EX-99.1

EX-99.1 2 d320972dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

BankAtlantic Bancorp Reports Financial Results

For the Fourth Quarter and Full Year, 2011

FORT LAUDERDALE, Florida – March 22, 2012 — BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported financial results for the fourth quarter and full year ending December 31, 2011.

BankAtlantic Bancorp – Results of Operations

BankAtlantic Bancorp, Inc. (the “Company”) today reported a net loss of ($17.5) million, or ($1.12) per diluted share, for the quarter ended December 31, 2011, versus a net loss of ($46.3) million, or ($3.72) per diluted share, for the quarter ended December 31, 2010.

BankAtlantic Bancorp reported a net loss of ($28.7) million, or ($2.04) per diluted share, for the year ended December 31, 2011, versus a net loss of ($143.3) million, or ($12.91) per diluted share, for the year ended December 31, 2010.

BankAtlantic- Results of Operations

BankAtlantic, the Company’s wholly owned bank subsidiary, reported a net loss of ($7.9) million for the fourth quarter of 2011, versus a net loss of ($41.2) million for the fourth quarter of 2010. For the full year 2011, BankAtlantic’s net loss was ($1.4) million versus a net loss of ($115.9) million for the full year of 2010.

BankAtlantic Capital:

BankAtlantic Bancorp’s Chairman and CEO, Alan B. Levan commented “BankAtlantic’s capital ratios have remained relatively stable and have never fallen below its regulatory requirements during the last several difficult years for the U.S. and Florida economies. At December 31, 2011, BankAtlantic’s capital ratios were:

•

Tier 1/Core Capital of 8.22%.

•

Tier 1 Risk-Based Capital of 12.93%.

•

Total Risk-Based Capital of 15.15%.

Our historical Capital Ratios at BankAtlantic were:


	12/2006			12/2007			12/2008			12/2009			12/2010			6/2011			12/2011
Tier 1/Core		7.55	%		6.94	%		6.80	%		7.58	%		6.22	%		8.24	%		8.22	%
Tier 1 Risk-Based		10.50	%		9.85	%		9.80	%		10.63	%		9.68	%		12.38	%		12.93	%
Total Risk-Based		12.08	%		11.63	%		11.63	%		12.56	%		11.72	%		14.52	%		15.15	%

BankAtlantic Bancorp (Parent Company level):

“As previously announced, on March 13, 2012, BankAtlantic Bancorp and BB&T Corporation entered into an amendment to their November 1, 2011 Stock Purchase Agreement. Pursuant to the agreement as amended, BankAtlantic Bancorp will sell BankAtlantic to BB&T and BB&T will assume all of Bancorp’s obligations following the closing with respect to approximately $285 million of outstanding Trust Preferred securities (“TruPs”). As previously disclosed, it is contemplated that prior to the sale of the Bank, the Bank will distribute to the Company membership interests in two limited liability companies. See the Form 8-K filed by the Company on March 16, 2012 detailing the terms and conditions of the amendment, the assets to be held by the limited liability companies and the transfer of membership interest in one of the entities to BB&T following its assumption of the TruPs, which will provide BB&T with interests representing a $285 million preferential return.

“While the Company had previously announced a possible rights offering of its Class A Common Stock to its shareholders, in light of the amended agreement with BB&T, the contemplated rights offering is no longer being pursued at this time.

“In connection with the closing of the transaction with BB&T, BankAtlantic Bancorp has requested decertification as a savings and loan holding company. Post closing, the Company expects to remain listed on the New York Stock Exchange, and plans to operate as an asset management company in the near term and to the extent of available funds transition into specialty finance,” concluded Mr. Levan.

BankAtlantic Bancorp’s Fourth Quarter and Full Year, 2011 Supplemental Financials 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. More complete information relating to BankAtlantic Bancorp and its financial results will be detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, which is anticipated to be filed with the Securities and Exchange Commission (the “SEC”) by the end of March, 2012 and available to view on the SEC’s website, www.sec.gov, or on BankAtlantic Bancorp’s website, www.BankAtlanticBancorp.com.

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 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 and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.

For further information, please visit our websites:

www.BankAtlanticBancorp.com

www.BankAtlantic.com

To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.

BankAtlantic Bancorp, Inc. Contact Info:

Leo Hinkley, Investor and Corporate Communications Officer: 954- 940-5300

InvestorRelations@BankAtlanticBancorp.com

Sharon Lyn, V.P., Investor and Corporate Communications: 954-940-6383

CorpComm@BankAtlanticBancorp.com

# # #

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of similar

import. The forward looking statements in this press release are also 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”), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and BankAtlantic and their 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 or sustained high unemployment rates on our business generally, BankAtlantic’s regulatory capital ratios, the ability of our borrowers to service their obligations and of our customers to maintain account balances and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact of the economy and real estate market values on our assets and the credit quality of our loans (including those held in the asset workout subsidiary of the Company); the risk that loan losses will continue and the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; the impact of and expenses associated with litigation including but not limited to litigation relating to overdraft fees and litigation brought by the SEC; risks associated with maintaining required capital levels and that failing to comply with regulatory mandates will result in the imposition of additional regulatory requirements and/or fines; 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 and our ability to raise capital; and the risks associated with the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance and perceived trends may not be indicative of future results. In addition, this press release contains forward looking statements relating to the impact of the recent amended agreement between BankAtlantic Bancorp and BB&T that involve a number of risks and uncertainties including, but not limited to, the following: that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all; that BankAtlantic

Bancorp’s and/or BankAtlantic’s business or net asset values may be negatively affected by the pendency of the proposed transaction or otherwise; that regulatory approvals may not be received; that the transaction may not be as advantageous to BankAtlantic Bancorp as expected; that BankAtlantic Bancorp’s shareholders may not realize the anticipated benefits; that BankAtlantic Bancorp’s future business plans may not be realized as anticipated, if at all; that the Company’s Class A Common Stock may not meet the requirements for continued listing on the NYSE; and that the assets retained by BankAtlantic Bancorp or held by the LLC described in this press release may not be monetized at the values currently ascribed to them. 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, 2011. The Company cautions that the foregoing factors are not exclusive.

LOGO

Supplemental Financial Information

Fourth Quarter and Full Year, 2011

Release Date: March 22, 2012

This information is preliminary, unaudited and based on data available at the time of the release.


