##### Table of Contents



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
 For the quarterly period ended March 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission files number 001-13133
 BankAtlantic Bancorp, Inc.
  Florida
(State or other jurisdiction of 
incorporation or organization)
    
    65-0507804
(I.R.S. Employer
Identification No.)2100 West Cypress Creek RoadFort Lauderdale, Florida
    
    33309(Address of principal executive offices)
    
    (Zip Code)
 (954) 940-5000
 Not Applicable
 þ o
 þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Small reporting company þ(Do not check if a smaller reporting company)
 o þ
  Title of Each Class
    
    
    Outstanding at May 11, 2010Class A Common Stock, par value $0.01 per share
    
    
    49,939,842Class B Common Stock, par value $0.01 per share
    
    
    975,225




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##### 



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




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##### Table of Contents



BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  UNAUDITED
 March 31,
    
    
    December 31,(In thousands, except share data)
    
    2010
    
    
    2009ASSETSCash and due from depository institutions
    
    $
    443,976
    
    
    
    234,297Short-term investments
    
    
    500
    
    
    
    500Securities available for sale, at fair value
    
    
    243,785
    
    
    
    320,327Investment securities, at cost
    
    
    1,500
    
    
    
    1,500Tax certificates, net of allowance of $7,341 and $6,781
    
    
    88,438
    
    
    
    110,991Federal Home Loan Bank (FHLB) stock,
at cost which approximates fair value
    
    
    48,751
    
    
    
    48,751Loans held for sale
    
    
    5,030
    
    
    
    4,547Loans receivable, net of allowance for loan losses
of $177,597 and $187,218
    
    
    3,510,511
    
    
    
    3,689,779Accrued interest receivable
    
    
    29,756
    
    
    
    32,279Real estate held for development and sale
    
    
    14,462
    
    
    
    13,694Real estate owned and other repossessed assets
    
    
    51,365
    
    
    
    46,477Investments in unconsolidated companies
    
    
    9,496
    
    
    
    12,563Office properties and equipment, net
    
    
    197,693
    
    
    
    201,686Goodwill
    
    
    13,081
    
    
    
    13,081Other assets
    
    
    89,857
    
    
    
    85,145Total assets
    
    $
    4,748,201
    
    
    
    4,815,617LIABILITIES AND EQUITYLiabilities:DepositsInterest bearing deposits
    
    $
    3,146,456
    
    
    
    3,142,100Non-interest bearing deposits
    
    
    900,984
    
    
    
    827,580Total deposits
    
    
    4,047,440
    
    
    
    3,969,680Advances from FHLB
    
    
    152,008
    
    
    
    282,012Securities sold under agreements to repurchase
    
    
    24,674
    
    
    
    24,468Short-term borrowings
    
    
    2,628
    
    
    
    2,803Subordinated debentures and mortgage-backed bonds
    
    
    22,000
    
    
    
    22,697Junior subordinated debentures
    
    
    311,707
    
    
    
    308,334Other liabilities
    
    
    68,133
    
    
    
    64,052Total liabilities
    
    
    4,628,590
    
    
    
    4,674,046Commitments and contingenciesEquity:BankAtlantic
Bancorps stockholders equityPreferred 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
    
    
    
    483Class B common stock, $.01 par value, authorized 9,000,000
shares; issued and outstanding 975,225 and 975,225 shares
    
    
    10
    
    
    
    10Additional paid-in capital
    
    
    297,025
    
    
    
    296,438Accumulated deficit
    
    
    (174,163
    )
    
    
    (153,434
    )Total equity before accumulated other comprehensive loss
    
    
    123,371
    
    
    
    143,497Accumulated other comprehensive loss
    
    
    (4,141
    )
    
    
    (1,926
    )Total BankAtlantic Bancorp equity
    
    
    119,230
    
    
    
    141,571Noncontrolling interest
    
    
    381
    
    
    
    Total equity
    
    
    119,611
    
    
    
    141,571Total liabilities and equity
    
    $
    4,748,201
    
    
    
    4,815,617
  3




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




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BankAtlantic Bancorp, Inc.
 BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME
 For the Three Months Ended March 31, 2009 and 2010-Unaudited
 Accumulated(Accumulated
    
    
    OtherCompre-
    
    
    
    
    
    
    Additional
    
    
    Deficit)
    
    
    Compre-
    
    
    BankAtlantic
    
    
    Non-hensive
    
    
    Common
    
    
    Paid-in
    
    
    Retained
    
    
    hensive
    
    
    Bancorp
    
    
    Controlling
    
    
    Total(In thousands)
    
    Income
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Income (loss)
    
    
    Equity
    
    
    Interest
    
    
    EquityBALANCE, DECEMBER 31, 2008
    
    $
    
    
    
    
    113
    
    
    
    218,974
    
    
    
    32,667
    
    
    
    (7,786
    )
    
    
    243,968
    
    
    
    
    
    
    
    243,968Net loss
    
    
    (42,410
    )
    
    
    
    
    
    
    
    
    
    
    (42,410
    )
    
    
    
    
    
    
    (42,410
    )
    
    
    
    
    
    
    (42,410
    )Net unrealized gains on securities available for sale
    
    
    5,036
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,036
    
    
    
    5,036
    
    
    
    
    
    
    
    5,036Comprehensive 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
    
    
    
    
    
    
    
    703BALANCE, MARCH 31, 2009
    
    $
    
    
    
    
    113
    
    
    
    219,677
    
    
    
    (10,025
    )
    
    
    (2,750
    )
    
    
    207,015
    
    
    
    
    
    
    
    207,015BALANCE, DECEMBER 31, 2009
    
    $
    
    
    
    
    493
    
    
    
    296,438
    
    
    
    (153,434
    )
    
    
    (1,926
    )
    
    
    141,571
    
    
    
    
    
    
    
    141,571Net 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
    
    
    
    307Non-controlling interest distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (134
    )
    
    
    (134
    )Issuance of Class A common stock
    
    
    
    
    
    
    
    
    
    
    65
    
    
    
    
    
    
    
    
    
    
    
    65
    
    
    
    
    
    
    
    65Share based compensation expense
    
    
    
    
    
    
    16
    
    
    
    522
    
    
    
    
    
    
    
    
    
    
    
    538
    
    
    
    
    
    
    
    538BALANCE, MARCH 31, 2010
    
    $
    
    
    
    
    509
    
    
    
    297,025
    
    
    
    (174,163
    )
    
    
    (4,141
    )
    
    
    119,230
    
    
    
    381
    
    
    
    119,611
  5




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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS  UNAUDITED
 For the Three MonthsEnded March 31,(In thousands)
    
    2010
    
    
    2009Net cash provided by operating activities
    
    $
    17,368
    
    
    
    5,124Investing activities:Proceeds from redemption and maturities of investment
securities and tax certificates
    
    
    25,686
    
    
    
    43,528Purchase 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
    
    
    
    162,170Proceeds from maturities of securities available for sale
    
    
    30,938
    
    
    
    37,561Purchases of FHLB stock
    
    
    
    
    
    
    (2,295
    )Redemption of FHLB stock
    
    
    
    
    
    
    8,151Investments in unconsolidated companies
    
    
    
    
    
    
    (461
    )Distributions from unconsolidated companies
    
    
    
    
    
    
    85Net decrease in loans
    
    
    118,217
    
    
    
    69,773Proceeds from the sales of loans receivable
    
    
    26,421
    
    
    
    Improvements to real estate owned
    
    
    (779
    )
    
    
    Proceeds from sales of real estate owned
    
    
    3,269
    
    
    
