e8vk

Exhibit 99.1

BankAtlantic Bancorp Reports Financial Results
For the First Quarter, 2010

FORT LAUDERDALE, Florida — May 4, 2010 — BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported a net loss from continuing operations of ($20.5) million, or ($0.42) per diluted share, for the quarter ended March 31, 2010, compared to a net loss from continuing operations of ($52.5) million, or ($1.07) per diluted share, for the quarter ended December 31, 2009, and a net loss from continuing operations of ($46.6) million, or ($3.09) per diluted share, for the quarter ended March 31, 2009.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “The current quarter’s results continue to reflect losses associated with our real estate related loan portfolios, especially in the commercial real estate sector. The decreased loss compared to the fourth quarter of 2009 resulted primarily from lower loan loss provisions and lower non-interest expense in the first quarter of 2010, partially offset by a net tax benefit in the fourth quarter of 2009 resulting from the enactment of favorable tax legislation in that quarter relating to the use of net operating losses. The decreased loss compared to the first quarter of 2009 resulted largely from lower loan loss provisions and lower non-interest expense in the first quarter of 2010.

Highlights of the BankAtlantic Operating Segment:

Capital Levels:

“BankAtlantic’s capital ratios at March 31, 2010 were:

	•		Total risk-based capital of 12.86%.

	•		Tier 1 risk-based capital of 10.90%.

	•		Core capital of 7.51%.

BankAtlantic Performance:

Deposits and Borrowings—BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “Core ⁽¹⁾ and total deposits at March 31, 2010 were $2.8 billion and $4.0 billion, respectively, with the following characteristics:

	–		“Non-certificate of deposit balances represented approximately 79.3% of total deposits;

	–		“The average cost of core deposits and total deposits for the first quarter of 2010 was 0.38% and 0.71%, respectively; and

	–		“Brokered deposit balances represented only 0.6% of assets and 0.7% of total deposits.

	•		“During the first quarter of 2010, core deposits increased $196.5 million, or 7.4%. Since March 31, 2009, core deposits increased $504.1 million, or 21.5%.

	•		“Total deposits increased by $77.8 million during the first quarter of 2010 primarily due to core deposit growth partially offset by decreases in higher cost certificates of deposit of $120.5 million. Since March 31, 2009, total deposits decreased by $6 million primarily due to runoff of higher cost certificates of deposits exceeding core deposit growth.

	•		“BankAtlantic continued to reduce its borrowings, resulting in total borrowings of $205.8 million, or 4.4% of total assets, at March 31, 2010.

	–		“During the first quarter of 2010, borrowings were reduced by $139.6 million, or 40.4%, since December 31, 2009. Since March 31, 2009, borrowings have been reduced by $752.1 million, or 78.5%, primarily through the repayment of FHLB borrowings with an average interest rate of 3.22%.

	–		“BankAtlantic’s ratio of total borrowings to deposits plus borrowings was 4.8% at March 31, 2010, compared to 8.0% at December 31, 2009 and 19.1% at March 31, 2009.

Net Income — “BankAtlantic’s net loss was ($17.1) million for the first quarter of 2010, compared to a net loss of ($48.6) million for the fourth quarter of 2009, and a net loss of ($40.6) million for the first quarter of 2009.


⁽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 First Quarter, 2010 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.

•

“Pretax core operating earnings ⁽²⁾ for the first quarter of 2010 was $15.9 million compared to $10.6 million in the fourth quarter of 2009, and $16.2 million for the first quarter of 2009. Loan loss and tax certificate provisions, debt redemption costs, and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($32.9) million for the first quarter of 2010, ($90.9) million for the fourth quarter of 2009, and ($56.8) million for the first quarter of 2009.

Net Interest Margin— “Net interest income for the first quarter of 2010 was $39.0 million compared to $40.0 million during the fourth quarter of 2009, and $41.8 million for the first quarter of 2009.

	•		“Net interest margin during the first quarter of 2010 was 3.71%, a 9 basis point improvement from 3.62% during the fourth quarter of 2009, and a 57 basis point improvement from 3.14% during the first quarter of 2009.

	•		“Net interest spread during the first quarter of 2010 was 3.52%, improved by 14 basis points from 3.38% during the fourth quarter of 2009, and improved by 70 basis points from 2.82% during the first quarter of 2009.

“Quarterly net interest margin and spread improved compared to the fourth quarter of 2009 due to declines in certificates of deposit and FHLB funding costs; the significant improvement in both the margin and spread compared to the first quarter of 2009 was largely the result of changes in the funding mix associated with growth in core deposits, declines in certificates of deposit balances and rates, and the repayment of FHLB advances during the past year.

“Net interest income decreased slightly in the first quarter of 2010 compared to the fourth and first quarters of 2009, as the negative impact on net interest income of declining average earning assets and increasing non-performing assets was partially offset by margin improvements. Average earning assets declined by $238.7 million from the fourth quarter of 2009, and by $1.1 billion from the first quarter of 2009. Additionally, non-performing asset levels increased by $19.5 million since December 31, 2009 and by $49.2 million since March 31, 2009.


⁽²⁾		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 before income taxes to pre-tax core operating earnings is included in BankAtlantic Bancorp’s First Quarter, 2010 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.

Non-interest income — “Total non-interest income for the first quarter of 2009 was $28.7 million compared to $28.2 million for the fourth quarter of 2009, and $32.9 million for the first quarter of 2009.

	•		“Excluding securities gains of $3.1 million in the first quarter of 2010, none in the fourth quarter of 2009 and $4.3 million in the first quarter of 2009, non-interest income would have been $25.6 million for the first quarter of 2010, compared to $28.2 million for the fourth quarter of 2009 and $28.5 million for the first quarter of 2009.

	•		“Service charges on deposits declined in the first quarter of 2010 reflecting changes in customer behavior as well as changes in our customer base which we believe are the result of our relationship-focused deposit gathering strategies.

Non-interest expense — “Total non-interest expenses were $52.7 million in the first quarter of 2010 compared to $66.0 million in the fourth quarter of 2009, and $71.7 million in the first quarter of 2009.

•

“Core expenses⁽³⁾ were $51.8 million in the first quarter of 2010, compared to $57.6 million in the fourth quarter of 2009, and $58.4 million in the first quarter of 2009. The improvement in core expenses in the first quarter of 2010 from the fourth quarter of 2009 was primarily due to the following reductions in expenses: $1.9 million of employee compensation and benefits related to reduced incentive compensation accruals; $2.0 million of professional fees (primarily legal costs, reflecting a $1.6 million insurance reimbursement for certain costs); $0.8 million of check losses, and $0.7 million of occupancy and equipment costs. Compared to the first quarter of 2009, the first quarter of 2010 reflected the following reductions in expenses: $3.7 million of employee compensation and benefits related to reduced staffing levels; $1.3 million of occupancy and equipment costs; and $0.8 million of advertising and business promotion costs.

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


⁽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 First Quarter, 2010 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.

