BankAtlantic Bancorp Reports Financial Results for the Fourth Quarter and Full Year, 2009

BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported financial results for the fourth quarter and full year ending December 31, 2009.

Fourth Quarter 2009

BankAtlantic Bancorp, Inc. (the "Company”) today reported a net loss from continuing operations of ($48.0) million, or ($0.97) per diluted share, for the quarter ended December 31, 2009, compared to a net loss from continuing operations of ($164.3) million, or ($10.89) per diluted share, for the quarter ended December 31, 2008, and a net loss from continuing operations of ($52.1) million, or ($3.45) per diluted share, for the quarter ended September 30, 2009.

Full Year 2009

BankAtlantic Bancorp reported a net loss from continuing operations of ($185.0) million, or ($7.83) per diluted share, for the year ended December 31, 2009, compared to a net loss from continuing operations of ($219.2) million, or ($14.54) per diluted share, for the year ended December 31, 2008.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, "Both the current quarter and full year 2009 results continue to reflect losses associated with our real estate related loan portfolios, especially in the commercial real estate sector. The decreased losses in both the fourth quarter 2009 and full year 2009 compared to the corresponding periods in 2008 resulted primarily from accounting for income taxes resulting in a net benefit of $31.7 million for the fourth quarter and full year 2009 versus a net provision in 2008 (described more fully in this release) and higher goodwill impairment charges in 2008 compared to 2009; partially offset by higher loan loss provisions in the 2009 fourth quarter and full year.

"As disclosed last week in a Form 8-K filed with the SEC on January 21, 2010, BankAtlantic Bancorp has commenced cash offers to purchase $285.4 million of its outstanding trust preferred securities (TruPS) at a price of $200 per $1,000 principal amount outstanding, or $57.1 million for all of the outstanding series of TruPS. The completion of these offers is subject to numerous conditions, risks and uncertainties, including our ability to consummate a financing transaction sufficient to fund the purchase of the TruPS tendered in response to the offers and acceptance of a sufficient number of the offers by holders of a requisite amount of each series of TruPS."

Highlights of the BankAtlantic Operating Segment:

BankAtlantic Performance:

Deposits and Liquidity– BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, "Core ⁽¹⁾ and total deposits at December 31, 2009 were $2.6 billion and $4.0 billion, respectively, with the following characteristics:

• Non-CD balances represented approximately 75.8% of total deposits;
• The average cost of core deposits and total deposits for the fourth quarter of 2009 was 0.38% and 0.79%, respectively; and
• Brokered deposit balances represented 1.5% of assets.

• "During the fourth quarter of 2009:

• Core deposits increased $175.3 million, at an average cost of deposits of 0.66%.
• Total deposits increased by $10.2 million, as core deposit growth was partially offset by decreases in brokered deposits of $83.1 million and decreases in other non-core deposit categories of $82.0 million.

• "For the full year 2009:

• Core deposits increased approximately $495.1 million, at an average cost of deposits of 0.99%.
• Total deposits increased approximately $43.3 million as the growth in core deposits offset net declines in non-core accounts.

• "BankAtlantic continued to reduce its borrowings, resulting in total borrowings of $345.4 million, or 7.3% of total assets, at December 31, 2009.

• During the fourth quarter of 2009, borrowings were reduced by $71.2 million, or 17.1%. Since December 31, 2008, borrowings have been reduced by $955.6 million, or 73.5%.
• "BankAtlantic’s ratio of total borrowings to deposits plus borrowings was 8.0% at December 31, 2009 compared to 9.52% at September 30, 2009 and 24.9% at December 31, 2008.

⁽¹⁾ Core deposits is a term that we use to refer to Demand, NOW and Savings accounts. A reconciliation of core deposits to total deposits is included in BankAtlantic Bancorp’s Fourth Quarter and Full Year, 2009 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the "Investor Relations” section and click on the "Quarterly Financials or Supplemental Financials” navigation links.

Net Income– "BankAtlantic’s net loss was ($44.1) million for the fourth quarter of 2009, compared to a net loss of ($35.3) million for the third quarter of 2009 and a net loss of ($133.0) million for the fourth quarter of 2008.

