BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., said Tuesday that its net loss swelled to $156.6 million in the fourth quarter, largely because of a goodwill impairment charge, the writedown of deferred tax assets, and continued loan deterioration.
The loss of $13.94 a share — BankAtlantic's sixth in as many quarters — was significantly bigger than analysts had expected. On average they had forecast a loss of $1.20 a share, according to Thomson Reuters.
The $6 billion-asset company lost $9.9 million, or 89 cents a share, a year earlier.
BankAtlantic, which stressed that it remains well capitalized, attributed its latest loss mostly to two noncash charges: $48.3 million for goodwill impairment and an $81.3 million allowance on the value of its deferred tax assets.
But the company's loan problems also continued to worsen, particularly in commercial real estate.
Its loss provision more than tripled from a year earlier and was up 23% from the third quarter, to $31.8 million.
Nonaccrual loans jumped 61% from a year earlier and 67% from the third quarter, to $287.4 million.
Chargeoffs nearly doubled from a year earlier, but dropped 34% from the third quarter, to $15.3 million.
BankAtlantic has applied for a cash infusion through the Treasury Department's Capital Purchase Program but said Tuesday it has yet to hear whether it would get any funds.
Amid a broad market selloff, BankAtlantic's stock price tumbled 22.5% Tuesday, to $2.45 a share.