    602Net additions to office properties and equipment
    
    
    (945
    )
    
    
    (669
    )Net cash provided by investing activities
    
    
    245,295
    
    
    
    313,914Financing activities:Net increase in deposits
    
    
    77,760
    
    
    
    128,618Net 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
    
    
    
    110,925Cash and cash equivalents at the beginning of period
    
    
    234,797
    
    
    
    158,957Cash and cash equivalents at end of period
    
    $
    444,476
    
    
    
    269,882
   6




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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF CASH FLOWS  UNAUDITED
 For the Three MonthsEnded March 31,(In thousands)
    
    2010
    
    
    2009Cash paid for:Interest on borrowings and deposits
    
    $
    9,167
    
    
    
    26,890Income taxes paid
    
    
    
    
    
    
    Supplementary disclosure of non-cash investing and
financing activities:Loans and tax certificates transferred to REO
    
    
    7,503
    
    
    
    3,388Long-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
    
    
    
    
  7




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BankAtlantic Bancorp, Inc. and Subsidiaries
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  UNAUDITED
 1. Presentation of Interim Financial Statements
        8




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BankAtlantic Bancorp, Inc. and Subsidiaries
  2. Fair Value Measurement
          9




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BankAtlantic Bancorp, Inc. and Subsidiaries
  Fair Value Measurements  UsingQuoted prices inActive Markets
    
    
    Significant Other
    
    
    SignificantAs of
    
    
    for Identical
    
    
    Observable
    
    
    UnobservableMarch 31,
    
    
    Assets
    
    
    Inputs
    
    
    InputsDescription
    
    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
    
    
    
    
    
    
    
    
    
    
    
    250Equity securities
    
    
    1,293
    
    
    
    1,293
    
    
    
    
    
    
    
    Total
    
    $
    243,785
    
    
    
    1,293
    
    
    
    242,242
    
    
    
    250
 Fair Value Measurements  UsingQuoted prices inActive Markets
    
    
    Significant Other
    
    
    SignificantAs of
    
    
    for Identical
    
    
    Observable
    
    
    UnobservableDecember 31,
    
    
    Assets
    
    
    Inputs
    
    
    InputsDescription
    
    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
    
    
    
    
    
    
    
    
    
    
    
    250Equity securities
    
    
    785
    
    
    
    785
    
    
    
    
    
    
    
    Total
    
    $
    320,327
    
    
    
    785
    
    
    
    319,292
    
    
    
    250
 
 (1)
    
    Real estate mortgage investment conduits are pass-through entities that hold
residential loans. Investors in these entities are issued ownership interests in the entities in
the form of a bond. The securities were guaranteed by government agencies.   BondsBeginning Balance
    
    $
    250Total 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
 10




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BankAtlantic Bancorp, Inc. and Subsidiaries
  EquityBonds
    
    
    Securities
    
    
    TotalBeginning Balance
    
    $
    250
    
    
    
    1,588
    
    
    
    1,838Total 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
     Fair Value Measurements UsingQuoted prices inActive Markets
    
    
    Significant
    
    
    Significant
    
    
    TotalAs of
    
    
    for Identical
    
    
    Other Observable
    
    
    Unobservable
    
    
    ImpairmentsMarch 31,
    
    
    Assets
    
    
    Inputs
    
    
    Inputs
    
    
    For the ThreeDescription
    
    2010
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    Months EndedLoans measured for
impairment using the
fair value of the
collateral
    
    $
    189,832
    
    
    
    
    
    
    
    
    
    
    
    189,832
    
    
    
    21,581Impaired real estate
owned
    
    
    665
    
    
    
    
    
    
    
    
    
    
    
    665
    
    
    
    143Total
    
    $
    190,497
    
    
    
    
    
    
    
    
    
    
    
    190,497
    
    
    
    21,724
 11




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  Fair Value Measurements UsingQuoted prices inActive Markets
    
    
    Significant
    
    
    Significant
    
    
    TotalAs of
    
    
    for Identical
    
    
    Other Observable
    
    
    Unobservable
    
    
    ImpairmentsMarch 31,
    
    
    Assets
    
    
    Inputs
    
    
    Inputs
    
    
    For the ThreeDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    Months EndedLoans measured for
impairment using the
fair value of the collateral
    
    $
    36,208
    
    
    
    
    
    
    
    
    
    
    
    36,208
    
    
    
    9,860Impaired real estate owned
    
    
    1,590
    
    
    
    
    
    
    
    
    
    
    
    1,590
    
    
    
    211Impaired goodwill
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,124Total
    
    $
    37,798
    
    
    
    
    
    
    
    
    
    
    
    37,798
    
    
    
    19,195
  Loans Measured For Impairment
  Impaired Real Estate Owned
  Impaired Goodwill
  12




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
   Financial Disclosures about Fair Value of Financial Instruments
 March 31, 2010
    
    
    December 31, 2009Carrying
    
    
    Fair
    
    
    Carrying
    
    
    Fair(in thousands)
    
    Amount
    
    
    Value
    
    
    Amount
    
    
    ValueFinancial assets:Cash and cash equivalents
    
    $
    444,476
    
    
    
    444,476
    
    
    
    234,797
    
    
    
    234,797Securities available for sale
    
    
    243,785
    
    
    
    243,785
    
    
    
    320,327
    
    
    
    320,327Investment securities
    
    
    1,500
    
    
    
    1,500
    
    
    
    1,500
    
    
    
    1,500Tax certificates
    
    
    88,438
    
    
    
    90,130
    
    
    
    110,991
    
    
    
    112,472Federal Home Loan Bank stock
    
    
    48,751
    
    
    
    48,751
    
    
    
    48,751
    
    
    
    48,751Loans receivable including loans
held for sale, net
    
    
    3,515,541
    
    
    
    3,234,061
    
    
    
    3,694,326
    
    
    
    3,392,681Financial liabilities:Deposits
    
    
    4,047,440
    
    
    
    4,048,977
    
    
    
    3,969,680
    
    
    
    3,971,702Short term borrowings
    
    
    27,302
    
    
    
    27,302
    
    
    
    27,271
    
    
    
    27,271Advances from FHLB
    
    
    152,008
    
    
    
    152,009
    
    
    
    282,012
    
    
    
    282,912Subordinated debentures
and notes payable
    
    
    22,000
    
    
    
    20,971
    
    
    
    22,697
    
    
    
    20,645Junior subordinated debentures
    
    
    311,707
    
    
    
    94,920
    
    
    
    308,334
    
    
    
    74,943
     13




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
         3 Securities Available for Sale
  As of March 31, 2010Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueGovernment agency securities:Mortgage-backed securities
    
    $
    145,943
    
    
    
    6,651
    
    
    
    
    
    
    
    152,594Real estate mortgage
investment conduits (1)
    
    
    86,544
    
    
    
    3,104
    
    
    
    
    
    
    
    89,648Total
    
    
    232,487
    
    
    
    9,755
    
    
    
    
    
    
    
    242,242Investment Securities:Other bonds
    
    
    250
    
    
    
    
    
    
    
    
    
    
    
    250Equity securities
    
    
    1,260
    
    
    
    37
    
    
    
    4
    
    
    
    1,293Total investment securities
    
    
    1,510
    
    
    
    37
    
    
    
    4
    
    
    
    1,543Total
    
    $
    233,997
    
    
    
    9,792
    
    
    
    4
    
    
    
    243,785
 14




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 As of December 31, 2009Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueGovernment agency securities:Mortgage-backed securities
    
    $
    202,985
    
    
    
    8,961
    
    
    
    1
    
    
    
