8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 22, 2009

BankAtlantic Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Florida	001-13133	65-0507804
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2100 West Cypress Creek Road
Ft. Lauderdale, Florida	33309
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 954-940-5000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 2.02. Results of Operations and Financial Condition

     The information in this item (including Exhibit 99.1) is being furnished pursuant to Items 2.02 and 9.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. On October 22, 2009, BankAtlantic Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2009, a copy of which is included herein as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

99.1 Press Release dated October 22, 2009

Signature

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2009

BANKATLANTIC BANCORP, INC.
By:	/s/ Valerie C. Toalson
	Valerie C. Toalson
	Executive Vice President - - Chief Financial Officer

EX-99.1

Exhibit 99.1

BankAtlantic Bancorp Reports Financial Results
For the Third Quarter, 2009

— BankAtlantic’s core deposits ⁽¹⁾ reached $2.5 billion, exceeding previous record levels—

— BankAtlantic’s regulatory capital ratios increased to

13.5% for total risk-based capital and 11.6% for Tier 1 risk-based capital —

FORT LAUDERDALE, Florida – October 22, 2009 –BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported a net loss from continuing operations of ($52.1) million, or ($3.45) per diluted share for the quarter ended September 30, 2009, compared to a net loss from continuing operations of ($38.4) million, or ($2.54) per diluted share for the quarter ended June 30, 2009, and a net loss from continuing operations of ($11.0) million, or ($0.73) per diluted share for the quarter ended September 30, 2008.

          The increased loss was primarily the result of a higher loan loss provision in the current quarter at both BankAtlantic and the Parent company, and to a lesser extent, when compared to the 2008 third quarter, the elimination of tax benefits (due to a full deferred tax allowance since the fourth quarter of 2008).

          BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan commented, “We welcome the news from economists that the current recession may now be easing. However, the present environment continues to be extraordinarily demanding and presents challenges for both our customers and our industry. As we address these challenges, our management team remains dedicated to navigating through the current challenges and focusing on long-term strategies.  These strategies include continuing to build our low-cost deposits, improving efficiency in our operations, de-leveraging our balance sheet, maintaining appropriate

⁽¹⁾ Core deposits is a term that we use to refer to Demand, NOW and Savings accounts. A reconciliation of core deposits to total deposits is included in BankAtlantic Bancorp’s Third Quarter 2009 Supplemental Financials 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.

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levels of capital, implementing strategies for diversifying our loan portfolio, and, above all, growing and building strong customer relationships. We believe the foundation provided by these long-term efforts will position BankAtlantic well in a post-recessionary environment.

          “During the third quarter, BankAtlantic Bancorp (“the Company’) successfully completed a rights offering, raising approximately $76 million in capital from existing shareholders. The Company chose to contribute $75 million of this new capital directly into BankAtlantic. As a result, BankAtlantic’s regulatory capital ratios are at their highest levels in the last decade. BankAtlantic’s capital ratios at September 30, 2009 were:

• Tangible capital/tangible assets of 8.4%

• Core capital of 8.3% (vs. regulatory well-capitalized level of 5%)

• Tier 1 risk-based capital of 11.6% (vs. regulatory well-capitalized level of 6%)

• Total risk-based capital of 13.5% (vs. regulatory well-capitalized level of 10%)

          “Additionally, despite the higher loan loss provision in the third quarter, we continue to be very pleased with BankAtlantic’s core business results. Highlights for the third quarter of 2009 include:

• “Core deposits have grown to record high balances, while our borrowings are at their lowest levels in nearly two decades;

• “Pre-tax core operating earnings⁽²⁾, non-interest income, non-interest expense and net interest margin all improved compared to both the 2009 second quarter and the 2008 third quarter;

• “Total non-interest expenses, including what we consider core expenses⁽³⁾, are at their lowest levels since 2005;

• “Total non-accrual loans declined slightly, including a net decrease in commercial real

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Pre-tax core operating earnings is a non-GAAP measure that we use to refer to pre-tax earnings before provision for loan losses, tax certificate provisions, debt redemption costs, FDIC special assessments and impairment, restructuring and exit activities. A reconciliation of loss from bank operations to pre-tax core operating earnings is included in BankAtlantic Bancorp’s Third Quarter 2009 Supplemental Financials 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.

(3)

Core expense is a non-GAAP measure that we use to refer to total non-interest expenses excluding tax certificate provisions, debt redemption costs, FDIC special assessments, impairments, restructuring and exit activities. A reconciliation of total expense to core expense is included in BankAtlantic Bancorp’s Third Quarter 2009

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	Supplemental Financials 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.
	estate non-performing loans; total non-performing assets were essentially flat during the quarter;
•	“Even after absorbing an increase in quarterly charge-offs, our allowance for loan losses is at the highest level in BankAtlantic’s history.

          “Our strategy throughout the last two years’ challenging economic environment has been to focus on managing credit, maintaining appropriate capital levels and improving core operating earnings. We believe our efforts have produced positive results. Deposits are up significantly. Capital ratios have increased. Margin is up, and expenses and leverage are down. We are proud of these achievements and intend to continue to focus on our fundamental strategies through the remainder of this economic cycle and to provide exceptional local service to our customers as we have for over 57 years,” concluded Alan B. Levan.

BankAtlantic Performance:

     Deposits and Liquidity— BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic’s deposit base continues to be a stable and growing funding source with core deposits exceeding last quarter’s then record levels. This accomplishment is particularly significant given the seasonality that has traditionally resulted in decreased deposits during the third quarter. This year we continued to experience growth in core deposits during the third quarter.

• “Core and total deposits at September 30, 2009 were $2.5 billion and $4.0 billion, respectively, with the following strong characteristics:

— Non-CD balances represented approximately 71.9% of total deposits;

— The average cost of core deposits and total deposits for the third quarter of 2009 was 0.37% and 0.92%, respectively; and

— Brokered deposit balances continued to decrease and now represent only 3.0% of assets.

• “During the third quarter of 2009:

— Core deposits (Demand, NOW and Savings accounts) increased $45.5 million.

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— Notwithstanding growth in core deposits, total deposits declined by $95.6 million, as core deposit growth was offset by decreases in brokered deposits of $78.0 million and decreases in other non-core deposit categories of $63.1 million.

— The cost of total deposits improved, decreasing 21 basis points.

• “Year-to-date 2009:

— Core deposits increased approximately $319.9 million.

— Total deposits increased approximately $33.1 million as the strong growth in core deposits offset net declines in non-core accounts.

          “Further, BankAtlantic continued to reduce its borrowings significantly, resulting in September 30, 2009 borrowings of $416.6 million, or 8.5% of total assets. Our organically grown low-cost deposit base, combined with low levels of brokered deposits and borrowings reflect the fundamental strength of our franchise, particularly when considering the current economic environment and competitive pressures.

• “During the third quarter of 2009, borrowings were reduced by $250.3 million, or 37.5%.

• “Since September 30, 2008, borrowings have been reduced by $1.2 billion, or 74.3%.

• “BankAtlantic’s ratio of total borrowings to deposits plus borrowings was 9.5% at September 30, 2009 compared to 14.1% at June 30, 2009 and 29.5% at September 30, 2008.

     Net Income — “BankAtlantic’s pre-tax loss was ($35.3) million for the third quarter of 2009, compared to a pre-tax loss of ($24.2) million for the second quarter of 2009 and a pre-tax loss of ($4.6) million for the third quarter of 2008. Pretax core operating earnings (as defined above) for the third quarter of 2009 improved to $23.9 million compared to $18.9 million in the second quarter of 2009, and $21.7 million in the third quarter of 2008. Loan loss and tax certificate provisions, debt redemption costs, FDIC special assessments, and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($59.2) million for the third quarter of 2009, ($43.1) million for the second quarter of 2009, and ($26.3) million for the third quarter of 2008.

     Net Interest Margin— “We have proactively de-leveraged our balance sheet and reduced assets through repayment of borrowings with funds from scheduled payments and pay downs on loans and securities, and sales of investment securities. As a result, our average earning assets

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have declined by $288.9 million from the second quarter 2009 and by $1.13 billion from the third quarter 2008. Additionally, while non-performing asset levels have not changed significantly since June 30, 2009, they have increased by $216.6 million since September 30, 2008. At the same time, in spite of these significant balance sheet pressures, BankAtlantic’s net interest margin has remained stable due in part to restructuring efforts, growth in our low-cost deposit base, and disciplined pricing.

• “Net interest income for the third quarter of 2009 was $41.5 million compared to $40.1 million during the second quarter of 2009 and $51.2 million in the third quarter of 2008.

• “Net interest margin during the third quarter of 2009 was 3.59%, a 35 basis point improvement from 3.24% during the second quarter of 2009, and a three basis point improvement from 3.56% during the third quarter of 2008.  Net interest spread during the third quarter of 2009 was 3.33%, improved by 41 basis points from 2.92% during the second quarter of 2009, and improved by 17 basis points from 3.16% during the third quarter of 2008. 

