Florida | 34-027228 | 65-0507804 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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2100 West Cypress Creek Road Ft. Lauderdale, Florida |
33309 | |||
(Address of principal executive offices) | (Zip Code) |
BANKATLANTIC BANCORP, INC. |
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By: | /s/James A. White | |||
James A. White | ||||
Executive Vice President - Chief Financial Officer |
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| Net loss of $1.6 million vs. net income of $17.3 million. | ||
| Operating income was $8.4 million vs. $17.3 million, a decrease of 51%, excluding the charge related to the compliance matter. | ||
| Earnings per share of ($0.03) vs. $0.27. | ||
| Operating earnings per share of $0.13 vs. $0.27, a decrease of 52%. | ||
| Return on average tangible equity was (1.42%). | ||
| Operating return on average tangible equity was 7.42% | ||
| Book value per share was $8.50. |
| Business segment operating income was $10.9 million vs. $16.8 million a decrease of 35%. | ||
| Operating return on average tangible assets was 0.74%. | ||
| Operating return on average tangible equity was 8.79%. | ||
| Tax equivalent net interest margin increased to 4.05% vs. 3.91%. | ||
| Non-interest income was $25.8 million vs. $23.0 million, an increase of 12%. | ||
| Operating non-interest expense grew to $65.8 million vs. $51.7 million, an increase of 27%, due principally to new stores and the previously announced marketing initiatives. |
| Business segment operating income was $562,000 vs. $1.2 million, a decrease of 55%. | ||
| Return on average tangible equity was 2.26%. | ||
| Total operating revenues were $54.2 million vs. $55.9 million. | ||
| Principal transactions were $20.9 million vs. $24.9 million. | ||
| Investment banking revenue was $4.5 million vs. $3.8 million. | ||
| Commission income was $21.9 million vs. $23.1 million. |
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| Net income was $59.1 million vs. $70.8 million. | ||
| Operating income was $71.5 million in 2005 vs. $63.6 million in 2004, an increase of 12%, excluding an impairment charge of $3.7 million on our former headquarters building (abandoned during June 2005 quarter), the $10 million reserve for compliance matters, a gain in 2004 of $22.8 million from a litigation settlement and an $11.7 million expense in 2004 resulting from early redemption of debt, | ||
| Earnings per share were $0.92 vs. $1.11. Excluding the effects of items discussed above, diluted earnings per share were $1.12 vs. $1.00, an increase of 12%. | ||
| Return on average tangible equity was 13.99%. | ||
| Operating return on tangible equity was 16.92%. |
| Business segment operating income was $68.2 million vs. $56.2 million, an increase of 21%. | ||
| Operating return on average tangible assets was 1.13%. | ||
| Operating return on average tangible equity was 14.50%. | ||
| Tax equivalent net interest margin increased to 3.95% vs. 3.79%. | ||
| Non-interest income was $100.1 million vs. $85.7 million, an increase of 17%. | ||
| Operating non-interest expense grew to $227.4 million vs. $181.9 million, an increase of 25%. |
| Business segment operating income was $16.5 million vs. $17.5 million, a decrease of 5%. | ||
| Return on average tangible equity was 17.7%. | ||
| Total revenue increased to $253.3 million vs. $243.2 million. | ||
| Principal transactions were $100.3 million vs. $90.4 million. | ||
| Investment banking revenue was $45.5 million vs. $48.2 million. | ||
| Commission income was $83.1 million vs. $89.3 million. |
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| To view the press release and financial summary, access the Investor Relations section and click on the Quarterly Financials navigation link. | ||
| To view the Supplemental Financials, access the Investor Relations section and click on the Supplemental Financials navigation link. |
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For The Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | ||||||||||||||||||||||||||
Earnings (in thousands): |
||||||||||||||||||||||||||||||||
Net income (loss) (GAAP basis) |
$ | (1,603 | ) | 16,260 | 24,537 | 19,878 | 17,293 | 59,072 | 70,768 | |||||||||||||||||||||||
Operating net income ** |
(note 1) | $ | 8,397 | 16,260 | 26,946 | 19,878 | 17,293 | 71,481 | 63,615 | |||||||||||||||||||||||
Average Common Shares Outstanding (in thousands): |
||||||||||||||||||||||||||||||||
Basic |
60,618 | 60,555 | 60,453 | 60,072 | 59,827 | 60,426 | 59,526 | |||||||||||||||||||||||||
Diluted |
62,898 | 63,193 | 63,161 | 63,207 | 63,156 | 63,120 | 63,056 | |||||||||||||||||||||||||
Key Performance Ratios (GAAP basis): |
||||||||||||||||||||||||||||||||
Basic earnings per share |
$ | (0.03 | ) | 0.27 | 0.41 | 0.33 | 0.29 | 0.98 | 1.19 | |||||||||||||||||||||||
Diluted earnings per share * |
$ | (0.03 | ) | 0.26 | 0.38 | 0.31 | 0.27 | 0.92 | 1.11 | |||||||||||||||||||||||
Return on average tangible assets |
(note 2) | % | (0.10 | ) | 1.01 | 1.51 | 1.27 | 1.19 | 0.93 | 1.36 | ||||||||||||||||||||||
Return on average tangible equity |
(note 2) | % | (1.42 | ) | 15.05 | 23.98 | 20.20 | 18.34 | 13.99 | 20.01 | ||||||||||||||||||||||
Key Performance Ratios (Operating basis): |
||||||||||||||||||||||||||||||||
Basic earnings per share |
$ | 0.14 | 0.27 | 0.45 | 0.33 | 0.29 | 1.18 | 1.07 | ||||||||||||||||||||||||
Diluted earnings per share * |
$ | 0.13 | 0.26 | 0.42 | 0.31 | 0.27 | 1.12 | 1.00 | ||||||||||||||||||||||||
Return on average tangible assets |
(note 2) | % | 0.54 | 1.01 | 1.66 | 1.27 | 1.19 | 1.12 | 1.22 | |||||||||||||||||||||||
Return on average tangible equity |
