BankAtlantic Bancorp, Ft. Lauderdale, Fla., has reported a net loss of $9.9 million in the fourth quarter after taking what it called "substantial" impairment charges on its commercial real estate portfolio. In its earnings statement, the bank said it has $150 million worth of builder loans, six of which ($86.5 million) are on "nonaccrual" status. It also has $152 million in acquisition, development, and construction loans -- $57 million of which are nonaccruing. In the same quarter a year earlier it posted a small profit of $1 million.
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