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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
___________________________

|      |  |                                                                                        
|----- |  | ---------------------------------------------------------------------------------------
|[X]   |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|      |  |                                                                                        
|      |  | For the quarterly period ended March 31, 2003                                          
|      |  |                                                                                        
|      |  | OR                                                                                     
|      |  |                                                                                        
|[   ] |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OFTHE SECURITIES EXCHANGE ACT OF 1934
|      |  |                                                                                        
|      |  | For the transition period from  
to                                                    

Commission file number 34-027228

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.)
|                                                                                             |  |                                                
|1750 East Sunrise Boulevard
Ft. Lauderdale, Florida
(Address of principal executive offices) |  | 33304
(Zip Code)                               

(954) 760-5000
(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.

YES [X]      NO [   ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the
Exchange Act)

YES [X]     NO [   ]

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

|                                                |  |                |            | 
|----------------------------------------------- |  | -------------- | ---------- | 
|                                                |  | Outstanding at
|Title of Each Class                             |  | May 6, 2003   
|                                                |  |               
|Class A Common Stock, par value $0.01 per share |  |                | 53,590,251 | 
|Class B Common Stock, par value $0.01 per share |  |                | 4,876,124  | 



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TABLE OF CONTENTS



|                                                |                                                                                       |                                                                          |  |  |  |  |  | 
|----------------------------------------------- | ------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ |  |  |  |  |  | 
|                                                |                                                                                       | CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION -UNAUDITED               
|                                                |                                                                                       | CONSOLIDATED STATEMENTS OF OPERATIONS  UNAUDITED                       
|                                                |                                                                                       | CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY AND COMPREHENSIVE INCOME
|                                                |                                                                                       | CONSOLIDATED STATEMENTS OF CASH FLOWS  UNAUDITED                       
|                                                |                                                                                       | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  UNAUDITED                  
|                                                | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                                                | Item 3. Quantitative and Qualitative Disclosures about Market Risk                   
|                                                | Item 4. Controls and Procedures                                                      
|PART II  OTHER INFORMATION                    
|                                                | Item 6. Exhibits and Reports on Form 8-K                                             
|EX-10.1 AMENDED & RESTATED DECLARATION OF TRUST
|EX-10.2 INDENTURE                              
|EX-10.3 AMENDED & RESTATED DECLARATION OF TRUST
|EX-10.4 INDENTURE                              
|EX-10.5 AMENDED & RESTATED DECLARATION OF TRUST
|EX-10.6 INDENTURE                              
|EX-11 COMPUTATION OF PER SHARE EARNINGS        
|EX-99.1 CEO CERTIFICATION                      
|EX-99.2 CFO CERTIFICATION                      



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TABLE OF CONTENTS

|                              |                              |                                                                                                                                           |  |       |       |  | 
|----------------------------- | ---------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------- |  | ----- | ----- |  | 
|                              |                              |                                                                                                                                           |  |       | Page 
|Part I. FINANCIAL INFORMATION |                              |                                                                                                                                           |  |      
|Reference                     |                              |                                                                                                                                           |  |      
|                              |                              | Item 1. Financial Statements                                                                                                              |  |       | 1-20  |  | 
|                              |                              | Consolidated
Statements of Financial Condition  March 31, 2003 and 2002
and December 31, 2002   Unaudited                               |  |       | 4     | 
|                              |                              | Consolidated Statements of Operations  For the Three Months
Ended March 31, 2003 and 2002  Unaudited                                    |  |       | 5-6   | 
|                              |                              | Consolidated
Statements of Stockholders Equity and Comprehensive Income 
For the Three Months Ended March 31, 2003 and 2002 - Unaudited |  |       | 7     | 
|                              |                              | Consolidated Statements of Cash Flows  For the Three Months Ended
March 31, 2003 and 2002  Unaudited                                    |  |       | 8-9   | 
|                              |                              | Notes to Consolidated Financial Statements  Unaudited                                                                                    |  |       | 10-20 | 
|                              |                              | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations                                             |  |       | 21-36 | 
|                              |                              | Item 3. Quantitative and Qualitative Disclosures about Market Risk                                                                        |  |       | 36-38 | 
|                              |                              | Item 4. Controls and Procedures                                                                                                           |  |       | 38    | 
|Part II. OTHER INFORMATION   
|                              |                              | Item 6. Exhibits and Reports on Form 8-K                                                                                                  |  |       | 39    | 
|                              | Signatures and Certification |                                                                                                                                           |  | 40-42 |      





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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  UNAUDITED

|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |           |           | 
|--------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | --------- | --------- | --------- | ------------ | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                                                                                                                        |                            |                                            |           | March 31, |           | December 31, |           | March 31,
|(In thousands, except share data)                                                                                                       |                            | 2003                                       |           | 2002      |           | 2002        
|                                                                                                                                        |                            |                                            |           |           |           |             
|ASSETS                                                                                                                                  |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Cash and due from depository institutions                                                                                               |                            | $                                          | 139,940   |           |           | $            | 200,600   |           |           | $ | 150,543   |          
|Federal funds sold and securities purchased under resell agreements                                                                     |                            |                                            |          |           |           |              | 50,145    |           |           |   | 152       |          
|Securities available for sale (at fair value)                                                                                           |                            |                                            | 740,003   |           |           |              | 707,858   |           |           |   | 862,385   |          
|Securities owned (at fair value)                                                                                                        |                            |                                            | 154,319   |           |           |              | 186,454   |           |           |   | 34,666    |          
|Investment
securities and tax certificates (approximate fair value:$175,876, $212,698 and $413,908)                                     |                            |                                            | 175,436   |           |           |              | 212,240   |           |           |   | 409,294   |          
|Loans receivable, net                                                                                                                   |                            |                                            | 3,881,143 |           |           |              | 3,372,630 |           |           |   | 3,507,518 |          
|Federal Home Loan Bank stock, at cost which approximates fair value                                                                     |                            |                                            | 65,443    |           |           |              | 64,943    |           |           |   | 59,482    |          
|Accrued interest receivable                                                                                                             |                            |                                            | 35,715    |           |           |              | 33,984    |           |           |   | 37,451    |          
|Real estate held for development and sale and joint ventures                                                                            |                            |                                            | 266,865   |           |           |              | 252,087   |           |           |   | 212,583   |          
|Investment in unconsolidated real estate subsidiary                                                                                     |                            |                                            | 61,584    |           |           |              | 60,695    |           |           |   | 2,730     |          
|Office properties and equipment, net                                                                                                    |                            |                                            | 92,834    |           |           |              | 92,699    |           |           |   | 79,419    |          
|Deferred tax asset, net                                                                                                                 |                            |                                            | 37,523    |           |           |              | 35,316    |           |           |   | 27,047    |          
|Goodwill                                                                                                                                |                            |                                            | 77,878    |           |           |              | 78,612    |           |           |   | 84,855    |          
|Core deposit intangible asset                                                                                                           |                            |                                            | 13,303    |           |           |              | 13,757    |           |           |   | 15,117    |          
|Due from clearing agent                                                                                                                 |                            |                                            |          |           |           |              |          |           |           |   | 52,372    |          
|Other assets                                                                                                                            |                            |                                            | 64,546    |           |           |              | 58,991    |           |           |   | 42,515    |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|                                                                                                                                        |                            | Total assets                               |           | $         | 5,806,532 |              |           | $         | 5,421,011 |   |           | $         | 5,578,129 | 
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                    |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Liabilities:                                                                                                                            |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Deposits                                                                                                                                |                            |                                            |           |           |           |              |           |           |           |   |           |          
|                                                                                                                                        | Interest free checking     |                                            | $         | 516,404   |           |              | $         | 462,718   |           |   | $         | 393,000   |          
|                                                                                                                                        | NOW accounts               |                                            |           | 446,076   |           |              |           | 399,985   |           |   |           | 353,633   |          
|                                                                                                                                        | Savings accounts           |                                            |           | 180,362   |           |              |           | 163,641   |           |   |           | 147,944   |          
|                                                                                                                                        | Insured money fund savings |                                            |           | 820,181   |           |              |           | 775,175   |           |   |           | 772,897   |          
|                                                                                                                                        | Certificate accounts       |                                            |           | 920,350   |           |              |           | 1,119,036 |           |   |           | 1,384,382 |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Total deposits                                                                                                                          |                            |                                            | 2,883,373 |           |           |              | 2,920,555 |           |           |   | 3,051,856 |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Advances from FHLB                                                                                                                      |                            |                                            | 1,308,246 |           |           |              | 1,297,170 |           |           |   | 1,174,418 |          
|Securities sold under agreements to repurchase                                                                                          |                            |                                            | 341,144   |           |           |              | 116,279   |           |           |   | 364,400   |          
|Federal funds purchased                                                                                                                 |                            |                                            | 115,000   |           |           |              |          |           |           |   | 85,000    |          
|Subordinated debentures, notes and bonds payable                                                                                        |                            |                                            | 192,919   |           |           |              | 193,816   |           |           |   | 160,278   |          
|Guaranteed preferred beneficial interests in Companys Junior Subordinated
Debentures                                                   |                            |                                            | 245,375   |           |           |              | 180,375   |           |           |   | 130,125   |          
|Securities sold but not yet purchased                                                                                                   |                            |                                            | 49,760    |           |           |              | 38,003    |           |           |   | 66,684    |          
|Due to clearing agent                                                                                                                   |                            |                                            | 36,982    |           |           |              | 78,791    |           |           |   |          |          
|Other liabilities                                                                                                                       |                            |                                            | 154,117   |           |           |              | 126,688   |           |           |   | 119,124   |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|                                                                                                                                        |                            | Total liabilities                          |           |           | 5,326,916 |              |           |           | 4,951,677 |   |           |           | 5,151,885 | 
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Stockholders equity:                                                                                                                   |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding                                              |                            |                                            |          |           |           |              |          |           |           |   |          |          
|Class A common stock, $.01 par value, authorized 80,000,000 shares;
issued and outstanding 53,516,846, 53,441,847 and 53,332,587 shares |                            |                                            | 535       |           |           |              | 534       |           |           |   | 533       |          
|Class B common stock, $.01 par value, authorized 45,000,000 shares;
issued and outstanding 4,876,124, 4,876,124 and 4,876,124 shares    |                            |                                            | 49        |           |           |              | 49        |           |           |   | 49        |          
|Additional paid-in capital                                                                                                              |                            |                                            | 253,032   |           |           |              | 252,699   |           |           |   | 252,079   |          
|Unearned compensation  restricted stock grants                                                                                         |                            |                                            | (1,171    | )         |           |              | (1,209    | )         |           |   | (1,327    | )        
|Retained earnings                                                                                                                       |                            |                                            | 226,241   |           |           |              | 213,692   |           |           |   | 166,133   |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|Total stockholders equity before accumulated other comprehensive income                                                                |                            |                                            | 478,686   |           |           |              | 465,765   |           |           |   | 417,467   |          
|Accumulated other comprehensive income                                                                                                  |                            |                                            | 930       |           |           |              | 3,569     |           |           |   | 8,777     |          
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|                                                                                                                                        |                            | Total stockholders equity                 |           |           | 479,616   |              |           |           | 469,334   |   |           |           | 426,244   | 
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          
|                                                                                                                                        |                            | Total liabilities and stockholders equity |           | $         | 5,806,532 |              |           | $         | 5,421,011 |   |           | $         | 5,578,129 | 
|                                                                                                                                        |                            |                                            |           |           |           |              |           |           |           |   |           |          

See Notes to Consolidated Financial Statements  Unaudited

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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS  UNAUDITED

|                                                                                                                                             |                            |      |                      |         |  |   |         |        | 
|-------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ---- | -------------------- | ------- |  | - | ------- | ------ | 
|                                                                                                                                             |                            |      | For the Three Months
|                                                                                                                                             |                            |      | Ended March 31,     
|                                                                                                                                             |                            |      |                     
|(In thousands, except share and per share data)                                                                                              |                            | 2003 |                      | 2002   
|                                                                                                                                             |                            |      |                      |        
|Interest income:                                                                                                                             |                            |      |                      |         |  |   |         |       
|Interest and fees on loans and leases                                                                                                        |                            | $    | 52,996               |         |  | $ | 47,071  |       
|Interest and dividends on securities available for sale                                                                                      |                            |      | 8,657                |         |  |   | 12,066  |       
|Interest and dividends on other investment securities                                                                                        |                            |      | 5,193                |         |  |   | 8,003   |       
|Interest and dividends on securities owned                                                                                                   |                            |      | 4,347                |         |  |   | 698     |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|                                                                                                                                             | Total interest income      |      |                      | 71,193  |  |   |         | 67,838 | 
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Interest expense:                                                                                                                            |                            |      |                      |         |  |   |         |       
|Interest on deposits                                                                                                                         |                            |      | 11,169               |         |  |   | 15,326  |       
|Interest on advances from FHLB                                                                                                               |                            |      | 15,316               |         |  |   | 14,920  |       
|Interest on securities sold under agreements to repurchase and federal
funds purchased                                                       |                            |      | 819                  |         |  |   | 1,384   |       
|Interest on subordinated debentures, notes and bonds payable
and guaranteed beneficial interests in Companys Junior
Subordinated Debentures |                            |      | 6,219                |         |  |   | 4,608   |       
|Capitalized interest on real estate developments and joint ventures                                                                          |                            |      | (1,574               | )       |  |   | (1,218  | )     
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|                                                                                                                                             | Total interest expense     |      |                      | 31,949  |  |   |         | 35,020 | 
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Net interest income                                                                                                                          |                            |      | 39,244               |         |  |   | 32,818  |       
|Provision for loan losses                                                                                                                    |                            |      | 850                  |         |  |   | 2,565   |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Net interest income after provision for loan losses                                                                                          |                            |      | 38,394               |         |  |   | 30,253  |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Non-interest income:                                                                                                                         |                            |      |                      |         |  |   |         |       
|Investment banking income                                                                                                                    |                            |      | 57,984               |         |  |   | 13,048  |       
|Gains on sales of real estate developed for sale
and joint venture activities                                                                |                            |      | 13,788               |         |  |   | 11,977  |       
|Income from unconsolidated real estate subsidiary                                                                                            |                            |      | 119                  |         |  |   |        |       
|Service charges on deposits                                                                                                                  |                            |      | 8,558                |         |  |   | 4,863   |       
|Other service charges and fees                                                                                                               |                            |      | 3,918                |         |  |   | 3,105   |       
|Gains on securities activities                                                                                                               |                            |      | 384                  |         |  |   | 3,039   |       
|Other                                                                                                                                        |                            |      | 3,252                |         |  |   | 1,868   |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|                                                                                                                                             | Total non-interest income  |      |                      | 88,003  |  |   |         | 37,900 | 
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Non-interest expense:                                                                                                                        |                            |      |                      |         |  |   |         |       
|Employee compensation and benefits                                                                                                           |                            |      | 67,032               |         |  |   | 26,863  |       
|Occupancy and equipment                                                                                                                      |                            |      | 10,007               |         |  |   | 7,294   |       
|Advertising and promotion                                                                                                                    |                            |      | 3,731                |         |  |   | 2,210   |       
|Selling, general and administrative                                                                                                          |                            |      | 2,609                |         |  |   | 1,774   |       
|Amortization of intangible assets                                                                                                            |                            |      | 454                  |         |  |   |        |       
|Acquisition related charges and impairments                                                                                                  |                            |      |                     |         |  |   | 1,074   |       
|Professional fees                                                                                                                            |                            |      | 3,755                |         |  |   | 1,268   |       
|Communications                                                                                                                               |                            |      | 4,265                |         |  |   | 914     |       
|Floor broker and clearing fees                                                                                                               |                            |      | 2,402                |         |  |   | 849     |       
|Other                                                                                                                                        |                            |      | 10,043               |         |  |   | 6,568   |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|                                                                                                                                             | Total non-interest expense |      |                      | 104,298 |  |   |         | 48,814 | 
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Income before income taxes and cumulative effect of a change in
accounting principle                                                         |                            |      | 22,099               |         |  |   | 19,339  |       
|Provision for income taxes                                                                                                                   |                            |      | 7,741                |         |  |   | 6,759   |       
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Income before cumulative effect of a change in accounting principle                                                                          |                            |      | 14,358               |         |  |   | 12,580  |       
|Cumulative effect of a change in accounting principle (less applicable
income taxes of $1,246)                                               |                            |      |                     |         |  |   | (15,107 | )     
|                                                                                                                                             |                            |      |                      |         |  |   |         |       
|Net
income (loss)                                                                                                                            |                            | $    | 14,358               |         |  | $ | (2,527  | )     
|                                                                                                                                             |                            |      |                      |         |  |   |         |       

(CONTINUED)

See Notes to Consolidated Financial Statements  Unaudited

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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS  UNAUDITED

|                                                                                        |  |                      |            |      |  |   |            |  
|--------------------------------------------------------------------------------------- |  | -------------------- | ---------- | ---- |  | - | ---------- | -
|                                                                                        |  | For the Three Months
|                                                                                        |  | Ended March 31,     
|                                                                                        |  |                     
|                                                                                        |  | 2003                 |            | 2002
|                                                                                        |  |                      |            |     
|Earnings per share                                                                      |  |                      |            |      |  |   |            |  
|Basic earnings per share before cumulative effect of a
change in accounting principle   |  | $                    | 0.25       |      |  | $ | 0.22       |  
|Basic loss per share from cumulative effect of a change
in accounting principle         |  |                      |           |      |  |   | (0.26      | )
|                                                                                        |  |                      |            |      |  |   |            |  
|Basic earnings (loss) per share                                                         |  | $                    | 0.25       |      |  | $ | (0.04      | )
|                                                                                        |  |                      |            |      |  |   |            |  
|Diluted earnings per share before cumulative effect of a
change in accounting principle |  | $                    | 0.23       |      |  | $ | 0.19       |  
|Diluted loss per share from cumulative effect of a change
in accounting principle       |  |                      |           |      |  |   | (0.23      | )
|                                                                                        |  |                      |            |      |  |   |            |  
|Diluted earnings (loss) per share                                                       |  | $                    | 0.23       |      |  | $ | (0.04      | )
|                                                                                        |  |                      |            |      |  |   |            |  
|Basic weighted average number of common shares outstanding                              |  |                      | 58,171,621 |      |  |   | 57,862,267 |  
|                                                                                        |  |                      |            |      |  |   |            |  
|Diluted weighted average number of common and common
equivalent shares outstanding      |  |                      | 64,250,488 |      |  |   | 65,207,468 |  
|                                                                                        |  |                      |            |      |  |   |            |  

