Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | BBX CAPITAL CORPORATION | ||
Entity Central Index Key | 921,768 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 48.2 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 16,199,145 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 195,045 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents ($0 and $4,993 in Variable Interest Entities ("VIEs")) | $ 69,040 | $ 58,819 |
Restricted cash and time deposits | 2,651 | |
Loans held-for-sale ($0 and $35,423 in VIEs) | 21,354 | 35,423 |
Loans receivable, net of allowance for loan losses of $0 and $977 ($0 and $18,972, net of allowance of $0 and $977 in VIEs) | 34,035 | 26,844 |
Trade receivables, net of allowance for bad debts of $404 and $148 | 13,732 | 13,416 |
Real estate held-for-investment ($0 and $19,945 in VIEs) | 31,290 | 76,552 |
Real estate held-for-sale ($0 and $13,745 in VIEs) | 46,338 | 41,733 |
Investments in unconsolidated real estate joint ventures | 42,962 | 16,065 |
Investment in Woodbridge Holdings, LLC | 75,545 | 73,026 |
Properties and equipment ($0 and $7,561 in VIEs) | 18,083 | 16,717 |
Inventories | 16,347 | 14,505 |
Goodwill | 7,601 | 7,377 |
Other intangible assets | 8,211 | 8,440 |
Other assets ($0 and $1,017 in VIEs) | 6,352 | 4,019 |
Total assets | 393,541 | 392,936 |
Liabilities: | ||
Accounts payable | 11,059 | 9,603 |
BB&T preferred interest in FAR, LLC ($0 and $12,348 in VIEs) | 12,348 | |
Notes payable to Woodbridge Holdings, LLC | 11,750 | |
Notes payable | 21,421 | 17,923 |
Principal and interest advances on residential loans ($0 and $11,171 in VIEs) | 10,356 | 11,171 |
Other liabilities ($0 and $1,431 in VIE) | 14,726 | 18,861 |
Total liabilities | $ 57,562 | $ 81,656 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | $ 350,878 | $ 347,937 |
Accumulated deficit | (16,622) | (38,396) |
Accumulated other comprehensive income | 384 | 85 |
Total BBX Capital Corporation shareholders' equity | 334,804 | 309,788 |
Noncontrolling interest | 1,175 | 1,492 |
Total equity | 335,979 | 311,280 |
Total liabilities and equity | 393,541 | 392,936 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 162 | 160 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 2 | $ 2 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans held-for-sale | $ 21,354 | $ 35,423 |
Loans receivable | 34,035 | 26,844 |
Loans receivable, allowance for loan losses | 0 | 977 |
Trade receivables, allowance for bad debts | 404 | 148 |
Real estate held-for-investment | 31,290 | 76,552 |
Properties and equipment, net | 18,083 | 16,717 |
Properties and equipment, accumulated depreciation | 3,717 | 2,001 |
Other intangible assets, amortization | 1,046 | 396 |
Other assets | 6,352 | 4,019 |
BB&T preferred interest in FAR, LLC | 12,348 | |
Principal and interest advances on residential loans | 10,356 | 11,171 |
Other liabilities | $ 14,726 | $ 18,861 |
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 | 16,199,145 | 15,977,322 |
Common stock, shares outstanding | 16,199,145 | 15,977,322 |
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 and cash equivalents | $ 0 | $ 4,993 |
Loans held-for-sale | 0 | 35,423 |
Loans receivable | 0 | 18,972 |
Loans receivable, allowance for loan losses | 0 | 977 |
Real estate held-for-investment | 0 | 19,945 |
Real estate held-for-sale | 0 | 13,745 |
Properties and equipment, net | 0 | 7,561 |
Other assets | 0 | 1,017 |
BB&T preferred interest in FAR, LLC | 0 | 12,348 |
Principal and interest advances on residential loans | 0 | 11,171 |
Other liabilities | $ 0 | $ 1,431 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Trade sales | $ 84,284 | $ 74,084 | $ 10,243 |
Interest income | 10,056 | 5,164 | 24,158 |
Net gains on the sales of assets | 31,092 | 5,527 | 6,728 |
Income from real estate operations | 3,887 | 5,516 | 4,161 |
Other | 2,164 | 2,354 | 3,368 |
Total revenues | 131,483 | 92,645 | 48,658 |
Costs and expenses: | |||
Cost of goods sold | 62,707 | 54,682 | 7,860 |
BB&T's priority return in FAR distributions | 68 | 736 | 3,227 |
Interest expense | 258 | 1,580 | 1,933 |
Real estate operating expenses | 4,773 | 6,296 | 5,807 |
Recoveries from loan losses, net | (13,457) | (7,155) | (43,865) |
Asset impairments, net | 287 | 7,015 | 4,708 |
Selling, general and administrative expenses | 65,936 | 52,296 | 34,412 |
Total costs and expenses | 120,572 | 115,450 | 14,082 |
Equity in earnings of Woodbridge Holdings, LLC | 14,974 | 25,282 | 13,461 |
Equity in losses of unconsolidated real estate joint ventures | (1,565) | (559) | |
Foreign exchange loss | (1,038) | (715) | (357) |
Income (loss) before income taxes | 23,282 | 1,203 | 47,680 |
(Benefit) provision for income taxes | (245) | (3,101) | 20 |
Net income (loss) | 23,527 | 4,304 | 47,660 |
Net (earnings) loss attributable to noncontrolling interest | (1,753) | 391 | 179 |
Net income (loss) attributable to BBX Capital Corporation | $ 21,774 | $ 4,695 | $ 47,839 |
Basic earnings per share | $ 1.34 | $ 0.29 | $ 3.02 |
Diluted earnings per share | $ 1.30 | $ 0.28 | $ 2.94 |
Basic weighted average number of common shares outstanding | 16,229,000 | 16,043,000 | 15,843,000 |
Diluted weighted average number of common and common equivalent shares outstanding | 16,805,000 | 16,678,000 | 16,278,000 |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments, net of tax | $ 353 | $ 88 | $ 16 |
Unrealized gains on securities available for sale, net of tax | 13 | ||
Other comprehensive income, net of tax | 366 | 88 | 16 |
Comprehensive income (loss) | 23,893 | 4,392 | 47,676 |
Less: net (earnings) loss attributable to noncontrolling interest | (1,753) | 391 | 179 |
Foreign currency translation adjustments attributable to non-controlling interest | (67) | (16) | (3) |
Total comprehensive income (loss) attributable to BBX Capital Corporation | $ 22,073 | $ 4,767 | $ 47,852 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Class A Common Stock [Member]Common Stock [Member] | Class A Common Stock [Member]Additional Paid-in Capital [Member] | Class A Common Stock [Member]BBX Capital Corporation Equity [Member] | Class A Common Stock [Member] | 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 |
BALANCE at Dec. 31, 2012 | $ 157 | $ 331,097 | $ (90,930) | $ 240,324 | $ 240,324 | ||||||
BALANCE, shares at Dec. 31, 2012 | 15,577 | ||||||||||
Net income | 47,839 | 47,839 | $ (179) | 47,660 | |||||||
Noncontrolling interest contributions | 1,360 | 1,360 | |||||||||
Other comprehensive income | $ 13 | 13 | 3 | 16 | |||||||
Investment in Woodbridge Holdings, LLC | 13,337 | 13,337 | 13,337 | ||||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements | $ (1) | $ (1,646) | $ (1,647) | $ (1,647) | |||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements, shares | (114) | ||||||||||
Share-based compensation expense | 4 | 2,512 | 2,516 | 2,516 | |||||||
Share-based compensation expense, shares | 315 | ||||||||||
BALANCE at Dec. 31, 2013 | 160 | 345,300 | (43,091) | 13 | 302,382 | 1,184 | 303,566 | ||||
BALANCE, shares at Dec. 31, 2013 | 15,778 | ||||||||||
Net income | 4,695 | 4,695 | (391) | 4,304 | |||||||
Noncontrolling interest distributions | (157) | (157) | |||||||||
Noncontrolling interest contributions | 840 | 840 | |||||||||
Other comprehensive income | 72 | 72 | 16 | 88 | |||||||
Woodbridge capital transactions - excess tax benefits | 957 | 957 | 957 | ||||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements | $ (1) | (2,020) | (2,021) | (2,021) | |||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements, shares | (116) | ||||||||||
Share-based compensation expense | 3 | 3,700 | 3,703 | 3,703 | |||||||
Share-based compensation expense, shares | 315 | ||||||||||
BALANCE at Dec. 31, 2014 | 162 | 347,937 | (38,396) | 85 | 309,788 | 1,492 | 311,280 | ||||
BALANCE, shares at Dec. 31, 2014 | 15,977 | ||||||||||
Net income | 21,774 | 21,774 | 1,753 | 23,527 | |||||||
Noncontrolling interest distributions | (2,299) | (2,299) | |||||||||
Noncontrolling interest contributions | 162 | 162 | |||||||||
Other comprehensive income | 299 | 299 | 67 | 366 | |||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements | $ (2) | $ (2,527) | $ (2,529) | $ (2,529) | |||||||
Retirement of Class A common shares to satisfy share-based compensation income tax withholding requirements, shares | (160) | ||||||||||
Share-based compensation expense | 4 | 5,468 | 5,472 | 5,472 | |||||||
Share-based compensation expense, shares | 382 | ||||||||||
BALANCE at Dec. 31, 2015 | $ 164 | $ 350,878 | $ (16,622) | $ 384 | $ 334,804 | $ 1,175 | $ 335,979 | ||||
BALANCE, shares at Dec. 31, 2015 | 16,199 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 23,527 | $ 4,304 | $ 47,660 |
Adjustment to reconcile net income to net cash (used in) provided by operating activities: | |||
Recoveries from loan losses and asset recoveries, net | (13,233) | (1,470) | (39,157) |
Depreciation, amortization and accretion, net | 3,464 | 2,382 | 1,055 |
Share-based compensation expense | 5,472 | 3,703 | 2,516 |
Net gains on sales of real estate, loans held-for-sale, properties and equipment and other assets | (31,048) | (5,187) | (6,728) |
Equity in losses of unconsolidated real estate joint ventures | 1,565 | 559 | |
Bargain purchase gain from acquisitions | (254) | (1,237) | (1,001) |
Deferred income tax benefit | (329) | (3,107) | |
Decrease in principal and interest advances on residential loans | (815) | (81) | (1,971) |
(Increase) decrease in trade receivables | (559) | (4,741) | 3 |
(Increase) decrease in inventories | (899) | (22) | 703 |
Decrease in accrued interest receivable | 88 | 164 | 1,269 |
(Increase) decrease in other assets | (1,148) | 2,696 | (2,616) |
(Decrease) increase in other liabilities | (1,876) | 4,872 | (1,923) |
Net cash (used in) provided by operating activities | (16,045) | 2,835 | (190) |
Investing activities: | |||