Table of Contents Page	Page

Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries
Summary of Selected Financial Data (unaudited)		2
Consolidated Statements of Financial Condition (unaudited)		3
Consolidated Statements of Operations (unaudited)		4
Consolidated Average Balance Sheet (unaudited)		5
Nonperforming Assets and Credit Quality Statistics		6
Reconciliation of GAAP Financial Measures to Non-GAAP Measures		7

BankAtlantic (Bank Operations Business Segment)
Summary of Selected Financial Data (unaudited)		8
Condensed Statements of Operations (unaudited)		9
Condensed Statements of Financial Condition (unaudited)		10
Quarterly Average Balance Sheet – Yield/Rate Analysis		11
Year-to-Date Average Balance Sheet – Yield/Rate Analysis		12
Allowance for Loan Loss and Credit Quality		13
Delinquencies, Excluding Non-Accrual Loans, at Period-End		14
Loan Provision and Allowance for Loan Losses by Portfolio		14
Reconciliation of GAAP Financial Measures to Non-GAAP Measures		15

Parent Company Business Segment
Condensed Statements of Operations (unaudited)		16
Condensed Statements of Financial Condition (unaudited)		16
Allowance for Loan Loss and Credit Quality		16

BankAtlantic Bancorp, Inc. and Subsidiaries

Summary of Selected Financial Data (unaudited)


																	For the
		For the Three Months Ended															Years Ended
		12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Earnings (in thousands):
Net (loss) income from continuing operations		$	(17,461	)		(11,794	)		23,401			(22,887	)		(45,795	)		(28,741	)		(142,750	)
Net (loss) income		$	(17,461	)		(11,794	)		23,401			(22,887	)		(46,295	)		(28,741	)		(143,250	)
Net (loss) income attributable to BankAtlantic Bancorp		$	(17,466	)		(11,540	)		23,111			(23,182	)		(46,554	)		(29,077	)		(144,181	)
Pre-tax core operating earnings - Non-GAAP	(note 1)	$	(20	)		8,286			5,295			7,210			4,269			20,771			27,170

Average Common Shares Outstanding (in thousands):
Basic			15,629			15,627			13,059			12,545			12,514			14,227			11,167
Diluted			15,629			15,627			13,059			12,545			12,514			14,227			11,167

Key Performance Ratios
Basic and diluted (loss) income per share from continuing operations	(note 2)	$	(1.12	)		(0.74	)		1.77			(1.85	)		(3.68	)		(2.04	)		(12.87	)
Basic and diluted (loss) income per share	(note 2)	$	(1.12	)		(0.74	)		1.77			(1.85	)		(3.72	)		(2.04	)		(12.91	)
Return on average tangible assets from continuing operations	(note 3)	%	(1.89	)		(1.24	)		2.18			(2.02	)		(4.06	)		(0.70	)		(3.11	)
Return on average tangible equity from continuing operations	(note 3)	%	(1,235.74	)		(262.69	)		(4,557.16	)		(1,152.71	)		(356.19	)		(388.55	)		(160.46	)

Average Balance Sheet Data (in millions):
Assets		$	3,718			3,812			4,317			4,550			4,530			4,096			4,609
Tangible assets - Non-GAAP	(note 3)	$	3,704			3,798			4,303			4,536			4,515			4,082			4,594
Loans, gross		$	2,682			2,803			2,956			3,123			3,360			2,890			3,573
Investments		$	763			728			1,046			1,118			883			912			722
Deposits and escrows		$	3,317			3,386			3,859			3,980			3,900			3,633			3,981
Equity		$	5			26			6			16			63			13			102
Tangible equity - Non-GAAP	(note 3)	$	6			18			(2	)		8			51			7			89

Period End ($ in thousands)
Loans receivable, net		$	2,448,203			2,545,143			2,666,847			2,821,429			3,018,179
Total assets		$	3,678,119			3,740,654			3,863,864			4,470,629			4,509,433
Total (deficit) equity		$	(16,926	)		7,121			26,235			(8,729	)		14,743
Class A common shares outstanding			15,434,564			15,434,564			15,431,699			12,395,814			12,319,064
Class B common shares outstanding			195,045			195,045			195,045			195,045			195,045
Book value per share		$	(1.08	)		0.46			1.68			(0.69	)		1.18
Tangible book value per share - Non-GAAP	(note 4)	$	(0.63	)		0.46			1.19			(1.29	)		0.50
High stock price for the quarter		$	7.00			5.90			5.15			6.65			7.95
Low stock price for the quarter		$	1.97			3.00			3.45			4.10			3.00
Closing stock price		$	3.38			3.10			4.75			4.60			5.75

Notes:

(1)

Pre-tax core operating earnings excludes the gain on sale of Tampa branches, provision for loan losses, cost associated with debt redemption, provision for tax certificates, gains/losses on sales of real estate and impairments, restructuring and exit activities. Pre-tax core operating earnings is a non-GAAP measure.

See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

(2)

Diluted and basic loss per share are the same for all periods presented.

(3)

Average tangible assets is defined as average total assets less average goodwill and core deposit intangibles. Average tangible equity is defined as average total equity less average goodwill, core deposit intangibles and other comprehensive income. Average tangible assets and average tangible equity are non-GAAP measures. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

(4)

Tangible book value per share is defined as equity less accumulated other comprehensive loss, goodwill and core deposit intangibles divided by the number of common shares outstanding. Tangible book value per share is a non-GAAP measure. See page 7 for a reconciliation of non-GAAP measures to GAAP financial measures.

BankAtlantic Bancorp, Inc. and Subsidiaries

Consolidated Statements of Financial Condition (unaudited)


	December 31,			December 31,
(in thousands)	2011			2010
ASSETS
Cash and due from depository institutions	$	94,550			97,930
Interest bearing deposits at federal reserve and other banks		675,741			455,538
Securities available for sale and derivatives (at fair value)		46,435			424,391
Investment securities		—			1,500
Tax certificates, net of allowance of $7,488 and $8,811		46,488			89,789
Loans receivable, net of allowance for loan losses of $129,887 and $162,139		2,448,203			3,018,179
Loans held for sale (at lower of cost or fair value)		55,601			29,765
Federal Home Loan Bank stock, at cost which approximates fair value		18,308			43,557
Real estate held for sale		3,898			5,436
Real estate owned		87,174			74,488
Office properties and equipment, net		139,165			151,414
Goodwill and other intangible assets		13,376			14,569
Assets held for sale		—			37,334
Other assets		49,180			65,543

Total assets	$	3,678,119			4,509,433

LIABILITIES AND (DEFICIT) EQUITY
Liabilities:
Deposits
Demand	$	846,857			792,260
Savings		414,906			418,304
NOW		1,130,569			1,370,568
Money market		523,585			354,282
Certificates of deposit		364,166			616,454
Deposits held for sale		—			341,146

Total deposits		3,280,083			3,893,014
Advances from FHLB		—			170,000
Securities sold under agreements to repurchase		—			21,524
Short term borrowings		—			1,240
Subordinated debentures		22,000			22,000
Junior subordinated debentures		337,114			322,385
Liabilities held for sale		—			87
Other liabilities		55,848			64,440

Total liabilities		3,695,045			4,494,690

(Deficit) Equity:
Common stock		156			125
Additional paid-in capital		329,995			317,863
Accumulated deficit		(326,692	)		(297,615	)
Accumulated other comprehensive loss		(20,385	)		(6,088	)