    211,945Real estate mortgage
investment conduits (1)
    
    
    104,329
    
    
    
    3,037
    
    
    
    19
    
    
    
    107,347Total
    
    
    307,314
    
    
    
    11,998
    
    
    
    20
    
    
    
    319,292Investment Securities:Other bonds
    
    
    250
    
    
    
    
    
    
    
    
    
    
    
    250Equity securities
    
    
    760
    
    
    
    31
    
    
    
    6
    
    
    
    785Total investment securities
    
    
    1,010
    
    
    
    31
    
    
    
    6
    
    
    
    1,035Total
    
    $
    308,324
    
    
    
    12,029
    
    
    
    26
    
    
    
    320,327
 
 (1)
    
    Real estate mortgage investment conduits are pass-through entities that hold
residential loans. Investors in these entities are issued ownership interests in the entities
in the form of a bond. The securities were guaranteed by government agencies.  As of March 31, 2010Less Than 12 Months
    
    
    12 Months or Greater
    
    
    TotalFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesEquity securities available for sale
    
    $
    
    
    
    
    
    
    
    
    6
    
    
    
    (4
    )
    
    
    6
    
    
    
    (4
    )
 As of December 31, 2009Less Than 12 Months
    
    
    12 Months or Greater
    
    
    TotalFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesMortgage-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
    )
   15




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  Debt SecuritiesAvailable for SaleEstimatedAmortized
    
    
    FairMarch 31, 2010 (1) (2)
    
    Cost
    
    
    ValueDue within one year
    
    $
    251
    
    
    
    251Due after one year, but within five years
    
    
    42
    
    
    
    43Due after five years, but within ten years
    
    
    29,787
    
    
    
    30,732Due after ten years
    
    
    202,657
    
    
    
    211,466Total
    
    $
    232,737
    
    
    
    242,492
 
 (1)
    
    Scheduled maturities in the above table may vary significantly
from actual maturities due to prepayments.(2)
    
    Scheduled maturities are based upon contractual
maturities.  For the Three MonthsEnded March 31,2010
    
    
    2009Gross gains on securities sales
    
    $
    3,138
    
    
    
    4,440Gross losses on securities sales
    
    
    
    
    
    
    Proceed from sales of securities
    
    
    46,907
    
    
    
    162,170
 4. Discontinued Operations
  16




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 Restructuring Charges and Exit Activities
  EmployeeTerminationBenefits
    
    Contract
    
    TotalLiability
    
    Liability
    
    LiabilityBalance at January 1, 2009
    
    $
    171
    
    
    
    1,462
    
    
    
    1,633Expenses incurred
    
    
    1,875
    
    
    
    
    
    
    
    1,875Amounts paid or amortized
    
    
    (138
    )
    
    
    (30
    )
    
    
    (168
    )Balance at March 31, 2009
    
    $
    1,908
    
    
    
    1,432
    
    
    
    3,340
 EmployeeTerminationBenefits
    
    Contract
    
    TotalLiability
    
    Liability
    
    LiabilityBalance at January 1, 2010
    
    $
    10
    
    
    
    3,681
    
    
    
    3,691Expenses incurred
    
    
    
    
    
    
    
    
    
    
    Amounts paid or amortized
    
    
    (10
    )
    
    
    (165
    )
    
    
    (175
    )Balance at March 31, 2010
    
    $
    
    
    
    
    3,516
    
    
    
    3,516
    17




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 6. Loans Receivable
  March 31,
    
    
    December 31,2010
    
    
    2009Real estate loans:Residential
    
    $
    1,470,555
    
    
    $
    1,549,791Builder land loans
    
    
    30,279
    
    
    
    57,807Land acquisition and development
    
    
    151,150
    
    
    
    182,235Land acquisition, development and
construction
    
    
    20,195
    
    
    
    26,184Construction and development
    
    
    197,373
    
    
    
    211,809Commercial
    
    
    696,188
    
    
    
    688,386Consumer  home equity
    
    
    653,809
    
    
    
    669,690Small business
    
    
    211,523
    
    
    
    213,591Other loans:Commercial business
    
    
    137,764
    
    
    
    155,226Small business  non-mortgage
    
    
    97,371
    
    
    
    99,113Consumer loans
    
    
    15,907
    
    
    
    15,935Deposit overdrafts
    
    
    3,420
    
    
    
    4,816Total gross loans
    
    
    3,685,534
    
    
    
    3,874,583Adjustments:Premiums, discounts and net deferred fees
    
    
    2,574
    
    
    
    2,414Allowance for loan losses
    
    
    (177,597
    )
    
    
    (187,218
    )Loans receivable  net
    
    $
    3,510,511
    
    
    $
    3,689,779Loans held for sale
    
    $
    5,030
    
    
    $
    4,547
    March 31,
    
    
    December 31,2010
    
    
    2009Construction and development
    
    $
    41,838
    
    
    
    43,432Commercial
    
    
    36,583
    
    
    
    25,696Total undisbursed loans in process
    
    $
    78,421
    
    
    
    69,128
 18




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 Allowance for Loan Losses (in thousands):
 For the Three Months EndedMarch 31,2010
    
    
    2009Balance, beginning of period
    
    $
    187,218
    
    
    
    137,257Loans charged-off
    
    
    (41,423
    )
    
    
    (23,929
    )Recoveries of loans previously
charged-off
    
    
    1,047
    
    
    
    792Net charge-offs
    
    
    (40,376
    )
    
    
    (23,137
    )Provision for loan losses
    
    
    30,755
    
    
    
    44,277Balance, end of period
    
    $
    177,597
    
    
    
    158,397
  March 31, 2010
    
    December 31, 2009Gross
    
    
    
    
    
    GrossRecorded
    
    Specific
    
    Recorded
    
    SpecificInvestment
    
    Allowances
    
    Investment
    
    AllowancesImpaired loans with specific
valuation allowances
    
    $
    280,556
    
    
    
    73,179
    
    
    
    249,477
    
    
    
    70,485Impaired loans without
specific
valuation allowances
    
    
    183,038
    
    
    
    
    
    
    
    196,018
    
    
    
    Total
    
    $
    463,594
    
    
    
    73,179
    
    
    
    445,495
    
    
    
    70,485
    19




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  For the Three Months Ended March 31,2010
    
    
    2009Contracted interest income
    
    $
    5,677
    
    
    
    5,097Interest income recognized
    
    
    (244
    )
    
    
    (694
    )Foregone interest income
    
    $
    5,433
    
    
    
    4,403
 7. Goodwill
  8. Related Parties
     For the Three Months EndedMarch 31,2010
    
    
    2009Non-interest income:Other  office facilities
    
    $
    141
    
    
    
    123Non-interest expense:Employee compensation
and benefits
    
    
    (21
    )
    
    
    (29
    )Other  back-office support
    
    
    (492
    )
    
    
    (441
    )Net effect of affiliate
transactions
before income taxes
    
    $
    (372
    )
    
    
    (347
    )
  20




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
   Class A
    
    WeightedCommon
    
    AverageStock
    
    PriceOptions outstanding
    
    
    45,476
    
    
    $
    53.57Options non-vested
    
    
    6,181
    
    
    $
    95.10
     9. Share-based Compensation
   Class A
    
    
    WeightedNon-vested
    
    
    AverageRestricted
    
    
    Grant dateStock
    
    
    Fair ValueOutstanding at December 31, 2009
    
    
    19,800
    
    
    $
    42.11Vested
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Granted
    
    
    1,675,000
    
    
    
