Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | 5-May-14 | 5-May-14 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Registrant Name | 'BBX CAPITAL CORPORATION | ' | ' |
Entity Central Index Key | '0000921768 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,088,390 | 195,045 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and interest bearing deposits in banks ($2,645 and $8,686 in Variable Interest Entity ("VIE")) | $32,919 | $43,138 |
Loans held for sale ($50,716 and $53,846 in VIE) | 50,716 | 53,846 |
Loans receivable, net of allowance for loan losses of $1,558 and $2,713 ($44,587 and $56,170, net of allowance of $1,558 and $1,759 in VIE) | 59,573 | 72,226 |
Real estate held for investment ($25,248 and $15,836 in VIE) | 108,430 | 107,336 |
Real estate held for sale ($20,043 and $23,664 in VIE) | 33,444 | 33,971 |
Investment in real estate joint ventures | 3,346 | 1,354 |
Investment in Woodbridge Holdings, LLC | 84,795 | 78,573 |
Properties and equipment, net ($7,814 and $7,899 in VIE) | 14,651 | 14,824 |
Inventories | 10,214 | 9,155 |
Goodwill and other intangible assets | 4,355 | 2,686 |
Other assets ($2,096 and $2,413 in VIE) | 14,452 | 14,038 |
Total assets | 416,895 | 431,147 |
Liabilities: | ' | ' |
BB&T preferred interest in FAR, LLC ($54,504 and $68,517 in VIE) | 54,504 | 68,517 |
Notes payable to related parties | 22,012 | 21,662 |
Notes payable | 9,448 | 9,034 |
Other liabilities ($12,010 and $12,355 in VIE) | 25,247 | 28,368 |
Total liabilities | 111,211 | 127,581 |
Commitments and contingencies (Note 13) | ' | ' |
Equity: | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding | ' | ' |
Additional paid-in capital | 346,155 | 345,300 |
Accumulated deficit | -41,733 | -43,091 |
Accumulated other comprehensive income | 37 | 13 |
Total BBX Capital Corporation shareholders' equity | 304,619 | 302,382 |
Noncontrolling interest | 1,065 | 1,184 |
Total equity | 305,684 | 303,566 |
Total liabilities and equity | 416,895 | 431,147 |
Class A Common Stock [Member] | ' | ' |
Equity: | ' | ' |
Common Stock | 158 | 158 |
Class B Common Stock [Member] | ' | ' |
Equity: | ' | ' |
Common Stock | $2 | $2 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Loans held for sale | $50,716 | $53,846 |
Loans receivable | 59,573 | 72,226 |
Loans receivable, allowance for loan losses | 1,588 | 2,713 |
Real estate held for investment | 108,430 | 107,336 |
Real estate held for sale | 33,444 | 33,971 |
Property, plant and equipment, net | 14,651 | 14,824 |
Other assets | 14,452 | 14,038 |
BB&T preferred interest in FAR | 54,504 | 68,517 |
Other liabilities | 25,247 | 28,368 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 15,810,588 | 15,778,088 |
Common stock, shares outstanding | 15,810,588 | 15,778,088 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,800,000 | 1,800,000 |
Common stock, shares issued | 195,045 | 195,045 |
Common stock, shares outstanding | 195,045 | 195,045 |
Variable Interest Entity [Member] | ' | ' |
Cash | 2,645 | 8,686 |
Loans held for sale | 50,716 | 53,846 |
Loans receivable | 44,587 | 56,170 |
Loans receivable, allowance for loan losses | 1,588 | 1,759 |
Real estate held for investment | 25,248 | 15,836 |
Real estate held for sale | 20,043 | 23,664 |
Property, plant and equipment, net | 7,814 | 7,899 |
Other assets | 2,096 | 2,413 |
BB&T preferred interest in FAR | 54,504 | 68,517 |
Other liabilities | $12,010 | $12,355 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Revenues: | ' | ' |
Sales | $16,867 | ' |
Interest income | 1,776 | 3,045 |
Net (losses) gains on the sales of assets | -49 | 2,062 |
Income from real estate operations | 1,493 | 1,236 |
Other | 1,041 | 492 |
Total revenues | 21,128 | 6,835 |
Costs and expenses: | ' | ' |
Cost of goods sold | 12,101 | ' |
BB&T's priority return in FAR distributions | 331 | 1,013 |
Interest expense | 496 | 169 |
Real estate operating expenses | 1,553 | 1,076 |
Selling, general and administrative expenses | 11,507 | 8,185 |
Total costs and expenses | 25,988 | 10,443 |
Equity earnings in Woodbridge Holdings, LLC | 6,222 | ' |
Recoveries from (provision for) loan losses | 1,248 | -759 |
Asset impairments, net | -1,319 | -2,165 |
Income (loss) from continuing operations before income taxes | 1,291 | -6,532 |
Provision for income taxes | ' | ' |
Net income (loss) | 1,291 | -6,532 |
Less: net income attributable to non-controlling interest | 67 | ' |
Net income (loss) attributable to BBX Capital Corporation | $1,358 | ($6,532) |
Basic earnings (loss) per share | ' | ' |
Basic earnings (loss) per share | $0.08 | ($0.41) |
Diluted earnings (loss) per share | ' | ' |
Diluted earnings (loss) per share | $0.08 | ($0.41) |
Basic weighted average number of common shares outstanding | 15,985,772 | 15,785,870 |
Diluted weighted average number of common and common equivalent shares outstanding | 16,698,628 | 15,785,870 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' |
Net income (loss) | $1,291 | ($6,532) |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments, net of tax | 30 | ' |
Comprehensive income (loss) | 1,321 | -6,532 |
Less: net loss attributable to non-controlling interest | 67 | ' |
Foreign currency translation adjustments attributable to non-controlling interest | -6 | ' |
Total comprehensive income (loss) attributable to BBX Capital Corporation | $1,382 | ($6,532) |
Consolidated_Statements_Of_Tot
Consolidated Statements Of Total Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | BBX Capital Corporation Equity [Member] | Non-Controlling Interest [Member] | Total |
In Thousands | |||||||
BALANCE at Dec. 31, 2012 | $157 | $331,097 | ($90,930) | ' | $240,324 | ' | $240,324 |
Net income (loss) | ' | ' | -6,532 | ' | -6,532 | ' | -6,532 |
Share-based compensation expense | ' | 560 | ' | ' | 560 | ' | 560 |
BALANCE at Mar. 31, 2013 | 157 | 331,657 | -97,462 | ' | 234,352 | ' | 234,352 |
BALANCE at Dec. 31, 2013 | 160 | 345,300 | -43,091 | 13 | 302,382 | 1,184 | 303,566 |
Net income (loss) | ' | ' | 1,358 | ' | 1,358 | -67 | 1,291 |
Noncontrolling interest distributions | ' | ' | ' | ' | ' | -157 | -157 |
Noncontrolling interest contributions | ' | ' | ' | ' | ' | 99 | 99 |
Other comprehensive income | ' | ' | ' | 24 | 24 | 6 | 30 |
Share-based compensation expense | ' | 855 | ' | ' | 855 | ' | 855 |
BALANCE at Mar. 31, 2014 | $160 | $346,155 | ($41,733) | $37 | $304,619 | $1,065 | $305,684 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Cash Flows [Abstract] | ' | ' |
Net cash used in operating activities | ($7,710) | ($4,485) |
Investing activities: | ' | ' |
Proceeds from redemption of tax certificates | 321 | 812 |
Purchase of tax certificates | ' | -31 |
Net repayments of loans | 5,605 | 30,789 |
Additions to real estate | -193 | ' |
Proceeds from sales of real estate | 4,852 | 14,256 |
Proceeds from the contribution of real estate to unconsolidated real estate joint ventures | 2,880 | ' |
Purchases of office property and equipment | -14 | -27 |
Investment in real estate joint ventures | -72 | -1,300 |
Net cash outflow from acquisition | -1,900 | ' |
Net cash provided by investing activities | 11,479 | 44,499 |
Financing activities: | ' | ' |
Repayment of notes payable | -267 | ' |
Repayments of notes payable to related parties | -250 | ' |
Proceeds from notes payable to related parties | 600 | ' |
Repayment of BB&T preferred interest in FAR, LLC | -14,013 | -32,807 |
Noncontrolling interest contributions | 99 | ' |
Noncontrolling interest distributions | -157 | ' |
Net cash used in financing activities | -13,988 | -32,807 |
Decrease in cash and cash equivalents | -10,219 | 7,207 |
Cash and cash equivalents at the beginning of period | 43,138 | 62,377 |
Cash and cash equivalents at end of period | 32,919 | 69,584 |
Cash paid for: | ' | ' |
Interest paid | 765 | 1,098 |
Supplementary disclosure of non-cash investing and financing activities: | ' | ' |
Loans and tax certificates transferred to real estate held for investment or real estate held-for-sale | 12,406 | 8,023 |
Real estate held-for-investment transferred to investment in real estate joint ventures | 1,920 | ' |
Change in accumulated other comprehensive income | $30 | ' |
Presentation_of_Interim_Financ
Presentation of Interim Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Presentation of Interim Financial Statements [Abstract] | ' |
Presentation Of Interim Financial Statements | ' |
1. Presentation of Interim Financial Statements | |
Basis of Financial Statement Presentation – BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) together with its subsidiaries is referred to herein as “the Company”, “we”, “us,” or “our” and is referred to herein without its subsidiaries as the “Parent Company” or “BBX Capital”. BBX Capital was organized under the laws of the State of Florida in 1994. We are involved in the ownership, financing, acquisition, development and management of real estate and real estate related assets, and we are also involved in the investment in or acquisition of operating businesses. | |
In April 2013, BBX Capital acquired a 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge’s principal asset is its ownership of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a vacation ownership company with over 60 owned or managed resorts and 225,000 owners of vacation ownership interests. BFC Financial Corporation (“BFC”), the controlling shareholder of the Company, owns the remaining 54% of Woodbridge (see Note 2 Investment in Woodbridge Holdings, LLC). | |
In October 2013, Renin Holdings, LLC (“Renin”), a newly formed joint venture owned 81% by BBX Capital and 19% by BFC, acquired substantially all of the assets and certain liabilities of Renin Corp. (“the Renin Transaction”). Renin Corp. manufactures interior closet doors, wall décor, hardware and fabricated glass products. Renin is headquartered in Canada and has four manufacturing, assembly and distribution facilities in Canada, the United States and the United Kingdom. | |
In December 2013, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), a wholly-owned subsidiary of BBX Capital, acquired the outstanding equity interest in Hoffman’s Chocolates and its subsidiaries Boca Bons, LLC and S&F Good Fortunes, LLC (collectively, “Hoffman’s”). Hoffman’s is a manufacturer of gourmet chocolates, with four retail locations in South Florida. | |
In January 2014, BBX Sweet Holdings acquired Williams & Bennett, a Florida based manufacturer of quality chocolate products. 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. | |
The Company has two classes of common stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 53% of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 47% of the combined vote. BFC currently owns 100% of the Company’s Class B common stock and 51% of the Company’s outstanding Class A common stock resulting in BFC owning 52% of the Company’s aggregate outstanding common stock and 72% of the voting power of the Company’s common stock. The percentage of total common equity represented by Class A and Class B common stock was 99% and 1% at March 31, 2014, respectively. The fixed voting percentages will be eliminated, and shares of Class B common stock will be entitled to only one vote per share from and after the date that BFC or its affiliates no longer own in the aggregate at least 97,523 shares of Class B common stock (which is one-half of the number of shares it now owns). Class B common stock is convertible into Class A common stock on a share for share basis. | |
In May 2013, BBX Capital entered into a definitive merger agreement (the “Merger Agreement”) with BFC and BBX Merger Sub, LLC, a newly formed wholly owned subsidiary of BFC (“Merger Sub”). The Merger Agreement provides for BBX Capital to merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company of the Merger and a wholly owned subsidiary of BFC. Under the terms of the Merger Agreement, which was approved by a special committee comprised of the Company’s independent directors (the “Special Committee”) as well as the full boards of directors of both BFC and the Company, the Company’s shareholders (other than BFC and shareholders of the Company who exercise and perfect their appraisal rights in accordance with Florida law) will be entitled to receive 5.39 shares of BFC’s Class A Common Stock in exchange for each share of the Company’s Class A Common Stock that they hold at the effective time of the Merger (as such exchange ratio may be adjusted in accordance with the terms of the Merger Agreement, the “Exchange Ratio”). Each option to acquire shares of the Company’s Class A Common Stock that is outstanding at the effective time of the Merger, whether or not then exercisable, will be converted into an option to acquire shares of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares which may be acquired upon exercise of the option will be multiplied by the Exchange Ratio and the exercise price of the option will be divided by the Exchange Ratio. In addition, each share of the Company’s Class A Common Stock subject to a restricted stock award outstanding at the effective time of the Merger will be converted into a restricted share of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares subject to the award will be multiplied by the Exchange Ratio. The Merger Agreement was approved by the Company’s shareholders and by BFC’s shareholders on April 29, 2014. Consummation of the Merger is subject to certain closing conditions, including, without limitation, BFC’s Class A Common Stock being approved for listing on a national securities exchange (or interdealer quotation system of a registered national securities association) at the effective time of the Merger, holders of not more than 10% of the Company’s Common Stock exercising appraisal rights, and the absence of any “Material Adverse Effect” (as defined in the Merger Agreement) with respect to either the Company or BFC. | |
BBX Capital’s principal asset until July 31, 2012 was its ownership of BankAtlantic and its subsidiaries (“BankAtlantic”). BankAtlantic was a federal savings bank headquartered in Fort Lauderdale, Florida and provided traditional retail banking services and a wide range of commercial banking products and related financial services through a broad network of community branches located in Florida. On November 1, 2011, the Company entered into a definitive agreement to sell BankAtlantic to BB&T Corporation (“BB&T”), which agreement was amended on March 13, 2012 (“the Agreement”). 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 stock sale and related transactions described herein are collectively referred to as the “BB&T Transaction”). Pursuant to the terms of the Agreement, prior to the closing of the BB&T Transaction, BankAtlantic formed two wholly-owned subsidiaries, BBX Capital Asset Management, LLC (“CAM”) and Florida Asset Resolution Group, LLC (“FAR”). BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates and real estate that had an aggregate carrying value on BankAtlantic’s Balance Sheet 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 the Company. At the closing of the BB&T Transaction, the Company transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of the Company’s $285.4 million in principal amount of outstanding trust preferred securities (“TruPS”) obligations, as described in further detail below. The Company continues to hold the remaining 5% of FAR’s preferred membership interests. Under the terms of the Amended and Restated Limited Liability Company agreement of FAR, which was entered into by the Company and BB&T at the closing, 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 + 200 basis points per annum on any unpaid preference amount. At that time, BB&T’s interest in FAR will terminate, and the Company will thereafter be entitled to any and all residual proceeds from FAR through its ownership of FAR’s Class R units. It is expected that the assets (other than cash) contributed to FAR will be monetized over a period of seven years, or longer provided BB&T’s preference amount is repaid within such seven-year period. The Company 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. BB&T’s preferred interest in FAR as of March 31, 2014 had been reduced through cash distributions to $54.5 million. | |
Prior to the closing of the BB&T Transaction, BankAtlantic contributed approximately $82 million in cash to CAM and certain non-performing commercial loans, commercial real estate and previously written-off assets that had an aggregate carrying value on BankAtlantic’s balance sheet of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in CAM to the Company. CAM remains a wholly-owned subsidiary of the Company. | |
The Company’s consolidated financial statements have been prepared on a going concern basis, which reflects the realization of assets and the repayments of liabilities in the normal course of business. | |
All significant inter-company balances and transactions have been eliminated in consolidation. Throughout this document, the term “fair value” in each case is an estimate of fair value as discussed herein. | |
