Attached files
file | filename |
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8-K - FORM 8-K - BBX CAPITAL CORP | d8k.htm |
JUNE
2011 JUNE 2011
NYSE
NYSE
BBX
BBX
Prepared as of July 27, 2011
Prepared as of July 27, 2011
Exhibit 99.1 |
NYSE
BBX
2
Assets -
$3.9 Billion
Exchange
Listing
NYSE:BBX
Major
Subsidiary
-
BankAtlantic
Founded in 1952
Floridas Most Convenient Bank
78 branches
Headquartered in Fort Lauderdale, FL
Operates in top 5 counties in Florida
Franchise value built on the strength of its low cost deposit base
On June 3, 2011, BankAtlantic Bancorp sold its Tampa region, including 19
branches, to PNC National Bank.
77.2 million total Class A common shares outstanding as of June 30, 2011
BANKATLANTIC BANCORP
BANKATLANTIC BANCORP
OVERVIEW AS OF JUNE 30, 2011
OVERVIEW AS OF JUNE 30, 2011 |
NYSE
BBX
BankAtlantic
1.
Compelling franchise value based on the strength of the
deposit base and recognized customer service excellence
2.
Core operating earnings and fundamental operating trends of
the business have remained resilient throughout the
economic downturn
3.
Capital ratios have been consistent and are in excess of all
applicable regulatory requirements
4.
Credit trends are stable to improving in the loan portfolios
5.
Economic trends in Florida are improving
Investment Highlights
Investment Highlights
3 |
NYSE
BBX
BankAtlantic has:
No
Subprime
lending
programs
No Negative amortization or option ARM loans
No High-rise condo exposure
No Collateralized debt obligations
No Asset-backed commercial paper
No Structured investment vehicles
No Fannie Mae or Freddie Mac equity or debt securities
No Trust preferred holdings
Investment Highlights
Investment Highlights
4 |
NYSE
BBX
5
Investment Highlight #1:
BankAtlantics compelling franchise value based on
the strength of the deposit base and recognized
customer service excellence |
NYSE
BBX
6
BankAtlantic
BankAtlantic
Core Deposit Balances
Core Deposit Balances
(1)
(1)
12/31/2001
$ in Millions
12/31/2003
12/31/2005
12/31/2007
12/31/2009
06/30/2001
(1)
Core
deposits
include
DDA,
NOW
and
savings
deposit
accounts
held
by
individuals
and
business
customers.
June
30,
2011
balances include the effect of the June 2011 sale of BankAtlantics Tampa
branches which reduced core deposits by approximately $251 million.
$602
$1,026
$1,388
$1,819
$2,090
$2,240
$2,305
$2,154
$2,649
$2,847
$2,575 |
NYSE
BBX
7
BANKATLANTIC FOOTPRINT
BANKATLANTIC FOOTPRINT
78 Locations as
of June 30, 2011 |
NYSE
BBX
8
BankAtlantic
As of 6/30/11
13%
87%
Time Deposits
Non-Time Deposits
All Publicly Traded Florida Banks & Thrifts
34%
66%
Time Deposits
Non-Time Deposits
BankAtlantic
BankAtlantic
Deposit Mix
Deposit Mix
Source: SNL Financial. Data as of the most recent quarter available.
|
NYSE
BBX
9
BankAtlantic
BankAtlantic
Cost of Deposits
Cost of Deposits
Publicly Traded Florida Banks &
Thrifts Median Cost of Deposits
(as of March 31, 2011)
1
:
1.08%
1
Source: SNL Financial. Data as of the most recent quarter available.
