8-K

Exhibit 99.1

BankAtlantic Bancorp Reports Financial Results

For the Fourth Quarter and Full Year, 2008

- BankAtlantic’s Fourth Quarter of 2008 loss led by non-cash goodwill impairment and

non-cash deferred tax asset valuation charges-

- BankAtlantic’s pre-tax core operating earnings ⁽¹⁾ increased 28.9%

for the full 2008 year -

- Balance sheet strengthened through increased loan loss reserves, decreased leverage and

continued well-capitalized ratios -

FORT LAUDERDALE, Florida — February 10, 2009 —BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported a loss for the quarter and year ending December 31, 2008.

Fourth Quarter 2008

The net loss of ($156.6) million or ($13.94) per diluted share for the fourth quarter of 2008 was driven by non-cash charges of $129.6 million, comprised of a goodwill impairment charge of $48.3 million at BankAtlantic, the banking subsidiary of BankAtlantic Bancorp, and an $81.3 million non-cash deferred tax asset valuation allowance. Of this deferred tax asset allowance, $67.4 million was reflected at BankAtlantic and $13.9 million was reflected at the parent company level. See further discussion in the Income Taxes section below. While reflected in the fourth quarter’s earnings, the goodwill impairment and the deferred tax asset allowance have no impact on ongoing operations and did not affect BankAtlantic’s regulatory capital, well-capitalized status, cash or liquidity.

Excluding the goodwill impairment and deferred tax asset allowance, BankAtlantic Bancorp’s net loss for the fourth quarter of 2008 was ($27.0) million or ($2.41) per diluted share, compared to a net loss of ($9.9) million or ($0.89) per diluted share, in the fourth quarter of 2007.


(1)		Core operating earnings is defined as pretax earnings before loan and tax certificate provisions, debt redemption costs and impairment, restructuring and exit activities.

Full Year 2008

For the full year 2008, BankAtlantic Bancorp (the “Company”) reported a net loss of ($205.5) million or ($18.30) per diluted share. Excluding the goodwill impairment and the deferred tax asset allowance, the Company’s net loss was ($75.9) million for the full year 2008, or ($6.76) per diluted share, compared to a net loss of ($22.2) million or ($1.91) per diluted share for the full year 2007.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “The U.S. economy is experiencing one of the deepest and longest economic downturns in its history and the Florida economy mirrors the national landscape. In fact, certain sectors of the real estate market in South Florida have been impacted more severely than the U.S. markets in general, and our results reflect these extraordinarily challenging economic times.

“BankAtlantic’s 57 year history is deeply rooted in community banking and we have proudly supported the growth and vibrancy of our communities. Unfortunately, the homebuilding and commercial real estate sectors have faced unprecedented challenges in Florida. This is clearly evidenced in the results of our Commercial Real Estate portfolio, which prior to the downturn, had suffered minimal losses in over 20 years.

“BankAtlantic has operated during all phases of economic cycles over the past half century, and although no cycle is identical, we believe that our long term success will depend on our continued focus on three principles: managing credit, improving core operating earnings, and maintaining appropriate capital levels. While our success at managing credit risk is clearly impacted by the state of the economy, we believe we are prudently managing our portfolio and anticipate improvement as the overall economy recovers. Although disappointed with continuing losses and charge-offs, BankAtlantic’s core operating earnings (defined as pretax earnings before loan and tax certificate provisions, debt redemption costs and impairment, restructuring and exit activities) increased significantly during 2008 and, most importantly, the Bank’s capital levels continue to exceed all regulatory ‘well-capitalized’ ratios. Specifically, as of December 31, 2008:

•

“BankAtlantic’s capital levels exceeded all regulatory ‘well-capitalized’ thresholds, essentially unchanged from the fourth quarter of 2007.

•

“BankAtlantic’s pre-tax core operating earnings increased to $65.4 million for the full 2008 year versus $50.7 million for the full 2007 year, an increase of 28.9%

•

“During the quarter, BankAtlantic funded over $148 million in commercial, consumer and small business loans, which we believe is not only appropriate but vital to the economic recovery of our communities. At the same time, as part of its capital management efforts, BankAtlantic reduced its assets by over $283 million during the quarter, primarily as a result of using scheduled repayments of loans and investment securities to reduce borrowings.

•

“A key strength of the BankAtlantic franchise has always been and continues to be our low cost deposit base. Of our total deposits at December 31, 2008, approximately 66% were non-CD balances with a deposit cost of 0.61%. Brokered CDs as a percent of assets were 4% at quarter-end. While we continued to grow both core and total deposits during the fourth quarter of 2008 over the prior quarter, our total cost of deposits remained very attractive at 1.59%.

•

“BankAtlantic effectively reduced its ratio of total borrowings to deposits plus borrowings from 30.0% at September 30, 2008 to 25.0% at December 31, 2008, a further strengthening of its balance sheet.

•

“As we have reported previously, BankAtlantic’s lending practices have never included subprime, option-arm or negative amortization products, and its investment portfolio does not include credit default swaps, commercial paper, collateralized debt obligations (CDO’s), structured investment vehicles (SIV’s), Auction Rate Securities, Fannie Mae or Freddie Mac equity.

“Again, we believe that BankAtlantic’s long term success requires our continued focus on managing credit, improving core operating earnings, maintaining appropriate capital levels, and making our customers our number one priority. This formula has proven correct over time. Ultimately, while banks and the financial landscape continue to change, BankAtlantic remains ready to serve Florida’s residents as it has for over a half century,” concluded Alan B. Levan.

BankAtlantic Highlights:

BankAtlantic Performance:

Capital Strength — BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic is well-capitalized, with Core, Tier I and Total Capital ratios of 6.77%, 9.75% and 11.58% at December 31, 2008, respectively, well in excess of the regulatory
well-capitalized thresholds of 5.0%, 6.0% and 10.0%. These ratios are essentially unchanged from the fourth quarter of 2007. Additionally, BankAtlantic’s ratio of tangible common equity to tangible assets (“TCE”) was 6.8% at December 31, 2008. During the fourth quarter of 2008, BankAtlantic substantially offset the impact of its net loss on its regulatory capital position through an effective reduction of over $283 million in assets (before the goodwill impairment and deferred tax asset write-downs), primarily as a result of payments received on residential loans and redemptions of tax certificates by property owners. BankAtlantic did not receive any capital contributions during the fourth quarter from its holding company, BankAtlantic Bancorp. However, BankAtlantic Bancorp contributed $65.0 million to BankAtlantic during the first nine months of 2008.

Deposits and Liquidity — “BankAtlantic’s deposit base continues to be a stable funding source, with over 66% of our $3.9 billion in total deposits at December 31, 2008 comprised of non-CD balances, with an average cost of non-CD deposits and total deposits for the fourth quarter of 2008 of 0.61% and 1.59%, respectively. We believe the low-cost nature of BankAtlantic’s deposit base is a differentiating strength of its franchise, particularly in the current economy.

“Core deposits (demand, NOW and savings accounts) and total deposits at December 31, 2008 increased approximately $16 million and $58 million, respectively, from the third quarter of 2008. During the fourth quarter of 2008, BankAtlantic proactively reduced its period-end Federal Home Loan Bank (‘FHLB’) borrowings from the third quarter by $501.0 million, or 34.0%, and reduced its ratio of total borrowings to deposits plus borrowings from 30.0% to 25.0%. Further, BankAtlantic’s brokered deposit balances at December 31, 2008 represented only 4.0% of assets, an amount we believe to be significantly below other Florida financial institutions.

Net Income — “BankAtlantic’s net loss before the goodwill impairment and deferred tax asset valuation allowance was ($19.2) million for the fourth quarter of 2008, compared to a net loss of ($3.4) million for the fourth quarter of 2007.

