BankAtlantic Bancorp Reports Financial Results
for the First Quarter, 2010
May 04, 2010 04:08 PM Eastern Daylight Time
FORT LAUDERDALE, Fla.--(EON: Enhanced Online News)--BankAtlantic Bancorp, Inc. (NYSE: BBX) today
reported a net loss from continuing operations of ($20.5) million, or ($0.42) per diluted share, for the quarter ended
March 31, 2010, compared to a net loss from continuing operations of ($52.5) million, or ($1.07) per diluted share,
for the quarter ended December 31, 2009, and a net loss from continuing operations of ($46.6) million, or ($3.09)
per diluted share, for the quarter ended March 31, 2009.
BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “The current quarter’s
results continue to reflect losses associated with our real estate related loan portfolios, especially in the commercial
real estate sector. The decreased loss compared to the fourth quarter of 2009 resulted primarily from lower loan loss
provisions and lower non-interest expense in the first quarter of 2010, partially offset by a net tax benefit in the fourth
quarter of 2009 resulting from the enactment of favorable tax legislation in that quarter relating to the use of net
operating losses. The decreased loss compared to the first quarter of 2009 resulted largely from lower loan loss
provisions and lower non-interest expense in the first quarter of 2010.
Highlights of the BankAtlantic Operating Segment:
“BankAtlantic’s capital ratios at March 31, 2010 were:
l Total risk-based capital of 12.86%.
l Tier 1 risk-based capital of 10.90%.
l Core capital of 7.51%.
Deposits and Borrowings–BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “Core (1) and
total deposits at March 31, 2010 were $2.8 billion and $4.0 billion, respectively, with the following characteristics:
l “Non-certificate of deposit balances represented approximately 79.3% of total deposits;
l “The average cost of core deposits and tot