    1.24Outstanding at March 31, 2010
    
    
    1,694,800
    
    
    $
    1.72
 21




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 10. Segment Reporting
   Reportable Segment
    
    Operating Segments AggregatedBankAtlantic
    
    Banking operationsParent Company
    
    BankAtlantic Bancorps operations, costs of acquisitions, asset and
capital management and financing activities
   Adjusting andParent
    
    
    Elimination
    
    
    SegmentBankAtlantic
    
    
    Company
    
    
    Entries
    
    
    Total2010Interest income
    
    $
    47,231
    
    
    
    78
    
    
    
    (5
    )
    
    
    47,304Interest expense
    
    
    (8,256
    )
    
    
    (3,563
    )
    
    
    5
    
    
    
    (11,814
    )(Provision)/reversal of
provision for loan loss
    
    
    (32,034
    )
    
    
    1,279
    
    
    
    
    
    
    
    (30,755
    )Non-interest income
    
    
    28,741
    
    
    
    458
    
    
    
    (251
    )
    
    
    28,948Non-interest expense
    
    
    (52,721
    )
    
    
    (1,644
    )
    
    
    251
    
    
    
    (54,114
    )Segment loss before
income taxes
    
    
    (17,039
    )
    
    
    (3,392
    )
    
    
    
    
    
    
    (20,431
    )Provision for income
taxes
    
    
    (90
    )
    
    
    
    
    
    
    
    
    
    
    (90
    )Segment net loss
    
    $
    (17,129
    )
    
    
    (3,392
    )
    
    
    
    
    
    
    (20,521
    )Total assets
    
    $
    4,688,001
    
    
    
    432,225
    
    
    
    (372,025
    )
    
    
    4,748,2012009Interest income
    
    $
    62,409
    
    
    
    209
    
    
    
    (9
    )
    
    
    62,609Interest expense
    
    
    (20,640
    )
    
    
    (4,230
    )
    
    
    9
    
    
    
    (24,861
    )(Provision) for loan
losses
    
    
    (43,520
    )
    
    
    (757
    )
    
    
    
    
    
    
    (44,277
    )Non-interest income
    
    
    32,865
    
    
    
    460
    
    
    
    (216
    )
    
    
    33,109Non-interest expense
    
    
    (71,703
    )
    
    
    (1,704
    )
    
    
    216
    
    
    
    (73,191
    )Segment loss before
income taxes
    
    
    (40,589
    )
    
    
    (6,022
    )
    
    
    
    
    
    
    (46,611
    )Segment net loss
    
    $
    (40,589
    )
    
    
    (6,022
    )
    
    
    
    
    
    
    (46,611
    )Total assets
    
    $
    5,488,603
    
    
    
    506,711
    
    
    
    (424,554
    )
    
    
    5,570,760
 22




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 11. Financial Instruments with Off-balance Sheet Risk
  March 31,
    
    December 31,2010
    
    2009Commitments to sell fixed rate residential loans
    
    $
    19,956
    
    
    
    23,255Commitments to originate loans held for sale
    
    
    14,926
    
    
    
    18,708Commitments to originate loans held to maturity
    
    
    13,871
    
    
    
    43,842Commitments to extend credit, including the
undisbursed
portion of loans in process
    
    
    403,163
    
    
    
    396,627Standby letters of credit
    
    
    16,658
    
    
    
    13,573Commercial lines of credit
    
    
    92,579
    
    
    
    74,841
  Concentration of Credit Risk
   23




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 12. Earnings per Share
  For the Three Months EndedMarch 31,2010
    
    
    2009Amounts attributable to BankAtlantic
BancorpBasic loss per share:Numerator:Loss from continuing operations
    
    $
    (20,729
    )
    
    
    (46,611
    )Discontinued operations
    
    
    
    
    
    
    4,201Net (loss)
    
    $
    (20,729
    )
    
    
    (42,410
    )Denominator:Basic weighted average number of
common shares outstanding
    
    
    49,220,267
    
    
    
    15,089,994Basic loss per share from:Continuing operations
    
    $
    (0.42
    )
    
    
    (3.09
    )Discontinued operations
    
    
    
    
    
    
    0.28Basic loss per share
    
    $
    (0.42
    )
    
    
    (2.81
    )Diluted loss per shareNumerator:Loss from continuing operations
    
    $
    (20,729
    )
    
    
    (46,611
    )Discontinued operations
    
    
    
    
    
    
    4,201Net loss
    
    $
    (20,729
    )
    
    
    (42,410
    )Denominator:Basic weighted average number of
common shares outstanding
    
    
    49,220,267
    
    
    
    15,089,994Diluted weighted average shares
outstanding
    
    
    49,220,267
    
    
    
    15,089,994Diluted loss per share from:Continuing operations
    
    $
    (0.42
    )
    
    
    (3.09
    )Discontinued operations
    
    
    
    
    
    
    0.28Diluted loss per share
    
    $
    (0.42
    )
    
    
    (2.81
    )Cash dividends per share:Class A share
    
    $
    
    
    
    
    0.025Class B share
    
    $
    
    
    
    
    0.025
  13. New Accounting Pronouncements
  24




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
    
 Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   25




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  Critical Accounting Policies
  Consolidated Results of Operations
  For the Three Months Ended March 31,(in thousands)
    
    2010
    
    
    2009
    
    
    ChangeBankAtlantic
    
    $
    (17,129
    )
    
    $
    (40,589
    )
    
    $
    23,460Parent Company
    
    
    (3,392
    )
    
    
    (6,022
    )
    
    
    2,630Loss from continuing
operations
    
    $
    (20,521
    )
    
    $
    (46,611
    )
    
    $
    26,090
 For the Three Months Ended March 31, 2010 Compared to the Same 2009 Period:
  26




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
    27




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 BankAtlantic Results of Operations
 Net interest income
 Bank Operations Business SegmentAverage Balance Sheet - Yield / Rate AnalysisFor the Three Months EndedMarch 31, 2010
    
    
    March 31, 2009Average
    
    
    Revenue/
    
    
    Yield/
    
    
    Average
    
    
    Revenue/
    
    
    Yield/(in thousands)
    
    Balance
    
    
    Expense
    
    
    Rate
    
    
    Balance
    
    
    Expense
    
    
    RateTotal loans
    
    $
    3,751,907
    
    
    
    41,095
    
    
    
    4.38
    
    
    $
    4,355,818
    
    
    
    49,607
    
    
    
    4.56Investments
    
    
    441,637
    
    
    
    6,136
    
    
    
    5.56
    
    
    
    935,936
    
    
    
    12,803
    
    
    
    5.47Total interest earning assets
    
    
    4,193,544
    
    
    
    47,231
    
    
    
    4.51
    %
    
    
    5,291,754
    
    
    
    62,410
    
    
    
    4.72
    %Goodwill and core deposit intangibles
    
    
    15,652
    
    
    
    
    
    
    
    
    
    
    
    25,971Other non-interest earning assets
    
    
    475,310
    
    
    
    
    
    
    
    
    
    
    
    356,514Total Assets
    
    $
    4,684,506
    
    
    
    
    
    
    
    
    
    
    $
    5,674,239Deposits:Savings
    
    $
    425,235
    
    
    
    333
    
    
    
    0.32
    %
    
    $
    441,278
    
    
    
    500
    
    
    
    0.46
    %NOW
    
    
    1,467,103
    
    
    
    2,218
    
    
    
    0.61
    
    
    
    1,047,116
    
    
    
    1,413
    
    
    
    0.55Money market
    
    
    360,470
    
    
    
    629
    
    
    
    0.71
    
    
    
    421,883
    
    
    
    773
    
    
    
