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BANKATLANTIC REPORTS FIRST QUARTER PROFIT UP 473 PERCENT TO $808,000

BANKATLANTIC REPORTS FIRST QUARTER PROFIT UP 473 PERCENT TO $808,000
 FORT LAUDERDALE, Fla., April 28 /PRNewswire/ -- At a special meeting today celebrating its 40th anniversary, BankAtlantic (NASDAQ-NMS: ASAL) announced net earnings of $808,000, or $0.14 per common share, for the quarter ended March 31, 1992, compared to net earnings of $141,000, or $0.02 per common share for the same period in 1991. First quarter 1991 results included an extraordinary gain on the retirement of Capital Notes of $660,000.
 "BankAtlantic's first quarter 1992 core earnings performance surpassed our earlier estimate. We are pleased to see our efforts to control and reduce expenses and improve our core banking activities yielded positive results," commented Alan B. Levan, BankAtlantic's chairman and chief executive officer. "We anticipate positive results in coming quarters and reiterate an estimated profit from core earnings for BankAtlantic of approximately $3.1 million, or $0.55 per share, for the 12 months ending Dec. 31, 1992," Levan stated.
 "BankAtlantic's capital ratios remain in excess of all three current federal regulatory requirements. At March 31, 1992, tangible capital was 3.56 percent, compared to the required 1.50 percent. Core capital was 3.61 percent, vs. the 3.00 percent required. Risk-based capital stood at 7.92 percent, compared to the current required 7.20 percent," Levan said.
 "Our net interest margin in the first quarter of 1992 increased to 4.47 percent, compared to 2.94 percent in the same quarter of 1991. Net interest income for the most recent quarter grew to $14.48 million, vs. $12.06 million in the comparable quarter of 1991," Levan said.
 In its efforts to control expenses, BankAtlantic substantially reduced its employee compensation and benefits costs to $4.87 million for the quarter ended March 31, 1992, compared to $6.42 million for the same period in 1991. For the recent quarter, total non-interest expenses dropped to $12.31 million compared to $13.86 million for the comparable period in 1991.
 "We look to the rest of 1992 with optimism tempered with caution. While there are signs that the recession is abating, this is to be expected in an election year environment in which interest rates will likely remain low. How effectively other current and soon-to-be introduced government measures will stimulate business and consumer activity remains to be seen. Nonetheless, BankAtlantic expects in the coming months to increase its level of lending in the South Florida commercial, consumer and mortgage loan markets," Levan said.
 Throughout 1992 BankAtlantic is observing its 40th year of providing quality banking services to residents and businesses in South Florida. With $1.42 billion in assets and 31 offices in Broward, Palm Beach and Dade counties, BankAtlantic is one of the largest independent, locally based financial institutions in South Florida.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, except per share data)
 March 31, 1992 Dec. 31, 1991
 Total assets $1,422,183 $1,455,822
 Loans receivable, net 680,154 728,515
 Mortgage-backed securities 510,636 460,780
 Deposits 1,185,458 1,255,513
 Allowance for loan losses 14,250 13,750
 Stockholders' equity 51,584 50,997
 Book value per common share 10.61 10.47
 Common shares outstanding 4,070,981 4,070,981
 Core capital as a percent of
 adjusted total assets 3.61 pct. 3.48 pct.
 Tangible capital as a percent
 of adjusted total assets 3.56 pct. 3.43 pct.
 Risk-based capital as a percent
 of risk-adjusted assets 7.92 pct. 7.57 pct.
 For The Quarter Ended
 March 31, 1992 March 31, 1991
 Net interest income 14,476 12,060
 Provision for loan losses 3,603 1,818
 Net interest income
 after provision 10,873 10,242
 Non interest income 2,638 2,826
 Non interest expense 12,308 13,859
 Income (loss) before income taxes 1,203 (791)
 Provision (benefit) for income
 taxes 395 (272)
 Income (loss) before extraordinary
 item 808 (519)
 Extraordinary item -- 660
 Net income 808 141
 Net income per common share .14 .02
 Average common shares outstanding 4,070,981 4,066,786
 -0- 4/28/92
 /CONTACT: David Finkelman, communications dept. of BankAtlantic A Federal Savings Bank, 305-665-8100 or 305-760-5317/
 (ASAL) CO: BankAtlantic, A Federal Savings Bank ST: Florida IN: FIN SU: ERN


SS-JB -- FL011 -- 3989 04/28/92 16:18 EDT
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Date:Apr 28, 1992
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