BBX Capital (BBX) posted a second-quarter net loss of $12.3 million for its last reporting period with BankAtlantic.
The loss compared to net income of $23.4 million a year earlier, when the company had a $39 million one-time gain from selling 19 Tampa branches to PNC Financial Services Group (PNC). Losses from continuing operations improved to a loss of $8.4 million in the second quarter, compared to a loss of $17.7 million a year earlier.
The Ft. Lauderdale, Fla., company sold its thrift to BB&T (BBT) and changed its name from BankAtlantic Bancorp last month. BBX said it expects a $307 million gain from the thrift's sale, subject to certain adjustments. BBX had a shareholder equity deficit of $43.8 million at June 30.
BBX also said that it had recently appointed Seth Wise as its executive vice president, president of BBX Capital Asset Management and a member of the Board of Florida Asset Resolution Group. The latter two posts oversee the assets that remained consolidated in BBX after the thrift's sale.