860 | 338,358 | ||||||||||||||
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|
|
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LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY |
||||||||||||||||||||
Subordinated debentures |
$ | 337,114 | 333,333 | 329,643 | 325,974 | 322,385 | ||||||||||||||
Other liabilities |
2,924 | 1,034 | 1,357 | 1,123 | 1,687 | |||||||||||||||
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|
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Total liabilities |
340,038 | 334,367 | 331,000 | 327,097 | 324,072 | |||||||||||||||
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|
|
|
|||||||||||
Stockholders (deficit) equity |
(16,926 | ) | 7,056 | 25,708 | (9,237 | ) | 14,286 | |||||||||||||
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|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and stockholders (deficit) equity |
$ | 323,112 | 341,423 | 356,708 | 317,860 | 338,358 | ||||||||||||||
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|
|
|
|
|
|
|
|
Parent Company Business Segment
Allowance for Loan Loss and Credit Quality
Parent Company and Work-out Subsidiary | For the | |||||||||||||||||||||||||||
(in thousands) | For the Three Months Ended | Years Ended | ||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 | 12/31/2010 | ||||||||||||||||||||||
Allowance for Loan Losses |
||||||||||||||||||||||||||||
Beginning balance |
$ | 167 | | 814 | 830 | 4,187 | 830 | 13,630 | ||||||||||||||||||||
(Net charge-offs) recoveries |
45 | 20 | (1,329 | ) | 4 | (3,741 | ) | (1,260 | ) | (18,222 | ) | |||||||||||||||||
Transfer to held for sale |
| | | | (114 | ) | | (114 | ) | |||||||||||||||||||
Provision (recovery) for loan losses |
572 | 147 | 515 | (20 | ) | 498 | 1,214 | 5,536 | ||||||||||||||||||||
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|
|||||||||||||||
Ending balance |
$ | 784 | 167 | | 814 | 830 | 784 | 830 | ||||||||||||||||||||
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|
|||||||||||||||
As of | ||||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | ||||||||||||||||||||||||
Credit Quality |
||||||||||||||||||||||||||||
Total Loans - gross |
$ | 10,515 | 11,879 | 11,974 | 14,058 | 17,300 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|||||||||||||||||||
Nonaccrual loans |
$ | 8,083 | 9,356 | 9,360 | 11,360 | 14,508 | ||||||||||||||||||||||
Specific reserves |
(784 | ) | (167 | ) | 0 | (814 | ) | (830 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Nonaccrual loans, net |
$ | 7,299 | 9,189 | 9,360 | 10,546 | 13,678 | ||||||||||||||||||||||
Real estate owned |
9,136 | 9,391 | 8,644 | 8,835 | 10,160 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total nonperforming assets |
$ | 16,435 | 18,580 | 18,004 | 19,381 | 23,838 | ||||||||||||||||||||||
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