- BankAtlantic’s core deposits

BankAtlantic’s Core Deposits

BankAtlantic Bancorp. (BBX)

Q3 2009 Earnings Call

October 22, 2009; 11:00 am ET

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Question-and-Answer SessionOperator Operator Instructions Your first question comes from Paul Miller - FBR Capital Markets. Paul Miller - FBR Capital Markets Over the quarter you guys did that rights offering in which you raised $70 million and by most investors calculations, given the amount of...

Falling oil prices and a declining trade deficit lifted investor sentiment to send the markets up to a higher close with the Dow climbing 78 points to 9864. Nasdaq gained 15 points to 2139.

The latest act of wanton idiocy from corporate assclowns: Suing critical analysts and fund managers who have brought to light the malfeasance of management in running the firm into the ground. The beleaguered management of the moment is the team at MBIA (MBI); they are "considering" suing Bill Ackman of Pershing Square. The basis of the suit, as reported by Bloomberg, is a somewhat obscure NYS law against spreading false rumors or making statements "untrue in fact'' about an insurance company's insolvency (I do not know if this law was constitutionally tested for passing 1st Amendment limitations, but that sure is an interesting question). There are few absolutes in investing, but this may be one of them -- I always run-not-walk-away from any firm that engages in this sort of corporate silliness. Rarely will you stumble across a less productive, more foolish admission of unsuitability to be running a public firm than suing your critics. All it does is draw more attention to your past foibles, incompetencies, and random errors. Since that seems to be what management wants, than we shall happily accommodate them with a brief history of their unconscionably gross mismanagement. Like Ambak (ABK), MBIA ran what was...

The latest act of wanton idiocy from corporate assclowns: Suing critical analysts and fund managers who have brought to light the malfeasance of management in running the firm into the ground. The beleaguered management of the moment is the team at MBIA (MBI); they are "considering" suing Bill Ackman of Pershing Square. The basis of the suit, as reported by Bloomberg, is a somewhat obscure NYS law against spreading false rumors or making statements "untrue in fact'' about an insurance company's insolvency (I do not know if this law was constitutionally tested for passing 1st Amendment limitations, but that sure is an interesting question). There are few absolutes in investing, but this may be one of them -- I always run-not-walk-away from any firm that engages in this sort of corporate silliness. Rarely will you stumble across a less productive, more foolish admission of unsuitability to be running a public firm than suing your critics. All it does is draw more attention to your past foibles, incompetencies, and random errors. Since that seems to be what management wants, than we shall happily accommodate them with a brief history of their unconscionably gross mismanagement. Like Ambak (ABK), MBIA ran what was...

For the three months ended 31 March 2008, BankAtlantic Bancorp, Inc.'s interest income fell 10% to $83.7M. Net interest income after LLP totaled negative $257K, vs. an income of $39.7M. Net loss from cont. ops. totaled $24.6M up from $2.2M. Net interest income reflects lower interest and fees on loans & securities, also reflects higher interest paid on bonds. Net loss reflects an increase in occupancy and equipment cost

Suing an analyst over a report is akin to blaming the shorts for your stock price: It is a waste of time and corporate resources, a huge distraction to management. Note the (chart below); our quantitative review of the stock -- pure math, no opinions -- was a Sell rating back in April. Even without that system, and without having read the Bove report or BankAtlantic's complaint, I am deducing a very valuable piece of information from the company from this issue: I don't want to own BankAtlantic Bancorp (BBX): Their priorities are misplaced, and with the stock at $1.99, they are spending precious capital on nonsense. Here's a quick excerpt from WSJ: BankAtlantic Bancorp Inc. filed a lawsuit against well-known Ladenburg Thalmann analyst Richard Bove and his firm seeking damages for defamation and negligence stemming from a widely distributed report entitled "Who Is Next?" following the collapse of IndyMac Bancorp Inc. BankAtlantic shares lost a third of their value on July 14 after Mr. Bove included the Florida bank in his report, but bounced back after the company put out a press release saying it remains well-capitalized. A number of banks' stocks were pummelled that day as well. BankAtlantic's...

Suing an analyst over a report is akin to blaming the shorts for your stock price: It is a waste of time and corporate resources, a huge distraction to management. Note the (chart below); our quantitative review of the stock -- pure math, no opinions -- was a Sell rating back in April. Even without that system, and without having read the Bove report or BankAtlantic's complaint, I am deducing a very valuable piece of information from the company from this issue: I don't want to own BankAtlantic Bancorp (BBX): Their priorities are misplaced, and with the stock at $1.99, they are spending precious capital on nonsense. Here's a quick excerpt from WSJ: BankAtlantic Bancorp Inc. filed a lawsuit against well-known Ladenburg Thalmann analyst Richard Bove and his firm seeking damages for defamation and negligence stemming from a widely distributed report entitled "Who Is Next?" following the collapse of IndyMac Bancorp Inc. BankAtlantic shares lost a third of their value on July 14 after Mr. Bove included the Florida bank in his report, but bounced back after the company put out a press release saying it remains well-capitalized. A number of banks' stocks were pummelled that day as well. BankAtlantic's...

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