BBX Capital Inc (QX) (BBXIA) 銘柄情報

BBXT moved to the NYSE from the OTC:

http://otce.finra.org/DLDeletions

up, up, and away

I guess I was right about the name change..first part has been done and we are up up and away??

BFC Financial Corp., BFCF, changed to BBX Capital Corp., BBXT:

http://otce.finra.org/DLSymbolNameChanges

I purchased this stock right after BFC purchased Bluegreen resorts... .88
They eventually said they would merge BBX Capitol
And BFCF together. That has now happened. The name of the stock will be changed to BBX which was on the big boards. The plan is to take the stock to the Nasdaq and make a public company again....this was all made public before Sec sued Alan Levan, he appealed and won.
Would have been done already if not for that.
Load up gonna be a good ride????

Who is FCPO? Bedrock

BFCF bullish 3.49

good question. But I also wonder why nobody has ever mentioned FPCO-- which owns over a million shares of BFCF.

Why is there not any mention of Bluegreen being 140% of budget for the year and the fact that their marketing has expanded into Walmart kiosks... This is a cash cow!!!

Good to see you here Chevy. This has been a position of mine for a few months now.

I've given up my PM abilities but hope all is well with your and yours. There is a good writeup out there on VIC I believe.

BFC Financial Corporation Reports Financial Results for the First Quarter, 2014

Date : 05/13/2014 @ 2:58PM
Source : Marketwired Canada
Stock : Bfc Financial Corp. (QB) (BFCF)
Quote : $3.79 0.02 (0.53%) @ 4:14PM

/ CORRECTION - BFC Financial Corporation Reports Financial Results for the First Quarter, 2014

BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) (OTCQB: BFCFB) today reported financial results for the quarter ended March 31, 2014. The following table corrects a typographical error in the press release table previously issued on the wire service on May 13, 2014.

Bluegreen's Adjusted EBITDA as of March 31, 2014 was $33.8 million, not $3.8 million as originally noted in the press release table issued on the wire service.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=62187742

A better read:

http://ir.stockpr.com/bfcfinancial/financials

Marker:
Bfc Financial Corp. (BFCF)
$3.79 up 0.02 (0.53%)
Volume: 164,088

BFC Financial Corporation Reports Financial Results for the Fourth Quarter and Full Year, 2013

Date : 03/17/2014 @ 5:41PM
Source : Marketwired
Stock : Bfc Financial Corp. (QB) (BFCF)
Quote : $3.74 0.11 (3.03%) @ 4:00PM

FORT LAUDERDALE, FL--(Marketwired - March 17, 2014) - BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) reported financial results for the fourth quarter and full year ended December 31, 2013.

Full Year 2013

The Company reported net income attributable to BFC of $29.1 million, or $0.35 per diluted share, for the year ended December 31, 2013, compared to a net income attributable to BFC of $166.0 million, or $2.09 per diluted share, for the year ended December 31, 2012. Net income attributable to BFC for the year ended December 31, 2012 includes a $141.5 million gain from discontinued operations related to the sale of BankAtlantic by BBX Capital Corporation ("BBX Capital") (NYSE: BBX) during July 2012.

Fourth Quarter 2013

The Company reported net income attributable to BFC of $23.7 million, or $0.28 per diluted share, for the quarter ended December 31, 2013, compared to a net loss attributable to BFC of $(15.1) million, or $(0.19) per diluted share, for the quarter ended December 31, 2012.

As of December 31, 2013, BFC had consolidated total assets of $1.4 billion, total equity of $422.4 million, and its book value per share was $2.88.

Net income (loss) attributable to BFC is defined as net income (loss) after non-controlling interests. Under generally accepted accounting principles, the financial statements of the companies in which BFC holds a controlling interest, including BBX Capital and Bluegreen Corporation, are consolidated in the Company's financial statements. At December 31, 2013, BFC had an approximate 52% economic ownership interest in BBX Capital and an approximate 54% economic ownership interest in Woodbridge Holdings, LLC which owns 100% of Bluegreen Corporation and its subsidiaries.

More complete information relating to BFC and its financial results is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 17, 2014 and is available to view on the SEC's website, www.sec.gov, or on BFC's website, www.BFCFinancial.com.

About BFC Financial Corporation:

BFC (OTCQB: BFCF) is a holding company whose principal holdings include controlling interests in BBX Capital Corporation (NYSE: BBX) and Bluegreen Corporation.

As of December 31, 2013, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $239.4 million, and total consolidated equity of approximately $422.4 million. For more information, visit www.BFCFinancial.com.

About BBX Capital Corporation:

BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% respective interest in Bluegreen Corporation; a vacation ownership company with more than 60 owned or managed resorts, 225,000 owners and 5,000 employees.

As of December 31, 2013, BBX Capital had consolidated total assets of $431.1 million, shareholders' equity of $302.4 million, and its book value per share was $19.00.

BFC Contact Info:

Investor Relations:
Leo Hinkley, Managing Director, Investor Relations Officer
954-940-4994
Email: InvestorRelations@BFCFinancial.com

http://ih.advfn.com/p.php?pid=nmona&article=61484309

Marker EOD:
Bfc Financial Corp. (BFCF)
$3.74 up 0.11 (3.03%)
Volume: 80,648

Breaking the Trust Preferred Logjam

Not long ago, many banks viewed trust preferred securities (“TPS”) as inexpensive capital, and TPS are on the balance sheets of many bank holding companies today. Now, many of these same companies must raise capital and are finding their TPS an insurmountable impediment.

The reason for this is that TPS, which are considered debt, have priority over common stock upon liquidation. Investors will not invest new equity knowing that it eventually will be used to repay the TPS. This is particularly galling to sophisticated investors, the likely sources of new capital, who have no interest in “bailing out” debt holders. So prospective investors who might otherwise step up are sitting on the sidelines.

For particularly troubled bank holding companies, the failure to raise capital could lead to the failure of the bank subsidiary, leaving little or no value for TPS holders. Faced with thissituation, most debt holders would be motivated to negotiate a discounted payoff. Unfortunately, TPS are different, and negotiations often have proved impossible. To understand why, one must understand how TPS were sold.

To take advantage of a securities registration exemption, many TPS were sold to special purpose entities (“SPEs”) that own pools of assets, usually debt or preferred stocks that provide cash flows. These SPEs, in turn, issued bonds secured by their pools of assets. So, many TPS are owned by SPEs, which in turn have senior and junior bond holders.

Some SPEs have asset managers, who make investment decisions with respect to the SPEs assets. But many SPEs are unmanaged “static pools,” where investment decisions may be made only by the holders of the SPEs bonds. Each SPE has its own set of rules as to when and how decisions may be made. Often, in cases where a security is not in default, decisions must be reached unanimously by senior bond holders or by all bond holders, which is a practical impossibility. Indeed, many SPEs were structured with the intent of prohibiting negotiated settlements; those SPEs have no mechanism for reapportioning the cash flows of their bonds following an asset restructure.

