BankAtlantic Bancorp Reports Financial Results For the First Quarter, 2008

FORT LAUDERDALE, Fla.--(Business Wire)--
BankAtlantic Bancorp, Inc. (NYSE:BBX) today reported a net loss of
($23.4) million, or ($0.42) per diluted share for the quarter ended
March 31, 2008, compared to net income of $5.7 million, or $0.09 per
diluted share, for the first quarter of 2007.

BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan
B. Levan, commented, "While no company is immune to the effects of a
downward economic cycle, BankAtlantic is financially strong, well
capitalized, and effectively navigating through the challenges of the
current environment. As of March 31, 2008, Core, Tier I and Total
Capital ratios of 6.87%, 10.04% and 11.83%, respectively, are well in
excess of the regulatory 'well capitalized' thresholds of 5.0%, 6.0%
and 10.0%. As we begin our 56th year as one of the largest banks
headquartered in Florida, we are proactively dealing with the issues
of credit, expenses, growth and operations in this environment. We are
encouraged by our progress in key areas, particularly in core deposit
growth and expense reduction. We have taken a number of tangible steps
to address current market challenges that we believe will improve our
operating platform in today's financial environment, including:

-- "BankAtlantic Bancorp sold 2,135,000 shares of Stifel
Financial Corp. common stock, generating approximately $82.2
million in net proceeds.

-- "BankAtlantic Bancorp's non-performing loans decreased from
$178.6 million at December 31, 2007 to $157.3 million at March
31, 2008, a balance reduction of $21.3 million.

-- "BankAtlantic Bancorp formed a new asset workout subsidiary,
separate and distinct from BankAtlantic, to buy approximately
$101.5 million of non-performing Commercial and Commercial
Real Estate loans, net of specific reserves of $6.4 million,
for $95.1 million in cash, from BankAtlantic.

-- "In addition to the transferred non-performing loans,
BankAtlantic received approximately $30.0 million of
non-performing loan repayments as a result of asset sales to
third parties. In connection with an overall analysis of its
assets during the quarter, BankAtlantic recorded $42.9 million
in additional loan loss provisions based on an assessment of
the continued deterioration of the collateral and the related
markets. After the loan transfers, sales, charge-offs and
additional non-accruals for the quarter, BankAtlantic's
non-performing loans at March 31, 2008 were $55.8 million,
versus $178.6 million at December 31, 2007, a balance
improvement of $122.8 million.

-- "BankAtlantic Bancorp filed a Form S-3 Shelf Registration
Statement with the SEC and is seeking shareholder approval of
an increase to our authorized shares of Class A common stock
at our annual meeting in May.

-- "As previously announced, BankAtlantic reached an agreement to
sell its five stores in the Orlando market, with closing
expected in June 2008. Further, as discussed in more detail
below, BankAtlantic made significant progress this quarter in
implementing its expense reduction initiatives, and achieved
positive growth in core deposits, including a 4.7% growth in
core deposits (core deposits include DDA, NOW and savings
accounts), and a 15.9% reduction in non-interest expense
compared to the fourth quarter of 2007."

BankAtlantic Highlights

Net Income - BankAtlantic's Chief Executive Officer, Jarett S.
Levan, commented, "Pre-tax bank earnings before the impact of loan
loss provisions were $14.9 million in the first quarter of 2008 versus
$8.3 million in the comparable quarter of 2007 and $2.0 million in the
fourth quarter of 2007, representing a $6.6 million and $12.9 million
improvement, respectively, primarily associated with reduced
non-interest expenses, reflecting management's efforts to improve
profitability in the core business notwithstanding the uncertainties
of the current economic downturn. (The first quarter results do not
reflect the potential future benefit of the $95.1 million of cash
proceeds received by the Bank in exchange for the transfer of
non-performing loans to the workout subsidiary on March 31, 2008.)

