Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 11, 2015 |
Entity Registrant Name | BFC FINANCIAL CORP | ||
Entity Central Index Key | 315858 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $195.30 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 76,998,305 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 10,147,184 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Cash and interest bearing deposits in banks ($4,993 in 2014 and $8,686 in 2013 held by variable interest entities ("VIEs")) | $279,437,000 | $217,636,000 |
Restricted cash ($31,554 in 2014 and $36,263 in 2013 held by VIEs) | 54,620,000 | 65,285,000 |
Loans held for sale (held by VIEs) | 35,423,000 | 53,846,000 |
Loans receivable, net of allowance for loan losses of $977 in 2014 and $2,713 in 2013 (including $18,972, net of $977 allowance in 2014 and $56,170, net of $1,759 allowance in 2013 held by VIEs) | 26,844,000 | 72,226,000 |
Notes receivable, including net securitized notes held by VIEs of $293,950 in 2014 and $342,078 in 2013 (held by VIE), net of allowance of $102,566 in 2014 and $90,592 in 2013 | 424,267,000 | 455,569,000 |
Inventory | 209,893,000 | 213,997,000 |
Real estate held for investment ($19,156 in 2014 and $15,836 in 2013 held by VIEs) | 75,590,000 | 107,336,000 |
Real estate held for sale ($13,457 in 2014 and $23,664 in 2013 held by VIEs) | 41,733,000 | 33,971,000 |
Investments in unconsolidated real estate joint ventures | 16,065,000 | 1,354,000 |
Properties and equipment, net ($8,350 in 2014 and $7,899 in 2013 held by VIEs) | 90,013,000 | 78,108,000 |
Goodwill and intangible assets, net | 79,730,000 | 66,828,000 |
Other assets ($1,017 in 2014 and $2,413 in 2013 held by VIEs) | 77,681,000 | 75,209,000 |
Total assets | 1,411,296,000 | 1,441,365,000 |
Liabilities: | ||
BB&T preferred interest in FAR, LLC (held by VIE) | 12,348,000 | 68,517,000 |
Receivable-backed notes payable - recourse ($0 in 2014 and $5,899 in 2013 held by VIEs) | 92,129,000 | 74,802,000 |
Receivable-backed notes payable - non-recourse (held by VIEs) | 320,275,000 | 368,759,000 |
Notes and mortgage notes payable and other borrowings | 107,984,000 | 102,974,000 |
Junior subordinated debentures | 150,038,000 | 147,431,000 |
Deferred income taxes | 92,609,000 | 77,089,000 |
Shares subject to mandatory redemption | 12,714,000 | 12,362,000 |
Other liabilities ($12,602 in 2014 and $12,355 in 2013 held by VIEs) | 176,493,000 | 167,035,000 |
Total liabilities | 964,590,000 | 1,018,969,000 |
Commitments and contingencies (See Note 17) | ||
Preferred stock of $.01 par value; authorized - 10,000,000 shares: (See Notes 20 and 21) | ||
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with redemption value of $1,000 per share | ||
Equity: | ||
Additional paid-in capital | 142,058,000 | 142,585,000 |
Accumulated earnings | 109,660,000 | 95,810,000 |
Accumulated other comprehensive income | 353,000 | 240,000 |
Total BFC Financial Corporation ("BFC") equity | 252,906,000 | 239,421,000 |
Noncontrolling interests | 193,800,000 | 182,975,000 |
Total equity | 446,706,000 | 422,396,000 |
Total liabilities and equity | 1,411,296,000 | 1,441,365,000 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 733,000 | 713,000 |
Total equity | 733,000 | 713,000 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | 102,000 | 73,000 |
Total equity | $102,000 | $73,000 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and interest bearing deposits in banks , held by VIE | $279,437 | $217,636 |
Restricted cash | 54,620 | 65,285 |
Loans held for sale | 35,423 | 53,846 |
Loans receivable, net | 26,844 | 72,226 |
Allowance on loans receivable | 977 | 2,713 |
Allowance for loan losses | 102,566 | 90,592 |
Securitized notes receivable, net | 424,267 | 455,569 |
Real estate held-of-investment | 75,590 | 107,336 |
Real Estate Held-for-sale | 41,733 | 33,971 |
Properties and equipment, net | 90,013 | 78,108 |
Other assets | 77,681 | 75,209 |
BB&T preferred interest in FAR, LLC (held by VIE) | 12,348 | 68,517 |
Receivable-backed notes payable - recourse | 92,129 | 74,802 |
Other liabilities | 176,493 | 167,035 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% |
Redeemable Cumulative Preferred Stock, par value | $0.01 | $0.01 |
Redeemable Cumulative Preferred Stock, shares authorized | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares issued | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares outstanding | 15,000 | 15,000 |
Stated value of redeemable cumulative preferred stock | $1,000 | $1,000 |
Class A Common Stock [Member] | ||
Common Stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 73,307,012 | 71,264,563 |
Common stock, shares outstanding | 73,307,012 | 71,264,563 |
Class B Common Stock [Member] | ||
Common Stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 10,168,105 | 7,337,043 |
Common stock, shares outstanding | 10,168,105 | 7,337,043 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and interest bearing deposits in banks , held by VIE | 4,993 | 8,686 |
Restricted cash | 31,554 | 36,263 |
Loans receivable, net | 18,972 | 56,170 |
Allowance on loans receivable | 977 | 1,759 |
Securitized notes receivable, net | 293,950 | 342,078 |
Real estate held-of-investment | 19,156 | 15,836 |
Real Estate Held-for-sale | 13,745 | 23,664 |
Properties and equipment, net | 8,350 | 7,899 |
Other assets | 1,017 | 2,413 |
Receivable-backed notes payable - recourse | 0 | 5,899 |
Other liabilities | $12,602 | $12,355 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | ||||||
Sales of VOIs | $262,334 | $261,439 | $211,684 | |||
Trade sales | 74,083 | 10,243 | ||||
Interest income | 86,492 | 106,271 | 105,486 | |||
Fee-based sales commission | 144,239 | 91,859 | 87,795 | |||
Other fee-based service revenue | 92,089 | 80,125 | 74,824 | |||
Net gains on the sale of assets | 5,527 | 6,728 | 6,687 | |||
Other revenue | 7,422 | 7,098 | 4,454 | |||
Total revenues | 672,186 | 563,763 | 490,930 | |||
Costs and Expenses | ||||||
Cost of sales of VOIs | 30,766 | 32,607 | 24,353 | |||
Cost of trade sales | 54,682 | 7,860 | ||||
Cost of other fee-based services | 56,941 | 52,817 | 46,835 | |||
Interest expense (See Note 20) | 47,402 | 50,621 | 59,964 | |||
(Reversals of) provision for loan losses | -7,155 | -43,865 | 2,405 | |||
Impairments of assets | 7,015 | 4,708 | 9,931 | |||
Selling, general and administrative expenses | 422,364 | 362,315 | 328,790 | |||
Total costs and expenses | 612,015 | 467,063 | 472,278 | |||
Gain on extinguishment of debt | 29,875 | |||||
Gain on sale of Benihana investment | 9,307 | |||||
Equity in (loss) earnings from unconsolidated affiliates | -573 | 76 | 186 | |||
Other income | 4,258 | 732 | 2,442 | |||
Income from continuing operations before income taxes | 63,856 | 97,508 | 60,462 | |||
Less: Provision for income taxes | 36,857 | [1] | 26,369 | [1] | 16,225 | [1] |
Income from continuing operations | 26,999 | 71,139 | 44,237 | |||
Discontinued operations: | ||||||
Iincome (loss) from discontinued operations (including gain on disposal of Bank Atlantic of $293,461 in 2012) | 522 | -610 | 287,564 | |||
Less: Provision (benefit) for income taxes | 216 | -228 | 19,701 | |||
Income (loss) from discontinued operations | 306 | -382 | 267,863 | |||
Net income | 27,305 | 70,757 | 312,100 | |||
Less: Net income attributable to noncontrolling interests | 13,455 | 41,694 | 146,085 | |||
Net income attributable to BFC | 13,850 | 29,063 | 166,015 | |||
Preferred stock dividends (See Note 20 and 21) | -188 | |||||
Net income to common shareholders | 13,850 | 29,063 | 165,827 | |||
Basic Earnings Per Common Share | ||||||
Earnings per share from continuing operations | $0.16 | [2] | $0.35 | [2] | $0.26 | [2] |
Earnings per share from discontinued operations | $1.88 | |||||
Net earnings per common share | $0.16 | [2] | $0.35 | [2] | $2.14 | [2] |
Diluted Earnings Per Common Share | ||||||
Earnings per share from continuing operations | $0.16 | [2] | $0.35 | [2] | $0.25 | [2] |
Earnings per share from discontinued operations | $1.84 | |||||
Net earnings per common share | $0.16 | [2] | $0.35 | [2] | $2.09 | [2] |
Basic weighted average number of common shares outstanding | 84,502 | 83,202 | 77,142 | |||
Diluted weighted average number of common and common equivalent shares outstanding | 84,761 | 84,624 | 79,087 | |||
Amounts attributable to BFC common shareholders: | ||||||
Income from continuing operations, net of tax | 13,544 | 29,422 | 19,951 | |||
Income (loss) from discontinued operations, net of tax | 306 | -359 | 145,404 | |||
Net Income available to common shareholders | $13,850 | $29,063 | $165,355 | |||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | |||||
[2] | In accordance with the applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount is required to be recorded as an adjustment to paid-in capital, which is added to or deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the reclassification of BFC's 5% cumulative preferred stock, earnings per share for the year ended December 31, 2012 was adjusted to reflect a decrease in equity of approximately $0.5 million. See Note 20 for additional information relating to BFC's 5% cumulative preferred stock and Note 25 for additional information relating to earnings (loss) per common share. |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 07, 2004 | Jun. 21, 2004 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations [Abstract] | |||||
Gain (Loss) on Sale of Business | $293,461 | ||||
Cumulative preferred stock, percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | $472 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $27,305 | $70,757 | $312,100 |
Other comprehensive income, net of tax: | |||
Unrealized gains on securities available for sale, net of tax | 59 | 69 | 8,982 |
Unrealized gains from foreign currency translation | 89 | 16 | |
Reclassification Adjustments: | |||
Net realized loss from settlement of defined benefit plan (less income tax benefit of $2,222 for 2012) | 22,428 | ||
Net realized gain on securities available for sale (less income tax benefit of $1,866 for 2012) | -8,864 | ||
Reclassification adjustments, net of tax | 13,564 | ||
Other comprehensive income, net of tax | 148 | 85 | 22,546 |
Comprehensive income, net of tax | 27,453 | 70,842 | 334,646 |
Less: Comprehensive income attributable to noncontrolling interests | 13,490 | 41,700 | 155,607 |
Total comprehensive income attributable to BFC | $13,963 | $29,142 | $179,039 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | |
Realized loss from settlement of defined benefit plan, income tax benefit | $2,222 |
Realized gain on securities available for sale, income tax benefit | $1,866 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Woodbridge [Member] | Woodbridge [Member] | Woodbridge [Member] | Woodbridge [Member] | Bluegreen [Member] | Bluegreen [Member] | Bluegreen [Member] | Bluegreen [Member] | Bluegreen [Member] | Bluegreen [Member] | Woodbridge [Member] | Woodbridge [Member] | Total BFC Equity [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest in Subsidiaries [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
BBX Capital [Member] | BBX Capital [Member] | BBX Capital [Member] | Class A Common Stock [Member] | Woodbridge [Member] | Woodbridge [Member] | Woodbridge [Member] | Total BFC Equity [Member] | Additional Paid-In Capital [Member] | Noncontrolling Interest in Subsidiaries [Member] | Class A Common Stock [Member] | ||||||||||
Total BFC Equity [Member] | Additional Paid-In Capital [Member] | Noncontrolling Interest in Subsidiaries [Member] | Total BFC Equity [Member] | Additional Paid-In Capital [Member] | ||||||||||||||||
Beginning balance at Dec. 31, 2011 | $121,534,000 | $232,705,000 | ($99,080,000) | ($12,863,000) | $63,276,000 | $703,000 | $69,000 | $184,810,000 | ||||||||||||
Beginning balance, shares at Dec. 31, 2011 | 70,275,000 | 6,860,000 | ||||||||||||||||||
Net income | 166,015,000 | 166,015,000 | 146,085,000 | 312,100,000 | ||||||||||||||||
Other comprehensive income | 13,024,000 | 13,024,000 | 9,522,000 | 22,546,000 | ||||||||||||||||
Subsidiaries' capital transactions attributable to noncontrolling interest | 2,189,000 | 2,189,000 | ||||||||||||||||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | 472,000 | 472,000 | 472,000 | |||||||||||||||||
Dividends, Preferred Stock, Cash | 188,000 | 188,000 | 188,000 | |||||||||||||||||
Distributions to noncontrolling interest | -12,250,000 | -12,250,000 | ||||||||||||||||||
Subsidiaries' capital transactions attributable to BFC | 1,253,000 | 1,253,000 | 1,253,000 | |||||||||||||||||
Issuance of Common Stock from exercise of options, value | 13,000 | 13,000 | 13,000 | |||||||||||||||||
Issuance of Common Stock from exercise of options, shares | 34,000 | 34,109 | ||||||||||||||||||
Share-based compensation | 634,000 | 634,000 | 634,000 | |||||||||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | -2,846,000 | -2,846,000 | -2,846,000 | |||||||||||||||||
Ending balance at Dec. 31, 2012 | 298,967,000 | 231,287,000 | 66,747,000 | 161,000 | 208,822,000 | 703,000 | 69,000 | 507,789,000 | ||||||||||||
Ending balance, shares at Dec. 31, 2012 | 70,309,000 | 6,860,000 | ||||||||||||||||||
Net income | 29,063,000 | 29,063,000 | 41,694,000 | 70,757,000 | ||||||||||||||||
Other comprehensive income | 79,000 | 79,000 | 6,000 | 85,000 | ||||||||||||||||
Subsidiaries' capital transactions attributable to noncontrolling interest | 2,432,000 | 2,432,000 | ||||||||||||||||||
Net effect of BBX's investment in Woodbridge attributable to noncontrolling interest | -6,309,000 | -6,309,000 | 6,309,000 | -6,309,000 | ||||||||||||||||
Net effect of Bluegreen merger attributable to noncontrolling interest | 67,713,000 | 67,713,000 | -67,713,000 | 67,713,000 | ||||||||||||||||
Consideration paid in connection with Bluegreen merger | -149,212,000 | -149,212,000 | -149,212,000 | |||||||||||||||||
Distributions to noncontrolling interest | -8,575,000 | -8,575,000 | ||||||||||||||||||
Subsidiaries' capital transactions attributable to BFC | -904,000 | -904,000 | -904,000 | |||||||||||||||||
Issuance of Common Stock from exercise of options, value | 249,000 | 243,000 | 2,000 | 4,000 | 249,000 | |||||||||||||||
Issuance of Common Stock from exercise of options, shares | 131,000 | 477,000 | 607,543 | |||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | -14,000 | 14,000 | ||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,389,000 | |||||||||||||||||||
Repurchase and retirement of Class A Common Stock, value | 1,483,000 | 1,477,000 | 6,000 | 1,483,000 | ||||||||||||||||
Repurchase and retirement of Class A Common Stock, shares | -564,000 | |||||||||||||||||||
Share-based compensation | 1,258,000 | 1,258,000 | 1,258,000 | |||||||||||||||||
Ending balance at Dec. 31, 2013 | 239,421,000 | 142,585,000 | 95,810,000 | 240,000 | 182,975,000 | 713,000 | 73,000 | 422,396,000 | ||||||||||||
Ending balance, shares at Dec. 31, 2013 | 71,265,000 | 7,337,000 | ||||||||||||||||||
Net income | 13,850,000 | 13,850,000 | 13,455,000 | 27,305,000 | ||||||||||||||||
Other comprehensive income | 113,000 | 113,000 | 35,000 | 148,000 | ||||||||||||||||
Subsidiaries' capital transactions attributable to noncontrolling interest | 3,258,000 | 3,258,000 | ||||||||||||||||||
Distributions to noncontrolling interest | -5,923,000 | -5,923,000 | ||||||||||||||||||
Subsidiaries' capital transactions attributable to BFC | 500,000 | 500,000 | 500,000 | |||||||||||||||||
BFC Class B shares exchange for Class A, value | 4,000 | -4,000 | ||||||||||||||||||
BFC Class B shares exchange for Class A, shares | 474,000 | -474,000 | ||||||||||||||||||
Issuance of Common Stock from exercise of options, value | 587,000 | 573,000 | 12,000 | 2,000 | 587,000 | |||||||||||||||
Issuance of Common Stock from exercise of options, shares | 1,220,000 | 213,000 | 1,428,420 | |||||||||||||||||
Issuance of restricted Class B Common Stock, value | -31,000 | 31,000 | ||||||||||||||||||
Issuance of restricted Class B Common Stock, shares | 3,093,000 | |||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | -14,000 | 14,000 | ||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,389,000 | |||||||||||||||||||
Repurchase and retirement of Class A Common Stock, value | -4,089,000 | -4,079,000 | -10,000 | -4,089,000 | ||||||||||||||||
Repurchase and retirement of Class A Common Stock, shares | -1,040,000 | |||||||||||||||||||
Share-based compensation | 2,524,000 | 2,524,000 | 2,524,000 | |||||||||||||||||
Ending balance at Dec. 31, 2014 | $252,906,000 | $142,058,000 | $109,660,000 | $353,000 | $193,800,000 | $733,000 | $102,000 | $446,706,000 | ||||||||||||
Ending balance, shares at Dec. 31, 2014 | 73,307,000 | 10,168,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Operating activities: | ||||||
Net income | $27,305,000 | $70,757,000 | $312,100,000 | |||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||
(Recoveries of) provision for loan losses and asset impairments, net | -1,470,000 | -39,157,000 | 30,962,000 | |||
Provision for notes receivable allowances | 40,164,000 | 54,309,000 | 25,102,000 | |||
Depreciation, amortization and accretion, net | 9,399,000 | 4,563,000 | 7,630,000 | |||
Share-based compensation expense | 6,227,000 | 3,920,000 | 4,078,000 | |||
Loss (gains) on disposal of property and equipment | 571,000 | -25,000 | -612,000 | |||
Gains on sales of real estate and loans held for sale | -5,285,000 | -4,761,000 | -12,687,000 | |||
Gain on bargain purchase | 1,237,000 | 1,001,000 | ||||
Gain on sale of BankAtlantic | -293,461,000 | |||||
Gain on sale of Benihana | -9,307,000 | |||||
Gain realized on extinguishment of debt | -29,875,000 | |||||
Originations of loans held for sale, net | -12,173,000 | |||||
Proceeds from sales of loans held for sale | 13,127,000 | |||||
Equity in earnings from unconsolidated affiliates | -573,000 | 76,000 | 186,000 | |||
Increase in deferred income tax | 12,707,000 | 19,624,000 | 35,430,000 | |||
Deferred interest on junior subordinated debentures | 9,961,000 | |||||
Interest accretion on preferred stock | 1,102,000 | 1,261,000 | 913,000 | |||
Payment of interest accretion on preferred stock | -750,000 | -750,000 | -563,000 | |||
Decrease (increase) in restricted cash | 10,665,000 | -10,950,000 | -3,210,000 | |||
Decrease in inventory | 19,026,000 | 3,494,000 | 30,107,000 | |||
Decrease in accrued interest receivable | 177,000 | 1,269,000 | 5,624,000 | |||
(Increase) decrease in other assets | -3,372,000 | -10,156,000 | 13,418,000 | |||
(Increase) decrease in notes receivable | -9,820,000 | -24,209,000 | 3,030,000 | |||
Increase in other liabilities | 2,405,000 | 6,317,000 | 27,783,000 | |||
Net cash provided by operating activities | 108,387,000 | 74,429,000 | 157,191,000 | |||
Investing activities: | ||||||
Proceeds from redemption and maturities of tax certificates | 627,000 | 2,384,000 | 26,271,000 | |||
Proceeds from sales of tax certificates | 928,000 | |||||
Purchase of tax certificates | -31,000 | -1,820,000 | ||||
Proceeds from the maturities of interest bearing deposits | 496,000 | 5,903,000 | ||||
Investment in interest bearing deposits | -496,000 | |||||
Proceeds from the sale of securities available for sale | 25,816,000 | |||||
Proceeds from the maturities of securities available for sale | 13,668,000 | |||||
Purchase of securities available for sale | -3,000 | |||||
Cash paid in settlement of liabilities related to assets held for sale | -668,000 | |||||
Redemption of Federal Home Loan Bank stock ("FHLB") | 9,980,000 | |||||
Distributions from unconsolidated affiliates | 273,000 | 163,000 | 82,000 | |||
Investment in real estate joint ventures | -10,074,000 | -1,354,000 | ||||
Issuance of notes receivable to preferred shareholders | -5,013,000 | |||||
Net repayments of loans | 42,298,000 | 136,136,000 | 331,478,000 | |||
Proceeds from the sale of loans receivable | 9,497,000 | 3,490,000 | 5,864,000 | |||
Proceeds from sales of real estate held-for-sale | 33,240,000 | 31,365,000 | 55,434,000 | |||
Additions to real estate held-for-investment | -4,242,000 | -6,063,000 | -2,501,000 | |||
Proceeds from contribution of real estate to unconsolidated joint ventures | 4,086,000 | |||||
Purchases of property and equipment, net | -19,289,000 | -6,871,000 | -5,869,000 | |||
Proceeds from the sale of communities division, net | 27,750,000 | |||||
Net cash outflow from acquisitions, net of cash acquired | -8,844,000 | -15,413,000 | ||||
Net cash outflow from sale of BankAtlantic including $51.3 million of deferred TruPS interest | -1,242,931,000 | |||||
Net cash provided by (used in) investing activities | 47,572,000 | 140,214,000 | -752,039,000 | |||
Financing activities: | ||||||
Net increase in deposits | 179,061,000 | |||||
Repayment of BB&T preferred interest in FAR, LLC | -56,169,000 | -128,360,000 | -88,123,000 | |||
Repayments of notes, mortgage notes payable and other borrowings | -164,074,000 | -169,675,000 | -292,853,000 | |||
Proceeds from notes, mortgage notes payable and other borrowings | 137,274,000 | 235,499,000 | 191,856,000 | |||
Payments for debt issuance costs | -1,822,000 | -6,363,000 | -3,589,000 | |||
Preferred stock dividends paid | -375,000 | |||||
Retirement of BFC's common stock | -4,089,000 | -1,483,000 | ||||
Retirement of subsidiary common stock | -2,021,000 | -1,647,000 | ||||
Proceeds from the exercise of BFC stock options | 586,000 | 249,000 | 13,000 | |||
Proceeds from the exercise of subsidiary stock options | 400,000 | |||||
Excess tax benefits from share-based compensation | 2,080,000 | |||||
Consideration paid in connection with the Bluegreen merger | -149,212,000 | |||||
Contributions from non-controlling interest | 135,000 | |||||
Distributions to non-controlling interest | -5,923,000 | -8,575,000 | -12,250,000 | |||
Net cash used in financing activities | -94,158,000 | -229,032,000 | -26,260,000 | |||
Increase (decrease) in cash and cash equivalents | 61,801,000 | -14,389,000 | -621,108,000 | |||
Cash and cash equivalents at beginning of period | 217,636,000 | [1] | 232,025,000 | [1] | 853,133,000 | [1] |
Cash and cash equivalents at end of period | 279,437,000 | [1] | 217,636,000 | [1] | 232,025,000 | [1] |
Supplemental cash flow information: | ||||||
Interest paid on borrowings and deposits | 41,665,000 | 43,968,000 | 109,490,000 | |||
Income taxes paid | 26,169,000 | 7,215,000 | 4,537,000 | |||
Income tax refunded | -86,000 | -40,000 | -1,318,000 | |||
Supplementary disclosure of non-cash investing and financing | ||||||
Assumption of TruPS obligation by BB&T | 285,000,000 | |||||
Loans and tax certificates transferred to real estate held-for-sale or real estate held-for-investment | 21,400,000 | 82,177,000 | 46,375,000 | |||
Loans receivable transferred to property and equipment | 12,834,000 | |||||
Loans receivable transferred from loans held-for-sale | 1,312,000 | 14,185,000 | ||||
Loans receivable transferred to loans held-for-sale | 2,299,000 | 42,398,000 | 39,791,000 | |||
Real estate held-for-investment transferred to property investment in real estate joint venture | 1,920,000 | |||||
Real estate held-for-investment transferred to real estate held-for-sale | 28,018,000 | |||||
Increase in real estate held-for-sale from the assumption of other liabilities | 2,879,000 | |||||
Asstes acquired by assumption of notes payable | 10,301,000 | |||||
Tax certificates transferred to tax certificates held-for-sale | 494,000 | |||||
Properties and equipment transferred to assets held for sale | 4,501,000 | |||||
Issuance of note payable to purchase property and equipment | 21,000 | |||||
Inventory acquired through financing | 1,270,000 | |||||
Increase in BFC accumulated other comprehensive income, net of taxes | 148,000 | 85,000 | 22,546,000 | |||
Net effect of BBX's investment in Woodbridge attributable to noncontrolling interest | -6,309,000 | |||||
Net effect of Bluegreen merger attributable to noncontrolling interest | 67,713,000 | |||||
Net increase (decrease) in BFC shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes | 500,000 | -904,000 | 1,253,000 | |||
Decrease in equity attributable to Woodbridge's dissenting holders | -2,846,000 | |||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | -472,000 | |||||
Change due to the re-classification of redeemable preferred stock to shares subject to mandatory redemption | -11,029,000 | |||||
Accumulated Other Comprehensive (Loss) Income [Member] | ||||||
Supplementary disclosure of non-cash investing and financing | ||||||
Increase in BFC accumulated other comprehensive income, net of taxes | $113,000 | $79,000 | $13,024,000 | |||
[1] | As of January 1, 2013 and 2012, BFC had $0.5 million and $5.7 million, respectively, of time deposits. These time deposits had original maturities of greater than 90 days and are not considered cash equivalents. The $0.5 million of time deposits is included in cash and interest bearing deposits in banks on the consolidated statement of financial condition as of December 31, 2012. There were no time deposits as of December 31, 2013 or 2014. |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Cash Flows [Abstract] | ||||
Cash and interest bearing deposit in other banks | $0 | $0 | $0.50 | $5.70 |
Time deposits original maturities, minimum, in days | 90 days | 90 days | 90 days | 90 days |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business and Summary of Significant Accounting Policies [Abstract] | ||||
Business And Summary Of Significant Accounting Policies | 1. Business and Summary of Significant Accounting Policies | |||
Basis of Financial Statement Presentation | ||||
BFC (“BFC” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” “our,” or the “Company”) is a Florida-based holding company whose principal holdings include an approximately 51% equity interest in BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) and its subsidiaries (“BBX Capital”) and a direct 54% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge owns 100% of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a sales, marketing and management company primarily focused on the hospitality and vacation ownership industries. BBX Capital is a Florida-based company involved in the ownership, financing, acquisition, development and management of real estate, including through real estate joint ventures, and investments in middle market operating businesses. BBX Capital holds the remaining 46% equity interest in Woodbridge. BFC also holds interests in other investments and subsidiaries as described herein and previously held a significant investment in Benihana Inc. (“Benihana”) until the acquisition of Benihana by Safflower Holdings Corp. (“Safflower”) during August 2012. The Company reports the results of its continuing operations through five segments: BBX; Florida Asset Resolution Group (“FAR”); Bluegreen Vacations; Renin; and Sweet Holdings. | ||||
GAAP requires that BFC consolidate the financial results of the entities in which it has controlling interests, including BBX Capital, Woodbridge and Bluegreen. As a consequence, the assets and liabilities of all such entities are presented on a consolidated basis in BFC’s financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including BBX Capital, Woodbridge, and Bluegreen, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution from those entities (and, in the case of Bluegreen, a subsequent dividend or distribution by Woodbridge). The recognition by BFC of income from controlled entities is determined based on the total percent of economic ownership in those entities, as described above. | ||||
As discussed below, BankAtlantic’s Community Banking, Investments, Tax Certificates, and Capital Services components are recorded as discontinued operations as a result of BBX Capital’s sale of BankAtlantic, BBX Capital’s former banking subsidiary, to BB&T Corporation (“BB&T”) during July 2012. Discontinued operations of BFC also include the results of Bluegreen Communities, substantially all of the assets of which were sold by Bluegreen during May 2012, and Cypress Creek Holdings, LLC (“Cypress Creek Holdings”). See Note 4 for further discussion of discontinued operations. | ||||
Recent Events | ||||
BBX Sweet Holdings’ Acquisitions | ||||
In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia Confections (“Anastasia”), a premium confection’s company founded in 1984. Headquartered in an 80,000 square foot production facility in Orlando, Florida, Anastasia manufactures gourmet coconut and chocolate candy, salt water taffy, and other chocolate gift products. The purchase consideration of $11.4 million consisted of $4.2 million of cash at closing and a promissory note of $7.5 million, bearing interest at 5%, with four annual installments of principal and interest due from 2015 to 2018. The promissory note is guaranteed by BBX Capital. | ||||
In July 2014, BBX Sweet Holdings acquired Jer’s Chocolates and Helen Grace Chocolates. Jer’s is a California based distributor of peanut butter chocolate products internationally and in the United States. Helen Grace Chocolates is a California based manufacturer of premium chocolate confections, chocolate bars, chocolate candies and truffles. The purchase consideration for the acquisition of the assets and assumption of certain liabilities of Jer’s was $1.2 million. The purchase consideration for the acquisition of the assets and assumption of certain liabilities of Helen Grace of $1.5 million which was less than the fair value of the net assets acquired and resulted in a bargain purchase gain of $1.2 million. This gain was recognized in the consolidated statements of operations for the year ended December 31, 2014 in selling, general and administrative expenses. BBX Capital’s management believes that it was able to acquire Helen Grace for a bargain purchase price because Helen Grace was a division of a larger company that made a strategic decision to divest chocolate manufacturing activities. | ||||
On January 13, 2014, BBX Sweet Holdings acquired Williams & Bennett, including its other brand Big Chocolate Dipper. Williams & Bennett is headquartered in Boynton Beach, Florida and is a manufacturer of quality chocolate products serving boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. The fair value of the identifiable net assets acquired was $2.1 million which included $1.5 million of other intangible assets, $1.1 million of inventory and $0.7 million of liabilities assumed. | ||||
On December 10, 2013, BBX Capital, through its newly formed wholly owned subsidiary, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), acquired Hoffman’s Chocolates and its subsidiaries, Boca Bons and Good Fortunes (collectively, “Hoffman’s”). Hoffman’s provides premier chocolate products with a product line of over 70 varieties of confections. Hoffman’s currently operates 4 retail stores in South Florida. | ||||
BFC and BBX Capital- Acquisition of Renin Corporation | ||||
On October 30, 2013, a newly formed joint venture entity, Renin Holdings, LLC (“Renin”), owned 81% by BBX Capital and 19% by BFC, acquired substantially all of the assets and certain liabilities of Renin Corp for approximately $12.8 million (“the Renin Transaction”). Renin had $24 million of total assets as of October 30, 2013 and manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and two manufacturing, assembly and distribution facilities in Canada, and the United States as well as a sales and distribution facility in the United Kingdom. | ||||
Termination of BFC-BBX Capital Merger Agreement | ||||
During May 2013, BFC and BBX Capital entered into a merger agreement which provided for BBX Capital to be merged into and become a wholly subsidiary of BFC. The merger agreement was terminated during December 2014 as a result of the inability to obtain the listing of BFC’s Class A Common Stock on a national securities exchange, which was a condition to closing the merger. | ||||
Woodbridge Acquisition of Bluegreen | ||||
On April 2, 2013, Bluegreen merged with a wholly-owned subsidiary of Woodbridge in a cash merger transaction (sometimes hereinafter referred to as the “Bluegreen merger” or the “Bluegreen cash merger”). Pursuant to the terms of the merger agreement, Bluegreen’s shareholders (other than Woodbridge) received consideration of $10.00 in cash for each share of Bluegreen’s common stock that they held at the effective time of the merger, including unvested restricted securities. In addition, each option to acquire shares of Bluegreen’s common stock that was outstanding at the effective time of the merger, whether vested or unvested, was canceled in exchange for a cash payment to the holder in an amount equal to the excess, if any, of the $10.00 per share merger consideration over the exercise price per share of the option. The aggregate merger consideration was approximately $149.2 million. As a result of the merger, Bluegreen, which was the surviving corporation of the merger, became a wholly-owned subsidiary of Woodbridge. Prior to the merger, the Company indirectly through Woodbridge owned approximately 54% of Bluegreen’s outstanding common stock. | ||||
In connection with the financing of the merger, BFC and Woodbridge entered into a Purchase Agreement with BBX Capital on April 2, 2013 (the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, BBX Capital invested $71.75 million in Woodbridge contemporaneously with the closing of the merger in exchange for a 46% equity interest in Woodbridge. BFC continues to hold the remaining 54% of Woodbridge’s outstanding equity interests. BBX Capital’s investment in Woodbridge consisted of $60 million in cash, which was utilized to pay a portion of the aggregate merger consideration, and a promissory note in Woodbridge’s favor in the principal amount of $11.75 million (the “Note”). The Note has a term of five years, accrues interest at a rate of 5% per annum and provides for payments of interest only on a quarterly basis during the term of the Note, with all outstanding amounts being due and payable at the end of the five-year term. During 2014 and 2013, BBX Capital paid to Woodbridge a total of approximately $587,000 and $441,000, respectively, of interest on the Note. In connection with BBX Capital’s investment in Woodbridge, BFC and BBX Capital entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth BFC’s and BBX Capital’s respective rights as members of Woodbridge and provides for, among other things, unanimity on certain specified “major decisions” and for distributions by Woodbridge to be made on a pro rata basis in accordance with BFC’s and BBX Capital’s respective percentage equity interests in Woodbridge. During 2014 and 2013, Bluegreen paid cash dividends totaling $71.5 million and $47 million, respectively, to Woodbridge, and Woodbridge declared and paid cash dividends totaling $69.1 million and $44.3 million, respectively, which were allocated pro rata to BFC and BBX Capital based on their percentage ownership interests in Woodbridge. | ||||
On March 26, 2013, Bluegreen issued $75 million of senior secured notes (the “2013 Notes Payable”) in a private transaction, the proceeds of which, together with approximately $14 million of Bluegreen’s unrestricted cash, were utilized in connection with the funding of the $149.2 million merger consideration indicated above. See Note 15 for additional information regarding the 2013 Notes Payable. | ||||
Two consolidated class action lawsuits relating to the Bluegreen merger remain pending. The plaintiffs in these actions have asserted that the consideration received by Bluegreen’s minority shareholders in the transaction was inadequate and unfair, and are seeking to recover damages in connection with the transaction. The Company believes that these lawsuits are without merit and intends to continue to vigorously defend the actions. See Note 17 for additional information regarding these actions. | ||||
Sale of BankAtlantic | ||||
On July 31, 2012, BBX Capital completed the sale to BB&T of all of the issued and outstanding shares of capital stock of BankAtlantic, the former wholly-owned banking subsidiary of BBX Capital (the stock sale and related transactions are referred to in this report as the “BankAtlantic Sale” or the “BB&T Transaction”). The BankAtlantic Sale was consummated pursuant to the terms of a definitive agreement, dated November 1, 2011, between BBX Capital and BB&T, as amended on March 13, 2012 (the “BB&T Agreement”). The March 13, 2012 amendment amended the previously contemplated terms of the transaction to, among other things, provide for the assumption by BB&T of BBX Capital’s $285.4 million in principal amount of then-outstanding trust preferred securities (“TruPS”) obligations. | ||||
Pursuant to the BB&T Agreement, prior to the closing of the BankAtlantic Sale, BankAtlantic formed two subsidiaries, CAM and FAR. BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates, and real estate owned that had an aggregate carrying value on BankAtlantic’s Consolidated Statement of Financial Condition of approximately $346 million as of July 31, 2012 (the date the BB&T Transaction was consummated). FAR assumed all liabilities related to these assets. BankAtlantic also contributed approximately $50 million in cash to FAR on July 31, 2012 and thereafter distributed all of the membership interests in FAR to BBX Capital. At the closing of the BankAtlantic Sale, BBX Capital transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of BBX Capital’s then-outstanding approximately $285 million of TruPS obligations. BBX Capital continues to hold the remaining 5% of FAR’s preferred membership interests. BB&T will hold its 95% preferred interest in the net cash flows of FAR until such time as it has recovered $285 million in preference amount plus a priority return of LIBOR + 2.00% per annum on any unpaid preference amount. At that time, BB&T’s interest in FAR will terminate, and BBX Capital will thereafter own 100% of FAR through its ownership of FAR’s Class R units. BBX Capital entered into an incremental $35 million guarantee in BB&T’s favor to further assure BB&T’s recovery of the $285 million preferred interest within seven years. At December 31, 2014, BB&T’s preferred interest in FAR was approximately $12.3 million. | ||||
Prior to the closing of the BankAtlantic Sale, BankAtlantic contributed to CAM certain commercial loans, commercial real estate owned and previously written off assets that had an aggregate carrying value on BankAtlantic’s Consolidated Statement of Financial Condition of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. BankAtlantic also contributed $82 million of cash to CAM on July 31, 2012. Prior to the closing of the BankAtlantic Sale, BankAtlantic distributed all of the membership interests in CAM to BBX Capital. CAM remains a wholly-owned subsidiary of BBX Capital. | ||||
BankAtlantic’s historical Community Banking, Investment, Capital Services and Tax Certificate reporting units are reflected as “Discontinued Operations” in the Company’s unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2012. See Note 4 for additional information regarding discontinued operations. BBX Capital has continued to service and manage commercial loans following the sale of BankAtlantic to BB&T and may originate commercial loans in the future. As a result, the historical operations for BankAtlantic’s commercial lending reporting unit are included in the Company’s unaudited Consolidated Statements of Operations as continuing operations for the three and nine months ended September 30, 2012. The Consolidated Statement of Changes in Equity, Consolidated Statements of Comprehensive Income and Consolidated Statement of Cash Flows remain unchanged from the historical presentation for the nine months ended September 30, 2012. | ||||
Sale of Bluegreen Communities | ||||
On May 4, 2012, Bluegreen sold substantially all of the assets that comprised its former residential communities business, Bluegreen Communities, to Southstar Development Partners, Inc. (“Southstar”) for a purchase price of approximately $29.0 million in cash. Assets excluded from the sale included primarily Bluegreen’s Communities notes receivable portfolio. Certain liabilities related to Bluegreen Communities were also retained by Bluegreen. Bluegreen Communities is classified as a discontinued operation for all periods presented. See Note 4 for additional information regarding discontinued operations. | ||||
Acquisition of Benihana by Safflower | ||||
BFC held a significant investment in Benihana until Safflower acquired Benihana for a cash purchase price of $16.30 per outstanding share of Benihana’s common stock in August 2012. BFC received approximately $24.5 million in exchange for the 1,505,330 shares of Benihana’s common stock that it held at the effective time of the transaction. | ||||
Prior to Safflower’s acquisition of Benihana, BFC sold approximately 77,000 shares of Benihana’s common stock during July and August 2012 pursuant to the terms of a Rule 10b5-1 Trading Plan and received net proceeds from such sales of approximately $1.25 million. | ||||
BFC recognized a gain on sale of approximately $9.3 million in connection with its sales of shares of Benihana’s common stock during July and August 2012 and the disposition of its remaining shares of Benihana’s common stock pursuant to the merger between Benihana and Safflower during August 2012. In addition, during each of the first three quarters of 2012, BFC received approximately $127,000 of dividend payments with respect to the shares of Benihana’s common stock which BFC owned at that time. | ||||
Summary of Significant Accounting Policies | ||||
The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. | ||||
Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, the Company’s controlled subsidiaries, including BBX Capital, Woodbridge and Bluegreen, other entities in which the Company and its subsidiaries hold controlling financial interests, and variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. | ||||
Use of Estimates - In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the fair value of assets and liabilities, including those acquired in business combinations, the allowance for loan losses, evaluation of intangible and long-lived assets for impairment, valuation of securities, evaluation of securities for impairment and other-than-temporary declines in value, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, revenue recognition on percent complete projects, the evaluation of real estate assets for impairment, estimated costs to complete construction, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions, contingencies and litigation, and accounting for share-based compensation. | ||||
Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2014. | ||||
Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Cash and cash equivalents are held at various financial institutions located throughout the United States, Canada, and Aruba and exceed federally insured amounts. The periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. There were no interest bearing deposits in other banks as of December 31, 2014 or 2013. | ||||
Restricted Cash - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land sale contracts, home sales and other agreements and include customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Restricted funds may be utilized in accordance with the terms of the applicable governing documents. The majority of restricted funds are controlled by third-party escrow fiduciaries. | ||||
Investment Securities and Securities Available for Sale - The Company designates its securities as held to maturity, available for sale, or trading, depending on the Company’s intent with regard to its investments at the time of purchase. Debt securities that management has both the intent and ability to hold to maturity are classified as securities held-to-maturity and are stated at cost, net of unamortized premiums and unaccreted discounts. | ||||
Debt securities not held to maturity and marketable equity securities not accounted for under the equity method of accounting are classified as available for sale and are recorded at fair value. Unrealized gains and losses, after applicable taxes, resulting from changes in fair value are recorded as a component of other comprehensive income (loss). | ||||
Declines in the value of individual equity securities that are considered other than temporary result in write-downs of the securities to their fair value, and the write-downs are included in the consolidated statements of operations. Declines in debt securities held to maturity and available for sale that are considered other than temporary result in write-downs when it is more likely than not that the Company will sell the securities before it recovers its cost. If the Company does not intend to sell an impaired debt security but does not expect to recover its cost, the Company determines whether a credit loss exists. If a credit loss is deemed to exist, it is recognized in the consolidated statements of operations and any remaining impairment is recognized in other comprehensive income. The review for other-than-temporary declines takes into account the length of time and the extent to which the fair value has been less than cost, and the financial condition and near-term prospects of the issuer. | ||||
Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recognizing the results of sales are recorded in the consolidated statements of operations as securities activities, net. | ||||
Equity securities that do not have readily determinable fair values are carried at historical cost. These securities are evaluated for other-than-temporary declines in value and, if impaired, the historical cost of the securities is reduced to its estimated fair value and the impairment is recognized in the consolidated statements of operations. | ||||
Interest on securities, including the amortization of premiums and the accretion of discounts, is reported in interest income using the interest method over the lives of the securities, adjusted for actual prepayments. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. | ||||
Tax Certificates - Tax certificates represent a priority lien against real property for which assessed real estate taxes are delinquent. Tax certificates are acquired from municipalities generally through public auction. Tax certificates are carried at cost less an allowance for tax certificate losses. Tax certificates and resulting deeds are classified as non-accrual when a tax certificate is past due 24 to 60 months, depending on the municipality, from the acquisition date. At that time, interest ceases to be accrued and any accrued interest receivable is reversed against interest income. The entire balance of tax certificates were classified as nonaccrual as of December 31, 2014 and 2013. | ||||
Allowance for Tax Certificate Losses - The allowance for tax certificate losses represents management’s estimate of incurred losses in the portfolio that are probable and subject to reasonable estimation. In establishing its allowance for tax certificate losses, management considers past loss experience, present indicators, such as the length of time the certificate has been outstanding, economic conditions and collateral values. | ||||
Loans Receivable - Loans that BFC or its applicable subsidiary has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees and related direct loan origination costs on loans held-for-sale and premiums and discounts on purchased loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when loans are originated for resale or when management decides to sell loans that were not originated or purchased for sale. Transfers of loans from held-for-investment to held-for-sale classification are recorded at the lower of aggregate cost or estimated fair value at the transfer date. | ||||
Allowance for Loan Losses – BBX Capital’s allowance for loan losses reflects management's reasonable estimate of probable credit losses inherent in its loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when BBX Capital’s management believes the loan is not collectible. Recoveries are credited to the allowance. | ||||
The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. BBX Capital’s management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are also evaluated individually for impairment and are measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. | ||||
The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. BBX Capital’s management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. BBX Capital’s loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, BBX Capital’s management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. | ||||
Small business loans were transferred to loans held-for-sale as of September 30, 2012, residential and first lien consumer loans were transferred to loans held-for-sale as of December 31, 2013 and current second lien consumer loans were transferred to held-for-sale in September 2014. Loans transferred to held-for-sale were excluded from the allowance for loan losses subsequent to the transfer date. | ||||
Non-accrual and past due loans – BBX Capital’s loans are considered past due if the required principal and interest has not been received based on the contractual terms of the loan. BBX Capital’s loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. BBX Capital’s commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the ratio of the loan amount to the value of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, a loan may be placed on non-accrual status even when payments of principal or interest are not currently in default. However, exceptions to this policy may occur if there exists well secured collateral and the loan is in the process of collection. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Interest income is recognized on non-accrual loans on a cash basis. BBX Capital’s loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. BBX Capital’s commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. BBX Capital’s consumer and residential real estate loans that are 120 days past due are charged down based on the collateral’s fair value less estimated selling costs. BBX Capital’s consumer non-mortgage loans that are 120 days or more past due are charged off. | ||||
Notes Receivable - Bluegreen’s notes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen notes receivable when principal or interest payments are more than three months contractually past due, and not resumed until such loans are less than three months past due. As of December 31, 2014 and 2013, $11.7 million and $11.3 million, respectively, of Bluegreen’s VOI notes receivable were more than three months past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. After 120 days, Bluegreen’s VOI notes receivables are generally written off against the allowance for credit loss. | ||||
Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates uncollectible VOI notes receivable in accordance with timeshare accounting rules. Under these rules, the estimate of uncollectibles is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, under timeshare accounting rules, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. | ||||
Acquired Notes Receivable – During November 2009, BFC acquired additional shares of Bluegreen’s common stock which resulted in BFC having a controlling interest in Bluegreen. In connection with such transaction, BFC was deemed under applicable accounting guidance to have acquired certain of Bluegreen’s assets, including a pool of notes receivable consisting principally of homogenous consumer timeshare loans originated by Bluegreen. Consistent with the accounting guidance, BFC has elected an accounting policy based on expected cash flows, which includes guidance on maintaining the integrity of a pool of multiple loans accounted for as a single asset. The loans have common risk characteristics as defined in the accounting guidance, Loans and Debt Securities with Deteriorated Credit Quality, including similar risk ratings, as defined and monitored by risk rating agencies, term, purpose and similar collateral type (VOIs). The Company evaluates the pool of loans accounted for as a single asset for indications of impairment. Purchased loans are considered to be impaired if it is not expected that all contractually required cash flows will be received due to concerns about credit quality. The excess of the cash flows expected to be collected measured as of the acquisition date, over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using a level yield methodology. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the nonaccretable difference. | ||||
Subsequent decreases to expected principal cash flows result in a charge to provision for credit losses and a corresponding increase to a valuation allowance included in the allowance for loan losses. Subsequent increases in expected principal cash flows result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. Changes in expected interest cash flows may result in reclassifications to or from the nonaccretable difference. Loan disposals, which may include receipt of payments in full from the borrower or foreclosure, result in the removal of the loan from the loan pool at its allocated carrying amount. | ||||
Trade Receivables - Trade receivables are recorded at the invoiced amount and do not bear interest. Renin and BBX Sweet Holdings recognize revenue when products are shipped and the customer takes ownership and assumes the risk of loss. Renin and BBX Sweet Holdings maintain an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. Renin and BBX Sweet Holdings review their allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in Other Assets on the Company’s Consolidated Statement of Financial Condition. | ||||
Inventory - The Company’s inventory is primarily comprised of Bluegreen’s completed VOIs, VOIs under construction and land held for future vacation ownership development. Bluegreen carries its completed inventory at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes plus other costs incurred during construction, or (ii) estimated fair value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which define a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage—the ratio of total estimated development cost to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. | ||||
Bluegreen also periodically evaluates the recovery of the carrying amount of incomplete or undeveloped resort properties under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets. No impairment charges were recorded with respect to VOI inventory during any of the periods presented. | ||||
As of December 31, 2014, other inventory consisted of raw materials and finished goods of $8.6 million for Renin and $5.9 million for BBX Sweet Holdings. These inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, and depreciation of equipment. Raw materials are stated at the lower of cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an average cost basis for the Sweet Holdings’ finished goods inventory. | ||||
Real Estate Held-for-Sale and Real Estate Held-for-Investment – From time to time, BBX Capital takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. When real estate is determined to be held-for-sale, it is recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value. When real estate is determined to be held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. A gain is recognized for any subsequent increases in fair value, but not in excess of cumulative losses recognized. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset impairments in the statement of operations. | ||||
Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, the initial investment in the entity is recorded at cost on the Company’s statement of financial condition and is subsequently adjusted to recognize the Company's share of the entity’s earnings or losses. Distributions received and other-than temporary impairments reduce the carrying amount of the investment. The Company’s share of earnings or losses from its investment is shown on the statement of operations. | ||||
The Company reviews its equity and cost method investments quarterly for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. | ||||
Impairment of Long Lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the full carrying amount of such assets may not be recoverable. In performing the review for impairment, the Company compares the expected undiscounted future cash flows to the carrying amount of the asset and records an impairment loss if the carrying amount exceeds the expected future cash flows based on the estimated discounted cash flows generated by the long-lived assets. | ||||
The assumptions developed and used by management to evaluate impairment are subjective and involve significant estimates, and are subject to increased volatility due to the uncertainty of the market environment. | ||||
Long-lived assets to be abandoned are considered held and used until disposed. The carrying value of a long-lived asset to be abandoned is depreciated over its shortened depreciable life when the Company commits to a plan to abandon the asset before the end of its previously estimated useful life. Long-lived assets classified as held for sale are reported at the lower of its carrying amount or fair value less estimated selling costs. Depreciation (amortization) ceases with respect to long-lived assets upon their classification as assets held for sale. | ||||
Goodwill and Intangible Assets - Goodwill consists of $7.4 million from the BBX Sweet Holdings acquisitions disclosed above. Goodwill is recorded at the acquisition date of a business. | ||||
Intangible assets consist primarily of approximately $63 million in management contracts which are included in our financial statements as a result of the acquisition of additional shares of Bluegreen’s common stock during November 2009 which gave us a controlling interest in Bluegreen. The remaining balance in intangible assets consists of approximately $9.4 million of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives ranging from 2 years to 20 years. | ||||
The Company evaluates the recovery of the carrying amount of its goodwill and long-lived assets under applicable accounting guidance which requires that intangible assets deemed to have indefinite lives not be amortized, but rather be tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that assets may be impaired, and when the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The carrying value of these assets is dependent upon estimates of future earnings. If cash flows decrease significantly, intangible assets may be impaired in which case they would be written down to their fair value. The estimates of useful lives and expected cash flows require the Company to make significant judgments regarding future periods that are subject to numerous factors, many of which may be beyond the Company’s control. | ||||
Properties and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Interest expense associated with the construction of certain fixed assets is capitalized as incurred and relieved to expense through depreciation once the asset is put into use. | ||||
Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. | ||||
The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. | ||||
Revenue Recognition – Revenue is recorded for the sale of VOIs, net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of the accounting guidance for real estate, Bluegreen recognizes revenue on VOI sales and historically recognized revenue on homesite sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. As described above and in Note 4, the revenues of Bluegreen Communities, which include homesite sales, are included within the results of discontinued operations for all periods presented. | ||||
Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. See “Notes Receivable” above for a further discussion of Bluegreen’s policies regarding the estimation of credit losses on its notes receivable. | ||||
Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. | ||||
In cases where development has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. | ||||
Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of the unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. | ||||
In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: | ||||
Activity | Revenue is recognized when: | |||
Fee-based sales commissions | The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. | |||
Resort management and service fees | Management services are rendered. (1) | |||
Resort title fees | Escrow amounts are released and title documents are completed. | |||
Rental and sampler program | Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “cost of other resort fee-based services”. | |||
-1 | In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears all of the economic costs of such personnel and generally pays Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. | |||
Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. | ||||
Deferred Income - Bluegreen defers VOI revenue, net of incremental selling expenses, for sales for which the legal rescission period has expired but the required revenue recognition criteria described above has not been met. Additionally, in connection with Bluegreen’s sampler programs, Bluegreen defers revenue, net of direct incremental selling expenses, for guest stays not yet completed. | ||||
Deferred Financing Costs - Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are capitalized and amortized to interest expense over the terms of the related financing arrangements. | ||||
Advertising –Bluegreen expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Bluegreen has entered into marketing arrangements with various third parties. For the year ended December 31, 2014, sales of VOIs to prospects and leads generated by one marketing arrangement accounted for over 20% of VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew these agreements on similar terms, or at all. | ||||
Income Taxes – BFC and its subsidiaries in which BFC owns 80% or more of the subsidiary’s outstanding equity file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. | ||||
The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. | ||||
An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. | ||||
Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in BFC’s financial statements, but less than 100% owned by BFC. Generally accepted accounting principles require that a noncontrolling interest (minority interest) be recognized as equity in the consolidated financial statements and itemized separately from the parent’s equity. In accordance with applicable guidance, a change in BFC’s ownership interest in a subsidiary that does not result in deconsolidation is treated as an equity transaction if BFC retains its controlling financial interest. | ||||
Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | ||||
Earnings Per Share - Basic earnings per share excludes dilution and is computed by dividing net income allocable to common stock (after deducting preferred stock dividends) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if options to acquire common shares or restricted stock awards of the Company were exercised or lapse. Common stock options, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. Diluted earnings per share is computed in the same manner as basic earnings per share, but it also takes into consideration the potential dilution from securities issued by subsidiaries that enable their holders to obtain the subsidiary’s common stock. The resulting net income amount is divided by the weighted average number of dilutive common shares outstanding. | ||||
In accordance with the applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount is required to be recorded as an adjustment to paid in capital, which is added to or deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the 2012 reclassification of BFC’s 5% cumulative preferred stock as a liability, earnings per share for the year ended December 31, 2012 were adjusted to reflect a decrease in equity of approximately $0.5 million. | ||||
Stock-Based Compensation – We account for stock-based compensation using the fair value method of expense recognition in accordance with the provisions established by ASC Topic 718 – Stock Compensation (“Topic 718”). The fair value of stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected price volatility of the underlying stock. Projected data related to the expected volatility and expected life of stock options is based upon historical and other information. Changes in these subjective assumptions can materially affect the fair value of the estimate, and therefore, the existing valuation models may not provide a precise measure of the fair value of stock options. The fair value of restricted common stock awards is generally the market price of the Company’s common stock on the grant date. Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the awards. | ||||
New Accounting Standards | ||||
Accounting Standards Update Number 2014-04 – Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. This update provides guidance regarding when a creditor should derecognize a consumer mortgage loan and recognize a foreclosed asset upon taking physical possession of residential real estate property collateralizing a consumer mortgage loan. Pursuant to the update, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the update requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This update is effective for annual and interim periods beginning after December 15, 2014. The Company does not believe that this update will have a material impact on its financial statements. | ||||
Accounting Standards Update Number 2014-08 – Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. This update changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations and the disposal of individually significant disposals that do not qualify for discontinued operations presentation in the financial statements. This update is effective for annual and interim periods beginning after December 15, 2014. The standard was adopted during the first quarter of 2014 and did not have a material impact on the Company’s financial statements. | ||||
Accounting Standards Update Number 2014-09 – Revenue Recognition (Topic 606): Revenues from Contracts with Customers. This guidance is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. It also requires disclosures designed to enable readers of financial statements to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This accounting guidance update will replace most existing revenue recognition guidance in GAAP. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. The Company is currently evaluating the potential impact, this update will have on its consolidated financial statements. | ||||
Accounting Standards Update Number 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This Update provides guidance in GAAP regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. This accounting guidance should reduce diversity in the timing and content of footnote disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its potential impact, if any, on the Company’s consolidated financial statements. | ||||
Accounting Standards Update Number 2015-01 – Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This statement will simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. The existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained and expanded to include items that are both unusual and infrequent. The standard is effective for both public and private companies for periods beginning after December 15, 2015. Early adoption is permitted, but only as of the beginning of the fiscal year of adoption. The adoption of this update is not expected to have a material impact on the Company’s financial statements. | ||||
Accounting Standards Update Number 2015-02 – Consolidation (Topic 810): Amendments to the Consolidation Analysis. This update changes the manner in which a reporting entity assesses one of the five characteristics that determines if an entity is a variable interest entity. In particular, when decision-making over the entity’s most significant activities has been outsourced, the update changes how a reporting entity assesses if the equity holders at risk lack decision making rights. The update also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. The standard is effective for annual reporting periods beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its potential impact, if any, on the Company's consolidated financial statements. | ||||
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2014 | |
Liquidity [Abstract] | |
Liquidity | 2. Liquidity |
BFC | |
As of December 31, 2014 and 2013, BFC and its wholly-owned subsidiaries had cash, cash equivalents and short-term investments of approximately $34.7 million and $15.5 million, respectively. | |
Except as otherwise noted, the debts and obligations of BBX Capital, Woodbridge and Bluegreen are not direct obligations of BFC and generally are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution from those entities (and, in the case of Bluegreen, a subsequent dividend or distribution by Woodbridge). BFC’s principal sources of liquidity are its available cash and short-term investments and dividends from its subsidiaries. BFC expects to receive dividends from Woodbridge and utilize such dividends to fund its current and future operations and investments. However, as described below, dividend payments are dependent on a number of factors and may be subject to limitations outside of BFC’s control. | |
We expect to use our available cash to fund operations and meet our obligations. We may also use available funds to make additional investments in the companies within our consolidated group, invest in real estate based opportunities and middle market operating businesses, such as the investment we made in Renin during October 2013, or invest in other opportunities and/or repurchase shares of our common stock pursuant to our share repurchase program. On September 21, 2009, our board of directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A Common Stock and Class B Common Stock at an aggregate cost of up to $10 million. The share repurchase program replaced our $10 million repurchase program that our board of directors approved in October 2006 which placed a limitation on the number of shares which could be repurchased under the program at 1,750,000 shares of Class A Common Stock. The program authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors considered by management. There were no shares repurchased under the share repurchase program during the years ended December 31, 2014 or 2013. | |
BFC has not received cash dividends from BBX Capital since March 2009. Prior to its deregistration as a savings and loan holding company during July 2012, BBX Capital’s payment of dividends was subject to the oversight of the Federal Reserve. In addition, prior to its sale of BankAtlantic during July 2012, BBX Capital was restricted from paying dividends pursuant to the terms of the indentures governing its TruPs due to its deferral of interest payments thereunder. While these restrictions no longer apply, BBX Capital may only pay dividends if and when declared by its board of directors, a majority of whom are independent directors under the listing standards of the NYSE. Decisions with respect to future dividend payments by BBX Capital will depend on the financial condition of BBX Capital and other factors declared relevant by its Board of Directors. | |
Furthermore, certain of Bluegreen’s credit facilities contain terms which could limit the payment of cash dividends and Bluegreen may only pay dividends subject to such restrictions as well as the declaration of dividends by its board of directors. In addition, Woodbridge, as the parent company of Bluegreen, is entitled to 100% of all dividends paid by Bluegreen and any subsequent dividend or distribution by Woodbridge requires the approval of the boards of directors of both BBX Capital and BFC. BBX Capital and BFC own 46% and 54%, respectively, of Woodbridge. During 2014, Bluegreen paid a total of $71.5 million in cash dividends to Woodbridge, and Woodbridge declared and paid cash dividends totaling $69.1 million, which were allocated pro rata among BFC and BBX Capital based on their percentage ownership interests in Woodbridge ($37.3 million to BFC and $31.8 million to BBX Capital). During 2013, Bluegreen paid a total of $47.0 million in cash dividends to Woodbridge, and Woodbridge declared and paid cash dividends totaling $44.3 million, which were allocated pro rata among BFC and BBX Capital based on their percentage ownership interests in Woodbridge ($23.9 million to BFC and $20.4 million to BBX Capital). | |
We believe that our current financial condition and credit relationships, together with anticipated cash flows from other sources of funds, including potential dividends, will allow us to meet our anticipated liquidity needs. We may also seek to dispose of some of our investments, assets or subsidiaries or fund operations or investments with the proceeds from additional equity or debt financings or secured or unsecured indebtedness. However, these alternatives may not be available to us on attractive terms, or at all. The inability to raise any necessary funds through the sources discussed above would have a material adverse effect on the Company’s business, results of operations and financial condition. | |
Woodbridge | |
Woodbridge, at its parent company level, had cash and cash equivalents totaling approximately $0.6 million and $0.7 million at December 31, 2014 and 2013, respectively. Woodbridge’s principal sources of liquidity are its cash holdings and dividend distributions received from Bluegreen, as described above. | |
On September 21, 2009, BFC consummated its merger with Woodbridge Holdings Corporation (“WHC”). Pursuant to the merger, WHC merged with and into Woodbridge, which was a wholly-owned subsidiary of BFC at that time. The shareholders of WHC at the effective time of the merger (other than BFC) were entitled to receive 3.47 shares of BFC’s Class A Common Stock in exchange for each share of WHC’s Class A Common Stock that they owned. Under Florida law, holders of WHC’s Class A Common Stock who did not vote to approve the merger and properly asserted and exercised their appraisal rights with respect to their shares (“Dissenting Holders”) are entitled to receive a cash payment in an amount equal to the fair value of their shares as determined in accordance with the provisions of Florida law in lieu of the shares of BFC’s Class A Common Stock that they would otherwise have been entitled to receive. Dissenting Holders, who collectively held approximately 4.2 million shares of WHC’s Class A Common Stock, rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective fair value estimates of WHC’s Class A Common Stock. In accordance with Florida law, Woodbridge thereafter commenced legal proceedings relating to the appraisal process. In December 2009, a $4.6 million liability was recorded based on Woodbridge’s $1.10 per share offer to the Dissenting Holders, with a corresponding reduction to additional paid-in capital. On July 5, 2012, the presiding court in the appraisal rights action determined the fair value of the Dissenting Holders’ shares to be $1.78 per share and awarded legal and other costs in favor of the Dissenting Holders. As a result, the $4.6 million liability was increased to approximately $7.5 million (with a corresponding reduction to additional paid in capital of $2.8 million) during the quarter ended September 30, 2012 to account for the per share value awarded. On March 11, 2013, the court awarded legal fees and pre and post judgment interest to the Dissenting Holders for a total award to the Dissenting Holders of approximately $11.9 million (including the $7.5 million based on the $1.78 per share value determination). As a result, the liability was increased by approximately $4.4 million during the fourth quarter of 2012. Woodbridge has appealed the court’s ruling with respect to its fair value determination and the award of legal fees and costs. On April 5, 2013, Woodbridge posted a $13.4 million bond in connection with the appeal. The outcome of the appeal is uncertain. | |
Bluegreen | |
Bluegreen had cash and cash equivalents totaling $185.2 million and $158.1 million at December 31, 2014 and 2013, respectively. Bluegreen believes that its existing cash, anticipated cash generated from operations, anticipated future permitted borrowings under existing or proposed credit facilities and anticipated future sales of notes receivable under the purchase facilities and one or more replacement facilities it may put in place will be sufficient to meet its anticipated working capital, capital expenditure and debt service requirements, for the foreseeable future. Subject to the successful implementation of ongoing strategic initiatives and the availability of credit, Bluegreen will continue its efforts to renew, extend or replace any credit and receivables purchase facilities that have expired or that will expire in the near term. Bluegreen may, in the future, also obtain additional credit facilities and may issue corporate debt or equity securities. Any debt incurred or issued by Bluegreen may be secured or unsecured, bear interest at fixed or variable rates and may be subject to such terms as the lender may require. Bluegreen’s efforts to renew or replace the credit facilities or receivables purchase facilities which have expired or which are scheduled to expire in the near term may not be successful, and sufficient funds may not be available from operations or under existing, proposed or future revolving credit or other borrowing arrangements or receivables purchase facilities to meet its cash needs, including debt service obligations. To the extent Bluegreen is not able to sell notes receivable or borrow under such facilities, its ability to satisfy its obligations would be materially adversely affected. | |
BBX Capital | |
BBX Capital has cash of $45.9 million as of December 31, 2014, which does not include $5.0 million, $0.8 million and $1.5 million of cash held in FAR, Renin and BBX Sweet Holdings, respectively. BBX Capital had cash of $33.1 million as of December 31, 2014, which does not include $8.4 million, $1.0 million and $0.7 million of cash held in FAR, Renin and Hoffman, respectively. BBX Capital’s principal source of liquidity is its cash holdings, funds obtained from payments on and sales of its loans, sales of real estate, income from income producing real estate, and distributions received from FAR and Woodbridge. While FAR is consolidated in BFC and BBX Capital’s financial statements, the cash held in FAR and generated by its assets will be used primarily to pay FAR’s operating expenses and to pay BB&T’s 95% preferred membership interest and the related priority return to BB&T and will generally not be available for distribution to BBX Capital, until the BB&T preferred membership interest is repaid. The balance of BB&T’s preferred membership interest in FAR was approximately $12.3 million at December 31, 2014. Dividends from Woodbridge will be dependent on and subject to Bluegreen’s results of operations, cash flows and the business of Bluegreen as well as restrictions contained in Bluegreen’s debt facilities and the outcome of pending legal proceedings against Bluegreen. BBX Capital does not expect its investments in Renin or BBX Sweet Holdings to be a source of liquidity for the foreseeable future. Based on current and expected liquidity needs and sources, BBX Capital expects to be able to meet its liquidity needs over the next twelve months. | |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Acquisitions [Abstract] | |||||
Acquisitions | 3. Acquisitions | ||||
2014 Acquisitions | |||||
In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia Confections (“Anastasia”) for purchase consideration of $11.4 million. Founded in 1984 and headquartered in an 80,000 square foot production facility in Orlando, Florida, Anastasia manufactures gourmet coconut and chocolate candy, salt water taffy, and other chocolate gift products. The purchase consideration included cash of $4.2 million and a $7.5 million promissory note. The promissory note was recorded at a $0.3 million discount to reflect the fair value of the promissory note at the acquisition date. | |||||
In July 2014, BBX Sweet Holdings acquired Helen Grace Chocolates (“Helen Grace”), a California based manufacturer of premium chocolate confections, chocolate bars, chocolate candies and truffles and in a separate transaction during July 2014 BBX Sweet Holdings acquired Jer’s Chocolates (“Jer’s”), a California based distributor of peanut butter chocolate products internationally and in the United States. In January 2014, BBX Sweet Holdings acquired Williams and Bennett, including its brand Big Chocolate Dipper. Williams and Bennett is headquartered in Boynton Beach, Florida and is a manufacturer of chocolate products serving boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. | |||||