As a result, many distressed bank holding companies seeking to negotiate with TPS holders have found there simply is no one to negotiate with, even in situations where negotiations are so clearly in the best interests of the TPS holders. Tender offers receive no response.

Avoiding bank failure is imperative. Thus, boards of directors who are unable to negotiate with TPS holders have sought ways to raise capital by forcing a reduced payout for TPS holders without their consent.

One approach, completed successfully in Washington in 2010, was the sale by a holding company of its ownership interest in its bank through a bankruptcy process. To do this, the holding company files for bankruptcy and at the same time enters into an agreement with a “stalking horse bidder” to sell the bank. Theholding company then auctions the bank under procedures approved by the bankruptcy court. The bank ultimately is sold to the highest bidder, which likely is the stalking horse bidder. Upon closing, the proceeds from the sale of the bank go to the TPS holders, and the winning bidder recapitalizes the bank.

This type of transaction carries the risk of a run on the bank, as customers may think the holding company bankruptcy means the bank too has failed. For this reason, a well thought out public relations campaign is essential. The holding company should seek court approval for as short an auction process as possible.

A second way to recapitalize a bank without negotiating with TPS holders would be to raise capital at the bank level by selling bank equity to investors. Such a transaction also poses risks,in that if a sufficient ownership interest in the bank is sold it could amount to a breach of the TPS covenant against a sale of all or substantially all of the holding company’s assets unlessthe buyer assumes the TPS obligations. A careful reading of the exact wording of the TPS covenants would be required.

Relief may be on the horizon. Some SP bond holders recently have begun to organize, and there are investors who have acquired TPSwho are willing to negotiate, so it may now be possible to negotiate with at least some TPS holders. This raises the intriguing possibility of a mutually negotiated settlement amongthe holding company, investors and some TPS holders. The negotiated settlement could be enforced against all TPS holders through a prepackaged bankruptcy. The settlement might even give the TPS holders an equity stake in the recapitalized bank, which would be an opportunity to recover in the future some of their lost value.

One thing is certain – TPS will continue to be an impediment to bank holding companies who need to recapitalize their bank subsidiaries, and so long as TPS holders are unwilling or unable to negotiate, companies will continue to seek creative solutions to break the logjam, even if it means deliberately breaching TPScovenants.

<Go to Page 12 & 13>

http://media.straffordpub.com/products/fdics-expanded-role-in-bank-holding-company-insolvencies-2012-07-26/reference-material.pdf

The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS. I realize look1 this is old news but the subject matter surrounding TruPS & recapitalization efforts remains very relevant.

BB&T-BankAtlantic Deal Forbidden

February 28, 2012

On Monday, Judge J. Travis Laster of Delaware Court of Chancery gave his judgement over the lawsuit filed by the investors in the trust-preferred securities (TruPS) debt under the BB&T-BankAtlantic deal. The judge has permanently prohibited the deal under which, BankAtlantic, a wholly owned subsidiary of BankAtlantic Bancorp Inc. , was supposed to sell most of its banking assets to BB&T Corporation (BBT - Analyst Report).

Earlier on November 1, 2011, BB&T announced its plan to acquire BankAtlantic. Under the terms of the deal, the company was supposed to acquire $2.1 billion in loans and $3.3 billion in deposits (90% core and low-cost funds) for $301 million premium, representing 9.05% of the deposits at BankAtlantic on September 30. However, deposit premium may rise or fall depending on the amount of deposits at BankAtlantic prior to the closing of deal, but it will not exceed $315.9 million.

However, BankAtlantic Bancorp’s strategy was to hold on nonperforming and criticized loans worth $623 million and sell off $2.1 billion in assets to BB&T. Moreover, the company has no plans to pay off $289 million in principal TruPS debt owed by the holding company.

Therefore, in November 2011, a group of corporate debt investors of BankAtlantic filed a lawsuit against the firm to stop it from selling its loans, deposits and branches to BB&T. These investors believed that this sale infringes the terms of their creditors’ agreement. Finally, the investors have won the ruling as the judge has permanently forbidden the deal.

Charges Against the Deal

In the first opposition to the deal, the plaintiffs accused both BB&T and BankAtlantic of structuring the transaction in such a way that the acquirer could evade TruPS obligations. They charged the parent company, BankAtlantic Bancorp, of breaching an agreement, stating that the transfer or sale of majority of its assets will not happen without ensuring that the acquirer will also assume TruPS.

However, BB&T’s deal would transfer nearly 83% of BankAtlantic assets, without assuming the TruPS. Hence, the plaintiffs want either TruPS to be included in the agreement or the deal to be blocked.

The plaintiffs also stated that following the closure of the transaction, BankAtlantic Bancorp would become a holding company with no branches and will own large amounts of nonperforming loans and foreclosed real estate assets. Therefore, the company will no longer resemble its present operations.

The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS.

Similar Opposition Before

Earlier in 2010, BankAtlantic faced similar opposition related to its TruPS. At that time, the company had tried to repurchase nearly $230 million of these securities at a discount to boost its capital levels. However, the offer was withdrawn following strong oppositions from certain section of investors.

The judge claimed that the sale of all BankAtlantic’s branches and deposits, along with most of its assets to BB&T would breach the terms of TruPS corporate debt. According to the ruling, the debt should either be repaid or acquire by BB&T.

Therefore, the ruling put forward by the judge warns all bank holding companies not to evade repayment of TruPS debt while selling their banks. However, ruling in favor of BankAtlantic Bancorp would have dissuaded the investors from helping the banks to raise capital with TruPS.

Our Viewpoint

The BB&T-BankAtlantic deal was expected to be highly advantageous to both the companies. For BankAtlantic, the agreement was expected to resolve some of its balance sheet and higher operating expense related problems.

For BB&T, the transaction was expected to enable it to speed up its expansion strategy in Florida region. Also, the deal would have added 78 branches to BB&T’s 64-branch network in Florida region. Besides substantially increasing BB&T’s market share and footprints, the acquisition would have improved the company’s top line over the medium term.

However, the judge should consider investors’ interest and come up with proper solutions to maximize the profits of all the concerned parties.

http://www.zacks.com/stock/news/70428/BBampTBankAtlantic-Deal-Forbidden

Well, that was a weird, quick intra-day spike on BFCF

Good buys, green day. Keep the momo going and break 2.50.

~ $BFCF ~ Parabolic SAR Buy Signals ~ Criteria alert for last trading session!

$BFCF has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
~ http://tinyurl.com/SAR-BUY ~







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I missed this one but I am in BBX

Interesting!