4Q2007
4Q2008
4Q2009
4Q2010
1Q2011
2Q2011
2.15%
1.58%
0.92%
0.46%
0.44%
0.41% |
NYSE
BBX
10
BankAtlantic
BankAtlantic
Core
Core
Deposits
Deposits
Cost
Cost
of
of
Funds
Funds
(1)
(1)
(1) Core deposits is a non-GAAP measure that we use to refer to Demand,
NOW, and Savings accounts. See BankAtlantic Bancorps website for
supplemental financials and a reconciliation to GAAP. 4Q2007
4Q2008
4Q2009
4Q2010
1Q2011
2Q2011
0.94%
0.49%
0.38%
0.25%
0.25%
0.22% |
NYSE
BBX
11
BankAtlantic
BankAtlantic
Total Cost of Funds
Total Cost of Funds
3.54%
2.30%
1.13%
0.62%
0.59%
0.57%
4Q2007
4Q2008
4Q2009
4Q2010
1Q2011
2Q2011 |
NYSE
BBX
12
BankAtlantic
FLORIDA BRANCH RANKING
(1) As of 3/31/11 Source: SNL Financial
(2) 78 branches as of June 30, 2011
Institution
Branches
1. Wells Fargo
703
2. Bank of America
659
3. SunTrust
555
4. Regions Bank
399
5. BB&T
274
6. JPMorgan Chase
273
7. PNC Financial
217
8. Toronto-Dominion Bank
172
9. Fifth Third Bancorp
167
10. BankUnited
81
11. BankAtlantic
2
78
12. Hancock
69
13. CenterState Banks
66
1 |
NYSE
BBX
13
In 2010, BankAtlantic was honored with the award
of the Highest in Customer Satisfaction with
Retail Banking in Florida
from J.D. Power and
Associates*
BankAtlantic
BankAtlantic
Customer Service
Customer Service
* BankAtlantic
received
the
highest
numerical
score
among
retail
banks
in
Florida
in
the
proprietary
J.D.
Power
and
Associates
2010
Retail
Banking Satisfaction Study based on 47,673 total responses measuring 9 providers in
Florida and measures opinions of consumers with their primary banking
provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2010. Your
experiences may vary. Visit jdpower.com |
NYSE
BBX
14
Investment Highlight #2:
Core operating earnings and fundamental
operating trends of the business have remained
resilient throughout the economic
downturn |
NYSE
BBX
15
BankAtlantic
BankAtlantic
Total Assets
Total Assets
($ in thousands, period end)
($ in thousands, period end)
12/31/2007
12/31/2008
12/31/2010
12/31/2009
6/30/2011
$6,161,962
$5,713,690
$4,755,122
$4,469,168
$3,831,471 |
NYSE
BBX
Mar-
07
Jun-
07
Sep-
07
Dec-
07
Mar-
08
Jun-
08
Sep-
08
Dec-
08
Mar-
09
Jun-
09
Sep-
09
Dec-
09
Mar-
10
Jun-
10
Sep-
10
Dec-
10
Mar-
11
Jun-
11
BankAtlantic Borrowings
BankAtlantic Borrowings
(Leverage)
(Leverage)
$1.5 Bil
$1.8 Bil
$1.3 Bil
$667 Mil
$172 Mil
$226 Mil
16
$23 Mil |
NYSE
BBX
BankAtlantic
BankAtlantic
Total Liquidity *
Total Liquidity *
(as a % of deposits)
(as a % of deposits)
17
6/30/2008
12/31/2008
12/31/2009
12/31/2010
* Total Liquidity = Cash, unencumbered securities & the unused portion of lines
of credit 6/30/2011
18.73%
26.76%
23.92%
37.71%
34.69% |
NYSE
BBX
18
BankAtlantic
BankAtlantic
Net Interest Margin
Net Interest Margin
3.62%
3.45%
3.35%
3.55%
3.30%
2007
2008
2009
2010
6/30/11 |
NYSE
BBX
19
BankAtlantic
BankAtlantic
Number of Employees, period end
Number of Employees, period end
12/31/2006
12
/31
/2007
12
/31
/2008
12/31/2009
12/31/2010
6
/30
/2011
2,811
2,562
1,841
1,532
1,265
1,045 |
NYSE
BBX
20
$292,707
$263,786
$223,405
$209,999
$88,780
2007
2008
2009
2010
2011 YTD
BankAtlantic
BankAtlantic
Core Non-Interest Expense
Core Non-Interest Expense
¹ 1
($ in thousands)
($ in thousands)
1
Core non-interest expense is a non-GAAP measure. See BankAtlantic
Bancorps website for supplemental financials and a reconciliation to
GAAP. 1Q2011 =
$46,042
2Q2011 =
$42,738 |
NYSE
BBX
21
$50,685
$67,170
$69,211
$47,097
$23,232
2007
2008
2009
2010
2011 YTD
BankAtlantic
BankAtlantic
Core
Core
Operating
Operating
Earnings
Earnings
1
1
($ in thousands)
($ in thousands)
1
Core Operating Earnings is a non-GAAP measure. See BankAtlantic Bancorps
website for supplemental financials and a reconciliation to GAAP.