• “This significant improvement in net interest spread from the second quarter of 2009 was primarily due to lower average rates on borrowings and certificates of deposit due to scheduled maturities and repayment of higher cost borrowings. The impact of the net interest spread improvement on the net interest income and margin was partially offset by a $288.9 million decline of average earning assets during the 2009 third quarter.

• “The improvement in net interest spread from the third quarter of 2008 was largely the result of changes in the funding mix associated with growth in core deposits and the repayment of FHLB advances. The decline in net interest income and margin from the third quarter of 2008, however, was primarily due to the impact of the $1.1 billion decline in average earning assets, which served to offset the net interest spread improvements.

     Non-interest income — “Total non-interest income for the third quarter of 2009 was $35.5 million compared to $32.8 million in the second quarter of 2009, and $33.9 million for the comparable 2008 period.

          “Excluding securities gains of $4.8 million and $2.1 million in the third and second quarters of 2009, respectively, non-interest income was flat at $30.7 million in the third and

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second quarters of 2009 compared to $33.9 million during the third quarter of 2008. Service charges on deposits declined from the prior year reflecting changes in customer behavior combined with changes in our customer mix as a result of our relationship driven deposit gathering strategies.

     Non-interest expense — “Expense reduction initiatives have continued to result in cost savings. As noted above, BankAtlantic’s core and total non-interest expenses are both at their lowest quarterly levels since 2005.

• “Total expenses in the third quarter of 2009 were $60.0 million, improved from $61.1 million during the second quarter of 2009, and improved from $66.8 million in the third quarter of 2008.

• “Core expenses (as defined above) in the third quarter of 2009 were $53.1 million, improved from $54.0 million during the second quarter of 2009, and a 16.4% improvement over core expenses of $63.4 million during the third quarter of 2008.

• “Year-to-date, core expenses reflected a 16.3% improvement over the comparable nine- month period of 2008.

“Expenses not included in core expenses consisted of the following:

• “Costs associated with debt redemption of $5.4 million in the third quarter of 2009 compared to $1.4 million in the second quarter of 2009 and no costs in the third quarter of 2008. These costs were associated with the prepayment of certain FHLB borrowings as part of our balance sheet de-leveraging efforts.

• “Impairment, restructuring and exit charges of $1.7 million in the third quarter of 2009, compared to $1.8 million in the second quarter of 2009 and $0.5 million in the third quarter of 2008. The charges in the current quarter primarily related to impairments of property held for sale based on current reduced real estate values and lease exit costs.

• “Tax certificate provision of $(0.2) million net recovery in the third quarter of 2009 compared to $1.4 million expense in the second quarter of 2009 and $2.8 million expense in the third quarter of 2008. The net recovery in the current quarter was the result of a favorable law change affecting certain out of state tax certificates.

• “FDIC special assessment charges of $2.4 million in the second quarter of 2009 compared to $0 in the third quarters of 2009 and 2008.

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Credit Risk Management:

• “The provision for loan losses in the third quarter of 2009 was $52.2 million, increasing BankAtlantic’s allowance for loan losses to $166.0 million at September 30, 2009. The provision represented 4.18% of total loans at September 30, 2009, compared to 3.79% at June 30, 2009 and 2.40% at September 30, 2008.

• “The provision for loan losses in the third quarter of 2009 primarily related to our Commercial Real Estate, Consumer and Residential Real Estate loan portfolios. These portfolios continued to experience elevated levels of delinquencies, charge-offs and non-accrual loans. In particular, the Commercial Real Estate portfolio continues to be adversely affected by declining collateral values and general economic conditions. While we are hopeful that recent indications of stabilizing residential real estate markets will result in improvements in the performance of our Residential and Consumer loan portfolios, we anticipate continued pressure over the near term on our primarily Florida-based Commercial Real Estate portfolio.

• “Third quarter 2009 net charge-offs were $43.1 million, compared to net charge-offs of $25.8 million in the second quarter of 2009, and net charge-offs of $14.9 million during the third quarter of 2008. The increase in net charge-offs was due primarily to continued declines in the value of the collateral for our non-accrual loans.

– Third quarter 2009 net charge-offs included $21.5 million in the Commercial Real Estate loan portfolio, $12.3 million in the Consumer Loan portfolio, $7.0 million in the Residential Real Estate loan portfolio and $2.2 million in the Small Business loan portfolio.

• “Total non-accrual loans were $294.9 million at September 30, 2009, reflecting a slight decrease of $0.6 million from the prior quarter, but reflecting an increase of $205.1 million from September 30, 2008. The decrease in non-accrual loans during the third quarter of 2009 included a net decrease in Commercial Real Estate non-accrual loans of $14.4 million offset by a net increase of $11.3 million in Residential Real Estate non-accrual loans and a net increase of $2.2 million in Commercial business non-accrual loans. The decline in non-accrual loans was the result of the increased charge-offs discussed above.

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• “Total non-performing assets were $328.7 million at September 30, 2009, a decrease of $90,000 from June 30, 2009, but an increase of $216.6 million from September 30, 2008.

“Other credit information for BankAtlantic’s three largest loan portfolios is further detailed below.

          Commercial Real Estate Loans – “We continue to experience losses in our $1.2 billion commercial real estate portfolio as the economic environment continues to impact our borrowers and the values of the underlying collateral.

• “Net charge-offs increased for the third quarter of 2009 to $21.5 million, compared to net charge-offs in the prior 2009 quarter of $10.5 million.

• “Delinquencies, excluding non-accrual loans, decreased to $12.5 million or 1.07% of total loans at September 30, 2009, compared to $22.8 million or 1.90% of total loans at June 30, 2009.

• “Total Commercial Real Estate non-accrual loans decreased by $14.4 million during the third quarter to $189.7 million at September 30, 2009, with increases in non-accrual loan balances offset primarily by charge-offs.

• “The allowance coverage for Commercial Real Estate loans was increased during the third quarter to 7.6% of the related portfolio primarily due to declines in underlying collateral values.

     At September 30, 2009, BankAtlantic’s Commercial Real Estate loan portfolio included the following:

• “Commercial residential land acquisition, development and construction loans consisting of:

– Builder land bank loans: Consisting of 7 loans aggregating $47.6 million, including 6 loans aggregating $46.5 million on non-accrual at September 30, 2009.

– Land acquisition and development loans: Consisting of 30 loans aggregating $189.3 million, including 9 loans aggregating $60.3 million on non-accrual at September 30, 2009.

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— Land acquisition, development and construction loans: Consisting of 6 loans aggregating $16.2 million, including 1 loan aggregating $6.7 million on non-accrual at September 30, 2009.

• “Commercial land loans: Consisting of 30 loans aggregating $109.5 million, including 6 loans aggregating $40.9 million on non-accrual at September 30, 2009.

• “All other Commercial real estate loans: Portfolio of $808.4 million, including 13 loans aggregating $35.4 million on non-accrual at September 30, 2009.

     Residential Loans — “Our Residential loan portfolio was $1.6 billion at September 30, 2009, representing 41.3% of the Bank’s total loans. The purchased residential loan portfolio (representing 95% of the total residential loan portfolio) consists of approximately 5,400 first mortgage loans secured by properties throughout the United States, the weighted average FICO score of borrowers in this portfolio was 740 at the time of origination and the original back end debt ratio, which we calculate as the ratio of total debt payments (inclusive of the fully amortizing residential loan) to income, was a weighted average of 33.6%. Standard products in this portfolio have never included subprime, negative amortizing, option-arm or ‘pick-a-payment’ loans.

• “Non-accrual balances increased during the third quarter of 2009 by $11.3 million to $76.0 million at September 30, 2009.

• “Delinquencies, excluding non-accrual loans, remained basically unchanged at $24.9 million (compared to $24.4 million at June 30, 2009); however these delinquencies as a percent of the portfolio increased to 1.52% at September 30, 2009, compared to 1.39% of the portfolio at June 30, 2009 due to reductions in the size of the portfolio at September 30, 2009.

• “Net charge-offs in the third quarter of 2009 increased to $7.0 million versus $3.6 million in the second quarter of 2009.

• “The allowance coverage for Residential loans was increased during the third quarter of 2009 to 1.45% of the related portfolio reflecting increased non-accrual balances and the decline in certain underlying collateral values.

     “We continue to expect that the delinquency levels and loss trends in the Residential portfolio will continue to mirror the broader economy and unemployment trends.

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     Consumer Loans — “Our Consumer Loan portfolio had an outstanding balance of $693.0 million at September 30, 2009. BankAtlantic does not have a credit card portfolio; home equity loans represent 98% of this Consumer portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. Approximately 24% of the loans in this portfolio are secured by first mortgages.