Total BankAtlantic Bancorp stockholders’ (deficit) equity		(16,926	)		14,285
Noncontrolling interests		—			458

Total (deficit) equity		(16,926	)		14,743

Total liabilities and (deficit) equity	$	3,678,119			4,509,433


BankAtlantic Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited)

																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
INTEREST INCOME:
Interest and fees on loans	$	29,065			30,313			33,241			34,910			36,106			127,529			155,994
Interest on securities available for sale		590			1,916			2,374			2,597			2,815			7,477			12,021
Interest on tax certificates		806			1,027			1,043			1,410			1,544			4,286			7,251
Interest and dividends on investments		500			326			622			588			299			2,036			1,042

Total interest income		30,961			33,582			37,280			39,505			40,764			141,328			176,308

INTEREST EXPENSE:
Interest on deposits		3,096			3,174			3,975			4,367			4,556			14,612			22,511
Interest on advances from FHLB		—			—			38			115			144			153			1,209
Interest on short-term borrowed funds		—			—			3			6			7			9			30
Interest on debentures		4,270			4,127			4,080			4,008			4,007			16,485			15,796

Total interest expense		7,366			7,301			8,096			8,496			8,714			31,259			39,546

NET INTEREST INCOME		23,595			26,281			29,184			31,009			32,050			110,069			136,762
Provision for loan losses		15,216			17,901			10,709			27,812			40,643			71,638			144,361

NET INTEREST INCOME AFTER PROVISION		8,379			8,380			18,475			3,197			(8,593	)		38,431			(7,599	)

NON-INTEREST INCOME:
Service charges on deposits		9,185			10,165			11,226			12,032			14,080			42,608			59,844
Other service charges and fees		6,198			6,129			6,886			7,191			7,528			26,404			30,140
Securities activities, net		—			6,959			(1,500	)		(24	)		(34	)		5,435			2,864
(Loss) gain on sale of Tampa branches		(19	)		(34	)		38,656			—			—			38,603			—
Other		3,738			2,618			3,742			4,008			3,091			14,106			14,165

Total non-interest income		19,102			25,837			59,010			23,207			24,665			127,156			107,013

NON-INTEREST EXPENSE:
Employee compensation and benefits		16,910			17,116			19,731			19,290			19,868			73,047			93,950
Occupancy and equipment		10,060			10,019			11,488			12,585			12,999			44,152			53,589
Advertising and business promotion		1,608			1,587			1,523			1,695			2,389			6,413			8,598
Professional fees		5,325			6,230			1,295			3,359			6,518			16,209			20,438
Check losses		545			559			663			299			705			2,066			2,421
Supplies and postage		701			758			955			902			1,052			3,316			3,954
Telecommunication		191			388			446			575			635			1,600			2,533
Cost associated with debt redemption		—			—			1,115			10			—			1,125			60
Provision for tax certificates		14			969			1,021			779			800			2,783			4,552
(Gain) loss on sale of real estate		(1,484	)		(2,023	)		(378	)		(453	)		663			(4,338	)		1,607
Impairment, restructuring and exit activities		3,853			3,321			8,083			1,948			10,219			17,205			21,474
Other		7,396			7,209			8,142			8,301			8,280			31,048			31,122

Total non-interest expense		45,119			46,133			54,084			49,290			64,128			194,626			244,298

(Loss) income from continuing operations before income taxes		(17,638	)		(11,916	)		23,401			(22,886	)		(48,056	)		(29,039	)		(144,884	)
(Benefit) provision for income taxes		(177	)		(122	)		—			1			(2,261	)		(298	)		(2,134	)

(Loss) income from continuing operations		(17,461	)		(11,794	)		23,401			(22,887	)		(45,795	)		(28,741	)		(142,750	)
Discontinued operations		—			—			—			—			(500	)		—			(500	)

Net (loss) income		(17,461	)		(11,794	)		23,401			(22,887	)		(46,295	)		(28,741	)		(143,250	)
Less: net loss (income) attributable to noncontrolling interest		(5	)		254			(290	)		(295	)		(259	)		(336	)		(931	)

Net (loss) income attributable to BankAtlantic Bancorp	$	(17,466	)		(11,540	)		23,111			(23,182	)		(46,554	)		(29,077	)		(144,181	)

BankAtlantic Bancorp, Inc. and Subsidiaries

Consolidated Average Balance Sheet (unaudited)


			For the Three Months Ended
(in thousands except percentages and per share data)			12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010
Loans:
Residential real estate			$	982,042			1,038,201			1,093,487			1,175,875			1,270,095
Commercial real estate				737,497			762,270			834,114			891,043			1,010,148
Consumer				573,833			588,257			605,062			620,986			635,564
Commercial business				121,093			124,508			125,116			134,452			139,485
Small business				267,941			289,845			298,338			300,931			304,406

Total Loans				2,682,406			2,803,081			2,956,117			3,123,287			3,359,698
Investments				763,168			727,588			1,046,442			1,117,901			882,974

Total interest earning assets				3,445,574			3,530,669			4,002,559			4,241,188			4,242,672
Goodwill and core deposit intangibles				13,519			13,815			14,125			14,411			14,718
Other non-interest earning assets				258,586			267,171			300,615			294,489			272,805

Total assets			$	3,717,679			3,811,655			4,317,299			4,550,088			4,530,195

Tangible assets - Non-GAAP	(note 3)		$	3,704,160			3,797,840			4,303,174			4,535,677			4,515,477


Deposits:
Demand deposits			$	871,880			881,776			952,411			944,956			924,035
Savings				425,944			445,273			478,628			468,673			448,942
NOW				1,141,826			1,206,452			1,412,720			1,519,105			1,476,258
Money market				491,860			420,628			408,653			389,155			406,781
Certificates of deposit				385,364			432,345			606,292			658,051			644,124

Total deposits				3,316,874			3,386,474			3,858,704			3,979,940			3,900,140
Short-term borrowed funds				1,000			1,050			10,868			19,191			18,099
FHLB advances				—			—			42,747			134,833			149,130
Debentures				355,948			352,213			348,540			344,971			341,409

Total borrowings				356,948			353,263			402,155			498,995			508,638
Other liabilities				38,588			46,370			50,635			55,040			58,015

Total liabilities				3,712,410			3,786,107			4,311,494			4,533,975			4,466,793

Equity				5,269			25,548			5,805			16,113			63,402

Total liabilities and equity			$	3,717,679			3,811,655			4,317,299			4,550,088			4,530,195

Other comprehensive loss in equity				(13,902	)		(6,226	)		(6,266	)		(6,240	)		(2,743	)

Tangible equity - Non-GAAP	(note 3	)	$	5,652			17,959			(2,054	)		7,942			51,427


Net Interest Margin				2.74	%		2.98	%		2.92	%		2.92	%		3.03	%

Consolidated BankAtlantic Bancorp, Inc. and Subsidiaries

Nonperforming Assets and Credit Quality Statistics


(in thousands)		As of
		12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010
Nonaccrual loans:
BankAtlantic	$		337,215			315,214			315,748			362,604			370,959
Parent- Work out Sub			8,083			9,356			9,360			11,360			14,508