(note 2) | % | 7.42 | 15.05 | 26.33 | 20.20 | 18.34 | 16.93 | 17.99 | |||||||||||||||||||||||
* Diluted earnings per share calculation deducts (in thousands): |
||||||||||||||||||||||||||||||||
Subsidiaries stock options, if dilutive |
$ | (28 | ) | (21 | ) | (665 | ) | (120 | ) | (51 | ) | (834 | ) | (668 | ) | |||||||||||||||||
Average Balance Sheet Data (in millions): |
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Assets |
$ | 6,329 | 6,545 | 6,565 | 6,355 | 5,877 | 6,449 | 5,294 | ||||||||||||||||||||||||
Tangible assets |
(note 2) | $ | 6,244 | 6,459 | 6,479 | 6,268 | 5,790 | 6,363 | 5,207 | |||||||||||||||||||||||
Loans |
$ | 4,550 | 4,726 | 4,802 | 4,668 | 4,359 | 4,686 | 3,976 | ||||||||||||||||||||||||
Investments |
$ | 1,263 | 1,322 | 1,306 | 1,242 | 1,076 | 1,283 | 896 | ||||||||||||||||||||||||
Deposits and escrows |
$ | 3,704 | 3,655 | 3,658 | 3,557 | 3,371 | 3,644 | 3,232 | ||||||||||||||||||||||||
Stockholders equity |
$ | 533 | 516 | 490 | 480 | 468 | 505 | 445 | ||||||||||||||||||||||||
Tangible stockholders equity |
(note 2) | $ | 453 | 432 | 409 | 394 | 377 | 422 | 354 |
(1) | Operating net income is defined as GAAP net income adjusted for gain from a litigation settlement, costs associated with debt redemptions, an impairment charge relating to BankAtlantics former headquarter facility and a reserve for a compliance matter. | |
(2) | Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total stockholders equity less average goodwill, core deposit intangibles and other comprehensive income. | |
** | Operating net income is not prepared in accordance with GAAP and this non-GAAP financial measure should not be construed as being superior to GAAP. |
(In thousands, except share data) | 12/31/2005 | 12/31/2004 | ||||||
ASSETS |
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Cash and due from banks |
$ | 167,032 | 118,967 | |||||
Short term investments |
3,229 | 16,093 | ||||||
Securities available for sale (at fair value) |
674,544 | 747,160 | ||||||
Securities owned (at fair value) |
180,292 | 125,443 | ||||||
Investment securities and tax certificates (approximate fair value: $363,329 and $306,963) |
364,444 | 307,438 | ||||||
Loans receivable, net of allowance for loan losses of $41,192 and $46,010 |
4,486,502 | 4,599,048 | ||||||
Federal Home Loan Bank stock, at cost which approximates fair value |
69,931 | 78,619 | ||||||
Accrued interest receivable |
41,490 | 35,982 | ||||||
Real estate held for development and sale |
21,177 | 27,692 | ||||||
Investments and advances to unconsolidated subsidiaries |
12,464 | 7,910 | ||||||
Office properties and equipment, net |
154,120 | 129,790 | ||||||
Deferred tax asset, net |
28,032 | 20,269 | ||||||
Goodwill |
76,674 | 76,674 | ||||||
Core deposit intangible asset |
8,395 | 10,270 | ||||||
Due from clearing agent |
| 16,619 | ||||||
Other assets |
43,232 | 38,803 | ||||||
Total assets |
$ | 6,331,558 | 6,356,777 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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Liabilities: |
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Deposits |
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Demand |
$ | 1,019,949 | 890,398 | |||||
NOW |
755,708 | 658,137 | ||||||
Savings |
313,889 | 270,001 | ||||||
Money market |
846,441 | 875,422 | ||||||
Certificates of deposit |
816,689 | 763,244 | ||||||
Total deposits |
3,752,676 | 3,457,202 | ||||||
Advances from FHLB |
1,283,532 | 1,544,497 | ||||||
Securities sold under agreements to repurchase |
116,026 | 296,643 | ||||||
Federal funds purchased |
139,475 | 105,000 | ||||||
Subordinated debentures, notes and bonds payable |
39,092 | 37,741 | ||||||
Junior subordinated debentures |
263,266 | 263,266 | ||||||
Securities sold but not yet purchased |
35,177 | 39,462 | ||||||
Due to clearing agent |
24,486 | | ||||||
Other liabilities |
161,602 | 143,701 | ||||||
Total liabilities |
5,815,332 | 5,887,512 | ||||||
Stockholders equity: |
||||||||
Preferred stock, $.01 par value, 10,000,000 shares authorized;
none issued and outstanding |
| | ||||||
Class A common stock, $.01 par value, authorized 80,000,000 shares;
issued and outstanding 55,884,089 and 55,214,225 shares |
559 | 552 | ||||||
Class B common stock, $.01 par value, authorized 45,000,000 shares;
issued and outstanding 4,876,124 and 4,876,124 shares |
49 | 49 | ||||||
Additional paid-in capital |
261,720 | 259,702 | ||||||
Unearned compensation restricted stock grants |
(936 | ) | (1,001 | ) | ||||
Retained earnings |
261,169 | 210,955 | ||||||
Total stockholders equity before accumulated other comprehensive income |
522,561 | 470,257 | ||||||
Accumulated other comprehensive (loss) |
(6,335 | ) | (992 | ) | ||||
Total stockholders equity |
516,226 | 469,265 | ||||||
Total liabilities and stockholders equity |
$ | 6,331,558 | 6,356,777 | |||||
For The Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
(in thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | |||||||||||||||||||||||||
INTEREST INCOME: |
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Interest and fees on loans |
$ | 72,542 | 73,110 | 71,099 | 66,355 | 60,088 | 283,106 | 209,719 | ||||||||||||||||||||||||
Interest on securities available for sale |
4,379 | 4,741 | 5,258 | 5,295 | 4,905 | 19,673 | 18,083 | |||||||||||||||||||||||||
Interest on tax exempt securities |
3,695 | 3,733 | 3,769 | 3,225 | 2,076 | 14,422 | 4,048 | |||||||||||||||||||||||||
Interest and
dividends on investments and securities owned |
9,109 | 8,708 | 7,932 | 7,311 | 7,377 | 33,060 | 28,705 | |||||||||||||||||||||||||
Total interest income |
89,725 | 90,292 | 88,058 | 82,186 | 74,446 | 350,261 | 260,555 | |||||||||||||||||||||||||
INTEREST EXPENSE: |
