8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 25, 2011

BankAtlantic Bancorp, Inc.

(Exact name of registrant as specified in its charter)

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

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

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

Not Applicable

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

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition

The information in this item (including Exhibit 99.1) is being furnished pursuant to Items 2.02 and 9.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. On April 25, 2011, BankAtlantic Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2011, a copy of which is included herein as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

99.1 Press Release dated April 25, 2011

Signature

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

Date: April 25, 2011

    BANKATLANTIC BANCORP, INC.

By: /s/ Valerie C. Toalson

Valerie C. Toalson

Executive Vice President

- Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated April 25, 2011

EX-99.1

Exhibit 99.1

BankAtlantic Bancorp Reports Financial Results

For the First Quarter, 2011

FORT LAUDERDALE, Florida — April 25, 2011 — BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported a net loss of ($22.9) million, or ($0.37) per diluted share, for the quarter ended March 31, 2011, compared to a net loss of ($20.5) million, or ($0.42) per diluted share, for the quarter ended March 31, 2010. BankAtlantic’s net loss was ($16.4) million for the first quarter of 2011, compared to a net loss of ($17.1) million for the first quarter of 2010.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “Over the last several months, it appears that the decline in commercial real estate valuations in Florida has begun to stabilize and in some areas real estate valuations have actually improved. Unemployment levels in the state have stabilized or improved. As the economic picture in Florida gets brighter, the prospects for BankAtlantic become brighter as well. Losses are down (the quarter’s results represent the lowest quarterly loss for BankAtlantic since the third quarter of 2008), provisions and charge-offs have declined, and fewer loans are migrating to default status. Deposits continue to grow, leverage is low, and nonperforming assets are down. And our capital ratios, which have been generally stable since the downturn began in 2006, are expected to improve during the second quarter of 2011 as a result of the pending sale of BankAtlantic’s Tampa branches.

“We believe our continued focus on the fundamentals of Capital, Credit and Core Earnings, combined with the cautious optimism for the Florida economy, will result in a brighter outlook for BankAtlantic, particularly once the impairments resulting from lower valuations on collateral subside as the economy recovers.

Highlights of the BankAtlantic Operating Segment

• “Despite the challenges in the Florida economy, core operating earnings ⁽¹⁾ have remained strong ranging from $51 million for the full year 2007 to $47 million for the full year 2010. For the first quarter of 2011, core earnings were $11.6 million versus $15.8 million for the first quarter of 2010 and $8.3 million for the fourth quarter of 2010.

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• “Core deposits ⁽²⁾ increased from $2.3 billion at December 31, 2007 to $2.8 billion at December 31, 2010. Core deposits for the first quarter of 2011 increased to $3.0 billion and we believe there is opportunity for continued growth of this low cost funding source in our markets as BankAtlantic remains one of the larger community banks in our markets.

• “Total cost of deposits decreased from 2.15% in the fourth quarter of 2007 to 0.47% in the fourth quarter of 2010. For the first quarter of 2011, the total cost of deposits improved to 0.44% from the fourth quarter of 2010, reflecting the stable, relationship source of our deposits. For the first quarter of 2011, the funding cost of our core deposits was 25 basis points.

• “Brokered deposits, which have never been a core funding source, totaled $14.7 million or 0.2% of total assets at December 31, 2007 and $14.1 million or 0.3% of total assets at December 31, 2010. Brokered deposits at March 31, 2011 totaled $10.8 million or 0.2% of total assets.

“Net interest margin was 3.62% for the year ended December 31, 2007 and 3.55% for the year ended December 31, 2010. Net interest margin was 3.28% for the quarter ending March 31, 2011, down from 3.61% for the first quarter of 2010 due to increased liquidity being maintained in anticipation of the pending Tampa branch sale, but also reflecting both increased loan yields and decreased cost of interest-bearing liabilities.

• “Available liquidity, which includes cash, unpledged securities and unused Federal Funds and/or FHLB borrowing capacity, increased from 35.9% of deposits at December 31, 2007 to 37.7% at December 31, 2010. Available liquidity was 39.7%

⁽¹⁾ Pre-tax core operating earnings is a non-GAAP measure that we use to refer to pre-tax earnings before provision for loan losses, tax certificate provisions, debt redemption costs, gains/losses on sales of real estate, and impairments, restructuring and exit activities. A reconciliation of loss from bank operations before income taxes to pre-tax core operating earnings is included in BankAtlantic Bancorp’s First Quarter, 2011 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials or Supplemental Financials” navigation links.

⁽²⁾  Core deposits is a term that we use to refer to Demand, NOW and Savings accounts. A reconciliation of core deposits to total deposits is included in BankAtlantic Bancorp’s First Quarter, 2011 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials or Supplemental Financials” navigation links.

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of deposits at March 31, 2011. Cash and unpledged securities balances increased from 12.7% of deposits at December 31, 2007 to 22.0% of deposits at December 31, 2010. Cash and unpledged securities balances were 25.0% of deposits at March 31, 2011.

• “Borrowings decreased from $1.6 billion at December 31, 2007 to $226 million at December 31, 2010. Borrowings at March 31, 2011 were only $87.9 million. The ratio of borrowings as a percentage of total borrowings and deposits declined from 28.7% at December 31, 2007 to 5.5% at December 31, 2010. At March 31, 2011, the ratio of borrowings as a percentage of total borrowings and deposits was only 2.2%.

• “Total non-interest expense decreased from $314 million at December 31, 2007 to $236 million at December 31, 2010. For the first quarter of 2011, non-interest expense was $46 million, reflecting BankAtlantic’s lowest quarterly non-interest expense in over six years, and we anticipate additional efficiencies after the pending sale of our Tampa branch franchise. Core expenses ⁽³⁾ were $46 million in the first quarter of 2011, compared to core expenses of $52 million in the first quarter of 2010, reflecting a $6 million improvement.

• “The allowance for loan losses to total loans increased from 2.04% at December 31, 2007 to 5.08% at December 31, 2010. At March 31, 2011, the allowance for loan losses to total loans was 5.20%.

• “Tier 1/Core Capital ratios have remained generally stable with 6.94% at December 31, 2007 compared to 6.22% at December 31, 2010. Throughout that tumultuous period for the Florida economy, our capital ratios never fell below regulatory requirements. Our March 31, 2011 Tier 1/Core Capital ratio was 5.97%, and the previously announced Tampa branch sale (anticipated to close during the first week of June 2011, subject to customary and regulatory conditions), is estimated to add over 145 basis points to each of our regulatory capital ratios.

⁽³⁾ Core expense is a non-GAAP measure that we use to refer to total non-interest expenses excluding tax certificate provisions, debt redemption costs, gains/losses on sales of real estate, impairments, restructuring and exit activities. A reconciliation of total expense to core expense is included in BankAtlantic Bancorp’s First Quarter, 2011 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials or Supplemental Financials” navigation links.

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“As we have previously discussed, we believe that BankAtlantic’s loan losses may have peaked in 2009. While the current quarter’s results reflect losses associated with our loan portfolios, we believe the trends support our optimism that we are on the path toward recovery. These trends, from the beginning of the recession through the current quarter, are set forth in the Supplemental Graphs to be viewed in conjunction with the Supplemental Financials on our BankAtlantic Bancorp’s Investor Relations website.