• "Pretax core operating earnings ⁽²⁾ for the fourth quarter of 2009 was $10.6 million compared to $23.9 million in the third quarter of 2009, and $9.6 million in the fourth quarter of 2008. Loan loss and tax certificate provisions, debt redemption costs, and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($86.4) million for the fourth quarter of 2009, ($59.2) million for the third quarter of 2009, and ($88.6) million for the fourth quarter of 2008.

"BankAtlantic’s net loss was ($144.2) million for the full year 2009, compared to a net loss of ($166.1) million for the full year 2008.

• "Pretax core operating earnings for the full year 2009 was $69.6 million compared to $67.2 million for the full year 2008. Loan loss and tax certificate provisions, debt redemption costs, FDIC special assessments, and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($245.5) million for the full year 2009 and ($202.2) million for the full year 2008.

⁽²⁾ Pre-tax core operating earnings is a non-GAAP measure that we use to refer to pre-tax earnings before provision for loan losses, tax certificate provisions, debt redemption costs, FDIC special assessments and impairment, restructuring and exit activities. A reconciliation of loss from bank operations before income taxes to pre-tax core operating earnings is included in BankAtlantic Bancorp’s Fourth Quarter and Full Year, 2009 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the "Investor Relations” section and click on the "Quarterly Financials or Supplemental Financials” navigation links.

Net Interest Margin– "Net interest income for the fourth quarter of 2009 was $40.0 million compared to $41.5 million during the third quarter of 2009 and $44.5 million for the fourth quarter of 2008. Net interest income for the full year 2009 was $163.3 million compared to $193.6 million for the full year 2008.

• "Net interest margin during the fourth quarter of 2009 was 3.62%, a three basis point improvement from 3.59% during the third quarter of 2009, and a 33 basis point improvement from 3.29% during the fourth quarter of 2008.
• "Net interest spread during the fourth quarter of 2009 was 3.38%, improved by five basis points from 3.33% during the third quarter of 2009, and improved by 46 basis points from 2.92% during the fourth quarter of 2008.

"Quarterly net interest margin and spread improved slightly compared to the third quarter of 2009; the significant improvement in both the margin and spread compared to the fourth quarter of 2008 was largely the result of changes in the funding mix associated with growth in core deposits and the repayment of FHLB advances during 2009.

"The decline in net interest income from the fourth quarter and full year of 2009, however, was primarily due to the impact of the decline in average earning assets and increase in non-performing assets during 2009, which offset the margin improvements. Average earning assets have declined by $208.7 million from the third quarter 2009 and by $1.0 billion from the fourth quarter 2008. Additionally, while non-performing asset levels decreased by $4.5 million since September 30, 2009, they have increased by $95.7 million since December 31, 2008.

Non-interest income– "Total non-interest income for the fourth quarter of 2009 was $28.2 million compared to $35.5 million for the third quarter of 2009, and $31.1 million for the fourth quarter of 2008.

• "Excluding securities gains of $4.8 million and $0.1 million in the third quarter of 2009 and fourth quarter of 2008, respectively, non-interest income would have been $28.2 million for the fourth quarter of 2009 compared to $30.7 million in the third quarter of 2009 and $31.0 million during the fourth quarter of 2008.

"Total non-interest income for the full year 2009 was $129.3 million compared to $137.3 million for the full year 2008.

• "Excluding securities gains of $11.2 million in 2009 and $2.4 million in 2008, non-interest income would have been $118.1 million for 2009 compared to $134.9 million for 2008, with the decline primarily due to lower service charges on deposits.

• "Service charges on deposits declined from the comparative quarters and from the prior year reflecting changes in customer behavior as well as changes in our customer mix as a result of our relationship focused deposit gathering strategies.

Non-interest expense– "Total non-interest expenses were $66.0 million in the fourth quarter of 2009 compared to $60.0 million in the third quarter of 2009, and $122.9 million in the fourth quarter of 2008.