“Pre-tax core operating earnings for the fourth quarter of 2008, as defined above, were $7.7 million compared to $7.8 million reported for the fourth quarter of 2007. Pre-tax core operating earnings during 2008 were $65.4 million versus $50.7 million for the 2007 year, a 28.9% improvement. Loan loss and tax certificate provisions, goodwill impairment, debt redemption costs, and impairment, restructuring and exit activity expenses, which are not included in core operating earnings, were ($88.6) million for the fourth quarter of 2008, ($48.3) million of which was goodwill impairment, and ($15.3) million for the fourth quarter of 2007, and aggregated ($202.2) million and ($91.5) million for the full years ended December 31, 2008 and 2007, respectively.

Net Interest Margin — “Net interest income for the fourth quarter of 2008 was $44.5 million compared to $47.3 million in the fourth quarter of 2007, with approximately $1.9 million of the decline from a decrease in earning assets through scheduled payments and redemptions. Additionally, the incremental impact of additional non-accrual loans during the fourth quarter of 2008 was approximately $1.3 million greater than the comparative 2007 quarter. Partially as a result of these changes, the tax equivalent net interest margin during the fourth quarter of 2008 was 3.29% versus 3.41% during the fourth quarter of 2007. Concurrently, we worked to improve the net interest spread on the balance sheet, resulting in a spread of 2.92% in the fourth quarter of 2008 compared to 2.79% in the fourth quarter of 2007.

“For the full year 2008, net interest income was similarly impacted by lower assets and increasing nonaccrual loans. Net interest income for 2008 was $193.6 million compared to $199.5 million in the comparable 2007 period. Tax equivalent net interest margin was 3.45% for 2008 versus 3.62% for the full year 2007. Lower earning asset balances reduced the margin by approximately $2.9 million during this period, while the incremental impact of nonaccrual loans was approximately $1.2 million. Similar to fourth quarter results, the full year results included a targeted improvement of the full year net interest spread in 2008 to 3.03% compared to 2.94% for the full year 2007.

Non-interest income — “Total non-interest income was 41.0% of total revenue for the fourth quarter of 2008 as well as the full year 2008, compared to 42.0% for the full year 2007. Total non-interest income for the fourth quarter of 2008 was $31.1 million and $137.3 million for the full year 2008. This source of revenue, while less than last year largely due to current economic conditions, continues to be a stable source of revenue for BankAtlantic.

Non-interest expense — “Expense reduction initiatives have continued to result in savings as core expenses in the fourth quarter of 2008 (defined as total non-interest expense excluding goodwill impairment, provision for tax certificates, impairment, restructuring and exit activities and costs associated with debt redemption) were $67.9 million, or a 10.5% improvement over the fourth quarter of 2007 expenses of $75.8 million. For the full year 2008, core expenses were $265.6 million, or a 9.3% improvement over the full year 2007 expenses of $292.7 million. Expenses not included in core expenses consisted of the following:

	•		“Goodwill impairment of $48.3 million in the fourth quarter and for the full year 2008, versus none in 2007. The impairment was related to BankAtlantic’s Commercial Real Estate and Community divisions, a result of the economic impact on these businesses combined with the overall downturn in the industry and sustained decline in the Company’s stock price.

	•		“Costs associated with debt redemption of $1.2 million in the fourth quarter and the full year 2008, versus none in 2007. These costs were associated with the prepayment of certain FHLB borrowings, which we anticipate will have the effect of improving net interest income in 2009 over what it would have otherwise been by approximately $4.8 million.

	•		“Impairment, restructuring and exit charges of $3.6 million and $5.7 million in the fourth quarters of 2008 and 2007, respectively, and $10.0 million and $20.4 million for the full years 2008 and 2007, respectively, related primarily to foreclosed property held by us, impairments, and impairments of facilities held for sale and sublease as we continue to seek to reduce occupancy and facility expenses.

	•		“Tax certificate provision expense of $3.6 million and $75,000 in the fourth quarters of 2008 and 2007, respectively, and $7.3 million and $300,000 for the full years 2008 and 2007, respectively. The increased provisions relate primarily to certain out of state portfolios purchased in distressed areas.

Credit Risk Management:

Credit — “The provision for loan losses in the fourth quarter of 2008 was $31.8 million, an increase from the prior and comparable quarters as BankAtlantic’s allowance for loan losses increased to $125.6 million at December 31, 2008, representing 2.87% of total loans, compared to 2.04% at December 31, 2007. The allowance has increased in all loan categories, particularly our Commercial Real Estate loan portfolio where we experienced a significant increase in non-accrual loans. Total non-accrual loans increased approximately $118 million in the fourth quarter of 2008, including an increase of approximately $105 million in commercial real estate non-accrual loans. Of these commercial real estate non-accruals, approximately 50% were included in the Residential Land Acquisition, Development & Construction portfolio, previously identified as higher risk in this environment. BankAtlantic experienced fourth quarter net charge-offs of $12.6 million, an improvement over each of the prior quarters in 2008, and compared to net charge-offs of $7.9 million in the fourth quarter of 2007. Full year 2008 net charge-offs were $97.4 million, compared to $20.4 million for the full year 2007. See details of charge-offs, non-accrual loans and delinquencies in the Capital & Credit Highlights tables below.

Commercial Real Estate Loans — “At December 31, 2008, BankAtlantic’s Commercial Real Estate loan portfolio totaled $1.2 billion, including the following loan categories that have been reduced during 2008 as a result of pay-downs, pay-offs, charge-offs, and/or sale to Bancorp’s asset workout subsidiary or others:

“Builder land bank loans: Consisted of 12 loans aggregating $149.6 million at December 31, 2007, including 6 loans aggregating $86.5 million on non-accrual at year end 2007; reduced to 7 loans aggregating $62.4 million at December 31, 2008, including 4 loans aggregating $40.4 million on non-accrual at year end 2008.

“Land acquisition and development loans: Consisted of 34 loans aggregating $194.9 million at December 31, 2007, including 2 loans aggregating $7.3 million on non-accrual at year end 2007; reduced to 25 loans aggregating $165.8 million at December 31, 2008, including 3 loans aggregating $33.2 million on non-accrual at year end 2008.

“Land acquisition, development and construction loans: Consisted of 29 loans aggregating $151.6 million at December 31, 2007, including 7 loans aggregating $57.2 million on non-accrual at year end 2007; reduced to 14 loans aggregating $75.5 million at December 31, 2008, including 3 loans aggregating $18.5 million on non-accrual at year end 2008.

“These non-accrual commercial real estate loans are reflected on the Bank’s financial statements at approximately 62% of their original principal balances after charge-offs or specific reserves. In addition to the residential land loans discussed above, BankAtlantic had other commercial real estate loans totaling $69.8 million on non-accrual at December 31, 2008. If economic pressures continue to impact our borrowers, we could experience continued deterioration in our commercial real estate portfolio.

Purchased Residential Loans — “Our Purchased Residential loan portfolio was $1.9 billion at year-end, representing 42.4% of the Bank’s total loans. This portfolio consists of approximately 6,100 first mortgage loans secured by properties throughout the nation. Delinquencies, excluding non-accrual loans, at December 31, 2008 were 0.99%. While this portfolio is experiencing increased delinquencies and non-accrual balances, it is important to note that the portfolio is geographically diverse, the weighted average FICO score of borrowers in this portfolio was 742 at the time of origination and the original back end debt ratio was a weighted average of 33.4%. The current weighted average loan-to-value of the loans in this portfolio is 75.1%. Our standard products in this portfolio have never included purchased or originated subprime, negative amortizing, option-arm or ‘pick-a-payment’ loans. While we anticipate that we may experience continued deterioration in this portfolio until the broader economy improves, we do believe that the nature of this portfolio should result in better performance than many industry residential loan portfolios.