1Q2011 =
$11,575
2Q2011 =
$11,657 |
NYSE
BBX
22
22
$12,505
$27,170
$46,813
$39,900
$33,900
2007
2008
2009
2010
2011 YTD
BANKATLANTIC BANCORP (BBX)
BANKATLANTIC BANCORP (BBX)
CORE
CORE
OPERATING
OPERATING
EARNINGS
EARNINGS
1
1
($ in thousands)
($ in thousands)
1
Core Operating Earnings is a non-GAAP measure. See BankAtlantic
Bancorps website for supplemental financials and a reconciliation to
GAAP. 1Q2011 =
$7,210
2Q2011 =
$5,295 |
NYSE
BBX
23
23
BANKATLANTIC BANCORP (BBX)
BANKATLANTIC BANCORP (BBX)
GAAP INCOME/LOSSES
GAAP INCOME/LOSSES
($ in thousands)
($ in thousands)
($202,600)
($185,800)
($144,181)
2006
2007
2008
2009
2010
2011 YTD
1Q2011 =
($23,182)
2Q2011 =
$23,111
$15,400
($22,200)
($71) |
NYSE
BBX
24
BANKATLANTIC BANCORP
STOCK
PERFORMANCE
CLOSING
PRICE
1
NYSE:BBX
1
Stock
price
represents
adjusted
closing
price
at
the
last
day
of
trading
each
year,
and
reflects
the
impact
of
a
1:5
reverse
stock
split
in
September 2008.
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Mar-11
'Jun-11
$36.06
$18.01
$13.53
$12.52
$31.28
$32.58
$66.03
$94.59
$67.15
$66.97
$20.17
$5.76
$1.30
$1.15
$0.92
$0.95 |
NYSE
BBX
25
Investment Highlight #3:
Capital ratios have been consistent and are in
excess of all applicable regulatory
requirements |
NYSE
BBX
26
BankAtlantic
BankAtlantic
Regulatory Capital Requirements
Regulatory Capital Requirements
Historical Regulatory
Requirement
BankAtlantic
6/30/2011 Ratios
BankAtlantic New Regulatory
Requirements
(1)
Tier 1 (Core)
5.00%
8.24%
8.00%
Total Risk-Based
10.00%
14.52%
14.00%
(1) On February 23, 2011, BankAtlantic Bancorp and BankAtlantic entered into a Stipulation
and Consent to the issuance of an Order to Cease and Desist (the Order) with
the Office of Thrift Supervision. The Order requires corrective measures in a
number of areas, including a requirement that, by June 30, 2011, BankAtlantic is to have
and maintain a Tier 1 (Core) Capital Ratio equal to or greater than 8% and a Total
Risk-Based Capital Ratio equal to or greater than 14%. For further information,
including a copy of the Orders, see the Form 8-K filed by BankAtlantic Bancorp with the SEC
on February 25, 2011. |
NYSE
BBX
27
BankAtlantic
BankAtlantic
Tier 1 (Core) Capital
Tier 1 (Core) Capital
Prior
requirement
(5%)
Current
requirement
(8%)
Mar-
07
Jun-
07
Sep-
07
Dec-
07
Mar-
08
Jun-
08
Sep-
08
Dec-
08
Mar-
09
Jun-
09
Sep-
09
Dec-
09
Mar-
10
Jun-
10
Sep-
10
Dec-
10
Mar-
11
Jun-
11
7.51%
7.49%
7.20%
6.94%
6.87%
6.82%
6.89%
6.80%
6.97%
7.01%
8.31%
7.58%
7.51%
7.36%
7.17%
6.22%
5.97%
8.24% |
NYSE
BBX
28
12.11%
12.34%
11.93%
11.63%
11.83%
11.77%11.75%
11.63%
11.86%
11.81%
13.51%
12.56%
12.86%12.86%
12.59%
11.72%
11.76%
14.52%
Mar-
07
Jun-
07
Sep-
07
Dec-
07
Mar-
08
Jun-
08
Sep-
08
Dec-
08
Mar-
09
Jun-
09
Sep-
09
Dec-
09
Mar-
10
Jun-
10
Sep-
10
Dec-
10
Mar-
11
Jun-
11
BankAtlantic
BankAtlantic
Total Risk-Based Capital
Total Risk-Based Capital
Current
requirement
(14%)
Prior
requirement
(10%) |
NYSE
BBX
29
Investment Highlight #4:
BankAtlantics credit trends are stable to
improving in the loan portfolios |
NYSE
BBX
30
These balances and the following BankAtlantic Credit Trend slides exclude
information on the loans that were transferred to BankAtlantic Bancorp
Partners, Inc. effective 3/31/08, which total approximately $12.0 million as of 6/30/11.