• "Core expenses ⁽³⁾ were $57.6 million in the fourth quarter of 2009, an increase from $53.1 million in the third quarter of 2009, but an improvement of $8.5 million, or 12.8%, over core expenses of $66.1 million in the fourth quarter of 2008. The increase from the third to fourth quarter of 2009 was primarily due to a $2.3 million increase in employee compensation and benefits, and a $1.8 million increase in professional fees (primarily legal costs).

"Total non-interest expense in 2009 was $258.8 million compared to $330.6 million in 2008.

• "Core expenses for the full year 2009 were $223.1 million compared to $263.8 million in 2008, reflecting an improvement of $40.7 million, or 15.4%. The year-over-year expense improvement included decreases of $22.6 million in employee compensation and benefits; $7.7 million in advertising and business promotion; $6.2 million in occupancy and equipment; and $4.6 million in check losses (related to the decline in deposit service charges discussed above).

"Expenses not included in core expenses consisted of the following:

• "Impairment, restructuring and exit charges of $7.7 million in the fourth quarter of 2009, $1.7 million in the third quarter of 2009 and $3.6 million in the fourth quarter of 2008; and $13.3 million and $10.0 million for the full years 2009 and 2008, respectively. The charges in the fourth quarter of 2009 were primarily associated with impairments related to lower real estate values of property held for sale ($2.7 million), real estate owned ($3.4 million) and leaseholds held for sale ($1.6 million).

• "Tax certificate provision of $0.7 million in the fourth quarter of 2009 compared to $(0.2) million net reversal of prior provisions in the third quarter of 2009 and $3.6 million expense in the fourth quarter of 2008; and $3.4 million and $7.3 million for the full years 2009 and 2008, respectively. The decline in 2009 is due primarily to higher provisions in 2008 associated with certain out-of-state markets where we are no longer active in the tax certificate market.

• "Costs associated with debt redemption of $0 in the fourth quarter of 2009, $5.4 million in the third quarter of 2009 and $1.2 million in the fourth quarter of 2008; and $7.5 million and $1.2 million for the full years 2009 and 2008, respectively. These costs were associated with the prepayment of certain FHLB borrowings as part of our balance sheet de-leveraging efforts throughout 2009.
• "Goodwill impairment of $0 in the fourth and third quarters of 2009 compared to a charge of $48.3 million in the fourth quarter of 2008; and $9.1 million and $48.3 million for the full years 2009 and 2008, respectively.
• "FDIC special assessment of $2.4 million and $0 for the full years 2009 and 2008, respectively.

⁽³⁾ Core expense is a non-GAAP measure that we use to refer to total non-interest expenses excluding tax certificate provisions, debt redemption costs, FDIC special assessments, impairments, restructuring and exit activities. A reconciliation of total expense to core expense is included in BankAtlantic Bancorp’s Fourth Quarter and Full Year, 2009 Supplemental Financials available at www.BankAtlanticBancorp.com. To view the financial data, access the "Investor Relations” section and click on the "Quarterly Financials or Supplemental Financials” navigation links.

Income Taxes– "During the fourth quarter of 2009, legislation was enacted related to tax net operating losses (NOLs) which extended the period available for the carry back of NOLs from two years to five years. Due specifically to this change in the tax law, BankAtlantic recorded a benefit for income taxes of $31.7 million during the fourth quarter of 2009. Excluding the impact of this newly enacted legislation, BankAtlantic would not have recorded a net provision or benefit for income taxes during the fourth quarter of 2009 relating to its loss as it continues to provide for a full deferred tax asset valuation allowance. During the fourth quarter of 2008, BankAtlantic recorded an income tax provision expense of ($54.0) million as a result of the recording of a full deferred tax asset valuation allowance during that quarter. For the full year 2009, BankAtlantic recorded an income tax benefit of $31.7 million compared to an income tax provision of ($31.1) million for the full year 2008.