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Interest on deposits |
11,736 | 10,519 | 9,534 | 8,295 | 7,534 | 40,084 | 28,355 | |||||||||||||||||||||||||
Interest on advances from FHLB |
15,565 | 17,332 | 15,604 | 13,674 | 11,458 | 62,175 | 37,689 | |||||||||||||||||||||||||
Interest on short-term borrowed funds |
2,746 | 2,108 | 2,646 | 2,099 | 1,356 | 9,599 | 3,191 | |||||||||||||||||||||||||
Interest on long-term debt |
6,825 | 6,392 | 6,316 | 5,672 | 5,112 | 25,205 | 19,885 | |||||||||||||||||||||||||
Capitalized interest on real estate developments |
(513 | ) | (477 | ) | (437 | ) | (452 | ) | (390 | ) | (1,879 | ) | (1,398 | ) | ||||||||||||||||||
Total interest expense |
36,359 | 35,874 | 33,663 | 29,288 | 25,070 | 135,184 | 87,722 | |||||||||||||||||||||||||
NET INTEREST INCOME |
53,366 | 54,418 | 54,395 | 52,898 | 49,376 | 215,077 | 172,833 | |||||||||||||||||||||||||
Provision (recovery) for loan losses |
(109 | ) | (3,410 | ) | 820 | (3,916 | ) | (4,004 | ) | (6,615 | ) | (5,109 | ) | |||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION |
53,475 | 57,828 | 53,575 | 56,814 | 53,380 | 221,692 | 177,942 | |||||||||||||||||||||||||
NON-INTEREST INCOME: |
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Service charges on deposits |
17,808 | 16,415 | 14,744 | 12,989 | 13,637 | 61,956 | 51,435 | |||||||||||||||||||||||||
Other service charges and fees |
6,436 | 5,824 | 5,849 | 5,238 | 6,733 | 23,347 | 23,620 | |||||||||||||||||||||||||
Broker/dealer revenue |
49,831 | 50,368 | 83,915 | 54,686 | 53,061 | 238,800 | 231,804 | |||||||||||||||||||||||||
Securities activities, net |
474 | 181 | 90 | 102 | 3,653 | 847 | 3,730 | |||||||||||||||||||||||||
Litigation settlement |
| | | | | | 22,840 | |||||||||||||||||||||||||
Gain on sales of loans |
221 | 295 | 116 | 110 | 152 | 742 | 483 | |||||||||||||||||||||||||
Income (loss) from real estate operations |
(558 | ) | 1,142 | 1,655 | 2,241 | 517 | 4,480 | 2,405 | ||||||||||||||||||||||||
Income from unconsolidated subsidiaries |
211 | 142 | 137 | 131 | 126 | 621 | 485 | |||||||||||||||||||||||||
Other |
2,299 | 2,137 | 2,697 | 3,173 | 2,026 | 10,306 | 7,987 | |||||||||||||||||||||||||
Total non-interest income |
76,722 | 76,504 | 109,203 | 78,670 | 79,905 | 341,099 | 344,789 | |||||||||||||||||||||||||
NON-INTEREST EXPENSE: |
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Employee compensation and benefits |
70,257 | 68,455 | 78,391 | 65,795 | 65,354 | 282,898 | 255,064 | |||||||||||||||||||||||||
Occupancy and equipment |
15,394 | 14,853 | 13,953 | 13,237 | 14,753 | 57,437 | 48,146 | |||||||||||||||||||||||||
Impairment of office properties and equipment |
| | 3,706 | | | 3,706 | | |||||||||||||||||||||||||
Advertising and promotion |
11,701 | 6,667 | 8,069 | 6,298 | 5,955 | 32,735 | 21,036 | |||||||||||||||||||||||||
Professional fees |
4,692 | 4,207 | 4,316 | 4,081 | 7,245 | 17,296 | 18,207 | |||||||||||||||||||||||||
Communications |
3,470 | 3,371 | 3,508 | 3,205 | 3,301 | 13,554 | 12,527 | |||||||||||||||||||||||||
Floor broker and clearing fees |
2,433 | 2,305 | 2,012 | 2,368 | 2,452 | 9,118 | 9,835 | |||||||||||||||||||||||||
Cost associated with debt redemption |
| | | | | | 11,741 | |||||||||||||||||||||||||
Reserve for fines and penalties, compliance matter |
10,000 | | | | | 10,000 | | |||||||||||||||||||||||||
Other |
12,052 | 11,326 | 10,188 | 9,801 | 8,460 | 43,367 | 35,497 | |||||||||||||||||||||||||
Total non-interest expense |
129,999 | 111,184 | 124,143 | 104,785 | 107,520 | 470,111 | 412,053 | |||||||||||||||||||||||||
Income (loss) before income taxes |
198 | 23,148 | 38,635 | 30,699 | 25,765 | 92,680 | 110,678 | |||||||||||||||||||||||||
Provision for income taxes |
1,801 | 6,888 | 14,098 | 10,821 | 8,472 | 33,608 | 39,910 | |||||||||||||||||||||||||
GAAP net income (loss) |
$ | (1,603 | ) | 16,260 | 24,537 | 19,878 | 17,293 | 59,072 | 70,768 | |||||||||||||||||||||||
Reconciliation of Operating and GAAP Net Income |
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GAAP net income (loss) |
$ | (1,603 | ) | 16,260 | 24,537 | 19,878 | 17,293 | 59,072 | 70,768 | |||||||||||||||||||||||
Impairment of office properties and equipment |
| | 2,409 | | | 2,409 | | |||||||||||||||||||||||||
Costs associated with debt redemption |
| | | | | | 7,632 | |||||||||||||||||||||||||
Reserve for fines and penalties, compliance matter |
10,000 | | | | | 10,000 | | |||||||||||||||||||||||||
Litigation settlement |
| | | | | | (14,785 | ) | ||||||||||||||||||||||||
Operating net income |
(note 1) | $ | 8,397 | 16,260 | 26,946 | 19,878 | 17,293 | 71,481 | 63,615 | |||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||
(in thousands except percentages and per share data) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | |||||||||||||||||||||||
Loans: |
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Residential real estate |
$ | 2,115,899 | 2,245,067 | 2,262,214 | 2,085,473 | 1,812,018 | ||||||||||||||||||||||
Commercial real estate |
1,576,131 | 1,643,570 | 1,731,243 | 1,764,927 | 1,743,952 | |||||||||||||||||||||||
Consumer |
538,321 | 527,190 | 505,338 | 487,746 | 467,716 | |||||||||||||||||||||||
Lease financing |
1,433 | 2,768 | 4,710 | 6,242 | 8,219 | |||||||||||||||||||||||
Commercial business |
91,979 | 90,578 | 91,756 | 128,372 | 136,391 | |||||||||||||||||||||||
Small business |
226,153 | 216,931 | 206,272 | 195,733 | 190,849 | |||||||||||||||||||||||
Total Loans |
4,549,916 | 4,726,104 | 4,801,533 | 4,668,493 | 4,359,145 | |||||||||||||||||||||||
Investments taxable |
867,625 | 924,911 | 899,134 | 877,003 | 823,903 | |||||||||||||||||||||||
Investments tax exempt |
394,935 | 396,908 | 406,403 | 364,824 | 251,699 | |||||||||||||||||||||||
