Bank Atlantic Bancorp warned Monday that third-and fourth-quarter earnings would be "significantly less" than those reported in the same period last year.

The $3.8 billion-asset thrift company, which acquired investment bank Ryan, Beck & Co. in June, attributed the expected decline to expenses associated with new business initiatives, prepayments in its mortgage servicing rights portfolio, and losses at its Ryan, Beck subsidiary tied to the securities market downturn.

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