Credit Risk Management:

• "The provision for loan losses in the fourth quarter of 2009 was $78.0 million compared to $52.2 million in the third quarter of 2009 and $31.8 million in the fourth quarter of 2008. The increased provision in the fourth quarter of 2009 reflects continued elevated levels of delinquencies, charge-offs and non-accrual loans. For the full year 2009, the provision for loan losses was $209.7 million compared to $135.4 million for the full year 2008.
• "BankAtlantic’s allowance for loan losses was $169.1 million at December 31, 2009. The reserve represented 4.41% of total loans at December 31, 2009, compared to 4.18% at September 30, 2009 and 2.87% at December 31, 2008.
• "The provision for loan losses in the fourth quarter of 2009 primarily related to our Commercial Real Estate ($57.2 million provision), Consumer ($8.8 million provision) and Residential Real Estate ($10.8 million provision) loan portfolios. In particular, the Commercial Real Estate portfolio continues to be adversely affected by declining collateral values and general economic conditions.
• "Net charge-offs were $74.9 million in the fourth quarter 2009, compared to net charge-offs of $43.1 million in the third quarter of 2009, and net charge-offs of $12.6 million in the fourth quarter of 2008. The increase in net charge-offs was due primarily to continued declines in the value of the collateral for our non-accrual loans.

• "Fourth quarter 2009 net charge-offs included $58.2 million in the Commercial Real Estate loan portfolio (of which approximately 81% of the net charge-offs were related to loans that were placed on non-accrual prior to the fourth quarter of 2009), $8.1 million in the Consumer Loan portfolio, $7.5 million in the Residential Real Estate loan portfolio and $1.6 million in the Small Business loan portfolio.

• "Total non-accrual loans were $286.1 million at December 31, 2009, reflecting a decrease of $8.7 million from September 30, 2009, but reflecting an increase of $78.0 million from December 31, 2008. The decrease in non-accrual loans during the fourth quarter of 2009 included a net decrease in Commercial Real Estate non-accrual loans of $21.9 million offset by a net increase of $3.1 million in Consumer non-accrual loans and a net increase of $10.0 million related to one Commercial business non-accrual loan. Residential real estate and Small business non-accrual loan balances remained essentially unchanged quarter to quarter. The decline in Commercial Real Estate non-accrual loans was the result of the increased charge-offs discussed above.
• "Total non-performing assets were $324.2 million at December 31, 2009, a decrease of $4.5 million from September 30, 2009, but an increase of $95.7 million from December 31, 2008.

"Other credit information for BankAtlantic’s three largest loan portfolios is further detailed below.

Commercial Real Estate Loans– "We continue to experience losses in our $1.1 billion Commercial Real Estate portfolio as the economic environment continues to impact our borrowers and the values of the underlying collateral.

• "Net charge-offs increased for the fourth quarter of 2009 to $58.2 million, compared to net charge-offs of $21.5 million in the third quarter of 2009 and $0 in the fourth quarter of 2008. For the full year 2009, net charge-offs in this portfolio were $95.6 million compared to $60.1 million for the full year 2008.
• "Delinquencies, excluding non-accrual loans and loans in the process of renewal, increased to $25.5 million, or 2.28% of total loans, at December 31, 2009, compared to $12.5 million, or 1.07% of total loans, at September 30, 2009, and $16.3 million, or 1.34% of total loans, at December 31, 2008.
• "Commercial Real Estate non-accrual loans decreased by $21.9 million from the prior quarter to $167.9 million at December 31, 2009, with increases in non-accrual loan balances more than offset primarily by net charge-offs of $58.2 million during the fourth quarter of 2009.
• "The allowance coverage for Commercial Real Estate loans increased from the prior quarter to 7.81% of the related portfolio at December 31, 2009, compared to 7.56% at September 30, 2009.

At December 31, 2009, BankAtlantic’s Commercial Real Estate loan portfolio included the following:

• "Commercial residential land acquisition, development and construction loans consisting of:

• Builder land bank loans: Consisting of 7 loans aggregating $43.7 million, including 6 loans aggregating $42.6 million on non-accrual at December 31, 2009.
• Land acquisition and development loans: Consisting of 27 loans aggregating $171.9 million, including 10 loans aggregating $60.2 million on non-accrual at December 31, 2009.
• Land acquisition, development and construction loans: Consisting of 6 loans aggregating $11.3 million, including 1 loan aggregating $3.8 million on non-accrual at December 31, 2009.