Consumer Loans — “Our Consumer loan portfolio had an outstanding balance of $745.1 million at year-end, with home equity loans representing 96.5% of this portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. Approximately 23% of this portfolio is secured by first mortgages. Delinquencies, excluding non-accrual loans, at December 31, 2008 were 1.60%. We continue to work diligently with our borrowers experiencing difficulties and regularly evaluate our consumer loan available commitments and to reduce overall line exposure where appropriate; however, we anticipate that we will continue to experience increased levels of delinquencies and charge-offs in this portfolio during 2009 based on current economic conditions.

Income Taxes

“Income tax expense amounted to $54.0 million for the fourth quarter of 2008, compared with an income tax benefit of $4.1 million for the same quarter of 2007. As previously indicated, the variance was primarily due to the establishment of a non-cash valuation allowance on our deferred tax assets, recorded based upon the requirements of SFAS No.109 ‘Accounting for Income Taxes’ (‘SFAS No. 109’). SFAS No. 109 states that a deferred tax asset should be reduced by a valuation allowance if based on the weight of all available factors, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax asset will not be realized.

“As of December 31, 2008, BankAtlantic had approximately $67.4 million of net deferred tax assets on its balance sheet. A significant amount of BankAtlantic’s deferred tax assets relate to net operating losses and allowances for loan losses recorded in the past two years arising from the impact of the unprecedented economic downturn on BankAtlantic. Due to BankAtlantic’s recent history of losses, the significant ongoing deterioration in economic conditions and other factors, BankAtlantic recorded a full $67.4 million deferred tax asset valuation allowance at December 31, 2008.

“The deferred tax asset valuation allowance is non-cash, does not impact cash flows, liquidity or any ongoing operations at BankAtlantic. Additionally, BankAtlantic’s net operating loss carry forwards have an expiration term of 20 years. Most importantly, this deferred tax asset allowance does not affect the ongoing regulatory capital computations for BankAtlantic. BankAtlantic continues to maintain regulatory capital ratios well in excess of the ‘well-capitalized’ levels, and this valuation allowance has no impact on this well-capitalized status.

“BankAtlantic will evaluate the necessity of the deferred tax asset allowance quarterly, and to the extent realization of a portion or all of the tax asset becomes ‘more-likely-than-not’ based on changes in circumstances as per the SFAS 109 guidance (through improved earnings, changes in tax law or other relevant changes), a reversal of that portion of the deferred tax asset valuation allowance will be made. As an example, if currently proposed legislation is passed that would allow BankAtlantic to take a five-year carry back of net operating losses, that might result in a reversal of some portion of the deferred tax asset valuation allowance into income during the period such legislation became effective.”

BankAtlantic Bancorp:

Alan B. Levan further commented “At December 31, 2008, BankAtlantic Bancorp had $40.7 million in cash and investments. Securities activities for the fourth quarter of 2008 included an other-than-temporary impairment charge of ($3.4) million related to a sustained deterioration in the market value of an investment. The comparable 2007 quarter included a loss of ($4.0) million related to investment impairments and warrant valuations. Full year securities activities resulted in a loss of ($356,000) in 2008 compared to a gain of $6.1 million in 2007. Income tax expense amounted to ($7.2) million for the fourth quarter 2008, compared with an income tax benefit of $3.7 million for the same quarter of 2007. The variance was primarily due to the fourth quarter 2008 establishment of a $13.9 million valuation allowance on the deferred tax assets at the parent company level. As previously stated, the deferred tax asset valuation allowance is non-cash, does not impact cash flows, liquidity or any ongoing operations at BankAtlantic Bancorp.

Asset Workout Subsidiary — “As previously discussed, during the first quarter of 2008, BankAtlantic 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 will have no impact on BankAtlantic’s operations or capital, but will be included in BankAtlantic Bancorp’s consolidated results. These assets, as with all other assets and liabilities of BankAtlantic Bancorp, should not be combined with those of BankAtlantic when evaluating and comparing metrics for BankAtlantic as the insured financial institution.

“At December 31, 2008, the loans held by the workout subsidiary totaled $81.3 million with specific loan reserves of $11.7 million. During the fourth quarter of 2008, primarily as a result of more current valuations, these loans were written-down by $2.7 million. The breakdown of the non-accrual loans held by the Company’s asset workout subsidiary at December 31, 2008 is as follows:

“Builder land bank loans: Comprised of 4 loans aggregating $22.0 million.

“Land acquisition and development loans: Comprised of 4 loans aggregating $16.8 million.

“Land acquisition, development and construction loans: Comprised of 9 loans aggregating $29.2 million.

“Other Commercial real estate loans: Comprised of 3 loans aggregating $5.8 million.

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

“These loans are carried on BankAtlantic Bancorp’s books at approximately 55% of their original principal balances after charge-offs or specific reserves.

Discontinued Operations — “BankAtlantic Bancorp recorded $10.6 million in discontinued operations net income in the fourth quarter of 2008 related to the contingent earn-out received from the 2007 first quarter sale of Ryan Beck. The final earn-out period concludes February 28, 2009. The full year 2008 net income from discontinued operations was $16.6 million compared to $7.8 million for the full year 2007.

Cash Dividend — “BankAtlantic Bancorp’s Board of Directors recently declared a cash dividend of $0.025 per share to all shareholders of record of its Class A and Class B Common Stock at the close of trading on January 20, 2009. While given the current economy, there is no assurance that dividends will continue to be declared and paid into the future, this quarter’s dividend declaration marked BankAtlantic Bancorp’s 62^nd consecutive quarterly dividend payment.”

Financial Highlights:

All per share and stock price amounts presented below have been restated to reflect the
one-for-five reverse stock split effected by BankAtlantic Bancorp on September 26, 2008.

Fourth Quarter, 2008 Compared to Fourth Quarter, 2007

BankAtlantic Bancorp — consolidated:

•

Loss from continuing operations excluding non-cash goodwill impairment and deferred tax asset valuation allowance of ($37.6) million versus ($9.9) million; fourth quarter of 2008 included goodwill impairment of $48.3 million and a deferred tax asset valuation allowance of $81.3 million

•

Diluted loss per share from continuing operations excluding non-cash goodwill impairment and deferred tax asset valuation allowance of ($3.35) versus ($0.89)

BankAtlantic:

	•		Excluding goodwill impairment and deferred tax asset valuation allowance, loss of ($19.2) million versus ($3.4) million; fourth quarter of 2008 included goodwill impairment of $48.3 million and a deferred tax asset valuation allowance of $67.4 million

	•		Pre-tax operating earnings of $7.7 million versus $7.8 million; pre-tax operating earnings excludes the impact of provision for loan and tax certificate losses, impairments, debt redemption costs, restructuring and exit activities of ($88.6) million for the 2008 quarter and ($15.3) million for the 2007 quarter

	•		Tax equivalent net interest margin of 3.29% versus 3.41%

	•		Non-interest income of $31.1 million versus $36.3 million

	•		Non-interest expense of $67.9 million versus $75.8 million, a decrease of 10.5%, before the impairment, debt redemption cost, provision for tax certificates, restructuring and exit activities of ($56.8) million in 2008 and ($5.8) million in 2007

Full Year 2008 Compared to Full Year 2007

BankAtlantic Bancorp – consolidated:

	•		Loss from continuing operations excluding non-cash goodwill impairment and deferred tax asset valuation allowance of ($92.5) million versus ($30.0) million; 2008 included goodwill impairment of $48.3 million and a deferred tax asset valuation allowance of $81.3 million

	•		Diluted loss per share from continuing operations excluding non-cash goodwill impairment and deferred tax asset valuation allowance of ($8.24) versus ($2.58)

BankAtlantic:

	•		Excluding goodwill impairment and deferred tax asset valuation allowance, loss of ($52.3) million versus ($19.4) million; 2008 included goodwill impairment of $48.3 million and a deferred tax asset valuation allowance of $67.4 million