Supplemental graphs for BankAtlantic (bank only) are provided as a means to illustrate many of the metrics described above. To view the supplemental graphs, please visit our website at www.BankAtlanticBancorp.com, access the “Investor Relations” section and click on the “Supplemental Graphs” navigation link or visit http://www.snl.com/interactive/lookandfeel/101666/BBX_fin_supp.pdf.

Additional detailed financial data for BankAtlantic (bank only), the Parent- BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp are available at www.BankAtlanticBancorp.com. To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials or Supplemental Financials” navigation links.

BANKATLANTIC PERFORMANCE

CAPITAL:

“Despite the sustained downturn in our markets, our capital ratios have been generally stable, primarily a result of capital contributions by BankAtlantic Bancorp into BankAtlantic, a focus on core earnings, and the reduction of assets. At March 31, 2011, BankAtlantic’s capital ratios were: Tier 1/Core capital of 5.97%, Tier 1 risk-based capital of 9.68%, and Total risk-based capital of 11.76%.

Capital Ratios at BankAtlantic at prior year-end periods were:

	12/2006			12/2007			12/2008			12/2009			12/2010
Tier 1/Core		7.55	%		6.94	%		6.80	%		7.58	%		6.22	%
Tier 1 Risk-Based		10.50	%		9.85	%		9.80	%		10.63	%		9.68	%
Total Risk-Based		12.08	%		11.63	%		11.63	%		12.56	%		11.72	%

“As previously disclosed, BankAtlantic agreed to sell its 19 branches and 2 related facilities in the Tampa – St. Petersburg area and the associated deposits to PNC Bank, N.A., part of the PNC Financial Services Group Inc. (NYSE: PNC). PNC and BankAtlantic have both

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received regulatory approval for the transaction. The transaction is anticipated to close during the first week of June 2011, subject to the terms and conditions of the acquisition agreement and regulatory requirements. Upon closing, we anticipate recording a net gain of between $38 million and $39 million as part of the transaction (based on deposit levels of approximately $390.4 million at March 31, 2011), which we estimate will add over 145 basis points to each of our regulatory capital ratios.

CREDIT:

“Florida was especially hard hit during the current economic downturn as real estate values declined significantly and unemployment levels rose. However, when we compare the current 2011 quarter with the past two years, we are encouraged by recent credit trends and we continue to believe that 2009 may have been the peak of our impairments, provisions and delinquencies.

• “Delinquencies excluding non-accrual loans and matured loans in the process of renewal were $55.7 million, or 1.86% of total loans at March 31, 2011, as compared to $87.4 million, or 2.40% of total loans at March 31, 2010.

• “Total non-accrual loans were $362.6 million at March 31, 2011, reflecting a decrease of $8.4 million as compared to the fourth quarter of 2010, and an increase of $61.2 million as compared to March 31, 2010.

• “At March 31, 2011, approximately $93.0 million of commercial real estate and commercial business non-accrual loans were impaired but continued to be current and paying under the terms of their loan agreements.

• “The new non-accrual commercial real estate and commercial business loans added in the first quarter of 2011 included the following: One defaulted loan for approximately $300,000; two loans totaling $5.1 million that were less than thirty days past due at March 31, 2011 (and continue to be past due); and one loan for $11.8 million that was impaired but continued to be current and paying under the terms of the loan agreement.

• “BankAtlantic’s allowance for loan losses was $154.2 million at March 31, 2011. The allowance coverage to total loans increased to 5.20% at March 31, 2011 compared to 4.64% at March 31, 2010, and 5.08% at December 31, 2010.

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• “The provision for loan losses in the first quarter of 2011 was $27.8 million compared to $32.0 million in the first quarter of 2010, and included $7.1 million in provision related to non-performing residential and commercial real estate loans transferred to held-for-sale.

• “Net charge-offs were $27.8 million in the first quarter of 2011, compared to $36.1 million in the first quarter of 2010.

CORE EARNINGS:

Results of Operations – “BankAtlantic’s net loss was ($16.4) million for the first quarter of 2011, compared to a net loss of ($17.1) million for the first quarter of 2010 and a net loss of ($41.2) million for the fourth quarter of 2010. Pretax core operating earnings for the first quarter of 2011 were $11.6 million, compared to $15.8 million for the first quarter of 2010 and $8.3 million for the fourth quarter of 2010. Loan loss and tax certificate provisions, debt redemption costs, loss on real estate sold and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($27.9) million for the first quarter of 2011 versus ($32.8) million for the first quarter of 2010. The individual components of earnings are described more fully below.”

BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic’s core and total deposits at March 31, 2011 were $3.0 billion and $4.0 billion, respectively.

• “During the first quarter of 2011:

• Core deposits increased by $106.2 million.

• Total deposits increased by $113.3 million, reflecting primarily the increased core deposits.

“In addition, the average cost of core deposits and total deposits for the first quarter of 2011 was 0.25% and 0.44%, respectively; brokered deposit balances represented 0.2% of assets; and non-CD balances represented approximately 84% of total deposits.

Net Interest Income and Margin – “Net interest income for the first quarter of 2011 was $34.7 million compared to $39.5 million for the first quarter of 2010. The reduction in the current quarter net interest income versus the comparable quarter reflected the impact of decreases in earning assets, increases in lower-yielding investments and net increases in nonperforming assets.

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• “Net interest margin during the first quarter of 2011 was 3.28% as compared to 3.61% during the first quarter of 2010.

• “Net interest spread during the first quarter of 2011 was 3.14% as compared to 3.39% during the first quarter of 2010.

• “The cost of interest bearing liabilities during the first quarter of 2011 was 0.59%, improved from 0.99% in the first quarter of 2010.

• “The yield on total loans (including nonperforming loans) during the first quarter of 2011 was 4.49%, increased from 4.43% in the first quarter of 2010.

• “The yield on investments during the first quarter of 2011 was 1.63%, down significantly from 4.06% in the first quarter of 2010 due to average invested excess cash of $553.9 million during the first quarter of 2011 earning an average yield of 21 basis points. This compares to $162.2 million in average invested cash during the first quarter of 2010 earning a similar yield. We are holding excess cash in anticipation of the consummation of the Tampa branch sale in the second quarter of 2011, and these additional cash balances had a negative impact on the current quarter’s net interest margin.

• “Other average balance sheet activity impacting net interest income included:

• “Average earning assets for the first quarter of 2011 declined by $131.3 million from the first quarter of 2010, due primarily to routine asset paydowns and net charge-offs.

• “Nonperforming assets increased by $88.6 million from March 31, 2010 to March 31, 2011.

Non-interest income – “Total non-interest income for the first quarter of 2011 was $22.9 million, down $5.3 million from the first quarter of 2010. The decrease in the current quarter primarily reflects declines in service charges relating to customer non-sufficient funds activity, as compared to the first quarter of 2010, partially offset by additional deposit account fees related to monthly maintenance charges on certain products, foreign currency hedging income of approximately $420,000 and other fees earned in the current quarter.

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Non-interest expense – “Total non-interest expenses were $46.2 million in the first quarter of 2011 compared to $52.7 million in the first quarter of 2010. Core expenses were $46.0 million in the first quarter of 2011, compared to core expenses of $51.9 million in the first quarter of 2010, reflecting a $5.6 million decrease in employee compensation and benefits and a $1.0 million decrease in occupancy and equipment expense.

