BankAtlantic Bancorp Inc (BBX.N), a U.S. regional bank, posted a wider-than-expected third-quarter loss, hurt by higher loan loss provisions.
Net loss from continuing operations was $52.1 million, or $3.45 a share, compared with a loss of $11.0 million, or 73 cents a share, a year earlier.
The company posted a net loss of $3.48 a share, compared with analysts' expectations of a loss of $2.80 a share, according to Thomson Reuters I/B/E/S.
The provision for loan losses was $52.2 million and was primarily related to the bank's commercial real estate and consumer and residential real estate loan portfolios.
Net charge-offs for the quarter nearly tripled at $43.1 million, compared with $14.9 million a year ago.
Shares of the Fort Lauderdale, Florida-based company closed at $2.01 Wednesday on the New York Stock Exchange.