BANKATLANTIC BANCORP, INC. FORM 8-K

On April 16, 2004 BankAtlantic Bancorp filed an amendment to the registration statement filed with the Securities and Exchange Commission on March 4, 2004 reducing the number of shares of its Class A Common Stock subject to the filing from 6 million to 4 million and reducing the size of the over allotment option granted to the underwriters from 900,000 to 600,000 shares of Class A Common Stock. The Company decided to reduce the size of the offering because the previously announced settlement of litigation involving the Company’s investment in a technology company resulted in an improvement in both its shareholders’ equity and cash position, which together with the new offering size, effectively offsets the effect on the Company of the spin off of Levitt Corporation. Keefe, Bruyette & Woods, Ryan Beck & Co., Friedman, Billings, Ramsey Group and Sandler O’Neill & Partners, L.P. have been selected to manage the offering.

The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective and the offering has not yet commenced. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This disclosure shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. When available, copies of the prospectus, subject to completion, relating to these securities may be obtained by contacting Corporate Communications, BankAtlantic Bancorp, Inc., 1750 East Sunrise Blvd., Fort Lauderdale, Florida 33304. There is no assurance that the offering of these securities will be completed.

The information in this item (including Exhibit 99.1) is being furnished pursuant to Item 12 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 April 19, 2004, BankAtlantic Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2004. The press release, and accompanying financial tables and deposit graphs are attached hereto as Exhibit 99.1 and are incorporated herein by reference. In addition to financial results determined in accordance with generally accepted accounting principles (“GAAP”), the press release also contains financial information determined by methods other than in accordance with GAAP. The Company’s management uses these non-GAAP measures, which it defines as “operating” measures, in their analysis of the Company’s performance. These “operating” measures adjust GAAP income from continuing operations to exclude the costs associated with debt redemptions and securities impairment recoveries. The Company believes that these non-GAAP operating measures supplement our GAAP financial information and provide useful measures of evaluating the Company’s operating results and any related trends that may be affecting the Company’s business. 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.

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

BankAtlantic Bancorp Reports Earnings
For The First Quarter 2004

Income from Continuing Operations Increased 54%
Earnings per Share Increased 53%

FORT LAUDERDALE, Florida – April 19, 2004 — BankAtlantic Bancorp, Inc. (NYSE: BBX) — today reported net income from continuing operations increased 54% to $16.6 million, or $0.26 per diluted share, for the first quarter of 2004, up from $10.8 million, or $0.17 per diluted share, earned from continuing operations in the corresponding period in 2003. Excluding the effect of a large gain recognized in connection with a litigation settlement and the costs associated with a decision to prepay certain high cost debt, net income from continuing operations would have been $13.4 million vs. $10.8 million, an increase of 24%.

Chairman of the Board and Chief Executive Officer Alan B. Levan commented, “The first quarter of 2004 was an outstanding quarter for BankAtlantic Bancorp and gives us an excellent start for the new year. Growth in low cost deposits at BankAtlantic continued at the very high levels we have experienced since the inception of our ‘Florida’s Most Convenient Bank’ program. Credit quality remained strong. We are particularly pleased that our interest margin continued to improve. Also, Ryan Beck & Co. had an outstanding quarter, with record income for the quarter, and a strong backlog. Results from all of its major business units were quite favorable.”

Additional accomplishments and highlights include:

BankAtlantic:

“BankAtlantic’s ‘Florida’s Most Convenient Bank’ initiatives, including seven-day banking, extended weekday hours, 24/7 call center service, Totally Free Checking, free online banking, Totally Free Change Exchange coin counters, and dozens of additional products and services, continue to attract new customers and generate new checking and savings account openings at record rates. Since January 2002, BankAtlantic has opened nearly 290,000 new checking and savings accounts including more than 45,000 in the first quarter of 2004. The first quarter of 2004 marks the ninth consecutive quarter of double-digit growth in new low cost checking and savings account openings. As shown in the table

below, balances in low cost deposits increased 36% on a ‘same branch basis’ in the first quarter of 2004, over the first quarter of 2003, to a total of $1.55 billion at quarter-end. At December 31, 2001, immediately preceding the initiation of this program, BankAtlantic had $602 million in low cost deposits. Non-interest bearing demand deposits now constitute 24% of deposit funding, up from 18% a year ago, and 13% before initiation of the program.

The following table presents comparative data for new account balances:


	DEC			MAR			JUN			SEP			DEC			MAR			JUN			SEP			DEC			MAR
	'01			'02			'02			'02			'02			'03			'03			'03			'03			'04
Demand Deposits % of Total Deposits		13	%		13	%		14	%		14	%		16	%		18	%		19	%		20	%		21	%		24	%
*Low Cost Deposits % of Total Deposits**		26	%		29	%		30	%		32	%		35	%		40	%		41	%		43	%		45	%		49	%
Low Cost Deposit Growth* “Same Branch” Year-over-Year Change**					15	%		23	%		30	%		30	%		31	%		33	%		36	%		34	%		36	%
Effective rate, Low Cost Deposits*					0.38	%		0.49	%		0.45	%		0.35	%		0.33	%		0.28	%		0.18	%		0.18	%		0.18	%

		*DDA and NOW Checking plus Savings comprise Low Cost Deposits

		**Includes Branches open for 2 years or more

“We continue to be excited with the results of our major re-branding of BankAtlantic. Our new customers bring a new vitality to our organization, and significantly add to our franchise value. They also provide us with a growing opportunity to cross promote additional bank products and services. Furthermore, our increased level of low cost deposits positions BankAtlantic to benefit in a higher interest rate environment.

