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) May 1, 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)) |
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 May 1, 2012, BankAtlantic Bancorp, Inc. (the Company) issued a press release announcing its financial results for the three months ended March 31, 2012, a copy of which is included herein as Exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits |
99.1 Press Release dated May 1, 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: May 1, 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 First Quarter, 2012
FORT LAUDERDALE, Florida May 1, 2012 BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported financial results for the quarter ending March 31, 2012.
BankAtlantic Bancorp Results of Operations
BankAtlantic Bancorp, Inc. (the Company) today reported a net loss of ($14.2) million, or ($0.91) per diluted share, for the quarter ended March 31, 2012, versus a net loss of ($22.9) million, or ($1.85) per diluted share, for the quarter ended March 31, 2011.
The Company reported a net loss from continuing operations1 of ($13.2) million, or ($0.84) per diluted share, for the quarter ended March 31, 2012, versus a net loss from continuing operations of ($14.6) million, or ($1.19) per diluted share, for the quarter ended March 31, 2011.
Highlights of the BankAtlantic Operating Segment
BankAtlantic Results of Operations:
BankAtlantic reported a net loss of ($5.0) million for the quarter ended March 31, 2012, versus a net loss of ($16.4) million for the quarter ended March 31, 2011.
BankAtlantic Capital:
At March 31, 2012, BankAtlantics capital ratios were:
| Tier 1/Core Capital of 7.72%. |
| Tier 1 Risk-Based Capital of 13.49%. |
| Total Risk-Based Capital of 15.77%. |
1 | See Basis of Financial Statement Presentation on page 4 of this release for further discussion of continuing and discontinued operations of BankAtlantic Bancorp. |
1
BankAtlantic Bancorps Chairman and Chief Executive Officer, Alan B. Levan, commented, BankAtlantics March 31, 2012 Tier 1 capital ratio of 7.72% was less than its 8.22% ratio at December 31, 2011 due primarily to growth of $172.6 million in total assets during the first quarter of 2012 as a direct result of an inflow of deposits that we believe are associated with seasonal deposit trends and favorable customer response to the announced BB&T transaction. Total deposits grew $179.6 million during the first quarter of 2012. The funds received from these deposits increased cash balances, which grew $338.8 million during the first quarter of 2012, to $1.1 billion in cash as of March 31, 2012.
BankAtlantics historical capital ratios were:
12/2006 | 12/2007 | 12/2008 | 12/2009 | 12/2010 | 6/2011 | 12/2011 | 3/2012 | |||||||||||||||||||||||||
Tier 1/Core |
7.55 | % | 6.94 | % | 6.80 | % | 7.58 | % | 6.22 | % | 8.24 | % | 8.22 | % | 7.72 | % | ||||||||||||||||
Tier 1 Risk-Based |
10.50 | % | 9.85 | % | 9.80 | % | 10.63 | % | 9.68 | % | 12.38 | % | 12.93 | % | 13.49 | % | ||||||||||||||||
Total Risk-Based |
12.08 | % | 11.63 | % | 11.63 | % | 12.56 | % | 11.72 | % | 14.52 | % | 15.15 | % | 15.77 | % |
BankAtlantics regulatory capital requirements increased to 8.0% for Tier 1 and 14.0% for Total Risk-Based as of June 30, 2011. In light of the previously announced pending sale of BankAtlantic to BB&T, we believed it was appropriate to accept our strong inflow of deposits and keep the funds in cash, even though as a result, our Tier 1 capital ratio fell slightly below the regulatory requirement. We do not believe this shortfall creates a significant issue for BankAtlantic; if we did, we would have reduced our balance sheet or brought in additional capital accordingly.
