FORT LAUDERDALE, Fla., March 22, 2012 (GLOBE NEWSWIRE) -- BankAtlantic Bancorp, Inc. (NYSE:BBX) today reported financial results for the fourth quarter and full year ending December 31, 2011.
BankAtlantic Bancorp – Results of Operations
BankAtlantic Bancorp, Inc. (the "Company") today reported a net loss of ($17.5) million, or ($1.12) per diluted share, for the quarter ended December 31, 2011, versus a net loss of ($46.3) million, or ($3.72) per diluted share, for the quarter ended December 31, 2010.
BankAtlantic Bancorp reported a net loss of ($28.7) million, or ($2.04) per diluted share, for the year ended December 31, 2011, versus a net loss of ($143.3) million, or ($12.91) per diluted share, for the year ended December 31, 2010.
BankAtlantic- Results of Operations
BankAtlantic, the Company's wholly owned bank subsidiary, reported a net loss of ($7.9) million for the fourth quarter of 2011, versus a net loss of ($41.2) million for the fourth quarter of 2010. For the full year 2011, BankAtlantic's net loss was ($1.4) million versus a net loss of ($115.9) million for the full year of 2010.
BankAtlantic Capital:
BankAtlantic Bancorp's Chairman and CEO, Alan B. Levan commented "BankAtlantic's capital ratios have remained relatively stable and have never fallen below its regulatory requirements during the last several difficult years for the U.S. and Florida economies. At December 31, 2011, BankAtlantic's capital ratios were:
- Tier 1/Core Capital of 8.22%.
- Tier 1 Risk-Based Capital of 12.93%.
- Total Risk-Based Capital of 15.15%.
Our historical Capital Ratios at BankAtlantic were:
| 12/2006 | 12/2007 | 12/2008 | 12/2009 | 12/2010 | 6/2011 | 12/2011 | |
| Tier 1/Core | 7.55% | 6.94% | 6.80% | 7.58% | 6.22% | 8.24% | 8.22% |
| Tier 1 Risk-Based | 10.50% | 9.85% | 9.80% | 10.63% | 9.68% | 12.38% | 12.93% |
| Total Risk-Based | 12.08% | 11.63% | 11.63% | 12.56% | 11.72% | 14.52% | 15.15% |
BankAtlantic Bancorp (Parent Company level):
"As previously announced, on March 13, 2012, BankAtlantic Bancorp and BB&T Corporation entered into an amendment to their November 1, 2011 Stock Purchase Agreement. Pursuant to the agreement as amended, BankAtlantic Bancorp will sell BankAtlantic to BB&T and BB&T will assume all of Bancorp's obligations following the closing with respect to approximately $285 million of outstanding Trust Preferred securities ("TruPs"). As previously disclosed, it is contemplated that prior to the sale of the Bank, the Bank will distribute to the Company membership interests in two limited liability companies. See the Form 8-K filed by the Company on March 16, 2012 detailing the terms and conditions of the amendment, the assets to be held by the limited liability companies and the transfer of membership interest in one of the entities to BB&T following its assumption of the TruPs, which will provide BB&T with interests representing a $285 million preferential return.
"While the Company had previously announced a possible rights offering of its Class A Common Stock to its shareholders, in light of the amended agreement with BB&T, the contemplated rights offering is no longer being pursued at this time.
"In connection with the closing of the transaction with BB&T, BankAtlantic Bancorp has requested decertification as a savings and loan holding company. Post closing, the Company expects to remain listed on the New York Stock Exchange, and plans to operate as an asset management company in the near term and to the extent of available funds transition into specialty finance," concluded Mr. Levan.
BankAtlantic Bancorp's Fourth Quarter and Full Year, 2011 Supplemental Financials are available at www.BankAtlanticBancorp.com. To view the financial data, access the "Investor Relations" section and click on the "Quarterly Financials" or "Supplemental Financials" navigation links. More complete information relating to BankAtlantic Bancorp and its financial results will be detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2011,which is anticipated to be filed with the Securities and Exchange Commission (the "SEC") by the end of March, 2012 and available to view on the SEC's website, www.sec.gov, or on BankAtlantic Bancorp's website, www.BankAtlanticBancorp.com.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, 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:
http://www.bankatlanticbancorp.com/">www.BankAtlanticBancorp.com
http://www.bankatlantic.com/">www.BankAtlantic.com
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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. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and BankAtlantic and their operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, 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 maintaining required capital levels and that failing to comply with regulatory mandates will result in the imposition of additional regulatory requirements and/or fines; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the 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 impact of the recent amended agreement between BankAtlantic Bancorp and BB&T that involve a number of risks and uncertainties including, but not limited to, the following: that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all; that BankAtlantic 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 described in this press release may not be monetized at the values currently ascribed to them. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the 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.