In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of the Company's consolidated financial condition at March 31, 2014, the consolidated results of operations and consolidated statement of comprehensive income for the three months ended March 31, 2014 and 2013, and the consolidated total equity and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results of operations that may be expected for the subsequent interim periods during 2014 or for the year ended December 31, 2014. The consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the consolidated financial statements appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | |
Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2014. | |
The Company follows the equity method of accounting to record its investments in real estate joint ventures in which it has the ability to significantly influence the decisions of the joint venture and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee as well as dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. | |
Goodwill and other intangible assets consisted of $0.3 million of goodwill acquired in the Williams & Bennett acquisition, and $4.1 million of other identifiable intangible assets including trade names, customer relationships and lease premiums acquired in connection with the Renin Transaction and the Hoffman’s and Williams & Bennett acquisitions. | |
Goodwill is recorded at the acquisition date of a business. Annually, goodwill is assessed for qualitative factors to determine whether it is necessary to perform a goodwill impairment test. Goodwill testing is a two-step process. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. | |
The trade names, customer relationship and lease premium intangible assets were initially recorded at fair value and are amortized on a straight-line basis over their estimated useful lives which are generally twenty years for trade names, ten years for customer relationships and over the remaining lease term for lease premiums. Intangible assets are reviewed for impairment at least on an annual basis or at interim periods if events occur subsequent to the annual test date that would result in a decline in the fair value of the intangible assets. The impairment test compares the fair value of the intangible asset with the carrying value. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss is recognized in the amount of the excess carrying amount. | |
New Accounting Pronouncements: | |
The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations: | |
Update Number 2014-08 – Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity - (Topic 360 and Topic 205). 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 periods beginning after December 15, 2014 and interim periods within annual periods beginning on or after December 15, 2015. The adoption of this update is not currently expected to have a material effect on the Company’s financial statements. | |
Update Number 2014-04 – Receivables - (Topic 310-40): Troubled Debt Restructurings by Creditors. This update provides guidance on when a creditor should derecognize a consumer mortgage loan and recognize a foreclosed asset upon taking physical possession of residential real property collateralizing a consumer mortgage loan. A creditor is considered to have received physical possession of residential real 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 amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real 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. | |
Liquidity Considerations | |
The Company’s cash was $28.8 million at March 31, 2014. This does not include $2.5 million, $0.9 million and $0.7 million of cash held in FAR, Renin and BBX Sweet Holdings, respectively. The Company had $3.3 million of current liabilities as of March 31, 2014. The Company’s principal source of liquidity is its cash holdings, funds obtained from payments on and sales of its loans, loan payoffs, sales of real estate, income from income producing real estate, and distributions received from FAR and Woodbridge. While FAR is consolidated in the Company’s financial statements, the cash held in FAR and generated from 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 and will generally not be available for distribution to the Company. The balance of BB&T’s preferred membership interest in FAR was approximately $54.5 million at March 31, 2014. Based on current and expected liquidity needs and sources, the Company expects to be able to meet its liquidity needs over the next twelve months. | |
Investment_in_Woodbridge_Holdi
Investment in Woodbridge Holdings, LLC | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||
Investment in Woodbridge Holdings, LLC | ' | ||||
2. Investment in Woodbridge Holdings, LLC | |||||
On April 2, 2013, the Company invested $71.75 million in Woodbridge in exchange for a 46% equity interest in Woodbridge. The investment was made in connection with Woodbridge’s acquisition on April 2, 2013 of the publicly held shares of Bluegreen. BFC holds the remaining 54% of Woodbridge’s outstanding equity interests and is the managing member of Woodbridge. Since BFC is the majority owner of Woodbridge and the managing member, the Company’s investment in Woodbridge is accounted for under the equity method. The Company’s investment in Woodbridge consisted of $60.4 million in cash (including $0.4 million in transaction costs) and a promissory note in Woodbridge’s favor in the principal amount of $11.75 million. In connection with the Company’s investment in Woodbridge, the Company and BFC entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth the Company’s and BFC’s respective rights as members of Woodbridge and provides, among other things, for unanimity on certain specified “major decisions” and for distributions to be made on a pro rata basis in accordance with the Company’s and BFC’s percentage equity interests in Woodbridge. | |||||
The following are the adjustments to the investment in Woodbridge under the equity method for the three months ended March 31, 2014 (in thousands): | |||||
Investment in Woodbridge - December 31, 2013 | $ | 78,573 | |||
Equity earnings in Woodbridge | 6,222 | ||||
Dividends received from Woodbridge | - | ||||
Investment in Woodbridge - March 31, 2014 | $ | 84,795 | |||
The condensed Statements of Financial Condition as of the dates indicated of Woodbridge Holdings, LLC were as follows (in thousands): | |||||
March 31, | December 31, | ||||
2014 | 2013 | ||||
Assets | |||||
Cash and restricted cash | $ | 218,494 | 224,104 | ||
Notes receivable, net | 442,906 | 467,319 | |||
Inventory of real estate | 207,801 | 204,256 | |||
Intangible assets | 64,084 | 64,142 | |||
Other assets | 160,952 | 126,494 | |||
Total assets | $ | 1,094,237 | 1,086,315 | ||
Liabilities and Equity | |||||
Accounts payable, accrued liabilities and other | $ | 117,189 | 116,956 | ||
Deferred tax liabilities, net | 85,844 | 76,726 | |||
Notes payable | 518,946 | 537,500 | |||
Junior subordinated debentures | 148,072 | 147,431 | |||
Total liabilities | 870,051 | 878,613 | |||
Total Woodbridge members' equity | 183,507 | 169,981 | |||
Noncontrolling interest | 40,679 | 37,721 | |||
Total equity | 224,186 | 207,702 | |||
Total liabilities and equity | $ | 1,094,237 | 1,086,315 | ||
The condensed Statement of Operations of Woodbridge Holdings, LLC for the three months ended March 31, 2014 is as follows (in thousands): | |||||
For the Three | |||||
Months Ended | |||||
31-Mar-14 | |||||
Total revenues | $ | 129,920 | |||
Total costs and expenses | 104,933 | ||||
Other income | 688 | ||||
Income from continuing operations before taxes | 25,675 | ||||
Provision for income taxes | 9,145 | ||||
Income from continuing operations | 16,530 | ||||
Loss from discontinued operations, net of tax | -46 | ||||
Net income | 16,484 | ||||
Net income attributable to noncontrolling interest | -2,958 | ||||
Net income attributable to Woodbridge | 13,526 | ||||
BBX Capital equity interest in Woodbridge | 46% | ||||
Equity earnings in Woodbridge | $ | 6,222 | |||
Consolidated_Variable_Interest
Consolidated Variable Interest Entities | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Consolidated Variable Interest Entities [Abstract] | ' | |||
Consolidated Variable Interest Entities | ' | |||
3. Consolidated Variable Interest Entities | ||||
FAR | ||||
In consideration for BB&T assuming BBX Capital’s $285.4 million in principal amount of TruPS in connection with the sale of BankAtlantic, 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 (Class A Units in FAR) which it will hold until such time as it has recovered $285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum. At that time, BBT’s interest in FAR will terminate, and BBX Capital, which initially holds the remaining 5% of the Class A Units and 100% of the Class R units will thereafter be the sole member of FAR and be entitled to any and all residual proceeds. FAR’s assets were 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 support BB&T’s recovery within seven years of the $285 million preference amount. At March 31, 2014, BB&T’s preferred interest in FAR had been reduced to approximately $54.5 million. | ||||
BBX Capital’s variable interests in FAR include its 5% preferred membership interest in the cash flows of FAR, rights to all residual cash flows after satisfaction of the preferred membership interests, and the incremental $35 million guarantee issued to BB&T. CAM also services approximately $13.0 million of FAR commercial loans and has a right of first refusal to acquire certain FAR commercial loans. CAM is entitled to purchase certain commercial loans on a basis established in FAR’s operating agreement. | ||||
The Company analyzed FAR’s amended and restated limited liability agreement and determined that it was the primary beneficiary and therefore should consolidate FAR in its financial statements. This conclusion was based primarily on the determination that the Company has the obligation to absorb losses and the right to receive any appreciation of the assets of FAR through its rights to the residual cash flows of FAR and its obligation under the incremental $35 million guarantee to BB&T supporting the repayment of BB&T’s preferred interest in FAR. Also contributing to the Company’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. Based on the amended and restated limited liability agreement, FAR is required to make quarterly distributions or more frequently 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. As such, the Class A units are considered mandatorily redeemable and are reflected as debt obligations in the Company’s Consolidated Statement of Financial Condition and the priority return is considered interest expense in the Company’s Consolidated Statements of Operations. | ||||
The activities of FAR are governed by an amended and restated limited liability agreement which grants the Board of Managers decision-making authority over FAR. The Board has four members, two members elected by the Company and two members elected by BB&T. The approval of an issue before the Board requires three of the members’ approval. Members designated by BB&T must resign from the Board upon the 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 the Company’s Statement of Financial Condition was as follows (in thousands): | ||||
March 31, | December 31, | |||
2014 | 2013 | |||
Cash and interest bearing deposits in banks | $ | 2,454 | 8,388 | |
Loans held for sale | 50,716 | 53,846 | ||
Loans receivable, net | 44,587 | 56,170 | ||
Real estate held-for-investment | 24,821 | 15,509 | ||
Real estate held-for-sale | 20,043 | 23,664 | ||
Properties and equipment, net | 7,814 | 7,899 | ||
Other assets | 2,096 | 2,413 | ||
Total assets | $ | 152,531 | 167,889 | |
BB&T preferred interest in FAR, LLC | $ | 54,504 | 68,517 | |
Other liabilities | 12,000 | 12,343 | ||
Total liabilities | $ | 66,504 | 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 anticipates making quarterly distributions. As such, the Company will receive 5% of the net cash flows from the monetization of FAR’s assets, net of expenses. 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 $121 million as of March 31, 2014, consisting of a loss of $86 million of net assets, and the $35 million incremental guarantee in favor of BB&T. | ||||
JRG/BBX Development, LLC (“North Flagler”) | ||||
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 we 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. We are entitled to receive 80% of any joint venture distributions until we recover our capital investment and then will be entitled to receive 70% of any joint venture distributions thereafter. We are the managing member and have control of all aspects of the operations of the joint venture. | ||||
The Company analyzed North Flagler’s operating agreement and determined that we are the primary beneficiary of the joint venture and therefore should consolidate North Flagler in our financial statements. This conclusion was based primarily on the determination that the Company 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 Company’s Statement of Financial Condition was as follows (in thousands): | ||||
March 31, | December 31, | |||
2014 | 2013 | |||
Cash and interest bearing deposits in banks | $ | 191 | 298 | |
Real estate held-for-investment | 427 | 327 | ||
Total assets | $ | 618 | 625 | |
Other liabilities | $ | -10 | -12 | |
Noncontrolling interest | $ | -135 | -135 | |
BBX Capital’s maximum loss exposure in North Flagler if all of North Flagler’s assets were deemed worthless would have been $473,000 as of March 31, 2014. | ||||
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity Method Investments And Joint Ventures [Abstract] | ' | |||
Equity Investments in Unconsolidated Real Estate Joint Ventures | ' | |||
4. Equity Investments in Unconsolidated Real Estate Joint Ventures | ||||
The Company had the following equity investments in unconsolidated real estate joint ventures (in thousands): | ||||
March 31, | December 31, | |||
2014 | 2013 | |||
Altis at Kendall Square, LLC | $ | 1,300 | 1,300 | |
New Urban/BBX Development, LLC | 69 | 54 | ||
PGA Design Center Holdings, LLC | 1,977 | - | ||
Total equity investments in unconsolidated real estate joint ventures | $ | 3,346 | 1,354 | |
Altis at Kendall Square, LLC (“Kendall Commons”) | ||||
In March 2013, the Company invested $1.3 million in a joint venture to develop 321 apartment units. The Company is entitled to receive 13% of the joint venture distributions until a 15% internal rate of return has been attained and then the Company will be entitled to receive 9.75% of any joint venture distributions thereafter. | ||||
The Company analyzed the amended and restated operating agreement of Kendall Commons and determined that we are 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 the Company 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. | ||||
New Urban/BBX Development, LLC (“Village at Victoria Park”) | ||||
In December 2013, the Company entered into a joint venture agreement with New Urban Communities to develop 2 acres of vacant land located near downtown Fort Lauderdale, Florida as 30 single-family homes. The closing of the joint venture was subject to obtaining third party acquisition, development and construction financing. The Company 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. The Company’s investment in the joint venture as of March 31, 2014 represented its share of joint venture expenses for surveying, zoning and architectural fees associated with the development of the project. | ||||
In April 2014, the joint venture executed an acquisition, development and construction loan with a financial institution and the Company 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 the Company 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. The carrying value of the two acre parcel as of March 31, 2014 was $0.9 million. | ||||
The Company analyzed the Village at Victoria Park’s operating agreement and determined that we are not the primary beneficiary and therefore the investment in the real estate joint venture will be 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. | ||||
PGA Design Center Holdings, LLC (“PGA Design Center”) | ||||
In December 2013, the Company purchased a commercial property with three existing buildings consisting of 145,000 square feet of mainly furniture retail space for $6.1 million. In January 2014, the Company entered into a joint venture with Stiles Development, in connection with the formation of the joint venture, the Company sold the commercial property to the joint venture in exchange for $2.9 million in cash and a 40% interest in the joint venture with a carrying amount of $1.9 million at March 31, 2014. 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 valued at $1.2 million which were transferred to adjacent parcels owned by the Company. | ||||
The Company analyzed the PGA Design Center’s operating agreement and determined that we are 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. | ||||
Loans_Held_For_Sale
Loans Held For Sale | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Loans Receivable [Abstract] | ' | ||||
Loans Held For Sale | ' | ||||
5. Loans Held-for-Sale | |||||
Loans held-for-sale were as follows (in thousands): | |||||
March 31, | December 31, | ||||
2014 | 2013 | ||||
Residential | $ | 36,339 | 38,223 | ||
First-lien consumer | 4,737 | 4,176 | |||