    0.74Certificates of deposit
    
    
    896,074
    
    
    
    3,877
    
    
    
    1.75
    
    
    
    1,300,056
    
    
    
    10,301
    
    
    
    3.21Total interest bearing deposits
    
    
    3,148,882
    
    
    
    7,057
    
    
    
    0.91
    
    
    
    3,210,333
    
    
    
    12,987
    
    
    
    1.64Short-term borrowed funds
    
    
    39,376
    
    
    
    13
    
    
    
    0.13
    
    
    
    278,209
    
    
    
    182
    
    
    
    0.27Advances from FHLB
    
    
    173,011
    
    
    
    958
    
    
    
    2.25
    
    
    
    903,077
    
    
    
    7,164
    
    
    
    3.22Long-term debt
    
    
    22,507
    
    
    
    228
    
    
    
    4.11
    
    
    
    22,820
    
    
    
    308
    
    
    
    5.47Total interest bearing liabilities
    
    
    3,383,776
    
    
    
    8,256
    
    
    
    0.99
    
    
    
    4,414,439
    
    
    
    20,641
    
    
    
    1.90Demand deposits
    
    
    864,391
    
    
    
    
    
    
    
    
    
    
    
    775,977Non-interest bearing other liabilities
    
    
    54,312
    
    
    
    
    
    
    
    
    
    
    
    61,523Total Liabilities
    
    
    4,302,479
    
    
    
    
    
    
    
    
    
    
    
    5,251,939Stockholders equity
    
    
    382,027
    
    
    
    
    
    
    
    
    
    
    
    422,300Total liabilities and stockholders equity
    
    $
    4,684,506
    
    
    
    
    
    
    
    
    
    
    $
    5,674,239Net interest
income/ net interest spread
    
    
    
    
    
    
    38,975
    
    
    
    3.52
    %
    
    
    
    
    
    
    41,769
    
    
    
    2.82
    %MarginInterest income/interest earning assets
    
    
    
    
    
    
    
    
    
    
    4.51
    %
    
    
    
    
    
    
    
    
    
    
    4.72
    %Interest expense/interest earning assets
    
    
    
    
    
    
    
    
    
    
    0.80
    
    
    
    
    
    
    
    
    
    
    
    1.58Net interest margin
    
    
    
    
    
    
    
    
    
    
    3.71
    %
    
    
    
    
    
    
    
    
    
    
    3.14
    %
 For the Three Months Ended March 31, 2010 Compared to the Same 2009 Period:
    28




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  Asset Quality
  For The Three Months EndedMarch 31,2010
    
    
    2009Balance, beginning of period
    
    $
    173,588
    
    
    
    125,572Charge-offsResidential
    
    
    (4,181
    )
    
    
    (4,588
    )Commercial
    
    
    (21,332
    )
    
    
    (5,565
    )Consumer
    
    
    (10,771
    )
    
    
    (10,321
    )Small business
    
    
    (837
    )
    
    
    (2,771
    )Total Charge-offs
    
    
    (37,121
    )
    
    
    (23,245
    )Recoveries of loans
previously charged-off
    
    
    1,047
    
    
    
    792Net (charge-offs)
    
    
    (36,074
    )
    
    
    (22,453
    )Provision for loan losses
    
    
    32,034
    
    
    
    43,520Balance, end of period
    
    $
    169,548
    
    
    
    146,639
   29




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  As ofMarch 31, 2010
    
    
    December 31, 2009NONPERFORMING ASSETSTax certificates
    
    $
    1,495
    
    
    
    2,161Commercial real estate (2)
    
    
    168,937
    
    
    
    167,867Consumer
    
    
    14,428
    
    
    
    14,451Small business
    
    
    10,971
    
    
    
    9,338Residential
real estate (1)
    
    
    88,262
    
    
    
    76,401Commercial business
    
    
    18,767
    
    
    
    18,063Total nonaccrual assets (3)
    
    $
    302,860
    
    
    
    288,281Residential real estate owned
    
    $
    10,176
    
    
    
    9,607Commercial real estate owned
    
    
    29,503
    
    
    
    25,442Small business real estate owned
    
    
    784
    
    
    
    580Consumer real estate owned
    
    
    370
    
    
    
    306Other repossessed assets
    
    
    
    
    
    
    10Total repossessed assets
    
    
    40,833
    
    
    
    35,945Total nonperforming assets
    
    $
    343,693
    
    
    
    324,226AllowancesAllowance for loan losses
    
    $
    169,548
    
    
    
    173,588Allowance for tax certificate losses
    
    
    7,341
    
    
    
    6,781Total allowances
    
    $
    176,889
    
    
    
    180,369POTENTIAL PROBLEM LOANSContractually past due 90 days or more (4)
    
    $
    366
    
    
    
    9,960Performing impaired loans (5)
    
    
    1,685
    
    
    
    6,150Troubled debt restructured
    
    
    124,851
    
    
    
    107,642TOTAL POTENTIAL PROBLEM LOANS
    
    $
    126,902
    
    
    
    123,752
 
 (1)
    
    Includes $45.8 million and $41.3 million of interest-only residential loans as
of March 31, 2010 and December 31, 2009, respectively.(2)
    
    Excluded from the above table as of March 31, 2010 and December 31, 2009
were $35.3 million and $44.9 million, respectively, of commercial residential loans that
were transferred to a work-out subsidiary of the Parent Company in March 2008.(3)
    
    Includes $57.4 million and $45.7 million of troubled debt restructured loans as of
March 31, 2010 and December 31, 2009, respectively.(4)
    
    The majority of these loans have matured and the borrower continues to make payments
under the matured loan agreement or the loan has sufficient collateral that we believe is
sufficient to prevent a loss.(5)
    
    BankAtlantic believes that it will ultimately collect the principal and interest
associated with these loans; however, the timing of the payments may not be in accordance
with the contractual terms of the loan agreement.   30




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
      March 31,
    
    
    December 31,2010
    
    
    2009Non-accrual
    
    
    Accruing
    
    
    Non-accrual
    
    
    AccruingCommercial
    
    $
    43,526
    
    
    
    100,706
    
    
    
    32,225
    
    
    
    83,768Small business
    
    
    4,527
    
    
    
    7,210
    
    
    
    4,520
    
    
    
    7,325Consumer
    
    
    1,181
    
    
    
    13,263
    
    
    
    1,774
    
    
    
    12,969Residential
    
    
    8,136
    
    
    
    3,672
    
    
    
    7,178
    
    
    
    3,580Total
    
    $
    57,370
    
    
    
    124,851
    
    
    
    45,697
    
    
    
    107,642
 31




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
   UnpaidPrincipal
    
    
    Outstanding
    
    
    Specific
    
    
    Date loan
    
    
    Date Placed
    
    
    Default
    
    
    Collateral
    
    
    Date of LastRelationships
    
    Balance
    
    
    Balance (6)
    
    
    Reserves
    
    
    Originated
    
    
    on Nonaccrual
    
    
    Date (4)
    
    
    Type
    
    
    Full AppraisalResidential Land DevelopersRelationship No. 1 (1) (2)
    
    $
    26,731
    
    
    
    19,200
    
    
    
    1,367
    
    
    
    Q3-2004
    
    
    
    Q4-2008
    
    
    
    Q4-2008
    
    
    Land A&D (5)
    
    
    Q4-2009Relationship No. 2 (1)
    
    
    12,500
    
    
    
    10,064
    
    
    
    5,053
    
    
    
    Q3-2006
    
    
    
    Q1-2009
    
    
    
    Q1-2009
    
    
    Land A&D (5)
    