Credit - "For the first quarter, the Bank experienced charge-offs
of $47.2 million, including charge-offs associated with thirteen
Commercial Real Estate loans totaling $40.6 million, Consumer loans of
$4.8 million and Small Business loans of $1.2 million. Of the
Commercial Real Estate charge-offs set forth above, $15.9 million was
specifically reserved at December 31, 2007, $16.5 million was
attributable to asset sales in the quarter, with the remainder
reflective of additional declines in valuation in the quarter. The
ratio of non-performing loans to total loans was 1.25% at March 31,
2008, compared with 3.87% at December 31, 2007. The ratio of
non-performing assets to total loans plus other assets was 1.67% at
March 31, 2008, compared with 4.10% at December 31, 2007.

"The provision for loan loss in the first quarter of 2008 was
$42.9 million or 3.70% of average loans. The allowance for loan losses
was $83.4 million (1.86% of total loans) and the allowance to
non-accrual loans was 149.48% at March 31, 2008. At December 31, 2007,
the allowance for loan losses was $94.0 million (2.04% of total loans)
and the allowance to non-accrual loans was 52.65%. Characteristics of
the Bank's Commercial Real Estate, Purchased Residential and Consumer
loan portfolios are detailed below. (Additional credit information is
presented in the supplementary financial tables provided in this
release.)

Commercial Real Estate Loans - "The Bank's Commercial Real Estate
loan portfolio at March 31, 2008 totaled $1.2 billion, including the
following loan categories which we believe have the most exposure to
declines in the real estate market:

"Builder land bank loans: This category of 7 loans aggregates
$79.2 million; two of the loans, totaling $31.6 million, are on
non-accrual.

"Land acquisition and development loans: This category of 27 loans
aggregates $175.3 million; one loan, totaling $3.8 million, is on
non-accrual.

"Land acquisition, development and construction loans: This
category of 19 loans aggregates $91.2 million; none of these are on
non-accrual.

"As indicated above, three Commercial Real Estate loans totaling
$35.4 million were on non-accrual at March 31, 2008. We continue to
closely monitor these loans; however, absent an improvement in the
real estate market in Florida, additional provisions relating to this
portfolio may be required in the future.

Purchased Residential Loans - "Our Purchased Residential loan
portfolio was $2.1 billion at quarter-end, representing approximately
45.2% of the Bank's total loans. As we have previously announced, this
portfolio does not include subprime or negative amortizing loans and
is geographically diverse. The weighted average FICO score of
borrowers in this portfolio was 743 at the time of origination, the
weighted average loan-to-value of the loans in this portfolio at the
time of origination was 68.0%, and the original back end debt ratio
was a weighted average of 33.2%. As of March 31, 2008, the average
time to payment reset was 64.3 months. Quarter-end delinquencies,
including non-accrual loans, were $24.9 million or 1.20% of the unpaid
principal balance, versus 0.77% in the fourth quarter of 2007.
Non-accrual balances in this portfolio increased to $13.2 million at
March 31, 2008 from $6.9 million at December 31, 2007. Based on more
recently obtained property values, the weighted average loan-to-value
of non-accrual loan balances on March 31, 2008 was 80.3%. While the
charge-offs in this portfolio increased somewhat during the quarter,
our loss history in this portfolio over the past twelve months remains
very low at $0.9 million, or 0.04% of the average outstanding
balances. While we anticipate that we will experience some level of
elevated delinquencies and non-accruals in this portfolio as the
national housing market remains weak, we continue to have confidence
in the overall performance of this portfolio based on the inherent
characteristics of these loans.

Consumer Loans - "Our Consumer loan portfolio had outstandings of
$723.9 million at quarter-end, with home equity loans representing
approximately 96.7% of this portfolio. Approximately 20% of this
portfolio is secured by first mortgages. The loans in this portfolio
have a weighted average loan-to-value, inclusive of first mortgages,
of approximately 74.4%, and a weighted average Beacon score of
approximately 737. Total delinquencies in this portfolio, including
non-accruals, at March 31, 2008 were 1.76% versus 1.48% at December
31, 2007. During the quarter, non-accrual balances in this portfolio
increased to $4.4 million at March 31, 2008 from $3.2 million at
December 31, 2007. Charge-offs in this portfolio for the first quarter
of 2008 were $4.8 million versus $4.1 million in the fourth quarter of
2007. We anticipate continued elevated levels of delinquencies and
charge-offs in this portfolio until the Florida housing market begins
to stabilize.