• “Non-accrual balances decreased slightly during the third quarter of 2009 by $0.5 million to $11.3 million at September 30, 2009.

• “Delinquencies, excluding non-accrual loans, increased to $13.7 million or 1.97% of the portfolio at September 30, 2009, compared to $9.9 million or 1.40% of the portfolio at June 30, 2009. We believe the increase in delinquencies during the quarter may have resulted in part from actions we took at the end of the second quarter 2009 to reduce credit availability on certain higher risk lines of credit.

• “Net charge-offs in the third quarter of 2009 increased to $12.3 million versus $9.0 million in the second quarter of 2009, however we believe this increase may have been primarily due to the timing of billing and charge-off cycles between the second and third quarters.

• “The allowance coverage for Consumer loans was increased during the third quarter of 2009 to 6.02% of the related portfolio reflecting increased delinquencies and the decline in certain underlying collateral values.

     “We continue to work diligently with borrowers experiencing difficulties, and continue to believe delinquency and charge-off trends in this portfolio will mirror the Florida economy, unemployment trends and declines in housing prices.

Capital

          “During the third quarter of 2009, management continued to focus on capital levels. Capital ratios at September 30, 2009 remained well above all of the regulatory defined well-capitalized thresholds. Capital ratios at September 30, 2009 were:

• Core capital 8.3% (vs. regulatory well capitalized level of 5%)

• Tier 1 risk-based capital 11.6% (vs. regulatory well capitalized level of 6%)

• Total risk-based capital 13.5% (vs. regulatory well capitalized level of 10%)

• Tangible capital/tangible assets 8.4%.

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Key activities during the third quarter of 2009 which impacted capital levels included:

• Reduced total and risk-based assets through balance sheet de-leveraging activities (primarily through repayment of borrowings with proceeds from scheduled loan and securities payments and pay downs, and sales of investment securities);

• Capital contribution of $75 million from BankAtlantic Bancorp; and

• Continued suspension of dividends from BankAtlantic.”

BankAtlantic Bancorp:

          Alan B. Levan further commented, “As noted previously, during the third quarter of 2009, BankAtlantic Bancorp completed its rights offering and received approximately $76 million of proceeds in connection with the exercise of rights by its shareholders. As a result, Bancorp issued an aggregate of approximately 38 million shares of its Class A Common Stock to participating shareholders. Upon completion of the rights offering, the Company and BankAtlantic reported that they were withdrawing their application to participate in the U.S. Treasury’s Capital Purchase Program.

          “On September 30, 2009, Bancorp contributed $75.0 million in capital to BankAtlantic. While BankAtlantic did not require this capital contribution to maintain well-capitalized levels, Bancorp continues to demonstrate its intent to support BankAtlantic. Year-to-date, Bancorp has contributed $105 million in capital to BankAtlantic.

          Asset Workout Subsidiary — “As previously discussed, during the first quarter of 2008, Bancorp formed a wholly-owned asset workout subsidiary and purchased certain non-accrual loans from BankAtlantic. These assets are no longer held by BankAtlantic, and any gain or loss associated with these assets has no impact on BankAtlantic’s operations or capital, but will be included in Bancorp’s consolidated results. These assets, as with all other assets and liabilities of Bancorp, should not be combined with those of BankAtlantic when evaluating and comparing metrics for BankAtlantic as the insured financial institution.

          “The loans held by the workout subsidiary totaled $56.8 million with specific loan reserves of $18.7 million at September 30, 2009. During the third quarter of 2009, these loans were written-down by $8.1 million and one loan totaling $2.2 million was transferred to Real

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Estate Owned. The breakdown of the non-accrual loans held by the Company’s asset workout subsidiary at September 30, 2009 was as follows:

• “Builder land bank loans: Consisting of 3 loans aggregating $15.5 million.

• “Land acquisition and development loans: Consisting of 4 loans aggregating $14.0 million.

• “Land acquisition, development and construction loans: Consisting of 7 loans aggregating $18.5 million.

• “Commercial business loans: Consisting of 3 loans aggregating $5.6 million.

     “We are hopeful that recently announced economic data are positive signs of an improved operating environment for our customers. While we must continue to be vigilant and prepared for continued economic stress, we look forward to a bright future for Florida, our customers and BankAtlantic,” concluded Alan B. Levan.

Additional detailed financial data for BankAtlantic (bank only), the Parent- BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp 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. Additionally, BankAtlantic’s financial information is provided quarterly to the OTS through Thrift Financial Reports, available to the public through the OTS and FDIC websites.

Additionally, copies of BankAtlantic Bancorp’s third quarter 2009 financial results press release and financial data are 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.

BankAtlantic Bancorp plans to host an investor and media teleconference call and webcast on Thursday, October 22, 2009, 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 should reference conference ID number 36178755.

          A replay of the conference call will be available beginning two hours after the call’s completion through 5:00 p.m. Eastern Time, Thursday, November 5, 2009. To access the replay

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option in the U.S. and Canada, the toll free number to call is (800) 642-1687. International calls for the replay may be placed at (706) 645-9291. The replay digital conference ID number for both domestic and international calls is 36178755.

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=63091. The archive of the teleconference call will be available through 5:00 p.m. Eastern Time, Monday, November 23, 2009.

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, online banking division — BankAtlantic.com, 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 with extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center and Change Exchange coin counters.

For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com

To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.

BankAtlantic Bancorp Contact Info:
Leo Hinkley, Investor and Media Relations Officer
Telephone: (954) 940-5300
Email: InvestorRelations@BankAtlanticBancorp.com

BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Media Relations:
Sharon Lyn, Vice President
Telephone: 954-940-6383, Fax: 954-940-5320
Email: CorpComm@BankAtlanticBancorp.com

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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. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (“the Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its 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 on our business generally, our regulatory capital ratios and the ability of our borrowers to service their obligations and of our customers to maintain account balances; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of our loans (including those held in the asset workout subsidiary of the Company) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in our trade area, and where our collateral is located; the quality of our real estate based loans including our residential land acquisition and development loans (including Builder land bank loans, Land acquisition and development loans and Land acquisition, development and construction loans) as well as Commercial land loans, other Commercial real estate loans, and Commercial business loans, and conditions specifically in those market sectors; the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; 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, the value of our assets and on the ability of our borrowers to service their debt obligations and maintain account balances; BankAtlantic’s seven-day banking initiatives and other initiatives not resulting in continued

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growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify their costs; the success of our expense reduction initiatives and the ability to achieve additional cost savings; and the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance, actual or estimated new account openings and growth may not be indicative of future results. 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, 2008. The Company cautions that the foregoing factors are not exclusive.

15

Supplemental Financial Information
Third Quarter 2009

Release Date: October 22, 2009

This information is preliminary, unaudited and based on data available at the time of the release.

Table of Contents	Page
Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)		2
Consolidated Statement of Financial Condition (unaudited)		3
Consolidated Statements of Operations (unaudited)		4
Consolidated Average Balance Sheet (unaudited)		5
Nonperforming Assets and Credit Quality Statistics		6
Reconciliation of GAAP Financial Measures to Non-GAAP Measures		7
BankAtlantic (Bank Operations Business Segment)
Summary of Selected Financial Data (unaudited)		8
Condensed Statements of Operations (unaudited)		9
Condensed Statements of Financial Condition (unaudited)		10
Quarterly Average Balance Sheet — Yield/Rate Analysis		11
Year-to-Date Average Balance Sheet — Yield/Rate Analysis		12
Allowance for Loan Loss and Net Charge-offs		13
Nonperforming Assets		13
Credit Statistics		13
Delinquencies, Excluding Non-Accrual Loans, at Period-End		14
Loan Provision and Allowance for Loan Losses by Portfolio		14
Reconciliation of GAAP Financial Measures to Non-GAAP Measures		15
Parent Company Business Segment
Condensed Statements of Operations (unaudited)		16
Condensed Statements of Financial Condition (unaudited)		16
Allowance for Loan Loss and Credit Quality		16

BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)