“BankAtlantic’s loan portfolio quality remained strong. During the first quarter, the Bank experienced net recoveries on loans of $647,000, continuing our pattern of low net loan losses over the past several quarters. The ratio of non-performing assets to total loans and other assets was 0.34% at March 31, 2004 vs. 0.33% at December 31, 2003. Non-performing loans represented 0.29% of total loans at March 31, 2004, vs. 0.25% at December 31, 2003. The allowance for loan and lease losses to total loans and leases at March 31, 2004 was 1.22%, representing 415% of non-performing loans and 345% of all non-performing assets. This continued strong loan quality, coupled with the continuing run-off of the discontinued loan product lines, resulted in a $859,000 credit to the provision for loan losses during the first quarter of 2004.

“The net interest margin at BankAtlantic improved to 3.73% in the first quarter of 2004, from 3.39% in the fourth quarter of 2003. Growth in low cost deposits, a slowing in prepayments of mortgages and our prepayments of certain FHLB advances have resulted in an improvement in our net interest margin. While further progress on this front will depend to a large degree on the pattern and level of interest rates, this increase represents a major improvement in BankAtlantic’s earning power, and validates our move to broaden our customer base and emphasize community banking as one of our core foundations.

“On March 30th, BankAtlantic announced the promotion of Lloyd DeVaux to the newly created position of Chief Operating Officer. Mr. DeVaux had previously been Executive Vice President and Chief Information Officer. He will continue to work closely with the rest of the executive team on leading implementation of the bank’s strategic objectives, and will assume additional responsibilities for many other bank-wide functions including expense management, strategic planning, talent management, and will also assume a greater role in dealing with the institutional investor community.

“During the quarter, BankAtlantic prepaid approximately $108 million of Federal Home Loan Bank advances. These FHLB advances had an average effective rate of 5.5% per annum and were scheduled to mature in 2007 – 2008. After giving effect to the prepayments, the remaining Federal Home Loan Bank advances consist of approximately $591 million of fixed rate advances, most of which are scheduled to mature between 2008 – 2011, with an average effective rate of approximately 4.98%. In conjunction with the prepayments, we recorded an after-tax charge of $7.6 million.

“Yeah, We’re Open.’ BankAtlantic has succeeded in firmly establishing our brand as that of the most convenient bank in our market. Toward that end, during the quarter we launched BankAtlantic’s new advertising campaign — “Yeah, We’re Open” emphasizing our ‘Florida’s Most Convenient Bank’ initiative. With three simple words, ‘Yeah, We’re Open,’ we have encompassed a strategy totally unique to BankAtlantic.

Ryan Beck & Co.:

“Ryan Beck & Co. had record operating revenues of $65.9 million and net income of $5.1 million for the 3 month period ending March 31, 2004. Growth in operating revenues for the first quarter of 2004 grew 19% vs. the comparable 2003 period. Net income from continuing operations increased 183% vs. the comparable 2003 period. Return on equity grew to 26.4% vs. an 11.1% return on average equity in the first quarter of 2003.

“Each of the firm’s major business units had strong results. The Private Client Group revenues for the first quarter 2004 rose 31% to $45.0 million vs. $34.3 million in the comparable 2003 period. Investment Banking revenues for the quarter grew to $12.3 million vs. $11.4 million in the comparable 2003 period. During the first quarter, the Financial Institutions Investment Banking Group announced five mergers with a value of $2.34 billion. Further, the Middle Market Group completed the IPO for Bakers Footwear Group, Inc. (BKRS). This initial public offering was one of the best performing IPO’s for the quarter among domestic transactions. Additionally, in early April 2004, Ryan Beck closed certain major investment banking transactions, which resulted in revenue in excess of all investment banking revenue realized by Ryan Beck in the first quarter of this year. The impact of those transactions will be reflected in the second quarter of 2004.

“Rick Martin joined the firm as Managing Director and Director of Research. He brings 20 years of research experience within the financial services industry. Prior to joining the firm, Mr. Martin served as the Director of Research at Tucker Anthony Sutro Capital Markets, Advest, SBC Warburg and The Chicago Corporation.

BankAtlantic Bancorp:

“During the first quarter, BankAtlantic Bancorp announced that it had settled litigation between the Company and certain of its affiliates related to an investment in a technology company. Pursuant to the settlement, the Company sold its stock in the technology company to a third party investor group for $15 million in cash, its original cost, and received additional compensation for legal expenses and damages consisting of $1.7 million in cash and the return of 378,000 shares of the Company’s Class A Common Stock owned by the technology company. The parties also exchanged releases and the pending litigation between the parties will be dismissed in connection with the settlement. As a result of the settlement, the Company has no further interest in the technology company. The investment had

previously been charged off, so the effect of this settlement was to increase net income for the quarter by $10.9 million, net of tax. In addition, the shares of BankAtlantic Bancorp received in connection with the settlement were retired, which will reduce shares outstanding by approximately 0.6%.

Financial Highlights:

First Quarter, 2004 Compared to First Quarter, 2003

BankAtlantic Bancorp — consolidated (adjusted for the Levitt Corporation spin-off):

• Net income from continuing operations was $16.6 million vs. $10.8 million. Excluding the effect of a recent litigation settlement and costs associated with the early redemption of debt, net income from continuing operations would have been $13.4 million vs. $10.8 million, an increase of 24%.

• Return from continuing operations on tangible equity was 20.26% vs. 11.31%. Excluding the non-recurring items, the return on tangible equity was 16.27% for the current period.

• Book value per share, adjusted for the Levitt spin-off, rose to $7.26.

BankAtlantic:

• Business segment net income of $3.3 million vs. $11.4 million. The 2003 quarter includes a $7.6 million after-tax expense related to the prepayment of Federal Home Loan Bank (FHLB) advances.

• Return on average tangible assets was 0.30% vs. 0.93%. Excluding the FHLB advances repayment charge, the return on tangible assets was 0.98% for the current period.

• Return on tangible equity was 3.19% vs. 12.08%. Excluding the FHLB prepayment charge, the return on tangible equity was 10.53% for the current period.

• Net interest margin increased to 3.73% from 3.35% in the first quarter, 2003, and from 3.39% in the fourth quarter, 2003.

• Non-interest income was $18.2 million vs. $15.1 million, an increase of 21%.

