BankAtlantic Bancorp Announces Capital and Credit Statistics for the Third Quarter, 2008

  
    
  
  
    
      BankAtlantic Bancorp (NYSE:BBX) today announced preliminary information 
      on credit quality and BankAtlantic’s 
      regulatory capital position for the quarter ending September 30, 2008.
    
    
      BankAtlantic Bancorp’s Chairman and Chief 
      Executive Officer, Alan B. Levan, commented, “In 
      this period of uncertainty and extraordinary times, we thought it would 
      be appropriate to break from our long standing practice of not 
      pre-announcing expected results by providing certain preliminary 
      financial information for the third quarter. While these results are 
      preliminary, we are extremely pleased with the quarter’s 
      early results and the favorable trends we have seen over the last nine 
      months. Charge-offs are down, capital remains strong, and there has been 
      no material increase in commercial real estate non-accrual loan 
      balances. As we have indicated previously, BankAtlantic expects to 
      emerge from this economic cycle a stronger, leaner and more profitable 
      company. BankAtlantic Bancorp plans to announce its third quarter 
      financial results on October 28, 2008.
    
    
      “Specific highlights at BankAtlantic include:
    
    
      
        “BankAtlantic expects to report a Tier 1 
        capital ratio of 9.98% at September 30, 2008. BankAtlantic continues 
        to exceed all regulatory ‘well capitalized’ 
        thresholds, with its capital ratios for the third quarter 2008 
        expected to be consistent with those reported for the second quarter 
        2008. (See detail in chart below.)
      
      
        “Estimated BankAtlantic third quarter net 
        charge-offs of approximately $14.9 million are 68% and 35% better than 
        the first and second quarters of 2008, respectively. The Commercial 
        Real Estate charge-offs in the third quarter amounted to $5.0 million, 
        the majority of which related to one loan. (See detail in chart below.)
      
      
        “Total delinquencies, excluding non-accrual 
        loans and certain Commercial Real Estate renewals in process, 
        increased only 8 basis points from the second quarter 2008. 
        Delinquencies in the Commercial Real Estate and Small Business 
        portfolios remained flat, and improved 37 basis points in the Consumer 
        portfolio. The Purchased Residential portfolio delinquencies, 
        excluding non-accrual loans, increased 29 basis points to 0.73% during 
        the quarter. However, given the favorable loan to values and low loss 
        history for this portfolio, it remains a strong performing portfolio 
        for us. (See detail in chart below.)
      
      
        “Total non-accrual loans increased 
        approximately $12 million compared to the second quarter of 2008, in 
        part due to backlogs in foreclosure activity in the residential 
        portfolio. Commercial Real Estate non-accrual loan balances remained 
        relatively flat from the prior quarter. (See detail in chart below.)
      
      
        “The provision for loan losses at 
        BankAtlantic is anticipated to be approximately $23 million for the 
        2008 third quarter, significantly lower than the provisions of $38 
        million for the second quarter of 2008 and $49 million for the third 
        quarter 2007. BankAtlantic’s allowance for 
        loan losses is expected to increase to $106.4 million at September 30, 
        2008, representing 2.40% of total loans, compared to 2.21% at June 30, 
        2008 and 1.97% at September 30, 2007. The ratio of the allowance to 
        non-accrual loans at September 30, 2008 is expected to be 118.6%.
      
      
        “BankAtlantic’s 
        lending practices have never included subprime, option-arm, negative 
        amortization or similar products. In addition, BankAtlantic’s 
        investment portfolio does not include commercial paper, collateralized 
        debt obligations, structured investment vehicles, Fannie Mae or 
        Freddie Mac equity or debt securities, credit default swaps or 
        investments in recently acquired or failed institutions.
      
    
    
      Third Quarter, 2008 Preliminary 
      Capital and Credit Highlights:
    
    
      Capital Ratios (BankAtlantic)
    
    
      
        
          Capital Ratios
        
        
           
        
        
          
            9/30/2008 (a)
          
        
        
           
        
        
          6/30/2008
        
        
           
        
        
          3/31/2008
        
        
           
        
        
          12/31/2007
        
        
           
        
        
          9/30/2007
        
      
      
        
          Total Risk-Based
        
        
           
        
        
          11.78%
        
        
           
        
        
          11.77%
        
        
           
        
        
          11.83%
        
        
           
        
        
          11.63%
        
        
           
        
        
          11.93%
        
      
      
        
          Tier 1 Risk-Based
        
        
           
        
        
          9.98%
        
        
           
        
        
          9.99%
        
        
           
        
        
          10.04%
        
        
           
        
        
          9.85%
        
        
           
        
        
          10.17%
        
      
      
        
          Core
        
        
           