The purchase consideration for the Williams and Bennett, Helen Grace, and Jer’s acquisitions included cash of $4.6 million and holdback amounts of $0.7 million. The holdback amounts serve to satisfy any indemnification claims made by BBX Sweet Holdings against a seller pursuant to the purchase agreements. Holdback amounts of $150,000 were included in other liabilities in the Company’s Statement of Financial Condition as of December 31, 2014 as these amounts were non-interest bearing and paid to a seller in February 2015. | |||||
The following tables summarize the fair value of the assets acquired and liabilities assumed from Anastasia at the acquisition date (in thousands): | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Trade receivables | $ | 483 | |||
Inventories | 1,338 | ||||
Properties and equipment | 1,873 | ||||
Identifiable intangible assets (1) | 3,410 | ||||
Deferred tax liabilities | -1,365 | ||||
Other liabilities | -421 | ||||
Fair value of identifiable net assets | 5,318 | ||||
Goodwill | 6,113 | ||||
Purchase consideration | $ | 11,431 | |||
-1 | Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships intangible assets, respectively. | ||||
BBX Capital incurred $0.1 million of acquisition related costs in connection with the Anastasia acquisition. The acquisition related costs are included in selling, general and administrative expenses in the statement of operations for the year ended December 31, 2014. | |||||
The amount of revenues and net income from Anastasia included in the statement of operations for the year ended December 31, 2014 was $2.1 million and $268,000, respectively. The Anastasia net income excludes acquisition related costs and is from the date of acquisition (October 1, 2014) through December 31, 2014. | |||||
The supplemental pro forma amount of BBX Capital’s revenues and net income had the Anastasia acquisition been as of January 1, 2013 was as follows (in thousands): | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2014 -12/31/2014 | $ | 98,022 | 4,540 | ||
Pro forma from 1/1/2013 -12/31/2013 | $ | 54,828 | 48,305 | ||
-1 | Amounts represent income from continuing operations. | ||||
The following tables summarize the fair value of the assets acquired and liabilities assumed from Williams and Bennett, Helen Grace and Jer’s at the respective acquisition dates (in thousands): | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Trade receivables | $ | 49 | |||
Inventories | 3,284 | ||||
Properties and equipment | 1,329 | ||||
Identifiable intangible assets (1) | 2,738 | ||||
Other assets | 416 | ||||
Notes payable | -186 | ||||
Deferred tax liabilities | -1,742 | ||||
Other liabilities | -602 | ||||
Fair value of identifiable net assets | 5,286 | ||||
Goodwill | 1,264 | ||||
Purchase consideration | -5,313 | ||||
Bargain purchase gain | $ | 1,237 | |||
-1 | Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. | ||||
BBX Capital incurred $0.4 million of acquisition related costs in connection with these acquisitions. The acquisition related costs are included in selling, general and administrative expenses in the Company’s Statement of Operations for the year ended December 31, 2014. | |||||
The bargain purchase gain of $1.2 million from the Helen Grace acquisition represents the amount by which the fair value of identifiable net assets acquired exceeded the purchase consideration. BBX Capital’s management believes that it was able to acquire Helen Grace for a bargain purchase gain because Helen Grace was a division of a larger company that made a strategic decision to divest chocolate manufacturing activities. | |||||
The amount of revenues and net loss from these acquisitions included in the Company’s Statement of Operations for the year ended December 31, 2014 was $9.7 million and $0.3 million, respectively. The net loss from the date of these acquisitions through December 31, 2014 excludes $0.4 million of acquisition related costs and the $1.2 million Helen Grace bargain purchase gain. | |||||
The supplemental pro forma amount of the BBX Capital’s revenues and net income had these acquisitions been consummated as of January 1, 2013 was as follows (in thousands): | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2014 -12/31/2014 | $ | 97,148 | 3,289 | ||
Pro forma from 1/1/2013 -12/31/2013 | $ | 64,496 | 46,941 | ||
-1 | Amounts represent income from continuing operations. | ||||
The net cash outflows from the Williams and Bennett, Helen Grace, Jer’s, and Anastasia acquisitions (collectively, “2014 Acquisitions”) was as follows (in thousands): | |||||
Total purchase consideration | $ | 16,744 | |||
Notes payable | -7,750 | ||||
Other liabilities | -150 | ||||
Net cash outflow from acquisitions | $ | 8,844 | |||
2013 Acquisitions | |||||
On October 30, 2013, Renin, through two newly formed subsidiaries, acquired substantially all of the assets and certain liabilities of Renin Corp for approximately $14.5 million (the “Renin Transaction Consideration”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and three manufacturing, assembly and distribution facilities in Canada and the United States and a sales and distribution facility in the United Kingdom. | |||||
Renin funded approximately $9.4 million of the Renin Transaction Consideration through proceeds from a loan and revolver facility to Renin provided by Bluegreen. The remainder of the Renin Transaction Consideration was funded $4.2 million by BBX Capital and $1.0 million by BFC pro rata in accordance with their percentage equity interests in Renin. At closing, $1.7 million of the Renin Transaction Consideration was placed in an escrow account pending final determination of the working capital adjustment (if any) and final resolution of any indemnification obligations of Renin Corp. In January 2014, the working capital and indemnification obligations of the sellers were finalized and the entire escrow balance was distributed to Renin. As a result, the Renin Transaction Consideration was reduced to $12.8 million. Included in other assets in the statement of financial condition as of December 31, 2013 was a $1.7 million receivable for this indemnity and working capital adjustment escrow. | |||||
In December 2013, BBX Sweet Holdings acquired the outstanding common shares or membership interests in Hoffman’s from their shareholders or members. The purchase consideration included a $500,000 holdback (“Holdback”) that is payable on the second anniversary of the closing date and accrues interest at 1.93% per annum. The Holdback serves as security for the Hoffman’s sellers’ obligations under the Hoffman’s stock purchase and sale agreement including the indemnity obligations and performance under each of such seller’s non-competition agreements. The Holdback was recorded at a $46,000 premium to reflect the fair value of the Holdback at the acquisition date. The obligation of BBX Sweet Holdings to pay to the Hoffman’s sellers all or any portion of the Holdback is guaranteed by BBX Capital. Hoffman’s is a manufacturer of gourmet chocolates, with retail locations in South Florida. | |||||
The following tables summarize the purchase consideration for the Hoffman’s acquisition and for the Renin Transaction and the fair value of the assets acquired and liabilities assumed and the net cash outflows from the acquisitions at the acquisition dates (in thousands): | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Cash | $ | 1,033 | |||
Trade receivables | 7,523 | ||||
Inventories | 9,858 | ||||
Properties and equipment | 6,134 | ||||
Identifiable intangible assets | 2,686 | ||||
Other assets | 477 | ||||
Notes payable | -2,493 | ||||
Other liabilities | -9,011 | ||||
Fair value of identifiable net assets | 16,207 | ||||
Purchase consideration | -15,206 | ||||
Bargain purchase gain | $ | -1,001 | |||
Purchase consideration | $ | 15,206 | |||
Working capital adjustment receivable | 1,694 | ||||
Holdback amount | -500 | ||||
Discount on Holdback amount | 46 | ||||
Cash acquired | -1,033 | ||||
Net cash outflows from acquisitions | $ | 15,413 | |||
$1.1 million of acquisition related costs were incurred in connection with the acquisitions. The bargain purchase gain of $1.0 million from the Renin Transaction represents the amount by which the fair value of identifiable net assets acquired exceeded the Renin Transaction Consideration. Management believes that it was able to acquire Renin Corp. for a bargain purchase gain because Renin Corp. was a distressed company. The acquisition related costs are included in selling, general and administrative expenses in the statement of operations for the year ended December 31, 2013. | |||||
The amount of revenues and loss before income taxes from the Renin acquisition included in the consolidated statement of operations for the year ended December 31, 2013 was $9.3 million and a net loss of $0.9 million, respectively. Actual loss from October 30, 2013 through December 31, 2013 excludes acquisition costs and the bargain purchase gain. | |||||
The supplemental pro forma amount of BBX Capital’s revenues and net income (loss) had the Renin Transaction been consummated as of January 1, 2012 was as follows (in thousands): | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2013 - 12/31/2013 | $ | 104,987 | 43,639 | ||
Pro forma from 1/1/2012 - 12/31/2012 | $ | 107,303 | -28,794 | ||
-1 | Amounts represent income from continuing operations. | ||||
The methodology utilized to fair value the assets acquired for the Renin and Hoffman’s acquisitions in 2013 and the 2014 Acquisitions was as follows: | |||||
Trade Receivables | |||||
Trade receivables were recorded at fair value using the cost approach with level 3 inputs based on the percentage of gross receivables collected in a trailing eighteen month period ending in October 2013 for Renin. The inputs used were trade receivable balances, allowances, charge-offs, sales discounts and volume of returned merchandise. The fair value of the trade receivables acquired from the BBX Sweet Holdings acquisitions were recorded at the invoiced amounts. | |||||
Inventories | |||||
Raw materials were fair valued using the cost approach. Raw material items replaced on a regular basis were recorded at fair value based on historical costs. Raw material items acquired in the Renin transaction with greater than 180 days of usage on hand were recorded at fair value based on discounts relative to historical cost amounts. Finished goods inventory was recorded at fair value using the cost approach. Fifty percent of the historical gross margin was added to the finished goods historical cost amounts in order to estimate a reasonable profit margin for selling finished goods. Finished goods on hand acquired in the Renin Transaction greater than 180 days of sales were recorded at fair value with discounts relative to historical costs. | |||||
Properties and Equipment | |||||
Properties and equipment acquired consisted primarily of machinery and equipment used in manufacturing operations. The machinery and equipment was recorded at fair value using the market approach with level 2 inputs as market comparable data. The cost approach was used to estimate the contributing installation costs to fair value and the electrical distribution system in certain manufacturing facilities. The inputs were obtained from market data collected from used equipment dealers that purchase and sell comparable equipment, quotations from new machinery dealers and manufacturers, historical installation cost information and searches on the internet. | |||||
Identifiable Intangible Assets | |||||
The identifiable intangible assets acquired primarily consisted of trade names and customer relationships. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of the trade names. The fair value was determined by present valuing the expected future estimated royalty payments that would have to be paid if the trade names were not owned. The fair value of the net royalties saved was estimated based on discounted cash flows at a risk adjusted discount rate. The multi-period excess earnings method, a form of the income approach, was used to estimate the fair value of the customer relationships. The multi-period excess earnings method isolates the expected cash flows attributable to the customer relationship intangible asset and discounts these cash flows at a risk adjusted discount rate. | |||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations [Abstract] | |||||||
Discontinued Operations | 4. Discontinued Operations | ||||||
Income and loss from discontinued operations, net of tax, was $0.3 million and $0.4 million for the years ended December 31, 2014 and 2013, respectively, and related solely to Bluegreen Communities. Bluegreen’s provision and benefit for income taxes attributable to discontinued operations was $0.2 million and $0.2 million for the years ended December 31, 2014 and 2013, respectively. | |||||||
Discontinued operations for the year ended December 31, 2012 included BankAtlantic’s Community Banking, Investments, Tax Certificates and Capital Services components, Bluegreen Communities and Cypress Creek Holdings, a subsidiary of Woodbridge. | |||||||
The following table summarizes the results of discontinued operations for Bluegreen Communities and Cypress Creek Holdings for the year ended December 31, 2012 (in thousands): | |||||||
For the Year Ended December 31, 2012 | |||||||
Cypress | |||||||
Bluegreen | Creek | ||||||
Communities | Holdings | Total | |||||
Revenues | $ | 3,714 | 3 | 3,717 | |||
Gain on sale of assets | - | 4,446 | 4,446 | ||||
3,714 | 4,449 | 8,163 | |||||
Costs and Expenses : | |||||||
Other costs and expenses | 6,920 | 52 | 6,972 | ||||
Interest expense | 1,386 | - | 1,386 | ||||
Loss on assets held for sale | 205 | - | 205 | ||||
8,511 | 52 | 8,563 | |||||
(Loss) income from discontinued operations | |||||||
before income taxes | -4,797 | 4,397 | -400 | ||||
Less: Benefit for income taxes | -1,304 | - | -1,304 | ||||
(Loss) income from discontinued operations | $ | -3,493 | 4,397 | 904 | |||
Bluegreen Communities | |||||||
In May 2012, Bluegreen sold substantially all of the assets that comprised Bluegreen Communities to Southstar for a purchase price of approximately $29.0 million in cash. Certain assets, including primarily Bluegreen Communities’ notes receivable portfolio, and liabilities relating to Bluegreen Communities were not sold to Southstar. Discontinued operations set forth in the table above include interest expense primarily on Bluegreen’s H4BG Communities Facility as certain of the assets which were sold to Southstar as part of the Bluegreen Communities sale served as collateral under this facility. | |||||||
Revenues and costs of discontinued operations relate to the period prior to the close of the transaction with Southstar in May 2012 and represent sales and marketing operations of Bluegreen Communities. Cost of discontinued operations during 2012 also includes expenditures to satisfy certain obligations of Bluegreen Communities not assumed by Southstar. | |||||||
Discontinued operations for 2012 included interest expense on notes payable which were collateralized by certain Bluegreen Communities inventory, property and equipment, which were repaid in full upon the sale of those assets. | |||||||
Cypress Creek Holdings | |||||||
During January 2012, Cypress Creek Holdings sold the office building it owned for approximately $10.8 million. The building, which was classified as an asset held for sale as of December 31, 2011, served as collateral for an approximately $11.2 million mortgage loan. The proceeds of the sale plus a $668,000 payment made by Cypress Creek Holdings were paid to the lender in full satisfaction of the loan. The Company recognized a gain of approximately $4.4 million in connection with the sale during the first quarter of 2012. | |||||||
BBX Capital | |||||||
Sale of BankAtlantic to BB&T | |||||||
BankAtlantic had five reporting units which each reflected a component of the BankAtlantic entity and was the lowest level for which cash flows could be clearly distinguished, operationally and for financial reporting purposes. These five components were Community Banking, Commercial Lending, Tax Certificates, Investments, and Capital Services. Based on the terms of the sale of BankAtlantic to BB&T, BBX Capital determined that the Community Banking, Investments, Capital Services and Tax Certificates reporting units should be treated as discontinued operations. BBX Capital sold all operations and the majority of the assets and liabilities of these discontinued reporting units to BB&T upon the consummation of the BB&T Transaction on July 31, 2012. BBX Capital did not continue in any material respect any activities of or have any continuing involvement with these reporting units. Although certain assets of the Commercial Lending reporting unit were sold to BB&T, BBX Capital has continued certain Commercial Lending reporting unit activities resulting in BBX Capital including the Commercial Lending reporting unit in continuing operations in the statements of operations. | |||||||
Pursuant to the sale to BB&T, in addition to certain assets associated with BBX Capital’s continuing Commercial Lending reporting unit, FAR also retained certain assets and liabilities that were associated with BBX Capital’s disposed reporting units (Community Banking, Tax Certificates, Investments, and Capital Services reporting units). BBX Capital determined that the ongoing cash flows relating to the retained assets of the disposed reporting units expected in future periods were not significant relative to the historical cash flows from the activities of each reporting unit; therefore, the income and expenses associated with the disposed reporting units are reported in discontinued operations for the year ended December 31, 2012. The carrying value of the disposed reporting units’ net assets transferred to FAR were $112 million as of July 31, 2012. The results of operations and cash flows associated with the retained assets associated with the disposed reporting units were included in continuing operations for the five months ended December 31, 2012 and for the years ended December 31, 2014 and 2013. The assets held by FAR are expected to be monetized in accordance with the terms of such assets or through orderly transactions over a seven year period or longer provided BB&T’s preferred interest is repaid within such seven-year period. Ninety-five percent of the cash flows from these assets, net of operating expenses and a stated preferred return, will be applied toward the ongoing repayment of BB&T’s preferred interest in FAR. | |||||||
The gain on the sale of BankAtlantic to BB&T, which is included in the Company’s Consolidated Statements of Operations in “Discontinued operations” for the year ended December 31, 2012, was as follows (in thousands): | |||||||
Investment in BankAtlantic (1) | $ | 306,302 | |||||
Reduction in other comprehensive loss | -18,124 | ||||||
Carrying amount of BankAtlantic's net assets | 288,178 | ||||||
Stay and retention bonuses | 1,300 | ||||||
Transaction costs | -5,000 | ||||||
Cash consideration | 6,433 | ||||||
Other | -269 | ||||||
Recognition of purchase accounting (2) | 2,819 | ||||||
Gain on sale of BankAtlantic | $ | 293,461 | |||||
-1 | The investment in BankAtlantic represents BankAtlantic’s stockholder’s deficit as of July 31, 2012 after giving effect to the transfer of CAM and FAR to BBX Capital. | ||||||
-2 | Upon the sale of BankAtlantic to BB&T, BFC recognized purchase accounting amounts in connection with BFC's share acquisitions of BankAtlantic Bancorp in 2008, which were accounted for as step acquisitions under the purchase method of accounting then in effect. The recognition of this purchase accounting increased the gain on sale of BankAtlantic by an additional $2.8 million. | ||||||
Included in the carrying amount of BankAtlantic was $2.0 million of unrealized gains on securities available for sale and $20.2 million of defined benefit pension plan losses deferred in BankAtlantic’s other comprehensive income. Also included in the gain on the sale of BankAtlantic was approximately $1.0 million of stay bonuses paid by BBX Capital and reimbursed by BB&T to key employees of BankAtlantic associated with pre-acquisition services and $0.3 million of stay bonuses paid by BBX Capital and reimbursed by BB&T to employees of BankAtlantic associated with post acquisition services. | |||||||
The cash consideration received by BBX Capital for the sale of BankAtlantic’s stock upon the consummation of the BB&T Transaction as of July 31, 2012 was as follows (in thousands): | |||||||
Deposit premium | $ | 315,900 | |||||
BankAtlantic net asset value: | |||||||
BankAtlantic stockholder's equity | |||||||
before distribution of FAR and CAM | 280,058 | ||||||
Distribution of FAR | -384,140 | ||||||
Distribution of CAM | -205,385 | ||||||
BankAtlantic net asset value (1) | -309,467 | ||||||
Cash consideration | $ | 6,433 | |||||
Pre-acquisition stay bonuses reimbursed by BB&T | $ | 983 | |||||
-1 | BankAtlantic net asset value was calculated as of June 30, 2012 (which pursuant to the terms of the Agreement with BB&T was the date used for the calculations of the cash consideration payable upon consummation of the BB&T Transaction) after giving effect to the contribution to BankAtlantic of small business loans with a carrying value of $10.7 million in exchange for commercial loans with a carrying value of $7.5 million which were initially designated to be contributed to BankAtlantic and were instead retained by FAR. | ||||||
The consolidated net cash outflows associated with the sale of BankAtlantic were as follows (in thousands): | |||||||
BankAtlantic assets sold: | |||||||
Tax certificates | $ | 16,630 | |||||
Loans receivable | 1,792,026 | ||||||
Securities available for sale | 29,781 | ||||||
Properties and equipment | 129,025 | ||||||
Other assets | 60,113 | ||||||
Total assets sold | 2,027,575 | ||||||
BankAtlantic liabilities assumed: | |||||||
Deposits | -3,458,914 | ||||||
Subordinated debentures | -22,000 | ||||||
Other liabilities | -28,920 | ||||||
Total liabilities assumed | -3,509,834 | ||||||
Gain on sale of BankAtlantic (1) | -290,642 | ||||||
Net cash outflows from sale of BankAtlantic | $ | -1,191,617 | |||||
-1 | Excludes BFC's non-cash gain from purchase accounting adjustments of $2.8 million. | ||||||
The income from BankAtlantic’s Community Banking, Investments, Capital Services and Tax Certificates reporting units included in discontinued operations and the gain on the sale of BankAtlantic in the statement of operations for the year ended December 31, 2012 was as follows (in thousands): | |||||||
For the Year Ended December 31, | |||||||
2012 | |||||||
Net interest income (1) | $ | 38,098 | |||||
Provision for loan losses | 18,383 | ||||||
Net interest income after provision for loan losses | 19,715 | ||||||
Gain on sale of BankAtlantic | 293,461 | ||||||
Total non-interest income | 37,234 | ||||||
Total non-interest expense (2) (3) | 62,446 | ||||||
Income from discontinued operations | |||||||
before income taxes | 287,964 | ||||||
Provision for income taxes | 21,005 | ||||||
Income from discontinued operations | $ | 266,959 | |||||
-1 | Includes purchase accounting adjustments to increase net interest by approximately $714,000 for the year ended December 31, 2012. | ||||||
-2 | Includes purchase accounting adjustments to increase non-interest expense by approximately $812,000 for the year ended December 31, 2012. | ||||||
-3 | Pursuant to applicable accounting rules, all general corporate overhead was allocated to continuing operations. | ||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair Value Measurement [Abstract] | ||||||||
Fair Value Measurement | 5. Fair Value Measurement | |||||||
Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The accounting literature defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | ||||||||
The valuation techniques are summarized below: | ||||||||
The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||
The income approach uses financial models to convert future amounts to a single present amount. These valuation techniques include present value and option-pricing models. | ||||||||
The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. This technique is often referred to as current replacement cost. | ||||||||
The input fair value hierarchy is summarized below: | ||||||||
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at each reporting date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. | ||||||||
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to-principal market); and inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). | ||||||||
Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available, thereby allowing for the fair value of an asset or liability to be determined in situations when there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||
Assets and liabilities on a recurring basis | ||||||||
There were no significant assets or liabilities measured at fair value on a recurring basis in the Company’s financial statements as of December 31, 2014 or 2013. | ||||||||
Assets on a non-recurring basis | ||||||||
The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2014 (in thousands): | ||||||||
Fair Value Measurements Using | ||||||||
Quoted prices in | Significant | |||||||
Active Markets | Other | Significant | Total | |||||
As of | for Identical | Observable | Unobservable | Impairments (1) | ||||
December 31, | Assets | Inputs | Inputs | For the Year Ended | ||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | |||
Loans measured for impairment | ||||||||
using the fair value of the | ||||||||
underlying collateral | $ | 2,648 | - | - | 2,648 | 2,161 | ||
Impaired real estate held-for-sale | ||||||||
and held-for-investment | 20,701 | - | - | 20,701 | 8,756 | |||
Total | $ | 23,349 | - | - | 23,349 | 10,917 | ||
-1 | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. | |||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair-value on a non-recurring basis as of December 31, 2014 is as follows (Fair Value in thousands): | ||||||||
As of December 31, 2014 | Fair | Valuation | Unobservable | |||||
Description | Value | Technique | Inputs | Range (Average)(1)(2) | ||||
Loans measured for impairment using the fair value of the | Fair Value of | Discount Rates and Appraised | ||||||
underlying collateral | $ | 2,648 | Collateral | Value less Cost to Sell | $0.1 - $2.6 million ($0.5 million) | |||
Impaired real estate held-for-sale | Fair Value of | Discount Rates and Appraised | ||||||
and held-for-investment | 20,701 | Property | Value less Cost to Sell | $0.3 - $8.4 million ($2.0 million) | ||||
Total | $ | 23,349 | ||||||
-1 | Range and average appraised values were reduced by costs to sell. | |||||||
-2 | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2013 (in thousands): | ||||||||
Fair Value Measurements Using | ||||||||
Quoted prices in | Significant | |||||||
Active Markets | Other | Significant | Total | |||||
As of | for Identical | Observable | Unobservable | Impairments (1) | ||||
December 31, | Assets | Inputs | Inputs | For the Year Ended | ||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | |||
Loans measured for impairment | ||||||||
using the fair value of the | ||||||||
underlying collateral | $ | 24,167 | - | - | 24,167 | 4,639 | ||
Impaired real estate held-for-sale | ||||||||
and held-for-investment | 55,955 | - | - | 55,955 | 2,288 | |||
Impaired loans held-for-sale | 53,846 | - | - | 53,846 | 4,992 | |||
Total | $ | 133,968 | - | - | 133,968 | 11,919 | ||
-1 | Total impairments represent the amount of losses recognized during the year ended December 31, 2013 on assets that were held and measured at fair value as of December 31, 2013. | |||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis as of December 31, 2013 was as follows (Fair Value in thousands): | ||||||||
As of December 31, 2013 | Fair | Valuation | Unobservable | |||||
Description | Value | Technique | Inputs | Range (Average)(1)(2) | ||||
Loans measured for impairment using the fair value of the | Fair Value of | Discount Rates and Appraised | ||||||
underlying collateral | $ | 24,167 | Collateral | Value less Cost to Sell | $0.1 - $9.0 million ($0.4 million) | |||
Impaired real estate held-for-sale | Fair Value of | Discount Rates and Appraised | ||||||
and held-for-investment | 55,955 | Property | Value less Cost to Sell | $0.1 - $12.0 million ($1.7 million) | ||||
Fair Value of | Discount Rates and Appraised | |||||||
Impaired loans held-for-sale | 53,846 | Collateral | Value less Cost to Sell | $0.1 - $2.2 million ($0.3 million) | ||||
Total | $ | 133,968 | ||||||
-1 | Range and average appraised values were reduced by costs to sell. | |||||||
-2 | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
Liabilities on a non-recurring basis | ||||||||
There were no significant liabilities measured at fair value on a non-recurring basis in the Company’s financial statements as of December 31, 2014 or 2013. | ||||||||
Loans Measured For Impairment | ||||||||
Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of BBX Capital’s loans are collateral dependent. The fair value of BBX Capital’s loans may significantly increase or decrease based on changes in property values as its loans are primarily secured by real estate. BBX Capital primarily uses third party appraisals to assist in measuring non-homogenous impaired loans. These appraisals generally use the market or income approach valuation technique and use market observable data to formulate an estimate of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and BBX Capital may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, BBX Capital uses its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral are considered Level 3 inputs. BBX Capital generally recognizes impairment losses on based on third party broker price opinions to obtain the fair value of the collateral less cost to sell when impaired homogenous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted discount rates and foreclosure time frames and exposure periods. | ||||||||
Impaired Real Estate Held-for-Sale and Held-for-Investment | ||||||||
Real estate is generally valued using third party appraisals or broker price opinions. These appraisals generally use the market approach valuation technique and use market observable data to formulate an estimate of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. However, the appraisers or brokers use professional judgment in determining the fair value of the properties and BBX Capital may also adjust these values for changes in market conditions subsequent to the valuation date. As a consequence of using appraisals, broker price opinions and adjustments to appraisals, the calculation of the fair values of the properties is considered a Level 3 input. | ||||||||
Loans Held for Sale | ||||||||
Loans held for sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held for sale portfolio. For non-performing loans held for sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale. | ||||||||
Financial Disclosures about Fair Value of Financial Instruments | ||||||||
The following tables present information for financial instruments at December 31, 2014 and 2013 (in thousands): | ||||||||
Fair Value Measurements Using | ||||||||
Quoted prices | ||||||||
Carrying | in Active | Significant | ||||||
Amount | Fair Value | Markets | Other | Significant | ||||
As of | As of | for Identical | Observable | Unobservable | ||||
31-Dec | 31-Dec | Assets | Inputs | Inputs | ||||
2014 | 2014 | (Level 1) | (Level 2) | (Level 3) | ||||
Financial assets: | ||||||||
Loans receivable including loans held- | ||||||||
for-sale, net | 62,267 | 73,423 | - | - | 73,423 | |||
Notes receivable, net | 424,267 | 520,000 | - | - | 520,000 | |||
Notes receivable from preferred shareholders (1) | 5,000 | 4,400 | - | - | 4,400 | |||
Financial liabilities: | ||||||||
Receivable-backed notes payable | $ | 412,404 | 411,400 | - | - | 411,400 | ||
Notes and mortgage notes payable and | ||||||||
other borrowings | 107,984 | 108,828 | - | - | 108,828 | |||
BB&T preferred interest in FAR | 12,348 | 12,383 | - | - | 12,383 | |||
Junior subordinated debentures | 150,038 | 134,500 | - | - | 134,500 | |||
Shares subject to mandatory redemption | 12,714 | 12,215 | - | - | 12,215 | |||
Fair Value Measurements Using | ||||||||
Quoted prices | ||||||||
Carrying | in Active | Significant | ||||||
Amount | Fair Value | Markets | Other | Significant | ||||
As of | As of | for Identical | Observable | Unobservable | ||||
December 31, | December 31, | Assets | Inputs | Inputs | ||||
2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | ||||
Financial assets: | ||||||||
Loans receivable including loans held- | ||||||||
for-sale, net | 126,072 | 131,853 | - | - | 131,853 | |||
Notes receivable, net | 455,569 | 540,000 | - | - | 540,000 | |||
Notes receivable from preferred shareholders (1) | 5,013 | 4,100 | - | - | 4,100 | |||
Financial liabilities: | ||||||||
Receivable-backed notes payable | $ | 443,561 | 447,700 | - | - | 447,700 | ||
Notes and mortgage notes payable and | ||||||||
other borrowings | 102,974 | 102,416 | - | - | 102,416 | |||
BB&T preferred interest in FAR | 68,517 | 69,032 | - | - | 69,032 | |||
Junior subordinated debentures | 147,431 | 120,000 | - | - | 120,000 | |||
Shares subject to mandatory redemption | 12,362 | 11,000 | - | - | 11,000 | |||
-1 | Notes receivable from preferred shareholders is included in other assets on BFC’s statement of financial condition as of December 31, 2014 and 2013. | |||||||
Management of each of BFC, BBX Capital and Bluegreen has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair value of certain of these financial instruments has been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown and actual results or values may differ significantly from these estimates. These fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. | ||||||||
Fair values are estimated for loan portfolios with similar financial characteristics. Loans are segregated by category, and each loan category is further segmented into accruing and non-accrual categories. The fair value of BBX Capital’s accruing loans is calculated using an income approach with Level 3 inputs by discounting forecasted cash flows using estimated market discount rates that reflect the interest rate and credit risk inherent in the loan portfolio. BBX Capital’s management assigns a credit risk premium and an illiquidity adjustment to these loans. The fair value of non-accruing collateral dependent loans is estimated using an income approach with Level 3 inputs utilizing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. | ||||||||
The fair value of Bluegreen’s notes receivable is estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. | ||||||||
BB&T’s preferred interest in FAR is considered an adjustable rate debt security. The fair value of this security is calculated using the income approach with Level 3 inputs and was obtained by discounting forecasted cash flows by risk adjusted market interest rate spreads to the LIBOR swap curve. The market spreads were obtained from reference data in secondary institutional markets. | ||||||||
The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s notes and mortgage notes payable and other borrowings, including receivable-backed notes payable, that provide for variable interest rates approximate the estimated fair values. The fair value of Bluegreen’s fixed rate receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. The fair value of BBX Capital’s notes payable is measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. | ||||||||
The fair value of junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. | ||||||||
BBX_Capitals_Loans_HeldForSale
BBX Capital's Loans Held-For-Sale | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
BBX Capital's Loans Held-For-Sale [Abstract] | |||||
BBX Capital's Loans Held-For-Sale | 6. BBX Capital’s Loans Held-For-Sale | ||||
BBX Capital’s loans-held-for-sale were as follows (in thousands): | |||||
December 31, | |||||
2014 | 2013 | ||||
Residential | $ | 27,331 | 38,223 | ||
First-lien consumer | - | 4,176 | |||
Second-lien consumer | 2,351 | - | |||
Small business | 5,741 | 11,447 | |||
Total loans held-for-sale | $ | 35,423 | 53,846 | ||
Loans held-for-sale are reported at the lower of cost or fair value. BBX Capital transfers loans to held-for-sale when, based on the current economic environment and related market conditions, it does not have the intent to hold those loans for the foreseeable future. BBX Capital transfers loans previously held-for-sale to loans held-for-investment at the lower of cost or fair value on the transfer date. All loans held-for-sale at December 31, 2014 and 2013 were owned by FAR. | |||||
In September 2014, FAR, based on current market conditions, decided to sell its performing second-lien consumer loans. BBX Capital charged down these loans $2.7 million to fair value and transferred the loans to held-for-sale in the aggregate amount of $2.3 million. | |||||
During the 2013 fourth quarter, BBX Capital’s management evaluated its residential loan portfolio in light of the general appreciation of residential real estate values during 2013 and decided to transfer first lien residential and consumer loans to loans held-for-sale as of December 31, 2013. BBX Capital charged down its first lien residential and consumer loan portfolio by $4.1 million and reduced its allowance for loan losses by $1.4 million upon the transfer of first lien residential and consumer loans to loans held-for-sale. | |||||
In July 2014, BBX Capital received net proceeds from the sales of its first-lien consumer loan portfolio and certain residential loans of approximately $3.2 million and $6.3 million, respectively. Included in net gains on the sales of assets for the year ended December 31, 2014 was a $0.6 million gain from the sale of these loans. | |||||
In September 2012, subsequent to the sale of BankAtlantic to BB&T, BBX Capital management evaluated its loan portfolio and transferred its entire portfolio of small business loans to loans held-for-sale and transferred $14.2 million of residential loans previously held-for-sale to loans held for investment. BBX Capital charged down its small business loans by $1.3 million and reduced its allowance for loan losses by $1.1 million upon the transfer of its small business loans to loans held-for-sale. | |||||
BBX_Capitals_Loans_Receivable_
BBX Capitalbs Loans Receivable and Loans Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
BBX Capitalbs Loans Receivable and Loans Held for Sale [Abstract] | |||||||||||||
BBX Capitalbs Loans Held-For-Sale | 7. BBX Capital’s Loans Receivable | ||||||||||||
BBX Capital’s loan portfolio consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Commercial non-real estate | $ | 1,326 | 3,331 | ||||||||||
Commercial real estate | 24,189 | 62,937 | |||||||||||
Consumer | 2,306 | 8,618 | |||||||||||
Residential | - | 53 | |||||||||||
Total gross loans | 27,821 | 74,939 | |||||||||||
Allowance for loan losses | -977 | -2,713 | |||||||||||
Loans receivable -- net | $ | 26,844 | 72,226 | ||||||||||
The underlying collateral for BBX Capital’s real estate loan portfolio was located in Florida at December 31, 2014 and 2013. | |||||||||||||
BBX Capital segregates its loan portfolio into five segments. BBX Capital’s loan segments are: residential loans, commercial real estate loans, commercial non-real estate loans, consumer loans, and small business loans. BBX Capital’s loan segments are described below: | |||||||||||||
Residential – represents loans secured by one to four dwelling units. Residential loans, except two loans in foreclosure, were transferred to loans held-for-sale as of December 31, 2013. | |||||||||||||
Commercial real estate - represents loans for acquisition, development and construction of various types of properties including residential, office buildings, retail shopping centers, and other non-residential properties. | |||||||||||||
Commercial non-real estate loans - generally represent business loans secured by the receivables, inventory, equipment, and/or general corporate assets of the business. | |||||||||||||
Consumer loans - consists of loans to individuals originated through BankAtlantic’s branch network. Consumer loans are generally home equity lines of credit secured by a second mortgage on the primary residence of the borrower. All collateral secured consumer loans are located in Florida. First-lien consumer loans were transferred to loans held-for-sale as of December 31, 2013 and sold during the year ended December 31, 2014. Current second-lien consumer loans were transferred to loans held-for-sale during the year ended December 31, 2014. | |||||||||||||
Small business loans – consists of loans originated to businesses in principal amounts that do not generally exceed $2.0 million. The principal source of repayment for these loans is generally from the cash flow of a business. The entire portfolio of small business loans was transferred to loans held-for-sale as of September 30, 2012. | |||||||||||||
The recorded investment (unpaid principal balance less charge-offs and deferred fees) of non-accrual loans receivable was as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
Loan Class | 2014 | 2013 | |||||||||||
Commercial non-real estate | $ | 1,326 | 3,331 | ||||||||||
Commercial real estate | 14,464 | 45,540 | |||||||||||
Consumer | 1,990 | 2,972 | |||||||||||
Residential | - | 53 | |||||||||||
Total nonaccrual loans | $ | 17,780 | 51,896 | ||||||||||
An age analysis of the past due recorded investment in BBX Capital’s loans receivable as of December 31, 2014 and December 31, 2013 was as follows (in thousands): | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-14 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 330 | 330 | 996 | 1,326 | ||||||
Commercial real estate | - | - | 5,458 | 5,458 | 18,731 | 24,189 | |||||||
Consumer | - | 227 | 1,703 | 1,930 | 376 | 2,306 | |||||||
Residential | - | - | - | - | - | - | |||||||
Total | $ | - | 227 | 7,491 | 7,718 | 20,103 | 27,821 | ||||||
-1 | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2014. | ||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-13 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 2,269 | 2,269 | 1,062 | 3,331 | ||||||
Commercial real estate | - | - | 22,729 | 22,729 | 40,208 | 62,937 | |||||||
Consumer | 317 | 293 | 2,480 | 3,090 | 5,528 | 8,618 | |||||||
Residential | - | - | 53 | 53 | - | 53 | |||||||
Total | $ | 317 | 293 | 27,531 | 28,141 | 46,798 | 74,939 | ||||||
1) | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2013. | ||||||||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2014 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Charge-offs : | -1,939 | -1,900 | - | -3,345 | -5 | -7,189 | |||||||
Recoveries : | 294 | 8,936 | 321 | 2,307 | 750 | 12,608 | |||||||
Provision : | 691 | -7,156 | -321 | 376 | -745 | -7,155 | |||||||
Ending balance | $ | - | 107 | - | 870 | - | 977 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | - | - | - | - | - | - | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | - | 107 | - | 870 | - | 977 | |||||||
Total | $ | - | 107 | - | 870 | - | 977 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,326 | 14,464 | - | 1,255 | - | 17,045 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 9,725 | - | 1,051 | - | 10,776 | ||||||
Total | $ | 1,326 | 24,189 | - | 2,306 | - | 27,821 | ||||||
Proceeds from loan sales | $ | - | - | - | 3,239 | 6,258 | 9,497 | ||||||
Transfer to loans held-for-sale | $ | - | - | - | 2,299 | - | 2,299 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | - | - | ||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2013 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Charge-offs: | - | -3,976 | - | -2,516 | -4,375 | -10,867 | |||||||
Recoveries : | 10,241 | 36,824 | 257 | 2,225 | 2,587 | 52,134 | |||||||
Provision : | -11,022 | -34,490 | -257 | 562 | 1,342 | -43,865 | |||||||
Ending balance | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 954 | - | - | - | - | 954 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 227 | - | 1,532 | - | 1,759 | ||||||||
Total | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,331 | 45,540 | - | 2,207 | 53 | 51,131 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 17,397 | - | 6,411 | - | 23,808 | ||||||
Total | $ | 3,331 | 62,937 | - | 8,618 | 53 | 74,939 | ||||||
Proceeds from loan sales | $ | 2,390 | 1,100 | - | - | - | 3,490 | ||||||
Transfer to loans held-for-sale | $ | - | - | - | 4,176 | 38,222 | 42,398 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | 1,312 | 1,312 | ||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2012 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 16,407 | 67,053 | 7,168 | 22,554 | 16,705 | 129,887 | ||||||
Charge-off : | -19,237 | -55,686 | -3,991 | -9,793 | -14,658 | -103,365 | |||||||
Recoveries : | 893 | 7,435 | 487 | 1,424 | 2,563 | 12,802 | |||||||
Provision : | 5,569 | -7,839 | 244 | 2,778 | 1,653 | 2,405 | |||||||
Transfer to held-for-sale | |||||||||||||
- BB&T Transaction: | -1,897 | -9,164 | -4,454 | -20,639 | -12,491 | -48,645 | |||||||
Discontinued operations provision: | - | 70 | 546 | 4,937 | 6,674 | 12,227 | |||||||
Ending balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 784 | 837 | - | - | - | 1,621 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 951 | 1,032 | - | 1,261 | 446 | 3,690 | |||||||
Total | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,362 | 173,917 | - | 7,859 | 44,621 | 229,759 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 8,644 | 40,130 | - | 9,048 | 10,176 | 67,998 | ||||||
Total | $ | 12,006 | 214,047 | - | 16,907 | 54,797 | 297,757 | ||||||
Proceeds from loan sales | $ | - | 5,864 | - | - | - | 5,864 | ||||||
Transfer to held-for-sale | |||||||||||||
- BB&T Transaction | $ | 60,398 | 304,668 | 234,228 | 502,221 | 811,060 | 1,912,575 | ||||||
Transfer to held-for-sale | $ | - | 20,722 | 19,069 | - | - | 39,791 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | 14,185 | 14,185 | ||||||
During the first quarter of 2012, BBX Capital charged down its recorded investment of loans by $66.5 million to the fair value of the collateral less cost to sell based on the Office of the Comptroller of the Currency (the “OCC”) guidance to thrifts regarding valuation specific allowances on collateral dependent loans. This charge down consisted entirely of the charging off of existing specific valuation allowances. As a specific valuation allowance was previously established for these loans, the charge-offs did not impact BBX Capital’s provision for loan losses or the net loss during the year ended December 31, 2012, but did reduce BBX Capital’s allowance for loan losses and recorded investment in the loans. | |||||||||||||
Impaired Loans – BBX Capital’s loans are considered impaired when, based on current information and events, BBX Capital believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. For a loan that has been restructured, the actual terms of the loan agreement refer to the contractual terms specified by the original loan agreement, not the contractual terms specified by the restructured agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated as part of BBX Capital’s on-going credit monitoring process for commercial loans. Factors considered in determining if a loan is impaired are past payment history, strength of the borrower or guarantors, and cash flow associated with the collateral or business. If a loan is impaired, a specific valuation allowance is allocated, if necessary, based on the present value of estimated future cash flows using the loan’s existing interest rate or based on the fair value of the loan. Collateral dependent impaired loans are charged down to the fair value of collateral less cost to sell. Interest payments on impaired loans for all loan segments are recognized on a cash basis, unless collectability of the principal and interest amount is probable, in which case interest is recognized on an accrual basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||
BBX Capital’s individually impaired loans as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Unpaid | Unpaid | ||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | - | 3,001 | 4,472 | 954 | ||||||
Commercial real estate | - | - | - | - | - | - | |||||||
Consumer | 735 | 1,664 | 735 | 920 | 2,228 | 920 | |||||||
Residential | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 735 | 1,664 | 735 | 3,921 | 6,700 | 1,874 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,326 | 3,061 | - | 330 | 634 | - | ||||||
Commercial real estate | 14,464 | 30,546 | - | 45,540 | 79,186 | - | |||||||
Consumer | 1,571 | 2,205 | - | 7,165 | 8,730 | - | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total with no allowance recorded | $ | 17,361 | 35,812 | - | 53,088 | 88,739 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,326 | 3,061 | - | 3,331 | 5,106 | 954 | ||||||
Commercial real estate | 14,464 | 30,546 | - | 45,540 | 79,186 | - | |||||||
Consumer | 2,306 | 3,869 | 735 | 8,085 | 10,958 | 920 | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total | $ | 18,096 | 37,476 | 735 | 57,009 | 95,439 | 1,874 | ||||||
Average recorded investment and interest income recognized on BBX Capital’s individually impaired loans as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | 3,015 | 119 | ||||||||
Commercial real estate | - | - | - | 2 | |||||||||
Consumer | 837 | 7 | 1,040 | - | |||||||||
Residential | - | - | - | - | |||||||||
Total with allowance recorded | $ | 837 | 7 | 4,055 | 121 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,368 | 121 | 330 | - | ||||||||
Commercial real estate | 17,575 | 839 | 47,524 | 1,278 | |||||||||
Consumer | 4,218 | 151 | 7,118 | 200 | |||||||||
Residential | - | - | 55 | - | |||||||||
Total with no allowance recorded | $ | 23,161 | 1,111 | 55,027 | 1,478 | ||||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,368 | 121 | 3,345 | 119 | ||||||||
Commercial real estate | 17,575 | 839 | 47,524 | 1,280 | |||||||||
Consumer | 5,055 | 158 | 8,158 | 200 | |||||||||
Residential | - | - | 55 | - | |||||||||
Total | $ | 23,998 | 1,118 | 59,082 | 1,599 | ||||||||
BBX Capital’s individually impaired loans and the average recorded investment and interest income recognized on BBX Capital’s impaired loans as of December 31, 2012 were as follows (in thousands): | |||||||||||||
As of December 31, 2012 | |||||||||||||
Unpaid | Average | ||||||||||||
Recorded | Principal | Related | Recorded | Interest | |||||||||
Investment | Balance | Allowance | Investment | Income | |||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,032 | 3,287 | 784 | 3,032 | 137 | |||||||
Commercial real estate | 28,195 | 41,366 | 837 | 28,259 | 1,068 | ||||||||
Consumer | - | - | - | - | - | ||||||||
Residential | - | - | - | - | - | ||||||||
Total with allowance recorded | $ | 31,227 | 44,653 | 1,621 | 31,291 | 1,205 | |||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | 634 | - | 330 | - | |||||||
Commercial real estate | 143,388 | 232,695 | 139,684 | 4,873 | |||||||||
Consumer | 16,050 | 20,501 | - | 17,887 | 282 | ||||||||
Residential | 48,317 | 77,628 | 56,776 | 177 | |||||||||
Total with no allowance recorded | $ | 208,085 | 331,458 | - | 214,677 | 5,332 | |||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,362 | 3,921 | 784 | 3,362 | 137 | |||||||
Commercial real estate | 171,583 | 274,061 | 837 | 167,943 | 5,941 | ||||||||
Consumer | 16,050 | 20,501 | - | 17,887 | 282 | ||||||||
Residential | 48,317 | 77,628 | - | 56,776 | 177 | ||||||||
Total | $ | 239,312 | 376,111 | 1,621 | 245,968 | 6,537 | |||||||
BBX Capital’s individually impaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loans’ effective interest rate were equal to or greater than the carrying value of the loans, or were collectively measured for impairment. | |||||||||||||
BBX Capital monitors impaired collateral dependent loans and performs an impairment analysis on these loans quarterly. Generally, a full appraisal is obtained when a real estate loan is initially evaluated for impairment and an updated full appraisal is obtained within one year from the prior appraisal date, or earlier if management deems it appropriate based on significant changes in market conditions. In instances where a property is in the process of foreclosure, an updated appraisal may be postponed beyond one year, as an appraisal is required on the date of foreclosure; however, such loans remain subject to quarterly impairment analyses and adjustments. Included in total impaired loans as of December 31, 2014 were $13.7 million of collateral dependent loans, of which $9.6 million were measured for impairment using current appraisals and one collateral dependent loan totaling $4.1 million had an appraisal postponed beyond one year pending completion of ongoing renovation on the property collateralizing the loan funded by a surety bond. | |||||||||||||
BBX Capital had no commitments to lend additional funds on impaired loans as of December 31, 2014. | |||||||||||||
Credit Quality Information | |||||||||||||
BBX Capital monitors delinquency trends, net charge-off levels, levels of impaired loans, current loan to value ratios, credit scores and general economic conditions in an effort to assess loan credit quality. BBX Capital assesses commercial loan credit quality through accrual and non-accrual loan classifications. BBX Capital’s commercial loans are generally placed on non-accrual status when the full payment of the loan’s principal and interest is in doubt, which may be due to factors including material deterioration of conditions surrounding the principal source of repayment, insufficient borrower capacity to service the debt, significantly delayed property sales or development schedules, declines in the loan-to-value ratio of the loan’s collateral or delinquencies greater than ninety days. BBX Capital’s accruing commercial loans are generally loans in which BBX Capital’s management believes that it is probable that BBX Capital will collect loan payments in accordance with the contractual or modified contractual terms of the loan. | |||||||||||||
The following table presents the amount of BBX Capital’s accruing and non-accruing commercial loans by loan class as of December 31, 2014 (in thousands): | |||||||||||||
Commercial | |||||||||||||
Non | Commercial | ||||||||||||
Real Estate | Real Estate | ||||||||||||
Accruing | $ | - | 9,725 | ||||||||||
Non-accruing | 1,326 | 14,464 | |||||||||||
Total | $ | 1,326 | 24,189 | ||||||||||
The following table presents the amount of BBX Capital’s accruing and non-accruing commercial loans by loan class as of December 31, 2013 (in thousands): | |||||||||||||
Commercial | |||||||||||||
Non | Commercial | ||||||||||||
Real Estate | Real Estate | ||||||||||||
Accruing | $ | - | 17,397 | ||||||||||
Non-accruing | 3,331 | 45,540 | |||||||||||
Total | $ | 3,331 | 62,937 | ||||||||||
BBX Capital monitors the credit quality of its portfolio of consumer loans based on past due status. BBX Capital’s consumer loans past due 90 days or more are placed on non-accrual. BBX Capital had $2.0 million and $3.0 million of non-accrual consumer loans as of December 31, 2014 and 2013, respectively. | |||||||||||||
Troubled Debt Restructured Loans | |||||||||||||
The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions, principal forgiveness, restructuring amortization schedules, extending loan maturities, deferring loan payments until the loan maturity date and other actions intended to minimize potential losses. The majority of concessions for consumer loans have involved changing monthly payments from interest and principal payments to interest only payments or deferring several monthly loan payments until the loan maturity date. Commercial real estate and non-real estate loan concessions were primarily interest rate reductions to below market interest rates and extensions of maturity dates based on the risk profile of the loan. Residential and small business loan concessions primarily have involved reductions of monthly payments through extensions of the amortization period and/or deferral of monthly payments. | |||||||||||||
Consumer and residential troubled debt restructured loans had no financial statement effect as the affected loans were generally on non-accrual status and measured for impairment before the restructuring. The financial statement effects of commercial and small business troubled debt restructured loans was the establishment of specific valuation allowances, if any, in place of the general allowance for those loans that had not already been placed on nonaccrual status. There was an impact to the allowance for loan losses associated with loans for which concessions were made, as the concessions generally resulted from the expectation of slower future cash flows. | |||||||||||||
There were no troubled debt restructurings during the years ended December 31, 2014 or 2013. Troubled debt restructurings during the year ended December 31, 2012 were as follows (dollars in thousands): | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-12 | |||||||||||||
Recorded | |||||||||||||
Number | Investment | ||||||||||||
Troubled Debt Restructurings | |||||||||||||
Commercial non-real estate | - | $ | - | ||||||||||
Commercial real estate | - | - | |||||||||||
Small business | - | - | |||||||||||
Consumer | 1 | 47 | |||||||||||
Residential | 1 | 62 | |||||||||||
Total Troubled Debt Restructured | 2 | $ | 109 | ||||||||||
There were no loans modified in troubled debt restructurings since January 1, 2012 that experienced a payment default during the years ended December 31, 2014 or 2013. The following table represents the recorded investment of loans that were modified in troubled debt restructurings beginning January 1, 2011 and experienced a payment default during the year ended December 31, 2012 (dollars in thousands): | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-12 | |||||||||||||
Recorded | |||||||||||||
Number | Investment | ||||||||||||
Troubled Debt Restructurings which | |||||||||||||
have subsequently defaulted: | |||||||||||||
Commercial non-real estate | - | $ | - | ||||||||||
Commercial real estate | 6 | 27,377 | |||||||||||
Small business | - | - | |||||||||||
Consumer | - | - | |||||||||||
Residential | 9 | 627 | |||||||||||
Total Troubled Debt Restructured | 15 | $ | 28,004 | ||||||||||
Bluegreens_Notes_Receivable
Bluegreen's Notes Receivable | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Bluegreen's Notes Receivable [Abstract] | |||||
Bluegreen's Notes Receivable | 8. Bluegreen’s Notes Receivable | ||||
The table below sets forth information relating to Bluegreen’s notes receivable and Bluegreen’s allowance for credit losses (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Notes receivable secured by VOIs: | |||||
VOI notes receivable - non-securitized | $ | 162,001 | 127,451 | ||
VOI notes receivable - securitized | 361,930 | 420,848 | |||
Purchase accounting adjustment | -150 | -6,277 | |||
523,781 | 542,022 | ||||
Allowance for credit losses | -102,259 | -90,188 | |||
VOI notes receivable, net | $ | 421,522 | 451,834 | ||
Allowance as a % of VOI notes receivable | 20% | 17% | |||
Notes receivable secured by homesites: | |||||
Homesite notes receivable | $ | 3,052 | 4,139 | ||
Allowance for credit losses | -307 | -404 | |||
Homesite notes receivable, net | $ | 2,745 | 3,735 | ||
Allowance as a % of homesite notes receivable | 10% | 10% | |||
Total notes receivable | |||||
Gross notes receivable | $ | 526,983 | 552,438 | ||
Purchase accounting adjustment | -150 | -6,277 | |||
Allowance for credit losses | -102,566 | -90,592 | |||
Notes receivable, net | $ | 424,267 | 455,569 | ||
Allowance as a % of notes receivable | 19% | 17% | |||
The table above includes notes receivable deemed to have been acquired by BFC, indirectly through Woodbridge, in connection with Woodbridge’s November 2009 acquisition of approximately 7.4 million additional shares of Bluegreen’s Common Stock, which resulted in BFC, indirectly through Woodbridge, holding a controlling interest in Bluegreen. In accordance with applicable accounting guidance, “Loans and Debt Securities Acquired with Deteriorated Credit Quality”, BFC elected to recognize interest income on these notes receivable using the expected cash flows method. BFC treated expected prepayments consistently in determining cash flows expected to be collected, such that the non-accretable difference was not affected and the difference between actual prepayments and expected prepayments will not affect the non-accretable difference. The assumption for prepayment rates was derived from Bluegreen’s historical performance information for its off-balance sheet securitizations and ranges from 4% to 9%. As of December 31, 2014 and 2013, the outstanding contractual unpaid principal balance of the acquired notes was $78.2 million and $112.1 million, respectively. During 2014 and 2013, management revised its assumptions used in the calculation of cash flows expected to be collected on the acquired notes resulting in impairment charges of $1.6 million and $5.7 million, respectively. These impairment charges were recorded as valuation allowances. As of December 31, 2014 and 2013, the carrying amount of the acquired notes, net of valuation allowance of $7.3 million and $5.7 million, respectively, was $70.7 million and $100.1 million, respectively. | |||||
The carrying amount of the acquired notes is included in the amounts of notes receivable in the statements of financial condition at December 31, 2014 and 2013. The following is a reconciliation of accretable yield as of December 31, 2014 and 2013 (in thousands): | |||||
For the Year Ended | |||||
Accretable Yield | December 31, | ||||
2014 | 2013 | ||||
Balance, beginning of period | $ | 31,678 | 54,170 | ||
Accretion | -12,562 | -17,097 | |||
Reclassification to nonaccretable yield | -1,249 | -5,395 | |||
Balance, end of period | $ | 17,867 | 31,678 | ||
The weighted-average interest rate on Bluegreen’s notes receivable was 16.0%, 15.8% and 15.5% at December 31, 2014, 2013 and 2012, respectively. All of Bluegreen’s VOI notes receivable bear interest at fixed rates. The weighted-average interest rate charged on notes receivable secured by VOIs was 16.1% 15.9% and 15.6% as of December 31, 2014, 2013 and 2012, respectively. The majority of Bluegreen’s notes receivable secured by homesites, which were excluded from the sale of Bluegreen Communities to Southstar, bear interest at variable rates. The weighted-average interest rate charged on notes receivable secured by homesites was 7.6%, 7.7% and 7.7% as of December 31, 2014, 2013 and 2012, respectively. | |||||
Bluegreen’s VOI receivables are generally secured by property located in Florida, Louisiana, Nevada, New Jersey, Michigan, Missouri, Pennsylvania, South Carolina, Tennessee, Virginia, Wisconsin, Illinois and Aruba. The majority of Bluegreen’s homesite notes receivable are secured by homesites in Georgia, Texas, and Virginia. | |||||
Future contractual principal payments on Bluegreen’s notes receivables (including homesite notes receivable) during each of the five years subsequent to December 31, 2014 and thereafter are set forth below (in thousands): | |||||
As of December 31, 2014 | |||||
2015 | $ | 81,096 | |||
2016 | 79,342 | ||||
2017 | 74,553 | ||||
2018 | 59,979 | ||||
2019 | 50,640 | ||||
Thereafter | 181,373 | ||||
526,983 | |||||
Allowance for loan losses | -102,566 | ||||
Notes receivable, net of allowance | 424,417 | ||||
Purchase accounting adjustments | -150 | ||||
Total | $ | 424,267 | |||
Credit Quality for Financial Receivables and Allowance for Credit Losses | |||||
Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables. In estimating future credit losses, Bluegreen’s management does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a combination of factors, including a static pool analysis, the aging of the respective receivables, current default trends and prepayment rates by origination year, as well as the FICO® scores of the borrowers at the time of origination. | |||||
The table below sets forth the activity in Bluegreen’s allowance for loan losses (including homesite notes receivable) during the years ended December 31, 2014 and 2013 (in thousands): | |||||
For the Years Ended | |||||
December 31, | |||||
2014 | 2013 | ||||
Balance, beginning of period | $ | 90,592 | 63,374 | ||
Provision for credit losses | 40,164 | 54,309 | |||
Write-offs of uncollectible receivables | -28,190 | -27,091 | |||
Balance, end of period | $ | 102,566 | 90,592 | ||
The following table shows the delinquency status of Bluegreen’s VOI notes receivable as of December 31, 2014 and 2013 (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Current | $ | 500,405 | 523,526 | ||
31-60 days | 6,505 | 7,694 | |||
61-90 days | 5,361 | 5,810 | |||
> 90 days (1) | 11,660 | 11,269 | |||
Purchase accounting adjustments | -150 | -6,277 | |||
Total | $ | 523,781 | 542,022 | ||
-1 | Includes $6.0 million and $5.2 million as of December 31, 2014 and 2013, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. | ||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Variable Interest Entities [Abstract] | |||||
Variable Interest Entities | 9. Variable Interest Entities | ||||
Bluegreen | |||||
Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen, and are designed to provide liquidity for Bluegreen and transfer the economic risks and certain of the benefits of the notes receivable to third-parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. | |||||
With each securitization, Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of December 31, 2014, Bluegreen was in compliance with all applicable terms under its securitization transactions, and no trigger events had occurred. | |||||
In accordance with applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a variable interest entity. Bluegreen’s analysis includes both quantitative and qualitative reviews. Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity, and bases its qualitative analysis on the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. Bluegreen also uses qualitative analysis to determine if Bluegreen must consolidate a variable interest entity as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is the primary beneficiary and, therefore, consolidates the entities into its financial statements. As previously described, BFC consolidates Bluegreen and its consolidated subsidiaries and VIEs into BFC’s financial statements. | |||||
Under the terms of certain of Bluegreen’s timeshare note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted mortgage notes receivable for new notes receivable at the outstanding principal balance plus accrued interest or, in certain facilities, at 24% of the original sale price associated with the VOI which collateralizes the defaulted mortgage notes receivable. Voluntary repurchases and substitutions by Bluegreen of defaulted notes receivable during 2014, 2013 and 2012 were $4.9 million, $6.7 million and $11.2 million, respectively. Bluegreen’s maximum exposure to loss relating to its non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the associated notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. | |||||
Information related to the assets and liabilities of the consolidated VIEs of Bluegreen included in the consolidated statements of financial condition is set forth below (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Restricted cash | $ | 31,554 | $ | 36,263 | |
Securitized notes receivable, net | 293,950 | 342,078 | |||
Receivable backed notes payable - non-recourse | 320,275 | 368,759 | |||
Receivable backed notes payable - recourse | - | 5,899 | |||
The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. | |||||
BBX Capital | |||||
FAR | |||||
In consideration for BB&T assuming BBX Capital’s $285.4 million in principal amount of TruPS, BB&T received from BBX Capital at the closing of the BB&T Transaction a 95% preferred membership interest in the net cash flows of FAR until such time as it has recovered $285 million in preference amount plus a priority return of LIBOR + 2.00% per annum. At that time, BB&T’s interest in FAR will terminate, and BBX Capital, which initially holds a 5% preferred membership interest in the net cash flows of FAR, will thereafter own 100% of FAR. FAR’s assets are expected to be monetized over a period of seven years, or longer provided BB&T’s preference amount is repaid within such seven year period. BBX Capital provided BB&T with an incremental $35 million guarantee to further assure BB&T’s recovery of the $285 million preference amount within seven years. At December 31, 2014, BB&T’s preferred interest in FAR had been reduced to approximately $12.3 million. | |||||
BBX Capital’s variable interests in FAR include its 5% preferred membership interest in the cash flows of FAR, rights to 100% ownership of FAR and the incremental $35 million guarantee in favor of BB&T. BBX Capital also services approximately $17.6 million of FAR’s commercial loans, and has a right of first refusal to acquire certain FAR commercial loans. It can also purchase certain commercial loans on a basis established in FAR’s amended and restated limited liability company operating agreement. | |||||
BBX Capital determined that it was the primary beneficiary of FAR and therefore should consolidate FAR in its financial statements. This conclusion was based primarily on the determination that BBX Capital has the right to receive any appreciation of the assets of FAR through its rights to the residual cash flows of FAR and has the obligation to absorb losses as well as its obligations under the incremental $35 million guarantee to BB&T assuring the repayment of BB&T’s preferred interest in FAR. Also contributing to BBX Capital’s determination that it was the primary beneficiary of FAR was its ability to direct the activities relating to the commercial loans that it services, its ability to purchase certain commercial loans and its right of first refusal in connection with the disposition of certain commercial loans. | |||||
BB&T’s preferred equity interest in FAR only entitles it to a $285 million preference amount plus the related priority return. Pursuant to the amended and restated limited liability company operating agreement, FAR is required to make quarterly distributions, or more frequent distributions as approved by FAR’s Board of Managers, of excess cash flows from its operations and the orderly disposition of its assets to redeem the preferred membership interests in FAR. As such, the Class A units, which represent the preferred interest in FAR, are considered mandatorily redeemable and are reflected as debt obligations in the consolidated statements of financial condition and the priority return is considered interest expense in the consolidated statements of operations. | |||||
The activities of FAR are governed by the amended and restated limited liability company operating agreement, which grants the Board of Managers management authority over FAR. The Board of Managers has four members, two members elected by BBX Capital and two members elected by BB&T. Any action on matters before the Board of Managers requires the approval of at least three of the members. The members designated by BB&T will resign from the Board of Managers upon the full redemption of its preferred interest in FAR. | |||||
The carrying amount of the assets and liabilities of FAR and the classification of these assets and liabilities in BFC’s consolidated statements of financial condition was as follows (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Cash and interest bearing deposits in banks | $ | 4,976 | 8,388 | ||
Loans held-for-sale | 35,423 | 53,846 | |||
Loans receivable, net | 18,972 | 56,170 | |||
Real estate held-for-investment | 18,340 | 15,509 | |||
Real estate held-for-sale | 13,745 | 23,664 | |||
Properties and equipment, net | 8,350 | 7,899 | |||
Other assets | 638 | 2,413 | |||
Total assets | $ | 100,444 | 167,889 | ||
BB&T preferred interest in FAR, LLC | $ | 12,348 | 68,517 | ||
Other liabilities | 12,486 | 12,343 | |||
Total liabilities | $ | 24,834 | 80,860 | ||
Until BB&T’s preference amount is repaid, the proceeds from the monetization of FAR’s assets are restricted to payments of expenses, including the priority return and estimated working capital requirements of FAR, and the repayment of FAR’s preferred membership interests. FAR currently anticipates making distributions at least quarterly. As the holder of 5% of the preferred interests, BBX Capital will receive 5% of such distributions. FAR finances its activities through revenues from principal and interest payments received and the monetization of its assets. | |||||
BBX Capital’s maximum loss exposure in FAR if all of FAR’s assets were deemed worthless would have been $88 million as of December 31, 2014, including the incremental guarantee in favor of BB&T for the repayment of the $12.3 million balance of its preferred membership interest. | |||||
JRG / BBX Development, LLC (“North Flagler”) | |||||
In October 2013, an indirect wholly-owned subsidiary of BBX Capital entered into the North Flagler joint venture with JRG USA and in connection with the formation of the joint venture JRG USA assigned to the joint venture a contract to purchase for $10.8 million a 4.5 acre real estate parcel overlooking the Intracoastal Waterway in West Palm Beach, Florida and BBX Capital invested $0.5 million of cash. This joint venture is seeking to expand land entitlements and is currently working to amend the current zoning designation and increase the parcel’s residential height restrictions with a view to increasing the value of the parcel. BBX Capital is entitled to receive 80% of any joint venture distributions until BBX Capital recovers its capital investment and then will be entitled to receive 70% of any joint venture distributions thereafter. BBX Capital’s indirect wholly-owned subsidiary is the managing member and has control of all aspects of the operations of the joint venture. | |||||
BBX Capital analyzed North Flagler’s operating agreement and determined that BBX Capital is the primary beneficiary of this joint venture and therefore should consolidate North Flagler in its financial statements. This conclusion was based primarily on the determination that BBX Capital absorbs 80% of the losses, is entitled to 70% of the profits and controls all aspects of North Flagler’s operations. | |||||
The carrying amount of the assets and liabilities of North Flagler and the classification of these assets and liabilities in the statement of financial condition was as follows (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Cash and interest bearing deposits in banks | $ | 17 | 298 | ||
Real estate held-for-investment | 816 | 327 | |||
Other assets | 379 | - | |||
Total assets | $ | 1,212 | 625 | ||
Other liabilities | $ | 116 | 12 | ||
Noncontrolling interest | $ | 132 | 135 | ||
BBX Capital’s maximum loss exposure in North Flagler if all of the North Flagler’s assets were deemed worthless would have been $964,000 as of December 31, 2014. | |||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Investments in Unconsolidated Real Estate Joint Ventures [Abstract] | |||||
Investments in Unconsolidated Real Estate Joint Ventures | 10. Investments in Unconsolidated Real Estate Joint Ventures | ||||
BBX Capital had the following investments in unconsolidated real estate joint ventures (in thousands): | |||||
December 31, | |||||
2014 | 2013 | ||||
Altis at Kendall Square, LLC | $ | 1,264 | 1,300 | ||
Altis at Lakeline - Austin Investors LLC | 5,000 | - | |||
New Urban/BBX Development, LLC | 996 | 54 | |||
Sunrise and Bayview Partners, LLC | 1,723 | - | |||
Hialeah Communities, LLC | 5,091 | - | |||
PGA Design Center Holdings, LLC | 1,991 | - | |||
Investments in unconsolidated real estate joint ventures | $ | 16,065 | 1,354 | ||
Altis at Kendall Square, LLC (“Kendall Commons”) | |||||
In March 2013, BBX Capital invested $1.3 million in a joint venture to develop 321 apartment units. BBX Capital is entitled to receive 13% of the joint venture distributions until a 15% internal rate of return has been attained and then BBX Capital will be entitled to receive 9.75% of any joint venture distributions thereafter. | |||||
BBX Capital analyzed the amended and restated operating agreement of Kendall Commons and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that BBX Capital only has limited protective rights under the operating agreement, is not the manager of the joint venture and the manager of the joint venture is entitled to 83% of the joint venture’s distributions. | |||||
Altis at Lakeline – Austin Investors, LLC | |||||
In December 2014, BBX Capital invested $5.0 million in a joint venture to develop 354 apartment units in Austin, Texas. BBX Capital contributed 34% of the capital to the joint venture. After BBX Capital receives a preferred return of 9% and all of its capital is returned, BBX Capital is then entitled to receive 26.3% of the joint venture’s distributions until an 18% internal rate of return has been attained and thereafter BBX Capital will be entitled to receive 18.8% of any joint venture distributions. | |||||
BBX Capital analyzed the amended and restated operating agreement of Altis at Lakeline and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based on the determination that the joint venture has four members and the approval of an issue requires three of the four members to agree. Also, BBX Capital is not the managing member or the developer and the managing member guarantees the indebtedness of the joint venture. | |||||
New Urban/BBX Development, LLC (“Village at Victoria Park”) | |||||
In December 2013, BBX Capital entered into a joint venture agreement with New Urban Communities to develop 2 acres of vacant land owned by BBX Capital located near downtown Fort Lauderdale, Florida as 30 single-family homes. BBX Capital and New Urban Communities each have a 50% membership interest in the joint venture and New Urban Communities serves as the developer and the manager. | |||||
In April 2014, the joint venture obtained an acquisition, development and construction loan from a financial institution and BBX Capital and New Urban Communities each contributed $692,000 to the joint venture as a capital contribution. The joint venture purchased the two acre site from BBX Capital for $3.6 million consisting of $1.8 million in cash (less $0.2 million in selling expenses) and a $1.6 million promissory note. The promissory note bears interest at 8% per annum and is subordinated to the financial institution acquisition, development and construction loan. BBX Capital recognized a partial gain included in net gains on the sales of assets in the statement of operations of $188,000 for the year ended December 31, 2014 and recorded a deferred gain of $1.1 million included in other liabilities in the statement of financial condition as of December 31, 2014 on the sale of the vacant land to the joint venture. The sale of appreciated property to the joint venture resulted in a joint venture basis difference as BBX Capital’s carrying value of the land was $1.1 million lower than the fair value. BBX Capital accounted for the sale of the vacant land to the joint venture using the cost recovery method. BBX Capital will recognize the deferred gain based on the repayments of the principal balance of the notes receivable. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. | |||||
BBX Capital analyzed the Village at Victoria Park’s operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture was accounted for under the equity method of accounting. This conclusion was based primarily on the determination that New Urban Communities has the power to direct activities of the joint venture that most significantly affect the joint venture’s performance as it is the developer and manager of the project. Additionally, New Urban Communities also receives significant benefits from the joint venture in excess of its 50% membership interest in the form of development and administrative fees. | |||||
Sunrise and Bayview Partners | |||||
