Attached files
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| 8-K - 8-K - BBX CAPITAL CORP | bbx-20120814x8k.htm |
BBX Capital Corporation Reports Financial Results
For the Second Quarter, 2012
FORT LAUDERDALE, Florida – August 14, 2012 – BBX Capital Corporation (“BBX Capital” and/or the “Company”) (NYSE: BBX), formerly BankAtlantic Bancorp, today reported a net loss of ($12.3) million, or ($0.78) per diluted share, for the quarter ended June 30, 2012, versus net income of $23.4 million, or $1.77 per diluted share, for the quarter ended June 30, 2011.
The Company reported a net loss from continuing operations of ($8.4) million, or ($0.53) per diluted share, for the quarter ended June 30, 2012, versus a net loss from continuing operations of ($17.7) million, or ($1.38) per diluted share, for the quarter ended June 30, 2011.
Included in net income for the quarter ended June 30, 2011 was a one-time net gain of $38.7 million related to the sale by BankAtlantic, the banking subsidiary previously owned by the Company, of its Tampa branches and deposits in June 2011.
BBX Capital’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “The second quarter of 2012 financial results reflect the final quarter of the Company’s ownership of BankAtlantic. As previously announced, on July 31, 2012, the Company and BB&T Corporation completed the sale of BankAtlantic to BB&T. As a result, BBX Capital anticipates recording a gain of approximately $307 million related to the sale transaction, subject to adjustment based on final post-closing reconciliation procedures in accordance with the terms of the agreement,1” concluded Mr. Levan.
BBX Capital also announced that Seth M. Wise was recently appointed to serve as Executive Vice President of BBX Capital, as well as President of BBX Capital Asset Management, LLC and a member of the Board of Florida Asset Resolution Group, LLC, the entities which hold the assets which remained consolidated in BBX Capital after the BankAtlantic and BB&T transaction. Mr. Wise, age 42, also serves as Executive Vice President of BFC Financial Corporation and as a member of BFC’s Board of Directors.
______________________________
BBX Capital’s Second Quarter 2012 Supplemental Financials1 are available at www.BBXCapital.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 BBX Capital and its financial results is available in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and is available to view on the SEC's website, www.sec.gov, or on BBX Capital’s website, www.BBXCapital.com .
______________________________
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) is an asset management, real estate investment and specialty finance company. BBX Capital Corporation previously operated as a Savings and Loan Holding Company (“SLHC”) under the name BankAtlantic Bancorp, Inc. On July 31, 2012, BankAtlantic Bancorp sold its wholly-owned financial institution, BankAtlantic, to BB&T, and as a result, has requested to be deregistered as a SLHC. Such deregistration remains pending with the Federal Reserve.
For further information please visit our website:
www.BBXCapital.com
BBX Capital Contact Info:
Leo Hinkley: 954- 940-5300
Sharon Lyn: 954-940-6383
Email:
# # #
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. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services, including the impact of a continued or deepening recession, decreases in real estate values, and increased unemployment or sustained high unemployment rates on the ability of our borrowers to service their obligations 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; the impact of and expenses associated with litigation including but not limited to litigation brought by the SEC; the value of the assets held by BBX Capital following the sale of BankAtlantic may not be monetized at the values currently ascribed to them; the scope and success of our future business plans may not be realized as anticipated, if at all; and that BBX Capital’s shareholders may not realize the anticipated benefits of the BankAtlantic sale transaction. 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. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by BBX Capital with the Securities and Exchange Commission, including
BankAtlantic Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011, and BBX Capital’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. The Company cautions that the foregoing factors are not exclusive.
BBX CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL OPERATIONS - UNAUDITED
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
(In thousands, except share data) |
|
2012 |
|
2011 |
|
ASSETS |
|
|
|
|
|
Cash and interest bearing deposits in other banks |
$ |
1,193,958 |
|
770,292 |
|
Securities available for sale, at fair value |
|
26 |
|
46,435 |
|
Tax certificates, net of allowance of $3,519 and $7,488 |