Store Expansion Program - "We previously announced that we have
slowed the pace of our new store growth for 2008. We opened a total of
35 new stores since January 1, 2005, which as of March 31, 2008 had
balances of $274.2 million in core deposits and $412.0 million in
total deposits. For the first quarter of 2008, the new stores
generated net growth of $49.6 million in core deposits, $53.7 million
of total deposits, and over 23,000 new core deposit accounts. As of
quarter-end, we had a total of 105 stores throughout Florida.

Deposit Accounts and Balances - "At quarter-end, total Bank core
deposit balances increased 4.7% over the fourth quarter of 2007,
representing a net increase at the Bank of $107.7 million in core
deposits and $42.2 million in total deposits. In the first quarter of
2008, BankAtlantic opened over 62,000 new core deposit accounts, an
increase of 8.8% over the fourth quarter of 2007.

Net Interest Margin - "Net interest income for the first quarter
of 2008 was $48.0 million compared to $47.3 million in the fourth
quarter of 2007 and $52.1 million in the corresponding 2007 quarter.
The tax equivalent net interest margin was 3.37% in the first quarter
of 2008, compared to 3.41% in the fourth quarter of 2007 and 3.78% in
the corresponding quarter of 2007, primarily due to the impact of
non-performing assets. The impact in the first quarter of 2008 of
non-performing assets on the Bank's margin was approximately 27 basis
points, or $3.8 million. Average earning assets remained relatively
flat compared to both the first and fourth quarters of 2007.

Non-interest income - "Non-interest income for the first quarter
of 2008 was $35.6 million, a 1.4% increase over the comparable 2007
period.

Non-interest expense - "Excluding restructuring charges of $2.6
million in the first quarter of 2007 and recoveries of ($115,000) in
the first quarter of 2008, non-interest expense during the first
quarter of 2008 was $68.7 million, a decline of $7.5 million or 9.8%
from the comparable 2007 quarter. Excluding restructuring charges of
$5.7 million in the fourth quarter of 2007 and recoveries of
($115,000) in the first quarter of 2008, non-interest expense during
the first quarter of 2008 decreased $7.2 million or 9.4% from the
fourth quarter of 2007. These expense reductions were achieved despite
absorbing approximately $1.3 million in incremental direct expense,
year-over-year, related to our store expansion program.

Capital - "At March 31, 2008, BankAtlantic's Core, Tier I and
Total Capital ratios were 6.87%, 10.04% and 11.83%, respectively,
exceeding the regulatory well capitalized thresholds of 5.0%, 6.0% and
10.0%. At December 31, 2007, BankAtlantic's ratios were 6.94%, 9.85%,
and 11.63%; and the March 31, 2007 ratios were 7.51%, 10.49% and
12.11%, respectively. During the first quarter of 2008, BankAtlantic
Bancorp added $20.0 million in capital to BankAtlantic which more than
offset the impact of the bank's quarterly loss, further strengthening
the Bank's already well capitalized base," concluded Jarett S. Levan.

BankAtlantic Bancorp:

Stifel Investment - BankAtlantic Bancorp's Chairman and CEO, Alan
B. Levan, further commented, "We continue to hold 279,022 shares of
Stifel Financial Corp. common stock, as well as warrants to purchase
481,724 shares of Stifel Financial Corp. common stock at an exercise
price of $36.00 per share. BankAtlantic Bancorp recorded a $4.7
million loss associated with the sale of Stifel Financial Corp. common
stock and a $1.9 million loss associated with the change in value of
the warrants in the first quarter of 2008, versus the $2.7 million
loss recorded in the fourth quarter of 2007.

Discontinued Operations - Ryan Beck Holdings, Inc. - "Discontinued
operations for the quarter reflected a $1.7 million gain related to an
investment banking contingent earn-out payment received based on the
first year's performance following the sale of Ryan Beck. The amount
was payable in common stock pursuant to the terms of the Ryan Beck
agreement. The investment banking contingent payment is based on
defined revenues attributable to specified individuals for each of the
two years following closing. A second potential earn out payment, the
private client contingent payment, is based upon defined revenues
attributable to specified individuals over a two-year period. There is
no assurance any additional amounts will be payable under the
contingent earn out provisions of the agreement.

