UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission files number 001-13133

BankAtlantic Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Florida (State or other jurisdiction of incorporation or organization)		65-0507804 (I.R.S. Employer Identification No.)
2100 West Cypress Creek Road
Fort Lauderdale, Florida		33309
(Address of principal executive offices)		(Zip Code)

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

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. þ YES o NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ YES o NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer o		Non-accelerated filer o		Small reporting company þ
				(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o YES þ NO

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

	Title of Each Class			Outstanding at May 11, 2010
	Class A Common Stock, par value $0.01 per share			49,939,842
	Class B Common Stock, par value $0.01 per share			975,225

 

 

TABLE OF CONTENTS

		Page
Reference
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements			3-25
Consolidated Statements of Financial Condition – March 31, 2010 and December 31, 2009 — Unaudited			3
Consolidated Statements of Operations — For the Three Months March 31, 2010 and 2009 - Unaudited			4
Consolidated Statements of Equity and Comprehensive Income – For the Three Months Ended March 31, 2010 and 2009 - Unaudited			5
Consolidated Statements of Cash Flows — For the Three Months Ended March 31, 2010 and 2009 - Unaudited			6-7
Notes to Consolidated Financial Statements — Unaudited			8-25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25-44
Item 3. Quantitative and Qualitative Disclosures about Market Risk			44
Item 4. Controls and Procedures			44
Part II. OTHER INFORMATION
Item 1A. Risk Factors			45
Item 6. Exhibits			45
Signatures			45
EX-31.1
EX-31.2
EX-32.1
EX-32.2

BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

		March 31,				December 31,
(In thousands, except share data)		2010				2009
ASSETS
Cash and due from depository institutions		$	443,976				234,297
Short-term investments			500				500
Securities available for sale, at fair value			243,785				320,327
Investment securities, at cost			1,500				1,500
Tax certificates, net of allowance of $7,341 and $6,781			88,438				110,991
Federal Home Loan Bank (“FHLB”) stock, at cost which approximates fair value			48,751				48,751
Loans held for sale			5,030				4,547
Loans receivable, net of allowance for loan losses of $177,597 and $187,218			3,510,511				3,689,779
Accrued interest receivable			29,756				32,279
Real estate held for development and sale			14,462				13,694
Real estate owned and other repossessed assets			51,365				46,477
Investments in unconsolidated companies			9,496				12,563
Office properties and equipment, net			197,693				201,686
Goodwill			13,081				13,081
Other assets			89,857				85,145
Total assets		$	4,748,201				4,815,617
LIABILITIES AND EQUITY
Liabilities:
Deposits
Interest bearing deposits		$	3,146,456				3,142,100
Non-interest bearing deposits			900,984				827,580
Total deposits			4,047,440				3,969,680
Advances from FHLB			152,008				282,012
Securities sold under agreements to repurchase			24,674				24,468
Short-term borrowings			2,628				2,803
Subordinated debentures and mortgage-backed bonds			22,000				22,697
Junior subordinated debentures			311,707				308,334
Other liabilities			68,133				64,052
Total liabilities			4,628,590				4,674,046
Commitments and contingencies
Equity:
BankAtlantic Bancorp’s stockholders’ equity
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding			—				—
Class A common stock, $.01 par value, authorized 125,000,000 shares; issued and outstanding 48,245,042 and 48,245,042 shares			499				483
Class B common stock, $.01 par value, authorized 9,000,000 shares; issued and outstanding 975,225 and 975,225 shares			10				10
Additional paid-in capital			297,025				296,438
Accumulated deficit			(174,163	)			(153,434	)
Total equity before accumulated other comprehensive loss			123,371				143,497
Accumulated other comprehensive loss			(4,141	)			(1,926	)
Total BankAtlantic Bancorp equity			119,230				141,571
Noncontrolling interest			381				—
Total equity			119,611				141,571
Total liabilities and equity		$	4,748,201				4,815,617

See Notes to Consolidated Financial Statements -Unaudited

BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

(In thousands, except share and per share data)		For the Three Months
		Ended March 31,
		2010				2009
Interest income:
Interest and fees on loans		$	41,150				49,678
Interest and dividends on securities			3,798				8,738
Interest on tax certificates			2,356				4,193
Total interest income			47,304				62,609
Interest expense:
Interest on deposits			7,057				12,987
Interest on advances from FHLB			958				7,164
Interest on short term borrowings			8				172
Interest on subordinated debentures and bonds payable			3,791				4,538
Total interest expense			11,814				24,861
Net interest income			35,490				37,748
Provision for loan losses			30,755				44,277
Net interest income (loss) after provision for loan losses			4,735				(6,529	)
Non-interest income:
Service charges on deposits			15,048				18,685
Other service charges and fees			7,378				7,025
Securities activities, net			3,138				4,440
Other			3,384				2,959
Total non-interest income			28,948				33,109
Non-interest expense:
Employee compensation and benefits			25,378				28,806
Occupancy and equipment			13,582				14,911
Advertising and promotion			1,944				2,832
Check losses			432				844
Professional fees			2,887				3,326
Supplies and postage			998				1,004
Telecommunication			534				698
Cost associated with debt redemption			7				591
Provision for tax certificates			733				1,486
Restructuring charges, impairments and exit activities			143				1,875
Impairment of goodwill							9,124
Other			7,476				7,694
Total non-interest expense			54,114				73,191
Loss from continuing operations before income taxes			(20,431	)			(46,611	)
Provision for income taxes			90				—
Loss from continuing operations			(20,521	)			(46,611	)
Discontinued operations			—				4,201
Net loss			(20,521	)			(42,410	)
Less: net income attributable to noncontrolling interest			(208	)			—
Net loss attributable to BankAtlantic Bancorp		$	(20,729	)			(42,410	)
Basic loss per share
Continuing operations		$	(0.42	)			(3.09	)
Discontinued operations			—				0.28
Basic loss per share		$	(0.42	)			(2.81	)
Diluted loss per share
Continuing operations		$	(0.42	)			(3.09	)
Discontinued operations			—				0.28
Diluted loss per share		$	(0.42	)			(2.81	)
Basic weighted average number of common shares outstanding			49,220,267				15,089,994
Diluted weighted average number of common and common equivalent shares outstanding			49,220,267				15,089,994

See Notes to Consolidated Financial Statements -Unaudited

BankAtlantic Bancorp, Inc.

BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

																		Accumulated
														(Accumulated				Other
		Compre-								Additional				Deficit)				Compre-				BankAtlantic				Non-
		hensive				Common				Paid-in				Retained				hensive				Bancorp				Controlling				Total
(In thousands)		Income				Stock				Capital				Earnings				Income (loss)				Equity				Interest				Equity
BALANCE, DECEMBER 31, 2008		$					113				218,974				32,667				(7,786	)			243,968				—				243,968
Net loss			(42,410	)			—				—				(42,410	)			—				(42,410	)			—				(42,410	)
Net unrealized gains on securities available for sale			5,036				—				—				—				5,036				5,036				—				5,036
Comprehensive loss		$	(37,374	)																							—				—
Dividends on Class A common stock							—				—				(257	)			—				(257	)			—				(257	)
Dividends on Class B common stock							—				—				(25	)			—				(25	)			—				(25	)
Share based compensation expense							—				703				—				—				703				—				703
BALANCE, MARCH 31, 2009		$					113				219,677				(10,025	)			(2,750	)			207,015				—				207,015
BALANCE, DECEMBER 31, 2009		$					493				296,438				(153,434	)			(1,926	)			141,571				—				141,571
Net loss			(20,729	)			—				—				(20,729	)			—				(20,729	)			208				(20,521	)
Net unrealized losses on securities available for sale			(2,215	)			—				—				—				(2,215	)			(2,215	)			—				(2,215	)
Comprehensive loss		$	(22,944	)
Cumulative effect of change in accounting principle							—				—				—				—				—				307				307
Non-controlling interest distributions							—				—				—				—				—				(134	)			(134	)
Issuance of Class A common stock							—				65				—				—				65				—				65
Share based compensation expense							16				522				—				—				538				—				538
BALANCE, MARCH 31, 2010		$					509				297,025				(174,163	)			(4,141	)			119,230				381				119,611

See Notes to Consolidated Financial Statements -Unaudited

BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

		For the Three Months
		Ended March 31,
(In thousands)		2010				2009
Net cash provided by operating activities		$	17,368				5,124
Investing activities:
Proceeds from redemption and maturities of investment securities and tax certificates			25,686				43,528
Purchase of investment securities and tax certificates			(3,919	)			(4,531	)
Purchase of securities available for sale			(500	)			—
Proceeds from sales of securities available for sale			46,907				162,170
Proceeds from maturities of securities available for sale			30,938				37,561
Purchases of FHLB stock			—				(2,295	)
Redemption of FHLB stock			—				8,151
Investments in unconsolidated companies			—				(461	)
Distributions from unconsolidated companies			—				85
Net decrease in loans			118,217				69,773
Proceeds from the sales of loans receivable			26,421				—
Improvements to real estate owned			(779	)			—
Proceeds from sales of real estate owned			3,269				602
Net additions to office properties and equipment			(945	)			(669	)
Net cash provided by investing activities			245,295				313,914
Financing activities:
Net increase in deposits			77,760				128,618
Net repayments from FHLB advances			(130,000	)			(150,591	)
Increase (decrease) in short-term borrowings			31				(185,813	)
Repayment of bonds payable			(45	)			(45	)
Prepayments of bonds payable			(661	)			—
Proceeds from issuance of Class A common stock			65				—
Noncontrolling interest distributions			(134	)			—
Common stock dividends			—				(282	)
Net cash used in financing activities			(52,984	)			(208,113	)
Increase in cash and cash equivalents			209,679				110,925
Cash and cash equivalents at the beginning of period			234,797				158,957
Cash and cash equivalents at end of period		$	444,476				269,882

(Continued)

See Notes to Consolidated Financial Statements -Unaudited

BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

		For the Three Months
		Ended March 31,
(In thousands)		2010				2009
Cash paid for:
Interest on borrowings and deposits		$	9,167				26,890
Income taxes paid			—				—
Supplementary disclosure of non-cash investing and financing activities:
Loans and tax certificates transferred to REO			7,503				3,388
Long-lived assets held-for-use transferred to assets held for sale			1,919				—
Long-lived assets held-for-sale transferred to assets held for use			1,239				—
The change in assets and liabilities as of January 1, 2010 upon the consolidation of a factoring joint venture:
Increase in loans receivable			(3,214	)			—
Decrease in investment in unconsolidated subsidiaries			3,256				—
Increase in other assets			(367	)			—
Increase in other liabilities			18				—
Increase in noncontrolling interest			307				—

See Notes to Consolidated Financial Statements -Unaudited

BankAtlantic Bancorp, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED

1. Presentation of Interim Financial Statements

     BankAtlantic Bancorp, Inc. (the “Company”) is a unitary savings bank holding company organized under the laws of the State of Florida. The Company’s principal asset is its investment in BankAtlantic and its subsidiaries. The Company has two reportable segments, BankAtlantic and the Parent Company. On February 28, 2007, the Company completed the sale to Stifel Financial Corp. (“Stifel”) of Ryan Beck Holdings, Inc. (“Ryan Beck”), a subsidiary engaged in retail and institutional brokerage and investment banking. Under the terms of the Ryan Beck sales agreement, the Company received additional consideration based on Ryan Beck revenues following the closing of the sale. Included in the Company’s consolidated statement of operations in discontinued operations for the three months ended March 31, 2009 was $4.2 million of earn-out consideration.