        
        
          6.93%
        
        
           
        
        
          6.82%
        
        
           
        
        
          6.87%
        
        
           
        
        
          6.94%
        
        
           
        
        
          7.20%
        
      
    
    
      Net Charge-offs, for the three-months ended:
    
    
      
        
          ($ in thousands)
        
        
          
            9/30/2008 (a)
          
        
        
           
        
        
          6/30/2008
        
        
           
        
        
          3/31/2008
        
        
           
        
        
          12/31/2007
        
        
           
        
        
          9/30/2007
        
      
      
        
          Commercial Real Estate
        
        
          $4,965
        
        
           
        
        
          $14,501
        
        
           
        
        
          $40,591
        
        
           
        
        
          $3,118
        
        
           
        
        
          $9,444
        
      
      
        
          Consumer
        
        
          7,621
        
        
           
        
        
          7,095
        
        
           
        
        
          4,748
        
        
           
        
        
          4,045
        
        
           
        
        
          1,569
        
      
      
        
          Small Business
        
        
          1,334
        
        
           
        
        
          345
        
        
           
        
        
          1,135
        
        
           
        
        
          449
        
        
           
        
        
          358
        
      
      
        
          Purchased Residential
        
        
          753
        
        
           
        
        
          761
        
        
           
        
        
          584
        
        
           
        
        
          216
        
        
           
        
        
          0
        
      
      
        
          CRA Residential
        
        
          249
        
        
           
        
        
          74
        
        
           
        
        
          40
        
        
           
        
        
          39
        
        
           
        
        
          3
        
      
      
        
          Corporate
        
        
          (9)
        
        
           
        
        
          (3)
        
        
           
        
        
          (26)
        
        
           
        
        
          (14)
        
        
           
        
        
          (29)
        
      
      
        
          Total BankAtlantic
        
        
          $14,913
        
        
           
        
        
          $22,773
        
        
           
        
        
          $47,072
        
        
           
        
        
          $7,853
        
        
           
        
        
          $11,345
        
      
      
        
          Parent-Workout Sub (1)
        
        
          8,290
        
        
           
        
        
          8,184
        
        
           
        
        
          na
        
        
           
        
        
          na
        
        
           
        
        
          na
        
      
      
        
          Consolidated Total
        
        
          $23,203
        
        
           
        
        
          $30,957
        
        
           
        
        
          $47,072
        
        
           
        
        
          $7,853
        
        
           
        
        
          $11,345
        
      
      
        
          
            (a)Preliminary Information
          
        
      
    
    
      Non-accrual loans, at period-end:
    
    
      
        
          ($ in thousands)
        
        
           
        
        
          
            9/30/2008 (a)
          
        
        
           
        
        
          6/30/2008
        
        
           
        
        
          3/31/2008
        
        
           
        
        
          12/31/2007
        
        
           
        
        
          9/30/2007
        
      
      
        
          Commercial Real Estate
        
        
           
        
        
          $56,419
        
        
           
        
        
          $54,033
        
        
           
        
        
          $35,381
        
        
           
        
        
          $159,278
        
        
           
        
        
          $156,299
        
      
      
        
          Consumer
        
        
           
        
        
          5,867
        
        
           
        
        
          4,495
        
        
           
        
        
          4,374
        
        
           
        
        
          3,218
        
        
           
        
        
          3,205
        
      
      
        
          Small Business
        
        
           
        
        
          3,911
        
        
           
        
        
          1,165
        
        
           
        
        
          893
        
        
           
        
        
          883
        
        
           
        
        
          533
        
      
      
        
          Purchased Residential
        
        
           
        
        
          21,266
        
        
           
        
        
          16,721
        
        
           
        
        
          13,236
        
        
           
        
        
          6,895
        
        
           
        
        
          4,113
        
      
      
        
          CRA Residential
        
        
           
        
        
          2,279
        
        
           
        
        
          1,487
        
        
           
        
        
          1,906
        
        
           
        
        
          1,783
        
        
           
        
        
          1,219
        
      
      
        
          Corporate
        
        
           
        
        
          0
        
        
           
        
        
          0
        
        
           
        
        
          0
        
        
           
        
        
          6,534
        
        
           
        
        
          0
        
      
      
        
          Total BankAtlantic
        
        
           
        
        
          $89,742
        
        
           
        
        
          $77,901
        
        
           
        
        
          $55,790
        
        
           
        
        
          $178,591
        
        
           
        
        
          $165,369
        
      
      
        
          Parent-Workout Sub (1)
        
        
           
        
        
          82,059
        
        
           
        
        
          90,412
        
        
           
        
        
          101,493
        
        
           
        
        
          na
        
        
           