In June 2014, BBX Capital entered into a joint venture agreement with an affiliate of Procacci Development Corporation (“PDC”) and BBX Capital and PDC each contributed $1.8 million to the Sunrise and Bayview Partners joint venture. BBX Capital and PDC each have a 50% interest in the joint venture. In July 2014, the joint venture borrowed $5.0 million from PDC and acquired for $8.0 million three acres of real estate in Fort Lauderdale, Florida from an unrelated third party. The property is improved with an approximate 84,000 square foot office building along with a convenience store and gas station. The joint venture refinanced the PDC borrowings with a financial institution and BBX Capital provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s $5.0 million loan. | |||||
BBX Capital analyzed the Sunrise and Bayview Partners operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture was accounted for under the equity method of accounting. This conclusion was based primarily on the determination that PDC has the power to direct activities of the joint venture that most significantly affect the joint venture’s performance as it is managing the property, including locating tenants, executing leases, collecting rent payments and conducting development activities. Additionally, PDC also receives significant benefits from the joint venture in excess of its 50% membership interest in the form of development and property management fees. | |||||
PGA Design Center Holdings, LLC (“PGA Design Center”) | |||||
In December 2013, BBX Capital purchased for $6.1 million a commercial property with three existing buildings consisting of 145,000 square feet of mainly furniture retail space. In January 2014, BBX Capital entered into a joint venture with Stiles Development, and in connection with the formation of the joint venture, BBX Capital sold the commercial property to the joint venture in exchange for $2.9 million in cash and a 40% interest in the joint venture. The joint venture intends to seek governmental approvals to change the use of a portion of the property from retail to office and subsequently sell or lease the property. The property contributed to the joint venture excluded certain residential development entitlements with an estimated value of $1.2 million which were transferred to adjacent parcels owned by BBX Capital. | |||||
BBX Capital analyzed the PGA Design Center’s operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture was accounted for under the equity method of accounting. This conclusion was based primarily on the determination that Stiles Development has a 60% interest in the joint venture and is also the managing member. As such, Stiles Development is the joint venture member that has the majority of the power to direct the activities of the joint venture that most significantly impact its economic performance and through its 60% membership interest has the obligation to absorb the majority of the losses and the right to receive the majority of the benefits of the joint venture. | |||||
Hialeah Communities, LLC | |||||
In July 2014, BBX Capital entered into a joint venture agreement with CC Bonterra to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah, Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. In exchange, BBX Capital received $2.2 million in cash and a joint venture interest with an agreed upon assigned initial capital contribution value of $4.9 million. BBX Capital is entitled to receive 57% of the joint venture distributions until it receives its aggregate capital contributions plus a 9% per annum return on capital. Any distributions thereafter are shared 45% by BBX Capital and 55% by CC Bonterra. BBX Capital contributes 57% of the capital and remained liable as a co-borrower on the $8.3 million mortgage that was assumed by the joint venture. The transfer of the land to the joint venture as an initial capital contribution resulted in a deferred gain of $1.6 million included in other liabilities in the statement of financial condition as of December 31, 2014 and a joint venture adjustment of $2.1 million. BBX Capital determined that transfer of the land to the joint venture should be accounted for on the cost recovery method. The deferred gain of $1.6 million will be recognized upon the repayment of the principal balance of the $8.3 million mortgage. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. In March 2015, the joint venture refinanced the $8.3 million mortgage loan with proceeds from a $31.0 million acquisition and development loan. BBX Capital is a guarantor for 26.3% of the joint venture’s $31.0 million acquisition and development loan. | |||||
BBX Capital analyzed the Hialeah Communities operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture was accounted for under the equity method of accounting. This conclusion was based primarily on the determination that CC Bonterra as the managing member and developer of the homes has the power to direct activities of the joint venture that most significantly affect the joint venture’s performance. Additionally, CC Bonterra also receives significant benefits from the joint venture in excess of its 43% membership interest in the form of development and administrative fees as well as 55% of joint venture profits. | |||||
In September 2014, BBX Capital contributed additional capital to the joint venture of $1.8 million with CC Bonterra contributing $1.4 million. The additional capital contributions funded the joint venture purchase of property adjacent to the project for $0.9 million. The joint venture advanced $2.3 million to a wholly-owned subsidiary of BBX Capital and the wholly-owned subsidiary of BBX Capital used the funds received from the joint venture to purchase $2.3 million of additional property adjacent to the project. BBX Capital will repay the joint venture advance upon the sale of the property. | |||||
The condensed statements of financial condition as of December 31, 2014 and 2013, and the condensed statements of operations for the year ended December 31, 2014 and 2013 for the above equity method joint ventures in the aggregate was as follows (in thousands): | |||||
December 31, | December 31, | ||||
2014 | 2013 | ||||
Assets | |||||
Cash | $ | 1,375 | 172 | ||
Real estate inventory | 75,395 | 23,321 | |||
Properties and equipment | 3,996 | - | |||
Other assets | 4,423 | 557 | |||
Total assets | $ | 85,189 | 24,050 | ||
Liabilities and Equity | |||||
Notes payable | $ | 34,951 | 16,057 | ||
Other liabilities | 9,333 | 1,571 | |||
Total liabilities | 44,284 | 17,628 | |||
Total equity | 40,905 | 6,422 | |||
Total liabilities and equity | $ | 85,189 | 24,050 | ||
For the Years Ended | |||||
December 31, | |||||
2014 | 2013 | ||||
Total revenues | $ | 635 | - | ||
Total costs and expenses | -1,841 | - | |||
Net loss | $ | -1,206 | - | ||
Inventory
Inventory | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventory [Abstract] | |||||
Inventory | 11. Inventory | ||||
Inventory consisted of the following (in thousands): | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Completed VOI units | $ | 166,332 | 187,592 | ||
Construction-in-progress | 2,103 | - | |||
Real estate held for future development | 83,560 | 83,540 | |||
Land and facilities held for sale | 675 | 586 | |||
Other inventory | 14,505 | 9,155 | |||
Purchase accounting adjustment | -57,282 | -66,876 | |||
Total | $ | 209,893 | 213,997 | ||
The Company’s inventory is primarily comprised of Bluegreen’s completed VOIs, Bluegreen’s VOIs under construction and land held by Bluegreen for future vacation ownership development. Bluegreen reviews real estate held for future vacation ownership development for impairment under applicable accounting guidelines, which require that such properties be reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. No impairment charges were recorded with respect to the inventory held by Bluegreen Vacations, the operating segment which comprises all of Bluegreen’s continuing operations, during the years ended December 31, 2014 or 2013. | |||||
Interest capitalized to VOI inventory during the years ended December 31, 2014 and 2013 was insignificant. The interest expense reflected in the Company’s consolidated statements of operations is net of capitalized interest. | |||||
Other inventory consisted of $8.6 million for Renin and $5.9 million for BBX Sweet Holdings as of December 31, 2014, respectively. Other inventory consisted of $8.4 million for Renin and $0.8 million for BBX Sweet Holdings as of December 31, 2013, respectively. Shipping and handling fees billed to the customers are recorded as trade sales and shipping and handling fees paid by BBX Capital were recorded in selling, general and administrative expenses. Included in the statement of operations as selling, general, and administrative expenses for the years ended December 31, 2014 and 2013 were $6.7 million and $1.0 million, respectively, of costs associated with shipping goods to customers. | |||||
Real_Estate_HeldForSale_and_Re
Real Estate Held-For-Sale and Real Estate Held-For-Investment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Held-For-Sale and Real Estate Held-For-Investment [Abstract] | |||||||||
Real Estate Held-For-Sale and Real Estate Held-For-Investment | 12. Real Estate Held-For-Sale and Real Estate Held-For-Investment | ||||||||
Substantially all of BBX Capital’s real estate has been acquired through foreclosure. Upon acquisition by BBX Capital, real estate is classified as real estate held-for-sale or real estate held-for investment. Real estate is classified as held-for-sale when the property is available for immediate sale in its present condition, BBX Capital’s management commits to a plan to sell the property, an active program to locate a buyer has been initiated, the property is being marketed at a price that is reasonable in relation to its current fair value and it is likely that a sale will be completed within one year. When the property does not meet the real estate held-for-sale criteria, the real estate is classified as held-for-investment. | |||||||||
The following table presents real estate held-for-sale grouped in the following classifications (in thousands): | |||||||||
As of December 31, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 33,505 | 18,268 | ||||||
Rental properties | 1,748 | 6,168 | |||||||
Residential single-family | 4,385 | 6,447 | |||||||
Other | 2,095 | 3,088 | |||||||
Total held-for-sale | $ | 41,733 | 33,971 | ||||||
The following table presents real estate held-for-investment grouped in the following classifications (in thousands): | |||||||||
As of December 31, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 60,356 | 79,656 | ||||||
Rental properties | 14,445 | 26,891 | |||||||
Other | 789 | 789 | |||||||
Total held-for-investment | $ | 75,590 | 107,336 | ||||||
The following table presents the activity in real estate held-for-sale and held-for-investment for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||
For the Years Ended | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Real Estate | Real Estate | ||||||||
Held-for-Sale | Held-for-Investment | Held-for-Sale | Held-for-Investment | ||||||
Beginning of period | $ | 33,971 | 107,336 | 45,637 | 37,413 | ||||
Acquired through foreclosure | 5,300 | 16,100 | 18,978 | 63,199 | |||||
Transfers | 28,018 | -28,018 | - | - | |||||
Purchases | 2,313 | 1,977 | - | 6,063 | |||||
Improvements | - | 2,831 | - | 575 | |||||
Accumulated depreciation | - | -431 | - | - | |||||
Sales | -26,973 | -16,200 | -26,751 | -465 | |||||
Impairments | -896 | -8,005 | -3,893 | 551 | |||||
End of Period | $ | 41,733 | 75,590 | 33,971 | 107,336 | ||||
The following table presents the real estate held-for-sale valuation allowance activity for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning of period | $ | 4,818 | 3,729 | ||||||
Impairments | 896 | 3,893 | |||||||
Sales | -2,774 | -2,804 | |||||||
End of period | $ | 2,940 | 4,818 | ||||||
Real estate losses included in the statement of operations were as follows (in thousands): | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Real estate acquired in settlement of | |||||||||
loans and tax certificates: | |||||||||
Income from real estate operations | $ | 5,516 | 4,161 | 4,187 | |||||
Real estate operating expenses | -6,296 | -5,807 | -5,896 | ||||||
Impairment of real estate | -8,901 | -3,342 | -9,078 | ||||||
Net gains on the sales of assets | 4,677 | 4,155 | 788 | ||||||
Net real estate losses | $ | -5,004 | -833 | -9,999 | |||||
Properties_And_Equipment
Properties And Equipment | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Properties And Equipment | ||||||
13. Properties and equipment | ||||||
Properties and equipment was comprised of (in thousands): | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
Land, building and building improvements | $ | 67,112 | 57,648 | |||
Leasehold improvements | 8,410 | 8,002 | ||||
Office equipment, furniture and fixtures | 53,501 | 45,147 | ||||
Transportation and equipment | 423 | 1,443 | ||||
129,446 | 112,240 | |||||
Accumulated depreciation | -39,433 | -34,132 | ||||
Property and equipment, net | $ | 90,013 | 78,108 | |||
Included in selling, general and administrative expense in the Company’s consolidated statements of operations was approximately $10.6 million, $7.4 million and $6.7 million of depreciation expense for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
During the year ended December 31, 2014, land and buildings with a carrying value of $2.1 million were pledged as collateral for the $1.6 million Centennial Bank loan. During the year ended December 31, 2013, BBX Capital sold a public storage operating facility with a carrying value of $4.9 million for a $1.0 million gain. | ||||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill And Intangible Assets [Abstract] | |||||||
Goodwill And Intangible Assets | 14. Goodwill and Intangible Assets | ||||||
Included in the consolidated statement of financial condition as of December 31, 2014 was $7.4 million of goodwill. Goodwill was recognized in connection with the acquisitions by BBX Sweet Holdings during 2014 and is part of the Sweet Holdings reportable segment. There was no goodwill as of December 31, 2013. | |||||||
The change in the carrying amount of goodwill by reportable segment was as follows (in thousands): | |||||||
Sweet Holdings | BBX | ||||||
Segment | Segment | Total | |||||
Balance at January 1, 2012 | $ | - | 12,241 | 12,241 | |||
Impairment | - | - | - | ||||
Sale of BankAtlantic to BB&T | - | -12,241 | -12,241 | ||||
Balance at December 31, 2012 | - | - | - | ||||
Impairment | - | - | - | ||||
Balance at December 31, 2013 | - | - | - | ||||
Increase in Goodwill from acquisitions | 7,377 | - | 7,377 | ||||
Impairment | - | - | - | ||||
Balance at December 31, 2014 | $ | 7,377 | - | 7,377 | |||
BBX Capital tests goodwill for potential impairment annually or during interim periods if impairment indicators exist. The process of evaluating goodwill for impairment involves the determination of the fair value of BBX Capital’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including BBX Capital’s interpretation of current economic indicators and market valuations, and assumptions about BBX Capital’s strategic plans with regard to its operations. | |||||||
Fair value is generally established using the discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. BBX Capital generally used a five year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the forecast of future cash flows. | |||||||
Goodwill and major classes of intangible assets are as follows (in thousands): | |||||||
December 31, | |||||||
Class | 2014 | 2013 | |||||
Intangible Assets: | |||||||
Management contracts | $ | 63,000 | 63,000 | ||||
Trademarks | 5,715 | 2,551 | |||||
Customer relationships | 2,631 | 70 | |||||
Non-competition agreements | 156 | 66 | |||||
Lease premium | 2,301 | 2,057 | |||||
Other | 90 | - | |||||
$ | 73,893 | 67,744 | |||||
Accumulated Amortization | -1,540 | -916 | |||||
Total Intangible Assets | $ | 72,353 | 66,828 | ||||
Goodwill | 7,377 | - | |||||
Total Goodwill and Intangible Assets | $ | 79,730 | 66,828 | ||||
The amortization expense of intangible assets included in selling general and administrative expenses for the year ended December 31, 2014, 2013 and 2012 was $624,000, $228,000 and $229,000, respectively. | |||||||
The estimated aggregate amortization expense of intangible assets for each of the five succeeding years is as follows: | |||||||
Years ending December 31, | |||||||
2015 | $ | 858 | |||||
2016 | 858 | ||||||
2017 | 812 | ||||||
2018 | 794 | ||||||
2019 | 784 | ||||||
The lease premiums are amortized using the straight-line method over the remaining useful lives of 6 to 9 years. Trademarks, customer relationships and non-competition agreements are amortized using the straight-line method over their expected useful lives of 4 years to 20 years. | |||||||
Included in other liabilities was a $389,000 lease discount intangible liability associated with the Anastasia acquisition. The lease discount is amortized using the straight-line method over the lease term of five years. | |||||||
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt [Abstract] | |||||||||||||
Debt | 15. Debt | ||||||||||||
Contractual minimum principal payments of debt outstanding, net of unamortized discount for each of the five years in the period ending December 31, 2019 and thereafter are as follows (in thousands): | |||||||||||||
Notes and | Recourse | Non-recourse | Junior | ||||||||||
Mortgage Notes Payable | Receivable Backed | Receivable Backed | Subordinated | ||||||||||
and Lines of Credit | Notes Payable | Notes Payable | Debentures | Total | |||||||||
2015 | $ | 27,691 | - | - | - | 27,691 | |||||||
2016 | 10,266 | 4,358 | - | - | 14,624 | ||||||||
2017 | 8,762 | 4,359 | - | - | 13,121 | ||||||||
2018 | 20,834 | 42,447 | 42,817 | - | 106,098 | ||||||||
2019 | 29,574 | 27,889 | 18,008 | - | 75,471 | ||||||||
Thereafter | 10,857 | 13,076 | 259,450 | 195,879 | 479,262 | ||||||||
107,984 | 92,129 | 320,275 | 195,879 | 716,267 | |||||||||
Purchase Accounting | - | - | - | -45,841 | -45,841 | ||||||||
Total Debt | $ | 107,984 | 92,129 | 320,275 | 150,038 | 670,426 | |||||||
The minimum contractual payments set forth in the table above may differ from actual payments due to timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. | |||||||||||||
Notes and Mortgage Notes Payable and Other Borrowings | |||||||||||||
The table below sets forth the balances of the lines-of-credit and notes payable facilities of Bluegreen (other than receivable-backed notes payable) and notes payable of BBX Capital as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Carrying | Carrying | ||||||||||||
Amount of | Amount of | ||||||||||||
Debt | Interest | Pledged | Debt | Interest | Pledged | ||||||||
Balance | Rate | Assets | Balance | Rate | Assets | ||||||||
Bluegreen: | |||||||||||||
2013 Notes Payable | $ | 64,500 | 8.05% | $ | 43,903 | $ | 70,500 | 8.05% | $ | 51,844 | |||
Foundation Capital | 7,010 | 8.00% | 10,596 | 7,234 | 8.00% | 10,596 | |||||||
Capital Source Term Loan | 2,945 | 5.91% | 11,882 | 4,208 | 5.92% | 11,615 | |||||||
Fifth Third Bank Note | 4,817 | 3.25% | 4,206 | 2,474 | 3.17% | 4,206 | |||||||
NBA Line of Credit | 789 | 5.50% | 7,601 | 9,544 | 5.50% | 15,437 | |||||||
Fifth Third Syndicated LOC | 10,000 | 3.01% | 52,453 | - | - | - | |||||||
Other | - | - | - | 151 | 5.00% | 1,597 | |||||||
90,061 | 130,641 | 94,111 | 95,295 | ||||||||||
Less purchase accounting | |||||||||||||
adjustments | - | - | -171 | - | |||||||||
Total Bluegreen | $ | 90,061 | $ | 130,641 | $ | 93,940 | $ | 95,295 | |||||
BBX Capital: | |||||||||||||
Promissory note (1) | - | - | 8,579 | Prime + 1.0% | 19,570 | ||||||||
Wells Fargo Capital Finance | 8,028 | -2 | 23,661 | - | - | - | |||||||
Anastasia Note | 7,214 | 5.00% | - | - | - | - | |||||||
Centennial Bank | 1,645 | 5.25% | 2,145 | - | - | - | |||||||
Other | 1,036 | various | - | 455 | - | - | |||||||
Total BBX Capital | $ | 17,923 | $ | 25,806 | $ | 9,034 | $ | 19,570 | |||||
Total Notes Payable | $ | 107,984 | $ | 156,447 | $ | 102,974 | $ | 114,865 | |||||
-1 | The promissory note bears interest at Prime Rate (as published in the Wall Street Journal) plus 1.00%. | ||||||||||||
-2 | The term loan and revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the credit agreement at various rates from 0.5% to 3.25% per annum. | ||||||||||||
Bluegreen | |||||||||||||
Bluegreen has outstanding borrowings with various financial institutions and other lenders, which have been used to finance the acquisition and development of Bluegreen’s inventory and to fund Bluegreen’s operations. New debt issuances and significant changes related to Bluegreen’s lines-of-credit and notes payable facilities (other than receivable-backed notes payable) during the year ended December 31, 2014 include: | |||||||||||||
2013 Notes Payable. In March 2013, Bluegreen issued $75.0 million of senior secured notes (the “2013 Notes Payable”) in a private financing transaction. The 2013 Notes Payable are secured by certain of Bluegreen’s assets, including primarily the cash flows from the residual interests relating to Bluegreen’s term securitizations and Bluegreen’s VOI inventory in the BG Club 36 resort in Las Vegas, Nevada. Pursuant to the terms of the 2013 Notes Payable, Bluegreen is required to periodically pledge reacquired VOI inventory in the BG Club 36 resort. Bluegreen may also pledge additional residual interests from its future term securitizations. The 2013 Notes Payable initially accrued interest at a fixed rate of 8.8%. During April 2013, the interest rate on the 2013 Notes Payable prospectively decreased to a fixed rate of 8.05% based on a final rating obtained from a rating agency pursuant to the terms of the instruments governing the 2013 Notes Payable. The 2013 Notes Payable mature in March 2020, with certain required amortization during the seven-year term. The terms of the 2013 Notes Payable include certain covenants and events of default, which Bluegreen’s management considers to be customary for transactions of this type. The proceeds from the 2013 Notes Payable were used to fund a portion of the merger consideration paid to former shareholders of Bluegreen in connection with the consummation of the Bluegreen merger during April 2013. | |||||||||||||
Foundation Capital. In 2010, Bluegreen acquired a 109-acre development parcel, located in close proximity to the existing Wilderness Club at Big Cedar. A portion of the acquisition was financed with a note payable to Foundation Capital Resources, Inc. (“Foundation Capital”), totaling $13.2 million. The note payable to Foundation Capital matures in October 2015, subject to a two-year extension provision under certain conditions, and bears interest at a rate of 8%. Repayments of the note are based upon release payments from sales of VOIs located on the underlying property that serve as collateral for the note payable, subject to minimum payments stipulated in the agreement. The note was repaid in full in February 2015. | |||||||||||||
CapitalSource Term Loan. In November 2012, Bluegreen entered into a $5.0 million non-revolving term loan with CapitalSource Bank secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort (the “CapitalSource Term Loan”). In July 2013, the CapitalSource Term Loan was amended to increase its then outstanding balance from $2.9 million to $4.5 million, extend the maturity date from November 2015 to July 2016, and reduce the interest rate from 30-day LIBOR plus 6.75% to 30-day LIBOR plus 5.75% (5.91% as of December 31, 2014). Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Bluegreen Odyssey Dells Resort that serve as collateral for the CapitalSource Term Loan, subject to mandatory principal reductions pursuant to the terms of the agreement. The CapitalSource Term Loan is cross-collateralized with the CapitalSource Facility described below under “Receivable-Backed Notes Payable.” | |||||||||||||
Fifth Third Bank Note Payable. In April 2008, Bluegreen entered into a note payable with Fifth Third Bank to finance an acquisition of real estate. In August 2014, the Fifth Third Bank Note Payable was amended to increase its then outstanding balance from $2.3 million to $4.9 million, and change the maturity date from April 2023 to August 2021. Principal and interest on amounts outstanding under the Fifth Third Bank Note Payable are payable monthly through maturity. The interest rate under the note equals the 30-day LIBOR plus 3.00% (3.25% as of December 31, 2014). | |||||||||||||
NBA Line of Credit. In December 2013, Bluegreen/Big Cedar Vacations entered into a $10.0 million revolving line of credit with National Bank of Arizona (“NBA”) secured by timeshare inventory at the Paradise Point resort (the “NBA Line of Credit”). Amounts outstanding under the line of credit bear interest at a rate equal to 30-day LIBOR plus 4.5%, subject to an interest rate floor of 5.5%, and mature in December 2018. Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Paradise Point resort that serve as collateral for the NBA Line of Credit, subject to mandatory principal reductions pursuant to the terms of the agreement. The NBA Line of Credit is cross-collateralized with the NBA Facility described below under “Receivable-Backed Notes Payable.” The proceeds were used to fund operations. The interest rate under the note equals 5.5% as of December 31, 2014. | |||||||||||||
Fifth Third Syndicated Line-of-Credit. In November 2014, Bluegreen entered into a $25.0 million revolving credit facility with Fifth Third Bank as administrative agent and lead arranger and Fifth Third Bank, Bank of America, N. A. and Branch Banking and Trust Company as initial lenders. The facility is secured by certain of Bluegreen’s sales centers, certain VOI inventory and specified non-consumer receivables and is guaranteed by certain of Bluegreen’s subsidiaries. Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% (with other borrower elections). The facility matures in November 2016 subject to an annual clean up provision. The facility contains covenants and conditions which Bluegreen considers to be customary for transactions of this type. Borrowings are used by Bluegreen for general corporate purposes. The interest rate under the note was 3.01% as of December 31, 2014 and $10.0 million was outstanding. | |||||||||||||
BBX Capital | |||||||||||||
As described in further detail in Note 1, during April 2013, BBX Capital issued an $11.75 million promissory note in favor of Woodbridge. Because this promissory note is a transaction between two of BFC’s consolidated entities, it has been eliminated in consolidation and is therefore not reflected in the above table. | |||||||||||||
Effective December 31, 2012, CAM acquired a third party’s 32.2% participant interest in a non-performing commercial real estate loan held by CAM for $9.0 million payable pursuant to a promissory note. The note had an effective date of December 31, 2012 and matures on February 1, 2020. The note bears interest at the Prime Rate (as published in the Wall Street Journal) plus 1.00% per annum and was payable monthly. The note was payable interest only for the first year and commencing on January 1, 2014 and continuing each succeeding month, CAM was required to make $27,000 of monthly principal payments. CAM completed the foreclosure on the underlying property of the non-performing commercial loan in November 2013 and the $9.0 million note was secured by a mortgage on the property. The note may be prepaid in whole or in part without a prepayment fee. BBX Capital provided the participant a $4.5 million unconditional limited guaranty to further support the repayment of the note. The note was recorded at a $0.5 million discount as the fair value of the participant’s interest in the collateral had a fair value less cost to sell of $8.5 million. The $30.7 million property was included in real estate held-for-investment in the consolidated statement of financial condition as of December 31, 2013. The promissory note outstanding balance, net of the discount, was $8.6 million as of December 31, 2013. In July 2014, BBX Capital entered into a joint venture with CC Bonterra, contributed the property to the joint venture and the joint venture assumed the note. CAM remained liable as a co-borrower on the note with the joint venture. In March 2015, the joint venture refinanced the note into a $31 million acquisition and development loan. BBX Capital is a guarantor for 26.3% of the joint venture’s $31 million acquisition and development loan. | |||||||||||||
On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18 million or, if lesser, the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Upon execution of the WF Credit Agreement and funding of the term loan, Wells Fargo also made loans to Renin in the aggregate amount of approximately $6.5 million under the revolving advance facility. | |||||||||||||
Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000. The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019. | |||||||||||||
Under the terms and conditions of the WF Credit Agreement, Renin was originally required to comply with certain financial covenants from June 30, 2014 to November 30, 2014, including limits on monthly capital expenditures and the achievement of monthly earnings before interest, taxes, depreciation and amortization, (“EBITDA” as defined in the WF Credit Agreement) in amounts equal to or greater than specific amounts set forth in the WF Credit Agreement. However, the WF Credit Agreement was amended in October 2014 replacing the EBITDA financial covenants requirements for each month ended during the period from September 2014 through November 2014 with a Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement). In addition, beginning on December 1, 2014, Renin is required to maintain as of the end of each month a certain specified Fixed Charge Coverage Ratio (as defined in the WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin is in compliance with the WF Credit Agreement loan covenants as of December 31, 2014. | |||||||||||||
In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and is payable in four annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2015, $2.0 million plus accrued interest on October 1, 2016, $2.0 million plus accrued interest on October 1, 2017 and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by BBX Capital and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. | |||||||||||||
In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings, borrowed $1.7 million from a financial institution in the form of a promissory note for working capital. The note bears interest at a fixed rate of 5.25% per annum for the first five years and adjusts to the 5-year United States Treasury SWAP Rate in effect on the change date plus 3.45% for the remaining five year term of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and is due and payable in October 2024. BBX Sweet Holdings and BBX Capital are the guarantors of the note. | |||||||||||||
Other notes payable under BBX Capital includes notes entered into during 2013 and 2014 related to other acquisitions by BBX Sweet Holdings of Hoffman’s, Williams and Bennett and Jer’s. | |||||||||||||
Receivable-Backed Notes Payable | |||||||||||||
The table below sets forth the information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): | |||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Principal | Principal | ||||||||||||
Balance of | Balance of | ||||||||||||
Pledged/ | Pledged/ | ||||||||||||
Debt | Interest | Secured | Debt | Interest | Secured | ||||||||
Balance | Rate | Receivables | Balance | Rate | Receivables | ||||||||
Recourse receivable-backed | |||||||||||||
notes payable: | |||||||||||||
Liberty Bank Facility | $ | 38,088 | 4.25% | $ | 49,976 | $ | 19,756 | 4.25% | $ | 23,956 | |||
Legacy Securitization (1) | - | - | - | 6,569 | 12.00% | 14,662 | |||||||
NBA Receivables Facility | 29,058 | 4.00 - 4.50% | 35,296 | 28,505 | 4.50-6.75% | 34,143 | |||||||
CapitalSource Facility | 24,983 | 4.67% | 32,397 | 20,642 | 4.67% | 27,651 | |||||||
Total before discount | 92,129 | 117,669 | 75,472 | 100,412 | |||||||||
Less unamortized discount on | |||||||||||||
Legacy Securitization | - | - | -670 | - | |||||||||
Total | $ | 92,129 | $ | 117,669 | $ | 74,802 | $ | 100,412 | |||||
Non-recourse receivable-backed | |||||||||||||
notes payable: | |||||||||||||
BB&T/DZ Purchase Facility | $ | 42,818 | 3.88% | $ | 56,406 | $ | - | - | $ | - | |||
Quorum Purchase Facility | 26,447 | 5.00-6.90% | 30,158 | 23,775 | 5.50-6.90% | 27,280 | |||||||
GE 2004 Facility | - | - | - | 4,416 | 7.16% | 4,956 | |||||||
GE 2006 Facility | 18,008 | 7.35% | 19,881 | 25,341 | 7.35% | 28,112 | |||||||
2006 Term Securitization | 12,366 | 6.16% | 12,881 | 20,411 | 6.16% | 21,700 | |||||||
2007 Term Securitization | 30,126 | 7.32% | 33,094 | 44,197 | 7.32% | 49,015 | |||||||
2008 Term Securitization | 11,846 | 7.88% | 13,089 | 16,998 | 7.88% | 19,072 | |||||||
2010 Term Securitization | 37,048 | 5.54% | 44,092 | 50,486 | 5.54% | 60,762 | |||||||
2012 Term Securitization | 59,377 | 2.94% | 65,827 | 76,337 | 2.94% | 84,427 | |||||||
2013 Term Securitization | 82,239 | 3.20% | 86,503 | 106,798 | 3.20% | 110,862 | |||||||
Total | $ | 320,275 | $ | 361,931 | $ | 368,759 | $ | 406,186 | |||||
Total receivable-backed debt | $ | 412,404 | $ | 479,600 | $ | 443,561 | $ | 506,598 | |||||
-1 | Legacy Securitization debt bears interest at a coupon rate of 12% and was issued at a discount resulting in an effective yield of 18.5%. The Legacy Securitization was repaid in full during April 2014. | ||||||||||||
New debt issuances and significant changes related to Bluegreen’s receivable-backed notes payable facilities during the year ended December 31, 2014 include: | |||||||||||||
Liberty Bank Facility. Since 2008, Bluegreen has maintained a revolving timeshare receivables hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the facility, subject to specified terms and conditions, during a revolving credit period. In December 2013, the Liberty Bank Facility was amended to extend the revolving period and maturity date, increase the advance rate for certain eligible receivables, and to reduce the interest rate. Pursuant to the terms of the agreement, as amended, the aggregate maximum outstanding borrowings are $50.0 million and the revolving credit period was extended through November 2015. The Liberty Bank Facility allows future advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to Agent, and (ii) 50% of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to Agent. Amounts outstanding bear interest at the Wall Street Journal Prime Rate plus 0.75% per annum subject to a 4.25% floor. As of December 31, 2014, the interest rate was 4.25%. Principal and interest will be paid as cash is collected on the pledged receivables, with all outstanding amounts being due in November 2018. In January 2015, Bluegreen repaid approximately $22.3 million under the facility in connection with the issuance of the 2015-A Term Securitization. | |||||||||||||
Legacy Securitization. In September 2010, Bluegreen completed a securitization transaction of its lowest FICO®-score loans, substantially all of which were generated prior to December 15, 2008, the date that Bluegreen implemented its FICO® score-based credit underwriting program, and had FICO® scores below 600. | |||||||||||||
In this securitization, $27.0 million of notes payable were issued which were secured by a portfolio of timeshare receivables totaling $36.1 million. While the notes payable had a coupon rate of 12%, they were sold at a $2.7 million discount to yield an effective rate of 18.5%. While ownership of the timeshare receivables included in the Legacy Securitization was transferred and sold for legal purposes; the transfer of these timeshare receivables was accounted for as a secured borrowing in Bluegreen’s consolidated financial statements. | |||||||||||||
Bluegreen Corporation guaranteed the principal payments for defaulted vacation ownership loans in the Legacy Securitization at amounts equal to the then-current advance rate inherent in the notes, any shortfalls in monthly interest distributions to the Legacy Securitization investors and any shortfall in the ultimate principal payment on the notes upon their stated maturity in September 2025. | |||||||||||||
On April 24, 2014, Bluegreen repaid in full the notes payable issued in connection with the Legacy Securitization. Accordingly, Bluegreen wrote off the related unamortized discounts and debt issuance costs of approximately $0.8 million during the second quarter of 2014. | |||||||||||||
NBA Receivables Facility. Since September 2010, Bluegreen/Big Cedar Vacations, LLC has maintained a revolving timeshare hypothecation facility with the National Bank of Arizona (“NBA”). In December 2012, Bluegreen/Big Cedar Vacations received a one-time receivables advance at an advance rate of 85%, and an availability advance, which in each case bears interest at the 30-day LIBOR plus 3.5% subject to an interest rate floor of 4.5%. In December 2013, the NBA Receivables Facility was amended to provide for maximum outstanding borrowings of $30.0 million on a revolving basis through October 2015 to be secured by eligible timeshare receivables from Bluegreen/Big Cedar Vacations. Advances made subsequent to December 13, 2013 are subject to an advance rate of 85%, which bears interest at the 30-day LIBOR plus 3.5% per annum subject to a 4.5% floor. In September 2014, Bluegreen/Big Cedar Vacations received a one-time interest rate reduction equal to the 30-day LIBOR plus 3.25% subject to a 4.0% floor for certain advances during the fourth quarter of 2014. As of December 31, 2014, $9.1 million of the outstanding balance bears interest at 4.0% and $20 million of the outstanding balance bears interest at 4.5%. Amounts outstanding under the facility that bore interest at 6.75%, were repaid in full on March 5, 2014. All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility. All amounts will mature and be due in April 2021 subject to earlier required periodic repayment of principal to satisfy certain balance requirements set forth in the facility. The NBA Receivables Facility is cross-collateralized with the NBA Line of Credit described above. | |||||||||||||
CapitalSource Facility. Since September 2011, Bluegreen has maintained a revolving timeshare receivables hypothecation facility (the “CapitalSource Facility”) with CapitalSource Bank which provides for advances on eligible receivables pledged under the facility, subject to specified terms and conditions, during a revolving credit period. In July 2013, the CapitalSource Facility was amended to increase the aggregate borrowing base, extend the revolving advance period and the maturity date, increase the advance rate for certain eligible receivables, and reduce the interest rate. Pursuant to the terms of the amendment, the aggregate maximum outstanding borrowings were increased from $35.0 million to $40.0 million less amounts outstanding under the CapitalSource Term Loan (as described above), and the revolving credit period was extended from September 2013 through September 2016, subject to an additional 12 month extension at the option of CapitalSource Bank. Eligible “A” receivables that meet certain eligibility and FICO® score requirements, which Bluegreen’s management believes are typically consistent with loans originated under Bluegreen’s current credit underwriting standards, are subject to an 85% advance rate. The CapitalSource Facility also allows for certain eligible “B” receivables (which have less stringent FICO® score requirements) to be funded at a 45% advance rate. The interest rate on all existing and future borrowings under the CapitalSource Facility was reduced to the 30-day LIBOR plus 4.50% (from 30-day LIBOR plus 5.75%). Principal repayments and interest are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the end of the revolving credit period, with the remaining outstanding balance maturing in September 2019, subject to an additional 12 month extension at the option of CapitalSource Bank. Prior to the amendment, the CapitalSource Facility was scheduled to mature in September 2016. The CapitalSource Facility is cross-collateralized with the CapitalSource Term Loan. As of December 31, 2014, the interest rate was 4.67%. | |||||||||||||
BB&T/DZ Purchase Facility. Bluegreen has a timeshare notes receivable purchase facility (the “BB&T/DZ Purchase Facility”) with Branch Banking and Trust Company (“BB&T”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt, AM Main (“DZ”). In accordance with the terms of the facility, the maximum outstanding financings under the facility increased from $20.0 million at December 31, 2013 to $80.0 million at April 1, 2014. Availability under the BB&T/DZ Purchase Facility was on a revolving basis through December 17, 2014, and amounts financed were secured by timeshare receivables at an advance rate of 70%, subject to eligible collateral and other terms of the facility, which Bluegreen believes to be customary for financing arrangements of this type. In October 2014, Bluegreen amended the BB&T/DZ Purchase Facility to increase the advance rate to 75% and extend the advance period through December 31, 2015. The facility will mature and all outstanding amounts will become due thirty-six months after the revolving advance period has expired, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate for the LIBOR rate, in the case of amounts funded by BB&T, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ Bank. The interest rate under the facility equals the applicable index rate plus 3.5% until the expiration of the revolving advance period and thereafter will equal the applicable index rate plus 5.5%. In each case, the applicable index rate is subject to a floor of 0.375%. Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the receivables sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the receivables advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero. In January 2015, Bluegreen repaid all amounts outstanding under the facility, in connection with the 2015-A Term Securitization. While ownership of the timeshare receivables included in the facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial accounting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. As of December 31, 2014, the interest rate was 3.88%. | |||||||||||||
Quorum Purchase Facility. Since December 2010, Bluegreen and Bluegreen/Big Cedar Vacations have maintained a timeshare notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”). In 2014, the Quorum Purchase Facility was amended and extended, pursuant to which Quorum agreed to purchase on a revolving basis through June 30, 2015, eligible timeshare receivables in an amount of up to an aggregate $40.0 million purchase price, pursuant to the terms of the facility and subject to certain conditions precedent. The amended terms of the Quorum Purchase Facility reflect an 85% advance rate, and provide for a program fee rate of 5.0% per annum, with respect to any future advances. Future advances are also subject to a loan purchase fee of 0.5%. The Quorum Purchase Facility becomes due in December 2030. While ownership of the timeshare receivables included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial accounting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. | |||||||||||||
As of December 31, 2014, $9.6 million of the outstanding balance bears interest at a fixed rate of 6.9%, $8.8 million of the outstanding balance bears interest at a fixed rate of 5.5% and $8.1 million of the outstanding balance bears interest at a fixed rate of 5.0%. Eligibility requirements for receivables sold include, among others, that the obligors under the timeshare notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen/Big Cedar Vacations will receive any excess cash flows generated by the receivables transferred to Quorum under the facility (excess meaning after payments of customary fees, interest and principal under the facility) on a pro-rata basis as borrowers make payments on their timeshare loans. | |||||||||||||
2013 Term Securitization. On September 26, 2013, Bluegreen completed a private offering and sale of $110.6 million of investment-grade, timeshare receivable-backed notes (the "2013-A Term Securitization"). The 2013-A Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes: $89.1 million of A rated and $21.5 million of BBB rated notes with note interest rates of 3.01% and 4.00%, respectively, which blended to an overall weighted average note interest rate of 3.20%. The gross advance rate for this transaction was 93.75%. The notes mature on December 4, 2028. The amount of the timeshare receivables sold to the trust supporting the 2013-A Term Securitization, BXG Receivables Note Trust 2013-A (the “2013-A Trust”), was $118.0 million, $95.4 million of which was sold at closing and $22.6 million was sold after closing, but prior to December 31, 2013. The gross proceeds of such sales to the 2013-A Trust were $110.6 million. A portion of the proceeds was used to: repay BB&T $39.3 million, representing all amounts then outstanding (including accrued interest) under the BB&T Purchase Facility; repay Liberty Bank $9.7 million, (including accrued interest and a prepayment fee) under the Liberty Bank Facility; capitalize a reserve fund; and pay fees and expenses associated with the transaction. The remainder of the gross proceeds from the 2013-A Term Securitization, net of the servicer redemption, were used for general corporate purposes. | |||||||||||||
While ownership of the timeshare receivables included in the 2013-A Term Securitization is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial accounting purposes. | |||||||||||||
2015 Term Securitization. On January 29, 2015, Bluegreen completed a private offering and sale of $117.8 million of investment-grade, timeshare receivable-backed notes (the "2015-A Term Securitization"). The 2015-A Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes (the “Notes”): $89.4 million of A rated and $28.4 million of BBB/BBB- rated notes with note interest rates of 2.88% and 3.47%, respectively, which blended to an overall weighted average note interest rate of 3.02%. The gross advance rate for this transaction was 94.25%. The Notes mature in May 2030. | |||||||||||||
The amount of the timeshare receivables to be sold to BXG Receivables Note Trust 2015-A (the “2015-A Trust”) is $125.0 million, $100.2 million of which was sold to the 2015-A Trust at closing and $24.8 million of which $8.6 million was sold to the Trust in February 2015 and the remainder is expected to be sold to the 2015-A Trust by May 29, 2015. The gross proceeds of such sales to the 2015-A Trust are anticipated to be $117.8 million. A portion of the proceeds received to date were used to: repay BB&T and DZ a total of $42.3 million, representing all amounts then outstanding (including accrued interest) under the BB&T/DZ Purchase Facility; repay the Liberty Bank Facility $22.6 million, which includes accrued interest and prepayment; capitalize a reserve fund and pay fees and expenses associated with the transaction. Prior to the closing of the 2015-A Term Securitization, Bluegreen, as servicer, funded $9.5 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2006-B, and certain of the timeshare loans in such trust were sold to the 2015-A Trust in connection with the 2015-A Term Securitization. The remainder of the gross proceeds from the 2015-A Term Securitization of $40 million, of which $23.4 million will be received by Bluegreen as the aforementioned $24.8 million of timeshare receivables are sold to the 2015-A Trust, are expected to be used by Bluegreen for general corporate purposes. As a result of the facility repayments described above, immediately after the closing of the 2015-A Term Securitization, (i) there were no amounts outstanding under the BB&T/DZ Purchase Facility, which allows for maximum outstanding receivable-backed borrowings of $80.0 million on a revolving basis through December 31, 2015 and (ii) there was $16.1 million outstanding under the Liberty Bank Facility, which permits maximum outstanding receivable-backed borrowings of $50.0 million on a revolving basis through November 30, 2015 subject to eligible collateral and the other terms and conditions of the facility. Thus, additional availability of $64.4 million in the aggregate was created under the BB&T/DZ Purchase Facility and Liberty Bank Facility. | |||||||||||||
While ownership of the timeshare receivables included in the 2015-A Term Securitization is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. | |||||||||||||
Other Non-Recourse Receivable-Backed Notes Payable. In addition to the above described facilities, Bluegreen has a number of other non-recourse receivable-backed notes payable facilities, as set forth in the table above. During 2014, Bluegreen repaid $69.4 million of these additional receivable-backed notes payable facilities, including the payment in full of the notes payable issued in connection with the GE 2004 Facility in May 2014. Accordingly, Bluegreen wrote off the related unamortized GE 2004 Facility debt issuance costs of approximately $0.2 million. | |||||||||||||
Junior Subordinated Debentures | |||||||||||||
Junior subordinated debentures outstanding at December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||
December 31, | Beginning | ||||||||||||
2014 | 2013 | Optional | |||||||||||
Issue | Outstanding | Outstanding | Interest | Maturity | Redemption | ||||||||
Junior Subordinated Debentures | Date | Amount | Amount | Rate (1) | Date | Date | |||||||
Levitt Capital Trust I ("LCT I") | 3/15/05 | $ | 23,196 | 23,196 | LIBOR + 3.85% | 3/1/35 | 3/15/10 | ||||||
Levitt Capital Trust II ("LCT II") | 5/4/05 | 30,928 | 30,928 | LIBOR + 3.80% | 6/30/35 | 6/30/10 | |||||||
Levitt Capital Trust III ("LCT III") | 6/1/06 | 15,464 | 15,464 | LIBOR + 3.80% | 6/30/36 | 6/30/11 | |||||||
Levitt Capital Trust IV ("LCTIV") | 7/18/06 | 15,464 | 15,464 | LIBOR + 3.80% | 9/30/36 | 9/30/11 | |||||||
Total Woodbridge Holdings | 85,052 | 85,052 | |||||||||||
Bluegreen Statutory Trust I | 3/15/05 | 23,196 | 23,196 | LIBOR +4.90% | 3/30/35 | 3/30/10 | |||||||
Bluegreen Statutory Trust II | 5/4/05 | 25,774 | 25,774 | LIBOR +4.85% | 7/30/35 | 7/30/10 | |||||||
Bluegreen Statutory Trust III | 5/10/05 | 10,310 | 10,310 | LIBOR +4.85% | 7/30/35 | 7/30/10 | |||||||
Bluegreen Statutory Trust IV | 4/24/06 | 15,464 | 15,464 | LIBOR +4.85% | 6/30/36 | 6/30/11 | |||||||
Bluegreen Statutory Trust V | 7/21/06 | 15,464 | 15,464 | LIBOR +4.85% | 9/30/36 | 9/30/11 | |||||||
Bluegreen Statutory Trust VI | 2/26/07 | 20,619 | 20,619 | LIBOR +4.80% | 4/30/37 | 4/30/12 | |||||||
Total Bluegreen Corporation | 110,827 | 110,827 | |||||||||||
Purchase accounting | -45,841 | -48,448 | |||||||||||
Total Junior Subordinated Debentures | $ | 150,038 | 147,431 | ||||||||||
-1 | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. | ||||||||||||
These business trusts are variable interest entities in which Woodbridge or Bluegreen, as applicable, are not the primary beneficiaries as defined by the accounting guidance for the consolidation of variable interest entities. Accordingly, the Company and its subsidiaries do not consolidate the operations of these business trusts; instead, they are accounted for under the equity method of accounting. | |||||||||||||
Woodbridge Junior Subordinated Debentures | |||||||||||||
Woodbridge formed four statutory business trusts which issued trust preferred securities to third parties and trust common securities to Woodbridge and used the proceeds to purchase an identical amount of junior subordinated debentures from Woodbridge. Interest on the junior subordinated debentures and distributions on these trust preferred securities are payable quarterly in arrears at the floating rates specified in the above table until the corresponding scheduled maturity date. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption. The junior subordinated debentures are redeemable, in whole or in part, at Woodbridge’s option at any time. There were no significant changes related to Woodbridge’s $85.0 million of junior subordinated debentures during the year ended December 31, 2014. | |||||||||||||
Bluegreen Junior Subordinated Debentures | |||||||||||||
Bluegreen formed statutory business trusts, each of which issued trust preferred securities as part of a larger pooled trust securities offering which was not registered under the Securities Act of 1933 and invested the proceeds thereof in its junior subordinated debentures from Bluegreen. The trusts are variable interest entities in which Bluegreen is not the primary beneficiary as defined by the accounting guidance for the consolidation of variable interest entities. Accordingly, Bluegreen does not consolidate the operations of the trusts; instead, Bluegreen’s beneficial interests in the trusts are accounted for under the equity method of accounting. Bluegreen’s maximum exposure to loss as a result of its involvement with the trusts is limited to the carrying amount of Bluegreen’s equity method investment. Distributions on the trust preferred securities are cumulative and based upon the liquidation value of the trust preferred security. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption. The junior subordinated debentures are redeemable in whole or in part at Bluegreen’s option at any time after five years from the issue date or sooner following certain specified events. In addition, Bluegreen made an initial equity contribution to each trust in exchange for its common securities, all of which are owned by Bluegreen, and those proceeds were also used by the applicable trust to purchase an identical amount of junior subordinated debentures from Bluegreen. The terms of each trust’s common securities are nearly identical to the trust preferred securities. | |||||||||||||
Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate. Both the trust preferred securities and junior subordinated debentures were subject to fixed interest rates from the issue dates through the beginning optional redemption dates, which ranged from March 2010 to April 2012. As each respective beginning optional redemption date has passed, each trust preferred security bears interest at a variable rate (as set forth in the table above) through its respective maturity date. | |||||||||||||
BBX Capital Junior Subordinated Debentures | |||||||||||||
BBX Capital Parent Company had formed thirteen statutory business trusts (“Trusts”) for the purpose of issuing Trust Preferred Securities ("trust preferred securities") and investing the proceeds thereof in junior subordinated debentures of BBX Capital Parent Company. The Trusts used the proceeds from issuing trust preferred securities and the issuance of its common securities to BBX Capital Parent Company to purchase junior subordinated debentures from BBX Capital Parent Company. Interest on the junior subordinated debentures and distributions on the trust preferred securities were payable quarterly in arrears. Distributions on the trust preferred securities were cumulative and based upon the liquidation value of the trust preferred securities. BBX Capital Parent Company had the right, at any time, as long as there were no continuing events of default, to defer payments of interest on the junior subordinated debentures for a period not exceeding 20 consecutive quarters; but not beyond the stated maturity of the junior subordinated debentures. Beginning in February and March 2009, BBX Capital Parent Company notified the trustees of the junior subordinated debentures that it had elected to defer interest payments for the next regularly scheduled quarterly interest payment dates. During the deferral period, interest accrued on the junior subordinated debentures at the stated coupon rate, including on the deferred interest, and BBX Capital Parent Company continued to record the interest expense associated with the junior subordinated debentures. BBX Capital Parent Company continued to elect to defer interest payments for each subsequent quarterly interest payment date until the consummation of the BB&T Transaction in which the deferred interest of $51.3 million was paid-in-full and BBX Capital Parent Company’s remaining trust preferred securities balance of $285.4 million was assumed by BB&T. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | 16. Income Taxes | ||||||||||||
The Company’s United States and foreign components of income from continuing operations before income taxes are as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 72,147 | 98,471 | 60,462 | |||||||||
Foreign | -3,175 | -963 | - | ||||||||||
Total | $ | 68,972 | 97,508 | 60,462 | |||||||||
The provision for income taxes consisted of (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Continuing operations: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 20,756 | 4,275 | -139 | |||||||||
State | 3,904 | 1,948 | 596 | ||||||||||
24,660 | 6,223 | 457 | |||||||||||
Deferred: | |||||||||||||
Federal | 10,785 | 20,180 | 11,119 | ||||||||||
State | 1,412 | -34 | 4,649 | ||||||||||
12,197 | 20,146 | 15,768 | |||||||||||
Provision for income taxes | $ | 36,857 | 26,369 | 16,225 | |||||||||
The Company's actual provision for income taxes from continuing operations differs from the expected Federal income tax provision as follows (dollars in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014(1) | 2013(1) | 2012(1) | |||||||||||
Income tax provision at expected | |||||||||||||
federal income tax rate of 35% | $ | 22,349 | 35.00 | % | $ | 34,128 | 35.00 | % | $ | 21,162 | 35.00 | % | |
Increase (decrease) resulting from: | |||||||||||||
Benefit for state taxes, | |||||||||||||
net of federal effect | 5,934 | 9.29 | 2,739 | 2.81 | 2,428 | 4.02 | |||||||
Taxes related to subsidiaries not | |||||||||||||
consolidated for income tax purposes | 1,124 | 1.76 | -2,324 | -2.38 | -4,821 | -7.97 | |||||||
Nondeductible executive compensation | 4,993 | 7.82 | 3,463 | 3.55 | - | - | |||||||
Decrease in valuation allowance | 1,447 | 2.27 | -17,800 | -18.25 | -4,414 | -7.3 | |||||||
Other – net | 1,010 | 1.58 | 6,163 | 6.32 | 1,870 | 3.09 | |||||||
Provision for income taxes | $ | 36,857 | 57.72 | % | $ | 26,369 | 27.05 | % | $ | 16,225 | 26.84 | % | |
-1 | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses, REO, tax certificate losses and | |||||||||||||
write-downs for financial statement purposes | $ | 53,780 | 47,958 | 44,044 | |||||||||
Federal and State NOL and tax credit carryforward | 270,331 | 289,464 | 323,660 | ||||||||||
Capital loss carryover | 766 | 766 | 766 | ||||||||||
Real estate valuation | 27,269 | 29,929 | 37,300 | ||||||||||
Share based compensation | 5,742 | 4,696 | 9,947 | ||||||||||
Income recognized for tax purposes and deferred | |||||||||||||
for financial statement purposes | 103 | 103 | 103 | ||||||||||
Investment in securities | -112 | -89 | -62 | ||||||||||
Investment in unconsolidated affiliates | 828 | 828 | 828 | ||||||||||
Property and equipment | 1,056 | 2,300 | 3,829 | ||||||||||
Other | 2,913 | 5,794 | 4,698 | ||||||||||
Total gross deferred tax assets | 362,676 | 381,749 | 425,113 | ||||||||||
Valuation allowance | -257,681 | -256,410 | -274,861 | ||||||||||
Total deferred tax assets | 104,995 | 125,339 | 150,252 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Installment sales treatment of notes | 152,419 | 158,065 | 163,414 | ||||||||||
Intangible assets | 26,467 | 24,292 | 23,668 | ||||||||||
Junior subordinate notes | 18,700 | 19,313 | 20,341 | ||||||||||
Other | 18 | 758 | - | ||||||||||
Total gross deferred tax liabilities | 197,604 | 202,428 | 207,423 | ||||||||||
Net deferred tax liability | -92,609 | -77,089 | -57,171 | ||||||||||
Less net deferred tax liability at beginning of period | 77,089 | 57,171 | 25,829 | ||||||||||
Net deferred tax liabilities from acquisitions | 3,107 | - | - | ||||||||||
Reduction in deferred tax valuation allowance | |||||||||||||
for continuing operations | - | - | -4,088 | ||||||||||
Provision for deferred income taxes | -12,413 | -19,918 | -35,430 | ||||||||||
Less: (Provision) benefit for deferred income | |||||||||||||
taxes - discontinued operations | -216 | 228 | -19,662 | ||||||||||
Provision for deferred income | |||||||||||||
taxes - continuing operations | $ | -12,197 | -20,146 | -15,768 | |||||||||
Activity in the deferred tax asset valuation allowance was (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 256,410 | 274,861 | 388,350 | |||||||||
Increase (decrease) in deferred tax valuation allowance attributed to: | |||||||||||||
Continuing operations | 1,447 | -17,800 | -4,414 | ||||||||||
Discontinued operations | -153 | -222 | -102,388 | ||||||||||
Other comprehensive loss | -23 | -27 | -6,687 | ||||||||||
Acquisitions | - | -402 | - | ||||||||||
Balance, end of period | $ | 257,681 | 256,410 | 274,861 | |||||||||
Generally, the amount of tax expense or benefit allocated to continuing operations is determined without regard to the tax effects of other categories of income or loss, such as other comprehensive income. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from continuing operations and pretax income from other categories. In such instances, income from other categories must offset the current loss from operations, with the tax benefit of such offset reflected in continuing operations. In 2010, BFC reduced its deferred tax valuation allowance from continuing operations by $1.3 million to reflect the future taxable income associated with BFC’s unrealized gains in accumulated other comprehensive income. In 2009, BFC reduced its deferred tax valuation allowance from continuing operations by $2.8 million, of which approximately $2.3 million was attributed to BBX Capital and the balance was attributed to BFC, to reflect the future taxable income associated with unrealized gains in accumulated other comprehensive income. As BBX Capital sold all of its securities available for sale in 2012 and BFC sold the majority of its securities available for sale in 2012, this allocation between continuing operations and other comprehensive income was reversed. | |||||||||||||
BFC and its subsidiaries evaluate their deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carry-back availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on BFC’s evaluations, the deferred tax valuation allowances increased (decreased) by $1.4 million, ($17.8) million and ($4.4) million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The deferred tax asset valuation allowance will be reversed if and when it becomes more likely than not that BFC and its subsidiaries will generate sufficient taxable income in the future to utilize the tax benefits of the related deferred tax assets. The majority of the benefits of the net deferred tax assets can be carried forward for 20 years and applied to offset future taxable income. | |||||||||||||
In November 2009, the Workers, Homeownership, and Business Assistance Act of 2009 was enacted. The act extended the NOL carry-back period from two years to up to five years for the 2008 or the 2009 tax years. We received approximately $29.2 million of tax refunds in 2010 and an additional $10.8 million in 2011. Under the terms of the Settlement Agreement entered into with the Joint Committee of Unsecured Creditors in the Chapter 11 Cases relating to Levitt and Sons’ 2007 bankruptcy filing, we agreed to share with the Debtors’ Estate a portion of the tax refund attributable to periods prior to the filing of the Chapter 11 Cases. In 2012, we paid to the Debtors’ Estate $11.7 million, representing the portion of the tax refund to which the Debtors’ Estate was entitled under the terms of the Settlement Agreement. | |||||||||||||
On January 1, 2007, the Company adopted the accounting guidance on uncertain income tax positions (ASC 740). In connection with the adoption of such guidance, we record cumulative-effect adjustments representing the difference between the amount of tax benefits required to be recognized based on the application of ASC 740 and the amount of tax benefits recognized prior to the application of ASC 740. There were no unrecognized tax benefits at December 31, 2014, 2013 or 2012. | |||||||||||||
BFC and subsidiaries in which BFC owns an 80% or greater equity interest file consolidated U.S. federal and Florida state income tax returns. BFC and its subsidiaries file separate state income tax returns for each jurisdiction other than Florida. Subsidiaries in which BFC owns less than 80% of the outstanding equity are not included in BFC’s consolidated U.S. federal or Florida state income tax return. BFC’s deferred tax assets and liabilities, including net operating loss carryforwards, are specific to BFC and may currently not be utilized by BBX Capital or Bluegreen. | |||||||||||||
BFC is no longer subject to United States federal, state or local income tax examinations by tax authorities for tax years before 2011. | |||||||||||||
At December 31, 2014, BFC had estimated state and federal net operating loss carryforwards of approximately $310.7 million (which expire from 2021 through 2034). As described below, BFC’s ability to utilize these NOLs to offset future taxable income is subject to significant limitations as a result of the 2009 merger between BFC and Woodbridge. The $310.7 million of BFC’s NOLs at December 31, 2014 excludes the NOL carryforwards of Woodbridge as of September 30, 2009. A full valuation allowance has been established for BFC’s NOLs. BFC’s NOL carryforwards include approximately $14.2 million that are attributed to the exercise of stock options and the vesting of restricted stock awards. These tax benefits will not be recognized in the financial statements until such deductions are utilized to reduce taxes payable. As a result of BFC’s merger with Woodbridge in September 2009, BFC experienced a “change of ownership” as that term is defined in the Internal Revenue Code. This change of ownership resulted in a significant limitation of the amount of BFC’s pre-merger net operating losses that can be utilized by BFC annually. Of the total net operating loss carryforwards, approximately $80.2 million were generated by BFC prior to the merger with Woodbridge. However, Woodbridge’s pre-merger NOL’s are available to be used by BFC and are not subject to this limitation. At December 31, 2014, the Woodbridge pre-merger Federal and Florida NOL carryforwards were approximately $105.3 million and $211.0 million, respectively, which expire from 2026 through 2028. On September 21, 2009, BFC adopted a shareholder rights agreement aimed at protecting our ability to use available NOLs to offset future taxable income. See Note 21 for additional information regarding BFC’s rights agreement. | |||||||||||||
Prior to its merger with BFC, Woodbridge was subject to U.S. federal income tax as well as to income tax in multiple state jurisdictions. Woodbridge is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for tax years before 2011. | |||||||||||||
Bluegreen and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With certain exceptions, Bluegreen is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2009. As of December 31, 2014, Bluegreen had utilized all remaining U.S. federal NOL carryforwards including an equity net operating loss of approximately $5.9 million. As of December 31, 2014, Bluegreen has an alternative minimum tax credit carryforwards of $29.8 million, which never expire. Additionally, as of December 31, 2014, Bluegreen had state operating loss carryforwards of approximately $319.1 million, which expire from 2015 through 2034. | |||||||||||||
In November 2012, Bluegreen received from the Florida Department of Revenue a Notice of Proposed Assessment totaling $0.9 million, including penalties and interest, in connection with its audit of Bluegreen’s Florida income tax returns for years 2007 to 2010. In October 2014, an agreement was reached with the Florida Department of Revenue resulting in no tax due. | |||||||||||||
In December 2013, Bluegreen received notice from the Aruban tax authorities of a proposed assessment totaling $1.1 million in connection with Bluegreen’s Profit Tax Return for the 2008 tax year. Bluegreen’s management cannot at this time estimate the tax due, if any, related to this matter. Bluegreen believes this assessment to be in error and is defending its position. | |||||||||||||
Certain of Bluegreen’s other state filings are under routine examination. While there is no assurance as to the results of these audits, Bluegreen does not currently anticipate any material adjustments in connection with these examinations. | |||||||||||||
Prior to 2011, BBX Capital and its subsidiaries filed a consolidated federal income tax return but separate state income tax returns. Starting in 2011, BBX Capital and its subsidiaries file a consolidated Florida income tax return. | |||||||||||||
As of December 31, 2014, BBX Capital had federal NOL carryforwards of approximately $119.8 million of which $58.4 million will expire in 2030, $59.8 million will expire in 2031 and $1.6 million will expire in 2034. BBX Capital’s federal tax credit carryforwards were $2.1 million at December 31, 2014 and expire from 2025 through 2029. BBX Capital’s state NOL carryforwards were $540.6 million as of December 31, 2014 and expire from 2024 through 2034. Renin’s Canadian subsidiaries’ earnings are subject to taxation in Canada and the United Kingdom. Renin had taxable losses in these tax jurisdictions during the two months ended December 31, 2013 and the year ended December 31, 2014. Renin’s Canadian subsidiaries had Canadian NOL carryforwards were $3.3 million as of December 31, 2014 and expire from 2023 to 2024. | |||||||||||||
Prior to December 31, 1996, BankAtlantic was permitted to deduct from taxable income an allowance for bad debts which was in excess of the provision for such losses charged to income. Accordingly, at December 31, 2011, BBX Capital had $21.5 million of excess allowance for bad debts for which no provision for income tax was provided. Included in the provision for income taxes for the year ended December 31, 2012 was a $21.5 million reduction in bad debt expenses associated with the recapture of the excess allowance for bad debts upon the sale of BankAtlantic to BB&T during July 2012. | |||||||||||||
BBX Capital is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for tax years before 2011. Various state jurisdiction tax years remain open to examination. BBX Capital had no income tax filings under examination as of December 31, 2014. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments And Contingencies [Abstract] | ||||||||
Commitments And Contingencies | 17. Commitments and Contingencies | |||||||
The Company and its subsidiaries are lessees under various operating leases for real estate and equipment. At December 31, 2014, the approximate minimum future rental payments under such leases, including leases related to our discontinued operations, for the periods shown are (in thousands): | ||||||||
Year Ending December 31, | Amount | |||||||
2015 | $ | 12,262 | ||||||
2016 | 11,911 | |||||||
2017 | 10,499 | |||||||
2018 | 8,767 | |||||||
2019 | 2,095 | |||||||
Thereafter | 18,213 | |||||||
Total | $ | 63,747 | ||||||
The Company and its subsidiaries incurred rent expense, including rent expense related to discontinued operations, for the periods shown as follows (in thousands): | ||||||||
For the Years Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Rental expense for premises and equipment | $ 12,943 | $ 10,888 | $ 14,042 | |||||
BFC, Wholly-Owned Subsidiaries, and Woodbridge (Parent Company) | ||||||||
A wholly-owned subsidiary of BFC/CCC has a 50% limited partner interest in a limited partnership that has a 10% interest in a limited liability company that owned an office building in Tampa, Florida. At December 31, 2014, the carrying amount of this investment was $0 as a result of the office building sale disclosed below. At December 31, 2013 the carrying amount of this investment was approximately $229,000, which is included in investments in unconsolidated affiliates in the Company’s consolidated statements of financial condition. In connection with the purchase of the office building by the limited liability company in June 2007, BFC guaranteed the payment of certain environmental indemnities and specific obligations that were not related to the financial performance of the property up to a maximum of $15.0 million, or $25.0 million in the event of any petition or involuntary proceeding under the U.S. Bankruptcy Code or similar state insolvency laws or in the event of any transfer of interests not in accordance with the loan documents. BFC and the unaffiliated members also entered into a cross indemnification agreement which limited BFC’s obligations under the guarantee to acts of BFC and its affiliates. No amounts were recorded in the Company’s financial statements for the obligations associated with this guarantee based on the potential indemnification by the unaffiliated members and the limit of the specific obligations to non-financial matters. On February 5, 2014, the office building was sold and BFC/CCC received approximately $215,000 in proceeds from the sale in total. As a result of the sale, BFC was released from the guarantee and any further obligations associated with the property. Based on accounting guidance associated with the consolidation of variable interest entities implemented on January 1, 2010, we are not deemed the primary beneficiary of the above-described entities related to BFC/CCC’s investments as we do not have the power to direct the activities that could significantly impact the performance of these entities. Accordingly, these entities are not consolidated into our financial statements. | ||||||||
On November 9, 2007, Levitt and Sons, Woodbridge’s former wholly-owned homebuilding subsidiary, and substantially all of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”). Pursuant to the settlement agreement entered into during June 2008, as subsequently amended (the “Settlement Agreement”), Woodbridge agreed to (i) pay $8 million to the Debtors’ bankruptcy estates (sometimes referred to herein as the “Debtors’ Estate”), (ii) place $4.5 million in a release fund to be disbursed to third party creditors in exchange for a third party release and injunction, (iii) make a $300,000 payment to a deposit holders fund and (iv) share a percentage of any tax refund attributable to periods prior to the bankruptcy with the Debtors’ Estate. In addition, Woodbridge agreed to waive and release substantially all of the claims it had against the Debtors, including administrative expense claims through July 2008, and the Debtors (joined by the Joint Committee of Unsecured Creditors appointed in the Chapter 11 Cases (the “Joint Committee”)) agreed to waive and release any claims they had against Woodbridge and its affiliates. On February 20, 2009, the Bankruptcy Court entered an order confirming a plan of liquidation jointly proposed by the Debtors and the Joint Committee. That order also approved the settlement pursuant to the Settlement Agreement. No appeal or rehearing of the Bankruptcy Court’s order was filed by any party, and the settlement was consummated on March 3, 2009, at which time payment was made in accordance with the terms and conditions of the Settlement Agreement. As of December 31, 2011, Woodbridge placed into escrow approximately $11.7 million, which represented the portion of the tax refund that was likely to be required to be paid to the Debtors’ Estate under the Settlement Agreement. During the quarter ended June 30, 2012, the $11.7 million was paid to the Debtors’ Estate. In addition, during August 2012, Woodbridge paid to the Debtors’ Estate a settlement holdback amount of approximately $485,000 plus interest, thereby satisfying all of its obligations under the Settlement Agreement. | ||||||||
In the ordinary course of business, BFC and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Reserves are accrued for amounts in which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. At each of December 31, 2014 and 2013, $11.9 million was accrued for pending legal proceedings involving BFC or its wholly-owned subsidiaries, or Woodbridge, at its parent company level (all of which related to the Woodbridge appraisal rights litigation described below). | ||||||||
BFC believes that it has meritorious defenses in the pending legal actions and that reasonably possible losses arising from these pending legal matters, in excess of the amounts currently accrued, if any, will not have a material impact on BFC’s financial statements. However, due to the significant uncertainties involved in these legal matters, BFC may incur losses in excess of amounts accrued and an adverse outcome in these matters could be material to BFC’s financial statements. | ||||||||
Woodbridge Holdings, LLC v. Prescott Group Aggressive Small Cap Master Fund, G.P., Cede & Co., William J. Maeck, Ravenswood Investments III, L.P., and The Ravenswood Investment Company, Circuit Court, 17th Judicial Circuit, Broward County, Florida. | ||||||||
On September 21, 2009, BFC consummated its merger with WHC. Pursuant to the merger, WHC merged with and into Woodbridge, which was a wholly-owned subsidiary of BFC at that time. The shareholders of WHC at the effective time of the merger (other than BFC) were entitled to receive 3.47 shares of BFC’s Class A Common Stock in exchange for each share of WHC’s Class A Common Stock that they owned. Under Florida law, holders of WHC’s Class A Common Stock who did not vote to approve BFC’s September 2009 merger with WHC and who properly asserted and exercised their appraisal rights with respect to their shares are entitled to receive a cash payment in an amount equal to the fair value of their shares (as determined in accordance with the provisions of Florida law) in lieu of the shares of BFC’s Class A Common Stock which they would otherwise have been entitled to receive. In accordance with Florida law, Woodbridge (the successor by merger to WHC) provided written notices and required forms to the dissenting shareholders setting forth, among other things, its determination that the fair value of WHC’s Class A Common Stock immediately prior to the effectiveness of the merger was $1.10 per share. Dissenting shareholders, who collectively held approximately 4.2 million shares of WHC’s Class A Common Stock, rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective fair value estimates of WHC’s Class A Common Stock. Under Florida law, Woodbridge thereafter commenced the appraisal rights action. In December 2009, a $4.6 million liability was recorded with a corresponding reduction to additional paid-in capital representing, in the aggregate, Woodbridge’s offer to the dissenting shareholders. On July 5, 2012, the presiding court determined the fair value of the dissenting shareholders’ shares of WHC’s Class A Common Stock to be $1.78 per share and awarded legal and other costs in favor of the dissenting shareholders. As a result, the $4.6 million liability was increased to approximately $7.5 million as of June 30, 2012 (with a corresponding reduction to additional paid in capital of $2.8 million) to account for the per share value awarded. On March 11, 2013, the court awarded legal fees and pre and post judgment interest to the dissenting shareholders for a total award of approximately $11.9 million (including the $7.5 million based on the $1.78 per share value determination). As a result, the liability was increased by approximately $4.4 million during the fourth quarter of 2012 to $11.9 million as of December 31, 2012. Woodbridge has appealed the court’s ruling with respect to the fair value determination and the award of legal fees and costs and posted a $13.4 million bond in connection with the appeal. The outcome of the appeal is uncertain. | ||||||||
In re Bluegreen Corporation Shareholder Litigation | ||||||||
Between November 16, 2011 and February 13, 2012, seven purported class action lawsuits related to the previously proposed stock-for-stock merger between BFC, which at that time was the sole member of Woodbridge, and Bluegreen were filed against Bluegreen, the members of Bluegreen’s board of directors, BFC and BXG Florida Corporation, a wholly-owned subsidiary of Woodbridge formed for purposes of the merger (“BXG Merger Sub”). As described below, four of these lawsuits have been consolidated into a single action in Florida, and the other three lawsuits have been consolidated into a single action in Massachusetts and stayed in favor of the Florida action. Further information regarding each of these lawsuits is set forth below. | ||||||||