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

• “Impairment, restructuring and exit recovery of $0.4 million in the first quarter of 2011, versus charges of $0.1 million in the first quarter of 2010. The charges in the first quarter of 2011 included:

• Charges totaling $0.4 million related to write-downs of real estate owned.

• Net recovery of $1.0 million of restructuring charges, primarily related to favorable lease terminations on unused leased property sites.

• Lower of cost or market adjustments on loans held for sale of $0.2 million.

• “Tax certificate provision of $0.8 million in the first quarter of 2011, versus $0.7 million in the first quarter of 2010.

• “Gain on sale of real estate of $0.3 million in the first quarter of 2011, versus a gain of $0.1 million in the first quarter of 2010.

• “Costs associated with debt redemption of $10,000 in the first quarter of 2011, versus $7,000 in the first quarter of 2010.”

BANKATLANTIC BANCORP (Parent Company level):

Alan B. Levan further commented, “BankAtlantic Bancorp’s net loss at the parent only level was ($6.5) million for the first quarter of 2011, compared to a net loss of ($3.4) million for the first quarter of 2010. The first quarter of 2011 included a net recovery for loan losses of $20,000 compared to a net recovery of $1.3 million in the first quarter of 2010. Additionally, the net loss in the first quarter of 2011 included a $2.3 million impairment charge relating to real estate owned.

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“As first announced in the first quarter of 2009, we continue to defer the regularly scheduled interest payments on the outstanding junior subordinated debentures relating to all of our TruPS, which is permitted under the terms of the securities for up to another 11 consecutive quarterly periods.

Asset Workout Subsidiary – “The loans and real estate owned held by the parent company workout subsidiary at March 31, 2011 included real estate owned of $8.8 million, performing loans of $2.7 million and non-accrual loans of $11.4 million. Charge-offs of $21.1 million have been taken on these non-accrual loans, and $0.8 million in specific reserves are currently maintained related to these loans.

REGULATORY MATTERS:

“On February 23, 2011, BankAtlantic Bancorp and BankAtlantic each entered into agreements with the Office of Thrift Supervision (the “OTS”), their primary regulator, agreeing to continue taking actions to strengthen their financial condition and operations. Each agreement, known as a Stipulation and Consent to the issuance of an Order to Cease and Desist (the “Orders”) is a formal action by the OTS requiring corrective measures in a number of areas, including requiring BankAtlantic to meet by June 30, 2011 and maintain a Tier 1/Core capital ratio of 8% and a Total Risk Based capital ratio of 14%. No fines or penalties were imposed in connection with the Orders.

“In light of the economic climate, more than 70 banks in Florida and hundreds nationally have been asked by regulators to sign supervisory and enforcement agreements. We have been working closely with our regulators since the start of this economic recession to increase capital, reduce higher risk and non performing loans, return to profitability and continue safe and sound banking practices. These agreements formalize steps that we believe are already underway and many have already been fully implemented.

Mr. Alan B. Levan continued, “We have begun to see signs of improvement in areas of the Florida economy, and with improving trends, as well as declining losses, provisions and charge-offs at BankAtlantic, we believe there is cause for cautious optimism.”

- - -

Additional detailed financial data for BankAtlantic (bank only), the Parent- BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp are available at www.BankAtlanticBancorp.com

To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials or Supplemental Financials” navigation links. Additionally, BankAtlantic’s financial information is provided quarterly to the OTS through Thrift Financial Reports, available to the public through the OTS and FDIC websites.

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Additionally, copies of BankAtlantic Bancorp’s first quarter, 2011 financial results press release and financial data are available upon request via fax, email, or postal service mail. To request a copy, contact BankAtlantic Bancorp’s Investor Relations department using the contact information listed below.

About BankAtlantic Bancorp:

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

About BankAtlantic:

BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.

For further information, please visit our websites:

www.BankAtlanticBancorp.com

www.BankAtlantic.com

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

BankAtlantic Bancorp Contact Info:

Leo Hinkley, Investor and Media Relations Officer

Telephone: (954) 940-5300

Email: InvestorRelations@BankAtlanticBancorp.com

BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:

Media Relations:

Sharon Lyn, Vice President

Telephone: 954-940-6383, Fax: 954-940-5320

Email: CorpComm@BankAtlanticBancorp.com

# # #

Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Actual

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results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (“the Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, continued decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, BankAtlantic’s regulatory capital ratios, the ability of our borrowers to service their obligations and of our customers to maintain account balances and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of our loans (including those held in the asset workout subsidiary of the Company) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in our trade area, and where our collateral is located; the risks of additional charge-offs, impairments and required increases in our allowance for loan losses especially if the economy and real estate markets in Florida do not improve; the impact of regulatory proceedings and litigation regarding overdraft fees; risks associated with maintaining compliance with the Cease and Desist Orders entered into by the Company and BankAtlantic with the Office of Thrift Supervision, including risks that compliance will adversely impact operations, risks associated with failing to comply with regulatory mandates or the imposition of additional regulatory requirements and/or fines; the uncertain impact of legal proceedings on our financial condition or operations, including the risk that the securities class action litigation verdict may not be overturned; 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 and our ability to raise capital; that the sale of our Tampa branch operations may not be consummated pursuant to its terms, at the time anticipated or at all, and that the transaction may not have the positive financial impact currently anticipated; we may raise additional capital and such capital may be highly dilutive to BankAtlantic Bancorp’s shareholders or may not be available; and the risks associated with the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance and perceived trends may not be indicative of future results. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. The Company cautions that the foregoing factors are not exclusive.

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Supplemental Financial Information

First Quarter 2011

Release Date: April 25, 2011

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

BankAtlantic Bancorp, Inc. and Subsidiaries

Summary of Selected Financial Data (unaudited)

			For the Three Months Ended
			3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Earnings (in thousands):
Net loss from continuing operations			$	(22,887	)		(45,795	)		(25,184	)		(51,250	)		(20,521	)
Net loss			$	(22,887	)		(46,295	)		(25,184	)		(51,250	)		(20,521	)
Net loss attributable to BankAtlantic Bancorp			$	(23,182	)		(46,554	)		(25,409	)		(51,489	)		(20,729	)
Pre-tax core operating earnings - Non-GAAP	(note 1	)	$	7,210			4,269			7,871			3,927			11,103
Average Common Shares Outstanding (in thousands):
Basic				62,724			62,571			60,784			50,679			49,335
Diluted				62,724			62,571			60,784			50,679			49,335
Key Performance Ratios
Basic and diluted loss per share from continuing operations	(note 2	)	$	(0.37	)		(0.74	)		(0.42	)		(1.02	)		(0.42	)
Basic and diluted loss per share	(note 2	)	$	(0.37	)		(0.74	)		(0.42	)		(1.02	)		(0.42	)
Return on average tangible assets from continuing operations	(note 3	)	%	(2.02	)		(4.06	)		(2.22	)		(4.46	)		(1.74	)
Return on average tangible equity from continuing operations	(note 3	)	%	(1,152.71	)		(356.19	)		(138.75	)		(193.89	)		(64.56	)
Average Balance Sheet Data (in millions):
Assets			$	4,550			4,530			4,548			4,616			4,744
Tangible assets - Non-GAAP	(note 3	)	$	4,536			4,515			4,533			4,600			4,728
Loans, gross			$	3,123			3,360			3,513			3,627			3,799
Investments			$	1,118			883			748			648			604
Deposits and escrows			$	3,980			3,900			3,931			4,080			4,013
Equity			$	16			63			85			118			142
Tangible equity - Non-GAAP	(note 3	)	$	8			51			73			106			127
Period End ($ in thousands)
Total loans, net			$	2,821,429			3,018,179			3,239,542			3,387,725			3,515,542
Total assets			$	4,470,629			4,509,433			4,527,736			4,655,600			4,748,201
Total equity			$	(8,729	)		14,744			64,082			77,466			119,611
Class A common shares outstanding				61,979,071			61,595,321			61,595,321			52,946,126			48,245,042
Class B common shares outstanding				975,225			975,225			975,225			975,225			975,225
Book value per share			$	(0.14	)		0.24			1.02			1.44			2.43
Tangible book value per share - Non-GAAP	(note 4	)	$	(0.26	)		0.10			0.84			1.20			2.20
High stock price for the quarter			$	1.33			1.59			1.85			3.28			3.24
Low stock price for the quarter			$	0.82			0.60			0.75			1.35			1.14
Closing stock price			$	0.92			1.15			0.80			1.40			1.77