     BankAtlantic, a federal savings bank headquartered in Fort Lauderdale, Florida, provides traditional retail banking services and a wide range of commercial banking products and related financial services through a broad network of community branches located in Florida.

     All significant inter-company balances and transactions have been eliminated in consolidation.

     In management’s opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of the Company’s consolidated financial condition at March 31, 2010 and December 31, 2009, the consolidated results of operations for the three months ended March 31, 2010 and 2009, and the consolidated stockholders’ equity and comprehensive income and cash flows for the three months ended March 31, 2010 and 2009. The results of operations for the three months ended March 31, 2010 are not necessarily indicative of results of operations that may be expected for the year ended December 31, 2010. The consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the notes to the consolidated financial statements appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

     Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2010. A joint venture that conducts a factoring business was presented under the equity method of accounting in our March 31, 2009 financial statements. This joint venture was consolidated in our March 31, 2010 financial statements upon the implementation of new accounting guidance effective January 1, 2010 (see note 13).

     BankAtlantic Bancorp, Inc.’s consolidated financial statements have been prepared on a going concern basis, which reflects the realization of assets and the repayments of liabilities in the normal course of business. Both the Parent Company and BankAtlantic actively manage liquidity and cash flow needs. The Parent Company had cash of $5.1 million as of March 31, 2010, does not have debt maturing until March 2032 and has the ability to defer interest payments on its junior subordinated debentures until December 2013; however, based on current interest rates, accrued and unpaid interest of approximately $72.3 million would be due in December 2013 if interest is deferred until that date. The Parent Company’s operating expenses for the three months ended March 31, 2010 and 2009 were $1.6 million and $1.7 million, respectively, and its non-interest income was $0.5 million and $0.5 million, respectively. Included in other assets of the Parent Company was a $5.2 million receivable from the sale of a non-performing loan. The cash was received from the sale of this loan in April 2010. BankAtlantic’s liquidity is dependent, in part, on its ability to maintain or increase deposit levels and the availability of borrowings under its lines of credit and Treasury and Federal Reserve lending programs. As of March 31, 2010, BankAtlantic had $444 million of cash and approximately $802 million of available unused borrowings, consisting of $644 million of unused FHLB line of credit capacity, $73 million of unpledged securities, and $85 million of available borrowing capacity at the Federal Reserve. However, such available borrowings are subject to periodic reviews and may be terminated, suspended or reduced at any time. Additionally, interest rate changes, additional collateral requirements, disruptions in the capital markets or deterioration in BankAtlantic’s financial condition may reduce the amounts it is able to borrow or make terms of the borrowings and deposits less favorable. As a result, there is a risk that the cost of funds will increase or that the availability of funding sources may decrease.

     The substantial uncertainties throughout the Florida and national economies and U.S. banking industry coupled with current market conditions have adversely affected BankAtlantic Bancorp’s and BankAtlantic’s results. As of March 31, 2010, BankAtlantic’s capital was in excess of all regulatory “well capitalized” levels. However, the Office of Thrift Supervision (“OTS”), at its discretion, can at any time require an institution to maintain capital amounts and ratios above the established “well capitalized” requirements based on its view of the risk profile of the specific institution. BankAtlantic’s

BankAtlantic Bancorp, Inc. and Subsidiaries

communications with the OTS include providing information on an ad-hoc, one-time or regular basis related to areas of regulatory oversight and bank operations. As part of such communications, BankAtlantic has provided to its regulators forecasts, strategic business plans and other information relating to anticipated asset balances, asset quality, capital levels, expenses, anticipated earnings, levels of brokered deposits and liquidity, and has indicated that BankAtlantic has no plans to pay dividends to the Parent Company. If higher capital requirements are imposed by its regulators, BankAtlantic could be required to raise additional capital. If BankAtlantic is required to raise additional capital, there is no assurance that the Parent Company or BankAtlantic would be successful in raising the additional capital on favorable terms or at all. Although BankAtlantic Bancorp and BankAtlantic have experienced operating losses since June 2007, BankAtlantic maintains capital at “well capitalized” levels and the Parent Company believes that it maintains sufficient liquidity to fund operations at least through March 31, 2011. However, if unanticipated market factors emerge and/or the Company is unable to execute its plans or if BankAtlantic or the Company requires capital and the Company is unable to raise capital, it could have a material adverse impact on the Company’s business, results of operations and financial condition.

2. Fair Value Measurement

     Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The accounting literature defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

     The valuation techniques are summarized below:

     The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

     The income approach uses financial models to convert future amounts to a single present amount. These valuation techniques include present value and option-pricing models.

     The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. This technique is often referred to as current replacement costs.

     The input fair value hierarchy is summarized below:

     Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at each reporting date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available.

     Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to-principal market); inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

     Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

BankAtlantic Bancorp, Inc. and Subsidiaries

     The following table presents major categories of the Company’s assets measured at fair value on a recurring basis (in thousands):

						Fair Value Measurements Using
						Quoted prices in
						Active Markets				Significant Other				Significant
		As of				for Identical				Observable				Unobservable
		March 31,				Assets				Inputs				Inputs
Description		2010				(Level 1)				(Level 2)				(Level 3)
Available for sale securities:
Mortgage-backed securities		$	152,594				—				152,594				—
REMICS (1)			89,648				—				89,648				—
Bonds			250				—				—				250
Equity securities			1,293				1,293				—				—
Total		$	243,785				1,293				242,242				250

						Fair Value Measurements Using
						Quoted prices in
						Active Markets				Significant Other				Significant
		As of				for Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
Description		2009				(Level 1)				(Level 2)				(Level 3)
Available for sale securities:
Mortgage-backed securities		$	211,945				—				211,945				—
REMICS (1)			107,347				—				107,347				—
Bonds			250				—				—				250
Equity securities			785				785				—				—
Total		$	320,327				785				319,292				250

     There were no recurring liabilities measured at fair value in the Company’s financial statements as of March 31, 2010 and December 31, 2009 respectively.

     The following table presents major categories of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2010 (in thousands):

		Bonds
Beginning Balance		$	250
Total gains and losses (realized/unrealized)
Included in earnings			—
Included in other comprehensive income			—
Purchases, issuances, and settlements			—
Transfers in and/or out of Level 3			—
Ending balance		$	250

BankAtlantic Bancorp, Inc. and Subsidiaries

     The following table presents major categories of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2009 (in thousands):

						Equity
		Bonds				Securities				Total
Beginning Balance		$	250				1,588				1,838
Total gains and losses (realized/unrealized)
Included in earnings			—				(336	)			(336	)
Included in other comprehensive income			—				—				—
Purchases, issuances, and settlements			—				—				—
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	250				1,252				1,502

     The valuation techniques and the inputs used in our financial statements to measure the fair value of our recurring financial instruments are described below.

     The fair values of mortgage-backed and real estate mortgage conduit securities are estimated using independent pricing sources and matrix pricing. Matrix pricing uses a market approach valuation technique and Level 2 valuation inputs as quoted market prices are not available for the specific securities that the Company owns. The independent pricing sources value these securities using observable market inputs including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads and other reference data in the secondary institutional market which is the principal market for these types of assets. To validate fair values obtained from the pricing sources, the Company reviews fair value estimates obtained from brokers, investment advisors and others to determine the reasonableness of the fair values obtained from independent pricing sources. The Company reviews any price that it determines may not be reasonable and requires the pricing sources to explain the differences in fair value or reevaluate its fair value.

     Bonds and equity securities are generally fair valued using the market approach and quoted market prices (Level 1) or matrix pricing (Level 2 or Level 3) with inputs obtained from independent pricing sources to value bonds and equity securities, if available. We also obtain non-binding broker quotes to validate fair values obtained from matrix pricing. However, for certain equity and debt securities in which observable market inputs cannot be obtained, we value these securities either using the income approach and pricing models that we developed or based on observable market data that we have adjusted based on our judgment of the factors a market participant would use to value the securities (Level 3).

     The following table presents major categories of assets measured at fair value on a non-recurring basis as of March 31, 2010 (in thousands):

		Fair Value Measurements Using
						Quoted prices in
						Active Markets				Significant				Significant				Total
		As of				for Identical				Other Observable				Unobservable				Impairments
		March 31,				Assets				Inputs				Inputs				For the Three
Description		2010				(Level 1)				(Level 2)				(Level 3)				Months Ended
Loans measured for impairment using the fair value of the collateral		$	189,832				—				—				189,832				21,581
Impaired real estate owned			665				—				—				665				143
Total		$	190,497				—				—				190,497				21,724

BankAtlantic Bancorp, Inc. and Subsidiaries

     The following table presents major categories of assets measured at fair value on a non-recurring basis as of March 31, 2009 (in thousands):

		Fair Value Measurements Using
						Quoted prices in
						Active Markets				Significant				Significant				Total
		As of				for Identical				Other Observable				Unobservable				Impairments
		March 31,				Assets				Inputs				Inputs				For the Three
Description		2009				(Level 1)				(Level 2)				(Level 3)				Months Ended
Loans measured for impairment using the fair value of the collateral		$	36,208				—				—				36,208				9,860
Impaired real estate owned			1,590				—				—				1,590				211
Impaired goodwill			—				—				—				—				9,124
Total		$	37,798				—				—				37,798				19,195

     There were no liabilities measured at fair value on a non-recurring basis in the Company’s financial statements.

     Loans Measured For Impairment

     Impaired loans are generally valued based on the fair value of the underlying collateral. The Company primarily uses third party appraisals to assist in measuring non-homogenous impaired loans. These appraisals generally use the market or income approach valuation technique and use market observable data to formulate an opinion of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral or properties, and we may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, we use our judgment on market conditions to adjust the most current appraisal. The sales prices may reflect prices of sales contracts not closed, and the amount of time required to sell out the real estate project may be derived from current appraisals of similar projects. As a consequence, the calculation of the fair value of the collateral uses Level 3 inputs. The Company generally uses third party broker price opinions or an automated valuation service to measure the fair value of the collateral for impaired homogenous loans in the establishment of specific reserves or charge-downs when these loans become 120 days delinquent. These third party valuations from real estate professionals use Level 3 inputs in the determination of the fair values.

     Impaired Real Estate Owned

     Real estate is generally valued with the assistance of third party appraisals or broker price opinions. These appraisals generally use the market approach valuation technique and use market observable data to formulate an opinion of the fair value of the properties. However, the appraiser or brokers use professional judgment in determining the fair value of the properties and we may also adjust these values for changes in market conditions subsequent to the valuation date when current appraisals are not available. As a consequence of using broker price opinions and adjustments to appraisals, the fair values of the properties use Level 3 inputs in the determination of fair value.