Proceeds from redemptions of tax certificates | 438 | 627 | 2,384 |
Increase in restricted cash and time deposits | (2,651) | ||
Proceeds from maturities of interest bearing deposits | 496 | ||
Purchase of tax certificates | (31) | ||
Investments in securities | (1,240) | ||
Net repayments of loans receivable | 30,170 | 42,298 | 136,136 |
Proceeds from the sale of loans receivable | 68 | 9,497 | 3,490 |
Proceeds from the sale of tax certificates | 928 | ||
Additions to real estate held-for-investment | (20,032) | (4,242) | (6,063) |
Purchases of real estate held-for-sale | (10,667) | ||
Proceeds from sales of real estate held-for-sale | 72,154 | 33,240 | 31,365 |
Proceeds from the sales of properties and equipment | 121 | 164 | 5,889 |
Purchases of office properties and equipment, net | (3,634) | (1,404) | (265) |
Distributions from unconsolidated real estate joint ventures | 510 | ||
Proceeds from the contribution of real estate to unconsolidated real estate joint ventures | 701 | 4,086 | |
Investment in unconsolidated real estate joint ventures | (9,687) | (10,074) | (1,354) |
Investment in Woodbridge Holdings, LLC | (11,385) | (60,404) | |
Return of Woodbridge Holdings, LLC investment | 8,866 | 6,504 | 6,918 |
Cash outflows from acquisitions, net of cash acquired | (10) | (8,844) | (15,413) |
Net cash provided by investing activities | 53,722 | 71,852 | 104,076 |
Financing activities: | |||
Repayment of BB&T preferred interest in FAR, LLC | (12,348) | (56,169) | (128,360) |
Proceeds from notes payable to related parties | 9,911 | ||
Repayment of notes payable to related parties | (11,750) | (3,267) | |
Proceeds from notes payable | 4,997 | 3,033 | |
Repayment of notes payable | (3,643) | (905) | (4,389) |
Deferred financing fees | (46) | (360) | |
Retirement of Class A Common Stock to satisfy share-based compensation withholding income tax requirements | (2,529) | (2,021) | (1,647) |
Noncontrolling interest contributions | 162 | 840 | 1,360 |
Noncontrolling interest distributions | (2,299) | (157) | |
Net cash used in financing activities | (27,456) | (59,006) | (123,125) |
Increase (decrease) in cash and cash equivalents | 10,221 | 15,681 | (19,239) |
Cash and cash equivalents at the beginning of period | 58,819 | 43,138 | 62,377 |
Cash and cash equivalents at the end of period | 69,040 | 58,819 | 43,138 |
Cash paid for: | |||
Interest on borrowings | 1,423 | 2,053 | 5,013 |
Income taxes payments, net | 84 | 6 | 20 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Loans receivable and tax certificates transferred to real estate held-for-sale or real estate held-for-investment | 3,215 | 21,400 | 82,177 |
Loans receivable transferred to property and equipment | 12,834 | ||
Loans receivable transferred to loans held-for-sale | 2,299 | 42,398 | |
Loans receivable transferred from loans held-for-sale | 7,365 | 1,312 | |
Increase in loans receivable from the sale of real estate | 10,000 | ||
Notes payable issued in connection with the investment in Woodbridge Holdings, LLC | 11,750 | ||
Increase in additional paid-in-capital associated with the investment in Woodbridge Holdings, LLC | 13,337 | ||
Woodbridge capital transactions - excess tax benefits | 957 | ||
Change in accumulated other comprehensive income | 366 | 88 | $ 16 |
Refinance of notes payable to related parties | 7,475 | ||
Increase in notes payable associated with refinance of notes payable to related parties | 7,475 | ||
Issuance of notes payable to purchase properties and equipment | 21 | ||
Transfer of real estate-held-for-investment to real estate-held-for-sale | 41,751 | 28,018 | |
Real estate held-for-investment transferred to investment in real estate joint ventures | $ 19,448 | 1,920 | |
Increase in real estate held-for-sale from assumption of other liabilities | $ 2,879 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization [Abstract] | |
Organization | 1. Organization BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) and its subsidiaries may also be referred to as “BBX Capital”, “we”, “us,” or “our” in these notes to the consolidated financial statements. BBX Capital Corporation (excluding its subsidiaries, “BBX Capital Corporation”) was organized under the laws of the State of Florida in 1994. BBX Capital is involved in the ownership , acquisition, development and management of and investments in real estate and real estate related assets, and BBX Capital is also involved in the investment in or acquisition of operating businesses. In April 2013, BBX Capital Corporation 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 manages, markets and sells the Bluegreen Vacation Club, a points-based, deeded vacation ownership plan with more than 190,000 owners. BFC Financial Corporation (“BFC”), the controlling shareholder of BBX Capital, owns the remaining 54% of Woodbridge (see Note 5 Investment in Woodbridge Holdings, LLC). BBX Capital Corporation’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. On July 31, 2012, BBX Capital Corporation completed the sale to BB&T Corporation (“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”). 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”). 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 BBX Capital. CAM remains a wholly-owned subsidiary of BBX Capital. 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. FAR assumed all liabilities related to these assets. BankAtlantic also contributed approximately $50 million in cash to FAR on July 31, 2012 and thereafter distributed all of the membership interests in FAR to BBX Capital. At the closing of the BB&T Transaction, BBX Capital transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of BBX Capital’s $285.4 million in principal amount of outstanding trust preferred securities (“TruPS”) obligations. BBX Capital retained the remaining 5% of FAR’s preferred membership interests. Under the terms of the Amended and Restated Limited Liability Company agreement of FAR entered into by BBX Capital and BB&T at the closing, BB&T was entitled to hold its 95% preferred interest in the net cash flows of FAR until it recovered $285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum on any unpaid preference amount. On May 6, 2015, BB&T’s preferred interest in FAR was repaid in full and redeemed and FAR became a wholly-owned subsidiary of BBX Capital. On April 30, 2015, BFC purchased 4,771,221 shares of BBX Capital’s Class A common stock through a tender offer and in September 2015, BFC acquired an additional 221,821 shares of BBX Capital’s Class A common stock from its executive officers upon the vesting of restricted stock units. These share acquisitions increased BFC’s ownership percentage to approximately 81% of the issued and outstanding shares of BBX Capital’s Class A common stock, which together with the shares of BBX Capital’s Class B common stock owned by BFC, represented an approximate 81% equity interest and 90% voting interest in BBX Capital. BFC owns 100% of BBX Capital’s Class B common stock . BBX Capital 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. The percentage of total common equity represented by Class A and Class B common stock was 99% and 1% at December 31, 2015, 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 at any time at BFC’s discretion. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 . Summary of Significant Accounting Policies The accounting policies applied by BBX Capital conform to accounting principles generally accepted in the United States of America. BBX Capital ’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. Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 201 5 . Use of Estimates - In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, including the valuation of collateral dependent loans, the valuation of loans held-for-sale, the valuation of real estate held-for-sale and held-for-investment, the determination of lower of cost or market for inventories, the valuation of assets acquired and liabilities assumed in the acquisition of a business, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions and accounting for contingencies. Consolidation Policy – The consolidated financial statements include the accounts of BBX Capital Corporation and its wholly-owned subsidiaries and majority-owned subsidiaries. All inter-company transactions and balances have been eliminated. Entities in which BBX Capital has a controlling financial interest are consolidated in BBX Capital’s consolidated financial statements. BBX Capital determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. BBX Capital consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. BBX Capital consolidates all VIE’s in which it is the primary beneficiary. Cash Equivalents – Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with maturities of 90 days or less when originated. Cash maintained at financial institutions exceeds the $250,000 federally insured limit. Restricted Cash and Time Deposits - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land development agreements, loan servicing contracts and notes payable security agreements. Restricted funds are controlled by third-parties. Loans – Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees, and related direct loan origination costs, premiums and discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when management originates loans for resale or when management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date . Allowance for Loan Losses – The allowance for loan losses reflects management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on management’s evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. Management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more were also evaluated individually for impairment and measured based on the lower of the estimated fair value of the collateral less cost to sell or the carrying amount of the loan. The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. Management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. Non-accrual and Past Due Loans – Loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. Commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the loan-to-value ratio of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, BBX Capital may place a loan on non-accrual status even when payments of principal or interest are not currently in default. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. Commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. Consumer and residential real estate loans that are 120 days past due are charged down to the collateral’s fair value less estimated selling costs. Trade Receivables - Trade receivables are recorded at the invoiced amount and do not bear interest. BBX Capital maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. BBX Capital reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Real Estate Held-for-Investment and Real Estate Held-for-Sale – Real estate held-for-investment and real estate held-for-sale represents real estate that BBX Capital has taken possession or ownership through foreclosure of the underlying loan collateral. At the time of foreclosure the real estate is measured at its estimated fair value less cost to sell and any impairments or recoveries are reflected in the allowance for loan losses. Real estate held-for-sale is subsequently measured at the lower of cost or estimated fair value and valuation allowance adjustments are made to reflect any subsequent declines in fair values. Recoveries are recognized for any subsequent increases in fair value but not in excess of cumulative losses recognized. Real estate held-for-investment is depreciated over its useful life using the straight line method, if applicable . Expenditures for capital improvements are generally capitalized. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in BBX Capital’s Consolidated Statements of Operations. Investments in Unconsolidated Real Estate Joint Ventures and Investment in Woodbridge Holdings, LLC – BBX Capital follows the equity method of accounting to record its interests in companies in which it has the ability to significantly influence the decisions of the entity 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. BBX Capital recognizes earnings or losses on certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. Interest expense is capitalized by the investor on investments, advances or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. BBX Capital evaluates its investments accounted for under the equity method of accounting for other-than-temporary declines in value on an on-going basis. The review for other-than-temporary declines takes into account the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the project or the investment and the intent and ability of BBX Capital to retain the investment for a period of time sufficient to allow for recovery. BBX Capital considers all available evidence to evaluate the fair value of BBX Capital’s equity method investments, including prior forecasts compared to actual performance, discounted forecasts of future distributions and economic trends in the real estate industry. If BBX Capital believes that the decline in the fair value of the equity investment is other-than-temporary, BBX Capital will record the investment at fair value and recognize impairment in BBX Capital’s consolidated statements of operations. Properties and Equipment – Land is carried at cost. Office properties, leasehold improvements, equipment and computer software are carried at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and 3 - 10 years for equipment. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements, equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. Inventories – Inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping costs. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of approximate cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an approximate average cost basis for the Sweet Holdings’ finished goods inventory. G oodwill and other Intangible Assets – Other intangible assets consists of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives. Other intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. 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. Tax Certificates – Tax certificates included in other assets totaled $0.1 million and $0.2 million, net of allowance for tax certificate losses as of December 31, 2015 and 2014, respectively. Tax certificates represent a priority lien against real property for which assessed real estate taxes are delinquent. Tax certificates were acquired from municipalities generally through public auction. Income Taxes – BBX Capital as of May 1, 2015 files federal and state income tax returns as part of BFC’s consolidated income tax returns. In prior years, BBX Capital filed consolidated federal and state income tax returns. Renin’s Canadian and United Kingdom subsidiaries’ earnings are subject to taxation in Canada and the United Kingdom and these subsidiaries file separate income tax returns in those countries. BBX Capital’s provision for income taxes for the year ended December 31, 2015 was calculated based on the separate return method. Under the separate return method it is assumed that BBX Capital files a separate consolidated income tax return with the taxing authorities reporting its taxable income or loss and paying the applicable tax to or receiving the appropriate refund from BFC. BBX Capital’s provision for income taxes is based on income before taxes reported for financial statement purposes after adjustments for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the Consolidated Statements of Financial Condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Additionally, taxable temporary differences that originate from a business combination could result in deferred tax valuation allowance reversals. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. BBX Capital may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. BBX Capital measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. BBX Capital recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Revenue Recognition – Gains and losses from the sales of real estate and the transfer of real estate to joint ventures are recognized when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and BBX Capital does not have substantial continuing involvement with the property. Revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. Revenues from interest income are recognized on accruing loans when it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Revenues from real estate operations are generally rental income from properties under operating leases. Rental income is recognized as rents become due and rental payments received in advance are deferred until earned. Advertising Costs – A dvertising costs are expensed as incurred. Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income attributable to BBX Capital by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if options to issue common shares or restricted common stock awards of BBX Capital were exercised or lapse. In calculating diluted earnings per share net income attributable to BBX Capital is divided by the weighted average number of common shares. Options and restricted stock awards are included in the weighted average number of common shares outstanding based on the treasury stock method, if dilutive. Stock-Based Compensation Plans – Compensation expense for stock options and non-vested restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. BBX Capital recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally four years for non-vested restricted common stock awards and five years for stock options. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of non-vested restricted common stock awards is generally the market price of BBX Capital’s common stock on the grant date. New Accounting Pronouncements: The FASB has issued the following accounting pronouncements and guidance relevant to BBX Capital ’s operations: Accounting Standards Update Number 2016-02 – Leases (Topic 845). This update require s an entity to recognize a right-of-use asset and a lease liabilit y for virtually all of its leases . The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on BBX Capital ’s consolidated financial statements. Accounting Standards Update Number 2016 - 01 –– Financial Instruments – Overall (Topic 8 2 5) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings. There will no longer be an available-for-sale classification for equity securities with readily determinable fair values. The cost method is eliminated for equity investments without readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment. This update also simplifies the impairment assessment for equity investments and requires the use of the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. The amendments in this update are effective for fiscal years beginning after December 15, 201 7 , including interim periods within those fiscal years. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on BBX Capital 's consolidated financial statements. Accounting Standards Update Number 2015-16 –– Business Combinations (Topic 805) – Simplifying the Accounting Measurement-Period Adjustments. This update requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires that the acquirer disclose in the notes or on the face of the income statement the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. This update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-15 –– Interest – Imputation of Interest (Topic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This update amends ASU 2015-03 and permits presentation of debt issuance costs on line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This update was effective upon the issuance of the standard and may be applied prospectively. We do not expect t he adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-11 –– Inventory (Topic 330) – Simplifying the Measurement of Inventory. This update requires that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The update was intended to more clearly articulate the requirements for the measurement and disclosure of inventory and not to change current practices. The update is effective for annual and interim reporting periods beginning after December 15, 2016. The update should be applied prospectively with early application permitted at the beginning of an interim or annual reporting period. The adoption of this update is not expected to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-05 –– Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This update p rovides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The standard is effective for annual and interim reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-03 –– Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the Statement of Financial Condition as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual and interim reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-02 – Amendments to the Consolidation Analysis (Topic 810): This update changes the manner in which a reporting entity assesses one of the five characteristics that determines if an entity is a variable interest entity. In particular, when decision-making over the entity’s most significant activities has been outsourced, the update changes how a reporting entity assesses if the equity holders at risk lack decision making rights. The update also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. The standard is effective for annual reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements . Accounting Standards Update Number 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on the Company's consolidated financial statements. Accounting Standards Update Number 2014-09 – Revenue from Contracts with Customers – (Topic 606) . Accounting Standards Update Number 2014-09 – Revenue Recognition (Topic 606): Revenue from Contracts with Customers . This guidance is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. It also requires disclosures designed to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This accounting guidance update will replace most existing revenue recognition guidance in U.S. GAAP. The standard was effectiv |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 3 . Acquisitions In April 2015, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), a wholly owned subsidiary of BBX Capital Corporation, acquired the assets of Kencraft Confections, LLC (“Kencraft”) for $1.4 million. The purchase consideration was funded by a $995,000 notes payable to a financial institution and a $400,000 promissory note to the seller. Kencraft is a Utah based manufacturer of hard candies and icing decorations. Business combination disclosures required by Topic 805-10-50 for the Kencraft asset acquisition are not included in BBX Capital’s notes to the consolidated financial statements as the Kencraft asset acquisition was not considered material to BBX Capital’s Consolidated Financial Statements. BBX Capital recognized a $254,000 bargain gain from the acquisition of Kencraft and incurred $0.1 million of acquisition related costs. 2014 Acquisitions In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia Confections (“Anastasia”) for $11.4 million. Founded in 1984 and headquartered in an 80,000 square foot production facility in Orlando, Florida, Anastasia manufactures gourmet coconut and chocolate candy, salt water taffy, and other chocolate gift products. The purchase consideration included cash of $4.2 million and a $7.5 million promissory note. The promissory note was recorded at a $0.3 million discount to reflect the fair value of the promissory note at the acquisition date . In July 2014, BBX Sweet Holdings acquired Helen Grace Chocolates (“Helen Grace”), a California based manufacturer of premium chocolate confections, chocolate bars, chocolate candies and truffles and in a separate transaction during July 2014 BBX Sweet Holdings acquired Jer’s Chocolates (“Jer’s”), a California based distributor of peanut butter chocolate products internationally and in the United States. In January 2014, BBX Sweet Holdings acquired Williams and Bennett, including its brand Big Chocolate Dipper. Williams and Bennett is headquartered in Boynton Beach, Florida and is a manufacturer of chocolate products serving boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. The purchase consideration for the Williams and Bennett, Helen Grace, and Jer’s acquisitions included cash of $4.6 million and holdback amounts of $0.7 million. The h oldback amounts serve to satisfy any indemnification claims made by BBX Sweet Holdings against a seller pursuant to the purchase agreement s. The following tables summarize the fair value of the assets acquired and liabilities assumed from Anastasia at the acquisition date (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 483 Inventories 1,338 Properties and equipment 1,873 Identifiable intangible assets (1) 3,410 Deferred tax liabilities (1,589) Other liabilities (421) Fair value of identifiable net assets 5,094 Goodwill 6,337 Purchase consideration $ 11,431 (1) Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. BBX Capital incurred $0.1 million of acquisition related costs in connection with the Anastasia acquisition. The acquisition related costs are included in selling, general and administrative expenses in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2014. The amount of revenues and net income from Anastasia included in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2014 was $2.1 million and $268,000 , respectively. The Anastasia net income excludes acquisition related costs and is from the date of acquisition (October 1, 2014) through December 31, 2014. The supplemental pro forma amount of BBX Capital’s revenues and net income had the Anastasia acquisition been as of January 1, 2013 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 98,022 4,540 Pro forma from 1/1/2013 -12/31/2013 $ 54,828 48,305 (1) Amounts represent income from continuing operations. The following tables summarize the fair value of the assets acquired and liabilities assumed from Williams and Bennett, Jer’s and Helen Grace at the respective acquisition dates (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 49 Inventories 3,284 Properties and equipment 1,329 Identifiable intangible assets 2,738 Other assets 416 Notes payable (186) Deferred tax liabilities (1,742) Other liabilities (602) Fair value of identifiable net assets 5,286 Goodwill 1,264 Purchase consideration (5,313) Bargain purchase gain $ 1,237 (1) Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. BBX Capital incurred $0.4 million of acquisition related costs in connection with these acquisitions. The acquisition related costs are included in selling, general and administrative expenses in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2014. The bargain purchase gain of $1.2 million from the Helen Grace acquisition represents the amount by which the fair value of identifiable net assets acquired exceeded the purchase consideration. Management believes that it was able to acquire Helen Grace for a bargain purchase gain because Helen Grace was a division of a larger company that made a strategic decision to divest chocolate manufacturing activities. The amount of revenues and net loss from these acquisitions included in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2014 was $9.7 million and $0.3 million, respectively. The net loss from the date of these acquisitions through December 31, 2014 excludes $0.4 million of acquisition related costs and the $1.2 million Helen Grace bargain purchase gain. The supplemental pro forma amount of BBX Capital’s revenues and net income had these acquisitions been consummated as of January 1, 2013 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 97,148 3,289 Pro forma from 1/1/2013 -12/31/2013 $ 64,496 46,941 (1) Amounts represent income from continuing operations. The net cash outflows from the Williams and Bennett, Jer’s, Helen Grace and Anastasia acquisitions (collectively, “2014 Acquisitions”) was as follows (in thousands): Total purchase consideration $ 16,744 Notes payable (7,750) Other liabilities (150) Net cash outflow from acquisitions $ 8,844 201 3 Acquisitions On October 30, 2013, Renin Holdings, LLC (“Renin”) a newly formed joint venture owned 81% by BBX Capital and 19% by BFC acquired through two subsidiaries substantially all of the assets and certain liabilities of Renin Corp for approximately $14.5 million (the “Renin Transaction Consideration”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and two manufacturing, assembly and distribution facilities in Canada and the United States and a sales facility in the United Kingdom. Renin funded approximately $9.4 million of the Renin Transaction Consideration through proceeds from a loan and revolver facility to Renin provided by Bluegreen . The remainder of the Renin Transaction Consideration was funded $4.2 million by BBX Capital and $1.0 million by BFC pro rata in accordance with their percentage equity interests in Renin . At closing, $1.7 million of the Renin Transaction Consideration was placed in an escrow account pending final determination of the working capital adjustment (if any) and final resolution of any indemnification obligations of Renin Corp . In January 2014, the working capital and indemnification obligations of the sellers were finalized and the entire escrow balance was