	•		Pre-tax operating earnings of $65.4 million versus $50.7 million; pre-tax operating earnings excludes the impact of provision for loan and tax certificate losses, impairments, debt redemption costs, restructuring and exit activities of ($202.2) million for 2008 and ($91.5) million for 2007

	•		Non-interest income of $137.3 million versus $143.9 million, a decrease of 4.6%

•

Non-interest expense of $265.6 million versus $292.7 million, a decrease of 9.3% before the $66.8 million and $20.7 million of impairment, debt redemption costs, provision for tax certificates, restructuring and exit activities during the 2008 and 2007 periods

Capital and Credit Highlights:

Capital Ratios (BankAtlantic)



Capital Ratios	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Total Risk-Based		11.58	%		11.75	%		11.77	%		11.83	%		11.63	%
Tier 1 Risk-Based		9.75	%		9.95	%		9.99	%		10.04	%		9.85	%
Core		6.77	%		6.89	%		6.82	%		6.87	%		6.94	%

Fourth Quarter Loan Provision & Allowance for Loan Losses:



($ in thousands)	4Q 2008		Allowance for Loan Losses		% of Reserves
	Loan Provision		at December 31, 2008		to Total Loans
Commercial Real Estate	$	13,968	$	75,850		6.21	%
Consumer		11,137		32,382		4.34	%
Small Business		2,655		8,133		2.49	%
Residential		3,014		6,034		0.31	%
Commercial Business		996		3,173		2.21	%
Total BankAtlantic	$	31,770	$	125,572		2.87	%
Parent-Workout Sub		6,682		11,685		14.32	%
Consolidated Total	$	38,452	$	137,257		3.07	%

Net Charge-offs, for the three-months ended:



($ in thousands)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Commercial Real Estate	$	0		$	4,965		$	14,501		$	40,591		$	3,118
Consumer		9,033			7,621			7,095			4,748			4,045
Small Business		1,644			1,334			345			1,135			449
Purchased Residential		1,694			753			761			584			216
CRA Residential		265			249			74			40			39
Commercial Business		(3	)		(9	)		(3	)		(26	)		(14	)
Total BankAtlantic	$	12,633		$	14,913		$	22,773		$	47,072		$	7,853
Parent-Workout Sub		2,698			8,290			8,184		na			na
Consolidated Total	$	15,331		$	23,203		$	30,957		$	47,072		$	7,853

Non-accrual loans, at period-end:



($ in thousands)	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
Commercial Real Estate	$	161,947	$	56,419	$	54,033	$	35,381	$	159,278
Consumer		6,763		5,867		4,495		4,374		3,218
Small Business		4,644		3,911		1,165		893		883
Purchased Residential		31,118		21,266		16,721		13,236		6,895
CRA Residential		3,616		2,279		1,487		1,906		1,783
Commercial Business		0		0		0		0		6,534
Total BankAtlantic	$	208,088	$	89,742	$	77,901	$	55,790	$	178,591
Parent-Workout Sub		79,327		82,059		90,412		101,493	na
Consolidated Total	$	287,415	$	171,801	$	168,313	$	157,283	$	178,591

Delinquencies, excluding non-accrual loans, at period-end (BankAtlantic):



Loan Principal at		12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
12/31/08
(in thousands)
$1,224,820	Commercial Real Estate		1.34	%*		0.41	%*		0.42	%		1.97	%		0.00	%
730,718	Consumer		1.60	%		1.17	%		1.54	%		1.14	%		1.08	%
327,475	Small Business		1.31	%		0.95	%		0.93	%		0.49	%		0.14	%
1,855,570	Purchased Residential		0.99	%		0.73	%		0.44	%		0.52	%		0.43	%
79,438	CRA Residential		2.35	%		2.57	%		1.55	%		0.93	%		2.54	%
146,930	Commercial Business		0.00	%		0.00	%		0.00	%		0.00	%		1.03	%
$4,364,951	Total BankAtlantic		1.20	%*		0.73	%*		0.65	%		0.98	%		0.43	%


*		Excludes $58.5 million and $26 million of Commercial Real Estate loans at December 31, 2008 and September 30, 2008, respectively, which had matured and had been approved for renewal or forbearance but were not fully documented at period end. Including these loans, Commercial Real Estate delinquencies were 6.12% and 2.52% and Total BankAtlantic delinquencies would have been 2.54% and 1.31% at December 31, 2008 and September 30, 2008, respectively.

Financial data is provided in the supplemental financial tables available at www.BankAtlanticBancorp.com for both BankAtlantic (bank only) as well as the Parent-BankAtlantic Bancorp.

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

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

Additionally, BankAtlantic financial information is provided quarterly to the OTS through Thrift Financial Reports, available to the public through the OTS and FDIC websites.

Copies of BankAtlantic Bancorp’s fourth quarter and full year 2008 financial results press release and financial summary, and the Supplemental Financials will also be made available upon request via fax, email, or postal service mail. To request a copy, contact BankAtlantic Bancorp’s Investor Relations department using the contact information listed below.

BankAtlantic Bancorp will host an investor and media teleconference call and webcast on Tuesday, February 10, 2009, at 8:30 a.m. (Eastern Time).

Teleconference Call Information:

To access the teleconference call in the U.S. and Canada, the toll free number to call is 1-800-968-8156. International calls may be placed to 706-634-5752. Domestic and international callers may reference PIN number 81427295.

A replay of the conference call will be available beginning two hours after the call’s completion through 5:00 p.m. Eastern Time, Wednesday, February 25, 2009. 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 81427295.

Webcast Information:

Alternatively, individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the webcast, visit www.BankAtlanticBancorp.com, access the “Investor Relations” section and click on the “Webcast” navigation link, or go directly to http://www.visualwebcaster.com/event.asp?id=54715. The archive of the teleconference call will be available through 5:00 p.m. Eastern Time, Wednesday, February 25, 2009.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.

About BankAtlantic:

BankAtlantic, “Florida’s Most Convenient Bank”, with nearly $6.0 billion in assets and more than 100 stores is one of the largest financial institutions headquartered in Florida. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters and free retail and business checking with a free gift. BankAtlantic has been serving communities throughout Florida since 1952 and currently operates more than 250 conveniently located ATMs. The bank has supported thousands of charitable, civic and professional organizations since the inception of the BankAtlantic Foundation in 1994.

For further information, 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:
Donna Rouzeau,
Assistant Vice President, Investor Relations & Corporate Communications
Email: CorpComm@BankAtlanticBancorp.com
Leo Hinkley,
Senior Vice President, Investor Relations Officer
Email: InvestorRelations@BankAtlanticBancorp.com
Phone: (954) 940-5300, Fax: (954) 940-5320
Mailing Address: BankAtlantic Bancorp, Investor Relations
2100 West Cypress Creek Road, Fort Lauderdale, FL 33309

BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Public Relations:
Hattie Hess, Vice President, Public Relations
Telephone: 954-940-6383, Fax: 954-940-6310
Email: hhess@BankAtlantic.com
Public Relations for BankAtlantic:
Rbb Public Relations
Sandra Fine
Telephone: 305-567-0535, Fax: 305-448-5027
Email: sandra.fine@rbbpr.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 a continued and deepening recession on our business generally, our well capitalized regulatory capital ratios, as well as the ability of our borrowers to service their obligations and of our customers to maintain account balances; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of our loans (including those held in the asset workout subsidiary of the Company) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in our trade area, and where our collateral is located; the quality of our 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 other Commercial real estate loans, and Commercial business loans; and conditions specifically in those market sectors; the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; BankAtlantic Bancorp’s ability to successfully manage the loans held by the newly formed asset workout subsidiary, and the risk that we will continue to realize losses in that loan portfolio; 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; BankAtlantic’s seven-day banking initiatives and other initiatives not resulting in continued growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify their costs; the success of our expense reduction initiatives and the ability to achieve additional cost savings; and the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance, actual or estimated new account openings and growth may not be indicative of future results. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive.