• Non-interest expense grew to $54.1 million vs. $36.3 million. Included in the current period is an $11.7 million pre-tax expense associated with the prepayment of the FHLB advances. Excluding the prepayment costs, expenses increased 17%.

Ryan Beck & Co.:

• Business segment net income from continuing operations increased to $5.1 million vs. $1.8 million, representing a 183% increase over the first quarter of 2003.

• Return on equity from continuing operations was 26.40% vs. 10.62%.

• Pretax margin increased to 13% for the quarter, up from 6% in the March 31, 2003 quarter.

• Total assets in client accounts were $18.5 billion as of March 31, 2004, excluding certain annuities and mutual funds.

• Active accounts totaled 178,000 at March 31, 2004, with client money market balances of approximately $1.2 billion.

• Customer margin debit balances exceeded $231 million at March 31, 2004. * * *

BankAtlantic Bancorp’s First Quarter 2004 earnings results press release, financial summary, press release graphs, and the Supplemental Financials (extensive business segment financial data), are available on BankAtlantic Bancorp’s website: www.BankAtlanticBancorp.com.

• To view this press release online, access the “Press Room.”

• To view the financial summary, access the “Investor Relations” section and click on the “Quarterly Financials” navigation link.

• To view the accompanying press release graphs, click 1Q2004Graphs, or access the “Investor Relations” section and click on the “Quarterly Financials” navigation link.

• To view the Supplemental Financials, access the “Investor Relations” section and click on the “Supplemental Financials” navigation link. The Supplemental Financials include segment information. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in deciding how to allocate resources and assess performance. The information provided for segment reporting is based on internal reports utilized by management.

Copies of BankAtlantic Bancorp’s First Quarter 2004 earnings results press release and financial summary, press release graphs, and the Supplemental Financials are also available upon request via fax, email, or postal service, by contacting BankAtlantic Bancorp’s Investor Relations department using the contact information listed below.

BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Tuesday, April 20, 2004 at 11:00 a.m. (Eastern Time).

Teleconference Call:

To access the teleconference call in the U.S. and Canada, the toll free number to call is 1-800-968-8156. International calls may be placed to 706-634-5752. Domestic and international callers may reference PIN number 6681905.

A replay of the teleconference call will be available beginning two hours after the call’s completion through 5:00 p.m., Thursday, May 20, 2004. To access the replay option in the U.S. and Canada, the toll free number to call is 1-800-642-1687. International calls for the replay may be placed at 706-645-9291. The replay digital PIN number for both domestic and international calls is: 6681905.

Webcast:

Individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the live and/or archived webcast of the teleconference call, visit www.BankAtlanticBancorp.com, access the “Investor Relations” section and click on the “Webcast” navigation link. The archive of the teleconference call will be available through 5:00 p.m., Thursday, May 20, 2004.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services holding company and the parent company of BankAtlantic and Ryan Beck & Co. Through these subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking.

About BankAtlantic:

BankAtlantic, “Florida’s Most Convenient Bank,” is one of the largest financial institutions headquartered in Florida and provides a comprehensive offering of banking services and products via its broad network of community branches throughout Florida and its online banking division -

BankAtlantic.com. BankAtlantic has 73 branch locations and operates more than 200 conveniently located ATMs. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, Totally Free Change Exchange coin counters, 24/7 call center service, and free retail and business checking with a free gift.

Seven-Day Banking – Monday through Sunday

• Extended branch lobby hours are 8:30 am — 5:00 pm, Monday through Wednesday, and 8:30 am — 8:00 pm, Thursday and Friday. Our Kendale Lakes branch in Miami-Dade will be open until midnight commencing June 1, 2004.

• Extended drive-thru hours are 7:30 am — 8:00 pm, Monday through Friday.

• Saturday branch lobby hours are 8:30 am — 3:00 pm, and drive-thru hours are 7:30 am — 6:00 pm.

• Sunday branch lobby hours are 11:00 am — 4:00 pm, and drive-thru hours are 11:00 am — 4:00 pm.

About Ryan Beck & Co.:

Ryan Beck & Co. is a full-service broker dealer engaging in underwriting, market making, distribution, and trading of equity and debt securities. The firm also provides money management services, general securities brokerage, including financial planning for the individual investor, consulting and financial advisory services to financial institutions and middle market companies. Ryan Beck & Co. also provides independent research on approximately 100 companies and has approximately 500 financial consultants located in 33 offices nationwide.

For further information, please visit our websites:

www.BankAtlanticBancorp.com

www.BankAtlantic.com

www.RyanBeck.com

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

BankAtlantic Bancorp Contact Info:
Investor Relations:
Contact: Leo Hinkley, Vice President
Phone: (954) 760-5317
Fax: (954) 760-5415
Email: InvestorRelations@BankAtlanticBancorp.com.
Mailing Address: BankAtlantic Bancorp, Investor Relations, 1750 East Sunrise
Blvd., Fort Lauderdale, FL 33304

Corporate Communications:
Contact: Sharon Lyn, Assistant Vice President
Phone: (954) 760-5402
Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com

BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Public Relations:
Contact: Hattie Harvey, Public Relations Manager
Phone: (954) 760-5383
Fax: (954) 760-5388
Email: HHarvey@BankAtlantic.com.