Notes:

(1) Pre-tax core operating earnings excludes provision for loan losses, cost associated with debt redemption, provision for tax certificates, gains/losses on sales of real estate and impairments, restructuring and exit activities. Pre-tax core operating earnings is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

(2) Diluted and basic loss per share are the same for all periods presented.

(3) Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total equity less average goodwill, core deposit intangibles and other comprehensive income. Average tangible assets and average tangible equity are non-GAAP measures. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

(4) Tangible book value per share is defined as equity less accumulated other comprehensive loss, goodwill and core deposit intangibles divided by the number of common shares outstanding. Tangible book value per share is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

2

BankAtlantic Bancorp, Inc. and Subsidiaries

Consolidated Statements of Financial Condition (unaudited)

	March 31,			December 31,
(in thousands)	2011			2010
ASSETS
Cash and due from depository institutions	$	103,507			97,930
Interest bearing deposits at federal reserve and other banks		656,424			455,538
Securities available for sale and derivatives (at fair value)		376,042			424,391
Investment securities (approximate fair value: $1,500 and $1,500)		1,500			1,500
Tax certificates, net of allowance of $9,287 and $8,811		77,837			89,789
Loans receivable, net of allowance for loan losses of $155,051 and $162,139		2,821,429			3,018,179
Loans held for sale (at lower of cost or fair value)		49,455			29,765
Federal Home Loan Bank stock, at cost which approximates fair value		43,557			43,557
Real estate held for development and sale		5,436			5,436
Real estate owned		75,146			74,488
Office properties and equipment, net		148,120			151,414
Goodwill and other intangible assets		14,260			14,569
Assets held for sale		36,909			37,334
Other assets		61,007			65,543
Total assets	$	4,470,629			4,509,433
LIABILITIES AND EQUITY
Liabilities:
Deposits
Demand	$	879,820			792,260
Savings		452,533			418,304
NOW		1,307,041			1,370,568
Money market		366,968			354,282
Certificates of deposit		609,538			616,454
Deposits held for sale		390,432			341,146
Total deposits		4,006,332			3,893,014
Advances from FHLB		45,000			170,000
Securities sold under agreements to repurchase		17,006			21,524
Short term borrowings		1,367			1,240
Subordinated debentures		22,000			22,000
Junior subordinated debentures		325,974			322,385
Liabilities held for sale		79			87
Other liabilities		61,600			64,439
Total liabilities		4,479,358			4,494,689
Equity:
Common stock		630			626
Additional paid-in capital		317,736			317,362
Accumulated deficit		(320,796	)		(297,614	)
Accumulated other comprehensive loss		(6,807	)		(6,088	)
Total BankAtlantic Bancorp stockholders’ equity		(9,237	)		14,286
Noncontrolling interests		508			458
Total equity		(8,729	)		14,744
Total liabilities and equity	$	4,470,629			4,509,433

3

BankAtlantic Bancorp, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

	For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
INTEREST INCOME:
Interest and fees on loans	$	34,910			36,106			38,356			39,898			41,634
Interest on securities available for sale		2,597			2,815			2,847			2,714			3,645
Interest on tax certificates		1,410			1,544			2,837			514			2,356
Interest and dividends on investments		588			299			367			223			153
Total interest income		39,505			40,764			44,407			43,349			47,788
INTEREST EXPENSE:
Interest on deposits		4,367			4,556			4,877			6,021			7,057
Interest on advances from FHLB		115			144			106			1			958
Interest on short-term borrowed funds		6			7			8			7			8
Interest on debentures		4,008			4,007			4,107			3,891			3,791
Total interest expense		8,496			8,714			9,098			9,920			11,814
NET INTEREST INCOME		31,009			32,050			35,309			33,429			35,974
Provision for loan losses		27,812			40,643			24,410			48,553			30,755
NET INTEREST INCOME AFTER PROVISION		3,197			(8,593	)		10,899			(15,124	)		5,219
NON-INTEREST INCOME:
Service charges on deposits		12,032			14,080			15,214			15,502			15,048
Other service charges and fees		7,191			7,528			7,495			7,739			7,378
Securities activities, net		(24	)		(34	)		(552	)		312			3,138
Other		4,008			3,091			5,204			2,970			2,900
Total non-interest income		23,207			24,665			27,361			26,523			28,464
NON-INTEREST EXPENSE:
Employee compensation and benefits		19,290			19,868			23,549			25,155			25,378
Occupancy and equipment		12,585			12,999			13,263			13,745			13,582
Advertising and business promotion		1,695			2,389			2,026			2,239			1,944
Professional fees		3,359			6,518			6,209			4,824			2,887
Check losses		299			705			763			521			432
Supplies and postage		902			1,052			983			921			998
Telecommunication		575			635			702			662			534
Cost associated with debt redemption		10			—			—			53			7
Provision for tax certificates		779			800			885			2,134			733
(Gain) loss on sale of real estate		(453	)		663			(442	)		1,490			(104	)
Impairment, restructuring and exit activities		1,948			10,219			8,165			2,947			143
Other		8,301			8,280			7,304			7,958			7,580
Total non-interest expense		49,290			64,128			63,407			62,649			54,114
Loss from continuing operations before income taxes		(22,886	)		(48,056	)		(25,147	)		(51,250	)		(20,431	)
Provision (benefit) for income taxes		1			(2,261	)		37			—			90
Loss from continuing operations		(22,887	)		(45,795	)		(25,184	)		(51,250	)		(20,521	)
Discontinued operations		—			(500	)		—			—			—
Net loss		(22,887	)		(46,295	)		(25,184	)		(51,250	)		(20,521	)
Less: net income attributable to noncontrolling interest		(295	)		(259	)		(225	)		(239	)		(208	)
Net loss attributable to BankAtlantic Bancorp	$	(23,182	)		(46,554	)		(25,409	)		(51,489	)		(20,729	)

4

BankAtlantic Bancorp, Inc. and Subsidiaries

Consolidated Average Balance Sheet (unaudited)