Consolidated nonaccrual loans	$		345,298			324,570			325,108			373,964			385,467


Quarter-to-Date Net Charge-offs:
BankAtlantic	$		(16,093	)		(24,845	)		(26,789	)		(34,904	)		(60,595	)
Parent- Work out Sub			45			20			(1,329	)		4			(3,741	)

Consolidated charge-offs	$		(16,048	)		(24,825	)		(28,118	)		(34,900	)		(64,336	)


Quarter-to-date Loan Provision:
BankAtlantic	$		14,644			17,754			10,195			27,832			40,144
Parent- Work out Sub			572			147			515			(20	)		498

Consolidated loan provision	$		15,216			17,901			10,710			27,812			40,642


Allowance for Loan Loss:
BankAtlantic	$		129,103			130,552			137,643			154,237			161,309
Parent- Work out Sub			784			167			—			814			830

Consolidated allowance for loan loss	$		129,887			130,719			137,643			155,051			162,139


Nonperforming Assets:
BankAtlantic	$		418,346			400,990			389,564			432,316			438,923
Parent- Work out Sub			17,219			18,747			18,004			20,195			24,668

Consolidated nonperforming assets	$		435,565			419,737			407,568			452,511			463,591


Consolidated Credit Quality Statistics
Allowance for loan losses to total loans	%		5.04			4.89			4.91			5.21			5.10
Allowance to nonaccrual loans	%		37.62			40.27			42.34			41.46			42.06
Provision to average loans	%		2.27			2.55			1.45			3.56			4.84
Nonaccrual loans, gross to total assets	%		9.39			8.68			8.41			8.36			8.55
Nonperforming assets, gross to total assets	%		11.84			11.22			10.55			10.12			10.28

BankAtlantic Bancorp, Inc. and Subsidiaries

Reconciliation of GAAP Financial Measures to Non-GAAP Measures

Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of the Company’s operating results and any related trends that may be affecting the Company’s business. Management uses pre-tax core operating earnings to measure the Company’s ongoing financial performance excluding items that are not currently controllable by management. Management uses book value per share and tangible book value per share to enable investors to compare these measures to the quoted market price of the Company’s Class A common stock and to other companies in the industry. The return on average tangible equity and average tangible assets is used by management to measure the Company’s effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.



Reconciliation of (loss) income from continuing operations before income taxes to pre-tax core operating earnings
																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
(Loss) income from continuing operations before income taxes	$	(17,638	)		(11,916	)		23,401			(22,886	)		(48,056	)		(29,039	)		(144,884	)
Loss (gain) on sale of Tampa branches		19			34			(38,656	)		—			—			(38,603	)		—
Costs associated with debt redemption		—			—			1,115			10			—			1,125			60
Provision for tax certificates		14			969			1,021			779			800			2,783			4,552
Loss (gain) on sale of real estate		(1,484	)		(2,023	)		(378	)		(453	)		663			(4,338	)		1,607
Impairment, restructuring and exit activities		3,853			3,321			8,083			1,948			10,219			17,205			21,474
Provision for loan losses		15,216			17,901			10,709			27,812			40,643			71,638			144,361

Non-GAAP pre-tax core operating earnings	$	(20	)		8,286			5,295			7,210			4,269			20,771			27,170



Reconciliation of (deficit) equity to tangible book value per share
	As of
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010

(Deficit) equity	$	(16,926	)	$	7,121		$	26,235		$	(8,729	)	$	14,743
Goodwill and core deposit intangibles		(13,376	)		(13,670	)		(13,965	)		(14,260	)		(14,569	)
Other comprehensive loss		20,385			13,664			6,346			6,807			6,088

Tangible book value	$	(9,917	)	$	7,115		$	18,616		$	(16,182	)	$	6,262
Common shares outstanding, period end		15,629,609			15,629,609			15,626,744			12,590,859			12,514,109
Book value per share	$	(1.08	)	$	0.46		$	1.68		$	(0.69	)	$	1.18

Tangible book value per share - Non-GAAP	$	(0.63	)	$	0.46		$	1.19		$	(1.29	)	$	0.50


Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity
																For the
	For the Three Months Ended															Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Net (loss) income from continuing operations	$	(17,461	)		(11,794	)		23,401			(22,887	)		(45,795	)		(28,741	)		(142,750	)

Average total assets		3,717,679			3,811,655			4,317,299			4,550,088			4,530,195			4,096,112			4,608,746
Average goodwill and core deposit intangibles		(13,519	)		(13,815	)		(14,125	)		(14,411	)		(14,718	)		(13,964	)		(15,185	)

Average tangible assets		3,704,160			3,797,840			4,303,174			4,535,677			4,515,477			4,082,148			4,593,561

Average equity		5,269			25,548			5,805			16,113			63,402			13,187			101,759
Average goodwill and core deposit intangibles		(13,519	)		(13,815	)		(14,125	)		(14,411	)		(14,718	)		(13,964	)		(15,185	)
Other comprehensive loss		13,902			6,226			6,266			6,240			2,743			8,174			2,391

Average tangible equity	$	5,652			17,959			(2,054	)		7,942			51,427			7,937			88,965
Return on average assets from continuing operations		-1.88	%		-1.24	%		2.17	%		-2.01	%		-4.04	%		-0.70	%		-3.10	%

Return on average tangible assets from continuing operations—Non-GAAP		-1.89	%		-1.24	%		2.18	%		-2.02	%		-4.06	%		-0.70	%		-3.11	%

Return on average equity from continuing operations		-1325.56	%		-184.66	%		1612.47	%		-568.16	%		-288.92	%		-217.95	%		-140.28	%

Return on average tangible equity from continuing operations—Non-GAAP		-1235.74	%		-262.69	%		-4557.16	%		-1152.71	%		-356.19	%		-388.55	%		-160.46	%

BankAtlantic (Bank Operations Business Segment)

Summary of Selected Financial Data (unaudited)