    
    Q1-2010Relationship No. 3 (1), (3)
    
    
    14,030
    
    
    
    10,901
    
    
    
    5,846
    
    
    
    Q3-2004
    
    
    
    Q4-2008
    
    
    
    Q1-2009
    
    
    Builder Land
    
    
    Q4-2009Total
    
    $
    53,261
    
    
    
    40,165
    
    
    
    12,266Commercial Land DevelopersRelationship No. 4
    
    $
    17,777
    
    
    
    17,777
    
    
    
    6,947
    
    
    
    Q3-2006
    
    
    
    Q1-2010
    
    
    
    Q1-2010
    
    
    Commercial mixed-use
    
    
    Q4-2009Relationship No. 5
    
    
    12,792
    
    
    
    12,792
    
    
    
    4,860
    
    
    
    Q2-2006
    
    
    
    Q4-2009
    
    
    
    Q4-2009
    
    
    Commercial land A&D
    
    
    Q1-2010Relationship No. 6
    
    
    8,625
    
    
    
    8,625
    
    
    
    
    
    
    
    Q2-2005
    
    
    
    Q1-2010
    
    
    
    Q1-2010
    
    
    Commercial Land
    
    
    Q4-2009Relationship No. 7
    
    
    10,779
    
    
    
    10,779
    
    
    
    135
    
    
    
    Q3-2007
    
    
    
    Q4-2009
    
    
    
    Q3-2009
    
    
    Commercial Land
    
    
    Q4-2009Total
    
    
    49,973
    
    
    
    49,973
    
    
    
    11,942Total of Large Relationships
    
    $
    103,234
    
    
    
    90,138
    
    
    
    24,208
 
 (1)
    
    During 2009, BankAtlantic recognized partial charge-offs on relationships Nos. 1, 2,
and 3 aggregating $11.2 million.(2)
    
    During 2010, BankAtlantic recognized partial charge-offs on relationship No. 1 of $1.0
million.(3)
    
    A modification was executed, and the loan is reported as a troubled debt restructured
loan but is currently not in default.(4)
    
    The default date is defined as the date of the initial missed payment prior to default.(5)
    
    Acquisition and development (A&D).(6)
    
    Outstanding balance is the Unpaid Principal Balance less write-downs.     32




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  Amortizing Purchased Residential Loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    AverageCarrying
    
    
    LTV at
    
    
    Current
    
    
    FICO Scores
    
    
    Current
    
    
    Amount
    
    
    Debt RatiosYear of Origination
    
    Amount
    
    
    Origination
    
    
    LTV (1)
    
    
    at Origination
    
    
    FICO Scores (2)
    
    
    Delinquent
    
    
    at Origination (3)2007
    
    $
    48,797
    
    
    
    64.33
    %
    
    
    110.85
    %
    
    
    743
    
    
    
    744
    
    
    $
    3,928
    
    
    
    31.96
    %2006
    
    
    57,509
    
    
    
    70.80
    %
    
    
    120.56
    %
    
    
    736
    
    
    
    723
    
    
    
    4,460
    
    
    
    35.58
    %2005
    
    
    39,585
    
    
    
    73.25
    %
    
    
    114.72
    %
    
    
    724
    
    
    
    715
    
    
    
    7,576
    
    
    
    36.78
    %2004
    
    
    363,275
    
    
    
    68.01
    %
    
    
    80.76
    %
    
    
    736
    
    
    
    728
    
    
    
    25,575
    
    
    
    34.41
    %Prior to 2004
    
    
    176,249
    
    
    
    67.52
    %
    
    
    59.53
    %
    
    
    730
    
    
    
    734
    
    
    
    9,031
    
    
    
    31.95
    %
 Interest-Only Purchased Residential Loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    AverageCarrying
    
    
    LTV at
    
    
    Current
    
    
    FICO Scores
    
    
    Current
    
    
    Amount
    
    
    Debt RatiosYear of Origination
    
    Amount
    
    
    Origination
    
    
    LTV (1)
    
    
    at Origination
    
    
    FICO Scores (2)
    
    
    Delinquent
    
    
    at Origination (3)2007
    
    $
    94,770
    
    
    
    71.99
    %
    
    
    129.16
    %
    
    
    751
    
    
    
    738
    
    
    $
    18,052
    
    
    
    33.91
    %2006
    
    
    206,329
    
    
    
    74.02
    %
    
    
    125.33
    %
    
    
    741
    
    
    
    736
    
    
    
    31,995
    
    
    
    34.96
    %2005
    
    
    220,152
    
    
    
    70.08
    %
    
    
    113.83
    %
    
    
    740
    
    
    
    749
    
    
    
    12,995
    
    
    
    34.04
    %2004
    
    
    92,924
    
    
    
    70.54
    %
    
    
    96.04
    %
    
    
    743
    
    
    
    718
    
    
    
    6,576
    
    
    
    31.68
    %Prior to 2004
    
    
    90,425
    
    
    
    58.74
    %
    
    
    77.84
    %
    
    
    742
    
    
    
    747
    
    
    
    3,410
    
    
    
    31.28
    %
  Amortizing Purchased Residential Loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    AverageCarrying
    
    
    LTV at
    
    
    Current
    
    
    FICO Scores
    
    
    Current
    
    
    Amount
    
    
    Debt RatiosState
    
    Amount
    
    
    Origination
    
    
    LTV (1)
    
    
    at Origination
    
    
    FICO Scores (2)
    
    
    Delinquent
    
    
    at Origination (3)Arizona
    
    $
    11,298
    
    
    
    66.68
    %
    
    
    119.10
    %
    
    
    728
    
    
    
    722
    
    
    $
    1,282
    
    
    
    32.66
    %California
    
    
    166,115
    
    
    
    67.63
    %
    
    
    80.26
    %
    
    
    740
    
    
    
    738
    
    
    
    13,843
    
    
    
    34.85
    %Florida
    
    
    89,727
    
    
    
    70.65
    %
    
    
    99.95
    %
    
    
    721
    
    
    
    712
    
    
    
    11,834
    
    
    
    35.52
    %Nevada
    
    
    6,042
    
    
    
    72.16
    %
    
    
    119.41
    %
    
    
    736
    
    
    
    728
    
    
    
    637
    
    
    
    36.71
    %Other States
    
    $
    412,233
    
    
    
    67.96
    %
    
    
    79.41
    %
    
    
    734
    
    
    
    732
    
    
    
    23,249
    
    
    
    33.54
    %
 Interest-Only Purchased Residential Loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    AverageCarrying
    
    
    LTV at
    
    
    Current
    
    
    FICO Scores
    
    
    Current
    
    
    Amount
    
    
    Debt RatiosState
    
    Amount
    
    
    Origination
    
    
    LTV (1)
    
    
    at Origination
    
    
    FICO Scores (2)
    
    
    Delinquent
    
    
    at Origination (3)Arizona
    
    $
    21,215
    
    
    
    70.40
    %
    
    
    142.29
    %
    
    
    752
    
    
    
    740
    
    
    $
    4,188
    
    
    
    32.69
    %California
    
    
    198,259
    
    
    
    70.59
    %
    
    
    109.05
    %
    
    
    741
    
    
    
    734
    
    
    
    28,636
    
    
    
    33.95
    %Florida
    
    
    49,431
    
    
    
    68.58
    %
    
    
    136.12
    %
    
    
    748
    
    
    
    740
    
    
    
    10,223
    
    
    
    31.75
    %Nevada
    
    
    9,710
    
    
    
    71.92
    %
    
    
    186.26
    %
    
    
    745
    
    
    
