BankAtlantic Bancorp Reports Financial Results For the First Quarter, 2009.

Extract

---

BankAtlantic Bancorp Reports Financial Results For the First Quarter, 2009.

- First Quarter of 2009 loss includes $9.1 million non-cash impairment of goodwill -

- BankAtlantic's pre-tax core operating earnings((1)) increased 70% for the first quarter 2009 compared to the fourth quarter of 2008 -

- BankAtlantic's regulatory capital ratios improved during the quarter and continue to exceed all regulatory 'well-capitalized' thresholds -

FORT LAUDERDALE, Fla. -- BankAtlantic Bancorp, Inc. (NYSE:BBX) today reported a net loss of ($42.4) million, or ($3.78) per diluted share for the quarter ended March 31, 2009, including a non-cash goodwill impairment charge of $9.1 million at BankAtlantic, as discussed further below. While reflected in the first quarter's reported loss, the non-cash goodwill impairment has no impact on ongoing operations and does not affect BankAtlantic's regulatory capital, well-capitalized status, cash or liquidity.

Excluding the goodwill impairment, BankAtlantic Bancorp's net loss for the first quarter of 2009 was ($33.3) million or ($2.96) per diluted share.

BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan B. Levan, commented, "We are working diligently in this extremely difficult economic environment to manage our business with a strategy focused on three fundamental principles: managing credit, improving core operating earnings, and maintaining appropriate capital levels.

"The first component of our strategy is managing credit losses. The credit quality of our loans h...

See the full content of this document

---