See Notes to Consolidated Financial Statements  Unaudited




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CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2003  UNAUDITED

|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|--------------------------------------------------------------------------- | --------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | ------ | ------- | ------ | ------- | --- | -------- |  | -------- | ------- | ------ |  | ------- | ------- | ---------- | - | ------- | ------ | -------- |  | -------- | ------ | - |  | - | ------- | ------ | - | 
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        | Unearned |  | Accumul- |        |   |  |  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        | Compen-  |  | ated     |        |   |  |  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         | Addi-  |  |         |         |            |   | sation  |        | Other    |  |          |        |  
|                                                                            |                                         |                                                                                                                         |        | Compre- |        |         |     |          |  | tional   |         |        |  |         |         | Restricted |   | Compre- |        |          |  |         
|                                                                            |                                         |                                                                                                                         |        | hensive |        | Common  |     | Paid-in  |  | Retained |         | Stock  |  | hensive |         |            |   |        
|(In thousands)                                                              |                                         | Income                                                                                                                  |        | Stock   |        | Capital |     | Earnings |  | Grants   |         | Income |  | Total  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |        
|BALANCE, DECEMBER 31, 2001                                                  |                                         |                                                                                                                         |        |         |        | $       | 581 |          |  | $        | 251,202 |        |  | $       | 170,349 |            |   | $       | (1,359 | )        |  | $        | 14,900 |   |  | $ | 435,673 |       
|                                                                            | Net income                              |                                                                                                                         | $      | (2,527  | )      |         |     |         |  |          |         |       |  |         |         | (2,527     | ) |         |        |         |  |          |        |  |  |   |         | (2,527 | )
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            | Other comprehensive income, net of tax: |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |  
|                                                                            |                                         | Unrealized loss on securities available
for sale
(less income tax benefit of $2,467)                                    |        |         | (4,577 | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Accumulated gain associated with cash
flow hedges
(less income tax provision of $299)                                   |        |         | 268    |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Reclassification adjustment for cash
flow hedge                                                                         |        |         | 131    |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Reclassification adjustment for net gain
included in net income                                                         |        |         | (1,945 | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            | Other comprehensive loss                |                                                                                                                         |        | (6,123  | )      |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|Comprehensive loss                                                          |                                         | $                                                                                                                       | (8,650 | )       |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|Dividends on Class A Common Stock                                           |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         | (1,548  | )          |   |         |       |          |  |          |       |   |  |   | (1,548  | )     
|Dividends on Class B Common Stock                                           |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         | (141    | )          |   |         |       |          |  |          |       |   |  |   | (141    | )     
|Issuance of Class A common stock                                            |                                         |                                                                                                                         |        |         |        |         | 1   |          |  |          | 599     |        |  |         |        |            |   |         |       |          |  |          |       |   |  |   | 600     |       
|Tax effect relating to the exercise of
stock options                        |                                         |                                                                                                                         |        |         |        |         |    |          |  |          | 253     |        |  |         |        |            |   |         |       |          |  |          |       |   |  |   | 253     |       
|Issuance of Class A common stock upon
conversion of subordinated debentures |                                         |                                                                                                                         |        |         |        |         |    |          |  |          | 25      |        |  |         |        |            |   |         |       |          |  |          |       |   |  |   | 25      |       
|Amortization
of unearned compensation  restricted stock grants             |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         |        |            |   |         | 32     |          |  |          |       |   |  |   | 32      |       
|Net change in accumulated other comprehensive
income, net of income taxes   |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         |        |            |   |         |       |          |  |          | (6,123 | ) |  |   | (6,123  | )     
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|BALANCE, MARCH 31, 2002                                                     |                                         |                                                                                                                         |        |         |        | $       | 582 |          |  | $        | 252,079 |        |  | $       | 166,133 |            |   | $       | (1,327 | )        |  | $        | 8,777  |   |  | $ | 426,244 |       
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|BALANCE, DECEMBER 31, 2002                                                  |                                         |                                                                                                                         |        |         |        | $       | 583 |          |  | $        | 252,699 |        |  | $       | 213,692 |            |   | $       | (1,209 | )        |  | $        | 3,569  |   |  | $ | 469,334 |       
|                                                                            | Net income                              |                                                                                                                         | $      | 14,358  |        |         |     |         |  |          |         |       |  |         |         | 14,358     |   |         |        |         |  |          |        |  |  |   |         | 14,358 |  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            | Other comprehensive income, net of tax: |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |  
|                                                                            |                                         | Unrealized loss on securities available
for sale
(less income tax benefit of $1,596)                                    |        |         | (2,149 | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Minimum pension liability (less income tax
benefit of $251)                                                             |        |         | (446   | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Unrealized loss associated with investment
in unconsolidated real estate subsidiary
(less income tax provision of $454) |        |         | 448    |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Accumulated gain associated with cash flow
hedges
(less income tax benefit of $185)                                     |        |         | (376   | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Reclassification adjustment for cash flow
hedges                                                                        |        |         | 130    |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         | Reclassification adjustment for net gain
included in net income                                                         |        |         | (246   | )       |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |   | 
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            | Other comprehensive loss                |                                                                                                                         |        | (2,639  | )      |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |        |  
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|Comprehensive income                                                        |                                         | $                                                                                                                       | 11,719 |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|Dividends on Class A Common Stock                                           |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         | (1,658  | )          |   |         |       |          |  |          |       |   |  |   | (1,658  | )     
|Dividends on Class B Common Stock                                           |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         | (151    | )          |   |         |       |          |  |          |       |   |  |   | (151    | )     
|Issuance of Class A common stock                                            |                                         |                                                                                                                         |        |         |        |         | 1   |          |  |          | 164     |        |  |         |        |            |   |         |       |          |  |          |       |   |  |   | 165     |       
|Tax effect relating to the exercise of
stock options                        |                                         |                                                                                                                         |        |         |        |         |    |          |  |          | 169     |        |  |         |        |            |   |         |       |          |  |          |       |   |  |   | 169     |       
|Amortization
of unearned compensation  restricted stock grants             |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         |        |            |   |         | 38     |          |  |          |       |   |  |   | 38      |       
|Net change in accumulated other comprehensive
income, net of income taxes   |                                         |                                                                                                                         |        |         |        |         |    |          |  |          |        |        |  |         |        |            |   |         |       |          |  |          | (2,639 | ) |  |   | (2,639  | )     
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       
|BALANCE, MARCH 31, 2003                                                     |                                         |                                                                                                                         |        |         |        | $       | 584 |          |  | $        | 253,032 |        |  | $       | 226,241 |            |   | $       | (1,171 | )        |  | $        | 930    |   |  | $ | 479,616 |       
|                                                                            |                                         |                                                                                                                         |        |         |        |         |     |          |  |          |         |        |  |         |         |            |   |         |        |          |  |          |        |   |  |   |         |       

See Notes to Consolidated Financial Statements  Unaudited

7



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##### Table of Contents



BankAtlantic Bancorp, Inc.




CONSOLIDATED STATEMENTS OF CASH
FLOWS  UNAUDITED

|                                                                                         |  |                      |          |      |  |   |          |  
|---------------------------------------------------------------------------------------- |  | -------------------- | -------- | ---- |  | - | -------- | -
|                                                                                         |  | For the Three Months
|                                                                                         |  | Ended March 31,     
|                                                                                         |  |                     
|(In thousands)                                                                           |  | 2003                 |          | 2002
|                                                                                         |  |                      |          |     
|Operating activities:                                                                    |  |                      |          |      |  |   |          |  
|Income before cumulative effect of a change in
accounting principle                      |  | $                    | 14,358   |      |  | $ | 12,580   |  
|Cumulative effect of a change in accounting
principle, net of tax                        |  |                      |         |      |  |   | (15,107  | )
|Adjustments to reconcile net income to net cash
provided (used) in operating activities: |  |                      |          |      |  |   |          |  
|Provision for credit losses *                                                            |  |                      | 1,905    |      |  |   | 2,922    |  
|Impairment of goodwill                                                                   |  |                      |         |      |  |   | 16,353   |  
|Property and equipment impairment                                                        |  |                      |         |      |  |   | 515      |  
|Depreciation, amortization and accretion, net                                            |  |                      | 3,540    |      |  |   | 1,079    |  
|Amortization of intangible assets                                                        |  |                      | 454      |      |  |   |         |  
|Change in real estate inventory                                                          |  |                      | (16,143  | )    |  |   | (15,760  | )
|Securities owned activities, net                                                         |  |                      | 32,135   |      |  |   | 33,630   |  
|Securities sold but not yet purchased, net                                               |  |                      | 11,757   |      |  |   | 28,253   |  
|Equity in joint venture earnings                                                         |  |                      | (17      | )    |  |   | (899     | )
|Equity in earnings of unconsolidated subsidiary                                          |  |                      | (119     | )    |  |   |         |  
|Loans held for sale activity, net                                                        |  |                      | 153      |      |  |   | (12,236  | )
|Proceeds from sales of loans classified as held for sale                                 |  |                      | 695      |      |  |   | 858      |  
|Gains on securities activities                                                           |  |                      | (384     | )    |  |   | (3,039   | )
|Gains on sales of property and equipment                                                 |  |                      | (5       | )    |  |   | (24      | )
|Gains on sales of in-store branches                                                      |  |                      |         |      |  |   | (344     | )
|Increase in deferred tax asset, net                                                      |  |                      | (999     | )    |  |   | (1,941   | )
|Increase in accrued interest receivable                                                  |  |                      | (1,731   | )    |  |   | (925     | )
|(Increase) decrease in other assets                                                      |  |                      | (6,610   | )    |  |   | 10,201   |  
|Decrease in due to clearing agent                                                        |  |                      | (41,809  | )    |  |   | (62,466  | )
|Increase (decrease) in other liabilities                                                 |  |                      | 26,901   |      |  |   | (11,941  | )
|                                                                                         |  |                      |          |      |  |   |          |  
|Net cash provided (used) in operating activities                                         |  |                      | 24,081   |      |  |   | (18,291  | )
|                                                                                         |  |                      |          |      |  |   |          |  
|Investing activities:                                                                    |  |                      |          |      |  |   |          |  
|Proceeds from redemption and maturities of investment
securities and tax certificates    |  |                      | 51,096   |      |  |   | 58,483   |  
|Purchase of investment securities and tax certificates                                   |  |                      | (14,930  | )    |  |   | (40,284  | )
|Purchases of securities available for sale                                               |  |                      | (178,200 | )    |  |   | (72,028  | )
|Proceeds from sales and maturities of securities available
for sale                      |  |                      | 142,171  |      |  |   | 124,163  |  
|(Purchases) redemptions of FHLB stock, net                                               |  |                      | (500     | )    |  |   | 5,009    |  
|Purchases and net originations of loans and leases                                       |  |                      | (510,107 | )    |  |   | (105,614 | )
|Proceeds from sales of real estate owned                                                 |  |                      | 451      |      |  |   | 2,631    |  
|Net additions to office property and equipment                                           |  |                      | (2,705   | )    |  |   | (197     | )
|Investment in and advances to joint ventures, net                                        |  |                      | 1,382    |      |  |   | 3,668    |  
|Acquisitions, net of cash acquired                                                       |  |                      |         |      |  |   | (45,322  | )
|                                                                                         |  |                      |          |      |  |   |          |  
|Net
cash used in investing activities                                                    |  |                      | (511,342 | )    |  |   | (69,491  | )
|                                                                                         |  |                      |          |      |  |   |          |  
|Financing activities:                                                                    |  |                      |          |      |  |   |          |  
|Net (decrease) increase in deposits                                                      |  |                      | (37,182  | )    |  |   | 144,787  |  
|Reduction in deposits from sale of in-store branch                                       |  |                      |         |      |  |   | (8,265   | )
|Repayments of FHLB advances                                                              |  |                      | (63,660  | )    |  |   | (70,000  | )
|Proceeds from FHLB advances                                                              |  |                      | 75,000   |      |  |   | 550      |  
|Net increase (decrease) in securities sold under agreements
to repurchase                |  |                      | 224,865  |      |  |   | (41,670  | )
|Net increase in federal funds purchased                                                  |  |                      | 115,000  |      |  |   | 24,000   |  
|Repayment of notes and bonds payable                                                     |  |                      | (43,839  | )    |  |   | (10,288  | )
|Proceeds from notes and bonds payable                                                    |  |                      | 42,916   |      |  |   | 24,872   |  
|Issuance of common stock                                                                 |  |                      | 165      |      |  |   | 600      |  
|Issuance of trust preferred securities                                                   |  |                      | 65,000   |      |  |   | 55,375   |  
|Common stock dividends paid                                                              |  |                      | (1,809   | )    |  |   | (1,689   | )
|                                                                                         |  |                      |          |      |  |   |          |  
|Net cash provided in financing activities                                                |  |                      | 376,456  |      |  |   | 118,272  |  
|                                                                                         |  |                      |          |      |  |   |          |  
|(Decrease) increase in cash and cash equivalents                                         |  |                      | (110,805 | )    |  |   | 30,490   |  
|Cash and cash equivalents at beginning of period                                         |  |                      | 250,745  |      |  |   | 120,205  |  
|                                                                                         |  |                      |          |      |  |   |          |  
|Cash and cash equivalents at end of period                                               |  | $                    | 139,940  |      |  | $ | 150,695  |  
|                                                                                         |  |                      |          |      |  |   |          |  

8

See Notes to Consolidated Financial Statements  Unaudited (Continued)



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##### Table of Contents



BankAtlantic Bancorp, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS  UNAUDITED

|                                                                                        |  |                      |        |      |  |   |        |  
|--------------------------------------------------------------------------------------- |  | -------------------- | ------ | ---- |  | - | ------ | -
|                                                                                        |  | For the Three Months
|                                                                                        |  | Ended March 31,     
|                                                                                        |  |                     
|(In thousands)                                                                          |  | 2003                 |        | 2002
|                                                                                        |  |                      |        |     
|Interest paid                                                                           |  | $                    | 34,731 |      |  | $ | 35,249 |  
|Income taxes paid                                                                       |  |                      | 822    |      |  |   | 2,513  |  
|Loans transferred to real estate owned                                                  |  |                      | 522    |      |  |   | 2,139  |  
|Net loan (recoveries) charge-offs                                                       |  |                      | (557   | )    |  |   | 9,510  |  
|Tax certificate net recoveries                                                          |  |                      | (31    | )    |  |   | (44    | )
|Increase in equity for the tax effect related to the exercise of
employee stock options |  |                      | 169    |      |  |   | 253    |  
|Acquisition goodwill adjustments                                                        |  |                      | (734   | )    |  |   |       |  
|Change in other comprehensive income                                                    |  |                      | (3,847 | )    |  |   | (9,494 | )
|Change in deferred taxes on other comprehensive income                                  |  |                      | (1,208 | )    |  |   | (3,371 | )
|Issuance of Class A Common Stock upon conversion of
subordinated debentures             |  |                      |       |      |  |   | 25     |  

*   Provision for credit losses represents provision for loan losses, REO and tax certificates.

See Notes to Consolidated Financial Statements  Unaudited

9



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##### Table of Contents



BankAtlantic Bancorp, Inc.




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  UNAUDITED

1. Presentation of Interim Financial Statements

BankAtlantic Bancorp, Inc. (the Company) is a Florida-based diversified
financial services holding company. The Companys principal assets include the
capital stock of BankAtlantic and its subsidiaries, Levitt Corporation and its
subsidiaries (Levitt) and Ryan Beck & Co., Inc. and its subsidiaries (Ryan
Beck). BankAtlantic is a federal savings bank headquartered in Fort
Lauderdale, Florida which provides traditional retail banking services and a
wide range of commercial banking products and related financial services.
Levitts principal activities include residential construction, real estate
development and real estate joint venture investments in Florida. Levitts
principal assets include Core Communities, LLC, Levitt and Sons, LLC and its
investment in Bluegreen Corporation (Bluegreen). Core Communities develops
land for master planned communities located in Florida. Levitt and Sons is
primarily a developer of single-family home communities and condominiums and
has participated in condominium and rental apartment joint ventures primarily
in Florida. Bluegreen, a New York Stock Exchange listed company in which we
own approximately 40% of the outstanding common stock, is a developer of
primarily drive-to vacation interval resorts, golf communities and residential
land. Ryan Beck is an investment banking and brokerage firm which provides a
wide range of investment banking, brokerage and investment management services.
All significant inter-company balances and transactions have been eliminated
in consolidation, including $26.2 million of loans from BankAtlantic to Levitt,
$30 million of loans from the Company to Levitt and $5.0 million of loans from
the Company to Ryan Beck.

In managements opinion, the accompanying consolidated financial
statements contain such adjustments necessary to present fairly the Companys
consolidated financial condition at March 31, 2003, December 31, 2002 and March
31, 2002, the consolidated results of operations for the three months ended
March 31, 2003 and 2002, the consolidated stockholders equity and
comprehensive income for the three months ended March 31, 2003 and 2002 and the
consolidated cash flows for the three months ended March 31, 2003 and 2002.
Such adjustments consisted only of normal recurring items except for the
cumulative effect of a change in accounting principle discussed in Note 9. 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, 2002.

2. Stock Based Compensation

Under the provisions of SFAS No. 123, Accounting for Stock-Based
Compensation, there are two methods of accounting for stock options, the
intrinsic value method and the fair value method. The Company elects to value
its options under the intrinsic value method. As a consequence, the Company
accounts for its stock based compensation plans under the recognition and
measurement principles of Accounting Principles Board (APB) Opinion No. 25
and related interpretations.
10Table of ContentsBankAtlantic Bancorp, Inc.The following table illustrates the effect on net income and earnings per
share if the Company had applied the fair value recognition provisions of SFAS
No. 123 to stock-based employee compensation.

|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|-------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | ------ | ---- |  | - | ------ | -
|                                                                                                                                                   |  | For the Three Months
|                                                                                                                                                   |  | Ended March 31,     
|                                                                                                                                                   |  |                     
|(In thousands, except per share data)                                                                                                              |  | 2003                 |        | 2002
|                                                                                                                                                   |  |                      |        |     
|Pro forma net income                                                                                                                               |  |                      |        |      |  |   |        |  
|Net income (loss), as reported                                                                                                                     |  | $                    | 14,358 |      |  | $ | (2,527 | )
|Add: Stock-based employee compensation
expense included in reported net income,
net of related tax effects                                         |  |                      | 52     |      |  |   | 32     |  
|Deduct: Total stock-based employee
compensation expense determined under
fair value based method for all awards,
net of related income tax effects |  |                      | (396   | )    |  |   | (358   | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|Pro forma net income (loss)                                                                                                                        |  | $                    | 14,014 |      |  | $ | (2,853 | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|Earnings (loss) per share:                                                                                                                         |  |                      |        |      |  |   |        |  
|Basic as reported                                                                                                                                  |  | $                    | 0.25   |      |  | $ | (0.04  | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|Basic pro forma                                                                                                                                    |  | $                    | 0.24   |      |  |   | (0.05  | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|Diluted as reported                                                                                                                                |  | $                    | 0.23   |      |  | $ | (0.04  | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  
|Diluted pro forma                                                                                                                                  |  | $                    | 0.23   |      |  | $ | (0.05  | )
|                                                                                                                                                   |  |                      |        |      |  |   |        |  

In April 2003 the Board of Directors granted incentive and non-qualifying
stock options to acquire an aggregate of 758,100 shares of Class A Common Stock
under the Amended and Restated BankAtlantic Bancorp 2001 Stock Option Plan.
The options vest in five years and expire ten years after the grant date except
for stock options granted to non-employee Directors which vest immediately.
The stock options were granted with an exercise price ($9.68) equal to the fair
market value of the common stock at the date of grant No compensation expense
was recognized in connection with the option grants since the exercise price
equaled the market value of the underlying common stock on the date of grant.
The options granted in April 2003 had a fair value of $4.76 per option based on
the fair value recognition provisions of SFAS No. 123.

In March 2003, 1,500 shares of restricted Class A Stock were issued under
a compensation agreement with an employee. This equity compensation plan was
not approved by shareholders. The restricted stock had a fair value of $14,000
at the grant date and vested immediately.

3. Trust Preferred Securities, Convertible Debentures and Common Stock

During the three months ended March 31, 2003, the Company participated in
two pooled trust preferred securities offerings in which an aggregate of $65
million of trust preferred securities were issued in two separate transactions.
The trust preferred securities pay interest quarterly at fixed rates
ranging from 6.40% to 6.65% per annum until 2008, and thereafter at a
floating rate equal to 3-month LIBOR plus 315-325 basis points. The
securities are redeemable in five years and are due in 2033. The securities
have a liquidation value of $1,000 per security. The trust preferred
securities were issued by statutory trusts established by the Company. BBC
Capital Trust X issued 50,000 trust preferred securities and BBC Capital Trust
XII issued 15,000 trust preferred securities. The sales of the trust preferred
securities were part of larger pooled trust preferred securities offerings and
were not registered under the Securities Act of 1933. The net proceeds to the
Company from the trust preferred securities offerings after placement fees and
expenses were approximately $63 million. These net proceeds were used to
redeem the Companys $45.8 million of 5.625% Convertible Subordinated
Debentures due 2007, pay down $16 million of borrowings under the Companys
credit facility with an unrelated financial institution and for general
corporate purposes.