    736
    
    
    
    3,989
    
    
    
    34.90
    %Other States
    
    
    425,985
    
    
    
    70.06
    %
    
    
    108.04
    %
    
    
    742
    
    
    
    743
    
    
    
    25,992
    
    
    
    33.84
    %
 
 (1)
    
    Current loan-to-values (LTV) for the majority of the portfolio were obtained as of
the first quarter of 2010 from automated valuation models.(2)
    
    Current FICO scores based on borrowers for which FICO scores were available as of the third
quarter of 2009.(3)
    
    Debt ratio is defined as the portion of the borrowers income that goes towards debt
service. 33




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  March 31, 2010
    
    
    December 31, 2009ALL
    
    
    Loans
    
    
    
    
    
    
    ALL
    
    
    Loansto gross
    
    
    by
    
    
    
    
    
    
    to gross
    
    
    byALL
    
    
    loans
    
    
    category
    
    
    ALL
    
    
    Loans
    
    
    categoryby
    
    
    in each
    
    
    to gross
    
    
    by
    
    
    in each
    
    
    to grosscategory
    
    
    category
    
    
    loans
    
    
    category
    
    
    category
    
    
    loansCommercial business
    
    $
    7,397
    
    
    
    5.43
    %
    
    
    3.65
    %
    
    $
    4,515
    
    
    
    2.94
    %
    
    
    3.94
    %Commercial real estate
    
    
    86,086
    
    
    
    7.57
    
    
    
    30.47
    
    
    
    91,658
    
    
    
    7.71
    
    
    
    30.49Small business
    
    
    6,565
    
    
    
    2.13
    
    
    
    8.28
    
    
    
    7,998
    
    
    
    2.56
    
    
    
    8.02Residential real estate
    
    
    29,582
    
    
    
    2.00
    
    
    
    39.56
    
    
    
    27,000
    
    
    
    1.74
    
    
    
    39.85Consumer
    
    
    39,918
    
    
    
    5.93
    
    
    
    18.04
    
    
    
    42,417
    
    
    
    6.14
    
    
    
    17.70Total allowance for
loan losses
    
    $
    169,548
    
    
    
    4.54
    %
    
    
    100.00
    %
    
    $
    173,588
    
    
    
    4.45
    %
    
    
    100.00
    %
  March 31,
    
    
    December 31,2010
    
    
    2009Commercial real estate
    
    $
    40,927
    
    
    
    42,523Commercial business
    
    
    5,982
    
    
    
    174Small business
    
    
    1,768
    
    
    
    753Consumer
    
    
    4,253
    
    
    
    4,621Residential
    
    
    12,200
    
    
    
    8,784Total
    
    $
    65,130
    
    
    
    56,855
  34




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 BankAtlantics Non-Interest Income
 For the Three Months EndedMarch 31,(in thousands)
    
    2010
    
    
    2009
    
    
    ChangeService charges on deposits
    
    $
    15,048
    
    
    
    18,685
    
    
    
    (3,637
    )Other service charges and fees
    
    
    7,378
    
    
    
    7,025
    
    
    
    353Securities activities, net
    
    
    3,132
    
    
    
    4,320
    
    
    
    (1,188
    )Income from
unconsolidated companies
    
    
    
    
    
    
    78
    
    
    
    (78
    )Other
    
    
    3,183
    
    
    
    2,757
    
    
    
    426Non-interest income
    
    $
    28,741
    
    
    
    32,865
    
    
    
    (4,124
    )
      35




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 BankAtlantics Non-Interest Expense
 For the Three Months EndedMarch 31,(in thousands)
    
    2010
    
    
    2009
    
    
    ChangeEmployee compensation and benefits
    
    $
    24,374
    
    
    
    28,078
    
    
    
    (3,704
    )Occupancy and equipment
    
    
    13,581
    
    
    
    14,910
    
    
    
    (1,329
    )Advertising and business promotion
    
    
    1,934
    
    
    
    2,781
    
    
    
    (847
    )Check losses
    
    
    432
    
    
    
    844
    
    
    
    (412
    )Professional fees
    
    
    2,565
    
    
    
    2,944
    
    
    
    (379
    )Supplies and postage
    
    
    965
    
    
    
    1,000
    
    
    
    (35
    )Telecommunication
    
    
    529
    
    
    
    694
    
    
    
    (165
    )Cost associated with debt redemption
    
    
    7
    
    
    
    591
    
    
    
    (584
    )Restructuring charges and exit
activities
    
    
    
    
    
    
    1,874
    
    
    
    (1,874
    )Provision for tax certificates
    
    
    733
    
    
    
    1,486
    
    
    
    (753
    )Impairment of goodwill
    
    
    
    
    
    
    9,124
    
    
    
    (9,124
    )Other
    
    
    7,601
    
    
    
    7,377
    
    
    
    224Total non-interest expense
    
    $
    52,721
    
    
    
    71,703
    
    
    
    (18,982
    )
        36




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
     Parent Company Results of Operations
 For the Three MonthsEnded March 31,(in thousands)
    
    2010
    
    
    2009
    
    
    ChangeNet interest (expense)
    
    $
    (3,485
    )
    
    
    (4,021
    )
    
    
    536Recovery/(provision)
for loan losses
    
    
    1,279
    
    
    
    (757
    )
    
    
    2,036Net interest
(expense) after
provision for loan losses
    
    
    (2,206
    )
    
    
    (4,778
    )
    
    
    2,572Non-interest income
    
    
    458
    
    
    
    460
    
    
    
    (2
    )Non-interest expense
    
    
    1,644
    
    
    
    1,704
    
    
    
    (60
    )Parent company (loss)
    
    $
    (3,392
    )
    
    
    (6,022
    )
    
    
    2,630
    37




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  March 31,
    
    
    December 31,2010
    
    
    2009Nonaccrual loans:Commercial residential real estate:Builder land bank loans
    
    $
    5,977
    
    
    
    14,060Land acquisition and development
    
    
    10,376
    
    
    
    10,376Land acquisition, development and
construction
    
    
    13,450
    
    
    
    14,903Total commercial residential real estate
    
    
    29,803
    
    
    
    39,339Commercial non-residential real estate
    
    
    5,523
    
    
    
    5,558Total non-accrual loans
    
    
    35,326
    
    
    
    44,897Allowance for loan losses  specific reserves
    
    
    (8,049
    )
    
    
    (13,630
    )Non-accrual loans, net
    
    
    27,277
    
    
    
    31,267Performing commercial non-residential loans
    
    
    3,037
    
    
    
    3,116Loans receivable, net
    
    $
    30,314
    
    
    
    34,383Real estate owned
    
    $
    10,532
    
    
    
    10,532
   UnpaidPrincipal
    
    Outstanding
    
    Specific
    
    Date loan
    
    Date Placed
    
    Default
    
    Collateral
    
    Date of LastRelationships
    
    Balance
    
    Balance (5)
    
    Reserves
    
    Originated
    
    on Nonaccrual
    
    Date(3)
    
    Type (4)
    
    Full AppraisalResidential Land
DevelopersRelationship No. 1
    $
    7,382
    $
    7,382
    
    $2,870
    
    Jan-06
    
    Q1-2008
    
    Q1-2008
    
    Land A&D
    
    Q2-2009Relationship No. 2(1)
    
    20,000
    
    5,977
    
    
    
    Mar-05
    
    Q3-2007
    
    Q1-2008
    
    Builder Land
    
    Q3-2009Relationship No. 3(2)
    
    9,833
    
    5,225
    
    
    