																For the
(in thousands except percentages)		For the Three Months Ended														Years Ended
		12/31/2011			9/30/2011			6/30/2011		3/31/2011			12/31/2010			12/31/2011			12/31/2010
Statistics:
Average interest earning assets	$		3,433,854			3,518,717			3,988,628		4,224,423			4,220,720			3,788,493			4,262,249
Average interest bearing liabilities	$		2,467,994			2,527,734			2,986,328		3,221,899			3,177,611			2,798,175			3,242,045
Period end borrowings to deposits and borrowings	%		0.67			0.69			0.67		2.15			5.50			0.67			5.50
Efficiency ratio	%		86.43			82.77			55.76		80.10			105.60			72.98			91.92
Yield on interest earning assets	%		3.60			3.81			3.73		3.73			3.86			3.72			4.13
Cost of interest-bearing liabilities	%		0.54			0.53			0.57		0.59			0.62			0.56			0.76
Interest spread	%		3.06			3.28			3.16		3.14			3.24			3.16			3.37
Net interest margin	%		3.22			3.43			3.30		3.28			3.40			3.30			3.55
Net (loss) income	$		(7,934	)		(7,819	)		30,677		(16,665	)		(41,502	)		(1,741	)		(116,842	)
Non-GAAP Measures (Note 1)
Average tangible assets	$		3,671,383			3,764,512			4,258,843		4,495,637			4,473,959			4,044,561			4,543,400
Average tangible equity	$		306,066			314,295			277,639		282,135			319,982			295,151			345,403
Pre-tax core operating earnings	$		8,431			11,416			11,657		11,575			8,323			43,079			47,097
Core operating efficiency ratio	%		82.51			79.43			78.57		79.91			86.12			80.03			81.68
Return on average tangible assets	%		(0.86	)		(0.86	)		2.91		(1.46	)		(3.69	)		(0.03	)		(2.55	)
Return on average tangible equity	%		(10.36	)		(10.27	)		44.61		(23.21	)		(51.56	)		(0.48	)		(33.56	)
Tangible capital to tangible assets	%		7.65			7.92			8.06		5.80			6.12
Earning assets repricing at period end:
Percent of earning assets that have fixed rates	%		44			45			45		46			45
Percent of earning assets that have variable rates	%		56			55			55		54			55
Regulatory capital ratios and statistics at period end
Total risk-based capital	%		15.15			14.96			14.52		11.76			11.72
Tier I risk-based capital	%		12.93			12.77			12.38		9.68			9.68
Core capital	%		8.22			8.29			8.24		5.97			6.22
Risk-weighted assets	$		2,309,257			2,396,060			2,535,217		2,713,638			2,855,415
Adjusted total assets	$		3,633,094			3,691,410			3,807,960		4,401,218			4,444,797
Note 1

See page 15 for a reconciliation of non-GAAP measures to GAAP financial measures.


BankAtlantic (Bank Operations Business Segment) Condensed Statements of Operations (unaudited)
				For the Three Months Ended												For the Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Net interest income	$	27,586			30,133			32,977			34,704			35,766			125,400			151,334
Provision for loan losses		14,644			17,754			10,195			27,832			40,145			70,425			138,825

Net interest income after provision for loan losses		12,942			12,379			22,782			6,872			(4,379	)		54,975			12,509

Non-interest income
Service charges on deposits		9,185			10,165			11,226			12,032			14,080			42,608			59,844
Other service charges and fees		6,198			6,129			6,886			7,191			7,528			26,404			30,140
Securities activities, net		—			6,959			—			(24	)		(34	)		6,935			2,864
(Loss) gain on sale of Tampa branches		(19	)		(34	)		38,656			—			—			38,603			—
Other non-interest income		5,238			2,123			3,306			3,714			2,625			14,381			12,914

Total non-interest income		20,602			25,342			60,074			22,913			24,199			128,931			105,762

Non-interest expense
Employee compensation and benefits		16,273			16,612			19,218			18,763			20,028			70,866			91,131
Occupancy and equipment		10,060			10,019			11,488			12,585			12,996			44,152			53,585
Advertising and business promotion		1,543			1,511			1,435			1,669			2,333			6,158			8,305
Professional fees		3,090			7,056			530			2,981			5,638			13,657			17,365
Check losses		545			558			663			299			705			2,065			2,421
Supplies and postage		678			758			879			870			1,024			3,185			3,813
Telecommunication		189			386			444			572			632			1,591			2,513
Cost associated with debt redemption		—			—			1,115			10			—			1,125			60
Provision for tax certificates		14			969			1,021			779			800			2,783			4,552
(Gain) loss on sale of real estate		(1,479	)		(2,023	)		(362	)		(278	)		663			(4,142	)		997
Impairment, restructuring and exit activities		3,339			2,877			7,377			(399	)		10,219			13,194			20,708
Other		7,398			7,193			8,081			8,303			8,286			30,975			30,866

Total non-interest expense		41,650			45,916			51,889			46,154			63,324			185,609			236,316

(Loss) income from bank operations business segment before income taxes		(8,106	)		(8,195	)		30,967			(16,369	)		(43,504	)		(1,703	)		(118,045	)
(Benefit) provision for income taxes		(177	)		(122	)		—			1			(2,261	)		(298	)		(2,134	)

Net (loss) income from bank operationsbusiness segment		(7,929	)		(8,073	)		30,967			(16,370	)		(41,243	)		(1,405	)		(115,911	)
Less: net income attributable to noncontrolling interest		(5	)		254			(290	)		(295	)		(259	)		(336	)		(931	)

Net (loss) income attributable to BankAtlantic	$	(7,934	)		(7,819	)		30,677			(16,665	)		(41,502	)		(1,741	)		(116,842	)

BankAtlantic (Bank Operations Business Segment)

Condensed Statements of Financial Condition (unaudited)


	As of
(in thousands)	12/31/2011		9/30/2011		6/30/2011		3/31/2011		12/31/2010
ASSETS
Cash and interest bearing deposits in other banks	$	770,167		673,922		430,544		749,355		552,913
Loans receivable, net		2,442,182		2,538,408		2,659,442		2,813,097		3,009,771
Loans held for sale		51,898		42,620		44,856		44,542		21,704
Investment securities		46,488		56,268		66,211		77,837		89,814
Available for sale securities		46,420		84,477		316,508		376,034		424,360
FHLB stock		18,308		25,223		31,614		43,557		43,557
Goodwill		13,081		13,081		13,081		13,081		13,081
Core deposit intangible asset		295		589		884		1,179		1,488
Assets held for sale		—		—		1,768		36,909		37,333
Other assets		259,707		272,460		266,563		268,975		275,147

Total assets	$	3,648,546		3,707,048		3,831,471		4,424,566		4,469,168

LIABILITIES AND EQUITY
Deposits
Demand	$	849,256		859,688		887,856		879,820		792,260
Savings		414,906		439,051		447,706		452,533		418,304
NOW		1,130,569		1,166,615		1,239,130		1,307,041		1,370,568
Money market		523,585		449,800		399,195		366,968		354,282
Certificates of deposit		364,166		409,167		454,279		609,538		616,454
Deposits held for sale		—		—		—		390,432		341,146

Total deposits		3,282,482		3,324,321		3,428,166		4,006,332		3,893,014
Advances from FHLB		—		—		—		45,000		170,000
Short term borrowings		—		960		1,020		20,909		34,435
Subordinated debentures		22,000		22,000		22,000		22,000		22,000
Liabilities held for sale		—		—		—		79		87
Other liabilities		52,579		53,700		58,768		60,178		62,526

Total liabilities		3,357,061		3,400,981		3,509,954		4,154,498		4,182,062
Equity		291,485		306,067		321,517		270,068		287,106