The Convertible Subordinated Debentures were redeemed in April 2003 at a
redemption price of 102% of the principal amount plus accrued and unpaid
interest through the redemption date. During the period between the mailing of
11Table of ContentsBankAtlantic Bancorp, Inc.the notice of redemption and the redemption, approximately $211,000 of
Convertible Subordinated Debentures were converted by holders into an aggregate
of 18,754 shares of Class A Common Stock. The Company in April 2003 wrote off
$730,000 of deferred offering costs and incurred a $917,000 call premium in
connection with this redemption.In March 2002, the Company completed an underwritten public offering in
which the Companys wholly-owned statutory trust (BBC Capital Trust II)
issued $55.4 million of trust preferred securities. These trust preferred
securities pay distributions quarterly at an 8.50% fixed rate. The net
proceeds to the Company from the publicly offered trust preferred securities
after underwriting discounts and expenses were approximately $53.3 million.In April 2003, the Company participated in a pooled trust preferred
securities offering in which an aggregate of $10 million of trust preferred
securities were issued. The trust preferred securities pay interest
quarterly at a fixed rate of 6.448% per annum until 2008, and thereafter at
a floating rate equal to 3-month LIBOR plus 325 basis points. The
securities are redeemable in five years and are due in 2033. The securities
have a liquidation value of $1,000 per security. The trust preferred
securities were issued by a statutory trust established by the Company. BBC
Capital Trust XI issued 10,000 trust preferred securities. The net proceeds
to the Company from the trust preferred securities offering after placement
fees and expenses were approximately $9.7 million. These net proceeds were
used for general corporate purposes.4. Securities OwnedRyan Becks securities owned activities were associated with sales and
trading activities conducted both as principal and as agent on behalf of
individual and institutional investor clients of Ryan Beck. Transactions as
principal involve making markets in securities which are held in inventory to
facilitate sales to and purchases from customers. Ryan Beck also realizes
gains and losses from proprietary trading activities which includes the
activities of its wholly owned subsidiary, The GMS Group (GMS).Ryan Becks securities owned (at fair value) consisted of the following: (in thousands)

|                  |                               |   |           |        |              |   |           |         |  |   |        |        | 
|----------------- | ----------------------------- | - | --------- | ------ | ------------ | - | --------- | ------- |  | - | ------ | ------ | 
|                  |                               |   | March 31, |        | December 31, |   | March 31,
|                  |                               |   | 2003      |        | 2002         |   | 2002     
|                  |                               |   |           |        |              |   |          
|Debt obligations: |                               |   |           |        |              |   |           |         |  |   |        |       
|                  | States and municipalities (1) |   | $         | 84,745 |              |   | $         | 119,417 |  |   | $      | 4,943  | 
|                  | Corporations                  |   |           | 4,958  |              |   |           | 5,344   |  |   |        | 7,083  | 
|                  | U.S. Government and agencies  |   |           | 35,355 |              |   |           | 26,004  |  |   |        | 13,190 | 
|                  | Corporate equities            |   |           | 10,029 |              |   |           | 19,280  |  |   |        | 9,450  | 
|                  | Mutual funds                  |   |           | 17,022 |              |   |           | 16,409  |  |   |        |       | 
|                  | Certificates of deposit       |   |           | 2,210  |              |   |           |        |  |   |        |       | 
|                  |                               |   |           |        |              |   |           |         |  |   |        |       
|                  |                               | $ | 154,319   |        |              | $ | 186,454   |         |  | $ | 34,666 |       
|                  |                               |   |           |        |              |   |           |         |  |   |        |       



|(1) |  | Includes $77.4 million and $108.3 million of
securities owned by GMS, of which approximately $8.0 million
and $9.7 million were not accruing interest at March 31, 2003
and December 31, 2002, respectively. The ability to realize
Ryan Becks investment in these securities will depend on
future market conditions.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In the ordinary course of business, Ryan Beck borrows under an agreement
with its clearing broker by pledging securities owned as collateral primarily
to finance inventories. As of March 31, 2003 and December 31, 2002 the
balances due to the clearing broker were $37.0 million and $78.8 million,
respectively.

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BankAtlantic Bancorp, Inc.

Ryan Becks securities sold not yet purchased consisted of the following: (in thousands)

|                             |  |           |        |              |  |           |        |  |  |   |        | 
|---------------------------- |  | --------- | ------ | ------------ |  | --------- | ------ |  |  | - | ------ | 
|                             |  | March 31, |        | December 31, |  | March 31,
|                             |  | 2003      |        | 2002         |  | 2002     
|                             |  |           |        |              |  |          
|States and municipalities    |  | $         | 3,277  |              |  | $         | 9,566  |  |  | $ | 17,707 | 
|Corporations                 |  |           | 4,903  |              |  |           | 1,159  |  |  |   | 8,376  | 
|U.S. Government and agencies |  |           | 16,172 |              |  |           | 23,587 |  |  |   | 38,137 | 
|Corporate equities           |  |           | 3,981  |              |  |           | 3,691  |  |  |   | 2,464  | 
|Certificates of deposit      |  |           | 21,427 |              |  |           |       |  |  |   |       | 
|                             |  |           |        |              |  |           |        |  |  |   |        | 
|                             |  | $         | 49,760 |              |  | $         | 38,003 |  |  | $ | 66,684 | 
|                             |  |           |        |              |  |           |        |  |  |   |        | 

5. Loans Receivable

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

|                                        |                        |   |           |           |              |   |           |           |  |   |           |           | 
|--------------------------------------- | ---------------------- | - | --------- | --------- | ------------ | - | --------- | --------- |  | - | --------- | --------- | 
|                                        |                        |   | March 31, |           | December 31, |   | March 31,
|                                        |                        |   | 2003      |           | 2002         |   | 2002     
|                                        |                        |   |           |           |              |   |          
|Real estate loans:                      |                        |   |           |           |              |   |           |           |  |   |           |          
|Residential                             |                        | $ | 1,824,329 |           |              | $ | 1,378,041 |           |  | $ | 1,622,137 |          
|Construction and development            |                        |   | 1,247,747 |           |              |   | 1,218,410 |           |  |   | 1,121,350 |          
|Commercial                              |                        |   | 800,911   |           |              |   | 755,492   |           |  |   | 718,208   |          
|Small Business                          |                        |   | 98,455    |           |              |   | 98,494    |           |  |   | 79,204    |          
|Other Loans:                            |                        |   |           |           |              |   |           |           |  |   |           |          
|Second mortgages  direct               |                        |   | 275,385   |           |              |   | 261,579   |           |  |   | 191,619   |          
|Second mortgages  indirect             |                        |   | 1,565     |           |              |   | 1,714     |           |  |   | 2,026     |          
|Commercial business                     |                        |   | 86,293    |           |              |   | 82,174    |           |  |   | 73,587    |          
|Lease financing                         |                        |   | 24,876    |           |              |   | 31,279    |           |  |   | 48,192    |          
|Small
business  non-mortgage           |                        |   | 60,516    |           |              |   | 62,599    |           |  |   | 62,361    |          
|Deposit overdrafts                      |                        |   | 2,557     |           |              |   | 2,487     |           |  |   | 2,354     |          
|Consumer loans  other direct           |                        |   | 21,778    |           |              |   | 22,394    |           |  |   | 25,999    |          
|Consumer loans  other indirect         |                        |   | 3,729     |           |              |   | 6,392     |           |  |   | 17,673    |          
|Loans held for sale:                    |                        |   |           |           |              |   |           |           |  |   |           |          
|Residential                             |                        |   |          |           |              |   |          |           |  |   | 6,763     |          
|Commercial syndication                  |                        |   | 13,953    |           |              |   | 14,499    |           |  |   | 22,706    |          
|                                        |                        |   |           |           |              |   |           |           |  |   |           |          
|                                        | Total gross loans      |   |           | 4,462,094 |              |   |           | 3,935,554 |  |   |           | 3,994,179 | 
|                                        |                        |   |           |           |              |   |           |           |  |   |           |          
|Adjustments:                            |                        |   |           |           |              |   |           |           |  |   |           |          
|Undisbursed portion of loans in process |                        |   | (536,406  | )         |              |   | (511,861  | )         |  |   | (433,510  | )        
|Premiums related to purchased loans     |                        |   | 10,399    |           |              |   | 2,159     |           |  |   | 278       |          
|Deferred fees                           |                        |   | (6,249    | )         |              |   | (5,200    | )         |  |   | (4,502    | )        
|Allowance for loan and lease losses     |                        |   | (48,695   | )         |              |   | (48,022   | )         |  |   | (48,927   | )        
|                                        |                        |   |           |           |              |   |           |           |  |   |           |          
|                                        | Loans receivable  net |   | $         | 3,881,143 |              |   | $         | 3,372,630 |  |   | $         | 3,507,518 | 
|                                        |                        |   |           |           |              |   |           |           |  |   |           |          

The Company originates CRA loans designated as held to maturity and also
originates CRA loans that are pre-sold to correspondents. Prior to September
2002, the Company originated CRA loans for resale. During June 2000, the
Company discontinued its commercial non-mortgage syndication lending activities
and transferred the entire portfolio to loans held for sale.

6. Real Estate Held for Development and Sale and Joint Venture Activities

Real estate held for development and sale and joint venture activities
consisted of the combined activities of Levitt and its subsidiaries as well as
Levitts joint venture activities and a joint venture acquired in connection
with the Community Savings Bankshares, Inc. (Community) acquisition.

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BankAtlantic Bancorp, Inc.

Real estate held for development and sale and joint ventures consisted of
the following: (in thousands)

|                                        |  |           |         |              |  |           |         |  |  |   |         | 
|--------------------------------------- |  | --------- | ------- | ------------ |  | --------- | ------- |  |  | - | ------- | 
|                                        |  | March 31, |         | December 31, |  | March 31,
|                                        |  | 2003      |         | 2002         |  | 2002     
|                                        |  |           |         |              |  |          
|Land and land development costs         |  | $         | 171,519 |              |  | $         | 161,826 |  |  | $ | 128,416 | 
|Construction costs                      |  |           | 29,400  |              |  |           | 23,412  |  |  |   | 20,063  | 
|Other costs                             |  |           | 13,350  |              |  |           | 12,888  |  |  |   | 9,713   | 
|Investments and loans to joint ventures |  |           | 50,539  |              |  |           | 51,904  |  |  |   | 49,194  | 
|Other                                   |  |           | 2,057   |              |  |           | 2,057   |  |  |   | 5,197   | 
|                                        |  |           |         |              |  |           |         |  |  |   |         | 
|                                        |  | $         | 266,865 |              |  | $         | 252,087 |  |  | $ | 212,583 | 
|                                        |  |           |         |              |  |           |         |  |  |   |         | 

The components of gains on sales of real estate developed for resale were
as follows: (in thousands)

|                                                                         |  |                      |        |      |  |   |        | 
|------------------------------------------------------------------------ |  | -------------------- | ------ | ---- |  | - | ------ | 
|                                                                         |  | For the Three Months
|                                                                         |  | Ended March 31,     
|                                                                         |  |                     
|                                                                         |  | 2003                 |        | 2002
|                                                                         |  |                      |        |     
|Sales of real estate                                                     |  | $                    | 52,964 |      |  | $ | 37,853 | 
|Cost of sales                                                            |  |                      | 39,193 |      |  |   | 26,775 | 
|                                                                         |  |                      |        |      |  |   |        | 
|Gains on sales of real estate                                            |  |                      | 13,771 |      |  |   | 11,078 | 
|Gains on joint venture activities                                        |  |                      | 17     |      |  |   | 899    | 
|                                                                         |  |                      |        |      |  |   |        | 
|Gains on sales of real estate
held for sale and joint venture
activities |  | $                    | 13,788 |      |  | $ | 11,977 | 
|                                                                         |  |                      |        |      |  |   |        | 

7. Derivatives

The following table outlines the notional amount and fair value of the
Companys derivatives outstanding at March 31, 2003: (in thousands)

|                                                       |  |          |        |            |  |        |        |             |  |             |      |             |  |             |  |  |            |  |  | 
|------------------------------------------------------ |  | -------- | ------ | ---------- |  | ------ | ------ | ----------- |  | ----------- | ---- | ----------- |  | ----------- |  |  | ---------- |  |  | 
|                                                       |  |          |        |            |  |        |        |             |  | Paying      |      | Receiving   |  |             |  | 
|                                                       |  | Notional |        |            |  |        |        | Index/Fixed |  | Index/Fixed |      | Termination
|                                                       |  | Amount   |        | Fair Value |  | Amount |        | Amount      |  | Date       
|                                                       |  |          |        |            |  |        |        |             |  |            
|Five year pay fixed swaps                              |  | $        | 25,000 |            |  | $      | (2,398 | )           |  |             | 5.73 | %           |  | 3 mo. LIBOR |  |  | 1/5/2006   | 
|Three year pay fixed swaps                             |  | $        | 50,000 |            |  | $      | (1,678 | )           |  |             | 5.81 | %           |  | 3 mo. LIBOR |  |  | 12/28/2003 | 
|                                                       |  |          |        |            |  |        |        |             |  |             |      |             |  |             |  |  |           
|Forward contract to purchase
adjustable rate mortgages |  | $        | 27,812 |            |  | $      | 42     |             |  |             |      |             |  |             |  |  |            |  |  | 
|                                                       |  |          |        |            |  |        |        |             |  |             |      |             |  |             |  |  |            |  |  | 

The above interest rate swap contracts were originated in prior periods to
hedge the variable cash flows relating to forecasted interest payments on
certain variable rate FHLB advances. The Companys risk management strategy
was to fix the variability of cash outflows on floating rate advances at a rate
of 5.09%. The changes in fair value of the interest rate swap contracts
designated as cash flow hedges were recorded in other comprehensive income and
the receivables and payables from the swap contracts were recorded as an
adjustment to interest expense on FHLB advances in the Companys Statements of
Operations for the three months ended March 31, 2003 and 2002. The Company
expects $520,000 of comprehensive income included in stockholders equity at
March 31, 2003 associated with interest rate swaps to be reclassified into
earnings within the next twelve months.

During the year ended December 31, 2000, the Company entered into a
forward contract to purchase the underlying collateral from a government agency
pool of securities in May 2005. The underlying collateral is five year hybrid
adjustable rate mortgage loans that will adjust annually after May 2005. The
forward contract is held for trading purposes and recorded at fair value.

During the first quarter of 2003, the Company exercised its option to call
$33 million of time deposits resulting in the termination of interest rate swap
contracts with a notional amount of $33 million. The time deposits were
redeemed due

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BankAtlantic Bancorp, Inc.

to the historically low interest rate environment. The interest rate swaps
were originated in prior periods as fair value hedges for the issuance of
fixed rate time deposits.

8. 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, type of customer, distribution system and regulatory
environment. The information provided for Segment Reporting is based on
internal reports utilized by management. Results of operations are reported
through six reportable segments. Bank Investments, Commercial Banking, and
Community Banking are our Bank Operations segments, which are conducted through
BankAtlantic. The remaining reportable segments consist of the activities of
Levitt, Ryan Beck and the parent company.The parent company includes the
operations of BankAtlantic Bancorp as well as acquisition related expenses such
as retention pool compensation expense related to the acquisition of Ryan Beck
in 1998. Interest expense and certain revenue and expense items are allocated
to the three Bank Operations reportable segments as interest expense and
overhead. The presentation and allocation of interest expense and overhead and
the net income calculated under the management approach associated with the
Bank Operations reportable segments and the parent company may not reflect the
actual economic costs, contribution or results of operations of the units as
stand alone businesses. If a different basis of allocation were utilized, the
relative contributions of the segments might differ but the relative trends in
the segments would, in managements view, likely not be impacted.

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

|                      |  |                                                                                                                          
|--------------------- |  | -------------------------------------------------------------------------------------------------------------------------
|Reportable Segment    |  | Operating Segments Aggregated                                                                                            
|                      |  |                                                                                                                          
|Bank Investments      |  | Investments, tax certificates, residential
loans purchased, CRA lending and real estate capital services                 
|Commercial Banking    |  | Commercial lending, syndications, international,
lease finance, trade finance and a real estate joint venture
development
|Community Banking     |  | Indirect and direct consumer lending, small business
lending and ATM operations                                          
|Levitt Corporation    |  | Real estate and joint venture operations                                                                                 
|Ryan Beck & Co., Inc. |  | Investment banking and brokerage operations                                                                              
|Parent Company        |  | BankAtlantic Bancorps operations, costs of
acquisitions, financing of acquisitions, and equity investments              

The accounting policies of the segments are the same as those described in
the summary of significant accounting policies. Intersegment transactions
consist of borrowings by real estate operations and investment banking and
brokerage operations which are recorded based upon the terms of the underlying
loan agreements and are eliminated. The elimination entries consist of the
intercompany loan interest income and interest expense, management fees,
consulting fees, facilities rent and brokerage commission.

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BankAtlantic Bancorp, Inc.