distributed to Renin. As a result, the Renin Transaction Consideration was reduced to $12.8 million. In December 2013, BBX Sweet Holdings acquired the outstanding equity interests 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 retail locations in South Florida. The purchase consideration included a $500,000 holdback (“Holdback”) that was payable on the second anniversary of the closing date and accrue d interest at 1.93% per annum. The Holdback serve d as security for the Hoffman ’ s sellers’ obligations under the Hoffman’s stock purchase and sale agreement including the indemnity obligations and performance under each of such seller’s non-competition agreements. The Holdback was recorded at a $46,000 premium to reflect the fair value of the H oldback at the acquisition date. The obligation of BBX Sweet Holdings to pay to the Hoffman’s sellers all or any portion of the Holdback was guaranteed by BBX Capital. The following tables summarize the purchase consideration for the Hoffman’s acquisition and for the Renin Transaction and t he fair value of the assets acquired and liabilities assumed and the net cash outflows from the acquisitions at the acquisition dates (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Cash $ 1,033 Trade receivables 7,523 Inventories 9,858 Properties and equipment 6,134 Identifiable intangible assets 2,686 Other assets 477 Note payable (2,493) Other liabilities (9,011) Fair value of identifiable net assets 16,207 Purchase consideration (15,206) Bargain purchase gain $ 1,001 Purchase consideration $ 15,206 Working capital adjustment receivable 1,694 Holdback Amounts (500) Discount on Holdback Amount 46 Cash acquired (1,033) Net cash outflows from acquisitions $ 15,413 BBX Capital incurred $1.1 million of acquisition related costs in connection with the acquisitions. The bargain purchase gain of $1.0 million from the Renin Transaction represents the amount by which the fair value of identifiable net assets acquired exceeded the Renin Transaction Consideration. Management believes that it was able to acquire Renin Corp. for a bargain purchase gain because Renin Corp. was a distressed company. The acquisition related costs are included in selling, general and administrative expenses in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2013. The amount of revenues and net loss from the Renin Transaction included in BBX Capital’s Consolidated Statements of Operations for the year ended December 31, 2013 was $9.3 million and a net loss of $0.9 million, respectively. Actual net loss from October 30, 2013 through December 31, 2013 excludes acquisition costs and the bargain purchase gain. The supplemental pro forma amount of BBX Capital’s revenues and net income (loss) had the Renin Transaction been consummated as of January 1, 2012 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2013 - 12/31/2013 $ 104,987 43,639 (1) Amounts represent income from continuing operations The methodology utilized to fair value the assets acquired for the acquisitions was as follows: Trade Receivables Trade receivables were recorded at fair value using the cost approach with level 3 inputs based on the percentage of gross receivables collected in a trailing eighteen month period ending in October 2013 for Renin. The inputs used were trade receivable balances, allowances, charge-offs, sales discounts and volume of returned merchandise. The fair value of the trade receivables acquired from the BBX Sweet Holdings acquisitions were recorded at the invoiced amounts. Inventories Raw materials were fair valued using the cost approach. Raw material items replaced on a regular basis were recorded at fair value based on historical costs. Raw material items acquired in the Renin transaction with greater than 180 days of usage on hand were recorded at fair value based on discounts relative to historical cost amounts. Finished goods inventory was recorded at fair value using the cost approach. A gross margin was added to the finished goods historical cost amounts in order to estimate a reasonable profit margin for selling finished goods. Finished goods on hand acquired in the Renin Transaction greater than 180 days of sales were recorded at fair value with discounts relative to historical costs. Properties and Equipment Properties and equipment acquired consisted primarily of machinery and equipment used in manufacturing operations. The machinery and equipment was recorded at fair value using the market approach with level 2 inputs as market comparable data. The cost approach was used to estimate the contributing installation costs to fair value and the electrical distribution system in certain manufacturing facilities. The inputs were obtained from market data collected from used equipment dealers that purchase and sell comparable equipment, quotations from new machinery dealers and manufacturers, historical installation cost information and searches on the internet. Identifiable Intangible Assets The identifiable intangible assets acquired primarily consisted of trade names and customer relationships. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of the trade names. The fair value was determined by present valuing the expected future estimated royalty payments that would have to be paid if the trade names were not owned. The fair value of the net royalties saved was estimated based on discounted cash flows at a risk adjusted discount rate. The multi-period excess earnings method, a form of the income approach, was used to estimate the fair value of the customer relationships. The multi-period excess earnings method isolates the expected cash flows attributable to the customer relationship intangible asset and discounts these cash flows at a risk adjusted discount rate. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 4 . Goodwill and Other Intangible Assets Included in BBX Capital’s Consolidated Statements of Financial Condition as of December 31, 2015 and 2014 was $ 7. 6 million and $7.4 million of goodwill, respectively. The goodwill was recognized in connection with BBX Sweet Holdings acquisitions and is part of the Sweet Holdings reportable segment. The Anastasia acquisition goodwill was adjusted based on additional information obtained concerning the tax basis of properties and equipment acquired. The adjustment to the tax basis increased the taxable temporary differences established in connection with the Anastasia acquisition resulting in a $0.2 million increase in Goodwill during the year ended December 31, 2015. BBX Capital tests goodwill for potential impairment annually on December 31 or during interim periods if impairment indicators exist. BBX Capital first assesses qualitatively whether it is necessary to perform the two-step goodwill impairment test. The two-step test is performed when it is more-likely-than-not that the reporting unit’s goodwill fair value is less than its carrying amount. BBX Capital evaluates the following factors in its qualitative assessment: macroeconomic conditions, market considerations, cost factors, financial performance and events affecting the reporting unit. If BBX Capital concludes from the qualitative assessment that further testing is required, BBX Capital performs the two-step goodwill impairment test. Step one involves the determination of the fair value of BBX Capital ’s reporting unit. If the fair value of the reporting unit exceeds the carrying amount, the reporting unit’s goodwill is not considered impaired. If the fair value of the reporting unit is less than the carrying amount BBX Capital performs step two of the goodwill impairment test which calculates the reporting units goodwill. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of the reporting unit’s goodwill, an impairment loss is recognized. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including BBX Capital ’s assessment of current economic indicators and market valuations, and assumptions about BBX Capital ’s strategic plans with regard to its operations. BBX Capital generally establishes fair value using the discounted cash flow methodology . The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. BBX Capital generally used a five year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the forecast of future cash flows. Major classes of other intangible assets was as follows (in thousands): December 31, Class 2015 2014 Trademarks $ 5,965 5,715 Customer Relationships 2,691 2,631 Other 601 490 9,257 8,836 Accumulated amortization (1,046) (396) Total other intangible assets $ 8,211 8,440 The amortization expense of other intangible assets included in selling general and administrative expenses for the years ended December 31, 2015 and 2014 was $0.6 million and $0.4 million, respectively. The estimated aggregate amortization expense of other intangible assets for each of the five succeeding years was as follows: Years Ending December 31, Total 2016 $ 649 2017 621 2018 597 2019 583 2020 536 Trademarks, customer relationships and non-competition agreements are amortized using the straight-line method over their expected useful lives of 20 years, 12 years and 4 years, respectively. The lease premium is amortized using the straight-line method over the lease term of 73 months. Included in other liabilities was a $306,000 lease discount intangible liability associated with the Anastasia acquisition. The lease discount is amortized using the straight-line method over the lease term of five years. |
Investment in Woodbridge Holdin