		For the Three Months Ended
(in thousands except percentages and per share data)		3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Loans:
Residential real estate		$	1,175,875			1,270,095			1,356,748			1,433,322			1,513,302
Commercial real estate			891,043			1,010,148			1,061,918			1,079,760			1,148,435
Consumer			620,986			635,564			653,631			670,173			688,173
Commercial business			134,452			139,485			133,841			135,689			139,843
Small business			300,931			304,406			306,927			308,254			309,549
Total Loans			3,123,287			3,359,698			3,513,065			3,627,198			3,799,302
Investments			1,117,901			882,974			748,299			648,462			603,874
Total interest earning assets			4,241,188			4,242,672			4,261,364			4,275,660			4,403,176
Goodwill and core deposit intangibles			14,411			14,718			15,028			15,353			15,652
Other non-interest earning assets			294,489			272,805			271,950			324,727			324,910
Total assets		$	4,550,088			4,530,195			4,548,342			4,615,740			4,743,738
Tangible assets - Non-GAAP	(note 3)	$	4,535,677			4,515,477			4,533,314			4,600,387			4,728,086
Deposits:
Demand deposits		$	944,956			924,035			907,294			916,131			864,413
Savings			468,673			448,942			444,981			445,686			425,235
NOW			1,519,105			1,476,258			1,484,558			1,525,475			1,467,103
Money market			389,155			406,781			404,406			386,712			360,470
Certificates of deposit			658,051			644,124			689,664			805,656			896,074
Total deposits			3,979,940			3,900,140			3,930,903			4,079,660			4,013,295
Short-term borrowed funds			19,191			18,099			26,187			25,528			26,332
FHLB advances			134,833			149,130			106,685			1,264			173,011
Debentures			344,971			341,409			340,230			334,507			331,403
Total borrowings			498,995			508,638			473,102			361,299			530,746
Other liabilities			55,040			58,015			59,207			57,152			57,755
Total liabilities			4,533,975			4,466,793			4,463,212			4,498,111			4,601,796
Equity			16,113			63,402			85,130			117,629			141,942
Total liabilities and equity		$	4,550,088			4,530,195			4,548,342			4,615,740			4,743,738
Other comprehensive loss in equity			(6,240	)		(2,743	)		(2,499	)		(3,454	)		(846	)
Tangible equity - Non-GAAP	(note 3)	$	7,942			51,427			72,601			105,730			127,136
Net Interest Margin			2.92	%		3.03	%		3.32	%		3.13	%		3.33	%

5

Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries

Nonperforming Assets and Credit Quality Statistics

(in thousands)	As of
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Nonaccrual loans:
BankAtlantic	$	362,604			370,959			404,087			362,126			301,365
Parent- Work out Sub		11,360			14,508			19,916			24,358			35,326
Consolidated nonaccrual loans	$	373,964			385,467			424,003			386,484			336,691
Quarter-to-Date Net Charge-offs:
BankAtlantic	$	(27,823	)		(57,688	)		(21,887	)		(32,547	)		(36,074	)
Parent- Work out Sub		4			(3,741	)		(4,438	)		(5,741	)		(4,302	)
Consolidated charge-offs	$	(27,819	)		(61,429	)		(26,325	)		(38,288	)		(40,376	)
Quarter-to-date Loan Provision:
BankAtlantic	$	27,832			40,144			23,012			43,634			32,034
Parent- Work out Sub		(20	)		498			1,398			4,919			(1,279	)
Consolidated loan provision	$	27,812			40,642			24,410			48,553			30,755
Allowance for Loan Loss:
BankAtlantic	$	154,237			161,309			181,760			180,635			169,548
Parent- Work out Sub		814			830			4,187			7,227			8,049
Consolidated allowance for loan loss	$	155,051			162,139			185,947			187,862			177,597
Nonperforming Assets:
BankAtlantic	$	432,316			438,923			464,865			410,542			343,693
Parent- Work out Sub		20,195			24,668			29,682			34,190			45,858
Consolidated nonperforming assets	$	452,511			463,591			494,547			444,732			389,551
Consolidated Credit Quality Statistics
Allowance for loan losses to total loans	%	5.21			5.10			5.43			5.25			4.81
Allowance to nonaccrual loans	%	41.46			42.06			43.86			48.61			52.75
Provision to average loans	%	3.56			4.84			2.78			5.35			3.24
Nonaccrual loans, gross to total assets	%	8.36			8.55			9.36			8.30			7.09
Nonperforming assets, gross to total assets	%	10.12			10.28			10.92			9.55			8.20

6

BankAtlantic Bancorp, Inc. and Subsidiaries

Reconciliation of GAAP Financial Measures to Non-GAAP Measures

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

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

	For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Loss from continuing operations before income taxes	$	(22,886	)		(48,056	)		(25,147	)		(51,250	)		(20,431	)
Costs associated with debt redemption		10			—			—			53			7
Provision for tax certificates		779			800			885			2,134			733
Loss (gain) on sale of real estate		(453	)		663			(442	)		1,490			(104	)
Impairment, restructuring and exit activities		1,948			10,219			8,165			2,947			143
Provision for loan losses		27,812			40,643			24,410			48,553			30,755
Non-GAAP pre-tax core operating earnings	$	7,210			4,269			7,871			3,927			11,103
Reconciliation of equity to tangible book value per share
	As of
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Equity	$	(8,729	)		14,744			64,082			77,466			119,611
Goodwill and core deposit intangibles		(14,260	)		(14,569	)		(14,877	)		(15,186	)		(15,494	)
Other comprehensive loss		6,807			6,088			3,207			2,320			4,141
Tangible book value	$	(16,182	)		6,263			52,412			64,600			108,258
Common shares outstanding, period end		62,954,296			62,570,546			62,570,546			53,921,351			49,220,267
Book value per share	$	(0.14	)		0.24			1.02			1.44			2.43
Tangible book value per share - Non-GAAP	$	(0.26	)		0.10			0.84			1.20			2.20
Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity
	For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Net loss from continuing operations	$	(22,887	)		(45,795	)		(25,184	)		(51,250	)		(20,521	)
Average total assets		4,550,088			4,530,195			4,548,342			4,615,740			4,743,738
Average goodwill and core deposit intangibles		(14,411	)		(14,718	)		(15,028	)		(15,353	)		(15,652	)
Average tangible assets		4,535,677			4,515,477			4,533,314			4,600,387			4,728,086
Average equity		16,113			63,402			85,130			117,629			141,942
Average goodwill and core deposit intangibles		(14,411	)		(14,718	)		(15,028	)		(15,353	)		(15,652	)
Other comprehensive loss		6,240			2,743			2,499			3,454			846
Average tangible equity	$	7,942			51,427			72,601			105,730			127,136
Return on average assets from continuing operations		-2.01	%		-4.04	%		-2.21	%		-4.44	%		-1.73	%
Return on average tangible assets from continuing operations - Non-GAAP		-2.02	%		-4.06	%		-2.22	%		-4.46	%		-1.74	%
Return on average equity from continuing operations		-568.16	%		-288.92	%		-118.33	%		-174.28	%		-57.83	%
Return on average tangible equity from continuing operations - Non-GAAP		-1152.71	%		-356.19	%		-138.75	%		-193.89	%		-64.56	%