The Company evaluates segment performance based on net income after tax.
The table below is segment information for income before cumulative effect of a
change in accounting principle for the three months ended March 31, 2003 and
2002: (in thousands)

|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|--------------------------------------- |  | ---------- | --------- | ----------- |  | --------- | ------- | ------- |  | ------- | ------- | ----------- |  | ------- | ------- | - |  | - | ------- | - |  | - | --------- | -
|                                        |  | Bank       |           | Levitt      |  |           |         |         |  | Parent  |         | Elimination |  | Segment
|                                        |  | Operations |           | Corporation |  | Ryan Beck |         | Company |  | Entries |         | Total      
|                                        |  |            |           |             |  |           |         |         |  |         |         |            
|2003                                    |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Interest income                         |  | $          | 66,928    |             |  | $         | 228     |         |  | $       | 4,347   |             |  | $       | 453     |   |  | $ | (763    | ) |  | $ | 71,193    |  
|Interest expense                        |  |            | (27,770   | )           |  |           | (241    | )       |  |         | (725    | )           |  |         | (3,644  | ) |  |   | 431     |   |  |   | (31,949   | )
|Provision for loan losses               |  |            | (850      | )           |  |           |        |         |  |         |        |             |  |         |        |   |  |   |        |   |  |   | (850      | )
|Non-interest income                     |  |            | 14,358    |             |  |           | 13,520  |         |  |         | 59,627  |             |  |         | 196     |   |  |   | 302     |   |  |   | 88,003    |  
|Non-interest expense                    |  |            | (35,234   | )           |  |           | (8,138  | )       |  |         | (60,500 | )           |  |         | (456    | ) |  |   | 30      |   |  |   | (104,298  | )
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment profits and losses
before taxes |  |            | 17,432    |             |  |           | 5,369   |         |  |         | 2,749   |             |  |         | (3,451  | ) |  |   |        |   |  |   | 22,099    |  
|Provision for income taxes              |  |            | (6,031    | )           |  |           | (2,075  | )       |  |         | (842    | )           |  |         | 1,207   |   |  |   |        |   |  |   | (7,741    | )
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment net income (loss)               |  | $          | 11,401    |             |  | $         | 3,294   |         |  | $       | 1,907   |             |  | $       | (2,244  | ) |  | $ |        |   |  | $ | 14,358    |  
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment average assets                  |  | $          | 4,688,894 |             |  | $         | 308,900 |         |  | $       | 210,991 |             |  | $       | 87,939  |   |  | $ | 195,206 |   |  | $ | 5,491,930 |  
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|2002                                    |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |          |  
|Interest income                         |  | $          | 67,102    |             |  | $         | 414     |         |  | $       | 698     |             |  | $       | 311     |   |  | $ | (687    | ) |  | $ | 67,838    |  
|Interest expense                        |  |            | (31,843   | )           |  |           | (2      | )       |  |         | (328    | )           |  |         | (3,323  | ) |  |   | 476     |   |  |   | (35,020   | )
|Provision for loan losses               |  |            | (2,565    | )           |  |           |        |         |  |         |        |             |  |         |        |   |  |   |        |   |  |   | (2,565    | )
|Non-interest income                     |  |            | 9,354     |             |  |           | 12,054  |         |  |         | 13,598  |             |  |         | 2,683   |   |  |   | 211     |   |  |   | 37,900    |  
|Non-interest expense                    |  |            | (28,304   | )           |  |           | (6,178  | )       |  |         | (13,735 | )           |  |         | (597    | ) |  |   |        |   |  |   | (48,814   | )
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment profits and losses
before taxes |  |            | 13,744    |             |  |           | 6,288   |         |  |         | 233     |             |  |         | (926    | ) |  |   |        |   |  |   | 19,339    |  
|Provision for income taxes              |  |            | (4,803    | )           |  |           | (2,201  | )       |  |         | (82     | )           |  |         | 327     |   |  |   |        |   |  |   | (6,759    | )
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment net income (loss)               |  | $          | 8,941     |             |  | $         | 4,087   |         |  | $       | 151     |             |  | $       | (599    | ) |  | $ |        |   |  | $ | 12,580    |  
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  
|Segment average assets                  |  | $          | 4,190,133 |             |  | $         | 205,698 |         |  | $       | 99,374  |             |  | $       | 114,511 |   |  | $ | 67,590  |   |  | $ | 4,677,306 |  
|                                        |  |            |           |             |  |           |         |         |  |         |         |             |  |         |         |   |  |   |         |   |  |   |           |  

The changes in the carrying amounts of goodwill for the three months ended
March 31, 2003 were as follows:

|                                             |  |            |        |             |  |           |   |         |  |        |       |         |  |   |       |  |  |   |        |  
|-------------------------------------------- |  | ---------- | ------ | ----------- |  | --------- | - | ------- |  | ------ | ----- | ------- |  | - | ----- |  |  | - | ------ | -
|                                             |  | Bank       |        | Levitt      |  |           |   |         |  | Parent |       | Segment
|(In thousands)                               |  | Operations |        | Corporation |  | Ryan Beck |   | Company |  | Total 
|                                             |  |            |        |             |  |           |   |         |  |       
|Balance as of December 31, 2002              |  | $          | 71,224 |             |  | $         |  |         |  | $      | 1,658 |         |  | $ | 5,730 |  |  | $ | 78,612 |  
|Adjustments:                                 |  |            |        |             |  |           |   |         |  |        |       |         |  |   |       |  |  |   |        |  
|Allowance for Community loan losses acquired |  |            | (734   | )           |  |           |  |         |  |        |      |         |  |   |      |  |  |   | (734   | )
|                                             |  |            |        |             |  |           |   |         |  |        |       |         |  |   |       |  |  |   |        |  
|Balance as of March 31, 2003                 |  | $          | 70,490 |             |  | $         |  |         |  | $      | 1,658 |         |  | $ | 5,730 |  |  | $ | 77,878 |  
|                                             |  |            |        |             |  |           |   |         |  |        |       |         |  |   |       |  |  |   |        |  

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BankAtlantic Bancorp, Inc.

Bank Operations consists of three reportable segments. The table below is
segment information for the three months ended March 31, 2003 and 2002
associated with the three Bank Operations reportable segments:

|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|--------------------------------------- |  | --------------- | --------- | ---------- |  | --------- | --------- | -------- |  | - | ------- | - |  | - | --------- | -
|                                        |  | Bank Operations
|                                        |  |                
|                                        |  | Bank            |           | Commercial |  | Community |           | Bank Ops
|(in thousands)                          |  | Investments     |           | Banking    |  | Banking   |           | Total   
|                                        |  |                 |           |            |  |           |           |         
|2003                                    |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Interest income                         |  | $               | 35,192    |            |  | $         | 25,234    |          |  | $ | 6,502   |   |  | $ | 66,928    |  
|Interest expense and overhead           |  |                 | (24,919   | )          |  |           | (13,767   | )        |  |   | (3,817  | ) |  |   | (42,503   | )
|Provision for loan losses               |  |                 | (373      | )          |  |           | (1,231    | )        |  |   | 754     |   |  |   | (850      | )
|Direct non-interest income              |  |                 | 60        |            |  |           | 901       |          |  |   | 2,428   |   |  |   | 3,389     |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment profits and losses
before taxes |  |                 | 6,351     |            |  |           | 8,391     |          |  |   | 2,690   |   |  |   | 17,432    |  
|Provision for income taxes              |  |                 | (2,197    | )          |  |           | (2,903    | )        |  |   | (931    | ) |  |   | (6,031    | )
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment net income                      |  | $               | 4,154     |            |  | $         | 5,488     |          |  | $ | 1,759   |   |  | $ | 11,401    |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment average assets                  |  | $               | 2,511,393 |            |  | $         | 1,704,507 |          |  | $ | 472,994 |   |  | $ | 4,688,894 |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|2002                                    |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Interest income                         |  | $               | 37,675    |            |  | $         | 23,931    |          |  | $ | 5,496   |   |  | $ | 67,102    |  
|Interest expense and overhead           |  |                 | (26,885   | )          |  |           | (13,978   | )        |  |   | (3,216  | ) |  |   | (44,079   | )
|Provision for loan losses               |  |                 | (200      | )          |  |           | (2,215    | )        |  |   | (150    | ) |  |   | (2,565    | )
|Direct non-interest income              |  | $               | 188       |            |  |           | 628       |          |  |   | 2,189   |   |  |   | 3,005     |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment profits and losses
before taxes |  | $               | 8,232     |            |  | $         | 5,783     |          |  | $ | (271    | ) |  | $ | 13,744    |  
|Provision for income taxes              |  |                 | (2,878    | )          |  |           | (2,020    | )        |  |   | 95      |   |  |   | (4,803    | )
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment net income (loss)               |  | $               | 5,354     |            |  | $         | 3,763     |          |  | $ | (176    | ) |  | $ | 8,941     |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  
|Segment average assets                  |  | $               | 2,338,327 |            |  | $         | 1,514,704 |          |  | $ | 337,102 |   |  | $ | 4,190,133 |  
|                                        |  |                 |           |            |  |           |           |          |  |   |         |   |  |   |           |  

The changes in the carrying amounts of goodwill for the three months ended
March 31, 2003 were as follows:

|                                             |  |                 |        |            |  |           |        |          |  |   |     |  |  |   |        |  
|-------------------------------------------- |  | --------------- | ------ | ---------- |  | --------- | ------ | -------- |  | - | --- |  |  | - | ------ | -
|                                             |  | Bank Operations |        |            |  |          
|                                             |  |                 |        |            |  |          
|                                             |  | Bank            |        | Commercial |  | Community |        | Bank Ops
|(In thousands)                               |  | Investments     |        | Banking    |  | Banking   |        | Total   
|                                             |  |                 |        |            |  |           |        |         
|Balance as of December 31, 2002              |  | $               | 34,322 |            |  | $         | 35,977 |          |  | $ | 925 |  |  | $ | 71,224 |  
|Allowance for Community loan losses acquired |  |                 |       |            |  |           | (734   | )        |  |   |    |  |  |   | (734   | )
|                                             |  |                 |        |            |  |           |        |          |  |   |     |  |  |   |        |  
|Balance as of March 31, 2003                 |  | $               | 34,322 |            |  | $         | 35,243 |          |  | $ | 925 |  |  | $ | 70,490 |  
|                                             |  |                 |        |            |  |           |        |          |  |   |     |  |  |   |        |  

9. Transitional Goodwill Impairment Evaluation

In connection with the transitional goodwill impairment evaluation
required under FASB Statement 142, the Company performed an assessment of
whether there was an indication that goodwill was impaired as of January 1,
2002, the date of adoption. The fair values of all reporting units, except for
the Ryan Beck reportable segment, exceeded their respective carrying amounts at
the adoption date. For the Ryan Beck reportable segment, a $15.1 million
impairment loss (net of a $1.2 million tax benefit) was recorded effective as
of January 1, 2002 as a cumulative effect of a change in accounting principle.

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BankAtlantic Bancorp, Inc.

10. Financial instruments with off-balance sheet risk

Financial instruments with off-balance sheet risk were:

|                                                                                    |  |                |           |              |  |   |           | 
|----------------------------------------------------------------------------------- |  | -------------- | --------- | ------------ |  | - | --------- | 
|                                                                                    |  | March 31,      |           | December 31,
|                                                                                    |  |                |           |             
|                                                                                    |  | 2003           |           | 2002        
|                                                                                    |  |                |           |             
|                                                                                    |  | (In thousands)
|Commitment to sell fixed rate residential loans                                     |  | $              | 135       |              |  | $ | 88        | 
|Forward contract to purchase mortgage-backed securities                             |  |                | 27,813    |              |  |   | 39,128    | 
|Commitments to purchase other investment securities                                 |  |                |          |              |  |   | 200       | 
|Commitments to purchase variable rate residential loans                             |  |                | 124,547   |              |  |   | 300,643   | 
|Commitments to extend credit, including the undisbursed
portion of loans in process |  |                | 1,141,639 |              |  |   | 1,126,384 | 
|Standby letters of credit                                                           |  |                | 29,517    |              |  |   | 35,927    | 
|Commercial lines of credit                                                          |  |                | 160,149   |              |  |   | 209,708   | 

Standby letters of credit are conditional commitments issued by
BankAtlantic to guarantee the performance of a customer to a third party.
BankAtlantic standby letters of credit are generally issued to customers in the
construction industry guaranteeing project performance. These types of standby
letters of credit had a maximum exposure of $19.2 million at March 31, 2003.
BankAtlantic also issues standby letters of credit to commercial lending
customers guaranteeing the payment of goods and services. These types of
standby letters of credit had a maximum exposure of $10.3 million at March 31,
2003. These guarantees are primarily issued to support public and private
borrowing arrangements and have maturities of one year or less. The credit
risk involved in issuing letters of credit is essentially the same as that
involved in extending loan facilities to customers. BankAtlantic may hold
certificates of deposit and residential and commercial liens as collateral for
such commitments which are collateralized similar to other types of borrowings.

11. Acquisitions

On April 26, 2002, Ryan Beck acquired certain of the assets and assumed
certain of the liabilities of Gruntal & Co., LLC and acquired all of the
membership interests in GMS, a wholly-owned subsidiary of Gruntal (the Gruntal
transaction). In July 2002, Ryan Beck established a retention plan for
certain Gruntal financial consultants, key employees and others. Pursuant to
the retention plan, the participants were granted a length of service award and
a retention award in forgivable notes in the aggregate amounts of $900,000 and
$9.5 million, respectively, of which the entire length of service award and 50%
of the retention award in forgivable notes in the aggregate of $5.7 million was
paid in July 2002. The participants were given the choice to receive their
remaining 50% of the retention award in forgivable notes in February 2003 or
elect to receive an enhanced award based on production goals to be paid out in
the form of forgivable notes in January 2004. In February 2003, $2.9 million
of forgivable notes were issued to plan participants. Participants that would
have been entitled to receive $1.3 million of forgivable notes elected to
receive a potential enhanced award in January 2004. The award based on
production goals can be no less than the amount they would have received in
February 2003, assuming all participants remained employed through the
retention award date. Each forgivable note will have a term of five years. A
pro-rata portion of the principal amount of the note is forgiven each month
over the five year term. If a participant terminates employment with Ryan Beck
prior to the end of the term of the Note, the outstanding balance becomes
immediately due to Ryan Beck.

On March 22, 2002 BankAtlantic acquired Community Savings Bankshares Inc.,
the parent company of Community Savings, F.A. (Community), for $170.3 million
in cash and immediately merged Community into BankAtlantic. The fair value of
Communitys assets acquired and liabilities assumed is included in the
Companys statement of financial condition and Communitys results of
operations have been included in the Companys consolidated financial
statements since March 22, 2002.

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BankAtlantic Bancorp, Inc.

The following table summarizes the fair value of assets acquired and
liabilities assumed in connection with the acquisition of Community. (in
thousands)

|                                                   |                                   |   |          |         | 
|-------------------------------------------------- | --------------------------------- | - | -------- | ------- | 
|                                                   |                                   |   | Fair    
|                                                   |                                   |   | Value   
|                                                   |                                   |   |         
|Cash and interest earning deposits                 |                                   | $ | 124,977  |        
|Securities available for sale                      |                                   |   | 79,015   |        
|Loans receivable, net                              |                                   |   | 621,325  |        
|FHLB Stock                                         |                                   |   | 8,063    |        
|Investments and advances to joint ventures         |                                   |   | 16,122   |        
|Goodwill                                           |                                   |   | 60,102   |        
|Core deposit intangible asset                      |                                   |   | 15,117   |        
|Other assets                                       |                                   |   | 45,070   |        
|                                                   |                                   |   |          |        
|                                                   | Fair value of assets acquired     |   |          | 969,791 | 
|                                                   |                                   |   |          |        
|Deposits                                           |                                   |   | 639,111  |        
|FHLB advances                                      |                                   |   | 138,981  |        
|Mortgage-backed bond                               |                                   |   | 14,291   |        
|Other liabilities                                  |                                   |   | 7,109    |        
|                                                   |                                   |   |          |        
|                                                   | Fair value of liabilities assumed |   |          | 799,492 | 
|                                                   |                                   |   |          |        
|Community Savings purchase price                   |                                   |   | 170,299  |        
|Cash acquired                                      |                                   |   | (124,977 | )      
|                                                   |                                   |   |          |        
|Purchase of Community Savings net of
cash acquired |                                   | $ | 45,322   |        
|                                                   |                                   |   |          |        

Acquisition related charges and impairments during the three months ended
March 31, 2002 include various data conversion and system integration expenses
as well as facilities impairment write-downs associated with the Community
acquisition. As a consequence of the acquisition, BankAtlantic closed two of
its Palm Beach county branches during the second quarter of 2002.

12. New Accounting Pronouncements:

In January 2003, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 46 (Consolidation of Variable Interest Entities). The
interpretation defines a variable interest entity as a corporation,
partnership, trust or any other legal structure used for business purposes that
either (a) does not have equity investors with voting rights or (b) has equity
investors that do not provide sufficient financial resources for the equity to
support its activities. A variable interest entity often holds financial
assets, including loans or receivables, real estate or other property. A
variable interest entity may be essentially passive or it may engage in
research and development or other activities on behalf of another company. This
interpretation requires a variable interest entity to be consolidated by a
company if that company is subject to a majority of the risk of loss from the
variable interest entitys activities or entitled to receive a majority of the
entitys residual returns or both. The Company would have to consolidate any
of its variable interest entities that meet the above criteria as of July 1,
2003. The interpretation also requires disclosures about variable interest
entities that the company is not required to consolidate but in which it has a
significant variable interest. Management is in the process of determining if
its interests in unconsolidated entities qualify as variable interest entities
and, if so, whether the assets, liabilities, non-controlling interest, and
results of activities are required to be included in the Companys consolidated
financial statements. Our investments and advances to unconsolidated entities
was $50.5 million at March 31, 2003. These entities were primarily real estate
joint ventures. We believe that the majority of these entities will not be
consolidated; however, we cannot give any assurances that this will be the case
until we complete our evaluation. We expect to complete our evaluation by July
1, 2003, the deadline imposed by this interpretation.

In April 2003, the FASB issued Statement No. 149 (Amendment of Statement
133 on Derivative Instruments and Hedging Activities.) This Statement amends
and clarifies accounting for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities
under Statement 133. The new guidance amends Statement 133 for decisions made
as part of the Derivatives Implementation Group process that effectively
required amendments to Statement 133, in connection with other FASB projects
dealing with financial instruments, and regarding

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BankAtlantic Bancorp, Inc.

implementation issues raised in relation to the application of the
definition of a derivative, particularly regarding the meaning of an
underlying and the characteristics of a derivative that contains financing
components. This Statement is effective for contracts entered into or modified
after June 30, 2003, and for hedging relationships designated after June 30,
2003. The guidance should be applied prospectively. Management believes that
this Statement will not have a material impact on the Companys financial
statements.

13. Reclassifications

Certain amounts for prior periods have been reclassified to conform with
the statement presentation for 2003.

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BankAtlantic Bancorp, Inc.




MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The objective of the following discussion is to provide an understanding
of the financial condition and results of operations of BankAtlantic Bancorp,
Inc. (the Company, which may also be referred to as we, us, or our) and
its wholly owned subsidiaries for the three months ended March 31, 2003 and
2002, respectively. The principal assets of the Company consist of its
ownership of these subsidiaries, which include BankAtlantic, a federal savings
bank headquartered in Fort Lauderdale, Florida and its subsidiaries
(BankAtlantic), Levitt Corporation and its subsidiaries (Levitt), a real
estate development company, and Ryan Beck & Co., Inc. and its subsidiaries
(Ryan Beck), a brokerage and investment banking firm.

Except for historical information contained herein, the matters discussed
in this report contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended (the Securities Act), and
Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange
Act), that involve substantial risks and uncertainties. When used in this
report and in any documents incorporated by reference herein, the words
anticipate, believe, estimate, may, intend, expect and similar
expressions identify certain of such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements contained
herein. These forward-looking statements are based largely on the expectations
of BankAtlantic Bancorp, Inc. (the Company) and are subject to a number of
risks and uncertainties that are subject to change based on factors which are,
in many instances, beyond the Companys control. These include, but are not
limited to, risks and uncertainties associated with: the impact of economic,
competitive and other factors affecting the Company and its operations,
markets, products and services; credit risks and loan losses, and the related
sufficiency of the allowance for loan losses; changes in interest rates and the
effects of, and changes in, trade, monetary and fiscal policies and laws;
adverse conditions in the stock market, the public debt market and other
capital markets and the impact of such conditions on our activities and the
value of our assets; the impact of changes in financial services laws and
regulations (including laws concerning taxes, banking, securities and
insurance); technological changes; BankAtlantics seven-day banking initiative
and other growth initiatives may not be successful or produce results which
justify their costs; the impact of changes in accounting policies by the
Securities and Exchange Commission; the impact of periodic testing of goodwill
and other intangible assets for impairment; the potential consolidation of
variable interest entities, if any; and with respect to the operations of
Levitt and its real estate subsidiaries: the market for real estate generally
and in the areas where Levitt has developments, the availability and price of
land suitable for development, materials prices, labor costs, interest rates,
environmental factors and governmental regulations; and the Companys success
at managing the risks involved in the foregoing. Further, this report contains
forward-looking statements with respect to the proposed spin-off of Levitt
which is subject to a number of risks and uncertainties that are subject to
change based on factors including that the conditions relating to regulatory
approval and the tax-free nature of the spin-off may not be met, that business,
economic, or market conditions may make the spin-off less advantageous, that
Levitt will not be successful as a separate publicly-traded company, that
Levitt will not have additional access to capital or debt markets or that such
markets may prove to be more expensive than currently available, and that the
Board may in the future conclude that it is not in the best interest of the
Company or the shareholders to pursue the spin-off. In addition to the risks
and factors identified above, reference is also made to other risks and factors
detailed in reports filed by the Company with the Securities and Exchange
Commission. The Company cautions that the foregoing factors are not exclusive.

Critical Accounting Policies

Management views critical accounting policies as accounting policies that
are important to the understanding of our financial statements and also involve
estimates and judgments about inherently uncertain matters. In preparing the
financial statements, management is required to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities as of the date of the consolidated statements
of financial condition and assumptions that affect the recognition of income
and expenses on the statement of operations for the periods presented. Actual
results could differ significantly from those estimates. Material estimates
that are particularly susceptible to significant change in the next year relate
to the determination of the allowance for loan losses, evaluation of goodwill
for impairment, the valuation of real estate acquired in connection with
foreclosure or in satisfaction of loans, the valuation of the fair market value
of assets and liabilities in the application of the purchase method of
accounting, the amount of the deferred tax asset valuation allowance, the
valuation of derivatives, the valuation of securities available for sale and
the valuation of real estate held for development and equity method
investments. The six accounting policies that we have identified as critical
accounting policies are: (i) allowance for loan and lease losses, (ii)
valuation of securities and derivative instruments, (iii) impairment of
goodwill and other intangible assets, (iv) impairment of long-lived assets;
(v) real estate held for development and sale and equity method investments and
(vi) accounting for business combinations.