Total interest earning assets |
5,812,476 | 6,047,923 | 6,107,070 | 5,910,320 | 5,434,747 | |||||||||||||||||||||||
Goodwill and core deposit intangibles |
85,277 | 85,679 | 86,095 | 86,791 | 87,164 | |||||||||||||||||||||||
Other non-interest earning assets |
431,215 | 411,116 | 371,549 | 358,024 | 354,815 | |||||||||||||||||||||||
Total assets |
$ | 6,328,968 | 6,544,718 | 6,564,714 | 6,355,135 | 5,876,726 | ||||||||||||||||||||||
Tangible assets |
(note 2) | $ | 6,243,691 | 6,459,039 | 6,478,619 | 6,268,344 | 5,789,562 | |||||||||||||||||||||
Deposits: |
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Demand deposits |
$ | 1,017,467 | 1,000,219 | 981,643 | 912,897 | 845,797 | ||||||||||||||||||||||
Savings |
309,007 | 303,268 | 301,331 | 281,512 | 262,549 | |||||||||||||||||||||||
NOW |
692,128 | 666,567 | 685,769 | 664,313 | 622,308 | |||||||||||||||||||||||
Money market |
887,858 | 904,382 | 906,514 | 921,382 | 903,602 | |||||||||||||||||||||||
Certificates of deposit |
797,187 | 781,044 | 782,335 | 777,353 | 736,704 | |||||||||||||||||||||||
Total deposits |
3,703,647 | 3,655,480 | 3,657,592 | 3,557,457 | 3,370,960 | |||||||||||||||||||||||
Short-term borrowed funds |
276,333 | 251,242 | 359,861 | 352,911 | 266,840 | |||||||||||||||||||||||
FHLB advances |
1,345,033 | 1,659,411 | 1,615,310 | 1,536,434 | 1,339,051 | |||||||||||||||||||||||
Long-term debt |
301,655 | 298,887 | 299,075 | 300,551 | 299,741 | |||||||||||||||||||||||
Total borrowings |
1,923,021 | 2,209,540 | 2,274,246 | 2,189,896 | 1,905,632 | |||||||||||||||||||||||
Other liabilities |
169,156 | 163,581 | 142,617 | 128,233 | 132,047 | |||||||||||||||||||||||
5,795,824 | 6,028,601 | 6,074,455 | 5,875,586 | 5,408,639 | ||||||||||||||||||||||||
Stockholders equity |
533,144 | 516,117 | 490,259 | 479,549 | 468,087 | |||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 6,328,968 | 6,544,718 | 6,564,714 | 6,355,135 | 5,876,726 | ||||||||||||||||||||||
Other comprehensive income (loss) in stockholders equity |
$ | (4,810 | ) | (1,612 | ) | (5,119 | ) | (949 | ) | 3,656 | ||||||||||||||||||
Tangible stockholders equity |
(note 2) | $ | 452,677 | 432,050 | 409,283 | 393,707 | 377,267 | |||||||||||||||||||||
Period End |
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Total loans, net |
$ | 4,486,502 | 4,543,245 | 4,803,529 | 4,637,232 | 4,599,048 | ||||||||||||||||||||||
Total assets |
6,331,558 | 6,352,822 | 6,717,676 | 6,418,351 | 6,356,777 | |||||||||||||||||||||||
Total stockholders equity |
516,226 | 523,392 | 510,394 | 480,981 | 469,265 | |||||||||||||||||||||||
Common shares outstanding |
60,760,213 | 60,738,610 | 60,642,777 | 60,542,092 | 60,090,349 | |||||||||||||||||||||||
Cash dividends |
2,308,888 | 2,308,067 | 2,122,497 | 2,118,973 | 2,103,164 | |||||||||||||||||||||||
Common stock cash dividends per share |
0.038 | 0.038 | 0.035 | 0.035 | 0.035 | |||||||||||||||||||||||
Closing stock price |
14.00 | 16.99 | 18.95 | 17.40 | 19.90 | |||||||||||||||||||||||
High stock price for the quarter |
17.19 | 19.33 | 19.15 | 20.00 | 20.08 | |||||||||||||||||||||||
Low stock price for the quarter |
13.29 | 15.64 | 16.51 | 17.02 | 16.06 | |||||||||||||||||||||||
Book value per share |
8.50 | 8.62 | 8.42 | 7.94 | 7.81 |
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||
(In thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | |||||||||||||||||||||
Net interest income |
$ | 54,760 | 55,939 | 56,031 | 54,345 | 50,339 | 221,075 | 176,858 | ||||||||||||||||||||
Provision (recovery) for loan losses |
(109 | ) | (3,410 | ) | 820 | (3,916 | ) | (4,004 | ) | (6,615 | ) | (5,109 | ) | |||||||||||||||
Net Interest income after provision for
loan losses |
54,869 | 59,349 | 55,211 | 58,261 | 54,343 | 227,690 | 181,967 | |||||||||||||||||||||
Non-interest income |
||||||||||||||||||||||||||||
Service charges on deposits |
17,808 | 16,415 | 14,744 | 12,989 | 13,637 | 61,956 | 51,435 | |||||||||||||||||||||
Other service charges and fees |
6,436 | 5,824 | 5,849 | 5,238 | 6,733 | 23,347 | 23,620 | |||||||||||||||||||||
Securities gains (losses) |
| 23 | 87 | 7 | 40 | 117 | 37 | |||||||||||||||||||||
Gain on sales of loans |
221 | 295 | 116 | 110 | 152 | 742 | 483 | |||||||||||||||||||||
Income from real estate operations |
(558 | ) | 1,142 | 1,655 | 2,241 | 517 | 4,480 | 2,405 | ||||||||||||||||||||
Other non-interest income |
1,928 | 2,019 | 2,514 | 2,956 | 1,924 | 9,417 | 7,744 | |||||||||||||||||||||
Total non-interest income |
25,835 | 25,718 | 24,965 | 23,541 | 23,003 | 100,059 | 85,724 | |||||||||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Employee compensation and benefits |
31,445 | 28,106 | 27,577 | 26,398 | 25,136 | 113,526 | 93,154 | |||||||||||||||||||||
Occupancy and equipment |
11,503 | 10,826 | 10,165 | 9,117 | 9,658 | 41,611 | 32,713 | |||||||||||||||||||||
Impairment of office properties and equipment |
| | 3,706 | | | 3,706 | | |||||||||||||||||||||
Advertising |
10,244 | 5,518 | 5,965 | 5,168 | 5,087 | 26,895 | 16,012 | |||||||||||||||||||||
Professional fees |
2,521 | 2,641 | 2,638 | 1,895 | 4,725 | 9,695 | 11,286 | |||||||||||||||||||||
Cost associated with debt redemption |
| | | | | | 11,741 | |||||||||||||||||||||
Reserve for fines and penalties, compliance matter |
10,000 | | | | | 10,000 | | |||||||||||||||||||||
Other |
10,076 | 9,631 | 8,265 | 7,686 | 7,058 | 35,658 | 28,716 | |||||||||||||||||||||
Total non-interest expense |
75,789 | 56,722 | 58,316 | 50,264 | 51,664 | 241,091 | 193,622 | |||||||||||||||||||||
Income from bank operations business
segment before income taxes |
4,915 | 28,345 | 21,860 | 31,538 | 25,682 | 86,658 | 74,069 | |||||||||||||||||||||
Provision for income taxes |