The four Florida lawsuits, captioned and styled Ronald Kirkland v. Bluegreen Corporation et al. (filed on November 16, 2011); Richard Harriman v. Bluegreen Corporation et al. (filed on November 22, 2011); Alfred Richner v. Bluegreen Corporation et al. (filed on December 2, 2011); and BHR Master Fund, LTD et al. v. Bluegreen Corporation et al. (filed on February 13, 2012), were consolidated into an action styled In Re Bluegreen Corporation Shareholder Litigation. On April 9, 2012, the plaintiffs filed a consolidated amended class action complaint which alleged that the individual director defendants breached their fiduciary duties by (i) agreeing to sell Bluegreen without first taking steps to ensure adequate, fair and maximum consideration, (ii) engineering a transaction to benefit themselves and not the shareholders, and (iii) failing to protect the interests of Bluegreen’s minority shareholders. In the complaint, the plaintiffs also alleged that BFC breached its fiduciary duties to Bluegreen’s minority shareholders and that BXG Merger Sub aided and abetted the alleged breaches of fiduciary duties by Bluegreen’s directors and BFC. In addition, the complaint included allegations relating to claimed violations of Massachusetts law. The complaint sought declaratory and injunctive relief, along with damages and attorneys’ fees and costs. | ||||||||
The three Massachusetts lawsuits were filed in the Superior Court for Suffolk County in the Commonwealth of Massachusetts and styled as follows: Gaetano Bellavista Caltagirone v. Bluegreen Corporation et al. (filed on November 16, 2011); Alan W. Weber and J.B. Capital Partners L.P. v. Bluegreen Corporation et al. (filed on November 29, 2011); and Barry Fieldman, as Trustee for the Barry & Amy Fieldman Family Trust v. Bluegreen Corporation et al. (filed on December 6, 2011). In their respective complaints, the plaintiffs alleged that the individual director defendants breached their fiduciary duties by agreeing to sell Bluegreen without first taking steps to ensure adequate, fair and maximum consideration. The Fieldman and Weber actions contained the same claim against BFC. In addition, the complaints included claims that BXG Merger Sub, in the case of the Fieldman action, BFC and BXG Merger Sub, in the case of the Caltagirone action, and Bluegreen, in the case of the Weber action, aided and abetted the alleged breaches of fiduciary duties. On January 17, 2012, the three Massachusetts lawsuits were consolidated into a single action styled In Re Bluegreen Corp. Shareholder Litigation, which is presently stayed in favor of the Florida action. | ||||||||
Following the public announcement of the termination of the stock-for-stock merger agreement and the entry into the Bluegreen-Woodbridge Cash Merger Agreement during November 2012, the plaintiffs in the Florida action filed a motion for leave to file a supplemental complaint in order to challenge the structure of, and consideration received by Bluegreen’s shareholders in, the Bluegreen-Woodbridge Cash Merger. On November 30, 2012, the Florida court granted the plaintiffs’ motion and the supplemental complaint was deemed filed as of that date. The supplemental complaint alleges that the merger consideration remained inadequate and continued to be unfair to Bluegreen’s minority shareholders. | ||||||||
On January 25, 2013, the plaintiffs in the Florida action filed a Second Amended Class Action Complaint that asserts claims for (i) breach of fiduciary duties against the individual director defendants, BFC, and Woodbridge, (ii) aiding and abetting breaches of fiduciary duties against Bluegreen, BFC, Woodbridge, and BXG Merger Sub, and (iii) a violation of the section of the Massachusetts Business Corporation Act regarding the approval of conflict of interest transactions and seek to recover damages. Class action certification was granted to the plaintiffs in the Florida action on December 18, 2013. | ||||||||
As previously described, the Bluegreen-Woodbridge Cash Merger was consummated on April 2, 2013. However, the actions related to the transaction remain pending, with the plaintiffs seeking to recover damages in connection with the transaction. BFC and Bluegreen believe that these lawsuits are without merit and intend to defend against them vigorously. | ||||||||
In re BBX Capital Corporation Shareholder Litigation | ||||||||
On May 30, 2013, Haim Ronan filed a purported class action against BFC, BBX Merger Sub, BBX Capital and the members of BBX Capital’s board of directors seeking to represent BBX Capital’s shareholders in a lawsuit challenging the then proposed merger between BFC and BBX Capital. In this action, styled Haim Ronan, On Behalf of Himself and All Others Similarly Situated, v. Alan B. Levan, John E. Abdo, Jarett S. Levan, Steven M. Coldren, Bruno L. Di Giulian, Charlie C. Winningham, II, David A. Lieberman, Willis N. Holcombe, Anthony P. Segreto, BBX Capital Corporation, BFC Financial Corporation and BBX Merger Sub, LLC filed in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida, Mr. Ronan asserted as a cause of action that the individual defendants breached their fiduciary duties of care, loyalty and good faith, in part, by failing to obtain a high enough price for the shares of BBX Capital’s Class A Common Stock contemplated to be acquired by BFC in the merger. Mr. Ronan also asserted a cause of action against BFC and BBX Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. Mr. Ronan sought an injunction blocking the merger. On May 31, 2013, in an action styled John P. Lauterbach, on Behalf of Himself and All Others Similarly Situated, v. BBX Capital Corporation, John E. Abdo, Norman H. Becker, Steven M. Coldren, Bruno L. Di Giulian, John K. Grelle, Willis N. Holcombe, Alan B. Levan, Jarett S. Levan, David A. Lieberman, Anthony P. Segreto, Charlie C. Winningham II, Seth M. Wise, BFC Financial Corporation and BBX Merger Sub, LLC and filed in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida, John P. Lauterbach filed a purported class action against all of the defendants named in Mr. Ronan’s complaint, which challenged the merger for substantially the same reasons as set forth in Mr. Ronan’s complaint, but asserted an additional, direct cause of action for breach of fiduciary duties against BFC, Alan B. Levan and John E. Abdo. Mr. Lauterbach also added as defendants Norman H. Becker, who was appointed to BBX Capital’s board of directors on May 7, 2013, as well as Seth M. Wise, who serves as an executive officer and director of BFC and as an executive officer of BBX Capital, and John K. Grelle, who serves as an executive officer of BFC and BBX Capital. On September 4, 2013, the Ronan and Lauterbach actions were consolidated into a single action styled In Re BBX Capital Corporation Shareholder Litigation, with the complaint filed in the Lauterbach action being the operative complaint in the consolidated action. On October 11, 2013, the plaintiffs filed an amended complaint in the consolidated action. In the amended complaint, which included the same causes of action set forth in the Lauterbach complaint, the plaintiffs: (i) alleged that the merger, including the exchange ratio and other terms and conditions of the merger agreement, was unfair to BBX Capital’s minority shareholders and was the product of unfair dealing on the part of the defendants; (ii) alleged that the defendants initiated, timed, negotiated and structured the merger for the benefit of BFC and to the detriment of BBX Capital’s minority shareholders, including that BFC and its and BBX Capital’s management caused BBX Capital to engage in transactions which had the effect of reducing BBX Capital’s intrinsic value; (iii) challenged the independence of the members of BBX Capital’s special committee and the process pursuant to which BBX Capital’s special committee engaged its legal and financial advisors, and negotiated and approved the merger agreement, including limitations on its ability to pursue alternative transactions; (iv) asserted that BBX Capital’s shareholders’ rights to appraisal did not constitute an adequate remedy; and (v) alleged that the joint proxy statement/prospectus relating to the merger contained material misrepresentations and did not contain adequate disclosure regarding the merger and specifically the value of BBX Capital and the shares of its Class A Common Stock, and failed to provide the plaintiffs and BBX Capital’s minority shareholders the information necessary to determine whether the merger consideration was fair. On November 8, 2013, defendants filed a motion to dismiss the amended complaint arguing that plaintiffs’ remedies were limited to an action for appraisal under Florida law. On April 8, 2014, the Court denied defendants’ motion to dismiss. On April 11, 2014, plaintiffs filed a motion for class certification and on April 18, 2014, plaintiffs filed a Second Amended Class Action Complaint. The Second Amended Class Action Complaint added allegations with respect to BBX Capital’s March 21, 2014 definitive proxy statement. Specifically, plaintiffs alleged that the definitive proxy statement failed to provide full and accurate disclosure regarding: (i) the timing of the merger, (ii) the status of the listing of the shares of BFC’s Class A Common Stock that were to be issued in the merger; (iii) transactions impacting valuation following the negotiation of the exchange ratio; (iv) the per share value of shares held by BBX Capital’s minority shareholders and (v) the fundamental assumptions underlying the opinion of BBX Capital’s financial advisor. On November 5, 2014, the Court denied Plaintiffs’ motion for class certification and dismissed the case with prejudice. Plaintiffs filed a Notice of Appeal with the Fourth District Court of Appeal (which was later dismissed), and after BBX Capital and BFC publicly disclosed that they mutually agreed to terminate the merger, Plaintiffs filed a motion with the trial court to vacate the dismissal order and to dismiss the action as moot. On January 27, 2015, the trial court entered a final order vacating the dismissal order and dismissing the action as moot without prejudice. | ||||||||
Bluegreen | ||||||||
In the ordinary course of its business, Bluegreen becomes subject to claims or proceedings from time to time relating to the purchase, sale, marketing or financing of VOIs or Bluegreen’s other business activities. Bluegreen is also subject to certain matters relating to its previous Bluegreen Communities’ business, substantially all of the assets of which Bluegreen sold on May 4, 2012. Additionally, from time to time, Bluegreen becomes involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties. From time to time in the ordinary course of business, Bluegreen also receives individual consumer complaints, as well as complaints received through regulatory and consumer agencies, including Offices of State Attorney Generals. Bluegreen takes these matters seriously and attempts to resolve any such issues as they arise. Unless otherwise described below, Bluegreen believes that these claims are routine proceedings incidental to Bluegreen’s business. | ||||||||
Reserves are accrued for matters in which Bluegreen’s management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. However, litigation is inherently uncertain. The actual costs of resolving these legal claims may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on Bluegreen’s financial statements. | ||||||||
Bluegreen’s management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, Bluegreen’s management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported their claim. | ||||||||
The aggregate liability relating to the known contingencies of Bluegreen discussed below, in excess of the aggregate amounts currently accrued, if any, are not expected to have a material impact on our consolidated financial statements. However, due to the significant uncertainties involved in these legal matters, losses in excess of amounts accrued may be incurred and an adverse outcome in these matters could be material to our consolidated financial statements. | ||||||||
At December 31, 2014, the estimated cost to satisfy Bluegreen’s development obligations related to Bluegreen Vacations was $4.1 million, which primarily relates to Bluegreen/Big Cedar Vacations. | ||||||||
In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain owners’ associations to provide for funds necessary to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs. As of December 31, 2014 and December 31, 2013, Bluegreen had liabilities for such subsidies totaling $0.3 million and $0.1 million, respectively, which are included in other liabilities on the Company’s statements of financial condition. As of December 31, 2014, Bluegreen was providing subsidies to eight property owners’ associations. | ||||||||
In October 2013, Bluegreen entered into an agreement to purchase from an unaffiliated third party completed VOI inventory at the Lake Eve Resort in Orlando, Florida over a five-year period. The total purchase commitment is $35.0 million, of which $7.2 and $4.0 million of inventory was purchased in 2014 and 2013, respectively. | ||||||||
In November 2012, Bluegreen received from the Florida Department of Revenue a Notice of Proposed Assessment totaling $0.9 million, including penalties and interest, in connection with its audit of Bluegreen’s Florida income tax returns for years 2007 to 2010. In October 2014, an agreement was reached with the Florida Department of Revenue resulting in no tax due. | ||||||||
In December 2013, Bluegreen received notice from the Aruban tax authorities of a proposed assessment totaling $1.1 million in connection with Bluegreen’s Profit Tax Return for the 2008 tax year. Bluegreen’s management cannot at this time estimate the tax due, if any, related to this matter. Bluegreen believes this assessment to be in error and is defending its position. | ||||||||
Certain of Bluegreen’s other state filings are under routine examination. While there is no assurance as to the results of these audits, Bluegreen does not currently anticipate any material adjustments in connection with these examinations. | ||||||||
Tennessee Tax Audit | ||||||||
In 2005, the State of Tennessee Audit Division (the “Division”) audited certain subsidiaries within Bluegreen Vacations for the period from December 1, 2001 through December 31, 2004 (the “Assessment Period”). On September 23, 2006, the Division issued a notice of assessment for approximately $0.7 million of accommodations tax based on the use of Bluegreen Vacation Club accommodations by Bluegreen Vacation Club members who became members through the purchase of non-Tennessee property. Bluegreen believed the attempt to impose such a tax was contrary to Tennessee law and vigorously opposed such assessment by the Division. By letter dated May 25, 2011, the State of Tennessee Department of Revenue issued a decision in which it held that two of the three types of transactions in question were taxable. The State of Tennessee Department of Revenue confirmed that Bluegreen had already remitted the proper amount of sales tax due on one of the two types of taxable transactions, but took the position that Bluegreen owed a total of $0.7 million in taxes and interest based on the second type of transaction. On August 1, 2011, Bluegreen filed suit in the Chancery Court of Davidson County, Tennessee for the purpose of invalidating and setting aside the tax assessment made against Bluegreen by the State of Tennessee Department of Revenue. On December 13, 2013, the Chancery Court granted summary judgment in favor of the Tennessee Department of Revenue that the imposition by the Tennessee Department of Revenue of the disputed tax was valid. Bluegreen does not believe this ruling extends beyond the Assessment Period and does not believe the State of Tennessee has the legal right to increase the assessment or apply it to any other time period. During May 2014, Bluegreen paid approximately $0.9 million to the Tennessee Department of Revenue, representing the amount of the tax assessment and accrued interest plus the Tennessee Department of Revenue’s legal costs related to the litigation in resolution of the matter. | ||||||||
In re Bluegreen Corporation Shareholder Litigation | ||||||||
See the above-described class action lawsuits relating to the Bluegreen –Woodbridge merger. | ||||||||
BBX Capital | ||||||||
BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its collections, lending and prior period tax certificate activities. Although BBX Capital believes it has meritorious defenses in all current legal actions, the outcome of litigation matters and the timing of ultimate resolution are inherently uncertain and difficult to predict. | ||||||||
BBX Capital had no commitments to extend credit as of December 31, 2014. | ||||||||
BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures as follows: | ||||||||
· | The purchase consideration for Anastasia Confections, Inc. common stock included a $7.5 million promissory note of BBX Sweet Holdings to the sellers. The performance of the promissory note is guaranteed by BBX Capital. | |||||||
· | During the year ended December 31, 2014, the Sunrise and Bayview Partners, LLC joint venture owned 50% by Procacci Bayview, LLC and 50% by a wholly-owned subsidiary of BBX Capital refinanced its land acquisition loan with a financial institution. BBX Capital provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s loan which had an outstanding balance of $5.0 million as of December 31, 2014. | |||||||
· | In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings, borrowed $1.7 million from a financial institution in the form of a promissory note for working capital. BBX Sweet Holdings and BBX Capital are guarantors of the note. | |||||||
· | In July 2014, BBX Capital entered into a joint venture agreement with CC Bonterra to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. CAM remained liable as a co-borrower on the mortgage that was assumed by the joint venture. The mortgage was also guaranteed by BBX Capital and had an outstanding balance of $8.2 million as of December 31, 2014. In March 2015, the joint venture refinanced the $8.3 million mortgage loan into a $31.0 million acquisition and development loan. BBX Capital is a guarantor for 26.3% of the joint venture’s $31.0 million acquisition and development loan. | |||||||
· | BBX Capital is the guarantor on BBX Sweet Holdings’ other notes payable and holdback payments issued in connection with its acquisitions with an aggregate balance of $1.1 million. | |||||||
BBX Capital reserves are accrued for matters in which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. BBX Capital accrued $1.4 million for these matters as of December 31, 2014. The actual costs of resolving these legal claims may be substantially higher or lower than the amounts accrued for these claims. | ||||||||
A range of reasonably possible losses is estimated for matters in which it is reasonably possible that a loss has been incurred or that a loss is probable but not reasonably estimable. Management of BBX Capital currently estimates the aggregate range of reasonably possible losses as $0 to $4.2 million in excess of the accrued liability relating to these legal matters. This estimated range of reasonably possible losses represents the estimated possible losses over the life of such legal matters, which may span a currently indeterminable number of years, and is based on information currently available as of December 31, 2014. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a reasonable estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent BBX Capital’s maximum loss exposure. | ||||||||
In certain matters BBX Capital is unable to estimate the loss or reasonable range of loss until additional developments in the case provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported the claim. | ||||||||
Liabilities arising from the litigation matters discussed below, in excess of the amounts currently accrued, if any, are not expected to have a material impact on BBX Capital’s or BFC’s financial statements. However, due to the significant uncertainties involved in these legal matters, losses in excess of amounts accrued may be incurred and an adverse outcome in these matters could be material to BBX Capital’s or BFC’s financial statements. | ||||||||
BBX Capital has received notices from BB&T regarding a series of pending and threatened claims asserted against BB&T’s subsidiary, Branch Banking and Trust Company, as successor to BankAtlantic, by certain individuals who purport to have had accounts in their names with BankAtlantic prior to consummation of the sale of BankAtlantic to BB&T. These third party claims allege wrongful conduct by BankAtlantic in connection with certain alleged unauthorized transactions associated with their accounts. BB&T’s notices assert its belief that it may be entitled to indemnification under the BB&T Agreement with respect to such claims as well as another third party claim relating to an action which was recently settled by BB&T. On July 31, 2014, BBX Capital and BB&T entered into a tolling agreement with respect to the time period within which BB&T may assert a claim for indemnity under the stock purchase agreement with respect to such claims. | ||||||||
The following is a description of certain ongoing litigation matters: | ||||||||
Securities and Exchange Commission Complaint | ||||||||
On January 18, 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BBX Capital and Alan B. Levan, BBX Capital’s Chairman and Chief Executive Officer, alleging that they violated securities laws by not timely disclosing known adverse trends in BBX Capital’s commercial real estate loans, selectively disclosing problem loans and engaging in improper accounting treatment of certain specific loans which may have resulted in a material understatement of its net loss in BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2007. Further, the complaint alleges that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The Court denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. On December 15, 2014, after a six-week trial, the jury found in favor of BBX Capital and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BBX Capital’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) in their decision to sell certain loans in the fourth quarter of 2007 and failing to classify the loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. On January 12, 2015, BBX Capital and Alan B. Levan filed a motion for a new trial and a motion for judgment as a matter of law which were denied by the Court. The SEC has filed a motion for a final judgment: (i) permanently barring Alan B. Levan from serving as an officer or director of any SEC reporting company, (ii) imposing civil penalties of $5.2 million against BBX Capital and $1.56 million against Alan B. Levan; and (iii) permanently restraining BBX Capital and Alan B. Levan from violating securities laws. BBX Capital believes the claims to be without merit, continues to vigorously defend the action and intends to appeal any judgment entered to the Eleventh Circuit Court of Appeals. | ||||||||
On January 14, 2015, BBX Capital received notice from its insurance carrier that, based upon its interpretation of the jury verdict in this action, the carrier does not believe it is obligated to advance further payments towards fees and costs incurred in connection with this action and that it reserved its right to obtain reimbursement of the amounts it previously advanced with respect to this action. BBX Capital has received legal fee and cost reimbursements from its insurance carrier in connection with this action of approximately $5.8 million as of December 31, 2014. | ||||||||
New Jersey Tax Sales Certificates Antitrust Litigation | ||||||||
On December 21, 2012, plaintiffs filed an Amended Complaint in an existing purported class action filed in Federal District Court in New Jersey adding BBX Capital and Fidelity Tax, LLC, a wholly-owned subsidiary of CAM, among others as defendants. BBX Capital and Fidelity Tax were served with the complaint January 8, 2013. The class action complaint is brought on behalf of a class defined as “all persons who owned real property in the State of New Jersey and who had a Tax Certificate issued with respect to their property that was purchased by a Defendant during the Class Period at a public auction in the State of New Jersey at an interest rate above 0%.” Plaintiffs allege that beginning in January 1998 and at least through February 2009, the Defendants were part of a statewide conspiracy to manipulate interest rates associated with tax certificates sold at public auction from at least January 1, 1998, through February 28, 2009. During this period, Fidelity Tax was a subsidiary of BankAtlantic. Fidelity Tax was contributed to CAM in connection with the sale of BankAtlantic in the BB&T Transaction. BBX Capital and Fidelity Tax filed a Motion to Dismiss in March 2013 and on October 23, 2013, the Court granted the Motion to Dismiss and dismissed the Amended Complaint with prejudice as to certain claims, but without prejudice as to plaintiffs’ main antitrust claim. Plaintiffs’ counsel filed a Consolidated Amended Complaint on January 6, 2014. While BBX Capital believes the claims to be without merit, BBX Capital has reached an agreement in principal with the plaintiffs to settle the action, subject to execution of a definitive agreement and court approval. | ||||||||
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stock Option Plans [Abstract] | |||||||||
Stock Option Plans | 18. Stock Option Plans | ||||||||
BFC | |||||||||
At BFC’s Annual Meeting of Shareholders held in June 2014, the BFC Financial Corporation 2014 Stock Incentive Plan (the “2014 Plan”) was approved by the Company’s shareholders. Under the 2014 Plan, up to 500,000 shares of the Company’s Class A Common Stock and up to 4,500,000 shares of the Company’s Class B Common Stock may be issued for restricted stock awards or stock options with a maximum term of ten years. | |||||||||
BFC had a share based compensation plan (the “2005 Stock Incentive Plan”) under which incentive stock options, non-qualifying stock options and restricted stock awards were granted. With the approval of BFC’s 2014 Stock Incentive Plan, shares are no longer available for grant under the 2005 Stock Incentive Plan; however, any previously issued options granted under that plan remain effective until either they expire, are forfeited, or are exercised. Previously, BFC could grant incentive stock options under the 2005 Stock Incentive Plan only to its employees and BFC could grant non-qualified stock options and restricted stock awards under the 2005 Stock Incentive Plan to its directors, independent contractors and agents as well as employees. | |||||||||
BFC also had a stock-based compensation plan (“1993 Plan”) which expired in 2004. No future grants can be made under the 1993 Plan. BFC’s 1993 Plan provided for the grant of stock options to purchase shares of BFC’s Class B Common Stock. The 1993 Plan provided for the grant of both incentive stock options and non-qualifying options and the maximum term of the options was ten years. As of December 31, 2014, all awards granted under the 1993 Plan were exercised, cancelled or forfeited. | |||||||||
Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of the Company’s stock options is estimated using the Black-Scholes option-pricing model. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards. | |||||||||
On September 21, 2009, options to purchase an aggregate of approximately 1.8 million shares of common stock, which were previously granted to and held by BFC’s directors and employees, were re-priced to a new exercise price equal to the closing price of the Company’s Class A Common Stock on September 21, 2009. The re-pricing did not impact any of the other terms, including the vesting schedules or expiration dates, of the previously granted stock options. The incremental compensation cost of the re-priced vested options was approximately $157,000 which was recognized in September 2009. The remaining incremental cost for the re-priced options that were unvested at the re-pricing date was approximately $125,000, of which the remaining $8,000 was recognized in 2012. | |||||||||
There were no options granted to employees or non-employee directors during each of the years in the three year period ended December 31, 2014. As described below, the Company issued restricted stock awards to its officers during 2012, 2013 and 2014. | |||||||||
The following table sets forth information on outstanding options: | |||||||||
Weighted | Weighted | ||||||||
Average | Average | Aggregate | |||||||
Outstanding | Exercise | Remaining | Intrinsic | ||||||
Options | Price | Contractual Term | Value ($000) | ||||||
Outstanding at December 31, 2011 | 2,297,858 | $ | 0.41 | 3.54 | $ | - | |||
Exercised | -34,109 | 0.41 | 13 | ||||||
Forfeited | -261 | 0.41 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2012 | 2,263,488 | $ | 0.41 | 2.28 | $ | 1,924 | |||
Exercised | -607,543 | 0.41 | 961 | ||||||
Forfeited | -1,302 | 0.41 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2013 | 1,654,643 | $ | 0.41 | 1.91 | $ | 4,104 | |||
Exercised | -1,428,420 | 0.41 | 5,038 | ||||||
Forfeited | - | 0.00 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2014 | 226,223 | $ | 0.41 | 2.66 | $ | 631 | |||
Exercisable at December 31, 2014 | 226,223 | $ | 0.41 | 2.66 | $ | 631 | |||
Available for grant at December 31, 2014 | 1,424,959 | ||||||||
There is no unearned compensation cost related to BFC’s stock options as all options are vested as of December 31, 2014. There is no recognized tax benefit associated with the compensation expense during each of the years in the three year period ended December 31, 2014, as it is not likely that BFC will realize the tax benefits associated with the share based compensation expense. | |||||||||
During the years ended December 31, 2014, 2013 and 2012, BFC received net proceeds of approximately $586,000, $249,000 and $14,000, respectively, upon the exercise of stock options. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $5.0 million, $961,000 and $13,000, respectively. | |||||||||
The following is a summary of BFC’s restricted stock activity: | |||||||||
Weighted | |||||||||
Unvested | Average | ||||||||
Restricted | Grant Date | ||||||||
Stock | Fair Value | ||||||||
Outstanding at December 31, 2011 | 1,753,475 | $ | 0.36 | ||||||
Granted | 5,556,292 | 0.79 | |||||||
Vested | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2012 | 7,309,767 | $ | 0.69 | ||||||
Granted | 410,000 | 2.45 | |||||||
Vested | -1,389,072 | 0.79 | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2013 | 6,330,695 | $ | 0.78 | ||||||
Granted | 3,575,041 | 3.80 | |||||||
Vested | -1,389,072 | 0.79 | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2014 | 8,516,664 | $ | 2.05 | ||||||
On September 16, 2011, BFC granted to certain of its and its subsidiaries’ officers an aggregate of 1,753,475 shares of restricted Class A Common Stock. These restricted stock awards were granted under BFC’s 2005 Stock Incentive Plan and will vest in one lump sum on September 16, 2015. The fair value of the 1,753,475 shares of restricted stock on the date of grant was approximately $631,251, or $0.36 per share, and the cost is being recognized over the four-year service period from September 2011 through September 2015. | |||||||||
Effective September 30, 2012, the Company entered into employment agreements with each of its executive officers. Pursuant to the terms of the employment agreements, the Company agreed to grant to four of the executive officers, among other things, an aggregate of 5,556,292 shares of restricted Class A Common Stock, which were granted under BFC’s 2005 Stock Incentive Plan. The fair value of approximately $4.4 million was calculated based on the closing price of BFC’s Class A Common Stock on the date of grant, or $0.79 per share. The cost is being recognized over the service period from November 2012 through September 2016. The restricted stock awards vest pro-rata over a four year period, with the first and second installments of 1,389,072 shares for each year having vested on September 30, 2013 and 2014. The executive officers surrendered a total of 563,844 shares and 569,548 shares of Class A Common Stock to satisfy BFC’s tax withholding obligation relating to the vesting of the first and second installments of restricted shares on September 30, 2013 and 2014, respectively. The shares of BFC’s Class A Common Stock surrendered by the executive officers were retired by the Company. | |||||||||
On October 7, 2013, BFC’s Compensation Committee approved the grant of an aggregate of 892,224 shares of restricted Class A Common Stock to four of BFC’s executive officers. 410,000 restricted stock awards were granted under BFC’s 2005 Stock Incentive Plan and will vest four years from the grant date on October 7, 2017. The fair value of those 410,000 shares of restricted stock was approximately $1.0 million, or $2.45 per share based on the closing price of BFC’s Class A Common Stock on October 7, 2013, and the cost is being recognized over the four-year service period from October 2013 through October 2017. The grant of the balance of 482,224 of those restricted shares was subject to the approval of BFC’s shareholders of the 2014 Plan. Upon approval of the 2014 Plan at the Company’s 2014 Annual Meeting of Shareholders, the 482,224 restricted shares were granted under BFC’s 2014 Stock Incentive Plan. The fair value of those 482,224 shares of restricted stock was approximately $1.8 million, or $3.82 per share based on the closing price of BFC’s Class A Common Stock on June 12, 2014, and the cost is being recognized over the service period from June 2014 through October 2017. | |||||||||
On October 6, 2014, BFC’s Compensation Committee approved the grant of an aggregate of 3.1 million shares of restricted Class B Common Stock to four of BFC’s executive officers. The fair value of approximately $11.8 million was calculated based on the closing price of BFC’s Class B Common Stock on the date of grant, or $3.80 per share. The cost is being recognized over a four year service. The restricted stock awards vest pro-rata over a four year period, with the first installment of approximately 773,000 shares to vest on September 30, 2015. | |||||||||
BFC recognized restricted stock compensation expense of approximately $2.5 million, $1.25 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
As of December 31, 2014, the total unrecognized compensation cost related to BFC’s non-vested restricted stock compensation was approximately $15.3 million. The cost is expected to be recognized over a weighted-average period of approximately 3.33 years. | |||||||||
Bluegreen | |||||||||
The Bluegreen Corporation 2008 Stock Incentive Plan (the “Bluegreen 2008 Plan”), as amended, provided for the issuance of restricted stock awards and for the grant of options to purchase shares of Bluegreen’s common stock. | |||||||||
Pursuant to the terms of Bluegreen’s merger agreement with Woodbridge, (i) all options outstanding at the effective time of the merger, whether vested or unvested, were cancelled in exchange for the holder’s right to receive the excess, if any, of the $10.00 per share merger consideration over the exercise price of the option, and (ii) all shares subject to restricted stock awards outstanding at the effective time of the merger, whether vested or unvested, were converted into the right to receive, with respect to each such share, the $10.00 per share merger consideration. | |||||||||
There were no grants of stock-based awards during any of the periods presented. Total stock-based compensation expense, including amounts payable under the awards granted to non-employee directors and employees which were classified as liability awards, during the years ended December 31, 2013 and 2012 was $0.1 million and $2.7 million, respectively. | |||||||||
Changes in Bluegreen’s outstanding stock option plans during 2013 and 2012 are presented below: | |||||||||
Outstanding Options | Weighted Average Exercise Price Per Share | Number of Shares Exercisable | Aggregate Intrinsic Value | ||||||
(In 000’s) | (In 000’s) | (In 000’s) | |||||||
Balance at December 31, 2011 | 1,505 | $ | 9.03 | 1,163 | $ | 6 | |||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -93 | $ | 15.26 | ||||||
Stock options settled for cash | -200 | $ | 3.45 | ||||||
Exercised | -97 | $ | 3.21 | ||||||
Balance at December 31, 2012 | 1,115 | $ | 10.02 | 873 | $ | 1,874 | |||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -542 | $ | 14.16 | ||||||
Exercised | -573 | $ | 6.11 | ||||||
Balance at December 31, 2013 | - | $ | - | - | $ | - | |||
During the years ended December 31, 2013 and 2012, the grant-date fair value of stock options that vested was $0.7 million and $0.6 million, respectively. The total intrinsic value of Bluegreen’s stock options exercised during 2013 and 2012 was $2.2 million and $0.3 million, respectively. | |||||||||
The activity related to Bluegreen’s unvested restricted stock awards during the years 2013 and 2012 are as follows: | |||||||||
Non-vested Restricted Shares | Number of Shares (In 000's) | Weighted-Average Grant - Date Fair Value per Share | |||||||
Unvested at December 31, 2011 | 250 | $ | 8.47 | ||||||
Granted | - | - | |||||||
Vested | -45 | $ | 11.98 | ||||||
Forfeited | - | - | |||||||
Unvested at December 31, 2012 | 205 | $ | 7.69 | ||||||
Granted | - | - | |||||||
Vested | -202 | $ | 7.67 | ||||||
Forfeited | -3 | 9.31 | |||||||
Unvested at December 31, 2013 | - | $ | - | ||||||
BBX Capital | |||||||||
BBX Capital has two share-based compensation plans: the 2005 Restricted Stock and Option Plan and the BBX Capital Corporation 2014 Stock Incentive Plan. The maximum term of incentive stock options and non-qualifying stock options issuable under each of these plans is ten years. Vesting is established by BBX Capital’s Compensation Committee of the Board of Directors (“BBX Capital Compensation Committee”) in connection with each grant of options or restricted stock. All directors’ stock options vest immediately. The 2005 Restricted Stock and Option Plan provided that up to 1,875,000 shares of BBX Capital’s Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the Plan, and at December 31, 2014, 2014 no shares remained available for grants of awards under the 2005 Plan. The 2014 Stock Incentive Plan provides that up to 1,000,000 shares of Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the Plan, and at December 31, 2014, 603,918 shares remained available for grants of awards under the 2014 Stock Incentive Plan. | |||||||||
The following is a summary of BBX Capital’s non-vested restricted Class A common share activity: | |||||||||
Weighted | |||||||||
Class A | Average | ||||||||
Non-vested | Grant date | ||||||||
Restricted | Fair Value | ||||||||
Stock | Per Share | ||||||||
Outstanding at December 31, 2011 | 211,900 | $ | 6.96 | ||||||
Vested | -142,900 | 6.20 | |||||||
Forfeited | -4,000 | 6.20 | |||||||
Granted | 1,130,406 | 6.55 | |||||||
Outstanding at December 31, 2012 | 1,195,406 | $ | 6.53 | ||||||
Vested | -315,104 | 6.52 | |||||||
Forfeited | - | - | |||||||
Granted | 430,000 | 13.33 | |||||||
Outstanding at December 31, 2013 | 1,310,302 | $ | 8.76 | ||||||
Vested | -315,102 | 6.52 | |||||||
Forfeited | - | - | |||||||
Granted | 396,082 | 16.58 | |||||||
Outstanding at December 31, 2014 | 1,391,282 | $ | 11.50 | ||||||
In October 2014, the Board of Directors granted in the aggregate 396,082 shares of BBX Capital restricted Class A common stock (“RSAs”) under the 2014 Stock Incentive Plan to certain of its executive officers. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. The RSAs vest pro-rata over a four year period beginning September 30, 2015 and had a fair value of $16.58 per share at the grant date. | |||||||||
In October 2013, the Board of Directors granted in the aggregate 430,000 RSAs under the 2005 Restricted Stock and Option Plan to certain of its executive officers. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. The RSAs vest four years from the grant date or October 8, 2017. The RSAs had a fair value of $13.33 per share at the grant date. | |||||||||
In November 2012, BBX Capital, entered into employment agreements with certain of its executive officers. Pursuant to the terms of their employment agreements, BBX Capital granted in the aggregate 1,130,406 of RSAs under the 2005 Restricted Stock and Option Plan. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. The RSAs vest pro-rata over a four year period beginning September 30, 2013 and had a fair value of $6.55 per share at the grant date. Upon the vesting of 282,602 RSAs on September 30, 2013 and in accordance with the 2005 Restricted Stock and Option Plan, BBX Capital retained 114,480 of the underlying shares of BBX Capital’s Class A Common Stock in order to meet $1.6 million of minimum statutory tax withholding requirements. The 114,480 shares of BBX Capital’s Class A common stock were retired. Upon the vesting of 282,602 RSAs on September 30, 2014, and in accordance with the Plan, the Company retained 115,866 of the underlying shares of Class A Common Stock in order to meet $2.0 million of minimum statutory tax withholding requirements. The 115,866 shares of Class A Common Stock were retired. | |||||||||
As of December 31, 2014, the total unrecognized compensation cost related to BBX Capital’s non-vested restricted stock compensation was approximately $13.4 million. The cost of these non-vested RSAs is expected to be recognized over a weighted-average period of approximately 18 months. The fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $5.5 million, $4.3 million and $684,000, respectively. The vesting of 72,400 RSAs was accelerated with respect to employees employed by BankAtlantic at the closing of the BB&T Transaction. As a consequence, BBX Capital recognized $0.4 million of compensation expense upon the vesting of these RSA’s on July 31, 2012. | |||||||||
In March 2015, BBX Capital’s Board of Directors approved an amendment to both the BBX Capital Corporation 2014 Stock Incentive Plan and 2005Restricted Stock and Option Plan. The amendment to each Plan authorizes the Compensation Committee to issue restricted stock awards in the form of restricted stock units rather than just restricted stock. Following the amendment, BBX Capital and its executive officers agreed to retire any shares of BBX Capital’s outstanding restricted Class A common stock awards previously issued in the name of the Compensation Committee and subject to forfeiture until vested in exchange for BBX Capital issuing to the executive officers restricted BBX Capital Class A common stock units (“RSUs”) resulting in the retirement of 1,391,282 BBX Capital Class A common shares. Pursuant to the terms of the RSUs BBX Capital promises to issue BBX Capital Class A common stock only at the time the underlying units vest. The BBX Capital RSUs issued have the same terms, and cover the same number of underlying shares of BBX Capital Class A common stock, as the BBX Capital RSAs that were retired. | |||||||||
BBX Capital recognizes stock based compensation costs based on the grant date fair value. The grant date fair value for stock options is calculated using the Black-Scholes option pricing model incorporating an estimated forfeiture rate and recognizes the compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of five years. | |||||||||
The following is a summary of BBX Capital’s Class A common stock option activity: | |||||||||
Weighted | |||||||||
Class A | Weighted | Average | Aggregate | ||||||
Outstanding | Average | Remaining | Intrinsic | ||||||
Options | Exercise Price | Contractual Term | Value ($000) | ||||||
Outstanding at December 31, 2011 | 92,230 | $ | 277.25 | 3.1 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | -55,426 | 306.63 | |||||||
Expired | - | - | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2012 | 36,804 | $ | 233.00 | 3.1 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | -7,559 | 124.57 | |||||||
Expired | -7,963 | 185.82 | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2013 | 21,282 | $ | 289.17 | 2.5 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -5,801 | 455.00 | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2014 | 15,481 | $ | 227.03 | 2.3 | $ | - | |||
Exercisable at December 31, 2014 | 15,481 | $ | 227.03 | 2.3 | $ | - | |||
Available for grant at December 31, 2014 | - | ||||||||
There were no options granted or exercised during each of the years in the three year period ended December 31, 2014. Upon the consummation of the BB&T Transaction and the transfer of employees to BB&T, options to acquire 55,426 shares of BBX Capital’s Class A Common Stock were forfeited. | |||||||||
Included in BBX Capital’s consolidated statements of operations in compensation expense was $3.7 million, $2.5 million and $1.1 million of BBX Capital share-based compensation expense for the years ended December 31, 2014, 2013 and 2012, respectively. There was no recognized tax benefit associated with the compensation expense for the years ended December 31, 2014, 2013 and 2012 as it was not more likely than not that BBX Capital would realize the tax benefits associated with the share based compensation expense. | |||||||||
Employee_Benefit_Plans_And_Inc
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |||||||
Employee Benefit Plans And Incentive Compensation Program | 19. Employee Benefit Plans and Incentive Compensation Program | ||||||
BFC | |||||||
Defined Contribution 401(k) Plan | |||||||
During 2006, the BFC 401(k) Plan was merged into the BankAtlantic Security Plus 401(k) Plan, which is an Internal Revenue Code Section 401(k) Retirement Savings Plan. In connection with the Sale of BankAtlantic to BB&T during July 2012, BBX Capital assumed sponsorship of the BankAtlantic Security Plus 401(k) Plan. Employees who have completed 90 days of service and have reached the age of 18 are eligible to participate in the 401(k) plan. From April 1, 2009 through December 31, 2013, the employer match feature of the 401(k) plan was discontinued. As of January 1, 2014, the employer match feature was resumed under the 401(k) plan. During 2014, the employer matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. | |||||||
For the year ended December 31, 2014, the Company recorded expense for its contributions to the BankAtlantic Security Plus 401(k) Plan totaling approximately $0.1 million. | |||||||
BFC Deferred Retirement Agreement | |||||||
On September 13, 2005, the Company entered into an agreement with Glen R. Gilbert, the Company’s former Chief Financial Officer, pursuant to which the Company agreed to pay him a monthly retirement benefit of $5,449 beginning January 1, 2010. During the third quarter of 2005, BFC recorded the present value of the retirement benefit payment, as actuarially determined, in the amount of $482,444, payable as a life annuity with 120 payments at 6.5% interest. The interest on the retirement benefit is recognized monthly as compensation expense. At December 31, 2014 and 2013, the deferred retirement obligation balance was approximately $494,000 and $526,000, respectively, which represents the present value of accumulated benefit related obligation and is included in other liabilities in the Company’s consolidated statements of financial condition. The compensation expense for the years ended December 31, 2014, 2013 and 2012 was approximately $33,000, $35,000 and $37,000, respectively. | |||||||
Incentive Compensation Program | |||||||
On September 29, 2008, Woodbridge’s Board of Directors approved the terms of an incentive program for certain employees, including certain executive officers, pursuant to which a portion of their compensation may be based on the cash returns realized on investments held by individual limited partnerships or other legal entities. Certain of the participants in this incentive program are also employees and executive officers of BFC. This incentive program qualifies as a liability-based plan and, accordingly, the components of the program are required to be evaluated in order to determine the estimated fair value of the liability, if any, to be recorded. Based on the evaluation performed at December 31, 2014 and 2013, it was determined that the liability for compensation under this incentive program as of those dates was not material. | |||||||
Bluegreen | |||||||
Bluegreen’s Employee Retirement Plan (the “Bluegreen Retirement Plan”) is an Internal Revenue Code section 401(k) Retirement Savings Plan. Historically, all U.S.-based employees at least 21 years of age with at least three months of employment with Bluegreen are eligible to participate in the Bluegreen Retirement Plan. The Bluegreen Retirement Plan provides for an annual employer discretionary matching contribution. In December 2013, Bluegreen approved a basic matching contribution effective January 1, 2014 equal to 100% of each participant’s contributions not exceeding 3% of each participant’s compensation, plus 50% of the participant’s contributions in excess of 3% but not in excess of 5% of the participant’s compensation. Further, Bluegreen may make additional discretionary matching contributions not to exceed 6% of each participant’s compensation. Bluegreen made contributions of $6.7 million and $1.7 million during 2014 and 2013, respectively. During the years ended December 31, 2014, 2013 and 2012, Bluegreen recorded expenses for its contribution to the Bluegreen Retirement Plan totaling $4.6 million, $2.3 million and $1.6 million. | |||||||
BBX Capital | |||||||
Defined Contribution 401(k) Plan: | |||||||
The table below outlines the terms of the Security Plus 401(k) Plan and the associated employer costs (in thousands): | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Employee salary contribution limit (1) | $ | 17.5 | 17.5 | 17 | |||
Percentage of salary limitation | % | 75 | 75 | 75 | |||
Total match contribution (2) | $ | 150 | - | - | |||
-1 | For the years ended December 31, 2014, 2013 and 2012, employees over 50 were entitled to contribute $23,000, $23,000 and $22,500, respectively. | ||||||
-2 | The employer match vests immediately. BBX Capital did not offer an employer match for the years ended December 31, 2013 and 2012. | ||||||
Defined Benefit Pension Plan: | |||||||
BB&T assumed the pension obligation of BankAtlantic’s defined benefit plan upon the acquisition of BankAtlantic in the BB&T Transaction as of July 31, 2012. Included in the gain on the sale of BankAtlantic in discontinued operations in the Company’s statement of operations during the year ended December 31, 2012 was $22.4 million of pension losses associated with the under-funded pension plan amount and the unrecognized net losses from pension investments. | |||||||
Shares_Subject_To_Mandatory_Re
Shares Subject To Mandatory Redemption | 12 Months Ended |
Dec. 31, 2014 | |
Shares Subject To Mandatory Redemption [Abstract] | |
Shares Subject To Mandatory Redemption | 20. Shares Subject to Mandatory Redemption |
On June 7, 2004, the Company’s board of directors designated 15,000 shares of the Company’s preferred stock as 5% Cumulative Preferred Stock. On June 21, 2004, the Company sold all 15,000 shares of the 5% Cumulative Preferred Stock to an investor group in a private offering. | |
The Company’s 5% Cumulative Preferred Stock has a stated value of $1,000 per share. The shares of 5% Cumulative Preferred Stock are redeemable at the option of the Company, from time to time, at redemption prices of $1,005 per share for the twelve month period ending April 29, 2015 and $1,000 per share for the twelve month period ending April 29, 2016 and thereafter. The 5% Cumulative Preferred Stock’s liquidation preference is equal to its stated value of $1,000 per share plus any accumulated and unpaid dividends or an amount equal to the applicable redemption price in a voluntary liquidation or winding up of the Company. Holders of the 5% Cumulative Preferred Stock have no voting rights, except as provided by Florida law, and are entitled to receive, when and as declared by the Company’s board of directors (and previously also upon the written non-objection of the Federal Reserve), cumulative quarterly cash dividends on each such share at a rate per annum of 5% of the stated value from the date of issuance. From the second quarter of 2004 through the third quarter of 2011, the Company paid quarterly dividends on the 5% Cumulative Preferred Stock of $187,500. The Company determined not to seek the Federal Reserve’s written non-objection to the dividend payment for the fourth quarter of 2011 or the first or second quarters of 2012 and, therefore, the Company accrued unpaid dividend payments totaling approximately $563,000 as of June 30, 2012. As a result of BBX Capital’s sale of BankAtlantic to BB&T on July 31, 2012, BFC was released from registration as a savings and loan holding company, effective August 31, 2012, and therefore is no longer subject to regulation by the Federal Reserve or otherwise as a savings and loan holding company. Following such deregistration, the unpaid dividends on the 5% Cumulative Preferred Stock for the fourth quarter of 2011 and the first and second quarters of 2012 and accrued interest totaling $563,000 were paid by BFC. BFC has subsequently paid regular quarterly cash dividends of $187,500 on its 5% Cumulative Preferred Stock. As a result of the re-classification of the 5% Cumulative Preferred Stock to a liability in connection with the Second Amendment described below, the dividends on the 5% Cumulative Preferred Stock paid since the second quarter of 2012 plus accretable interest is included as interest expense on the consolidated statements of operations. | |
On December 17, 2008, certain of the previously designated relative rights, preferences and limitations of the 5% Cumulative Preferred Stock were amended (the “First Amendment”) to eliminate the right of the holders of the 5% Cumulative Preferred Stock to convert their shares into shares of the Company’s Class A Common Stock. The First Amendment also required the Company to redeem shares of the 5% Cumulative Preferred Stock with the net proceeds received in the event the Company sold any shares of Benihana’s stock that it owned and entitled the holders of the 5% Cumulative Preferred Stock, in the event the Company defaulted on its dividend payment obligation with respect to such stock, to receive directly from Benihana the payments due (collectively, the “Benihana Stock Provisions”). | |
Based on an analysis of the 5% Cumulative Preferred Stock after giving effect to the First Amendment, the 5% Cumulative Preferred Stock was classified in the mezzanine category at its fair value at the effective date of the First Amendment of approximately $11.0 million. The remaining amount (which was approximately $4.0 million as of the date of the First Amendment) is recorded in additional paid in capital in the Company’s consolidated statements of financial condition. The fair value of the 5% Cumulative Preferred Stock was calculated using an income approach by discounting estimated cash flows at a market discount rate. | |
On April 4, 2012, the relative rights, preferences and limitations of the 5% Cumulative Preferred Stock were further amended (the “Second Amendment”). Pursuant to the Second Amendment, to the extent the shares are not earlier redeemed pursuant to the optional redemption right described above, the Company will be required to redeem 5,000 shares of the 5% Cumulative Preferred Stock during each of the years ending December 31, 2016, 2017 and 2018 for an aggregate annual redemption price of $5.0 million, or $1,000 per share. The Second Amendment also provides that, subject to certain limitations, in the event that the Company defaults on its dividend or mandatory redemption obligations, the holders of the 5% Cumulative Preferred Stock will be entitled to receive from the Company shares of common stock of Bluegreen owned by the Company having, in the aggregate, a fair market value equal to the amount of the dividend or redemption payment, as the case may be, to the extent not timely paid (the “Bluegreen Share Requirement”). In consideration therefor, the Second Amendment eliminated the Benihana Stock Provisions. | |
Under applicable accounting guidance, as a result of the Second Amendment and the mandatory redemption provision contained therein, the 5% Cumulative Preferred Stock was re-classified as a liability during the quarter ended June 30, 2012 at its estimated fair value of approximately $11.5 million. The fair value was determined by an independent third party and was based on a cash flow model using a discount rate equivalent to benchmark bond ratings. The $0.5 million difference between the previously stated fair value of $11.0 million as of March 31, 2012 and the June 30, 2012 estimated fair value of $11.5 million was recorded as an adjustment to additional paid in capital in the Company’s consolidated statement of financial condition. Included in interest expense in the accompanying consolidated statement of operations for the years ended December 31, 2014, 2013 and 2012, is interest recognized of approximately $1.1 million, $1.3 million and $913,000, respectively, of which $750,000, $750,000 and $563,000, respectively, was paid as dividends. | |
On December 13, 2013, BFC entered into an agreement with the holders of BFC’s 5% Cumulative Preferred Stock pursuant to which BFC and such shareholders agreed to a further amendment of certain of the relative rights, preferences and limitations of the 5% Cumulative Preferred Stock (the “Third Amendment”). The Third Amendment extended BFC’s mandatory redemption obligation with respect to the 5% Cumulative Preferred Stock described above from the years ending December 31, 2016, 2017 and 2018 until the years ending December 31, 2018, 2019 and 2020. In addition, the Third Amendment eliminated the right that the preferred shareholders previously had, upon a default by BFC on its dividend or redemption obligations with respect to the 5% Cumulative Preferred Stock, to receive from BFC certain shares of common stock of Bluegreen. Under the terms of the agreement between BFC and the preferred shareholders, BFC also agreed to make a $5 million loan to the preferred shareholders. The loan is secured by 5,000 shares of 5% Cumulative Preferred Stock, has a term of five years, accrues interest at a rate of 5% per annum and provides for payments of interest only on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity. | |
Common_Stock_Preferred_Stock_A
Common Stock, Preferred Stock And Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock, Preferred Stock And Dividends [Abstract] | |
Common Stock Preferred Stock And Dividends | 21. Common Stock, Preferred Stock and Dividends |
Common Stock | |
The Company's Articles of Incorporation authorize the Company to issue both Class A Common Stock, par value $.01 per share, and Class B Common Stock, par value $.01 per share. Under Florida law and the Company’s Articles of Incorporation, holders of the Company’s Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of the Company’s shareholders. On such matters, holders of the Company’s Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power. Holders of Class B Common Stock possess the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases to 1,800,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40% and the Class B Common Stock will have the remaining 60%. If the number of shares of Class B Common Stock outstanding decreases to 1,400,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53% and the Class B Common Stock will have the remaining 47%. These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 500,000 shares or less, at which time the fixed voting percentages will be eliminated, and holders of Class A Common Stock and holders of Class B Common Stock would then each be entitled to one vote per share held. Each share of Class B Common Stock is convertible at the option of the holder thereof into one share of Class A Common Stock. | |
In connection with the consummation of BFC’s merger with Woodbridge on September 21, 2009, BFC’s Articles of Incorporation were amended to increase the number of authorized shares of BFC’s Class A Common Stock from 100,000,000 shares to 150,000,000 shares. BFC also amended its Articles of Incorporation on September 21, 2009 to set forth the designation and number of preferred shares as well as the relative rights, preferences and limitations of the preferred shares which may be issued under the terms and conditions of the Rights Agreement described below. | |
On September 21, 2009, BFC adopted a rights agreement (“Rights Agreement”) designed to preserve shareholder value and protect our ability to use available net operating loss carryforwards to offset future taxable income. The Rights Agreement provides a deterrent to shareholders from acquiring a 5% or greater ownership interest in BFC’s Class A Common Stock and Class B Common Stock without the prior approval of BFC’s Board of Directors. Shareholders of BFC at September 21, 2009 were not required to divest any shares. | |
On September 21, 2009, BFC’s Board of Directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A and Class B Common Stock at an aggregate cost of no more than $10 million. This program replaced the $10 million repurchase program that BFC's Board of Directors approved in October 2006 which placed a limitation on the number of shares which could be repurchased under the program at 1,750,000 shares of Class A Common Stock. The current program, like the prior program, authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors. No shares have been repurchased under the current program. | |
Preferred Stock | |
The Company’s authorized capital stock includes 10 million shares of preferred stock, par value of $.01 per share. See Note 20 for further information regarding BFC’s outstanding 5% Cumulative Preferred Stock. | |
Bylaw Amendments | |
On February 11, 2008, our Board of Directors amended our Bylaws to include advance notice procedures requiring, among other things, that a shareholder wishing to properly bring business before an annual meeting of the Company’s shareholders or nominate a candidate to serve on the Board of Directors of the Company must deliver written notice of such business or nomination to the Company’s Secretary (i) not less than 90 days nor more than 120 days prior to the anniversary date of the preceding year’s annual meeting of the Company’s shareholders or (ii) in the event that the annual meeting of the Company’s shareholders is called for a date that is not within 30 days before or after the anniversary date of the preceding year’s annual meeting of the Company’s shareholders, not later than the close of business on the tenth day after the earlier of notice of the date of the annual meeting of shareholders is mailed or public disclosure of the date of the annual meeting of shareholders is made. | |
On September 21, 2009, in connection with the consummation of the Woodbridge merger, our Bylaws were further amended to increase the maximum size of the Board from 12 to 15 directors and to provide that each director thereafter elected or appointed to the Board would serve for a term expiring at our next annual meeting of shareholders. | |
On February 9, 2015, the Board of Directors of BFC Financial Corporation (the “Company”) approved amendments to the Company’s By-Laws which add to the By-laws an exclusive forum selection provision which will be applicable to certain litigation and a provision for fee shifting in the case of certain litigation as described below. | |
Pursuant to the exclusive forum selection provision, which was added as Article IX, Section 1 of the By-Laws, unless the Company’s Board of Directors consents to the selection of an alternative forum, the Circuit Court located in Broward County, Florida (or, if such Circuit Court does not have jurisdiction, another Circuit Court located within Florida or, if no Circuit Court located within Florida has jurisdiction, the federal district court for the Southern District of Florida) shall be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or its shareholders, (iii) any action asserting a claim against the Company or any of its directors, officers or other employees arising pursuant to any provision of the Florida Business Corporation Act or the Company’s Articles of Incorporation or By-Laws (in each case, as may be amended from time to time), or (iv) any action asserting a claim against the Company or any of its directors, officers or other employees governed by the internal affairs doctrine of the State of Florida (each, a “Covered Proceeding”). The new forum selection provision provides that if any Covered Proceeding is filed in a court other than a court located within Florida (a “Foreign Action”) in the name of any shareholder, then such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within Florida in connection with any action brought in any such court to enforce the exclusive forum provision described in the preceding sentence and (ii) having service of process made upon such shareholder in any such enforcement action by service upon such shareholder’s counsel in the Foreign Action as agent for such shareholder. | |
In addition, pursuant to Article IX, Section 2 of the By-Laws, the Company and its officers, directors and other employees have the right to the extent permitted by applicable law (and unless the Company’s Board of Directors consents to the contrary) to reimbursement of all amounts incurred by the Company or its officers, directors or other employees, from any person or entity that initiates or asserts any claim or counterclaim against the Company or any of its officers, directors or other employees, or joins, offers substantial assistance to or has a direct financial interest in any such claim or counterclaim, if such person or entity does not obtain a judgment on the merits that substantially achieves, in substance and amount, the full remedy sought. | |
Dividends | |
BFC has never paid cash dividends on its common stock. See Note 20 for information regarding dividends paid by BFC with respect to its 5% Cumulative Preferred Stock. | |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Noncontrolling Interests [Abstract] | |||||||
Noncontrolling Interests | 22. Noncontrolling Interests | ||||||
The following table summarizes the noncontrolling interests in the Company’s subsidiaries at December 31, 2014 and 2013 (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
BBX Capital | $ | 150,254 | 144,919 | ||||
Joint ventures | 43,546 | 38,056 | |||||
Total noncontrolling interests | $ | 193,800 | 182,975 | ||||
The following table summarizes the income (loss) recognized with respect to the Company’s subsidiaries attributable to noncontrolling interests for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Noncontrolling interest - Continuing Operations: | |||||||
BBX Capital | $ | 2,040 | 23,112 | -13,370 | |||
Bluegreen (1) | - | 5,321 | 23,227 | ||||
Joint ventures | 11,415 | 13,284 | 13,769 | ||||
$ | 13,455 | 41,717 | 23,626 | ||||
Noncontrolling interest - Discontinued Operations: | |||||||
BBX Capital | $ | - | - | 124,066 | |||
Bluegreen (1) | - | -23 | -1,607 | ||||
$ | - | -23 | 122,459 | ||||
Net income attributable to noncontrolling interests | $ | 13,455 | 41,694 | 146,085 | |||
-1 | Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreen’s common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. | ||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Reporting | 23. Segment Reporting | ||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. | |||||||||||||||
The information provided for segment reporting is based on internal reports utilized by management of the Company and its subsidiaries. The presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ but the relative trends in the segments’ operating results would, in management's view, likely not be impacted. | |||||||||||||||
Following BBX Capital’s sale of BankAtlantic during July 2012 and the disposition of BFC’s investment in Benihana in connection with Safflower’s acquisition of Benihana during August 2012 and as a result of Woodbridge’s reduced real estate operating activities, BFC reorganized its reportable segments to better align its segments with its and its subsidiaries’ operations. As a result of such reorganization, we currently report the results of our continuing operations through five segments: Bluegreen Vacations; BBX; FAR; Renin; and Sweet Holdings. BFC previously had a BFC Activities reporting segment and a Real Estate Operations segment. The BFC Activities segment included BFC’s corporate overhead and selling, general and administrative expenses, including the expenses of Woodbridge unrelated to real estate, BFC’s investment in Benihana, and certain other investments and subsidiaries. The Real Estate Operations segment included the subsidiaries through which Woodbridge historically conducted its real estate business activities. BFC’s management modified its measure of segment operating profit to exclude the items that were previously classified within the BFC Activities segment and the Real Estate Operations segment. Accordingly, BFC’s segment disclosure has been adjusted to reflect the revised presentation, and the results previously included within BFC Activities and Real Estate Operations have been reclassified to unallocated corporate overhead for all periods presented and are included in the reconciliation of segment amounts to the consolidated amounts. | |||||||||||||||
During the third quarter of 2014, the Company’s segment disclosure was adjusted to include Sweet Holdings as a separate operating segment. Sweet Holdings previously was reported as other operations and not within any operating segment. | |||||||||||||||
Discontinued operations include the results of Bluegreen Communities (which previously was a separate reporting segment), BankAtlantic’s community banking, investment, capital services and tax certificate reporting units (which previously comprised a portion of the BankAtlantic segment, which was a separate reporting segment) and Cypress Creek Holdings (which was previously part of the Real Estate Operations reporting segment). See Note 4 for additional information regarding discontinued operations. | |||||||||||||||
The Company evaluates segment performance based on segment net income (loss). | |||||||||||||||
The following summarizes the aggregation of the Company's operating segments into reportable segments: | |||||||||||||||
Bluegreen Vacations | |||||||||||||||
Bluegreen Vacations, the operating segment relating to Bluegreen’s continuing operations, markets, sells and manages real estate-based VOIs in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or are owned by others in which case Bluegreen Vacations earns fees for providing these services. Bluegreen Vacations also earns fees by providing club and property owners’ association management services, mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen Vacations provides financing to credit-qualified individual purchasers of VOIs, which provides significant interest income. | |||||||||||||||
FAR | |||||||||||||||
BBX Capital holds 5% of the outstanding preferred membership interests in FAR as well as the right to own 100% of FAR following such time, if any, as BB&T, which holds 95% of FAR’s outstanding preferred membership interests, has recovered $285 million preference amount plus a priority return of LIBOR + 2.00% per annum on any unpaid preference amount. Since its inception (August 1, 2012), FAR’s activities have primarily consisted of managing its portfolio of assets with a view towards liquidating the assets to provide sufficient funds to result in the full recovery of the preference amount and to maximize the residual value of the assets. FAR’s activities also include oversight of third party servicers and the liquidation of tax certificates, loans and real estate acquired through foreclosure. | |||||||||||||||
BBX | |||||||||||||||
The BBX segment consists of the activities associated with CAM’s and BBX Partner’s portfolios of loans receivable, real estate properties, and a BankAtlantic legacy portfolio of previously charged-off loans retained by CAM in the BB&T Transaction. The BBX segment also includes the Company’s investment in Woodbridge and investments in real estate joint ventures. BBX’s primary business activities relate to: managing and, where appropriate, monetizing its portfolio of loans receivable; managing and, where appropriate, monetizing or developing its portfolio of real estate properties; maximizing the cash flows from its portfolio of charged-off loans and judgments; and pursuing equity and debt investment opportunities in real estate and operating businesses. | |||||||||||||||
The results of operations of BBX for the years ended December 31, 2012 include the operations of BBX Capital and its subsidiaries other than BankAtlantic and FAR, BankAtlantic’s Commercial Lending reporting unit and all of BankAtlantic’s general corporate overhead. | |||||||||||||||
Renin | |||||||||||||||
The Renin reportable segment consists of the activities of Renin, which is owned 81% by BBX Capital and 19% by BFC and was formed during October 2013 in connection with the acquisition at that time of Renin Corp. and its subsidiaries. The Renin reportable segment includes the results of operations of Renin for the two months ended December 31, 2013 and the year ended December 31, 2014. | |||||||||||||||
Sweet Holdings | |||||||||||||||
The Sweet Holdings segment consists of the operating activities of BBX Sweet Holdings. For 2013, BBX Sweet Holdings’ reportable segment includes the operating results of Hoffman’s for the one month ended December 31, 2013. The Sweet Holdings segment for 2014 includes the activities of Hoffman’s for the year ended December 31, 2014 and also includes the activities of Williams and Bennett, Jer’s, Helen Grace and Anastasia from their dates of acquisition, January 13, 2014, July 1, 2014, July 21, 2014 and October 1, 2014, respectively, through December 31, 2014. See Note 3 for additional information regarding BBX Sweet Holdings’ acquisitions. | |||||||||||||||
The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): | |||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | Sweet | and | Segment | ||||||||||||
Vacations | BBX | FAR | Renin | Holdings | Eliminations | Total | |||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 262,334 | - | - | - | - | - | 262,334 | |||||||
Trade sales | - | - | - | 57,839 | 16,245 | -1 | 74,083 | ||||||||
Interest income | 81,666 | 1,515 | 3,907 | - | 7 | -603 | 86,492 | ||||||||
Fee-based sales commission | 144,239 | - | - | - | - | - | 144,239 | ||||||||
Other fee-based services revenue | 92,089 | - | - | - | - | - | 92,089 | ||||||||
Net gains on the sales of assets | - | 3,651 | 1,876 | - | - | - | 5,527 | ||||||||
Other revenue | - | 3,607 | 4,442 | - | 5 | -632 | 7,422 | ||||||||
Total revenues | 580,328 | 8,773 | 10,225 | 57,839 | 16,257 | -1,236 | 672,186 | ||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 30,766 | - | - | - | - | - | 30,766 | ||||||||
Cost of goods sold of trade sales | - | - | 43,888 | 10,794 | 54,682 | ||||||||||
Cost of sale of other fee-based services | 56,941 | - | - | - | - | - | 56,941 | ||||||||
Interest expense | 41,324 | 815 | 775 | 551 | 440 | 3,497 | 47,402 | ||||||||
(Recoveries from) provision for loan losses | - | -10,169 | 3,014 | - | - | - | -7,155 | ||||||||
Impairment of assets | - | 266 | 6,749 | - | - | - | 7,015 | ||||||||
Selling, general and administrative expenses | 345,191 | 30,700 | 8,347 | 15,444 | 5,000 | 17,682 | 422,364 | ||||||||
Total costs and expenses | 474,222 | 21,612 | 18,885 | 59,883 | 16,234 | 21,179 | 612,015 | ||||||||
Equity in earnings (loss) from unconsolidated entities | - | 24,723 | - | - | - | -25,296 | -573 | ||||||||
Other income | - | - | - | - | - | 4,258 | 4,258 | ||||||||
Income (loss) from continuing operations | |||||||||||||||
before income taxes | 106,106 | 11,884 | -8,660 | -2,044 | 23 | -43,453 | 63,856 | ||||||||
Less: Provision (benefit) for income taxes | - | - | - | 6 | -3,107 | 39,958 | 36,857 | ||||||||
Income (loss) from continuing operations | 106,106 | 11,884 | -8,660 | -2,050 | 3,130 | -83,411 | 26,999 | ||||||||
Income from discontinued operations, net of taxes | - | - | - | - | - | 306 | 306 | ||||||||
Net income (loss) | $ | 106,106 | 11,884 | -8,660 | -2,050 | 3,130 | -83,105 | 27,305 | |||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 13,455 | 13,455 | |||||||||||||
Net (loss) income attributable to BFC | -96,560 | 13,850 | |||||||||||||
Total assets | $ | 1,045,498 | 550,993 | 100,306 | 23,661 | 31,645 | -340,807 | 1,411,296 | |||||||
The table below sets forth the Company’s segment information as of and for the year ended December 31, 2013 (in thousands): | |||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | Sweet | and | Segment | ||||||||||||
Vacations | BBX | FAR | Renin | Holdings | Eliminations | Total | |||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 261,439 | - | - | - | - | - | 261,439 | |||||||
Trade sales | - | - | - | 9,300 | 966 | -23 | 10,243 | ||||||||
Interest income | 82,230 | 14,490 | 9,847 | - | - | -296 | 106,271 | ||||||||
Fee-based sales commission | 91,859 | - | - | - | - | - | 91,859 | ||||||||
Other fee-based services revenue | 80,125 | - | - | - | - | - | 80,125 | ||||||||
Net gains on the sales of assets | - | 3,525 | 3,203 | - | - | - | 6,728 | ||||||||
Other revenue | - | 4,047 | 3,489 | - | - | -438 | 7,098 | ||||||||
Total revenues | 515,653 | 22,062 | 16,539 | 9,300 | 966 | -757 | 563,763 | ||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 32,607 | - | - | - | - | - | 32,607 | ||||||||
Cost of goods sold of trade sales | - | - | 7,227 | 633 | - | 7,860 | |||||||||
Cost of other fee-based services | 52,817 | - | - | - | - | - | 52,817 | ||||||||
Interest expense | 41,137 | 1,774 | 3,397 | 144 | 24 | 4,145 | 50,621 | ||||||||
Recoveries from loan losses | - | -34,128 | -9,737 | - | - | - | -43,865 | ||||||||
Asset impairments, net | - | 219 | 4,489 | - | - | - | 4,708 | ||||||||
Selling, general and administrative expenses | 306,559 | 27,132 | 10,257 | 1,993 | 346 | 16,028 | 362,315 | ||||||||
Total costs and expenses | 433,120 | -5,003 | 8,406 | 9,364 | 1,003 | 20,173 | 467,063 | ||||||||
Equity in earnings (loss) from unconsolidated affiliates | - | 13,461 | - | - | - | -13,385 | 76 | ||||||||
Other income | - | - | - | - | - | 732 | 732 | ||||||||
Income (loss) from continuing operations before income taxes | |||||||||||||||
before income taxes | 82,533 | 40,526 | 8,133 | -64 | -37 | -33,583 | 97,508 | ||||||||
Less: Provision for income taxes | - | - | 20 | 294 | - | 26,055 | 26,369 | ||||||||
Income (loss) from continuing operations | 82,533 | 40,526 | 8,113 | -358 | -37 | -59,638 | 71,139 | ||||||||
Loss from discontinued operations, net of taxes | - | - | - | - | - | -382 | -382 | ||||||||
Net income (loss) | $ | 82,533 | 40,526 | 8,113 | -358 | -37 | -60,020 | 70,757 | |||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 41,694 | 41,694 | |||||||||||||
Net (loss) income attributable to BFC | -101,714 | 29,063 | |||||||||||||
Total assets | $ | 1,086,316 | 476,947 | 166,114 | 23,809 | 5,383 | -317,204 | 1,441,365 | |||||||
The table below sets forth the Company’s segment information as of and for the year ended December 31, 2012 (in thousands): | |||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | and | Segment | |||||||||||||
Vacations | BBX | FAR | Eliminations | Total | |||||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 211,684 | - | - | - | 211,684 | |||||||||
Interest income | 83,682 | 18,312 | 3,610 | -118 | 105,486 | ||||||||||
Fee based sales commission | 87,795 | - | - | - | 87,795 | ||||||||||
Other fee-based services revenue | 74,824 | - | - | - | 74,824 | ||||||||||
Net gains on the sales of assets | - | 5,551 | 1,136 | - | 6,687 | ||||||||||
Other revenue | - | 4,124 | 389 | -59 | 4,454 | ||||||||||
Total revenues | 457,985 | 27,987 | 5,135 | -177 | 490,930 | ||||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 24,353 | - | - | - | 24,353 | ||||||||||
Cost of other fee-based services | 46,835 | - | - | - | 46,835 | ||||||||||
Interest expense | 43,269 | 9,577 | 2,467 | 4,651 | 59,964 | ||||||||||
(Recoveries from) provision for loan losses | - | -2,163 | 4,568 | - | 2,405 | ||||||||||
Asset impairments, net | - | 8,635 | 1,296 | - | 9,931 | ||||||||||
Selling, general and administrative expenses | 246,905 | 53,516 | 2,727 | 25,642 | 328,790 | ||||||||||
Total costs and expenses | 361,362 | 69,565 | 11,058 | 30,293 | 472,278 | ||||||||||
Gain on extinguishment of debt | - | - | - | 29,875 | 29,875 | ||||||||||
Gain on the sale of Benihana investment | - | - | - | 9,307 | 9,307 | ||||||||||
Equity in earnings from unconsolidated affiliates | - | - | - | 186 | 186 | ||||||||||
Other income | - | 281 | - | 2,161 | 2,442 | ||||||||||
Income (loss) from continuing operations | |||||||||||||||