BankAtlantic
BankAtlantic
Credit Composition
Credit Composition
Average Balances
Loans
6/30/2011
% of Total
Residential real estate
$ 1.1 Bil
37%
Commercial real estate
822 Mil
28%
Consumer
605 Mil
21%
Commercial business
124 Mil
4%
Small business
298 Mil
10%
Total Loans
$ 2.9 Bil
100%
Allowance for Loan Losses (Ending Balance)
138 Mil
-
as a % of total loans, gross
4.92% |
NYSE
BBX
31
($ in Thousands)
BankAtlantic
BankAtlantic
Credit Quality
Credit Quality
Loan Provision
Loan Provision
1Q2011 =
$27,832
2Q2011 =
$10,195
$8,574
$135,383
$70,842
$214,244
$138,824
$38,027
2006
2007
2008
2009
2010
2011 YTD |
NYSE
BBX
BankAtlantic
BankAtlantic
New
New
Non-Performing
Non-Performing
Loans
Loans
(Total
(Total
Bank)
Bank)
by
by
Quarter
Quarter
($ in Thousands)
32
1
Of these amounts, the following were designated as non-performing, but
continued to pay as agreed: 2Q2010 - $49,770, 3Q2010 -
$59,040, 4Q2010 -
$48,173, 1Q2011 -
$11,820, 2Q2011 -
$6,869.
1
$88,785
$51,831
$40,462
$59,522
$60,118
$100,669
$87,984
$79,487
$44,655
$33,133
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011 |
NYSE
BBX
$56,122
$20,938
$7,812
$25,328
$31,809
$73,267
$65,155
$58,885
$17,248
$12,202
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
BankAtlantic
BankAtlantic
New
New
Non-Performing
Non-Performing
Loans
Loans
(Commercial
(Commercial
Real
Real
Estate)
Estate)
by
by
Quarter
Quarter
($ in Thousands)
33
1
Of these amounts, the following were designated as non-performing, but
continued to pay as agreed: 2Q2010 - $49,770, 3Q2010 -
$59,040, 4Q2010 -
$48,173, 1Q2011 -
$11,820, 2Q2011 -
$6,869
1 |
NYSE
BBX
34
BankAtlantic
BankAtlantic
Non-Performing Loans and
Non-Performing Loans and
Non-Performing Assets
Non-Performing Assets
($ in Thousands)
12/31/06
12/31/07
12/31/08
12/31/09
12/31/10
6/30/11
$4,436
$26,814
$324,226
$438,923
$389,789
$315,973
$178,591
$208,088
$286,120
$370,959
$228,574
$197,901 |
NYSE
BBX
35
BankAtlantic
BankAtlantic
Total Delinquency Trends
Total Delinquency Trends
(excluding non-performing loans)
12/31/2005
12/31/2006
12/31/2007
12/31/2008
12/31/2009
12/31/2010
6/30/2011
0.18%
0.32%
0.43%
2.54%
2.17%
1.20%
0.99% |
NYSE
BBX
36
BankAtlantic
BankAtlantic
Commercial Real Estate Delinquency Trends
Commercial Real Estate Delinquency Trends
(excluding non-performing loans)
12/31/2005
12/31/2006
12/31/2007
12/31/2008
12/31/2009
12/31/2010
6/30/2011
6.11%
3.07%
0.00%
0.00%
0.00%
0.41%
0.00% |
NYSE
BBX
37
BankAtlantic
BankAtlantic
Commercial Real Estate Residential Land Portfolio
Commercial Real Estate Residential Land Portfolio
Outstanding Balance ($ in thousands)
Outstanding Balance ($ in thousands)
1
Net of specific reserves
3Q 2007
2Q 2011
82 Loans -
$550,702
1
26 Loans -
$76,830 |
NYSE
BBX
38
Investment Highlight #5:
Economic trends in Florida are improving |
NYSE
BBX
39
Improving South Florida
Improving South Florida
Housing Market
Housing Market
We have seen year-over-year increase for pending sales for nearly one
year. Pending sales have also increased month-over-month 10
out of the last 13 months. -
Jack H. Levine, chairman of the Miami Association of Realtors, South Florida
Business Journal, February 28, 2011
All market trends indicate continued growth for Miami-Dade Countys