Small business | 9,640 | 11,447 | |||
Total loans held-for-sale | $ | 50,716 | 53,846 | ||
Loans held-for-sale are reported at the lower of cost or fair value. The Company 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. The Company 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 March 31, 2014 and December 31, 2013 were owned by FAR. | |||||
Loans_Receivable
Loans Receivable | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Loans Receivable [Abstract] | ' | ||||||||||||
Loans Receivable | ' | ||||||||||||
6. Loans Receivable | |||||||||||||
The loan portfolio consisted of the following components (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Commercial non-real estate | $ | 1,392 | 3,331 | ||||||||||
Commercial real estate | 51,383 | 62,937 | |||||||||||
Consumer | 8,386 | 8,618 | |||||||||||
Residential | - | 53 | |||||||||||
Total gross loans | 61,161 | 74,939 | |||||||||||
Adjustments: | |||||||||||||
Premiums, discounts and net deferred fees | - | - | |||||||||||
Allowance for loan losses | -1,588 | -2,713 | |||||||||||
Loans receivable -- net | $ | 59,573 | 72,226 | ||||||||||
The recorded investment (unpaid principal balance less charge-offs and deferred fees) of non-accrual loans receivable was (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
Loan Class | 2014 | 2013 | |||||||||||
Commercial non-real estate | $ | 1,392 | 3,331 | ||||||||||
Commercial real estate | 33,506 | 45,540 | |||||||||||
Consumer | 2,903 | 2,972 | |||||||||||
Residential | - | 53 | |||||||||||
Total nonaccrual loans | $ | 37,801 | 51,896 | ||||||||||
An age analysis of the past due recorded investment in loans receivable as of March 31, 2014 and December 31, 2013 was as follows (in thousands): | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Mar-14 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 330 | 330 | 1,062 | 1,392 | ||||||
Commercial real estate: | - | 3,985 | 10,398 | 14,383 | 37,000 | 51,383 | |||||||
Consumer | 227 | 227 | 2,379 | 2,833 | 5,553 | 8,386 | |||||||
Residential: | - | - | - | - | - | - | |||||||
Total | $ | 227 | 4,212 | 13,107 | 17,546 | 43,615 | 61,161 | ||||||
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) The Company had no loans that were past due greater than 90 days and still accruing as of March 31, 2014 or December 31, 2013. | |||||||||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended March 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-off : | -1,939 | - | - | -78 | - | -2,017 | |||||||
Recoveries : | 14 | 1,666 | 107 | 311 | 42 | 2,140 | |||||||
Provision : | 971 | -1,780 | -107 | -290 | -42 | -1,248 | |||||||
Ending balance | $ | - | 113 | - | 1,475 | - | 1,588 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | - | - | - | - | - | - | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | - | 113 | - | 1,475 | - | 1,588 | |||||||
Total | $ | - | 113 | - | 1,475 | - | 1,588 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,392 | 33,506 | - | 2,255 | - | 37,153 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 17,877 | - | 6,131 | - | 24,008 | ||||||
Total | $ | 1,392 | 51,383 | - | 8,386 | - | 61,161 | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | - | - | ||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended March 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: | - | -1,179 | - | -376 | -389 | -1,944 | |||||||
Recoveries : | 171 | 277 | 74 | 458 | 143 | 1,123 | |||||||
Provision : | -710 | 470 | -74 | 650 | 423 | 759 | |||||||
Ending balance | $ | 1,196 | 1,437 | - | 1,993 | 623 | 5,249 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 634 | 663 | - | - | - | 1,297 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 562 | 774 | - | 1,993 | 623 | 3,952 | |||||||
Total | $ | 1,196 | 1,437 | - | 1,993 | 623 | 5,249 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,362 | 157,144 | - | 7,501 | 41,198 | 209,205 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 7,457 | 23,960 | - | 8,892 | 10,405 | 50,714 | ||||||
Total | $ | 10,819 | 181,104 | - | 16,393 | 51,603 | 259,919 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | - | - | ||||||
Impaired Loans - Loans are considered impaired when, based on current information and events, the Company 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 the Company’s on-going credit monitoring process for commercial loans which results in the evaluation for impairment of substandard 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 established, 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 classes 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. | |||||||||||||
Impaired loans as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||
As of March 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 | 802 | 1,773 | 802 | 920 | 2,228 | 920 | |||||||
Residential: | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 802 | 1,773 | 802 | 3,921 | 6,700 | 1,874 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,392 | 5,100 | - | 330 | 634 | - | ||||||
Commercial real estate: | 34,157 | 67,194 | - | 45,540 | 79,186 | - | |||||||
Consumer | 6,825 | 8,689 | - | 7,165 | 8,730 | - | |||||||
Residential: | - | - | - | 53 | 189 | - | |||||||
Total with no allowance recorded | $ | 42,374 | 80,983 | - | 53,088 | 88,739 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,392 | 5,100 | - | 3,331 | 5,106 | 954 | ||||||
Commercial real estate | 34,157 | 67,194 | - | 45,540 | 79,186 | - | |||||||
Consumer | 7,627 | 10,462 | 802 | 8,085 | 10,958 | 920 | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total | $ | 43,176 | 82,756 | 802 | 57,009 | 95,439 | 1,874 | ||||||
Average recorded investment and interest income recognized on impaired loans as of March 31, 2014 and 2013 were (in thousands): | |||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | 3,032 | 60 | ||||||||
Commercial real estate: | - | - | 32,702 | 196 | |||||||||
Consumer | 811 | - | 152 | - | |||||||||
Residential: | - | - | - | - | |||||||||
Total with allowance recorded | $ | 811 | - | 35,886 | 256 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,331 | - | 330 | - | ||||||||
Commercial real estate: | 34,207 | 197 | 124,054 | 693 | |||||||||
Consumer | 6,842 | 77 | 15,570 | 76 | |||||||||
Residential: | - | - | 44,922 | 96 | |||||||||
Total with no allowance recorded | $ | 44,380 | 274 | 184,876 | 865 | ||||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,331 | - | 3,362 | 60 | ||||||||
Commercial real estate | 34,207 | 199 | 156,756 | 889 | |||||||||
Consumer | 7,653 | 77 | 15,722 | 76 | |||||||||
Residential | - | - | 44,922 | 96 | |||||||||
Total | $ | 45,191 | 274 | 220,762 | 1,121 | ||||||||
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. | |||||||||||||
The Company 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 March 31, 2014 were $28.9 million of collateral dependent loans, of which $25.0 million were measured for impairment using current appraisals and $3.9 million were measured by adjusting appraisals, as appropriate, to reflect changes in market conditions subsequent to the last appraisal date. Appraised value with respect to one loan which did not have a current appraisal was adjusted down by $0.8 million based on changes in market conditions. | |||||||||||||
The Company had no commitments to lend additional funds on impaired loans as of March 31, 2014. | |||||||||||||
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 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 because the affected loans were generally on non-accrual status and measured for impairment before the restructuring. The financial statement effects of commercial 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 three months ended March 31, 2014 and 2013. There were no loans modified in troubled debt restructurings beginning January 1, 2013 through March 31, 2014 that experienced a payment default during the three months ended March 31, 2014. There were no loans modified in troubled debt restructurings beginning January 1, 2012 through March 31, 2013 that experienced a payment default during the three months ended March 31, 2013. | |||||||||||||
Real_Estate_HeldforInvestment_
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ' | ||||
Real Estate Held-for-Investment and Real Estate Held-for-Sale | ' | ||||
7. Real Estate Held-for-Investment and Real Estate Held-for-Sale | |||||
Substantially all of the Company’s real estate has been acquired through foreclosures, settlements or deeds in lieu of foreclosure. Upon acquisition, 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, 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 March 31, | As of December 31, | ||||
2014 | 2013 | ||||
Land | $ | 21,101 | 18,268 | ||
Rental properties | 6,123 | 6,168 | |||
Residential single-family | 5,023 | 6,447 | |||
Other | 1,197 | 3,088 | |||
Total held-for-sale | $ | 33,444 | 33,971 | ||
The following table presents real estate held-for-investment grouped in the following classifications (in thousands): | |||||
As of March 31, | As of December 31, | ||||
2014 | 2013 | ||||
Land | $ | 76,278 | 79,656 | ||
Rental properties | 31,363 | 26,891 | |||
Other | 789 | 789 | |||
Total held-for-investment | $ | 108,430 | 107,336 | ||
The following table presents the activity in real estate held-for-sale and held-for-investment for the three months ended March 31, 2014 and 2013, respectively (in thousands): | |||||
For the Three Months Ended March 31, 2014 | |||||
Real Estate | |||||
Held-for-Sale | Held-for-Investment | ||||
As of December 31, 2013 | $ | 33,971 | 107,336 | ||
Acquired through foreclosure | 849 | 11,562 | |||
Transfers | 3,571 | -3,571 | |||
Purchases | - | - | |||
Improvements | - | 192 | |||
Accumulated depreciation | - | -103 | |||
Sales | -4,810 | -4,800 | |||
Impairments | -137 | -2,186 | |||
As of March 31, 2014 | $ | 33,444 | 108,430 | ||
For the Three Months Ended March 31, 2013 | |||||
Real Estate | |||||
Held-for-Sale | Held-for-Investment | ||||
As of December 31, 2012 | $ | 45,637 | 37,413 | ||
Acquired through foreclosure | 6,128 | 1,890 | |||
Improvements | - | - | |||
Sales | -11,724 | -465 | |||
Impairments | -1,153 | -57 | |||
As of March 31, 2013 | $ | 38,888 | 38,781 | ||
Inventories
Inventories | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
8. Inventories | |||||
Inventories were as follows (in thousands): | |||||
As of | As of | ||||
31-Mar-14 | 31-Dec-13 | ||||
Raw materials | $ | 5,175 | 5,077 | ||
Work in process | 64 | 379 | |||
Finished goods | 4,975 | 3,699 | |||
Total | $ | 10,214 | 9,155 | ||
Inventories are measured at the lower of cost, determined on a first-in, first-out basis, or market. Cost includes all costs of conversions, including materials, direct labor, production overhead and amortization of equipment. Raw materials are stated at the lower of cost, determined on a first-in, first-out basis, or 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 process are stated at the lower of cost or market. Shipping and handling fees billed to the customers are recorded as sales. Included in the Company’s Statement of Operations as selling, general, and administrative expenses for the three months ended March 31, 2014 were $1.5 million of costs associated with shipping goods to customers. | |||||
Related_Parties
Related Parties | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Related Parties [Abstract] | ' | ||||
Related Parties | ' | ||||
9. Related Parties | |||||
The Company, BFC and Bluegreen are entities under common control. The controlling shareholder of the Company and Bluegreen is BFC. Shares of BFC’s capital stock representing a majority of the voting power are owned or controlled by the Company’s Chairman and Vice Chairman, both of whom are also executive officers of the Company, executive officers and directors of BFC and directors of Bluegreen. The Company, BFC and Bluegreen share certain office premises and employee services, pursuant to the agreements described below. | |||||
Effective December 1, 2012, the Company entered into an agreement with BFC under which the Company provides office facilities and is reimbursed by BFC based on cost. BFC also provides risk management services to the Company and BFC is reimbursed by the Company based on cost. The Company’s employees are provided health insurance under policies maintained by Bluegreen for which Bluegreen is reimbursed at cost. | |||||
The table below shows the effect of these related party agreements and arrangements on the Company’s consolidated statements of operations for the three months ended March 31, 2014 and 2013 (in thousands): | |||||
For the Three Months Ended | |||||
March 31, | |||||
2014 | 2013 | ||||
Other revenues | $ | 115 | 108 | ||
Expenses: | |||||
Employee compensation | |||||
and benefits | -70 | -33 | |||
Other - back-office support | -43 | -39 | |||
Net effect of affiliate transactions | |||||
before income taxes | $ | 2 | 36 | ||
On October 30, 2013, a newly formed joint venture entity owned 81% by the Company and 19% by BFC completed the Renin Transaction. Bluegreen funded approximately $9.4 million of the Renin Transaction consideration in the form of a loan and revolver facility and the remaining funds necessary to complete the Renin Transaction were funded by BBX Capital and BFC pro rata in accordance with their percentage equity interests. The Bluegreen loan had an outstanding balance of $10.3 million and $9.7 million as of March 31, 2014 and December 31, 2013, respectively, and Renin recognized $181,000 of interest expense under the Bluegreen loan for the three months ended March 31, 2014. | |||||
As disclosed in Note 3, on April 2, 2013, the Company invested $71.75 million in Woodbridge in exchange for a 46% equity interest in Woodbridge. The investment was made in connection with Woodbridge’s acquisition of the publicly held shares of Bluegreen. BFC holds the remaining 54% of Woodbridge. The Company contributed $60 million in cash and issued to Woodbridge an $11.75 million note payable in connection with the Company’s acquisition of its 46% equity interest in Woodbridge. During the three months ended March 31, 2014, the Company recognized $147,000 of interest expense in connection with the Woodbridge note payable. | |||||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
10. Segment Reporting | |||||||||||||
The information provided for Segment Reporting is based on internal reports utilized by management. Results of continuing operations are reported through three reportable segments: BBX, FAR and Renin. The BBX reportable segment includes the results of operations of CAM and BBX Partners for the three months ended March 31, 2014 and 2013. BBX’s activities consisted of the activities associated with managing its commercial loan portfolio, real estate properties, and portfolio of charged off loans as well as its investment in Woodbridge and investments in real estate joint ventures. | |||||||||||||
The FAR reportable segment consists of the activities associated with overseeing the management and monetization of its assets with a view to the repayment of BB&T’s preferred interest and maximizing the cash flows of any remaining assets. | |||||||||||||
The Renin reportable segment consists of the activities of Renin Holdings, LLC and its subsidiaries (“Renin”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and its distribution channels include big box and independent home improvement retailers, builders, other manufacturers and specialty retail outlets primarily in North America. Renin is headquartered in Brampton, Ontario and has three manufacturing, assembly and distribution facilities located in Brampton and Concord, Ontario, Tupelo, Mississippi and a sales and distribution office in the U.K. Renin was acquired in October 2013; therefore, the Renin reportable segment includes the results of operations of Renin for the three months ended March 31, 2014. | |||||||||||||
The other column represents the activities of Hoffman’s and Williams & Bennett. The amounts are displayed in order to reconcile the reportable segments to the financial statements. | |||||||||||||
The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies. Intersegment transactions are eliminated in consolidation. | |||||||||||||
Depreciation and amortization consist of: depreciation on properties and equipment, amortization of leasehold improvements, and deferred rent. | |||||||||||||
The Company evaluates segment performance based on segment net income after tax. The table below provides segment information for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||||||
Adjusting and | |||||||||||||
Elimination | Segment | ||||||||||||
For the Three Months Ended: | BBX | FAR | Renin | Other | Entries | Total | |||||||
March 31, 2014: | |||||||||||||
Revenues | $ | 1,016 | 3,310 | 14,138 | 2,729 | -65 | 21,128 | ||||||
Costs and expenses | -6,280 | -2,671 | -14,490 | -2,612 | 65 | -25,988 | |||||||
Recoveries from loan losses | 1,004 | 244 | - | - | - | 1,248 | |||||||
Asset impairments | -81 | -1,238 | - | - | -1,319 | ||||||||
Equity earnings in Woodbridge | 6,222 | - | - | - | - | 6,222 | |||||||
Segment income (loss) before income taxes | 1,881 | -355 | -352 | 117 | - | 1,291 | |||||||
Provision for income tax | - | - | - | - | - | - | |||||||