before income taxes | 96,623 | -41,297 | -5,923 | 11,059 | 60,462 | ||||||||||
Less: (Benefit) provision for income taxes | - | -16,393 | -2,351 | 34,969 | 16,225 | ||||||||||
Income (loss) from continuing operations | 96,623 | -24,904 | -3,572 | -23,910 | 44,237 | ||||||||||
Income (loss) from discontinued operations, net of taxes | - | - | - | 267,863 | 267,863 | ||||||||||
Net income (loss) | $ | 96,623 | -24,904 | -3,572 | 243,953 | 312,100 | |||||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 146,085 | 146,085 | |||||||||||||
Net income attributable to BFC | $ | 97,868 | 166,015 | ||||||||||||
Total assets | $ | 1,055,224 | 412,734 | 296,012 | -216,782 | 1,547,188 | |||||||||
Certain_Relationships_And_Rela
Certain Relationships And Related Party Transactions | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Certain Relationships And Related Party Transactions [Abstract] | |||||||
Certain Relationships And Related Party Transactions | 24. Certain Relationships and Related Party Transactions | ||||||
The Company owns shares of BBX Capital’s Class A Common Stock and Class B Common Stock representing approximately 51% of the total outstanding equity of BBX Capital and 72% of the total voting power of BBX Capital. The Company may be deemed to be controlled by Alan B. Levan, who serves as Chairman, Chief Executive Officer and President of the Company, and John E. Abdo, who serves as Vice Chairman of the Company. Together, Mr. Alan Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 74% of the Company’s total voting power. Mr. Alan Levan and Mr. Abdo are each executive officers and directors of BBX Capital, and they served as executive officers and directors of BankAtlantic until July 2012 when BBX Capital sold BankAtlantic to BB&T. In addition, Jarett S. Levan, the son of Alan B. Levan, is an executive officer and director of the Company and BBX Capital, and he was an executive officer and director of BankAtlantic until its sale to BB&T in July 2012. Further, Seth M. Wise, an executive officer and director of the Company, and John K. Grelle, an executive officer of the Company, are each executive officers of BBX Capital. Upon Mr. Grelle’s retirement following the filing of this report, Raymond S. Lopez, Bluegreen’s Chief Accounting Officer, will succeed Mr. Grelle as Chief Financial Officer of both BFC and BBX Capital. | |||||||
The Company and BBX Capital own 54% and 46%, respectively, of the outstanding equity interests in Woodbridge, which is the sole shareholder of Bluegreen as a result of the Bluegreen merger described below. Prior to such merger, the Company, indirectly through Woodbridge, which was a wholly owned subsidiary of the Company at that time, owned approximately 54% of Bluegreen’s outstanding common stock. In addition, Mr. Alan Levan and Mr. Abdo served, and continue to serve, as Chairman and Vice Chairman, respectively, of Bluegreen. The Company also had a direct non-controlling interest in Benihana, and Mr. Alan Levan and Mr. Abdo served as directors of Benihana, in each case until August 2012 when Benihana was acquired by Safflower. | |||||||
On April 2, 2013, Woodbridge acquired all of the then-outstanding shares of Bluegreen not previously owned by Woodbridge in a cash merger transaction. Pursuant to the terms of the merger agreement between the parties, dated as of November 14, 2012, Bluegreen’s shareholders (other than Woodbridge, whose shares of Bluegreen’s common stock were canceled in connection with the Bluegreen merger without any payment therefor) received consideration of $10.00 in cash for each share of Bluegreen’s common stock that they held at the effective time of the Bluegreen merger, including unvested restricted securities. In addition, each option to acquire shares of Bluegreen’s common stock that was outstanding at the effective time of the Bluegreen merger, whether vested or unvested, was canceled in exchange for the holder’s right to receive the excess, if any, of the $10.00 per share merger consideration over the exercise price per share of the option. The aggregate merger consideration was approximately $149.2 million. As a result of the Bluegreen merger, Bluegreen, which was the surviving corporation of the transaction, became a wholly-owned subsidiary of Woodbridge. | |||||||
In connection with the financing of the Bluegreen merger, the Company and Woodbridge entered into a Purchase Agreement with BBX Capital on April 2, 2013. Pursuant to the terms of the Purchase Agreement, BBX Capital invested $71.75 million in Woodbridge in exchange for a 46% equity interest in Woodbridge. The Company continues to hold the remaining 54% of Woodbridge’s outstanding equity interests. BBX Capital’s investment in Woodbridge consisted of $60 million in cash and a promissory note in Woodbridge’s favor in the principal amount of $11.75 million. The promissory note has a term of five years, accrues interest at a rate of 5% per annum and provides for payments of interest only on a quarterly basis during the term of the promissory note, with all outstanding amounts being due and payable at the end of the five-year term. During 2014 and 2013, BBX Capital paid to Woodbridge approximately $587,000 and $441,000 of interest on the note. In connection with BBX Capital’s investment in Woodbridge, the Company and BBX Capital entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth the Company’s and BBX Capital’s respective rights as members of Woodbridge and provides for, among other things, unanimity on certain specified “major decisions” and for distributions from Woodbridge to be made on a pro rata basis in accordance with the Company’s and BBX Capital’s respective percentage equity interests in Woodbridge. | |||||||
The Company and Bluegreen were previously party to a merger agreement, dated November 11, 2011, which provided for Bluegreen to merge with and into a wholly-owned subsidiary of the Company and for Bluegreen’s shareholders (other than Woodbridge and shareholders of Bluegreen who duly exercised appraisal rights in accordance with Massachusetts law) to receive eight shares of the Company’s Class A Common Stock for each share of Bluegreen’s common stock that they held at the effective time of the transaction. The November 2011 merger agreement was conditioned upon, among other things, the listing of the Company’s Class A Common Stock on a national securities exchange at the effective time of the transaction. Due to the inability to satisfy this closing condition, on November 14, 2012, the Company and Bluegreen agreed to terminate the November 2011 merger agreement and the Company, Woodbridge and Bluegreen entered into the cash merger agreement described above. | |||||||
On May 7, 2013, BFC and BBX Capital entered into a merger agreement which provided for BBX Capital to merge with and into a wholly owned subsidiary of BFC and for BBX Capital’s shareholders to receive 5.39 shares of BFC’s Class A Common Stock in exchange for each share of BBX Capital’s Class A Common Stock that they held at the effective time of the merger. Consummation of the merger was subject to certain closing conditions, including the listing of BFC’s Class A Common Stock on a national securities exchange at the effective time of the merger. BFC was advised by the NYSE and NASDAQ that they would not consider approval of any application for listing of BFC’s Class A Common Stock prior to the resolution of the litigation brought by the SEC against BBX Capital and its Chairman, who also serves as BFC’s Chairman. As previously disclosed, on December 15, 2014, after a six-week trial, the jury found in favor of BBX Capital and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BBX Capital’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) in their decision to sell certain loans in the fourth quarter of 2007 and failing to classify the loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. On March 10, 2015, motions to enter judgment in favor of BBX Capital and Mr. Levan were denied. BBX Capital has indicated that it and Mr. Levan will appeal the issues to the Eleventh Circuit Court of Appeals. However, as a result of the time frames involved in such motions and appeals, the Boards of Directors of BFC and BBX Capital mutually agreed on December 15, 2014 to terminate the companies’ merger agreement. | |||||||
On October 30, 2013, Renin which is owned 81% by BBX Capital and 19% by BFC, through newly formed acquisition subsidiaries acquired substantially all of the assets of Renin Corp. and its subsidiaries (the “Renin Acquisition”). Bluegreen Specialty Finance, LLC, a subsidiary of Bluegreen, funded approximately $9.4 million of the transaction consideration in a term loan and revolver facility (the “Renin Loan”). The Renin Loan included a $3.0 million term loan and provided for additional borrowings of up to $9.0 million on a revolving basis, of which $10.5 million in the aggregate was borrowed by Renin. Amounts outstanding under the Renin Loan bore interest at a fixed rate of 7.25% per annum and were collateralized by substantially all of the assets of Renin Holdings, LLC. | |||||||
During June 2014, the approximate $8.0 million of financing received by Renin from Wells Fargo as described in Note 15, together with pro-rata capital contributions to Renin from BBX Capital and BFC of $2,025,000 and $475,000, respectively, were utilized to repay in full the Renin Loan. | |||||||
The following table presents information relating to the shared services arrangements between BFC, BBX Capital (including BankAtlantic until its sale in July 2012) and Bluegreen, and the information technology services and office facilities agreements between BFC and BBX Capital (including BankAtlantic until its sale in July 2012) for the years ended December 31, 2014, 2013 and 2012. All amounts were eliminated in consolidation (in thousands). | |||||||
For the Year Ended December 31, 2014 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 682 | -229 | -453 | |||
Facilities cost and information technology (2) | $ | -448 | 448 | - | |||
For the Year Ended December 31, 2013 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 501 | -200 | -301 | |||
Facilities cost and information technology (2) | $ | -431 | 431 | - | |||
For the Year Ended December 31, 2012 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 1,001 | -623 | -378 | |||
Facilities cost and information technology (3) | $ | -219 | 188 | 31 | |||
1) | Pursuant to the terms of shared services agreements between BFC and BBX Capital, until the consummation of BBX Capital’s sale of BankAtlantic to BB&T during July 2012, subsidiaries of BFC provided human resources, risk management, investor relations, executive office administration and other services to BBX Capital. Subsidiaries of BFC continue to provide certain risk management and administrative services to BBX Capital. BFC’s subsidiaries also provide risk management and administrative services to Bluegreen. The costs of shared services are allocated based upon the usage of the respective services. | ||||||
2) | In December 2012, the Company entered into an agreement with BBX Capital pursuant to which BBX Capital provides office facilities to the Company at BBX Capital’s and the Company’s principal executive offices. Under the terms of the agreement, the Company reimburses BBX Capital at cost for certain costs and expenses related to the office facilities provided. | ||||||
3) | Prior to the completion of the BankAtlantic Sale in July 2012, as part of the shared service arrangements, BFC paid BankAtlantic and Bluegreen for office facilities utilized by BFC and its shared services operations. BFC also paid BankAtlantic approximately $60,000 for information technology related services during the year ended December 31, 2012, pursuant to a separate agreement. | ||||||
In June 2010, BBX Capital and BankAtlantic entered into a real estate advisory service agreement with BFC for assistance relating to the work-out of loans and the sale of real estate owned. Under the terms of the agreement, BFC received a monthly fee of $12,500 from each of BankAtlantic and BBX Capital and, if BFC’s efforts resulted in net recoveries of any non-performing loan or the sale of real estate owned, BFC received a fee equal to 1% of the net value recovered. During the year ended December 31, 2012, BFC received an aggregate of $0.3 million of real estate advisory service fees under this agreement. | |||||||
The above-described agreements and relationships between BFC and BankAtlantic were either terminated effective upon the closing of BBX Capital’s sale of BankAtlantic to BB&T during July 2012 or were assumed by BB&T for a limited period of time after consummation of the BB&T Transaction. As a result of the BankAtlantic sale, such agreements and relationships are no longer considered related party transactions. In addition, the real estate advisory service agreement between BFC and BBX Capital was terminated during July 2012. | |||||||
In prior periods, BBX Capital issued options to purchase shares of BBX Capital’s Class A Common Stock to employees of BFC. Additionally, certain employees of BBX Capital have transferred to affiliate companies, and BBX Capital has elected, in accordance with the terms of BBX Capital’s stock option plans, not to cancel the stock options held by those former employees. BBX Capital from time to time also issues options and restricted stock awards to employees of BFC that perform services for BBX Capital. Expenses relating to all options and restricted stock awards granted by BBX Capital to employees of BFC were approximately $19,000 for the year ended December 31, 2012. The Company reimbursed BBX Capital for the full amount of these expenses. There were no such related compensation expenses during the years ended December 31, 2013 or 2014. | |||||||
Bluegreen paid a subsidiary of BFC approximately $0.6 million for each of the years ended December 31, 2014, 2013 and 2012 for a variety of management advisory services. In addition, BFC had an agreement with Bluegreen relating to the engagement of different independent registered public accounting firms. Pursuant to this agreement, Bluegreen reimbursed BFC during the year ended December 31, 2012 approximately $0.4 million for fees paid by BFC to PricewaterhouseCoopers LLP, BFC’s independent registered public accounting firm, for services performed at Bluegreen as part of PricewaterhouseCoopers LLP’s annual audit of BFC’s consolidated financial statements. This agreement was terminated in connection with Bluegreen’s decision during October 2012 to engage PricewaterhouseCoopers LLP to serve as its independent registered public accounting firm. | |||||||
BFC held an investment in Benihana until August 2012, when Benihana was acquired by Safflower. In addition, Alan B. Levan and John E. Abdo served on Benihana’s Board of Directors until that time. Beginning in 2009, Bluegreen entered into a land lease with Benihana, which constructed and operates a restaurant on one of Bluegreen’s resort properties. Under the terms of the lease, Bluegreen receives payments from Benihana of approximately $0.1 million annually. | |||||||
Certain of BFC’s affiliates, including its executive officers, have independently made investments with their own funds in both public and private entities that BFC sponsored in 2001 and in which it holds investments. | |||||||
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings (Loss) Per Common Share [Abstract] | |||||||
Earnings (Loss) Per Common Share | 25. Earnings (Loss) Per Common Share | ||||||
The following table presents the computation of basic and diluted earnings per common share attributable to the Company for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share data): | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Basic earnings per common share | |||||||
Numerator: | |||||||
Income from continuing operations | $ | 26,999 | 71,139 | 44,237 | |||
Less: Noncontrolling interests income | |||||||
from continuing operations | 13,455 | 41,717 | 23,626 | ||||
Income to common shareholders | 13,544 | 29,422 | 20,611 | ||||
Preferred stock dividends | - | - | -188 | ||||
Decrease in equity due to the change in fair value of | |||||||
shares subject to mandatory redemption (1) | - | - | -472 | ||||
Income from continuing operations | |||||||
available to common shareholders | 13,544 | 29,422 | 19,951 | ||||
Income (loss) from discontinued operations | 306 | -382 | 267,863 | ||||
Less: Noncontrolling interest (loss) income | |||||||
from discontinued operations | - | -23 | 122,459 | ||||
Income (loss) from discontinued operations | |||||||
to common shareholders | 306 | -359 | 145,404 | ||||
Net income available to common | |||||||
shareholders | $ | 13,850 | 29,063 | 165,355 | |||
Denominator: | |||||||
Basic weighted average number of | |||||||
of common shares outstanding | 84,502 | 83,202 | 77,142 | ||||
Basic earnings per common share: | |||||||
Earnings per share from continuing operations | $ | 0.16 | 0.35 | 0.26 | |||
Earnings per share from discontinued operations | - | - | 1.88 | ||||
Basic earnings per share | $ | 0.16 | 0.35 | 2.14 | |||
Diluted earnings per common share | |||||||
Numerator: | |||||||
Income from continuing operations | |||||||
available to common shareholders | $ | 13,544 | 29,422 | 19,951 | |||
Income (loss) from discontinued operations | |||||||
to common shareholders | 306 | -359 | 145,404 | ||||
Net income available to common | |||||||
shareholders | $ | 13,850 | 29,063 | 165,355 | |||
Denominator: | |||||||
Basic weighted average number of | |||||||
common shares outstanding | 84,502 | 83,202 | 77,142 | ||||
Effect of dilutive stock options | 259 | 1,422 | 1,945 | ||||
Diluted weighted average number of | |||||||
common shares outstanding | 84,761 | 84,624 | 79,087 | ||||
Diluted earnings per common share: | |||||||
Earnings per share from continuing operations | $ | 0.16 | 0.35 | 0.25 | |||
Earnings per share from discontinued operations | - | - | 1.84 | ||||
Diluted earnings per share | $ | 0.16 | 0.35 | 2.09 | |||
-1 | In accordance with applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount was required to be recorded as an adjustment to additional paid-in capital, which was deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the reclassification of BFC's 5% cumulative preferred stock, earnings per share for the year ended December 31, 2012 was adjusted to reflect a decrease in equity of approximately $0.5 million. See Note 20 for additional information relating to BFC's 5% cumulative preferred stock. | ||||||
During each of the years ended December 31, 2014, 2013 and 2012, there were no options to acquire shares of common stock that were anti-dilutive. | |||||||
Selected_Quarterly_Results
Selected Quarterly Results | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Selected Quarterly Results (Unaudited) [Abstract] | |||||||||||
Selected Quarterly Results | 26. Selected Quarterly Results (Unaudited) | ||||||||||
The following tables summarize the results of operations for each fiscal quarter during the years ended December 31, 2014 and 2013 (in thousands except for per share data): | |||||||||||
First | Second | Third | Fourth | ||||||||
2014 | Quarter | Quarter | Quarter | Quarter | Total | ||||||
Revenues | $ | 150,410 | 173,036 | 185,215 | 163,525 | 672,186 | |||||
Costs and expenses | 135,788 | 147,668 | 167,647 | 160,912 | 612,015 | ||||||
14,622 | 25,368 | 17,568 | 2,613 | 60,171 | |||||||
Equity in losses from unconsolidated affiliates | - | - | -171 | -402 | -573 | ||||||
Other income | 748 | 811 | 414 | 2,285 | 4,258 | ||||||
Income from continuing operations before income taxes | 15,370 | 26,179 | 17,811 | 4,496 | 63,856 | ||||||
Less: provision for income taxes | 8,782 | 11,447 | 11,136 | 5,492 | 36,857 | ||||||
Income from continuing operations | 6,588 | 14,732 | 6,675 | -996 | 26,999 | ||||||
(Loss) income from discontinued operations, net of income tax | -46 | 103 | -2 | 251 | 306 | ||||||
Net income | 6,542 | 14,835 | 6,673 | -745 | 27,305 | ||||||
Less: Net income attributable to noncontrolling interests | 3,406 | 5,575 | 2,845 | 1,629 | 13,455 | ||||||
Net income (loss) to common shareholders | 3,136 | 9,260 | 3,828 | -2,374 | 13,850 | ||||||
Basic Earnings (Loss) per Common Share | |||||||||||
Earnings (loss) per share from continuing operations | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net earnings (loss) per common share | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Diluted Earnings (Loss) per Common Share | |||||||||||
Earnings (loss) per share from continuing operations | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net earnings (loss) earnings per common share | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Basic weighted average number of common shares outstanding | 83,185 | 83,513 | 84,326 | 86,943 | 84,502 | ||||||
Diluted weighted average number of common and common equivalent shares outstanding | 84,624 | 84,698 | 84,939 | 86,943 | 84,761 | ||||||
Amount attributable to common shareholders: | |||||||||||
Income (loss) from continuing operations, net of tax | $ | 3,182 | 9,157 | 3,830 | -2,625 | 13,544 | |||||
(Loss) income from discontinued operations | -46 | 103 | -2 | 251 | 306 | ||||||
Net income available to common shareholders | $ | 3,136 | 9,260 | 3,828 | -2,374 | 13,850 | |||||
First | Second | Third | Fourth | ||||||||
2013 | Quarter | Quarter | Quarter | Quarter | Total | ||||||
Revenues | $ | 122,672 | 132,174 | 153,835 | 155,082 | 563,763 | |||||
Costs and expenses | 112,475 | 126,185 | 125,685 | 102,718 | 467,063 | ||||||
10,197 | 5,989 | 28,150 | 52,364 | 96,700 | |||||||
Equity in earnings from unconsolidated affiliates | 6 | 23 | 23 | 24 | 76 | ||||||
Other income (expense) | 362 | 306 | 547 | -483 | 732 | ||||||
Income from continuing operations before income taxes | 10,565 | 6,318 | 28,720 | 51,905 | 97,508 | ||||||
Less: provision for income taxes | 7,577 | 5,540 | 11,552 | 1,700 | 26,369 | ||||||
Income from continuing operations | 2,988 | 778 | 17,168 | 50,205 | 71,139 | ||||||
Loss from discontinued operations, net of income tax | -50 | -78 | -192 | -62 | -382 | ||||||
Net income | 2,938 | 700 | 16,976 | 50,143 | 70,757 | ||||||
Less: Net income attributable to noncontrolling interests | 5,496 | 2,402 | 7,373 | 26,423 | 41,694 | ||||||
Net income to common shareholders | -2,558 | -1,702 | 9,603 | 23,720 | 29,063 | ||||||
Basic (Loss) Earnings per Common Share | |||||||||||
(Loss) earnings per share from continuing operations | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net (loss) earnings per common share | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Diluted (Loss) Earnings per Common Share | |||||||||||
(Loss) earnings per share from continuing operations | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net (loss) earnings per common share | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Basic weighted average number of common shares outstanding | 83,121 | 83,271 | 83,286 | 83,130 | 83,202 | ||||||
Diluted weighted average number of common and common equivalent shares outstanding | 83,121 | 83,271 | 84,703 | 84,531 | 84,624 | ||||||
Amount attributable to common shareholders: | |||||||||||
(Loss) income from continuing operations, net of tax | $ | -2,531 | -1,624 | 9,795 | 23,782 | 29,422 | |||||
Loss from discontinued operations | -27 | -78 | -192 | -62 | -359 | ||||||
Net (loss) income available to common shareholders | $ | -2,558 | -1,702 | 9,603 | 23,720 | 29,063 | |||||
Real_Estate_Investments_And_Ac
Real Estate Investments And Accumulated Depreciation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Investments And Accumulated Depreciation [Abstract] | ||||||||||||
Real Estate Investments And Accumulated Depreciation | Schedule III – Real Estate Investments and Accumulated Depreciation | |||||||||||
BBX Capital Corporation | ||||||||||||
As of December 31, 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
Initial Costs | Capitalized Costs | Depreciable | ||||||||||
Building and | Subsequent to | Total | Accumulated | Year of | Foreclosure | Lives | ||||||
Property (1)(2) | Land | Improvements | Acquisition | Other | Cost (3) | Depreciation | Construction | Month/Year | (Years) | |||
Villa San Michele | $ | 880 | 5,260 | - | - | 6,140 | 45 | 2008 | Sep-13 | 40 | ||
Eagles Point | 885 | 7,515 | - | - | 8,400 | 50 | 1983 | Jan-13 | 40 | |||
RoboVault | 1,590 | 6,310 | - | - | 7,900 | 535 | 2009 | Apr-13 | 40 | |||
Total | $ | 3,355 | 19,085 | - | - | 22,440 | 630 | |||||
-1 | The Villa San Michele and Eagles Point properties are student apartments located in Tallahassee, Florida. The RoboVault property is a public storage facility located in Fort Lauderdale, Florida. | |||||||||||
-2 | BBX Capital recognized impairments on the Villa San Michele and Eagles Point properties of $5.4 million and $2.6 million, respectively. The properties were evaluated for impairment during the year ended December 31, 2014 due to a decline in occupancy rates and rents per unit. | |||||||||||
-3 | The aggregate cost for federal income tax purposes is $30.6 million. | |||||||||||
The following table presents the changes in BBX Capital’s real estate investments for the year ended December 31, 2014: | ||||||||||||
Total | Accumulated | |||||||||||
(in thousands) | Costs | Depreciation | ||||||||||
Balance at December 31, 2013 | $ | 19,086 | 229 | |||||||||
Acquisition through foreclosures | 11,562 | - | ||||||||||
Other acquisitions | - | - | ||||||||||
Improvements | - | - | ||||||||||
Depreciation | -203 | 401 | ||||||||||
Impairments | -8,005 | - | ||||||||||
Cost of real estate sold | - | - | ||||||||||
Balance at December 31, 2014 | $ | 22,440 | 630 | |||||||||
Mortgage_Loans_On_Real_Estate
Mortgage Loans On Real Estate | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Mortgage Loans On Real Estate [Abstract] | |||||||||||
Mortgage Loans On Real Estate | Schedule IV – Mortgage Loans on Real Estate | ||||||||||
BBX Capital Corporation | |||||||||||
As of December 31, 2014 | |||||||||||
(Dollars in thousands) | |||||||||||
Principal | |||||||||||
Amount of | |||||||||||
Loans Subject | |||||||||||
Number | Final | Periodic | Face | Carrying | to Delinquent | ||||||
of | Interest | Maturity | Payment | Prior | Amount of | Amount of | Principal | ||||
Loans | Description | Rate (1) | Date (2) | Terms | Liens | Loans | Loans (3) | or Interest | |||
136 | First-lien 1-4 Family (4) | 5.69% | 3/3/34 | Monthly | $ | - | 43,308 | 27,330 | 35,694 | ||
34 | Second lien -Consumer | 3.73% | 8/31/15 | Monthly | 5,545 | 3,868 | 2,306 | 2,990 | |||
55 | Second lien -Consumer held-for-investment | 3.17% | 11/18/16 | Monthly | 10,717 | 5,376 | 2,351 | 75 | |||
28 | Small Business Real Estate | 6.61% | 1/15/21 | Monthly | - | 6,074 | 5,053 | 236 | |||
5 | Commercial Real Estate held-for-investment | 11.88% | 8/25/15 | Monthly | - | 8,604 | 3,479 | 1,473 | |||
Large Balance Commercial Real Estate Loans | |||||||||||
1 | Land | 5.00% | 9/30/15 | Monthly | - | 1,963 | 1,963 | - | |||
1 | Retail | 7.00% | 6/20/18 | Monthly | - | 2,112 | 2,113 | - | |||
1 | Shopping Center | 7.00% | 9/1/15 | Monthly | - | 2,180 | 2,180 | - | |||
1 | Marina | 1.91% | 1/1/18 | Monthly | - | 4,750 | 2,393 | - | |||
1 | Apartment building | 5.00% | 6/1/17 | Monthly | - | 8,698 | 4,098 | - | |||
1 | Residential | 5.75% | 5/1/16 | Monthly | 753 | 3,979 | 3,979 | - | |||
1 | Land | 4.00% | 12/31/16 | Maturity | - | 3,985 | 3,985 | - | |||
Total Mortgage Loans | $ | 17,462 | 94,897 | 61,230 | 40,468 | ||||||
* HFI – Held-for-investment | |||||||||||
(1) Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. | |||||||||||
(2) Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. | |||||||||||
(3) The aggregate cost for federal income tax purposes was $64.4 million. | |||||||||||
(4) The Company does not own the servicing on these loans. | |||||||||||
The following table presents the changes in the Company’s mortgage loans for the year ended December 31, 2014 (in thousands): | |||||||||||
Balance at December 31, 2013 | $ | 122,414 | |||||||||
Advances on existing mortgages | 650 | ||||||||||
Collections of principal | -31,581 | ||||||||||
Foreclosures | -21,364 | ||||||||||
Costs of mortgages sold | -8,889 | ||||||||||
Balance at December 31, 2014 | $ | 61,230 | |||||||||
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business and Summary of Significant Accounting Policies [Abstract] | ||||
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation | |||
BFC (“BFC” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” “our,” or the “Company”) is a Florida-based holding company whose principal holdings include an approximately 51% equity interest in BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) and its subsidiaries (“BBX Capital”) and a direct 54% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge owns 100% of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a sales, marketing and management company primarily focused on the hospitality and vacation ownership industries. BBX Capital is a Florida-based company involved in the ownership, financing, acquisition, development and management of real estate, including through real estate joint ventures, and investments in middle market operating businesses. BBX Capital holds the remaining 46% equity interest in Woodbridge. BFC also holds interests in other investments and subsidiaries as described herein and previously held a significant investment in Benihana Inc. (“Benihana”) until the acquisition of Benihana by Safflower Holdings Corp. (“Safflower”) during August 2012. The Company reports the results of its continuing operations through five segments: BBX; Florida Asset Resolution Group (“FAR”); Bluegreen Vacations; Renin; and Sweet Holdings. | ||||
GAAP requires that BFC consolidate the financial results of the entities in which it has controlling interests, including BBX Capital, Woodbridge and Bluegreen. As a consequence, the assets and liabilities of all such entities are presented on a consolidated basis in BFC’s financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including BBX Capital, Woodbridge, and Bluegreen, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution from those entities (and, in the case of Bluegreen, a subsequent dividend or distribution by Woodbridge). The recognition by BFC of income from controlled entities is determined based on the total percent of economic ownership in those entities, as described above. | ||||
As discussed below, BankAtlantic’s Community Banking, Investments, Tax Certificates, and Capital Services components are recorded as discontinued operations as a result of BBX Capital’s sale of BankAtlantic, BBX Capital’s former banking subsidiary, to BB&T Corporation (“BB&T”) during July 2012. Discontinued operations of BFC also include the results of Bluegreen Communities, substantially all of the assets of which were sold by Bluegreen during May 2012, and Cypress Creek Holdings, LLC (“Cypress Creek Holdings”). See Note 4 for further discussion of discontinued operations. | ||||
Summary Of Significant Accounting Policies | ||||
Summary of Significant Accounting Policies | ||||
The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. | ||||
Consolidation Policy | Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, the Company’s controlled subsidiaries, including BBX Capital, Woodbridge and Bluegreen, other entities in which the Company and its subsidiaries hold controlling financial interests, and variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. | |||
Use Of Estimates | Use of Estimates - In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the fair value of assets and liabilities, including those acquired in business combinations, the allowance for loan losses, evaluation of intangible and long-lived assets for impairment, valuation of securities, evaluation of securities for impairment and other-than-temporary declines in value, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, revenue recognition on percent complete projects, the evaluation of real estate assets for impairment, estimated costs to complete construction, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions, contingencies and litigation, and accounting for share-based compensation. | |||
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2014. | |||
Cash And Cash Equivalents | Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Cash and cash equivalents are held at various financial institutions located throughout the United States, Canada, and Aruba and exceed federally insured amounts. The periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. There were no interest bearing deposits in other banks as of December 31, 2014 or 2013. | |||
Restricted Cash | Restricted Cash - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land sale contracts, home sales and other agreements and include customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Restricted funds may be utilized in accordance with the terms of the applicable governing documents. The majority of restricted funds are controlled by third-party escrow fiduciaries. | |||
Investment Securities And Securities Available For Sale | Investment Securities and Securities Available for Sale - The Company designates its securities as held to maturity, available for sale, or trading, depending on the Company’s intent with regard to its investments at the time of purchase. Debt securities that management has both the intent and ability to hold to maturity are classified as securities held-to-maturity and are stated at cost, net of unamortized premiums and unaccreted discounts. | |||
Debt securities not held to maturity and marketable equity securities not accounted for under the equity method of accounting are classified as available for sale and are recorded at fair value. Unrealized gains and losses, after applicable taxes, resulting from changes in fair value are recorded as a component of other comprehensive income (loss). | ||||
Declines in the value of individual equity securities that are considered other than temporary result in write-downs of the securities to their fair value, and the write-downs are included in the consolidated statements of operations. Declines in debt securities held to maturity and available for sale that are considered other than temporary result in write-downs when it is more likely than not that the Company will sell the securities before it recovers its cost. If the Company does not intend to sell an impaired debt security but does not expect to recover its cost, the Company determines whether a credit loss exists. If a credit loss is deemed to exist, it is recognized in the consolidated statements of operations and any remaining impairment is recognized in other comprehensive income. The review for other-than-temporary declines takes into account the length of time and the extent to which the fair value has been less than cost, and the financial condition and near-term prospects of the issuer. | ||||
Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recognizing the results of sales are recorded in the consolidated statements of operations as securities activities, net. | ||||
Equity securities that do not have readily determinable fair values are carried at historical cost. These securities are evaluated for other-than-temporary declines in value and, if impaired, the historical cost of the securities is reduced to its estimated fair value and the impairment is recognized in the consolidated statements of operations. | ||||
Interest on securities, including the amortization of premiums and the accretion of discounts, is reported in interest income using the interest method over the lives of the securities, adjusted for actual prepayments. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. | ||||
Tax Certificates | Tax Certificates - Tax certificates represent a priority lien against real property for which assessed real estate taxes are delinquent. Tax certificates are acquired from municipalities generally through public auction. Tax certificates are carried at cost less an allowance for tax certificate losses. Tax certificates and resulting deeds are classified as non-accrual when a tax certificate is past due 24 to 60 months, depending on the municipality, from the acquisition date. At that time, interest ceases to be accrued and any accrued interest receivable is reversed against interest income. The entire balance of tax certificates were classified as nonaccrual as of December 31, 2014 and 2013. | |||
Allowance For Tax Certificate Losses | ||||
Allowance for Tax Certificate Losses - The allowance for tax certificate losses represents management’s estimate of incurred losses in the portfolio that are probable and subject to reasonable estimation. In establishing its allowance for tax certificate losses, management considers past loss experience, present indicators, such as the length of time the certificate has been outstanding, economic conditions and collateral values. | ||||
Loans Receivable | Loans Receivable - Loans that BFC or its applicable subsidiary has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees and related direct loan origination costs on loans held-for-sale and premiums and discounts on purchased loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when loans are originated for resale or when management decides to sell loans that were not originated or purchased for sale. Transfers of loans from held-for-investment to held-for-sale classification are recorded at the lower of aggregate cost or estimated fair value at the transfer date. | |||
Allowance For Loan Losses | Allowance for Loan Losses – BBX Capital’s allowance for loan losses reflects management's reasonable estimate of probable credit losses inherent in its loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when BBX Capital’s management believes the loan is not collectible. Recoveries are credited to the allowance. | |||
The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. BBX Capital’s management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are also evaluated individually for impairment and are measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. | ||||
The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. BBX Capital’s management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. BBX Capital’s loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, BBX Capital’s management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. | ||||
Small business loans were transferred to loans held-for-sale as of September 30, 2012, residential and first lien consumer loans were transferred to loans held-for-sale as of December 31, 2013 and current second lien consumer loans were transferred to held-for-sale in September 2014. Loans transferred to held-for-sale were excluded from the allowance for loan losses subsequent to the transfer date. | ||||
Non-Accrual And Past Due Loans | Non-accrual and past due loans – BBX Capital’s loans are considered past due if the required principal and interest has not been received based on the contractual terms of the loan. BBX Capital’s loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. BBX Capital’s commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the ratio of the loan amount to the value of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, a loan may be placed on non-accrual status even when payments of principal or interest are not currently in default. However, exceptions to this policy may occur if there exists well secured collateral and the loan is in the process of collection. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Interest income is recognized on non-accrual loans on a cash basis. BBX Capital’s loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. BBX Capital’s commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. BBX Capital’s consumer and residential real estate loans that are 120 days past due are charged down based on the collateral’s fair value less estimated selling costs. BBX Capital’s consumer non-mortgage loans that are 120 days or more past due are charged off. | |||
Notes Receivable | Notes Receivable - Bluegreen’s notes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen notes receivable when principal or interest payments are more than three months contractually past due, and not resumed until such loans are less than three months past due. As of December 31, 2014 and 2013, $11.7 million and $11.3 million, respectively, of Bluegreen’s VOI notes receivable were more than three months past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. After 120 days, Bluegreen’s VOI notes receivables are generally written off against the allowance for credit loss. | |||
Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates uncollectible VOI notes receivable in accordance with timeshare accounting rules. Under these rules, the estimate of uncollectibles is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, under timeshare accounting rules, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. | ||||
Acquired Notes Receivable | Acquired Notes Receivable – During November 2009, BFC acquired additional shares of Bluegreen’s common stock which resulted in BFC having a controlling interest in Bluegreen. In connection with such transaction, BFC was deemed under applicable accounting guidance to have acquired certain of Bluegreen’s assets, including a pool of notes receivable consisting principally of homogenous consumer timeshare loans originated by Bluegreen. Consistent with the accounting guidance, BFC has elected an accounting policy based on expected cash flows, which includes guidance on maintaining the integrity of a pool of multiple loans accounted for as a single asset. The loans have common risk characteristics as defined in the accounting guidance, Loans and Debt Securities with Deteriorated Credit Quality, including similar risk ratings, as defined and monitored by risk rating agencies, term, purpose and similar collateral type (VOIs). The Company evaluates the pool of loans accounted for as a single asset for indications of impairment. Purchased loans are considered to be impaired if it is not expected that all contractually required cash flows will be received due to concerns about credit quality. The excess of the cash flows expected to be collected measured as of the acquisition date, over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using a level yield methodology. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the nonaccretable difference. | |||
Subsequent decreases to expected principal cash flows result in a charge to provision for credit losses and a corresponding increase to a valuation allowance included in the allowance for loan losses. Subsequent increases in expected principal cash flows result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. Changes in expected interest cash flows may result in reclassifications to or from the nonaccretable difference. Loan disposals, which may include receipt of payments in full from the borrower or foreclosure, result in the removal of the loan from the loan pool at its allocated carrying amount. | ||||
Trade Receivables | Trade Receivables - Trade receivables are recorded at the invoiced amount and do not bear interest. Renin and BBX Sweet Holdings recognize revenue when products are shipped and the customer takes ownership and assumes the risk of loss. Renin and BBX Sweet Holdings maintain an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. Renin and BBX Sweet Holdings review their allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in Other Assets on the Company’s Consolidated Statement of Financial Condition. | |||
Inventory | Inventory - The Company’s inventory is primarily comprised of Bluegreen’s completed VOIs, VOIs under construction and land held for future vacation ownership development. Bluegreen carries its completed inventory at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes plus other costs incurred during construction, or (ii) estimated fair value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which define a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage—the ratio of total estimated development cost to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. | |||
Bluegreen also periodically evaluates the recovery of the carrying amount of incomplete or undeveloped resort properties under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets. No impairment charges were recorded with respect to VOI inventory during any of the periods presented. | ||||
As of December 31, 2014, other inventory consisted of raw materials and finished goods of $8.6 million for Renin and $5.9 million for BBX Sweet Holdings. These inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, and depreciation of equipment. Raw materials are stated at the lower of cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an average cost basis for the Sweet Holdings’ finished goods inventory. | ||||
Real Estate Held For Investment | Real Estate Held-for-Sale and Real Estate Held-for-Investment – From time to time, BBX Capital takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. When real estate is determined to be held-for-sale, it is recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value. When real estate is determined to be held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. A gain is recognized for any subsequent increases in fair value, but not in excess of cumulative losses recognized. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset impairments in the statement of operations. | |||
Investments In Unconsolidated Affiliates | Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, the initial investment in the entity is recorded at cost on the Company’s statement of financial condition and is subsequently adjusted to recognize the Company's share of the entity’s earnings or losses. Distributions received and other-than temporary impairments reduce the carrying amount of the investment. The Company’s share of earnings or losses from its investment is shown on the statement of operations. | |||
The Company reviews its equity and cost method investments quarterly for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. | ||||
Impairment Of Long Lived Assets | Impairment of Long Lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the full carrying amount of such assets may not be recoverable. In performing the review for impairment, the Company compares the expected undiscounted future cash flows to the carrying amount of the asset and records an impairment loss if the carrying amount exceeds the expected future cash flows based on the estimated discounted cash flows generated by the long-lived assets. | |||
The assumptions developed and used by management to evaluate impairment are subjective and involve significant estimates, and are subject to increased volatility due to the uncertainty of the market environment. | ||||
Long-lived assets to be abandoned are considered held and used until disposed. The carrying value of a long-lived asset to be abandoned is depreciated over its shortened depreciable life when the Company commits to a plan to abandon the asset before the end of its previously estimated useful life. Long-lived assets classified as held for sale are reported at the lower of its carrying amount or fair value less estimated selling costs. Depreciation (amortization) ceases with respect to long-lived assets upon their classification as assets held for sale. | ||||
Goodwill And Intangible Assets | Goodwill and Intangible Assets - Goodwill consists of $7.4 million from the BBX Sweet Holdings acquisitions disclosed above. Goodwill is recorded at the acquisition date of a business. | |||
Intangible assets consist primarily of approximately $63 million in management contracts which are included in our financial statements as a result of the acquisition of additional shares of Bluegreen’s common stock during November 2009 which gave us a controlling interest in Bluegreen. The remaining balance in intangible assets consists of approximately $9.4 million of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives ranging from 2 years to 20 years. | ||||
The Company evaluates the recovery of the carrying amount of its goodwill and long-lived assets under applicable accounting guidance which requires that intangible assets deemed to have indefinite lives not be amortized, but rather be tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that assets may be impaired, and when the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The carrying value of these assets is dependent upon estimates of future earnings. If cash flows decrease significantly, intangible assets may be impaired in which case they would be written down to their fair value. The estimates of useful lives and expected cash flows require the Company to make significant judgments regarding future periods that are subject to numerous factors, many of which may be beyond the Company’s control. | ||||
Properties And Equipment | Properties and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Interest expense associated with the construction of certain fixed assets is capitalized as incurred and relieved to expense through depreciation once the asset is put into use. | |||
Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. | ||||
The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. | ||||
Revenue Recognition | Revenue Recognition – Revenue is recorded for the sale of VOIs, net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of the accounting guidance for real estate, Bluegreen recognizes revenue on VOI sales and historically recognized revenue on homesite sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. As described above and in Note 4, the revenues of Bluegreen Communities, which include homesite sales, are included within the results of discontinued operations for all periods presented. | |||
Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. See “Notes Receivable” above for a further discussion of Bluegreen’s policies regarding the estimation of credit losses on its notes receivable. | ||||
Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. | ||||
In cases where development has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. | ||||
Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of the unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. | ||||
In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: | ||||
Activity | Revenue is recognized when: | |||
Fee-based sales commissions | The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. | |||
Resort management and service fees | Management services are rendered. (1) | |||
Resort title fees | Escrow amounts are released and title documents are completed. | |||
Rental and sampler program | Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “cost of other resort fee-based services”. | |||
-1 | In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears all of the economic costs of such personnel and generally pays Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. | |||
Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. | ||||
Deferred Income | Deferred Income - Bluegreen defers VOI revenue, net of incremental selling expenses, for sales for which the legal rescission period has expired but the required revenue recognition criteria described above has not been met. Additionally, in connection with Bluegreen’s sampler programs, Bluegreen defers revenue, net of direct incremental selling expenses, for guest stays not yet completed. | |||
Deferred Financing Costs | Deferred Financing Costs - Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are capitalized and amortized to interest expense over the terms of the related financing arrangements. | |||
Advertising | Advertising –Bluegreen expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Bluegreen has entered into marketing arrangements with various third parties. For the year ended December 31, 2014, sales of VOIs to prospects and leads generated by one marketing arrangement accounted for over 20% of VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew these agreements on similar terms, or at all. | |||
Income Taxes | Income Taxes – BFC and its subsidiaries in which BFC owns 80% or more of the subsidiary’s outstanding equity file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. | |||
The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. | ||||
An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. | ||||
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in BFC’s financial statements, but less than 100% owned by BFC. Generally accepted accounting principles require that a noncontrolling interest (minority interest) be recognized as equity in the consolidated financial statements and itemized separately from the parent’s equity. In accordance with applicable guidance, a change in BFC’s ownership interest in a subsidiary that does not result in deconsolidation is treated as an equity transaction if BFC retains its controlling financial interest. | |||
Accounting For Loss Contingencies | Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |||
Earnings (Loss) Per Share | Earnings Per Share - Basic earnings per share excludes dilution and is computed by dividing net income allocable to common stock (after deducting preferred stock dividends) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if options to acquire common shares or restricted stock awards of the Company were exercised or lapse. Common stock options, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. Diluted earnings per share is computed in the same manner as basic earnings per share, but it also takes into consideration the potential dilution from securities issued by subsidiaries that enable their holders to obtain the subsidiary’s common stock. The resulting net income amount is divided by the weighted average number of dilutive common shares outstanding. | |||
In accordance with the applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount is required to be recorded as an adjustment to paid in capital, which is added to or deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the 2012 reclassification of BFC’s 5% cumulative preferred stock as a liability, earnings per share for the year ended December 31, 2012 were adjusted to reflect a decrease in equity of approximately $0.5 million. | ||||
Stock-Based Compensation | Stock-Based Compensation – We account for stock-based compensation using the fair value method of expense recognition in accordance with the provisions established by ASC Topic 718 – Stock Compensation (“Topic 718”). The fair value of stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected price volatility of the underlying stock. Projected data related to the expected volatility and expected life of stock options is based upon historical and other information. Changes in these subjective assumptions can materially affect the fair value of the estimate, and therefore, the existing valuation models may not provide a precise measure of the fair value of stock options. The fair value of restricted common stock awards is generally the market price of the Company’s common stock on the grant date. Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the awards. | |||
New Accounting Standards | New Accounting Standards | |||
Accounting Standards Update Number 2014-04 – Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. This update provides guidance regarding when a creditor should derecognize a consumer mortgage loan and recognize a foreclosed asset upon taking physical possession of residential real estate property collateralizing a consumer mortgage loan. Pursuant to the update, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the update requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This update is effective for annual and interim periods beginning after December 15, 2014. The Company does not believe that this update will have a material impact on its financial statements. | ||||
Accounting Standards Update Number 2014-08 – Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. This update changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations and the disposal of individually significant disposals that do not qualify for discontinued operations presentation in the financial statements. This update is effective for annual and interim periods beginning after December 15, 2014. The standard was adopted during the first quarter of 2014 and did not have a material impact on the Company’s financial statements. | ||||
Accounting Standards Update Number 2014-09 – Revenue Recognition (Topic 606): Revenues from Contracts with Customers. This guidance is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. It also requires disclosures designed to enable readers of financial statements to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This accounting guidance update will replace most existing revenue recognition guidance in GAAP. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. The Company is currently evaluating the potential impact, this update will have on its consolidated financial statements. | ||||
Accounting Standards Update Number 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This Update provides guidance in GAAP regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. This accounting guidance should reduce diversity in the timing and content of footnote disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its potential impact, if any, on the Company’s consolidated financial statements. | ||||
Accounting Standards Update Number 2015-01 – Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This statement will simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. The existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained and expanded to include items that are both unusual and infrequent. The standard is effective for both public and private companies for periods beginning after December 15, 2015. Early adoption is permitted, but only as of the beginning of the fiscal year of adoption. The adoption of this update is not expected to have a material impact on the Company’s financial statements. | ||||
Accounting Standards Update Number 2015-02 – Consolidation (Topic 810): Amendments to the Consolidation Analysis. This update changes the manner in which a reporting entity assesses one of the five characteristics that determines if an entity is a variable interest entity. In particular, when decision-making over the entity’s most significant activities has been outsourced, the update changes how a reporting entity assesses if the equity holders at risk lack decision making rights. The update also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. The standard is effective for annual reporting periods beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its potential impact, if any, on the Company's consolidated financial statements. | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Anastasia [Member] | |||||
Business Acquisition [Line Items] | |||||
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Trade receivables | $ | 483 | |||
Inventories | 1,338 | ||||
Properties and equipment | 1,873 | ||||
Identifiable intangible assets (1) | 3,410 | ||||
Deferred tax liabilities | -1,365 | ||||
Other liabilities | -421 | ||||
Fair value of identifiable net assets | 5,318 | ||||
Goodwill | 6,113 | ||||
Purchase consideration | $ | 11,431 | |||
-1 | Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships intangible assets, respectively. | ||||
Pro Forma Information | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2014 -12/31/2014 | $ | 98,022 | 4,540 | ||
Pro forma from 1/1/2013 -12/31/2013 | $ | 54,828 | 48,305 | ||
-1 | Amounts represent income from continuing operations. | ||||
Williams & Bennett, Jerbs, Helen Grace And Anastasia [Member] | |||||
Business Acquisition [Line Items] | |||||
Net Cash Outflow From Acquisitions | |||||
Total purchase consideration | $ | 16,744 | |||
Notes payable | -7,750 | ||||
Other liabilities | -150 | ||||
Net cash outflow from acquisitions | $ | 8,844 | |||
Williams And Bennett, Jerbs And Helen Grace [Member] | |||||
Business Acquisition [Line Items] | |||||
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Trade receivables | $ | 49 | |||
Inventories | 3,284 | ||||
Properties and equipment | 1,329 | ||||
Identifiable intangible assets (1) | 2,738 | ||||
Other assets | 416 | ||||
Notes payable | -186 | ||||
Deferred tax liabilities | -1,742 | ||||
Other liabilities | -602 | ||||
Fair value of identifiable net assets | 5,286 | ||||
Goodwill | 1,264 | ||||
Purchase consideration | -5,313 | ||||
Bargain purchase gain | $ | 1,237 | |||
-1 | Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. | ||||
Pro Forma Information | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2014 -12/31/2014 | $ | 97,148 | 3,289 | ||
Pro forma from 1/1/2013 -12/31/2013 | $ | 64,496 | 46,941 | ||
-1 | Amounts represent income from continuing operations. | ||||
Renin And Hoffman [Member] | |||||
Business Acquisition [Line Items] | |||||
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | |||||
Fair value of identifiable assets | |||||
acquired and liabilities assumed: | |||||
Cash | $ | 1,033 | |||
Trade receivables | 7,523 | ||||
Inventories | 9,858 | ||||
Properties and equipment | 6,134 | ||||
Identifiable intangible assets | 2,686 | ||||
Other assets | 477 | ||||
Notes payable | -2,493 | ||||
Other liabilities | -9,011 | ||||
Fair value of identifiable net assets | 16,207 | ||||
Purchase consideration | -15,206 | ||||
Bargain purchase gain | $ | -1,001 | |||
Purchase consideration | $ | 15,206 | |||
Working capital adjustment receivable | 1,694 | ||||
Holdback amount | -500 | ||||
Discount on Holdback amount | 46 | ||||
Cash acquired | -1,033 | ||||
Net cash outflows from acquisitions | $ | 15,413 | |||
Renin Holdings LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Pro Forma Information | |||||
(unaudited) | Revenue | Income (1) | |||
Pro forma from 1/1/2013 - 12/31/2013 | $ | 104,987 | 43,639 | ||
Pro forma from 1/1/2012 - 12/31/2012 | $ | 107,303 | -28,794 | ||
-1 | Amounts represent income from continuing operations. | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Summary Of Results Of Discontinued Operations | |||||||
For the Year Ended December 31, 2012 | |||||||
Cypress | |||||||
Bluegreen | Creek | ||||||
Communities | Holdings | Total | |||||
Revenues | $ | 3,714 | 3 | 3,717 | |||
Gain on sale of assets | - | 4,446 | 4,446 | ||||
3,714 | 4,449 | 8,163 | |||||
Costs and Expenses : | |||||||
Other costs and expenses | 6,920 | 52 | 6,972 | ||||
Interest expense | 1,386 | - | 1,386 | ||||
Loss on assets held for sale | 205 | - | 205 | ||||
8,511 | 52 | 8,563 | |||||
(Loss) income from discontinued operations | |||||||
before income taxes | -4,797 | 4,397 | -400 | ||||
Less: Benefit for income taxes | -1,304 | - | -1,304 | ||||
(Loss) income from discontinued operations | $ | -3,493 | 4,397 | 904 | |||
Summarizes Cash Consideration Received By BBX For Sale Of BankAtlantic's Stock | |||||||
Deposit premium | $ | 315,900 | |||||
BankAtlantic net asset value: | |||||||
BankAtlantic stockholder's equity | |||||||
before distribution of FAR and CAM | 280,058 | ||||||
Distribution of FAR | -384,140 | ||||||
Distribution of CAM | -205,385 | ||||||
BankAtlantic net asset value (1) | -309,467 | ||||||
Cash consideration | $ | 6,433 | |||||
Pre-acquisition stay bonuses reimbursed by BB&T | $ | 983 | |||||
-1 | BankAtlantic net asset value was calculated as of June 30, 2012 (which pursuant to the terms of the Agreement with BB&T was the date used for the calculations of the cash consideration payable upon consummation of the BB&T Transaction) after giving effect to the contribution to BankAtlantic of small business loans with a carrying value of $10.7 million in exchange for commercial loans with a carrying value of $7.5 million which were initially designated to be contributed to BankAtlantic and were instead retained by FAR. | ||||||
BankAtlantic [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Summary Of Results Of Discontinued Operations | |||||||
For the Year Ended December 31, | |||||||
2012 | |||||||
Net interest income (1) | $ | 38,098 | |||||
Provision for loan losses | 18,383 | ||||||
Net interest income after provision for loan losses | 19,715 | ||||||
Gain on sale of BankAtlantic | 293,461 | ||||||
Total non-interest income | 37,234 | ||||||
Total non-interest expense (2) (3) | 62,446 | ||||||
Income from discontinued operations | |||||||
before income taxes | 287,964 | ||||||
Provision for income taxes | 21,005 | ||||||
Income from discontinued operations | $ | 266,959 | |||||
-1 | Includes purchase accounting adjustments to increase net interest by approximately $714,000 for the year ended December 31, 2012. | ||||||
-2 | Includes purchase accounting adjustments to increase non-interest expense by approximately $812,000 for the year ended December 31, 2012. | ||||||
Pursuant to applicable accounting rules, all general corporate overhead was allocated to continuing operations | |||||||
Gain On Sale Of Disontinued Operations | |||||||
Investment in BankAtlantic (1) | $ | 306,302 | |||||
Reduction in other comprehensive loss | -18,124 | ||||||
Carrying amount of BankAtlantic's net assets | 288,178 | ||||||
Stay and retention bonuses | 1,300 | ||||||
Transaction costs | -5,000 | ||||||
Cash consideration | 6,433 | ||||||
Other | -269 | ||||||
Recognition of purchase accounting (2) | 2,819 | ||||||
Gain on sale of BankAtlantic | $ | 293,461 | |||||
-1 | The investment in BankAtlantic represents BankAtlantic’s stockholder’s deficit as of July 31, 2012 after giving effect to the transfer of CAM and FAR to BBX Capital. | ||||||
-2 | Upon the sale of BankAtlantic to BB&T, BFC recognized purchase accounting amounts in connection with BFC's share acquisitions of BankAtlantic Bancorp in 2008, which were accounted for as step acquisitions under the purchase method of accounting then in effect. The recognition of this purchase accounting increased the gain on sale of BankAtlantic by an additional $2.8 million. | ||||||
Consolidated Net Cash Outflows Associated With Sale Of BankAtlantic | |||||||
BankAtlantic assets sold: | |||||||
Tax certificates | $ | 16,630 | |||||
Loans receivable | 1,792,026 | ||||||
Securities available for sale | 29,781 | ||||||
Properties and equipment | 129,025 | ||||||
Other assets | 60,113 | ||||||
Total assets sold | 2,027,575 | ||||||
BankAtlantic liabilities assumed: | |||||||
Deposits | -3,458,914 | ||||||
Subordinated debentures | -22,000 | ||||||
Other liabilities | -28,920 | ||||||
Total liabilities assumed | -3,509,834 | ||||||
Gain on sale of BankAtlantic (1) | -290,642 | ||||||
Net cash outflows from sale of BankAtlantic | $ | -1,191,617 | |||||
-1 | Excludes BFC's non-cash gain from purchase accounting adjustments of $2.8 million. | ||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Measurement [Abstract] | |||||||||
Assets Measured At Fair Value On Non-Recurring Basis | |||||||||
Fair Value Measurements Using | |||||||||
Quoted prices in | Significant | ||||||||
Active Markets | Other | Significant | Total | ||||||
As of | for Identical | Observable | Unobservable | Impairments (1) | |||||
December 31, | Assets | Inputs | Inputs | For the Year Ended | |||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | ||||
Loans measured for impairment | |||||||||
using the fair value of the | |||||||||
underlying collateral | $ | 2,648 | - | - | 2,648 | 2,161 | |||
Impaired real estate held-for-sale | |||||||||
and held-for-investment | 20,719 | - | - | 20,719 | 8,756 | ||||
Total | $ | 23,367 | - | - | 23,367 | 10,917 | |||
-1 | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. | ||||||||
Fair Value Measurements Using | |||||||||
Quoted prices in | Significant | ||||||||
Active Markets | Other | Significant | Total | ||||||
As of | for Identical | Observable | Unobservable | Impairments (1) | |||||
December 31, | Assets | Inputs | Inputs | For the Year Ended | |||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||
Loans measured for impairment | |||||||||
using the fair value of the | |||||||||
underlying collateral | $ | 24,167 | - | - | 24,167 | 4,639 | |||
Impaired real estate held-for-sale | |||||||||
and held-for-investment | 55,955 | - | - | 55,955 | 2,288 | ||||
Impaired loans held for sale | 53,846 | - | - | 53,846 | 4,992 | ||||
Total | $ | 133,968 | - | - | 133,968 | 11,919 | |||
-1 | Total impairments represent the amount of losses recognized during the year ended December 31, 2013 on assets that were held and measured at fair value on a non-recurring basis as of December 31, 2013. | ||||||||
Quantitative Information About Significant Unobservable Inputs Within Level 3 | |||||||||
As of December 31, 2014 | Fair | Valuation | Unobservable | ||||||
Description | Value | Technique | Inputs | Range (Average)(1)(2) | |||||
Loans measured for impairment | |||||||||
using the fair value of the | Fair Value of | ||||||||
underlying collateral | $ | 2,648 | Collateral | Appraisal | $0.1 - $2.6 million ($0.5 million) | ||||
Impaired real estate held-for-sale | Fair Value of | ||||||||
and held-for-investment | 20,719 | Property | Appraisal | $0.3 - $8.4 million ($2.0 million) | |||||
Total | $ | 23,367 | |||||||
-1 | Range and average appraised values were reduced by costs to sell. | ||||||||
-2 | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | ||||||||
As of December 31, 2013 | Fair | Valuation | Unobservable | ||||||
Description | Value | Technique | Inputs | Range (Average)(1)(2) | |||||
Loans measured for impairment using the fair value of underlying collateral | $ | 24,167 | Fair Value of Collateral | Appraisal | $0.1 - 9.0 million | ||||
($0.4 million) | |||||||||
Impaired real estate held-for-sale and held-for-investment | 55,955 | Fair Value of Property | Appraisal | $0.1 - 12.0 million ($1.7 million) | |||||
Impaired loans held for sale | 53,846 | Fair Value of Collateral | Appraisal | $0.1 - 2.2 million ($0.3 million) | |||||
Total | $ | 133,968 | |||||||
-1 | Range and average appraised values were reduced by costs to sell. | ||||||||
-2 | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | ||||||||
Financial Disclosures About Fair Value Of Financial Instruments | |||||||||
Fair Value Measurements Using | |||||||||
Quoted prices | |||||||||
Carrying | in Active | Significant | |||||||
Amount | Fair Value | Markets | Other | Significant | |||||
As of | As of | for Identical | Observable | Unobservable | |||||
31-Dec | 31-Dec | Assets | Inputs | Inputs | |||||
2014 | 2014 | (Level 1) | (Level 2) | (Level 3) | |||||
Financial assets: | |||||||||
Loans receivable including loans held- | |||||||||
for-sale, net | 62,267 | 73,423 | - | - | 73,423 | ||||
Notes receivable, net | 424,267 | 520,000 | - | - | 520,000 | ||||
Notes receivable from preferred shareholders (1) | 5,000 | 4,400 | - | - | 4,400 | ||||
Financial liabilities: | |||||||||
Receivable-backed notes payable | $ | 412,404 | 411,400 | - | - | 411,400 | |||
Notes and mortgage notes payable and | |||||||||
other borrowings | 107,984 | 108,828 | - | - | 108,828 | ||||
BB&T preferred interest in FAR | 12,348 | 12,383 | - | - | 12,383 | ||||
Junior subordinated debentures | 150,038 | 134,500 | - | - | 134,500 | ||||
Shares subject to mandatory redemption | 12,714 | 12,215 | - | - | 12,215 | ||||
Fair Value Measurements Using | |||||||||
Quoted prices | |||||||||
Carrying | in Active | Significant | |||||||
Amount | Fair Value | Markets | Other | Significant | |||||
As of | As of | for Identical | Observable | Unobservable | |||||
December 31, | December 31, | Assets | Inputs | Inputs | |||||
2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||
Financial assets: | |||||||||
Loans receivable including loans held- | |||||||||
for-sale, net | 126,072 | 131,853 | - | - | 131,853 | ||||
Notes receivable, net | 455,569 | 540,000 | - | - | 540,000 | ||||
Notes receivable from preferred shareholders (1) | 5,013 | 4,100 | - | - | 4,100 | ||||
Financial liabilities: | |||||||||
Receivable-backed notes payable | $ | 443,561 | 447,700 | - | - | 447,700 | |||
Notes and mortgage notes payable and | |||||||||
other borrowings | 102,974 | 102,416 | - | - | 102,416 | ||||
BB&T preferred interest in FAR | 68,517 | 69,032 | - | - | 69,032 | ||||
Junior subordinated debentures | 147,431 | 120,000 | - | - | 120,000 | ||||
Shares subject to mandatory redemption | 12,362 | 11,000 | - | - | 11,000 | ||||
-1 | Notes receivable from preferred shareholders is included in other assets on BFC’s statement of financial condition as of December 31, 2014 and 2013. | ||||||||
BBX_Capitals_Loans_HeldForSale1
BBX Capital's Loans Held-For-Sale (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
BBX Capital's Loans Held-For-Sale [Abstract] | |||||
Loans Held-For-Sale | |||||
December 31, | |||||
2014 | 2013 | ||||
Residential | $ | 27,331 | 38,223 | ||
First-lien consumer | - | 4,176 | |||
Second-lien consumer | 2,351 | - | |||
Small business | 5,741 | 11,447 | |||
Total loans held-for-sale | $ | 35,423 | 53,846 | ||
BBX_Capitals_Loans_Receivable_1
BBX Capitalbs Loans Receivable and Loans Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
BBX Capitalbs Loans Receivable and Loans Held for Sale [Abstract] | |||||||||||||
Schedule Of Loan Portfolio | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Commercial non-real estate | $ | 1,326 | 3,331 | ||||||||||
Commercial real estate | 24,189 | 62,937 | |||||||||||
Consumer | 2,306 | 8,618 | |||||||||||
Residential | - | 53 | |||||||||||
Total gross loans | 27,821 | 74,939 | |||||||||||
Allowance for loan losses | -977 | -2,713 | |||||||||||
Loans receivable -- net | $ | 26,844 | 72,226 | ||||||||||
Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale | |||||||||||||
December 31, | |||||||||||||
Loan Class | 2014 | 2013 | |||||||||||
Commercial non-real estate | $ | 1,326 | 3,331 | ||||||||||
Commercial real estate | 14,464 | 45,540 | |||||||||||
Consumer | 1,990 | 2,972 | |||||||||||
Residential | - | 53 | |||||||||||
Total nonaccrual loans | $ | 17,780 | 51,896 | ||||||||||
Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-14 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 330 | 330 | 996 | 1,326 | ||||||
Commercial real estate | - | - | 5,458 | 5,458 | 18,731 | 24,189 | |||||||
Consumer | - | 227 | 1,703 | 1,930 | 376 | 2,306 | |||||||
Residential | - | - | - | - | - | - | |||||||
Total | $ | - | 227 | 7,491 | 7,718 | 20,103 | 27,821 | ||||||
-1 | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2014. | ||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-13 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 2,269 | 2,269 | 1,062 | 3,331 | ||||||
Commercial real estate | - | - | 22,729 | 22,729 | 40,208 | 62,937 | |||||||
Consumer | 317 | 293 | 2,480 | 3,090 | 5,528 | 8,618 | |||||||
Residential | - | - | 53 | 53 | - | 53 | |||||||
Total | $ | 317 | 293 | 27,531 | 28,141 | 46,798 | 74,939 | ||||||
1) | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2013. | ||||||||||||
Allowance For Loan Losses By Portfolio Segment | |||||||||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2014 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Charge-offs : | -1,939 | -1,900 | - | -3,345 | -5 | -7,189 | |||||||
Recoveries : | 294 | 8,936 | 321 | 2,307 | 750 | 12,608 | |||||||
Provision : | 691 | -7,156 | -321 | 376 | -745 | -7,155 | |||||||
Ending balance | $ | - | 107 | - | 870 | - | 977 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | - | - | - | - | - | - | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | - | 107 | - | 870 | - | 977 | |||||||
Total | $ | - | 107 | - | 870 | - | 977 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,326 | 14,464 | - | 1,255 | - | 17,045 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 9,725 | - | 1,051 | - | 10,776 | ||||||
Total | $ | 1,326 | 24,189 | - | 2,306 | - | 27,821 | ||||||
Proceeds from loan sales | $ | - | - | - | 3,239 | 6,258 | 9,497 | ||||||
Transfer to loans held-for-sale | $ | - | - | - | 2,299 | - | 2,299 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | - | - | ||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2013 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Charge-offs: | - | -3,976 | - | -2,516 | -4,375 | -10,867 | |||||||
Recoveries : | 10,241 | 36,824 | 257 | 2,225 | 2,587 | 52,134 | |||||||
Provision : | -11,022 | -34,490 | -257 | 562 | 1,342 | -43,865 | |||||||
Ending balance | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 954 | - | - | - | - | 954 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 227 | - | 1,532 | - | 1,759 | ||||||||
Total | $ | 954 | 227 | - | 1,532 | - | 2,713 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,331 | 45,540 | - | 2,207 | 53 | 51,131 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 17,397 | - | 6,411 | - | 23,808 | ||||||
Total | $ | 3,331 | 62,937 | - | 8,618 | 53 | 74,939 | ||||||
Proceeds from loan sales | $ | 2,390 | 1,100 | - | - | - | 3,490 | ||||||
Transfer to loans held-for-sale | $ | - | - | - | 4,176 | 38,222 | 42,398 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | 1,312 | 1,312 | ||||||
The activity in BBX Capital’s allowance for loan losses by portfolio segment for the year ended December 31, 2012 was as follows (in thousands): | |||||||||||||
Commercial | Commercial | ||||||||||||
Non-Real | Real | Small | |||||||||||
Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 16,407 | 67,053 | 7,168 | 22,554 | 16,705 | 129,887 | ||||||
Charge-off : | -19,237 | -55,686 | -3,991 | -9,793 | -14,658 | -103,365 | |||||||
Recoveries : | 893 | 7,435 | 487 | 1,424 | 2,563 | 12,802 | |||||||
Provision : | 5,569 | -7,839 | 244 | 2,778 | 1,653 | 2,405 | |||||||
Transfer to held-for-sale | |||||||||||||
- BB&T Transaction: | -1,897 | -9,164 | -4,454 | -20,639 | -12,491 | -48,645 | |||||||
Discontinued operations provision: | - | 70 | 546 | 4,937 | 6,674 | 12,227 | |||||||
Ending balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 784 | 837 | - | - | - | 1,621 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 951 | 1,032 | - | 1,261 | 446 | 3,690 | |||||||
Total | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,362 | 173,917 | - | 7,859 | 44,621 | 229,759 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 8,644 | 40,130 | - | 9,048 | 10,176 | 67,998 | ||||||
Total | $ | 12,006 | 214,047 | - | 16,907 | 54,797 | 297,757 | ||||||
Proceeds from loan sales | $ | - | 5,864 | - | - | - | 5,864 | ||||||
Transfer to held-for-sale | |||||||||||||
- BB&T Transaction | $ | 60,398 | 304,668 | 234,228 | 502,221 | 811,060 | 1,912,575 | ||||||
Transfer to held-for-sale | $ | - | 20,722 | 19,069 | - | - | 39,791 | ||||||
Transfer from loans held-for-sale | $ | - | - | - | - | 14,185 | 14,185 | ||||||
Average Recorded Investment And Interest Income Recognized On Impaired Loans | BBX Capital’s individually impaired loans as of December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Unpaid | Unpaid | ||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | - | 3,001 | 4,472 | 954 | ||||||
Commercial real estate | - | - | - | - | - | - | |||||||
Consumer | 735 | 1,664 | 735 | 920 | 2,228 | 920 | |||||||
Residential | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 735 | 1,664 | 735 | 3,921 | 6,700 | 1,874 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,326 | 3,061 | - | 330 | 634 | - | ||||||
Commercial real estate | 14,464 | 30,546 | - | 45,540 | 79,186 | - | |||||||
Consumer | 1,571 | 2,205 | - | 7,165 | 8,730 | - | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total with no allowance recorded | $ | 17,361 | 35,812 | - | 53,088 | 88,739 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,326 | 3,061 | - | 3,331 | 5,106 | 954 | ||||||
Commercial real estate | 14,464 | 30,546 | - | 45,540 | 79,186 | - | |||||||
Consumer | 2,306 | 3,869 | 735 | 8,085 | 10,958 | 920 | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total | $ | 18,096 | 37,476 | 735 | 57,009 | 95,439 | 1,874 | ||||||
Average recorded investment and interest income recognized on BBX Capital’s individually impaired loans as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | 3,015 | 119 | ||||||||
Commercial real estate | - | - | - | 2 | |||||||||
Consumer | 837 | 7 | 1,040 | - | |||||||||
Residential | - | - | - | - | |||||||||
Total with allowance recorded | $ | 837 | 7 | 4,055 | 121 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,368 | 121 | 330 | - | ||||||||
Commercial real estate | 17,575 | 839 | 47,524 | 1,278 | |||||||||
Consumer | 4,218 | 151 | 7,118 | 200 | |||||||||
Residential | - | - | 55 | - | |||||||||
Total with no allowance recorded | $ | 23,161 | 1,111 | 55,027 | 1,478 | ||||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,368 | 121 | 3,345 | 119 | ||||||||
Commercial real estate | 17,575 | 839 | 47,524 | 1,280 | |||||||||
Consumer | 5,055 | 158 | 8,158 | 200 | |||||||||
Residential | - | - | 55 | - | |||||||||