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


																	For the
		For the Three Months Ended															Years Ended
		12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007
Earnings (in thousands):
Net loss from continuing operations		$	(167,177	)		(10,982	)		(19,363	)		(24,564	)		(9,926	)		(222,086	)		(30,012	)
Net loss		$	(156,612	)		(6,063	)		(19,363	)		(23,443	)		(9,926	)		(205,481	)		(22,200	)
Average Common Shares Outstanding (in thousands):
Basic			11,231			11,228			11,223			11,219			11,211			11,226			11,632
Diluted			11,231			11,228			11,223			11,219			11,211			11,226			11,632
Key Performance Ratios Basic loss per share from continuing operations		$	(14.88	)		(0.98	)		(1.73	)		(2.19	)		(0.89	)		(19.78	)		(2.58	)
Diluted loss per share from continuing operations		$	(14.88	)		(0.98	)		(1.73	)		(2.19	)		(0.89	)		(19.78	)		(2.58	)
Basic loss per share		$	(13.94	)		(0.54	)		(1.73	)		(2.09	)		(0.89	)		(18.30	)		(1.91	)
Diluted loss per share		$	(13.94	)		(0.54	)		(1.73	)		(2.09	)		(0.89	)		(18.30	)		(1.91	)
Return on average tangible assets from continuing operations	(note 1)	%	(11.15	)		(0.69	)		(1.26	)		(1.57	)		(0.63	)		(3.59	)		(0.47	)
Return on average tangible equity from continuing operations	(note 1)	%	(195.32	)		(12.76	)		(21.63	)		(25.73	)		(9.96	)		(62.25	)		(6.95	)
Average Balance Sheet Data (in millions):
Assets		$	6,073			6,397			6,235			6,350			6,354			6,264			6,420
Tangible assets	(note 1)	$	5,999			6,322			6,160			6,274			6,278			6,189			6,342
Loans		$	4,482			4,544			4,571			4,642			4,654			4,560			4,669
Investments		$	1,054			1,347			1,138			1,191			1,172			1,182			1,207
Deposits and escrows		$	3,917			3,935			3,907			3,949			3,960			3,927			3,974
Stockholders’ equity		$	410			415			435			459			471			430			508
Tangible stockholders’ equity	(note 1)	$	342			344			358			382			399			357			432


Note:

(1)		Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles.

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

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


	December 31,			December 31,
(in thousands, except share data)	2008			2007
ASSETS
Cash and cash equivalents	$	158,957			124,574
Securities available for sale (at fair value)		701,845			925,363
Investment securities (approximate fair value: $2,503 and $44,688)		2,036			39,617
Financial instruments accounted for at fair value		—			10,661
Tax certificates net of allowance of $6,064 and $3,289		213,534			188,401
Loans receivable, net of allowance for loan losses of $137,257 and $94,020		4,326,651			4,524,188
Federal Home Loan Bank stock, at cost which approximates fair value		54,607			74,003
Real estate held for development and sale		18,383			33,741
Real estate owned		19,045			17,216
Office properties and equipment, net		216,978			243,863
Goodwill and other intangible assets		26,244			75,886
Other assets		76,277			121,304

Total assets	$	5,814,557			6,378,817

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits
Demand	$	741,691			824,211
NOW		992,762			900,233
Savings		419,494			580,497
Money market		427,762			624,390
Certificates of deposit		1,344,659			1,024,074

Total deposits		3,926,368			3,953,405
Advances from FHLB		967,028			1,397,044
Securities sold under agreements to repurchase		46,084			58,265
Federal funds purchased and other short term borrowings		238,339			108,975
Subordinated debentures and bonds payable		22,864			26,654
Junior subordinated debentures		294,195			294,195
Other liabilities		78,553			80,958

Total liabilities		5,573,431			5,919,496

Stockholders’ equity:
Common stock		112			112
Additional paid-in capital		218,975			217,141
Retained earnings		29,825			236,150

Total stockholders’ equity before accumulated other comprehensive (loss) income		248,912			453,403
Accumulated other comprehensive (loss) income		(7,786	)		5,918

Total stockholders’ equity		241,126			459,321

Total liabilities and stockholders’ equity	$	5,814,557			6,378,817

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


																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007

INTEREST INCOME:
Interest and fees on loans	$	56,660			60,843			61,583			68,136			74,415			247,222			313,998
Interest on securities available for sale		9,434			9,966			10,553			10,490			8,075			40,443			22,099
Interest on tax exempt securities		—			—			—			14			1,266			14			12,700
Interest on tax certificates		4,769			8,893			4,926			3,565			3,939			22,153			16,305
Interest and dividends on taxable investments		250			1,482			1,425			1,527			1,727			4,684			6,531

Total interest income		71,113			81,184			78,487			83,732			89,422			314,516			371,633

INTEREST EXPENSE:
Interest on deposits		15,610			15,552			14,508			18,593			21,443			64,263			84,476
Interest on advances from FHLB		10,162			13,401			12,433			14,946			17,443			50,942			73,256
Interest on short-term borrowed funds		151			330			725			1,279			2,068			2,485			9,573
Interest on long-term debt		6,008			5,484			5,220			6,283			6,650			22,995			25,552

Total interest expense		31,931			34,767			32,886			41,101			47,604			140,685			192,857

NET INTEREST INCOME		39,182			46,417			45,601			42,631			41,818			173,831			178,776
Provision for loan losses		38,452			31,214			47,247			42,888			9,515			159,801			70,842

NET INTEREST INCOME AFTER PROVISION		730			15,203			(1,646	)		(257	)		32,303			14,030			107,934

NON-INTEREST INCOME:
Service charges on deposits		21,501			23,924			24,466			24,014			26,342			93,905			102,639
Other service charges and fees		7,096			7,309			7,121			7,433			7,171			28,959			28,950
Securities activities, net		(3,320	)		1,132			8,965			(4,738	)		(3,163	)		2,039			8,412
Gain on sales of loans		18			42			129			76			68			265			494
Income from unconsolidated subsidiaries		282			265			287			1,275			337			2,109			2,500
Other		2,276			2,524			2,908			2,579			1,690			10,287			8,308

Total non-interest income		27,853			35,196			43,876			30,639			32,445			137,564			151,303

NON-INTEREST EXPENSE:
Employee compensation and benefits		31,724			31,679			33,181			35,155			37,922			131,739			151,178
Occupancy and equipment		16,228			15,996			16,172			16,386			17,026			64,782			65,851
Advertising and business promotion		4,348			3,430			3,662			4,895			5,659			16,335			20,002
Professional fees		4,622			3,160			2,219			2,760			3,067			12,761			8,690
Check losses		1,854			2,094			2,101			2,718			3,547			8,767			11,476
Supplies and postage		1,294			1,080			1,282			1,006			1,502			4,662			6,146
Telecommunication		866			753			1,331			1,502			1,348			4,452			5,571
Cost associated with debt redemption		1,236			—			1			1			—			1,238			—
Provision for tax certificates		3,641			2,838			924			(117	)		75			7,286			300
Impairment of goodwill		48,284			—			—			—			—			48,284			—
Impairment, restructuring and exit activities		3,620			522			5,952			(65	)		5,681			10,029			20,361
Other		11,052			7,098			6,914			5,792			6,645			30,856			27,246

Total non-interest expense		128,769			68,650			73,739			70,033			82,472			341,191			316,821

Loss from continuing operations before income taxes		(100,186	)		(18,251	)		(31,509	)		(39,651	)		(17,724	)		(189,597	)		(57,584	)
Provision (benefit) for income taxes		66,991			(7,269	)		(12,146	)		(15,087	)		(7,798	)		32,489			(27,572	)