     Impaired Goodwill

     In determining the fair value of the Company’s reporting units in the test of goodwill for impairment, the Company uses discounted cash flow valuation techniques. This method requires assumptions for expected cash flows and applicable discount rates. The aggregate fair value of all reporting units derived from the above valuation methodology is compared to the Company’s market capitalization adjusted for a control premium in order to determine the reasonableness of the financial model output. A control premium represents the value an investor would pay above minority interest transaction prices in order to obtain a controlling interest in the respective company. The Company uses financial projections over a period of time considered necessary to achieve a steady state of cash flows for each reporting unit. The primary assumptions in the projections include anticipated growth in loan, tax certificates, securities, interest rates and revenue. The discount rates are estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk and size premium adjustments specific to a particular reporting unit. The estimated fair value of a reporting unit is highly sensitive to changes in the discount rate and terminal value assumptions and, accordingly, minor

BankAtlantic Bancorp, Inc. and Subsidiaries

changes in these assumptions could significantly impact the fair value assigned to a reporting unit. Future potential changes in these assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. As a result of the significant judgments used in determining the fair value of the reporting units, the fair values of the reporting units use Level 3 inputs in the determination of fair value.

     Goodwill of $13.1 million associated with the Company’s capital services reporting unit was determined not to be impaired and is included on the Company’s statement of financial condition as of March 31, 2010 and December 31, 2009. The capital services goodwill was tested for potential impairment on September 30, 2009 (our annual testing date). There were no events that occurred since the annual testing date that the Company believes would more likely than not reduce the carrying value of our capital services reporting unit below its fair value.

Financial Disclosures about Fair Value of Financial Instruments

		March 31, 2010								December 31, 2009
		Carrying				Fair				Carrying				Fair
(in thousands)		Amount				Value				Amount				Value
Financial assets:
Cash and cash equivalents		$	444,476				444,476				234,797				234,797
Securities available for sale			243,785				243,785				320,327				320,327
Investment securities			1,500				1,500				1,500				1,500
Tax certificates			88,438				90,130				110,991				112,472
Federal Home Loan Bank stock			48,751				48,751				48,751				48,751
Loans receivable including loans held for sale, net			3,515,541				3,234,061				3,694,326				3,392,681
Financial liabilities:
Deposits			4,047,440				4,048,977				3,969,680				3,971,702
Short term borrowings			27,302				27,302				27,271				27,271
Advances from FHLB			152,008				152,009				282,012				282,912
Subordinated debentures and notes payable			22,000				20,971				22,697				20,645
Junior subordinated debentures			311,707				94,920				308,334				74,943

     Management has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments and management has derived the fair value of the majority of these financial instruments using the income and market approach techniques with Level 3 unobservable inputs, there is no assurance that the Company would receive the estimated value upon sale or disposition of the asset. Management estimates used in its net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown and actual results or values may differ significantly from these estimates. The Company’s fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates.

     Fair values are estimated for loan portfolios with similar financial characteristics. Loans are segregated by category, and each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories.

     The fair value of performing loans is calculated by using an income approach with Level 3 inputs. The fair value of performing loans is estimated by discounting forecasted cash flows through the estimated maturity using estimated market discount rates that reflect the interest rate risk inherent in the loan portfolio. The estimate of average maturity is based on BankAtlantic’s historical experience with prepayments for each loan classification, modified as required, by an estimate of the effect of current economic and lending conditions. Management assigns a credit risk premium and an illiquidity adjustment to these loans based on risk grades.

     The fair value of tax certificates was calculated using the income approach with Level 3 inputs. The fair value is based on discounted expected cash flows using discount rates that take into account the risk of the cash flows of tax certificates relative to alternative investments.

BankAtlantic Bancorp, Inc. and Subsidiaries

     We consider the fair value of FHLB stock to be its carrying amount.

     As permitted by applicable accounting guidance, the fair value of deposits with no stated maturity, such as non-interest bearing demand deposits, savings and NOW accounts, and money market and checking accounts, is shown in the above table equal to book value. The fair value of certificates of deposit is based on an income approach with Level 3 inputs. The fair value is calculated by the discounted value of contractual cash flows with the discount rate estimated using current rates offered by BankAtlantic for similar remaining maturities.

     The fair value of short-term borrowings is calculated using the income approach with Level 2 inputs. The Company discounts contractual cash flows based on current interest rates. The carrying value of these borrowings approximates fair value as maturities are generally less than thirty days.

     The fair value of FHLB advances was calculated using the income approach with Level 2 inputs. The fair value was based on discounted cash flows using rates offered for debt with comparable terms to maturity and issuer credit standing.

     The fair values of BankAtlantic’s subordinated debentures was based on discounted values of contractual cash flows at a market discount rate adjusted for non-performance risk.

     The fair value of BankAtlantic’s mortgage-backed bond as of December 31, 2009 was based on discounted values of contractual cash flows at a market discount rate. The mortgage-backed bonds were retired during the three months ended March 31, 2010 resulting in a $7,000 loss.

     In determining the fair value of all of the Company’s junior subordinated debentures, the Company used NASDAQ price quotes available with respect to its $63.4 million of publicly traded trust preferred securities related to its junior subordinated debentures (“public debentures”). However, $248.3 million of the outstanding trust preferred securities related to its junior subordinated debentures are not traded, but are privately held in pools and with no liquidity or readily determinable source for valuation (“private debentures”). We have deferred the payment of interest with respect to all of our junior subordinated debentures as permitted by the terms of these securities. Based on the deferral status and the lack of liquidity and ability of a holder to actively sell such private debentures, the fair value of these private debentures may be subject to a greater discount to par and have a lower fair value than indicated by the public debenture price quotes. However, due to their private nature and the lack of a trading market, fair value of the private debentures was not readily determinable at March 31, 2010 and December 31, 2009, and as a practical expedient, management used the NASDAQ price quotes of the public debentures to value all of the outstanding junior subordinated debentures whether privately held or public traded.