Net income (loss) | $ | 1,881 | -355 | -352 | 117 | - | 1,291 | ||||||
Total assets | $ | 532,178 | 150,536 | 23,976 | 8,786 | -298,581 | 416,895 | ||||||
Equity method investments | |||||||||||||
included in total assets | $ | 88,141 | - | - | - | - | 88,141 | ||||||
Expenditures for segment assets | $ | 8 | - | 6 | - | - | 14 | ||||||
Depreciation and amortization | $ | 74 | 148 | 214 | 98 | - | 534 | ||||||
Adjusting and | |||||||||||||
Elimination | Segment | ||||||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||||||
March 31, 2013: | |||||||||||||
Revenues | $ | 3,723 | 3,165 | -53 | 6,835 | ||||||||
Costs and expenses | -6,918 | -3,578 | 53 | -10,443 | |||||||||
Recoveries from (provision for) loan losses | 418 | -1,177 | - | -759 | |||||||||
Asset impairments | -927 | -1,238 | - | -2,165 | |||||||||
Segment income (loss) before income taxes | -3,704 | -2,828 | - | -6,532 | |||||||||
Provision for income tax | $ | - | - | - | - | ||||||||
Net income (loss) | $ | -3,704 | -2,828 | - | -6,532 | ||||||||
Total assets | 409,975 | 258,772 | -236,263 | 432,484 | |||||||||
Expenditures for segment assets | $ | 27 | - | - | 27 | ||||||||
Depreciation and amortization | $ | 55 | - | - | 55 | ||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Fair Value Measurement [Abstract] | ' | ||||||
Fair Value Measurement | ' | ||||||
11. Fair Value Measurement | |||||||
There were no assets or liabilities measured at fair value on a recurring basis in the Company’s financial statements as of March 31, 2014 and December 31, 2013. | |||||||
The following table presents major categories of assets measured at fair value on a non-recurring basis as of March, 2014 (in thousands): | |||||||
Fair Value Measurements Using | |||||||
Quoted prices in | Total | ||||||
Active Markets | Significant | Significant | Impairments (1) | ||||
As of | for Identical | Other Observable | Unobservable | For the Three | |||
March 31, | Assets | Inputs | Inputs | Months Ended | |||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Mar-14 | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 57 | - | - | 57 | 32 | |
Impaired real estate held-for-sale and held-for-investment | 10,541 | - | - | 10,541 | 2,321 | ||
Impaired loans held for sale | 5,607 | - | - | 5,607 | 305 | ||
Total | $ | 16,205 | - | - | 16,205 | 2,658 | |
-1 | Total impairments represent the amount of losses recognized during the three months ended March 31, 2014 on assets that were held and measured at fair value as of March 31, 2014. | ||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): | |||||||
As of March 31, 2014 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1)(2) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 57 | Fair Value of Collateral | Appraisal | $0.1 - $0.2 million ($0.2 million) | ||
Impaired real estate held-for-sale and held-for-investment | 10,541 | Fair Value of Property | Appraisal | $0.1 - $9.0 million ($2.2 million) | |||
Impaired loans held for sale | 5,607 | Fair Value of Collateral | Appraisal | $0.1 - $0.7 million ($0.1 million) | |||
Total | $ | 16,205 | |||||
(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 March 31, 2013 (in thousands): | |||||||
Fair Value Measurements Using | |||||||
Quoted prices in | |||||||
Active Markets | Significant | Significant | Total | ||||
As of | for Identical | Other Observable | Unobservable | Impairments (1) | |||
March 31, | Assets | Inputs | Inputs | For the Three | |||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Mar-13 | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 9,298 | - | - | 9,298 | 935 | |
Impaired real estate held-for-sale and held-for-investment | 19,198 | - | - | 19,198 | 1,528 | ||
Impaired loans held for sale | 17,078 | - | - | 17,078 | 536 | ||
Total | $ | 45,574 | - | - | 45,574 | 2,999 | |
(1) Total impairments represent the amount of losses recognized during the three months ended March 31, 2013 on assets that were held and measured at fair value as of March 31, 2013. | |||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): | |||||||
As of March 31, 2013 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1)(2) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 9,298 | Fair Value of Collateral | Appraisal | $0.1 - $3.5 million ($0.2 million) | ||
Impaired real estate held-for-sale and held-for-investment | 19,198 | Fair Value of Property | Appraisal | $0.2 - $11.2 million ($1.9 million) | |||
Impaired loans held for sale | 17,078 | Fair Value of Collateral | Appraisal | $0.1 - $0.6 million ($0.2 million) | |||
Total | $ | 45,574 | |||||
(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. | |||||||
There were no material liabilities measured at fair value on a non-recurring basis in the Company’s financial statements as of March 31, 2014 and December 31, 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 the Company’s loans are collateral dependent. The fair value of our loans may significantly increase or decrease based on changes in property values as our loans are primarily secured by real estate. The Company primarily uses third party appraisals to assist in measuring non-homogenous impaired loans and broker price opinions to assist in measuring homogenous impaired loans. The 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 we may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, we use our 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. The Company generally recognizes impairment losses based on third party broker price opinions 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 discounts rates and foreclosure timeframes 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 is generally 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 we 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 fair values of the properties are considered Level 3 inputs. | |||||||
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 | |||||||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | March 31, | March 31, | Assets | Inputs | Inputs | ||
Description | 2014 | 2014 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 32,919 | 32,919 | 32,919 | - | - | |
Loans receivable including loans held for sale, net | 110,289 | 118,027 | - | - | 118,027 | ||
Financial liabilities: | |||||||
Notes payable | 9,448 | 10,122 | - | - | 10,122 | ||
Notes payable to related parties | 22,012 | 21,746 | - | - | 21,746 | ||
BB&T preferred interest in FAR | 54,504 | 54,675 | - | - | 54,675 | ||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | December 31, | December 31, | Assets | Inputs | Inputs | ||
Description | 2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 43,138 | 43,138 | 43,138 | - | - | |
Loans receivable including loans held for sale, net | 126,072 | 131,853 | - | - | 131,853 | ||
Financial liabilities: | |||||||
Notes payable | 9,034 | 9,716 | - | - | 9,716 | ||
Notes payable to related parties | 21,662 | 21,419 | 21,419 | ||||
BB&T preferred interest in FAR | 68,517 | 69,032 | - | - | 69,032 | ||
Management 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, management has derived the fair value of the majority of these financial instruments using the income approach technique with Level 3 unobservable inputs. Management estimates used in its 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. The Company’s 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 Company may not receive the estimated value upon sale or disposition of the asset or pay the estimated value upon disposition of the liability in advance of its scheduled maturity. | |||||||
Fair values are estimated for loan portfolios with similar financial characteristics. Loans are segregated by category, and each loan category is further segmented by performing and non-performing categories. | |||||||
The fair value of performing loans is calculated by using an income approach with Level 3 inputs. The fair value of performing loans is estimated by discounting forecasted cash flows using estimated market discount rates that reflect the interest rate and credit risk inherent in the loan portfolio. Management assigns a credit risk premium and an illiquidity adjustment to these loans based on delinquency status. The fair value of non-performing 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 notes payables, including to related parties, were measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. | |||||||
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. The fair value 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. | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
12. Commitments and Contingencies | |
The Company and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its collections, lending and prior period tax certificate activities. Although the Company believes it has meritorious defenses in all current legal actions, the outcome of litigation and the ultimate resolution are uncertain and inherently difficult to predict. | |
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. These accrual amounts as of March 31, 2014 are not material to the Company’s financial statements. 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 estimated. Management currently estimates the aggregate range of reasonably possible losses as $0 to $4.4 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 March 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 the Company’s maximum loss exposure. | |
In certain matters we are 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. | |
We believe that liabilities arising from litigation discussed below, in excess of the amounts currently accrued, if any, will not have a material impact to the Company’s financial statements. However, due to the significant uncertainties involved in these legal matters, we may incur losses in excess of accrued amounts and an adverse outcome in these matters could be material to the Company’s financial statements. | |
On May 10, 2013 and again on February 5, 2014, we received notice 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. The 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 BankAtlantic stock purchase agreement with respect to such claims. | |
The following is a description of certain ongoing or recently concluded litigation matters: | |
BBX Shareholders Lawsuit Challenging the Merger with BFC | |
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 currently proposed merger between BFC and BBX Capital. In this action, which is 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 and was 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 to be acquired by BFC in the merger. Mr. Ronan also asserted a cause of action against BFC and Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. Mr. Ronan is seeking an injunction blocking the proposed 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, challenging the currently proposed merger for substantially the same reasons as set forth in Mr. Ronan’s complaint, but asserting 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 includes the same causes of action set forth in the Lauterbach complaint, the plaintiffs: (i) allege that the merger, including the exchange ratio and other terms and conditions of the merger agreement, is unfair to BBX Capital’s minority shareholders and is the product of unfair dealing on the part of the defendants; (ii) allege 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) challenge 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) assert that BBX Capital’s shareholders’ rights to appraisal do not constitute an adequate remedy; and (v) allege that the joint proxy statement/prospectus contains material misrepresentations and does not contain adequate disclosure regarding the merger and specifically the value of BBX Capital and the shares of its Class A Common Stock, and fails to provide the plaintiffs and BBX Capital’s minority shareholders the information necessary to determine whether the merger consideration is 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. 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 allege that in the definitive proxy statement defendants set a vote date of April 29, 2014, but failed to provide full and accurate disclosure regarding: (i) the timing of the merger, (ii) the status of the listing of the new shares; (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. BBX Capital and BFC believe the claims to be without merit and intend to vigorously defend the action. | |
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 SEC is seeking a finding by the court of violations of securities laws, a permanent injunction barring future violations, civil money penalties and, in the case of Mr. Alan B. Levan, an order barring him from serving as an officer or director of a public company. | |
Discovery in the action is now closed. The Court has 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. The grant of partial summary judgment does not resolve any of the SEC’s claims in its favor; with respect to Mr. Alan Levan’s answer on the July 25, 2007 conference call, the jury will still determine issues relating to materiality and scienter. Due to the judge’s trial schedule, the case has been continued and is currently on the trial calendar during the two-week period beginning on November 3, 2014. BBX Capital believes the claims to be without merit and intends to vigorously defend the actions. | |
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. 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 filed a Consolidated Amended Complaint on January 6, 2014. BBX Capital believes the claims to be without merit, intends to file a motion to dismiss the Consolidated Amended Complaint and intends to vigorously defend the actions. | |
Presentation_of_Interim_Financ1
Presentation of Interim Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Presentation of Interim Financial Statements [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation – BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) together with its subsidiaries is referred to herein as “the Company”, “we”, “us,” or “our” and is referred to herein without its subsidiaries as the “Parent Company” or “BBX Capital”. BBX Capital was organized under the laws of the State of Florida in 1994. We are involved in the ownership, financing, acquisition, development and management of real estate and real estate related assets, and we are also involved in the investment in or acquisition of operating businesses. | |
In April 2013, BBX Capital acquired a 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge’s principal asset is its ownership of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a vacation ownership company with over 60 owned or managed resorts and 225,000 owners of vacation ownership interests. BFC Financial Corporation (“BFC”), the controlling shareholder of the Company, owns the remaining 54% of Woodbridge (see Note 2 Investment in Woodbridge Holdings, LLC). | |
In October 2013, Renin Holdings, LLC (“Renin”), a newly formed joint venture owned 81% by BBX Capital and 19% by BFC, acquired substantially all of the assets and certain liabilities of Renin Corp. (“the Renin Transaction”). Renin Corp. manufactures interior closet doors, wall décor, hardware and fabricated glass products. Renin is headquartered in Canada and has four manufacturing, assembly and distribution facilities in Canada, the United States and the United Kingdom. | |
In December 2013, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), a wholly-owned subsidiary of BBX Capital, acquired the outstanding equity interest in Hoffman’s Chocolates and its subsidiaries Boca Bons, LLC and S&F Good Fortunes, LLC (collectively, “Hoffman’s”). Hoffman’s is a manufacturer of gourmet chocolates, with four retail locations in South Florida. | |
In January 2014, BBX Sweet Holdings acquired Williams & Bennett, a Florida based manufacturer of quality chocolate products. 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. | |
The Company has two classes of common stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 53% of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 47% of the combined vote. BFC currently owns 100% of the Company’s Class B common stock and 51% of the Company’s outstanding Class A common stock resulting in BFC owning 52% of the Company’s aggregate outstanding common stock and 72% of the voting power of the Company’s common stock. The percentage of total common equity represented by Class A and Class B common stock was 99% and 1% at March 31, 2014, respectively. The fixed voting percentages will be eliminated, and shares of Class B common stock will be entitled to only one vote per share from and after the date that BFC or its affiliates no longer own in the aggregate at least 97,523 shares of Class B common stock (which is one-half of the number of shares it now owns). Class B common stock is convertible into Class A common stock on a share for share basis. | |