	•		“Impairment, restructuring and exit charges of $0.1 million in the first quarter of 2010, $7.7 million in the fourth quarter of 2009, and $2.1 million in the first quarter of 2009. The charges in the first quarter of 2010 were primarily associated with write-downs of real estate owned, and reflected lower write-downs as compared to the fourth quarter of 2009.

	•		“Tax certificate provision of $0.7 million in the first quarter of 2010, $0.7 million in the fourth quarter of 2009 and $1.5 million in the first quarter of 2009. The decline in the 2010 quarter compared to the first quarter of 2009 is due primarily to higher provisions in 2009 associated with certain out-of-state markets where we are no longer actively purchasing tax certificates.

	•		“Goodwill impairment of $0 in both the first quarter of 2010 and the fourth quarter of 2009 compared to a charge of $9.1 million in the first quarter of 2009.

	•		“Costs associated with debt redemption of $7 thousand for the first quarter of 2010, none for the fourth quarter of 2009, and $0.6 million in the first quarter of 2009. These costs were associated with the prepayment of certain borrowings as part of our balance sheet de-leveraging efforts throughout the past year.

Income Taxes — “Provision for income taxes was $0.1 million in the first quarter of 2010 compared to a benefit of $31.7 million in the fourth quarter of 2009 and $0 in the first quarter of 2009. The tax benefit in the fourth quarter of 2009 was due specifically to legislation enacted in that quarter relating to tax net operating losses (NOLs) which extended the period available for the carry back of NOLs from two years to five years. Excluding the impact of this newly enacted legislation, BankAtlantic would not have recorded a net benefit for income taxes during the fourth quarter of 2009 as it continues to provide for a full deferred tax asset valuation allowance.

Credit:

•

“The provision for loan losses in the first quarter of 2010 was $32.0 million compared to $82.5 million in the fourth quarter of 2009, and $43.5 million in the first quarter of 2009. The provision in the first quarter of 2010 reflects continued elevated levels of delinquencies, charge-offs and non-accrual loans. The decline in provision compared to the fourth quarter of 2009 was primarily due to lower net charge-offs in the Commercial Real Estate portfolio.

	•		“BankAtlantic’s allowance for loan losses was $169.5 million at March 31, 2010. The allowance coverage to total loans increased to 4.64% at March 31, 2010, compared to 4.53% at December 31, 2009 and 3.41% at March 31, 2009.

	•		“The provision for loan losses in the first quarter of 2010 primarily related to our Commercial Real Estate ($15.7 million provision), Consumer ($8.1 million provision), Residential Real Estate ($6.7 million provision) and Commercial Business ($2.2 million provision) loan portfolios. In particular, these portfolios continue to be adversely affected by declining collateral values and negative economic conditions.

	•		“Net charge-offs were $36.1 million in the first quarter of 2010, compared to net charge-offs of $74.9 million in the fourth quarter of 2009, and net charge-offs of $22.5 million in the first quarter of 2009.

–

“First quarter 2010 net charge-offs included $21.3 million in the Commercial Real Estate loan portfolio, $10.6 million in the Consumer Loan portfolio, $4.1 million in the Residential Real Estate loan portfolio and $0.8 million in the Small Business loan portfolio. The decline in net charge-offs compared to the fourth quarter 2009 was primarily the result of fewer valuation impairments in the Commercial Real Estate portfolio in the 2010 quarter.

	•		“Total non-accrual loans were $301.4 million at March 31, 2010, reflecting an increase of $15.2 million from $286.1 million at December 31, 2009, and an increase of $29.9 million from March 31, 2009. The increase in non-accrual loans during the first quarter of 2010 was primarily due to net increases in non-accrual loans of $11.9 million in Residential Real Estate, $1.6 million in Small Business, $0.7 million in Commercial Business, and $1.1 million in Commercial Real Estate loans. Consumer non-accrual loan balances remained essentially unchanged quarter to quarter.

	•		“Total non-performing assets were $343.7 million at March 31, 2010, an increase of $19.5 million, or 6.0%, from $324.2 million at December 31, 2009, and an increase of $49.2 million from March 31, 2009.

“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 $1.1 billion Commercial Real Estate portfolio as the economic environment continues to adversely impact our borrowers and the values of the underlying collateral.

	•		“Net charge-offs in the first quarter of 2010 were $21.3 million, compared to $58.2 million in the fourth quarter of 2009 and $5.3 million in the first quarter of 2009. Of the net charge-offs during the first quarter of 2010, 79% were related to loans that were sold during the quarter.

	•		“Delinquencies, excluding non-accrual loans and loans in the process of renewal, increased to $40.6 million, or 3.9% of total loans, at March 31, 2010, compared to $25.5 million, or 2.3% of total loans, at December 31, 2009, and $29.1 million, or 2.4% of total loans, at March 31, 2009.

	•		“Commercial Real Estate non-accrual loans at March 31, 2010 were $168.9 million, reflecting an increase of $1.1 million from December 31, 2009, and a decrease of $35.6 million from March 31, 2009. (During the first quarter of 2010, increases in non-accrual loan balances were partially offset by charge-offs, sales and transfers to REO.)

	•		“The allowance coverage for Commercial Real Estate loans was 8.16% of the related portfolio at March 31, 2010, compared to 8.21% of the related portfolio at December 31, 2009 and 6.53% at March 31, 2009.

At March 31, 2010, BankAtlantic’s Commercial Real Estate loan portfolio included the following:

•

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

	–		Builder land bank loans: 5 loans aggregating $24.3 million, including 4 loans aggregating $23.2 million on non-accrual at March 31, 2010.

	–		Land acquisition and development loans: 24 loans aggregating $140.8 million, including 10 loans aggregating $60.2 million on non-accrual at March 31, 2010.

	–		Land acquisition, development and construction loans: 4 loans aggregating $6.7 million, with no loans on non-accrual at March 31, 2010.

	•		“Commercial land loans: 29 loans aggregating $87.7 million, including 7 loans aggregating $32.2 million on non-accrual at March 31, 2010.

	•		“All other Commercial Real Estate loans: Portfolio of $796.0 million, including 17 loans aggregating $49.7 million on non-accrual at March 31, 2010.

Residential Real Estate Loans— “Our Residential Real Estate loan portfolio was $1.5 billion at March 31, 2010, representing 40.4% of the Bank’s total loans. The purchased residential loan portfolio (representing 94.2% of the total residential loan portfolio) consists of approximately 5,000 first mortgage loans secured by properties throughout the United States. The weighted average FICO score of borrowers in this portfolio was 739 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 33.9%. Approximately 50.9% of the purchased residential loan portfolio consists of interest-only first mortgage loans which were originated with FICOs and back-end debt ratios consistent with those stated above for the entire portfolio. Standard products in this portfolio have never included subprime, negative amortizing, option-arm or ‘pick-a-payment’ loans.

	•		“Net charge-offs for the first quarter of 2010 were $4.1 million, compared to net charge-offs in the fourth quarter of 2009 of $7.5 million and $4.3 million in the first quarter of 2009.