4,018 | 9,054 | 7,089 | 10,677 | 8,870 | 30,838 | 25,529 | |||||||||||||||||||||
Net income from bank operations
business segment |
$ | 897 | 19,291 | 14,771 | 20,861 | 16,812 | 55,820 | 48,540 | ||||||||||||||||||||
Reconciliation of Operating and business
segment net income |
||||||||||||||||||||||||||||
Business segment income |
$ | 897 | 19,291 | 14,771 | 20,861 | 16,812 | 55,820 | 48,540 | ||||||||||||||||||||
Impairment of office properties and equipment |
| | 2,409 | | | 2,409 | | |||||||||||||||||||||
Cost associated with debt redemption |
| | | | | | 7,632 | |||||||||||||||||||||
Reserve for fines and penalties, compliance matter |
10,000 | | | | | 10,000 | | |||||||||||||||||||||
Operating net income |
$ | 10,897 | 19,291 | 17,180 | 20,861 | 16,812 | 68,229 | 56,172 | ||||||||||||||||||||
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
(in thousands except percentages | ||||||||||||||||||||||||||||||||
and per share data) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | |||||||||||||||||||||||||
Statistics: |
||||||||||||||||||||||||||||||||
Average earning assets |
$ | 5,575,727 | 5,820,252 | 5,882,065 | 5,696,192 | 5,225,840 | 5,743,439 | 4,680,006 | ||||||||||||||||||||||||
Average interest bearing liabilities |
$ | 4,351,337 | 4,606,611 | 4,691,644 | 4,575,247 | 4,172,665 | 4,555,734 | 3,715,591 | ||||||||||||||||||||||||
Average tangible assets |
$ | 5,919,617 | 6,132,529 | 6,180,083 | 5,979,211 | 5,492,505 | 6,052,911 | 4,931,637 | ||||||||||||||||||||||||
Average tangible equity |
$ | 495,614 | 473,387 | 463,813 | 448,667 | 435,787 | 470,508 | 423,252 | ||||||||||||||||||||||||
Borrowings to deposits and borrowings |
% | 29.68 | 31.64 | 36.18 | 33.79 | 36.53 | 29.68 | 36.53 | ||||||||||||||||||||||||
Tax equivalent: |
||||||||||||||||||||||||||||||||
Yield on earning assets |
% | 6.24 | 6.05 | 5.84 | 5.64 | 5.50 | 5.94 | 5.32 | ||||||||||||||||||||||||
Cost of interest-bearing liabilities |
% | 2.80 | 2.64 | 2.43 | 2.19 | 1.99 | 2.51 | 1.92 | ||||||||||||||||||||||||
Interest spread |
% | 3.44 | 3.41 | 3.41 | 3.45 | 3.51 | 3.43 | 3.40 | ||||||||||||||||||||||||
Net interest margin |
% | 4.05 | 3.96 | 3.90 | 3.88 | 3.91 | 3.95 | 3.79 | ||||||||||||||||||||||||
GAAP: |
||||||||||||||||||||||||||||||||
Efficiency ratio |
% | 94.04 | 69.46 | 72.00 | 64.54 | 70.44 | 75.07 | 73.74 | ||||||||||||||||||||||||
Return on average tangible assets |
% | 0.06 | 1.26 | 0.96 | 1.40 | 1.22 | 0.92 | 0.98 | ||||||||||||||||||||||||
Return on average tangible equity |
% | 0.72 | 16.30 | 12.74 | 18.60 | 15.43 | 11.86 | 11.47 | ||||||||||||||||||||||||
Operating (1): |
||||||||||||||||||||||||||||||||
Efficiency ratio |
% | 81.63 | 69.46 | 67.42 | 64.54 | 70.44 | 70.81 | 69.27 | ||||||||||||||||||||||||
Return on average tangible assets |
% | 0.74 | 1.26 | 1.11 | 1.40 | 1.22 | 1.13 | 1.14 | ||||||||||||||||||||||||
Return on average tangible equity |
% | 8.79 | 16.30 | 14.82 | 18.60 | 15.43 | 14.50 | 13.27 | ||||||||||||||||||||||||
Earning assets repricing (2): |
||||||||||||||||||||||||||||||||
Percent of earning assets that have fixed rates |
% | 46 | 50 | |||||||||||||||||||||||||||||
Percent of earning assets that have variable rates |
% | 54 | 50 | |||||||||||||||||||||||||||||
One year Gap |
% | 7 | 4 |
(1) | Ratios have been adjusted to exclude costs associated with debt redemptions, impairment on BankAtlantics former corporate headquarters and a reserve for a compliance matter. | |
(2) | Percentages for periods prior to September 30, 2005 are not available. |
As of | ||||||||||||||||||||||||
(In thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | |||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Loans receivable, net |
$ | 4,483,142 | 4,539,544 | 4,799,485 | 4,616,846 | 4,554,952 | ||||||||||||||||||
Held to maturity securities |
427,575 | 439,015 | 483,992 | 376,298 | 378,912 | |||||||||||||||||||
Available for sale securities |
578,913 | 608,375 | 658,532 | 695,154 | 700,642 | |||||||||||||||||||
Goodwill |
70,489 | 70,489 | 70,489 | 70,489 | 70,489 | |||||||||||||||||||
Core deposit intangible asset |
8,395 | 8,796 | 9,197 | 9,597 | 10,270 | |||||||||||||||||||
Other assets |
402,546 | 369,994 | 374,207 | 335,215 | 329,723 | |||||||||||||||||||
Total assets |
$ | 5,971,060 | 6,036,213 | 6,395,902 | 6,103,599 | 6,044,988 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Demand |
$ | 1,019,992 | 1,017,866 | 1,039,703 | 960,152 | 890,919 | ||||||||||||||||||
NOW |
755,708 | 673,803 | 660,633 | 676,945 | 658,137 | |||||||||||||||||||
Savings |
313,889 | 303,348 | 302,677 | 296,485 | 270,001 | |||||||||||||||||||
Total low cost deposits |
2,089,589 | 1,995,017 | 2,003,013 | 1,933,582 | 1,819,057 | |||||||||||||||||||
Money market |
846,441 | 921,585 | 899,364 | 913,434 | 875,422 | |||||||||||||||||||
Certificate of deposits |
816,689 | 777,743 | 789,533 | 796,928 | 763,244 | |||||||||||||||||||
Total deposits |
3,752,719 | 3,694,345 | 3,691,910 | 3,643,944 | 3,457,723 | |||||||||||||||||||
Advances from Federal Home Loan Bank |
1,283,532 | 1,485,649 | 1,695,265 | 1,524,881 | 1,544,497 | |||||||||||||||||||
Short term borrowings |
261,154 | 187,513 | 362,307 | 298,816 | 407,841 | |||||||||||||||||||
Long term debt |
39,092 | 36,702 | 35,232 | 35,878 | 37,641 | |||||||||||||||||||
Other liabilities |
89,834 | 79,228 | 69,235 | 73,191 | 80,410 | |||||||||||||||||||
Total liabilities |
5,426,331 | 5,483,437 | 5,853,949 | 5,576,710 | 5,528,112 | |||||||||||||||||||
Stockholders equity |
544,729 | 552,776 | 541,953 | 526,889 | 516,876 | |||||||||||||||||||
Total liabilities and stockholders
equity |
$ | 5,971,060 | 6,036,213 | 6,395,902 | 6,103,599 | 6,044,988 | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