BankAtlantic Credit:
| BankAtlantics provision for loan losses in the first quarter of 2012 was $8.5 million versus $27.8 million in the first quarter of 2011, with the reduction reflective of overall improved credit conditions in the loan portfolio. |
| Net charge-offs of loans totaled $81.7 million in the first quarter of 2012, versus $34.9 million in the first quarter 2011. |
- | As part of the transition of the OTS to the OCC, BankAtlantic was required to begin using OCC regulatory reporting guidelines in the first quarter of 2012. While the previous OTS guidance permitted specific valuation allowances on collateral dependant loans, the OCC guidance requires such specific reserves to be |
2
charged off against the related loans. Accordingly, the increase in net charge-offs in the first quarter of 2012 was a result of $66.5 million of established specific reserves (a component of the allowance for loan losses) related to collateral dependent loans being applied directly against the respective loan balances as charge-offs. These specific reserves were reflected in BankAtlantics loan provisions during prior periods and did not impact the loan provision or net loss for the first quarter of 2012. |
| BankAtlantics allowance for loan losses was $55.8 million at March 31, 2012 (inclusive of $1.2 million in specific reserves) as compared to $154.2 million at March 31, 2011 (inclusive of $77.2 million in specific reserves). |
- | The decrease in the allowance for loan losses in the first quarter of 2012 was primarily attributable to the $66.5 million reduction of specific reserves as they were used to charge down loans during the first quarter of 2012, as well as lower overall loan balances and improved credit conditions primarily in the commercial real estate, consumer and residential loan portfolios. |
| Total non-accrual loans declined from $362.6 million at March 31, 2011 to $266.1 million at March 31, 2012, with the decline reflected primarily in the commercial real estate category. Total nonperforming assets declined from $432.3 million at March 31, 2011 to $344.1 million at March 31, 2012. These declines reflect the impact of net charge-offs as discussed above, combined with a slowed migration of new loans to nonperforming status and certain sales of nonperforming assets during the last twelve months. |
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 providing for the sale of BankAtlantic to BB&T. 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). Under the amended Agreement, prior to the sale of the Bank, the Bank will distribute to the Company membership interests in two limited liability
3
companies which will hold certain assets currently held by BankAtlantic. See the Form 8-K filed by the Company on March 16, 2012 detailing the terms and conditions of the amended Agreement, the assets to be held by the limited liability companies and the transfer of membership interests in one of these entities to BB&T following its assumption of the TruPs.
The closing of the transaction with BB&T is subject to the receipt of required regulatory approvals and other customary conditions, and is anticipated to occur in the second quarter of 2012.
In connection with the closing of the transaction with BB&T, BankAtlantic Bancorp has requested from the Federal Reserve 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 manage the assets it retains after the transaction and engage in a real estate investment and specialty finance business over time as assets are monetized, concluded Mr. Levan.
BankAtlantic Bancorps First Quarter 2012 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 navigation links. More complete information relating to BankAtlantic Bancorp and its financial results will be detailed in the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, which is anticipated to be filed with the Securities and Exchange Commission (the SEC) by May 15, 2012 and once filed, will be available to view on the SECs website, www.sec.gov, or on BankAtlantic Bancorps website, www.BankAtlanticBancorp.com.
Basis of Financial Statement Presentation
As part of the Agreement to sell BankAtlantic to BB&T, the Company will retain certain performing and non-performing loans and tax certificates, real estate owned and related reserves as well as previously written off assets. These net assets (excluding related cash that is anticipated be received by the Company pursuant to the Agreement) were recorded on the balance sheet of BankAtlantic at approximately $516.9 million as of March 31, 2012. Approximately $376.5 million of these net assets will be placed in a special purpose entity (Florida Asset Resolution Group, LLC (FAR)). The FAR assets are expected to be monetized
4
over a seven year period with the net proceeds applied 95% for the repayment of BB&Ts preferred interest in FAR and 5% of the net proceeds to the Company. Upon consummation of the transaction, the Company will have a controlling financial interest in FAR, and FAR will therefore be consolidated in the Companys Consolidated Financial Statements.
As a consequence of the transaction , the Company presented the assets and liabilities anticipated to be transferred to BB&T as Assets held for sale and Liabilities held for sale in its unaudited Consolidated Statement of Financial Condition as of March 31, 2012. The majority of cash and interest bearing deposits in other banks will transfer to BB&T upon closing of the transaction; however, this cash is not presented as Assets held for sale as of March 31, 2012. The assets and liabilities held for sale at March 31, 2012 are included in the Companys unaudited Consolidated Statement of Financial Condition as of March 31, 2011 based on historical presentation.
Additionally, as a result of the transaction, BankAtlantics community banking, investment, capital services and tax certificate components are reflected as Discontinued Operations in the Companys unaudited Consolidated Statement of Operations for all periods presented. The Company will continue to operate BankAtlantics commercial lending component resulting in the inclusion of its results of operations in the Companys unaudited Consolidated Statement of Operations for all periods presented. Certain assets included in the discontinued components will be reflected on Bancorps balance sheet subsequent to closing of the transaction (approximately $146.3 million of loans, tax certificates and real estate owned as of March 31, 2012), and certain assets (including a significant amount of earning assets) included in the commercial lending continuing component will be sold to BB&T as part of the sale of BankAtlantic. Additionally, Continuing Operations as reported herein includes all general corporate overhead costs of BankAtlantic. Accordingly, the results of Continuing Operations as presented herein will not be reflective of the ongoing results of Continuing Operations of Bancorp subsequent to the closing of the transaction.