     The carrying amount and fair values of BankAtlantic’s commitments to extend credit, standby letters of credit, financial guarantees and forward commitments are not considered significant. (See Note 11 for the contractual amounts of BankAtlantic’s financial instrument commitments.)

3. Securities Available for Sale

     The following tables summarize securities available for sale (in thousands):

		As of March 31, 2010
						Gross				Gross
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
Government agency securities:
Mortgage-backed securities		$	145,943				6,651				—				152,594
Real estate mortgage investment conduits (1)			86,544				3,104				—				89,648
Total			232,487				9,755				—				242,242
Investment Securities:
Other bonds			250				—				—				250
Equity securities			1,260				37				4				1,293
Total investment securities			1,510				37				4				1,543
Total		$	233,997				9,792				4				243,785

BankAtlantic Bancorp, Inc. and Subsidiaries

		As of December 31, 2009
						Gross				Gross
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
Government agency securities:
Mortgage-backed securities		$	202,985				8,961				1				211,945
Real estate mortgage investment conduits (1)			104,329				3,037				19				107,347
Total			307,314				11,998				20				319,292
Investment Securities:
Other bonds			250				—				—				250
Equity securities			760				31				6				785
Total investment securities			1,010				31				6				1,035
Total		$	308,324				12,029				26				320,327

     The following table shows the gross unrealized losses and fair value of the Company’s securities available for sale with unrealized losses that are deemed temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2010 and December 31, 2009 (in thousands):

As of March 31, 2010

Less Than 12 Months

12 Months or Greater

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

Equity securities available for sale

$

—

—

6

(4

)

6

(4

)

		As of December 31, 2009
		Less Than 12 Months								12 Months or Greater								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
Mortgage-backed securities		$	—				—				159				(1	)			159				(1	)
Real estate mortgage investment conduits			—				—				21,934				(19	)			21,934				(19	)
Equity securities			4				(6	)			—				—				4				(6	)
Total available for sale securities:		$	4				(6	)			22,093				(20	)			22,097				(26	)

     Unrealized losses on debt securities outstanding greater than twelve months at December 31, 2009 were caused primarily by interest rate changes. These securities are guaranteed by government sponsored enterprises. These securities are of high credit quality, and management believes that these securities may recover their losses in the foreseeable future. Further, management does not currently intend to sell these debt securities and believes it will not be required to sell these debt securities before the price recovers. Accordingly, the Company does not consider these investments other-than-temporarily impaired at March 31, 2010.

     The unrealized loss on the equity securities is insignificant. Accordingly, the Company does not consider these investments other-than-temporarily impaired at March 31, 2010.

BankAtlantic Bancorp, Inc. and Subsidiaries

     The scheduled maturities of debt securities available for sale were (in thousands):

		Debt Securities
		Available for Sale
						Estimated
		Amortized				Fair
March 31, 2010 (1) (2)		Cost				Value
Due within one year		$	251				251
Due after one year, but within five years			42				43
Due after five years, but within ten years			29,787				30,732
Due after ten years			202,657				211,466
Total		$	232,737				242,492

     Included in securities activities, net were (in thousands):

		For the Three Months
		Ended March 31,
		2010				2009
Gross gains on securities sales		$	3,138				4,440
Gross losses on securities sales			—				—
Proceed from sales of securities			46,907				162,170

4. Discontinued Operations

     On February 28, 2007, the Company sold Ryan Beck to Stifel. The Stifel sales agreement provided for contingent earn-out payments, payable in cash or shares of Stifel common stock, at Stifel’s election, based on certain defined Ryan Beck revenues during the two-year period immediately following the Ryan Beck sale, which ended on February 28, 2009. The contingent earn-out payments were accounted for when earned as additional proceeds from the sale of Ryan Beck common stock. The Company received additional earn-out consideration of $4.2 million during the three months ended March 31, 2009.

BankAtlantic Bancorp, Inc. and Subsidiaries

5. Restructuring Charges and Exit Activities

     The following provides information regarding liabilities associated with restructuring charges and exit activities (in thousands):

		Employee
		Termination
		Benefits				Contract				Total
		Liability				Liability				Liability
Balance at January 1, 2009		$	171				1,462				1,633
Expenses incurred			1,875				—				1,875
Amounts paid or amortized			(138	)			(30	)			(168	)
Balance at March 31, 2009		$	1,908				1,432				3,340

		Employee
		Termination
		Benefits				Contract				Total
		Liability				Liability				Liability
Balance at January 1, 2010		$	10				3,681				3,691
Expenses incurred			—				—				—
Amounts paid or amortized			(10	)			(165	)			(175	)
Balance at March 31, 2010		$	—				3,516				3,516

     In March 2009, the Company completed a reduction of its workforce by approximately 130 associates, or 7%, involving back-office functions as well as our community banking and commercial lending business units. The Company incurred $1.9 million of employee termination costs which were included in the Company’s statement of operations for the three months ended March 31, 2009. There was no workforce reduction during the three months ended March 31, 2010.

     Beginning in December 2007, BankAtlantic terminated leases or sought to sublease properties that it had previously leased for future branch expansion program. These operating leases were fair valued and are amortized to rent expense until the leases are terminated or subleased. BankAtlantic is actively seeking tenants for potential sub-leases or unrelated third parties to assume the lease obligations.