December 31, 2005 | December 31, 2004 | |||||||||||||||||||||||
(in thousands) | Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Residential real estate |
$ | 2,115,899 | 26,210 | 4.95 | % | $ | 1,812,018 | 22,400 | 4.94 | % | ||||||||||||||
Commercial real estate |
1,572,433 | 30,773 | 7.83 | 1,737,518 | 26,483 | 6.10 | ||||||||||||||||||
Consumer |
538,321 | 8,972 | 6.67 | 467,716 | 5,384 | 4.60 | ||||||||||||||||||
Lease financing |
1,433 | 29 | 8.09 | 8,219 | 192 | 9.34 | ||||||||||||||||||
Commercial business |
91,979 | 2,015 | 8.76 | 98,391 | 1,698 | 6.90 | ||||||||||||||||||
Small business |
226,153 | 4,542 | 8.03 | 190,849 | 3,438 | 7.21 | ||||||||||||||||||
Total loans |
4,546,218 | 72,541 | 6.38 | 4,314,711 | 59,595 | 5.52 | ||||||||||||||||||
Investments tax exempt |
386,073 | 5,615 | (1) | 5.82 | 221,247 | 3,051 | (1) | 5.52 | ||||||||||||||||
Investments taxable |
643,436 | 8,779 | 5.46 | 689,882 | 9,242 | 5.36 | ||||||||||||||||||
Total interest earning assets |
5,575,727 | 86,935 | 6.24 | % | 5,225,840 | 71,888 | 5.50 | % | ||||||||||||||||
Goodwill and core deposit intangibles |
79,092 | 80,979 | ||||||||||||||||||||||
Other non-interest earning assets |
343,890 | 266,665 | ||||||||||||||||||||||
Total Assets |
$ | 5,998,709 | $ | 5,573,484 | ||||||||||||||||||||
Deposits: |
||||||||||||||||||||||||
Savings |
$ | 309,007 | 281 | 0.36 | % | $ | 262,549 | 179 | 0.27 | % | ||||||||||||||
NOW |
692,128 | 866 | 0.50 | 622,308 | 582 | 0.37 | ||||||||||||||||||
Money market |
887,858 | 3,902 | 1.74 | 903,602 | 2,423 | 1.07 | ||||||||||||||||||
Certificate of deposit |
797,187 | 6,687 | 3.33 | 736,704 | 4,350 | 2.35 | ||||||||||||||||||
Total interest bearing deposits |
2,686,180 | 11,736 | 1.73 | 2,525,163 | 7,534 | 1.19 | ||||||||||||||||||
Short-term borrowed funds |
282,474 | 2,805 | 3.94 | 272,075 | 1,379 | 2.02 | ||||||||||||||||||
Advances from FHLB |
1,345,033 | 15,565 | 4.59 | 1,339,051 | 11,458 | 3.40 | ||||||||||||||||||
Long-term debt |
37,650 | 617 | 6.50 | 36,376 | 500 | 5.47 | ||||||||||||||||||
Total interest bearing liabilities |
4,351,337 | 30,723 | 2.80 | 4,172,665 | 20,871 | 1.99 | ||||||||||||||||||
Demand deposits |
1,018,169 | 846,528 | ||||||||||||||||||||||
Non-interest bearing other liabilities |
63,021 | 35,214 | ||||||||||||||||||||||
Total Liabilities |
5,432,527 | 5,054,407 | ||||||||||||||||||||||
Stockholders equity |
566,182 | 519,077 | ||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 5,998,709 | $ | 5,573,484 | ||||||||||||||||||||
Net tax equivalent interest income/
net interest spread |
$ | 56,212 | 3.44 | % | $ | 51,017 | 3.51 | % | ||||||||||||||||
Tax equivalent adjustment |
(1,965 | ) | (1,068 | ) | ||||||||||||||||||||
Capitalized interest from real estate operations |
513 | 390 | ||||||||||||||||||||||
Net interest income |
54,760 | 50,339 | ||||||||||||||||||||||
Margin |
||||||||||||||||||||||||
Interest income/interest earning assets |
6.24 | % | 5.50 | % | ||||||||||||||||||||
Interest expense/interest earning assets |
2.19 | 1.59 | ||||||||||||||||||||||
Net interest margin (tax equivalent) |
4.05 | % | 3.91 | % | ||||||||||||||||||||
(1) | The tax equivalent basis is computed using a 35% tax rate. |
For the Years Ended | ||||||||||||||||||||||||
December 31, 2005 | December 31, 2004 | |||||||||||||||||||||||
(in thousands) | Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Residential real estate |
$ | 2,177,432 | 106,992 | 4.91 | % | $ | 1,527,911 | 72,758 | 4.76 | % | ||||||||||||||
Commercial real estate |
1,674,033 | 120,235 | 7.18 | 1,683,068 | 96,585 | 5.74 | ||||||||||||||||||
Consumer |
514,822 | 31,348 | 6.09 | 421,167 | 17,959 | 4.26 | ||||||||||||||||||
Lease financing |
3,772 | 394 | 10.45 | 10,771 | 1,125 | 10.44 | ||||||||||||||||||
Commercial business |
90,648 | 7,061 | 7.79 | 101,288 | 6,423 | 6.34 | ||||||||||||||||||
Small business |
211,371 | 16,520 | 7.82 | 183,642 | 13,118 | 7.14 | ||||||||||||||||||
Total loans |
4,672,078 | 282,550 | 6.05 | 3,927,847 | 207,968 | 5.29 | ||||||||||||||||||
Investments tax exempt |
368,807 | 21,391 | (1) | 5.80 | 110,748 | 5,988 | 5.41 | |||||||||||||||||
Investments taxable |
702,554 | 37,201 | 5.30 | 641,411 | 34,995 | 5.46 | ||||||||||||||||||
Total interest earning assets |
5,743,439 | 341,142 | 5.94 | % | 4,680,006 | 248,951 | 5.32 | % | ||||||||||||||||
Goodwill and core deposit intangibles |
79,714 | 81,622 | ||||||||||||||||||||||
Other non-interest earning assets |
309,472 | 251,631 | ||||||||||||||||||||||
Total Assets |
$ | 6,132,625 | $ | 5,013,259 | ||||||||||||||||||||
Deposits: |
||||||||||||||||||||||||
Savings |
$ | 298,867 | 909 | 0.30 | % | $ | 243,906 | 652 | 0.27 | % | ||||||||||||||
NOW |
677,241 | 2,964 | 0.44 | 585,857 | 2,163 | 0.37 | ||||||||||||||||||
Money market |
904,941 | 13,629 | 1.51 | 903,585 | 8,698 | 0.96 | ||||||||||||||||||
Certificate of deposit |
784,525 | 22,582 | 2.88 | 733,717 | 16,842 | 2.30 | ||||||||||||||||||
Total deposits |
2,665,574 | 40,084 | 1.50 | 2,467,065 | 28,355 | 1.15 | ||||||||||||||||||
Short-term borrowed funds |
314,782 | 9,760 | 3.10 | 252,718 | 3,349 | 1.33 | ||||||||||||||||||
Advances from FHLB |
1,538,852 | 62,175 | 4.04 | 959,588 | 37,689 | 3.93 | ||||||||||||||||||
Long-term debt |
36,526 | 2,440 | 6.68 | 36,220 | 2,002 | 5.53 | ||||||||||||||||||
Total interest bearing liabilities |
4,555,734 | 114,459 | 2.51 | 3,715,591 | 71,395 | 1.92 | ||||||||||||||||||
Demand deposits |
979,075 | 765,084 | ||||||||||||||||||||||
Non-interest bearing other liabilities |
53,150 | 29,111 | ||||||||||||||||||||||
Total Liabilities |
5,587,959 | 4,509,786 | ||||||||||||||||||||||
Stockholders equity |
