BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla., reported a first-quarter loss of $2.2 million from continuing operations, after earning $8 million in the same period a year ago.
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The $6.4 billion-asset company said it earned $5.7 million in the quarter, due primarily to a one-time, after-tax gain of its sale of its investment banking unit, Ryan Beck Holdings Inc.
BankAtlantic's ratio of nonperforming loans to total loans climbed from 0.14% to 0.55%, from the first quarter of 2006 to the same period of 2007. As a result, the company boosted its first-quarter loan loss provision from $200,000 to $7.5 million.