Total | $ | 23,998 | 1,118 | 59,082 | 1,599 | ||||||||
BBX Capital’s individually impaired loans and the average recorded investment and interest income recognized on BBX Capital’s impaired loans as of December 31, 2012 were as follows (in thousands): | |||||||||||||
As of December 31, 2012 | |||||||||||||
Unpaid | Average | ||||||||||||
Recorded | Principal | Related | Recorded | Interest | |||||||||
Investment | Balance | Allowance | Investment | Income | |||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,032 | 3,287 | 784 | 3,032 | 137 | |||||||
Commercial real estate | 28,195 | 41,366 | 837 | 28,259 | 1,068 | ||||||||
Consumer | - | - | - | - | - | ||||||||
Residential | - | - | - | - | - | ||||||||
Total with allowance recorded | $ | 31,227 | 44,653 | 1,621 | 31,291 | 1,205 | |||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | 634 | - | 330 | - | |||||||
Commercial real estate | 143,388 | 232,695 | 139,684 | 4,873 | |||||||||
Consumer | 16,050 | 20,501 | - | 17,887 | 282 | ||||||||
Residential | 48,317 | 77,628 | 56,776 | 177 | |||||||||
Total with no allowance recorded | $ | 208,085 | 331,458 | - | 214,677 | 5,332 | |||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,362 | 3,921 | 784 | 3,362 | 137 | |||||||
Commercial real estate | 171,583 | 274,061 | 837 | 167,943 | 5,941 | ||||||||
Consumer | 16,050 | 20,501 | - | 17,887 | 282 | ||||||||
Residential | 48,317 | 77,628 | - | 56,776 | 177 | ||||||||
Total | $ | 239,312 | 376,111 | 1,621 | 245,968 | 6,537 | |||||||
Schedule Of Accruing And Nonaccruing Commercial Loans | |||||||||||||
The following table presents the amount of BBX Capital’s accruing and non-accruing commercial loans by loan class as of December 31, 2014 (in thousands): | |||||||||||||
Commercial | |||||||||||||
Non | Commercial | ||||||||||||
Real Estate | Real Estate | ||||||||||||
Accruing | $ | - | 9,725 | ||||||||||
Non-accruing | 1,326 | 14,464 | |||||||||||
Total | $ | 1,326 | 24,189 | ||||||||||
The following table presents the amount of BBX Capital’s accruing and non-accruing commercial loans by loan class as of December 31, 2013 (in thousands): | |||||||||||||
Commercial | |||||||||||||
Non | Commercial | ||||||||||||
Real Estate | Real Estate | ||||||||||||
Accruing | $ | - | 17,397 | ||||||||||
Non-accruing | 3,331 | 45,540 | |||||||||||
Total | $ | 3,331 | 62,937 | ||||||||||
Schedule Of Troubled Debt Restructurings | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-12 | |||||||||||||
Recorded | |||||||||||||
Number | Investment | ||||||||||||
Troubled Debt Restructurings | |||||||||||||
Commercial non-real estate | - | $ | - | ||||||||||
Commercial real estate | - | - | |||||||||||
Small business | - | - | |||||||||||
Consumer | 1 | 47 | |||||||||||
Residential | 1 | 62 | |||||||||||
Total Troubled Debt Restructured | 2 | $ | 109 | ||||||||||
Schedule Of Modified Troubled Debt Restructurings | |||||||||||||
For the Year Ended | |||||||||||||
31-Dec-12 | |||||||||||||
Recorded | |||||||||||||
Number | Investment | ||||||||||||
Troubled Debt Restructurings which | |||||||||||||
have subsequently defaulted: | |||||||||||||
Commercial non-real estate | - | $ | - | ||||||||||
Commercial real estate | 6 | 27,377 | |||||||||||
Small business | - | - | |||||||||||
Consumer | - | - | |||||||||||
Residential | 9 | 627 | |||||||||||
Total Troubled Debt Restructured | 15 | $ | 28,004 | ||||||||||
Bluegreens_Notes_Receivable_Ta
Bluegreen's Notes Receivable (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Bluegreen's Notes Receivable [Abstract] | |||||
Information Relating To Bluegreen's Notes Receivable | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Notes receivable secured by VOIs: | |||||
VOI notes receivable - non-securitized | $ | 162,001 | 127,451 | ||
VOI notes receivable - securitized | 361,930 | 420,848 | |||
Purchase accounting adjustment | -150 | -6,277 | |||
523,781 | 542,022 | ||||
Allowance for credit losses | -102,259 | -90,188 | |||
VOI notes receivable, net | $ | 421,522 | 451,834 | ||
Allowance as a % of VOI notes receivable | 20% | 17% | |||
Notes receivable secured by homesites: | |||||
Homesite notes receivable | $ | 3,052 | 4,139 | ||
Allowance for credit losses | -307 | -404 | |||
Homesite notes receivable, net | $ | 2,745 | 3,735 | ||
Allowance as a % of homesite notes receivable | 10% | 10% | |||
Total notes receivable | |||||
Gross notes receivable | $ | 526,983 | 552,438 | ||
Purchase accounting adjustment | -150 | -6,277 | |||
Allowance for credit losses | -102,566 | -90,592 | |||
Notes receivable, net | $ | 424,267 | 455,569 | ||
Allowance as a % of notes receivable | 19% | 17% | |||
Reconciliation Of Accretable Yield | |||||
For the Year Ended | |||||
Accretable Yield | December 31, | ||||
2014 | 2013 | ||||
Balance, beginning of period | $ | 31,678 | 54,170 | ||
Accretion | -12,562 | -17,097 | |||
Reclassification to nonaccretable yield | -1,249 | -5,395 | |||
Balance, end of period | $ | 17,867 | 31,678 | ||
Future Contractual Principal Payments Of Notes Receivables | |||||
As of December 31, 2014 | |||||
2015 | $ | 81,096 | |||
2016 | 79,342 | ||||
2017 | 74,553 | ||||
2018 | 59,979 | ||||
2019 | 50,640 | ||||
Thereafter | 181,373 | ||||
526,983 | |||||
Allowance for loan losses | -102,566 | ||||
Notes receivable, net of allowance | 424,417 | ||||
Purchase accounting adjustments | -150 | ||||
Total | $ | 424,267 | |||
Activity In The Allowance For Loan Losses | |||||
For the Years Ended | |||||
December 31, | |||||
2014 | 2013 | ||||
Balance, beginning of period | $ | 90,592 | 63,374 | ||
Provision for credit losses | 40,164 | 54,309 | |||
Write-offs of uncollectible receivables | -28,190 | -27,091 | |||
Balance, end of period | $ | 102,566 | 90,592 | ||
Delinquency Status Of Bluegreen's VOI Notes Receivable | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Current | $ | 500,405 | 523,526 | ||
31-60 days | 6,505 | 7,694 | |||
61-90 days | 5,361 | 5,810 | |||
> 90 days (1) | 11,660 | 11,269 | |||
Purchase accounting adjustments | -150 | -6,277 | |||
Total | $ | 523,781 | 542,022 | ||
-1 | Includes $6.0 million and $5.2 million as of December 31, 2014 and 2013, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. | ||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Bluegreens Vacation Ownership Interests [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Information Related To The Assets And Liabilities Of The VIEs | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Restricted cash | $ | 31,554 | $ | 36,263 | |
Securitized notes receivable, net | 293,950 | 342,078 | |||
Receivable backed notes payable - non-recourse | 320,275 | 368,759 | |||
Receivable backed notes payable - recourse | - | 5,899 | |||
Florida Asset Resolution Group LLC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Information Related To The Assets And Liabilities Of The VIEs | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Cash and interest bearing deposits in banks | $ | 4,976 | 8,388 | ||
Loans held-for-sale | 35,423 | 53,846 | |||
Loans receivable, net | 18,972 | 56,170 | |||
Real estate held-for-investment | 18,340 | 15,509 | |||
Real estate held-for-sale | 13,745 | 23,664 | |||
Properties and equipment, net | 8,350 | 7,899 | |||
Other assets | 638 | 2,413 | |||
Total assets | $ | 100,444 | 167,889 | ||
BB&T preferred interest in FAR, LLC | $ | 12,348 | 68,517 | ||
Other liabilities | 12,486 | 12,343 | |||
Total liabilities | $ | 24,834 | 80,860 | ||
North Flagler [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Information Related To The Assets And Liabilities Of The VIEs | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Cash and interest bearing deposits in banks | $ | 17 | 298 | ||
Real estate held-for-investment | 816 | 327 | |||
Other assets | 379 | - | |||
Total assets | $ | 1,212 | 625 | ||
Other liabilities | $ | 116 | 12 | ||
Noncontrolling interest | $ | 132 | 135 | ||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Investments in Unconsolidated Real Estate Joint Ventures [Abstract] | |||||
Investments In Unconsolidated Real Estate Joint Ventures | |||||
December 31, | |||||
2014 | 2013 | ||||
Altis at Kendall Square, LLC | $ | 1,264 | 1,300 | ||
Altis at Lakeline - Austin Investors LLC | 5,000 | - | |||
New Urban/BBX Development, LLC | 996 | 54 | |||
Sunrise and Bayview Partners, LLC | 1,723 | - | |||
Hialeah Communities, LLC | 5,091 | - | |||
PGA Design Center Holdings, LLC | 1,991 | - | |||
Investments in unconsolidated real estate joint ventures | $ | 16,065 | 1,354 | ||
Condensed Statements Of Financial Condition And Statements Of Operations For Equity Method Joint Ventures | |||||
December 31, | December 31, | ||||
2014 | 2013 | ||||
Assets | |||||
Cash | $ | 1,375 | 172 | ||
Real estate inventory | 75,395 | 23,321 | |||
Properties and equipment | 3,996 | - | |||
Other assets | 4,423 | 557 | |||
Total assets | $ | 85,189 | 24,050 | ||
Liabilities and Equity | |||||
Notes payable | $ | 34,951 | 16,057 | ||
Other liabilities | 9,333 | 1,571 | |||
Total liabilities | 44,284 | 17,628 | |||
Total equity | 40,905 | 6,422 | |||
Total liabilities and equity | $ | 85,189 | 24,050 | ||
For the Years Ended | |||||
December 31, | |||||
2014 | 2013 | ||||
Total revenues | $ | 635 | - | ||
Total costs and expenses | -1,841 | - | |||
Net loss | $ | -1,206 | - | ||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventory [Abstract] | |||||
Summary Of Inventory | |||||
As of December 31, | |||||
2014 | 2013 | ||||
Completed VOI units | $ | 166,332 | 187,592 | ||
Construction-in-progress | 2,103 | - | |||
Real estate held for future development | 83,560 | 83,540 | |||
Land and facilities held for sale | 675 | 586 | |||
Other inventory | 14,505 | 9,155 | |||
Purchase accounting adjustment | -57,282 | -66,876 | |||
Total | $ | 209,893 | 213,997 | ||
Real_Estate_HeldForSale_and_Re1
Real Estate Held-For-Sale and Real Estate Held-For-Investment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Held-For-Sale and Real Estate Held-For-Investment [Abstract] | |||||||||
Real Estate Held-For-Sale | |||||||||
As of December 31, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 33,505 | 18,268 | ||||||
Rental properties | 1,748 | 6,168 | |||||||
Residential single-family | 4,385 | 6,447 | |||||||
Other | 2,095 | 3,088 | |||||||
Total held-for-sale | $ | 41,733 | 33,971 | ||||||
Real Estate Held-For-Investment | |||||||||
As of December 31, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 60,356 | 79,656 | ||||||
Rental properties | 14,445 | 26,891 | |||||||
Other | 789 | 789 | |||||||
Total held-for-investment | $ | 75,590 | 107,336 | ||||||
Activity In Real Estate Held-For-Sale And Held-For-Investment | |||||||||
For the Years Ended | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Real Estate | Real Estate | ||||||||
Held-for-Sale | Held-for-Investment | Held-for-Sale | Held-for-Investment | ||||||
Beginning of period | $ | 33,971 | 107,336 | 45,637 | 37,413 | ||||
Acquired through foreclosure | 5,300 | 16,100 | 18,978 | 63,199 | |||||
Transfers | 28,018 | -28,018 | - | - | |||||
Purchases | 2,313 | 1,977 | - | 6,063 | |||||
Improvements | - | 2,831 | - | 575 | |||||
Accumulated depreciation | - | -431 | - | - | |||||
Sales | -26,973 | -16,200 | -26,751 | -465 | |||||
Impairments | -896 | -8,005 | -3,893 | 551 | |||||
End of Period | $ | 41,733 | 75,590 | 33,971 | 107,336 | ||||
Real Estate Held-For-Sale Valuation Allowance Activity | |||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning of period | $ | 4,818 | 3,729 | ||||||
Impairments | 896 | 3,893 | |||||||
Sales | -2,774 | -2,804 | |||||||
End of period | $ | 2,940 | 4,818 | ||||||
Foreclosed Asset Activity In Non-Interest Expense | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Real estate acquired in settlement of | |||||||||
loans and tax certificates: | |||||||||
Income from real estate operations | $ | 5,516 | 4,161 | 4,187 | |||||
Real estate operating expenses | -6,296 | -5,807 | -5,896 | ||||||
Impairment of real estate | -8,901 | -3,342 | -9,078 | ||||||
Net gains on the sales of assets | 4,677 | 4,155 | 788 | ||||||
Net real estate losses | $ | -5,004 | -833 | -9,999 | |||||
Properties_And_Equipment_Table
Properties And Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Components Of Property And Equipment | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
Land, building and building improvements | $ | 67,112 | 57,648 | |||
Leasehold improvements | 8,410 | 8,002 | ||||
Office equipment, furniture and fixtures | 53,501 | 45,147 | ||||
Transportation and equipment | 423 | 1,443 | ||||
129,446 | 112,240 | |||||
Accumulated depreciation | -39,433 | -34,132 | ||||
Property and equipment, net | $ | 90,013 | 78,108 | |||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill And Intangible Assets [Abstract] | |||||||
Change In Goodwill By Reportable Segment | |||||||
Sweet Holdings | BBX | ||||||
Segment | Segment | Total | |||||
Balance at January 1, 2012 | $ | - | 12,241 | 12,241 | |||
Impairment | - | - | - | ||||
Sale of BankAtlantic to BB&T | - | -12,241 | -12,241 | ||||
Balance at December 31, 2012 | - | - | - | ||||
Impairment | - | - | - | ||||
Balance at December 31, 2013 | - | - | - | ||||
Increase in Goodwill from acquisitions | 7,377 | - | 7,377 | ||||
Impairment | - | - | - | ||||
Balance at December 31, 2014 | $ | 7,377 | - | 7,377 | |||
Goodwill And Major Classes Of Intangible Assets | |||||||
December 31, | |||||||
Class | 2014 | 2013 | |||||
Intangible Assets: | |||||||
Management contracts | $ | 63,000 | 63,000 | ||||
Trademarks | 5,715 | 2,551 | |||||
Customer relationships | 2,631 | 70 | |||||
Non-competition agreements | 156 | 66 | |||||
Lease premium | 2,301 | 2,057 | |||||
Other | 90 | - | |||||
$ | 73,893 | 67,744 | |||||
Accumulated Amortization | -1,540 | -916 | |||||
Total Intangible Assets | $ | 72,353 | 66,828 | ||||
Goodwill | 7,377 | - | |||||
Total Goodwill and Intangible Assets | $ | 79,730 | 66,828 | ||||
Estimated Aggregate Amortization Expense Of Intangible Assets | |||||||
Years ending December 31, | |||||||
2015 | $ | 858 | |||||
2016 | 858 | ||||||
2017 | 812 | ||||||
2018 | 794 | ||||||
2019 | 784 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt [Abstract] | |||||||||||||
Contractual Minimum Principal Payments Of Debt Outstanding | |||||||||||||
Notes and | Recourse | Non-recourse | Junior | ||||||||||
Mortgage Notes Payable | Receivable Backed | Receivable Backed | Subordinated | ||||||||||
and Lines of Credit | Notes Payable | Notes Payable | Debentures | Total | |||||||||
2015 | $ | 27,691 | - | - | - | 27,691 | |||||||
2016 | 10,266 | 4,358 | - | - | 14,624 | ||||||||
2017 | 8,762 | 4,359 | - | - | 13,121 | ||||||||
2018 | 20,834 | 42,447 | 42,817 | - | 106,098 | ||||||||
2019 | 29,574 | 27,889 | 18,008 | - | 75,471 | ||||||||
Thereafter | 10,857 | 13,076 | 259,450 | 195,879 | 479,262 | ||||||||
107,984 | 92,129 | 320,275 | 195,879 | 716,267 | |||||||||
Purchase Accounting | - | - | - | -45,841 | -45,841 | ||||||||
Total Debt | $ | 107,984 | 92,129 | 320,275 | 150,038 | 670,426 | |||||||
Notes And Mortgage Notes Payable And Other Borrowings | |||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Carrying | Carrying | ||||||||||||
Amount of | Amount of | ||||||||||||
Debt | Interest | Pledged | Debt | Interest | Pledged | ||||||||
Balance | Rate | Assets | Balance | Rate | Assets | ||||||||
Bluegreen: | |||||||||||||
2013 Notes Payable | $ | 64,500 | 8.05% | $ | 43,903 | $ | 70,500 | 8.05% | $ | 51,844 | |||
Foundation Capital | 7,010 | 8.00% | 10,596 | 7,234 | 8.00% | 10,596 | |||||||
Capital Source Term Loan | 2,945 | 5.91% | 11,882 | 4,208 | 5.92% | 11,615 | |||||||
Fifth Third Bank Note | 4,817 | 3.25% | 4,206 | 2,474 | 3.17% | 4,206 | |||||||
NBA Line of Credit | 789 | 5.50% | 7,601 | 9,544 | 5.50% | 15,437 | |||||||
Fifth Third Syndicated LOC | 10,000 | 3.01% | 52,453 | - | - | - | |||||||
Other | - | - | - | 151 | 5.00% | 1,597 | |||||||
90,061 | 130,641 | 94,111 | 95,295 | ||||||||||
Less purchase accounting | |||||||||||||
adjustments | - | - | -171 | - | |||||||||
Total Bluegreen | $ | 90,061 | $ | 130,641 | $ | 93,940 | $ | 95,295 | |||||
BBX Capital: | |||||||||||||
Promissory note (1) | - | - | 8,579 | Prime + 1.0% | 19,570 | ||||||||
Wells Fargo Capital Finance | 8,028 | -2 | 23,661 | - | - | - | |||||||
Anastasia Note | 7,214 | 5.00% | - | - | - | - | |||||||
Centennial Bank | 1,645 | 5.25% | 2,145 | - | - | - | |||||||
Other | 1,036 | various | - | 455 | - | - | |||||||
Total BBX Capital | $ | 17,923 | $ | 25,806 | $ | 9,034 | $ | 19,570 | |||||
Total Notes Payable | $ | 107,984 | $ | 156,447 | $ | 102,974 | $ | 114,865 | |||||
-1 | The promissory note bears interest at Prime Rate (as published in the Wall Street Journal) plus 1.00%. | ||||||||||||
-2 | The term loan and revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the credit agreement at various rates from 0.5% to 3.25% per annum. | ||||||||||||
Receivable-Backed Notes Payable | |||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Principal | Principal | ||||||||||||
Balance of | Balance of | ||||||||||||
Pledged/ | Pledged/ | ||||||||||||
Debt | Interest | Secured | Debt | Interest | Secured | ||||||||
Balance | Rate | Receivables | Balance | Rate | Receivables | ||||||||
Recourse receivable-backed | |||||||||||||
notes payable: | |||||||||||||
Liberty Bank Facility | $ | 38,088 | 4.25% | $ | 49,976 | $ | 19,756 | 4.25% | $ | 23,956 | |||
Legacy Securitization (1) | - | - | - | 6,569 | 12.00% | 14,662 | |||||||
NBA Receivables Facility | 29,058 | 4.00 - 4.50% | 35,296 | 28,505 | 4.50-6.75% | 34,143 | |||||||
CapitalSource Facility | 24,983 | 4.67% | 32,397 | 20,642 | 4.67% | 27,651 | |||||||
Total before discount | 92,129 | 117,669 | 75,472 | 100,412 | |||||||||
Less unamortized discount on | |||||||||||||
Legacy Securitization | - | - | -670 | - | |||||||||
Total | $ | 92,129 | $ | 117,669 | $ | 74,802 | $ | 100,412 | |||||
Non-recourse receivable-backed | |||||||||||||
notes payable: | |||||||||||||
BB&T/DZ Purchase Facility | $ | 42,818 | 3.88% | $ | 56,406 | $ | - | - | $ | - | |||
Quorum Purchase Facility | 26,447 | 5.00-6.90% | 30,158 | 23,775 | 5.50-6.90% | 27,280 | |||||||
GE 2004 Facility | - | - | - | 4,416 | 7.16% | 4,956 | |||||||
GE 2006 Facility | 18,008 | 7.35% | 19,881 | 25,341 | 7.35% | 28,112 | |||||||
2006 Term Securitization | 12,366 | 6.16% | 12,881 | 20,411 | 6.16% | 21,700 | |||||||
2007 Term Securitization | 30,126 | 7.32% | 33,094 | 44,197 | 7.32% | 49,015 | |||||||
2008 Term Securitization | 11,846 | 7.88% | 13,089 | 16,998 | 7.88% | 19,072 | |||||||
2010 Term Securitization | 37,048 | 5.54% | 44,092 | 50,486 | 5.54% | 60,762 | |||||||
2012 Term Securitization | 59,377 | 2.94% | 65,827 | 76,337 | 2.94% | 84,427 | |||||||
2013 Term Securitization | 82,239 | 3.20% | 86,503 | 106,798 | 3.20% | 110,862 | |||||||
Total | $ | 320,275 | $ | 361,931 | $ | 368,759 | $ | 406,186 | |||||
Total receivable-backed debt | $ | 412,404 | $ | 479,600 | $ | 443,561 | $ | 506,598 | |||||
-1 | Legacy Securitization debt bears interest at a coupon rate of 12% and was issued at a discount resulting in an effective yield of 18.5%. The Legacy Securitization was repaid in full during April 2014. | ||||||||||||
Junior Subordinated Debentures Outstanding | |||||||||||||
December 31, | Beginning | ||||||||||||
2014 | 2013 | Optional | |||||||||||
Issue | Outstanding | Outstanding | Interest | Maturity | Redemption | ||||||||
Junior Subordinated Debentures | Date | Amount | Amount | Rate (1) | Date | Date | |||||||
Levitt Capital Trust I ("LCT I") | 3/15/05 | $ | 23,196 | 23,196 | LIBOR + 3.85% | 3/1/35 | 3/15/10 | ||||||
Levitt Capital Trust II ("LCT II") | 5/4/05 | 30,928 | 30,928 | LIBOR + 3.80% | 6/30/35 | 6/30/10 | |||||||
Levitt Capital Trust III ("LCT III") | 6/1/06 | 15,464 | 15,464 | LIBOR + 3.80% | 6/30/36 | 6/30/11 | |||||||
Levitt Capital Trust IV ("LCTIV") | 7/18/06 | 15,464 | 15,464 | LIBOR + 3.80% | 9/30/36 | 9/30/11 | |||||||
Total Woodbridge Holdings | 85,052 | 85,052 | |||||||||||
Bluegreen Statutory Trust I | 3/15/05 | 23,196 | 23,196 | LIBOR +4.90% | 3/30/35 | 3/30/10 | |||||||
Bluegreen Statutory Trust II | 5/4/05 | 25,774 | 25,774 | LIBOR +4.85% | 7/30/35 | 7/30/10 | |||||||
Bluegreen Statutory Trust III | 5/10/05 | 10,310 | 10,310 | LIBOR +4.85% | 7/30/35 | 7/30/10 | |||||||
Bluegreen Statutory Trust IV | 4/24/06 | 15,464 | 15,464 | LIBOR +4.85% | 6/30/36 | 6/30/11 | |||||||
Bluegreen Statutory Trust V | 7/21/06 | 15,464 | 15,464 | LIBOR +4.85% | 9/30/36 | 9/30/11 | |||||||
Bluegreen Statutory Trust VI | 2/26/07 | 20,619 | 20,619 | LIBOR +4.80% | 4/30/37 | 4/30/12 | |||||||
Total Bluegreen Corporation | 110,827 | 110,827 | |||||||||||
Purchase accounting | -45,841 | -48,448 | |||||||||||
Total Junior Subordinated Debentures | $ | 150,038 | 147,431 | ||||||||||
-1 | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 72,147 | 98,471 | 60,462 | |||||||||
Foreign | -3,175 | -963 | - | ||||||||||
Total | $ | 68,972 | 97,508 | 60,462 | |||||||||
Provision For Income Taxes | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Continuing operations: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 20,756 | 4,275 | -139 | |||||||||
State | 3,904 | 1,948 | 596 | ||||||||||
24,660 | 6,223 | 457 | |||||||||||
Deferred: | |||||||||||||
Federal | 10,785 | 20,180 | 11,119 | ||||||||||
State | 1,412 | -34 | 4,649 | ||||||||||
12,197 | 20,146 | 15,768 | |||||||||||
Provision for income taxes | $ | 36,857 | 26,369 | 16,225 | |||||||||
Actual Provision For Income Taxes From Continuing Operations Rate | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014(1) | 2013(1) | 2012(1) | |||||||||||
Income tax provision at expected | |||||||||||||
federal income tax rate of 35% | $ | 22,349 | 35.00 | % | $ | 34,128 | 35.00 | % | $ | 21,162 | 35.00 | % | |
Increase (decrease) resulting from: | |||||||||||||
Benefit for state taxes, | |||||||||||||
net of federal effect | 5,934 | 9.29 | 2,739 | 2.81 | 2,428 | 4.02 | |||||||
Taxes related to subsidiaries not | |||||||||||||
consolidated for income tax purposes | 1,124 | 1.76 | -2,324 | -2.38 | -4,821 | -7.97 | |||||||
Nondeductible executive compensation | 4,993 | 7.82 | 3,463 | 3.55 | - | - | |||||||
Decrease in valuation allowance | 1,447 | 2.27 | -17,800 | -18.25 | -4,414 | -7.3 | |||||||
Other – net | 1,010 | 1.58 | 6,163 | 6.32 | 1,870 | 3.09 | |||||||
Provision for income taxes | $ | 36,857 | 57.72 | % | $ | 26,369 | 27.05 | % | $ | 16,225 | 26.84 | % | |
-1 | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | ||||||||||||
Schedule Of Deferred Tax Assets And Liabilities | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses, REO, tax certificate losses and | |||||||||||||
write-downs for financial statement purposes | $ | 53,780 | 47,958 | 44,044 | |||||||||
Federal and State NOL and tax credit carryforward | 270,331 | 289,464 | 323,660 | ||||||||||
Capital loss carryover | 766 | 766 | 766 | ||||||||||
Real estate valuation | 27,269 | 29,929 | 37,300 | ||||||||||
Share based compensation | 5,742 | 4,696 | 9,947 | ||||||||||
Income recognized for tax purposes and deferred | |||||||||||||
for financial statement purposes | 103 | 103 | 103 | ||||||||||
Investment in securities | -112 | -89 | -62 | ||||||||||
Investment in unconsolidated affiliates | 828 | 828 | 828 | ||||||||||
Property and equipment | 1,056 | 2,300 | 3,829 | ||||||||||
Other | 2,913 | 5,794 | 4,698 | ||||||||||
Total gross deferred tax assets | 362,676 | 381,749 | 425,113 | ||||||||||
Valuation allowance | -257,681 | -256,410 | -274,861 | ||||||||||
Total deferred tax assets | 104,995 | 125,339 | 150,252 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Installment sales treatment of notes | 152,419 | 158,065 | 163,414 | ||||||||||
Intangible assets | 26,467 | 24,292 | 23,668 | ||||||||||
Junior subordinate notes | 18,700 | 19,313 | 20,341 | ||||||||||
Other | 18 | 758 | - | ||||||||||
Total gross deferred tax liabilities | 197,604 | 202,428 | 207,423 | ||||||||||
Net deferred tax liability | -92,609 | -77,089 | -57,171 | ||||||||||
Less net deferred tax liability at beginning of period | 77,089 | 57,171 | 25,829 | ||||||||||
Net deferred tax liabilities from acquisitions | 3,107 | - | - | ||||||||||
Reduction in deferred tax valuation allowance | |||||||||||||
for continuing operations | - | - | -4,088 | ||||||||||
Provision for deferred income taxes | -12,413 | -19,918 | -35,430 | ||||||||||
Less: (Provision) benefit for deferred income | |||||||||||||
taxes - discontinued operations | -216 | 228 | -19,662 | ||||||||||
Provision for deferred income | |||||||||||||
taxes - continuing operations | $ | -12,197 | -20,146 | -15,768 | |||||||||
Activity In Deferred Tax Asset Valuation Allowance | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 256,410 | 274,861 | 388,350 | |||||||||
Increase (decrease) in deferred tax valuation allowance attributed to: | |||||||||||||
Continuing operations | 1,447 | -17,800 | -4,414 | ||||||||||
Discontinued operations | -153 | -222 | -102,388 | ||||||||||
Other comprehensive loss | -23 | -27 | -6,687 | ||||||||||
Acquisitions | - | -402 | - | ||||||||||
Balance, end of period | $ | 257,681 | 256,410 | 274,861 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments And Contingencies [Abstract] | ||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ||||||||
Year Ending December 31, | Amount | |||||||
2015 | $ | 12,262 | ||||||
2016 | 11,911 | |||||||
2017 | 10,499 | |||||||
2018 | 8,767 | |||||||
2019 | 2,095 | |||||||
Thereafter | 18,213 | |||||||
Total | $ | 63,747 | ||||||
Summary Of Incurred Rent Expense | ||||||||
For the Years Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Rental expense for premises and equipment | $ 12,943 | $ 10,888 | $ 14,042 | |||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Information On Outstanding Options | |||||||||
Weighted | Weighted | ||||||||
Average | Average | Aggregate | |||||||
Outstanding | Exercise | Remaining | Intrinsic | ||||||
Options | Price | Contractual Term | Value ($000) | ||||||
Outstanding at December 31, 2011 | 2,297,858 | $ | 0.41 | 3.54 | $ | - | |||
Exercised | -34,109 | 0.41 | 13 | ||||||
Forfeited | -261 | 0.41 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2012 | 2,263,488 | $ | 0.41 | 2.28 | $ | 1,924 | |||
Exercised | -607,543 | 0.41 | 961 | ||||||
Forfeited | -1,302 | 0.41 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2013 | 1,654,643 | $ | 0.41 | 1.91 | $ | 4,104 | |||
Exercised | -1,428,420 | 0.41 | 5,038 | ||||||
Forfeited | - | 0.00 | |||||||
Expired | - | 0.00 | |||||||
Granted | - | 0.00 | |||||||
Outstanding at December 31, 2014 | 226,223 | $ | 0.41 | 2.66 | $ | 631 | |||
Exercisable at December 31, 2014 | 226,223 | $ | 0.41 | 2.66 | $ | 631 | |||
Available for grant at December 31, 2014 | 1,424,959 | ||||||||
Unvested Restricted Stock Activity | |||||||||
Weighted | |||||||||
Unvested | Average | ||||||||
Restricted | Grant Date | ||||||||
Stock | Fair Value | ||||||||
Outstanding at December 31, 2011 | 1,753,475 | $ | 0.36 | ||||||
Granted | 5,556,292 | 0.79 | |||||||
Vested | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2012 | 7,309,767 | $ | 0.69 | ||||||
Granted | 410,000 | 2.45 | |||||||
Vested | -1,389,072 | 0.79 | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2013 | 6,330,695 | $ | 0.78 | ||||||
Granted | 3,575,041 | 3.80 | |||||||
Vested | -1,389,072 | 0.79 | |||||||
Forfeited | - | - | |||||||
Outstanding at December 31, 2014 | 8,516,664 | $ | 2.05 | ||||||
Bluegreen [Member] | |||||||||
Information On Outstanding Options | |||||||||
Outstanding Options | Weighted Average Exercise Price Per Share | Number of Shares Exercisable | Aggregate Intrinsic Value | ||||||
(In 000’s) | (In 000’s) | (In 000’s) | |||||||
Balance at December 31, 2011 | 1,505 | $ | 9.03 | 1,163 | $ | 6 | |||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -93 | $ | 15.26 | ||||||
Stock options settled for cash | -200 | $ | 3.45 | ||||||
Exercised | -97 | $ | 3.21 | ||||||
Balance at December 31, 2012 | 1,115 | $ | 10.02 | 873 | $ | 1,874 | |||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -542 | $ | 14.16 | ||||||
Exercised | -573 | $ | 6.11 | ||||||
Balance at December 31, 2013 | - | $ | - | - | $ | - | |||
Unvested Restricted Stock Activity | |||||||||
Non-vested Restricted Shares | Number of Shares (In 000's) | Weighted-Average Grant - Date Fair Value per Share | |||||||
Unvested at December 31, 2011 | 250 | $ | 8.47 | ||||||
Granted | - | - | |||||||
Vested | -45 | $ | 11.98 | ||||||
Forfeited | - | - | |||||||
Unvested at December 31, 2012 | 205 | $ | 7.69 | ||||||
Granted | - | - | |||||||
Vested | -202 | $ | 7.67 | ||||||
Forfeited | -3 | 9.31 | |||||||
Unvested at December 31, 2013 | - | $ | - | ||||||
BBX Capital [Member] | |||||||||
Information On Outstanding Options | |||||||||
Weighted | |||||||||
Class A | Weighted | Average | Aggregate | ||||||
Outstanding | Average | Remaining | Intrinsic | ||||||
Options | Exercise Price | Contractual Term | Value ($000) | ||||||
Outstanding at December 31, 2011 | 92,230 | $ | 277.25 | 3.1 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | -55,426 | 306.63 | |||||||
Expired | - | - | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2012 | 36,804 | $ | 233.00 | 3.1 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | -7,559 | 124.57 | |||||||
Expired | -7,963 | 185.82 | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2013 | 21,282 | $ | 289.17 | 2.5 | $ | - | |||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Expired | -5,801 | 455.00 | |||||||
Granted | - | - | |||||||
Outstanding at December 31, 2014 | 15,481 | $ | 227.03 | 2.3 | $ | - | |||
Exercisable at December 31, 2014 | 15,481 | $ | 227.03 | 2.3 | $ | - | |||
Available for grant at December 31, 2014 | - | ||||||||
Unvested Restricted Stock Activity | |||||||||
Weighted | |||||||||
Class A | Average | ||||||||
Non-vested | Grant date | ||||||||
Restricted | Fair Value | ||||||||
Stock | Per Share | ||||||||
Outstanding at December 31, 2011 | 211,900 | $ | 6.96 | ||||||
Vested | -142,900 | 6.20 | |||||||
Forfeited | -4,000 | 6.20 | |||||||
Granted | 1,130,406 | 6.55 | |||||||
Outstanding at December 31, 2012 | 1,195,406 | $ | 6.53 | ||||||
Vested | -315,104 | 6.52 | |||||||
Forfeited | - | - | |||||||
Granted | 430,000 | 13.33 | |||||||
Outstanding at December 31, 2013 | 1,310,302 | $ | 8.76 | ||||||
Vested | -315,102 | 6.52 | |||||||
Forfeited | - | - | |||||||
Granted | 396,082 | 16.58 | |||||||
Outstanding at December 31, 2014 | 1,391,282 | $ | 11.50 | ||||||
Employee_Benefit_Plans_And_Inc1
Employee Benefit Plans And Incentive Compensation Program (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |||||||
Defined Contribution 401(k) Plan | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Employee salary contribution limit (1) | $ | 17.5 | 17.5 | 17 | |||
Percentage of salary limitation | % | 75 | 75 | 75 | |||
Total match contribution (2) | $ | 150 | - | - | |||
-1 | For the years ended December 31, 2014, 2013 and 2012, employees over 50 were entitled to contribute $23,000, $23,000 and $22,500, respectively. | ||||||
-2 | The employer match vests immediately. BBX Capital did not offer an employer match for the years ended December 31, 2013 and 2012. | ||||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Noncontrolling Interests [Abstract] | |||||||
Summary Of Noncontrolling Interests | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
BBX Capital | $ | 150,254 | 144,919 | ||||
Joint ventures | 43,546 | 38,056 | |||||
Total noncontrolling interests | $ | 193,800 | 182,975 | ||||
Summary Of Income (Loss) Attributable To Noncontrolling Interests | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Noncontrolling interest - Continuing Operations: | |||||||
BBX Capital | $ | 2,040 | 23,112 | -13,370 | |||
Bluegreen (1) | - | 5,321 | 23,227 | ||||
Joint ventures | 11,415 | 13,284 | 13,769 | ||||
$ | 13,455 | 41,717 | 23,626 | ||||
Noncontrolling interest - Discontinued Operations: | |||||||
BBX Capital | $ | - | - | 124,066 | |||
Bluegreen (1) | - | -23 | -1,607 | ||||
$ | - | -23 | 122,459 | ||||
Net income attributable to noncontrolling interests | $ | 13,455 | 41,694 | 146,085 | |||
-1 | Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreen’s common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Information | The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): | ||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | Sweet | and | Segment | ||||||||||||
Vacations | BBX | FAR | Renin | Holdings | Eliminations | Total | |||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 262,334 | - | - | - | - | - | 262,334 | |||||||
Trade sales | - | - | - | 57,839 | 16,245 | -1 | 74,083 | ||||||||
Interest income | 81,666 | 1,515 | 3,907 | - | 7 | -603 | 86,492 | ||||||||
Fee-based sales commission | 144,239 | - | - | - | - | - | 144,239 | ||||||||
Other fee-based services revenue | 92,089 | - | - | - | - | - | 92,089 | ||||||||
Net gains on the sales of assets | - | 3,651 | 1,876 | - | - | - | 5,527 | ||||||||
Other revenue | - | 3,607 | 4,442 | - | 5 | -632 | 7,422 | ||||||||
Total revenues | 580,328 | 8,773 | 10,225 | 57,839 | 16,257 | -1,236 | 672,186 | ||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 30,766 | - | - | - | - | - | 30,766 | ||||||||
Cost of goods sold of trade sales | - | - | 43,888 | 10,794 | 54,682 | ||||||||||
Cost of sale of other fee-based services | 56,941 | - | - | - | - | - | 56,941 | ||||||||
Interest expense | 41,324 | 815 | 775 | 551 | 440 | 3,497 | 47,402 | ||||||||
(Recoveries from) provision for loan losses | - | -10,169 | 3,014 | - | - | - | -7,155 | ||||||||
Impairment of assets | - | 266 | 6,749 | - | - | - | 7,015 | ||||||||
Selling, general and administrative expenses | 345,191 | 30,700 | 8,347 | 15,444 | 5,000 | 17,682 | 422,364 | ||||||||
Total costs and expenses | 474,222 | 21,612 | 18,885 | 59,883 | 16,234 | 21,179 | 612,015 | ||||||||
Equity in earnings (loss) from unconsolidated entities | - | 24,723 | - | - | - | -25,296 | -573 | ||||||||
Other income | - | - | - | - | - | 4,258 | 4,258 | ||||||||
Income (loss) from continuing operations | |||||||||||||||
before income taxes | 106,106 | 11,884 | -8,660 | -2,044 | 23 | -43,453 | 63,856 | ||||||||
Less: Provision (benefit) for income taxes | - | - | - | 6 | -3,107 | 39,958 | 36,857 | ||||||||
Income (loss) from continuing operations | 106,106 | 11,884 | -8,660 | -2,050 | 3,130 | -83,411 | 26,999 | ||||||||
Income from discontinued operations, net of taxes | - | - | - | - | - | 306 | 306 | ||||||||
Net income (loss) | $ | 106,106 | 11,884 | -8,660 | -2,050 | 3,130 | -83,105 | 27,305 | |||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 13,455 | 13,455 | |||||||||||||
Net (loss) income attributable to BFC | -96,560 | 13,850 | |||||||||||||
Total assets | $ | 1,045,498 | 550,993 | 100,306 | 23,661 | 31,645 | -340,807 | 1,411,296 | |||||||
The table below sets forth the Company’s segment information as of and for the year ended December 31, 2013 (in thousands): | |||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | Sweet | and | Segment | ||||||||||||
Vacations | BBX | FAR | Renin | Holdings | Eliminations | Total | |||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 261,439 | - | - | - | - | - | 261,439 | |||||||
Trade sales | - | - | - | 9,300 | 966 | -23 | 10,243 | ||||||||
Interest income | 82,230 | 14,490 | 9,847 | - | - | -296 | 106,271 | ||||||||
Fee-based sales commission | 91,859 | - | - | - | - | - | 91,859 | ||||||||
Other fee-based services revenue | 80,125 | - | - | - | - | - | 80,125 | ||||||||
Net gains on the sales of assets | - | 3,525 | 3,203 | - | - | - | 6,728 | ||||||||
Other revenue | - | 4,047 | 3,489 | - | - | -438 | 7,098 | ||||||||
Total revenues | 515,653 | 22,062 | 16,539 | 9,300 | 966 | -757 | 563,763 | ||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 32,607 | - | - | - | - | - | 32,607 | ||||||||
Cost of goods sold of trade sales | - | - | 7,227 | 633 | - | 7,860 | |||||||||
Cost of other fee-based services | 52,817 | - | - | - | - | - | 52,817 | ||||||||
Interest expense | 41,137 | 1,774 | 3,397 | 144 | 24 | 4,145 | 50,621 | ||||||||
Recoveries from loan losses | - | -34,128 | -9,737 | - | - | - | -43,865 | ||||||||
Asset impairments, net | - | 219 | 4,489 | - | - | - | 4,708 | ||||||||
Selling, general and administrative expenses | 306,559 | 27,132 | 10,257 | 1,993 | 346 | 16,028 | 362,315 | ||||||||
Total costs and expenses | 433,120 | -5,003 | 8,406 | 9,364 | 1,003 | 20,173 | 467,063 | ||||||||
Equity in earnings (loss) from unconsolidated affiliates | - | 13,461 | - | - | - | -13,385 | 76 | ||||||||
Other income | - | - | - | - | - | 732 | 732 | ||||||||
Income (loss) from continuing operations before income taxes | |||||||||||||||
before income taxes | 82,533 | 40,526 | 8,133 | -64 | -37 | -33,583 | 97,508 | ||||||||
Less: Provision for income taxes | - | - | 20 | 294 | - | 26,055 | 26,369 | ||||||||
Income (loss) from continuing operations | 82,533 | 40,526 | 8,113 | -358 | -37 | -59,638 | 71,139 | ||||||||
Loss from discontinued operations, net of taxes | - | - | - | - | - | -382 | -382 | ||||||||
Net income (loss) | $ | 82,533 | 40,526 | 8,113 | -358 | -37 | -60,020 | 70,757 | |||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 41,694 | 41,694 | |||||||||||||
Net (loss) income attributable to BFC | -101,714 | 29,063 | |||||||||||||
Total assets | $ | 1,086,316 | 476,947 | 166,114 | 23,809 | 5,383 | -317,204 | 1,441,365 | |||||||
The table below sets forth the Company’s segment information as of and for the year ended December 31, 2012 (in thousands): | |||||||||||||||
Unallocated | |||||||||||||||
Amounts | |||||||||||||||
Bluegreen | and | Segment | |||||||||||||
Vacations | BBX | FAR | Eliminations | Total | |||||||||||
Revenues: | |||||||||||||||
Sales of VOIs | $ | 211,684 | - | - | - | 211,684 | |||||||||
Interest income | 83,682 | 18,312 | 3,610 | -118 | 105,486 | ||||||||||
Fee based sales commission | 87,795 | - | - | - | 87,795 | ||||||||||
Other fee-based services revenue | 74,824 | - | - | - | 74,824 | ||||||||||
Net gains on the sales of assets | - | 5,551 | 1,136 | - | 6,687 | ||||||||||
Other revenue | - | 4,124 | 389 | -59 | 4,454 | ||||||||||
Total revenues | 457,985 | 27,987 | 5,135 | -177 | 490,930 | ||||||||||
Costs and Expenses: | |||||||||||||||
Cost of sale of VOIs | 24,353 | - | - | - | 24,353 | ||||||||||
Cost of other fee-based services | 46,835 | - | - | - | 46,835 | ||||||||||
Interest expense | 43,269 | 9,577 | 2,467 | 4,651 | 59,964 | ||||||||||
(Recoveries from) provision for loan losses | - | -2,163 | 4,568 | - | 2,405 | ||||||||||
Asset impairments, net | - | 8,635 | 1,296 | - | 9,931 | ||||||||||
Selling, general and administrative expenses | 246,905 | 53,516 | 2,727 | 25,642 | 328,790 | ||||||||||
Total costs and expenses | 361,362 | 69,565 | 11,058 | 30,293 | 472,278 | ||||||||||
Gain on extinguishment of debt | - | - | - | 29,875 | 29,875 | ||||||||||
Gain on the sale of Benihana investment | - | - | - | 9,307 | 9,307 | ||||||||||
Equity in earnings from unconsolidated affiliates | - | - | - | 186 | 186 | ||||||||||
Other income | - | 281 | - | 2,161 | 2,442 | ||||||||||
Income (loss) from continuing operations | |||||||||||||||
before income taxes | 96,623 | -41,297 | -5,923 | 11,059 | 60,462 | ||||||||||
Less: (Benefit) provision for income taxes | - | -16,393 | -2,351 | 34,969 | 16,225 | ||||||||||
Income (loss) from continuing operations | 96,623 | -24,904 | -3,572 | -23,910 | 44,237 | ||||||||||
Income (loss) from discontinued operations, net of taxes | - | - | - | 267,863 | 267,863 | ||||||||||
Net income (loss) | $ | 96,623 | -24,904 | -3,572 | 243,953 | 312,100 | |||||||||
Less: Net income attributable to | |||||||||||||||
noncontrolling interests | 146,085 | 146,085 | |||||||||||||
Net income attributable to BFC | $ | 97,868 | 166,015 | ||||||||||||
Total assets | $ | 1,055,224 | 412,734 | 296,012 | -216,782 | 1,547,188 | |||||||||
Certain_Relationships_And_Rela1
Certain Relationships And Related Party Transactions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Certain Relationships And Related Party Transactions [Abstract] | |||||||
Related Party Transactions Relating To The Shared Service Arrangements | |||||||
For the Year Ended December 31, 2014 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 682 | -229 | -453 | |||
Facilities cost and information technology (2) | $ | -448 | 448 | - | |||
For the Year Ended December 31, 2013 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 501 | -200 | -301 | |||
Facilities cost and information technology (2) | $ | -431 | 431 | - | |||
For the Year Ended December 31, 2012 | |||||||
BFC | BBX Capital | Bluegreen | |||||
Shared service income (expense) (1) | $ | 1,001 | -623 | -378 | |||
Facilities cost and information technology (3) | $ | -219 | 188 | 31 | |||
1) | Pursuant to the terms of shared services agreements between BFC and BBX Capital, until the consummation of BBX Capital’s sale of BankAtlantic to BB&T during July 2012, subsidiaries of BFC provided human resources, risk management, investor relations, executive office administration and other services to BBX Capital. Subsidiaries of BFC continue to provide certain risk management and administrative services to BBX Capital. BFC’s subsidiaries also provide risk management and administrative services to Bluegreen. The costs of shared services are allocated based upon the usage of the respective services. | ||||||
2) | In December 2012, the Company entered into an agreement with BBX Capital pursuant to which BBX Capital provides office facilities to the Company at BBX Capital’s and the Company’s principal executive offices. Under the terms of the agreement, the Company reimburses BBX Capital at cost for certain costs and expenses related to the office facilities provided. | ||||||
3) | Prior to the completion of the BankAtlantic Sale in July 2012, as part of the shared service arrangements, BFC paid BankAtlantic and Bluegreen for office facilities utilized by BFC and its shared services operations. BFC also paid BankAtlantic approximately $60,000 for information technology related services during the year ended December 31, 2012, pursuant to a separate agreement. | ||||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings (Loss) Per Common Share [Abstract] | |||||||
Computation Of Basic And Diluted Loss Per Common Share | |||||||
For the Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
Basic earnings per common share | |||||||
Numerator: | |||||||
Income from continuing operations | $ | 26,999 | 71,139 | 44,237 | |||
Less: Noncontrolling interests income | |||||||
from continuing operations | 13,455 | 41,717 | 23,626 | ||||
Income to common shareholders | 13,544 | 29,422 | 20,611 | ||||
Preferred stock dividends | - | - | -188 | ||||
Decrease in equity due to the change in fair value of | |||||||
shares subject to mandatory redemption (1) | - | - | -472 | ||||
Income from continuing operations | |||||||
available to common shareholders | 13,544 | 29,422 | 19,951 | ||||
Income (loss) from discontinued operations | 306 | -382 | 267,863 | ||||
Less: Noncontrolling interest (loss) income | |||||||
from discontinued operations | - | -23 | 122,459 | ||||
Income (loss) from discontinued operations | |||||||
to common shareholders | 306 | -359 | 145,404 | ||||
Net income available to common | |||||||
shareholders | $ | 13,850 | 29,063 | 165,355 | |||
Denominator: | |||||||
Basic weighted average number of | |||||||
of common shares outstanding | 84,502 | 83,202 | 77,142 | ||||
Basic earnings per common share: | |||||||
Earnings per share from continuing operations | $ | 0.16 | 0.35 | 0.26 | |||
Earnings per share from discontinued operations | - | - | 1.88 | ||||
Basic earnings per share | $ | 0.16 | 0.35 | 2.14 | |||
Diluted earnings per common share | |||||||
Numerator: | |||||||
Income from continuing operations | |||||||
available to common shareholders | $ | 13,544 | 29,422 | 19,951 | |||
Income (loss) from discontinued operations | |||||||
to common shareholders | 306 | -359 | 145,404 | ||||
Net income available to common | |||||||
shareholders | $ | 13,850 | 29,063 | 165,355 | |||
Denominator: | |||||||
Basic weighted average number of | |||||||
common shares outstanding | 84,502 | 83,202 | 77,142 | ||||
Effect of dilutive stock options | 259 | 1,422 | 1,945 | ||||
Diluted weighted average number of | |||||||
common shares outstanding | 84,761 | 84,624 | 79,087 | ||||
Diluted earnings per common share: | |||||||
Earnings per share from continuing operations | $ | 0.16 | 0.35 | 0.25 | |||
Earnings per share from discontinued operations | - | - | 1.84 | ||||
Diluted earnings per share | $ | 0.16 | 0.35 | 2.09 | |||
-1 | In accordance with applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount was required to be recorded as an adjustment to additional paid-in capital, which was deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the reclassification of BFC's 5% cumulative preferred stock, earnings per share for the year ended December 31, 2012 was adjusted to reflect a decrease in equity of approximately $0.5 million. See Note 20 for additional information relating to BFC's 5% cumulative preferred stock. | ||||||
Selected_Quarterly_Results_Tab
Selected Quarterly Results (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Selected Quarterly Results (Unaudited) [Abstract] | |||||||||||
Summary Of Results Of Operations | |||||||||||
First | Second | Third | Fourth | ||||||||
2014 | Quarter | Quarter | Quarter | Quarter | Total | ||||||
Revenues | $ | 150,410 | 173,036 | 185,215 | 163,525 | 672,186 | |||||
Costs and expenses | 135,788 | 147,668 | 167,647 | 160,912 | 612,015 | ||||||
14,622 | 25,368 | 17,568 | 2,613 | 60,171 | |||||||
Equity in losses from unconsolidated affiliates | - | - | -171 | -402 | -573 | ||||||
Other income | 748 | 811 | 414 | 2,285 | 4,258 | ||||||
Income from continuing operations before income taxes | 15,370 | 26,179 | 17,811 | 4,496 | 63,856 | ||||||
Less: provision for income taxes | 8,782 | 11,447 | 11,136 | 5,492 | 36,857 | ||||||
Income from continuing operations | 6,588 | 14,732 | 6,675 | -996 | 26,999 | ||||||
(Loss) income from discontinued operations, net of income tax | -46 | 103 | -2 | 251 | 306 | ||||||
Net income | 6,542 | 14,835 | 6,673 | -745 | 27,305 | ||||||
Less: Net income attributable to noncontrolling interests | 3,406 | 5,575 | 2,845 | 1,629 | 13,455 | ||||||
Net income (loss) to common shareholders | 3,136 | 9,260 | 3,828 | -2,374 | 13,850 | ||||||
Basic Earnings (Loss) per Common Share | |||||||||||
Earnings (loss) per share from continuing operations | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net earnings (loss) per common share | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Diluted Earnings (Loss) per Common Share | |||||||||||
Earnings (loss) per share from continuing operations | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net earnings (loss) earnings per common share | $ | 0.04 | 0.11 | 0.05 | -0.04 | 0.16 | |||||
Basic weighted average number of common shares outstanding | 83,185 | 83,513 | 84,326 | 86,943 | 84,502 | ||||||
Diluted weighted average number of common and common equivalent shares outstanding | 84,624 | 84,698 | 84,939 | 86,943 | 84,761 | ||||||
Amount attributable to common shareholders: | |||||||||||
Income (loss) from continuing operations, net of tax | $ | 3,182 | 9,157 | 3,830 | -2,625 | 13,544 | |||||
(Loss) income from discontinued operations | -46 | 103 | -2 | 251 | 306 | ||||||
Net income available to common shareholders | $ | 3,136 | 9,260 | 3,828 | -2,374 | 13,850 | |||||
First | Second | Third | Fourth | ||||||||
2013 | Quarter | Quarter | Quarter | Quarter | Total | ||||||
Revenues | $ | 122,672 | 132,174 | 153,835 | 155,082 | 563,763 | |||||
Costs and expenses | 112,475 | 126,185 | 125,685 | 102,718 | 467,063 | ||||||
10,197 | 5,989 | 28,150 | 52,364 | 96,700 | |||||||
Equity in earnings from unconsolidated affiliates | 6 | 23 | 23 | 24 | 76 | ||||||
Other income (expense) | 362 | 306 | 547 | -483 | 732 | ||||||
Income from continuing operations before income taxes | 10,565 | 6,318 | 28,720 | 51,905 | 97,508 | ||||||
Less: provision for income taxes | 7,577 | 5,540 | 11,552 | 1,700 | 26,369 | ||||||
Income from continuing operations | 2,988 | 778 | 17,168 | 50,205 | 71,139 | ||||||
Loss from discontinued operations, net of income tax | -50 | -78 | -192 | -62 | -382 | ||||||
Net income | 2,938 | 700 | 16,976 | 50,143 | 70,757 | ||||||
Less: Net income attributable to noncontrolling interests | 5,496 | 2,402 | 7,373 | 26,423 | 41,694 | ||||||
Net income to common shareholders | -2,558 | -1,702 | 9,603 | 23,720 | 29,063 | ||||||
Basic (Loss) Earnings per Common Share | |||||||||||
(Loss) earnings per share from continuing operations | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net (loss) earnings per common share | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Diluted (Loss) Earnings per Common Share | |||||||||||
(Loss) earnings per share from continuing operations | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Earnings (loss) per share from discontinued operations | - | - | - | - | - | ||||||
Net (loss) earnings per common share | $ | -0.03 | -0.02 | 0.12 | 0.28 | 0.35 | |||||
Basic weighted average number of common shares outstanding | 83,121 | 83,271 | 83,286 | 83,130 | 83,202 | ||||||
Diluted weighted average number of common and common equivalent shares outstanding | 83,121 | 83,271 | 84,703 | 84,531 | 84,624 | ||||||
Amount attributable to common shareholders: | |||||||||||
(Loss) income from continuing operations, net of tax | $ | -2,531 | -1,624 | 9,795 | 23,782 | 29,422 | |||||
Loss from discontinued operations | -27 | -78 | -192 | -62 | -359 | ||||||
Net (loss) income available to common shareholders | $ | -2,558 | -1,702 | 9,603 | 23,720 | 29,063 | |||||
Recovered_Sheet1
Business And Summary Of Significant Accounting Policies (Narrative I) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Apr. 02, 2013 | Oct. 30, 2013 | Jan. 31, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Aug. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jul. 31, 2012 | 4-May-12 | Mar. 12, 2012 | Nov. 11, 2011 | Oct. 31, 2013 | Jan. 13, 2014 | Apr. 30, 2014 | Sep. 21, 2009 | Apr. 30, 2013 | Mar. 26, 2013 | ||
item | |||||||||||||||||||||||||||||||||
sqft | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Loan receivable | $27,821,000 | $74,939,000 | $27,821,000 | $74,939,000 | $297,757,000 | ||||||||||||||||||||||||||||
Recorded Investment, With Related Allowance | 735,000 | 3,921,000 | 735,000 | 3,921,000 | 31,227,000 | ||||||||||||||||||||||||||||
Dividend payments | 37,300,000 | 23,900,000 | |||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 16,744,000 | ||||||||||||||||||||||||||||||||
Revenues | 163,525,000 | 185,215,000 | 173,036,000 | 150,410,000 | 155,082,000 | 153,835,000 | 132,174,000 | 122,672,000 | 672,186,000 | 563,763,000 | 490,930,000 | ||||||||||||||||||||||
Promissory note incurred from merger | 7,750,000 | ||||||||||||||||||||||||||||||||
Interest Paid | 41,665,000 | 43,968,000 | 109,490,000 | ||||||||||||||||||||||||||||||
Notes Payable | 412,404,000 | 443,561,000 | 412,404,000 | 443,561,000 | |||||||||||||||||||||||||||||
Acquisition, cash paid | 8,844,000 | ||||||||||||||||||||||||||||||||
Cash received from sale of business | 6,433,000 | ||||||||||||||||||||||||||||||||
Purchase accounting adjustment | 2,819,000 | [1] | |||||||||||||||||||||||||||||||
Preferred Interest | 12,348,000 | 68,517,000 | 12,348,000 | 68,517,000 | |||||||||||||||||||||||||||||
Proceeds from the sale of securities available for sale | 25,816,000 | ||||||||||||||||||||||||||||||||
Gain on sale of Benihana investment | 9,307,000 | ||||||||||||||||||||||||||||||||
Interest rate | 3.01% | 3.01% | |||||||||||||||||||||||||||||||
Gain on bargain purchase | 1,237,000 | 1,001,000 | |||||||||||||||||||||||||||||||
Assets | 1,411,296,000 | 1,441,365,000 | 1,411,296,000 | 1,441,365,000 | 1,547,188,000 | ||||||||||||||||||||||||||||
Bluegreen Specialty Finance [Member] | Renin Loan [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Interest rate | 7.25% | ||||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Consolidated method ownership percentage | 51.00% | 51.00% | |||||||||||||||||||||||||||||||
Interest Paid | 587,000 | ||||||||||||||||||||||||||||||||
Basis spread on rate | 2.00% | ||||||||||||||||||||||||||||||||
BB&T [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Preferred Interest | 285,400,000 | ||||||||||||||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Conversion ratio, due to company merge, shares | 8 | ||||||||||||||||||||||||||||||||
Florida Asset Resolution Group LLC [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Cash | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||
Contribute certain performing and non-performing loans, tax certificates | 346,000,000 | 346,000,000 | |||||||||||||||||||||||||||||||
Woodbridge [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Consolidated method ownership percentage | 54.00% | 54.00% | 54.00% | ||||||||||||||||||||||||||||||
Promissory note incurred from merger | 11,750,000 | ||||||||||||||||||||||||||||||||
Acquisition, cash paid | 60,000,000 | ||||||||||||||||||||||||||||||||
Renin Holdings LLC [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Percentage of ownership interest | 19.00% | 19.00% | |||||||||||||||||||||||||||||||
Transaction consideration placed in escrow | 1,700,000 | ||||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 12,800,000 | 12,800,000 | |||||||||||||||||||||||||||||||
Proceeds from loan and revolver facility | 9,400,000 | ||||||||||||||||||||||||||||||||
Acquisition, cash paid | 1,000,000 | ||||||||||||||||||||||||||||||||
Assets | 24,000,000 | ||||||||||||||||||||||||||||||||
Hoffman [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Number of stores | 4 | 4 | |||||||||||||||||||||||||||||||
Number Of Confections | 70 | ||||||||||||||||||||||||||||||||
Number Of Stores | 4 | 4 | |||||||||||||||||||||||||||||||
Williams & Bennett [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Liabilities acquired | 700,000 | ||||||||||||||||||||||||||||||||
Net assets | 2,100,000 | ||||||||||||||||||||||||||||||||
Other intangible assets | 1,500,000 | ||||||||||||||||||||||||||||||||
Inventories | 1,100,000 | ||||||||||||||||||||||||||||||||
Anastasia [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Square Feet Of Building | 80,000 | ||||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 11,431,000 | ||||||||||||||||||||||||||||||||
Promissory note incurred from merger | 7,500,000 | ||||||||||||||||||||||||||||||||
Acquisition, cash paid | 4,200,000 | ||||||||||||||||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||||||||||||||||
Number of annual payments | 4 | ||||||||||||||||||||||||||||||||
Net assets | 5,318,000 | ||||||||||||||||||||||||||||||||
Inventories | 1,338,000 | ||||||||||||||||||||||||||||||||
Jer's [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 1,200,000 | ||||||||||||||||||||||||||||||||
Helen Grace [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 1,500,000 | ||||||||||||||||||||||||||||||||
Benihana [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Dividend payments | 127,000 | 127,000 | 127,000 | ||||||||||||||||||||||||||||||
Number of shares sold | 1,505,330 | 77,000 | |||||||||||||||||||||||||||||||
Cash purchase price per share | $16.30 | $16.30 | |||||||||||||||||||||||||||||||
Proceeds from the sale of securities available for sale | 24,500,000 | 1,250,000 | |||||||||||||||||||||||||||||||
Gain on sale of Benihana investment | 9,300,000 | ||||||||||||||||||||||||||||||||
BFC And BBX Capital [Member] | Bluegreen [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Dividend payments | 69,100,000 | ||||||||||||||||||||||||||||||||
BFC And BBX Capital [Member] | Woodbridge [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Dividend payments | 69,100,000 | 44,300,000 | |||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Number Of Years, Recovery Of Preferred Interest Amount | 7 years | ||||||||||||||||||||||||||||||||
Interest Paid | 441,000 | ||||||||||||||||||||||||||||||||
Basis spread on rate | 2.00% | ||||||||||||||||||||||||||||||||
Interest rate | 8.00% | ||||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | Florida Asset Resolution Group LLC [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Percentage of preferred membership interests | 5.00% | ||||||||||||||||||||||||||||||||
Expected future ownership interest percentage | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Dividend payments | 31,800,000 | 20,400,000 | |||||||||||||||||||||||||||||||
Percentage of ownership interest | 46.00% | 46.00% | 46.00% | ||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 71,750,000 | ||||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Consolidated method ownership percentage | 81.00% | 81.00% | |||||||||||||||||||||||||||||||
Acquisition, cash paid | 4,200,000 | ||||||||||||||||||||||||||||||||
Southstar [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Purchase price | 29,000,000 | ||||||||||||||||||||||||||||||||
Woodbridge [Member] | Class A Common Stock [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Conversion ratio, due to company merge, shares | 3.47 | ||||||||||||||||||||||||||||||||
Woodbridge [Member] | Bluegreen [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Dividend payments | 71,500,000 | 47,000,000 | |||||||||||||||||||||||||||||||
Consolidated method ownership percentage | 100.00% | 54.00% | 100.00% | ||||||||||||||||||||||||||||||
Approximate aggregate merger consideration | 149,200,000 | ||||||||||||||||||||||||||||||||
BBX Capital Asset Management LLC (CAM) [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Cash | 82,000,000 | 82,000,000 | |||||||||||||||||||||||||||||||
Contribute non-performing commercial loans, commercial real estate | 125,000,000 | 125,000,000 | |||||||||||||||||||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||||||||||||||||||||
BB&T [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Incremental guarantee | 35,000,000 | ||||||||||||||||||||||||||||||||
Preferred Interest | 285,400,000 | 285,400,000 | 285,400,000 | ||||||||||||||||||||||||||||||
BB&T [Member] | BB&T [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Incremental guarantee | 35,000,000 | ||||||||||||||||||||||||||||||||
BB&T [Member] | Florida Asset Resolution Group LLC [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Percentage of preferred membership interests | 95.00% | ||||||||||||||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||
Debt instrument term (in years) | 7 years | ||||||||||||||||||||||||||||||||
Debt, fixed rate | 8.05% | 8.80% | |||||||||||||||||||||||||||||||
Cash | 14,000,000 | ||||||||||||||||||||||||||||||||
Notes Payable | $75,000,000 | ||||||||||||||||||||||||||||||||
[1] | Upon the sale of BankAtlantic to BB&T, BFC recognized purchase accounting amounts in connection with BFC's share acquisitions of BankAtlantic Bancorp in 2008, which were accounted for as step acquisitions under the purchase method of accounting then in effect. The recognition of this purchase accounting increased the gain on sale of BankAtlantic by an additional $2.8 million. |
Recovered_Sheet2
Business And Summary Of Significant Accounting Policies (Narrative II) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||
Jun. 07, 2004 | Jun. 21, 2004 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2009 | Dec. 31, 2011 | ||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Time Share Costs | $30,766,000 | $32,607,000 | $24,353,000 | |||||||||||||||||
Overstatement of other expenses | 54,682,000 | 7,860,000 | ||||||||||||||||||
Understatement of net loss from continuing operations | -996,000 | 6,675,000 | 14,732,000 | 6,588,000 | 50,205,000 | 17,168,000 | 778,000 | 2,988,000 | 26,999,000 | 71,139,000 | 44,237,000 | |||||||||
Overstatement of net income attributable to noncontrolling interest | 1,629,000 | 2,845,000 | 5,575,000 | 3,406,000 | 26,423,000 | 7,373,000 | 2,402,000 | 5,496,000 | 13,455,000 | 41,694,000 | 146,085,000 | |||||||||
Income taxes | 5,492,000 | 11,136,000 | 11,447,000 | 8,782,000 | 1,700,000 | 11,552,000 | 5,540,000 | 7,577,000 | 36,857,000 | [1] | 26,369,000 | [1] | 16,225,000 | [1] | ||||||
Net income (loss) | -2,374,000 | 3,828,000 | 9,260,000 | 3,136,000 | 23,720,000 | 9,603,000 | -1,702,000 | -2,558,000 | 13,850,000 | 29,063,000 | 166,015,000 | |||||||||
Deferred Tax Assets, Net | -92,609,000 | -77,089,000 | -92,609,000 | -77,089,000 | -57,171,000 | |||||||||||||||
Other liabilities | 176,493,000 | 167,035,000 | 176,493,000 | 167,035,000 | ||||||||||||||||
Total equity | 446,706,000 | 422,396,000 | 446,706,000 | 422,396,000 | 507,789,000 | 184,810,000 | ||||||||||||||
Accrued and unpaid interest on the TruPS | 51,300,000 | |||||||||||||||||||
Cash equivalents maximum maturity term, in days | 90 days | |||||||||||||||||||
Cash and interest bearing deposit in other banks | 0 | 0 | 0 | 0 | 500,000 | 5,700,000 | ||||||||||||||
Days loans are past due to be evaluated individually for impairment, in days | 120 days | |||||||||||||||||||
Loans past due to be placed on non-accrual status, in days | 90 days | |||||||||||||||||||
Days past due for charge downs or specific valuation allowance is established, in days | 120 days | |||||||||||||||||||
Days past due for notes receivable to generally be written off as uncollectible, in days | 120 days | |||||||||||||||||||
Minimum amount of commercial loan evaluated for impairment quarterly | 500,000 | |||||||||||||||||||
Inventory, Real Estate, Other | 14,505,000 | 9,155,000 | 14,505,000 | 9,155,000 | ||||||||||||||||
Goodwill | 7,377,000 | 7,377,000 | 12,241,000 | |||||||||||||||||
Minimum percent of VOI sales generated by one marketing arrangement | 20.00% | |||||||||||||||||||
Revenue recognition minimum percentage of sale received | 10.00% | |||||||||||||||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||||||||||||||||||
Likelihood percentage for tax benefit recognition to be realized | 50.00% | |||||||||||||||||||
Cumulative preferred stock, percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | 472,000 | |||||||||||||||||||
Renin Holdings LLC [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Overstatement of other expenses | 43,888,000 | 7,227,000 | ||||||||||||||||||
Understatement of net loss from continuing operations | -2,050,000 | -358,000 | ||||||||||||||||||
Income taxes | 6,000 | 294,000 | ||||||||||||||||||
Inventory, Real Estate, Other | 8,600,000 | 8,400,000 | 8,600,000 | 8,400,000 | ||||||||||||||||
BBX Sweet Holdings [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Overstatement of other expenses | 10,794,000 | 633,000 | ||||||||||||||||||
Understatement of net loss from continuing operations | 3,130,000 | -37,000 | ||||||||||||||||||
Income taxes | -3,107,000 | |||||||||||||||||||
Inventory, Real Estate, Other | 5,900,000 | 800,000 | 5,900,000 | 800,000 | ||||||||||||||||
Goodwill | 7,377,000 | 7,377,000 | ||||||||||||||||||
Building And Building Improvements [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 40 years | |||||||||||||||||||
Transportation And Equipment [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 5 years | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Period of non-accrual classification for tax certification, in months | 60 months | |||||||||||||||||||
Maximum [Member] | Office Equipment, Furniture And Fixtures [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 14 years | |||||||||||||||||||
Maximum [Member] | Leasehold Improvements [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 14 years | |||||||||||||||||||
Maximum [Member] | Software Development [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 5 years | |||||||||||||||||||
Maximum [Member] | Trade Names, Customer Relationships, Non-Competition Agreements And Lease Premiums [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Intangible assets average life, in years | 20 years | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Period of non-accrual classification for tax certification, in months | 24 months | |||||||||||||||||||
Minimum [Member] | Office Equipment, Furniture And Fixtures [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 3 years | |||||||||||||||||||
Minimum [Member] | Leasehold Improvements [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 3 years | |||||||||||||||||||
Minimum [Member] | Software Development [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life, in years | 3 years | |||||||||||||||||||
Minimum [Member] | Trade Names, Customer Relationships, Non-Competition Agreements And Lease Premiums [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Intangible assets average life, in years | 2 years | |||||||||||||||||||
Bluegreens Vacation Ownership Interests [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Notes Receivable Recorded Investment Greater Than Ninety Days Past Due | 11,660,000 | [2] | 11,269,000 | [2] | 11,660,000 | [2] | 11,269,000 | [2] | ||||||||||||
Bluegreen [Member] | Management Contracts [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Additional intangible assets acquired in period | 63,000,000 | |||||||||||||||||||
Bluegreen [Member] | Trade Names, Customer Relationships, Non-Competition Agreements And Lease Premiums [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Additional intangible assets acquired in period | 9,400,000 | |||||||||||||||||||
BBX Sweet Holdings [Member] | ||||||||||||||||||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Goodwill | $7,400,000 | $7,400,000 | ||||||||||||||||||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | |||||||||||||||||||
[2] | Includes $6.0 million and $5.2 million as of December 31, 2014 and 2013, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss |
Liquidity_BFC_Details
Liquidity (BFC) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Sep. 21, 2009 | Oct. 31, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 12, 2009 | Apr. 02, 2013 | |
Liquidity [Line Items] | |||||||
Cash and interest bearing deposits in banks | $279,437,000 | $217,636,000 | |||||
Authorized share repurchase program | 20,000,000 | 1,750,000 | |||||
Share repurchase program, value | 10 | 10,000,000 | |||||
Number of shares repurchased | 0 | 0 | 0 | ||||
Dividend payments | 37,300,000 | 23,900,000 | |||||
Maximum [Member] | |||||||
Liquidity [Line Items] | |||||||
Share repurchase program, value | 10,000,000 | ||||||
Maximum [Member] | Class A Common Stock [Member] | |||||||
Liquidity [Line Items] | |||||||
Authorized share repurchase program | 1,750,000 | ||||||
Maximum [Member] | Common Class And Class B [Member] | |||||||
Liquidity [Line Items] | |||||||
Authorized share repurchase program | 20,000,000 | ||||||
BFC And Wholly-Owned Subsidiaries [Member] | |||||||
Liquidity [Line Items] | |||||||
Cash and interest bearing deposits in banks | 34,700,000 | 15,500,000 | |||||
Woodbridge [Member] | |||||||
Liquidity [Line Items] | |||||||
Cash and interest bearing deposits in banks | 600,000 | 700,000 | |||||
Woodbridge [Member] | Bluegreen [Member] | |||||||
Liquidity [Line Items] | |||||||
Percentage of dividends entitled to | 100.00% | ||||||
Dividend payments | 71,500,000 | 47,000,000 | |||||
BBX Capital Corporation [Member] | |||||||
Liquidity [Line Items] | |||||||
Cash and interest bearing deposits in banks | 45,900,000 | 33,100,000 | |||||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||||||
Liquidity [Line Items] | |||||||
Percentage of ownership interest | 46.00% | 46.00% | |||||
Dividend payments | 31,800,000 | 20,400,000 | |||||
BFC And BBX Capital [Member] | Bluegreen [Member] | |||||||
Liquidity [Line Items] | |||||||
Dividend payments | 69,100,000 | ||||||
BFC And BBX Capital [Member] | Woodbridge [Member] | |||||||
Liquidity [Line Items] | |||||||
Dividend payments | $69,100,000 | $44,300,000 |
Liquidity_Woodbridge_Details
Liquidity (Woodbridge) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Apr. 05, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2013 | Jun. 30, 2012 | Jul. 05, 2012 | Dec. 31, 2009 | Nov. 11, 2011 | Sep. 21, 2009 | |
Liquidity [Line Items] | |||||||||||
Cash and interest bearing deposits in banks | $279,437,000 | $217,636,000 | |||||||||
Dividend payments | 37,300,000 | 23,900,000 | |||||||||
Increased liability due to change in the fair value of the defendant | 4,400,000 | -2,846,000 | |||||||||
Amount of bond in connection with appeal | 13,400,000 | ||||||||||
Bluegreen [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Conversion ratio, due to company merge, shares | 8 | ||||||||||
Woodbridge [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Stock price per share | $1.78 | ||||||||||
Litigation liabilities | -11,900,000 | ||||||||||
Woodbridge [Member] | Class A Common Stock [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Increased liability due to change in the fair value of the defendant | -7,500,000 | ||||||||||
Woodbridge [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Cash and interest bearing deposits in banks | 600,000 | 700,000 | |||||||||
Stock price per share | $1.78 | ||||||||||
Increased liability due to change in the fair value of the defendant | 2,800,000 | ||||||||||
Woodbridge [Member] | Class A Common Stock [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Conversion ratio, due to company merge, shares | 3.47 | ||||||||||
Dissenting shareholders, shares rejected | 4,200,000 | ||||||||||
Stock price per share | $1.10 | ||||||||||
Increased liability due to change in the fair value of the defendant | 7,500,000 | 4,600,000 | |||||||||
Dissenting Holders Shares | 4,200,000 | ||||||||||
Woodbridge [Member] | Bluegreen [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Dividend payments | 71,500,000 | 47,000,000 | |||||||||
BFC And BBX Capital [Member] | Bluegreen [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Dividend payments | 69,100,000 | ||||||||||
BFC And BBX Capital [Member] | Woodbridge [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Dividend payments | 69,100,000 | 44,300,000 | |||||||||
BBX Capital Corporation [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Cash and interest bearing deposits in banks | 45,900,000 | 33,100,000 | |||||||||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||||||||||
Liquidity [Line Items] | |||||||||||
Dividend payments | $31,800,000 | $20,400,000 |
Liquidity_Bluegreen_Details
Liquidity (Bluegreen) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liquidity [Line Items] | ||
Cash and interest bearing deposits in banks | $279,437 | $217,636 |
Bluegreen [Member] | ||
Liquidity [Line Items] | ||
Cash and interest bearing deposits in banks | $185,200 | $158,100 |
Liquidity_BBX_Capital_Details
Liquidity (BBX Capital) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2014 |
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | $217,636 | $279,437 | |
Preferred Interest | 68,517 | 12,348 | |
BBX Capital Corporation [Member] | |||
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | 33,100 | 45,900 | |
Period which company expects to meet its liquity needs | 12 months | ||
BBX Capital Corporation [Member] | Florida Asset Resolution Group LLC [Member] | |||
Liquidity [Line Items] | |||
Preferred membership percentage | 5.00% | ||
Florida Asset Resolution Group LLC [Member] | |||
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | 8,400 | 5,000 | |
Renin Holdings LLC [Member] | |||
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | 1,000 | 800 | |
BBX Sweet Holdings [Member] | |||
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | 1,500 | ||
Hoffman [Member] | |||
Liquidity [Line Items] | |||
Cash and interest bearing deposits in banks | $700 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2015 | |
sqft | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | $16,744,000 | ||||||
Acquisition, cash paid | 8,844,000 | ||||||
Promissory note incurred from merger | 7,750,000 | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 1,237,000 | 1,001,000 | |||||
Anastasia [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | 11,431,000 | ||||||
Square Feet Of Building | 80,000 | ||||||
Acquisition, cash paid | 4,200,000 | ||||||
Promissory note incurred from merger | 7,500,000 | ||||||
Discount amount | 300,000 | ||||||
Acquisition related cost incurred | 100,000 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 2,100,000 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 268,000 | ||||||
Williams And Bennett, Jerbs And Helen Grace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | -5,313,000 | ||||||
Acquisition, cash paid | 4,600,000 | ||||||
Holdback Amounts | 700,000 | ||||||
Acquisition related cost incurred | 400,000 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 9,700,000 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 300,000 | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | -1,237,000 | ||||||
Williams And Bennett, Jerbs And Helen Grace [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition, cash paid | $150,000 |
Acquisitions_Narrative_II_Deta
Acquisitions (Narrative II) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||
Purchase consideration | $16,744,000 | |||||
Acquisition, cash paid | 8,844,000 | |||||
Gain on bargain purchase | 1,237,000 | 1,001,000 | ||||
Renin Holdings LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | 12,800,000 | 12,800,000 | ||||
Consideration transferred, including holdback amount | 14,500,000 | |||||
Proceeds from Lines of Credit | 9,400,000 | |||||
Acquisition, cash paid | 1,000,000 | |||||
Escrow Deposit | 1,700,000 | |||||
Holdback Amounts | 500,000 | |||||
Holdback amounts, interest rate | 1.93% | |||||
Holdback Amounts, Premium | 46,000 | |||||
Acquisition related cost incurred | 1,100,000 | |||||
Revenue of Acquiree since Acquisition Date, Actual | 9,300,000 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 900,000 | |||||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition, cash paid | $4,200,000 |
Acquisitions_Summary_Of_Fair_V
Acquisitions (Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2011 | |||
Business Acquisition [Line Items] | |||||||
Goodwill | $7,377,000 | $12,241,000 | |||||
Purchase consideration | 16,744,000 | ||||||
Bargain purchase gain | -1,237,000 | -1,001,000 | |||||
Net cash outflows from acquisition | 8,844,000 | 15,413,000 | |||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,100,000 | ||||||
Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,200,000 | ||||||
Anastasia [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 483,000 | ||||||
Inventories | 1,338,000 | ||||||
Properties and equipment | 1,873,000 | ||||||
Identifiable intangible assets | 3,410,000 | [1] | |||||
Deferred tax liabilities | -1,365,000 | ||||||
Other liabilities | -421,000 | ||||||
Fair value of identifiable net assets | 5,318,000 | ||||||
Goodwill | 6,113,000 | ||||||
Purchase consideration | 11,431,000 | ||||||
Anastasia [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,500,000 | ||||||
Anastasia [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,900,000 | ||||||
Renin And Hoffman [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 1,033,000 | ||||||
Trade receivables | 7,523,000 | ||||||
Inventories | 9,858,000 | ||||||
Properties and equipment | 6,134,000 | ||||||
Identifiable intangible assets | 2,686,000 | ||||||
Other assets | 477,000 | ||||||
Note payable | -2,493,000 | ||||||
Other liabilities | -9,011,000 | ||||||
Fair value of identifiable net assets | 16,207,000 | ||||||
Purchase consideration | 15,206,000 | ||||||
Bargain purchase gain | -1,001,000 | ||||||
Working capital adjustment receivable | 1,694,000 | ||||||
Holdback Amounts | -500,000 | ||||||
Discount on Holdback amount | 46,000 | ||||||
Cash acquired | -1,033,000 | ||||||
Net cash outflows from acquisition | 15,413,000 | ||||||
Williams And Bennett, Jerbs And Helen Grace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 49,000 | ||||||
Inventories | 3,284,000 | ||||||
Properties and equipment | 1,329,000 | ||||||
Identifiable intangible assets | 2,738,000 | [2] | |||||
Other assets | 416,000 | ||||||
Note payable | -186,000 | ||||||
Deferred tax liabilities | -1,742,000 | ||||||
Other liabilities | -602,000 | ||||||
Fair value of identifiable net assets | 5,286,000 | ||||||
Goodwill | 1,264,000 | ||||||
Purchase consideration | -5,313,000 | ||||||
Bargain purchase gain | 1,237,000 | ||||||
Holdback Amounts | ($700,000) | ||||||
[1] | Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships intangible assets, respectively. | ||||||
[2] | Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. |
Acquisitions_Pro_Forma_Informa
Acquisitions (Pro Forma Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ||||||||||||||
Revenues | $163,525 | $185,215 | $173,036 | $150,410 | $155,082 | $153,835 | $132,174 | $122,672 | $672,186 | $563,763 | $490,930 | |||
Net income (loss) | -2,374 | 3,828 | 9,260 | 3,136 | 23,720 | 9,603 | -1,702 | -2,558 | 13,850 | 29,063 | 166,015 | |||
Anastasia [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Pro Forma Revenue | 98,022 | 54,828 | ||||||||||||
Pro Forma Net Income | 4,540 | [1] | 48,305 | [1] | ||||||||||
Renin Holdings LLC [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Pro Forma Revenue | 104,987 | 107,303 | ||||||||||||
Pro Forma Net Income | 43,639 | [1] | -28,794 | [1] | ||||||||||
Williams And Bennett, Jerbs And Helen Grace [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Pro Forma Revenue | 97,148 | 64,496 | ||||||||||||
Pro Forma Net Income | $3,289 | [1] | $46,941 | [1] | ||||||||||
[1] | Amounts represent income from continuing operations. |
Acquisitions_Net_Cash_Outflow_
Acquisitions (Net Cash Outflow Fom Acquisitions) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Oct. 30, 2013 | Jan. 31, 2014 | |
Business Acquisition [Line Items] | ||||||
Purchase consideration | $16,744,000 | |||||
Notes Payable | -7,750,000 | |||||
Other Liabilities | -150,000 | |||||
Net cash outflow from acquisitions | 8,844,000 | |||||
Anastasia [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | 11,431,000 | |||||
Notes Payable | -7,500,000 | |||||
Net cash outflow from acquisitions | 4,200,000 | |||||
Williams And Bennett, Jerbs And Helen Grace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | -5,313,000 | |||||
Net cash outflow from acquisitions | 4,600,000 | |||||
Renin And Hoffman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | 15,206,000 | |||||
Renin Holdings LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | 12,800,000 | 12,800,000 | ||||
Net cash outflow from acquisitions | $1,000,000 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 4-May-12 | Jan. 31, 2012 | Mar. 31, 2012 | Jul. 31, 2012 | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Discontinued operations, net of tax | $251,000 | ($2,000) | $103,000 | ($46,000) | ($62,000) | ($192,000) | ($78,000) | ($50,000) | $306,000 | ($382,000) | $267,863,000 | ||||||||
Income Tax Expense (Benefit) | 5,492,000 | 11,136,000 | 11,447,000 | 8,782,000 | 1,700,000 | 11,552,000 | 5,540,000 | 7,577,000 | 36,857,000 | [1] | 26,369,000 | [1] | 16,225,000 | [1] | |||||
Building served as collateral for mortgage loan | 61,230,000 | 122,414,000 | 61,230,000 | 122,414,000 | |||||||||||||||
Proceeds of sale plus payment made | 668,000 | ||||||||||||||||||
Gain recognized of sale of asset | 5,285,000 | 4,761,000 | 12,687,000 | ||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Discontinued operations, net of tax | 300,000 | -400,000 | -3,493,000 | ||||||||||||||||
Income Tax Expense (Benefit) | 200,000 | -200,000 | |||||||||||||||||
Southstar [Member] | |||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Purchase price | 29,000,000 | ||||||||||||||||||
Cypress Creek Holdings [Member] | |||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Discontinued operations, net of tax | 4,397,000 | ||||||||||||||||||
Proceeds from sale of building | 10,800,000 | ||||||||||||||||||
Building served as collateral for mortgage loan | 11,200,000 | ||||||||||||||||||
Proceeds of sale plus payment made | 668,000 | ||||||||||||||||||
Gain recognized of sale of asset | 4,400,000 | ||||||||||||||||||
BankAtlantic [Member] | |||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Discontinued operations, net of tax | 266,959,000 | ||||||||||||||||||
Number of reporting units | 5 | ||||||||||||||||||
Assets held expected monetized, period | 7 years | ||||||||||||||||||
Percent of cash flows from assets, net of operating expenses applied to repayment of preferred interest | 95.00% | ||||||||||||||||||
Unrealized holding gains on securities available for sale | 2,000,000 | ||||||||||||||||||
Defined benefit pension plan losses deferred in BankAtlanticbs other comprehensive income | 20,200,000 | ||||||||||||||||||
Pre-acquistion stay bonuses reimbursed by BB&T | 983,000 | ||||||||||||||||||
Stay bonuses to employees, post-acquisition services | 300,000 | ||||||||||||||||||
Assets, Net | -309,467,000 | [2] | |||||||||||||||||