544,666 | 503,473 | ||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 6,132,625 | $ | 5,013,259 | ||||||||||||||||||||
Net interest income/net
interest spread |
$ | 226,683 | 3.43 | % | $ | 177,556 | 3.40 | % | ||||||||||||||||
Tax equivalent adjustment |
(7,487 | ) | (2,096 | ) | ||||||||||||||||||||
Capitalized interest from real estate operations |
1,879 | 1,398 | ||||||||||||||||||||||
Net interest income |
221,075 | 176,858 | ||||||||||||||||||||||
Margin |
||||||||||||||||||||||||
Interest income/interest earning assets |
5.94 | % | 5.32 | % | ||||||||||||||||||||
Interest expense/interest earning assets |
1.99 | 1.53 | ||||||||||||||||||||||
Net interest margin |
3.95 | % | 3.79 | % | ||||||||||||||||||||
(1) | The tax equivalent basis is computed using a 35% tax rate. |
(in thousands) | For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||
12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | ||||||||||||||||||||||||||
Allowance for Loan Losses |
||||||||||||||||||||||||||||||||
Beginning balance |
$ | 40,695 | 43,650 | 43,042 | 46,010 | $ | 48,778 | 46,010 | 45,595 | |||||||||||||||||||||||
Charge-offs: |
||||||||||||||||||||||||||||||||
Residential real estate |
(8 | ) | (191 | ) | (56 | ) | (198 | ) | (76 | ) | (453 | ) | (582 | ) | ||||||||||||||||||
Commercial real estate |
| | | | (645 | ) | | (645 | ) | |||||||||||||||||||||||
Commercial business |
(119 | ) | (222 | ) | (511 | ) | (286 | ) | (762 | ) | (1,138 | ) | (1,615 | ) | ||||||||||||||||||
Consumer |
(91 | ) | (99 | ) | (43 | ) | (106 | ) | (71 | ) | (339 | ) | (778 | ) | ||||||||||||||||||
Small business |
(102 | ) | (68 | ) | (466 | ) | (128 | ) | (233 | ) | (764 | ) | (456 | ) | ||||||||||||||||||
Total charge-offs |
(320 | ) | (580 | ) | (1,076 | ) | (718 | ) | (1,787 | ) | (2,694 | ) | (4,076 | ) | ||||||||||||||||||
Recoveries: |
||||||||||||||||||||||||||||||||
Residential real estate |
9 | 55 | | 1 | 190 | 65 | 486 | |||||||||||||||||||||||||
Commercial real estate |
| | | | 2,000 | | 4,052 | |||||||||||||||||||||||||
Commercial business |
306 | 355 | 345 | 116 | 259 | 1,122 | 2,100 | |||||||||||||||||||||||||
Consumer |
238 | 159 | 121 | 176 | 266 | 694 | 1,011 | |||||||||||||||||||||||||
Small business |
205 | 289 | 220 | 185 | 231 | 899 | 1,430 | |||||||||||||||||||||||||
Other |
168 | 177 | 178 | 1,188 | 77 | 1,711 | 521 | |||||||||||||||||||||||||
Total recoveries |
926 | 1,035 | 864 | 1,666 | 3,023 | 4,491 | 9,600 | |||||||||||||||||||||||||
Net (charge-offs) recoveries |
606 | 455 | (212 | ) | 948 | 1,236 | 1,797 | 5,524 | ||||||||||||||||||||||||
Provision (recovery) for loan losses |
(109 | ) | (3,410 | ) | 820 | (3,916 | ) | (4,004 | ) | (6,615 | ) | (5,109 | ) | |||||||||||||||||||
Ending balance |
$ | 41,192 | 40,695 | 43,650 | 43,042 | 46,010 | 41,192 | 46,010 | ||||||||||||||||||||||||
Annualized net charge-offs (recoveries)
to average loans |
% | (0.05 | ) | (0.04 | ) | 0.02 | (0.08 | ) | (0.11 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||||||
As of | ||||||||||||||||||||||||
12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | ||||||||||||||||||||
Credit Quality |
||||||||||||||||||||||||
Nonaccrual loans |
$ | 6,801 | 6,883 | 5,785 | 6,504 | 7,903 | ||||||||||||||||||
Nonaccrual tax certificates |
388 | 385 | 562 | 417 | 381 | |||||||||||||||||||
Real estate owned |
967 | 912 | 1,178 | 1,438 | 692 | |||||||||||||||||||
Other repossessed assets |
| 46 | 328 | | | |||||||||||||||||||
Total nonperforming assets |
$ | 8,156 | 8,226 | 7,853 | 8,359 | 8,976 | ||||||||||||||||||
Nonperforming assets to total loans and
other assets |
% | 0.17 | 0.17 | 0.16 | 0.17 | 0.19 | ||||||||||||||||||
Allowance for loan losses to total loans |
% | 0.91 | 0.89 | 0.90 | 0.92 | 1.00 | ||||||||||||||||||
Provision expense (recovery) to
average loans |
% | (0.01 | ) | (0.29 | ) | 0.07 | (0.34 | ) | (0.37 | ) | ||||||||||||||
Allowance to nonperforming loans |
% | 605.68 | 591.24 | 754.54 | 661.78 | 582.18 |
For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||
(in thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | |||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||
Principal transactions |
$ | 20,900 | 22,895 | 36,690 | 19,802 | 24,925 | 100,287 | 90,415 | ||||||||||||||||||||||||
Investment banking |
4,511 | 3,741 | 25,394 | 11,882 | 3,753 | 45,528 | 48,245 | |||||||||||||||||||||||||
Commissions |
21,891 | 21,390 | 19,478 | 20,315 | 23,109 | 83,074 | 89,289 | |||||||||||||||||||||||||
Interest, dividends and other |
6,848 | 6,098 | 5,842 | 5,634 | 4,114 | 24,422 | 15,206 | |||||||||||||||||||||||||
Total operating revenues |
54,150 | 54,124 | 87,404 | 57,633 | 55,901 | 253,311 | 243,155 | |||||||||||||||||||||||||
Operating expenses |
||||||||||||||||||||||||||||||||
Compensation, benefits |
37,764 | 39,358 | 49,766 | 38,437 | 39,439 | 165,325 | 158,868 | |||||||||||||||||||||||||
Professional fees |
2,287 | 1,411 | 1,591 | 1,417 | 2,044 | 6,706 | 5,482 | |||||||||||||||||||||||||
Communications |
3,470 | 3,371 | 3,508 | 3,205 | 3,301 | 13,554 | 12,527 | |||||||||||||||||||||||||
Occupancy and equipment |
3,887 | 4,025 | 3,786 | 4,118 | 5,095 | 15,816 | 15,429 | |||||||||||||||||||||||||
Floor broker and clearing fees |
2,433 | 2,305 | 2,012 | 2,368 | 2,452 | 9,118 | 9,835 | |||||||||||||||||||||||||
Interest and other |
4,291 | 3,495 | 4,733 | 3,522 | 2,318 | 16,041 | 11,841 | |||||||||||||||||||||||||
Total operating expenses |
54,132 | 53,965 | 65,396 | 53,067 | 54,649 | 226,560 | 213,982 | |||||||||||||||||||||||||
Income (loss) from Ryan Beck business
segment before income taxes |
18 | 159 | 22,008 | 4,566 | 1,252 | 26,751 | 29,173 | |||||||||||||||||||||||||
Provision (benefit) for income taxes |
