BankAtlantic Bancorp Announces Second Quarter Earnings — Record Earnings Per Share —

Business Wire, July 24, 2001

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 24, 2001

Second Quarter, 2001 Earnings Per Share Increase 73%

Reach All-time Record $.19 Per Share

BankAtlantic Bancorp, Inc. (NYSE:BBX), the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck & Co., today reported earnings from continuing operations for the quarter ending June 30, 2001 of $8.6 million, an all time quarterly record of $0.19 per share, from $5.0 million, or $0.11 per share in the corresponding quarter of 2000. This follows a 78% increase in the first quarter of 2001 in which EPS increased to $.16 per share from $.09 per share in the corresponding 2000 quarter. Year-to-date earnings from continuing operations rose to $15.4 million, or $0.34 per share, an increase of 79 per cent over the corresponding 2000 period. (All per share data are diluted. Per share data for 2001 are compared to Class A per share data for the prior periods.)

-- Extensive business segment financial information is available and

can be accessed on the Investor Relations page of the BankAtlantic

website at the text link labeled "`Supplemental Financials".

Copies of the Supplemental Financials can also be received via fax

or mail upon request by contacting BankAtlantic's Investor

Relations department at the address provided at the end of this

release.

Highlights:

BankAtlantic Bancorp: --------------------

For the Second Quarter compared to the corresponding 2000 quarter:

-- Total assets increased 7% to $4.8 billion from $4.4 billion.

-- Consolidated net income increased 64% to $8.6 million from $5.3

million.

-- Return on average assets increased 57% to 0.72% from 0.46%

-- Return on average shareholders' equity increased 74% to 13.0% from 7.5%

For the Year-to-date compared to the corresponding 2000 period:

-- Net-interest income increased 8% to $64.8 million from $59.7 million.

-- Net-interest income (after provision for loan losses) increased 30% to $58.0 million from $44.4 million.

-- Consolidated net income increased 34% to $16.6 million from $12.4 million.

-- Earnings per share from continuing operations increased 79% to $0.34 per share from $0.19 per share in the six-month corresponding period.

BankAtlantic: ------------

For the Second Quarter compared to the corresponding 2000 quarter:

-- Net-interest income increased 12% to $38.5 million from $34.4 million.

-- Pre-tax income increased 25% to $17.9 million from $14.3 million.

-- Loans increased 6% to $3.01 billion from $2.84 billion.

-- Total non-interest income increased 17% to $9.3 million from $8.0 million.

-- Return on average assets increased 16% to 1.02% from 0.88%.

-- Return on average shareholders' equity increased 23% to 12.8% from 10.4%.

For the Year-to-date compared to the corresponding 2000 period:

-- Net interest income increased 10% to $75.7 million from $68.8 million.

-- Net-interest income (after provision for loan losses) increased 29% to $68.9 million from $53.5 million.

-- Total non-interest income increased 14% to $18.1 million from $15.9 million.

-- Pretax income increased 54% to $36.1 million from $23.5 million.

Levitt Corporation: ------------------

For the Second Quarter compared to the corresponding 2000 quarter:

-- Return on shareholders' equity increased to 10.15% from .58%.

-- Pre-sold homes in backlog reached a record of 902 up from 712, an increase of 27%.

-- Gross profit as a percent of sales increased to 20% from. 17%.

-- Sales of housing units surged 166% to 194 from 73.

-- Pretax income was $2.1 million compared to a loss of $0.9 million in 2000.

For the Year-to-date compared to the corresponding 2000 period:

-- Revenues from sales of real estate climbed 81% to $11.7 million from $6.5 million.

-- Pretax income was $3.6 million compared to $2.5 million in 2000.

Ryan, Beck and Co.: -----------------

For the Second Quarter compared to the corresponding 2000 quarter:

-- Principal transactions to total revenue increased to 36% from 31%.

-- Investment banking revenue to total revenue increased to 28% from 23%.

-- Pretax loss was $0.9 million, compared to a profit of $0.8 million in 2000, but representing an improvement over the loss in the first quarter, 2001.

For the Year-to-date compared to the corresponding 2000 period:

--Pretax loss was $2.8 million, compared to a profit of $0.7 million in 2000.

Chairman of the Board and CEO Alan B. Levan commented, "We are extremely proud of the effort put forth by all of the associates throughout BankAtlantic Bancorp and we are pleased to see their achievements produce positive results. Our determination to position our company for achieving high performance continues to yield very encouraging returns."

Some of the accomplishments of the quarter include:

-- A continued strong increase in the earnings from banking

operations at BankAtlantic. The provision for loan losses

decreased by $8.5 million for the six months, and by $0.5 million

for the quarter. This reduction, combined with an improved net

interest margin, growth in earning assets, and improvements in our

ATM operation resulted in a strong quarter for our banking