Public Relations for BankAtlantic: Boardroom Communications, Caren Berg Phone: (954) 370-8999, Fax: (954) 370-8892 Email: Caren@Boardroompr.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. When used in this press release and in any documents incorporated by reference herein, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify certain of these forward-looking statements. 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; credit risks and loan losses, and the related sufficiency of the allowance for loan losses; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws; adverse conditions in the stock market, the public debt market and other capital markets and the impact of such conditions on our activities and the value of our assets; BankAtlantic’s seven-day banking initiative and other growth initiatives not being successful or producing results which do not justify their costs; the impact of periodic testing of goodwill and other intangible assets for impairment; as well as achieving the benefits of the prepayment of the Federal Home Loan Bank advances. Further, this press release contains forward-looking statements with respect to Ryan Beck & Co., which are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with its operations, products and services, changes in economic or regulatory policies, the volatility of the stock market and fixed income markets, as well as its revenue mix, the success of new lines of business, uncertainties associated with the Gruntal litigation; and additional risks and uncertainties that are subject to change and may be outside of Ryan Beck’s control. 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. 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
(in thousands except share data and ratios)		3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
Current Earnings:
Net income (GAAP basis)		$	16,647			17,642			18,508			17,209			14,358
Income from continuing operations (GAAP basis)	(note 1)	$	16,647			7,826			10,144			9,809			10,818
Operating net income	(note 2)	$	13,371			13,582			11,470			10,880			10,818
Average Common Shares Outstanding:
Basic			59,257,270			58,891,273			58,646,254			58,321,020			58,171,621
Diluted			63,193,034			61,852,217			61,343,946			61,898,924			64,250,488
Key Performance Ratios (GAAP basis):
Basic earnings per share		$	0.28			0.30			0.32			0.30			0.25
Diluted earnings per share *		$	0.26			0.28			0.30			0.28			0.23
Basic earnings per share from continuing operations		$	0.28			0.13			0.17			0.17			0.19
Diluted earnings per share from continuing operations *		$	0.26			0.12			0.16			0.16			0.17
Return on average tangible assets from cont ops	(note 3)	%	1.42			0.61			0.74			0.69			0.80
Return on average tangible equity from cont ops	(note 3)	%	20.26			7.23			9.77			9.91			11.31
Key Performance Ratios (Operating basis):
Basic earnings per share		$	0.23			0.23			0.20			0.19			0.19
Diluted earnings per share *		$	0.21			0.22			0.19			0.18			0.17
Return on average tangible assets	(note 3,4)	%	1.14			1.14			0.89			0.81			0.85
Return on average tangible equity	(note 3,4)	%	16.27			17.20			15.23			15.09			15.40
* Diluted earnings per share calculation adds back
interest expense net of tax on convertible securities, if dilutive		$	—			—			—			129			440
subsidiaries stock options, if dilutive			(192	)		(104	)		(83	)		(27	)		(47	)
Average Balance Sheet Data:
Assets		$	4,791,753			5,221,228			5,579,697			5,787,226			5,491,930
Tangible assets	(note 3)	$	4,703,305			5,132,341			5,490,370			5,696,656			5,399,787
Tangible assets excluding Levitt	(note 3)	$	4,703,305			4,751,321			5,141,183			5,371,749			5,090,888
Loans		$	3,730,782			3,698,377			3,942,124			3,983,528			3,633,446
Investments		$	668,269			773,271			901,283			1,087,937			1,131,737
Deposits and escrows		$	3,064,750			3,032,170			2,951,536			2,925,061			2,851,626
Stockholders’ equity		$	423,482			521,393			503,274			480,115			464,712
Tangible stockholders’ equity	(note 3)	$	328,714			433,103			415,294			396,050			382,487
Tangible stockholders’ equity excluding Levitt	(note 3)	$	328,714			315,808			301,310			288,452			281,053

Notes:

(1) GAAP basis income from continuing operations is defined as income from continuing operations in accordance with generally accepted accounting principles.

(2) Operating net income is defined as GAAP income from continuing operations adjusted for securities impairment recoveries and costs associated with debt redemptions, net of tax.

(3) Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible stockholders’ equity is defined as average total stockholders’ equity less average goodwill, core deposit intangibles and other comprehensive income.

(4) Return on average tangible assets and equity are calculated excluding Levitt Corporation’s assets and equity for comparability.

** Operating net income is not prepared in accordance with GAAP and this non-GAAP financial measure should not be construed as being superior to GAAP.

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


(In thousands, except share data)	3/31/2004			12/31/2003			3/31/2003
ASSETS
Cash and due from depository institutions	$	114,849			119,882			139,940
Securities purchased under resell agreements and federal funds		1,953			—			—
Securities available for sale (at fair value)		358,665			358,511			740,003
Securities owned (at fair value)		122,114			124,565			154,319
Investment securities and tax certificates (approximate fair value: $139,075, $192,706 and $175,876)		139,075			192,706			175,436
Loans receivable, net of allowance for loan losses of $45,383, $45,595 and $48,695		3,674,173			3,686,153			3,881,015
Federal Home Loan Bank stock, at cost which approximates fair value		30,340			40,325			65,443
Accrued interest receivable		26,781			27,866			35,715
Real estate held for development and sale		24,239			21,803			263,317
Investments and advances in unconsolidated subsidiaries		7,910			7,910			71,794
Office properties and equipment, net		96,628			93,577			93,136
Deferred tax asset, net		17,751			22,999			37,523
Goodwill		76,674			76,674			77,878
Core deposit intangible asset		11,546			11,985			13,303
Other assets		47,785			46,593			64,517

Total assets	$	4,750,483			4,831,549			5,813,339

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits
Interest free checking	$	748,402			645,036			516,404
NOW accounts		567,498			533,888			446,076
Savings accounts		233,832			208,966			180,362
Insured money fund savings		870,447			865,590			820,181
Certificate accounts		723,256			804,662			920,350

Total deposits		3,143,435			3,058,142			2,883,373
Advances from FHLB		591,466			782,205			1,308,246
Securities sold under agreements to repurchase		118,465			138,809			340,983
Federal funds purchased		25,000			—			115,000
Subordinated debentures, notes and bonds payable		37,109			36,595			195,073
Junior subordinated debentures		263,266			263,266			252,918
Securities sold not yet purchased		34,250			37,813			49,760
Due to clearing agent		18,328			8,583			36,982
Other liabilities		89,587			92,684			151,388