        
        
          na
        
      
      
        
          Consolidated Total
        
        
           
        
        
          $171,801
        
        
           
        
        
          $168,313
        
        
           
        
        
          $157,283
        
        
           
        
        
          $178,591
        
        
           
        
        
          $165,369
        
      
      
        
          
            (a) Preliminary Information
          
        
      
    
    
      Delinquencies, excluding non-accrual loans, at period-end:
    
    
      
        
          Loan Principal Balances at 9/30/08 

          
            ($ in thousands)
          
        
        
           
        
        
           
        
        
           
        
        
          
            9/30/2008 (a)
          
        
        
           
        
        
          6/30/2008
        
        
           
        
        
          3/31/2008
        
        
           
        
        
          12/31/2007
        
        
           
        
        
          9/30/2007
        
      
      
        
          $1,232,490
        
        
           
        
        
          Commercial Real Estate
        
        
           
        
        
          0.41% (2)
        
        
           
        
        
          0.42%
        
        
           
        
        
          1.97%
        
        
           
        
        
          0.00%
        
        
           
        
        
          0.43%
        
      
      
        
          721,218
        
        
           
        
        
          Consumer
        
        
           
        
        
          1.17%
        
        
           
        
        
          1.54%
        
        
           
        
        
          1.14%
        
        
           
        
        
          1.08%
        
        
           
        
        
          0.90%
        
      
      
        
          321,941
        
        
           
        
        
          Small Business
        
        
           
        
        
          0.95%
        
        
           
        
        
          0.93%
        
        
           
        
        
          0.49%
        
        
           
        
        
          0.14%
        
        
           
        
        
          0.31%
        
      
      
        
          1,924,301
        
        
           
        
        
          Purchased Residential
        
        
           
        
        
          0.73%
        
        
           
        
        
          0.44%
        
        
           
        
        
          0.52%
        
        
           
        
        
          0.43%
        
        
           
        
        
          0.30%
        
      
      
        
          64,022
        
        
           
        
        
          CRA Residential
        
        
           
        
        
          2.57%
        
        
           
        
        
          1.55%
        
        
           
        
        
          0.93%
        
        
           
        
        
          2.54%
        
        
           
        
        
          2.10%
        
      
      
        
          154,157
        
        
           
        
        
          Corporate
        
        
           
        
        
          0.00%
        
        
           
        
        
          0.00%
        
        
           
        
        
          0.00%
        
        
           
        
        
          1.03%
        
        
           
        
        
          0.43%
        
      
      
        
          $4,418,129
        
        
           
        
        
          Total BankAtlantic
        
        
           
        
        
          0.73% (2)
        
        
           
        
        
          0.65%
        
        
           
        
        
          0.98%
        
        
           
        
        
          0.43%
        
        
           
        
        
          0.45%
        
      
    
    
      
        
          (1) BankAtlantic transferred $101.5 million of non-performing loans 
          to the Parent Company workout subsidiary on March 31, 2008.
        
        
          
             
          
        
      
      
        
          
            (2) Excludes $26 million of CRE loans that had matured and 
            approved for renewal or forbearance at 9/30/08 but were not fully 
            documented at that time. Including these loans, CRE delinquencies 
            were 2.52% and Total BankAtlantic delinquencies were 1.31% at 
            9/30/2008.
          
        
      
      
        
          
            (a) Preliminary Information
          
        
      
    
    
      “Since 1952, BankAtlantic has been Florida’s 
      community bank, serving and growing with our customers and their 
      families, our neighborhoods, and businesses large and small. While we 
      clearly live in extraordinary times, we have been through economic 
      cycles before, and each time emerged a more efficient, more profitable 
      company. We believe the early results and favorable trends are a clear 
      indication of our momentum and our deep commitment to strengthening 
      BankAtlantic’s core operating performance,” 
      concluded Alan B. Levan.
    
    
      BankAtlantic Bancorp plans to release its financial results for the 
      third quarter, 2008 in a press release to be issued after the market 
      closes on Tuesday, October 28, 2008. BankAtlantic Bancorp will host an 
      investor and media teleconference call and webcast on Wednesday, October 
      29, 2008 at 11:00 a.m. (Eastern Time).
    
    
      Teleconference Call Information:
    
    
      To access the teleconference call in the U.S. and Canada, the toll free 
      number to call is 1-800-968-8156. International calls may be placed to 
      706-634-5752. Domestic and international callers may reference PIN number 
      67268597.
    
    
      A replay of the conference call will be available beginning two hours 
      after the call’s completion through 5:00 p.m. 
      Eastern Time, Friday, November 14, 2008. To access the replay option in 
      the U.S. and Canada, the toll free number to call is 1-800-642-1687. 
      International calls for the replay may be placed at 706-645-9291. The 
      replay digital PIN number for both domestic and international calls is 67268597.
    