Investment in Woodbridge Holdings, LLC | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Woodbridge Holdings, LLC | 5. Investment in Woodbridge Holdings, LLC On April 2, 2013, BBX Capital 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, BBX Capital’s investment in Woodbridge is accounted for under the equity method. BBX Capital’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 BBX Capital’s investment in Woodbridge, BBX Capital and BFC entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth BBX Capital’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 BBX Capital’s and BFC’s percentage equity interests in Woodbridge. BBX Capital’s investment in Woodbridge was accounted for as a transaction between entities under common control as BFC is the controlling shareholder of BBX Capital and Woodbridge. As a consequence, the investment in Woodbridge was recorded by BBX Capital at BFC’s historical cost and the difference between 46% of BFC’s historical cost in Woodbridge ( $85.1 million) and the amount BBX Capital invested in Woodbridge ( $71.75 million) was recognized as an increase in additional paid-in capital ( $13.3 million) in BBX Capital’s consolidated financial statements. Bluegreen’s former public shareholders brought an action against Bluegreen, the directors of Bluegreen, BFC, Woodbridge, certain directors and officers of BFC and others, challenging the terms of the merger pursuant to which Bluegreen merged into a wholly owned subsidiary of Woodbridge and Bluegreen’s shareholders (other than Woodbridge) were paid $10.00 in cash for each share of Bluegreen’s common stock that they held immediately prior to the effective time of the merger, and on June 5, 2015 the plaintiffs and defendants agreed to a settlement of the litigation. Pursuant to the settlement, which was finalized during September 2015, Woodbridge paid $36.5 million into a settlement fund for the benefit of former shareholders of Bluegreen whose shares were acquired in connection with the transaction. BBX Capital repaid in full its $11.75 million promissory note to Woodbridge and BFC and BBX Capital made additional capital contributions to Woodbridge of $13.4 m illion and $11.4 million, respectively (based on their respective 54% and 46% ownership interests in Woodbridge), to fund the settlement payment. The following was the activity related to BBX Capital’s investment in Woodbridge under the equity method (in thousands): From April 2, 2013 For the Years Ended December 31, Through 2015 2014 December 31, 2013 Investment in Woodbridge $ 73,026 78,573 85,491 Additional investment in Woodbridge 11,385 - - Equity in earnings of Woodbridge 14,974 25,282 13,461 Woodbridge capital transactions - excess tax benefits - 957 - Dividends received from Woodbridge (23,840) (31,786) (20,379) Investment in Woodbridge $ 75,545 73,026 78,573 The condensed Consolidated Statements of Financial Condition as of December 31, 2015 and 2014, and the condensed Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 and from April 2, 2013 through December 31, 2013 of Woodbridge Holdings, LLC are as follows (in thousands): December 31, 2015 2014 Assets Cash and restricted cash $ 172,758 240,427 Notes receivable, net 415,598 424,267 Notes receivable from related parties 80,000 11,750 Inventory of real estate 220,211 194,713 Properties and equipment, net 71,937 72,319 Intangible assets 61,977 63,913 Other assets 70,496 53,158 Total assets $ 1,092,977 1,060,547 Liabilities and Equity Accounts payable, accrued liabilities and other $ 113,473 114,263 Deferred tax liabilities, net 110,202 92,609 Notes payable 510,401 502,465 Junior subordinated debentures 152,307 150,038 Total liabilities 886,383 859,375 Total Woodbridge members' equity 163,397 157,920 Noncontrolling interest 43,197 43,252 Total equity 206,594 201,172 Total liabilities and equity $ 1,092,977 1,060,547 From April 2, 2013 For the Years Ended December 31, Through December 31, 2015 2014 2013 Total revenues $ 614,765 580,328 399,708 Total costs and expenses 533,260 477,507 341,938 Other income (expense) 3,410 3,872 (123) Income before taxes 84,915 106,693 57,647 Provision for income taxes 40,658 40,321 18,409 Net income 44,257 66,372 39,238 Net income attributable to noncontrolling interest (11,705) (11,411) (9,974) Net income attributable to Woodbridge $ 32,552 54,961 29,264 BBX Capital 46% equity earnings in Woodbridge $ 14,974 25,282 13,461 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | 6 . Investments in Unconsolidated Real Estate Joint Ventures BBX Capital had the following investments in unconsolidated real estate joint ventures (in thousands): December 31, Investment in unconsolidated real estate joint ventures 2015 2014 Altis at Kendall Square, LLC $ 764 1,264 Altis at Lakeline - Austin Investors LLC 5,210 5,000 New Urban/BBX Development, LLC 864 996 Sunrise and Bayview Partners, LLC 1,577 1,723 Hialeah Communities, LLC 4,569 5,091 PGA Design Center Holdings, LLC 1,911 1,991 CCB Miramar, LLC 875 - Centra Falls, LLC 727 - The Addison on Millenia Investment, LLC 5,778 - BBX/S Millenia Blvd Investments, LLC 4,905 - Altis at Bonterra - Hialeah, LLC 15,782 - Investments in unconsolidated real estate joint ventures $ 42,962 16,065 BBX Capital’s investments in unconsolidated real estate joint ventures are variable interest entities. See Note 7 for a listing of BBX Capital’s investments in consolidated variable interest entities. Information regarding BBX Capital’s investments in unconsolidated real estate joint ventures are listed below. Altis at Kendall Square, LLC (“Kendall Commons”) In March 2013, BBX Capital invested $1.3 million in a joint venture to develop 321 apartment units. BBX Capital is entitled to receive 13% of the joint venture distributions until a 15% internal rate of return has been attained and then BBX Capital will be entitled to receive 9.75% of any joint venture distributions thereafter. BBX Capital analyzed the operating agreement of Kendall Commons and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that BBX Capital only has limited protective rights under the operating agreement, is not the manager of the joint venture and BBX Capital does not have day-to-day decision making authority. BBX Capital’s maximum exposure to loss as a result of its involvement with the Altis at Kendall Square joint venture is its carrying amount of $0.8 million as of December 31, 2015. Altis at Lakeline – Austin Investors, LLC (“Altis at Lakeline”) In December 2014, BBX Capital invested $5.0 million in a joint venture to develop 354 apartment units in Austin, Texas. BBX Capital contributed 34% of the capital to the joint venture. After BBX Capital receives a preferred return of 9% and all of its capital is returned, BBX Capital is then entitled to receive 26.3% of the joint venture’s distributions until an 18% internal rate of return has been attained and thereafter BBX Capital will be entitled to receive 18.8% of any joint venture distributions. BBX Capital analyzed the operating agreement of Altis at Lakeline and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based on the determination that the joint venture has four members and the approval of an issue requires three of the four members to agree. Also, BBX Capital is not the managing member or the developer and the managing member guarantees the indebtedness of the joint venture. BBX Capital’s maximum exposure to loss as a result of its involvement with the Altis at Lakeline joint venture is its carrying amount of $5.2 million as of December 31, 2015. The amount of interest capitalized associated with the Altis at Lakeline joint venture land development activities for the year ended December 31, 2015 was $210,000 . There was no capitalized interest in 2014. New Urban/BBX Development, LLC (“Village at Victoria Park”) In December 2013, BBX Capital invested in a joint venture with New Urban Communities to develop 2 acres of vacant land owned by BBX Capital located near downtown Fort Lauderdale, Florida as 30 single-family homes. BBX Capital and New Urban Communities each have a 50% membership interest in the joint venture and New Urban Communities serves as the developer and the manager. In April 2014, the joint venture obtained an acquisition, development and construction loan from a financial institution and BBX Capital and New Urban Communities each contributed $692,000 to the joint venture as a capital contribution. The joint venture purchased the two acre site from BBX Capital for $3.6 million consisting of $1.8 million in cash (less $0.2 million in selling expenses) and a $1.6 million promissory note. The promissory note bears interest at 8% per annum and is subordinated to the financial institution acquisition, development and construction loan. BBX Capital recognized a partial gain included in net gains on the sales of assets in BBX Capital ’s Consolidated Statement s of Operations of $188,000 for the year ended December 31, 2014 and recorded a deferred gain of $1.1 million included in other liabilities in the BBX Capital ’s Consolidated Statement s of Financial Condition as of December 31, 2015 and 2014 on the sale of the vacant land to the joint venture. The sale of appreciated property to the joint venture resulted in a joint venture basis difference as BBX Capital ’s carrying value of the land was $1.1 million lower than the fair value. BBX Capital accounted for the sale of the vacant land to the joint venture using the cost recovery method. BBX Capital will recognize the deferred gain based on the repayments of the principal balance of the notes receivable. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. BBX Capital analyzed the Village at Victoria Park’s operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is 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. BBX Capital’s maximum exposure to loss as a result of its involvement with the New Urban/BBX Development joint venture is its carrying amount of $0.9 million as of December 31, 2015. The amount of interest capitalized associated with New Urban/BBX Development joint venture land development activities for the year ended December 31, 2015 was $44,000 . There was no capitalized interest in 2014. Sunrise and Bayview Partners In June 2014, BBX Capital invested in a joint venture with an affiliate of Procacci Development Corporation (“PDC”) and BBX Capital and PDC each contributed $1.8 million to the Sunrise and Bayview Partners joint venture. BBX Capital and PDC each have a 50% interest in the joint venture. In July 2014, the joint venture borrowed $5.0 million from PDC and acquired for $8.0 million three acres of real estate in Fort Lauderdale, Florida from an unrelated third party. The property is improved with an approximate 84,000 square foot office building along with a convenience store and gas station. The joint venture refinanced the PDC borrowings with a financial institution and BBX Capital provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s $5.0 million loan. BBX Capital analyzed the Sunrise and Bayview Partners operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that PDC has the power to direct activities of the joint venture that most significantly affect the joint venture’s performance as it is managing the property, including locating tenants, executing leases, collecting rent payments and conducting development activities. Additionally, PDC also receives significant benefits from the joint venture in excess of its 50% membership interest in the form of development and property management fees. BBX Capital’s maximum exposure to loss as a result of its involvement with the Sunrise and Bayview Partners as of December 31, 2015 is $4.1 million consisting of the joint venture carrying amount of $1.6 million and BBX Capital’s $2.5 million joint venture acquisition loan guarantee. Hialeah Communities, LLC In July 2014, BBX Capital invested in a joint venture with CC Bonterra to develop approximately 394 homes in a portion of Bonterra communit ies in Hialeah, Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. In exchange, BBX Capital received $2.2 million in cash and a joint venture interest with an agreed upon assigned initial capital contribution value of $4.9 million. BBX Capital is entitled to receive 57% of the joint venture distributions until it receives its aggregate capital contributions plus a 9% per annum return on capital. Any distributions thereafter are shared 45% by BBX Capital and 55% by CC Bonterra. BBX Capital contributes 57% of the capital and remain s liable as a co-borrower on the $8.3 million mortgage that was assumed by the joint venture. The transfer of the land to the joint venture as an initial capital contribution resulted in a deferred gain of $1.6 million included in other liabilities in BBX Capital ’s Consolidated Statement s of Financial Condition as of December 31, 2015 and 2014 and a joint venture basis adjustment of $2.1 million. BBX Capital determined that the transfer of the land to the joint venture should be accounted for on the cost recovery method. The deferred gain of $1.6 million will be recognized upon the repayment of the principal balance of the $8.3 million mortgage. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. In March 2015, the joint venture refinanced the $8.3 million mortgage loan with proceeds from a $31.0 million acquisition and development loan. BBX Capital is a guarantor on 26.3% of the $31.0 million joint venture acquisition and development loan. BBX Capital analyzed the Hialeah Communities operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that CC Bonterra as the managing member and developer of the homes has the power to direct activities of the joint venture that most significantly affect the joint venture’s performance. Additionally, CC Bonterra also receives significant benefits from the joint venture in excess of its 43% membership interest in the form of development and administrative fees as well as 55% of joint venture residual profits. In September 2014, BBX Capital contributed additional capital to the joint venture of $1.8 million with CC Bonterra contributing $1.4 million. The additional capital contributions funded the joint venture ’s purchase of property adjacent to the project for $0.9 million. The joint venture advanced $2.3 million to a wholly-owned subsidiary of BBX Capital and the wholly-owned subsidiary of BBX Capital used the funds received from the joint venture to purchase $2.3 million of additional property adjacent to the project. BBX Capital repaid the joint venture advance upon the sale of properties to a developer. BBX Capital’s maximum exposure to loss as a result of its involvement with the Hialeah Communities as of December 31, 2015 is $12.7 million consisting of the joint venture carrying amount of $4.6 million and BBX Capital’s $8.1 million joint venture acquisition and development loan guarantee. The amount of interest capitalized associated with Hialeah Communities joint venture land development activities for the year ended December 31, 2015 was $226,000 . There was no capitalized interest in 2014. PGA Design Center Holdings, LLC (“PGA Design Center”) In December 2013, BBX Capital purchased for $6.1 million a commercial property with three existing buildings consisting of 145,000 square feet of mainly furniture retail space. In January 2014, BBX Capital invested in a joint venture with Stiles Development, and in connection with the formation of the joint venture, BBX Capital sold the commercial property to the joint venture in exchange for $2.9 million in cash and a 40% interest in the joint venture. The joint venture intends to seek governmental approvals to change the use of a portion of the property from retail to office and subsequently sell or lease the property. T he property contributed to the joint venture excluded certain residential development entitlements with an estimated value of $1.2 million which were transferred to adjacent parcels owned by BBX Capital . BBX Capital analyzed the PGA Design Center’s operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is 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. BBX Capital’s maximum exposure to loss as a result of its involvement with the PGA Design Center Holdings joint venture is its carrying amount of $1.9 million as of December 31, 2015. CCB Miramar, LL C In May 2015, BBX Capital invested in a joint venture with two separate unaffiliated developers for the acquisition of real estate in Miramar, Florida to construct single-family homes. BBX Capital contributed $875,000 for a 35% interest in the joint venture and one of the developers contributed to the joint venture a contract to purchase real estate. The purchase of the real estate is subject to certain closing conditions, including receipt of all necessary entitlements and completion of due diligence by the joint venture. BBX Capital analyzed the CCB Miramar operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that the developer members were managing the activities of obtaining entitlements for the potential purchase and development of the property. As a consequence, BBX Capital is not the member that has the most power to significantly impact the economic performance of the joint venture. BBX Capital’s maximum exposure to loss as a result of its involvement with the CCB Miramar joint venture is its carrying amount of $0.9 million as of December 31, 2015. Centra Falls , LLC In August 2015, BBX Capital and other investors invested in a joint venture with a developer for the development and sale of 89 townhomes in Pembroke Pines, Florida. BBX Capital contributed 7.143% of the total capital of the joint venture or $750,000 and is entitled to receive 7.143% of the joint venture distributions until a 12% return on its investment has been attained and then BBX Capital will be entitled to 3.175% of the joint venture distributions thereafter. BBX Capital analyzed the joint venture operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that the activities of the joint venture are controlled by the managing member with a 10% interest in the joint venture. The remaining 90% interest in the joint venture is controlled by nine investors including BBX Capital. The managing member can only be removed for cause and the investing members do not participate in the day-to-day operations of the joint venture. BBX Capital’s maximum exposure to loss as a result of its involvement with the Centra Falls joint venture is its carrying amount of $0.7 million as of December 31, 2015. The Addison on Millenia Investment, LLC In December 2015, BBX Capital and another investor invested in a joint venture to develop 11.8 acres in the Gardens at Millenia site located in Orlando, Florida into nine retail apartment buildings totaling approximately 292 units. The joint venture intends to operate the property as an income producing business. BBX Capital invested 48% of the joint ventures total capital by transferr ing property with an agreed upon value of $5.8 million and $0.3 million of cash. I n exchange, BBX Capital is entitled to receive 48% of the joint venture distributions until it receives its aggregate capital contributions plus a 10% per annum return on capital. Any distributions thereafter are shared based on the project’s internal rate of return resulting in the managing member receiving an increasing percentage of distributions based on the joint venture’s internal rate of return. The transfer of the land to the joint venture as an initial capital contribution resulted in a deferred gain of $0.4 million included in other liabilities in BBX Capital ’s Consolidated Statement s of Financial Condition as of December 31, 2015 and a joint venture basis adjustment of $0.4 million. BBX Capital determined that the gain on the transfer of the land to the joint venture should be recorded on the cost recovery method as BBX Capital did not receive cash . The deferred gain of $ 0.4 million will be recognized upon the receipt of cash distributions from the joint venture . BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of