• "Commercial land loans: Consisting of 30 loans aggregating $88.5 million, including 7 loans aggregating $32.2 million on non-accrual at December 31, 2009.
• "All other Commercial real estate loans: Portfolio of $800.6 million, including 14 loans aggregating $29.1 million on non-accrual at December 31, 2009.

Residential Real Estate Loans– "Our Residential real estate loan portfolio was $1.5 billion at December 31, 2009, representing 40.6% of the Bank’s total loans. The purchased residential loan portfolio (representing 95% of the total residential loan portfolio) consists of approximately 5,200 first mortgage loans secured by properties throughout the United States. The weighted average FICO score of borrowers in this portfolio was 740 at the time of origination and the original back-end debt ratio, which we calculate as the ratio of total debt payments (inclusive of the fully amortizing residential loan) to income, was a weighted average of 33.8%. Standard products in this portfolio have never included subprime, negative amortizing, option-arm or ‘pick-a-payment’ loans.

• "Net charge-offs increased for the fourth quarter of 2009 to $7.5 million, compared to net charge-offs in the third quarter of 2009 of $7.0 million and $2.0 million in the fourth quarter of 2008. For the full year 2009, net charge-offs in this portfolio were $22.4 million compared to $4.4 million for the full year 2008.
• "Delinquencies, excluding non-accrual loans, increased to $26.7 million (compared to $24.9 million at September 30, 2009 and $20.2 million at December 31, 2008); which represented 1.72% of the portfolio at December 31, 2009, compared to 1.52% of the portfolio at September 30, 2009 and 1.04% of the portfolio at December 31, 2008.
• "Non-accrual loan balances remained relatively unchanged during the fourth quarter of 2009, increasing $0.4 million from September 30, 2009 to $76.4 million at December 31, 2009.
• "The allowance coverage for Residential loans increased during the fourth quarter of 2009 to 1.74% of the portfolio, compared to 1.45% at September 30, 2009.

"We continue to expect that the delinquency levels and loss trends in the Residential loan portfolio will continue to mirror the broader economy and unemployment trends.

Consumer Loans– "Our Consumer Loan portfolio had an outstanding balance of $681.4 million at December 31, 2009. BankAtlantic does not have a credit card portfolio. Home equity loans represent 98% of the Consumer Loan portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. Approximately 24% of the loans in this portfolio are secured by first mortgages.

• "Non-accrual balances increased during the fourth quarter of 2009 by $3.1 million to $14.5 million at December 31, 2009.
• "Delinquencies, excluding non-accrual loans, increased to $15.2 million, or 2.23% of the portfolio, at December 31, 2009, compared to $13.7 million, or 1.97% of the portfolio, at September 30, 2009 and $11.7 million, or 1.60% of the portfolio, at December 31, 2008.
• "Net charge-offs decreased in the fourth quarter of 2009 to $8.1 million, compared to net charge-offs in the third quarter of 2009 of $12.3 million and $9.0 million in the fourth quarter of 2008. For the full year 2009, net charge-offs in this portfolio were $39.7 million compared to $28.5 million for the full year 2008.
• "The allowance coverage for Consumer loans increased during the fourth quarter of 2009 to 6.22% of the portfolio, compared to 6.02% at September 30, 2009.

Capital Levels

"Capital ratios at December 31, 2009 were:

• Core capital 7.66%.
• Tier 1 risk-based capital 10.75%.
• Total risk-based capital 12.68%.
• Tangible capital/tangible assets 7.75%.”

BankAtlantic Bancorp (Parent Company level):

Alan B. Levan further commented, "As noted previously, BankAtlantic Bancorp has commenced cash offers to purchase its outstanding TruPS at a discount to par. Additionally, as originally announced in the first quarter 2009, we continue to defer the regularly scheduled interest payments on the outstanding junior subordinated debentures relating to these TruPS, which is permitted under the terms of the securities for up to 20 consecutive quarterly periods.