																		For the Nine
			For the Three Months Ended															Months Ended
			9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Earnings (in thousands):
Net loss from continuing operations		$		(52,089	)		(38,356	)		(46,611	)		(164,335	)		(10,982	)		(137,056	)		(54,909	)
Net loss		$		(52,589	)		(38,356	)		(42,410	)		(153,770	)		(6,063	)		(133,355	)		(48,869	)
Pre-tax core operating earnings	(note 1)	$		18,463			12,238			10,953			(2,111	)		16,323			41,654			41,994
Average Common Shares Outstanding (in thousands):
Basic				15,096			15,093			15,090			15,087			15,082			15,093			15,077
Diluted				15,096			15,093			15,090			15,087			15,082			15,093			15,077
Key Performance Ratios
Diluted loss per share from continuing operations	(note 2)	$		(3.45	)		(2.54	)		(3.09	)		(10.89	)		(0.73	)		(9.08	)		(3.64	)
Diluted loss per share	(note 2)	$		(3.48	)		(2.54	)		(2.81	)		(10.19	)		(0.40	)		(8.84	)		(3.24	)
Non-GAAP Key Performance Ratios
Return on average tangible assets from continuing operations	(note 3)	%		(4.14	)		(2.88	)		(3.24	)		(10.96	)		(0.69	)		(3.40	)		(1.17	)
Return on average tangible equity from continuing operations	(note 3)	%		(132.56	)		(80.39	)		(81.46	)		(192.00	)		(12.76	)		(95.16	)		(20.26	)
Average Balance Sheet Data (in millions):
Assets		$		5,046			5,351			5,775			6,073			6,397			5,388			6,327
Tangible assets — Non-GAAP	(note 3)	$		5,030			5,334			5,749			5,999			6,322			5,368			6,252
Loans, gross		$		4,134			4,302			4,435			4,482			4,544			4,289			4,586
Investments		$		575			705			947			1,054			1,347			741			1,226
Deposits and escrows		$		4,046			4,089			3,986			3,917			3,935			4,041			3,930
Stockholders’ equity		$		166			205			250			410			415			206			436
Tangible stockholders’ equity — Non-GAAP	(note 3)	$		157			191			229			342			344			192			361
Period End ($ in thousands)
Total loans, net		$		3,845,837			4,036,754			4,212,536			4,326,651			4,405,098
Total assets		$		4,941,189			5,261,025			5,570,760			5,814,557			6,227,884
Total stockholders’ equity		$		189,442			166,567			207,015			243,968			400,233
Class A common shares outstanding				48,245,042			10,264,106			10,259,344			10,258,057			10,254,570
Class B common shares outstanding				975,225			975,225			975,225			975,225			975,225
Book value per share		$		3.85			14.82			18.43			21.72			35.63
Tangible book value per share — Non-GAAP	(note 4)	$		3.64			13.85			17.18			20.08			29.47
High stock price for the quarter		$		6.68			4.75			5.67			11.82			15.00
Low stock price for the quarter		$		2.60			1.99			0.66			2.25			4.05
Closing stock price		$		2.90			3.86			2.01			5.80			8.20

Notes:

(1)	Pre-tax core operating earnings excludes provision for loan losses, cost associated with debt redemption, provision for tax certificates, FDIC special assessment and impairments, restructuring and exit activities. Pre-tax core operating earnings is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.
(2)	Diluted and basic loss per share are the same for all periods presented.
(3)	Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total stockholders’ equity less average goodwill, core deposit intangibles and other comprehensive income. Average tangible assets and average tangible equity are non-GAAP measures. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.
(4)	Tangible book value per share is defined as stockholders’ equity less goodwill and core deposit intangibles divided by the number of common shares outstanding. Tangible book value per share is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

2

BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)

		September 30,			December 31,
(in thousands)		2009			2008
ASSETS
Cash and cash equivalents	$		207,921			158,957
Securities available for sale (at fair value)			355,511			701,845
Investment securities (approximate fair value: $3,768 and $2,503)			2,036			2,036
Tax certificates, net of allowance of $6,881 and $6,064			138,401			213,534
Loans receivable, net of allowance for loan losses of $184,662 and $137,257			3,845,837			4,326,651
Federal Home Loan Bank stock, at cost which approximates fair value			48,751			54,607
Real estate held for development and sale			17,218			18,383
Real estate owned			37,075			19,045
Office properties and equipment, net			205,248			216,978
Goodwill and other intangible assets			16,139			26,244
Other assets			67,052			76,277
Total assets	$		4,941,189			5,814,557
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits
Demand	$		809,749			741,691
Savings			425,508			419,494
NOW			1,238,542			992,762
Money market			372,442			427,762
Certificates of deposit			1,113,238			1,344,659
Total deposits			3,959,479			3,926,368
Advances from FHLB			342,016			967,028
Securities sold under agreements to repurchase			33,437			46,084
Federal funds purchased and other short term borrowings			2,759			238,339
Subordinated debentures and bonds payable			22,738			22,864
Junior subordinated debentures			304,944			294,195
Other liabilities			86,374			75,711
Total liabilities			4,751,747			5,570,589
Stockholders’ equity:
Common stock			493			113
Additional paid-in capital			295,754			218,974
Retained (deficit) earnings			(100,969	)		32,667
Total stockholders’ equity before accumulated other comprehensive loss			195,278			251,754
Accumulated other comprehensive loss			(5,836	)		(7,786	)
Total stockholders’ equity			189,442			243,968
Total liabilities and stockholders’ equity	$		4,941,189			5,814,557

3

BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)

																	For the Nine
		For the Three Months Ended															Months Ended
(in thousands)		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
INTEREST INCOME:
Interest and fees on loans	$		45,028			47,747			49,678			56,660			60,843			142,453			190,562
Interest on securities available for sale			4,766			6,328			8,559			9,434			9,966			19,653			31,009
Interest on tax certificates			3,793			3,061			4,193			4,769			8,893			11,047			17,384
Interest and dividends on investments			161			44			179			250			1,482			384			4,448
Total interest income			53,748			57,180			62,609			71,113			81,184			173,537			243,403
INTEREST EXPENSE:
Interest on deposits			9,420			11,527			12,987			15,610			15,552			33,934			48,653
Interest on advances from FHLB			2,494			5,082			7,164			10,162			13,401			14,740			40,780
Interest on short-term borrowed funds			9			19			172			151			330			200			2,334
Interest on long-term debt			3,973			4,280			4,538			6,008			5,484			12,791			16,987
Total interest expense			15,896			20,908			24,861			31,931			34,767			61,665			108,754
NET INTEREST INCOME			37,852			36,272			37,748			39,182			46,417			111,872			134,649
Provision for loan losses			63,586			43,494			44,277			38,452			31,214			151,357			121,349
NET INTEREST INCOME AFTER PROVISION			(25,734	)		(7,222	)		(6,529	)		730			15,203			(39,485	)		13,300
NON-INTEREST INCOME:
Service charges on deposits			19,767			19,347			18,685			21,501			23,924			57,799			72,404
Other service charges and fees			7,355			8,059			7,025			7,096			7,309			22,439			21,863
Securities activities, net			4,774			693			4,440			(3,320	)		1,132			9,907			5,359
Other			3,711			3,423			2,959			2,576			2,831			10,093			10,085
Total non-interest income			35,607			31,522			33,109			27,853			35,196			100,238			109,711
NON-INTEREST EXPENSE:
Employee compensation and benefits			24,876			25,935			28,806			28,882			31,679			79,617			100,015
Occupancy and equipment			14,553			14,842			14,911			16,228			15,996			44,306			48,554
Advertising and business promotion			1,549			1,979			2,832			4,348			3,430			6,360			11,987
Professional fees			3,470			2,695			3,326			4,622			3,160			9,491			8,139
Check losses			1,146			991			844			1,854			2,094			2,981			6,913
Supplies and postage			1,035			999			1,004			1,294			1,080			3,038			3,368
Telecommunication			353			586			698			866			753			1,637			3,586
Cost associated with debt redemption			5,431			1,441			591			1,236			—			7,463			2
Provision for tax certificates			(198	)		1,414			1,486			3,641			2,838			2,702			3,645
Impairment of goodwill			—			—			9,124			48,284			—			9,124			—
Impairment, restructuring and exit activities			1,730			1,817			2,086			3,620			522			5,633			6,409
FDIC special assessment			—			2,428			—			—			—			2,428			—
Other			8,014			7,529			7,483			11,052			7,098			23,026			19,804
Total non-interest expense			61,959			62,656			73,191			125,927			68,650			197,806			212,422
Loss from continuing operations before income taxes			(52,086	)		(38,356	)		(46,611	)		(97,344	)		(18,251	)		(137,053	)		(89,411	)
Provision (benefit) for income taxes			3			—			—			66,991			(7,269	)		3			(34,502	)
Loss from continuing operations			(52,089	)		(38,356	)		(46,611	)		(164,335	)		(10,982	)		(137,056	)		(54,909	)
Discontinued operations			(500	)		—			4,201			10,565			4,919			3,701			6,040
Net loss	$		(52,589	)		(38,356	)		(42,410	)		(153,770	)		(6,063	)		(133,355	)		(48,869	)

4

BankAtlantic Bancorp, Inc. and Subsidiaries
Consolidated Average Balance Sheet (unaudited)

