BankAtlantic Bancorp Reports Strong First Quarter 1995 Performance

Strategic Insights -

BankAtlantic Bancorp, Inc., the holding company for Fort Lauderdale, Florida-based BankAtlantic, reported significant financial growth in the first quarter of 1995. The company's net income for the quarter was $4.38 million, a 2.3% increase from the same quarter in 1994. This growth was driven by the acquisition of Miami-based Mega Bank, which added $152 million in assets and five new banking offices to BankAtlantic's Dade County operations. The company's return on average assets was 1.05% and return on average equity was 16.12% for the quarter.

Key Takeaways:

  • Net income for the first quarter of 1995 was $4.38 million, a 2.3% increase from the same quarter in 1994.
  • The acquisition of Mega Bank added $152 million in assets and five new banking offices to BankAtlantic's Dade County operations.
  • Return on average assets was 1.05% and return on average equity was 16.12% for the quarter.
  • Book value per common share increased 15.74% to $14.93 at March 31, 1995, compared to $12.90 at the comparable date in 1994.
  • Total stockholders' equity increased 15.07% to $110.19 million on March 31, 1995, compared to the year-ago quarter-end balance of $95.76 million.
  • Loans receivable, net grew 43.92% to $698.32 million at March 31, 1995, compared to $485.21 million at the comparable date in 1994.
  • Non-performing assets to total assets reduced to 1.30% at March 31, 1995, compared to 1.47% at the same time a year previous.
  • Deposits grew to $1.21 billion at March 31, 1995, versus $1.08 billion at the comparable date a year earlier.
  • Net-interest income after provision was $14.62 million for the quarter ended March 31, 1995, compared to $13.63 million for the same period a year earlier.
  • Non-interest income increased to $3.98 million in the quarter ended March 31, 1995, versus $3.41 million for the comparable three month period in 1994.
  • The company has forged ties with two non-traditional banking partners: Wal-Mart Stores and Carnival Cruise Lines.

Statistics:

  • $4.38 million: net income for the first quarter of 1995
  • 2.3%: increase in net income from the same quarter in 1994
  • 1.05%: return on average assets for the quarter
  • 16.12%: return on average equity for the quarter
  • 15.74%: increase in book value per common share from March 31, 1994 to March 31, 1995
  • 15.07%: increase in total stockholders' equity from March 31, 1994 to March 31, 1995
  • $152 million: assets added from the acquisition of Mega Bank
  • 5: number of new banking offices added to BankAtlantic's Dade County operations
  • $698.32 million: loans receivable, net at March 31, 1995
  • 43.92%: increase in loans receivable, net from March 31, 1994 to March 31, 1995
  • 1.30%: non-performing assets to total assets at March 31, 1995
  • $1.21 billion: deposits at March 31, 1995
  • 1.08 billion: deposits at March 31, 1994
  • $14.62 million: net-interest income after provision for the quarter ended March 31, 1995
  • $13.63 million: net-interest income after provision for the same period a year earlier
  • $3.98 million: non-interest income for the quarter ended March 31, 1995
  • $3.41 million: non-interest income for the comparable three month period in 1994

Sources:

  • "BankAtlantic Bancorp Reports First Quarter Earnings," PRNewswire, April 26, 1995.
  • /CONTACT: David Finkelman, Corporate Communications, BankAtlantic Bancorp, 305-760-5317/
  • (BANC) CO: BankAtlantic Bancorp, Inc. ST: Florida IN: FIN SU: ERN AD-RK -- FL018 -- 1295 04/26/95 12:32 EDT