(544 | ) | (264 | ) | 8,977 | 2,036 | 11 | 10,205 | 11,689 | |||||||||||||||||||||||
Net income from Ryan Beck
business segment |
$ | 562 | 423 | 13,031 | 2,530 | 1,241 | 16,546 | 17,484 | ||||||||||||||||||||||||
Statistics: |
||||||||||||||||||||||||||||||||
Average tangible assets |
$ | 219,537 | 208,883 | 184,601 | 171,833 | 178,967 | 196,951 | 171,727 | ||||||||||||||||||||||||
Average tangible equity |
99,420 | 99,195 | 85,735 | 85,248 | 83,242 | 93,621 | 79,856 | |||||||||||||||||||||||||
GAAP return on average tangible assets |
% | 1.02 | 0.81 | 28.24 | 5.89 | 2.77 | 8.40 | 10.18 | ||||||||||||||||||||||||
GAAP return on average tangible equity |
2.26 | 1.71 | 60.80 | 11.87 | 5.96 | 17.67 | 21.89 | |||||||||||||||||||||||||
Compensation as a percent of revenues |
69.74 | 72.72 | 56.94 | 66.69 | 70.55 | 65.27 | 65.34 | |||||||||||||||||||||||||
Commissions to total revenues |
40.43 | 39.52 | 22.29 | 35.25 | 41.34 | 32.80 | 36.72 | |||||||||||||||||||||||||
Principal transactions to total revenues |
38.60 | 42.30 | 41.98 | 34.36 | 44.59 | 39.59 | 37.18 | |||||||||||||||||||||||||
Investment banking revenue to total revenues |
8.33 | 6.91 | 29.05 | 20.62 | 6.71 | 17.97 | 19.84 |
As of | ||||||||||||||||||||||||
(in thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | |||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and cash equivalents |
$ | 5,366 | 5,388 | 4,103 | 6,312 | 3,674 | ||||||||||||||||||
Securities |
180,292 | 120,298 | 109,095 | 142,294 | 125,443 | |||||||||||||||||||
Notes receivable GMS |
3,360 | 3,702 | 4,043 | 4,386 | 6,096 | |||||||||||||||||||
Property and equipment, net |
7,573 | 7,503 | 6,795 | 7,020 | 7,472 | |||||||||||||||||||
Goodwill |
6,184 | 6,184 | 6,184 | 6,184 | 6,184 | |||||||||||||||||||
Due from clearing agent |
| 15,650 | 22,091 | 1,120 | 16,619 | |||||||||||||||||||
Other assets |
35,751 | 37,332 | 51,338 | 29,426 | 28,129 | |||||||||||||||||||
Total assets |
$ | 238,526 | 196,057 | 203,649 | 196,742 | 193,617 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Securities sold not yet purchased |
$ | 35,177 | 20,688 | 28,184 | 60,276 | 39,462 | ||||||||||||||||||
Due to clearing agent |
24,486 | | | | | |||||||||||||||||||
Other liabilities |
72,627 | 69,695 | 70,214 | 44,246 | 63,974 | |||||||||||||||||||
Total liabilities |
132,290 | 90,383 | 98,398 | 104,522 | 103,436 | |||||||||||||||||||
Stockholders equity |
106,236 | 105,674 | 105,251 | 92,220 | 90,181 | |||||||||||||||||||
Total liabilities and stockholders equity |
$ | 238,526 | 196,057 | 203,649 | 196,742 | 193,617 | ||||||||||||||||||
For the Three Months Ended | For Years Ended | |||||||||||||||||||||||||||||||
(in thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | 12/31/2005 | 12/31/2004 | |||||||||||||||||||||||||
Net interest (expense) |
$ | (4,583 | ) | (4,457 | ) | (4,157 | ) | (3,892 | ) | (3,593 | ) | (17,089 | ) | (14,451 | ) | |||||||||||||||||
Income from unconsolidated subsidiaries |
211 | 142 | 137 | 131 | 126 | 621 | 485 | |||||||||||||||||||||||||
Gains on sales of securities |
475 | 158 | 3 | 95 | 3,613 | 731 | 3,693 | |||||||||||||||||||||||||
Litigation settlement |
| | | | | | 22,840 | |||||||||||||||||||||||||
Employee compensation and benefits |
(1,048 | ) | (991 | ) | (1,048 | ) | (960 | ) | (778 | ) | (4,047 | ) | (3,042 | ) | ||||||||||||||||||
Other income (expense) |
210 | (208 | ) | (168 | ) | (779 | ) | (536 | ) | (945 | ) | (2,088 | ) | |||||||||||||||||||
Income (loss) from parent company activities
before income taxes |
(4,735 | ) | (5,356 | ) | (5,233 | ) | (5,405 | ) | (1,168 | ) | (20,729 | ) | 7,437 | |||||||||||||||||||
Provision (benefit) for income taxes |
(1,673 | ) | (1,902 | ) | (1,968 | ) | (1,892 | ) | (409 | ) | (7,435 | ) | 2,692 | |||||||||||||||||||
Net income (loss) from parent company business
segment |
$ | (3,062 | ) | (3,454 | ) | (3,265 | ) | (3,513 | ) | (759 | ) | (13,294 | ) | 4,745 | ||||||||||||||||||
Reconciliation of Operating and business
segment income |
||||||||||||||||||||||||||||||||
Business segment net income |
$ | (3,062 | ) | (3,454 | ) | (3,265 | ) | (3,513 | ) | (759 | ) | (13,294 | ) | 4,745 | ||||||||||||||||||
Litigation settlement |
| | | | | | (14,785 | ) | ||||||||||||||||||||||||
Operating loss |
$ | (3,062 | ) | (3,454 | ) | (3,265 | ) | (3,513 | ) | (759 | ) | (13,294 | ) | (10,040 | ) | |||||||||||||||||
As of | ||||||||||||||||||||||||
(in thousands) | 12/31/2005 | 9/30/2005 | 6/30/2005 | 3/31/2005 | 12/31/2004 | |||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash |
$ | 7,342 | 12,783 | 11,218 | 8,032 | 9,131 | ||||||||||||||||||
Securities |
104,602 | 103,755 | 100,592 | 85,711 | 64,656 | |||||||||||||||||||
Notes receivable from related parties |
| | | 16,000 | 38,000 | |||||||||||||||||||
Investment in subsidiaries |
650,968 | 658,454 | 647,207 | 619,111 | 607,061 | |||||||||||||||||||
Investment in unconsolidated subsidiaries |
12,528 | 12,510 | 7,910 | 7,910 | 7,910 | |||||||||||||||||||
Other assets |
8,146 | 7,075 | 13,905 | 15,452 | 8,918 | |||||||||||||||||||
Total
assets |
$ | 783,586 | 794,577 | 780,832 | 752,216 | 735,676 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||||||||||||||
Subordinated debentures and notes payable |
$ | 263,266 | 263,266 | 263,266 | 263,266 | 263,366 | ||||||||||||||||||
Other liabilities |
4,094 | 7,919 | 7,172 | 7,969 | 3,045 | |||||||||||||||||||
Total liabilities |
267,360 | 271,185 | 270,438 | 271,235 | 266,411 | |||||||||||||||||||
Stockholders equity |
516,226 | 523,392 | 510,394 | 480,981 | 469,265 | |||||||||||||||||||
Total liabilities and stockholders equity |
$ | 783,586 | 794,577 | 780,832 | 752,216 | 735,676 | ||||||||||||||||||