Asset Workout Subsidiary - "As previously announced, during the
quarter, BankAtlantic Bancorp formed a wholly-owned asset workout
subsidiary. Although the assets are no longer within BankAtlantic, the
assets and results of the workout subsidiary will continue to be
included in BankAtlantic Bancorp's consolidated financial statements.

"BankAtlantic transferred to the workout subsidiary approximately
$101.5 million of non-accrual loans and $6.4 million in specific loan
reserves on March 31, 2008. These loans were transferred at their
outstanding balances, after the impact of any charge-offs or specific
reserves reflected by BankAtlantic during the quarter. The transferred
loans were as follows:

"Builder land bank loans: Four loans aggregating $32.0 million.

"Land acquisition and development loans: Four loans aggregating
$19.8 million.

"Land acquisition, development and construction loans: Nine loans
aggregating $34.9 million.

"Other Commercial real estate loans: Four loans aggregating $8.3
million.

"Commercial business loans: Four loans aggregating $6.2 million.

"BankAtlantic is currently servicing these assets consistent with
previous practices under a service arrangement with BankAtlantic
Bancorp. Consideration is also being given by BankAtlantic Bancorp to
a possible joint venture or sale of its interests in the workout
subsidiary in the future. However, there is no assurance this will
occur.

Cash Dividend - "BankAtlantic Bancorp's Board of Directors
declared a cash dividend of $0.005 per share to all shareholders of
record of its Class A and Class B Common Stock at the close of trading
on April 4th, 2008. The fourth quarter's dividend declaration marked
BankAtlantic Bancorp's 59th consecutive quarterly dividend payment,"
concluded Alan B. Levan.

Financial Highlights:

First Quarter, 2008 Compared to First Quarter, 2007

BankAtlantic Bancorp - consolidated:

-- (Loss) from continuing operations of ($24.6) million versus
(loss) of ($2.2) million

-- Diluted (loss) earnings per share from continuing operations
of ($0.44) versus ($0.04)

-- Book value per share was $7.73 versus $8.61

BankAtlantic:

-- Income before provision for loan losses and income taxes was
$14.9 million versus $8.3 million

-- Core, Tier I and Total Capital ratios were 6.87%, 10.04% and
11.83% versus 7.51%, 10.49% and 12.11%, respectively

-- Business segment (loss) income was ($17.0) million versus
$639,000

-- Tax equivalent net interest margin decreased to 3.37% versus
3.78%

-- Non-interest income was $35.6 million versus $35.0 million, an
increase of 1.44%

-- Non-interest expense was $68.6 million versus $78.8 million, a
decrease of 12.9%; before the restructuring and exit
activities of ($115,000) in 2008 and $2.6 million in 2007,
respectively, non-interest expense was $68.7 million versus
$76.2 million in 2007, a decrease of 9.81%

BankAtlantic Bancorp plans to host an investor and media
teleconference call and webcast on Tuesday, April 29, 2008 at 11:00
a.m. (Eastern Time).

Teleconference Call Information:

To access the teleconference call in the U.S. and Canada, the toll
free number to call is 1-800-968-8156. International calls may be
placed to 706-634-5752. Domestic and international callers may
reference PIN number 43689235.

A replay of the conference call will be available beginning two
hours after the call's completion through 5:00 p.m. Eastern Time,
Tuesday, May 13, 2008. To access the replay option in the U.S. and
Canada, the toll free number to call is 1-800-642-1687. International
calls for the replay may be placed at 706-645-9291. The replay digital
PIN number for both domestic and international calls is 43689235.

Webcast Information:

Alternatively, individuals may listen to the live and/or archived
webcast of the teleconference call. To listen to the webcast, visit
www.BankAtlanticBancorp.com, access the "Investor Relations" section
and click on the "Webcast" navigation link, or go directly to
http://www.visualwebcaster.com/event.asp?id=47441. The archive of the
teleconference call will be available through 5:00 p.m. Eastern Time,
Tuesday, May 13, 2008.

BankAtlantic Bancorp's first quarter, 2008 earnings results press
release and financial summary, as well as the Supplemental Financials
(a detailed summary of significant financial events and extensive
business segment financial data), will be available on its website at:
www.BankAtlanticBancorp.com.