			For the Three Months Ended
(in thousands except percentages and per share data)			9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Loans:
Residential real estate		$		1,698,715			1,821,553			1,916,589			1,956,429			2,010,749
Commercial real estate				1,262,163			1,291,536			1,305,809			1,309,670			1,320,678
Consumer				717,473			730,988			744,371			754,709			755,050
Commercial business				140,621			141,254			146,703			138,598			135,909
Small business				314,672			316,287			321,991			322,417			322,048
Total Loans				4,133,644			4,301,618			4,435,463			4,481,823			4,544,434
Investments				575,183			704,874			947,219			1,054,126			1,346,852
Total interest earning assets				4,708,827			5,006,492			5,382,682			5,535,949			5,891,286
Goodwill and core deposit intangibles				16,297			16,618			25,971			74,166			75,029
Other non-interest earning assets				321,070			327,876			365,847			462,813			430,683
Total assets		$		5,046,194			5,350,986			5,774,500			6,072,928			6,396,998
Tangible assets — Non-GAAP	(note 3)	$		5,029,897			5,334,368			5,748,529			5,998,762			6,321,969
Deposits:
Demand deposits		$		808,817			810,006			775,982			770,152			812,505
Savings				431,516			451,122			441,278			425,256			471,270
NOW				1,237,459			1,159,531			1,047,116			958,389			955,392
Money market				392,344			412,065			421,883			461,253			557,343
Certificates of deposit				1,175,821			1,256,299			1,300,056			1,301,953			1,138,615
Total deposits				4,045,957			4,089,023			3,986,315			3,917,003			3,935,125
Short-term borrowed funds				31,905			45,433			253,317			110,080			79,503
FHLB advances				410,628			625,254			903,077			1,258,944			1,598,111
Long-term debt				324,729			320,945			317,184			319,400			320,283
Total borrowings				767,262			991,632			1,473,578			1,688,424			1,997,897
Other liabilities				66,855			65,599			65,092			57,852			48,981
Total liabilities				4,880,074			5,146,254			5,524,985			5,663,279			5,982,003
Stockholders’ equity				166,120			204,732			249,515			409,649			414,995
Total liabilities and stockholders’ equity		$		5,046,194			5,350,986			5,774,500			6,072,928			6,396,998
Other comprehensive (loss) income in stockholders’ equity				(7,356	)		(2,729	)		(5,347	)		(6,874	)		(4,184	)
Tangible stockholders’ equity — Non-GAAP	(note 3)	$		157,179			190,843			228,891			342,357			344,150
Net Interest Margin				3.23	%		2.89	%		2.78	%		2.85	%		3.16	%

5

Consolidated BankAtlantic Bancorp and Subsidiaries
Nonperforming Assets and Credit Quality Statistics

(in thousands)		As of
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Nonaccrual loans:
BankAtlantic	$		294,865			295,448			271,444			208,088			89,742
Parent- Work out Sub			53,520			64,558			74,321			79,327			82,059
Consolidated nonaccrual loans	$		348,385			360,006			345,765			287,415			171,801
Net Charge-offs:
BankAtlantic	$		(43,092	)		(25,773	)		(22,453	)		(12,633	)		(14,913	)
Parent- Work out Sub			(8,051	)		(3,898	)		(684	)		(2,699	)		(8,290	)
Consolidated charge-offs	$		(51,143	)		(29,671	)		(23,137	)		(15,332	)		(23,203	)
Loan Provision:
BankAtlantic	$		52,246			35,955			43,520			31,770			22,924
Parent- Work out Sub			11,340			7,539			757			6,682			8,290
Consolidated loan provision	$		63,586			43,494			44,277			38,452			31,214
Allowance for Loan Loss:
BankAtlantic	$		165,975			156,821			146,639			125,572			106,435
Parent- Work out Sub			18,688			15,399			11,758			11,685			7,702
Consolidated allowance for loan loss	$		184,663			172,220			158,397			137,257			114,137
Nonperforming Assets:
BankAtlantic	$		328,685			328,775			294,505			228,574			112,113
Parent- Work out Sub			59,787			68,640			74,321			79,327			82,059
Consolidated nonperforming assets	$		388,472			397,415			368,826			307,901			194,172
Consolidated Credit Quality Statistics
Allowance for loan losses to total loans	%		4.58			4.09			3.62			3.07			2.53
Allowance to nonaccrual loans	%		53.01			47.84			45.81			47.76			66.44
Provision to average loans	%		6.15			4.04			3.99			3.43			2.75
Nonperforming loans, gross to total loans	%		8.64			8.55			7.91			6.44			3.80
Nonperforming assets, gross to total loans and other assets	%		9.22			8.97			8.07			6.55			4.01

6

BankAtlantic Bancorp, Inc. and Subsidiaries
Reconciliation of GAAP Financial Measures to Non-GAAP Measures

Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of the Company’s operating results and any related trends that may be affecting the Company’s business. Management uses pre-tax core operating earnings to measure the Company’s ongoing financial performance excluding items that are unusual or that are not currently controllable by management. Management uses book value per share and tangible book value per share to enable investors to compare these measures to the quoted market price of the Company’s Class A common stock and to other companies in the industry. The return on average tangible equity and average tangible assets is used by management to measure the Company’s effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Reconciliation of loss from continuing operations before income taxes to pre-tax core operating earnings
																	For the Nine
(in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Loss from continuing operations before income taxes	$		(52,086	)		(38,356	)		(46,611	)		(97,344	)		(18,251	)		(137,053	)		(89,411	)
Costs associated with debt redemption			5,431			1,441			591			1,236			—			7,463			2
Provision for tax certificates			(198	)		1,414			1,486			3,641			2,838			2,702			3,645
Impairment of goodwill			—			—			9,124			48,284			—			9,124			—
Impairment, restructuring and exit activities			1,730			1,817			2,086			3,620			522			5,633			6,409
FDIC special assessment			—			2,428			—			—			—			2,428			—
Provision for loan losses			63,586			43,494			44,277			38,452			31,214			151,357			121,349
Non-GAAP pre-tax core operating earnings	$		18,463			12,238			10,953			(2,111	)		16,323			41,654			41,994

Reconciliation of stockholders’ equity to tangible book value per share
($ in thousands)		For the Three Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Stockholders’ equity	$		189,442			166,567			207,015			243,968			400,233
Goodwill and core deposit intangibles			(16,139	)		(16,461	)		(16,784	)		(26,244	)		(74,864	)
Other comprehensive loss			5,836			5,540			2,750			7,786			5,558
Tangible book value	$		179,139			155,646			192,981			225,510			330,927
Common shares outstanding, period end			49,220,267			11,239,331			11,234,569			11,233,282			11,229,795
Book value per share	$		3.85			14.82			18.43			21.72			35.64
Tangible book value per share — Non-GAAP	$		3.64			13.85			17.18			20.08			29.47

Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity
																	For the Nine
($ in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Net loss from continuing operations	$		(52,089	)		(38,356	)		(46,611	)		(164,335	)		(10,982	)		(137,056	)		(54,909	)
Average total assets			5,046,194			5,350,986			5,774,500			6,072,928			6,396,998			5,387,892			6,327,487
Average goodwill and core deposit intangibles			(16,297	)		(16,618	)		(25,971	)		(74,166	)		(75,029	)		(19,593	)		(75,381	)
Average tangible assets			5,029,897			5,334,368			5,748,529			5,998,762			6,321,969			5,368,299			6,252,106
Average stockholders’ equity			166,120			204,732			249,515			409,649			414,995			206,483			436,316
Average goodwill and core deposit intangibles			(16,297	)		(16,618	)		(25,971	)		(74,166	)		(75,029	)		(19,593	)		(75,381	)
Other comprehensive loss			7,356			2,729			5,347			6,874			4,184			5,151			350
Average tangible stockholders’ equity	$		157,179			190,843			228,891			342,357			344,150			192,041			361,285
Return on average assets from continuing operations			(-4.13	)%		-2.87	%		-3.23	%		-10.82	%		-0.69	%		-10.18	%		-3.47	%
Return on average tangible assets from continuing operations — Non-GAAP			-4.14	%		-2.88	%		-3.24	%		-10.96	%		-0.69	%		-10.21	%		-3.51	%
Return on average stockholders’ equity from continuing operations			-125.42	%		-74.94	%		-74.72	%		-160.46	%		-10.59	%		-265.51	%		-50.34	%
Return on average tangible assets from continuing operations — Non-GAAP			-132.56	%		-80.39	%		-81.46	%		-192.00	%		-12.76	%		-285.47	%		-60.79	%

7

BankAtlantic (Bank Operations Business Segment)
Summary of Selected Financial Data (unaudited)