	•		“Delinquencies, excluding non-accrual loans, at March 31, 2010 were $26.9 million (compared to $26.7 million at December 31, 2009 and $27.4 million at March 31, 2009), which represented 1.8% of the portfolio at March 31, 2010, compared to 1.7% of the portfolio at December 31, 2009 and 1.5% of the portfolio at March 31, 2009.

	•		“Residential Real Estate non-accrual loans at March 31, 2010 were $88.3 million, reflecting an increase of $11.9 million from December 31, 2009, and an increase of $42.6 million from March 31, 2009.

	•		“The allowance coverage for Residential Real Estate loans increased during the first quarter of 2010 to 2.01% of the portfolio, compared to 1.74% of the portfolio at December 31, 2009 and 0.64% of the portfolio at March 31, 2009.

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

Consumer Loans — “Our Consumer Loan portfolio had an outstanding balance of $665.3 million at March 31, 2010. Home equity loans represent 97% of the Consumer Loan portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. Approximately 25% of the loans in this portfolio are secured by first mortgages. BankAtlantic does not have a credit card portfolio.

	•		“Net charge-offs in the first quarter of 2010 were $10.6 million, compared to

			$8.1 million in the fourth quarter of 2009, and $10.2 million in the first quarter of 2009.

	•		“Delinquencies, excluding non-accrual loans, decreased to $14.9 million, or 2.2% of the portfolio, at March 31, 2010, compared to $15.2 million, or 2.2% of the portfolio, at December 31, 2009, and $12.4 million, or 1.7% of the portfolio, at March 31, 2009.

	•		Consumer non-accrual loans at March 31, 2010 were $14.4 million, essentially unchanged from December 31, 2009 levels, and an increase of $6.4 million from March 31, 2009.

	•		“The allowance coverage for Consumer loans at March 31, 2010 was 6.00 % of the portfolio, compared to 6.22% of the portfolio at December 30, 2009, and 5.86% of the portfolio at March 31, 2009.

BankAtlantic Bancorp (Parent Company level):

Alan B. Levan further commented, “As disclosed previously, BankAtlantic Bancorp has commenced cash offers to purchase $230.0 million of its non-publicly traded outstanding trust preferred securities (TruPS) at a price of $200 per $1,000 principal amount outstanding, or $46.0 million for all of the non-publicly traded outstanding series of TruPS. The completion of these offers, which have been extended until May 20, 2010, is subject to numerous conditions, risks and uncertainties, including our ability to consummate a financing transaction sufficient to fund the purchase of the TruPS tendered in response to the offers and acceptance of a sufficient number of the offers by holders of a requisite amount of each series of TruPS. As disclosed in a Form 8-K filed with the SEC on April 22, 2010, BankAtlantic Bancorp’s dealer manager and solicitation agent for the offers notified the Company that it had received consents from the holders of in excess of 66 2/3% of the most-senior classes of notes issued by Preferred Term Securities IX, Inc. (“PreTSL IX”). PreTSL IX is an issuer of collateralized debt obligations which holds approximately $25.2 million of TruPS issued by BBC Capital Statutory Trust X (the “BBC X TruPS”). The consents directed the trustee of PreTSL IX, The Bank of New York Mellon, to accept our offer for the $25.2 million aggregate principal amount of the BBC X TruPS held by PreTSL IX. The Bank of New York Mellon has advised us that it will not accept the offers in which they are involved without receiving a greater percentage of consents. We disagree with The Bank of New York Mellon’s interpretation and have filed a lawsuit seeking a declaratory judgment and order relating to the required authorizations. Subsequent to the filing of our April 22, 2010 Form 8-K and the filing of the declaratory judgment action, our dealer manager and solicitation agent informed us that certain of the consents previously received with respect to PreTSL IX were withdrawn, bringing consents to slightly below the 66 2/3% threshold we believe is required. We are continuing to solicit consents pursuant to the offers which, unless further extended, will expire on May 20, 2010.

“Additionally, as originally announced in the first quarter of 2009, we continue to defer the regularly scheduled interest payments on the outstanding junior subordinated debentures relating to all of our TruPS, which is permitted under the terms of the securities for up to 20 consecutive quarterly periods.

“BankAtlantic Bancorp’s net loss at the parent only level was ($3.4) million for the first quarter of 2010, compared to a net loss of ($3.8) million for the fourth quarter of 2009, and a net loss of ($6.0) million for the first quarter of 2009. The net loss in the first quarter of 2010 included a net reversal of prior provisions for loan losses of $1.3 million compared to a net loan loss provision reversal of $1.2 million in the fourth quarter of 2009, and a loan loss provision charge of $0.8 million in the first quarter of 2009.

Asset Workout Subsidiary — “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 $38.4 million with specific loan reserves of $8.1 million at March 31, 2010. During the first quarter of 2010, these loans were reduced by sales of $7.9 million and charge-offs of $4.3 million (90% of which were previously reflected in specific loan reserves at December 31, 2009).

“The composition of the non-accrual loans held by the Company’s asset workout subsidiary at March 31, 2010 was as follows:

	•		“Builder land bank loans: One loan totaling $6.0 million.

	•		“Land acquisition and development loans: 3 loans aggregating $10.4 million.

	•		“Land acquisition, development and construction loans: 6 loans aggregating $13.5 million.

	•		“Commercial business loans: 3 loans aggregating $5.5 million.”

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 first quarter 2010 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 will not be hosting an investor and media teleconference call related to its Financial Results for the First Quarter of 2010, due to the timing of this release and the currently outstanding offers to purchase the TruPS as previously disclosed.

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

# # #

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, continued decreases in real estate values, and increased unemployment on our business generally, our regulatory capital ratios, the ability of our borrowers to service their obligations and of our customers to maintain account balances and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact 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, Residential loans and Consumer loans, and conditions specifically in those market sectors; the quality of our Commercial business loans and conditions specifically in that market sector; 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 initiatives not resulting in continued growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify the 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 balance growth may not be indicative of future results. Forward-looking statements in this press release relating to the Company’s cash offers to purchase the outstanding TruPS are subject to the risk that a sufficient number of offers are not accepted by the requisite holders of the particular series of TruPS to which each offer relates, that t he trustees do not act even after receiving direction to do so, that we are not successful in obtaining a court order directing the trustee of PreTSL IX to accept our offer to repurchase the TruPS held by PreTSL IX, and that we are not able to obtain financing upon acceptable terms, in amounts sufficient to complete the offers, if at all. 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, 2009. The Company cautions that the foregoing factors are not exclusive.