Some news on BBX
I just pick up some BBX a couple of days a go
Not in this yet. If the deal goes theough does shareholders get any moneyh
A group of corporate debt investors of BankAtlantic, a wholly-owned subsidiary of BankAtlantic Bancorp Inc. (BBX), filed a lawsuit against the firm to stop it from selling its loans, deposits and branches to BB&T Corporation (BBT). These investors believe that this sale infringes the terms of their creditors’ agreement.

Earlier on November 1, BB&T had announced about its plan to acquire BankAtlantic. Under the terms of the deal, the company would acquire $2.1 billion in loans and $3.3 billion in deposits (90% core and low-cost funds) for $301 million premium, representing 9.05% of the deposits at BankAtlantic on September 30, plus the net asset value of the bank. However, deposit premium could rise or fall, based on the amount of deposits at BankAtlantic prior to the closing of deal, not exceeding $315.9 million. The agreement excludes BankAtlantic's nonperforming and other criticized assets.

Charges Against the Deal

In the first opposition to the deal, the plaintiffs accused both BB&T and BankAtlantic of structuring the transaction in such a way that the acquirer can evade the trust preferred securities (TruPS) obligations. They charged the parent company, BankAtlantic Bancorp, of breaching an agreement, stating that transfer or sale of majority of its assets will not happen without ensuring that the acquirer will also assume TruPS.

However, BB&T deal would transfer nearly 83% of BankAtlantic assets, without assuming TruPS. Hence, the plaintiffs want either TruPS to be included in the agreement or the deal to be blocked.

The plaintiffs also stated that following the closure of the transaction, BankAtlantic Bancorp would become a holding company with no branches and will own a large amount of nonperforming loans and foreclosed real estate assets. Therefore, the company will no longer resemble its present operations.

The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS.

Similar Opposition Before

Earlier in 2010, BankAtlantic faced similar opposition related to its TruPS. At that time, the company had tried to repurchase nearly $230 million of these securities at a discount to boost its capital levels. However, the offer was withdrawn following strong oppositions from certain section of investors.

Our Viewpoint

The BB&T-BankAtlantic deal will be highly advantageous to both companies. For BankAtlantic, the agreement will likely resolve some of its balance sheet and higher operating expense related problems.

For BB&T, the transaction will allow it to speed up its expansion strategy in Florida region. Also, the deal would add 78 branches to BB&T’s 64 branch network in Florida region. Besides substantially increasing BB&T’s market share and footprints, the acquisition would also improve the company’s top line over the medium term.

However, investors’ interest should also be taken into consideration and a solution that maximizes all the parties profit should be taken.

BB&T currently retains a Zacks #3 Rank, which translates into a short-term ‘Hold’ rating. Considering the fundamentals, we are also maintaining our long-term “Neutral” recommendation on the shares.

BFCF - Daily Candlesticks

Finkelstein Thompson LLP Announces Investigation of Bluegreen Corporation
| 9:55 AM | |

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69149703

This recently has made a real nice move after it gapped up from the .30 range, and now it’s been able to consolidate and chill out in this .60 area. I think the line I drew on the chart is marking a key resistance zone, so a potential break of that could get this to make a second strong move up.

http://onlycharts.com/2011/11/13/bfcf-recent-gap-up-big-runner-though-now-its-been-able-to-consolidate-around-60/

With bfc holding 53% of bank Atlantic I haven't done all the figures but .75-.90 seems realistic

cant understand whats going on. so whats this thing worth now?

Boom

BankAtlantic Awarded for Outstanding Web Design in 2010
1 hours 17 minutes ago - BIZ
BusinessWireBankAtlantic, one of the largest financial institutions headquartered in Florida, received numerous international honors in 2010 for superior Web design and development at internationally acclaimed award competitions across the country. Due to BankAtlantic's cutting-edge and innovative Web initiatives, the banking leader was honored at some of the world's most prestigious ceremonies, including: The Interactive Media Awards (IMAs), The WebAwards and The Internet Advertising Competition (IAC).

"BankAtlantic is extremely proud of this international recognition for our Web design," said Jarett Levan, CEO of BankAtlantic. "None of this would have been possible without the commitment and creativity of our marketing team. As a bank, we are constantly working to enhance our Web experience so our customers can conduct their business online in an efficient and effective manner."

Commenting further on what this means for BankAtlantic was Thomas Triozzi, SVP and Director of Marketing at BankAtlantic. "Our team is constantly going above and beyond what it takes to provide a superior online experience for our customers," said Mr. Triozzi. "We strive to make our websites seamless and intuitive so that users can find what they need and navigate along quickly. We are very proud of these recognitions."

Awards won by BankAtlantic for exceptional Web design in 2010 include:

Outstanding Achievement Award in "Blog" for the BankAtlantic Blog Redesign, 2010 Interactive Media Awards (IMAs) Outstanding Achievement Award in "Financial Information" for the BankAtlantic Blog Redesign, 2010 Interactive Media Awards (IMAs) Standard of Excellence Award for BankAtlantic's Online Newsletters, 2010 WebAwards Best Bank Online Campaign Award for the BankAtlantic Online Newsletter, 2010 Internet Advertising Competition (IAC)

To learn more about BankAtlantic's online initiatives, please visit:

www.BankAtlantic.com, www.facebook.com/pages/BankAtlantic, www.twitter.com/BankAtlantic, www.youtube.com/BankAtlantic, www.floridabankblog.com/ and www.bankatlantic.com/VideoRoom.

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, holiday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. To learn more about BankAtlantic's products and services, please visit: www.BankAtlantic.com.

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

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.

SOURCE: BankAtlantic

BankAtlantic
Media Relations:
Sharon Lyn, 954-940-6383
CorpComm@BankAtlantic.com
or
Investor Relations:
Leo Hinkley, 954-940-5300
investorrelations@bankatlantic.com

BankAtlantic Bancorp Responds to Recent Speculation
Date : 12/15/2010 @ 6:15PM
Source : Business Wire
Stock : (BFCF)
Quote : 0.25 0.022 (9.65%) @ 5:00PM


BankAtlantic Bancorp Responds to Recent Speculation
Bfc Fin Corp CL A # (USOTC:BFCF)
Intraday Stock Chart
Today : Wednesday 15 December 2010
BankAtlantic Bancorp, Inc. (NYSE: BBX) (the “Company”) is aware of recent press reports speculating that a large out of state bank is considering expanding into Florida through acquisitions. Some of the news stories have identified BankAtlantic Bancorp as one of the subjects of this reported interest.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “It has been BankAtlantic Bancorp’s long-standing practice not to comment or respond to rumors in the marketplace.