Florida Asset Resolution Group LLC [Member] | BankAtlantic [Member] | |||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||||||||||||
Assets, Net | $112,000,000 | ||||||||||||||||||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | ||||||||||||||||||
[2] | BankAtlantic net asset value was calculated as of June 30, 2012 (which pursuant to the terms of the Agreement with BB&T was the date used for the calculations of the cash consideration payable upon consummation of the BB&T Transaction) after giving effect to the contribution to BankAtlantic of small business loans with a carrying value of $10.7 million in exchange for commercial loans with a carrying value of $7.5 million which were initially designated to be contributed to BankAtlantic and were instead retained by FAR. |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Results Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations before income taxes | $522 | ($610) | $287,564 | ||||||||
Less: Provision (benefit) for income taxes | 216 | -228 | 19,701 | ||||||||
Gain (loss) from discontinued operations | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -50 | 306 | -382 | 267,863 |
Bluegreen [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 3,714 | ||||||||||
Total revenue | 3,714 | ||||||||||
Other costs and expenses | 6,920 | ||||||||||
Interest expense | 1,386 | ||||||||||
Loss on assets held for sale | 205 | ||||||||||
Total Cost and Expenses | 8,511 | ||||||||||
(Loss) income from discontinued operations before income taxes | -4,797 | ||||||||||
Less: Provision (benefit) for income taxes | -1,304 | ||||||||||
Gain (loss) from discontinued operations | 300 | -400 | -3,493 | ||||||||
Cypress Creek Holdings [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 3 | ||||||||||
Gain on sale of asset | 4,446 | ||||||||||
Total revenue | 4,449 | ||||||||||
Other costs and expenses | 52 | ||||||||||
Total Cost and Expenses | 52 | ||||||||||
(Loss) income from discontinued operations before income taxes | 4,397 | ||||||||||
Gain (loss) from discontinued operations | 4,397 | ||||||||||
Bluegreen Communities and Cypress Creek Holdings [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 3,717 | ||||||||||
Gain on sale of asset | 4,446 | ||||||||||
Total revenue | 8,163 | ||||||||||
Other costs and expenses | 6,972 | ||||||||||
Interest expense | 1,386 | ||||||||||
Loss on assets held for sale | 205 | ||||||||||
Total Cost and Expenses | 8,563 | ||||||||||
(Loss) income from discontinued operations before income taxes | -400 | ||||||||||
Less: Provision (benefit) for income taxes | -1,304 | ||||||||||
Gain (loss) from discontinued operations | $904 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Income From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Provision for (reversals of) loan losses | ($7,155) | ($43,865) | $2,405 | |||||||||
Gain on sale of BankAtlantic | 293,461 | |||||||||||
Income from discontinued operations before income taxes | 522 | -610 | 287,564 | |||||||||
Provision for income taxes | 216 | -228 | 19,701 | |||||||||
Gain (loss) from discontinued operations | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -50 | 306 | -382 | 267,863 | |
BankAtlantic [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net interest income | 38,098 | [1] | ||||||||||
Provision for (reversals of) loan losses | 18,383 | |||||||||||
Net interest income after provision for loan losses | 19,715 | |||||||||||
Gain on sale of BankAtlantic | 293,461 | |||||||||||
Total non-interest income | 37,234 | |||||||||||
Total non-interest expense | 62,446 | [2],[3] | ||||||||||
Income from discontinued operations before income taxes | 287,964 | |||||||||||
Provision for income taxes | 21,005 | |||||||||||
Gain (loss) from discontinued operations | 266,959 | |||||||||||
Interest income, purchase accounting adjustment | 714 | |||||||||||
Noninterest expense, purchase accounting adjustment | $812 | |||||||||||
[1] | Includes purchase accounting adjustments to increase net interest by approximately $714,000 for the year ended December 31, 2012. | |||||||||||
[2] | Includes purchase accounting adjustments to increase non-interest expense by approximately $812,000 for the year ended December 31, 2012. | |||||||||||
[3] | Pursuant to applicable accounting rules, all general corporate overhead was allocated to continuing operations. |
Discontinued_Operations_Summar1
Discontinued Operations (Summary Of Results Of Discontinued Operations, BankAtlantic) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | |
Discontinued Operations [Abstract] | ||
Investment in BankAtlantic | $306,302 | [1] |
Reduction in other comprehensive loss | -18,124 | |
Carrying amount of BankAtlantic's net assets | 288,178 | |
Stay and retention bonuses | 1,300 | |
Transaction costs | -5,000 | |
Cash consideration | 6,433 | |
Other | -269 | |
Recognition of purchase accounting | 2,819 | [2] |
Gain on sale of BankAtlantic | $293,461 | |
[1] | The investment in BankAtlantic represents BankAtlanticbs stockholderbs deficit as of July 31, 2012 after giving effect to the transfer of CAM and FAR to BBX Capital. | |
[2] | Upon the sale of BankAtlantic to BB&T, BFC recognized purchase accounting amounts in connection with BFC's share acquisitions of BankAtlantic Bancorp in 2008, which were accounted for as step acquisitions under the purchase method of accounting then in effect. The recognition of this purchase accounting increased the gain on sale of BankAtlantic by an additional $2.8 million. |
Discontinued_Operations_Summar2
Discontinued Operations (Summarizes Cash Consideration Received By BBX For Sale Of BankAtlantic's Stock) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Jul. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
BankAtlantic stockholder's equity before distribution of FAR and CAM | $252,906,000 | $239,421,000 | |||
Net asset value, small business loans | 10,700,000 | ||||
Net asset value, commercial loans | 7,500,000 | ||||
BankAtlantic [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Deposit premium | 315,900,000 | ||||
BankAtlantic stockholder's equity before distribution of FAR and CAM | 280,058,000 | ||||
BankAtlantic net asset value | -309,467,000 | [1] | |||
Cash consideration | 6,433,000 | ||||
Pre-acquistion stay bonuses reimbursed by BB&T | 983,000 | ||||
BankAtlantic [Member] | Florida Asset Resolution Group LLC [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distribution of equity | -384,140,000 | ||||
BankAtlantic net asset value | 112,000,000 | ||||
BankAtlantic [Member] | BBX Capital Asset Management LLC (CAM) [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distribution of equity | ($205,385,000) | ||||
[1] | BankAtlantic net asset value was calculated as of June 30, 2012 (which pursuant to the terms of the Agreement with BB&T was the date used for the calculations of the cash consideration payable upon consummation of the BB&T Transaction) after giving effect to the contribution to BankAtlantic of small business loans with a carrying value of $10.7 million in exchange for commercial loans with a carrying value of $7.5 million which were initially designated to be contributed to BankAtlantic and were instead retained by FAR. |
Discontinued_Operations_Consol
Discontinued Operations (Consolidated Net Cash Outflows Associated With Sale Of BankAtlantic) (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash and interest bearing deposits in banks | $232,025 | [1] | $279,437 | [1] | $217,636 | [1] | $853,133 | [1] |
Loans receivable, net | 26,844 | 72,226 | ||||||
Properties and equipment, net | 90,013 | 78,108 | ||||||
Other assets | 77,681 | 75,209 | ||||||
Total assets | 1,547,188 | 1,411,296 | 1,441,365 | |||||
Other liabilities | -176,493 | -167,035 | ||||||
Total liabilities assumed | -964,590 | -1,018,969 | ||||||
Purchase accounting adjustment | 2,819 | [2] | ||||||
BankAtlantic [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Tax certificates, net | 16,630 | |||||||
Loans receivable, net | 1,792,026 | |||||||
Securities available for sale | 29,781 | |||||||
Properties and equipment, net | 129,025 | |||||||
Other assets | 60,113 | |||||||
Total assets | 2,027,575 | |||||||
Deposits | -3,458,914 | |||||||
Subordinated Debt | -22,000 | |||||||
Other liabilities | -28,920 | |||||||
Total liabilities assumed | -3,509,834 | |||||||
Gain on sale of business | -290,642 | [3] | ||||||
Net cash outflows from sale of business | ($1,191,617) | |||||||
[1] | As of January 1, 2013 and 2012, BFC had $0.5 million and $5.7 million, respectively, of time deposits. These time deposits had original maturities of greater than 90 days and are not considered cash equivalents. The $0.5 million of time deposits is included in cash and interest bearing deposits in banks on the consolidated statement of financial condition as of December 31, 2012. There were no time deposits as of December 31, 2013 or 2014. | |||||||
[2] | Upon the sale of BankAtlantic to BB&T, BFC recognized purchase accounting amounts in connection with BFC's share acquisitions of BankAtlantic Bancorp in 2008, which were accounted for as step acquisitions under the purchase method of accounting then in effect. The recognition of this purchase accounting increased the gain on sale of BankAtlantic by an additional $2.8 million. | |||||||
[3] | Excludes BFC's non-cash gain from purchase accounting adjustments of $2.8 million. |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Measurement [Abstract] | ||||
Impaired Homogenous Loans Delinquent Period | 120 days | |||
Assets measured at fair value on recurring basis | $0 | $0 | ||
Liabilities measured at fair value on recurring basis | 0 | 0 | ||
Certificates of Deposit, at Carrying Value | 0 | 0 | 500,000 | 5,700,000 |
Liabilities on a non-recurring basis | $0 | $0 |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets And Liabilities Measured At Fair Value On Non-Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | $23,349 | $133,968 | ||
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 2,648 | 24,167 | ||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 20,701 | 55,955 | ||
Impaired Loans Held For Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 53,846 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 23,349 | 133,968 | ||
Significant Unobservable Inputs (Level 3) [Member] | Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 2,648 | 24,167 | ||
Significant Unobservable Inputs (Level 3) [Member] | Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 20,701 | 55,955 | ||
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans Held For Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 53,846 | |||
Impairments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 10,917 | [1] | 11,919 | [2] |
Impairments [Member] | Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 2,161 | [1] | 4,639 | [2] |
Impairments [Member] | Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 8,756 | [1] | 2,288 | [2] |
Impairments [Member] | Impaired Loans Held For Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on non-recurring basis | $4,992 | [2] | ||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. | |||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2013 on assets that were held and measured at fair value as of December 31, 2013. |
Fair_Value_Measurement_Quantit
Fair Value Measurement (Quantitative Information About Significant Unobservable Inputs Within Level 3) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | $23,349,000 | $133,968,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 23,349,000 | 133,968,000 | ||
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 2,648,000 | 24,167,000 | ||
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 2,648,000 | 24,167,000 | ||
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 100,000 | [1],[2] | 100,000 | [1],[2] |
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 2,600,000 | [1],[2] | 9,000,000 | [1],[2] |
Loans Measured For Impairment Using Fair Value Of Underlying Collateral [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 500,000 | [1],[2] | 400,000 | [1],[2] |
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 20,701,000 | 55,955,000 | ||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 20,701,000 | 55,955,000 | ||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | Minimum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 300,000 | [1],[2] | 100,000 | [1],[2] |
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | Maximum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 8,400,000 | [1],[2] | 12,000,000 | [1],[2] |
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | Weighted Average [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 2,000,000 | [1],[2] | 1,700,000 | [1],[2] |
Impaired Loans Held For Sale [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 53,846,000 | |||
Impaired Loans Held For Sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value on non-recurring basis | 53,846,000 | |||
Impaired Loans Held For Sale [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 100,000 | [1],[2] | ||
Impaired Loans Held For Sale [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | 2,200,000 | [1],[2] | ||
Impaired Loans Held For Sale [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Range (Average) | $300,000 | [1],[2] | ||
[1] | Range and average appraised values were reduced by costs to sell. | |||
[2] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
Fair_Value_Measurement_Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | $77,681 | $75,209 | ||
Shares subject to mandatory redemption | 11,500 | 11,000 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable including loans held for sale, net | 62,267 | 126,072 | ||
Notes receivable, net | 424,267 | 455,569 | ||
Receivable-backed notes payable | 412,404 | 443,561 | ||
Notes and mortgage notes payable and other borrowings | 107,984 | 102,974 | ||
BB&T preferred interest in FAR | 12,348 | 68,517 | ||
Junior subordinated debentures | 150,038 | 147,431 | ||
Shares subject to mandatory redemption | 12,714 | 12,362 | ||
Carrying Amount [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | 5,000 | 5,013 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable including loans held for sale, net | 73,423 | 131,853 | ||
Notes receivable, net | 520,000 | 540,000 | ||
Receivable-backed notes payable | 411,400 | 447,700 | ||
Notes and mortgage notes payable and other borrowings | 108,828 | 102,416 | ||
BB&T preferred interest in FAR | 12,383 | 69,032 | ||
Junior subordinated debentures | 134,500 | 120,000 | ||
Shares subject to mandatory redemption | 12,215 | 11,000 | ||
Fair Value [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | 4,400 | 4,100 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable including loans held for sale, net | ||||
Notes receivable, net | ||||
Receivable-backed notes payable | ||||
Notes and mortgage notes payable and other borrowings | ||||
BB&T preferred interest in FAR | ||||
Junior subordinated debentures | ||||
Shares subject to mandatory redemption | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | ||||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable including loans held for sale, net | ||||
Notes receivable, net | ||||
Receivable-backed notes payable | ||||
Notes and mortgage notes payable and other borrowings | ||||
BB&T preferred interest in FAR | ||||
Junior subordinated debentures | ||||
Shares subject to mandatory redemption | ||||
Significant Other Observable Inputs (Level 2) [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable including loans held for sale, net | 73,423 | 131,853 | ||
Notes receivable, net | 520,000 | 540,000 | ||
Receivable-backed notes payable | 411,400 | 447,700 | ||
Notes and mortgage notes payable and other borrowings | 108,828 | 102,416 | ||
BB&T preferred interest in FAR | 12,383 | 69,032 | ||
Junior subordinated debentures | 134,500 | 120,000 | ||
Shares subject to mandatory redemption | 12,215 | 11,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | $4,400 | $4,100 |
BBX_Capitals_Loans_HeldForSale2
BBX Capital's Loans Held-For-Sale (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan receivable | $27,821,000 | $74,939,000 | $297,757,000 | $74,939,000 | |||
Loans Receivable Held-for-sale, Net | 35,423,000 | 53,846,000 | 53,846,000 | ||||
Proceeds from sales of real estate held-for-sale | 33,240,000 | 31,365,000 | 55,434,000 | ||||
Gain (Loss) on Disposition of Assets | -571,000 | 25,000 | 612,000 | ||||
Loans receivable transferred from loans held-for-sale | 1,312,000 | 14,185,000 | |||||
Transfer to loans held for sale | 2,299,000 | 42,398,000 | 39,791,000 | ||||
First-Lien Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable Held-for-sale, Net | 4,176,000 | 4,176,000 | |||||
Charged down on loan porfolio | 4,100,000 | ||||||
Reducuction of allowance for loan losses | -1,400,000 | ||||||
Net proceeds from sale of loans | 3,200,000 | ||||||
Second-Lien Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable Held-for-sale, Net | 2,351,000 | ||||||
Charged down on loan porfolio | 2,700,000 | ||||||
Transfer to loans held for sale | 2,300,000 | ||||||
Residential [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan receivable | 53,000 | 54,797,000 | 53,000 | ||||
Loans Receivable Held-for-sale, Net | 27,331,000 | 38,223,000 | 38,223,000 | ||||
Loans receivable transferred from loans held-for-sale | 1,312,000 | 14,185,000 | |||||
Transfer to loans held for sale | 38,222,000 | ||||||
Net proceeds from sale of loans | 6,300,000 | ||||||
Small Business [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Receivable Held-for-sale, Net | 5,741,000 | 11,447,000 | 11,447,000 | ||||
Charged down on loan porfolio | 1,300,000 | ||||||
Reducuction of allowance for loan losses | -1,100,000 | ||||||
Transfer to loans held for sale | $19,069,000 |
BBX_Capitals_Loans_HeldForSale3
BBX Capital's Loans Held-For-Sale (Loan's Held-For-Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $35,423 | $53,846 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 27,331 | 38,223 |
First-Lien Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 4,176 | |
Second-Lien Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 2,351 | |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $5,741 | $11,447 |
BBX_Capitals_Loans_Receivable_2
BBX Capital's Loans Receivable (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |
segment | loan | loan | ||
loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loan portfolio segments | 5 | |||
Maximum period in which a full appraisal is obtained prior to appraisal date, in years | 1 year | |||
Collateral dependent loans | $13,700,000 | |||
Collateral dependent loans measured for impairment using current appraisals | 9,600,000 | |||
Collateral dependent loans measured for impairment using previous appraisals | 4,100,000 | |||
Nonaccruing | 17,780,000 | 51,896,000 | ||
Loans charged off subsequent to change in reporting of collateral dependent loans | 66,500,000 | |||
Troubled debt restructurings subsequently defaulted number | 0 | 0 | 15 | |
Number of modified loans | 2 | |||
Recorded Investment | 0 | 0 | 109,000 | |
Troubled Debt Restructurings subsequently defaulted Recorded Investment | 28,004,000 | |||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccruing | 14,464,000 | 45,540,000 | ||
Troubled debt restructurings subsequently defaulted number | 6 | |||
Troubled Debt Restructurings subsequently defaulted Recorded Investment | 27,377,000 | |||
Small Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, general maximum amount per loan | 2,000,000 | |||
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans in final stages of foreclosure | 2 | |||
Nonaccruing | 53,000 | |||
Troubled debt restructurings subsequently defaulted number | 9 | |||
Number of modified loans | 1 | |||
Recorded Investment | 62,000 | |||
Troubled Debt Restructurings subsequently defaulted Recorded Investment | 627,000 | |||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccruing | 1,990,000 | 2,972,000 | ||
Number of modified loans | 1 | |||
Recorded Investment | $47,000 |
BBX_Capitals_Loans_Receivable_3
BBX Capital's Loans Receivable (Schedule Of Loan Portfolio) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $27,821 | $74,939 | $297,757 |
Allowance for loan losses | -977 | -2,713 | |
Loans receivable - net | 26,844 | 72,226 | |
Commercial Non-Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 1,326 | 3,331 | 12,006 |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 24,189 | 62,937 | 214,047 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 2,306 | 8,618 | 16,907 |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $53 | $54,797 |
BBX_Capitals_Loans_Receivable_4
BBX Capital's Loans Receivable (Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $17,780 | $51,896 |
Commercial Non-Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,326 | 3,331 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 14,464 | 45,540 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,990 | 2,972 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $53 |
BBX_Capitals_Loans_Receivable_5
BBX Capital's Loans Receivable (Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | loan | loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
31-59 Days Past Due | $317 | ||||
60-89 Days Past Due | 227 | 293 | |||
90 Days or More | 7,491 | [1] | 27,531 | [2] | |
Total Past Due | 7,718 | 28,141 | |||
Current | 20,103 | 46,798 | |||
Loans receivable, Total | 27,821 | 74,939 | 297,757 | ||
Number of loans past due greater than 90 days and still accruing interest | 0 | 0 | |||
Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
90 Days or More | 330 | [1] | 2,269 | [2] | |
Total Past Due | 330 | 2,269 | |||
Current | 996 | 1,062 | |||
Loans receivable, Total | 1,326 | 3,331 | 12,006 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
90 Days or More | 5,458 | [1] | 22,729 | [2] | |
Total Past Due | 5,458 | 22,729 | |||
Current | 18,731 | 40,208 | |||
Loans receivable, Total | 24,189 | 62,937 | 214,047 | ||
Consumer [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
31-59 Days Past Due | 317 | ||||
60-89 Days Past Due | 227 | 293 | |||
90 Days or More | 1,703 | [1] | 2,480 | [2] | |
Total Past Due | 1,930 | 3,090 | |||
Current | 376 | 5,528 | |||
Loans receivable, Total | 2,306 | 8,618 | 16,907 | ||
Residential [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
90 Days or More | 53 | [2] | |||
Total Past Due | 53 | ||||
Loans receivable, Total | $53 | $54,797 | |||
[1] | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2014. | ||||
[2] | BBX Capital had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2013. |
BBX_Capitals_Loans_Receivable_6
BBX Capital's Loans Receivable (Allowance For Loan Losses By Portfolio Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | $2,713 | $5,311 | $129,887 |
Charge-offs | -7,189 | -10,867 | -103,365 |
Recoveries | 12,608 | 52,134 | 12,802 |
Provision | -7,155 | -43,865 | 2,405 |
Discontinued operations Provision | 12,227 | ||
Ending balance | 977 | 2,713 | 5,311 |
Ending balance individually evaluated for impairment | 954 | 1,621 | |
Ending balance collectively evaluated for impairment | 977 | 1,759 | 3,690 |
Allowance for Loan Losses, Total | 977 | 2,713 | 5,311 |
Loans receivable: Ending balance individually evaluated for impairment | 17,045 | 51,131 | 229,759 |
Loans receivable: Ending balance collectively evaluated for impairment | 10,776 | 23,808 | 67,998 |
Loans receivable, Total | 27,821 | 74,939 | 297,757 |
Proceeds from loan sales | 9,497 | 3,490 | 5,864 |
Transfer to loans held for sale | 2,299 | 42,398 | 39,791 |
Transfer from loans held for sale | 1,312 | 14,185 | |
BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -48,645 | ||
Transfer to loans held for sale | 1,912,575 | ||
Commercial Non-Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 954 | 1,735 | 16,407 |
Charge-offs | -1,939 | -19,237 | |
Recoveries | 294 | 10,241 | 893 |
Provision | 691 | -11,022 | 5,569 |
Ending balance | 954 | 1,735 | |
Ending balance individually evaluated for impairment | 954 | 784 | |
Ending balance collectively evaluated for impairment | 951 | ||
Allowance for Loan Losses, Total | 954 | 1,735 | |
Loans receivable: Ending balance individually evaluated for impairment | 1,326 | 3,331 | 3,362 |
Loans receivable: Ending balance collectively evaluated for impairment | 8,644 | ||
Loans receivable, Total | 1,326 | 3,331 | 12,006 |
Proceeds from loan sales | 2,390 | ||
Commercial Non-Real Estate [Member] | BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -1,897 | ||
Transfer to loans held for sale | 60,398 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 227 | 1,869 | 67,053 |
Charge-offs | -1,900 | -3,976 | -55,686 |
Recoveries | 8,936 | 36,824 | 7,435 |
Provision | -7,156 | -34,490 | -7,839 |
Discontinued operations Provision | 70 | ||
Ending balance | 107 | 227 | 1,869 |
Ending balance individually evaluated for impairment | 837 | ||
Ending balance collectively evaluated for impairment | 107 | 227 | 1,032 |
Allowance for Loan Losses, Total | 107 | 227 | 1,869 |
Loans receivable: Ending balance individually evaluated for impairment | 14,464 | 45,540 | 173,917 |
Loans receivable: Ending balance collectively evaluated for impairment | 9,725 | 17,397 | 40,130 |
Loans receivable, Total | 24,189 | 62,937 | 214,047 |
Proceeds from loan sales | 1,100 | 5,864 | |
Transfer to loans held for sale | 20,722 | ||
Commercial Real Estate [Member] | BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -9,164 | ||
Transfer to loans held for sale | 304,668 | ||
Small Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 7,168 | ||
Charge-offs | -3,991 | ||
Recoveries | 321 | 257 | 487 |
Provision | -321 | -257 | 244 |
Discontinued operations Provision | 546 | ||
Transfer to loans held for sale | 19,069 | ||
Small Business [Member] | BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -4,454 | ||
Transfer to loans held for sale | 234,228 | ||
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 1,532 | 1,261 | 22,554 |
Charge-offs | -3,345 | -2,516 | -9,793 |
Recoveries | 2,307 | 2,225 | 1,424 |
Provision | 376 | 562 | 2,778 |
Discontinued operations Provision | 4,937 | ||
Ending balance | 870 | 1,532 | 1,261 |
Ending balance collectively evaluated for impairment | 870 | 1,532 | 1,261 |
Allowance for Loan Losses, Total | 870 | 1,532 | 1,261 |
Loans receivable: Ending balance individually evaluated for impairment | 1,255 | 2,207 | 7,859 |
Loans receivable: Ending balance collectively evaluated for impairment | 1,051 | 6,411 | 9,048 |
Loans receivable, Total | 2,306 | 8,618 | 16,907 |
Proceeds from loan sales | 3,239 | ||
Transfer to loans held for sale | 2,299 | 4,176 | |
Consumer [Member] | BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -20,639 | ||
Transfer to loans held for sale | 502,221 | ||
Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 446 | 16,705 | |
Charge-offs | -5 | -4,375 | -14,658 |
Recoveries | 750 | 2,587 | 2,563 |
Provision | -745 | 1,342 | 1,653 |
Discontinued operations Provision | 6,674 | ||
Ending balance | 446 | ||
Ending balance collectively evaluated for impairment | 446 | ||
Allowance for Loan Losses, Total | 446 | ||
Loans receivable: Ending balance individually evaluated for impairment | 53 | 44,621 | |
Loans receivable: Ending balance collectively evaluated for impairment | 10,176 | ||
Loans receivable, Total | 53 | 54,797 | |
Proceeds from loan sales | 6,258 | ||
Transfer to loans held for sale | 38,222 | ||
Transfer from loans held for sale | 1,312 | 14,185 | |
Residential [Member] | BB&T [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Transfer to held for sale | -12,491 | ||
Transfer to loans held for sale | $811,060 |
BBX_Capitals_Loans_Receivable_7
BBX Capital's Loans Receivable (Schedule Of Impaired Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded Investment, With Related Allowance | $735 | $3,921 | $31,227 |
Recorded Investment, With No Related Allowance | 17,361 | 53,088 | 208,085 |
Recorded Investment | 18,096 | 57,009 | 239,312 |
Unpaid Principal Balance, With Related Allowance | 1,664 | 6,700 | 44,653 |
Unpaid Principal Balance, With No Related Allowance | 35,812 | 88,739 | 331,458 |
Unpaid Principal Balance | 37,476 | 95,439 | 376,111 |
Related Allowance | 735 | 1,874 | 1,621 |
Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded Investment, With Related Allowance | 3,001 | 3,032 | |
Recorded Investment, With No Related Allowance | 1,326 | 330 | 330 |
Recorded Investment | 1,326 | 3,331 | 3,362 |
Unpaid Principal Balance, With Related Allowance | 4,472 | 3,287 | |
Unpaid Principal Balance, With No Related Allowance | 3,061 | 634 | 634 |
Unpaid Principal Balance | 3,061 | 5,106 | 3,921 |
Related Allowance | 954 | 784 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded Investment, With Related Allowance | 28,195 | ||
Recorded Investment, With No Related Allowance | 14,464 | 45,540 | 143,388 |
Recorded Investment | 14,464 | 45,540 | 171,583 |
Unpaid Principal Balance, With Related Allowance | 41,366 | ||
Unpaid Principal Balance, With No Related Allowance | 30,546 | 79,186 | 232,695 |
Unpaid Principal Balance | 30,546 | 79,186 | 274,061 |
Related Allowance | 837 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded Investment, With Related Allowance | 735 | 920 | |
Recorded Investment, With No Related Allowance | 1,571 | 7,165 | 16,050 |
Recorded Investment | 2,306 | 8,085 | 16,050 |
Unpaid Principal Balance, With Related Allowance | 1,664 | 2,228 | |
Unpaid Principal Balance, With No Related Allowance | 2,205 | 8,730 | 20,501 |
Unpaid Principal Balance | 3,869 | 10,958 | 20,501 |
Related Allowance | 735 | 920 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded Investment, With No Related Allowance | 53 | 48,317 | |
Recorded Investment | 53 | 48,317 | |
Unpaid Principal Balance, With No Related Allowance | 189 | 77,628 | |
Unpaid Principal Balance | $189 | $77,628 |
BBX_Capitals_Loans_Receivable_8
BBX Capitalbs Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Average Recorded Investment, With Related Allowance | $837 | $4,055 | $31,291 |
Average Recorded Investment, With No Related Allowance | 23,161 | 55,027 | 214,677 |
Average Recorded Investment | 23,998 | 59,082 | 245,968 |
Interest Income Recognized, With Related Allowance | 7 | 121 | 1,205 |
Interest Income Recognized, With No Related Allowance | 1,111 | 1,478 | 5,332 |
Interest Income Recognized | 1,118 | 1,599 | 6,537 |
Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Average Recorded Investment, With Related Allowance | 3,015 | 3,032 | |
Average Recorded Investment, With No Related Allowance | 1,368 | 330 | 330 |
Average Recorded Investment | 1,368 | 3,345 | 3,362 |
Interest Income Recognized, With Related Allowance | 119 | 137 | |
Interest Income Recognized, With No Related Allowance | 121 | ||
Interest Income Recognized | 121 | 119 | 137 |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Average Recorded Investment, With Related Allowance | 28,259 | ||
Average Recorded Investment, With No Related Allowance | 17,575 | 47,524 | 139,684 |
Average Recorded Investment | 17,575 | 47,524 | 167,943 |
Interest Income Recognized, With Related Allowance | 2 | 1,068 | |
Interest Income Recognized, With No Related Allowance | 839 | 1,278 | 4,873 |
Interest Income Recognized | 839 | 1,280 | 5,941 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Average Recorded Investment, With Related Allowance | 837 | 1,040 | |
Average Recorded Investment, With No Related Allowance | 4,218 | 7,118 | 17,887 |
Average Recorded Investment | 5,055 | 8,158 | 17,887 |
Interest Income Recognized, With Related Allowance | 7 | ||
Interest Income Recognized, With No Related Allowance | 151 | 200 | 282 |
Interest Income Recognized | 158 | 200 | 282 |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Average Recorded Investment, With No Related Allowance | 55 | 56,776 | |
Average Recorded Investment | 55 | 56,776 | |
Interest Income Recognized, With No Related Allowance | 177 | ||
Interest Income Recognized | $177 |
BBX_Capitals_Loans_Receivable_9
BBX Capitalbs Loans Receivable (Schedule Of Accruing And Nonaccruing Commercial Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccruing | $17,780 | $51,896 | |
Loans receivable, Total | 27,821 | 74,939 | 297,757 |
Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccruing | 1,326 | 3,331 | |
Loans receivable, Total | 1,326 | 3,331 | 12,006 |
Commercial Real Estate: Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Accruing | 9,725 | 17,397 | |
Nonaccruing | 14,464 | 45,540 | |
Loans receivable, Total | $24,189 | $62,937 |
Recovered_Sheet3
BBX Capitalbs Loans Receivable (Schedule Of Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified loans | 2 | ||
Recorded Investment | $0 | $0 | $109,000 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified loans | 1 | ||
Recorded Investment | 47,000 | ||
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified loans | 1 | ||
Recorded Investment | $62,000 |
Recovered_Sheet4
BBX Capitalbs Loans Receivable (Schedule Of Modified Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | loan | |
Financing Receivable, Modifications [Line Items] | |||
Troubled Debt Restructurings subsequently defaulted Number | 0 | 0 | 15 |
Troubled Debt Restructurings subsequently defaulted Recorded Investment | $28,004 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled Debt Restructurings subsequently defaulted Number | 6 | ||
Troubled Debt Restructurings subsequently defaulted Recorded Investment | 27,377 | ||
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled Debt Restructurings subsequently defaulted Number | 9 | ||
Troubled Debt Restructurings subsequently defaulted Recorded Investment | $627 |
Bluegreens_Notes_Receivable_Na
Bluegreen's Notes Receivable (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Share data in Millions, unless otherwise specified | Nov. 30, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes | $424,267,000 | $455,569,000 | ||||
Aquired notes receivable, Impairment Charges | 1,600,000 | 5,700,000 | ||||
Aquired notes receivable, Valuation allowance | 7,300,000 | 5,700,000 | ||||
Acquisition of shares | 7.4 | |||||
Outstanding contractual unpaid principal balance | 37,476,000 | 95,439,000 | 376,111,000 | |||
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Assumption for prepayment rates | 9.00% | |||||
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Assumption for prepayment rates | 4.00% | |||||
Notes Receivable Secured By Home Sites [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Weighted-average interest rate | 7.60% | 7.70% | 7.70% | |||
Acquired Notes [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount of acquired notes | 70,700,000 | 100,100,000 | ||||
Outstanding contractual unpaid principal balance | 78,200,000 | 112,100,000 | ||||
Notes Receivable [Member] | Bluegreen [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Weighted-average interest rate | 16.00% | 15.80% | 15.50% | |||
Bluegreens Vacation Ownership Interests [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Weighted-average interest rate | 16.10% | 15.90% | 15.60% | |||
VOI notes receivable, more than three months past due | $11,660,000 | [1] | $11,269,000 | [1] | ||
[1] | Includes $6.0 million and $5.2 million as of December 31, 2014 and 2013, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss |
Bluegreens_Notes_Receivable_In
Bluegreen's Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, gross | $526,983 | $552,438 |
Purchase accounting adjustments | -150 | -6,277 |
Allowance for loan losses | -102,566 | -90,592 |
Notes receivable, net | 424,267 | 455,569 |
Allowance as a % of notes receivable | 19.00% | 17.00% |
Notes Receivable Secured By VOIs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchase accounting adjustments | -150 | -6,277 |
Notes receivable, net of purchase accounting adjustments. | 523,781 | 542,022 |
Allowance for loan losses | -102,259 | -90,188 |
Notes receivable, net | 421,522 | 451,834 |
Allowance as a % of notes receivable | 20.00% | 17.00% |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Non-Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, gross | 162,001 | 127,451 |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, gross | 361,930 | 420,848 |
Notes Receivable Secured By Homesites [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, gross | 3,052 | 4,139 |
Allowance for loan losses | -307 | -404 |
Notes receivable, net | $2,745 | $3,735 |
Allowance as a % of notes receivable | 10.00% | 10.00% |
Bluegreens_Notes_Receivable_Re
Bluegreen's Notes Receivable (Reconciliation Of Accretable Yield) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Bluegreen's Notes Receivable [Abstract] | ||
Balance, beginning of period | $31,678 | $54,170 |
Accretion | -12,562 | -17,097 |
Reclassification to nonaccretable yield | -1,249 | -5,395 |
Balance, end of period | $17,867 | $31,678 |
Bluegreens_Notes_Receivable_Fu
Bluegreen's Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bluegreen's Notes Receivable [Abstract] | ||
2015 | $81,096 | |
2016 | 79,342 | |
2017 | 74,553 | |
2018 | 59,979 | |
2019 | 50,640 | |
Thereafter | 181,373 | |
Notes receivable, gross | 526,983 | 552,438 |
Allowance for loan losses | -102,566 | -90,592 |
Notes receivable, net of allowance | 424,417 | |
Purchase accounting adjustments | -150 | -6,277 |
Notes receivable, net | $424,267 | $455,569 |
Bluegreens_Notes_Receivable_Ac
Bluegreen's Notes Receivable (Activity In The Allowance For Loan Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | $90,592 | ||
Provision for credit losses | -1,470 | -39,157 | 30,962 |
Balance, end of period | 102,566 | 90,592 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | 90,592 | 63,374 | |
Provision for credit losses | 40,164 | 54,309 | |
Write-offs of uncollectible receivables | -28,190 | -27,091 | |
Balance, end of period | $102,566 | $90,592 |
Bluegreens_Notes_Receivable_De
Bluegreen's Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Purchase accounting adjustments | ($150,000) | ($6,277,000) | ||
Bluegreens Vacation Ownership Interests [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 500,405,000 | 523,526,000 | ||
31-60 days | 6,505,000 | 7,694,000 | ||
61-90 days | 5,361,000 | 5,810,000 | ||
> 90 days | 11,660,000 | [1] | 11,269,000 | [1] |
Purchase accounting adjustments | -150,000 | -6,277,000 | ||
Total | 523,781,000 | 542,022,000 | ||
VOI note receivable balance had not yet been charged off | $6,000,000 | $5,200,000 | ||
[1] | Includes $6.0 million and $5.2 million as of December 31, 2014 and 2013, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Jul. 31, 2012 | Sep. 21, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Mar. 31, 2012 | Mar. 12, 2012 | |
item | item | |||||||
Variable Interest Entity [Line Items] | ||||||||
Preferred Interest | $12,348,000 | $68,517,000 | ||||||
Assets are expected to be monetized, in years | 7 years | |||||||
Number of board members | 12 | 15 | ||||||
Minimum number of board members needed approval | 3 | |||||||
BBX Capital Corporation [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Basis spread on rate | 2.00% | |||||||
Number of board members elected by company | 2 | |||||||
BB&T [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Preferred Interest | 285,400,000 | 285,400,000 | 285,400,000 | |||||
Incremental guarantee | 35,000,000 | |||||||
Number of board members elected by company | 2 | |||||||
Florida Asset Resolution Group LLC [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of board members | 4 | |||||||
Maximum loss exposure if FAR were deemed worthless | 88,000,000 | |||||||
Florida Asset Resolution Group LLC [Member] | Commercial Loan [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Affiliate's assets serviced | 17,600,000 | |||||||
Bluegreens Vacation Ownership Interests [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Percentage of right to repurchase or substitute | 24.00% | |||||||
Voluntary repurchases and substitutions | 4,900,000 | 6,700,000 | 11,200,000 | |||||
BBX Capital Corporation [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Basis spread on rate | 2.00% | |||||||
BB&T [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Preferred Interest | 285,400,000 | |||||||
BB&T [Member] | BB&T [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Incremental guarantee | 35,000,000 | |||||||
Florida Asset Resolution Group LLC [Member] | BBX Capital Corporation [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Percentage of preferred membership interests | 5.00% | |||||||
Expected future ownership interest percentage | 100.00% | 100.00% | 100.00% | |||||
Florida Asset Resolution Group LLC [Member] | BB&T [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Percentage of preferred membership interests | 95.00% |
Variable_Interest_Entities_Nar1
Variable Interest Entities (Narrative, Bluegreen) (Details) (Bluegreens Vacation Ownership Interests [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of right to repurchase or substitute | 24.00% | ||
Voluntary repurchases and substitutions | $4.90 | $6.70 | $11.20 |
Variable_Interest_Entities_Nar2
Variable Interest Entities (Narrative, North Flagler) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | |
acre | |||
Variable Interest Entity [Line Items] | |||
Investment in joint ventures | $10,074,000 | $1,354,000 | |
North Flagler [Member] | |||
Variable Interest Entity [Line Items] | |||
Amount of assigned contract to purchase real estate acres | 10,800,000 | ||
Real estate parcel, acres | 4.5 | ||
Investment in joint ventures | 500,000 | ||
Percent of joint venture distributions, until recovery of capital investment | 80.00% | ||
Percent of joint venture distributions after capital investment recovery | 70.00% | ||
Percent of losses absorbed | 80.00% | ||
Percent of profits received | 70.00% | ||
Maximum loss exposure if FAR were deemed worthless | $964,000 |
Variable_Interest_Entities_Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, Bluegreen) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | $54,620 | $65,285 |
Securitized notes receivable, net | 424,267 | 455,569 |
Receivable backed notes payable - non-recourse | 320,275 | 368,759 |
Receivable-backed notes payable - recourse | 92,129 | 74,802 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 31,554 | 36,263 |
Securitized notes receivable, net | 293,950 | 342,078 |
Receivable backed notes payable - non-recourse | 320,275 | 368,759 |
Receivable-backed notes payable - recourse | $5,899 |
Variable_Interest_Entities_Inf1
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, FAR) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Variable Interest Entity [Line Items] | |||
Cash and interest bearing deposits in banks | $279,437 | $217,636 | |
Loans held for sale | 35,423 | 53,846 | |
Loans receivable, net | 26,844 | 72,226 | |
Real estate held-of-investment | 75,590 | 107,336 | |
Real estate held-for-sale | 41,733 | 33,971 | |
Properties and equipment, net | 90,013 | 78,108 | |
Other assets | 77,681 | 75,209 | |
Total assets | 1,411,296 | 1,441,365 | 1,547,188 |
BB&T preferred interest in FAR, LLC | 12,348 | 68,517 | |
Other liabilities | 176,493 | 167,035 | |
Total liabilities | 964,590 | 1,018,969 | |
Florida Asset Resolution Group LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and interest bearing deposits in banks | 4,976 | 8,388 | |
Loans held for sale | 35,423 | 53,846 | |
Loans receivable, net | 18,972 | 56,170 | |
Real estate held-of-investment | 18,340 | 15,509 | |
Real estate held-for-sale | 13,745 | 23,664 | |
Properties and equipment, net | 8,350 | 7,899 | |
Other assets | 638 | 2,413 | |
Total assets | 100,444 | 167,889 | |
BB&T preferred interest in FAR, LLC | 12,348 | 68,517 | |
Other liabilities | 12,486 | 12,343 | |
Total liabilities | $24,834 | $80,860 |
Variable_Interest_Entities_Inf2
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, North Flagler) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Variable Interest Entity [Line Items] | |||
Cash and interest bearing deposits in banks | $279,437 | $217,636 | |
Real estate held-of-investment | 75,590 | 107,336 | |
Other assets | 77,681 | 75,209 | |
Total assets | 1,411,296 | 1,441,365 | 1,547,188 |
Other liabilities | 176,493 | 167,035 | |
Noncontrolling interests | 193,800 | 182,975 | |
North Flagler [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and interest bearing deposits in banks | 17 | 298 | |
Real estate held-of-investment | 816 | 327 | |
Other assets | 379 | ||
Total assets | 1,212 | 625 | |
Other liabilities | 116 | 12 | |
Noncontrolling interests | $132 | $135 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
item | item | item | |||||
acre | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $16,065,000 | $1,354,000 | $16,065,000 | $1,354,000 | |||
Investment in joint ventures | 10,074,000 | 1,354,000 | |||||
Notes Issued | 21,000 | ||||||
Interest rate | 3.01% | 3.01% | |||||
Partial gain on transfer of land | 5,527,000 | 6,728,000 | 6,687,000 | ||||
BBX Capital Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sales price | 3,600,000 | ||||||
Cash received from sale of land | 1,800,000 | ||||||
Selling expense | 200,000 | ||||||
Notes Issued | 1,600,000 | ||||||
Interest rate | 8.00% | ||||||
Altis At Kendall Square, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,264,000 | 1,300,000 | 1,300,000 | 1,264,000 | 1,300,000 | ||
Number Of Apartments Units | 321 | ||||||
Percent of proceeds from joint venture entitlement | 13.00% | ||||||
Internal rate of return, threshold | 15.00% | ||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 9.75% | ||||||
Managers percent of proceeds from joint venture entitlement | 83.00% | ||||||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 5,000,000 | 5,000,000 | |||||
Number Of Apartments Units | 354 | ||||||
Percent of proceeds from joint venture entitlement | 26.30% | ||||||
Internal rate of return, threshold | 18.00% | ||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 18.80% | ||||||
Percent of initial contribution of capital to joint venture | 34.00% | 34.00% | |||||
Additional percent of return on capital per annum | 9.00% | ||||||
Number of members | 3 | ||||||
Number of members needed for approval | 4 | ||||||
New Urban/BBX Development, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 996,000 | 54,000 | 996,000 | 54,000 | |||
Area of Real Estate Property | 2 | 2 | 2 | ||||
Number of single family homes | 30 | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||
Investment in joint ventures | 692,000 | ||||||
Sale Of Land To Village At Victoria Park [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity interest gross profit deferred | 188,000 | 188,000 | |||||
Deferred gain included other liabilities | $1,100,000 | $1,100,000 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures (Narrative II) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 31, 2014 | |
sqft | item | item | ||||||
acre | sqft | acre | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in joint ventures | $10,074,000 | $1,354,000 | ||||||
Notes Issued | 21,000 | |||||||
Payments to acquire real estate | 4,242,000 | 6,063,000 | 2,501,000 | |||||
Purchases of property and equipment, net | 19,289,000 | 6,871,000 | 5,869,000 | |||||
Real estate held-for-investment transferred to investment in joint ventures | 1,920,000 | |||||||
Long-term Debt | 107,984,000 | 102,974,000 | 102,974,000 | |||||
Sales of Real Estate | 5,527,000 | 6,728,000 | 6,687,000 | |||||
Joint Venture Adjustment | 2,100,000 | |||||||
BBX Capital [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Long-term Debt | 17,923,000 | 9,034,000 | 9,034,000 | |||||
Sunrise And Bayview Partners, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in joint ventures | 1,800,000 | |||||||
Percentage of ownership interest | 50.00% | |||||||
Notes Issued | 5,000,000 | |||||||
Payments to acquire real estate | 8,000,000 | |||||||
Area of Real Estate Property | 3 | |||||||
Square feet of office building | 84,000 | |||||||
Percent Guaranteed On Outstanding Balance Of Loan | 50.00% | |||||||
PGA Design Center Holdings, LLC [Member] | BBX Capital [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership interest | 40.00% | |||||||
Square feet of office building | 145,000 | 145,000 | ||||||
Purchases of property and equipment, net | 6,100,000 | |||||||
Number of buildings | 3 | |||||||
Sale of commercial property to the joint venture | 2,900,000 | |||||||
Property contributed to the joint venture excluded certain residential development entitlements | 1,200,000 | |||||||
PGA Design Center Holdings, LLC [Member] | Stiles Development [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership interest | 60.00% | |||||||
Hialeah Communities, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Payments to acquire real estate | 900,000 | |||||||
Long-term Debt | 8,300,000 | |||||||
Deferred Gain on Sale of Property | 1,600,000 | |||||||
Advance To Related Party | 2,300,000 | |||||||
Hialeah Communities, LLC [Member] | BBX Capital [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in joint ventures | 1,800,000 | |||||||
Percentage of ownership interest | 45.00% | |||||||
Area of Real Estate Property | 50 | |||||||
Number Of Single Family Homes | 394 | |||||||
Real estate held-for-investment transferred to investment in joint ventures | 15,600,000 | |||||||
Cash | 2,200,000 | |||||||
Joint Venture Contribution Value | 4,900,000 | |||||||
Percent Of Initial Contribution Of Capital To Joint Venture | 57.00% | |||||||
Percent Of Proceeds Joint Venture Distributions After Internal Rate Of Return Threshold Is Met | 9.00% | |||||||
Hialeah Communities, LLC [Member] | Bonterra [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in joint ventures | $1,400,000 | |||||||
Percentage of ownership interest | 55.00% | |||||||
Percent Of Initial Contribution Of Capital To Joint Venture | 43.00% |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $16,065 | $1,354 | |
Altis At Kendall Square, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,264 | 1,300 | 1,300 |
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,000 | ||
New Urban/BBX Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 996 | 54 | |
Sunrise And Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,723 | ||
Hialeah Communities, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,091 | ||
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $1,991 |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in Unconsolidated Real Estate Joint Ventures [Abstract] | ||
Cash | $1,375 | $172 |
Real estate inventory | 75,395 | 23,321 |
Properties and equipment | 3,996 | |
Other assets | 4,423 | 557 |
Total assets | 85,189 | 24,050 |
Notes payable | 34,951 | 16,057 |
Other liabilities | 9,333 | 1,571 |
Total liabilities | 44,284 | 17,628 |
Total equity | 40,905 | 6,422 |
Total liabilities and equity | $85,189 | $24,050 |
Investments_in_Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Investments in Unconsolidated Real Estate Joint Ventures [Abstract] | |
Total revenues | $635 |
Total costs and expenses | -1,841 |
Net loss | ($1,206) |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | ||
Completed VOI units | $166,332,000 | $187,592,000 |
Construction-in-progress | 2,103,000 | |
Real estate held for future development | 83,560,000 | 83,540,000 |
Land and facilities held for sale | 675,000 | 586,000 |
Other inventory | 14,505,000 | 9,155,000 |
Purchase accounting adjustment | -57,282,000 | -66,876,000 |
Total | 209,893,000 | 213,997,000 |
Shipping goods, costs | 6,700,000 | 1,000,000 |
Renin Holdings LLC [Member] | ||
Inventory [Line Items] | ||
Other inventory | 8,600,000 | 8,400,000 |
BBX Sweet Holdings [Member] | ||
Inventory [Line Items] | ||
Other inventory | 5,900,000 | 800,000 |
Bluegreen Resorts [Member] | ||
Inventory [Line Items] | ||
Inventory impairment charges | $0 | $0 |
Real_Estate_HeldForSale_and_Re2
Real Estate Held-For-Sale and Real Estate Held-For-Investment (Real Estate Held-For-Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | $41,733 | $33,971 |
Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 33,505 | 18,268 |
Rental Properties [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 1,748 | 6,168 |
Residential Single-Family [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 4,385 | 6,447 |
Other Real Estate [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | $2,095 | $3,088 |
Real_Estate_HeldForSale_and_Re3
Real Estate Held-For-Sale and Real Estate Held-For-Investment (Real Estate Held-For-Investment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-of-investment | $75,590 | $107,336 |
Land [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-of-investment | 60,356 | 79,656 |
Rental Properties [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-of-investment | 14,445 | 26,891 |
Other Real Estate [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-of-investment | $789 | $789 |
Real_Estate_HeldForSale_and_Re4
Real Estate Held-For-Sale and Real Estate Held-For-Investment (Activity In Real Estate Held-For-Sale And Held-For-Investment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Acquired through foreclosure | $21,400 | $82,177 | $46,375 |
Transfers | -28,018 | ||
Real Estate Held-For-Sale [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period | 33,971 | 45,637 | |
Acquired through foreclosure | 5,300 | 18,978 | |
Transfers | 28,018 | ||
Purchases | 2,313 | ||
Sales | -26,973 | -26,751 | |
(Impairments) Recoveries | -896 | -3,893 | |
End of Period | 41,733 | 33,971 | |
Real Estate Held-For-Investment [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period | 107,336 | 37,413 | |
Acquired through foreclosure | 16,100 | 63,199 | |
Transfers | -28,018 | ||
Purchases | 1,977 | 6,063 | |
Improvements | 2,831 | 575 | |
Accumulated depreciation | -431 | ||
Sales | -16,200 | -465 | |
(Impairments) Recoveries | -8,005 | 551 | |
End of Period | $75,590 | $107,336 |
Real_Estate_HeldForSale_and_Re5
Real Estate Held-For-Sale and Real Estate Held-For-Investment (Real Estate Held-For-Sale Valuation Allowance) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Held-For-Sale and Real Estate Held-For-Investment [Abstract] | ||
Beginning of period | $4,818 | $3,729 |
Impairments | 896 | 3,893 |
Sales | -2,774 | -2,804 |
End of period | $2,940 | $4,818 |
Real_Estate_HeldforInvestment_
Real Estate Held-for-Investment And Real Estate Held-for-Sale (Foreclosed Asset Activity In Non-Interest Expense) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Held For Development And Sale [Line Items] | ||||
Trade sales | $74,083 | $10,243 | ||
Real estate operating expenses | -54,682 | -7,860 | ||
Real Estate Acquired In Settlement Of Loans And Tax Certificates [Member] | ||||
Real Estate Held For Development And Sale [Line Items] | ||||
Trade sales | 5,516 | 4,161 | 4,187 | |
Real estate operating expenses | -6,296 | -5,807 | -5,896 | |
Impairment of real estate | -8,901 | -3,342 | -9,078 | |
Net gains on the sale of assets | 4,677 | 4,155 | 788 | |
Net real estate losses | ($5,004) | ($833) | ($9,999) |
Properties_And_Equipment_Narra
Properties And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $7,400,000 | $6,700,000 | |
Carrying Amount of Pledged Assets | 114,865,000 | 156,447,000 | |
Long-term Debt | 102,974,000 | 107,984,000 | |
Land, Buildings And Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Plant and equipment sold | 4,900,000 | ||
Gain on sale of property and equipment | $1,000,000 |
Properties_And_Equipment_Compo
Properties And Equipment (Components Of Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $129,446 | $112,240 |
Accumulated Depreciation | -39,433 | -34,132 |
Properties and equipment - net | 90,013 | 78,108 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 67,112 | 57,648 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 8,410 | 8,002 |
Office Equipment, Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 53,501 | 45,147 |
Transportation And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $423 | $1,443 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2014 |
Goodwill [Line Items] | |||||
Goodwill | $7,377 | $12,241 | |||
Period in computing discounted cash flow values, years | 5 years | ||||
Amortization expense of intangible assets included in selling general and administrative expenses | 624 | 228 | 229 | ||
Anastasia [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 6,113 | ||||
Lease discount intangible liability | 389 | ||||
Intangible Assets, Amortization Period, in years | 5 years | ||||
Lease Premium [Member] | Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets average life, in years | 9 years | ||||
Lease Premium [Member] | Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets average life, in years | 6 years | ||||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets average life, in years | 20 years | ||||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets average life, in years | 4 years | ||||
BBX Sweet Holdings [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 7,377 | ||||
BBX Capital Corporation [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $12,241 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Change In Goodwill By Reportable Segment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $12,241 | |
Increase in Goodwill from acquisitions | 7,377 | |
Sale of BankAtlantic to BB&T | -12,241 | |
Goodwill, Ending Balance | 7,377 | |
BBX Sweet Holdings [Member] | ||
Goodwill [Line Items] | ||
Increase in Goodwill from acquisitions | 7,377 | |
Goodwill, Ending Balance | 7,377 | |
BBX Capital Corporation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 12,241 | |
Sale of BankAtlantic to BB&T | ($12,241) |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Gross | $73,893 | $67,744 | |
Accumulated Amortization | -1,540 | -916 | |
Total Intangible Assets | 72,353 | 66,828 | |
Goodwill | 7,377 | 12,241 | |
Intangible Assets, Net (Including Goodwill), Total | 79,730 | 66,828 | |
Management Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived, Intangible Assets, Gross | 63,000 | 63,000 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, Intangible Assets, Gross | 5,715 | 2,551 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, Intangible Assets, Gross | 2,631 | 70 | |
Non-Competition Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, Intangible Assets, Gross | 156 | 66 | |
Lease Premium [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, Intangible Assets, Gross | 2,301 | 2,057 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, Intangible Assets, Gross | $90 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Estimated Aggregate Amortization Of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets [Abstract] | |
2015 | $858 |
2016 | 858 |
2017 | 812 |
2018 | 794 |
2019 | $784 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2014 | Apr. 02, 2013 | Oct. 31, 2014 | Sep. 26, 2013 | Mar. 16, 2015 | Dec. 31, 2010 | Jul. 31, 2013 | Jan. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2015 | Jun. 11, 2014 | Dec. 31, 2014 | Apr. 30, 2013 | Mar. 26, 2013 | Jun. 30, 2013 | Nov. 30, 2012 | Apr. 01, 2014 | Nov. 30, 2014 | |
item | acre | ||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notes payable | $412,404,000 | $443,561,000 | $412,404,000 | ||||||||||||||||
Outstanding debt amount | 716,267,000 | 716,267,000 | |||||||||||||||||
Receivable backed notes payable - non-recourse | 320,275,000 | 368,759,000 | 320,275,000 | ||||||||||||||||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 479,600,000 | 506,598,000 | 479,600,000 | ||||||||||||||||
Interest rate | 3.01% | 3.01% | |||||||||||||||||
Real estate held-of-investment | 75,590,000 | 107,336,000 | 75,590,000 | ||||||||||||||||
Promissory note incurred from merger | 7,750,000 | ||||||||||||||||||
Woodbridge [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Promissory note incurred from merger | 11,750,000 | ||||||||||||||||||
Anastasia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||
Discount amount | 300,000 | ||||||||||||||||||
Promissory note incurred from merger | 7,500,000 | ||||||||||||||||||
Number of annual payments | 4 | ||||||||||||||||||
Anastasia [Member] | October 1, 2015 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Minimum installments amount | 2,000,000 | ||||||||||||||||||
Anastasia [Member] | October 1, 2016 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Minimum installments amount | 2,000,000 | ||||||||||||||||||
Anastasia [Member] | October 1, 2017 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Minimum installments amount | 2,000,000 | ||||||||||||||||||
Anastasia [Member] | October 1, 2018 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Minimum installments amount | 1,500,000 | ||||||||||||||||||
Quorum Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Timeshare receivable agreed purchase price | 40,000,000 | ||||||||||||||||||
Future advance rate | 85.00% | ||||||||||||||||||
Purchase fee | 0.50% | ||||||||||||||||||
2013 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Weighted-average interest rate | 3.20% | ||||||||||||||||||
Future advance rate | 93.75% | ||||||||||||||||||
Debt Instrument, Maturity Date | 4-Dec-28 | ||||||||||||||||||
BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 3.50% | ||||||||||||||||||
Interest rate floor | 0.38% | ||||||||||||||||||
BB&T Purchase Facility [Member] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 0 | ||||||||||||||||||
Maximum outstanding borrowing | 80,000,000 | ||||||||||||||||||
Repayment of debt | 42,300,000 | ||||||||||||||||||
Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | 9,700,000 | ||||||||||||||||||
Liberty Bank Facility [Member] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 16,100,000 | ||||||||||||||||||
Maximum outstanding borrowing | 50,000,000 | ||||||||||||||||||
Repayment of debt | 22,600,000 | ||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notes payable | 75,000,000 | ||||||||||||||||||
Debt, fixed rate | 8.05% | 8.80% | |||||||||||||||||
Outstanding debt amount | 90,061,000 | 94,111,000 | 90,061,000 | ||||||||||||||||
Debt instrument term (in years) | 7 years | ||||||||||||||||||
Bluegreen [Member] | Foundation Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notes payable | 13,200,000 | ||||||||||||||||||
Outstanding debt amount | 7,010,000 | 7,234,000 | 7,010,000 | ||||||||||||||||
Debt, possible additional extension term (years) | 2 years | ||||||||||||||||||
Acreage, Development Parcel | 109 | ||||||||||||||||||
Interest rate | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||||||
Bluegreen [Member] | Capital Source Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 2,945,000 | 4,500,000 | 4,208,000 | 2,945,000 | 2,900,000 | 5,000,000 | |||||||||||||
Interest rate | 5.91% | 5.92% | 5.91% | ||||||||||||||||
Bluegreen [Member] | Capital Source Term Loan [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 6.75% | ||||||||||||||||||
Bluegreen [Member] | Capital Source Term Loan [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 5.75% | ||||||||||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 4,817,000 | 2,474,000 | 4,817,000 | ||||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||||||
Interest rate | 3.25% | 3.17% | 3.25% | ||||||||||||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 789,000 | 9,544,000 | 789,000 | ||||||||||||||||
Basis spread on rate | 4.50% | ||||||||||||||||||
Maximum outstanding borrowing | 10,000,000 | ||||||||||||||||||
Interest rate | 5.50% | 5.50% | 5.50% | ||||||||||||||||
Interest rate floor | 5.50% | ||||||||||||||||||
Bluegreen [Member] | CapitalSource Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 4.50% | 5.75% | |||||||||||||||||
Maximum outstanding borrowing | 40,000,000 | 35,000,000 | |||||||||||||||||
Debt, possible additional extension term (years) | 12 months | ||||||||||||||||||
Bluegreen [Member] | BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 70.00% | 75.00% | |||||||||||||||||
Maximum outstanding borrowing | 20,000,000 | 80,000,000 | |||||||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 0.75% | ||||||||||||||||||
Maximum outstanding borrowing | 50,000,000 | 50,000,000 | |||||||||||||||||
Interest rate floor | 4.25% | ||||||||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | 22,300,000 | ||||||||||||||||||
BBX Capital Asset Management LLC (CAM) [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||||||
Interest Acquired In Loan, Percent | 32.20% | ||||||||||||||||||
Real estate held-of-investment | 30,700,000 | ||||||||||||||||||
BBX Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Guaranty liabilities | 4,500,000 | ||||||||||||||||||
BBX Capital [Member] | Woodbridge [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of ownership interest | 46.00% | ||||||||||||||||||
BBX Sweet Holdings [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 1,700,000 | ||||||||||||||||||
Debt amortization schedule | 25 years | ||||||||||||||||||
Non-Recourse Receivable Backed Notes Payable [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 320,275,000 | 320,275,000 | |||||||||||||||||
Receivable backed notes payable - non-recourse | 320,275,000 | 368,759,000 | 320,275,000 | ||||||||||||||||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 361,931,000 | 406,186,000 | 361,931,000 | ||||||||||||||||
Non-Recourse Receivable Backed Notes Payable [Member] | Quorum Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed notes payable - non-recourse | 26,447,000 | 23,775,000 | 26,447,000 | ||||||||||||||||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 30,158,000 | 27,280,000 | 30,158,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.90% | 6.90% | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.50% | 5.00% | |||||||||||||||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2013 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed notes payable - non-recourse | 82,239,000 | 106,798,000 | 82,239,000 | ||||||||||||||||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 86,503,000 | 110,862,000 | 86,503,000 | ||||||||||||||||
Interest rate | 3.20% | 3.20% | 3.20% | ||||||||||||||||
Non-Recourse Receivable Backed Notes Payable [Member] | BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed notes payable - non-recourse | 42,818,000 | 42,818,000 | |||||||||||||||||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 56,406,000 | 56,406,000 | |||||||||||||||||
Interest rate | 3.88% | 3.88% | |||||||||||||||||
Promissory Note [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Minimum installments amount | 27,000 | ||||||||||||||||||
Promissory Note [Member] | BBX Capital Asset Management LLC (CAM) [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | 9,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-Feb-20 | ||||||||||||||||||
Promissory Note [Member] | BBX Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 8,500,000 | 8,600,000 | |||||||||||||||||
Discount amount | 500,000 | ||||||||||||||||||
Fifth Third Syndicated LOC [Member] | Bluegreen [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 10,000,000 | 10,000,000 | |||||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||||||
Maximum outstanding borrowing | 25,000,000 | ||||||||||||||||||
Interest rate | 3.01% | 3.01% | |||||||||||||||||
Acquisition And Development Loan [Member] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 31,000,000 | ||||||||||||||||||
Guarantor percent of joint venture loan | 26.30% | ||||||||||||||||||
Wells Fargo Loan [Member] | Renin Holdings LLC [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Revolving basis, amount drawn | 6,500,000 | ||||||||||||||||||
Maximum outstanding borrowing | 18,000,000 | ||||||||||||||||||
Debt Instrument, Face Amount | 1,500,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.25% | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% | ||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 75,000 | ||||||||||||||||||
Promissory Note, 5.25% [Member] | BBX Sweet Holdings [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5.25% | ||||||||||||||||||
Intrest rate term, in years | 5 years | ||||||||||||||||||
Promissory Note, SWAP Rate Plus 3.45% [Member] | BBX Sweet Holdings [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 3.45% | ||||||||||||||||||
Intrest rate term, in years | 5 years | ||||||||||||||||||
Promissory Notes [Member] | Woodbridge [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||
Debt instrument term (in years) | 5 years | ||||||||||||||||||
Issued promissory note | 11,750,000 | ||||||||||||||||||
Foreclosed Real Estate [Member] | BBX Capital Asset Management LLC (CAM) [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, fixed rate | 1.00% | ||||||||||||||||||
Debt Instrument, Face Amount | 9,000,000 | ||||||||||||||||||
Discount amount | 500,000 | ||||||||||||||||||
Debt, fair value | 8,500,000 |
Debt_Narrative_II_Details
Debt (Narrative II) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 26, 2013 | Jul. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2012 | Mar. 16, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2013 | Mar. 05, 2014 | Nov. 30, 2013 | Mar. 26, 2013 | Jun. 30, 2013 | Apr. 01, 2014 | Mar. 31, 2012 | |
item | item | ||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notes Payable | $412,404,000 | $412,404,000 | $443,561,000 | ||||||||||||||||
Outstanding debt amount | 716,267,000 | 716,267,000 | |||||||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 150,038,000 | 150,038,000 | 147,431,000 | ||||||||||||||||
Preferred Interest | 12,348,000 | 12,348,000 | 68,517,000 | ||||||||||||||||
Interest expense trust preferred securities | 51,300,000 | ||||||||||||||||||
BXG Receivables Note Trust 2006-B [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount funded in connection notes | 9,500,000 | ||||||||||||||||||
Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | 9,700,000 | ||||||||||||||||||
Legacy Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 18.50% | 18.50% | 18.50% | ||||||||||||||||
NBA Receivables Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 30,000,000 | ||||||||||||||||||
Future advance rate | 85.00% | 85.00% | |||||||||||||||||
Basis spread on rate | 3.50% | 3.50% | 3.25% | ||||||||||||||||
Interest rate floor | 4.50% | 4.50% | 4.00% | ||||||||||||||||
Effective yield rate | 4.00% | 4.00% | 6.75% | ||||||||||||||||
Debt maturity date | 1-Apr-21 | ||||||||||||||||||
Outstanding debt amount | 9,100,000 | 9,100,000 | |||||||||||||||||
NBA Receivables Facility [Member] | One Time Advances [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 4.50% | ||||||||||||||||||
Outstanding debt amount | 20,000,000 | 20,000,000 | |||||||||||||||||
BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 3.50% | ||||||||||||||||||
Interest rate floor | 0.38% | ||||||||||||||||||
BB&T Purchase Facility [Member] | Spread After Revolving Advanced Period [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on rate | 5.50% | ||||||||||||||||||
BB&T Purchase Facility [Member] | 6.9% Interest Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate floor | 6.90% | ||||||||||||||||||
Outstanding debt amount | 9,600,000 | 9,600,000 | |||||||||||||||||
BB&T Purchase Facility [Member] | 5.5% Interest Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate floor | 5.50% | ||||||||||||||||||
Outstanding debt amount | 8,800,000 | 8,800,000 | |||||||||||||||||
BB&T Purchase Facility [Member] | 5% Interest Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate floor | 5.00% | ||||||||||||||||||
Outstanding debt amount | 8,100,000 | 8,100,000 | |||||||||||||||||
Quorum Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 85.00% | ||||||||||||||||||
Program fee rate | 5.00% | ||||||||||||||||||
Timeshare receivable agreed purchase price | 40,000,000 | ||||||||||||||||||
2013 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 93.75% | ||||||||||||||||||
Debt maturity date | 4-Dec-28 | ||||||||||||||||||
Receivable backed debt | 110,600,000 | ||||||||||||||||||
Number Of Tranches | 2 | ||||||||||||||||||
Weighted-average interest rate | 3.20% | ||||||||||||||||||
2013 Term Securitization [Member] | Timeshare Receivables [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed debt | 118,000,000 | 118,000,000 | 95,400,000 | 22,600,000 | |||||||||||||||
2013 Term Securitization [Member] | Class A [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 3.01% | ||||||||||||||||||
Receivable backed debt | 89,100,000 | ||||||||||||||||||
2013 Term Securitization [Member] | Class B [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 4.00% | ||||||||||||||||||
Receivable backed debt | 21,500,000 | ||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notes Payable | 75,000,000 | ||||||||||||||||||
Outstanding debt amount | 90,061,000 | 90,061,000 | 94,111,000 | ||||||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 110,827,000 | 110,827,000 | 110,827,000 | ||||||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 50,000,000 | 50,000,000 | |||||||||||||||||
Basis spread on rate | 0.75% | ||||||||||||||||||
Interest rate floor | 4.25% | ||||||||||||||||||
Effective yield rate | 4.25% | 4.25% | |||||||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | Qualified Timeshare Loans Assigned To Agent [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 85.00% | ||||||||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | Qualified Timeshare Loans Assigned To Agent II[Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 50.00% | ||||||||||||||||||
Bluegreen [Member] | Legacy Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 18.50% | 18.50% | |||||||||||||||||
Notes Payable | 27,000,000 | 27,000,000 | |||||||||||||||||
Notes payable, coupon rate | 12.00% | ||||||||||||||||||
Discount amount | 2,700,000 | 2,700,000 | |||||||||||||||||
Bluegreen [Member] | Legacy Securitization [Member] | Timeshare Receivables [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed debt | 36,100,000 | 36,100,000 | |||||||||||||||||
Bluegreen [Member] | CapitalSource Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 40,000,000 | 35,000,000 | |||||||||||||||||
Basis spread on rate | 4.50% | 5.75% | |||||||||||||||||
Effective yield rate | 4.67% | 4.67% | |||||||||||||||||
Bluegreen [Member] | BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 20,000,000 | 80,000,000 | |||||||||||||||||
Future advance rate | 70.00% | 75.00% | |||||||||||||||||
Effective yield rate | 3.88% | 3.88% | |||||||||||||||||
Bluegreen [Member] | Other Receivable-Backed Notes Payable [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding debt amount | 151,000 | ||||||||||||||||||
Repayment of debt | 69,400,000 | ||||||||||||||||||
BBX Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum allowed period of deferred payment, in months | 60 months | ||||||||||||||||||
Interest expense trust preferred securities | 51,300,000 | ||||||||||||||||||
BB&T [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | 39,300,000 | ||||||||||||||||||
Preferred Interest | 285,400,000 | 285,400,000 | |||||||||||||||||
Woodbridge [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 85,052,000 | 85,052,000 | 85,052,000 | ||||||||||||||||
Eligible A Receivables [Member] | Bluegreen [Member] | CapitalSource Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 85.00% | ||||||||||||||||||
Eligible B Receivables [Member] | Bluegreen [Member] | CapitalSource Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Future advance rate | 45.00% | ||||||||||||||||||
Subsequent Event [Member] | BB&T/DZ Purchase Facility And Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Additional availability line of credit | 64,400,000 | ||||||||||||||||||
Subsequent Event [Member] | Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 50,000,000 | ||||||||||||||||||
Outstanding debt amount | 16,100,000 | ||||||||||||||||||
Repayment of debt | 22,600,000 | ||||||||||||||||||
Subsequent Event [Member] | BB&T Purchase Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum outstanding borrowing | 80,000,000 | ||||||||||||||||||
Outstanding debt amount | 0 | ||||||||||||||||||
Repayment of debt | 42,300,000 | ||||||||||||||||||
Subsequent Event [Member] | 2015 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Receivable backed debt | 117,800,000 | 117,800,000 | |||||||||||||||||
Number Of Tranches | 2 | ||||||||||||||||||
Weighted-average interest rate | 3.02% | 3.02% | |||||||||||||||||
Gross advance rate | 94.25% | ||||||||||||||||||
Timeshare Receivables To Be Sold | 125,000,000 | ||||||||||||||||||
Proceeds from Issuance of Debt | 40,000,000 | ||||||||||||||||||
Proceeds From Issuance Of Debt Once Timeshare Receivables Are Sold | 23,400,000 | ||||||||||||||||||
Gain Loss Reognized On Sale Of Timeshare Receivables | 0 | ||||||||||||||||||
Subsequent Event [Member] | 2015 Term Securitization [Member] | Standard & Poor's, A Rating [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 2.88% | 2.88% | |||||||||||||||||
Receivable backed debt | 89,400,000 | 89,400,000 | |||||||||||||||||
Subsequent Event [Member] | 2015 Term Securitization [Member] | Standard & Poor's, BBB/BBB- Rating [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Effective yield rate | 3.47% | 3.47% | |||||||||||||||||
Receivable backed debt | 28,400,000 | 28,400,000 | |||||||||||||||||
Subsequent Event [Member] | Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | 22,300,000 | ||||||||||||||||||
Subsequent Event [Member] | Sold At Closing [Member] | 2015 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Timeshare Receivables To Be Sold | 100,200,000 | ||||||||||||||||||
Subsequent Event [Member] | Remaining After Closing [Member] | 2015 Term Securitization [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Timeshare Receivables To Be Sold | $24,800,000 | $8,600,000 |
Debt_Contractual_Minimum_Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $27,691 |
2016 | 14,624 |
2017 | 13,121 |
2018 | 106,098 |
2019 | 75,471 |
Thereafter | 479,262 |
Contractual minimum principal payments of debt outstanding, Gross | 716,267 |
Purchase Accounting | -45,841 |
Contractual minimum principal payments of debt outstanding, Total | 670,426 |
Notes And Mortgage Notes Payable And Lines Of Credit [Member] | |
Debt Instrument [Line Items] | |
2015 | 27,691 |
2016 | 10,266 |
2017 | 8,762 |
2018 | 20,834 |
2019 | 29,574 |
Thereafter | 10,857 |
Contractual minimum principal payments of debt outstanding, Gross | 107,984 |
Contractual minimum principal payments of debt outstanding, Total | 107,984 |
Recourse Receivable Backed Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2016 | 4,358 |
2017 | 4,359 |
2018 | 42,447 |
2019 | 27,889 |
Thereafter | 13,076 |
Contractual minimum principal payments of debt outstanding, Gross | 92,129 |
Contractual minimum principal payments of debt outstanding, Total | 92,129 |
Non-Recourse Receivable Backed Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2018 | 42,817 |
2019 | 18,008 |
Thereafter | 259,450 |
Contractual minimum principal payments of debt outstanding, Gross | 320,275 |
Contractual minimum principal payments of debt outstanding, Total | 320,275 |
Junior Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Thereafter | 195,879 |
Contractual minimum principal payments of debt outstanding, Gross | 195,879 |
Purchase Accounting | -45,841 |
Contractual minimum principal payments of debt outstanding, Total | $150,038 |
Debt_Notes_And_Mortgage_Notes_
Debt (Notes And Mortgage Notes Payable And Other Borrowings) (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2010 | Jul. 31, 2013 | Jun. 30, 2013 | Nov. 30, 2012 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $716,267 | |||||||
Long-term Debt | 107,984 | 102,974 | ||||||
Interest Rate | 3.01% | |||||||
Carrying Amount of Pledged Assets | 156,447 | 114,865 | ||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 90,061 | 94,111 | ||||||
Less purchase accounting adjustments | -171 | |||||||
Long-term Debt | 90,061 | 93,940 | ||||||
Carrying Amount of Pledged Assets | 130,641 | 95,295 | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 10,000 | |||||||
Interest Rate | 3.01% | |||||||
Carrying Amount of Pledged Assets | 52,453 | |||||||
Basis spread on rate | 2.75% | |||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 64,500 | 70,500 | ||||||
Interest Rate | 8.05% | 8.05% | ||||||
Carrying Amount of Pledged Assets | 43,903 | 51,844 | ||||||
Bluegreen [Member] | Foundation Capital [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 7,010 | 7,234 | ||||||
Interest Rate | 8.00% | 8.00% | 8.00% | |||||
Carrying Amount of Pledged Assets | 10,596 | 10,596 | ||||||
Bluegreen [Member] | Capital Source Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 2,945 | 4,208 | 4,500 | 2,900 | 5,000 | |||
Interest Rate | 5.91% | 5.92% | ||||||
Carrying Amount of Pledged Assets | 11,882 | 11,615 | ||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 4,817 | 2,474 | ||||||
Interest Rate | 3.25% | 3.17% | ||||||
Carrying Amount of Pledged Assets | 4,206 | 4,206 | ||||||
Basis spread on rate | 3.00% | |||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 789 | 9,544 | ||||||
Interest Rate | 5.50% | 5.50% | ||||||