Loss from continuing operations		(167,177	)		(10,982	)		(19,363	)		(24,564	)		(9,926	)		(222,086	)		(30,012	)
Discontinued operations		10,565			4,919			—			1,121			—			16,605			7,812

Net loss	$	(156,612	)		(6,063	)		(19,363	)		(23,443	)		(9,926	)		(205,481	)		(22,200	)

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


		For the Three Months Ended
(in thousands except percentages and per share data)		12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007

Loans:
Residential real estate		$	1,956,429			2,010,749			2,086,519			2,162,421			2,196,552
Commercial real estate			1,309,670			1,320,678			1,292,627			1,307,236			1,317,578
Consumer			754,709			755,050			743,123			722,327			697,764
Commercial business			138,598			135,909			129,332			131,770			132,677
Small business			322,417			322,048			319,096			318,588			309,322

Total Loans			4,481,823			4,544,434			4,570,697			4,642,342			4,653,893
Investments — taxable			1,054,126			1,346,852			1,137,831			1,186,441			1,036,382
Investments — tax exempt			—			—			—			4,314			135,961

Total interest earning assets			5,535,949			5,891,286			5,708,528			5,833,097			5,826,236
Goodwill and core deposit intangibles			74,166			75,029			75,401			75,718			76,068
Other non-interest earning assets			462,813			430,683			450,999			440,961			451,397

Total assets		$	6,072,928			6,396,998			6,234,928			6,349,776			6,353,701

Tangible assets	(note 1)	$	5,998,762			6,321,969			6,159,527			6,274,058			6,277,633


Deposits:
Demand deposits		$	770,152			812,505			878,864			854,534			885,006
Savings			425,256			471,270			552,094			566,448			589,966
NOW			958,389			955,392			941,964			926,381			830,898
Money market			461,253			557,343			617,013			609,062			638,041
Certificates of deposit			1,301,953			1,138,615			917,133			992,078			1,015,940

Total deposits			3,917,003			3,935,125			3,907,068			3,948,503			3,959,851
Short-term borrowed funds			110,080			79,503			148,407			163,124			182,134
FHLB advances			1,258,944			1,598,111			1,389,835			1,423,746			1,368,242
Long-term debt			319,400			320,283			320,469			320,650			321,885

Total borrowings			1,688,424			1,997,897			1,858,711			1,907,520			1,872,261
Other liabilities			57,852			48,981			34,023			34,673			50,554

Total liabilities			5,663,279			5,982,003			5,799,802			5,890,696			5,882,666

Stockholders’ equity			409,649			414,995			435,126			459,080			471,035

Total liabilities and stockholders’ equity		$	6,072,928			6,396,998			6,234,928			6,349,776			6,353,701

Other comprehensive income (loss) in stockholders’ equity			(6,874	)		(4,184	)		1,679			1,496			(3,562	)

Tangible stockholders’ equity	(note 1)	$	342,357			344,150			358,046			381,866			398,529

Net Interest Margin			2.85	%		3.16	%		3.18	%		2.91	%		2.95	%


Period End
Total loans, net		$	4,326,651			4,405,098			4,442,529			4,483,305			4,524,188
Total assets			5,814,557			6,227,884			6,514,975			6,390,690			6,378,817
Total stockholders’ equity			241,126			400,233			408,206			433,896			459,321
Class A common shares outstanding			10,258,057			10,254,570			10,251,382			10,245,744			10,239,235
Class B common shares outstanding			975,225			975,225			975,225			975,225			975,225
Closing stock price			5.80			8.20			8.80			19.55			20.50
High stock price for the quarter			11.82			15.00			20.75			29.00			48.00
Low stock price for the quarter			2.25			4.05			7.80			16.30			14.45
Book value per share			21.47			35.64			36.36			38.67			40.96
Tangible book value per share			19.82			29.47			30.02			31.67			33.66

Bank Operations Business Segment
Condensed Statements of Operations (Unaudited)


																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007

Net interest income	$	44,525			51,195			49,923			48,005			47,291			193,648			199,510
Provision for loan losses		31,770			22,924			37,801			42,888			9,515			135,383			70,842

Net interest income after provision for loan losses		12,755			28,271			12,122			5,117			37,776			58,265			128,668

Non-interest income
Service charges on deposits		21,501			23,924			24,466			24,014			26,342			93,905			102,639
Other service charges and fees		7,096			7,309			7,121			7,433			7,171			28,959			28,950
Securities activities, net		93			1			1,960			341			861			2,395			2,307
Loss from real estate operations		—			—			(281	)		—			—			(281	)		(12	)
Gain on sales of loans		18			42			129			76			68			265			494
Income from unconsolidated subsidiaries		127			122			147			1,113			163			1,509			1,219
Other non-interest income		2,274			2,520			3,186			2,576			1,685			10,556			8,285

Total non-interest income		31,109			33,918			36,728			35,553			36,290			137,308			143,882

Non-interest expense
Employee compensation and benefits		30,956			30,353			32,118			34,243			37,221			127,670			148,757
Occupancy and equipment		16,227			15,993			16,171			16,383			17,023			64,774			65,839
Advertising and business promotion		4,243			3,388			3,564			4,861			5,596			16,056			19,684
Professional fees		4,019			2,696			2,004			2,260			2,969			10,979			8,266
Check losses		1,854			2,094			2,101			2,718			3,547			8,767			11,476
Supplies and postage		1,220			1,076			1,281			1,003			1,441			4,580			6,078
Telecommunication		860			748			1,326			1,496			1,342			4,430			5,552
Cost associated with debt redemption		1,236			—			1			1			—			1,238			—
Provision for tax certificates		3,641			2,838			924			(117	)		75			7,286			300
Impairment of goodwill		48,284			—			—			—			—			48,284			—
Impairment, restructuring and exit activities		3,620			522			5,952			(65	)		5,681			10,029			20,361
Other		8,513			7,098			6,895			5,843			6,686			28,349			27,055

Total non-interest expense		124,673			66,806			72,337			68,626			81,581			332,442			313,368

Loss from bank operations business segment before income taxes		(80,809	)		(4,617	)		(23,487	)		(27,956	)		(7,515	)		(136,869	)		(40,818	)
Provision (benefit) for income taxes		54,022			(2,525	)		(9,428	)		(10,975	)		(4,143	)		31,094			(21,378	)

Net loss from bank operations business segment	$	(134,831	)		(2,092	)		(14,059	)		(16,981	)		(3,372	)		(167,963	)		(19,440	)

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


																For the
(in thousands except percentages	For the Three Months Ended															Years Ended
and per share data)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007
Statistics:
Tax equivalent:
Average earning assets	$	5,436,572			5,770,265			5,569,690			5,669,461			5,653,913			5,611,453			5,690,404
Average interest bearing liabilities	$	4,571,084			4,839,138			4,610,344			4,712,913			4,656,897			4,683,489			4,629,819
Average tangible assets	$	5,881,742			6,187,300			6,002,728			6,085,957			6,080,693			6,039,405			6,123,978
Average tangible equity	$	492,366			486,523			466,141			467,952			481,495			478,304			499,158
Borrowings to deposits and borrowings	%	24.89			29.53			31.61			28.74			28.74			24.89			28.74
Tax equivalent:
Yield on earning assets	%	5.22			5.61			5.61			5.88			6.33			5.58			6.61
Cost of interest-bearing liabilities	%	2.30			2.45			2.46			3.02			3.54			2.55			3.67
Interest spread	%	2.92			3.16			3.15			2.86			2.79			3.03			2.94
Net interest margin	%	3.29			3.56			3.58			3.37			3.41			3.45			3.62
Performance:
Efficiency ratio	%	164.84			78.49			83.48			82.13			97.61			100.45			91.26
Operating Efficiency ratio (1)	%	89.76			74.54			75.54			82.35			90.72			80.25			85.24
Return on average tangible assets	%	(9.17	)		(0.14	)		(0.94	)		(1.12	)		(0.22	)		(2.78	)		(0.32	)
Return on average tangible equity	%	(109.54	)		(1.72	)		(12.06	)		(14.52	)		(2.80	)		(35.12	)		(3.89	)
Tangible capital to tangible assets		6.80	%		7.89	%		7.54	%		7.56	%		7.55	%
Earning assets repricing at period end:
Percent of earning assets that have fixed rates	%	49			53			52			53			54
Percent of earning assets that have variable rates	%	51			47			48			47			46
One year Gap	%	3			(2	)		1			3			(3	)
Regulatory Capital Ratios at period end
Total risk-based capital	%	11.58			11.75			11.77			11.83			11.63
Tier I risk-based capital	%	9.75			9.95			9.99			10.04			9.85
Core capital	%	6.77			6.89			6.82			6.87			6.94


(1)		Operating efficiency ratio is calculated excluding cost associated with debt redemption, provision for tax certificates, impairment of goodwill, impairment, restructuring and exit activities.