“However, we would note that while we have in the past expressed our intention to remain an independent financial institution, we believe it is in our shareholders’ best interest for us to be flexible and open to opportunities as they may be presented. Given the challenges of the current economic environment, we recognize the need to be nimble, prepared and comprehensive in the options we consider. Management continues to aggressively focus on reducing expenses, returning to profitability, evaluating available alternatives to reduce our level of nonperforming assets, and continuing to focus on capital in order to provide BankAtlantic with strategic flexibility.

At September 30, 2010, BankAtlantic’s capital ratios were:

Total risk-based capital of 12.59%.
Tier 1 risk-based capital of 10.59%.
Core capital of 7.17%.
“In addition, as indicated below, BankAtlantic’s capital ratios have been stable over the last four years.

Capital Ratios (BankAtlantic) as of:

12/2006 12/2007 12/2008 12/2009 6/2010
Core 7.55% 6.94% 6.80% 7.58 % 7.36%
Tier 1 Risk-Based 10.50% 9.85% 9.80% 10.63% 10.87%
Total Risk-Based 12.08% 11.63% 11.63% 12.56% 12.86%


Alan B. Levan, continued, “We are proud to have provided our customers with financial solutions in these difficult times and to have met their banking needs. We plan to continue to work hard to meet our customers’ needs and continue to provide a high level of service, which we believe contributed to BankAtlantic being ranked ‘Highest Customer Satisfaction with Retail Banking in Florida’ by J.D. Power and Associates.”

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

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.

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”), and these statements involve substantial risks and uncertainties, including that the Company may not be presented with attractive opportunities, that the Company may continue to incur losses and may not achieve profitability and that actual performance may differ materially from that contemplated, expressed, or implied by the forward-looking statements contained herein.

BFCF is being accumulated in the .38's.