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BankAtlantic Bancorp, Inc.

For a more detailed discussion on these critical accounting policies see
Critical Accounting Policies appearing in the Companys Annual Report on Form
10-K for the year ended December 31, 2002.

Consolidated Results of Operations

|                                                                                     |  |                      |         |      |  |   |         |  
|------------------------------------------------------------------------------------ |  | -------------------- | ------- | ---- |  | - | ------- | -
|                                                                                     |  | For the Three Months
|                                                                                     |  | Ended March 31,     
|                                                                                     |  |                     
|(In thousands)                                                                       |  | 2003                 |         | 2002
|                                                                                     |  |                      |         |     
|Net interest income                                                                  |  | $                    | 39,244  |      |  | $ | 32,818  |  
|Provision for loan losses                                                            |  |                      | 850     |      |  |   | 2,565   |  
|Securities activities                                                                |  |                      | 384     |      |  |   | 3,039   |  
|Other non-interest income                                                            |  |                      | 87,619  |      |  |   | 34,861  |  
|Non-interest expense                                                                 |  |                      | 104,298 |      |  |   | 48,814  |  
|                                                                                     |  |                      |         |      |  |   |         |  
|Income before income taxes and cumulative effect
of a change in accounting principle |  |                      | 22,099  |      |  |   | 19,339  |  
|Provision for income taxes                                                           |  |                      | 7,741   |      |  |   | 6,759   |  
|                                                                                     |  |                      |         |      |  |   |         |  
|Income before cumulative effect of a change in
accounting principle                  |  |                      | 14,358  |      |  |   | 12,580  |  
|Cumulative effect of a change in accounting
principle, net of tax                    |  |                      |        |      |  |   | (15,107 | )
|                                                                                     |  |                      |         |      |  |   |         |  
|Net income (loss)                                                                    |  | $                    | 14,358  |      |  | $ | (2,527  | )
|                                                                                     |  |                      |         |      |  |   |         |  

For the Three Months Ended March 31, 2003 Compared to the Same 2002 Period:

Income before cumulative effect of a change in accounting principle
increased by 14% from 2002. The increased earnings primarily resulted from a
significant improvement in net interest income, a decline in our provision for
loan losses, a substantial increase in service charges on deposits, and higher
earnings associated with our brokerage and investment banking subsidiary, Ryan
Beck. The above improvements in earnings were partially offset by lower
earnings from Levitts real estate operations and reduced gains from securities
activities.

Net interest income increased by 20% from 2002. The improvement in net
interest income primarily resulted from earning asset growth associated with
the Community acquisition and the origination and purchase of real estate loans
as well as a large increase in net interest income from Ryan Becks securities
owned trading activities. The increase in trading securities activities
primarily resulted from the April 2002 Gruntal transaction.

The provision for loan losses declined by 67% from 2002. The decrease
reflects a $2.1 million recovery on a syndication loan that was charged off
during March 2002 and a change in our loan mix from indirect consumer loans,
syndication commercial business loans and lease financings to a loan portfolio
predominately collateralized by real estate. Real estate loans have lower
historical loss experiences than the loan products emphasized in prior periods.

Gains on securities activities during the 2003 quarter resulted from a
liquidating dividend associated with an investment that the Parent Company had
in an equity security. Gains on securities activities during the 2002 quarter
primarily resulted from sales of Parent Company owned equity securities.

Other non-interest income increased by 151% from 2002. The increase
primarily resulted from a substantial increase in income from Ryan Beck as well
as a significant increase in service charges from bank operations. The
substantial increase in investment banking income and other income resulted
from the Gruntal transaction, which added approximately 500 financial
consultants to Ryan Becks approximately 100 consultants. The increase in
service charges on deposits primarily resulted from an increase in checking
accounts attributed to our new checking products and our seven-day branch
banking initiative. In addition, revenues from real estate activities
increased by 15% from 2002. The enhanced revenues from real estate operations
reflect an increase in the number of homes sold at Levitt and Sons as well as
an increase in the average home sales price during the 2003 quarter compared to
the same 2002 period. Also included in real estate revenues was $330,000 of
equity in earnings from a joint venture acquired in connection with the
Community acquisition.

Non-interest expense increased by 114% from 2002. The increase primarily
resulted from higher non-interest expenses associated with the Gruntal
transaction, the Community acquisition, implementation of seven-day banking and

22



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##### Table of Contents



BankAtlantic Bancorp, Inc.

growth in our real estate operations. Ryan Becks non-interest expense
increased from $13.7 million during 2002 to $60.5 million during 2003 primarily
as a result of the Gruntal transaction. Bank operations non-interest expense
increased from $28.3 million to $35.2 million primarily relating to the
Community acquisition and the seven-day banking initiative. Levitts
non-interest expense increased from $6.2 million to $8.1 million due to the
development of various new projects. The increase in non-interest expenses was
partially offset by $1.1 million of acquisition related charges associated with
BankAtlantics acquisition of Community Savings Bankshares in March 2002.

Upon the implementation of FASB Statement 142, we performed the required
goodwill impairment test as of January 1, 2002 and concluded that the goodwill
assigned to the Ryan Beck reportable segment was impaired. As a consequence,
the Company recorded a $15.1 million impairment loss (net of tax) effective as
of January 1, 2002 as a cumulative effect of a change in accounting principle.

Bank Operations Results of Operations

Net interest income

|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  |  |  | 
|------------------------------------------ | ------------------------------------- | -------------- | --------- | --------------------------------------------- | --------- | -------------- | ------ | ------- | ------ | -------- | ---- | ------ | ---- | - | --------- | --------- | --------- | - | ------ | ------ | ------ |  | ---- | ----- | ---- |  |  |  |  | 
|                                           |                                       |                |           | Average Balance Sheet - Yield / Rate Analysis |           |                |        |        
|                                           |                                       |                |           | For the Three Months Ended                    |           |                |        |        
|                                           |                                       |                |           |                                               |           |                |        |        
|                                           |                                       |                |           | March 31, 2003                                |           | March 31, 2002 |        |         |        |         
|                                           |                                       |                |           |                                               |           |                |        |         |        |         
|(in thousands)                             |                                       | Average        |           | Revenue/                                      |           | Yield/         |        | Average |        | Revenue/ |      | Yield/ |      |   |           |          
|                                           |                                       | Balance        |           | Expense                                       |           | Rate           |        | Balance |        | Expense  |      | Rate   |      |   |           |          
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |  
|Loans:                                     |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           | Residential real estate               |                | $         | 1,559,553                                     |           |                | $      | 21,586  |        |          |      | 5.54   | %    |   | $         | 1,091,653 |           |   | $      | 18,021 |        |  |      | 6.60  | %    |  |  |  | 
|                                           | Commercial real estate                |                |           | 1,530,402                                     |           |                |        | 22,866  |        |          |      | 5.98   |      |   |           | 1,305,903 |           |   |        | 20,531 |        |  |      | 6.29  |      |  |  |  | 
|                                           | Consumer                              |                |           | 296,675                                       |           |                |        | 3,467   |        |          |      | 4.67   |      |   |           | 218,130   |           |   |        | 3,231  |        |  |      | 5.92  |      |  |  |  | 
|                                           | International                         |                |           |                                              |           |                |        |        |        |          |      |       |      |   |           | 1,236     |           |   |        | 20     |        |  |      | 6.47  |      |  |  |  | 
|                                           | Lease financing                       |                |           | 29,962                                        |           |                |        | 834     |        |          |      | 11.13  |      |   |           | 52,871    |           |   |        | 1,591  |        |  |      | 12.04 |      |  |  |  | 
|                                           | Commercial business                   |                |           | 100,753                                       |           |                |        | 1,450   |        |          |      | 5.76   |      |   |           | 109,407   |           |   |        | 1,625  |        |  |      | 5.94  |      |  |  |  | 
|                                           | Small business                        |                |           | 164,151                                       |           |                |        | 3,037   |        |          |      | 7.40   |      |   |           | 109,268   |           |   |        | 2,266  |        |  |      | 8.30  |      |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       | Total loans    |           |                                               | 3,681,496 |                |        |         | 53,240 |          |      |        | 5.78 |   |           |           | 2,888,468 |   |        |        | 47,285 |  |      |       | 6.55 |  |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           | Investments                           |                |           | 953,326                                       |           |                |        | 13,688  |        |          |      | 5.74   |      |   |           | 1,250,833 |           |   |        | 19,817 |        |  |      | 6.34  |      |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  |  | 
|                                           | Total interest earning assets         |                |           | 4,634,822                                     |           |                |        | 66,928  |        |          |      | 5.78   | %    |   |           | 4,139,301 |           |   |        | 67,102 |        |  |      | 6.48  | %    |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           | Goodwill and core deposit intangibles |                |           | 84,754                                        |           |                |        |         |        |          |      |        |      |   |           | 18,427    |           |   |        |        |        |  |      |       |      |  |  |  | 
|                                           | Other non-interest earning assets     |                |           | 261,961                                       |           |                |        |         |        |          |      |        |      |   |           | 177,273   |           |   |        |        |        |  |      |       |      |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       | Total Assets   |           | $                                             | 4,981,537 |                |        |         |        |          |      |        |      |   |           | $         | 4,335,001 |   |        |        |        |  |      |       |      |  |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Deposits:                                  |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           | Savings                               |                | $         | 171,298                                       |           |                |        | 316     |        |          |      | 0.75   | %    |   | $         | 106,984   |           |   | $      | 269    |        |  |      | 1.02  | %    |  |  |  | 
|                                           | NOW, money funds and checking         |                |           | 1,235,104                                     |           |                |        | 3,194   |        |          |      | 1.05   |      |   |           | 873,464   |           |   |        | 3,318  |        |  |      | 1.54  |      |  |  |  | 
|                                           | Certificate accounts                  |                |           | 966,869                                       |           |                |        | 7,659   |        |          |      | 3.21   |      |   |           | 1,124,904 |           |   |        | 11,739 |        |  |      | 4.23  |      |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       | Total deposits |           |                                               | 2,373,271 |                |        |         | 11,169 |          |      |        | 1.91 |   |           |           | 2,105,352 |   |        |        | 15,326 |  |      |       | 2.95 |  |  |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Short-term borrowed funds                  |                                       |                | 285,716   |                                               |           |                | 837    |         |        |          | 1.19 |        |      |   | 361,768   |           |           |   | 1,581  |        |        |  | 1.77 |       |      |  |  | 
|Advances from FHLB                         |                                       |                | 1,284,983 |                                               |           |                | 15,316 |         |        |          | 4.83 |        |      |   | 1,086,675 |           |           |   | 14,920 |        |        |  | 5.57 |       |      |  |  | 
|Long-term debt                             |                                       |                | 35,411    |                                               |           |                | 448    |         |        |          | 5.12 |        |      |   | 1,588     |           |           |   | 16     |        |        |  | 4.09 |       |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Total interest bearing liabilities         |                                       |                | 3,979,381 |                                               |           |                | 27,770 |         |        |          | 2.83 |        |      |   | 3,555,383 |           |           |   | 31,843 |        |        |  | 3.63 |       |      |  |  | 
|Non-interest bearing deposits              |                                       |                | 478,355   |                                               |           |                |        |         |        |          |      |        |      |   | 318,795   |           |           |   |        |        |        |  |      |       |      |  |  | 
|Non-interest bearing other liabilities     |                                       |                | 63,538    |                                               |           |                |        |         |        |          |      |        |      |   | 88,680    |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Total Liabilities                          |                                       |                | 4,521,274 |                                               |           |                |        |         |        |          |      |        |      |   | 3,962,858 |           |           |   |        |        |        |  |      |       |      |  |  | 
|Stockholders equity                       |                                       |                | 460,263   |                                               |           |                |        |         |        |          |      |        |      |   | 372,143   |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Total liabilities and stockholders equity |                                       | $              | 4,981,537 |                                               |           |                |        |         |        |          |      |        |      | $ | 4,335,001 |           |           |   |        |        |        |  |      |       |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Net interest income/ net interest spread   |                                       |                |           |                                               |           | $              | 39,158 |         |        |          | 2.95 | %      |      |   |           |           |           | $ | 35,259 |        |        |  | 2.85 | %     |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Margin                                    
|Interest income/interest earning assets    |                                       |                |           |                                               |           |                |        |         |        |          | 5.78 | %      |      |   |           |           |           |   |        |        |        |  | 6.48 | %     |      |  |  | 
|Interest expense/interest earning assets   |                                       |                |           |                                               |           |                |        |         |        |          | 2.43 |        |      |   |           |           |           |   |        |        |        |  | 3.12 |       |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 
|Net interest margin                        |                                       |                |           |                                               |           |                |        |         |        |          | 3.35 | %      |      |   |           |           |           |   |        |        |        |  | 3.36 | %     |      |  |  | 
|                                           |                                       |                |           |                                               |           |                |        |         |        |          |      |        |      |   |           |           |           |   |        |        |        |  |      |       |      |  |  | 

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BankAtlantic Bancorp, Inc.

For the Three Months Ended March 31, 2003 Compared to the Same 2002 Period:

The substantial improvement in net interest income primarily resulted from
significant asset growth and lower rates on interest bearing liabilities.

The growth in earning assets primarily resulted from the Community
acquisition as well as the purchase and origination of commercial real estate,
residential and home equity loans. The Company acquired $709 million of
earning assets in connection with the Community acquisition. During the three
months ended March 31, 2003, the Company purchased $675 million of residential
loans and originated $256 million of loans compared to residential loan
purchases of $220 million and loan originations of $224 million during the same
2002 period. The above increases in earning assets were partially offset by
accelerated repayments of residential loans due to declining mortgage rates
during the period and lower average balances related to several discontinued or
curtailed lines of business, including our lease finance business, indirect
consumer loans, syndication loans, international loans to correspondent banks
and small business loans originated under policies in place prior to January 1,
2000.

The decline in interest income on investments resulted from lower average
balances and yields. The decrease in average balances was attributed to the
historically low interest rates throughout 2002 and the first quarter of 2003
which resulted in accelerated repayments of mortgage-backed securities. The
significant decline in average yields was due to the downward re-pricing of
floating rate securities and the purchase of securities at lower rates than the
existing portfolio. The reduced interest income from investments was partially
offset by an increase in tax certificate interest income.

The substantial reduction in our deposit interest expense was attributed
to a significant reduction in average deposit rates, partially offset by an
increase in average interest bearing deposits. The decline in average deposit
rates primarily resulted from historically low interest rates throughout the
period and a change in our deposit mix from higher rate certificate of deposit
accounts to low cost deposits and insured money fund accounts. Low cost
deposits are checking and savings accounts. Low cost deposits increased from
$894.6 million at March 31, 2002 to $1,143 million at March 31, 2003, while
certificate of deposit accounts declined from $1,384 million at March 31, 2002
to $920.4 million at March 31, 2003. Additionally, non-interest bearing
checking accounts included in low cost deposits grew from $393.0 million at
March 31, 2002 to $516.4 million at March 31, 2003. Insured money fund
accounts increased from $772.9 million at March 31, 2002 to $820.2 million at
March 31, 2003. Our growth in checking and saving accounts resulted from our
seven-day banking and totally free checking initiatives. We opened 37,000 new
checking and savings accounts during the 2003 quarter compared to 17,000 new
accounts during the same 2002 period.

Interest expense on short-term borrowings was substantially lower during
2003. The significant decline in short term borrowings interest expense
reflected lower average short-term interest rates and a decline in average
short term borrowings. The lower average balances were linked to higher
average deposit and FHLB advance balances. The lower rates on short term
borrowings resulted from the historically low interest rate environment during
2003.

Interest expense on long-term debt for the 2003 quarter represents
interest expense associated with mortgage-backed bonds acquired in connection
with the Community acquisition and interest expense associated with $22 million
of subordinated debentures issued in November 2002. Interest expense on
long-term debt for the 2002 quarter represents interest expense associated with
the mortgage-backed bonds.

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BankAtlantic Bancorp, Inc.

Provision for Loan Losses

|                                                  |                               |   |                        |        |      |   |         |        |  
|------------------------------------------------- | ----------------------------- | - | ---------------------- | ------ | ---- | - | ------- | ------ | -
|                                                  |                               |   | For Three Months Ended
|                                                  |                               |   |                       
|                                                  |                               |   | March 31,             
|                                                  |                               |   |                       
|                                                  |                               |   | 2003                   |        | 2002
|                                                  |                               |   |                        |        |     
|Balance, beginning of period                      |                               | $ | 48,022                 |        |      | $ | 44,585  |       
|Charge-offs:                                      |                               |   |                        |        |      |   |         |       
|                                                  | Syndication loans             |   |                        |       |      |   |         | (8,000 | )
|                                                  | Small business                |   |                        | (620   | )    |   |         | (931   | )
|                                                  | Lease financing               |   |                        | (2,453 | )    |   |         | (2,213 | )
|                                                  | Consumer loans  direct       |   |                        | (235   | )    |   |         | (412   | )
|                                                  | Consumer loan  indirect      |   |                        | (170   | )    |   |         | (437   | )
|                                                  | Residential real estate loans |   |                        | (114   | )    |   |         | (139   | )
|                                                  |                               |   |                        |        |      |   |         |       
|Total charge-offs                                 |                               |   | (3,592                 | )      |      |   | (12,132 | )     
|                                                  |                               |   |                        |        |      |   |         |       
|Recoveries:                                       |                               |   |                        |        |      |   |         |       
|                                                  | Syndication loans             |   |                        | 2,127  |      |   |         | 683    |  
|                                                  | Commercial business loans     |   |                        | 28     |      |   |         | 18     |  
|                                                  | Commercial real estate loans  |   |                        | 1      |      |   |         | 14     |  
|                                                  | Small business                |   |                        | 833    |      |   |         | 391    |  
|                                                  | Lease financing               |   |                        | 639    |      |   |         | 935    |  
|                                                  | Consumer loans  direct       |   |                        | 176    |      |   |         | 117    |  
|                                                  | Consumer loans  indirect     |   |                        | 288    |      |   |         | 461    |  
|                                                  | Residential real estate loans |   |                        | 57     |      |   |         | 3      |  
|                                                  |                               |   |                        |        |      |   |         |       
|Total recoveries                                  |                               |   | 4,149                  |        |      |   | 2,622   |       
|                                                  |                               |   |                        |        |      |   |         |       
|Net recoveries (charge-offs)                      |                               |   | 557                    |        |      |   | (9,510  | )     
|Provision for loan losses                         |                               |   | 850                    |        |      |   | 2,565   |       
|Adjustments to the allowance loan
losses acquired |                               |   | (734                   | )      |      |   |        |       
|Allowance for loan losses acquired                |                               |   |                       |        |      |   | 11,287  |       
|                                                  |                               |   |                        |        |      |   |         |       
|Balance, end of period                            |                               | $ | 48,695                 |        |      | $ | 48,927  |       
|                                                  |                               |   |                        |        |      |   |         |       

During the first quarter of 2003, recoveries on previously charged off
loans exceeded our gross charge-offs by $557,000. We recovered $2.1 million
during the first quarter of 2003 from the settlement of a syndication loan that
we charged down by $8.0 million during the first quarter of 2002. During the
2002 period, we recovered $683,000 from another syndication loan that we
charged-off in a prior period. The remaining net recoveries during the 2003
period resulted primarily from lower net charge-offs associated with
discontinued lines of business (our former small business, indirect consumer
and syndication lending programs), partially offset by lease financing
charge-offs. The lease financing charge-offs primarily related to loans in the
aviation industry. The provision for loan losses was increased during 2003 by
additional reserves established for leases in the hospitality industry as a
result of deteriorating occupancy rates and debt service ratios compared to
previous periods.