Bank Operations Business Segment
Condensed Statements of Financial Condition (Unaudited)


	As of
(in thousands)	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
ASSETS
Loans receivable, net	$	4,256,741		4,328,467		4,357,541		4,388,334		4,524,188
Investment securities		268,141		371,181		501,741		237,031		262,404
Available for sale securities		700,250		731,279		755,651		790,570		789,917
Goodwill		22,205		70,489		70,489		70,489		70,489
Core deposit intangible asset		4,039		4,375		4,711		5,047		5,397
Other assets		462,314		607,188		679,015		720,485		509,567

Total assets	$	5,713,690		6,112,979		6,369,148		6,211,956		6,161,962


LIABILITIES AND STOCKHOLDER’S EQUITY
Deposits Demand	$	741,691		767,179		891,142		912,862		824,211
NOW		992,762		938,366		939,714		928,275		900,233
Savings		419,494		432,246		526,303		571,456		580,497
Money market		427,762		494,505		621,899		618,045		624,390
Certificates of deposit		1,344,659		1,235,936		955,921		964,976		1,024,074

Total deposits		3,926,368		3,868,232		3,934,979		3,995,614		3,953,405
Advances from Federal Home Loan Bank		967,028		1,468,032		1,657,036		1,477,040		1,397,044
Short term borrowings		311,074		127,041		135,200		108,009		170,433
Long term debt		22,864		26,098		26,287		26,467		26,654
Other liabilities		73,462		72,552		65,655		65,351		79,147

Total liabilities		5,300,796		5,561,955		5,819,157		5,672,481		5,626,683
Stockholder’s equity		412,894		551,024		549,991		539,475		535,279

Total liabilities and stockholder’s equity	$	5,713,690		6,112,979		6,369,148		6,211,956		6,161,962

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


	For the Three Months Ended
	December 31, 2008							December 31, 2007
	Average		Revenue/		Yield/			Average		Revenue/			Yield/
(in thousands)	Balance		Expense		Rate			Balance		Expense			Rate
Loans:
Residential real estate	$	1,956,429		26,295		5.38	%	$	2,196,552		30,175			5.49	%
Commercial real estate		1,227,137		15,480		5.05			1,317,578		23,273			7.07
Consumer		754,709		7,171		3.80			697,764		12,006			6.88
Commercial business		137,062		2,339		6.83			132,677		2,875			8.67
Small business		322,417		5,289		6.56			309,322		6,086			7.87

Total loans		4,397,754		56,574		5.15			4,653,893		74,415			6.40
Investments — tax exempt		—		—		—			130,850		1,860	(1)		5.69
Investments — taxable		1,038,818		14,327		5.52			869,170		13,262			6.10

Total interest earning assets		5,436,572		70,901		5.22	%		5,653,913		89,537			6.33	%

Goodwill and core deposit intangibles		74,166							76,068
Other non-interest earning assets		445,170							426,780

Total Assets	$	5,955,908						$	6,156,761


Deposits:
Savings	$	425,256		729		0.68	%	$	589,967		2,946			1.98	%
NOW		958,389		1,954		0.81			830,898		2,533			1.21
Money market		461,253		1,319		1.14			638,041		4,274			2.66
Certificates of deposit		1,301,953		11,607		3.55			1,015,940		11,690			4.57

Total interest bearing deposits		3,146,851		15,609		1.97			3,074,846		21,443			2.77

Short-term borrowed funds		140,083		209		0.59			186,118		2,108			4.49
Advances from FHLB		1,258,944		10,162		3.21			1,368,242		17,443			5.06
Long-term debt		25,206		396		6.25			27,691		601			8.61

Total interest bearing liabilities		4,571,084		26,376		2.30			4,656,897		41,595			3.54
Demand deposits		770,059							885,398
Non-interest bearing other liabilities		54,383							61,451

Total Liabilities		5,395,526							5,603,746
Stockholder’s equity		560,382							553,015

Total liabilities and stockholder’s equity	$	5,955,908						$	6,156,761

Net tax equivalent interest income/ net interest spread				44,525		2.92	%				47,942			2.79	%

Tax equivalent adjustment				—							(651	)

Net interest income				44,525							47,291


Margin
Interest income/interest earning assets						5.22	%							6.33	%
Interest expense/interest earning assets						1.93								2.92

Net interest margin (tax equivalent)						3.29	%							3.41	%


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

Bank Operations
Average Balance Sheet — Yield / Rate Analysis


	For the Years Ended
	December 31, 2008							December 31, 2007
	Average		Revenue/		Yield/			Average		Revenue/			Yield/
(in thousands)	Balance		Expense		Rate			Balance		Expense			Rate

Loans:
Residential real estate	$	2,053,645		111,691		5.44	%	$	2,209,832		120,768			5.47	%
Commercial real estate		1,238,307		69,642		5.62			1,367,095		108,931			7.97
Consumer		743,863		33,950		4.56			650,764		47,625			7.32
Commercial business		132,565		9,516		7.18			142,455		12,720			8.93
Small business		320,853		22,162		6.91			298,774		23,954			8.02

Total loans		4,489,233		246,961		5.50			4,668,920		313,998			6.73
Investments — tax exempt		—		—		—			328,583		19,272	(1)		5.87
Investments — taxable		1,122,220		66,324		5.91			692,901		43,044			6.21

Total interest earning assets		5,611,453		313,285		5.58	%		5,690,404		376,314			6.61	%

Goodwill and core deposit intangibles		75,076							76,599
Other non-interest earning assets		427,952							433,574

Total Assets	$	6,114,481						$	6,200,577


Deposits:
Savings	$	503,464		4,994		0.99	%	$	584,542		12,559			2.15	%
NOW		945,594		8,791		0.93			794,258		8,149			1.03
Money market		560,885		8,993		1.60			656,702		17,882			2.72
Certificates of deposit		1,088,170		41,485		3.81			992,043		45,886			4.63

Total deposits		3,098,113		64,263		2.07			3,027,545		84,476			2.79

Short-term borrowed funds		141,654		2,699		1.91			194,222		9,829			5.06
Advances from FHLB		1,417,718		50,942		3.59			1,379,106		73,256			5.31
Long-term debt		26,004		1,733		6.66			28,946		2,498			8.63

Total interest bearing liabilities		4,683,489		119,637		2.55			4,629,819		170,059			3.67
Demand deposits		828,825							946,356
Non-interest bearing other liabilities		50,584							55,683

Total Liabilities		5,562,898							5,631,858
Stockholder’s equity		551,583							568,719

Total liabilities and stockholder’s equity	$	6,114,481						$	6,200,577

Net interest income/net interest spread				193,648		3.03	%				206,255			2.94	%

Tax equivalent adjustment				—							(6,745	)