Total liabilities and equity	$	3,648,546		3,707,048		3,831,471		4,424,566		4,469,168

BankAtlantic (Bank Operations Business Segment)

Average Balance Sheet - Yield / Rate Analysis


	For the Three Months Ended
	December 31, 2011							December 31, 2010
(in thousands)	Average Balance		Revenue/ Expense		Yield/ Rate			Average Balance		Revenue/ Expense		Yield/ Rate
Loans:
Residential real estate	$	982,042		11,466		4.67	%	$	1,270,095		15,344		4.83	%
Commercial real estate		726,735		7,486		4.12			989,741		8,938		3.61
Consumer		573,833		4,291		2.99			635,564		4,748		2.99
Commercial business		120,145		1,556		5.18			137,950		2,263		6.56
Small business		267,941		4,223		6.30			304,406		4,758		6.25

Total loans		2,670,696		29,022		4.35			3,337,756		36,051		4.32
Investments		763,158		1,896		0.99			882,964		4,658		2.11

Total interest earning assets		3,433,854		30,918		3.60	%		4,220,720		40,709		3.86	%

Goodwill and core deposit intangibles		13,519							14,718
Other non-interest earning assets		237,529							253,239

Total Assets	$	3,684,902						$	4,488,677


Deposits:
Savings	$	425,944		167		0.16	%	$	448,942		257		0.23	%
NOW		1,141,826		1,024		0.36			1,476,258		1,569		0.42
Money market		491,860		805		0.65			406,781		465		0.45
Certificates of deposit		385,364		1,100		1.13			644,124		2,265		1.40

Total interest bearing deposits		2,444,994		3,096		0.50			2,976,105		4,556		0.61

Short-term borrowed funds		1,000		—		—			30,376		11		0.14
Advances from FHLB		—		—		—			149,130		144		0.38
Subordinated debentures and bonds payable		22,000		236		4.26			22,000		232		4.18

Total interest bearing liabilities		2,467,994		3,332		0.54			3,177,611		4,943		0.62
Demand deposits		874,621							924,021
Non-interest bearing other liabilities		36,605							55,088

Total Liabilities		3,379,220							4,156,720
Equity		305,682							331,957

Total liabilities and equity	$	3,684,902						$	4,488,677

Net interest income/ net interest spread			$	27,586		3.06	%				35,766		3.24	%

Margin
Interest income/interest earning assets						3.60	%						3.86	%
Interest expense/interest earning assets						0.38							0.46

Net interest margin						3.22	%						3.40	%

BankAtlantic (Bank Operations Business Segment)

Average Balance Sheet - Yield / Rate Analysis


	For the Years Ended
	December 31, 2011							December 31, 2010
(in thousands)	Average Balance		Revenue/ Expense		Yield/ Rate			Average Balance		Revenue/ Expense		Yield/ Rate
Loans:
Residential real estate	$	1,071,777		50,456		4.71	%	$	1,392,600		68,392		4.91	%
Commercial real estate		793,361		33,338		4.20			1,043,261		39,758		3.81
Consumer		596,881		17,679		2.96			661,718		19,285		2.91
Commercial business		125,016		7,675		6.14			135,669		9,036		6.66
Small business		289,175		18,185		6.29			307,269		19,295		6.28

Total loans		2,876,210		127,333		4.43			3,540,517		155,766		4.40

Investments		912,283		13,761		1.51			721,732		20,259		2.81

Total interest earning assets		3,788,493		141,094		3.72	%		4,262,249		176,025		4.13	%

Goodwill and core deposit intangibles		13,964							15,185
Other non-interest earning assets		256,068							281,151

Total Assets	$	4,058,525						$	4,558,585


Deposits:
Savings	$	454,487		910		0.20	%	$	441,286		1,112		0.25	%
NOW		1,318,681		4,926		0.37			1,488,363		7,013		0.47
Money market		427,836		2,385		0.56			389,760		2,275		0.58
Certificates of deposit		519,524		6,391		1.23			758,000		12,112		1.60

Total deposits		2,720,528		14,612		0.54			3,077,409		22,512		0.73

Short-term borrowed funds		11,743		14		0.12			35,056		46		0.13
Advances from FHLB		43,904		153		0.35			107,455		1,209		1.13
Long-term debt		22,000		915		4.17			22,125		924		4.18

Total interest bearing liabilities		2,798,175		15,694		0.56			3,242,045		24,691		0.76
Demand deposits		913,826							903,122
Non-interest bearing other liabilities		45,583							55,221

Total Liabilities		3,757,584							4,200,388
Stockholder’s equity		300,941							358,197

Total liabilities and stockholder’s equity	$	4,058,525						$	4,558,585

Net interest income/net interest spread				125,400		3.16	%				151,334		3.37	%


Margin
Interest income/interest earning assets						3.72	%						4.13	%
Interest expense/interest earning assets						0.42							0.58

Net interest margin						3.30	%						3.55	%

BankAtlantic (Bank Operations Business Segment)

Allowance for Loan Loss and Credit Quality


(in thousands)		For the Three Months Ended															For the Years Ended
		12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Allowance for Loan Losses

Beginning balance	$		130,552			137,643			154,237			161,309			181,760			161,309			173,588

Charge-offs:
Residential real estate			(2,344	)		(3,489	)		(5,767	)		(13,701	)		(4,272	)		(25,301	)		(18,305	)
Commercial real estate			(9,077	)		(6,422	)		(13,771	)		(12,668	)		(47,886	)		(41,938	)		(89,333	)
Commercial business			(54	)		(7,563	)		(124	)		(464	)		(996	)		(8,205	)		(996	)
Consumer			(6,146	)		(6,555	)		(6,379	)		(7,814	)		(7,009	)		(26,894	)		(39,483	)
Small business			(1,141	)		(2,321	)		(2,010	)		(2,611	)		(2,409	)		(8,083	)		(7,873	)

Total charge-offs			(18,762	)		(26,350	)		(28,051	)		(37,258	)		(62,572	)		(110,421	)		(155,990	)


Recoveries:
Residential real estate			940			543			435			131			284			2,049			1,166
Commercial real estate			413			1			75			714			1,210			1,203			1,337
Commercial business			291			1			57			791			57			1,140			716
Consumer			764			644			492			408			300			2,308			1,042
Small business			261			316			203			310			126			1,090			626

Total recoveries			2,669			1,505			1,262			2,354			1,977			7,790			4,887

Net charge-offs			(16,093	)		(24,845	)		(26,789	)		(34,904	)		(60,595	)		(102,631	)		(151,103	)
Provision for loan losses			14,644			17,754			10,195			27,832			40,144			70,425			138,824

Ending balance	$		129,103			130,552			137,643			154,237			161,309			129,103			161,309