The allowance for loan losses was 1.24% and 1.38% of total loans at March
31, 2003 and 2002, respectively. The decline in the ratio resulted from a
significant increase in loans receivable at March 31, 2003 compared to the same
2002 period. The loan growth primarily resulted from the purchase of $675
million of residential loans during the 2003 quarter. Our historical loss
experience in our residential loan portfolio has been approximately 0.10%.

Allowance for loan losses acquired and adjustments to the allowance for
loan losses acquired represents the loan loss allowance acquired in connection
with the Community acquisition.

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BankAtlantic Bancorp, Inc.

At the indicated dates, the Companys non-performing assets and potential
problem loans were (in thousands):

|                                       |                                      |                             |                               |        |           |     |              |        |        |        |  
|-------------------------------------- | ------------------------------------ | --------------------------- | ----------------------------- | ------ | --------- | --- | ------------ | ------ | ------ | ------ | -
|                                       |                                      |                             |                               |        | March 31, |     | December 31,
|                                       |                                      |                             |                               |        | 2003      |     | 2002        
|                                       |                                      |                             |                               |        |           |     |             
|NONPERFORMING ASSETS                   |                                      |                             |                               |        |           |     |              |       
|Non-accrual:                           |                                      |                             |                               |        |           |     |              |       
|Tax certificates                       |                                      | $                           | 1,147                         |        |           | $   | 1,419        |       
|Loans and leases                       |                                      |                             | 13,747                        |        |           |     | 18,918       |       
|                                       |                                      |                             |                               |        |           |     |              |       
|                                       | Total non-accrual                    |                             |                               | 14,894 |           |     |              | 20,337 |       
|                                       |                                      |                             |                               |        |           |     |              |       
|Repossessed assets:                    |                                      |                             |                               |        |           |     |              |       
|Real estate owned, net of allowance    |                                      |                             | 9,045                         |        |           |     | 9,607        |       
|Vehicles and equipment                 |                                      |                             | 513                           |        |           |     | 4            |       
|                                       |                                      |                             |                               |        |           |     |              |       
|                                       | Total repossessed assets             |                             |                               | 9,558  |           |     |              | 9,611  |       
|                                       |                                      |                             |                               |        |           |     |              |       
|                                       |                                      | Total non-performing assets |                               |        | 24,452    |     |              |        | 29,948 |       
|                                       |                                      |                             | Specific valuation allowances |        |           | (48 | )            |        |        | (1,386 | )
|                                       |                                      |                             |                               |        |           |     |              |       
|Total non-performing assets, net       |                                      | $                           | 24,404                        |        |           | $   | 28,562       |       
|                                       |                                      |                             |                               |        |           |     |              |       
|Allowances                             |                                      |                             |                               |        |           |     |              |       
|                                       | Allowance for loan losses            |                             | $                             | 48,695 |           |     | $            | 48,927 |       
|                                       | Allowance for tax certificate losses |                             |                               | 2,205  |           |     |              | 1,865  |       
|                                       |                                      |                             |                               |        |           |     |              |       
|Total Allowances                       |                                      | $                           | 50,900                        |        |           | $   | 50,792       |       
|                                       |                                      |                             |                               |        |           |     |              |       
|POTENTIAL PROBLEM LOANS                |                                      |                             |                               |        |           |     |              |       
|Contractually past due 90 days or more |                                      | $                           |                              |        |           | $   | 100          |       
|Restructured loans                     |                                      |                             | 1,628                         |        |           |     | 1,882        |       
|Delinquent residential loans purchased |                                      |                             | 1,311                         |        |           |     | 1,464        |       
|                                       |                                      |                             |                               |        |           |     |              |       
|TOTAL POTENTIAL PROBLEM LOANS          |                                      | $                           | 2,939                         |        |           | $   | 3,446        |       
|                                       |                                      |                             |                               |        |           |     |              |       

Non-performing assets continued to decline during 2003. Non-performing
assets represented 0.60% of total loans, tax certificates and repossessed
assets at March 31, 2003 compared to 0.83% at December 31, 2002. The
improvement in the ratio reflects a significant increase in total loans due to
loan purchases as well as a decline in non-accrual loans. The decline in
non-accrual loans reflects a $2.1 million charge-off of a lease in the aviation
industry, and the payoff of a $1.3 million aviation lease that was a
non-accrual lease at December 31, 2002. Additionally, non-accrual residential
loans declined from $12.8 million at December 31, 2002 to $11.2 million at
March 31, 2003.

The decline in repossessed assets was primarily due to a $750,000 write
down of an REO property based on a reassessment of the property during the
quarter. The reduction in repossessed assets was partially offset by aircraft
repossessions associated with the charge-off of the non-accrual loan mentioned
above.

The decline in potential problem loans was due to repayment of loans that
were previously categorized as potential problem loans.

Non-Interest Income

|                                      |                     |                 |                  |        |  |        |       |       |  |   |       |       | 
|------------------------------------- | ------------------- | --------------- | ---------------- | ------ |  | ------ | ----- | ----- |  | - | ----- | ----- | 
|                                      |                     |                 | For Three Months
|Banking Operations                    |                     | Ended March 31,
|                                      |                     |                
|(In thousands)                        |                     | 2003            |                  | 2002   |  | Change
|                                      |                     |                 |                  |        |  |       
|Other service charges and fees        |                     | $               | 3,918            |        |  | $      | 3,105 |       |  | $ | 813   |      
|Service charges on deposits           |                     |                 | 8,558            |        |  |        | 4,863 |       |  |   | 3,695 |      
|Income from real estate joint venture |                     |                 | 330              |        |  |        |      |       |  |   | 330   |      
|Securities activities, net            |                     |                 | (20              | )      |  |        | 21    |       |  |   | (41   | )    
|Other                                 |                     |                 | 1,572            |        |  |        | 1,365 |       |  |   | 207   |      
|                                      |                     |                 |                  |        |  |        |       |       |  |   |       |      
|                                      | Non-interest income |                 | $                | 14,358 |  |        | $     | 9,354 |  |   | $     | 5,004 | 
|                                      |                     |                 |                  |        |  |        |       |       |  |   |       |      

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BankAtlantic Bancorp, Inc.

The increase in other service charges and fees during the 2003 first
quarter compared to the same 2002 period primarily resulted from higher check
card and ATM fees. Check card fees increased by 218% and ATM fees increased by
10%. This additional fee income was linked to a significant increase in
transaction accounts associated with our new checking account products and our
seven-day banking initiative. Since January 1, 2002, we have opened in
excess of 136,000 new checking and savings accounts. The increase in ATM fees
was partially offset by the removal of certain ATM machines from retail
outlets, gas stations and convenience stores during the second quarter of 2002.
Aggregate loan and late fee income remained at 2002 levels. While loan fees
were higher during 2003 because of an increase in commercial loan prepayment
penalties assessed to borrowers refinancing commercial loans in response to
historically low interest rates, this increase was offset by lower late fee
income attributed to lower collections of late fees assessed in our consumer
and leasing portfolios in proportion to declines in the outstanding balances in
the portfolios.

Service charges on deposits increased by 76% during 2003 compared to the
same 2002 period. The increase in service charges primarily resulted from
overdraft fees from transaction accounts, fees associated with the accounts
acquired in connection with the Community acquisition, and from higher fees
associated with checking account services. The above increases were partially
offset by lower monthly checking account fee income. Overdraft fee income
increased by 116% as a result of a substantial increase in checking accounts
attributed to our totally free checking products and our seven-day branch
banking initiative. Additionally, the significant growth in our checking
accounts resulted in additional income from check printing charges and checking
account related services. Monthly checking account fee income declined by 24%
as we discontinued the promotion of fee-based products.

Income from real estate joint venture was the equity in earnings from a
real estate joint venture acquired in connection with the Community
acquisition.

Securities activities during the three months ended March 31, 2003 and
2002 consists of unrealized losses and gains on derivative instruments.

Other income during the 2003 quarter was favorably impacted by the
expansion of a branch brokerage business unit during the fourth quarter of
2002, which earned $370,000 in commissions during the 2003 quarter compared to
$18,000 during the same 2002 period.

Non-Interest Expense

|                                            |                      |                 |                  |        |  |        |        |        |  |   |        |       | 
|------------------------------------------- | -------------------- | --------------- | ---------------- | ------ |  | ------ | ------ | ------ |  | - | ------ | ----- | 
|                                            |                      |                 | For Three Months
|Banking Operations                          |                      | Ended March 31,
|                                            |                      |                
|(In thousands)                              |                      | 2003            |                  | 2002   |  | Change
|                                            |                      |                 |                  |        |  |       
|Employee compensation and benefits          |                      | $               | 19,039           |        |  | $      | 14,077 |        |  | $ | 4,962  |      
|Occupancy and equipment                     |                      |                 | 6,636            |        |  |        | 6,471  |        |  |   | 165    |      
|Advertising and promotion                   |                      |                 | 1,411            |        |  |        | 1,013  |        |  |   | 398    |      
|Amortization of intangible assets           |                      |                 | 454              |        |  |        |       |        |  |   | 454    |      
|Acquisition related charges and impairments |                      |                 |                 |        |  |        | 1,074  |        |  |   | (1,074 | )    
|Professional fees                           |                      |                 | 1,006            |        |  |        | 580    |        |  |   | 426    |      
|Other                                       |                      |                 | 6,688            |        |  |        | 5,089  |        |  |   | 1,599  |      
|                                            |                      |                 |                  |        |  |        |        |        |  |   |        |      
|                                            | Non-interest expense |                 | $                | 35,234 |  |        | $      | 28,304 |  |   | $      | 6,930 | 
|                                            |                      |                 |                  |        |  |        |        |        |  |   |        |      

Compensation and benefits expense increased by 35% from the comparable
2002 quarter. The increase in compensation expenses during the 2003 quarter
compared to 2002 was the result of the implementation of seven-day banking on
April 1, 2002 and the addition of 172 employees following the Community
acquisition on March 22, 2002. Total full-time equivalent employees increased
from 873 at December 31, 2001 to 1,244 at March 31, 2003, an increase of 42%.
Bonus and incentive compensation rose by $1.3 million primarily due to the
implementation of a profit sharing plan on January 1, 2003. . Additionally,
we recorded approximately $450,000 of additional pension expense associated
with a defined benefit plan that was frozen in December 1998.

Occupancy and equipment expenses remained at 2002 levels. Higher occupancy
and equipment expenses associated with the Community acquisition were offset by
a reduction in data processing costs. The reduced data processing costs
resulted from the renewal of a contract with significantly lower rates than the
contract that existed during the 2002 period.

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BankAtlantic Bancorp, Inc.

Advertising expenses during the 2003 and 2002 quarters reflected marketing
initiatives to promote our new checking account products and our seven-day
banking initiative.

The higher professional fees were associated with legal fees incurred in
connection with a lawsuit filed against BankAtlantic in October 2002 relating
to our Floridas Most Convenient Bank initiative.

Amortization of intangible assets during the three months ended March 31,
2003 consisted of the amortization of core deposit intangible assets acquired
in connection with the Community acquisition. The core deposit intangible
assets are being amortized over an estimated life of seven years.

Acquisition related charges and impairments during the three months ended
March 31, 2002 include various data conversion and system integration expenses
as well as facilities impairment write-downs associated with the Community
acquisition. As a consequence of the acquisition, BankAtlantic closed two of
its Palm Beach county branches during the second quarter of 2002.

The increase in other expenses during the three months ended March 31,
2003 compared to the same 2002 period primarily resulted from a $750,000
write-down of an REO property. This write-down resulted from a reassessment of
a residential construction real estate property that was transferred to real
estate owned during the second quarter of 2002. The remaining increase in
other expenses resulted from additional check losses attributed to our totally
free checking campaign as well as higher general operating expenses associated
with the Community acquisition.

Levitt Corporation and Subsidiaries Results of Operations

|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |       |       | 
|-------------------------------------- | -------------------- | ------------------- | ------ | ---------------- | ------ | ------ | ------ | ----- | ------ | - | ----- | ----- | ----- | 
|                                       |                      |                     |        | For Three Months
|                                       |                      |                     |        | Ended March 31, 
|                                       |                      |                     |        |                 
|(In thousands)                         |                      | 2003                |        | 2002             |        | Change
|                                       |                      |                     |        |                  |        |       
|Net interest income:                   |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Interest on loans and investments      |                      | $                   | 228    |                  |        | $      | 414    |       |        | $ | (186  | )    
|Interest on notes and bonds payable    |                      |                     | (2,147 | )                |        |        | (1,404 | )     |        |   | (743  | )    
|Capitalized interest                   |                      |                     | 1,906  |                  |        |        | 1,402  |       |        |   | 504   |      
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Net interest income                    |                      |                     | (13    | )                |        |        | 412    |       |        |   | (425  | )    
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Non-interest income:                   |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Net revenues from sales of real estate |                      |                     | 13,128 |                  |        |        | 11,691 |       |        |   | 1,437 |      
|Income from unconsolidated subsidiary  |                      |                     | (134   | )                |        |        |       |       |        |   | (134  | )    
|Other                                  |                      |                     | 526    |                  |        |        | 363    |       |        |   | 163   |      
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|                                       |                      | Non-interest income |        |                  | 13,520 |        |        |       | 12,054 |   |       |       | 1,466 | 
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Non-interest expense:                  |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Employee compensation and benefits     |                      |                     | 3,682  |                  |        |        | 2,620  |       |        |   | 1,062 |      
|Advertising and promotion              |                      |                     | 969    |                  |        |        | 748    |       |        |   | 221   |      
|Selling, general and administrative    |                      |                     | 2,609  |                  |        |        | 1,774  |       |        |   | 835   |      
|Professional fees                      |                      |                     | 97     |                  |        |        | 77     |       |        |   | 20    |      
|Other                                  |                      |                     | 781    |                  |        |        | 959    |       |        |   | (178  | )    
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|                                       | Non-interest expense |                     |        | 8,138            |        |        |        | 6,178 |        |   |       | 1,960 |      
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      
|Income before income taxes             |                      | $                   | 5,369  |                  |        | $      | 6,288  |       |        | $ | (919  | )    
|                                       |                      |                     |        |                  |        |        |        |       |        |   |       |      

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BankAtlantic Bancorp, Inc.

|                                   |  |                                       |         |               |  |   |         | 
|---------------------------------- |  | ------------------------------------- | ------- | ------------- |  | - | ------- | 
|                                   |  | At or for the Quarter Ended March 31,
|                                   |  |                                      
|                                   |  | 2003                                  |         | 2002         
|                                   |  |                                       |         |              
|Levitt and Sons and Joint Ventures |  |                                       |         |               |  |   |         | 
|Backlog of homes                   |  |                                       | 1,216   |               |  |   | 707     | 
|Homes delivered and titled         |  |                                       | 162     |               |  |   | 206     | 
|Lot inventory                      |  |                                       | 4,944   |               |  |   | 4,635   | 
|Average sale price of homes        |  | $                                     | 232,000 |               |  | $ | 215,000 | 
|Homes sales contracted             |  | $106.6 million                        |         | $42.3 million
|Homes sales contracted units       |  |                                       | 493     |               |  |   | 189     | 
|Core                               |  |                                       |         |               |  |   |         | 
|Inventory in acres                 |  |                                       | 4,592   |               |  |   | 3,881   | 
|Inventory sold in acres            |  |                                       | 136     |               |  |   | 265     | 

For the Three Months Ended March 31, 2003 Compared to the Same 2002 Period:

Income before income taxes decreased 15%, to $5.4 million for the three
months ended March 31, 2003 from $6.3 million for the same 2002 period. This
decrease primarily resulted from increases in non-interest expense of $2.0
million as well as decreases in net interest income of $425,000. These
increases in expenses and reduction in net interest income were partially
offset by an increase in revenues from the sales of real estate and joint
venture activities of $1.4 million.

The decline in net interest income of $425,000 was primarily associated
with a decrease in interest income on loans and investments resulting from
lower average balances and yields and higher interest expense, net. Interest on
notes and bonds payable totaled $2.2 million and $1.4 million for the 2003
period and 2002 period, respectively. The increase in interest expense was
primarily due to increases in borrowings resulting from several new real estate
development projects. Capitalized interest totaled $1.9 million and $1.4
million for the 2003 period and 2002 period, respectively. At the time of home
closings and land sales, capitalized interest is charged to cost of sales. Cost
of sales of real estate for the three months ended March 31, 2003 and 2002
included previously capitalized interest of approximately $1.2 million and $1.1
million, respectively.

Gains on sales of real estate developed for sale and joint venture
activities represented the net profits on sales of real estate by Levitt and
Sons, Core Communities and Levitt Commercial, as well as equity from earnings
in real estate joint venture activities. Levitt and Sons net gains from home
sales increased 62% to $8.5 million for the quarter ended March 31, 2003 from
$5.3 million for the same 2002 period. This increase was attributable to
increased deliveries of homes and increases in the average selling price of
homes. During the 2003 period, 162 homes closed as compared to 137 homes closed
during the 2002 period. The average selling price during the 2003 period was
approximately $232,000, increasing 8% from $215,000 in 2002. During the three
months ended March 31, 2003, Core Communities net gains on land sales were
$4.7 million as compared to $5.9 million in 2002. During 2003, 136 acres were
sold compared to 265 acres sold in 2002. The decline in Core Communities
revenues and acreage sold was due to the sale of a large commercial tract of
land during the 2002 quarter. During the quarter ended March 31, 2003, Levitt
Commercial commenced the selling of its flex warehouse units and reported a
gross profit on the sales of its inventory of approximately $547,000. Equity
earnings (loss) from real estate joint venture activities resulted in a loss of
$313,000 during 2003 and income of $899,000 during the 2002 period. This
decrease in earnings from Levitts real estate joint venture activities
primarily resulted from declines in home deliveries by a joint venture because
the joint venture project was nearing sell-out in 2002. Included in net
revenues from sales of real estate during the 2003 and 2002 periods is Levitts
amortization of interest previously capitalized of $269,000 and $507,000,
respectively.

In April 2002, Levitt Corporation acquired 35% of Bluegreen Corporations
common stock. Levitts investment in Bluegreen Corporation is accounted for
under the equity method. Levitts loss from unconsolidated real estate
subsidiary represents Levitts ownership interest in the earnings of Bluegreen
Corporation. While Levitts share of Bluegreens reported net income was
$745,000 during the first quarter, the loss recognized by Levitt with respect
to its investment resulted from purchase accounting adjustments associated with
Bluegreens retained interests in notes receivable sold unrealized gains at the
acquisition date.

The increase in non-interest expense during the 2003 period as compared to
the same 2002 period resulted from an increase in employee compensation and
benefits, advertising and selling, general and administrative. The increase in
employee compensation and benefits was primarily associated with an increase in
personnel resulting from the addition of

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BankAtlantic Bancorp, Inc.

several new development projects in central and southeast Florida.
Levitts number of full time employees increased to 250 at March 31, 2003 from
206 at March 31, 2002. These new projects and an increase in home deliveries
resulted in an increase in selling, general and administrative expenses.