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


	For the Three Months Ended
	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Earnings (in thousands):
Net loss from continuing operations	$	(20,521	)		(52,464	)		(52,089	)		(38,356	)		(46,611	)
Net loss	$	(20,521	)		(52,464	)		(52,589	)		(38,356	)		(42,410	)
Net loss attributable to BankAtlantic Bancorp	$	(20,729	)		(52,464	)		(52,589	)		(38,356	)		(42,410	)
Pre-tax core operating earnings — Non-GAAP (note 1)	$	11,207			5,501			18,463			12,238			10,953

Average Common Shares Outstanding (in thousands):
Basic		49,220			49,220			15,096			15,093			15,090
Diluted		49,220			49,220			15,096			15,093			15,090

Key Performance Ratios
Diluted loss per share from continuing operations (note 2)	$	(0.42	)		(1.07	)		(3.45	)		(2.54	)		(3.09	)
Diluted loss per share (note 2)	$	(0.42	)		(1.07	)		(3.48	)		(2.54	)		(2.81	)

Return on average tangible assets from continuing operations (note 3)	%	(1.74	)		(4.30	)		(4.14	)		(2.88	)		(3.24	)
Return on average tangible equity from continuing operations (note 3)	%	(64.56	)		(110.64	)		(132.56	)		(80.39	)		(81.46	)

Average Balance Sheet Data (in millions):
Assets	$	4,744			4,894			5,046			5,351			5,775
Tangible assets — Non-GAAP (note 3)	$	4,728			4,878			5,030			5,334			5,749
Loans, gross	$	3,799			3,991			4,134			4,302			4,435
Investments	$	442			497			575			705			947
Deposits and escrows	$	4,013			3,988			4,046			4,089			3,986
Equity	$	142			201			166			205			250
Tangible equity — Non-GAAP (note 3)	$	127			190			157			191			229

Period End ($ in thousands)
Total loans, net	$	3,515,542			3,694,326			3,845,837			4,036,754			4,212,536
Total assets	$	4,748,201			4,815,617			4,941,189			5,261,025			5,570,760
Total equity	$	119,611			141,571			189,442			166,567			207,015
Class A common shares outstanding		48,245,042			48,245,042			48,245,042			10,264,106			10,259,344
Class B common shares outstanding		975,225			975,225			975,225			975,225			975,225
Book value per share	$	2.43			2.88			3.85			14.82			18.43
Tangible book value per share — Non-GAAP (note 4)	$	2.20			2.59			3.64			13.85			17.18
High stock price for the quarter	$	3.24			2.96			6.68			4.75			5.67
Low stock price for the quarter	$	1.14			1.20			2.60			1.99			0.66
Closing stock price	$	1.77			1.30			2.90			3.86			2.01

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 19 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 equity less average goodwill, core deposit intangibles and other comprehensive income. Average tangible assets and average tangible equity are non-GAAP measures. See page 19 for a reconciliation of non-GAAP measures to GAAP financial measures.

(4)		Tangible book value per share is defined as 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 19 for a reconciliation of non-GAAP measures to GAAP financial measures.

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


	March 31,			December 31,
(in thousands)	2010			2009
ASSETS
Cash and cash equivalents	$	444,476			234,797
Securities available for sale (at fair value)		243,785			320,327
Investment securities (approximate fair value: $1,500 and $1,500)		1,500			1,500
Tax certificates, net of allowance of $7,341 and $6,781		88,438			110,991
Loans receivable, net of allowance for loan losses of $177,597 and $187,218		3,515,542			3,694,326
Federal Home Loan Bank stock, at cost which approximates fair value		48,751			48,751
Real estate held for development and sale		14,462			13,694
Real estate owned		51,365			46,477
Office properties and equipment, net		197,693			201,686
Goodwill and other intangible assets		15,494			15,817
Other assets		126,695			127,251

Total assets	$	4,748,201			4,815,617

LIABILITIES AND EQUITY
Liabilities:
Deposits
Demand	$	900,984			827,580
Savings		443,288			412,360
NOW		1,501,274			1,409,138
Money market		361,877			360,043
Certificates of deposit		840,017			960,559

Total deposits		4,047,440			3,969,680
Advances from FHLB		152,008			282,012
Securities sold under agreements to repurchase		24,674			24,468
Federal funds purchased and other short term borrowings		2,628			2,803
Subordinated debentures and bonds payable		22,000			22,697
Junior subordinated debentures		311,707			308,334
Other liabilities		68,133			64,052

Total liabilities		4,628,590			4,674,046

Equity:
Common stock		509			493
Additional paid-in capital		297,025			296,438
Accumulated deficit		(174,163	)		(153,434	)
Accumulated other comprehensive loss		(4,141	)		(1,926	)

Total BankAtlantic Bancorp stockholders’ equity		119,230			141,571
Noncontrolling interests		381			—

Total equity		119,611			141,571

Total liabilities and equity	$	4,748,201			4,815,617

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


	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
INTEREST INCOME:
Interest and fees on loans	$	41,150			43,056			45,028			47,747			49,678
Interest on securities available for sale		3,645			3,889			4,766			6,328			8,559
Interest on tax certificates		2,356			2,975			3,793			3,061			4,193
Interest and dividends on investments		153			136			161			44			179

Total interest income		47,304			50,056			53,748			57,180			62,609

INTEREST EXPENSE:
Interest on deposits		7,057			7,950			9,420			11,527			12,987
Interest on advances from FHLB		958			1,783			2,494			5,082			7,164
Interest on short-term borrowed funds		8			9			9			19			172
Interest on long-term debt		3,791			3,824			3,973			4,280			4,538

Total interest expense		11,814			13,566			15,896			20,908			24,861

NET INTEREST INCOME		35,490			36,490			37,852			36,272			37,748
Provision for loan losses		30,755			81,301			63,586			43,494			44,277

NET INTEREST INCOME AFTER PROVISION		4,735			(44,811	)		(25,734	)		(7,222	)		(6,529	)

NON-INTEREST INCOME:
Service charges on deposits		15,048			17,940			19,767			19,347			18,685
Other service charges and fees		7,378			7,103			7,355			8,059			7,025
Securities activities, net		3,138			1,273			4,774			693			4,440
Other		3,384			3,267			3,711			3,423			2,959

Total non-interest income		28,948			29,583			35,607			31,522			33,109

NON-INTEREST EXPENSE:
Employee compensation and benefits		25,378			28,628			24,876			25,935			28,806
Occupancy and equipment		13,582			14,270			14,553			14,842			14,911
Advertising and business promotion		1,944			2,286			1,549			1,979			2,832
Professional fees		2,887			5,138			3,470			2,695			3,326
Check losses		432			1,207			1,146			991			844
Supplies and postage		998			1,135			1,035			999			1,004
Telecommunication		534			844			353			586			698
Cost associated with debt redemption		7			—			5,431			1,441			591
Provision for tax certificates		733			686			(198	)		1,414			1,486
Impairment of goodwill		—			—			—			—			9,124
Impairment, restructuring and exit activities		143			7,700			1,730			1,817			2,086
FDIC special assessment		—			—			—			2,428			—
Other		7,476			7,064			8,014			7,529			7,483

Total non-interest expense		54,114			68,958			61,959			62,656			73,191

Loss from continuing operations before income taxes		(20,431	)		(84,186	)		(52,086	)		(38,356	)		(46,611	)
Provision (benefit) for income taxes		90			(31,722	)		3			—			—

Loss from continuing operations		(20,521	)		(52,464	)		(52,089	)		(38,356	)		(46,611	)
Discontinued operations		—			—			(500	)		—			4,201

Net loss		(20,521	)		(52,464	)		(52,589	)		(38,356	)		(42,410	)
Less: net income attributable to noncontrolling interest		(208	)		—			—			—			—

