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BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla., said Wednesday that its second-quarter net income from continuing operations increased 12.5% from a year earlier, to $11.7 million.
The $6.5 billion-asset company's earnings got a boost from a $5.3 million after-tax gain from its quarterly valuation of warrants to purchase shares of Stifel Financial Corp of St. Louis, which acquired BankAtlantic's investment banking unit, Ryan Beck Holdings Inc., in March.
Also, noninterest expenses fell 9% from the first quarter, to $71.5 million, as BankAtlantic reduced staff and scaled back marketing.
Shares of BankAtlantic rose 7.5%, to close at $8.07.