Ryan Beck & Co. and Subsidiaries Results of Operations

|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |        |        | 
|---------------------------------- | -------------------- | ------------------- | ------ | -------------------- | ------ | ------ | ----- | ------ | ------ | - | ------ | ------ | ------ | 
|                                   |                      |                     |        | For the Three Months
|                                   |                      |                     |        | Ended March 31,     
|                                   |                      |                     |        |                     
|(In thousands)                     |                      | 2003                |        | 2002                 |        | Change
|                                   |                      |                     |        |                      |        |       
|Net interest income:               |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Interest on trading securities     |                      | $                   | 4,347  |                      |        | $      | 698   |        |        | $ | 3,649  |       
|Interest expense                   |                      |                     | (725   | )                    |        |        | (328  | )      |        |   | (397   | )     
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Net interest income                |                      |                     | 3,622  |                      |        |        | 370   |        |        |   | 3,252  |       
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Non-interest income:               |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Principal transactions             |                      |                     | 30,041 |                      |        |        | 7,507 |        |        |   | 22,534 |       
|Investment banking                 |                      |                     | 8,513  |                      |        |        | 2,919 |        |        |   | 5,594  |       
|Commissions                        |                      |                     | 19,889 |                      |        |        | 3,032 |        |        |   | 16,857 |       
|Other                              |                      |                     | 1,184  |                      |        |        | 140   |        |        |   | 1,044  |       
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|                                   |                      | Non-interest income |        |                      | 59,627 |        |       |        | 13,598 |   |        |        | 46,029 | 
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Non-interest expense:              |                      |                     |        |                      |        |        |       |        |        |   |       |       
|Employee compensation and benefits |                      |                     | 44,289 |                      |        |        | 9,714 |        |        |   | 34,575 |       
|Occupancy and equipment            |                      |                     | 3,371  |                      |        |        | 823   |        |        |   | 2,548  |       
|Advertising and promotion          |                      |                     | 1,351  |                      |        |        | 449   |        |        |   | 902    |       
|Professional fees                  |                      |                     | 2,355  |                      |        |        | 539   |        |        |   | 1,816  |       
|Communications                     |                      |                     | 4,265  |                      |        |        | 914   |        |        |   | 3,351  |       
|Floor broker and clearing fees     |                      |                     | 2,402  |                      |        |        | 849   |        |        |   | 1,553  |       
|Other                              |                      |                     | 2,467  |                      |        |        | 447   |        |        |   | 2,020  |       
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|                                   | Non-interest expense |                     |        | 60,500               |        |        |       | 13,735 |        |   |        | 46,765 |       
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       
|Income before income taxes         |                      | $                   | 2,749  |                      |        | $      | 233   |        |        | $ | 2,516  |       
|                                   |                      |                     |        |                      |        |        |       |        |        |   |        |       

The increased pre-tax income primarily resulted from the Gruntal
transaction which occurred in April 2002. Each line item was impacted by this
transaction, resulting in significant differences between 2003 and 2002.

Net interest income increased by 879% from 2002. The increase in net
interest income primarily resulted from expansion of municipal, corporate and
government bond trading and the associated spread between the interest on the
bonds and the financing costs incurred. Also included in interest income was
Ryan Becks participation in interest income associated with approximately $275
million of customer margin debit balances and fees earned in connection with
approximately $1.5 billion in customer money market balances. This increase in
net interest income was partially offset by interest expense associated with
the increased level of borrowings by Ryan Beck from its clearing agent as a
result of a higher volume of trading activity.

Principal transaction revenue increased by 300% from 2002. The increase
in principal transaction revenue was primarily the result of additional
financial consultants and trading personnel hired in connection with the
Gruntal transaction. This increase was offset by mark to market losses on
mutual funds associated with a deferred compensation plan acquired in
connection with the Gruntal transaction, as well as markdowns of approximately
$2.9 million on certain securities held by Ryan Becks subsidiary, The GMS
Group, LLC.

Investment banking revenue increased by 192% from 2002. The increase was
mainly attributable to a second step mutual to stock conversion and best
efforts offering of approximately $410 million of capital raised for one of
Ryan Becks financial institution group clients.

Commission revenue increased by 556% from 2002. The increase is mainly
attributable to the additional financial consultants hired in connection with
the Gruntal transaction.

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BankAtlantic Bancorp, Inc.

The increase in employee compensation and benefits of 356% from 2002 is
primarily due to the additional personnel hired in connection with the Gruntal
transaction.

Occupancy and rent expenses increased by 310% from 2002. This increase is
primarily due to the additional offices acquired from the Gruntal transaction
as well as the opening of two offices during the first quarter of 2003.

The higher professional fees primarily resulted from a significant
increase in legal costs associated with third party litigation involving
Gruntal which has been asserted against Ryan Beck.

The increase in advertising, communications, floor broker and clearing
fees and other expenses from 2002 relates primarily to increased commission
revenue and principal transactions revenue associated with the additional
financial consultants.

Parent Company Results of Operations

|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |     |        |  
|------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | ------------------- | ------ | -------------------- | --- | ------ | ------ | ----- | ----- | - | ------ | --- | ------ | -
|                                                                                                                                      |                      |                     |        | For the Three Months
|                                                                                                                                      |                      |                     |        | Ended March 31,     
|                                                                                                                                      |                      |                     |        |                     
|(In thousands)                                                                                                                        |                      | 2003                |        | 2002                 |     | Change
|                                                                                                                                      |                      |                     |        |                      |     |       
|Net interest income:                                                                                                                  |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Interest and fees on loans and leases                                                                                                 |                      | $                   | 416    |                      |     | $      | 98     |       |       | $ | 318    |    
|Interest on short term investments                                                                                                    |                      |                     | 37     |                      |     |        | 213    |       |       |   | (176   | )  
|Interest on subordinated debentures, notes payable
and guaranteed preferred interests in the Companys
Junior Subordinated Debentures |                      |                     | (3,644 | )                    |     |        | (3,323 | )     |       |   | (321   | )  
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Net interest income                                                                                                                   |                      |                     | (3,191 | )                    |     |        | (3,012 | )     |       |   | (179   | )  
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Non-interest income:                                                                                                                  |                      |                     |        |                      |     |        |        |       |       |   |        |    
|(Losses) gains on joint venture activities                                                                                            |                      |                     | (2     | )                    |     |        | 75     |       |       |   | (77    | )  
|Income from unconsolidated real estate subsidiary                                                                                     |                      |                     | 253    |                      |     |        |       |       |       |   | 253    |    
|Securities activities                                                                                                                 |                      |                     | 404    |                      |     |        | 3,018  |       |       |   | (2,614 | )  
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|                                                                                                                                      |                      | Non-interest income |        |                      | 655 |        |        |       | 3,093 |   |        |     | (2,438 | )
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Non-interest expense:                                                                                                                 |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Investment banking expense                                                                                                            |                      |                     | 459    |                      |     |        | 410    |       |       |   | 49     |    
|Employee compensation and benefits                                                                                                    |                      |                     | 22     |                      |     |        | 452    |       |       |   | (430   | )  
|Professional fees                                                                                                                     |                      |                     | 317    |                      |     |        | 72     |       |       |   | 245    |    
|Other                                                                                                                                 |                      |                     | 117    |                      |     |        | 73     |       |       |   | 44     |    
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|                                                                                                                                      | Non-interest expense |                     |        | 915                  |     |        |        | 1,007 |       |   |        | (92 | )     
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    
|Loss before income taxes                                                                                                              |                      | $                   | (3,451 | )                    |     | $      | (926   | )     |       | $ | (2,525 | )  
|                                                                                                                                      |                      |                     |        |                      |     |        |        |       |       |   |        |    

Interest and fees on loans during the 2003 quarter represented interest
income associated with a $5 million loan to Ryan Beck and a $30 million loan to
Levitt. Interest and fees on loans during the same 2002 period represented
interest income on the $5.0 million loan to Ryan Beck.

Interest on short term investments during the three months ended March 31,
2003 and 2002 represented interest income earned on a repurchase agreement
investment with BankAtlantic.

The increase in interest expense on debentures and trust preferred
securities resulted from higher average balances during the 2003 quarter
compared to the same 2002 period. During 2002, we issued $180.4 million of
trust preferred securities. The additional interest expense from the issuance
of trust preferred securities was partially offset by lower average rates. A
portion of the proceeds from the issuance of trust preferred securities were
used to retire $74.8 million of 9.50% fixed rate trust preferred securities and
$21.0 million of 9.00% subordinated debentures.

Gains or losses associated with joint venture activities resulted from the
elimination of intercompany interest expense that was capitalized into real
estate inventory on Levitts books. The deferred credit is subsequently
recognized as a reduction of cost of sales when the real estate is sold.

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BankAtlantic Bancorp, Inc.

Income from unconsolidated real estate subsidiary represents BankAtlantic
Bancorps 5% ownership interest in the earnings of Bluegreen Corporation.

Securities activities during the three months ended March 31, 2003
represents a gain realized from a liquidating dividend from an equity security.
Securities activities during the same 2002 period represented the sale of $2.5
million of equity securities for gains shown on the above table.

Investment banking expense represents fees paid to Ryan Beck in connection
with the underwriting of the Companys trust preferred securities. These fees
were included in investment banking income in Ryan Becks business segment
results of operations.

Compensation expense during the three months ended March 31, 2003
primarily resulted from the issuance of Class A restricted stock and the
amortization of a forgivable loan. The compensation expense during the same
2002 quarter primarily resulted from the Ryan Beck retention pool established
in connection with the Companys acquisition of Ryan Beck in 1998.

The increase in professional fees during the 2003 quarter compared to the
same 2002 period consisted of higher fees associated with the Seisint
litigation and the consideration of a potential Levitt spin-off. For a more
detailed discussion on the Seisint litigation see Related Party Transactions
appearing in the Companys Annual Report on Form 10-K for the year ended
December 31, 2002.

In April 2003, the Company announced its plan to pursue a spin-off of
Levitt in a tax-free transaction. The Company determined that Levitts future
growth prospects would be enhanced as a freestanding entity with independent
access to the capital markets. The proposed spin-off is subject to several
conditions, including the receipt of a private letter ruling from the Internal
Revenue Service that the distribution will be tax-free to the Company and its
shareholders and any required regulatory approvals. Depending on the timing of
the receipt of the ruling and any required regulatory approvals, we expect the
spin-off to take place by the end of the fourth quarter of 2003.

Financial Condition

Our total assets at March 31, 2003 were $5.8 billion compared to $5.4
billion at December 31, 2002. The increase in total assets primarily resulted
from:



| |  |  | The purchase of approximately $675 million of hybrid adjustable
rate residential loans in response to the historically low interest
rate environment during the period.              
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The origination of and participation in commercial real estate loans                                                                                                                 
|
| |  |  | The origination of home equity loans.                                                                                                                                                
|
| |  |  | The purchase of approximately $125 million of callable agency securities classified as available for sale.                                                                           
|
| |  |  | Increases in real estate held for development and sale and
joint venture activities due to higher Levitt and Sons real estate
inventory.                                             
|
| |  |  | Higher other assets balances associated with the issuance of
forgivable loans and an increase in deferred offering costs in
connection with the trust preferred securities offerings.

The above increases in total assets were partially offset by:



| |  |  | Declines in short term investments due to purchases of residential real estate loans.                                        
| | - |  | -----------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Accelerated loan repayments due to the historically low interest rate environment.                                           
|
| |  |  | Continued run-off in the syndications, leasing, international
and indirect lending areas, which were discontinued activities.
|
| |  |  | Reduction in tax certificate balances primarily related to certificate repayments.                                           
|
| |  |  | Lower securities owned associated with a decline in The GMS Groups municipal securities balances.                           

BankAtlantic made significant purchases of hybrid adjustable rate
residential loans during the first quarter of 2003 in order to replace loans
and mortgage-backed securities which experienced accelerated repayments.

The Companys total liabilities at March 31, 2003 were $5.3 billion
compared to $5.0 billion at December 31, 2002.

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BankAtlantic Bancorp, Inc.

The increase in total liabilities primarily resulted from:



| |  |  | The issuance in the aggregate of $65.0 million of trust preferred securities.                                                                                                
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Additional borrowings by Levitt to fund land purchases and construction activities.                                                                                          
|
| |  |  | Higher transaction and savings account balances resulting from
BankAtlantics seven-day banking and totally free checking account
initiatives.                               
|
| |  |  | Higher short term borrowings to fund loan and securities available for sale purchases.                                                                                       
|
| |  |  | Increase in securities sold but not yet purchased associated with Ryan Beck trading activities.                                                                              
|
| |  |  | Increased other liabilities related to customer deposits at
Levitt associated with a significant increase in backlog of homes as
well as higher current income tax liability.

The above increases in total liabilities were partially offset by:



| |  |  | Lower deposit balances due to certificate of deposit account withdrawals.                         
| | - |  | --------------------------------------------------------------------------------------------------
|
| |  |  | Reduced due to clearing agent balances associated with Ryan Becks trading activities.            
|
| |  |  | Repayments of a bank line of credit from the proceeds of the trust preferred securities offerings.

Stockholders equity at March 31, 2003 was $479.6 million compared to
$469.3 million at December 31, 2002. The increase was primarily attributable
to earnings of $14.4 million and the issuance of common stock upon the exercise
of stock options and issuance of restricted Class A Stock. Offsetting the
above increases were reductions in stockholders equity of $2.6 million
associated with activity in other comprehensive income and the payment of $1.8
million in dividends on common stock. Included in the change in other
comprehensive income was a $446,000 loss associated with the minimum pension
liability, a $2.4 million decline in unrealized gains on securities available
for sale, a $246,000 unrealized loss on interest rate swap activity and a
$448,000 gain associated with the activities of Bluegreen Corporation.

BankAtlantic Bancorp, Inc. Liquidity and Capital Resources

The Companys principal source of liquidity is dividends from
BankAtlantic. The Company also obtains funds through the issuance of equity
securities, borrowings from financial institutions, issuance of debt securities
and liquidation of equity securities it holds. The Companys annual debt
service associated with its subordinated debentures, trust preferred
securities, and financial institution borrowings is approximately $16.0
million. The Companys estimated current annual dividends to common
shareholders are approximately $7.2 million. The declaration and payment of
dividends and the ability of the Company to meet its debt service obligations
will depend upon the results of operations, financial condition and cash
requirements of the Company as well as indenture restrictions and loan
covenants and on the ability of BankAtlantic to pay dividends to the Company,
which payments are subject to regulations and OTS approval and are based upon
BankAtlantics regulatory capital levels and net income. During 2002, the
Company received $22.0 million of dividends from BankAtlantic.

During the three months ended March 31, 2003, the Company participated in
two pooled trust preferred securities offerings in which an aggregate of $65
million of trust preferred securities was issued, and in April 2003 the Company
participated in a third pooled trust preferred securities offering in which $10
million of trust preferred securities were issued. The trust preferred
securities pay distributions quarterly at a fixed rate ranging from 6.40% to
6.65% per annum until 2008, and thereafter at a floating rate equal to 3-month
LIBOR plus 315-325 basis points. The securities are redeemable in five years
and are due in 2033. The net proceeds to the Company from the trust preferred
securities offerings after placement fees and expenses were approximately $72.5
million. The trust preferred securities are considered debt for financial
accounting and tax purposes.

The Company used the net proceeds from the above trust preferred
securities offerings to redeem $45.8 million of 5.625% Convertible Subordinated
Debentures due 2007, repay $16 million of outstanding borrowings under a credit
facility from an unrelated financial institution and for general corporate
purposes. The floating rate trust preferred securities increases the Companys
interest rate risk.

The Company maintains a revolving credit facility of $30 million with an
independent financial institution. The credit facility contains customary
covenants, including financial covenants relating to regulatory capital and
maintenance of certain loan loss reserves and is secured by the common stock of
BankAtlantic. The Company has used this credit facility to temporarily fund
acquisitions and asset purchases as well as for general corporate purposes.
The credit facility had an outstanding balance of $100,000 at March 31, 2003,
and we were in compliance with all loan covenants. Amounts outstanding accrue
interest at the prime rate minus 50 basis points and the facility matures on
September 1, 2004.

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BankAtlantic Bancorp, Inc.

Certain covenants contained in a Levitt loan agreement restrict its
ability to pay dividends to the Company. Ryan Beck has not paid dividends to
the Company and it is not anticipated that Ryan Beck will pay dividends to the
Company during 2003.

BankAtlantic Liquidity and Capital Resources

BankAtlantics liquidity will depend on its ability to generate sufficient
cash to support loan demand, to meet deposit withdrawals, and to pay operating
expenses. BankAtlantics securities portfolio provides an internal source of
liquidity through its short-term investments as well as scheduled maturities
and interest payments. Loan repayments and sales also provide an internal
source of liquidity.

BankAtlantics primary sources of funds during the three months ended
March 31, 2003 were deposits; principal repayments of loans and tax
certificates and securities available for sale; maturities of securities held
to maturity; proceeds from the sale of loans and securities available for sale;
proceeds from securities sold under agreements to repurchase; advances from
FHLB; and operations. These funds were primarily utilized to fund loan
disbursements and purchases, deposit outflows, repayments of securities sold
under agreements to repurchase, maturities of advances from FHLB, purchases of
tax certificates and payments of maturing certificates of deposit, to pay
operating expenses, and to pay dividends to the Company. The FHLB has granted
BankAtlantic a $1.4 billion line of credit subject to available collateral,
with a maximum term of ten years secured by a blanket lien on all of
BankAtlantics residential mortgage loans and certain commercial real estate
loans. BankAtlantic has established lines of credit for up to $160 million
with other banks to purchase federal funds and has established a $17.1 million
potential advance with the Federal Reserve Bank of Atlanta. BankAtlantic has
various relationships to acquire brokered deposits. These relationships may be
utilized as an alternative source of borrowings, if needed. At March 31, 2003,
BankAtlantic met all applicable liquidity and regulatory capital requirements.

BankAtlantics commitments to originate and purchase loans at March 31,
2003 were $368.8 million and $124.5 million, respectively, compared to $262.4
million and zero, respectively, at March 31, 2002. Additionally, BankAtlantic
had commitments to purchase mortgage-backed securities of $27.8 million and
$108.0 million, respectively, at March 31, 2003 and at March 31, 2002,
respectively. At March 31, 2003, loan commitments represented approximately
9.4% of loans receivable, net.

As of March 31, 2003, the Company had approximately $358 million in
investments and mortgage-backed securities pledged against securities sold
under agreements to repurchase.

At the indicated date BankAtlantics capital amounts and ratios were
(dollars in thousands):

|                          |  |        |         |             |  |             |       |       |  |                |      |   |  |  |       |  
|------------------------- |  | ------ | ------- | ----------- |  | ----------- | ----- | ----- |  | -------------- | ---- | - |  |  | ----- | -
|                          |  |        |         |             |  |             |       |       |  | Minimum Ratios
|                          |  |        |         |             |  |             |       |       |  |               
|                          |  | Actual |         | Adequately  |  | Well       
|                          |  |        |         | Capitalized |  | Capitalized
|(in thousands)            |  | Amount |         | Ratio       |  | Ratio       |       | Ratio
|                          |  |        |         |             |  |             |       |      
|At March 31, 2003:        |  |        |         |             |  |             |       |       |  |                |      |   |  |  |       |  
|Total risk-based capital  |  | $      | 424,846 |             |  |             | 11.29 | %     |  |                | 8.00 | % |  |  | 10.00 | %
|Tier 1 risk-based capital |  | $      | 355,780 |             |  |             | 9.46  | %     |  |                | 4.00 | % |  |  | 6.00  | %
|Tangible capital          |  | $      | 355,780 |             |  |             | 6.87  | %     |  |                | 1.50 | % |  |  | 1.50  | %
|Core capital              |  | $      | 355,780 |             |  |             | 6.87  | %     |  |                | 4.00 | % |  |  | 5.00  | %
|At December 31, 2002:     |  |        |         |             |  |             |       |       |  |                |      |   |  |  |       |  
|Total risk-based capital  |  | $      | 413,469 |             |  |             | 11.89 | %     |  |                | 8.00 | % |  |  | 10.00 | %
|Tier 1 risk-based capital |  | $      | 347,927 |             |  |             | 10.01 | %     |  |                | 4.00 | % |  |  | 6.00  | %
|Tangible capital          |  | $      | 347,927 |             |  |             | 7.26  | %     |  |                | 1.50 | % |  |  | 1.50  | %
|Core capital              |  | $      | 347,927 |             |  |             | 7.26  | %     |  |                | 4.00 | % |  |  | 5.00  | %

Savings institutions are also subject to the provisions of the Federal
Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). Regulations
implementing the prompt corrective action provisions of FDICIA define specific

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BankAtlantic Bancorp, Inc.

capital categories based on FDICIAs defined capital ratios, as discussed more
fully in our Annual Report on Form 10-K for the year ended December 31, 2002.