Net loss attributable to BankAtlantic Bancorp	$	(20,729	)		(52,464	)		(52,589	)		(38,356	)		(42,410	)

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


	For the Three Months Ended
(in thousands except percentages and per share data)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Loans:
Residential real estate	$	1,513,302			1,600,027			1,698,715			1,821,553			1,916,589
Commercial real estate		1,148,435			1,228,250			1,262,163			1,291,536			1,305,809
Consumer		688,173			700,254			717,473			730,988			744,371
Commercial business		139,843			150,467			140,621			141,254			146,703
Small business		309,549			312,485			314,672			316,287			321,991

Total Loans		3,799,302			3,991,483			4,133,644			4,301,618			4,435,463
Investments		441,647			496,510			575,183			704,874			947,219

Total interest earning assets		4,240,949			4,487,993			4,708,827			5,006,492			5,382,682
Goodwill and core deposit intangibles		15,652			15,973			16,297			16,618			25,971
Other non-interest earning assets		487,137			389,874			321,070			327,876			365,847

Total assets	$	4,743,738			4,893,840			5,046,194			5,350,986			5,774,500

Tangible assets — Non-GAAP (note 3)	$	4,728,086			4,877,867			5,029,897			5,334,368			5,748,529


Deposits:
Demand deposits	$	864,413			844,052			808,817			810,006			775,982
Savings		425,235			421,032			431,516			451,122			441,278
NOW		1,467,103			1,312,073			1,237,459			1,159,531			1,047,116
Money market		360,470			372,081			392,344			412,065			421,883
Certificates of deposit		896,074			1,038,920			1,175,821			1,256,299			1,300,056

Total deposits		4,013,295			3,988,158			4,045,957			4,089,023			3,986,315
Short-term borrowed funds		26,332			30,812			31,905			45,433			253,317
FHLB advances		173,011			282,015			410,628			625,254			903,077
Long-term debt		331,403			328,222			324,729			320,945			317,184

Total borrowings		530,746			641,049			767,262			991,632			1,473,578
Other liabilities		57,755			63,979			66,855			65,599			65,092

Total liabilities		4,601,796			4,693,186			4,880,074			5,146,254			5,524,985

Equity		141,942			200,654			166,120			204,732			249,515

Total liabilities and equity	$	4,743,738			4,893,840			5,046,194			5,350,986			5,774,500

Other comprehensive (loss) income in equity		(846	)		(4,999	)		(7,356	)		(2,729	)		(5,347	)

Tangible equity — Non-GAAP (note 3)	$	127,136			189,680			157,179			190,843			228,891


Net Interest Margin		3.33	%		3.26	%		3.23	%		2.89	%		2.78	%

Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries
Nonperforming Assets and Credit Quality Statistics


	As of
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Nonaccrual loans:
BankAtlantic	$	301,365			286,120			294,865			295,448			271,444
Parent- Work out Sub		35,326			44,897			53,520			64,558			74,321

Consolidated nonaccrual loans	$	336,691			331,017			348,385			360,006			345,765


Net Charge-offs:
BankAtlantic	$	(36,074	)		(74,910	)		(43,092	)		(25,773	)		(22,453	)
Parent- Work out Sub		(4,302	)		(3,836	)		(8,051	)		(3,898	)		(684	)

Consolidated charge-offs	$	(40,376	)		(78,746	)		(51,143	)		(29,671	)		(23,137	)


Loan Provision:
BankAtlantic	$	32,034			82,523			52,246			35,955			43,520
Parent- Work out Sub		(1,279	)		(1,222	)		11,340			7,539			757

Consolidated loan provision	$	30,755			81,301			63,586			43,494			44,277


Allowance for Loan Loss:
BankAtlantic	$	169,548			173,588			165,975			156,821			146,639
Parent- Work out Sub		8,049			13,630			18,688			15,399			11,758

Consolidated allowance for loan loss	$	177,597			187,218			184,663			172,220			158,397


Nonperforming Assets:
BankAtlantic	$	343,693			324,226			328,685			328,775			294,505
Parent- Work out Sub		45,858			55,429			59,787			68,640			74,321

Consolidated nonperforming assets	$	389,551			379,655			388,472			397,415			368,826


Consolidated Credit Quality Statistics
Allowance for loan losses to total loans	%	4.81			4.82			4.58			4.09			3.62
Allowance to nonaccrual loans	%	52.75			56.56			53.01			47.84			45.81
Provision to average loans	%	3.24			8.15			6.15			4.04			3.99
Nonperforming loans, gross to total assets	%	7.09			6.87			7.05			6.84			6.21
Nonperforming assets, gross to total assets	%	8.20			7.88			7.86			7.55			6.62

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 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 Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Loss from continuing operations before income taxes	$	(20,431	)		(84,186	)		(52,086	)		(38,356	)		(46,611	)
Costs associated with debt redemption		7			—			5,431			1,441			591
Provision for tax certificates		733			686			(198	)		1,414			1,486
Impairment of goodwill		—			—			—			—			9,124
Impairment, restructuring and exit activities		143			7,700			1,730			1,817			2,086
FDIC special assessment		—			—			—			2,428			—
Provision for loan losses		30,755			81,301			63,586			43,494			44,277

Non-GAAP pre-tax core operating earnings	$	11,207			5,501			18,463			12,238			10,953

Reconciliation of equity to tangible book value per share


	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Equity	$	119,611			141,571			189,442			166,567			207,015
Goodwill and core deposit intangibles		(15,494	)		(15,817	)		(16,139	)		(16,461	)		(16,784	)
Other comprehensive loss		4,141			1,926			5,836			5,540			2,750

Tangible book value	$	108,258			127,680			179,139			155,646			192,981
Common shares outstanding, period end		49,220,267			49,220,267			49,220,267			11,239,331			11,234,569
Book value per share	$	2.43			2.88			3.85			14.82			18.43

Tangible book value per share — Non-GAAP	$	2.20			2.59			3.64			13.85			17.18

Reconciliation of loss from continuing operations before income taxes to pre-tax core operating earnings


	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Net loss from continuing operations	$	(20,521	)		(52,464	)		(52,089	)		(38,356	)		(46,611	)

Average total assets		4,743,738			4,893,840			5,046,194			5,350,986			5,774,500
Average goodwill and core deposit intangibles		(15,652	)		(15,973	)		(16,297	)		(16,618	)		(25,971	)

Average tangible assets		4,728,086			4,877,867			5,029,897			5,334,368			5,748,529

Average equity		141,942			200,654			166,120			204,732			249,515
Average goodwill and core deposit intangibles		(15,652	)		(15,973	)		(16,297	)		(16,618	)		(25,971	)
Other comprehensive loss		846			4,999			7,356			2,729			5,347

Average tangible equity	$	127,136			189,680			157,179			190,843			228,891
Return on average assets from continuing operations		-1.73	%		-4.29	%		-4.13	%		-2.87	%		-3.23	%