|
5,293 |
|
46,488 |
|
Loans held for sale |
|
47,029 |
|
55,601 |
|
Loans receivable, net of allowance for loan losses of |
|
|
|
|
|
$7,153 and $129,887 |
|
355,794 |
|
2,448,203 |
|
Accrued interest receivable |
|
1,862 |
|
18,432 |
|
Real estate owned |
|
86,195 |
|
87,174 |
|
Investments in unconsolidated companies |
|
10,345 |
|
10,106 |
|
Office properties and equipment, net |
|
2,127 |
|
139,165 |
|
Other assets |
|
645 |
|
8,221 |
|
Assets held for sale |
|
2,126,282 |
|
- |
|
Federal Home Loan Bank stock |
|
- |
|
18,308 |
|
Real estate held for sale |
|
2,374 |
|
3,898 |
|
Goodwill |
|
- |
|
13,081 |
|
Prepaid FDIC deposit insurance assessment |
|
- |
|
12,715 |
|
Total assets |
$ |
3,831,930 |
|
3,678,119 |
|
LIABILITIES AND (DEFICIT) EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Deposits |
|
|
|
|
|
Interest bearing deposits |
$ |
- |
|
2,433,226 |
|
Non-interest bearing deposits |
|
- |
|
846,857 |
|
Deposits held for sale |
|
3,450,529 |
|
- |
|
Total deposits |
|
3,450,529 |
|
3,280,083 |
|
Subordinated debentures |
|
- |
|
22,000 |
|
Junior subordinated debentures |
|
345,092 |
|
337,114 |
|
Other liabilities |
|
21,718 |
|
55,848 |
|
Liabilities held for sale |
|
58,347 |
|
- |
|
Total liabilities |
|
3,875,686 |
|
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 15,505,064 and 12,319,069 shares |
|
155 |
|
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 |
|
330,263 |
|
329,995 |
|
Accumulated deficit |
|
(353,207) |
|
(326,692) |
|
Accumulated other comprehensive loss |
|
(20,969) |
|
(20,385) |
|
Total deficit |
|
(43,756) |
|
(16,926) |
|
Total liabilities and deficit |
$ |
3,831,930 |
|
3,678,119 |
BBX CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data) |
|
For the Three Months |
|
For the Six Months |
||||
|
|
|
Ended June 30, |
|
Ended June 30, |
||||
|
Interest income: |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
Interest and fees on loans |
$ |
7,287 |
|
11,166 |
|
15,622 |
|
22,968 |
|
Interest and dividends on taxable securities |
|
- |
|
1 |
|
- |
|
37 |
|
Total interest income |
|
7,287 |
|
11,167 |
|
15,622 |
|
23,005 |
|
Interest on subordinated debentures |
|
4,126 |
|
3,854 |
|
8,293 |
|
7,638 |
|
Net interest income |
|
3,161 |
|
7,313 |
|
7,329 |
|
15,367 |
|
(Recovery from) provision for loan losses |
|
(627) |
|
4,313 |
|
(1,392) |
|
11,140 |
|
Net interest income after |
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
3,788 |
|
3,000 |
|
8,721 |
|
4,227 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
Income from unconsolidated companies |
|
119 |
|
432 |
|
239 |
|
813 |
|
Securities activities, net |
|
- |
|
(1,500) |
|
- |
|
(1,500) |
|
Gain (loss) on sale of loans |
|
- |
|
10 |
|
3 |
|
(89) |
|
Other |
|
12 |
|
6 |
|
96 |
|
19 |
|
Total non-interest income |
|
131 |
|
(1,052) |
|
338 |
|
(757) |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
4,269 |
|
6,303 |
|
9,528 |
|
11,826 |
|
Occupancy and equipment |
|
1,691 |
|
2,692 |
|
3,859 |
|
5,736 |
|
Advertising and promotion |
|
130 |
|
145 |
|
283 |
|
258 |
|
Professional fees |
|
3,239 |
|
658 |
|
9,436 |
|
2,786 |
|
Impairment, restructuring and exit activities |
|
824 |
|
6,580 |
|
2,828 |
|
8,896 |
|
Other |
|
2,126 |
|
3,276 |
|
4,656 |
|
5,874 |
|
Total non-interest expense |
|
12,279 |
|
19,654 |
|
30,590 |
|
35,376 |
|
Loss from continuing operations |
|
|
|
|
|
|
|
|
|
before income taxes |
|
(8,360) |
|
(17,706) |
|
(21,531) |
|
(31,906) |
|
Provision for income taxes |
|
- |
|
- |
|
- |
|
- |
|
Loss from continuing operations |
|
(8,360) |
|
(17,706) |
|
(21,531) |
|
(31,906) |
|
(Loss) income from discontinued operations |
|
(3,947) |
|
41,107 |
|
(4,984) |
|
32,420 |
|
Net (loss) income |
|
(12,307) |
|
23,401 |
|
(26,515) |
|
514 |
|
Less: net income attributable to |
|
|
|
|
|
|
|
|
|
non-controlling interest |
|
- |
|
(290) |
|
- |
|
(585) |
|
Net (loss) income attributable to |
|
|
|
|
|
|
|
|
|
BBX Capital Corporation |
$ |
(12,307) |
|
23,111 |
|
(26,515) |
|
(71) |
|
Basic loss per share |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.53) |
|
(1.38) |
|
(1.37) |
|
(2.54) |
|
Discontinued operations |
|
(0.25) |
|
3.15 |
|
(0.32) |
|
2.53 |
|
Basic loss per share |
$ |
(0.78) |
|
1.77 |
|
(1.69) |
|
(0.01) |
|
Diluted loss per share |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.53) |
|
(1.38) |
|
(1.37) |
|
(2.54) |
|
Discontinued operations |
|
(0.25) |
|
3.15 |
|
(0.32) |
|
2.53 |
|
Diluted loss per share |
$ |
(0.78) |
|
1.77 |
|
(1.69) |
|
(0.01) |
|
Basic weighted average number |
|
|
|
|
|
|
|
|
|
of common shares outstanding |
|
15,700,108 |
|
13,059,344 |
|
15,679,683 |
|
12,803,498 |
|
Diluted weighted average number |
|
|
|
|
|
|
|
|
|
of common and common |
|
|
|
|
|
|
|
|
|
equivalent shares outstanding |
|
15,700,108 |
|
13,059,344 |
|
15,679,683 |
|
12,803,498 |