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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, BankAtlantic’s 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%.




See Basis of Financial Statement Presentation on page 4 of this release for further discussion of continuing and discontinued operations of BankAtlantic Bancorp.



BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “BankAtlantic’s 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.

“BankAtlantic’s 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

“BankAtlantic’s 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:



“BankAtlantic’s 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



  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 BankAtlantic’s loan provisions during prior periods and did not impact the loan provision or net loss for the first quarter of 2012.



“BankAtlantic’s 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 Bancorp’s 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



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 Bancorp’s First Quarter 2012 Supplemental Financials are available at 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 Company’s 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 SEC’s website,, or on BankAtlantic Bancorp’s website,

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



over a seven year period with the net proceeds applied 95% for the repayment of BB&T’s 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 Company’s 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 Company’s unaudited Consolidated Statement of Financial Condition as of March 31, 2011 based on historical presentation.

Additionally, as a result of the transaction, BankAtlantic’s community banking, investment, capital services and tax certificate components are reflected as “Discontinued Operations” in the Company’s unaudited Consolidated Statement of Operations for all periods presented. The Company will continue to operate BankAtlantic’s commercial lending component resulting in the inclusion of its results of operations in the Company’s unaudited Consolidated Statement of Operations for all periods presented. Certain assets included in the discontinued components will be reflected on Bancorp’s 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 Company’s BankAtlantic Operating Segment, as presented herein and in the referenced supplemental financial information available on the Company’s investor relations website, represent the financial information of the subsidiary financial



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, Florida’s 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:

BankAtlantic Bancorp, Inc. Contact Info:

Leo Hinkley, Investor and Corporate Communications Officer: 954- 940-5300

Sharon Lyn, V.P., Investor and Corporate Communications: 954-940-6383

# # #

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.



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, BankAtlantic’s 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 bank’s 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 Bancorp’s and/or BankAtlantic’s 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 Bancorp’s shareholders may not realize the anticipated benefits; that BankAtlantic Bancorp’s future business plans may not be realized as anticipated, if at all; that the Company’s Class A Common Stock may not meet the requirements for continued listing on the NYSE; and that the assets retained by BankAtlantic Bancorp or held by the LLC’s 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company cautions that the foregoing factors are not exclusive.






(In thousands, except share data)    March 31,
31, 2011



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   


     —          13,081   

Prepaid FDIC deposit insurance assessment

     —          12,715   







Total assets

   $ 3,846,876        3,678,119   













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   












(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   


     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   


     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   









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  



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   


     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   





















   $ 924,576         849,256         859,688         887,856         879,820   


     435,266         414,906         439,051         447,706         452,533   


     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   


     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   


















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   
















Net interest income after provision for loan losses

     17,175        12,942        12,379        22,782        6,872   
















Non-interest income


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   
















Total non-interest income

     17,919        20,602        25,342        60,074        22,913   
















Non-interest expense


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   


     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


     7,247        7,398        7,193        8,081        8,303   
















Total non-interest expense

     40,071        41,650        45,916        51,889        46,154   
















(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
















Less: net income attributable to noncontrolling interest

       (5     254        (290     (295
















Net (loss) income attributable to BankAtlantic

   $ (4,978     (7,934     (7,819     30,677        (16,665