7

BankAtlantic (Bank Operations Business Segment)

Summary of Selected Financial Data (unaudited)

(in thousands except percentages)	For the Three Months Ended
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Statistics:
Average interest earning assets	$	4,224,423			4,220,720			4,234,115			4,240,545			4,355,771
Average interest bearing liabilities	$	3,221,899			3,177,611			3,189,179			3,220,458			3,383,776
Period end borrowings to deposits and borrowings	%	2.15			5.50			5.76			4.13			4.84
Efficiency ratio	%	80.10			105.60			91.87			94.05			77.86
Yield on interest earning assets	%	3.73			3.86			4.19			4.08			4.38
Cost of interest-bearing liabilities	%	0.59			0.62			0.65			0.78			0.99
Interest spread	%	3.14			3.24			3.54			3.30			3.39
Net interest margin	%	3.28			3.40			3.70			3.49			3.61
Non-GAAP Measures (Note 1)
Average tangible assets	$	4,495,637			4,473,959			4,489,189			4,544,611			4,668,854
Average tangible equity	$	282,135			319,982			338,712			356,572			367,220
Pre-tax core operating earnings	$	11,575			8,323			13,922			9,078			15,774
Core operating efficiency ratio	%	79.91			86.12			78.95			85.65			76.71
Return on average tangible assets	%	(1.46	)		(3.69	)		(1.57	)		(3.51	)		(1.47	)
Return on average tangible equity	%	(23.21	)		(51.56	)		(20.87	)		(44.73	)		(18.66	)
Tangible capital to tangible assets	%	5.80			6.12			7.08			7.29			7.55
Earning assets repricing at period end:
Percent of earning assets that have fixed rates	%	46			45			45			47			48
Percent of earning assets that have variable rates	%	54			55			55			53			52
Regulatory capital ratios and statistics at period end
Total risk-based capital	%	11.76			11.72			12.59			12.86			12.86
Tier I risk-based capital	%	9.68			9.68			10.59			10.87			10.90
Core capital	%	5.97			6.22			7.17			7.36			7.51
Risk-weighted assets	$	2,713,638			2,855,415			3,021,862			3,104,341			3,206,075
Adjusted total assets	$	4,401,218			4,444,797			4,459,875			4,584,519			4,656,270

Note 1

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

8

BankAtlantic (Bank Operations Business Segment)

Condensed Statements of Operations (unaudited)

				For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Net interest income	$	34,704			35,766			39,101			37,008			39,459
Provision for loan losses		27,832			40,145			23,012			43,634			32,034
Net interest income after provision for loan losses		6,872			(4,379	)		16,089			(6,626	)		7,425
Non-interest income
Service charges on deposits		12,032			14,080			15,214			15,502			15,048
Other service charges and fees		7,191			7,528			7,495			7,739			7,378
Securities activities, net		(24	)		(34	)		(543	)		309			3,132
Other non-interest income		3,714			2,625			4,869			2,721			2,699
Total non-interest income		22,913			24,199			27,035			26,271			28,257
Non-interest expense
Employee compensation and benefits		18,763			20,028			22,475			24,254			24,374
Occupancy and equipment		12,585			12,996			13,263			13,745			13,581
Advertising and business promotion		1,669			2,333			1,917			2,121			1,934
Professional fees		2,981			5,638			4,942			4,220			2,565
Check losses		299			705			763			521			432
Supplies and postage		870			1,024			929			895			965
Telecommunication		572			632			697			655			529
Cost associated with debt redemption		10			—			—			53			7
Provision for tax certificates		779			800			885			2,134			733
(Gain) loss on sale of real estate		(278	)		663			(442	)		880			(104	)
Impairment, restructuring and exit activities		(399	)		10,219			8,099			2,247			143
Other		8,303			8,286			7,228			7,790			7,562
Total non-interest expense		46,154			63,324			60,756			59,515			52,721
Loss from bank operations business segment before income taxes		(16,369	)		(43,504	)		(17,632	)		(39,870	)		(17,039	)
Provision (benefit) for income taxes		1			(2,261	)		37			—			90
Net loss from bank operations business segment		(16,370	)		(41,243	)		(17,669	)		(39,870	)		(17,129	)
Less: net income attributable to noncontrolling interest		(295	)		(259	)		(225	)		(239	)		(208	)
Net loss attributable to BankAtlantic	$	(16,665	)		(41,502	)		(17,894	)		(40,109	)		(17,337	)

9

BankAtlantic (Bank Operations Business Segment)

Condensed Statements of Financial Condition (unaudited)

	As of
(in thousands)	3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010
ASSETS
Loans receivable, net	$	2,813,097		3,009,771		3,218,097		3,361,772		3,480,198
Loans held for sale (lower of cost or fair value)		44,542		21,704		2,839		5,861		5,030
Investment securities and FHLB stock		121,394		133,371		150,035		189,120		137,189
Available for sale securities		376,034		424,360		446,591		275,065		243,779
Goodwill		13,081		13,081		13,081		13,081		13,081
Core deposit intangible asset		1,179		1,488		1,796		2,105		2,413
Assets held for sale		36,909		37,333		37,209		—		—
Other assets		1,018,330		828,060		615,828		764,278		806,311
Total assets	$	4,424,566		4,469,168		4,485,476		4,611,282		4,688,001
LIABILITIES AND EQUITY
Deposits
Demand	$	879,820		792,260		809,830		902,486		900,984
Savings		452,533		418,304		411,612		442,142		443,288
NOW		1,307,041		1,370,568		1,288,792		1,496,369		1,501,274
Money market		366,968		354,282		386,091		397,313		361,877
Certificates of deposit		609,538		616,454		601,956		749,948		840,017
Deposits held for sale		390,432		341,146		339,360		—		—
Total deposits		4,006,332		3,893,014		3,837,641		3,988,258		4,047,440
Advances from Federal Home Loan Bank		45,000		170,000		180,000		115,000		152,008
Short term borrowings		20,909		34,435		32,666		34,685		31,797
Subordinated debentures		22,000		22,000		22,000		22,000		22,000
Liabilities held for sale		79		87		100		—		—
Other liabilities		60,178		62,526		81,452		100,904		66,574
Total liabilities		4,154,498		4,182,062		4,153,859		4,260,847		4,319,819
Equity		270,068		287,106		331,617		350,435		368,182
Total liabilities and equity	$	4,424,566		4,469,168		4,485,476		4,611,282		4,688,001

10

BankAtlantic (Bank Operations Business Segment)