Basis of Financial Statement Presentation BankAtlantic:
The financial results for the Companys BankAtlantic Operating Segment, as presented herein and in the referenced supplemental financial information available on the Companys investor relations website, represent the financial information of the subsidiary financial
5
institution in its entirety for all periods presented. Held for sale and discontinued operations presentation as discussed above are only incorporated at the Consolidated BankAtlantic Bancorp level of presentation, and not at the BankAtlantic operating segment level.
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
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 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. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management.
6
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 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 agreement to sell BankAtlantic to 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 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 LLCs 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.
7
BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITIONUNAUDITED
(In thousands, except share data) | March 31, 2012 |
December 31, 2011 |
||||||
ASSETS |
||||||||
Cash and interest bearing deposits in other banks |
$ | 1,059,468 | 770,292 | |||||
Securities available for sale, at fair value |
26 | 46,435 | ||||||
Tax certificates, net of allowance of $5,344 and $7,488 |
6,120 | 46,488 | ||||||
Loans held for sale |
62,791 | 55,601 | ||||||
Loans receivable, net of allowance for loan losses of $7,167 and $129,887 |
385,817 | 2,448,203 | ||||||
Accrued interest receivable |
3,845 | 18,432 | ||||||
Real estate owned |
84,805 | 87,174 | ||||||
Investments in unconsolidated companies |
10,226 | 10,106 | ||||||
Office properties and equipment, net |
3,263 | 139,165 | ||||||
Other assets |
710 | 8,221 | ||||||
Assets held for sale |
2,229,805 | | ||||||
Federal Home Loan Bank stock |
| 18,308 | ||||||
Real estate held for sale |
| 3,898 | ||||||
Goodwill |
| 13,081 | ||||||
Prepaid FDIC deposit insurance assessment |
| 12,715 | ||||||
|
|
|
|
|||||
Total assets |
$ | 3,846,876 | 3,678,119 | |||||
|
|
|
|
|||||
LIABILITIES AND (DEFICIT) EQUITY |
||||||||
Liabilities: |
||||||||
Deposits |
||||||||
Interest bearing deposits |
$ | | 2,433,226 | |||||
Non-interest bearing deposits |
| 846,857 | ||||||
Deposits held for sale |
3,457,460 | | ||||||
|
|
|
|
|||||
Total deposits |
3,457,460 | 3,280,083 | ||||||
|
|
|
|
|||||
Subordinated debentures |
| 22,000 | ||||||
Junior subordinated debentures |
341,082 | 337,114 | ||||||
Other liabilities |
21,137 | 55,848 | ||||||
Liabilities held for sale |
58,759 | | ||||||
|
|
|
|
|||||
Total liabilities |
3,878,438 | 3,695,045 | ||||||
|
|
|
|
|||||
(Deficit) Equity: |
||||||||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding |
| | ||||||
Class A common stock, $.01 par value, authorized 25,000,000 shares; issued and outstanding 15,505,564 and 12,319,069 shares |
154 | 154 | ||||||
Class B common stock, $.01 par value, authorized 1,800,000 shares; issued and outstanding 195,045 and 195,045 shares |
2 | 2 | ||||||
Additional paid-in capital |
330,091 | 329,995 | ||||||
Accumulated deficit |
(340,900 | ) | (326,692 | ) | ||||
Accumulated other comprehensive loss |
(20,909 | ) | (20,385 | ) | ||||
|
|
|
|
|||||
Total deficit |
(31,562 | ) | (16,926 | ) | ||||
|
|
|
|
|||||
Total liabilities and deficit |
$ | 3,846,876 | 3,678,119 | |||||
|
|
|
|
8
BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONSUNAUDITED
(In thousands, except share and per share data) | For the Three Months Ended March 31, |
|||||||
Interest income: |
2012 | 2011 | ||||||
|
|
|
|
|||||
Interest and fees on loans |
$ | 8,335 | 11,802 | |||||
Interest and dividends on taxable securities |
| 36 | ||||||
|
|
|
|
|||||
Total interest income |
8,335 | 11,838 | ||||||
Interest on subordinated debentures |
4,167 | 3,784 | ||||||
|
|
|
|
|||||