    
      Webcast Information:
    
    
      Alternatively, individuals may listen to the live and/or archived 
      webcast of the teleconference call. To listen to the webcast, visit www.BankAtlanticBancorp.com, 
      access the “Investor Relations” 
      section and click on the “Webcast” 
      navigation link, or go directly to http://www.visualwebcaster.com/event.asp?id=51813. 
      The archive of the teleconference call will be available through 5:00 
      p.m. Eastern Time, Friday, November 14, 2008.
    
    
      BankAtlantic Bancorp’s third quarter, 2008 
      financial results press release and financial summary, as well as the 
      Supplemental Financials (a detailed summary of significant financial 
      events and extensive business segment financial data), will be available 
      on its website at: www.BankAtlanticBancorp.com.
    
    
      
        To view the financial summary, access the “Investor 
        Relations” section and click on the “Quarterly 
        Financials” navigation link.
      
      
        To view the Supplemental Financials, access the “Investor 
        Relations” section and click on the “Supplemental 
        Financials” navigation link.
      
    
    
      Copies of BankAtlantic Bancorp’s third 
      quarter, 2008 financial results press release and financial summary, and 
      the Supplemental Financials will also be made available upon request via 
      fax, email, or postal service mail. To request a copy, contact 
      BankAtlantic Bancorp's Investor Relations department using the contact 
      information listed below.
    
    
      About BankAtlantic Bancorp:
    
    
      BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent 
      company of BankAtlantic. For further information visit www.BankAtlanticBancorp.com
    
    
      BankAtlantic Bancorp Contact Info:
    
    
      Donna Rouzeau,
    
    
      Assistant Vice President, Investor Relations & Corporate Communications
    
    
      Email: [e-mail]
    
    
      Leo Hinkley,
    
    
      Senior Vice President, Investor Relations Officer
    
    
      Email: [e-mail]
    
    
      Phone: [phone], Fax: [phone]
    
    
      About BankAtlantic:
    
    
      BankAtlantic, "Florida's Most Convenient Bank", with over $6 billion in 
      assets and more than 100 stores is one of the largest financial 
      institutions headquartered in Florida. BankAtlantic is open 7 days a 
      week and offers holiday hours, extended weekday hours, Totally Free 
      Online Banking & Bill Pay, a 7-Day Customer Service Center, Totally Free 
      Change Exchange coin counters and free retail and business checking with 
      a free gift. BankAtlantic has been serving communities throughout 
      Florida since 1952 and currently operates more than 250 conveniently 
      located ATMs. The bank has supported thousands of charitable, civic and 
      professional organizations since the inception of the BankAtlantic 
      Foundation in 1994. For further information visit www.BankAtlantic.com
    
    
      BankAtlantic, "Florida's Most 
      Convenient Bank," Contact Info:
    
    
      Public Relations:
    
    
      Hattie Hess, Vice President, Public Relations
    
    
      Telephone: [phone], Fax: [phone]
    
    
      Email: [e-mail]
    
    
      Public Relations for BankAtlantic:
    
    
      Sandra Fine, rbb Public Relations
    
    
      Telephone: [phone], Fax: [phone]
    
    
      Email: [e-mail]
    
    
      Except for historical information contained herein, the matters 
      discussed in this press release contain 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”), that involve substantial risks and 
      uncertainties. Forward-looking statements are based largely on 
      the expectations of BankAtlantic Bancorp, Inc. (“the 
      Company”) and the financial information in 
      this release are preliminary estimates and actual financial results may 
      be materially different. The forward-looking statements contained 
      in this release reflect the opinion of management as of the date of this 
      release and are qualified by, and subject to, significant accounting, 
      business, economic, competitive, legislative, regulatory, financial and 
      credit markets, and other uncertainties and contingencies, all of which 
      are difficult or impossible to predict and many of which are beyond the 
      control of the Company. Accordingly, there is no assurance that 
      the forward-looking statements or financial estimates contained in this 
      release will be realized or that actual results will not be 
      significantly different. The Company does not currently intend, 
      however, to update the guidance provided herein prior to its quarterly 
      results press release. In light of the foregoing, readers of this 
      release are cautioned not to place undue reliance on the forward-looking 
      statements contained herein. Additional information concerning 
      the potential risks and other factors that could affect the Company's 
      future performance are described in the Company's periodic reports filed 
      with the Securities and Exchange Commission (“SEC”), 
      and may be viewed free of charge on the SEC's website, www.sec.gov, 
      or on the Company's website, www.BankAtlanticBancorp.com.