Watch for a Big Move Up~

BFCF ~ BankAtlantic Bancorp Reports Financial Results for the Second Quarter, 2010
Last update: 8/4/2010 8:03:00 AM
FORT LAUDERDALE, Fla., Aug 04, 2010 (BUSINESS WIRE) -- BankAtlantic Bancorp, Inc. (BBX) today reported a net loss from continuing operations of ($51.3) million, or ($1.02) per diluted share, for the quarter ended June 30, 2010, compared to a net loss from continuing operations of ($38.4) million, or ($2.54) per diluted share, for the quarter ended June 30, 2009.
BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan B. Levan, commented, "While today's uncertain economic environment remains a challenge for the financial industry and BankAtlantic, we believe this quarter's losses may be a turning point and feel confident that our plans and strategies will result in a stronger, leaner, more profitable company. Despite twelve quarters of losses, we believe that BankAtlantic has now endured the worst of this recession and weathered the economic tsunami that hit Florida. BankAtlantic's loss this quarter is primarily a result of loan provisions that increased our overall allowance for loan losses to 5.09% of total loans, an increase of 10% in coverage of our total loan portfolio on a percentage basis. This loan loss reserve increase reflects quarterly impairment analyses based on collateral valuations in a depressed real estate market.
"We believe we are at last beginning to see certain improved credit trends in BankAtlantic's portfolio. In each of the Commercial real estate, Residential real estate, Consumer and Commercial business loan portfolio categories during the second quarter of 2010, we experienced declines in both the dollar amount and percentage of portfolio delinquencies, excluding non-accrual loans. In the aggregate, these early stage delinquencies, which we believe may be indicative of future loss trends, improved over 50% as compared to the prior quarter, led by declines in delinquencies in our Commercial real estate and Residential real estate portfolio. Further, our Residential real estate portfolio, which comprises approximately 40% of our loan portfolio, and Consumer portfolio both experienced improvements for their second and third consecutive quarters, respectively, in the migration of delinquencies from one payment to two payments delinquent. Based on these trends, we believe that we may have seen the peak of our impairments, provisions and delinquencies, and it is not insignificant that over $40 million of our Commercial and Commercial real estate non-accrual loans are current and paying under their loan agreements. While many challenges remain, we see a new day for BankAtlantic and for Florida on the horizon.
"Nearly three years ago, BankAtlantic was among the first in the country to recognize the cracks in the Florida economy and the potential havoc it could create. While our portfolios were not the first to be impacted, we believe we were early to recognize the problem. During this period, BankAtlantic worked hard to face the challenges head on and made important strategic and structural decisions which included:
-- "Increasing its reserves and aggressively establishing provisions on its problem loans;
-- "Reducing core non-interest expenses by approximately 30%;
-- "Shrinking its balance sheet by nearly a third;
-- "Virtually eliminating its leverage and significantly improving its liquidity position;
-- "Significantly growing its core deposit base while maintaining its very low cost of deposits;
-- "Continuing to maintain its net interest margin; and
-- "Consistently maintaining its regulatory capital ratios well in excess of requirements.
"As we move forward, we believe BankAtlantic will now be positioned to become Florida's premier financial institution. To this end, we have decided to pursue several aggressive steps over the coming months in an effort to take advantage of the opportunities available in our markets. These include:
-- "Concentrating our efforts in South Florida, our strongest market, and beginning to seek buyers for our Tampa operations. Our Tampa footprint has 19 locations and approximately $400 million in deposits. Our annualized direct and indirect expenses related to the Tampa operations that would be eliminated in a sale are estimated between $15 and $20 million. We anticipate engaging Stifel, Nicolaus & Company, Inc. to assist us in marketing and selling our Tampa area operations prior to year end. If consummated, we believe this transaction will further improve our capital ratios, reduce expenses and increase core earnings.
-- "In July, 2010, to further reduce expenses and improve our efficiency ratio, we reduced our staff by approximately 7% of our workforce, reducing annualized expenses an anticipated $8 to $10 million. We have also engaged a consulting firm for additional assistance in our process improvement and efficiency initiatives.
-- "Continuing to focus on our regulatory capital levels so as to provide BankAtlantic with strategic flexibility. Additionally, the sale of the Tampa operations, depending on terms, is anticipated to improve our regulatory capital ratios further from our existing well capitalized levels. At June 30, 2010, BankAtlantic's capital ratios were: -- Total risk-based capital of 12.86%.
-- Tier 1 risk-based capital of 10.87%.
-- Core capital of 7.36%.
"In addition, as indicated below, BankAtlantic's capital ratios have been very stable over the last four years.
Capital Ratios (BankAtlantic) as of:---------------------------------------------------------- 12/2006 12/2007 12/2008 12/2009 3/31/2010 ---------- ---------- ---------- ---------- -----------Core 7.55 % 6.94 % 6.80 % 7.58 % 7.51 %Tier 1 Risk-Based 10.50 % 9.85 % 9.80 % 10.63 % 10.90 %Total Risk-Based 12.08 % 11.63 % 11.63 % 12.56 % 12.86 %
-- "Evaluating our nonperforming assets, including real estate assets and loans, and available alternatives to reduce these assets, which would free up additional capital and internal resources, and reduce related ongoing costs. We believe we are seeing improved credit trends in our residential and consumer portfolios. We have written down our nonperforming real estate portfolio and believe the worst of the impairments and required allowances are behind us. We believe we are beginning to see a stronger economy, more interest and liquidity in the markets for purchasing nonperforming assets, and better pricing.
"Through these activities and a concentrated focus on the generation of core earnings, we believe we will be in a position to return BankAtlantic to profitability as conditions in Florida improve. Importantly, we intend to continue to build strong relationships in our communities, meet the banking needs of South Florida, and continue the extraordinary customer satisfaction that helped BankAtlantic earn the highest ranking by J.D. Power and Associates in customer satisfaction for retail banking in Florida."
Highlights of the BankAtlantic Operating Segment:
BankAtlantic's Chief Executive Officer, Jarett S. Levan, commented, "Despite the prolonged economic downturn, the core business of the bank remains strong. During its 58 years serving Florida, BankAtlantic has experienced and successfully navigated through a number of economic and real estate downturns. BankAtlantic's residential lending practices have never included subprime, option-arm, negative amortization or similar products. We believe that is why its residential loan portfolio has performed better than most standard industry comparisons over the last several years. BankAtlantic's investment portfolio has not included any commercial paper, collateralized debt obligations, structured investment vehicles, Fannie Mae or Freddie Mac equity or debt securities, or investments otherwise considered high-risk. Further, while we experienced and recognized losses in our loan portfolios, we believe we have maintained appropriate loan reserves and have made significant progress in reducing our operating expenses and leverage, while maintaining our net interest margin, since the start of the real estate crisis through the second quarter of 2010. Overall, we believe BankAtlantic, with its strong base of retail and business customers and focus on core strengths, is positioned to emerge from the current economic downturn stronger, leaner, and on track toward profitability.
BankAtlantic Performance:
Deposits and Borrowings -- "Core (1) and total deposits at June 30, 2010 were $2.8 billion and $4.0 billion, respectively, as compared to $2.4 billion and $4.1 billion, respectively, as of June 30, 2009. At June 30, 2010, BankAtlantic's deposit base had the following characteristics:
- "Non-certificate of deposit balances represented approximately 81.2% of total deposits;
- "The average cost of core deposits and total deposits for the second quarter of 2010 was 0.29% and 0.59%, respectively; and
- "Brokered deposit balances represented only 0.55% of assets and 0.64% of total deposits.
-- "BankAtlantic continued to reduce its borrowings, resulting in total borrowings of $171.7 million, or 3.7% of total assets, at June 30, 2010.
-- "BankAtlantic's loan to deposit ratio was 84.4% at June 30, 2010.
(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 Second Quarter, 2010 Supplemental Financials available at . To view the financial data, access the "Investor Relations" section and click on the "Quarterly Financials or Supplemental Financials" navigation links.
Results of Operations -- "BankAtlantic's net loss was ($40.1) million for the second quarter of 2010, compared to a net loss of ($24.2) million for the second quarter of 2009.
-- "Pretax core operating earnings (2) for the second quarter of 2010 was $9.1 million compared to $18.7 million for the second quarter of 2009. Included in the second quarter 2010 core earnings is a one-time reversal of previously recorded net interest income of $1.4 million related to the tax certificate portfolio and the impact of a large amount of liquidity in the form of approximately $254 million in average excess invested cash balances yielding 22 basis points. In the future, we anticipate that our core earnings will reflect the reinvestment of these cash balances, realization of expense savings associated with the recent reduction in force and ongoing efficiency efforts, and improvements associated with the sale of the Tampa operations. The decline in the second quarter 2010 core earnings from the 2009 comparative quarter was largely due to lower net interest income primarily related to lower asset balances, an increase in low-yielding excess cash balances and non-earning assets, the interest reversal discussed above; lower non-interest income due to lower securities gains and reduced non-sufficient funds income due to changes in customer behavior; further, core non-interest expenses were flat year-over-year. Loan loss and tax certificate provisions, debt redemption costs, FDIC special assessment, loss on real estate sold and impairment, restructuring and exit activity expenses, which are not included in pre-tax core operating earnings, were ($48.9) million for the second quarter of 2010, and ($42.9) million for the second quarter of 2009.
(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, gains/losses on sales of real estate, 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 Second Quarter, 2010 Supplemental Financials available at . 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 second quarter of 2010 was $37.0 million compared to $40.1 million for the second quarter of 2009, with improvements in net interest margin offset by decreases in earning assets, increases in lower-yielding investments and increases in nonperforming assets.
-- "Net interest margin during the second quarter of 2010 was 3.49%, a 25 basis point improvement from 3.24% during the second quarter of 2009.
-- "Net interest spread during the second quarter of 2010 was 3.30%, improved by 40 basis points from 2.90% during the second quarter of 2009.
-- "Average balance sheet activity impacting net interest income included: -- "Earning assets declined by $812 million since June 30, 2009.
-- "The second quarter 2010 average balance sheet included $254 million in average invested excess cash earning an average yield of 22 basis points. This compares to $25 million in average invested cash during the second quarter 2009, earning an average yield of approximately 25 basis points. This increase in invested cash balances combined with the one-time reversal of $1.4 million in tax certificate interest accrual served to negatively impact the yield on Investments for the second quarter from 5.17% to 2.12%.
-- "The second quarter 2010 average balance sheet included $304 million in average non-interest earning assets, an increase of $4.6 million from the second quarter 2009 average balances.
Non-interest income -- "Total non-interest income for the second quarter of 2010 was $26.3 million, down from $32.8 million for the second quarter of 2009, due primarily to $1.8 million of lower securities gains, and $3.8 million in lower deposit service charges due to declines in customer non-sufficient funds activity.
Non-interest expense -- "Total non-interest expenses were $59.5 million in the second quarter of 2010, compared to $61.1 million in the second quarter of 2009.
-- "Core expenses (3) were $54.2 million in the second quarter of 2010, flat when compared to $54.1 million in the second quarter of 2009. Core expenses in the second quarter 2010 as compared to the second quarter 2009 included lower expenses of $0.7 million in employee compensation and benefits, $1.1 million in occupancy and equipment and $0.5 million in check losses (associated with the declines in non-sufficient funds income); these expense reductions were offset by a $1.9 million increase in professional fees primarily related to litigation costs and a $0.3 million increase in advertising and business promotion.