																	For the Nine
(in thousands except percentages)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Statistics:
Average interest earning assets	$		4,640,967			4,929,849			5,291,754			5,436,572			5,770,265			4,951,806			5,670,172
Average interest bearing liabilities	$		3,717,691			3,992,654			4,414,439			4,571,084			4,839,138			4,039,043			4,721,230
Period end borrowings to deposits and borrowings	%		9.52			14.12			19.12			24.89			29.53			9.52			29.53
Efficiency ratio	%		77.99			83.83			96.07			162.43			78.49			85.90			81.38
Yield on interest earning assets	%		4.63			4.62			4.72			5.22			5.61			4.66			5.70
Cost of interest-bearing liabilities	%		1.30			1.70			1.90			2.30			2.45			1.65			2.64
Interest spread	%		3.33			2.92			2.82			2.92			3.16			3.01			3.06
Net interest margin	%		3.59			3.24			3.14			3.29			3.56			3.32			3.50
Non-GAAP Measures (Note 1)
Average tangible assets	$		4,959,000			5,254,284			5,648,268			5,881,742			6,187,300			5,284,659			6,092,344
Average tangible equity	$		376,006			391,404			401,665			492,366			486,523			389,597			473,584
Pre-tax core operating earnings	$		23,908			18,877			16,218			9,561			21,667			59,003			57,609
Core operating efficiency ratio	%		68.94			74.09			78.27			87.36			74.54			73.71			77.44
Return on average tangible assets	%		(2.85	)		(1.84	)		(2.87	)		(9.05	)		(0.14	)		(2.52	)		(0.73	)
Return on average tangible equity	%		(37.56	)		(24.71	)		(40.42	)		(108.06	)		(1.72	)		(34.25	)		(9.33	)
Tangible capital to tangible assets	%		8.37			7.09			7.10			6.83			7.89
Earning assets repricing at period end:
Percent of earning assets that have fixed rates	%		49			51			50			49			53
Percent of earning assets that have variable rates	%		51			49			50			51			47
One year Gap	%		6			2			(3	)		3			(2	)
Regulatory capital ratios at period end
Total risk-based capital	%		13.51			11.81			11.86			11.63			11.75
Tier I risk-based capital	%		11.60			9.93			10.01			9.80			9.95
Core capital	%		8.31			7.01			6.97			6.80			6.89

Note 1
See page 15 for a reconciliation of non-GAAP measures to GAAP financial measures.

8

BankAtlantic (Bank Operations Business Segment)
Condensed Statements of Operations (unaudited)

																	For the Nine
		For the Three Months Ended															Months Ended
(in thousands)		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Net interest income	$		41,485			40,078			41,769			44,525			51,195			123,332			149,123
Provision for loan losses			52,246			35,955			43,520			31,770			22,924			131,721			103,613
Net interest income after provision for loan losses			(10,761	)		4,123			(1,751	)		12,755			28,271			(8,389	)		45,510
Non-interest income
Service charges on deposits			19,767			19,347			18,685			21,501			23,924			57,799			72,404
Other service charges and fees			7,355			8,059			7,025			7,096			7,309			22,439			21,863
Securities activities, net			4,774			2,067			4,320			93			1			11,161			2,302
Other non-interest income			3,596			3,303			2,835			2,419			2,684			9,734			9,630
Total non-interest income			35,492			32,776			32,865			31,109			33,918			101,133			106,199
Non-interest expense
Employee compensation and benefits			23,917			24,985			28,078			29,137			30,353			76,980			96,714
Occupancy and equipment			14,553			14,842			14,910			16,227			15,993			44,305			48,547
Advertising and business promotion			1,514			1,846			2,781			4,243			3,388			6,141			11,813
Professional fees			2,752			2,336			2,944			4,019			2,696			8,032			6,960
Check losses			1,146			991			844			1,854			2,094			2,981			6,913
Supplies and postage			987			991			1,000			1,220			1,076			2,978			3,360
Telecommunication			348			580			694			860			748			1,622			3,570
Cost associated with debt redemption			5,431			1,441			591			1,236			—			7,463			2
Provision for tax certificates			(198	)		1,414			1,486			3,641			2,838			2,702			3,645
Impairment of goodwill			—			—			9,124			48,284			—			9,124			—
Impairment, restructuring and exit activities			1,730			1,817			2,086			3,620			522			5,633			6,409
FDIC special assessment			—			2,428			—			—			—			2,428			—
Other			7,852			7,406			7,165			8,513			7,098			22,423			19,836
Total non-interest expense			60,032			61,077			71,703			122,854			66,806			192,812			207,769
Loss from bank operations business segment before income taxes			(35,301	)		(24,178	)		(40,589	)		(78,990	)		(4,617	)		(100,068	)		(56,060	)
Provision (benefit) for income taxes			3			—			—			54,022			(2,525	)		3			(22,928	)
Net loss from bank operations business segment	$		(35,304	)		(24,178	)		(40,589	)		(133,012	)		(2,092	)		(100,071	)		(33,132	)

9

BankAtlantic (Bank Operations Business Segment)
Condensed Statements of Financial Condition (unaudited)

		As of
(in thousands)		9/30/2009		6/30/2009		3/31/2009		12/31/2008		9/30/2008
ASSETS
Loans receivable, net	$		3,807,800		3,984,305		4,147,713		4,256,741		4,328,467
Investment securities			187,152		227,861		221,392		268,141		371,181
Available for sale securities			355,340		431,762		518,871		700,250		731,279
Goodwill			13,081		13,081		13,081		22,205		70,489
Core deposit intangible asset			3,058		3,380		3,703		4,039		4,375
Other assets			515,954		529,322		583,843		462,314		607,188
Total assets	$		4,882,385		5,189,711		5,488,603		5,713,690		6,112,979
LIABILITIES AND STOCKHOLDER’S EQUITY
Deposits
Demand	$		809,749		802,446		798,687		741,691		767,179
Savings			425,508		438,127		457,991		419,494		432,246
NOW			1,238,542		1,187,742		1,084,744		992,762		938,366
Money market			372,442		395,903		413,777		427,762		494,505
Certificates of deposit			1,113,238		1,230,829		1,298,114		1,344,659		1,235,936
Total deposits			3,959,479		4,055,047		4,053,313		3,926,368		3,868,232
Advances from Federal Home Loan Bank			342,016		597,020		817,024		967,028		1,468,032
Short term borrowings			51,825		47,039		118,077		311,074		127,041
Long term debt			22,738		22,781		22,822		22,864		26,098
Other liabilities			83,085		84,454		72,279		71,643		72,552
Total liabilities			4,459,143		4,806,341		5,083,515		5,298,977		5,561,955
Stockholder’s equity			423,242		383,370		405,088		414,713		551,024
Total liabilities and stockholder’s equity	$		4,882,385		5,189,711		5,488,603		5,713,690		6,112,979

10

BankAtlantic (Bank Operations Business Segment)
Average Balance Sheet — Yield / Rate Analysis

		For the Three Months Ended
		September 30, 2009							September 30, 2008
(in thousands)		Average		Revenue/		Yield/			Average		Revenue/		Yield/
		Balance		Expense		Rate			Balance		Expense		Rate
Loans:
Residential real estate	$		1,698,715		21,320		5.02	%	$	2,010,749		27,275		5.43	%
Commercial real estate			1,196,418		11,566		3.87			1,229,755		17,687		5.75
Consumer			717,473		5,245		2.92			755,050		7,951		4.21
Commercial business			139,085		1,833		5.27			134,374		2,414		7.19
Small business			314,672		5,004		6.36			322,048		5,458		6.78
Total loans			4,066,363		44,968		4.42			4,451,976		60,785		5.46
Investments			574,604		8,700		6.06			1,318,289		20,159		6.12
Total interest earning assets			4,640,967		53,668		4.63	%		5,770,265		80,944		5.61	%
Goodwill and core deposit intangibles			16,297							75,029
Other non-interest earning assets			318,033							417,035
Total Assets	$		4,975,297						$	6,262,329
Deposits:
Savings	$		431,516		367		0.34	%	$	471,270		963		0.81	%
NOW			1,237,459		1,930		0.62			955,392		2,256		0.94
Money market			392,344		642		0.65			557,343		2,089		1.49
Certificates of deposit			1,175,821		6,480		2.19			1,138,615		10,244		3.58
Total interest bearing deposits			3,237,140		9,419		1.15			3,122,620		15,552		1.98
Short-term borrowed funds			47,186		15		0.13			92,319		378		1.63
Advances from FHLB			410,628		2,494		2.41			1,598,111		13,401		3.34
Long-term debt			22,737		255		4.45			26,088		418		6.37
Total interest bearing liabilities			3,717,691		12,183		1.30			4,839,138		29,749		2.45
Demand deposits			808,802							812,402
Non-interest bearing other liabilities			63,870							53,279
Total Liabilities			4,590,363							5,704,819
Stockholder’s equity			384,934							557,510
Total liabilities and stockholder’s equity	$		4,975,297						$	6,262,329
Net interest income/ net interest spread					41,485		3.33	%				51,195		3.16	%
Margin
Interest income/interest earning assets							4.63	%						5.61	%
Interest expense/interest earning assets							1.04							2.05
Net interest margin							3.59	%						3.56	%