real estate market. This is very positive for the local real estate
market. Increased pending sales reflect the existence of pent-up
demand and should result in strengthening home values as distressed housing
inventory continues to be absorbed. -
Jack H. Levine, chairman of the Miami Association of Realtors, South Florida
Business Journal, March 29, 2011
Miami-Dade County
1
March 2011 pending home sales up 18% year-over-year
Broward County
1
March 2011 pending home sales up 6% year-over-year
1.
Source: South Florida Business Journal, March 29, 2011
|
NYSE
BBX
40
FLORIDA MARKET
FLORIDA MARKET
Florida is #3 in
national deposits at
$369 billion
Florida is projected to have 4.25% population growth over
the next 5 years (2010 to 2015)
Florida is #4 in national deposits at $410 billion
1.
Source: FDIC, June 30, 2010
1 |
NYSE
BBX
41
Source:
SunSentinel;
Impact
of
the
2010
Census
Population
and
Economic
Trends,
May
20,
2011
(Rick
Gilbert)
Data from 2010 Census
FLORIDA MARKET
Rank
2010 Population
% Change
from 2000
Rank
2010 Population
% Change
from 2000
-
United States
308,745,538
9.7%
-
United States
308,745,538
9.7%
1
California
37,253,956
10.0%
1
Nevada
2,700,551
35.1%
2
Texas
25,145,561
20.6%
2
Arizona
6,392,017
24.6%
3
New York
19,378,102
2.1%
3
Utah
2,763,885
23.8%
4
Florida
18,801,310
17.6%
4
Idaho
1,567,582
21.1%
5
Illinois
12,830,632
3.3%
5
Texas
25,145,561
20.6%
6
Pennsylvania
12,702,379
3.4%
6
North Carolina
9,535,483
18.5%
7
Ohio
11,536,504
1.6%
7
Georgia
9,687,653
18.3%
8
Michigan
9,883,640
-0.6%
8
Florida
18,801,310
17.6%
9
Georgia
9,687,653
18.3%
9
Colorado
5,029,196
16.9%
10
North Carolina
9,535,483
18.5%
10
South Carolina
4,625,364
15.3%
2010 U.S. Census
States Ranked by 2010 Population
2010 U.S. Census
States Ranked by 10-Year Growth Rate |
NYSE
BBX
42
Source:
SunSentinel;
Impact
of
the
2010
Census
Population
and
Economic
Trends,
May
20,
2011
(Rick
Gilbert)
Data from 2010 Census
Rank
MSA
Population
Rank
MSA
Population
Rank
MSA
Population
1
New York
16,846,046
1
New York
18,323,002
1
New York
18,897,109
2
Los Angeles
11,273,720
2
Los Angeles
12,365,627
2
Los Angeles
12,828,837
3
Chicago
8,182,076
3
Chicago
9,098,316
3
Chicago
9,461,105
4
Philadelphia
5,435,468
4
Philadelphia
5,687,147
4
Dallas-Forth Worth
6,371,773
5
Detroit
4,248,699
5
Dallas-Forth Worth
5,161,544
5
Philadelphia
5,965,343
6
Boston
4,133,895
6
Miami-Fort Lauderdale
5,007,564
6
Houston
5,946,800
7
Washington DC
4,122,914
7
Washington DC
4,796,183
7
Washington DC
5,582,170
8
Miami-Fort Lauderdale
4,056,100
8
Houston
4,715,407
8
Miami-Fort Lauderdale
5,564,635
9
Dallas-Forth Worth
3,989,294
9
Detroit
4,452,557
9
Atlanta
5,268,860
10
Houston
3,767,335
10
Boston
4,391,344
10
Boston
4,552,402
2010 Census
2010 U.S. Census
Metro Area Rankings
1990 Census
2000 Census
FLORIDA MARKET |
NYSE
BBX
BankAtlantic
1.
Compelling franchise value based on the strength of the
deposit base and recognized customer service excellence
2.
Core operating earnings and fundamental operating trends of
the business have remained resilient throughout the
economic downturn
3.
Capital ratios have been consistent and are in excess of all
applicable regulatory requirements
4.
Credit trends are stable to improving in the loan portfolios
5.
Economic trends in Florida are improving