-- To view the financial summary, access the "Investor Relations"
section and click on the "Quarterly Financials" navigation
link.

-- To view the Supplemental Financials, access the "Investor
Relations" section and click on the "Supplemental Financials"
navigation link.

Copies of BankAtlantic Bancorp's first quarter, 2008 earnings
results press release and financial summary, and the Supplemental
Financials will also be made 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.

About BankAtlantic Bancorp:

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

About BankAtlantic:

BankAtlantic, "Florida's Most Convenient Bank", with $6 billion in
assets and more than 100 stores is one of the largest financial
institutions headquartered in Florida. BankAtlantic provides a full
line of products and services encompassing consumer and commercial
banking. BankAtlantic is open 7 days a week and offers holiday hours,
extended weekday hours, Totally Free Online Banking & Bill Pay, a
7-Day Customer Service Center, Totally Free Change Exchange coin
counters and free retail and business checking with a free gift.
BankAtlantic has been serving communities throughout Florida since
1952 and currently operates more than 250 conveniently located ATMs.
The bank has supported thousands of charitable, civic and professional
organizations since the inception of the BankAtlantic Foundation in
1994.

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.

-0-
*T
BankAtlantic Bancorp Contact Info:
----------------------------------------------------------------------
Donna Rouzeau,
Assistant Vice President, Investor Relations & Corporate
Communications
Email: CorpComm@BankAtlanticBancorp.com
Leo Hinkley,
Senior Vice President, Investor Relations Officer
Email: InvestorRelations@BankAtlanticBancorp.com

Phone: 954-940-5300, Fax: 954-940-5320
Mailing Address: BankAtlantic Bancorp, Investor Relations
2100 West Cypress Creek Road, Fort Lauderdale, FL 33309

BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
----------------------------------------------------------------------
Public Relations:
----------------------------------------------------------------------
Hattie Hess, Vice President, Public Relations
Telephone: 954-940-6383, Fax: 954-940-6310
Email: hhess@BankAtlantic.com

Public Relations for BankAtlantic:
----------------------------------------------------------------------
Boardroom Communications
Caren Berg
Phone: 954-370-8999, Fax: 954-370-8892
Email: caren@boardroompr.com
*T

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. When used in this press release
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, including the impact on the credit quality of our
loans, of a sustained downturn 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 residential land acquisition
and development loans (including "Builder land bank loans") and
conditions specifically in that market sector; the risks of additional
charge-offs, impairments and required increases in our allowance for
loan losses; the asset workout subsidiary's ability to successfully
manage the process of debt resolution, if at all, or producing results
which do not justify their costs; and the successful completion of a
sale or joint venture of its interests in the subsidiary in the
future, and the risk that no gain will be realized; 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 capital 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;
BankAtlantic's seven-day banking initiatives and other growth,
marketing or advertising initiatives not resulting in continued growth
of core deposits or producing results which do not justify their
costs; the success of our expense discipline initiative and the
ability to achieve additional cost savings; the success of
BankAtlantic's new store expansion program, and achieving growth and
profitability at the stores in the time frames anticipated, if at all;
and the impact of periodic testing of goodwill, deferred tax assets
and other intangible assets for impairment. Past performance, actual
or estimated new account openings and growth may not be indicative of
future results. Additionally, we acquired a significant investment in
Stifel Financial Corp. ("Stifel") equity securities in connection with
the Ryan Beck Holdings, Inc. sale subjecting us to the risk of the
value of Stifel shares and warrants received varying over time, and
the risk that no gain will be realized. The earn-out amounts payable
under the agreement with Stifel are contingent upon the performance of
individuals and divisions of Ryan Beck Holdings, Inc. which are now
under the exclusive control and direction of Stifel, and there is no
assurance that we will be entitled to receive any earn-out payments.
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.

BankAtlantic Bancorp, Inc., Fort Lauderdale
Donna Rouzeau or Leo Hinkley, 954-940-5300
or
Public Relations:
Hattie Hess, Vice President, 954-940-6383
or
Public Relations for BankAtlantic:
Boardroom Communications
Caren Berg, 954-370-8999

Copyright Business Wire 2008