"Expenses not included in core expenses consisted of the following:
-- "Impairment, restructuring and exit charges were $2.2 million in the second quarter of 2010, versus $1.8 million in the second quarter of 2009. The charges in the second quarter of 2010 were primarily associated with write-downs of land and leaseholds held-for-sale.
-- "Tax certificate provision of $2.1 million in the second quarter of 2010, versus $1.4 million in the second quarter of 2009, primarily associated with increased provisions in certain out-of-state markets.
-- "Loss on sale of real estate of $0.9 million in the second quarter of 2010, versus $0.1 million gain in the second quarter of 2009.
-- "Costs associated with debt redemption of $53,000 for the second quarter of 2010, versus $1.4 million in the second quarter of 2009. These costs were associated with the prepayment of certain borrowings as part of our balance sheet de-leveraging efforts throughout the past year.
(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, gains/losses on sales of real estate, impairments, restructuring and exit activities. A reconciliation of total expense to core expense is included in BankAtlantic Bancorp's Second Quarter, 2010 Supplemental Financials available at . To view the financial data, access the "Investor Relations" section and click on the "Quarterly Financials or Supplemental Financials" navigation links.
Credit:
-- "The provision for loan losses in the second quarter of 2010 was $43.6 million compared to $32.0 million in the first quarter of 2010, and $36.0 million in the second quarter of 2009. The increased provision in the second quarter of 2010 as compared to the first quarter of 2010 reflects increased commercial real estate non-accrual loans, and a greater number of commercial real estate loans for which we are relying on collateral values for impairment valuation. These factors offset the positive provision impacts of lower net charge-offs and a significant decline in early stage delinquencies (delinquencies excluding non-accrual loans at June 30, 2010 declined by over 50% as compared to levels at March 31, 2010).
-- "BankAtlantic's allowance for loan losses was $180.6 million at June 30, 2010. The allowance coverage to total loans increased to 5.09% at June 30, 2010, compared to 4.64% at March 31, 2010 and 3.79% at June 30, 2009.
-- "The provision for loan losses in the second quarter of 2010 of $43.6 million largely related to our Commercial Real Estate ($26.5 million provision) and Consumer ($12.7 million provision) loan portfolios, as those portfolios together represented approximately 80% of the quarter's net charge-offs.
-- "Net charge-offs were $32.5 million in the second quarter of 2010, compared to net charge-offs of $36.1 million in the first quarter of 2010, and net charge-offs of $25.8 million in the second quarter of 2009. -- "Second quarter 2010 net charge-offs included $14.1 million in the Commercial Real Estate loan portfolio, $11.6 million in the Consumer Loan portfolio, $4.8 million in the Residential Real Estate loan portfolio and $2.1 million in the Small Business loan portfolio.
-- "Total non-accrual loans were $362.1 million at June 30, 2010, reflecting an increase of $60.8 million from $301.4 million at March 31, 2010, and an increase of $66.7 million from June 30, 2009. The increase in non-accrual loans during the second quarter of 2010 was largely due to net increases in non-accrual loans of $61.1 million in Commercial Real Estate, offset by a net decline of $4.4 million in Residential non-accrual loans. Of the second quarter 2010 net increase in Commercial Real Estate non-accrual loans, borrowers under loans comprising approximately $24.8 million in new non-accrual loan balances were current and paying under terms of their loan agreements.
-- "Total nonperforming assets were $410.5 million at June 30, 2010, an increase of $66.8 million from $343.7 million at March 31, 2010, and an increase of $81.8 million from June 30, 2009.
"Other credit information for BankAtlantic's three largest loan portfolios is further detailed below.
Commercial Real Estate Loans -- "At June 30, 2010, BankAtlantic's Commercial Real Estate loan portfolio included the following:
-- "Commercial residential land acquisition, development and construction loans consisting of: -- Builder land bank loans: 5 loans aggregating $17.5 million, all of which were on non-accrual at June 30, 2010. Charge-offs of $38.6 million have been taken on these non-accrual loans, and $4.5 million in specific reserves are currently maintained against these loans.
-- Land acquisition and development loans: 23 loans aggregating $145.7 million, including 9 loans aggregating $62.1 million on non-accrual at June 30, 2010. Charge-offs of $18.5 million have been taken on these non-accrual loans, and $12.3 million in specific reserves are currently maintained against these loans.
-- Land acquisition, development and construction loans: 4 loans aggregating $6.1 million, with no loans on non-accrual at June 30, 2010.
-- "Commercial land loans: 30 loans aggregating $91.8 million, including 8 loans aggregating $52.3 million on non-accrual at June 30, 2010. Charge-offs of $19.5 million have been taken on these non-accrual loans, and $6.2 million in specific reserves are currently maintained against these loans.
-- "All other Commercial Real Estate loans: Portfolio of $789.6 million, including 25 loans aggregating $98.1 million on non-accrual at June 30, 2010. Charge-offs of $19.5 million have been taken on these non-accrual loans, and $31.5 million in specific reserves are currently maintained against these loans.
Residential Real Estate Loans -- "Our Residential Real Estate loan portfolio was $1.4 billion at June 30, 2010, representing 39.5% of the Bank's total loans. The purchased residential loan portfolio (representing 95.0% of the total residential loan portfolio) consists of approximately 4,800 first mortgage loans secured by properties throughout the United States.
-- "Net charge-offs for the second quarter of 2010 were $4.8 million, compared to net charge-offs of $4.1 million in the first quarter of 2010 and $3.6 million in the second quarter of 2009.
-- "Delinquencies, excluding non-accrual loans, at June 30, 2010 were $18.5 million (a 31% decline from the March 31, 2010 level), which represented 1.32% of the portfolio at June 30, 2010, compared to 1.83% of the portfolio at March 31, 2010 and 1.39% of the portfolio at June 30, 2009.
-- "Residential non-accrual loans at June 30, 2010 were $83.9 million, down from $88.3 million at March 31, 2010, and up from $64.7 million at June 30, 2009.
-- "The allowance coverage for Residential Real Estate loans was 1.62% at June 30, 2010 as compared to 2.01% at March 31, 2010 and 1.28% at June 30, 2009. The reduction in the current quarter's allowance coverage was driven by improved non-accrual collateral values and other improved credit quality factors including delinquency and loss trends.
Consumer Loans - "Our Consumer Loan portfolio had an outstanding balance of $644.9 million at June 30, 2010. Home equity loans represent 96% of the Consumer Loan portfolio. All of our home equity loans were originated by us in our local markets with central underwriting. BankAtlantic does not have a credit card portfolio.
-- "Net charge-offs in the second quarter of 2010 were $11.6 million, compared to $10.6 million in the first quarter of 2010 and $9.0 million in the second quarter of 2009.
-- "Delinquencies, excluding non-accrual loans, decreased to $13.2 million, or 2.04% of the portfolio, at June 30, 2010, compared to $14.9 million, or 2.23% of the portfolio, at March 31, 2010.
-- "Consumer non-accrual loans at June 30, 2010 were $13.8 million, down slightly from $14.4 million at March 31, 2010, and up from $11.8 million at June 30, 2009.
-- "The allowance coverage for Consumer loans at June 30, 2010 was 6.37% of the portfolio, compared to 6.00% at March 31, 2010 and 5.86% of the portfolio at June 30, 2009."
BankAtlantic Bancorp (Parent Company level):
Alan B. Levan further commented, "BankAtlantic Bancorp recently announced the completion of its previously announced Rights Offering on July 20, 2010, with approximately $20.0 million of proceeds received in connection with the exercise of rights by its shareholders. We are quite pleased with the participation of our shareholders, having purchased approximately 80% of the offer. Additionally, during the second quarter of 2010, BankAtlantic Bancorp contributed capital of $20 million to BankAtlantic.
"BankAtlantic Bancorp's net loss at the parent only level was ($11.4) million for the second quarter of 2010, compared to a net loss of ($14.2) million for the second quarter of 2009. The net loss in the second quarter of 2010 included a net provision for loan losses of $4.9 million compared to $7.5 million in the second quarter of 2009. Additionally, the second quarter of 2010 results included $0.6 million in losses related to the sale of real estate owned, and $0.7 million of real estate owned impairment.
"As announced in the first quarter of 2009, we continue to defer the regularly scheduled interest payments on the outstanding junior subordinated debentures relating to all of our TruPS, which is permitted under the terms of the securities for up to another 14 consecutive quarterly periods. Additionally, our previously disclosed tender for certain of these debentures remains outstanding through September 30, 2010.
Asset Workout Subsidiary -- "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 $27.3 million with specific loan reserves of $7.2 million at June 30, 2010.
"The composition of the non-accrual loans held by the Company's asset workout subsidiary at June 30, 2010 was as follows:
-- "Builder land bank loans: One loan totaling $6.0 million. Charge-offs of $13.9 million have been taken on this non-accrual loan, and $0.6 million in specific reserves are currently maintained against this loan.
-- "Land acquisition and development loans: 3 loans aggregating $4.6 million. Charge-offs of $7.2 million have been taken on these non-accrual loans, and $0.9 million in specific reserves are currently maintained against these loans.
-- "Land acquisition, development and construction loans: 5 loans aggregating $8.2 million. Charge-offs of $8.0 million have been taken on these non-accrual loans, and $5.5 million in specific reserves are currently maintained against these loans.
-- "Commercial business loans: One loan aggregating $5.5 million, with $0.3 million in specific reserves currently maintained against this loan. This loan has not incurred prior charge-offs."
Additional detailed financial data for BankAtlantic (bank only), the Parent- BankAtlantic Bancorp, and consolidated BankAtlantic Bancorp are available at .
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 second quarter 2010 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 plans to host an investor and media teleconference call and webcast on Wednesday, August 4th 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 (866) 601-3893. International calls may be placed to (706) 643-2864. Domestic and international callers may reference PIN number 88733341.
A replay of the conference call will be available beginning two hours after the call's completion through 2:30 p.m. Eastern Time, Friday, September 3, 2010. 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 88733341.
Webcast Information:
Alternatively, individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the webcast, visit , access the "Investor Relations" section and click on the "Webcast" navigation link, or go directly to . The archived replay of the teleconference call will be available through 2:30 p.m. Eastern Time, September 3, 2010.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (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:
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website:
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, continued decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, our 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 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 especially if the economy and real estate markets in Florida do not improve; 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 initiatives or strategies not resulting in the growth of core deposits, or profitability; we may not be able to sell our Tampa operations on acceptable terms or at all; our expense reduction initiatives may not be successful and additional cost savings may not be achieved; we may seek to raise additional capital and such capital may be highly dilutive to BankAtlantic Bancorp's shareholders or may not be available; and the risks associated with the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance, actual or estimated new account openings and balance growth may not be indicative of future results. 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, 2009. The Company cautions that the foregoing factors are not exclusive. In addition to this, BankAtlantic received the highest numerical score among retail banks in Florida in the proprietary J.D. Power and Associates 2010 Retail Banking Satisfaction Study(SM). Study based on 47,673 total responses measuring 9 providers in Florida and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2010. Your experiences may vary. Visit jdpower.com.
SOURCE: BankAtlantic Bancorp, Inc.
BankAtlantic Bancorp, Inc. Leo Hinkley, 954-940-5300 Investor and Media Relations Officer InvestorRelations@BankAtlanticBancorp.com or BankAtlantic Media Relations: Sharon Lyn, 954-940-6383 Vice President Fax: 954-940-5320 CorpComm@BankAtlanticBancorp.com
Copyright Business Wire 2010