Return on average tangible assets from continuing operations — Non-GAAP		-1.74	%		-4.30	%		-4.14	%		-2.88	%		-3.24	%

Return on average equity from continuing operations		-57.83	%		-104.59	%		-125.42	%		-74.94	%		-74.72	%

Return on average tangible equity from continuing operations — Non-GAAP		-64.56	%		-110.64	%		-132.56	%		-80.39	%		-81.46	%

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


	For the Three Months Ended
(in thousands except percentages)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Statistics:
Average interest earning assets	$	4,193,544			4,432,275			4,640,967			4,929,849			5,291,754
Average interest bearing liabilities	$	3,383,776			3,494,040			3,717,691			3,992,654			4,414,439
Period end borrowings to deposits and borrowings	%	4.84			8.00			9.52			14.12			19.12
Efficiency ratio	%	77.86			96.82			77.99			83.83			96.07
Yield on interest earning assets	%	4.51			4.51			4.63			4.62			4.72
Cost of interest-bearing liabilities	%	0.99			1.13			1.30			1.70			1.90
Interest spread	%	3.52			3.38			3.33			2.92			2.82
Net interest margin	%	3.71			3.62			3.59			3.24			3.14
Non-GAAP Measures (Note 1)
Average tangible assets	$	4,668,854			4,819,572			4,959,000			5,254,284			5,648,268
Average tangible equity	$	367,220			425,344			376,006			391,404			401,665
Pre-tax core operating earnings	$	15,878			10,550			23,908			18,877			16,218
Core operating efficiency ratio	%	76.55			95.53			68.94			74.09			78.27
Return on average tangible assets	%	(1.47	)		(4.04	)		(2.85	)		(1.84	)		(2.87	)
Return on average tangible equity	%	(18.66	)		(45.74	)		(37.56	)		(24.71	)		(40.42	)
Tangible capital to tangible assets	%	7.55			7.66			8.37			7.09			7.10
Earning assets repricing at period end:
Percent of earning assets that have fixed rates	%	48			48			49			51			50
Percent of earning assets that have variable rates	%	52			52			51			49			50
Regulatory capital ratios and statistics at period end
Total risk-based capital	%	12.86			12.56			13.51			11.81			11.86
Tier I risk-based capital	%	10.90			10.63			11.60			9.93			10.01
Core capital	%	7.51			7.58			8.31			7.01			6.97
Risk-weighted assets		3,206,075			3,364,662			3,470,256			3,636,582			3,789,181
Adjusted total assets		4,656,270			4,720,917			4,843,459			5,148,806			5,444,708

Note 1

See page 26 for a reconciliation of non-GAAP measures to GAAP financial measures.

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


	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Net interest income	$	38,975			39,992			41,485			40,078			41,769
Provision for loan losses		32,034			82,523			52,246			35,955			43,520

Net interest income after provision for loan losses		6,941			(42,531	)		(10,761	)		4,123			(1,751	)

Non-interest income
Service charges on deposits		15,048			17,940			19,767			19,347			18,685
Other service charges and fees		7,378			7,103			7,355			8,059			7,025
Securities activities, net		3,132			—			4,774			2,067			4,320
Other non-interest income		3,183			3,116			3,596			3,303			2,835

Total non-interest income		28,741			28,159			35,492			32,776			32,865

Non-interest expense
Employee compensation and benefits		24,374			26,229			23,917			24,985			28,078
Occupancy and equipment		13,581			14,269			14,553			14,842			14,910
Advertising and business promotion		1,934			2,254			1,514			1,846			2,781
Professional fees		2,565			4,542			2,752			2,336			2,944
Check losses		432			1,207			1,146			991			844
Supplies and postage		965			1,106			987			991			1,000
Telecommunication		529			842			348			580			694
Cost associated with debt redemption		7			—			5,431			1,441			591
Provision for tax certificates		733			686			(198	)		1,414			1,486
Impairment of goodwill		—			—			—			—			9,124
Impairment, restructuring and exit activities		143			7,700			1,730			1,817			2,086
FDIC special assessment		—			—			—			2,428			—
Other		7,458			7,152			7,852			7,406			7,165

Total non-interest expense		52,721			65,987			60,032			61,077			71,703

Loss from bank operations business segment before income taxes		(17,039	)		(80,359	)		(35,301	)		(24,178	)		(40,589	)
Provision (benefit) for income taxes		90			(31,722	)		3			—			—

Net loss from bank operations business segment		(17,129	)		(48,637	)		(35,304	)		(24,178	)		(40,589	)
Less: net income attributable to noncontrolling interest		(208	)		—			—			—			—

Net loss attributable to BankAtlantic	$	(17,337	)		(48,637	)		(35,304	)		(24,178	)		(40,589	)

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


	As of
(in thousands)	3/31/2010		12/31/2009		9/30/2009		6/30/2009		3/31/2009
ASSETS
Loans receivable, net	$	3,485,228		3,659,943		3,807,800		3,984,305		4,147,713
Investment securities		137,189		159,742		187,152		227,861		221,392
Available for sale securities		243,779		320,322		355,340		431,762		518,871
Goodwill		13,081		13,081		13,081		13,081		13,081
Core deposit intangible asset		2,413		2,736		3,058		3,380		3,703
Other assets		806,311		599,298		515,954		529,322		583,843

Total assets	$	4,688,001		4,755,122		4,882,385		5,189,711		5,488,603


LIABILITIES AND EQUITY
Deposits
Demand	$	900,984		827,580		809,749		802,446		798,687
Savings		443,288		412,360		425,508		438,127		457,991
NOW		1,501,274		1,409,138		1,238,542		1,187,742		1,084,744
Money market		361,877		360,043		372,442		395,903		413,777
Certificates of deposit		840,017		960,559		1,113,238		1,230,829		1,298,114

Total deposits		4,047,440		3,969,680		3,959,479		4,055,047		4,053,313
Advances from Federal Home Loan Bank		152,008		282,012		342,016		597,020		817,024
Short term borrowings		31,797		40,657		51,825		47,039		118,077
Long term debt		22,000		22,697		22,738		22,781		22,822
Other liabilities		66,574		61,175		83,085		84,454		72,279

Total liabilities		4,319,819		4,376,221		4,459,143		4,806,341		5,083,515
Equity		368,182		378,901		423,242		383,370		405,088

Total liabilities and equity	$	4,688,001		4,755,122		4,882,385		5,189,711		5,488,603

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


	For the Three Months Ended
	March 31, 2010							March 31, 2009
	Average		Revenue/		Yield/			Average		Revenue/		Yield/
( in thousands)	Balance		Expense		Rate			Balance		Expense		Rate
Loans:
Residential real estate	$	1,513,302		18,901		5.00	%	$	1,916,589		25,065		5.23	%
Commercial real estate		1,102,576		10,843		3.93			1,227,700		12,141		3.96
Consumer		688,173		4,900		2.85			744,371		5,411		2.91
Commercial business		138,307		1,608		4.65			145,167		1,957		5.39
Small business		309,549		4,843		6.26			321,991		5,033		6.25

