BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., reported Wednesday that its second-quarter loss widened by 33% from a year earlier, to $51.3 million.
It was the 12th straight quarterly loss for the $4.6 billion-asset company, which has been rocked by credit-quality issues.
Driving the results was a $48 million provision for loan losses, which was up 60% from the first quarter and 11% higher than a year earlier. Chargeoffs were $32 million and the allowance for loan losses rose 45 basis points from the previous quarter, to 5.09%.
Nonperforming assets totaled $444 million, or 9.55% of total assets, up 12% from a year earlier. Despite its credit problems, BankAtlantic remains well capitalized, reporting a total risk-based capital ratio of 12.86% as of June 30.
The company also announced that it plans to sell its Tampa operations, which includes 19 branches and $400 million in deposits, in a move to focus its franchise on south Florida, improve profitability and harness capital.