     During the three months ended March 31, 2010, BankAtlantic transferred a recently constructed $1.9 million branch facility to assets held for sale based on its decision to seek a buyer for the asset. BankAtlantic also transferred $1.3 million of land from assets held for sale to property held for use as BankAtlantic suspended efforts to seek a buyer due to adverse real estate market conditions in the area where the land was located.

BankAtlantic Bancorp, Inc. and Subsidiaries

6. Loans Receivable

     The loan portfolio consisted of the following (in thousands):

		March 31,				December 31,
		2010				2009
Real estate loans:
Residential		$	1,470,555			$	1,549,791
Builder land loans			30,279				57,807
Land acquisition and development			151,150				182,235
Land acquisition, development and construction			20,195				26,184
Construction and development			197,373				211,809
Commercial			696,188				688,386
Consumer — home equity			653,809				669,690
Small business			211,523				213,591
Other loans:
Commercial business			137,764				155,226
Small business — non-mortgage			97,371				99,113
Consumer loans			15,907				15,935
Deposit overdrafts			3,420				4,816
Total gross loans			3,685,534				3,874,583
Adjustments:
Premiums, discounts and net deferred fees			2,574				2,414
Allowance for loan losses			(177,597	)			(187,218	)
Loans receivable — net		$	3,510,511			$	3,689,779
Loans held for sale		$	5,030			$	4,547

     Loans held for sale at March 31, 2010 and December 31, 2009 are loans originated through the assistance of an independent mortgage company. The mortgage company provides processing and closing assistance to BankAtlantic. Pursuant to an agreement, the mortgage company purchases the loans from BankAtlantic within a defined period of time after the date of funding. BankAtlantic earns the interest income during the period that BankAtlantic owns the loan. Gains from the sale of loans held for sale were $54,000 and $112,000 for the three months ended March 31, 2010 and 2009, respectively.

     The Company sold builder land bank loans and land acquisition and development loans for net proceeds of $26.4 million resulting in charge-offs of $19.6 million. The Company had established $17.7 million of specific valuation allowances on these loans as of December 31, 2009.

     Undisbursed loans in process consisted of the following components (in thousands):

		March 31,				December 31,
		2010				2009
Construction and development		$	41,838				43,432
Commercial			36,583				25,696
Total undisbursed loans in process		$	78,421				69,128

BankAtlantic Bancorp, Inc. and Subsidiaries

     Allowance for Loan Losses (in thousands):

		For the Three Months Ended
		March 31,
		2010				2009
Balance, beginning of period		$	187,218				137,257
Loans charged-off			(41,423	)			(23,929	)
Recoveries of loans previously charged-off			1,047				792
Net charge-offs			(40,376	)			(23,137	)
Provision for loan losses			30,755				44,277
Balance, end of period		$	177,597				158,397

     The following summarizes impaired loans (in thousands):

		March 31, 2010								December 31, 2009
		Gross								Gross
		Recorded				Specific				Recorded				Specific
		Investment				Allowances				Investment				Allowances
Impaired loans with specific valuation allowances		$	280,556				73,179				249,477				70,485
Impaired loans without specific valuation allowances			183,038				—				196,018				—
Total		$	463,594				73,179				445,495				70,485

     Impaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loan’s effective interest rate was equal to or greater than the carrying value of the loan, or large groups of smaller-balance homogeneous loans that are collectively measured for impairment.

     The Company continuously monitors collateral dependent loans and performs an impairment analysis on these loans quarterly. Generally, a full appraisal is obtained when a real estate loan becomes impaired and an updated full appraisal is obtained within one year from the prior appraisal date, or earlier if management deems it appropriate based on significant changes in market conditions. In instances where a property is in the process of foreclosure, an updated appraisal may be postponed beyond one year, as an appraisal is required on the date of foreclosure; however, such loans are subject to quarterly impairment analyses. Included in total impaired loans as of March 31, 2010 was $215.3 million of collateral dependent loans, of which $155.6 million were measured for impairment using current appraisals and $59.7 million were measured by adjusting appraisals, as appropriate, to reflect changes in market conditions subsequent to the appraisal date. Appraised values were adjusted down by an aggregate amount of $5.7 million to reflect current market conditions on 17 loans due to property value declines since the last appraisal dates.

     As of March 31, 2010, impaired loans with specific valuation allowances had been previously written down by $57.5 million and impaired loans without specific valuation allowances had been previously written down by $75.4 million. BankAtlantic had commitments to lend $3.8 million of additional funds on impaired loans as of March 31, 2010.

BankAtlantic Bancorp, Inc. and Subsidiaries

     Interest income which would have been recorded under the contractual terms of impaired loans and the interest income actually recognized were (in thousands):

		For the Three Months Ended March 31,
		2010				2009
Contracted interest income		$	5,677				5,097
Interest income recognized			(244	)			(694	)
Foregone interest income		$	5,433				4,403

7. Goodwill

     The Company tests goodwill for potential impairment annually or during interim periods if impairment indicators exist. In response to the deteriorating economic and real estate environments and the effects that the external environment had on BankAtlantic’s business units, BankAtlantic has reduced its asset balances with a view toward strengthening its regulatory capital ratios and revised its projected operating results to reflect a smaller organization. Based on the results of an interim goodwill impairment evaluation undertaken during the first quarter of 2009, the Company recorded an impairment charge of $9.1 million during the three months ended March 31, 2009. No such impairments were recorded during the three months ended March 31, 2010.