Net interest income |
4,168 | 8,054 | ||||||
(Reversal of) provision for loan losses |
(765 | ) | 7,232 | |||||
|
|
|
|
|||||
Net interest income after provision for loan losses |
4,933 | 822 | ||||||
|
|
|
|
|||||
Non-interest income: |
||||||||
Income from unconsolidated companies |
120 | 381 | ||||||
Other |
412 | 333 | ||||||
|
|
|
|
|||||
Total non-interest income |
532 | 714 | ||||||
|
|
|
|
|||||
Non-interest expense: |
||||||||
Employee compensation and benefits |
5,259 | 5,523 | ||||||
Occupancy and equipment |
2,493 | 3,463 | ||||||
Advertising and promotion |
153 | 113 | ||||||
Professional fees |
6,197 | 2,128 | ||||||
Impairments (reversals) on loans held for sale |
(22 | ) | 628 | |||||
Impairment of real estate owned |
2,026 | 1,688 | ||||||
Other |
2,530 | 2,598 | ||||||
|
|
|
|
|||||
Total non-interest expense |
18,636 | 16,141 | ||||||
|
|
|
|
|||||
Loss from continuing operations before income taxes |
(13,171 | ) | (14,605 | ) | ||||
Provision for income taxes |
1 | 1 | ||||||
|
|
|
|
|||||
Loss from continuing operations |
(13,172 | ) | (14,606 | ) | ||||
|
|
|
|
|||||
Loss from discontinued operations |
(1,036 | ) | (8,281 | ) | ||||
Benefit for income taxes |
| | ||||||
|
|
|
|
|||||
Loss from discontinued operations |
(1,036 | ) | (8,281 | ) | ||||
|
|
|
|
|||||
Net loss |
(14,208 | ) | (22,887 | ) | ||||
Less: net income attributable to non-controlling interest |
| (295 | ) | |||||
|
|
|
|
|||||
Net loss attributable to BankAtlantic Bancorp, Inc. |
$ | (14,208 | ) | (23,182 | ) | |||
|
|
|
|
|||||
Basic loss per share |
||||||||
Continuing operations |
$ | (0.84 | ) | (1.19 | ) | |||
Discontinued operations |
(0.07 | ) | (0.66 | ) | ||||
|
|
|
|
|||||
Basic loss per share |
$ | (0.91 | ) | (1.85 | ) | |||
|
|
|
|
|||||
Diluted loss per share |
||||||||
Continuing operations |
$ | (0.84 | ) | (1.19 | ) | |||
Discontinued operations |
(0.07 | ) | (0.66 | ) | ||||
|
|
|
|
|||||
Diluted loss per share |
$ | (0.91 | ) | (1.85 | ) | |||
|
|
|
|
|||||
Basic weighted average number of common shares outstanding |
15,659,257 | 12,544,809 | ||||||
|
|
|
|
|||||
Diluted weighted average number of common and common equivalent shares outstanding |
15,659,257 | 12,544,809 | ||||||
|
|
|
|
9
BankAtlantic (Bank Operations Business Segment)
Condensed Statements of Financial Condition (unaudited)
As of | ||||||||||||||||||||
(in thousands) | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
ASSETS |
||||||||||||||||||||
Cash and interest bearing deposits in other banks |
$ | 1,109,006 | 770,167 | 673,922 | 430,544 | 749,355 | ||||||||||||||
Loans receivable, net |
2,294,674 | 2,442,182 | 2,538,408 | 2,659,442 | 2,813,097 | |||||||||||||||
Loans held for sale |
60,317 | 51,898 | 42,620 | 44,856 | 44,542 | |||||||||||||||
Tax certificates |
36,001 | 46,488 | 56,268 | 66,211 | 77,837 | |||||||||||||||
Available for sale securities |
40,527 | 46,420 | 84,477 | 316,508 | 376,034 | |||||||||||||||
FHLB stock |
18,308 | 18,308 | 25,223 | 31,614 | 43,557 | |||||||||||||||
Goodwill |
13,081 | 13,081 | 13,081 | 13,081 | 13,081 | |||||||||||||||
Core deposit intangible asset |
| 295 | 589 | 884 | 1,179 | |||||||||||||||
Assets held for sale |
| | | 1,768 | 36,909 | |||||||||||||||
Other assets |
249,239 | 259,707 | 272,460 | 266,563 | 268,975 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
$ | 3,821,153 | 3,648,546 | 3,707,048 | 3,831,471 | 4,424,566 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Demand |
$ | 924,576 | 849,256 | 859,688 | 887,856 | 879,820 | ||||||||||||||
Savings |
435,266 | 414,906 | 439,051 | 447,706 | 452,533 | |||||||||||||||
NOW |
1,155,313 | 1,130,569 | 1,166,615 | 1,239,130 | 1,307,041 | |||||||||||||||
Money market |
626,454 | 523,585 | 449,800 | 399,195 | 366,968 | |||||||||||||||
Certificates of deposit |
320,493 | 364,166 | 409,167 | 454,279 | 609,538 | |||||||||||||||
Deposits held for sale |
| | | | 390,432 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total deposits |
3,462,102 | 3,282,482 | 3,324,321 | 3,428,166 | 4,006,332 | |||||||||||||||