Total liabilities		4,320,906			4,418,097			5,333,723

Stockholders’ equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding		—			—			—
Class A common stock, $.01 par value, authorized 80,000,000 shares; issued and outstanding 54,331,830, 54,396,824 and 53,516,846 shares		543			544			535
Class B common stock, $.01 par value, authorized 45,000,000 shares; issued and outstanding 4,876,124, 4,876,124 and 4,876,124 shares		49			49			49
Additional paid-in capital		259,792			259,770			253,032
Unearned compensation – restricted stock grants		(1,134	)		(1,178	)		(1,171	)
Retained earnings		163,005			148,311			226,241

Total stockholders’ equity before accumulated other comprehensive income		422,255			407,496			478,686
Accumulated other comprehensive income		7,322			5,956			930

Total stockholders’ equity		429,577			413,452			479,616

Total liabilities and stockholders’ equity	$	4,750,483			4,831,549			5,813,339

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


		For The Three Months Ended
(in thousands)		3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
INTEREST INCOME:
Interest and fees on loans and leases		$	48,936			49,647			50,668			54,191			52,940
Interest on securities available for sale			3,620			3,372			4,598			7,686			8,657
Interest and dividends on investment and securities owned			7,073			7,833			7,545			7,344			7,368

Total interest income			59,629			60,852			62,811			69,221			68,965

INTEREST EXPENSE:
Interest on deposits			6,973			7,504			7,758			9,758			11,169
Interest on advances from FHLB			9,098			11,667			15,025			15,291			15,316
Interest on short-term borrowed funds			250			289			558			1,248			819
Interest on long-term debt			4,827			5,399			4,257			4,531			3,821
Capitalized interest on real estate developments			(307	)		(312	)		(286	)		(256	)		(339	)

Total interest expense			20,841			24,547			27,312			30,572			30,786

NET INTEREST INCOME			38,788			36,305			35,499			38,649			38,179
Provision (recovery) for loan losses			(859	)		(1,811	)		(1,076	)		1,490			850

NET INTEREST INCOME AFTER PROVISION			39,647			38,116			36,575			37,159			37,329

NON-INTEREST INCOME:
Service charges on deposits			11,277			11,481			10,925			9,605			8,558
Other service charges and fees			4,637			4,704			4,625			6,071			3,918
Broker/dealer revenue and other commissions			62,445			55,566			49,992			50,565			51,665
Securities activities, net			72			(1,582	)		(336	)		(19	)		384
Securities Impairment recoveries			16,782			—			—			—			—
Gain on sales of loans			129			108			10			1			3
Income from real estate operations			305			354			66			4,136			1,086
Income from unconsolidated subsidiaries			118			119			106			118			82
Other			2,542			2,492			2,405			2,125			2,381

Total non-interest income			98,307			73,242			67,793			72,602			68,077

NON-INTEREST EXPENSES:
Employee compensation and benefits			67,180			56,795			55,318			57,415			57,412
Occupancy and equipment			10,250			10,522			10,161			9,615			9,738
Advertising and promotion			4,694			3,110			2,989			3,819			2,807
Professional fees			2,737			5,243			4,239			3,715			3,115
Communications			3,253			2,917			2,821			4,216			3,829
Floor broker and clearing fees			2,802			2,506			2,327			2,236			2,158
Cost associated with debt redemption			11,741			8,855			2,040			1,648			—
Other			9,357			7,391			8,588			11,826			9,501

Total non-interest expenses			112,014			97,339			88,483			94,490			88,560

Income from continuing operations before income taxes			25,940			14,019			15,885			15,271			16,846
Provision for income taxes			9,293			6,193			5,741			5,462			6,028

Income from continuing operations			16,647			7,826			10,144			9,809			10,818
Discontinued operations, net of tax *			—			9,816			8,364			7,400			3,540

GAAP net income	(note 1)	$	16,647			17,642			18,508			17,209			14,358

Reconciliation of Operating and GAAP Income from continuing operations
GAAP income from continuing operations		$	16,647			7,826			10,144			9,809			10,818
Costs associated with debt redemption			7,632			5,756			1,326			1,071			—
Securities impairment recoveries			(10,908	)		—			—			—			—

Operating net income	(note 2)	$	13,371			13,582			11,470			10,880			10,818

* Primarily Levitt Corporation.

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


		For the three months ended
(in thousands except percentages and per share data)		3/31/2004		12/31/2003			9/30/2003			6/30/2003			3/31/2003
Gross loans:
Residential real estate		$	1,326,061		1,403,686			1,714,774			1,880,890			1,559,553
Commercial real estate			1,701,012		1,660,004			1,621,407			1,508,064			1,482,352
Consumer			374,222		341,246			319,269			306,740			296,675
Lease financing			13,642		16,293			18,935			22,713			29,962
Commercial business			141,955		111,705			108,714			106,323			100,753
Small business			173,890		165,443			159,025			158,798			164,151

Total Loans			3,730,782		3,698,377			3,942,124			3,983,528			3,633,446
Investments – taxable			664,907		773,271			901,283			1,087,937			1,131,737
Investments – tax exempt			3,362		—			—			—			—

Total interest earning assets			4,399,051		4,471,648			4,843,407			5,071,465			4,765,183
Goodwill and core deposit intangibles			88,448		88,887			89,327			90,570			92,143
Other non-interest earning assets			304,254		660,693			646,963			625,191			634,604

Total assets		$	4,791,753		5,221,228			5,579,697			5,787,226			5,491,930

Tangible assets	(note 3)	$	4,703,305		5,132,341			5,490,370			5,696,656			5,399,787

Deposits:
Savings		$	220,005		205,564			197,778			185,685			171,298
NOW			543,619		507,876			473,741			454,108			425,642
Money funds			866,767		879,095			874,789			836,246			809,462
Certificates of deposit			769,949		815,454			837,221			913,564			966,869

Total interest bearing deposits			2,400,340		2,407,989			2,383,529			2,389,603			2,373,271
Short-term borrowed funds			128,130		131,095			228,427			385,604			269,660
FHLB advances			760,973		937,888			1,249,074			1,313,896			1,284,983
Long-term debt			299,878		413,154			407,538			409,567			377,185