Average Balance Sheet - Yield / Rate Analysis

	For the Three Months Ended
	March 31, 2011							March 31, 2010
( in thousands)	Average Balance		Revenue/ Expense		Yield/ Rate			Average Balance		Revenue/ Expense		Yield/ Rate
Loans:
Residential real estate	$	1,175,875		13,894		4.73	%	$	1,513,302		18,901		5.00	%
Commercial real estate		875,825		9,502		4.34			1,102,576		10,843		3.93
Consumer		620,986		4,527		2.92			688,173		4,900		2.85
Commercial business		132,916		2,252		6.78			138,307		2,092		6.05
Small business		300,930		4,687		6.23			309,549		4,843		6.26
Total loans		3,106,532		34,862		4.49			3,751,907		41,579		4.43
Investments		1,117,891		4,559		1.63			603,864		6,136		4.06
Total interest earning assets		4,224,423		39,421		3.73	%		4,355,771		47,715		4.38	%
Goodwill and core deposit intangibles		14,411							15,652
Other non-interest earning assets		271,214							313,083
Total Assets	$	4,510,048						$	4,684,506
Deposits:
Savings	$	468,673		272		0.24	%	$	425,235		333		0.32	%
NOW		1,519,105		1,512		0.40			1,467,103		2,218		0.61
Money market		389,155		442		0.46			360,470		629		0.71
Certificates of deposit		658,050		2,141		1.32			896,074		3,877		1.75
Total interest bearing deposits		3,034,983		4,367		0.58			3,148,882		7,057		0.91
Short-term borrowed funds		30,083		10		0.13			39,376		13		0.13
Advances from FHLB		134,833		115		0.35			173,011		958		2.25
Subordinated debentures and bonds payable		22,000		225		4.15			22,507		228		4.11
Total interest bearing liabilities		3,221,899		4,717		0.59			3,383,776		8,256		0.99
Demand deposits		944,950							864,391
Non-interest bearing other liabilities		52,892							54,312
Total Liabilities		4,219,741							4,302,479
Equity		290,307							382,027
Total liabilities and equity	$	4,510,048						$	4,684,506
Net interest income/net interest spread			$	34,704		3.14	%			$	39,459		3.39	%
Margin
Interest income/interest earning assets						3.73	%						4.38	%
Interest expense/interest earning assets						0.45							0.77
Net interest margin						3.28	%						3.61	%

11

BankAtlantic (Bank Operations Business Segment)

Allowance for Loan Loss and Credit Quality

(in thousands)	For the Three Months Ended
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Allowance for Loan Losses
Beginning balance	$	161,309			181,760			180,635			169,548			173,588
Charge-offs:
Residential real estate		(8,011	)		(4,272	)		(4,619	)		(5,233	)		(4,181	)
Commercial real estate		(11,277	)		(44,979	)		(5,969	)		(14,146	)		(21,332	)
Commercial business		(464	)		(996	)		—			—			—
Consumer		(7,814	)		(7,009	)		(9,881	)		(11,822	)		(10,771	)
Small business		(2,611	)		(2,409	)		(2,402	)		(2,225	)		(837	)
Total charge-offs		(30,177	)		(59,665	)		(22,871	)		(33,426	)		(37,121	)
Recoveries:
Residential real estate		131			284			383			435			64
Commercial real estate		714			1,210			—			65			62
Commercial business		791			57			—			1			658
Consumer		408			300			294			254			194
Small business		310			126			307			124			69
Total recoveries		2,354			1,977			984			879			1,047
Net charge-offs		(27,823	)		(57,688	)		(21,887	)		(32,547	)		(36,074	)
Transfer to held for sale		(7,081	)		(2,907	)		—			—			—
Provision for loan losses		27,832			40,144			23,012			43,634			32,034
Ending balance	$	154,237			161,309			181,760			180,635			169,548
	As of
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Credit Quality
Nonaccrual loans
Commercial real estate	$	239,798			243,299			275,057			230,007			168,937
Consumer		13,231			14,120			13,282			13,818			14,428
Small business		12,172			10,879			10,995			12,248			10,971
Residential real estate		81,555			86,538			87,563			83,894			88,262
Commercial business		15,848			16,123			17,190			22,159			18,767
Total Nonaccrual loans		362,604			370,959			404,087			362,126			301,365
Nonaccrual tax certificates		3,402			3,636			2,761			2,836			1,495
Real estate owned		66,310			64,328			58,017			45,492			40,833
Other repossessed assets		—			—			—			88			—
Total nonperforming assets	$	432,316			438,923			464,865			410,542			343,693
Allowance for loan losses to total loans	%	5.20			5.08			5.34			5.08			4.64
Allowance to nonaccrual loans	%	42.54			43.48			44.98			49.88			56.26
Provision to average loans	%	3.58			4.81			2.64			4.86			3.42
Annualized net charge-offs to average loans	%	3.58			6.91			2.51			3.62			3.85
Nonaccrual loans to total assets	%	8.20			8.30			9.01			7.85			6.43
Nonperforming assets to total assets	%	9.77			9.82			10.36			8.90			7.33

12

BankAtlantic (Bank Operations Business Segment)

Delinquencies, Excluding Non-Accrual Loans, at Period-End

($ in thousands)	3/31/2011				12/31/2010				9/30/2010				6/30/2010				3/31/2010
Commercial real estate	$	1,400				31				14,317				7,537				40,642
Consumer		12,025				12,405				12,004				13,181				14,858
Small business		2,200				2,712				2,927				4,182				3,891
Residential real estate		20,528				23,053				17,946				18,472				26,893
Commercial business		19,552	*	**		—				—				—				1,129
Total BankAtlantic	$	55,705				38,201				47,194				43,372				87,413
	3/31/2011				12/31/2010				9/30/2010				6/30/2010				3/31/2010
Commercial real estate	%	0.17	*			0.00	*			1.43	*			0.72	*			3.85	*
Consumer	%	2.00				2.01				1.90				2.04				2.23
Small business	%	0.74				0.89				0.96				1.35				1.26
Residential real estate	%	1.83	*	*		1.88	*	*		1.37	*	*		1.32	*	*		1.83	*	*
Commercial business	%	15.36	*	**		—				—				—				0.84
Total BankAtlantic	%	1.86				1.20				1.39				1.23				2.40

* Excludes $0, $0, $12.0 million, $1.2 million and $0 of Commercial Real Estate loans at March 31, December 31, September 30, June 30, and March 31, 2010, 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 2.63% and.83% and total BankAtlantic delinquencies would have been 1.75% and 1.26% at September 30, 2010 and June 30, 2010, respectively.

** Includes $1.0 billion, $1.1 billion, $1.2 billion, $1.3 billion and $1.4 billion of purchased residential loans with delinquencies excluding non-accrual loans of 1.58%, 1.77%, 1.19%, 1.09% and 1.63% as of March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.

*** Amount represents a loan relationship that is 59 days past due as to maturity and is in the process of renewal.

BankAtlantic (Bank Operations Business Segment)

Loan Provision & Allowance for Loan Losses

($ in thousands)	1Q 2011 Loan Provision			Allowance for Loan Losses		% of Reserves to Total Loans
Commercial real estate	$	7,252			78,328		9.32	%
Consumer		2,873			27,510		4.57
Small business		913			10,125		3.40
Residential real estate		17,199			27,566		2.46
Commercial business		(405	)		10,708		8.41
Total BankAtlantic	$	27,832			154,237		5.20	%

13

BankAtlantic (Bank Operations Business Segment)

Reconciliation of GAAP Financial Measures to Non-GAAP Measures

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

Reconciliation of loss from bank operations business segment before income taxes to pre-tax core operating earnings

	For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2009
Loss from bank operations business segment before income taxes	$	(16,369	)		(43,504	)		(17,632	)		(39,870	)		(17,039	)
Costs associated with debt redemption		10			—			—			53			7
Provision for tax certificates		779			800			885			2,134			733
Loss (gain) on sale of real estate		(278	)		663			(442	)		880			(104	)
Impairment, restructuring and exit activities		(399	)		10,219			8,099			2,247			143
FDIC special assessment		—			—			—			—			—
Provision for loan losses		27,832			40,145			23,012			43,634			32,034
Non-GAAP pre-tax core operating earnings	$	11,575			8,323			13,922			9,078			15,774