Carrying Amount of Pledged Assets | 7,601 | 15,437 | ||||||
Basis spread on rate | 4.50% | |||||||
Bluegreen [Member] | Other Receivable-Backed Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 151 | |||||||
Interest Rate | 5.00% | |||||||
Interest Rate, minimum | 5.00% | |||||||
Carrying Amount of Pledged Assets | 1,597 | |||||||
BBX Capital [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 17,923 | 9,034 | ||||||
Carrying Amount of Pledged Assets | 25,806 | 19,570 | ||||||
BBX Capital [Member] | Wells Fargo Capital Finance [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 8,028 | |||||||
Interest Rate | 0.00% | |||||||
Interest Rate, minimum | 0.50% | |||||||
Interest Rate, maximum | 3.25% | |||||||
Carrying Amount of Pledged Assets | 23,661 | |||||||
BBX Capital [Member] | Anastasia Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 7,214 | |||||||
Interest Rate | 5.00% | |||||||
BBX Capital [Member] | Centennial Bank [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 1,645 | |||||||
Interest Rate | 5.25% | |||||||
Carrying Amount of Pledged Assets | 2,145 | |||||||
BBX Capital [Member] | Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 8,579 | [1] | ||||||
Carrying Amount of Pledged Assets | 19,570 | [1] | ||||||
Interest Rate, Description | Prime + 1.0% | [1] | ||||||
Basis spread on rate | 1.00% | |||||||
BBX Capital [Member] | Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $1,036 | $455 | ||||||
[1] | The promissory note bears interest at Prime Rate (as published in the Wall Street Journal) plus 1.00%. |
Debt_ReceivableBacked_Notes_Pa
Debt (Receivable-Backed Notes Payable) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 05, 2014 | Sep. 26, 2013 | |
Debt Instrument [Line Items] | ||||||
Recourse receivable-backed notes | $74,802 | $92,129 | ||||
Receivable backed notes payable - non-recourse | 368,759 | 320,275 | ||||
Total receivable-backed debt | 443,561 | 412,404 | ||||
Interest Rate | 3.01% | |||||
Principal Balance of Pledged/Secured Receivables | 506,598 | 479,600 | ||||
Legacy Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 12.00% | 12.00% | ||||
Effective yield rate | 18.50% | 18.50% | ||||
NBA Receivables Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective yield rate | 4.00% | 6.75% | ||||
2013 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 110,600 | |||||
Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 75,472 | 92,129 | ||||
Debt Instrument, Unamortized Discount | -670 | |||||
Receivable Backed Debt After Unamortized Discount | 74,802 | 92,129 | ||||
Principal Balance of Pledged/Secured Receivables | 100,412 | 117,669 | ||||
Recourse Receivable Backed Notes Payable [Member] | Liberty Bank Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 19,756 | 38,088 | ||||
Interest Rate | 4.25% | 4.25% | ||||
Principal Balance of Pledged/Secured Receivables | 23,956 | 49,976 | ||||
Recourse Receivable Backed Notes Payable [Member] | Legacy Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 6,569 | [1] | ||||
Interest Rate | 12.00% | [1] | ||||
Principal Balance of Pledged/Secured Receivables | 14,662 | [1] | ||||
Recourse Receivable Backed Notes Payable [Member] | NBA Receivables Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 28,505 | 29,058 | ||||
Interest Rate, minimum | 4.00% | 4.50% | ||||
Interest Rate, maximum | 6.75% | |||||
Principal Balance of Pledged/Secured Receivables | 34,143 | 35,296 | ||||
Recourse Receivable Backed Notes Payable [Member] | CapitalSource Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable Backed Debt Gross | 20,642 | 24,983 | ||||
Interest Rate | 4.67% | 4.67% | ||||
Principal Balance of Pledged/Secured Receivables | 27,651 | 32,397 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 368,759 | 320,275 | ||||
Principal Balance of Pledged/Secured Receivables | 406,186 | 361,931 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | BB&T Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 42,818 | |||||
Interest Rate | 3.88% | |||||
Principal Balance of Pledged/Secured Receivables | 56,406 | |||||
Non-Recourse Receivable Backed Notes Payable [Member] | Quorum Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 23,775 | 26,447 | ||||
Interest Rate, minimum | 5.00% | 5.50% | ||||
Interest Rate, maximum | 6.90% | 6.90% | ||||
Principal Balance of Pledged/Secured Receivables | 27,280 | 30,158 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | GE 2004 Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 4,416 | |||||
Interest Rate | 7.16% | |||||
Principal Balance of Pledged/Secured Receivables | 4,956 | |||||
Non-Recourse Receivable Backed Notes Payable [Member] | GE 2006 Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 25,341 | 18,008 | ||||
Interest Rate | 7.35% | 7.35% | ||||
Principal Balance of Pledged/Secured Receivables | 28,112 | 19,881 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2006 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 20,411 | 12,366 | ||||
Interest Rate | 6.16% | 6.16% | ||||
Principal Balance of Pledged/Secured Receivables | 21,700 | 12,881 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2007 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 44,197 | 30,126 | ||||
Interest Rate | 7.32% | 7.32% | ||||
Principal Balance of Pledged/Secured Receivables | 49,015 | 33,094 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2008 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 16,998 | 11,846 | ||||
Interest Rate | 7.88% | 7.88% | ||||
Principal Balance of Pledged/Secured Receivables | 19,072 | 13,089 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2010 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 50,486 | 37,048 | ||||
Interest Rate | 5.54% | 5.54% | ||||
Principal Balance of Pledged/Secured Receivables | 60,762 | 44,092 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2012 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 76,337 | 59,377 | ||||
Interest Rate | 2.94% | 2.94% | ||||
Principal Balance of Pledged/Secured Receivables | 84,427 | 65,827 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | 2013 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 106,798 | 82,239 | ||||
Interest Rate | 3.20% | 3.20% | ||||
Principal Balance of Pledged/Secured Receivables | $110,862 | $86,503 | ||||
[1] | Legacy Securitization debt bears interest at a coupon rate of 12% and was issued at a discount resulting in an effective yield of 18.5%. The Legacy Securitization was repaid in full during April 2014. |
Debt_Junior_Subordinated_Deben
Debt (Junior Subordinated Debentures Outstanding) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Outstanding Amount | $150,038 | $147,431 | |
Purchase accounting | -45,841 | -48,448 | |
Woodbridge [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | 85,052 | 85,052 | |
Woodbridge [Member] | Levitt Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 15-Mar-05 | ||
Outstanding Amount | 23,196 | 23,196 | |
Interest Rate, Description | LIBOR + 3.85% | [1] | |
Basis spread on rate | 3.85% | ||
Maturity Date | 1-Mar-35 | ||
Beginning Optional Redemption Date | 15-Mar-10 | ||
Woodbridge [Member] | Levitt Capital Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 4-May-05 | ||
Outstanding Amount | 30,928 | 30,928 | |
Interest Rate, Description | LIBOR + 3.80% | [1] | |
Basis spread on rate | 3.80% | ||
Maturity Date | 30-Jun-35 | ||
Beginning Optional Redemption Date | 30-Jun-10 | ||
Woodbridge [Member] | Levitt Capital Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 1-Jun-06 | ||
Outstanding Amount | 15,464 | 15,464 | |
Interest Rate, Description | LIBOR + 3.80% | [1] | |
Basis spread on rate | 3.80% | ||
Maturity Date | 30-Jun-36 | ||
Beginning Optional Redemption Date | 30-Jun-11 | ||
Woodbridge [Member] | Levitt Capital Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 18-Jul-06 | ||
Outstanding Amount | 15,464 | 15,464 | |
Interest Rate, Description | LIBOR + 3.80% | [1] | |
Basis spread on rate | 3.80% | ||
Maturity Date | 30-Sep-36 | ||
Beginning Optional Redemption Date | 30-Sep-11 | ||
Bluegreen [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | 110,827 | 110,827 | |
Bluegreen [Member] | Bluegreen Statutory Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 15-Mar-05 | ||
Outstanding Amount | 23,196 | 23,196 | |
Interest Rate, Description | LIBOR +4.90% | [1] | |
Basis spread on rate | 4.90% | ||
Maturity Date | 30-Mar-35 | ||
Beginning Optional Redemption Date | 30-Mar-10 | ||
Bluegreen [Member] | Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 4-May-05 | ||
Outstanding Amount | 25,774 | 25,774 | |
Interest Rate, Description | LIBOR +4.85% | [1] | |
Basis spread on rate | 4.85% | ||
Maturity Date | 30-Jul-35 | ||
Beginning Optional Redemption Date | 30-Jul-10 | ||
Bluegreen [Member] | Bluegreen Statutory Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 10-May-05 | ||
Outstanding Amount | 10,310 | 10,310 | |
Interest Rate, Description | LIBOR +4.85% | [1] | |
Basis spread on rate | 4.85% | ||
Maturity Date | 30-Jul-35 | ||
Beginning Optional Redemption Date | 30-Jul-10 | ||
Bluegreen [Member] | Bluegreen Statutory Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 24-Apr-06 | ||
Outstanding Amount | 15,464 | 15,464 | |
Interest Rate, Description | LIBOR +4.85% | [1] | |
Basis spread on rate | 4.85% | ||
Maturity Date | 30-Jun-36 | ||
Beginning Optional Redemption Date | 30-Jun-11 | ||
Bluegreen [Member] | Bluegreen Statutory Trust V [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 21-Jul-06 | ||
Outstanding Amount | 15,464 | 15,464 | |
Interest Rate, Description | LIBOR +4.85% | [1] | |
Basis spread on rate | 4.85% | ||
Maturity Date | 30-Sep-36 | ||
Beginning Optional Redemption Date | 30-Sep-11 | ||
Bluegreen [Member] | Bluegreen Statutory Trust VI [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | 26-Feb-07 | ||
Outstanding Amount | $20,619 | $20,619 | |
Interest Rate, Description | LIBOR +4.80% | [1] | |
Basis spread on rate | 4.80% | ||
Maturity Date | 30-Apr-37 | ||
Beginning Optional Redemption Date | 30-Apr-12 | ||
[1] | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2012 | Dec. 31, 2009 | Sep. 30, 2009 | |
Operating Loss Carryforwards [Line Items] | ||||||||
Amount reducing deferred tax valuation allowance from continuing operations | $1,300,000 | $2,800,000 | ||||||
Increase (decrease) in deferred tax valuation allowance | 1,447,000 | -17,800,000 | -4,414,000 | |||||
Deferred tax assets operating loss carryforwards period, in years | 20 years | |||||||
Net operating loss carry-back period, in years | 2 years | |||||||
Extended net operating loss carry-back period, in years | 5 years | |||||||
Income tax refund amount | 10,800,000 | 29,200,000 | ||||||
Unrecognized tax benefits | 0 | 0 | 0 | |||||
Minimum percentages of equity interest owned to included in consolidated income tax return | 80.00% | |||||||
Percent below amount of outstanding equity not included in consolidated income tax return | 80.00% | |||||||
Net operating loss carryforward | 310,700,000 | 80,200,000 | ||||||
Net operating loss carryforward attributed to exercise of stock options | 14,200,000 | |||||||
BBX Capital [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Amount reducing deferred tax valuation allowance from continuing operations | 2,300,000 | |||||||
Excess allowance for bad debt | 21,500,000 | |||||||
Reduction in bad debts | 21,500,000 | |||||||
BBX Capital [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 119,800,000 | |||||||
Federal tax credit carryforwards | 2,100,000 | |||||||
BBX Capital [Member] | State [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 540,600,000 | |||||||
Woodbridge [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 105,300,000 | |||||||
Woodbridge [Member] | Florida [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 211,000,000 | |||||||
Debtors' Estate [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Income tax refund amount | 11,700,000 | |||||||
Bluegreen [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Alternative minimum tax credit carryforwards | 29,800,000 | |||||||
Tax penalties and interest | 1,100,000 | 900,000 | ||||||
Bluegreen [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 5,900,000 | |||||||
Bluegreen [Member] | State [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 319,100,000 | |||||||
Renin Holdings LLC [Member] | Canadian [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 3,300,000 | |||||||
Expire In 2030 [Member] | BBX Capital [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 58,400,000 | |||||||
Expire In 2031 [Member] | BBX Capital [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | 59,800,000 | |||||||
Expire In 2034 [Member] | BBX Capital [Member] | U.S. Federal [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Net operating loss carryforward | $1,600,000 |
Income_Taxes_United_States_And
Income Taxes (United States And Foreign Components Of Income From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
U.S. | $72,147 | $98,471 | $60,462 |
Foreign | -3,175 | -963 | |
Total | $68,972 | $97,508 | $60,462 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $20,756 | $4,275 | ($139) | |||||||||||
Current: State | 3,904 | 1,948 | 596 | |||||||||||
Current provision (benefit), Total | 24,660 | 6,223 | 457 | |||||||||||
Deferred: Federal | 10,785 | 20,180 | 11,119 | |||||||||||
Deferred: State | 1,412 | -34 | 4,649 | |||||||||||
Deferred income taxes, Total | 12,197 | 20,146 | 15,768 | |||||||||||
Income Tax Expense (Benefit), Total | $5,492 | $11,136 | $11,447 | $8,782 | $1,700 | $11,552 | $5,540 | $7,577 | $36,857 | [1] | $26,369 | [1] | $16,225 | [1] |
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. |
Income_Taxes_Actual_Provisions
Income Taxes (Actual Provisions For Income Taxes From Continuing Operations Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Taxes [Abstract] | ||||||||||||||
Income tax provision at expected federal income tax rate of 35% | $22,349 | [1] | $34,128 | [1] | $21,162 | [1] | ||||||||
Income tax provision at expected federal income tax rate, rate | 35.00% | [1] | 35.00% | [1] | 35.00% | [1] | ||||||||
Benefit for state taxes, net of federal effect | 5,934 | [1] | 2,739 | [1] | 2,428 | [1] | ||||||||
Benefit for state taxes, net of federal effect, rate | 9.29% | [1] | 2.81% | [1] | 4.02% | [1] | ||||||||
Taxes related to subsidiaries not consolidated for income tax purposes | 1,124 | [1] | -2,324 | [1] | -4,821 | [1] | ||||||||
Taxes related to subsidiaries not consolidated for income tax purposes, rate | 1.76% | [1] | -2.38% | [1] | -7.97% | [1] | ||||||||
Nondeductible executive compensation | 4,993 | [1] | 3,463 | [1] | [1] | |||||||||
Nondeductible executive compensation, rate | 7.82% | [1] | 3.55% | [1] | [1] | |||||||||
Decrease in valuation allowance | 1,447 | [1] | -17,800 | [1] | -4,414 | [1] | ||||||||
Decrease in valuation allowance, rate | 2.27% | [1] | -18.25% | [1] | -7.30% | [1] | ||||||||
Other b net | 1,010 | [1] | 6,163 | [1] | 1,870 | [1] | ||||||||
Other b net, rate | 1.58% | [1] | 6.32% | [1] | 3.09% | [1] | ||||||||
Income Tax Expense (Benefit), Total | $5,492 | $11,136 | $11,447 | $8,782 | $1,700 | $11,552 | $5,540 | $7,577 | $36,857 | [1] | $26,369 | [1] | $16,225 | [1] |
Provision for income taxes, rate | 57.72% | [1] | 27.05% | [1] | 26.84% | [1] | ||||||||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Taxes [Abstract] | |||||
Allowance for loan losses, REO, tax xertificate losses and write downs for financial statement purposes | $53,780 | $47,958 | $44,044 | ||
Federal and State NOL and tax credit carryforward | 270,331 | 289,464 | 323,660 | ||
Capital loss carryforward | 766 | 766 | 766 | ||
Real estate valuation | 27,269 | 29,929 | 37,300 | ||
Share based compensation | 5,742 | 4,696 | 9,947 | ||
Income recognized for tax purposes and deferred for financial statement purposes | 103 | 103 | 103 | ||
Investment in securities | -112 | -89 | -62 | ||
Investment in unconsolidated affiliates | 828 | 828 | 828 | ||
Property and equipment | 1,056 | 2,300 | 3,829 | ||
Other | 2,913 | 5,794 | 4,698 | ||
Total gross deferred tax assets | 362,676 | 381,749 | 425,113 | ||
Valuation allowance | -257,681 | -256,410 | -274,861 | -388,350 | |
Total deferred tax assets | 104,995 | 125,339 | 150,252 | ||
Installment sales treatment of notes | 152,419 | 158,065 | 163,414 | ||
Intangible assets | 26,467 | 24,292 | 23,668 | ||
Junior subordinate notes | 18,700 | 19,313 | 20,341 | ||
Other | 18 | 758 | |||
Total gross deferred tax liabilities | 197,604 | 202,428 | 207,423 | ||
Net deferred tax liability | -92,609 | -77,089 | -57,171 | ||
Less net deferred tax liability at beginning of period | 92,609 | 77,089 | 77,089 | 57,171 | 25,829 |
Net deferred tax liabilities from acquisitions | 3,107 | ||||
Reduction in deferred tax valuation allowance for continuing operations | -4,088 | ||||
Benefit (provision) for deferred income taxes | -12,413 | -19,918 | -35,430 | ||
Less: (Provision) benefit for deferred income taxes - discontinued operations | -216 | 228 | -19,662 | ||
Deferred income taxes, Total | ($12,197) | ($20,146) | ($15,768) |
Income_Taxes_Activity_In_Defer
Income Taxes (Activity In Deferred Tax Assets Valuation Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Balance, beginning of period | $256,410 | $274,861 | $388,350 |
Increase (decrease) in deferred tax valuation allowance | 1,447 | -17,800 | -4,414 |
Increase (decrease) in deferred tax valuation allowance- discontinued operation | -153 | -222 | -102,388 |
Other comprehensive loss | -23 | -27 | -6,687 |
Acquisitions | -402 | ||
Balance, end of period | $257,681 | $256,410 | $274,861 |
Recovered_Sheet5
Commitments And Contingencies (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||
Apr. 05, 2013 | 25-May-11 | Sep. 30, 2006 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Jan. 12, 2015 | Oct. 31, 2014 | Aug. 31, 2012 | Dec. 31, 2009 | Jun. 30, 2012 | Feb. 05, 2014 | Mar. 11, 2013 | Jul. 05, 2012 | Oct. 31, 2013 | Feb. 13, 2012 | Dec. 06, 2011 | Apr. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2013 | Apr. 19, 2012 | Dec. 31, 2011 | Jun. 30, 2008 | Sep. 21, 2009 | 31-May-14 | Nov. 30, 2012 | Apr. 09, 2012 | Jan. 17, 2012 | |
item | lawsuit | lawsuit | item | lawsuit | lawsuit | lawsuit | |||||||||||||||||||||||||
acre | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Notes Issued | $21,000 | ||||||||||||||||||||||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | 4,400,000 | -2,846,000 | |||||||||||||||||||||||||||||
Decrease to additional paid in capital, per share value award | 2,800,000 | ||||||||||||||||||||||||||||||
Liabilities for subsidy guarantees | 176,493,000 | 167,035,000 | |||||||||||||||||||||||||||||
Division issued a notice of assessment, amount | 700,000 | ||||||||||||||||||||||||||||||
Number of taxable transactions | 2 | ||||||||||||||||||||||||||||||
Number of transactions in question | 3 | ||||||||||||||||||||||||||||||
Number of transactions for which proper sales tax already remitted | 1 | ||||||||||||||||||||||||||||||
Promissory note incurred from merger | 7,750,000 | ||||||||||||||||||||||||||||||
Long-term Debt, Gross | 716,267,000 | ||||||||||||||||||||||||||||||
Tax certificate issued interest rate | 0.00% | ||||||||||||||||||||||||||||||
Amount of bond in connection with appeal | 13,400,000 | ||||||||||||||||||||||||||||||
Contribution of Property | 1,920,000 | ||||||||||||||||||||||||||||||
Long-term Debt | 107,984,000 | 102,974,000 | |||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Insurance Settlements Receivable, Current | 5,800,000 | ||||||||||||||||||||||||||||||
Alan B. Levan [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Penalty Awarded In Trial By The Judge | 1,560,000 | ||||||||||||||||||||||||||||||
Anastasia [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Promissory note incurred from merger | 7,500,000 | ||||||||||||||||||||||||||||||
Florida [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Number of lawsuits after consolidated | 1 | ||||||||||||||||||||||||||||||
Debtors Bankruptcy Estates [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Escrow | 11,700,000 | 11,700,000 | 11,700,000 | ||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Litigation Liability | 4,200,000 | ||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Litigation Liability | 0 | ||||||||||||||||||||||||||||||
BFC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Final Payment due to Debtors | 485,000 | ||||||||||||||||||||||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | 4,600,000 | 7,500,000 | |||||||||||||||||||||||||||||
BFC [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Guaranteed obligation | 25,000,000 | ||||||||||||||||||||||||||||||
BFC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Guaranteed obligation | 15,000,000 | ||||||||||||||||||||||||||||||
BFC/CCC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of building | 215,000 | ||||||||||||||||||||||||||||||
Wholly owned subsidiary limited partner interest | 50.00% | ||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 0 | 229,000 | |||||||||||||||||||||||||||||
Recorded amount for obligation | 0 | ||||||||||||||||||||||||||||||
BFC/CCC [Member] | Office Building [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Interest in a limited partnership | 10.00% | ||||||||||||||||||||||||||||||
Woodbridge [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Stock price per share | $1.78 | ||||||||||||||||||||||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | 2,800,000 | ||||||||||||||||||||||||||||||
Court awarded value | 11,900,000 | ||||||||||||||||||||||||||||||
Accrued claims | 11,900,000 | 11,900,000 | |||||||||||||||||||||||||||||
Woodbridge [Member] | Debtors Bankruptcy Estates [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Settlement Agreement | 8,000,000 | ||||||||||||||||||||||||||||||
Woodbridge [Member] | Third Party Creditors [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Settlement Agreement | 4,500,000 | ||||||||||||||||||||||||||||||
Woodbridge [Member] | Deposit Holders [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Settlement Agreement | 300,000 | ||||||||||||||||||||||||||||||
Woodbridge [Member] | Class A Common Stock [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Dissenting shareholders, shares rejected | 4,200,000 | ||||||||||||||||||||||||||||||
Stock price per share | $1.10 | ||||||||||||||||||||||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | 4,600,000 | 7,500,000 | |||||||||||||||||||||||||||||
Conversion ratio, due to company merge, shares | 3.47 | ||||||||||||||||||||||||||||||
Woodbridge [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Stock price per share | $1.78 | ||||||||||||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Purchase commitment period, in years | 5 years | ||||||||||||||||||||||||||||||
Purchase commitment | 7,200,000 | 35,000,000 | 4,000,000 | ||||||||||||||||||||||||||||
Income Tax Examination, Penalties and Interest Accrued | 1,100,000 | 900,000 | 900,000 | ||||||||||||||||||||||||||||
Estimated cost, development obligations | 4,100,000 | ||||||||||||||||||||||||||||||
Liabilities for subsidy guarantees | 300,000 | 100,000 | |||||||||||||||||||||||||||||
Long-term Debt, Gross | 90,061,000 | 94,111,000 | |||||||||||||||||||||||||||||
Number of class action lawsuits filed, merger related | 7 | ||||||||||||||||||||||||||||||
Long-term Debt | 90,061,000 | 93,940,000 | |||||||||||||||||||||||||||||
Bluegreen [Member] | Florida [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Number of lawsuits consolidated into one | 4 | ||||||||||||||||||||||||||||||
Number of class action lawsuits filed, merger related | 4 | ||||||||||||||||||||||||||||||
Bluegreen [Member] | Massachusetts [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Number of lawsuits consolidated into one | 3 | ||||||||||||||||||||||||||||||
Number of class action lawsuits filed, merger related | 3 | ||||||||||||||||||||||||||||||
Number of lawsuits after consolidated | 1 | ||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Notes Issued | 1,600,000 | ||||||||||||||||||||||||||||||
Accrued claims | 1,400,000 | ||||||||||||||||||||||||||||||
BBX Capital Corporation [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Penalty Awarded In Trial By The Judge | 5,200,000 | ||||||||||||||||||||||||||||||
BBX Sweet Holdings [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Long-term Debt, Gross | 1,700,000 | ||||||||||||||||||||||||||||||
Other Notes Payable And Holdback Payment Amount | 1,100,000 | ||||||||||||||||||||||||||||||
Sunrise And Bayview Partners, LLC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||||||||||||||
Notes Issued | 5,000,000 | ||||||||||||||||||||||||||||||
Percent Guaranteed On Outstanding Balance Of Loan | 50.00% | ||||||||||||||||||||||||||||||
Sunrise And Bayview Partners, LLC [Member] | BBX Capital Corporation [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||||||||||||||
Notes Issued | 5,000,000 | ||||||||||||||||||||||||||||||
Percent Guaranteed On Outstanding Balance Of Loan | 50.00% | ||||||||||||||||||||||||||||||
Sunrise And Bayview Partners, LLC [Member] | Procacci Bayview, LLC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||||||||||||||
Hialeah Communities, LLC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Long-term Debt | 8,300,000 | ||||||||||||||||||||||||||||||
Hialeah Communities, LLC [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Long-term Debt, Gross | 31,000,000 | ||||||||||||||||||||||||||||||
Guarantor Percent Of Joint Venture Loan | 26.30% | ||||||||||||||||||||||||||||||
Hialeah Communities, LLC [Member] | BBX Capital Corporation [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Number Of Single Family Homes | 394 | ||||||||||||||||||||||||||||||
Area of Land | 50 | ||||||||||||||||||||||||||||||
Contribution of Property | 15,600,000 | ||||||||||||||||||||||||||||||
Long-term Debt | $8,200,000 | $8,300,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Approximate Minimum Future Rental Payments Under Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
2015 | $12,262 |
2016 | 11,911 |
2017 | 10,499 |
2018 | 8,767 |
2019 | 2,095 |
Thereafter | 18,213 |
Total | $63,747 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Incurred Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $12,943 | $10,888 | $14,042 |
Stock_Option_Plans_Narrative_D
Stock Option Plans (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||
Oct. 07, 2013 | Sep. 21, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Oct. 06, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 16, 2011 | Oct. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2012 | Oct. 31, 2014 | Nov. 30, 2012 | Mar. 31, 2015 | Dec. 31, 2011 | Oct. 31, 2006 | Sep. 30, 2015 | Jun. 30, 2014 | Jun. 12, 2014 | |
item | item | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 892,224 | 1,424,959 | |||||||||||||||||||
Options outstanding | 1,800,000 | 226,223 | 1,654,643 | 2,263,488 | 2,297,858 | ||||||||||||||||
Incremental compensation cost | $157,000 | $8,000 | |||||||||||||||||||
Unrecognized incremental compensation cost | 125,000 | ||||||||||||||||||||
Options granted | 410,000 | 0 | 0 | 0 | |||||||||||||||||
Weighted average fair value | $2.45 | ||||||||||||||||||||
Recognized tax benefit associated with the compensation expense | 0 | 0 | 0 | ||||||||||||||||||
Net proceeds upon the exercise of stock options | 586,000 | 249,000 | 14,000 | ||||||||||||||||||
Intrinsic value of options exercised | 5,038,000 | 961,000 | 13,000 | ||||||||||||||||||
Grant date fair value of shares | 1,000,000 | ||||||||||||||||||||
Compensation cost, period of recognition, in years | 4 years | ||||||||||||||||||||
Vesting period, in years | 4 years | ||||||||||||||||||||
Number of executive officers, approval from grant of stock | 4 | ||||||||||||||||||||
Shares available for grant, subject for approval | 482,224 | ||||||||||||||||||||
Shares repurchased | 20,000,000 | 1,750,000 | |||||||||||||||||||
Aggregate Intrinsic Value, Outstanding, Ending balance | 631,000 | 4,104,000 | 1,924,000 | ||||||||||||||||||
Aggregate Intrinsic Value, Exercisable | 631,000 | ||||||||||||||||||||
Outstanding Options, Forfeited | 1,302 | 261 | |||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | 2,000,000 | ||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 1,040,000 | 564,000 | 115,866 | ||||||||||||||||||
Class B Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Grant date fair value of shares | 11,800,000 | ||||||||||||||||||||
Shares Issued, Price Per Share | $3.80 | ||||||||||||||||||||
Vesting period, in years | 4 years | ||||||||||||||||||||
Number of executive officers, approval from grant of stock | 4 | ||||||||||||||||||||
Number of restricted shares granted | 3,100,000 | ||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 1,753,475 | ||||||||||||||||||||
Options granted | 5,556,292 | ||||||||||||||||||||
Weighted average fair value | $0.79 | $0.36 | |||||||||||||||||||
Unearned compensation cost, unvested stock options | 15,300,000 | ||||||||||||||||||||
Grant date fair value of shares | 4,400,000 | 631,251 | |||||||||||||||||||
Compensation cost, period of recognition, in years | 4 years | ||||||||||||||||||||
Vesting period, in years | 4 years | ||||||||||||||||||||
Number of shares vested | 1,389,072 | ||||||||||||||||||||
Compensation cost | 2,500,000 | 1,250,000 | 500,000 | ||||||||||||||||||
Number of restricted shares granted | 3,575,041 | 410,000 | 5,556,292 | ||||||||||||||||||
Vesting of RSAs | 1,389,072 | 1,389,072 | |||||||||||||||||||
Outstanding Options, Forfeited | 563,844 | ||||||||||||||||||||
Compensation costs recognition period | 3 years 3 months 29 days | ||||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Unearned compensation cost, unvested stock options | 0 | ||||||||||||||||||||
Scenario, Forecast [Member] | Class B Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Number of shares vested | 773,000 | ||||||||||||||||||||
1993 Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Maximum term of options granted, in years | 10 years | ||||||||||||||||||||
Bluegreen 2008 Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Price per share merger consideration | $10 | ||||||||||||||||||||
2014 Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Maximum term of options granted, in years | 10 years | ||||||||||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 500,000 | ||||||||||||||||||||
Grant date fair value of shares | 1,800,000 | ||||||||||||||||||||
Shares Issued, Price Per Share | $3.82 | ||||||||||||||||||||
2014 Plan [Member] | Class B Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 4,500,000 | ||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Options outstanding | 1,115,000 | 1,505,000 | |||||||||||||||||||
Intrinsic value of options exercised | 2,200,000 | 300,000 | |||||||||||||||||||
Grant date fair value of shares | 700,000 | 600,000 | |||||||||||||||||||
Compensation cost | 100,000 | 2,700,000 | |||||||||||||||||||
Aggregate Intrinsic Value, Outstanding, Ending balance | 1,874,000 | 6,000 | |||||||||||||||||||
Bluegreen [Member] | Restricted Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Vesting of RSAs | 202,000 | 45,000 | |||||||||||||||||||
BBX Capital [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 0 | ||||||||||||||||||||
Weighted average fair value | $13.33 | ||||||||||||||||||||
Unearned compensation cost, unvested stock options | 13,400,000 | ||||||||||||||||||||
Vesting period, in years | 5 years | 4 years | |||||||||||||||||||
Compensation cost | 3,700,000 | 2,500,000 | 1,100,000 | 400,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 5,500,000 | 4,300,000 | 684,000 | ||||||||||||||||||
Vesting of RSAs | 72,400 | ||||||||||||||||||||
Number of share-based compensation plans | 2 | ||||||||||||||||||||
Maximum term of options issued, in years | 10 years | ||||||||||||||||||||
Number of common stock issuable | 1,875,000 | ||||||||||||||||||||
Outstanding Options, Forfeited | 55,426 | ||||||||||||||||||||
Tax withholding for share-based compensation | 1,600,000 | ||||||||||||||||||||
Compensation costs recognition period | 18 months | ||||||||||||||||||||
BBX Capital [Member] | Class A Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Options outstanding | 15,481 | 21,282 | 36,804 | 92,230 | |||||||||||||||||
Outstanding Options, Forfeited | 7,559 | 55,426 | |||||||||||||||||||
BBX Capital [Member] | Restricted Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Options granted | 430,000 | 396,082 | 1,130,406 | ||||||||||||||||||
Weighted average fair value | 6.55 | $16.58 | |||||||||||||||||||
Vesting period, in years | 4 years | 4 years | |||||||||||||||||||
Number of shares vested | 282,602 | ||||||||||||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 114,480 | ||||||||||||||||||||
BBX Capital [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Number of restricted shares granted | 396,082 | 430,000 | 1,130,406 | ||||||||||||||||||
Vesting of RSAs | 315,102 | 315,104 | 142,900 | ||||||||||||||||||
BBX Capital [Member] | Scenario, Forecast [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 1,391,282 |
Stock_Option_Plans_Information
Stock Option Plans (Information On Outstanding Options) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 07, 2013 | Sep. 21, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding Options, Beginning balance | 1,654,643 | 2,263,488 | 2,297,858 | 1,800,000 | ||
Outstanding Options, Exercised | -1,428,420 | -607,543 | -34,109 | |||
Outstanding Options, Forfeited | -1,302 | -261 | ||||
Outstanding Options, Ending balance | 226,223 | 1,654,643 | 2,263,488 | 2,297,858 | 1,800,000 | |
Outstanding Options, Exercisable | 226,223 | |||||
Outstanding Options, Available for grant | 1,424,959 | 892,224 | ||||
Weighted Average Exercise Price, Beginning balance | $0.41 | $0.41 | $0.41 | |||
Weighted Average Exercise Price, Exercised | $0.41 | $0.41 | $0.41 | |||
Weighted Average Exercise Price, Forfeited | $0 | $0.41 | $0.41 | |||
Weighted Average Exercised Price, Expired | $0 | $0 | $0 | |||
Weighted Average Exercise Price, Granted | $0 | $0 | $0 | |||
Weighted Average Exercise Price, Ending balance | $0.41 | $0.41 | $0.41 | $0.41 | ||
Weighted Average Exercise Price, Exercisable | $0.41 | |||||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 2 years 7 months 28 days | 1 year 10 months 28 days | 2 years 3 months 11 days | 3 years 6 months 15 days | ||
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 2 years 7 months 28 days | |||||
Aggregate Intrinsic Value, Outstanding, Ending balance | $631 | $4,104 | $1,924 | |||
Aggregate Intrinsic Value, Exercised | 5,038 | 961 | 13 | |||
Aggregate Intrinsic Value, Exercisable | 631 | |||||
Bluegreen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding Options, Beginning balance | 1,115,000 | 1,505,000 | ||||
Outstanding Options, Exercised | -573,000 | -97,000 | ||||
Outstanding Options, Expired | -542,000 | -93,000 | ||||
Outstanding Options, Options settled for cash | -200,000 | |||||
Outstanding Options, Ending balance | 1,115,000 | |||||
Outstanding Options, Exercisable | 873,000 | 1,163,000 | ||||
Weighted Average Exercise Price, Beginning balance | $10.02 | $9.03 | ||||
Weighted Average Exercise Price, Exercised | $6.11 | $3.21 | ||||
Weighted Average Exercised Price, Expired | $14.16 | $15.26 | ||||
Weighted Average Exercised Price, Options settled for cash | $3.45 | |||||
Weighted Average Exercise Price, Ending balance | $10.02 | |||||
Aggregate Intrinsic Value, Outstanding, Ending balance | 1,874 | 6 | ||||
Aggregate Intrinsic Value, Exercised | $2,200 | $300 | ||||
BBX Capital [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding Options, Forfeited | -55,426 | |||||
Outstanding Options, Available for grant | 0 | |||||
Class A Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding Options, Exercised | -1,220,000 | -131,000 | -34,000 | |||
Class A Common Stock [Member] | BBX Capital [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding Options, Beginning balance | 21,282 | 36,804 | 92,230 | |||
Outstanding Options, Forfeited | -7,559 | -55,426 | ||||
Outstanding Options, Expired | -5,801 | -7,963 | ||||
Outstanding Options, Ending balance | 15,481 | 21,282 | 36,804 | 92,230 | ||
Outstanding Options, Exercisable | 15,481 | |||||
Weighted Average Exercise Price, Beginning balance | $289.17 | $233 | $277.25 | |||
Weighted Average Exercise Price, Forfeited | $124.57 | $306.63 | ||||
Weighted Average Exercised Price, Expired | $455 | $185.82 | ||||
Weighted Average Exercise Price, Ending balance | $227.03 | $289.17 | $233 | $277.25 | ||
Weighted Average Exercise Price, Exercisable | $227.03 | |||||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 2 years 3 months 18 days | 2 years 6 months | 3 years 1 month 6 days | 3 years 1 month 6 days | ||
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 2 years 3 months 18 days |
Stock_Option_Plans_Unvested_Re
Stock Option Plans (Unvested Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Restricted Stock, Beginning Balance | 6,330,695 | 7,309,767 | 1,753,475 | |
Unvested Restricted Stock, Granted | 3,575,041 | 410,000 | 5,556,292 | |
Unvested Restricted Stock, Vested | -1,389,072 | -1,389,072 | ||
Unvested Restricted Stock, Ending Balance | 8,516,664 | 6,330,695 | 7,309,767 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $0.78 | $0.69 | $0.36 | |
Weighted Average Grant Date Fair Value, Granted | $3.80 | $2.45 | $0.79 | |
Weighted Average Grant Date Fair Value, Vested | $0.79 | $0.79 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $2.05 | $0.78 | $0.69 | |
Bluegreen [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Restricted Stock, Beginning Balance | 205,000 | 250,000 | ||
Unvested Restricted Stock, Vested | -202,000 | -45,000 | ||
Unvested Restricted Stock, Forfeited | -3,000 | |||
Unvested Restricted Stock, Ending Balance | 205,000 | |||
Weighted Average Grant Date Fair Value, Beginning Balance | $7.69 | $8.47 | ||
Weighted Average Grant Date Fair Value, Vested | $7.67 | $11.98 | ||
Weighted Average Grant Date Fair Value, Forfeited | $9.31 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $7.69 | |||
BBX Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Restricted Stock, Vested | -72,400 | |||
Class A Common Stock [Member] | BBX Capital [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Restricted Stock, Beginning Balance | 1,310,302 | 1,195,406 | 211,900 | |
Unvested Restricted Stock, Granted | 396,082 | 430,000 | 1,130,406 | |
Unvested Restricted Stock, Vested | -315,102 | -315,104 | -142,900 | |
Unvested Restricted Stock, Forfeited | -4,000 | |||
Unvested Restricted Stock, Ending Balance | 1,391,282 | 1,310,302 | 1,195,406 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $8.76 | $6.53 | $6.96 | |
Weighted Average Grant Date Fair Value, Granted | $16.58 | $13.33 | $6.55 | |
Weighted Average Grant Date Fair Value, Vested | $6.52 | $6.52 | $6.20 | |
Weighted Average Grant Date Fair Value, Forfeited | $6.20 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $11.50 | $8.76 | $6.53 |
Employee_Benefit_Plans_And_Inc2
Employee Benefit Plans And Incentive Compensation Program (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 13, 2005 | Sep. 30, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
item | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Term of service to become eligible | 90 days | ||||
Minimum age to participate in plan, in years | 18 years | ||||
Recorded contribution expense | $100,000 | ||||
Postemployment Benefits Liability | 494,000 | 526,000 | |||
First 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | ||||
Percent of employee contribution | 3.00% | ||||
Next 2% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||||
Percent of employee contribution | 2.00% | ||||
Former Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Monthly retirement benefits | 5,449 | ||||
Life annuity amount | 482,444 | ||||
Number of life annuity payments | 120 | ||||
Interest rate on life annuity | 6.50% | ||||
Compensation expense | 33,000 | 35,000 | 37,000 | ||
Bluegreen [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Term of service to become eligible | 3 months | ||||
Minimum age to participate in plan, in years | 21 years | ||||
Contribution Amount | 6,700,000 | 1,700,000 | |||
Recorded contribution expense | 4,600,000 | 2,300,000 | 1,600,000 | ||
Bluegreen [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percent of employee contribution | 5.00% | ||||
Option For Additional Discretionary Matching Contributions Percent Of Participantbs Compensation | 6.00% | ||||
Bluegreen [Member] | First 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | ||||
Percent of employee contribution | 3.00% | ||||
Bluegreen [Member] | Next 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||||
Percent of employee contribution | 3.00% | ||||
BBX Capital [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Change in comprehensive loss | $22,400,000 |
Employee_Benefit_Plans_And_Inc3
Employee Benefit Plans And Incentive Compensation Program (Defined Contribution 401(k) Plan) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Employee salary contribution limit | $17,500 | [1] | $17,500 | [1] | $17,000 | [1] |
Percentage of salary limitation | 75.00% | 75.00% | 75.00% | |||
Total match contribution | 150,000 | [2] | [2] | [2] | ||
Employees Over 50 Years [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Employee salary contribution limit | $23,000 | $23,000 | $22,500 | |||
[1] | For the years ended December 31, 2014, 2013 and 2012, employees over 50 were entitled to contribute $23,000, $23,000 and $22,500, respectively. The employer match vests immediately. BBX Capital did not offer an employer match for the years ended December 31, 2013 and 2012. | |||||
[2] | The employer match vests immediately. BBX Capital did not offer an employer match for the years ended December 31, 2013 and 2012. |
Shares_Subject_To_Mandatory_Re1
Shares Subject To Mandatory Redemption (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Jun. 07, 2004 | Jun. 21, 2004 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 17, 2008 | |
Class of Stock [Line Items] | ||||||||
Preferred stock designated by board of directors | 10,000,000 | 10,000,000 | ||||||
Cumulative Preferred Stock stated value | $0.01 | $0.01 | ||||||
Redemption prices range | $1,000 | $1,000 | ||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ||||||||
Shares subject to mandatory redemption | 12,714,000 | 12,362,000 | ||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||
Quarterly dividends paid | 188,000 | |||||||
Cumulative Preferred Stock estimated fair value | 11,500,000 | 11,000,000 | ||||||
Dividends, Preferred Stock, Cash | 188,000 | |||||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | -472,000 | |||||||
Preferred stock dividends paid | 375,000 | |||||||
Other Assets | 77,681,000 | 75,209,000 | ||||||
Carrying Amount [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Cumulative Preferred Stock estimated fair value | 12,714,000 | 12,362,000 | ||||||
5% Cumulative Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock designated by board of directors | 15,000 | |||||||
Cumulative Preferred Stock sold | 15,000 | |||||||
Cumulative Preferred Stock stated value | $1,000 | |||||||
Temporary Equity, Carrying Amount, Attributable to Parent | 11,000,000 | |||||||
Cumulative Preferred Stock shares redeem | 5,000 | |||||||
Shares subject to mandatory redemption | 5,000,000 | |||||||
Aggregate annual redemption price, per share | $1,000 | |||||||
Quarterly dividends paid | 187,500 | |||||||
Dividend payments | 563,000 | |||||||
Remaining amount of additional paid in capital | 4,000,000 | |||||||
Interest expense | 1,100,000 | 1,300,000 | 913,000 | |||||
Dividends, Preferred Stock, Cash | 750,000 | 750,000 | 563,000 | |||||
Number of preferred shares, loan secured by shares | 5,000 | |||||||
Loan term, in years | 5 years | |||||||
5% Cumulative Preferred Stock [Member] | Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate annual redemption price, per share | $1,005 | |||||||
5% Cumulative Preferred Stock [Member] | Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate annual redemption price, per share | $1,000 | |||||||
Preferred Shareholders [Member] | Carrying Amount [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Other Assets | $5,000,000 | $5,013,000 |
Common_Stock_Preferred_Stock_A1
Common Stock, Preferred Stock And Dividends (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
Sep. 21, 2009 | Oct. 31, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 12, 2009 | |
item | item | |||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Minimum acquired ownership interest needing board approval, percentage | 5.00% | |||||
Authorized share repurchase program | 20,000,000 | 1,750,000 | ||||
Share repurchase program, value | $10 | $10,000,000 | ||||
Number of shares repurchased | 0 | 0 | 0 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value | $0.01 | $0.01 | ||||
Number of days before or after the anniversary date of The preceding year's annual meeting, in days | 30 days | |||||
Number of board members | 12 | 15 | ||||
Class A Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock, shares authorized | 100,000,000 | 150,000,000 | 150,000,000 | |||
Common Stock, par value | $0.01 | $0.01 | ||||
Voting power percentage | 22.00% | |||||
Common stock, shares outstanding | 73,307,012 | 71,264,563 | ||||
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Voting power percentage | 40.00% | |||||
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Voting power percentage | 53.00% | |||||
Class B Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | ||||
Common Stock, par value | $0.01 | $0.01 | ||||
Voting power percentage | 78.00% | |||||
Common stock, shares outstanding | 10,168,105 | 7,337,043 | ||||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Voting power percentage | 60.00% | |||||
Common stock, shares outstanding | 1,800,000 | |||||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Voting power percentage | 47.00% | |||||
Common stock, shares outstanding | 1,400,000 | |||||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Three [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock, shares outstanding | 500,000 | |||||
Maximum [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Share repurchase program, value | $10,000,000 | |||||
Written notice delivery period, in days | 120 days | |||||
Maximum [Member] | Class A Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized share repurchase program | 1,750,000 | |||||
Minimum [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Written notice delivery period, in days | 90 days |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary Of Noncontrolling Interests) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $193,800 | $182,975 |
BBX Capital [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 150,254 | 144,919 |
Joint Ventures [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $43,546 | $38,056 |
Noncontrolling_Interests_Summa1
Noncontrolling Interests (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Noncontrolling Interest [Line Items] | |||||||||||||
Noncontrolling interest - Continuing Operations: | $13,455 | $41,717 | $23,626 | ||||||||||
Noncontrolling interest - Discontinued Operations: | -23 | 122,459 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 1,629 | 2,845 | 5,575 | 3,406 | 26,423 | 7,373 | 2,402 | 5,496 | 13,455 | 41,694 | 146,085 | ||
BBX Capital [Member] | |||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||
Noncontrolling interest - Continuing Operations: | 2,040 | 23,112 | -13,370 | ||||||||||
Noncontrolling interest - Discontinued Operations: | 124,066 | ||||||||||||
Bluegreen [Member] | |||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||
Noncontrolling interest - Continuing Operations: | 5,321 | [1] | 23,227 | [1] | |||||||||
Noncontrolling interest - Discontinued Operations: | -23 | [1] | -1,607 | [1] | |||||||||
Joint Ventures [Member] | |||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||
Noncontrolling interest - Continuing Operations: | $11,415 | $13,284 | $13,769 | ||||||||||
[1] | Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreenbs common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Jul. 31, 2012 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 30, 2013 | |
segment | |||||
Segment Reporting Information [Line Items] | |||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | 1 | ||||
Renin Holdings LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of ownership interest | 19.00% | 19.00% | |||
BBX Capital Corporation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated method ownership percentage | 51.00% | ||||
BB&T [Member] | Florida Asset Resolution Group LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Preferred Membership Percentage | 95.00% | ||||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated method ownership percentage | 81.00% | 81.00% | |||
BBX Capital Corporation [Member] | Florida Asset Resolution Group LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Expected Future Ownership Interest Percentage | 100.00% | 100.00% | 100.00% | ||
Preferred Membership Percentage | 5.00% |
Segment_Reporting_Segment_Info
Segment Reporting (Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | $262,334 | $261,439 | $211,684 | |||||||||||
Trade sales | 74,083 | 10,243 | ||||||||||||
Interest income | 86,492 | 106,271 | 105,486 | |||||||||||
Fee-based sales commission and other revenues | 144,239 | 91,859 | 87,795 | |||||||||||
Other fee-based service revenue | 92,089 | 80,125 | 74,824 | |||||||||||
Net gains on the sale of assets | 5,527 | 6,728 | 6,687 | |||||||||||
Other revenue | 7,422 | 7,098 | 4,454 | |||||||||||
Total revenues | 163,525 | 185,215 | 173,036 | 150,410 | 155,082 | 153,835 | 132,174 | 122,672 | 672,186 | 563,763 | 490,930 | |||
Cost of sales of VOIs | 30,766 | 32,607 | 24,353 | |||||||||||
Cost of trade sales | 54,682 | 7,860 | ||||||||||||
Cost of other fee-based services | 56,941 | 52,817 | 46,835 | |||||||||||
Interest expense | 47,402 | 50,621 | 59,964 | |||||||||||
(Reversals of) provision for loan losses | -7,155 | -43,865 | 2,405 | |||||||||||
Impairments of assets | 7,015 | 4,708 | 9,931 | |||||||||||
Selling, general and administrative expenses | 422,364 | 362,315 | 328,790 | |||||||||||
Total costs and expenses | 160,912 | 167,647 | 147,668 | 135,788 | 102,718 | 125,685 | 126,185 | 112,475 | 612,015 | 467,063 | 472,278 | |||
Gain on extinguishment of debt | 29,875 | |||||||||||||
Gain on the sale of Benihana investment | 9,307 | |||||||||||||
Equity in earnings from unconsolidated affiliates | -402 | -171 | 24 | 23 | 23 | 6 | -573 | 76 | 186 | |||||
Other income | 2,285 | 414 | 811 | 748 | -483 | 547 | 306 | 362 | 4,258 | 732 | 2,442 | |||
Income from continuing operations before income taxes | 4,496 | 17,811 | 26,179 | 15,370 | 51,905 | 28,720 | 6,318 | 10,565 | 63,856 | 97,508 | 60,462 | |||
Less: Provision for income taxes | 5,492 | 11,136 | 11,447 | 8,782 | 1,700 | 11,552 | 5,540 | 7,577 | 36,857 | [1] | 26,369 | [1] | 16,225 | [1] |
Income from continuing operations | -996 | 6,675 | 14,732 | 6,588 | 50,205 | 17,168 | 778 | 2,988 | 26,999 | 71,139 | 44,237 | |||
(Loss) income from discontinued operations | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -50 | 306 | -382 | 267,863 | |||
Net income | -745 | 6,673 | 14,835 | 6,542 | 50,143 | 16,976 | 700 | 2,938 | 27,305 | 70,757 | 312,100 | |||
Less: Net income attributable to noncontrolling interests | 1,629 | 2,845 | 5,575 | 3,406 | 26,423 | 7,373 | 2,402 | 5,496 | 13,455 | 41,694 | 146,085 | |||
Net income attributable to BFC | -2,374 | 3,828 | 9,260 | 3,136 | 23,720 | 9,603 | -1,702 | -2,558 | 13,850 | 29,063 | 166,015 | |||
Total assets | 1,411,296 | 1,441,365 | 1,411,296 | 1,441,365 | 1,547,188 | |||||||||
Unallocated Amounts And Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | -1 | -23 | ||||||||||||
Interest income | -603 | -296 | -118 | |||||||||||
Other revenue | -632 | -438 | -59 | |||||||||||
Total revenues | -1,236 | -757 | -177 | |||||||||||
Interest expense | 3,497 | 4,145 | 4,651 | |||||||||||
Selling, general and administrative expenses | 17,682 | 16,028 | 25,642 | |||||||||||
Total costs and expenses | 21,179 | 20,173 | 30,293 | |||||||||||
Gain on extinguishment of debt | 29,875 | |||||||||||||
Gain on the sale of Benihana investment | 9,307 | |||||||||||||
Equity in earnings from unconsolidated affiliates | -25,296 | -13,385 | 186 | |||||||||||
Other income | 4,258 | 732 | 2,161 | |||||||||||
Income from continuing operations before income taxes | -43,453 | -33,583 | 11,059 | |||||||||||
Less: Provision for income taxes | 39,958 | 26,055 | 34,969 | |||||||||||
Income from continuing operations | -83,411 | -59,638 | -23,910 | |||||||||||
(Loss) income from discontinued operations | 306 | -382 | 267,863 | |||||||||||
Net income | -83,105 | -60,020 | 243,953 | |||||||||||
Less: Net income attributable to noncontrolling interests | 13,455 | 41,694 | 146,085 | |||||||||||
Net income attributable to BFC | -96,560 | -101,714 | 97,868 | |||||||||||
Total assets | -340,807 | -317,204 | -340,807 | -317,204 | -216,782 | |||||||||
Bluegreen Resorts [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | 262,334 | 261,439 | 211,684 | |||||||||||
Interest income | 81,666 | 82,230 | 83,682 | |||||||||||
Fee-based sales commission and other revenues | 144,239 | 91,859 | 87,795 | |||||||||||
Other fee-based service revenue | 92,089 | 80,125 | 74,824 | |||||||||||
Total revenues | 580,328 | 515,653 | 457,985 | |||||||||||
Cost of sales of VOIs | 30,766 | 32,607 | 24,353 | |||||||||||
Cost of other fee-based services | 56,941 | 52,817 | 46,835 | |||||||||||
Interest expense | 41,324 | 41,137 | 43,269 | |||||||||||
Selling, general and administrative expenses | 345,191 | 306,559 | 246,905 | |||||||||||
Total costs and expenses | 474,222 | 433,120 | 361,362 | |||||||||||
Income from continuing operations before income taxes | 106,106 | 82,533 | 96,623 | |||||||||||
Income from continuing operations | 106,106 | 82,533 | 96,623 | |||||||||||
Net income | 106,106 | 82,533 | 96,623 | |||||||||||
Total assets | 1,045,498 | 1,086,316 | 1,045,498 | 1,086,316 | 1,055,224 | |||||||||
BBX Capital [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest income | 1,515 | 14,490 | 18,312 | |||||||||||
Net gains on the sale of assets | 3,651 | 3,525 | 5,551 | |||||||||||
Other revenue | 3,607 | 4,047 | 4,124 | |||||||||||
Total revenues | 8,773 | 22,062 | 27,987 | |||||||||||
Interest expense | 815 | 1,774 | 9,577 | |||||||||||
(Reversals of) provision for loan losses | -10,169 | -34,128 | -2,163 | |||||||||||
Impairments of assets | 266 | 219 | 8,635 | |||||||||||
Selling, general and administrative expenses | 30,700 | 27,132 | 53,516 | |||||||||||
Total costs and expenses | 21,612 | -5,003 | 69,565 | |||||||||||
Equity in earnings from unconsolidated affiliates | 24,723 | 13,461 | ||||||||||||
Other income | 281 | |||||||||||||
Income from continuing operations before income taxes | 11,884 | 40,526 | -41,297 | |||||||||||
Less: Provision for income taxes | -16,393 | |||||||||||||
Income from continuing operations | 11,884 | 40,526 | -24,904 | |||||||||||
Net income | 11,884 | 40,526 | -24,904 | |||||||||||
Total assets | 550,993 | 476,947 | 550,993 | 476,947 | 412,734 | |||||||||
Florida Asset Resolution Group LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest income | 3,907 | 9,847 | 3,610 | |||||||||||
Net gains on the sale of assets | 1,876 | 3,203 | 1,136 | |||||||||||
Other revenue | 4,442 | 3,489 | 389 | |||||||||||
Total revenues | 10,225 | 16,539 | 5,135 | |||||||||||
Interest expense | 775 | 3,397 | 2,467 | |||||||||||
(Reversals of) provision for loan losses | 3,014 | -9,737 | 4,568 | |||||||||||
Impairments of assets | 6,749 | 4,489 | 1,296 | |||||||||||
Selling, general and administrative expenses | 8,347 | 10,257 | 2,727 | |||||||||||
Total costs and expenses | 18,885 | 8,406 | 11,058 | |||||||||||
Income from continuing operations before income taxes | -8,660 | 8,133 | -5,923 | |||||||||||
Less: Provision for income taxes | 20 | -2,351 | ||||||||||||
Income from continuing operations | -8,660 | 8,113 | -3,572 | |||||||||||
Net income | -8,660 | 8,113 | -3,572 | |||||||||||
Total assets | 100,306 | 166,114 | 100,306 | 166,114 | 296,012 | |||||||||
Renin Holdings LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 57,839 | 9,300 | ||||||||||||
Total revenues | 57,839 | 9,300 | ||||||||||||
Cost of trade sales | 43,888 | 7,227 | ||||||||||||
Interest expense | 551 | 144 | ||||||||||||
Selling, general and administrative expenses | 15,444 | 1,993 | ||||||||||||
Total costs and expenses | 59,883 | 9,364 | ||||||||||||
Income from continuing operations before income taxes | -2,044 | -64 | ||||||||||||
Less: Provision for income taxes | 6 | 294 | ||||||||||||
Income from continuing operations | -2,050 | -358 | ||||||||||||
Net income | -2,050 | -358 | ||||||||||||
Total assets | 23,661 | 23,809 | 23,661 | 23,809 | ||||||||||
BBX Sweet Holdings [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 16,245 | 966 | ||||||||||||
Interest income | 7 | |||||||||||||
Other revenue | 5 | |||||||||||||
Total revenues | 16,257 | 966 | ||||||||||||
Cost of trade sales | 10,794 | 633 | ||||||||||||
Interest expense | 440 | 24 | ||||||||||||
Selling, general and administrative expenses | 5,000 | 346 | ||||||||||||
Total costs and expenses | 16,234 | 1,003 | ||||||||||||
Income from continuing operations before income taxes | 23 | -37 | ||||||||||||
Less: Provision for income taxes | -3,107 | |||||||||||||
Income from continuing operations | 3,130 | -37 | ||||||||||||
Net income | 3,130 | -37 | ||||||||||||
Total assets | $31,645 | $5,383 | $31,645 | $5,383 | ||||||||||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. |
Certain_Relationships_And_Rela2
Certain Relationships And Related Party Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||
Jun. 30, 2010 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2013 | Oct. 30, 2013 | Jan. 31, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Nov. 11, 2011 | Oct. 31, 2013 | 7-May-13 | Apr. 30, 2014 | Sep. 21, 2009 | |
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Acquisition, cash paid | $8,844,000 | |||||||||||||||||||||
Approximate aggregate merger consideration | 16,744,000 | |||||||||||||||||||||
Promissory note incurred from merger | 7,750,000 | |||||||||||||||||||||
Interest rate | 3.01% | 3.01% | ||||||||||||||||||||
Monthly fee, non-performing loan | 12,500 | |||||||||||||||||||||
Net value recovered, percentage | 1.00% | |||||||||||||||||||||
Advisory service fee | 2,285,000 | 414,000 | 811,000 | 748,000 | -483,000 | 547,000 | 306,000 | 362,000 | 4,258,000 | 732,000 | 2,442,000 | |||||||||||
Interest Paid | 41,665,000 | 43,968,000 | 109,490,000 | |||||||||||||||||||
Repayment of loan | 164,074,000 | 169,675,000 | 292,853,000 | |||||||||||||||||||
Bluegreen [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 8 | |||||||||||||||||||||
BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percent of voting power | 72.00% | 72.00% | ||||||||||||||||||||
Consolidated Method Investment Ownership Percentage | 51.00% | 51.00% | ||||||||||||||||||||
Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Consolidated Method Investment Ownership Percentage | 54.00% | 54.00% | 54.00% | |||||||||||||||||||
Acquisition, cash paid | 60,000,000 | |||||||||||||||||||||
Promissory note incurred from merger | 11,750,000 | |||||||||||||||||||||
Renin Holdings LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest | 19.00% | 19.00% | ||||||||||||||||||||
Acquisition, cash paid | 1,000,000 | |||||||||||||||||||||
Approximate aggregate merger consideration | 12,800,000 | 12,800,000 | ||||||||||||||||||||
Transaction consideration placed in escrow | 1,700,000 | |||||||||||||||||||||
Proceeds from loan and revolver facility | 9,400,000 | |||||||||||||||||||||
Class A Common Stock [Member] | BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 5.39 | |||||||||||||||||||||
Alan Levan And Mr. Abdo [Member] | Class A Common Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percent of voting power | 74.00% | 74.00% | ||||||||||||||||||||
BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Advisory service fee | 300,000 | |||||||||||||||||||||
Issuance of restricted Class B Common Stock, value | 0 | 0 | 19,000 | |||||||||||||||||||
BBX Capital [Member] | Renin Holdings LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Consolidated Method Investment Ownership Percentage | 81.00% | |||||||||||||||||||||
Bluegreen [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Fees paid | 400,000 | |||||||||||||||||||||
Advisory service fee | 600,000 | 600,000 | 600,000 | |||||||||||||||||||
Land lease, received payment from Benihana | 100,000 | |||||||||||||||||||||
BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest Paid | 587,000 | 441,000 | ||||||||||||||||||||
BBX Capital [Member] | Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest | 46.00% | 46.00% | ||||||||||||||||||||
Approximate aggregate merger consideration | 71,750,000 | |||||||||||||||||||||
BBX Capital Corporation [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||||||
Interest Paid | 441,000 | |||||||||||||||||||||
BBX Capital Corporation [Member] | Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest | 46.00% | 46.00% | 46.00% | |||||||||||||||||||
Approximate aggregate merger consideration | 71,750,000 | |||||||||||||||||||||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Consolidated Method Investment Ownership Percentage | 81.00% | 81.00% | ||||||||||||||||||||
Acquisition, cash paid | 4,200,000 | |||||||||||||||||||||
BBX Capital Corporation [Member] | Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest | 46.00% | 46.00% | ||||||||||||||||||||
Woodbridge [Member] | Bluegreen [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Consolidated Method Investment Ownership Percentage | 100.00% | 54.00% | 100.00% | |||||||||||||||||||
Cash paid per share in merger | $10 | |||||||||||||||||||||
Approximate aggregate merger consideration | 149,200,000 | |||||||||||||||||||||
Woodbridge [Member] | Class A Common Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 3.47 | |||||||||||||||||||||
Promissory Notes [Member] | Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Contributed investment amount | 11,750,000 | |||||||||||||||||||||
Debt Instrument Term | 5 years | |||||||||||||||||||||
Interest rate | 5.00% | |||||||||||||||||||||
Promissory Notes [Member] | Woodbridge [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt Instrument Term | 5 years | |||||||||||||||||||||
Interest rate | 5.00% | |||||||||||||||||||||
Renin Loan [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Repayments of Debt | 475,000,000,000 | |||||||||||||||||||||
Renin Loan [Member] | Bluegreen Specialty Finance [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Proceeds from loan and revolver facility | 9,400,000 | |||||||||||||||||||||
Loan, term basis | 3,000,000 | |||||||||||||||||||||
Revolving basis | 9,000,000 | |||||||||||||||||||||
Revolving basis, amount drawn | 10,500,000 | |||||||||||||||||||||
Renin Loan [Member] | BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Repayments of Debt | $2,025,000,000,000 | |||||||||||||||||||||
Renin Loan [Member] | Bluegreen Specialty Finance [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest rate | 7.25% | |||||||||||||||||||||
Wells Fargo Capital Finance [Member] | BBX Capital [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest rate | 0.00% | 0.00% |
Certain_Relationships_And_Rela3
Certain Relationships And Related Party Transactions (Related Party Transactions Relating To The Shared Service Arrangements) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Related Party Transaction [Line Items] | ||||||
Shared service income (expense) | $682,000 | [1] | $501,000 | [1] | $1,001,000 | [1] |
Facilities cost and information technology | -448,000 | [2] | -431,000 | [2] | -219,000 | [3] |
Seperate Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Facilities cost and information technology | 60,000 | |||||
BBX Capital Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shared service income (expense) | -229,000 | [1] | -200,000 | [1] | -623,000 | [1] |
Facilities cost and information technology | 448,000 | [2] | 431,000 | [2] | 188,000 | [3] |
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shared service income (expense) | -453,000 | [1] | -301,000 | [1] | -378,000 | [1] |
Facilities cost and information technology | $31,000 | [3] | ||||
[1] | Pursuant to the terms of shared services agreements between BFC and BBX Capital, until the consummation of BBX Capital’s sale of BankAtlantic to BB&T during July 2012, subsidiaries of BFC provided human resources, risk management, investor relations, executive office administration and other services to BBX Capital. Subsidiaries of BFC continue to provide certain risk management and administrative services to BBX Capital. BFC’s subsidiaries also provide risk management and administrative services to Bluegreen. The costs of shared services are allocated based upon the usage of the respective services. | |||||
[2] | In December 2012, the Company entered into an agreement with BBX Capital pursuant to which BBX Capital provides office facilities to the Company at BBX Capitalbs and the Companybs principal executive offices. Under the terms of the agreement, the Company reimburses BBX Capital at cost for certain costs and expenses related to the office facilities provided. | |||||
[3] | Prior to the completion of the BankAtlantic Sale in July 2012, as part of the shared service arrangements, BFC paid BankAtlantic and Bluegreen for office facilities utilized by BFC and its shared services operations. BFC also paid BankAtlantic approximately $60,000 for information technology related services during the year ended December 31, 2012, pursuant to a separate agreement. |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Anti-dilutive shares | 0 | 0 | 0 | |
Class A Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase and retirement of Class A Common Stock, shares | 1,040,000 | 564,000 | 115,866 | |
Withholding tax obligations associated with the vested shares | $2 |
Earnings_Loss_Per_Common_Share3
Earnings (Loss) Per Common Share (Computation Of Basic And Diluted Loss Per Common Share) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 07, 2004 | Jun. 21, 2004 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings (Loss) Per Common Share [Abstract] | ||||||||||||||||
Income from continuing operations | ($996) | $6,675 | $14,732 | $6,588 | $50,205 | $17,168 | $778 | $2,988 | $26,999 | $71,139 | $44,237 | |||||
Less: Noncontrolling interests income from continuing operations | 13,455 | 41,717 | 23,626 | |||||||||||||
Income to common shareholders | 13,544 | 29,422 | 20,611 | |||||||||||||
Preferred stock dividends | -188 | |||||||||||||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | -472 | |||||||||||||||
Income from continuing operations available to common shareholders | -2,625 | 3,830 | 9,157 | 3,182 | 23,782 | 9,795 | -1,624 | -2,531 | 13,544 | 29,422 | 19,951 | |||||
(Loss) income from discontinued operations | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -50 | 306 | -382 | 267,863 | |||||
Less: Noncontrolling interests loss from discontinued operations | -23 | 122,459 | ||||||||||||||
(Loss) income from discontinued operations to common shareholders | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -27 | 306 | -359 | 145,404 | |||||
Net Income available to common shareholders | -2,374 | 3,828 | 9,260 | 3,136 | 23,720 | 9,603 | -1,702 | -2,558 | 13,850 | 29,063 | 165,355 | |||||
Basic weighted average number of common shares outstanding | 86,943 | 84,326 | 83,513 | 83,185 | 83,130 | 83,286 | 83,271 | 83,121 | 84,502 | 83,202 | 77,142 | |||||
Earnings per share from continuing operations | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [1] | $0.35 | [1] | $0.26 | [1] | ||
Loss per share from discontinued operations | $1.88 | |||||||||||||||
Net earnings per common share | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [1] | $0.35 | [1] | $2.14 | [1] | ||
Effect of dilutive stock options | 259 | 1,422 | 1,945 | |||||||||||||
Diluted weighted average number of common and common equivalent shares outstanding | 86,943 | 84,939 | 84,698 | 84,624 | 84,531 | 84,703 | 83,271 | 83,121 | 84,761 | 84,624 | 79,087 | |||||
Earnings per share from continuing operations | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [1] | $0.35 | [1] | $0.25 | [1] | ||
Loss per share from discontinued operations | $1.84 | |||||||||||||||
Net earnings per common share | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [1] | $0.35 | [1] | $2.09 | [1] | ||
Cumulative preferred stock, percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||
Decrease in equity due to the change in fair value of shares subject to mandatory redemption | $472 | |||||||||||||||
[1] | In accordance with the applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount is required to be recorded as an adjustment to paid-in capital, which is added to or deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the reclassification of BFC's 5% cumulative preferred stock, earnings per share for the year ended December 31, 2012 was adjusted to reflect a decrease in equity of approximately $0.5 million. See Note 20 for additional information relating to BFC's 5% cumulative preferred stock and Note 25 for additional information relating to earnings (loss) per common share. |
Selected_Quarterly_Results_Det
Selected Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Selected Quarterly Results (Unaudited) [Abstract] | ||||||||||||||
Revenues | $163,525 | $185,215 | $173,036 | $150,410 | $155,082 | $153,835 | $132,174 | $122,672 | $672,186 | $563,763 | $490,930 | |||
Costs and expenses | 160,912 | 167,647 | 147,668 | 135,788 | 102,718 | 125,685 | 126,185 | 112,475 | 612,015 | 467,063 | 472,278 | |||
Gross profit | 2,613 | 17,568 | 25,368 | 14,622 | 52,364 | 28,150 | 5,989 | 10,197 | 60,171 | 96,700 | ||||
Equity in earnings from unconsolidated affiliates | -402 | -171 | 24 | 23 | 23 | 6 | -573 | 76 | 186 | |||||
Other income | 2,285 | 414 | 811 | 748 | -483 | 547 | 306 | 362 | 4,258 | 732 | 2,442 | |||
Income from continuing operations before income taxes | 4,496 | 17,811 | 26,179 | 15,370 | 51,905 | 28,720 | 6,318 | 10,565 | 63,856 | 97,508 | 60,462 | |||
Less: Provision for income taxes | 5,492 | 11,136 | 11,447 | 8,782 | 1,700 | 11,552 | 5,540 | 7,577 | 36,857 | [1] | 26,369 | [1] | 16,225 | [1] |
Income from continuing operations | -996 | 6,675 | 14,732 | 6,588 | 50,205 | 17,168 | 778 | 2,988 | 26,999 | 71,139 | 44,237 | |||
Income (loss) from discontinued operations | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -50 | 306 | -382 | 267,863 | |||
Net income | -745 | 6,673 | 14,835 | 6,542 | 50,143 | 16,976 | 700 | 2,938 | 27,305 | 70,757 | 312,100 | |||
Less: Net income attributable to noncontrolling interests | 1,629 | 2,845 | 5,575 | 3,406 | 26,423 | 7,373 | 2,402 | 5,496 | 13,455 | 41,694 | 146,085 | |||
Net income attributable to BFC | -2,374 | 3,828 | 9,260 | 3,136 | 23,720 | 9,603 | -1,702 | -2,558 | 13,850 | 29,063 | 166,015 | |||
Earnings per share from continuing operations | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [2] | $0.35 | [2] | $0.26 | [2] |
Earnings per share from discontinued operations | $1.88 | |||||||||||||
Net earnings per common share | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [2] | $0.35 | [2] | $2.14 | [2] |
Earnings per share from continuing operations | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [2] | $0.35 | [2] | $0.25 | [2] |
Loss per share from discontinued operations | $1.84 | |||||||||||||
Net earnings per common share | ($0.04) | $0.05 | $0.11 | $0.04 | $0.28 | $0.12 | ($0.02) | ($0.03) | $0.16 | [2] | $0.35 | [2] | $2.09 | [2] |
Basic weighted average number of common shares outstanding | 86,943 | 84,326 | 83,513 | 83,185 | 83,130 | 83,286 | 83,271 | 83,121 | 84,502 | 83,202 | 77,142 | |||
Diluted weighted average number of common and common equivalent shares outstanding | 86,943 | 84,939 | 84,698 | 84,624 | 84,531 | 84,703 | 83,271 | 83,121 | 84,761 | 84,624 | 79,087 | |||
Income (Loss) from Continuing Operations Attributable to Parent | -2,625 | 3,830 | 9,157 | 3,182 | 23,782 | 9,795 | -1,624 | -2,531 | 13,544 | 29,422 | 19,951 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 251 | -2 | 103 | -46 | -62 | -192 | -78 | -27 | 306 | -359 | 145,404 | |||
Net Income available to common shareholders | ($2,374) | $3,828 | $9,260 | $3,136 | $23,720 | $9,603 | ($1,702) | ($2,558) | $13,850 | $29,063 | $165,355 | |||
[1] | Expected tax is computed based upon income from continuing operations before noncontrolling interests. | |||||||||||||
[2] | In accordance with the applicable accounting guidance, during the second quarter of 2012, BFC reclassified its 5% cumulative preferred stock as a liability due to an amendment to the rights and privileges of such stock which, among other things, requires BFC to redeem shares of the 5% cumulative preferred stock in future periods. As a result of such reclassification, the difference between the fair value of the 5% cumulative preferred stock and its carrying amount is required to be recorded as an adjustment to paid-in capital, which is added to or deducted from net earnings available to common shareholders in the calculation of earnings per share. In connection with the reclassification of BFC's 5% cumulative preferred stock, earnings per share for the year ended December 31, 2012 was adjusted to reflect a decrease in equity of approximately $0.5 million. See Note 20 for additional information relating to BFC's 5% cumulative preferred stock and Note 25 for additional information relating to earnings (loss) per common share. |
Real_Estate_Investments_And_Ac1
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | $3,355,000 | ||
Initial Cost, Buildings and Improvements | 19,085,000 | ||
Total Cost | 22,440,000 | [1] | 19,086,000 |
Accumulated Depreciation | 630,000 | 229,000 | |
Impairment of real estate | -8,005,000 | ||
Aggregate cost for federal income tax purposes | 30,600,000 | ||
Villa San Michele [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | 880,000 | ||
Initial Cost, Buildings and Improvements | 5,260,000 | ||
Total Cost | 6,140,000 | [1] | |
Accumulated Depreciation | 45,000 | ||
Year of Construction | 2008 | ||
Foreclosure | 2013-09 | ||
Depreciable Lives (Years) | 40 years | ||
Impairment of real estate | 5,400,000 | ||
Eagles Point [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | 885,000 | ||
Initial Cost, Buildings and Improvements | 7,515,000 | ||
Total Cost | 8,400,000 | [1] | |
Accumulated Depreciation | 50,000 | ||
Year of Construction | 1983 | ||
Foreclosure | 2013-01 | ||
Depreciable Lives (Years) | 40 years | ||
Impairment of real estate | 2,600,000 | ||
Robo Vault [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | 1,590,000 | ||
Initial Cost, Buildings and Improvements | 6,310,000 | ||
Total Cost | 7,900,000 | [1] | |
Accumulated Depreciation | $535,000 | ||
Year of Construction | 2009 | ||
Foreclosure | 2013-04 | ||
Depreciable Lives (Years) | 40 years | ||
[1] | The aggregate cost for federal income tax purposes is $30.6 million. |
Real_Estate_Investments_And_Ac2
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | ||
Total Costs, Balance at December 31, 2013 | $19,086 | |
Acquisitions Through Foreclosures | 11,562 | |
Depreciation | -203 | |
Impairments | -8,005 | |
Total Costs, Balance at December 31, 2014 | 22,440 | [1] |
Accumulated Depreciation, Balance at December 31, 2013 | 229 | |
Accumulated Depreciation, Depreciation | 401 | |
Accumulated Depreciation, Balance at December 31, 2014 | $630 | |
[1] | The aggregate cost for federal income tax purposes is $30.6 million. |
Mortgage_Loans_On_Real_Estate_
Mortgage Loans On Real Estate (Mortgage Loans On Real Estate, By Loan) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Prior Liens | $17,462,000 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 94,897,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 61,230,000 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 40,468,000 | |
Aggregate cost for federal income tax purposes | 64,400,000 | |
First-lien 1-4 Family [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 136 | [2] |
Mortgage Loans on Real Estate, Interest Rate | 5.69% | [2],[3] |
Mortgage Loans on Real Estate, Final Maturity Date | 3-Mar-34 | [2],[4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | [2] |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 43,308,000 | [2] |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 27,330,000 | [1],[2] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 35,694,000 | [2] |
Second-lien -Consumer [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 34 | |
Mortgage Loans on Real Estate, Interest Rate | 3.73% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 31-Aug-15 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | 5,545,000 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,868,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,306,000 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 2,990,000 | |
Second lien -Consumer Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 55 | |
Mortgage Loans on Real Estate, Interest Rate | 3.17% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 18-Nov-16 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | 10,717,000 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 5,376,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,351,000 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 75,000 | |
Small Business Real Estate [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 28 | |
Mortgage Loans on Real Estate, Interest Rate | 6.61% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 15-Jan-21 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 6,074,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 5,053,000 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 236,000 | |
Commercial Real Estate Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 5 | |
Mortgage Loans on Real Estate, Interest Rate | 11.88% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 25-Aug-15 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 8,604,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 3,479,000 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 1,473,000 | |
Land [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 30-Sep-15 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,963,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,963,000 | [1] |
Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 7.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 20-Jun-18 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 2,112,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,113,000 | [1] |
Shopping Center [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 7.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Sep-15 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 2,180,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,180,000 | [1] |
Marina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 1.91% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Jan-18 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,750,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,393,000 | [1] |
Apartment Building [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Jun-17 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 8,698,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 4,098,000 | [1] |
Residential [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.75% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 1-May-16 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | 753,000 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,979,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 3,979,000 | [1] |
Land II [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 4.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | 31-Dec-16 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Maturity | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,985,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $3,985,000 | [1] |
[1] | The aggregate cost for federal income tax purposes was $64.4 million. | |
[2] | The Company does not own the servicing on these loans. | |
[3] | Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. | |
[4] | Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. |
Mortgage_Loans_On_Real_Estate_1
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Mortgage Loans On Real Estate [Abstract] | |
Balance at December 31, 2013 | $122,414 |
Advances on existing mortgages | 650 |
Collections of principal | -31,581 |
Foreclosures | -21,364 |
Costs of mortgages sold | -8,889 |
Balance at December 31, 2014 | $61,230 |