In May 2013, BBX Capital entered into a definitive merger agreement (the “Merger Agreement”) with BFC and BBX Merger Sub, LLC, a newly formed wholly owned subsidiary of BFC (“Merger Sub”). The Merger Agreement provides for BBX Capital to merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company of the Merger and a wholly owned subsidiary of BFC. Under the terms of the Merger Agreement, which was approved by a special committee comprised of the Company’s independent directors (the “Special Committee”) as well as the full boards of directors of both BFC and the Company, the Company’s shareholders (other than BFC and shareholders of the Company who exercise and perfect their appraisal rights in accordance with Florida law) will be entitled to receive 5.39 shares of BFC’s Class A Common Stock in exchange for each share of the Company’s Class A Common Stock that they hold at the effective time of the Merger (as such exchange ratio may be adjusted in accordance with the terms of the Merger Agreement, the “Exchange Ratio”). Each option to acquire shares of the Company’s Class A Common Stock that is outstanding at the effective time of the Merger, whether or not then exercisable, will be converted into an option to acquire shares of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares which may be acquired upon exercise of the option will be multiplied by the Exchange Ratio and the exercise price of the option will be divided by the Exchange Ratio. In addition, each share of the Company’s Class A Common Stock subject to a restricted stock award outstanding at the effective time of the Merger will be converted into a restricted share of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares subject to the award will be multiplied by the Exchange Ratio. The Merger Agreement was approved by the Company’s shareholders and by BFC’s shareholders on April 29, 2014. Consummation of the Merger is subject to certain closing conditions, including, without limitation, BFC’s Class A Common Stock being approved for listing on a national securities exchange (or interdealer quotation system of a registered national securities association) at the effective time of the Merger, holders of not more than 10% of the Company’s Common Stock exercising appraisal rights, and the absence of any “Material Adverse Effect” (as defined in the Merger Agreement) with respect to either the Company or BFC. | |
BBX Capital’s principal asset until July 31, 2012 was its ownership of BankAtlantic and its subsidiaries (“BankAtlantic”). BankAtlantic was a federal savings bank headquartered in Fort Lauderdale, Florida and provided traditional retail banking services and a wide range of commercial banking products and related financial services through a broad network of community branches located in Florida. On November 1, 2011, the Company entered into a definitive agreement to sell BankAtlantic to BB&T Corporation (“BB&T”), which agreement was amended on March 13, 2012 (“the Agreement”). 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 stock sale and related transactions described herein are collectively referred to as the “BB&T Transaction”). Pursuant to the terms of the Agreement, prior to the closing of the BB&T Transaction, BankAtlantic formed two wholly-owned subsidiaries, BBX Capital Asset Management, LLC (“CAM”) and Florida Asset Resolution Group, LLC (“FAR”). BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates and real estate that had an aggregate carrying value on BankAtlantic’s Balance Sheet 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 the Company. At the closing of the BB&T Transaction, the Company transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of the Company’s $285.4 million in principal amount of outstanding trust preferred securities (“TruPS”) obligations, as described in further detail below. The Company continues to hold the remaining 5% of FAR’s preferred membership interests. Under the terms of the Amended and Restated Limited Liability Company agreement of FAR, which was entered into by the Company and BB&T at the closing, 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 + 200 basis points per annum on any unpaid preference amount. At that time, BB&T’s interest in FAR will terminate, and the Company will thereafter be entitled to any and all residual proceeds from FAR through its ownership of FAR’s Class R units. It is expected that the assets (other than cash) contributed to FAR will be monetized over a period of seven years, or longer provided BB&T’s preference amount is repaid within such seven-year period. The Company 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. BB&T’s preferred interest in FAR as of March 31, 2014 had been reduced through cash distributions to $54.5 million. | |
Prior to the closing of the BB&T Transaction, BankAtlantic contributed approximately $82 million in cash to CAM and certain non-performing commercial loans, commercial real estate and previously written-off assets that had an aggregate carrying value on BankAtlantic’s balance sheet of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in CAM to the Company. CAM remains a wholly-owned subsidiary of the Company. | |
The Company’s consolidated financial statements have been prepared on a going concern basis, which reflects the realization of assets and the repayments of liabilities in the normal course of business. | |
All significant inter-company balances and transactions have been eliminated in consolidation. Throughout this document, the term “fair value” in each case is an estimate of fair value as discussed herein. | |
In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of the Company's consolidated financial condition at March 31, 2014, the consolidated results of operations and consolidated statement of comprehensive income for the three months ended March 31, 2014 and 2013, and the consolidated total equity and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results of operations that may be expected for the subsequent interim periods during 2014 or for the year ended December 31, 2014. The consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the consolidated financial statements appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | |
Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2014. | |
The Company follows the equity method of accounting to record its investments in real estate joint ventures in which it has the ability to significantly influence the decisions of the joint venture and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee as well as dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. | |
Goodwill and other intangible assets consisted of $0.3 million of goodwill acquired in the Williams & Bennett acquisition, and $4.1 million of other identifiable intangible assets including trade names, customer relationships and lease premiums acquired in connection with the Renin Transaction and the Hoffman’s and Williams & Bennett acquisitions. | |
Goodwill is recorded at the acquisition date of a business. Annually, goodwill is assessed for qualitative factors to determine whether it is necessary to perform a goodwill impairment test. Goodwill testing is a two-step process. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. | |
The trade names, customer relationship and lease premium intangible assets were initially recorded at fair value and are amortized on a straight-line basis over their estimated useful lives which are generally twenty years for trade names, ten years for customer relationships and over the remaining lease term for lease premiums. Intangible assets are reviewed for impairment at least on an annual basis or at interim periods if events occur subsequent to the annual test date that would result in a decline in the fair value of the intangible assets. The impairment test compares the fair value of the intangible asset with the carrying value. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss is recognized in the amount of the excess carrying amount. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements: | |
The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations: | |
Update Number 2014-08 – Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity - (Topic 360 and Topic 205). 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 periods beginning after December 15, 2014 and interim periods within annual periods beginning on or after December 15, 2015. The adoption of this update is not currently expected to have a material effect on the Company’s financial statements. | |
Update Number 2014-04 – Receivables - (Topic 310-40): Troubled Debt Restructurings by Creditors. This update provides guidance on when a creditor should derecognize a consumer mortgage loan and recognize a foreclosed asset upon taking physical possession of residential real property collateralizing a consumer mortgage loan. A creditor is considered to have received physical possession of residential real 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 amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real 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. | |
Liquidity Considerations | ' |
Liquidity Considerations | |
The Company’s cash was $28.8 million at March 31, 2014. This does not include $2.5 million, $0.9 million and $0.7 million of cash held in FAR, Renin and BBX Sweet Holdings, respectively. The Company had $3.3 million of current liabilities as of March 31, 2014. The Company’s principal source of liquidity is its cash holdings, funds obtained from payments on and sales of its loans, loan payoffs, sales of real estate, income from income producing real estate, and distributions received from FAR and Woodbridge. While FAR is consolidated in the Company’s financial statements, the cash held in FAR and generated from 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 and will generally not be available for distribution to the Company. The balance of BB&T’s preferred membership interest in FAR was approximately $54.5 million at March 31, 2014. Based on current and expected liquidity needs and sources, the Company expects to be able to meet its liquidity needs over the next twelve months. | |
Investment_in_Woodbridge_Holdi1
Investment in Woodbridge Holdings, LLC (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Schedule of Equity Method Investments [Line Items] | ' | ||||
Investment in venture and the adjustment to investment | ' | ||||
March 31, | December 31, | ||||
2014 | 2013 | ||||
Altis at Kendall Square, LLC | $ | 1,300 | 1,300 | ||
New Urban/BBX Development, LLC | 69 | 54 | |||
PGA Design Center Holdings, LLC | 1,977 | - | |||
Total equity investments in unconsolidated real estate joint ventures | $ | 3,346 | 1,354 | ||
Summary Of Statement Of Financial Condition | ' | ||||
March 31, | December 31, | ||||
2014 | 2013 | ||||
Assets | |||||
Cash and restricted cash | $ | 218,494 | 224,104 | ||
Notes receivable, net | 442,906 | 467,319 | |||
Inventory of real estate | 207,801 | 204,256 | |||
Intangible assets | 64,084 | 64,142 | |||
Other assets | 160,952 | 126,494 | |||
Total assets | $ | 1,094,237 | 1,086,315 | ||
Liabilities and Equity | |||||
Accounts payable, accrued liabilities and other | $ | 117,189 | 116,956 | ||
Deferred tax liabilities, net | 85,844 | 76,726 | |||
Notes payable | 518,946 | 537,500 | |||
Junior subordinated debentures | 148,072 | 147,431 | |||
Total liabilities | 870,051 | 878,613 | |||
Total Woodbridge members' equity | 183,507 | 169,981 | |||
Noncontrolling interest | 40,679 | 37,721 | |||
Total equity | 224,186 | 207,702 | |||
Total liabilities and equity | $ | 1,094,237 | 1,086,315 | ||
Condensed Statement Of Operations | ' | ||||
For the Three | |||||
Months Ended | |||||
31-Mar-14 | |||||
Total revenues | $ | 129,920 | |||
Total costs and expenses | 104,933 | ||||
Other income | 688 | ||||
Income from continuing operations before taxes | 25,675 | ||||
Provision for income taxes | 9,145 | ||||
Income from continuing operations | 16,530 | ||||
Loss from discontinued operations, net of tax | -46 | ||||
Net income | 16,484 | ||||
Net income attributable to noncontrolling interest | -2,958 | ||||
Net income attributable to Woodbridge | 13,526 | ||||
BBX Capital equity interest in Woodbridge | 46% | ||||
Equity earnings in Woodbridge | $ | 6,222 | |||
Woodbridge Holdings, LLC [Member] | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ||||
Investment in venture and the adjustment to investment | ' | ||||
Investment in Woodbridge - December 31, 2013 | $ | 78,573 | |||
Equity earnings in Woodbridge | 6,222 | ||||
Dividends received from Woodbridge | - | ||||
Investment in Woodbridge - March 31, 2014 | $ | 84,795 | |||
Consolidated_Variable_Interest1
Consolidated Variable Interest Entities (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Florida Asset Resolution Group, LLC [Member] | ' | |||
Variable Interest Entity [Line Items] | ' | |||
Carrying amount of the assets and liabilities | ' | |||
March 31, | December 31, | |||
2014 | 2013 | |||
Cash and interest bearing deposits in banks | $ | 2,454 | 8,388 | |
Loans held for sale | 50,716 | 53,846 | ||
Loans receivable, net | 44,587 | 56,170 | ||
Real estate held-for-investment | 24,821 | 15,509 | ||
Real estate held-for-sale | 20,043 | 23,664 | ||
Properties and equipment, net | 7,814 | 7,899 | ||
Other assets | 2,096 | 2,413 | ||
Total assets | $ | 152,531 | 167,889 | |
BB&T preferred interest in FAR, LLC | $ | 54,504 | 68,517 | |
Other liabilities | 12,000 | 12,343 | ||
Total liabilities | $ | 66,504 | 80,860 | |
JRG/BBX Development, LLC (bNorth Flaglerb) [Member] | ' | |||
Variable Interest Entity [Line Items] | ' | |||
Carrying amount of the assets and liabilities | ' | |||
March 31, | December 31, | |||
2014 | 2013 | |||
Cash and interest bearing deposits in banks | $ | 191 | 298 | |
Real estate held-for-investment | 427 | 327 | ||
Total assets | $ | 618 | 625 | |
Other liabilities | $ | -10 | -12 | |
Noncontrolling interest | $ | -135 | -135 | |
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity Method Investments And Joint Ventures [Abstract] | ' | |||
Equity Investments In Unconsolidated Real Estate Joint Ventures | ' | |||
March 31, | December 31, | |||
2014 | 2013 | |||
Altis at Kendall Square, LLC | $ | 1,300 | 1,300 | |
New Urban/BBX Development, LLC | 69 | 54 | ||
PGA Design Center Holdings, LLC | 1,977 | - | ||
Total equity investments in unconsolidated real estate joint ventures | $ | 3,346 | 1,354 | |
Loans_Held_For_Sale_Tables
Loans Held For Sale (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Loan Held For Sale [Abstract] | ' | ||||
Loans Held-For-Sale | ' | ||||
March 31, | December 31, | ||||
2014 | 2013 | ||||
Residential | $ | 36,339 | 38,223 | ||
First-lien consumer | 4,737 | 4,176 | |||
Small business | 9,640 | 11,447 | |||
Total loans held-for-sale | $ | 50,716 | 53,846 | ||
Loans_Receivable_Tables
Loans Receivable (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Loans Receivable [Abstract] | ' | ||||||||||||
Composition Of Loan Portfolio | ' | ||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Commercial non-real estate | $ | 1,392 | 3,331 | ||||||||||
Commercial real estate | 51,383 | 62,937 | |||||||||||
Consumer | 8,386 | 8,618 | |||||||||||
Residential | - | 53 | |||||||||||
Total gross loans | 61,161 | 74,939 | |||||||||||
Adjustments: | |||||||||||||
Premiums, discounts and net deferred fees | - | - | |||||||||||
Allowance for loan losses | -1,588 | -2,713 | |||||||||||
Loans receivable -- net | $ | 59,573 | 72,226 | ||||||||||
Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable And Loans Held For Sale | ' | ||||||||||||
March 31, | December 31, | ||||||||||||
Loan Class | 2014 | 2013 | |||||||||||
Commercial non-real estate | $ | 1,392 | 3,331 | ||||||||||
Commercial real estate | 33,506 | 45,540 | |||||||||||
Consumer | 2,903 | 2,972 | |||||||||||
Residential | - | 53 | |||||||||||
Total nonaccrual loans | $ | 37,801 | 51,896 | ||||||||||
Age Analysis Of The Past Due Recorded Investment In Loans Receivable And Loans Held For Sale | ' | ||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Mar-14 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | - | 330 | 330 | 1,062 | 1,392 | ||||||
Commercial real estate: | - | 3,985 | 10,398 | 14,383 | 37,000 | 51,383 | |||||||
Consumer | 227 | 227 | 2,379 | 2,833 | 5,553 | 8,386 | |||||||
Residential: | - | - | - | - | - | - | |||||||
Total | $ | 227 | 4,212 | 13,107 | 17,546 | 43,615 | 61,161 | ||||||
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) The Company had no loans that were past due greater than 90 days and still accruing as of March 31, 2014 or December 31, 2013. | |||||||||||||
Activity In The Allowance For Loan Losses By Portfolio | ' | ||||||||||||
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-off : | -1,939 | - | - | -78 | - | -2,017 | |||||||
Recoveries : | 14 | 1,666 | 107 | 311 | 42 | 2,140 | |||||||
Provision : | 971 | -1,780 | -107 | -290 | -42 | -1,248 | |||||||
Ending balance | $ | - | 113 | - | 1,475 | - | 1,588 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | - | - | - | - | - | - | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | - | 113 | - | 1,475 | - | 1,588 | |||||||
Total | $ | - | 113 | - | 1,475 | - | 1,588 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,392 | 33,506 | - | 2,255 | - | 37,153 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | - | 17,877 | - | 6,131 | - | 24,008 | ||||||
Total | $ | 1,392 | 51,383 | - | 8,386 | - | 61,161 | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | - | - | ||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended March 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: | - | -1,179 | - | -376 | -389 | -1,944 | |||||||