		As of
		12/31/2011		9/30/2011		6/30/2011		3/31/2011		12/31/2010
Credit Quality
Nonaccrual loans
Commercial real estate	$		206,038		190,715		190,684		239,798		243,299
Consumer			14,134		14,202		14,614		13,231		14,120
Small business			12,016		11,708		11,990		12,172		10,879
Residential real estate			85,855		81,287		81,362		81,555		86,538
Commercial business			19,172		17,302		17,098		15,848		16,123

Total Nonaccrual loans			337,215		315,214		315,748		362,604		370,959
Nonaccrual tax certificates			3,094		2,416		2,756		3,402		3,636
Real estate owned			78,037		83,360		71,060		66,310		64,328

Total nonperforming assets	$		418,346		400,990		389,564		432,316		438,923


Allowance for loan losses to total loans	%		5.02		4.89		4.92		5.20		5.08
Allowance to nonaccrual loans	%		38.29		41.42		43.59		42.54		43.48
Provision to average loans	%		2.19		2.54		1.39		3.58		4.81
Annualized net charge-offs to average loans	%		2.41		3.56		3.64		4.49		7.26
Nonaccrual loans to total assets	%		9.24		8.50		8.24		8.20		8.30
Nonperforming assets to total assets	%		11.47		10.82		10.17		9.77		9.82

BankAtlantic (Bank Operations Business Segment)

Delinquencies, Excluding Non-Accrual Loans, at Period-End



($ in thousands)		12/31/2011		9/30/2011		6/30/2011		3/31/2011		12/31/2010
Commercial real estate	$		7,863		973		—		1,400		31
Consumer			9,323		9,652		9,230		12,025		12,405
Small business			2,032		2,021		2,210		2,200		2,712
Residential real estate			14,323		16,637		16,060		20,528		23,053
Commercial business			119		3,704		338		19,552		—

Total BankAtlantic	$		33,660		32,987		27,838		55,705		38,201


		12/31/2011		9/30/2011		6/30/2011		3/31/2011		12/31/2010

Commercial real estate	%		1.11		0.13		—		0.17		—
Consumer	%		1.68		1.69		1.57		2.00		2.01
Small business	%		0.71		0.71		0.75		0.74		0.89
Residential real estate *	%		1.50		1.65		1.51		1.83		1.88
Commercial business	%		0.10		3.17		0.28		15.36		—

Total BankAtlantic	%		1.29		1.22		0.99		1.86		1.20

* Includes $873.8 million, $918.4 million, $973.4 million, $1.0 billion and $1.1 billion of purchased residential loans with delinquencies excluding non-accrual loans of 1.36%, 1.52%, 1.41%, 1.58% and 1.77% as of December 30, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

BankAtlantic (Bank Operations Business Segment)

Loan Provision & Allowance for Loan Losses


($ in thousands)	4Q 2011 Loan Provision			Allowance for Loan Losses		% of Reserves to Total Loans
Commercial real estate	$	7,325			66,269		9.82	%
Consumer		4,991			22,554		4.06
Small business		91			7,168		2.52
Residential real estate		(2,709	)		16,704		1.79
Commercial business		4,946			16,408		13.89

Total BankAtlantic	$	14,644			129,103		5.02	%

BankAtlantic (Bank Operations Business Segment)

Reconciliation of GAAP Financial Measures to Non-GAAP Measures

Management uses non-GAAP financial measures to supplement its GAAP financial information and to provide additional useful measures in the evaluation of BankAtlantic’s operating results and any related trends that may be affecting BankAtlantic’s business. Management uses pre-tax core operating earnings to measure BankAtlantic’s ongoing financial performance excluding items that are not currently controllable by management. Management uses core expenses to measure expense reduction trends excluding items that are not currently controllable by management. The core operating efficiency ratio is used by management to measure the costs expended to generate a dollar of revenues excluding items that are not currently controllable by management. The return on average tangible equity and average tangible assets is used by management to measure BankAtlantic’s effectiveness in its use of capital and assets, respectively, and to allow for comparison to other companies in the industry. The tangible equity to tangible asset ratio is used by management to evaluate capital adequacy trends and to allow for comparison to other companies in the industry. Management uses the core deposit measure to assess trends relating to its lower cost deposit categories, which management believes may generally be more indicative of relationship deposits. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies


Reconciliation of (loss) income from bank operations business segment before income taxes to pre-tax core operating earnings
	For the Three Months Ended															For the Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
(Loss) income from bank operations business segment before income taxes	$	(8,106	)		(8,195	)		30,967			(16,369	)		(43,504	)		(1,703	)		(118,045	)
Loss (gain) on sale of Tampa branches		19			34			(38,656	)		—			—			(38,603	)		—
Costs associated with debt redemption		—			—			1,115			10			—			1,125			60
Provision for tax certificates		14			969			1,021			779			800			2,783			4,552
Loss (gain) on sale of real estate		(1,479	)		(2,023	)		(362	)		(278	)		663			(4,142	)		997
Impairment, restructuring and exit activities		3,339			2,877			7,377			(399	)		10,219			13,194			20,708
Provision for loan losses		14,644			17,754			10,195			27,832			40,145			70,425			138,825

Non-GAAP pre-tax core operating earnings	$	8,431			11,416			11,657			11,575			8,323			43,079			47,097


Reconciliation of non-interest expense to core expenses and calculation of core operating efficiency ratio
	For the Three Months Ended															For the Years Ended
($ in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Non-interest expense	$	41,650			45,916			51,889			46,154			63,324			185,609			236,316
Costs associated with debt redemption		—			—			(1,115	)		(10	)		—			(1,125	)		(60	)
Provision for tax certificates		(14	)		(969	)		(1,021	)		(779	)		(800	)		(2,783	)		(4,552	)
Gain (loss) on sale of real estate		1,479			2,023			362			278			(663	)		4,142			(997	)
Impairment, restructuring and exit activities		(3,339	)		(2,877	)		(7,377	)		399			(10,219	)		(13,194	)		(20,708	)

Core expenses	$	39,776			44,093			42,738			46,042			51,642			172,649			209,999

Net interest income		27,586			30,133			32,977			34,704			35,766			125,400			151,334

Non-interest income		20,602			25,342			60,074			22,913			24,199			128,931			105,762
Gain on sale of Tampa branches		19			34			(38,656	)		—			—			(38,603	)		—

Core non-interest income		20,621			25,376			21,418			22,913			24,199			90,328			105,762

Total revenues	$	48,207		$	55,509		$	54,395		$	57,617		$	59,965		$	215,728		$	257,096

Non-GAAP core operating efficiency ratio		82.51	%		79.43	%		78.57	%		79.91	%		86.12	%		80.03	%		81.68	%


Reconciliation of return on average assets and average equity to return on average tangible assets and average tangible equity
	For the Three Months Ended															For the Years Ended
($ in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Net (loss) income from bank operations business segment	$	(7,929	)		(8,073	)		30,967			(16,370	)		(41,243	)		(1,405	)		(115,911	)