11

BankAtlantic (Bank Operations Business Segment)
Average Balance Sheet — Yield / Rate Analysis

		For the Nine Months Ended
		September 30, 2009								September 30, 2008
(in thousands)		Average		Revenue/		Yield/				Average		Revenue/		Yield/
		Balance		Expense		Rate				Balance		Expense		Rate
Loans:
Residential real estate	$		1,811,487		69,736		5.13	%	$		2,086,286		85,396		5.46	%
Commercial real estate			1,214,049		35,802		3.93				1,242,058		54,162		5.81
Consumer			730,846		15,946		2.91				740,221		26,778		4.82
Commercial business			141,301		5,655		5.34				131,055		7,178		7.30
Small business			317,623		15,020		6.31				320,328		16,873		7.02
Total loans			4,215,306		142,159		4.50				4,519,948		190,387		5.62
Investments			736,500		30,908		5.60				1,150,224		51,996		6.03
Total interest earning assets			4,951,806		173,067		4.66	%			5,670,172		242,383		5.70	%
Goodwill and core deposit intangibles			19,593								75,381
Other non-interest earning assets			332,853								422,172
Total Assets	$		5,304,252						$		6,167,725
Deposits:
Savings	$		441,270		1,258		0.38	%	$		529,723		4,265		1.08	%
NOW			1,148,733		5,155		0.60				941,297		6,837		0.97
Money market			408,656		2,089		0.68				594,338		7,674		1.72
Certificates of deposit			1,243,603		25,431		2.73				1,016,390		29,878		3.93
Total deposits			3,242,262		33,933		1.40				3,081,748		48,654		2.11
Short-term borrowed funds			129,487		223		0.23				142,181		2,490		2.34
Advances from FHLB			644,516		14,740		3.06				1,471,029		40,780		3.70
Long-term debt			22,778		839		4.92				26,272		1,336		6.79
Total interest bearing liabilities			4,039,043		49,735		1.65				4,721,230		93,260		2.64
Demand deposits			798,390								848,558
Non-interest bearing other liabilities			62,751								49,308
Total Liabilities			4,900,184								5,619,096
Stockholder’s equity			404,068								548,629
Total liabilities and stockholder’s equity	$		5,304,252						$		6,167,725
Net interest income/net interest spread					123,332		3.01	%					149,123		3.06	%
Margin
Interest income/interest earning assets							4.66	%							5.70	%
Interest expense/interest earning assets							1.34								2.20
Net interest margin							3.32	%							3.50	%

12

BankAtlantic (Bank Operations Business Segment)
Allowance for Loan Loss and Credit Quality

																	For the Nine
(in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Allowance for Loan Losses
Beginning balance	$		156,821			146,639			125,572			106,435			98,424			125,572			94,020
Charge-offs:
Residential real estate			(7,174	)		(3,923	)		(4,588	)		(2,088	)		(1,077	)		(15,685	)		(2,728	)
Commercial real estate			(21,541	)		(10,530	)		(5,565	)		—			(4,965	)		(37,636	)		(60,057	)
Commercial business			—			(516	)		—			—			—			(516	)		—
Consumer			(12,490	)		(9,118	)		(10,321	)		(9,197	)		(7,684	)		(31,929	)		(19,745	)
Small business			(2,249	)		(2,347	)		(2,771	)		(1,755	)		(1,471	)		(7,367	)		(3,131	)
Total charge-offs			(43,454	)		(26,434	)		(23,245	)		(13,040	)		(15,197	)		(93,133	)		(85,661)
Recoveries:
Residential real estate			133			360			323			130			75			816			267
Commercial real estate			—			—			278			—			—			278			—
Commercial business			—			5			1			3			9			6			38
Consumer			157			130			95			163			63			382			281
Small business			72			166			95			111			137			333			317
Total recoveries			362			661			792			407			284			1,815			903
Net charge-offs			(43,092	)		(25,773	)		(22,453	)		(12,633	)		(14,913	)		(91,318	)		(84,758	)
Transfer specific reserves to Parent			—			—			—			—			—			—			(6,440	)
Provision for loan losses			52,246			35,955			43,520			31,770			22,924			131,721			103,613
Ending balance	$		165,975			156,821			146,639			125,572			106,435			165,975			106,435

		As of
		9/30/2009		6/30/2009		3/31/2009		12/31/2008		9/30/2008
Credit Quality
Nonaccrual loans
Commercial real estate	$		189,720		204,104		204,560		161,947		56,419
Consumer			11,336		11,821		7,984		6,763		5,867
Small business			9,693		8,916		7,383		4,644		3,911
Residential real estate			76,022		64,720		45,630		34,734		23,545
Commercial business			8,094		5,887		5,887		—		—
Total Nonaccrual loans			294,865		295,448		271,444		208,088		89,742
Nonaccrual tax certificates			3,011		3,091		1,298		1,441		2,317
Real estate owned			30,796		30,213		21,763		19,045		20,054
Other repossessed assets			13		23		—		—		—
Total nonperforming assets	$		328,685		328,775		294,505		228,574		112,113
Allowance for loan losses to total loans	%		4.18		3.79		3.41		2.87		2.40
Allowance to nonaccrual loans	%		56.29		53.08		54.02		60.35		118.60
Provision to average loans	%		5.14		3.40		4.00		2.89		2.06
Annualized net charge-offs to average loans	%		4.24		2.44		2.06		1.15		1.34
Nonperforming loans to total loans	%		7.42		7.13		6.32		4.75		2.02
Nonperforming assets to total loans and other assets	%		7.92		7.54		6.55		4.95		2.36

13

BankAtlantic (Bank Operations Business Segment)
Delinquencies, Excluding Non-Accrual Loans, at Period-End

		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Commercial real estate	%		1.07	*		0.72	*		2.39	*		1.34	*		0.41
Consumer	%		1.97			1.40			1.71			1.60			1.17
Small business	%		1.25			1.12			2.11			1.31			0.95
Residential real estate	%		1.52	**		1.39	**		1.46	**		1.04			0.79
Commercial business	%		3.27			—			0.13			—			—
Total BankAtlantic	%		1.51	*		1.13	*		1.77	*		1.20	*		0.73

*

Excludes $0, $14.3 million, $15.7 million, $58.5 million and $26 million of Commercial Real Estate loans at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008, respectively, which had matured and had been approved for renewal or forbearance but were not fully documented at period end. Including these loans, Commercial Real Estate delinquencies were 1.90%, 3.68%, 6.12% and 2.52% and total BankAtlantic delinquencies would have been 1.50%, 2.14%, 2.54% and 1.31% at June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008, respectively.

**

Includes $1.6 billion, $1.7 billion and $1.8 billion of purchased residential loans with delinquencies excluding non-accrual loans of 1.44%, 1.38%, 1.38% as of September 30, 2009, June 30, 2009 and March 31, 2009, respectively.

BankAtlantic (Bank Operations Business Segment)
Loan Provision & Allowance for Loan Losses

			Allowance		% of Reserves
	3Q 2009		for Loan		to Total
($ in thousands)	Loan Provision		Losses		Loans
Commercial real estate	$	30,083		88,164		7.56	%
Consumer		11,686		41,735		6.02
Small business		2,125		9,178		2.93
Residential real estate		8,352		23,724		1.45
Commercial business		—		3,174		2.13
Total BankAtlantic	$	52,246		165,975		4.18	%

14

BankAtlantic (Bank Operations Business Segment)
Reconciliation of GAAP Financial Measures to Non-GAAP Measures

Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of BankAtlantic’s operating results and any related trends that may be affecting BankAtlantic’s business. Management uses pre-tax core operating earnings to measure BankAtlantic’s ongoing financial performance excluding items that are unusual or that are not currently controllable by management. Management uses core expenses to measure expense reduction trends excluding items that are unusual or that are not currently controllable by management. The core operating efficiency ratio is used by management to measure the costs expended to generate a dollar of revenues, excluding items that are unusual or that are not currently controllable by management. The return on average tangible equity and average tangible assets is used by management to measure BankAtlantic’s effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. The tangible equity to tangible asset ratio is used by management to evaluate capital adequacy trends and to allow for comparison to other companies in the industry. Management uses the core deposit measure to assess trends relating to its lower cost deposit categories, which management believes may generally be more indicative of relationship deposits. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Reconciliation of loss from bank operations business segment before income taxes to pre-tax core operating earnings
																	For the Nine
($ in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Loss from bank operations business segment before income taxes	$		(35,301	)		(24,178	)		(40,589	)		(78,990	)		(4,617	)		(100,068	)		(56,060	)
Costs associated with debt redemption			5,431			1,441			591			1,236			—			7,463			2
Provision for tax certificates			(198	)		1,414			1,486			3,641			2,838			2,702			3,645
Impairment of goodwill			—			—			9,124			48,284			—			9,124			—
Impairment, restructuring and exit activities			1,730			1,817			2,086			3,620			522			5,633			6,409
FDIC special assessment			—			2,428			—			—			—			2,428			—
Provision for loan losses			52,246			35,955			43,520			31,770			22,924			131,721			103,613
Non-GAAP pre-tax core operating earnings	$		23,908			18,877			16,218			9,561			21,667			59,003			57,609