    Apr-04
    
    Q3-2007
    
    Q4-2007
    
    Land AD&C
    
    Q1-201037,215
    
    18,584
    
    2,870
 
 (1)
    
    During 2008, 2009 and 2010, the Company recognized partial charge-offs on relationship No.
2 aggregating $13.9 million.(2)
    
    During 2008, 2009 and 2010, BankAtlantic recognized partial charge-offs on relationship No.
3 aggregating $4.6 million.(3)
    
    The default date is defined as the date of the initial missed payment prior to default.(4)
    
    Acquisition and development (A&D).(5)
    
    Outstanding balance is the Unpaid Principal Balance less write-downs.  38




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
  For the Three MonthsEnded March 31,2010
    
    
    2009Balance, beginning of period
    
    $
    13,630
    
    
    
    11,685Loans charged-off
    
    
    (4,302
    )
    
    
    (684
    )Recoveries of loans previously charged-off
    
    
    
    
    
    
    Net (charge-offs)
    
    
    (4,302
    )
    
    
    (684
    )(Recovery)/provision for loan losses
    
    
    (1,279
    )
    
    
    757Balance, end of period
    
    $
    8,049
    
    
    
    11,758
   BankAtlantic Bancorp, Inc. Consolidated Financial Condition
   
    
    Increase in cash and cash equivalents primarily reflecting $215.3 million of higher
cash balances at the Federal Reserve Bank associated with daily cash management
activities;
    
    Decrease in securities available for sale reflecting the sale of $43.8 million of
mortgage-backed securities as well as repayments;
    
    Decrease in tax certificate balances primarily due to redemptions and decreased tax
certificate acquisitions compared to prior periods;
    
    Decrease in loans receivable balances associated with $40.4 million of charge-offs,
$45.8 million from the sale of loans and repayments of loans in the normal course of
business combined with a significant decline in loan originations and purchases;
    
    Decrease in accrued interest receivable primarily resulting from lower loan balances;
    
    Increase in real estate owned associated with residential and commercial loan
foreclosures;
    
    Decrease in investments in unconsolidated companies associated with the consolidation
of our factoring joint venture; and
    
    Decrease in office properties and equipment resulting from depreciation.
  
    
    Increase in interest bearing deposit account balances associated with a $123.1 million
increase in high-yielding interest-bearing checking and savings accounts partially offset
by $120.5 million of lower certificates of deposit balances;
    
    Increase in non-interest-bearing deposit balances primarily due to increased customer
balances in checking accounts reflecting marketing efforts to customers who maintain
higher account balances;
    
    Lower FHLB advances due to repayments using proceeds from the sales of securities and
loan repayments and increases in deposit account balances;
 39




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 
    
    Decrease in mortgage-backed bonds associated with the repayment of the $0.7 million
mortgage-backed bond; and
    
    Increase in junior subordinated debentures due to interest deferments.
 Liquidity and Capital Resources
 BankAtlantic Bancorp, Inc. Liquidity and Capital Resources
    40




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
      As of March 31, 2010Gross
    
    
    GrossCarrying
    
    
    Unrealized
    
    
    Unrealized
    
    
    Estimated(in thousands)
    
    Value
    
    
    Appreciation
    
    
    Depreciation
    
    
    Fair ValueCash and cash equivalents
    
    $
    5,135
    
    
    
    
    
    
    
    
    
    
    
    5,135Securities available for sale
    
    
    10
    
    
    
    
    
    
    
    4
    
    
    
    6Private investment securities
    
    
    1,500
    
    
    
    
    
    
    
    
    
    
    
    1,500Total
    
    $
    6,645
    
    
    
    
    
    
    
    4
    
    
    
    6,641
  BankAtlantic Liquidity and Capital Resources
  41




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BankAtlantic Bancorp, Inc. and Subsidiaries
      42




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
    Minimum RatiosAdequately
    
    WellActual
    
    Capitalized
    
    CapitalizedAmount
    
    Ratio
    
    Ratio
    
    RatioAt March 31, 2010:Total risk-based capital
    
    $
    412,440
    
    
    
    12.86
    %
    
    
    8.00
    %
    
    
    10.00
    %Tier 1 risk-based capital
    
    
    349,479
    
    
    
    10.90
    
    
    
    4.00
    
    
    
    6.00Tangible capital
    
    
    349,479
    
    
    
    7.51
    
    
    
    1.50
    
    
    
    1.50Core capital
    
    
    349,479
    
    
    
    7.51
    
    
    
    4.00
    
    
    
    5.00At December 31, 2009:Total risk-based capital
    
    $
    422,724
    
    
    
    12.56
    %
    
    
    8.00
    %
    
    
    10.00
    %Tier 1 risk-based capital
    
    
    357,660
    
    
    
    10.63
    
    
    
    4.00
    
    
    
    6.00Tangible capital
    
    
    357,660
    
    
    
    7.58
    
    
    
    1.50
    
    
    
    1.50Core capital
    
    
    357,660
    
    
    
    7.58
    
    
    
    4.00
    
    
    
    5.00
    43




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##### Table of Contents



BankAtlantic Bancorp, Inc. and Subsidiaries
 Contractual Obligations and Off Balance Sheet Arrangements as of March 31, 2010 (in thousands):
 Payments Due by Period (2)Less than
    
    
    
    
    
    
    
    
    
    
    After 5Contractual Obligations
    
    Total
    
    
    1 year
    
    
    1-3 years
    
    
    4-5 years
    
    
    yearsTime deposits
    
    $
    840,017
    
    
    
    691,566
    
    
    
    126,178
    
    
    
    17,968
    
    
    
    4,305Long-term debt
    
    
    333,707
    
    
    
    
    
    
    
    22,000
    
    
    
    17,512
    
    
    
    294,195Advances from FHLB (1)
    
    
    152,008
    
    
    
    152,008
    
    
    
    
    
    
    
    
    
    
    
    Operating lease obligations held for sublease
    
    
    25,108
    
    
    
    842
    
    
    
    3,210
    
    
    
    2,164
    
    
    
    18,892Operating lease obligations held for use
    
    
    66,056
    
    
    
    7,442
    
    
    
    16,724
    
    
    
    6,633
    
    
    
    35,257Pension obligation
    
    
    17,884
    
    
    
    1,473
    
    
    
    3,040
    
    
    
    3,342
    
    
    
    10,029Other obligations
    
    
    13,006
    
    
    
    206
    
    
    
    4,800
    
    
    
    6,400
    
    
    
    1,600Total contractual cash obligations
    
    $
    1,447,786
    
    
    
    853,537
    
    
    
    175,952
    
    
    
    54,019
    
    
    
    364,278
 
 (1)
    
    Payments due by period are based on contractual maturities(2)
    
    The above table excludes interest payments on interest bearing liabilities 
 Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
   
 Item 4.
    
    Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
  44




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BankAtlantic Bancorp, Inc. and Subsidiaries
 
 PART II  OTHER INFORMATION
 
 Item 1A.
    
    Risk Factors.
  
 Item 6.
    
    Exhibits
 Exhibit 31.1
    
    Certification of the Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002Exhibit 31.2
    
    Certification of the Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002Exhibit 32.1
    
    Certification of the Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002Exhibit 32.2
    
    Certification of the Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
 
 Signatures
  BANKATLANTIC BANCORP, INC.May 13, 2010

    By:
    /s/ Alan B. LevanDate

    
    Alan B. LevanChief Executive Officer/
Chairman/PresidentMay 13, 2010

    By:
    /s/ Valerie C. ToalsonDate

    
    Valerie C. ToalsonExecutive Vice President,
Chief Financial Officer 45