At a metre when mobile vulgus are jittery about the strength of banks, on Friday reported fewer loan-related losses in the third quadrature than the minute quarter, and its assets ratios remained in company standing. In an elbow-grease to assure its customers of its economic health, the Fort Lauderdale-based bank down-and-out from its usual practice and released prior earnings results. BankAtlantic (NYSE: BBX) did not give vent to its income unalterable for the quarter, but did detail several measures of about with troubled loans. The numbers also showed its ratios of capital-to-risk remained unchanged with the aforesaid quarter levels. BankAtlantic Bancorp Chairman and CEO Alan Levan said in a telecast emancipation that his bank's trends over the prior nine months countenance favorable and its foremost is strong.
"BankAtlantic expects to emanate from this economic cycle a stronger, leaner and more fruitful company," he said. BankAtlantic is the 11th-largest bank operating in South Florida based on $3.4 billion in deposits and 75 branches as of June 30. The companionship charged off $23.2 million due to trouble loans in the third quarter, down from nearly $31 million in the earlier mercy and up from $11.3 million in the third mercifulness of 2007.
Its BankAtlantic subsidiary charged off $14.9 million in the third quarter, down from $22.7 million in the last quarter. At the end of the essential quarter, the BankAtlantic subsidiary transferred $101.5 million of nonperforming commercial and upon loans to a workout subsidiary of the holding company.
The steady of the charge-offs in the double and third quarters came from those loans. BankAtlantic expects to reserve a $23 million arrangement for credit losses in the third leniency to raise the control it holds for time to come advance losses. That's down from the $38 million purvey it took in the half a mo ninety days and the $49 million catch it booked in the third zone of 2007. In antecedent quarters this year, BankAtlantic's charge-offs and provisions for accommodation losses were the greatest drivers behinds its red ink. The $106.4 million allowance drubbing hold over ration at the BankAtlantic subsidiary covers 118.6 percent of its $89.7 million in non-accrual loans.
That's a much higher wreck of reserves than most South Florida-based banks kept in the moment quarter, according to data. Those reserves did not profit for the $82.1 million in non-accrual loans in the company's workout subsidiary. The BankAtlantic subsidiary's non-accrual loans increased by $11.8 million from the other to the third quarter, in fragment due to backlogs in residential loan foreclosures.
The bank's residential portfolio also caused its delinquencies, excluding non-accrual loans, to enlarge to 0.73 of a percent in the third quarter, up from 0.65 of a percent in the encourage thirteen weeks and 0.45 of a percent in the third fourth of 2007.
BankAtlantic Bancorp will issue its brim-full third compassion results on Oct. 28. The throng completed a overthrow depart in September that boosted its apportionment price, while keeping the amount to value of its shares constant. Shares were up 15 cents to $6.88 matutinal trading. The 52-week was $40.75 on Oct. 22. The 52-week insufficient was $4.05 on July 14.
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