BankAtlantic Reports Continued Growth in Deposits For the Third Quarter, 2009
- BankAtlantic’s core deposits (1) grow to record high balances
- Core deposits surpass $2.5 billion, exceed previous record levels
FORT LAUDERDALE, FL, - October 22, 2009 -- BankAtlantic, “Florida’s Most Convenient Bank,” today reported core and total deposits of $2.5 billion and $4.0 billion, respectively, at September 30, 2009, exceeding its prior historic, record levels.
BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic’s deposit base continues to be a stable and growing funding source with core deposits exceeding last quarter’s then record levels. This accomplishment is particularly significant given the seasonality that has traditionally resulted in decreased deposits during the third quarter. However, this year we continued to experience growth in core deposits during the third quarter.”
• Core and total deposits at September 30, 2009 were $2.5 billion and $4.0 billion, respectively, with the following strong characteristics:
- Non-CD balances represented approximately 71.9% of total deposits;
- The average cost of core deposits and total deposits for the third quarter of 2009 was 0.37% and 0.92%, respectively and
- Brokered deposit balances continued to decrease and now represent only 3.0% of assets.
• During the third quarter of 2009:
- Core deposits (Demand, NOW and Savings accounts) increased $45.5 million.
- Notwithstanding growth in core deposits, total deposits declined by $95.6 million, as core deposit growth was partially offset by decreases in brokered deposits of $78.0 million and decreases in other non-core deposit categories of $63.1 million.
- The cost of total deposits improved, decreasing 21 basis points.
(1)Core deposits is a term that we use to refer to Demand, NOW and Savings accounts.
• “Year-to-date 2009:
- Core deposits increased approximately $319.9 million.
- Total deposits increased approximately $33.1 million as the strong growth in core deposits offset net declines in non-core accounts.
“We are very encouraged with BankAtlantic’s achievements, continued deposit growth and positive momentum. We are committed to focus on our fundamental strategies through the remainder of this economic cycle and remain ready to serve Florida’s residents and businesses with exceptional local service as we have since 1952,” concluded Jarett Levan.
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.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
For further information, please visit our websites:
www.BankAtlantic.com
www.BankAtlanticBancorp.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.
BankAtlantic Bancorp Contact Info:
Leo Hinkley, Investor and Media Relations Officer
Telephone: (954) 940-5300
Email: InvestorRelations@BankAtlanticBancorp.com
BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Media Relations:
Sharon Lyn, Vice President
Telephone: 954-940-6383, Fax: 954-940-5320
Email: CorpComm@BankAtlanticBancorp.com
# # #
Except for historical information contained herein, the matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the word “expect” and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Future performance, including continued growth of core and total deposits, is subject to a number of risks and uncertainties, 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 a continued or deepening recession, sustained or increased unemployment levels, and the ability of our customers to maintain account balances. 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. The Company cautions that the foregoing factors are not exclusive.
MEMBER FDIC