Levitt Corporation Liquidity and Capital Resources

Levitt Corporations primary source of funds during the three months ended
March 31, 2003 were proceeds from the sale of real estate inventory and
borrowings from financial institutions. These funds were primarily utilized for
the development, construction and acquisition of real estate inventory and to
repay borrowings, to invest in a joint venture and to fund operations.

Levitt has entered into various loan agreements to provide financing for
acquisitions and site improvements and construction of residential units. As
of March 31, 2003, these loan agreements provided for advances on a revolving
loan basis up to a maximum of $203.0 million, of which approximately $115.1
million was outstanding at March 31, 2003 and approximately $87.9 million was
available for future fundings, subject to available collateral. The loans are
secured by mortgages on the subject properties including improvements with
carrying values aggregating approximately $169.2 million at March 31, 2003.

Some of Levitts borrowings contain covenants that, among other things,
require Levitt to maintain certain financial ratios and a minimum net worth.
These covenants may have the effect of limiting the amount of debt that Levitt
can incur in the future and restricting the payment of dividends from Levitt to
BankAtlantic Bancorp. At March 31, 2003, Levitt was in compliance with all
loan agreement financial covenants.

In many cases, Levitt provides home purchasers with warranties against
certain defects for a period of up to two years from the date of purchase.
Levitt provides for estimated warranty costs when the home is sold and
continuously monitors its warranty exposure and service program.

Ryan Beck & Co., Inc. Liquidity and Capital Resources

Ryan Becks primary source of funds during the three months ended March
31, 2003 were clearing broker borrowings, proceeds from the sale of securities
owned, proceeds from securities sold but not yet purchased, and fees from
customers. These funds were primarily utilized to pay operating expenses, fund
the purchase of securities owned and fund capital expenditures.

In the ordinary course of business, Ryan Beck borrows under an agreement
with its Clearing Broker by pledging securities owned as collateral primarily
to finance its trading inventories. The amount and terms of the borrowings are
subject to the lending policies of the clearing broker and can be changed at
the clearing brokers discretion. Additionally, the amount financed is also
impacted by the market value of the securities owned which are pledged as
collateral.

At March 31, 2003, Ryan Beck had a line of credit facility with an
unrelated financial institution in the amount of $10 million with an interest
rate of LIBOR plus 1.50%. The line expires on April 1, 2004, and it is secured
by certificates of deposit (CDs) from Ryan Becks certificate of deposit
wholesale business. There were no amounts outstanding under this facility at
March 31, 2003.

As part of the Gruntal transaction, Ryan Beck acquired the operations of
GMS. A part of GMSs business is investing in below investment grade
securities. These securities are not readily marketable and the fair values of
these securities may change significantly from period to period resulting in
considerable markups or markdowns occurring from period to period.
Approximately $51.0 million par value of GMSs securities owned with an
estimated fair value and carrying value of approximately $8.0 million were in
default. These securities are not readily marketable, and Ryan Becks ability
to liquidate these investments will depend on market conditions and is subject
to significant risk. While Ryan Beck believes that the carrying amount of
these securities is at fair value, it may not be possible to realize that value
upon sale.

Ryan Beck is subject to the net capital provision of Rule 15c3-1 under the
Securities Exchange Act of 1934, which requires the maintenance of minimum net
capital and requires the ratio of aggregate indebtedness to net capital, both
as defined, not to exceed 15 to 1. Additionally, Ryan Beck, as a market maker,
is subject to supplemental requirements of Rule 15c3-1(a)4, which provides for
the computation of net capital to be based on the number of and price of issues
in which markets are made by Ryan Beck, not to exceed $1.0 million. Ryan
Becks regulatory net capital was approximately $14.2 million, which was $13.2
million in excess of its required net capital of $1.0 million.

Ryan Beck operates under the provisions of paragraph (k)(2)(ii) of Rule
15c3-3 of the Securities and Exchange Commission as a fully disclosed
introducing broker and, accordingly, customer accounts are carried on the books
of the

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BankAtlantic Bancorp, Inc.

clearing broker. However, Ryan Beck safekeeps and redeems municipal bond
coupons for the benefit of its customers. Accordingly, Ryan Beck is subject to
the provisions of SEC Rule 15c3-3 relating to possession or control and
customer reserve requirements and was in compliance with such provisions at
March 31, 2003.




Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is defined as the risk of loss arising from adverse changes in
market valuations that arise from interest rate risk, foreign currency exchange
rate risk, commodity price risk and equity price risk. Our primary market risk
is interest rate risk and our secondary market risk is equity price risk.

Interest Rate Risk

The majority of our assets and liabilities are monetary in nature,
subjecting us to significant interest rate risk which would arise if the
relative values of each of our assets and liabilities changed in conjunction
with a general rise or decline in interest rates. We have developed a model
using standard industry software to quantify our interest rate risk. A
sensitivity analysis was performed measuring our potential gains and losses in
net portfolio fair values of interest rate sensitive instruments at March 31,
2003 resulting from a change in interest rates. Interest rate sensitive
instruments included in the model were our:



| |  |  | Loan portfolio,                                
| | - |  | -----------------------------------------------
|
| |  |  | Debt securities available for sale,            
|
| |  |  | Investment securities,                         
|
| |  |  | FHLB stock,                                    
|
| |  |  | Federal Funds sold,                            
|
| |  |  | Deposits,                                      
|
| |  |  | Advances from FHLB,                            
|
| |  |  | Securities sold under agreements to repurchase,
|
| |  |  | Federal Funds purchased,                       
|
| |  |  | Notes and Bonds payable,                       
|
| |  |  | Subordinated Debentures,                       
|
| |  |  | Trust Preferred Securities,                    
|
| |  |  | Forward contracts,                             
|
| |  |  | Interest rate swaps, and                       
|
| |  |  | Off-balance sheet loan commitments.            

The model calculates the net potential gains and losses in net portfolio fair value by:



| | (i)   |  | discounting anticipated cash flows from existing
assets, liabilities and off-balance sheet contracts at market
rates to determine fair values at March 31, 2003, and
| | ----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  |  | discounting the above expected cash flows based on
instantaneous and parallel shifts in the yield curve to
determine fair values.                                   
|
| | (iii) |  | The difference between the fair value calculated
in (i) and (ii) is the potential gain or loss in net portfolio
fair values.                                        

Management has made estimates of fair value discount rates that it
believes to be reasonable. However, because there is no quoted market for many
of these financial instruments, management has no basis to determine whether
the fair value presented is indicative of the value that would be realized in a
sale. 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.

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BankAtlantic Bancorp, Inc.

Presented below is an analysis of the Companys interest rate risk at
March 31, 2003 as calculated utilizing the Companys model. The table measures
changes in net portfolio value for instantaneous and parallel shifts in the
yield curve in 100 basis point increments up or down.

|                       |   |        |               |         |  |   |          |   | 
|---------------------- | - | ------ | ------------- | ------- |  | - | -------- | - | 
|                       |   |        | Net Portfolio |         |  |   |         
|Changes                |   | Value  |               | Dollar 
|in Rate                |   | Amount |               | Change 
|                       |   |        |               |        
|(dollars in thousands)
|+200 bp                |   | $      | 553,146       |         |  | $ | 64,910   |  
|+100 bp                |   | $      | 537,857       |         |  | $ | 49,621   |  
|                       | 0 |        | $             | 488,236 |  |   | $        |  | 
|-100 bp                |   | $      | 423,216       |         |  | $ | (65,020  | )
|-200 bp                |   | $      | 357,866       |         |  | $ | (130,370 | )

In preparing the above table, the Company makes various assumptions to
determine the net portfolio value at the assumed changes in interest rate.
These assumptions include:



| |  |  | Interest rates,                                                                      
| | - |  | -------------------------------------------------------------------------------------
|
| |  |  | loan prepayment rates,                                                               
|
| |  |  | deposit decay rates,                                                                 
|
| |  |  | market values of certain assets under the representative interest rate scenarios, and
|
| |  |  | re-pricing of certain deposits and borrowings.                                       

It was also assumed that delinquency rates would not change as a result of
changes in interest rates although there can be no assurance that this would be
the case. Even if interest rates change in the designated increments, there
can be no assurance that our assets and liabilities would be impacted as
indicated in the table above. In addition, a change in U.S. Treasury rates in
the designated amounts, accompanied by a change in the shape of the yield
curve, could cause significantly different changes to the fair values than
indicated above. Furthermore, the result of the calculations in the preceding
table are subject to significant deviations based upon actual future events,
including anticipatory or reactive measures which we may take in the future.

Our net interest margin has declined since September 2002. We expect this
situation could continue to negatively impact our earnings for at least two
quarters or for as long as rates remain at these historically low levels.

Equity Price Risk

The Company also maintains a portfolio of securities owned and available
for sale securities which subjects it to equity pricing risks which would arise
as the relative values of its securities change in conjunction with market or
economic conditions. The change in fair values of securities represents
instantaneous changes in all equity prices segregated by securities owned,
securities sold but not yet purchased, and available for sale securities. The
following are hypothetical changes in the fair value of our securities owned,
securities sold but not yet purchased, and available for sale securities at
March 31, 2003 based on percentage changes in fair value. Actual future price
appreciation or depreciation may be different from the changes identified in
the table below.

|                       |       |            |   |            |         |           |   |           |     |            |   |         |         |   |   |        |         |  
|---------------------- | ----- | ---------- | - | ---------- | ------- | --------- | - | --------- | --- | ---------- | - | ------- | ------- | - | - | ------ | ------- | -
|                       |       |            |   |            |         |           |   | Available |     | Securities |   |         |         |  
|Percent                |       | Securities |   | for Sale   |         | Sold Not  |   |           |     |           
|Change in              |       | Owned      |   | Securities |         | Yet       |   | Dollar   
|Fair Value             |       | Fair Value |   | Fair Value |         | Purchased |   | Change   
|                       |       |            |   |            |         |           |   |          
|(dollars in thousands)
|                       | 20%   |            | $ | 185,183    |         |           | $ | 642       |     |            | $ | (59,712 | )       |   | $ | 21,019 |        
|                       | 10%   |            | $ | 169,751    |         |           | $ | 589       |     |            | $ | (54,736 | )       |   | $ | 10,509 |        
|                       | 0%    |            |   | $          | 154,319 |           |   | $         | 535 |            |   | $       | (49,760 | ) |   | $      |        |  
|                       | (10)% |            |   | $          | 138,887 |           |   | $         | 482 |            |   | $       | (44,784 | ) |   | $      | (10,509 | )
|                       | (20)% |            |   | $          | 123,455 |           |   | $         | 428 |            |   | $       | (39,808 | ) |   | $      | (21,019 | )

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BankAtlantic Bancorp, Inc.

Excluded from the above table was $3.4 million of investments in private
companies for which no current market exists. The ability to realize on or
liquidate these investments will depend on future market conditions and is
subject to significant risk.

Ryan Beck, in its capacity as a market-maker and dealer in corporate and
municipal fixed-income and equity securities, may enter into transactions in a
variety of cash and derivative financial instruments in order to facilitate
customer order flow and to hedge market risk exposures. These financial
instruments include securities sold but not yet purchased and futures
contracts. Securities sold but not yet purchased represent obligations of Ryan
Beck to deliver specified financial instruments at contracted prices, thereby
creating a liability to purchase the financial instrument in the market at
prevailing prices. Accordingly, these transactions result in off-balance-sheet
risk as Ryan Becks ultimate obligation may exceed the amount recognized in the
Consolidated Statement of Financial Condition. As a securities broker and
dealer, Ryan Beck is engaged in various securities trading and brokerage
activities servicing a diverse group of domestic corporations, governments,
institutional, and individual investors. Ryan Beck has exposure to risks
associated with the nonperformance of these counter parties in fulfilling their
contractual obligations. Ryan Beck is also exposed to risks associated with
its securities owned and GMSs investments in below investment grade
securities.




Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Within 90 days prior to the date of this report, we carried out an
evaluation, under the supervision and with the participation of our principal
executive officer and principal financial officer, of the effectiveness of the
design and operation of our disclosure controls and procedures. Based on this
evaluation, our principal executive officer and principal financial officer
concluded that our disclosure controls and procedures are effective in timely
alerting them to material information required to be included in our periodic
SEC reports.

Changes in Internal Controls

In addition, we reviewed our internal controls, and there have been no
significant changes in our internal controls or in other factors that could
significantly affect those controls subsequent to the date of the last
evaluation.

Limitations on the Effectiveness of Controls

Our management, including our principal executive officer and principal
financial officer, does not expect that our disclosure controls and procedures
and internal controls will prevent all errors and all improper conduct. A
control system, no matter how well conceived and operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system
are met. Further, the design of a control system must reflect the fact that
there are resource constraints, and the benefits of controls must be considered
relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of improper conduct, if any, within the Company
have been detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can occur
because of simple error or mistake. Additionally, controls can be circumvented
by the individual acts of some persons, by collusion of two or more people, or
by management override of the control.

Further, the design of any system of controls also is based in part upon
assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions; over time, controls may become inadequate because
of changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate. Because of the inherent limitations in a
cost-effective control system, misstatements due to error or fraud may occur
and not be detected.

CEO and CFO Certifications

Appearing immediately following the Signatures section of this report
there are Certifications of the principal executive officer and the principal
financial officer. The Certifications are required in accordance with Section
302 of the Sarbanes-Oxley Act of 2002. This Item of this report, which you are
currently reading, is the information concerning the evaluation referred to in
the Section 302 Certifications and this information should be read in
conjunction with the Section 302 Certifications for a more complete
understanding of the topics presented.

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BankAtlantic Bancorp, Inc.




PART II  OTHER INFORMATION




Item 6. Exhibits and Reports on Form 8-K

|    |  |              |  |                                                                                                                                             
|--- |  | ------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Exhibits     |  |                                                                                                                                             
|    |  | Exhibit 10.1 |  | Amended and Restated Declaration of Trust of BBC Capital Statutory Trust X                                                                  
|    |  | Exhibit 10.2 |  | Indenture for the Companys Floating Rate Junior Subordinated Deferrable Interest Debentures due 2033 held by BBC
Capital Statutory Trust X.
|    |  | Exhibit 10.3 |  | Amended and Restated Declaration of Trust of BBC Capital Trust XI                                                                           
|    |  | Exhibit 10.4 |  | Indenture for the Companys Floating Rate Junior Subordinated Debt Securities due 2033 held by BBC Capital Trust
XI.                        
|    |  | Exhibit 10.5 |  | Amended and Restated Declaration of Trust of BBC Capital Trust XII                                                                          
|    |  | Exhibit 10.6 |  | Indenture for the Companys Floating Rate Junior Subordinated Debt Securities due 2033 held by BBC Capital Trust
XII.                       
|    |  | Exhibit 11   |  | Statement re: Computation of Per Share Earnings                                                                                             
|    |  | Exhibit 99.1 |  | Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002                      
|    |  | Exhibit 99.2 |  | Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002                      



|(b) |  | Reports on Form 8-K                                                                                                                                                                                                                                   
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Form 8-K filed on January 8, 2003 for the purpose of announcing the
appointment of D. Keith Cobb to its Board of Directors.                                                                                                                           
|   
|    |  | Form 8-K filed on January 13, 2003 for the purpose of announcing the
dismissal of KPMG as the Companys independent public accountants and
the engagement of PriceWaterhouseCoopers (PWC) as the Companys
principal independent public accountants.
|   
|    |  | Form 8-K filed on February 7, 2003 for the purpose of announcing the
Companys fourth quarter and year 2002 earnings as well as a restatement
of its second and third quarter 2002 earnings.                                                          

39



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##### Table of Contents



BankAtlantic Bancorp, Inc.

Signatures

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

BANKATLANTIC BANCORP, INC.

|                  |  |     |  |                                                                                  
|----------------- |  | --- |  | ---------------------------------------------------------------------------------
|May  15, 2003Date |  | By: |  | /s/Alan B. LevanAlan B. Levan
Chief Executive Officer/
Chairman/President        
|                 
|May  15, 2003Date |  | By: |  | /s/James A. WhiteJames A. White
Executive Vice President,
Chief Financial Officer

40



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##### Table of Contents



BankAtlantic Bancorp, Inc.

I, James A. White, certify that:



|1. |  | I have reviewed this quarterly report on Form 10-Q
of BankAtlantic Bancorp, Inc.;                                                                                                                                                                                                                                             
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Based on my knowledge, this quarterly report does
not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this
quarterly report;
|  
|3. |  | Based on my knowledge, the financial statements,
and other financial information included in this quarterly
report, fairly present in all material respects the financial
condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
quarterly report;                   
|  
|4. |  | The registrants other certifying officers and I
are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:                                                                                                     



| | a. |  | designed such disclosure controls and
procedures to ensure that material information relating
to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this
quarterly report is being prepared;
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b. |  | evaluated the effectiveness of the
registrants disclosure controls and procedures as of a
date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and                                                                                                  
|
| | c. |  | presented in this quarterly report our
conclusions about the effectiveness of the disclosure
controls and procedures based on our evaluation as of the
Evaluation Date;                                                                                                                        



|5. |  | The registrants other certifying officers and I
have disclosed, based on our most recent evaluation, to the
registrants auditors and the audit committee of registrants
board of directors (or persons performing the equivalent
function):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. |  | all significant deficiencies in the
design or operation of internal controls which could
adversely affect the registrants ability to record,
process, summarize and report financial data and have
identified for the registrants auditors any material
weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b. |  | any fraud, whether or not material,
that involves management or other employees who have a
significant role in the registrants internal controls;
and                                                                                                                                        



|6. |  | The registrants other certifying officers and I
have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other
factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies
and material weaknesses.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: May 15, 2003

By:/s/ James A. White
James A. White,
Chief Financial Officer

41



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##### Table of Contents



BankAtlantic Bancorp, Inc.

I, Alan B. Levan, certify that:



|1. |  | I have reviewed this quarterly report on Form 10-Q
of BankAtlantic Bancorp, Inc.;                                                                                                                                                                                                                                             
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Based on my knowledge, this quarterly report does
not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this
quarterly report;
|  
|3. |  | Based on my knowledge, the financial statements,
and other financial information included in this quarterly
report, fairly present in all material respects the financial
condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
quarterly report;                   
|  
|4. |  | The registrants other certifying officers and I
are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and we have:                                                                                                     



| | a. |  | designed such disclosure controls and
procedures to ensure that material information relating
to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this
quarterly report is being prepared;
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. |  | evaluated the effectiveness of the
registrants disclosure controls and procedures as of a
date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. |  | presented in this quarterly report our
conclusions about the effectiveness of the disclosure
controls and procedures based on our evaluation as of the
Evaluation Date;
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. |  | The registrants other certifying officers and I
have disclosed, based on our most recent evaluation, to the
registrants auditors and the audit committee of registrants
board of directors (or persons performing the equivalent
function):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. |  | all significant deficiencies in the
design or operation of internal controls which could
adversely affect the registrants ability to record,
process, summarize and report financial data and have
identified for the registrants auditors any material
weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. |  | any fraud, whether or not material,
that involves management or other employees who have a
significant role in the registrants internal controls;
and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



|6. |  | The registrants other certifying officers and I
have indicated in this quarterly report whether or not there
were significant changes in internal controls or in other
factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies
and material weaknesses.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: May 15, 2003

By:/s/Alan B. Levan
Alan B. Levan,
Chief Executive Officer

42