Total loans		3,751,907		41,095		4.38			4,355,818		49,607		4.56
Investments		441,637		6,136		5.56			935,936		12,803		5.47

Total interest earning assets		4,193,544		47,231		4.51	%		5,291,754		62,410		4.72	%

Goodwill and core deposit intangibles		15,652							25,971
Other non-interest earning assets		475,310							356,514

Total Assets	$	4,684,506						$	5,674,239


Deposits:
Savings	$	425,235		333		0.32	%	$	441,278		500		0.46	%
NOW		1,467,103		2,218		0.61			1,047,116		1,413		0.55
Money market		360,470		629		0.71			421,883		773		0.74
Certificates of deposit		896,074		3,877		1.75			1,300,056		10,301		3.21

Total interest bearing deposits		3,148,882		7,057		0.91			3,210,333		12,987		1.64

Short-term borrowed funds		39,376		13		0.13			278,209		182		0.27
Advances from FHLB		173,011		958		2.25			903,077		7,164		3.22
Long-term debt		22,507		228		4.11			22,820		308		5.47

Total interest bearing liabilities		3,383,776		8,256		0.99			4,414,439		20,641		1.90
Demand deposits		864,391							775,977
Non-interest bearing other liabilities		54,312							61,523

Total Liabilities		4,302,479							5,251,939
Equity		382,027							422,300

Total liabilities and equity	$	4,684,506						$	5,674,239

Net interest income/net interest spread				38,975		3.52	%				41,769		2.82	%

Margin
Interest income/interest earning assets						4.51	%						4.72	%
Interest expense/interest earning assets						0.80							1.58

Net interest margin						3.71	%						3.14	%

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


	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Allowance for Loan Losses

Beginning balance	$	173,588			165,975			156,821			146,639			125,572

Charge-offs:
Residential real estate		(4,181	)		(7,579	)		(7,174	)		(3,923	)		(4,588	)
Commercial real estate		(21,332	)		(58,664	)		(21,541	)		(10,530	)		(5,565	)
Commercial business		—			—			—			(516	)		—
Consumer		(10,771	)		(8,307	)		(12,490	)		(9,118	)		(10,321	)
Small business		(837	)		(1,738	)		(2,249	)		(2,347	)		(2,771	)

Total charge-offs		(37,121	)		(76,288	)		(43,454	)		(26,434	)		(23,245	)


Recoveries:
Residential real estate		64			96			133			360			323
Commercial real estate		62			422			—			—			278
Commercial business		658			494			—			5			1
Consumer		194			205			157			130			95
Small business		69			161			72			166			95

Total recoveries		1,047			1,378			362			661			792

Net charge-offs		(36,074	)		(74,910	)		(43,092	)		(25,773	)		(22,453	)
Provision for loan losses		32,034			82,523			52,246			35,955			43,520

Ending balance	$	169,548			173,588			165,975			156,821			146,639


	As of
	3/31/2010		12/31/2009		9/30/2009		6/30/2009		3/31/2009
Credit Quality
Nonaccrual loans
Commercial real estate	$	168,937		167,867		189,720		204,104		204,560
Consumer		14,428		14,451		11,336		11,821		7,984
Small business		10,971		9,338		9,693		8,916		7,383
Residential real estate		88,262		76,401		76,022		64,720		45,630
Commercial business		18,767		18,063		8,094		5,887		5,887

Total Nonaccrual loans		301,365		286,120		294,865		295,448		271,444
Nonaccrual tax certificates		1,495		2,161		3,011		3,091		1,298
Real estate owned		40,833		35,935		30,796		30,213		21,763
Other repossessed assets		—		10		13		23		—

Total nonperforming assets	$	343,693		324,226		328,685		328,775		294,505

Allowance for loan losses to total loans	%	4.64		4.53		4.18		3.79		3.41
Allowance to nonaccrual loans	%	56.26		60.67		56.29		53.08		54.02
Provision to average loans	%	3.42		8.39		5.14		3.40		4.00
Annualized net charge-offs to average loans	%	3.85		7.61		4.24		2.44		2.06
Nonperforming loans to total assets	%	6.43		6.02		6.04		5.69		4.95
Nonperforming assets to total assets	%	7.33		6.82		6.73		6.34		5.37

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


($ in thousands)	3/31/2010		12/31/2009		9/30/2009		6/30/2009		3/31/2009
Commercial real estate	$	40,642		25,489		12,500		8,592		29,115
Consumer		14,858		15,173		13,678		9,914		12,396
Small business		3,891		2,714		3,900		3,529		6,702
Residential real estate		26,893		26,710		24,877		24,441		27,375
Commercial business		1,129		2,820		4,863		—		195

Total BankAtlantic	$	87,413		72,906		59,818		46,476		75,783


	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Commercial real estate	%	3.85	*		2.28	*		1.07	*		0.72	*		2.39	*
Consumer	%	2.23			2.23			1.97			1.40			1.71
Small business	%	1.26			0.87			1.25			1.12			2.11
Residential real estate	%	1.83	**		1.72	**		1.52	**		1.39	**		1.46	**
Commercial business	%	0.84			1.80			3.27			—			0.13

Total BankAtlantic	%	2.40			1.91	*		1.51			1.13	*		1.77	*


*		Excludes $0, $8.7 million, $0, $14.3 million and $15.7 million of Commercial Real Estate loans at March 31, 2010, December 31,2009, September 30, 2009, June 30, 2009 and March 31, 2009, 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 3.07%, 1.90% and 3.68% and total BankAtlantic delinquencies would have been 2.14%, 1.50% and 2.14% at December 31, 2009, June 30, 2009 and March 31, 2009, respectively.

**		Includes $1.4 billion, $1.5 billion, $1.6 billion, $1.7 billion and $1.8 billion of purchased residential loans with delinquencies excluding non-accrual loans of 1.63%, 1.59%, 1.44%, 1.38%, 1.38% as of March 31, 2010, December 31, 2009, 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
	1Q 2010			for Loan		to Total
($ in thousands)	Loan Provision			Losses		Loans
Commercial real estate	$	15,698			86,086		8.16	%
Consumer		8,078			39,918		6.00
Small business		(665	)		6,565		2.12
Residential real estate		6,699			29,582		2.01
Commercial business		2,224			7,397		5.48

Total BankAtlantic	$	32,034			169,548		4.64	%

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 not currently controllable by management. Management uses core expenses to measure expense reduction trends excluding items 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 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 Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Loss from bank operations business segment before income taxes	$	(17,039	)		(80,359	)		(35,301	)		(24,178	)		(40,589	)
Costs associated with debt redemption		7			—			5,431			1,441			591
Provision for tax certificates		733			686			(198	)		1,414			1,486
Impairment of goodwill		—			—			—			—			9,124
Impairment, restructuring and exit activities		143			7,700			1,730			1,817			2,086
FDIC special assessment		—			—			—			2,428			—
Provision for loan losses		32,034			82,523			52,246			35,955			43,520

Non-GAAP pre-tax core operating earnings	$	15,878			10,550			23,908			18,877			16,218

Reconciliation of non-interest expense to core expenses and calculation of core operating efficiency ratio