8. Related Parties

     The Company, Woodbridge Holdings LLC (“Woodbridge”, the successor by merger to Woodbridge Holdings Corporation which was formerly Levitt Corporation) and Bluegreen Corp. (“Bluegreen”) may be deemed to be under common control. The controlling shareholder of the Company, Woodbridge and Bluegreen is BFC Financial Corporation (“BFC”). Shares of BFC’s capital stock representing a majority of the voting power are owned or controlled by the Company’s Chairman and Vice Chairman, both of whom are also directors of the Company, executive officers and directors of BFC and directors of Bluegreen. The Company, BFC and Bluegreen share certain office premises and employee services, pursuant to the agreements described below.

     In March 2008, BankAtlantic entered into an agreement with Woodbridge to provide information technology support in exchange for monthly payments by Woodbridge to BankAtlantic. In May 2008, BankAtlantic also entered into a lease agreement with BFC under which BFC will pay BankAtlantic monthly rent for office space in BankAtlantic’s corporate headquarters.

     The Company maintains service agreements with BFC, pursuant to which BFC provides human resources, risk management, investor relations and other support services to the Company. BFC is compensated for these services based on its cost.

     The table below shows the effect of service arrangements with related parties on the Company’s consolidated statement of operations for the three months ended March 31, 2010 and 2009 (in thousands):

		For the Three Months Ended
		March 31,
		2010				2009
Non-interest income:
Other — office facilities		$	141				123
Non-interest expense:
Employee compensation and benefits			(21	)			(29	)
Other — back-office support			(492	)			(441	)
Net effect of affiliate transactions before income taxes		$	(372	)			(347	)

     The Company in prior periods issued options to purchase shares of the Company’s Class A common stock to employees of Woodbridge prior to the spin-off of Woodbridge to the Company’s shareholders. Additionally, certain employees of the Company have transferred to affiliate companies and the Company has elected, in accordance with the

BankAtlantic Bancorp, Inc. and Subsidiaries

terms of the Company’s stock option plans, not to cancel the stock options held by those former employees. The Company accounts for these options to former employees as employee stock options because these individuals were employees of the Company on the grant date.

     Outstanding options held by former employees consisted of the following as of March 31, 2010:

		Class A				Weighted
		Common				Average
		Stock				Price
Options outstanding			45,476			$	53.57
Options non-vested			6,181			$	95.10

     During the year ended December 31, 2007, the Company issued to BFC employees that perform services for the Company, options to acquire 9,800 shares of the Company’s Class A common stock at an exercise price of $46.90. These options vest in five years and expire ten years from the grant date. The Company recognizes service provider expense on options over the vesting period measured based on the option fair value at each reporting period. The Company recorded $12,000 of service provider expenses relating to these options for the three months ended March 31, 2010 and 2009, respectively.

     BankAtlantic, as the seller of securities, entered into securities sold under agreements to repurchase transactions with Woodbridge and BFC in the aggregate of $7.4 million as of March 31, 2009. The Company recognized $19,000 of interest expense in connection with the above repurchase transactions for the three months ended March 31, 2009. These transactions have the same general terms as BankAtlantic’s repurchase agreements with unaffiliated third parties. There were no securities sold under agreements to repurchase transactions as of March 31, 2010.

     Additionally, BFC and its subsidiaries had deposits at BankAtlantic totaling $4.8 million as of March 31, 2010. The Company recognized $1,000 of interest expense in connection with these deposits. The deposits were on the same general terms as offered to unaffiliated third parties.

     As of December 31, 2009, BFC had $7.7 million deposited through the Certificate of Deposit Account Registry Service (“CDARS”) program at BankAtlantic. The CDARS program facilitates the placement of funds into certificates of deposit issued by other financial institutions in increments less than the standard FDIC insurance maximum to insure that both principal and interest are eligible for full FDIC insurance coverage. BankAtlantic received $28.4 million of deposits from other participating CDARS financial institutions’ customers in connection with this program, and these amounts are included as brokered deposits in the Company’s statement of financial condition. BFC and its subsidiaries did not have funds deposited through the CDARS program as of March 31, 2010.

9. Share-based Compensation

     In February 2010, the Board of Directors granted to employees 1,600,000 of restricted stock awards (“RSA”) under the BankAtlantic Bancorp, Inc. 2005 Restricted Stock and Option Plan. The Board of Directors also granted 75,000 shares of RSAs to employees of BFC Financial Corporation that perform services for the Company. The RSAs vest pro-rata over four years and had a fair value of $1.24 per share at the grant date.

     The following is a summary of the Company’s non-vested restricted Class A common share activity:

		Class A				Weighted
		Non-vested				Average
		Restricted				Grant date
		Stock				Fair Value
Outstanding at December 31, 2009			19,800			$	42.11
Vested			—				—
Forfeited			—				—
Granted			1,675,000				1.24
Outstanding at March 31, 2010			1,694,800			$	1.72

BankAtlantic Bancorp, Inc. and Subsidiaries

10. Segment Reporting

     Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, types of customers, distribution systems and regulatory environments. The information provided for Segment Reporting is based on internal reports utilized by management. Results of operations are reported through two reportable segments: BankAtlantic and the Parent Company. BankAtlantic activities consist of the banking operations of BankAtlantic and the Parent Company activities consist of equity and debt financings, capital management and acquisition related expenses and management of a portfolio of non-performing assets.

     The following summarizes the aggregation of the Company’s operating segments into reportable segments:

Reportable Segment		Operating Segments Aggregated
BankAtlantic		Banking operations
Parent Company		BankAtlantic Bancorp’s operations, costs of acquisitions, asset and capital management and financing activities