Reconciliation of non-interest expense to core expenses and calculation of core operating efficiency ratio
																	For the Nine
($ in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Non-interest expense	$		60,032			61,077			71,703			122,854			66,806			192,812			207,769
Costs associated with debt redemption			(5,431	)		(1,441	)		(591	)		(1,236	)		—			(7,463	)		(2	)
Provision for tax certificates			198			(1,414	)		(1,486	)		(3,641	)		(2,838	)		(2,702	)		(3,645	)
Impairment of goodwill			—			—			(9,124	)		(48,284	)		—			(9,124	)		—
Impairment, restructuring and exit activities			(1,730	)		(1,817	)		(2,086	)		(3,620	)		(522	)		(5,633	)		(6,409	)
FDIC special assessment			—			(2,428	)		—			—			—			(2,428	)		—
Core expenses	$		53,069			53,977			58,416			66,073			63,446			165,462			197,713
Net interest income			41,485			40,078			41,769			44,525			51,195			123,332			149,123
Non-interest income			35,492			32,776			32,865			31,109			33,918			101,133			106,199
Total revenues	$		76,977			72,854			74,634			75,634			85,113			224,465			255,322
Non-GAAP core operating efficiency ratio			68.94	%		74.09	%		78.27	%		87.36	%		74.54	%		73.71	%		77.44	%

Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity
																	For the Nine
($ in thousands)		For the Three Months Ended															Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Net loss from bank operations business segment	$		(35,304	)		(24,178	)		(40,589	)		(133,012	)		(2,092	)		(100,071	)		(33,132	)
Average total assets			4,975,297			5,270,902			5,674,239			5,955,908			6,262,329			5,304,252			6,167,725
Average goodwill and core deposit intangibles			(16,297	)		(16,618	)		(25,825	)		(74,166	)		(75,029	)		(19,593	)		(75,381	)
Average tangible assets			4,959,000			5,254,284			5,648,414			5,881,742			6,187,300			5,284,659			6,092,344
Average stockholders’ equity			384,934			405,382			422,154			560,382			557,510			404,068			548,629
Average goodwill and core deposit intangibles			(16,297	)		(16,618	)		(25,825	)		(74,166	)		(75,029	)		(19,593	)		(75,381	)
Other comprehensive loss			7,369			2,640			5,336			6,150			4,042			5,122			336
Average tangible stockholder’s equity	$		376,006			391,404			401,665			492,366			486,523			389,597			473,584
Return on average assets from continuing operations			-2.84	%		-1.83	%		-2.86	%		-8.93	%		-0.13	%		-2.52	%		-0.72	%
Return on average tangible assets from continuing operations — Non-GAAP			-2.85	%		-1.84	%		-2.87	%		-9.05	%		-0.14	%		-2.52	%		-0.73	%
Return on average stockholders’ equity from continuing operations			-36.69	%		-23.86	%		-38.46	%		-94.94	%		-1.50	%		-33.02	%		-8.05	%
Return on average tangible assets from continuing operations — Non-GAAP			-37.56	%		-24.71	%		-40.42	%		-108.06	%		-1.72	%		-34.25	%		-9.33	%

Reconciliation of stockholder’s equity to total tangible capital; Total assets to total tangible assets; The calculation of tangible capital to tangible assets
		For the Three Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Stockholder’s equity	$		423,242			383,370			405,088			414,713			551,024
Goodwill and core deposit intangibles			(16,139	)		(16,461	)		(16,784	)		(26,244	)		(74,864	)
Total tangible capital			407,103			366,909			388,304			388,469			476,160
Total assets			4,882,385			5,189,711			5,488,603			5,713,690			6,112,979
Goodwill and core deposit intangibles			(16,139	)		(16,461	)		(16,784	)		(26,244	)		(74,864	)
Total tangible assets	$		4,866,246		$	5,173,250		$	5,471,819		$	5,687,446		$	6,038,115
Non-GAAP tangible capital to tangible assets			8.37	%		7.09	%		7.10	%		6.83	%		7.89	%

Reconciliation of total deposits to core deposits
(in thousands)		For the Three Months Ended
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Total deposits	$		3,959,479			4,055,047			4,053,313			3,926,368			3,868,232
Money market			(372,442	)		(395,903	)		(413,777	)		(427,762	)		(494,505	)
Certificates of deposit			(1,113,238	)		(1,230,829	)		(1,298,114	)		(1,344,659	)		(1,235,936	)
Core deposits			2,473,799			2,428,315			2,341,422			2,153,947			2,137,791

15

Parent Company Business Segment
Condensed Statements of Operations (unaudited)

																	For the Nine
		For the Three Months Ended															Months Ended
(in thousands)		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Net interest expense	$		(3,633	)		(3,807	)		(4,021	)		(5,343	)		(4,778	)		(11,461	)		(14,476	)
Provision for loan losses			11,340			7,539			757			6,682			8,290			19,636			17,736
Net interest income after provision for loan losses			(14,973	)		(11,346	)		(4,778	)		(12,025	)		(13,068	)		(31,097	)		(32,212	)
Non-interest income
Income from unconsolidated subsidiaries			109			115			118			155			143			342			445
Securities activities, net			—			(1,375	)		120			(3,413	)		1,131			(1,255	)		3,057
Other			255			287			222			287			202			764			742
Non-interest income			364			(973	)		460			(2,971	)		1,476			(149	)		4,244
Non-interest expense
Employee compensation and benefits			959			950			728			(255	)		1,326			2,637			3,301
Advertising and business promotion			35			134			51			105			42			220			174
Professional fees			718			359			382			603			464			1,459			1,179
Other			464			416			543			2,905			210			1,423			729
Non-interest expense			2,176			1,859			1,704			3,358			2,042			5,739			5,383
Loss from parent company activities before income taxes			(16,785	)		(14,178	)		(6,022	)		(18,354	)		(13,634	)		(36,985	)		(33,351	)
Provision (benefit) for income taxes			—			—			—			12,969			(4,744	)		—			(11,574	)
Net loss from parent company business segment	$		(16,785	)		(14,178	)		(6,022	)		(31,323	)		(8,890	)		(36,985	)		(21,777	)

Parent Company Business Segment
Condensed Statements of Financial Condition — Unaudited

		As of
(in thousands)		9/30/2009		6/30/2009		3/31/2009		12/31/2008		9/30/2008
ASSETS
Cash	$		16,105		16,122		19,860		37,116		41,031
Securities			2,207		2,250		3,289		3,631		5,727
Investment in subsidiaries			466,671		439,090		472,272		484,723		634,266
Investment in unconsolidated subsidiaries			9,161		9,052		8,937		8,820		8,820
Other assets			2,630		3,019		2,353		7,943		9,482
Total assets	$		496,774		469,533		506,711		542,233		699,326
LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures and notes payable	$		304,944		301,353		297,519		294,195		294,195
Other liabilities			2,388		1,613		2,177		4,070		4,898
Total liabilities			307,332		302,966		299,696		298,265		299,093
Stockholders’ equity			189,442		166,567		207,015		243,968		400,233
Total liabilities and stockholders’ equity	$		496,774		469,533		506,711		542,233		699,326

Parent Company Business Segment
Allowance for Loan Loss and Credit Quality

Parent Company and Work-out Subsidiary
(in thousands)	For the Three Months Ended															For the Nine Months Ended
	9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008			9/30/2009			9/30/2008
Allowance for Loan Losses
Beginning balance	$	15,399			11,758			11,685			7,702			7,702			11,685			—
Charge-offs		(8,051	)		(3,898	)		(684	)		(2,699	)		(8,290	)		(12,633	)		(16,474	)
Specific reserves transfer from BankAtlantic		—			—			—			—			—			—			6,440
Provision for loan losses		11,340			7,539			757			6,682			8,290			19,636			17,736
Ending balance		18,688			15,399			11,758			11,685			7,702			18,688			7,702

		As of
		9/30/2009			6/30/2009			3/31/2009			12/31/2008			9/30/2008
Credit Quality
Total Loans — gross	$		56,783			67,910			76,641			81,657			84,394
Nonaccrual loans	$		53,520			64,558			74,321			79,327			82,059
Specific reserves			(18,680	)		(15,367	)		(11,758	)		(11,685	)		(7,702	)
Nonaccrual loans, net	$		34,840			49,191			62,563			67,642			74,357
Real estate owned			6,267			4,082			—			—			—
Total nonperforming assets	$		41,107			53,273			62,563			67,642			74,357

16