				For the Three Months Ended
($ in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Non-interest expense	$	52,721			65,987			60,032			61,077			71,703
Costs associated with debt redemption		(7	)		—			(5,431	)		(1,441	)		(591	)
Provision for tax certificates		(733	)		(686	)		198			(1,414	)		(1,486	)
Impairment of goodwill		—			—			—			—			(9,124	)
Impairment, restructuring and exit activities		(143	)		(7,700	)		(1,730	)		(1,817	)		(2,086	)
FDIC special assessment		—			—			—			(2,428	)		—

Core expenses	$	51,838			57,601			53,069			53,977			58,416

Net interest income		38,975			39,992			41,485			40,078			41,769
Non-interest income		28,741			28,159			35,492			32,776			32,865

Total revenues	$	67,716			68,151			76,977			72,854			74,634

Non-GAAP core operating efficiency ratio		76.55	%		84.52	%		68.94	%		74.09	%		78.27	%

Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity


				For the Three Months Ended
($ in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Net loss from bank operations business segment	$	(17,129	)		(48,637	)		(35,304	)		(24,178	)		(40,589	)

Average total assets		4,684,506			4,835,545			4,975,297			5,270,902			5,674,239
Average goodwill and core deposit intangibles		(15,652	)		(15,973	)		(16,297	)		(16,618	)		(25,825	)

Average tangible assets		4,668,854			4,819,572			4,959,000			5,254,284			5,648,414

Average equity		382,027			436,322			384,934			405,382			422,154
Average goodwill and core deposit intangibles		(15,652	)		(15,973	)		(16,297	)		(16,618	)		(25,825	)
Other comprehensive loss		845			4,995			7,369			2,640			5,336

Average tangible equity	$	367,220			425,344			376,006			391,404			401,665
Return on average assets from continuing operations		-1.46	%		-4.02	%		-2.84	%		-1.83	%		-2.86	%

Return on average tangible assets from continuing operations — Non-GAAP		-1.47	%		-4.04	%		-2.85	%		-1.84	%		-2.87	%

Return on average equity from continuing operations		-17.93	%		-44.59	%		-36.69	%		-23.86	%		-38.46	%

Return on average tangible equity from continuing operations — Non-GAAP		-18.66	%		-45.74	%		-37.56	%		-24.71	%		-40.42	%

Reconciliation of equity to total tangible capital; Total assets to total tangible assets; The calculation of tangible capital to tangible assets


				For the Three Months Ended
($ in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Equity	$	368,182			378,901			423,242			383,370			405,088
Goodwill and core deposit intangibles		(15,494	)		(15,817	)		(16,139	)		(16,461	)		(16,784	)

Total tangible capital		352,688			363,084			407,103			366,909			388,304

Total assets		4,688,001			4,755,122			4,882,385			5,189,711			5,488,603
Goodwill and core deposit intangibles		(15,494	)		(15,817	)		(16,139	)		(16,461	)		(16,784	)

Total tangible assets	$	4,672,507		$	4,739,305		$	4,866,246		$	5,173,250		$	5,471,819

Non-GAAP tangible capital to tangible assets		7.55	%		7.66	%		8.37	%		7.09	%		7.10	%

Reconciliation of total deposits to core deposits


				For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009

Total deposits	$	4,047,440			3,969,680			3,959,479			4,055,047			4,053,313
Money market		(361,877	)		(360,043	)		(372,442	)		(395,903	)		(413,777	)
Certificates of deposit		(840,017	)		(960,559	)		(1,113,238	)		(1,230,829	)		(1,298,114	)

Core deposits		2,845,546			2,649,078			2,473,799			2,428,315			2,341,422

Parent Company Business Segment
Condensed Statements of Operations (unaudited)


				For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Net interest expense	$	(3,485	)		(3,501	)		(3,633	)		(3,807	)		(4,021	)
(Recovery)/provision for loan losses		(1,279	)		(1,222	)		11,340			7,539			757

Net interest income after provision for loan losses		(2,206	)		(2,279	)		(14,973	)		(11,346	)		(4,778	)

Non-interest income
Income from unconsolidated subsidiaries		189			145			109			115			118
Securities activities, net		6			1,274			—			(1,375	)		120
Other		263			294			255			287			222

Non-interest income		458			1,713			364			(973	)		460

Non-interest expense
Employee compensation and benefits		1,004			2,399			959			950			728
Advertising and business promotion		10			31			35			134			51
Professional fees		322			596			718			359			382
Other		308			235			464			416			543

Non-interest expense		1,644			3,261			2,176			1,859			1,704

Loss from parent company activities before income taxes		(3,392	)		(3,827	)		(16,785	)		(14,178	)		(6,022	)
Provision (benefit) for income taxes		—			—			—			—			—

Net loss from parent company business segment	$	(3,392	)		(3,827	)		(16,785	)		(14,178	)		(6,022	)

Parent Company Business Segment
Condensed Statements of Financial Condition — Unaudited


	As of
(in thousands)	3/31/2010		12/31/2009		9/30/2009		6/30/2009		3/31/2009
ASSETS
Cash	$	5,135		14,002		16,105		16,122		19,860
Securities		1,506		1,505		2,207		2,250		3,289
Investment in subsidiaries		413,759		423,529		466,671		439,090		472,272
Investment in unconsolidated subsidiaries		9,496		9,307		9,161		9,052		8,937
Other assets		2,329		4,017		2,630		3,019		2,353

Total assets	$	432,225		452,360		496,774		469,533		506,711

LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures and notes payable	$	311,707		308,334		304,944		301,353		297,519
Other liabilities		1,288		2,455		2,388		1,613		2,177

Total liabilities		312,995		310,789		307,332		302,966		299,696

Stockholders’ equity		119,230		141,571		189,442		166,567		207,015

Total liabilities and stockholders’ equity	$	432,225		452,360		496,774		469,533		506,711

Parent Company Business Segment
Allowance for Loan Loss and Credit Quality


Parent Company and Work-out Subsidiary	For the Three Months Ended
(in thousands)	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Allowance for Loan Losses

Beginning balance	$	13,630			18,688			15,399			11,758			11,685
Net charge-offs		(4,302	)		(3,836	)		(8,051	)		(3,898	)		(684	)
Provision for loan losses		(1,279	)		(1,222	)		11,340			7,539			757

Ending balance	$	8,049			13,630			18,688			15,399			11,758


	As of
	3/31/2010			12/31/2009			9/30/2009			6/30/2009			3/31/2009
Credit Quality
Total Loans — gross	$	38,363			48,012			56,783			67,910			76,641

Nonaccrual loans	$	35,326			44,897			53,520			64,558			74,321
Specific reserves		(8,049	)		(13,630	)		(18,680	)		(15,367	)		(11,758	)

Nonaccrual loans, net	$	27,277			31,267			34,840			49,191			62,563
Real estate owned		10,532			10,532			6,267			4,082			—

Total nonperforming assets	$	37,809			41,799			41,107			53,273			62,563


Florida	001-13133	65-0507804

(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


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


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))