BFCF acquired an additional 4,013,135 BBX shares.

It now owns 27,333,428 shares or 43.2 percent.

http://sec.gov/Archives/edgar/data/315858/000095012310070528/g24199sc13dza.htm

BFCF had "Over-Subcription Option".

[edited]

Over-Subscription Option

The over-subscription option provides shareholders that exercise all of their basic subscription rights the opportunity to request to purchase shares that are not purchased by other shareholders in this rights offering at the same subscription price per share. If you wish to make such an over-subscription request, you should indicate the number of additional shares that you would like to purchase in the space provided on your subscription rights certificate. When you send in your subscription rights certificate, you must also send the full purchase price for the number of additional shares that you have requested to purchase through your over-subscription option (in addition to the payment due for shares purchased through your basic subscription rights). Each over-subscription request is subject to rejection by us if, in our judgment based on information available to us, the issuance of shares of our Class A Common Stock in respect thereof would jeopardize or limit our ability to use available net operating losses to offset future taxable income. This would generally be deemed to occur if, over the prior three-year period, one or more shareholders owning 5% or more of our Class A Common Stock have aggregate increases in their ownership of our stock of more than 50 percentage points. If the number of shares remaining after the exercise of all basic subscription rights is not sufficient to satisfy all over-subscription requests, shares issued pursuant to over-subscription requests will be allocated (subject to elimination of fractional shares) among the shareholders to whom such shares are issued in the proportion which the number of shares they purchased through their basic subscription rights bears to the total number of shares purchased through the basic subscription rights by all shareholders issued shares pursuant to over-subscription requests. However, if any such shareholder’s pro-rata allocation exceeds the number of shares requested on his, her or its subscription rights certificate, then the shareholder will receive only the number of shares requested, and the remaining shares from the pro-rata allocation will be divided among the other shareholders who are issued shares pursuant to over-subscription requests.

