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BANKATLANTIC REPORTS THIRD QUARTER PROFIT OF $1,751,000

 BANKATLANTIC REPORTS THIRD QUARTER PROFIT OF $1,751,000
 FORT LAUDERDALE, Fla., Oct. 21 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) today announced net income of $1.75 million, or $0.38 per common share, for the quarter ended Sept. 30, 1992, compared to a net loss of $4.40 million, or $1.14 per common share for the comparable period in 1991.
 The results announced today represent BankAtlantic's third consecutive quarter of increasing earnings in 1992. For the quarter ended March 31, 1992, BankAtlantic reported net income of $808,000; for the quarter ended June 30, 1992, BankAtlantic generated net income of $908,000.
 For the nine months ended Sept. 30, 1992, BankAtlantic produced net income of $3.47 million, or $0.69 per common share, vs. a net loss of $5.92 million, or $1.58 per common share, for the same period a year earlier. Operations for 1991 included an extraordinary gain of $660,000, or $0.16 per common share, related to the early retirement of certain capital notes issued in 1986. Results for the quarter and nine months ended Sept. 30, 1992 include realized gains of $587,000 from sales of securities held for sale, which effected net income by approximately $381,000 or $0.09 per common share.
 Stockholders' equity increased to $53.81 million for the quarter ended Sept. 30, 1992, compared to $50.99 million at Dec. 31, 1991. Book value per common share increased to $11.16 at Sept. 30, 1992, compared to $10.47 at Dec. 31, 1991.
 BankAtlantic's capital ratios as a percent of adjusted assets exceeded all three current federal regulatory requirements. As of Sept. 30, 1992 tangible capital was 3.91 percent, compared to the required 1.50 percent. Core capital stood at 3.95 percent, vs. the 3.00 percent required. Risk-based capital was 8.26 percent, compared to the currently required 7.20 percent.
 "We are pleased with BankAtlantic's continued positive performance in 1992, and the increased shareholder value it has produced. With each successive quarter BankAtlantic further demonstrates continued progress in achieving its long-term goal of becoming a profitable, customer- driven, full service financial institution," said BankAtlantic Chairman Alan B. Levan.
 As announced on Sept. 16, 1992, BankAtlantic estimated year-end 1992 earnings from core banking operations would reach approximately $3.8 million. Also announced was an estimated $3 million after tax gain, to be realized primarily in the fourth quarter of 1992 on the sale of mortgage backed securities (categorized as "assets held for sale.") When combined, these gains are expected to produce an estimated 1992 net profit of approximately $6.8 million, or approximately $1.45 per common share.
 During the current quarter and year BankAtlantic achieved reductions in its "risk elements", which consist of renegotiated loans and non- performing assets. Renegotiated loans decreased to $3.54 million at Sept. 30, 1992, compared to $7.58 million at Dec. 31, 1991. At Sept. 30, 1992 non-performing assets stood at $32.61 million -- a $4.02 million decrease from $36.63 million in non-performing assets at Dec. 31, 1991.
 BankAtlantic increased its allowance for possible loan losses to $15.75 million at Sept. 30, 1992, compared to $13.75 million at Dec. 31, 1991. "This prudent increase in our reserves provides added strength to BankAtlantic operations in today's uncertain economy," Levan said.
 "BankAtlantic also continues to benefit from its expense control measures. In the recent quarter non-interest expenses were reduced more than $3 million to $13.46 million, compared to $16.54 million for the comparable period a year earlier. For the nine months ended Sept. 30, 1992, non-interest expenses declined by $9.69 million from the comparable 1991 period," Levan added.
 During 1992 BankAtlantic is observing its 40th anniversary of providing quality banking services to residents and businesses in South Florida. With $1.35 billion in assets and 31 offices in Broward, Palm Beach and Dade counties, BankAtlantic is the largest independent, locally based financial institution serving South Florida exclusively.
 BankAtlantic, A Federal Savings Bank
 (dollars in thousands, except per share data)
 Sept. 30, 1992 Dec. 31, 1991
 Total assets $1,345,021 $1,455,822
 Loans receivable, net 591,249 728,515
 Mortgage-backed securities 462,651 460,780
 Deposits 1,101,315 1,255,513
 Stockholders' equity 53,806 50,997
 Book value per common share 11.16 10.46
 Common shares outstanding 4,070,981 4,070,981
 Core capital as a percent of
 adjusted assets 3.95 pct. 3.48 pct
 Tangible capital as a percent of
 adjusted assets 3.91 pct. 3.43 pct
 Risk-based capital as a percent of
 adjusted assets 8.26 pct. 7.57 pct
 For Quarter Ended
 Sept. 30, 1992 Sept. 30, 1991
 Net interest income $ 15,815 $ 15,228
 Provision for loan losses 2,797 8,623
 Net interest income
 after provision 13,018 6,605
 Non interest income 3,059 3,247
 Non interest expenses 13,456 16,543
 Income (loss) before income taxes 2,621 (6,691)
 Provision (benefit) for income
 taxes 870 (2,287)
 Net income (loss) 1,751 (4,404)
 Net income (loss) per common share .38 (1.14)
 Average common shares outstanding 4,070,981 4,070,981
 For the Nine Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Net interest income $45,348 $40,916
 Provision for loan losses 10,478 12,713
 Net interest income
 after provision 34,870 28,203
 Non interest income 8,378 9,520
 Non interest expenses 38,070 47,762
 Income (loss) before income taxes 5,178 (10,039)
 Provision (benefit) for income taxes 1,710 (3,456)
 Income (loss) before extraordinary item 3,468 (6,583)
 Extraordinary item -- 660
 Net income (loss) 3,468 (5,923)
 Net income (loss) per common share .69 (1.58)
 Average common shares outstanding 4,070,981 4,069,598
 -0- 10/21/92X
 /CONTACT: David Finkelman, communications dept. of BankAtlantic, A Federal Savings Bank, 305-760-5317/
 (ASAL) CO: BankAtlantic Financial Corporation ST: Florida IN: FIN SU:


JB-AW -- FL006 -- 3011 10/21/92 15:09 EDT
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Date:Oct 21, 1992
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