Recoveries : | 171 | 277 | 74 | 458 | 143 | 1,123 | |||||||
Provision : | -710 | 470 | -74 | 650 | 423 | 759 | |||||||
Ending balance | $ | 1,196 | 1,437 | - | 1,993 | 623 | 5,249 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 634 | 663 | - | - | - | 1,297 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 562 | 774 | - | 1,993 | 623 | 3,952 | |||||||
Total | $ | 1,196 | 1,437 | - | 1,993 | 623 | 5,249 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,362 | 157,144 | - | 7,501 | 41,198 | 209,205 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 7,457 | 23,960 | - | 8,892 | 10,405 | 50,714 | ||||||
Total | $ | 10,819 | 181,104 | - | 16,393 | 51,603 | 259,919 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | - | - | ||||||
Impaired Loans | ' | ||||||||||||
As of March 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 | 802 | 1,773 | 802 | 920 | 2,228 | 920 | |||||||
Residential: | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 802 | 1,773 | 802 | 3,921 | 6,700 | 1,874 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 1,392 | 5,100 | - | 330 | 634 | - | ||||||
Commercial real estate: | 34,157 | 67,194 | - | 45,540 | 79,186 | - | |||||||
Consumer | 6,825 | 8,689 | - | 7,165 | 8,730 | - | |||||||
Residential: | - | - | - | 53 | 189 | - | |||||||
Total with no allowance recorded | $ | 42,374 | 80,983 | - | 53,088 | 88,739 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 1,392 | 5,100 | - | 3,331 | 5,106 | 954 | ||||||
Commercial real estate | 34,157 | 67,194 | - | 45,540 | 79,186 | - | |||||||
Consumer | 7,627 | 10,462 | 802 | 8,085 | 10,958 | 920 | |||||||
Residential | - | - | - | 53 | 189 | - | |||||||
Total | $ | 43,176 | 82,756 | 802 | 57,009 | 95,439 | 1,874 | ||||||
Average Recorded Investment And Interest Income Recognized On Impaired Loans | ' | ||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | - | - | 3,032 | 60 | ||||||||
Commercial real estate: | - | - | 32,702 | 196 | |||||||||
Consumer | 811 | - | 152 | - | |||||||||
Residential: | - | - | - | - | |||||||||
Total with allowance recorded | $ | 811 | - | 35,886 | 256 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,331 | - | 330 | - | ||||||||
Commercial real estate: | 34,207 | 197 | 124,054 | 693 | |||||||||
Consumer | 6,842 | 77 | 15,570 | 76 | |||||||||
Residential: | - | - | 44,922 | 96 | |||||||||
Total with no allowance recorded | $ | 44,380 | 274 | 184,876 | 865 | ||||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,331 | - | 3,362 | 60 | ||||||||
Commercial real estate | 34,207 | 199 | 156,756 | 889 | |||||||||
Consumer | 7,653 | 77 | 15,722 | 76 | |||||||||
Residential | - | - | 44,922 | 96 | |||||||||
Total | $ | 45,191 | 274 | 220,762 | 1,121 | ||||||||
Real_Estate_HeldforInvestment_1
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ' | ||||
Real estate held-for-sale | ' | ||||
As of March 31, | As of December 31, | ||||
2014 | 2013 | ||||
Land | $ | 21,101 | 18,268 | ||
Rental properties | 6,123 | 6,168 | |||
Residential single-family | 5,023 | 6,447 | |||
Other | 1,197 | 3,088 | |||
Total held-for-sale | $ | 33,444 | 33,971 | ||
Real estate held-for-investment | ' | ||||
As of March 31, | As of December 31, | ||||
2014 | 2013 | ||||
Land | $ | 76,278 | 79,656 | ||
Rental properties | 31,363 | 26,891 | |||
Other | 789 | 789 | |||
Total held-for-investment | $ | 108,430 | 107,336 | ||
Real estate activity | ' | ||||
For the Three Months Ended March 31, 2014 | |||||
Real Estate | |||||
Held-for-Sale | Held-for-Investment | ||||
As of December 31, 2013 | $ | 33,971 | 107,336 | ||
Acquired through foreclosure | 849 | 11,562 | |||
Transfers | 3,571 | -3,571 | |||
Purchases | - | - | |||
Improvements | - | 192 | |||
Accumulated depreciation | - | -103 | |||
Sales | -4,810 | -4,800 | |||
Impairments | -137 | -2,186 | |||
As of March 31, 2014 | $ | 33,444 | 108,430 | ||
For the Three Months Ended March 31, 2013 | |||||
Real Estate | |||||
Held-for-Sale | Held-for-Investment | ||||
As of December 31, 2012 | $ | 45,637 | 37,413 | ||
Acquired through foreclosure | 6,128 | 1,890 | |||
Improvements | - | - | |||
Sales | -11,724 | -465 | |||
Impairments | -1,153 | -57 | |||
As of March 31, 2013 | $ | 38,888 | 38,781 | ||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
As of | As of | ||||
31-Mar-14 | 31-Dec-13 | ||||
Raw materials | $ | 5,175 | 5,077 | ||
Work in process | 64 | 379 | |||
Finished goods | 4,975 | 3,699 | |||
Total | $ | 10,214 | 9,155 | ||
Related_Parties_Tables
Related Parties (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Related Parties [Abstract] | ' | ||||
Schedule Of Service Arrangements With Related Parties | ' | ||||
For the Three Months Ended | |||||
March 31, | |||||
2014 | 2013 | ||||
Other revenues | $ | 115 | 108 | ||
Expenses: | |||||
Employee compensation | |||||
and benefits | -70 | -33 | |||
Other - back-office support | -43 | -39 | |||
Net effect of affiliate transactions | |||||
before income taxes | $ | 2 | 36 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule Of Segment Information | ' | ||||||||||||
Adjusting and | |||||||||||||
Elimination | Segment | ||||||||||||
For the Three Months Ended: | BBX | FAR | Renin | Other | Entries | Total | |||||||
March 31, 2014: | |||||||||||||
Revenues | $ | 1,016 | 3,310 | 14,138 | 2,729 | -65 | 21,128 | ||||||
Costs and expenses | -6,280 | -2,671 | -14,490 | -2,612 | 65 | -25,988 | |||||||
Recoveries from loan losses | 1,004 | 244 | - | - | - | 1,248 | |||||||
Asset impairments | -81 | -1,238 | - | - | -1,319 | ||||||||
Equity earnings in Woodbridge | 6,222 | - | - | - | - | 6,222 | |||||||
Segment income (loss) before income taxes | 1,881 | -355 | -352 | 117 | - | 1,291 | |||||||
Provision for income tax | - | - | - | - | - | - | |||||||
Net income (loss) | $ | 1,881 | -355 | -352 | 117 | - | 1,291 | ||||||
Total assets | $ | 532,178 | 150,536 | 23,976 | 8,786 | -298,581 | 416,895 | ||||||
Equity method investments | |||||||||||||
included in total assets | $ | 88,141 | - | - | - | - | 88,141 | ||||||
Expenditures for segment assets | $ | 8 | - | 6 | - | - | 14 | ||||||
Depreciation and amortization | $ | 74 | 148 | 214 | 98 | - | 534 | ||||||
Adjusting and | |||||||||||||
Elimination | Segment | ||||||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||||||
March 31, 2013: | |||||||||||||
Revenues | $ | 3,723 | 3,165 | -53 | 6,835 | ||||||||
Costs and expenses | -6,918 | -3,578 | 53 | -10,443 | |||||||||
Recoveries from (provision for) loan losses | 418 | -1,177 | - | -759 | |||||||||
Asset impairments | -927 | -1,238 | - | -2,165 | |||||||||
Segment income (loss) before income taxes | -3,704 | -2,828 | - | -6,532 | |||||||||
Provision for income tax | $ | - | - | - | - | ||||||||
Net income (loss) | $ | -3,704 | -2,828 | - | -6,532 | ||||||||
Total assets | 409,975 | 258,772 | -236,263 | 432,484 | |||||||||
Expenditures for segment assets | $ | 27 | - | - | 27 | ||||||||
Depreciation and amortization | $ | 55 | - | - | 55 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Fair Value Measurement [Abstract] | ' | ||||||
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | ' | ||||||
Fair Value Measurements Using | |||||||
Quoted prices in | Total | ||||||
Active Markets | Significant | Significant | Impairments (1) | ||||
As of | for Identical | Other Observable | Unobservable | For the Three | |||
March 31, | Assets | Inputs | Inputs | Months Ended | |||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Mar-14 | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 57 | - | - | 57 | 32 | |
Impaired real estate held-for-sale and held-for-investment | 10,541 | - | - | 10,541 | 2,321 | ||
Impaired loans held for sale | 5,607 | - | - | 5,607 | 305 | ||
Total | $ | 16,205 | - | - | 16,205 | 2,658 | |
-1 | Total impairments represent the amount of losses recognized during the three months ended March 31, 2014 on assets that were held and measured at fair value as of March 31, 2014. | ||||||
Fair Value Measurements Using | |||||||
Quoted prices in | Total | ||||||
Active Markets | Significant | Significant | Total | ||||
As of | for Identical | Other Observable | Unobservable | Impairments (1) | |||
March 31, | Assets | Inputs | Inputs | For the Three | |||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Mar-13 | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 9,298 | - | - | 9,298 | 935 | |
Impaired real estate held-for-sale and held-for-investment | 19,198 | - | - | 19,198 | 1,528 | ||
Impaired loans held for sale | 17,078 | - | - | 17,078 | 536 | ||
Total | $ | 45,574 | - | - | 45,574 | 2,999 | |
(1) Total impairments represent the amount of losses recognized during the year ended March 31, 2013 on assets that were held and measured at fair value as of March 31, 2013. | |||||||
Schedule Of Quantitative Fair Value Measurements | ' | ||||||
As of March 31, 2014 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1)(2) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 57 | Fair Value of Collateral | Appraisal | $0.1 - $0.2 million ($0.2 million) | ||
Impaired real estate held-for-sale and held-for-investment | 10,541 | Fair Value of Property | Appraisal | $0.1 - $9.0 million ($2.2 million) | |||
Impaired loans held for sale | 5,607 | Fair Value of Collateral | Appraisal | $0.1 - $0.7 million ($0.1 million) | |||
Total | $ | 16,205 | |||||
(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 March 31, 2013 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1)(2) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 9,298 | Fair Value of Collateral | Appraisal | $0.1 - $3.5 million ($0.2 million) | ||
Impaired real estate held-for-sale and held-for-investment | 19,198 | Fair Value of Property | Appraisal | $0.2 - $11.2 million ($1.9 million) | |||
Impaired loans held for sale | 17,078 | Fair Value of Collateral | Appraisal | $0.1 - $0.6 million ($0.2 million) | |||
Total | $ | 45,574 | |||||
(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. | |||||||
Schedule Of Fair Value By Balance Sheet Grouping | ' | ||||||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | March 31, | March 31, | Assets | Inputs | Inputs | ||
Description | 2014 | 2014 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 32,919 | 32,919 | 32,919 | - | - | |
Loans receivable including loans held for sale, net | 110,289 | 118,027 | - | - | 118,027 | ||
Financial liabilities: | |||||||
Notes payable | 9,448 | 10,122 | - | - | 10,122 | ||
Notes payable to related parties | 22,012 | 21,746 | - | - | 21,746 | ||
BB&T preferred interest in FAR | 54,504 | 54,675 | - | - | 54,675 | ||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | December 31, | December 31, | Assets | Inputs | Inputs | ||
Description | 2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 43,138 | 43,138 | 43,138 | - | - | |
Loans receivable including loans held for sale, net | 126,072 | 131,853 | - | - | 131,853 | ||
Financial liabilities: | |||||||
Notes payable | 9,034 | 9,716 | - | - | 9,716 | ||
Notes payable to related parties | 21,662 | 21,419 | 21,419 | ||||
BB&T preferred interest in FAR | 68,517 | 69,032 | - | - | 69,032 | ||
Presentation_of_Interim_Financ2
Presentation of Interim Financial Statements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||
31-May-13 | Apr. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jul. 31, 2012 | Mar. 31, 2014 | Apr. 30, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Oct. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2013 | Mar. 31, 2014 | 31-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
item | item | Florida Asset Resolution Group, LLC [Member] | Florida Asset Resolution Group, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | BB&T [Member] | BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | Hoffmans [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Williams And Bennett [Member] | ||||
BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | |||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | 46.00% | ' | 19.00% | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.00% | 81.00% | ' | ' | 54.00% | ' | ' | ' | ' | ' | ' | ' |
Vacation ownership company, number of owners | ' | 225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation ownership company, number of owned or managed resorts | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities | ' | ' | ' | ' | ' | $54,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | 21,128,000 | 6,835,000 | 6,835,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations before income taxes | ' | ' | 1,291,000 | -6,532,000 | -6,532,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performing and non-performing loans, tax certificates and real estate owned, carrying value | ' | ' | ' | ' | ' | 346,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred membership interest | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on preferred interest return | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which VIE assets are expected to be monetized | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental payments of preference amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing commercial loans, commercial real estate owned and previously written-off assets, carrying value | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 4,355,000 | ' | 2,686,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Other identifiable intangible assets including trade names, customer relationships and lease premiums acquired | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | 2,500,000 | 50,000,000 | 82,000,000 | ' | 900,000 | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' |
Number of classes of stock held | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | $1 | ' | ' |
Aggregate percentage of combined voting power | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.00% | ' | ' | ' | 53.00% | ' | 47.00% | ' | ' |
Percent of common stock owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | 51.00% | ' | 100.00% | ' |
Percent of common equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | 1.00% | ' | ' |
Aggregate number of shares owned, threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,523 | ' |
Percent of aggregate number of shares held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Definitive merger agreement entitled shares to receive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.39 | ' | ' | ' | ' | ' |
Merger closing conditions ownership percentage maximum | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | 2,500,000 | 50,000,000 | 82,000,000 | ' | 900,000 | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Membership Percentage | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Membership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Period To Meet Liquidity Needs | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Woodbridge_Holdi2
Investment in Woodbridge Holdings, LLC (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2013 |
Schedule of Investments [Line Items] | ' | ' | ' |
Equity method investments | $84,795,000 | $78,573,000 | ' |
Woodbridge Holdings, LLC [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Equity method investments | 84,795,000 | 78,573,000 | 71,750,000 |
Equity method investment, ownership percentage | 46.00% | ' | 46.00% |
Investment consisting of cash | ' | ' | 60,400,000 |
Equity method investments transaction costs | ' | ' | 400,000 |
Investment in company, promissory note | ' | ' | $11,750,000 |
BFC Financial Corporation [Member] | Woodbridge Holdings, LLC [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | 54.00% |
Investment_in_Woodbridge_Holdi3
Investment in Woodbridge Holdings, LLC (Investment in venture and the adjustment to investment ) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Apr. 02, 2013 |
Business Acquisition [Line Items] | ' | ' |
Investment in Woodbridge, Beginning of Period | $78,573 | ' |
Equity earnings in Woodbridge Holdings, LLC | 6,222 | ' |
Investment in Woodbridge, End of Period | 84,795 | ' |
Woodbridge Holdings, LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Investment in Woodbridge, Beginning of Period | 78,573 | 71,750 |
Equity earnings in Woodbridge Holdings, LLC | 6,222 | ' |
Investment in Woodbridge, End of Period | $84,795 | $71,750 |
Investment_in_Woodbridge_Holdi4
Investment in Woodbridge Holdings, LLC (Condensed Statement of Financial Condition and Condensed Statement of Operations) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and restricted cash | $32,919 | $43,138 | ' | ' |
Inventory of real estate | 10,214 | 9,155 | ' | ' |
Total assets | 416,895 | 431,147 | 432,484 | ' |
Notes payable | 9,448 | 9,034 | ' | ' |
Total liabilities | 111,211 | 127,581 | ' | ' |
Stockholders' equity attributable to parent | 304,619 | 302,382 | ' | ' |
Noncontrolling interest | 1,065 | 1,184 | ' | ' |
Total equity | 305,684 | 303,566 | 234,352 | 240,324 |
Total liabilities and equity | 416,895 | 431,147 | ' | ' |
Woodbridge Holdings, LLC [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and restricted cash | 218,494 | 224,104 | ' | ' |
Notes receivable, net | 442,906 | 467,319 | ' | ' |
Inventory of real estate | 207,801 | 204,256 | ' | ' |
Intangible assets | 64,084 | 64,142 | ' | ' |