Total interest bearing liabilities			3,589,321		3,890,126			4,268,568			4,498,670			4,305,099
Non-interest bearing deposits			664,410		624,181			568,007			535,458			478,355
Non-interest bearing other liabilities			114,540		185,528			239,848			272,983			243,764

Total liabilities			4,368,271		4,699,835			5,076,423			5,307,111			5,027,218

Stockholders’ equity			423,482		521,393			503,274			480,115			464,712

Total liabilities and stockholders’ equity		$	4,791,753		5,221,228			5,579,697			5,787,226			5,491,930

Other comprehensive (loss) income in stockholders’ equity		$	6,320		(597	)		(1,347	)		(6,505	)		(9,918	)

Tangible stockholders’ equity	(note 3)	$	328,714		433,103			415,294			396,050			382,487

Period End
Total loans, net		$	3,674,173		3,686,153			3,739,638			4,024,344			3,881,015
Total assets			4,750,483		4,831,549			5,197,060			5,818,851			5,813,339
Total stockholders’ equity			429,577		413,452			513,669			495,831			479,616
Common shares outstanding			59,207,954		59,272,948			58,940,200			58,629,845			58,392,970
Cash dividends			1,953,863		1,956,008			1,945,268			1,817,525			1,810,182
Common stock cash dividends per share			0.033		0.033			0.033			0.031			0.031
Closing stock price (1)			16.96		14.02			10.52			8.78			7.23
High stock price for the quarter (1)			19.00		14.58			11.64			9.22			7.47
Low stock price for the quarter (1)			13.70		10.44			8.68			7.09			6.47
Book value per share – historical			7.26		6.98			8.72			8.46			8.21

(1) adjusted to reflect the Levitt spin-off.

Bank Operations Business Segment
Condensed Statements of Operations (Unaudited)


	For the Three Months Ended
(In thousands)	3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
Net interest income	$	39,795			37,326			36,558			40,716			39,499
Provision (recovery) for loan losses		(859	)		(1,811	)		(1,076	)		1,490			850

Net Interest income after provision for loan losses		40,654			39,137			37,634			39,226			38,649

Non-interest income
Service charges on deposits		11,277			11,481			10,925			9,605			8,558
Other service charges and fees		4,637			4,704			4,625			6,071			3,918
Securities losses		(3	)		(1,582	)		(336	)		(19	)		(21	)
Gain on sales of loans		129			108			10			1			3
Income from real estate operations		305			354			66			4,136			1,086
Other non-interest income		1,875			1,858			1,864			1,700			1,570

Total non-interest income		18,220			16,923			17,154			21,494			15,114

Non-interest expense
Employee compensation and benefits		23,029			20,171			19,387			20,466			19,468
Occupancy and equipment		7,146			7,092			6,874			6,715			6,648
Advertising		3,463			2,517			2,444			2,874			1,599
Professional fees		1,258			1,129			1,139			1,025			1,096
Cost associated with debt redemption		11,741			8,855			2,040			—			—
Other		7,495			5,702			7,275			9,578			7,519

Total non-interest expense		54,132			45,466			39,159			40,658			36,330

Income from bank operations business segment before income taxes		4,742			10,594			15,629			20,062			17,433
Provision for income taxes		1,436			2,780			5,675			7,103			6,031

Net income from bank operations business segment	$	3,306			7,814			9,954			12,959			11,402

Reconciliation of Operating and business segment net income
Business segment income	$	3,306			7,814			9,954			12,959			11,402
Cost associated with debt redemption		7,632			5,756			1,326			—			—

Operating net income	$	10,938			13,570			11,280			12,959			11,402

Bank Operations Business Segment
Condensed Statements of Condition and Statistics (Unaudited)


		For the Three Months Ended
		3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
Statistics:
Average total interest earning assets ( in 000’s)	$		4,220,559		4,381,497		4,706,976		4,930,653		4,634,822
Average total interest bearing liabilities (in 000’s)	$		3,347,890		3,554,854		3,924,292		4,174,158		3,979,381
GAAP efficiency ratio	%		93.31		83.81		72.91		65.36		66.52
GAAP return on average assets	%		0.29		0.66		0.79		0.99		0.92
GAAP return on average equity	%		2.67		6.42		8.26		11.03		9.91
Operating efficiency ratio (1)	%		73.07		67.49		69.11		65.36		66.52
Operating return on average assets (1)	%		0.96		1.15		0.90		0.99		0.92
Operating return on average equity (1)	%		8.82		11.15		9.36		11.03		9.91
Net interest margin	%		3.73		3.39		3.10		3.27		3.35
Yield on earning assets	%		5.34		5.20		5.11		5.46		5.78
Cost of interest-bearing liabilities	%		2.02		2.24		2.41		2.58		2.83
Interest spread	%		3.32		2.96		2.70		2.88		2.95

(1) Ratios have been adjusted to exclude costs associated with debt redemptions.

Condensed Statements of Financial Condition (Unaudited)


	As Of
(In thousands)	3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
ASSETS
Loans receivable	$	3,621,787		3,630,682		3,767,935		4,070,332		3,925,994
Held to maturity securities		167,615		231,231		212,236		274,352		237,479
Available for sale securities		338,639		339,362		337,147		503,514		739,468
Goodwill		70,489		70,489		70,489		70,489		70,489
Core deposit intangible asset		11,546		11,985		12,424		12,864		13,303
Other assets		284,289		283,101		286,709		289,764		309,437