"BankAtlantic Bancorp’s net loss at the parent only level was ($3.8) million for the fourth quarter of 2009, compared to a net loss of ($16.8) million for the third quarter of 2009 and a net loss of ($31.3) million for the fourth quarter of 2008. The reduced loss in the 2009 fourth quarter was primarily due to a reversal of prior provisions for loan losses of $1.2 million in the fourth quarter of 2009, compared to loan loss provisions of ($11.3) million and ($6.7) million in the third quarter of 2009 and fourth quarter of 2008, respectively.

"BankAtlantic Bancorp’s net loss at the parent only level was ($40.8) million for the full year 2009, compared to a net loss of ($53.1) million for the full year 2008 due primarily to a decline of $4.9 million in net interest expense (reflecting declining LIBOR rates impacting the variable rate junior subordinated debentures) and a decline of $6.0 million in loan loss provisions.

Asset Workout Subsidiary– "As previously discussed, during the first quarter of 2008, Bancorp formed a wholly-owned asset workout subsidiary and purchased certain non-accrual loans from BankAtlantic. These assets are no longer held by BankAtlantic, and any gain or loss associated with these assets has no impact on BankAtlantic’s operations or capital, but will be included in Bancorp’s consolidated results. These assets, as with all other assets and liabilities of Bancorp, should not be combined with those of BankAtlantic when evaluating and comparing metrics for BankAtlantic as the insured financial institution.

"The loans held by the workout subsidiary totaled $48.0 million with specific loan reserves of $13.6 million at December 31, 2009. During the fourth quarter of 2009, these loans were written-down by $3.8 million and two loans totaling $4.3 million were transferred to Real Estate Owned. Net charge-offs for the full year 2009 were $16.5 million compared to $19.2 million for the full year 2008.

"The breakdown of the non-accrual loans held by the Company’s asset workout subsidiary at December 31, 2009 was as follows:

• "Builder land bank loans: Consisting of 2 loans aggregating $14.1 million.
• "Land acquisition and development loans: Consisting of 3 loans aggregating $10.4 million.
• "Land acquisition, development and construction loans: Consisting of 7 loans aggregating $14.9 million.
• "Commercial business loans: Consisting of 3 loans aggregating $5.6 million.”

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

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

Additionally, copies of BankAtlantic Bancorp’s fourth quarter 2009 financial results press release and financial data are available upon request via fax, email, or postal service mail. To request a copy, contact BankAtlantic Bancorp's Investor Relations department using the contact information listed below.

BankAtlantic Bancorp will not be hosting an investor and media teleconference call related to its Financial Results for the Fourth Quarter and Full Year, 2009 due to the timing of this release and the currently outstanding offers to purchase the TruPS as disclosed on a Form 8-K filed with the SEC on January 21, 2010.

About BankAtlantic Bancorp:

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

About BankAtlantic:

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

For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com

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Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act”), that involve substantial risks and uncertainties. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. ("the Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, decreases in real estate values, and increased unemployment on our business generally, our regulatory capital ratios and the ability of our borrowers to service their obligations and of our customers to maintain account balances; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of our loans (including those held in the asset workout subsidiary of the Company) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in our trade area, and where our collateral is located; the quality of our real estate based loans including our residential land acquisition and development loans (including Builder land bank loans, Land acquisition and development loans and Land acquisition, development and construction loans) as well as Commercial land loans, other Commercial real estate loans, Residential loans and Consumer loans, and conditions specifically in those market sectors; the quality of our Commercial business loans and conditions specifically in that market sector; the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the bank’s net interest margin; adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities, the value of our assets and on the ability of our borrowers to service their debt obligations and maintain account balances; BankAtlantic’s seven-day banking initiatives and other initiatives not resulting in continued growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify their costs; the success of our expense reduction initiatives and the ability to achieve additional cost savings; and the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance, actual or estimated new account openings and growth may not be indicative of future results. Forward-looking statements in this press release relating to the Company’s cash offers to purchase the outstanding TruPS are subject to the risk that a sufficient number of offers are not accepted by the requisite holders of the particular series of TruPS to which each offer relates and that we are not able to obtain financing upon acceptable terms, in amounts sufficient to complete the offers, if at all. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. The Company cautions that the foregoing factors are not exclusive.