Average total assets		3,684,902			3,778,327			4,272,968			4,510,048			4,488,677			4,058,525			4,558,585
Average goodwill and core deposit intangibles		(13,519	)		(13,815	)		(14,125	)		(14,411	)		(14,718	)		(13,964	)		(15,185	)

Average tangible assets		3,671,383			3,764,512			4,258,843			4,495,637			4,473,959			4,044,561			4,543,400

Average equity		305,682			321,884			285,498			290,307			331,957			300,941			358,197
Average goodwill and core deposit intangibles		(13,519	)		(13,815	)		(14,125	)		(14,411	)		(14,718	)		(13,964	)		(15,185	)
Other comprehensive loss		13,903			6,226			6,266			6,239			2,743			8,174			2,391

Average tangible equity	$	306,066			314,295			277,639			282,135			319,982			295,151			345,403
Return on average assets from continuing operations		-0.86	%		-0.85	%		2.90	%		-1.45	%		-3.68	%		-0.03	%		-2.54	%

Return on average tangible assets from continuing operations—Non-GAAP		-0.86	%		-0.86	%		2.91	%		-1.46	%		-3.69	%		-0.03	%		-2.55	%

Return on average equity from continuing operations		-10.38	%		-10.03	%		43.39	%		-22.56	%		-49.70	%		-0.47	%		-32.36	%

Return on average tangible equity from continuing operations—Non-GAAP		-10.36	%		-10.27	%		44.61	%		-23.21	%		-51.56	%		-0.48	%		-33.56	%


Reconciliation of equity to total tangible capital; Total assets to total tangible assets; The calculation of tangible capital to tangible assets
	As of
($ in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010
Equity	$	291,485			306,067			321,517			270,068			287,106
Goodwill and core deposit intangibles		(13,376	)		(13,670	)		(13,965	)		(14,260	)		(14,569	)

Total tangible capital		278,109			292,397			307,552			255,808			272,537

Total assets		3,648,546			3,707,048			3,831,471			4,424,566			4,469,168
Goodwill and core deposit intangibles		(13,376	)		(13,670	)		(13,965	)		(14,260	)		(14,569	)

Total tangible assets	$	3,635,170		$	3,693,378		$	3,817,506		$	4,410,306		$	4,454,599

Non-GAAP tangible capital to tangible assets		7.65	%		7.92	%		8.06	%		5.80	%		6.12	%


Reconciliation of total deposits to core deposits
	As of

(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010
Total deposits	$	3,282,482			3,324,321			3,428,166			4,006,332			3,893,014
Non-core deposits held for sale		—			—			—			(75,813	)		(75,010	)
Money market		(523,585	)		(449,800	)		(399,195	)		(366,968	)		(354,282	)
Certificates of deposit		(364,166	)		(409,167	)		(454,279	)		(609,538	)		(616,454	)

Core deposits		2,394,731			2,465,354			2,574,692			2,954,013			2,847,268

Parent Company Business Segment

Condensed Statements of Operations (unaudited)


	For the Three Months Ended															For the Years Ended
(in thousands)	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Net interest expense	$	(3,991	)		(3,851	)		(3,794	)		(3,695	)		(3,716	)		(15,331	)		(14,572	)
Provision (recovery) for loan losses		572			147			515			(20	)		498			1,214			5,536

Net interest expense after provision for loan losses		(4,563	)		(3,998	)		(4,309	)		(3,675	)		(4,214	)		(16,545	)		(20,108	)

Non-interest income
Income from unconsolidated trusts		(1,550	)		482			432			381			335			(255	)		1,054
Securities activities, net		—			—			(1,500	)		—			—			(1,500	)		—
Other		(325	)		327			317			209			431			1,178			1,257

Non-interest income		(1,224	)		809			(751	)		590			766			(576	)		2,311

Non-interest expense
Employee compensation and benefits		637			505			512			527			(160	)		2,181			2,819
Advertising and business promotion		65			76			88			26			56			255			293
Professional fees		2,235			(826	)		765			378			881			2,552			3,074
(Gain)/loss on sale of real estate		(5	)		—			(16	)		(175	)		—			(196	)		610
Asset impairments		514			444			706			2,347			—			4,011			766
Other		299			333			451			329			328			1,412			1,481

Non-interest expense		3,745			532			2,506			3,432			1,105			10,215			9,043

Loss from parent company activities before income taxes		(9,532	)		(3,721	)		(7,566	)		(6,517	)		(4,553	)		(27,336	)		(26,840	)
Provision (benefit) for income taxes		—			—			—			—			—			—			—

Net loss from parent company business segment	$	(9,532	)		(3,721	)		(7,566	)		(6,517	)		(4,553	)		(27,336	)		(26,840	)

Parent Company Business Segment

Condensed Statements of Financial Condition - Unaudited


	As of
(in thousands)	12/31/2011			9/30/2011		6/30/2011		3/31/2011			12/31/2010
ASSETS
Cash	$	2,524			2,195		3,839		13,112			12,226
Securities		15			9		9		1,508			1,507
Investment in subsidiaries		309,798			326,633		341,498		291,616			313,319
Investment in unconsolidated trusts		10,106			11,655		11,174		10,742			10,361
Other assets		669			931		188		882			945

Total assets	$	323,112			341,423		356,708		317,860			338,358

LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Subordinated debentures	$	337,114			333,333		329,643		325,974			322,385
Other liabilities		2,924			1,034		1,357		1,123			1,687

Total liabilities		340,038			334,367		331,000		327,097			324,072

Stockholders’ (deficit) equity		(16,926	)		7,056		25,708		(9,237	)		14,286

Total liabilities and stockholders’ (deficit) equity	$	323,112			341,423		356,708		317,860			338,358

Parent Company Business Segment

Allowance for Loan Loss and Credit Quality


Parent Company and Work-out Subsidiary																For the
(in thousands)	For the Three Months Ended															Years Ended
	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010			12/31/2011			12/31/2010
Allowance for Loan Losses
Beginning balance	$	167			—			814			830			4,187			830			13,630
(Net charge-offs) recoveries		45			20			(1,329	)		4			(3,741	)		(1,260	)		(18,222	)
Transfer to held for sale		—			—			—			—			(114	)		—			(114	)
Provision (recovery) for loan losses		572			147			515			(20	)		498			1,214			5,536

Ending balance	$	784			167			—			814			830			784			830


	As of
	12/31/2011			9/30/2011			6/30/2011			3/31/2011			12/31/2010
Credit Quality
Total Loans - gross	$	10,515			11,879			11,974			14,058			17,300

Nonaccrual loans	$	8,083			9,356			9,360			11,360			14,508
Specific reserves		(784	)		(167	)		0			(814	)		(830	)

Nonaccrual loans, net	$	7,299			9,189			9,360			10,546			13,678
Real estate owned		9,136			9,391			8,644			8,835			10,160

Total nonperforming assets	$	16,435			18,580			18,004			19,381			23,838