Total assets	$	4,494,365		4,566,850		4,686,940		5,221,315		5,296,170

LIABILITIES AND STOCKHOLDER’S EQUITY
Deposits
Interest free checking	$	748,533		645,325		594,685		546,805		516,404
NOW accounts		567,498		533,888		480,837		455,514		446,076
Savings accounts		233,832		208,966		202,354		191,586		180,362
Total low costs deposits		1,549,863		1,388,179		1,277,876		1,193,905		1,142,842
Insured money fund savings		870,447		865,590		878,281		850,579		820,181
Certificate accounts		723,256		804,662		826,045		859,896		920,350
Total deposits		3,143,566		3,058,431		2,982,202		2,904,380		2,883,373
Advances from Federal Home Loan Bank		591,466		782,205		956,820		1,332,300		1,308,246
Short term borrowings		191,469		161,597		167,983		401,298		523,947
Long term debt		36,582		35,334		36,077		35,112		37,579
Other liabilities		42,243		39,427		62,389		70,228		71,684
Total liabilities		4,005,326		4,076,994		4,205,471		4,743,318		4,824,829
Stockholder’s equity		489,039		489,856		481,469		477,997		471,341

Total liabilities and stockholder’s equity	$	4,494,365		4,566,850		4,686,940		5,221,315		5,296,170

Bank Operations Business Segment
Average Balance Sheet – Yield / Rate Analysis


	For the Three Months Ended
	March 31, 2004								March 31, 2003
( in thousands)	Average		Revenue/			Yield/			Average		Revenue/		Yield/
	Balance		Expense			Rate			Balance		Expense		Rate
Loans:
Residential real estate	$	1,326,061		15,941			4.81	%	$	1,559,553		21,586		5.54	%
Commercial real estate		1,689,962		23,694			5.61			1,530,402		22,866		5.98
Consumer		374,222		3,900			4.17			296,675		3,467		4.67
Lease financing		13,642		382			11.20			29,962		834		11.13
Commercial business		98,959		1,500			6.06			100,753		1,450		5.76
Small business		173,891		3,085			7.10			164,151		3,037		7.40

Total loans		3,676,737		48,502			5.28			3,681,496		53,240		5.78
Investments – tax exempt		3,362		51	(1)		6.04			—		—		—
Investments – taxable		540,460		7,808			5.78			953,326		13,688		5.74

Total interest earning assets		4,220,559		56,361			5.34	%		4,634,822		66,928		5.78	%

Goodwill and core deposit intangibles		82,263								84,754
Other non-interest earning assets		240,068								261,961

Total Assets	$	4,542,890							$	4,981,537

Deposits:
Savings	$	220,005		144			0.26	%	$	171,298		316		0.75	%
NOW		543,619		491			0.36			425,622		542		0.52
Money funds		866,767		1,876			0.87			809,482		2,652		1.33
Certificate accounts		769,949		4,462			2.33			966,869		7,659		3.21

Total deposits		2,400,340		6,973			1.17			2,373,271		11,169		1.91

Short-term borrowed funds		150,735		302			0.81			285,716		837		1.19
Advances from FHLB		760,973		9,098			4.81			1,284,983		15,315		4.83
Long-term debt		35,842		482			5.41			35,411		447		5.12

Total interest bearing liabilities		3,347,890		16,855			2.02			3,979,381		27,768		2.83
Non-interest bearing deposits		664,796								478,355
Non-interest bearing other liabilities		34,025								63,538

Total Liabilities		4,046,711								4,521,274
Stockholder’s equity		496,179								460,263

Total liabilities and stockholder’s equity	$	4,542,890							$	4,981,537

Net interest income/net interest spread				39,506			3.32	%				39,160		2.95	%

Capitalized interest from real estate operations				307								339

Net interest income (tax equivalent)				39,813								39,499

Margin
Interest income/interest earning assets							5.34	%						5.78	%
Interest expense/interest earning assets							1.61							2.43

Net interest margin (tax equivalent)							3.73	%						3.35	%

(1) The tax equivalent basis is computed using a 35% tax rate.

Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality


(in thousands)	For the Three Months Ended
	3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
Allowance for Loan Losses
Beginning balance	$	45,595			48,202			49,576			48,695			48,022
Charge-offs:
Residential real estate		(231	)		(320	)		(150	)		(98	)		(114	)
Commercial real estate		—			—			—			—			—
Commercial business		(344	)		(1,306	)		(1,798	)		(536	)		(2,453	)
Consumer		(248	)		(1,085	)		(260	)		(490	)		(405	)
Small business		(44	)		(321	)		(334	)		(1,433	)		(620	)
Syndication		—			—			—			—			—

Total charge-offs		(867	)		(3,032	)		(2,542	)		(2,557	)		(3,592	)

Recoveries:
Residential real estate		26			184			424			61			57
Commercial real estate		1			—			1			—			1
Commercial business		559			466			492			694			667
Consumer		338			538			343			414			464
Small business		392			482			748			575			833
Syndication		198			566			236			204			2,127

Total recoveries		1,514			2,236			2,244			1,948			4,149

Net (charge-offs) recoveries		647			(796	)		(298	)		(609	)		557

Provision (recovery) for loan losses		(859	)		(1,811	)		(1,076	)		1,490			850
Adjustments to acquired loan losses		—			—			—			—			(734	)

Ending allowance for loan losses	$	45,383			45,595			48,202			49,576			48,695

Annualized net charge-offs to average loans	%	(0.07	)		0.09			0.03			0.06			(0.06	)


	As of
	3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
Credit Quality
Nonaccrual loans and tax certificates	$	11,489		10,399		11,290		12,900		13,357
Acquired nonaccrual loans		10		10		314		409		1,537
Real estate owned, net of allowance		1,667		2,422		8,904		8,157		9,045
Other repossessed assets		0		0		274		435		513

Total nonperforming assets	$	13,166		12,831		20,782		21,901		24,452

Loan loss allowance to non performing assets	%	344.70		355.35		231.94		226.36		199.15

Nonperforming assets to total loans and other assets	%	0.34		0.33		0.53		0.51		0.60
Allowance for loan losses to total loans	%	1.22		1.22		1.27		1.22		1.24

Ryan Beck & Co., Inc. Business Segment
Consolidated Statements of Operations and Statistics – Unaudited