Other assets | 160,952 | 126,494 | ' | ' |
Total assets | 1,094,237 | 1,086,315 | ' | ' |
Accounts payable, accrued liabilities and other | 117,189 | 116,956 | ' | ' |
Deferred tax liabilities, net | 85,844 | 76,726 | ' | ' |
Notes payable | 518,946 | 537,500 | ' | ' |
Junior subordinated debentures | 148,072 | 147,431 | ' | ' |
Total liabilities | 870,051 | 878,613 | ' | ' |
Stockholders' equity attributable to parent | 183,507 | 169,981 | ' | ' |
Noncontrolling interest | 40,679 | 37,721 | ' | ' |
Total equity | 224,186 | 207,702 | ' | ' |
Total liabilities and equity | $1,094,237 | $1,086,315 | ' | ' |
Investment_in_Woodbridge_Holdi5
Investment in Woodbridge Holdings, LLC (Condensed Statement Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 02, 2013 |
Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Revenues | $21,128 | $6,835 | $6,835 | $129,920 | ' |
Costs and Expenses | 25,988 | 10,443 | 10,443 | 104,933 | ' |
Other income | ' | ' | ' | 688 | ' |
Income (loss) from continuing operations before income taxes | 1,291 | -6,532 | -6,532 | 25,675 | ' |
Provision for income taxes | ' | ' | ' | 9,145 | ' |
Income (loss) from continuing operations | ' | ' | ' | 16,530 | ' |
Loss from discontinued operations, net of tax | ' | ' | ' | -46 | ' |
Net income (loss) | 1,291 | -6,532 | -6,532 | 16,484 | ' |
Net income attributable to noncontrolling interest | 67 | ' | ' | -2,958 | ' |
Net income (loss) attributable to BBX Capital Corporation | 1,358 | ' | -6,532 | 13,526 | ' |
BBX Capital equity interest in Woodbridge | ' | ' | ' | 46.00% | 46.00% |
Equity earnings in Woodbridge Holdings, LLC | $6,222 | ' | ' | $6,222 | ' |
Consolidated_Variable_Interest2
Consolidated Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Variable Interest Entity [Line Items] | ' | ' | ' |
Period in which VIE assets are expected to be monetized | '7 years | ' | ' |
Assets | $416,895,000 | $431,147,000 | $432,484,000 |
BBX Capital [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Investment in joint venture | 500,000 | ' | ' |
Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Preferred membership interest | 5.00% | ' | ' |
Trust Preferred Securities | 54,500,000 | ' | ' |
JRG/BBX Development, LLC (bNorth Flaglerb) [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Company's maximum loss exposure in VIE | 473,000 | ' | ' |
Investment in joint venture | 10,800,000 | ' | ' |
Area of real estate property | 4.5 | ' | ' |
Percent of proceeds from joint venture entitlement | 80.00% | ' | ' |
Percent of proceeds from joint venture after capital investment is recovered | 70.00% | ' | ' |
Assets | 618,000 | 625,000 | ' |
Class A Units in FAR [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Preference amount | 285,000,000 | ' | ' |
Percent of net cash flows received from monetization of assets | 5.00% | ' | ' |
Class A Units in FAR [Member] | Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Principal balance of commercial loans serviced for FAR | 13,000,000 | ' | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Principal amount of TruPS | 285,400,000 | ' | ' |
Preferred membership interest | 95.00% | ' | ' |
Basis points per annum | 2.00% | ' | ' |
Period in which VIE assets are expected to be monetized | '7 years | ' | ' |
Incremental Guarantee | 35,000,000 | ' | ' |
Assets | 152,531,000 | 167,889,000 | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | BBX Capital Asset Management, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Assets | 86,000,000 | ' | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Principal amount of TruPS | 54,500,000 | ' | ' |
Incremental Guarantee | 35,000,000 | ' | ' |
Company's maximum loss exposure in VIE | $121,000,000 | ' | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | Florida Asset Resolution Group, LLC [Member] | Class A Units [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Initial preferred membership interest | 5.00% | ' | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | Florida Asset Resolution Group, LLC [Member] | Class R Units [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Initial preferred membership interest | 100.00% | ' | ' |
Consolidated_Variable_Interest3
Consolidated Variable Interest Entities (Carrying amount of the assets and liabilities of FAR) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Loans held for sale | $50,716 | $53,846 | ' | ' |
Loans receivable | 59,573 | 72,226 | ' | ' |
Real estate held for sale | 33,444 | 33,971 | 38,888 | 45,637 |
Property, plant and equipment, net | 14,651 | 14,824 | ' | ' |
Other assets | 14,452 | 14,038 | ' | ' |
Total assets | 416,895 | 431,147 | 432,484 | ' |
BB&T preferred interest in FAR | 54,504 | 68,517 | ' | ' |
Other liabilities | 25,247 | 28,368 | ' | ' |
Total liabilities | 111,211 | 127,581 | ' | ' |
Variable Interest Entity [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Loans held for sale | 50,716 | 53,846 | ' | ' |
Loans receivable | 44,587 | 56,170 | ' | ' |
Property, plant and equipment, net | 7,814 | 7,899 | ' | ' |
Other assets | 2,096 | 2,413 | ' | ' |
BB&T preferred interest in FAR | 54,504 | 68,517 | ' | ' |
Other liabilities | 12,010 | 12,355 | ' | ' |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and due from banks | 2,454 | 8,388 | ' | ' |
Loans held for sale | 50,716 | 53,846 | ' | ' |
Loans receivable | 44,587 | 56,170 | ' | ' |
Real estate held-for-investment | 24,821 | 15,509 | ' | ' |
Real estate held for sale | 20,043 | 23,664 | ' | ' |
Property, plant and equipment, net | 7,814 | 7,899 | ' | ' |
Other assets | 2,096 | 2,413 | ' | ' |
Total assets | 152,531 | 167,889 | ' | ' |
BB&T preferred interest in FAR | 54,504 | 68,517 | ' | ' |
Other liabilities | 12,000 | 12,343 | ' | ' |
Total liabilities | $66,504 | $80,860 | ' | ' |
Consolidated_Variable_Interest4
Consolidated Variable Interest Entities (Carrying Amount Of Assets And Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and interest bearing deposits in other banks | $32,919 | $43,138 | $69,584 | $62,377 |
Real estate held for investment | 108,430 | 107,336 | ' | ' |
Total assets | 416,895 | 431,147 | 432,484 | ' |
Other liabilities | 25,247 | 28,368 | ' | ' |
Noncontrolling interest | -1,065 | -1,184 | ' | ' |
JRG/BBX Development, LLC (bNorth Flaglerb) [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and interest bearing deposits in other banks | 191 | 298 | ' | ' |
Real estate held for investment | 427 | 327 | ' | ' |
Total assets | 618 | 625 | ' | ' |
Other liabilities | -10 | -12 | ' | ' |
Noncontrolling interest | ($135) | ($135) | ' | ' |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Altis at Kendall Square, LLC [Member] | Altis at Kendall Square, LLC [Member] | Altis at Kendall Square, LLC [Member] | New Urban/BBX Development, LLC [Member] | New Urban/BBX Development, LLC [Member] | New Urban/BBX Development, LLC [Member] | PGA Design Center Holdings, LLC [Member] | PGA Design Center Holdings, LLC [Member] | ||||
item | item | sqft | |||||||||
acre | property | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total equity investments in unconsolidated real estate joint ventures | $3,346,000 | ' | $1,354,000 | $1,300,000 | $1,300,000 | $1,300,000 | ' | $54,000 | $69,000 | ' | $1,977,000 |
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% | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Number of single family homes | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' |
Preferred membership interest | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | 60.00% |
Individual Contribution To Joint Venture | ' | ' | ' | ' | ' | ' | 692,000 | ' | ' | ' | ' |
Investment in joint venture | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' |
Selling expense | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Investment in company, promissory note | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' |
Carrying value of land | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' |
Number of buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Building Area | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000 | ' |
Purchase of property | 14,000 | 27,000 | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' |
Sale of commercial property to the joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 |
Percent of commercial property sold into joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% |
Carrying value of commercial property sold into joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 |
Property contributed to the joint venture excluded certain residential development entitlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Real Estate Joint Ventures (Equity Investments In Unconsolidated Real Estate Joint Ventures) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Total equity investments in unconsolidated real estate joint ventures | $3,346 | $1,354 | ' |
Altis at Kendall Square, LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Total equity investments in unconsolidated real estate joint ventures | 1,300 | 1,300 | 1,300 |
New Urban/BBX Development, LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Total equity investments in unconsolidated real estate joint ventures | 69 | 54 | ' |
PGA Design Center Holdings, LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Total equity investments in unconsolidated real estate joint ventures | $1,977 | ' | ' |
Loans_heldforsale_Details
Loans held-for-sale (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans held-for-sale [Line Items] | ' | ' |
Loans held for sale | $50,716 | $53,846 |
Residential [Member] | ' | ' |
Loans held-for-sale [Line Items] | ' | ' |
Loans held for sale | 36,339 | 38,223 |
First Lien Consumer [Member] | ' | ' |
Loans held-for-sale [Line Items] | ' | ' |
Loans held for sale | 4,737 | 4,176 |
Small Business Loans [Member] | ' | ' |
Loans held-for-sale [Line Items] | ' | ' |
Loans held for sale | $9,640 | $11,447 |
Loans_Receivable_Narrative_Det
Loans Receivable (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
loan | ||
Loans Receivable [Abstract] | ' | ' |
Period of evaluation for impairment prior to appraisal date | '1 year | ' |
Period of appraisal postponement if property is in the process of foreclosure | '1 year | ' |
Collateral dependent loans | $28,900,000 | ' |
Collateral dependent loans measured for impairment using current appraisals | 25,000,000 | ' |
Collateral dependent loans measured for impairment using previous appraisals | 3,900,000 | ' |
Number of loans adjusted down due from changes in market conditions since last appraisal | 1 | ' |
Collateral dependent loans measured for impairment using previous appraisals adjustment | 800,000 | ' |
Troubled debt restructurings | $0 | $0 |
Loans modified, troubled debt restructurings, number | 0 | ' |
Loans_Receivable_Composition_O
Loans Receivable (Composition Of Loan Portfolio) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Composition Of Loans By Category [Line Items] | ' | ' | ' |
Gross loans, by category | $61,161 | $74,939 | $259,919 |
Allowance for loan losses | -1,588 | -2,713 | ' |
Loans receivable -- net | 59,573 | 72,226 | ' |
Commercial Non-Real Estate [Member] | ' | ' | ' |
Composition Of Loans By Category [Line Items] | ' | ' | ' |
Gross loans, by category | 1,392 | 3,331 | 10,819 |
Commercial Real Estate [Member] | ' | ' | ' |
Composition Of Loans By Category [Line Items] | ' | ' | ' |
Gross loans, by category | 51,383 | 62,937 | 181,104 |
Consumer [Member] | ' | ' | ' |
Composition Of Loans By Category [Line Items] | ' | ' | ' |
Gross loans, by category | 8,386 | 8,618 | 16,393 |
Residential Real Estate [Member] | ' | ' | ' |
Composition Of Loans By Category [Line Items] | ' | ' | ' |
Gross loans, by category | ' | $53 | ' |
Loans_Receivable_Recorded_Inve
Loans Receivable (Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | $37,801 | $51,896 |
Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 1,392 | 3,331 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 33,506 | 45,540 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 2,903 | 2,972 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | ' | $53 |
Loans_Receivable_Age_Analysis_
Loans Receivable (Age Analysis Of The Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | $227 | $317 | ||
60-89 Days Past Due | 4,212 | 293 | ||
90 Days or More | 13,107 | [1] | 27,531 | [1] |
Total Past Due | 17,546 | 28,141 | ||
Current | 43,615 | 46,798 | ||
Total Loans Receivable | 61,161 | 74,939 | ||
Commercial Non-Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
90 Days or More | 330 | [1] | 2,269 | [1] |
Total Past Due | 330 | 2,269 | ||
Current | 1,062 | 1,062 | ||
Total Loans Receivable | 1,392 | 3,331 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
60-89 Days Past Due | 3,985 | ' | ||
90 Days or More | 10,398 | [1] | 22,729 | [1] |
Total Past Due | 14,383 | 22,729 | ||
Current | 37,000 | 40,208 | ||
Total Loans Receivable | 51,383 | 62,937 | ||
Consumer [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | 227 | 317 | ||
60-89 Days Past Due | 227 | 293 | ||
90 Days or More | 2,379 | [1] | 2,480 | [1] |
Total Past Due | 2,833 | 3,090 | ||
Current | 5,553 | 5,528 | ||
Total Loans Receivable | 8,386 | 8,618 | ||
Residential Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
90 Days or More | ' | 53 | [1] | |
Total Past Due | ' | 53 | ||
Total Loans Receivable | ' | $53 | ||
[1] | The Company had no loans that were past due greater than 90 days and still accruing as of March 31, 2014 or December 31, 2013. |
Loans_Receivable_Activity_In_T
Loans Receivable (Activity In The Allowance For Loan Losses By Portfolio) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | $2,713 | $5,311 | ' |
Charge-off: | -2,017 | -1,944 | ' |
Recoveries: | 2,140 | 1,123 | ' |
Provision: | -1,248 | 759 | ' |
Discontinued operations provision: | ' | 5,249 | ' |
Ending balance | 1,588 | 5,249 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | ' | 1,297 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 1,588 | 3,952 | ' |
Allowance for Loan Losses, Total | 1,588 | 5,249 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 37,153 | 209,205 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 24,008 | 50,714 | ' |
Total | 61,161 | 259,919 | 74,939 |
Commercial Non-Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 954 | 1,735 | ' |
Charge-off: | -1,939 | ' | ' |
Recoveries: | 14 | 171 | ' |
Provision: | 971 | -710 | ' |
Discontinued operations provision: | ' | 1,196 | ' |
Ending balance | ' | 1,196 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | ' | 634 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | ' | 562 | ' |
Allowance for Loan Losses, Total | ' | 1,196 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 1,392 | 3,362 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | ' | 7,457 | ' |
Total | 1,392 | 10,819 | 3,331 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 227 | 1,869 | ' |
Charge-off: | ' | -1,179 | ' |
Recoveries: | 1,666 | 277 | ' |
Provision: | -1,780 | 470 | ' |
Discontinued operations provision: | ' | 1,437 | ' |
Ending balance | 113 | 1,437 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | ' | 663 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 113 | 774 | ' |
Allowance for Loan Losses, Total | 113 | 1,437 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 33,506 | 157,144 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 17,877 | 23,960 | ' |
Total | 51,383 | 181,104 | 62,937 |
Small Business [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Recoveries: | 107 | 74 | ' |
Provision: | -107 | -74 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 1,532 | 1,261 | ' |
Charge-off: | -78 | -376 | ' |
Recoveries: | 311 | 458 | ' |
Provision: | -290 | 650 | ' |
Discontinued operations provision: | ' | 1,993 | ' |
Ending balance | 1,475 | 1,993 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 1,475 | 1,993 | ' |
Allowance for Loan Losses, Total | 1,475 | 1,993 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 2,255 | 7,501 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 6,131 | 8,892 | ' |
Total | 8,386 | 16,393 | 8,618 |
Residential [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | ' | 446 | ' |
Charge-off: | ' | -389 | ' |
Recoveries: | 42 | 143 | ' |
Provision: | -42 | 423 | ' |
Discontinued operations provision: | ' | 623 | ' |
Ending balance | ' | 623 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | ' | 623 | ' |
Allowance for Loan Losses, Total | ' | 623 | ' |
Loans receivable, Ending balance individually evaluated for impairment | ' | 41,198 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | ' | 10,405 | ' |
Total | ' | $51,603 | ' |
Loans_ReceivableImpaired_Loans
Loans Receivable(Impaired Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | $802 | $3,921 |
With a related allowance recorded, Unpaid Principal Balance | 1,773 | 6,700 |
With no related allowance recorded, Recorded Investment | 42,374 | 53,088 |
With no related allowance, Unpaid Principal Balance | 80,983 | 88,739 |
Recorded Investment | 43,176 | 57,009 |
Unpaid Principal Balance | 82,756 | 95,439 |
Related Allowance | 802 | 1,874 |
Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | ' | 3,001 |
With a related allowance recorded, Unpaid Principal Balance | ' | 4,472 |