Value Proposition
Value Proposition
43 |
NYSE
BBX
44
Forward-Looking Statements
Forward-Looking Statements
Except for historical information contained herein, the matters discussed in this press release
contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the Securities Act), and Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), that involve substantial risks and uncertainties. Actual
results, performance, or achievements could differ materially from those contemplated, expressed, or
implied by the forward- looking statements contained herein. These forward-looking
statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (the
Company) and are subject to a number of risks and uncertainties that are subject to change based on factors
which are, in many instances, beyond the Companys control. These include, but are not
limited to, risks and uncertainties associated with: the impact of economic, competitive and
other factors affecting the Company and its operations, markets, products and services,
including the impact of the changing regulatory environment, a continued or deepening recession,
continued 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 on the credit quality of our loans (including
those held in the asset workout subsidiary of the Company) of the economy; the risk that loan
losses have not peaked and risks of additional charge-offs, impairments and required
increases in our allowance for loan losses; the impact of regulatory proceedings and litigation including
but not limited to proceedings and litigation relating to overdraft fees and tax certificates; risks
associated with maintaining compliance with the Cease and Desist Orders entered into by the
Company and BankAtlantic with the Office of Thrift Supervision, including risks that
BankAtlantic will not maintain required capital levels, that compliance will adversely impact operations, 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; we may
raise additional capital and such capital may be highly dilutive to BankAtlantic Bancorps
shareholders or may not be available; 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 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, 2010, and the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2011. The Company cautions that the foregoing factors are not exclusive. |
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This presentation contains financial information determined by methods
other than in accordance with accounting principles generally
accepted in the United States of America (GAAP). Management uses non-GAAP financial
measures to supplement its GAAP financial information and to provide
additional useful measures in the evaluation of BankAtlantic's
operating results and any related trends that may be affecting BankAtlantic's
business. Management uses pre-tax core operating earnings to
measure BankAtlantic's 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 BankAtlantic's 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.
See reconciliations of GAAP to non-GAAP measures in the financial
information presented on BankAtlantic Bancorps website
under Investor Relations. Non-GAAP Information
Non-GAAP Information |
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