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

	For the Three Months Ended
($ in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2009
Non-interest expense	$	46,154			63,324			60,756			59,515			52,721
Costs associated with debt redemption		(10	)		—			—			(53	)		(7	)
Provision for tax certificates		(779	)		(800	)		(885	)		(2,134	)		(733	)
Gain (loss) on sale of real estate		278			(663	)		442			(880	)		104
Impairment, restructuring and exit activities		399			(10,219	)		(8,099	)		(2,247	)		(143	)
FDIC special assessment		—			—			—			—			—
Core expenses	$	46,042			51,642			52,214			54,201			51,942
Net interest income		34,704			35,766			39,101			37,008			39,459
Non-interest income		22,913			24,199			27,035			26,271			28,257
Total revenues	$	57,617			59,965			66,136			63,279			67,716
Non-GAAP core operating efficiency ratio		79.91	%		86.12	%		78.95	%		85.65	%		76.71	%

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

	For the Three Months Ended
($ in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2009
Net loss from bank operations business segment	$	(16,370	)		(41,243	)		(17,669	)		(39,870	)		(17,129	)
Average total assets		4,510,048			4,488,677			4,504,217			4,559,964			4,684,506
Average goodwill and core deposit intangibles		(14,411	)		(14,718	)		(15,028	)		(15,353	)		(15,652	)
Average tangible assets		4,495,637			4,473,959			4,489,189			4,544,611			4,668,854
Average equity		290,307			331,957			351,241			368,472			382,027
Average goodwill and core deposit intangibles		(14,411	)		(14,718	)		(15,028	)		(15,353	)		(15,652	)
Other comprehensive loss		6,239			2,743			2,499			3,453			845
Average tangible equity	$	282,135			319,982			338,712			356,572			367,220
Return on average assets from continuing operations		-1.45	%		-3.68	%		-1.57	%		-3.50	%		-1.46	%
Return on average tangible assets from continuing operations - Non-GAAP		-1.46	%		-3.69	%		-1.57	%		-3.51	%		-1.47	%
Return on average equity from continuing operations		-22.56	%		-49.70	%		-20.12	%		-43.28	%		-17.93	%
Return on average tangible equity from continuing operations - Non-GAAP		-23.21	%		-51.56	%		-20.87	%		-44.73	%		-18.66	%

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

	As of
($ in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2009
Equity	$	270,068			287,106			331,617			350,435			368,182
Goodwill and core deposit intangibles		(14,260	)		(14,569	)		(14,877	)		(15,186	)		(15,494	)
Total tangible capital		255,808			272,537			316,740			335,249			352,688
Total assets		4,424,566			4,469,168			4,485,476			4,611,282			4,688,001
Goodwill and core deposit intangibles		(14,260	)		(14,569	)		(14,877	)		(15,186	)		(15,494	)
Total tangible assets	$	4,410,306		$	4,454,599		$	4,470,599		$	4,596,096		$	4,672,507
Non-GAAP tangible capital to tangible assets		5.80	%		6.12	%		7.08	%		7.29	%		7.55	%

Reconciliation of total deposits to core deposits

	As of
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2009
Total deposits	$	4,006,332			3,893,014			3,837,641			3,988,258			4,047,440
Non-core deposits held for sale		(75,813	)		(75,010	)		(78,088	)		—			—
Money market		(366,968	)		(354,282	)		(386,091	)		(397,313	)		(361,877	)
Certificates of deposit		(609,538	)		(616,454	)		(601,956	)		(749,948	)		(840,017	)
Core deposits		2,954,013			2,847,268			2,771,506			2,840,997			2,845,546

14

Parent Company Business Segment

Condensed Statements of Operations (unaudited)

	For the Three Months Ended
(in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Net interest expense	$	(3,695	)		(3,716	)		(3,792	)		(3,579	)		(3,485	)
Provsion (recovery) for loan losses		(20	)		498			1,398			4,919			(1,279	)
Net interest income after provision for loan losses		(3,675	)		(4,214	)		(5,190	)		(8,498	)		(2,206	)
Non-interest income
Income from unconsolidated subsidiaries		381			335			293			237			189
Securities activities, net		—			—			(9	)		3			6
Other		209			431			292			271			263
Non-interest income		590			766			576			511			458
Non-interest expense
Employee compensation and benefits		527			(160	)		1,074			901			1,004
Advertising and business promotion		26			56			109			118			10
Professional fees		378			881			1,267			604			322
(Gain)/loss on sale of real estate		(175	)		—			—			610			—
Impairment of real estate owned		2,347			—			66			700			—
Other		329			328			385			460			308
Non-interest expense		3,432			1,105			2,901			3,393			1,644
Loss from parent company activities before income taxes		(6,517	)		(4,553	)		(7,515	)		(11,380	)		(3,392	)
Provision (benefit) for income taxes		—			—			—			—			—
Net loss from parent company business segment	$	(6,517	)		(4,553	)		(7,515	)		(11,380	)		(3,392	)

Parent Company Business Segment

Condensed Statements of Financial Condition - Unaudited

	As of
(in thousands)	3/31/2011			12/31/2010		9/30/2010		6/30/2010		3/31/2010
ASSETS
Cash	$	13,112			12,226		12,240		8,395		5,135
Securities		1,508			1,507		1,508		1,508		1,506
Investment in subsidiaries		291,616			313,319		359,368		379,776		413,759
Investment in unconsolidated subsidiaries		10,742			10,361		10,027		9,733		9,496
Other assets		882			945		1,635		2,430		2,329
Total assets	$	317,860			338,358		384,778		401,842		432,225
LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures and notes payable	$	325,974			322,385		318,802		315,160		311,707
Other liabilities		1,123			1,687		2,314		9,632		1,288
Total liabilities		327,097			324,072		321,116		324,792		312,995
Stockholders’ equity		(9,237	)		14,286		63,662		77,050		119,230
Total liabilities and stockholders’ equity	$	317,860			338,358		384,778		401,842		432,225

Parent Company Business Segment

Allowance for Loan Loss and Credit Quality

Parent Company and Work-out Subsidiary

(in thousands)	For the Three Months Ended
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Allowance for Loan Losses
Beginning balance	$	830			4,187			7,227			8,049			13,630
Net charge-offs		4			(3,741	)		(4,438	)		(5,741	)		(4,302	)
Transfer to held for sale		—			(114	)		—			—			—
Provision (recovery) for loan losses		(20	)		498			1,398			4,919			(1,279	)
Ending balance	$	814			830			4,187			7,227			8,049
		As of
	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Credit Quality
Total Loans - gross	$	14,058			17,300			22,793			27,319			38,363
Nonaccrual loans	$	11,360			14,508			19,916			24,358			35,326
Specific reserves		(814	)		(830	)		(4,187	)		(7,227	)		(8,049	)
Nonaccrual loans, net	$	10,546			13,678			15,729			17,131			27,277
Real estate owned		8,835			10,160			9,766			9,832			10,532
Total nonperforming assets	$	19,381			23,838			25,495			26,963			37,809

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