Advances from FHLB |
| | | | 45,000 | |||||||||||||||
Short term borrowings |
| | 960 | 1,020 | 20,909 | |||||||||||||||
Subordinated debentures |
22,000 | 22,000 | 22,000 | 22,000 | 22,000 | |||||||||||||||
Liabilities held for sale |
| | | | 79 | |||||||||||||||
Other liabilities |
51,041 | 52,579 | 53,700 | 58,768 | 60,178 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities |
3,535,143 | 3,357,061 | 3,400,981 | 3,509,954 | 4,154,498 | |||||||||||||||
Equity |
286,010 | 291,485 | 306,067 | 321,517 | 270,068 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and equity |
$ | 3,821,153 | 3,648,546 | 3,707,048 | 3,831,471 | 4,424,566 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
10
BankAtlantic (Bank Operations Business Segment)
Condensed Statements of Operations (unaudited)
For the Three Months Ended | ||||||||||||||||||||
(in thousands) | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Net interest income |
$ | 25,631 | 27,586 | 30,133 | 32,977 | 34,704 | ||||||||||||||
Provision for loan losses |
8,456 | 14,644 | 17,754 | 10,195 | 27,832 | |||||||||||||||
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Net interest income after provision for loan losses |
17,175 | 12,942 | 12,379 | 22,782 | 6,872 | |||||||||||||||
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Non-interest income |
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Service charges on deposits |
7,851 | 9,185 | 10,165 | 11,226 | 12,032 | |||||||||||||||
Other service charges and fees |
5,938 | 6,198 | 6,129 | 6,886 | 7,191 | |||||||||||||||
Securities activities, net |
| | 6,959 | | (24 | ) | ||||||||||||||
(Loss) gain on sale of Tampa branches |
| (19 | ) | (34 | ) | 38,656 | | |||||||||||||
Other non-interest income |
4,130 | 5,238 | 2,123 | 3,306 | 3,714 | |||||||||||||||
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Total non-interest income |
17,919 | 20,602 | 25,342 | 60,074 | 22,913 | |||||||||||||||
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Non-interest expense |
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Employee compensation and benefits |
16,432 | 16,273 | 16,612 | 19,218 | 18,763 | |||||||||||||||
Occupancy and equipment |
9,765 | 10,060 | 10,019 | 11,488 | 12,585 | |||||||||||||||
Advertising and business promotion |
1,109 | 1,543 | 1,511 | 1,435 | 1,669 | |||||||||||||||
Professional fees |
3,437 | 3,090 | 7,056 | 530 | 2,981 | |||||||||||||||
Check losses |
217 | 545 | 558 | 663 | 299 | |||||||||||||||
Supplies and postage |
644 | 678 | 758 | 879 | 870 | |||||||||||||||
Telecommunication |
420 | 189 | 386 | 444 | 572 | |||||||||||||||
Cost associated with debt redemption |
| | | 1,115 | 10 | |||||||||||||||
Provision for tax certificates |
92 | 14 | 969 | 1,021 | 779 | |||||||||||||||
Gains on sales of real estate |
(898 | ) | (1,479 | ) | (2,023 | ) | (362 | ) | (278 | ) | ||||||||||
Impairment, restructuring and exit activities |
1,606 | 3,339 | 2,877 | 7,377 | (399 | ) | ||||||||||||||
Other |
7,247 | 7,398 | 7,193 | 8,081 | 8,303 | |||||||||||||||
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Total non-interest expense |
40,071 | 41,650 | 45,916 | 51,889 | 46,154 | |||||||||||||||
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(Loss) income from bank operations business segment before income taxes |
(4,977 | ) | (8,106 | ) | (8,195 | ) | 30,967 | (16,369 | ) | |||||||||||
(Benefit) provision for income taxes |
1 | (177 | ) | (122 | ) | | 1 | |||||||||||||
Net (loss) income from bank operations business segment |
(4,978 | ) | (7,929 | ) | (8,073 | ) | 30,967 | (16,370 | ) | |||||||||||
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Less: net income attributable to noncontrolling interest |
(5 | ) | 254 | (290 | ) | (295 | ) | |||||||||||||
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Net (loss) income attributable to BankAtlantic |
$ | (4,978 | ) | (7,934 | ) | (7,819 | ) | 30,677 | (16,665 | ) | ||||||||||
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