	For the Three Months Ended
(in thousands)	3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
Revenues
Principal transactions	$	24,443		25,288		21,091		24,057		25,083
Investment banking		12,631		7,318		7,642		5,079		7,689
Commissions		25,371		22,963		21,258		21,603		19,352
Interest, dividends and other		3,416		3,683		3,450		2,662		3,159

Total operating revenues		65,861		59,252		53,441		53,401		55,283

Operating expenses
Compensation, benefits		44,042		36,619		35,924		36,892		37,923
Professional fees		1,045		3,775		2,638		2,332		1,722
Communication		3,253		2,916		2,822		4,216		3,829
Occupancy and equipment		3,103		3,430		3,287		2,900		3,090
Floor broker and clearing fees		2,802		2,506		2,327		2,236		2,158
Interest and other		3,054		2,444		2,027		3,349		3,446

Total operating expenses		57,299		51,690		49,025		51,925		52,168

Income from Ryan Beck before income taxes		8,562		7,562		4,416		1,476		3,115
Provision for income taxes		3,434		3,559		1,522		551		1,292

Income from Ryan Beck’s continuing operations		5,128		4,003		2,894		925		1,823
Discontinued operations (GMS), net of tax		—		—		306		754		83

Net income from Ryan Beck business segment	$	5,128		4,003		3,200		1,679		1,906

Statistics:
GAAP return on equity	%	26.40		20.65		17.40		9.55		11.10
Continuing operations return on equity		26.40		20.65		15.74		5.26		10.62
Compensation as a percent of revenues		66.87		61.80		67.22		69.08		68.60
Commissions to total revenues		38.52		38.75		39.78		40.45		35.01
Principal transactions to total revenues		37.11		42.68		39.47		45.05		45.37
Investment banking revenue to total revenues		19.18		12.35		14.30		9.51		13.91

Condensed Statements of Financial Condition – Unaudited


	As of
(in thousands)	3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
ASSETS
Cash and cash equivalents	$	4,888		5,538		259		1,193		3,615
Securities		122,114		124,565		87,837		224,405		154,319
Other investments		—		—		4,212		1,456		—
Notes receivable – GMS		10,261		11,971		13,681		—		—
Property and equipment, net		4,749		3,713		3,599		4,095		4,037
Goodwill		6,184		6,184		6,184		6,184		7,389
Other assets		28,051		26,703		27,149		37,085		38,023

Total assets	$	176,247		178,674		142,921		274,418		207,383

LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Securities sold not yet purchased	$	34,250		37,813		15,089		34,968		49,760
Note payable		427		801		1,176		1,550		1,930
Note payable to BankAtlantic Bancorp		—		—		—		5,000		5,000
Due to clearing agent		18,328		8,583		6,087		112,410		36,982
Other liabilities		45,559		53,922		47,013		50,137		45,038

Total liabilities		98,564		101,119		69,365		204,065		138,710

Stockholder’s equity		77,683		77,555		73,556		70,353		68,673

Total liabilities and stockholder’s equity	$	176,247		178,674		142,921		274,418		207,383

Parent Company Business Segment Activities
Condensed Statements of Operations – Unaudited


	For the Three Months Ended
(in thousands)	3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
Net interest (expense)	$	(3,592	)		(3,804	)		(3,676	)		(3,868	)		(3,273	)
Income from unconsolidated subsidiaries		118			119			107			117			82
Gains on sales of assets		75			—			—			—			404
Securities Impairment recoveries		16,782			—			—			—			—
Cost associated with debt redemption		—			—			—			(1,648	)		—
Other income (expense)		(747	)		(455	)		(588	)		(868	)		(915	)

Income (loss) from parent company activities before income taxes		12,636			(4,140	)		(4,157	)		(6,267	)		(3,702	)
Provision (Benefit) for income taxes		4,423			(148	)		(1,454	)		(2,192	)		(1,295	)

Income (loss) from parent company activities from continuing operations		8,213			(3,992	)		(2,703	)		(4,075	)		(2,407	)

Reconciliation of Operating and business segment income
Business segment income from continuing operations	$	8,213			(3,992	)		(2,703	)		(4,075	)		(2,407	)
Securities impairment recoveries		(10,908	)		—			—			—			—
Cost associated with debt redemption		—			—			—			1,071			—

Operating loss (pretax)	$	(2,695	)		(3,992	)		(2,703	)		(3,004	)		(2,407	)

Condensed Statements of Financial Condition – Unaudited


	As of
(in thousands)	3/31/2004		12/31/2003		9/30/2003		6/30/2003		3/31/2003
ASSETS
Cash	$	48,841		22,765		16,551		15,115		53,513
Securities		21,826		20,949		17,254		9,458		3,935
Notes receivable from related parties		42,125		43,500		30,000		35,000		35,000
Investment in subsidiaries		566,725		567,411		679,253		664,825		649,837
Investment in unconsolidated subsidiaries		7,910		7,910		12,545		12,027		11,279
Other assets		8,235		16,953		24,050		25,490		32,129

Total assets	$	695,662		679,488		779,653		761,915		785,693

LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures and notes payable	$	263,366		263,366		263,318		263,318		302,735
Other liabilities		2,719		2,670		2,666		2,766		3,342

Total liabilities		266,085		266,037		265,984		266,084		306,077

Stockholders’ equity:		429,577		413,452		513,669		495,831		479,616

Total liabilities and stockholders’ equity	$	695,662		679,488		779,653		761,915		785,693


Florida		34-027228

(State of other jurisdiction or incorporation or organization)		(Commission File Number)

1750 East Sunrise Blvd. Ft. Lauderdale, Florida		33304

(Address of principal executive offices)		(Zip Code)


		BANKATLANTIC BANCORP, INC.


		By: /s/ JAMES A. WHITE

		James A. White Executive Vice President - - Chief Financial Officer

(4)		Return on average tangible assets and equity are calculated excluding Levitt Corporation’s assets and equity for comparability.

**		*Operating net income is not prepared in accordance with GAAP and this non-GAAP financial measure should not be construed as being superior to GAAP.*