Net interest income				193,648							199,510


Margin
Interest income/interest earning assets						5.58	%							6.61	%
Interest expense/interest earning assets						2.13								2.99


Net interest margin						3.45	%							3.62	%


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

Bank Operations Business Segment
Allowance for Loan Loss and Credit Quality


																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007
Allowance for Loan Losses

Beginning balance	$	106,435			98,424			83,396			94,020			92,358			94,020			43,602

Charge-offs:
Residential real estate		(2,088	)		(1,077	)		(1,027	)		(624	)		(255	)		(4,816	)		(461	)
Commercial real estate		—			(4,965	)		(14,501	)		(40,591	)		(3,118	)		(60,057	)		(12,562	)
Commercial business		—			—			—			—			—			—			—
Consumer		(9,197	)		(7,684	)		(7,225	)		(4,836	)		(4,094	)		(28,942	)		(7,065	)
Small business		(1,755	)		(1,471	)		(464	)		(1,196	)		(534	)		(4,886	)		(2,554	)

Total charge-offs		(13,040	)		(15,197	)		(23,217	)		(47,247	)		(8,001	)		(98,701	)		(22,642	)


Recoveries:
Residential real estate		130			75			192			—			—			397			15
Commercial real estate		—			—			—			—			—			—			304
Commercial business		3			9			3			26			14			41			862
Consumer		163			63			130			88			49			444			417
Small business		111			137			119			61			85			428			620

Total recoveries		407			284			444			175			148			1,310			2,218

Net charge-offs		(12,633	)		(14,913	)		(22,773	)		(47,072	)		(7,853	)		(97,391	)		(20,424	)
Transfer specific reserves to Parent		—			—			—			(6,440	)		—			(6,440	)		—
Provision for loan losses		31,770			22,924			37,801			42,888			9,515			135,383			70,842

Ending balance	$	125,572			106,435			98,424			83,396			94,020			125,572			94,020

Annualized net charge-offs to average loans	%	1.15			1.34			2.04			4.06			0.67			2.17			0.44


	As of
	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
Credit Quality

Nonaccrual loans	$	208,088		89,742		77,901		55,790		178,591
Nonaccrual tax certificates		1,441		2,317		2,309		2,013		2,094
Real estate owned		19,045		20,054		20,298		19,784		17,216
Other repossessed assets		—		—		—		—		—

Total nonperforming assets		228,574		112,113		100,508		77,587		197,901


Nonperforming assets to total loans and other assets	%	4.95		2.36		2.05		1.67		4.10
Allowance for loan losses to total loans	%	2.87		2.40		2.21		1.86		2.04
Provision to average loans	%	2.89		2.06		3.38		3.70		0.82
Allowance to nonaccrual loans	%	60.35		118.60		126.34		149.48		52.65
Nonperforming loans to total loans	%	4.75		2.02		1.75		1.25		3.87
Nonperforming assets to reserves and stockholder equity	%	41.98		16.91		15.41		12.39		31.28

Parent Company Business Segment Activities
Condensed Statements of Operations — Unaudited


																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			12/31/2008			12/31/2007
Net interest expense	$	(5,343	)		(4,778	)		(4,324	)		(5,374	)		(5,473	)		(19,819	)		(20,734	)
Provision for loan losses		6,682			8,290			9,446			—			—			24,418			—

Net interest income after provision for loan losses		(12,025	)		(13,068	)		(13,770	)		(5,374	)		(5,473	)		(44,237	)		(20,734	)

Non-interest income
Income from unconsolidated subsidiaries		155			143			140			162			174			600			1,281
Securities activities, net		(3,413	)		1,131			7,005			(5,079	)		(4,024	)		(356	)		6,105
Other		287			202			269			271			275			1,029			864

Non-interest income		(2,971	)		1,476			7,414			(4,646	)		(3,575	)		1,273			8,250

Non-interest expense
Employee compensation and benefits		768			1,326			1,063			912			701			4,069			2,421
Advertising and business promotion		105			42			98			34			62			279			317
Professional fees		603			464			215			500			98			1,782			424
Other		2,905			210			290			229			300			3,634			1,120

Non-interest expense		4,381			2,042			1,666			1,675			1,161			9,764			4,282

Loss from parent company activities before income taxes		(19,377	)		(13,634	)		(8,022	)		(11,695	)		(10,209	)		(52,728	)		(16,766	)
Provision (benefit) for income taxes		12,969			(4,744	)		(2,718	)		(4,112	)		(3,655	)		1,395			(6,194	)

Net loss from parent company business segment	$	(32,346	)		(8,890	)		(5,304	)		(7,583	)		(6,554	)		(54,123	)		(10,572	)

Condensed Statements of Financial Condition — Unaudited


	As of
(in thousands)	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
ASSETS
Cash	$	37,116		41,031		17,261		27,624		9,163
Securities		3,630		5,727		18,664		28,864		185,724
Investment in subsidiaries		482,904		634,266		638,679		634,447		535,281
Investment in unconsolidated subsidiaries		8,820		8,820		8,820		8,820		8,820
Other assets		7,943		9,482		21,006		30,672		16,339

Total assets	$	540,413		699,326		704,430		730,427		755,327

LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures and notes payable	$	294,195		294,195		294,195		294,195		294,195
Other liabilities		5,092		4,898		2,029		2,336		1,811

Total liabilities		299,287		299,093		296,224		296,531		296,006

Stockholders’ equity		241,126		400,233		408,206		433,896		459,321

Total liabilities and stockholders’ equity	$	540,413		699,326		704,430		730,427		755,327

Parent Company Business Segment
Allowance for Loan Loss and Credit Quality


Parent Company and Work-out Subsidiary												For the
(in thousands)	For the Three Months Ended											Year Ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008		12/31/2008
Allowance for Loan Losses

Beginning balance	$	7,702			7,702			6,440			—		—
Charge-offs		(2,699	)		(8,290	)		(8,184	)		—		(19,173	)
Specific reserves transfer from BankAtlantic		—			—			—			6,440		6,440
Provision for loan losses		6,682			8,290			9,446			—		24,418

Ending balance	$	11,685			7,702			7,702			6,440		11,685


	As of
	12/31/2008			9/30/2008			6/30/2008			3/31/2008
Credit Quality
Nonaccrual loans	$	79,327			82,059			90,412			101,493
Specific reserves		(11,685	)		(7,702	)		(7,702	)		(6,440	)

Nonaccrual loans, net	$	67,642			74,357			82,710			95,053

Consolidated BankAtlantic Bancorp and Subsidiaries
Nonperforming Assets and Credit Quality Statistics


(in thousands)	As of
	12/31/2008		9/30/2008		6/30/2008		3/31/2008
Nonperforming Assets
Commercial real estate	$	235,636		132,840		138,808		130,645
Residential		34,734		23,545		18,208		15,141
Consumer		6,763		5,867		4,495		4,374
Commercial business		5,638		5,638		5,638		6,231
Small business		4,644		3,911		1,165		893

Total nonaccrual loans		287,415		171,801		168,314		157,284
Nonaccrual tax certificates		1,441		2,317		2,309		2,013
Real estate owned		19,045		20,054		20,298		19,784
Other repossessed assets		—		—		—		—

Total nonperforming assets, gross	$	307,901		194,172		190,921		179,081


Credit Quality Statistics
Nonperforming assets, gross to total loans and other assets	%	6.55		4.01		3.83		3.77
Allowance for loan losses to total loans	%	3.07		2.53		2.33		1.96
Provision to average loans	%	3.43		2.75		4.13		3.70
Allowance to nonaccrual loans	%	47.76		66.44		63.05		57.12


Florida	34-027228	65-0507804

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


2100 West Cypress Creek Road Ft. Lauderdale, Florida		33309

(Address of principal executive offices)		(Zip Code)

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

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

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

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


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