As soon as practicable after the expiration time, the subscription agent will consult with us regarding the shareholders requesting to exercise the over-subscription option. Based on our consultation with the subscription agent as well information we may receive from our legal, tax and other advisors and other information available to us, we will make a determination as to which over-subscription requests, if any, to reject based on the risk that accepting such request and issuing shares of our Class A Common Stock in respect thereof would jeopardize or limit our ability to utilize available net operating losses to offset future taxable income. All over-subscription requests not so rejected by us will be deemed to be accepted. Thereafter, the subscription agent will promptly determine the number of shares of Class A Common Stock to which each shareholder whose over-subscription request was accepted by us is entitled. All such shareholders will receive certificates representing the shares purchased through the over-subscription option as soon as practicable after all determinations, allocations and adjustments have been effected. If you request and pay for more shares than are allocated to you, the subscription agent will refund the overpayment, without interest, to you. In connection with the exercise of the over-subscription option, banks, brokers and other nominee holders of subscription rights who act on behalf of beneficial owners will be required to certify to us and to the subscription agent as to the aggregate number of subscription rights exercised, and the number of shares of Class A Common Stock requested through the over-subscription option, by each beneficial owner on whose behalf the nominee holder is acting.

As described below, BFC may subscribe for shares pursuant to any over-subscription request it may make directly through us, in which case we may use BFC’s payment prior to the expiration time. Any such payment will be treated as an advance that will bear interest at the minimum statutory interest rate and be satisfied by the issuance of shares to BFC to the extent it is allocated shares pursuant to its over-subscription request. Any remaining balance will be repaid by us promptly after the expiration time. See “Exercise of Subscription Rights by BFC Financial Corporation.”

Exercise of Subscription Rights by BFC Financial Corporation

BFC Financial Corporation, which holds all of the issued and outstanding shares of our Class B Common Stock and approximately 34.7% of the issued and outstanding shares of our Class A Common Stock, has indicated its intention to exercise all of its basic subscription rights but has made no formal binding commitment to do so. If BFC exercises all of its basic subscription rights and no other shareholders do so, BFC will beneficially own approximately 41.7% of our Class A Common Stock after this rights offering (before giving effect to any shares it may purchase pursuant to its over-subscription option). Our board of directors has determined that it is in the Company’s and BankAtlantic’s best interests that BFC subscribe for any shares which it intends to acquire in this rights offering directly through us, in which case we may accept BFC’s subscription in its entirety and issue shares to BFC in respect of its basic subscription rights prior to the expiration time. Any payment made by BFC in respect of any over-subscription request it may make will be treated as an advance that will bear interest at the minimum statutory interest rate and be satisfied by the issuance of shares to BFC to the extent it is allocated shares pursuant to its over-subscription request. Any remaining balance will be repaid by us promptly after the expiration time.

http://sec.gov/Archives/edgar/data/921768/000095012310059171/g23761e424b5.htm

Thanks for the heads up!

56Chevy, do not dismiss the possibility that "Institutional Investors" could buy stock from the Shareholders if and when they sell.

FWIW- My posting on the rights offering being non-transferable is really not pro nor con about future possibilities. It's just part of the landscape on how the offering was structured. It simply means if you are a shareholder and decided not to take advantage of your right to purchase more you cannot transfer your rights to someone else who would like to buy them. Some rights offerings do allow you to do that.

BFCF just got a news hit~

56Chevy, do not dismiss the possibility that "Institutional Investors" could buy stock from the Shareholders if and when they sell.

Let's watch the "Institutional %(+/-) shift" figures on this for a few months.

56Chevy, Good Find. Looks like the Company can eventually strengthen its bottom line with this proposal.

It doesn't seem like it should be too hard for BFCF to get back over $1.00+ in the Short Term.

GLTY~

:)

This answers my question posted earlier asking if the rights were transferable. They are not.

BankAtlantic Bancorp, Inc. (NYSE:BBX); (the “Company”) today announced that it has set a subscription price of $1.50 per share for its previously announced rights offering of up to $25 million of its Class A Common Stock. Upon commencement of the rights offering, the Company will distribute non-transferable subscription rights to purchase shares of its Class A Common Stock to each holder of its Class A Common Stock and Class B Common Stock as of the close of business on June 14, 2010, the record date for the rights offering. The number of subscription rights to be distributed with respect to each outstanding share of the Company’s Class A Common Stock and Class B Common Stock will be determined based on the total number of outstanding shares as of the close of business on the record date. The Company will not issue fractional subscription rights; rather, the number of subscription rights to which each shareholder is entitled will be rounded up to the nearest whole number.

Regulation SHO Threshold List

Friday, July 30, 2010

Symbol - Security Name - Market Category - Reg SHO Threshold Flag - Rule 3210

BFCF - BFC FIN'L CP CL A - u - Y - N

Is there an investor(s) backing this to buy the rights not used by shareholders?

56Chevy, it appears so. The Company is doing Business as Usual, so I only imagine that they will eventually recover, even stronger.

Using the Current Shares as ballast, they seem to be able to right this ship.

BankAtlantic Bancorp, Inc. Announces Completion of Its Rights Offering and Plans to Issue Financial Results for the Second Quarter, 2010

FORT LAUDERDALE, Fla., Jul 22, 2010 (BUSINESS WIRE) -- BankAtlantic Bancorp (NYSE: BBX) today announced that it had completed its previously announced Rights Offering at 5:00 p.m. on July 20, 2010 with approximately $19.7 million of proceeds received in connection with the exercise of rights by its shareholders. As a result, it will be issuing an aggregate of approximately 13.1 million shares of its Class A Common Stock to participating shareholders.
"We are quite pleased with the participation of our shareholders, having purchased approximately 80% of the offer," commented Chairman and Chief Executive Officer, Alan B. Levan.

As previously announced, the proceeds of the Rights Offering will be used for general corporate purposes, including contribution to the capital of, and to support BankAtlantic(R), its wholly-owned bank subsidiary. In fact, BankAtlantic's capital at June 30, 2010 includes $15 million received as of June 30, 2010 in connection with this Rights Offering from BankAtlantic Bancorp.

Additionally, while its financial results are still preliminary, BankAtlantic currently anticipates its June 30, 2010 regulatory capital ratios will not be significantly changed from its March 31, 2010 ratios, as set forth below, and will continue to exceed the defined regulatory well capitalized levels.

Mr. Levan continued, "We are very pleased with the consistency of our capital ratios over the last four years, which are indicated below."

Was this is distressed situation samplescave?

Back in May, someone bought up approximately 9 million shares at between .70 and .99 cents a share and never let them go.

Volume is just now picking up again and it came off the .31 Bottom.

Those Buyers at .99 aren't letting them go until
"They make a Profit".

Could see $1.25 to $1.50 in the Short Term Here!

:)

Can BFCF ever get back to the $1.00 to $2.00 Dollar Range?

I think so, in time~

BFCF is under the Radar (for now), but could be an easy Trip from here~

:)

Looks like the Charts way BFCF is a Buy!

BFCF came off the Bottom at .31