With no related allowance recorded, Recorded Investment | 1,392 | 330 |
With no related allowance, Unpaid Principal Balance | 5,100 | 634 |
Recorded Investment | 1,392 | 3,331 |
Unpaid Principal Balance | 5,100 | 5,106 |
Related Allowance | ' | 954 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 34,157 | 45,540 |
Unpaid Principal Balance | 67,194 | 79,186 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | 802 | 920 |
With a related allowance recorded, Unpaid Principal Balance | 1,773 | 2,228 |
With no related allowance recorded, Recorded Investment | 6,825 | 7,165 |
With no related allowance, Unpaid Principal Balance | 8,689 | 8,730 |
Recorded Investment | 7,627 | 8,085 |
Unpaid Principal Balance | 10,462 | 10,958 |
Related Allowance | 802 | 920 |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | ' | 53 |
Unpaid Principal Balance | ' | $189 |
Loans_Receivable_And_Loans_Hel
Loans Receivable And Loans Held For Sale (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With a related allowance recorded, Recorded Investment | $802 | ' | $3,921 |
With no related allowance recorded, Recorded Investment | 42,374 | ' | 53,088 |
With a related allowance recorded, Unpaid Principal Balance | 1,773 | ' | 6,700 |
With no related allowance, Unpaid Principal Balance | 80,983 | ' | 88,739 |
Impaired Financing Receivable, Related Allowance | 802 | ' | 1,874 |
With an allowance recorded, Average Recorded Investment | 811 | 35,886 | ' |
With no related allowance recorded, Average Recorded Investment | 44,380 | 184,876 | ' |
With an allowance recorded, Interest Income Recognized | ' | 256 | ' |
With no related allowance recorded, Interest Income Recognized | 274 | 865 | ' |
Impaired Financing Receivable, Recorded Investment | 43,176 | ' | 57,009 |
Impaired Financing Receivable, Unpaid Principal Balance | 82,756 | ' | 95,439 |
Average Recorded Investment | 45,191 | 220,762 | ' |
Interest Income Recognized | 274 | 1,121 | ' |
Commercial Non-Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With a related allowance recorded, Recorded Investment | ' | ' | 3,001 |
With no related allowance recorded, Recorded Investment | 1,392 | ' | 330 |
With a related allowance recorded, Unpaid Principal Balance | ' | ' | 4,472 |
With no related allowance, Unpaid Principal Balance | 5,100 | ' | 634 |
Impaired Financing Receivable, Related Allowance | ' | ' | 954 |
With an allowance recorded, Average Recorded Investment | ' | 3,032 | ' |
With no related allowance recorded, Average Recorded Investment | 3,331 | 330 | ' |
With an allowance recorded, Interest Income Recognized | ' | 60 | ' |
Impaired Financing Receivable, Recorded Investment | 1,392 | ' | 3,331 |
Impaired Financing Receivable, Unpaid Principal Balance | 5,100 | ' | 5,106 |
Average Recorded Investment | 3,331 | 3,362 | ' |
Interest Income Recognized | ' | 60 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | 32,702 | ' |
With no related allowance recorded, Average Recorded Investment | ' | 124,054 | ' |
With an allowance recorded, Interest Income Recognized | ' | 196 | ' |
With no related allowance recorded, Interest Income Recognized | ' | 693 | ' |
Impaired Financing Receivable, Recorded Investment | 34,157 | ' | 45,540 |
Impaired Financing Receivable, Unpaid Principal Balance | 67,194 | ' | 79,186 |
Average Recorded Investment | 34,207 | 156,756 | ' |
Interest Income Recognized | 199 | 889 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With a related allowance recorded, Recorded Investment | 802 | ' | 920 |
With no related allowance recorded, Recorded Investment | 6,825 | ' | 7,165 |
With a related allowance recorded, Unpaid Principal Balance | 1,773 | ' | 2,228 |
With no related allowance, Unpaid Principal Balance | 8,689 | ' | 8,730 |
Impaired Financing Receivable, Related Allowance | 802 | ' | 920 |
With an allowance recorded, Average Recorded Investment | 811 | 152 | ' |
With no related allowance recorded, Average Recorded Investment | 6,842 | 15,570 | ' |
With no related allowance recorded, Interest Income Recognized | 77 | 76 | ' |
Impaired Financing Receivable, Recorded Investment | 7,627 | ' | 8,085 |
Impaired Financing Receivable, Unpaid Principal Balance | 10,462 | ' | 10,958 |
Average Recorded Investment | 7,653 | 15,722 | ' |
Interest Income Recognized | 77 | 76 | ' |
Residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | ' | 44,922 | ' |
With no related allowance recorded, Interest Income Recognized | ' | 96 | ' |
Impaired Financing Receivable, Recorded Investment | ' | ' | 53 |
Impaired Financing Receivable, Unpaid Principal Balance | ' | ' | 189 |
Average Recorded Investment | ' | 44,922 | ' |
Interest Income Recognized | ' | $96 | ' |
Real_Estate_HeldforInvestment_2
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Sale )(Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Real estate held for sale | $33,444 | $33,971 | $38,888 | $45,637 |
Land [Member] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Real estate held for sale | 21,101 | 18,268 | ' | ' |
Rental properties [Member] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Real estate held for sale | 6,123 | 6,168 | ' | ' |
Residential single-family [Member] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Real estate held for sale | 5,023 | 6,447 | ' | ' |
Other [Member] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Real estate held for sale | $1,197 | $3,088 | ' | ' |
Real_Estate_HeldforInvestment_3
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Investment)(Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ' | ' | ' | ' |
Real estate held for investment | $108,430 | $107,336 | $38,781 | $37,413 |
Land [Member] | ' | ' | ' | ' |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ' | ' | ' | ' |
Real estate held for investment | 76,278 | 79,656 | ' | ' |
Rental properties [Member] | ' | ' | ' | ' |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ' | ' | ' | ' |
Real estate held for investment | 31,363 | 26,891 | ' | ' |
Other [Member] | ' | ' | ' | ' |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ' | ' | ' | ' |
Real estate held for investment | $789 | $789 | ' | ' |
Real_Estate_HeldforInvestment_4
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Activity in Real Estate Held-For-Sale and Held-For-Investment)(Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ' | ' | ' |
Real estate held-for-sale, beginning of year | $33,971 | $38,888 | $45,637 |
Real estate held-for-sale, Acquired through foreclosure | 849 | 6,128 | ' |
Real estate held-for-sale, transfers | 3,571 | ' | ' |
Real estate held-for-sale, sales | -4,810 | -11,724 | ' |
Real estate held-for-sale, impairments | -137 | -1,153 | ' |
Real estate held-for-sale, end of year | 33,444 | 38,888 | 45,637 |
Real estate held for investment, beginning of year | 107,336 | 38,781 | 37,413 |
Real estate held-for-investment, Acquired through foreclosure | 11,562 | 1,890 | ' |
Real estate held for investment, transfers | -3,571 | ' | ' |
Real estate held for investment, Improvements | 192 | ' | ' |
Real estate held for investment, Accumulated depreciation | -103 | ' | ' |
Real estate held for investment, sales | -4,800 | -465 | ' |
Real estate held for investment, impairments | -2,186 | -57 | ' |
Real estate held for investment, end of year | $108,430 | $38,781 | $37,413 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Inventories [Abstract] | ' | ' |
Raw materials | $5,175,000 | $5,077,000 |
Work-in-process | 64,000 | 379,000 |
Finished goods | 4,975,000 | 3,699,000 |
Total inventory | 10,214,000 | 9,155,000 |
Shipping goods to customers, cost | $1,500,000 | ' |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | Apr. 30, 2013 | Apr. 02, 2013 | Oct. 31, 2013 | Oct. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Bluegreen [Member] | Bluegreen [Member] | Bluegreen [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||
Woodbridge Holdings, LLC [Member] | Bluegreen [Member] | |||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and restricted stock expenses | $70,000 | $33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | 10,300,000 | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 496,000 | 169,000 | ' | ' | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' | 181,000 | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.00% | ' | 81.00% | 81.00% | ' | ' | ' |
Ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.00% | 19.00% | ' | ' | ' |
Business Acquisition Funded Amount | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment consisting of cash | ' | ' | ' | ' | ' | ' | ' | 60,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments | 84,795,000 | 78,573,000 | ' | ' | ' | 84,795,000 | 78,573,000 | 71,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 46.00% | ' | 46.00% | 54.00% | ' | 54.00% | ' | ' | ' | ' | ' |
Investment in company, promissory note | ' | ' | ' | ' | ' | ' | ' | $11,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,810,588 | 15,778,088 |
Related_Parties_Schedule_Of_Se
Related Parties (Schedule Of Service Arrangements With Related Parties) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Related Parties [Abstract] | ' | ' |
Other revenues | $115 | $108 |
Employee compensation and benefits | -70 | -33 |
Other- back- office support | -43 | -39 |
Net effect of affiliate transactions before income taxes | $2 | $36 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
Revenues | $21,128 | $6,835 | $6,835 |
Costs and expenses | -25,988 | -10,443 | -10,443 |
Recoveries from (provision for) loan losses | 1,248 | -759 | -759 |
Asset impairments, net | -1,319 | -2,165 | -2,165 |
Equity earnings in Woodbridge Holdings, LLC | 6,222 | ' | ' |
Segments loss before income taxes | 1,291 | -6,532 | -6,532 |
Provision for income taxes | ' | ' | ' |
Net income (loss) | 1,291 | -6,532 | -6,532 |
Total assets | 416,895 | 432,484 | 431,147 |
Equity method investments included in total assets | 88,141 | ' | ' |
Expenditures for segment assets | 14 | 27 | ' |
Depreciation and amortization | 534 | 55 | ' |
BBX Capital [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,016 | 3,723 | ' |
Costs and expenses | -6,280 | -6,918 | ' |
Recoveries from (provision for) loan losses | 1,004 | 418 | ' |
Asset impairments, net | -81 | -927 | ' |
Equity earnings in Woodbridge Holdings, LLC | 6,222 | ' | ' |
Segments loss before income taxes | 1,881 | -3,704 | ' |
Net income (loss) | 1,881 | -3,704 | ' |
Total assets | 532,178 | 409,975 | ' |
Equity method investments included in total assets | 88,141 | ' | ' |
Expenditures for segment assets | 8 | 27 | ' |
Depreciation and amortization | 74 | 55 | ' |
Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 3,310 | 3,165 | ' |
Costs and expenses | -2,671 | -3,578 | ' |
Recoveries from (provision for) loan losses | 244 | -1,177 | ' |
Asset impairments, net | -1,238 | -1,238 | ' |
Segments loss before income taxes | -355 | -2,828 | ' |
Net income (loss) | -355 | -2,828 | ' |
Total assets | 150,536 | 258,772 | ' |
Depreciation and amortization | 148 | ' | ' |
Renin Corp [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 14,138 | ' | ' |
Costs and expenses | -14,490 | ' | ' |
Segments loss before income taxes | -352 | ' | ' |
Net income (loss) | -352 | ' | ' |
Total assets | 23,976 | ' | ' |
Expenditures for segment assets | 6 | ' | ' |
Depreciation and amortization | 214 | ' | ' |
Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 2,729 | ' | ' |
Costs and expenses | -2,612 | ' | ' |
Segments loss before income taxes | 117 | ' | ' |
Net income (loss) | 117 | ' | ' |
Total assets | 8,786 | ' | ' |
Depreciation and amortization | 98 | ' | ' |
Adjusting And Elimination Entries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | -65 | -53 | ' |
Costs and expenses | 65 | 53 | ' |
Total assets | ($298,581) | ($236,263) | ' |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value Measurement [Abstract] | ' | ' | ' |
Assets measured at fair value on recurring basis | $0 | ' | $0 |
Liabilities measured at fair value on recurring basis | 0 | ' | 0 |
Liabilities measured at fair value on non-recurring basis | $0 | $0 | ' |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Fair Value Assets Measured On Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | $16,205 | $45,574 | ||
Total Impairments | 2,658 | [1] | 2,999 | [2] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 16,205 | 45,574 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 57 | 9,298 | ||
Total Impairments | 32 | [1] | 935 | [2] |
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 57 | 9,298 | ||
Impaired real estate held-for-sale and held-for-investment [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 10,541 | 19,198 | ||
Total Impairments | 2,321 | [1] | 1,528 | [2] |
Impaired real estate held-for-sale and held-for-investment [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired real estate held-for-sale and held-for-investment [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired real estate held-for-sale and held-for-investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 10,541 | 19,198 | ||
Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 5,607 | 17,078 | ||
Total Impairments | 305 | [1] | 536 | [2] |
Impaired Loans Held For Sale [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Loans Held For Sale [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Loans Held For Sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | $5,607 | $17,078 | ||
[1] | Total impairments represent the amount of losses recognized during the three months ended March 31, 2014 on assets that were held and measured at fair value as of March 31, 2014. | |||
[2] | Total impairments represent the amount of losses recognized during the three months ended March 31, 2013 on assets that were held and measured at fair value as of March 31, 2013. |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Quantitative Fair Value Measurements) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | $16,205 | $45,574 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 57 | 9,298 | ||
Valuation technique | 'Fair Value of Collateral | 'Fair Value of Collateral | ||
Impaired real estate held-for-sale and held-for-investment [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 10,541 | 19,198 | ||
Valuation technique | 'Fair Value of Property | 'Fair Value of Property | ||
Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 5,607 | 17,078 | ||
Valuation technique | 'Fair Value of Collateral | 'Fair Value of Collateral | ||
Minimum [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 100 | [1],[2] | 100 | [1],[2] |
Minimum [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 100 | [1],[2] | 200 | [1],[2] |
Minimum [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 100 | [1],[2] | 100 | [1],[2] |
Maximum [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 200 | [1],[2] | 3,500 | [1],[2] |
Maximum [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 9,000 | [1],[2] | 11,200 | [1],[2] |
Maximum [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 700 | [1],[2] | 600 | [1],[2] |
Weighted Average [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 200 | [1],[2] | 200 | [1],[2] |
Weighted Average [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | 2,200 | [1],[2] | 1,900 | [1],[2] |
Weighted Average [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value | $100 | [1],[2] | $200 | [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_Schedul2
Fair Value Measurement (Schedule Of Fair Value By Balance Sheet Grouping) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and interest bearing deposits in other banks | $32,919 | $43,138 |
BB&T preferred interest in FAR | 54,504 | 68,517 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and interest bearing deposits in other banks | 32,919 | 43,138 |
Loans receivable including loans held for sale, net | 110,289 | 126,072 |
Notes payable | 9,448 | 9,034 |
Notes Payable to related parties | 22,012 | 21,662 |
BB&T preferred interest in FAR | 54,504 | 68,517 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and interest bearing deposits in other banks | 32,919 | 43,138 |
Loans receivable including loans held for sale, net | 118,027 | 131,853 |
Notes payable | 10,122 | 9,716 |
Notes Payable to related parties | 21,746 | 21,419 |
BB&T preferred interest in FAR | 54,675 | 69,032 |
Fair Value [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and interest bearing deposits in other banks | 32,919 | 43,138 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and interest bearing deposits in other banks | ' | ' |
Loans receivable including loans held for sale, net | ' | ' |
Notes payable | ' | ' |
Notes Payable to related parties | ' | ' |
BB&T preferred interest in FAR | ' | ' |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans receivable including loans held for sale, net | 118,027 | 131,853 |
Notes payable | 10,122 | 9,716 |
Notes Payable to related parties | 21,746 | 21,419 |
BB&T preferred interest in FAR | $54,675 | $69,032 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Maximum [Member] | Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ' | ' | ' |
Range of possible losses in excess of accrued liability relating to legal matters | ' | $4,400,000 | $0 |
Interest rate associated with class action complaint | 0.00% | ' | ' |