the apartment units. BBX Capital analyzed the Addison on Millenia Investment operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that ContraVest, the managing member, has the authority to make all decisions concerning the day-to-day operations of the joint venture and manages the construction, leasing and property management of the joint venture. Additionally, ContraVest receives significant benefits from the joint venture in excess of its 3.75% membership interest in the form of development and administrative fees as well as up to 37.5% of the joint venture residual profits upon achievement of IRR hurdles . ContraVest is also exposed to significant joint venture losses from construction cost overruns and construction loan guarantees. BBX Capital’s maximum exposure to loss as a result of its involvement with the Addison on Millenia Investment joint venture is its carrying amount of $5.8 million as of December 31, 2015. BBX/S Millenia Blvd Investments, LLC In October 2015, BBX Capital and a developer invested in a joint venture to develop a retail center on the Gardens of Millenia site in Orlando, Florida. The joint venture intends to obtain all necessary approvals, secure financing, construct all improvements, lease the premises and sell the property. BBX Capital transferred property with at an agreed upon value of $7.0 million to the joint venture and received $0.7 million in cash and a 90% interest in the joint venture. BBX Capital is entitled to receive 90% of the joint venture distributions until it receives its aggregate capital contributions plus a n 8% per annum return on capital. Any distributions thereafter are shared 54% to BBX Capital and 46% to the developer. The transfer of the land to the joint venture as an initial capital contribution resulted in a recognized gain of $0.1 million included in gains on sales of assets in BBX Capital ’s Consolidated Statement s of Operations and a joint venture basis adjustment of $0.9 million that will be recognized as joint venture equity earnings upon the sale of the retail center . BBX Capital analyzed the BBX/S Millenia Blvd Investments operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture is accounted for under the equity method of accounting. This conclusion was based primarily on the determination that the developer makes all decisions concerning the operations of the joint venture and is managing the construction, leasing, property management, accounting, tenant improvements and disposition of the property. Additionally, the developer receives significant benefits from the joint venture in excess of its 10% membership interest in the form of development , construction and other fees as well as up to 45% of the joint venture residual profits. The developer is also exposed to significant joint venture losses from construction loan guarantees. BBX Capital’s maximum exposure to loss as a result of its involvement with the BBX/S Millenia Blvd Investments joint venture is its carrying amount of $4.9 million as of December 31, 2015. Altis at Bonterra - Hialeah, LLC In December 201 5 , BBX Capital invested in a joint venture with Altman Companies to develop approximately 314 apartment homes in a portion of Bonterra communit ies in Hialeah, Florida. BBX Capital transferred approximately 14 acres of land at an agreed upon value of approximately $9.4 million and cash of $7.5 million to the joint venture . In exchange, BBX Capital is entitled to receive 95% of the joint venture distributions until it receives its aggregate capital contributions plus a 9% per annum return on capital. Any distributions thereafter are shared 85% by BBX Capital and 15% by Altman Companies . BBX Capital contribute d 95% of the capital and the Altman Companies contributed the remaining 5% of capital, guaranteed the construction loan and is liable for construction cost overruns. The transfer of the land to the joint venture as an initial capital contribution resulted in a joint venture basis adjustment of $4.1 million. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of the multi-family apartment complex . BBX Capital analyzed the Altis at Bonterra - Hialeah operating agreement and determined that it is not the primary beneficiary and therefore the investment in the real estate joint venture was accounted for under the equity method of accounting. This conclusion was based primarily on the determination that the Altman Companies as the managing member makes all decisions concerning the operations of joint venture and is managing the construction, leasing, property management, accounting, tenant improvements and disposition of the property. The managing member, Altman Companies, can only be removed by BBX Capital for cause. Altman Companies receives significant benefits from the joint venture in excess of its membership interest in the form of development , construction and other fees as well as up to 15% of the joint venture ’s residual profits. The Altman Companies is also exposed to significant joint venture losses from construction loan and cost overrun guarantees. BBX Capital’s maximum exposure to loss as a result of its involvement with the Altis at Bonterra joint venture is its carrying amount of $15.8 million as of December 31, 2015. The condensed Statement s of Financial Condition as of December 31, 201 5 and 201 4 , and the condens ed Statements of Operations for the year s ended December 31, 2015, 2014 and 2013 for the above equity method joint ventures in the aggregate was as follows (in thousands): December 31, 2015 2014 Assets Cash $ 25,139 1,375 Real estate inventory 154,334 75,395 Properties and equipment 3,960 3,996 Other assets 8,872 4,423 Total assets $ 192,305 85,189 Liabilities and Equity Notes payable $ 68,275 34,951 Other liabilities 20,422 9,333 Total liabilities 88,697 44,284 Total equity 103,608 40,905 Total liabilities and equity $ 192,305 85,189 For the Years Ended December 31, 2015 2014 2013 Total revenues $ 4,147 635 - Total costs and expenses (8,594) (1,841) - Net loss $ (4,447) (1,206) - |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 7 . 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 held until it recovered $ 285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum. On May 6, 2015, BB&T’s preferred membership interest in FAR was repaid in full and a t that time, BB&T’s interest in FAR terminate d , and BBX Capital, which held the remaining 5 % of the Class A Units and 100 % of the Class R units , is entitled to any and all residual proceeds. Upon the termination of BB&T’s interest in FAR, BBX Capital became the sole member of FAR. BBX Capital 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. The activities of FAR are governed by an amended and restated limited liability company agreement which grants the Board of Managers decision-making authority over FAR. Prior to May 6, 2015, the Board had four members, two members elected by BBX Capital and two members elected by BB&T. Upon redemption of BB&T’s preferred interest in FAR on May 6, 2015, FAR became a wholly-owned subsidiary of BBX Capital and the two Board members designated by BB&T resigned. FAR was no longer a variable interest entity as of May 6, 2015. The carrying amount of the assets and liabilities of FAR and the classification of these assets and liabilities in BBX Capital ’s Consolidated Statement s of Financial Condition was as follows (in thousands): December 31, 2014 Cash and cash equivalents $ 4,976 Loans held-for-sale 35,423 Loans receivable, net 18,972 Real estate held-for-investment 19,129 Real estate held-for-sale 13,745 Properties and equipment, net 7,561 Other assets 638 Total assets $ 100,444 BB&T preferred interest in FAR, LLC $ 12,348 Principal and interest advances on residential loans 11,171 Other liabilities 1,315 Total liabilities $ 24,834 JRG/BBX Development, LLC (“North Flagler”) In October 2013, an indirect wholly-owned subsidiary of BBX Capital entered into the North Flagler joint venture with JRG USA, and in connection with the formation of the joint venture JRG USA assigned to the joint venture a contract to purchase for $10.8 million a 4.5 acre real estate parcel overlooking the Intracoastal Waterway in West Palm Beach, Florida . BBX Capital is entitled to receive 80% of any joint venture distributions until it receives the return of its capital investment and 70% of any joint venture distributions thereafter. BBX Capital is the managing member and ha s control of all aspects of the operations of the joint venture. BBX Capital analyzed North Flagler’s operating agreement and determined that it was the primary beneficiary of the joint venture and therefore should consolidate North Flagler in BBX Capital’s financial statements. This conclusion was based primarily on the determination that BBX Capital absorbs 80% of the losses, is entitled to 70% of the profits and controls all aspects of North Flagler’s operations. In May 2015, the North Flagler joint venture purchased the 4.5 acre parcel for $10.8 million and on the same day sold the property to a third party developer for $20.0 million. Included in BBX Capital ’s Consolidated Statement s of Operation in net gains on sales of assets for the year ended December 31, 2015 is a $7.8 million gain on the property sale. Net sales proceeds in the amount of $2.3 million were distributed to the noncontrolling member. The carrying amount of the assets and liabilities of North Flagler and the classification of these assets and liabilities in BBX Capital ’s Consolidated Statement s of Financial Condition was as follows (in thousands): December 31, 2014 Cash and cash equivalents $ 17 Real estate held-for-investment 816 Other assets 379 Total assets $ 1,212 Other liabilities $ 116 Noncontrolling interest $ 132 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | 8. Inventories Inventories as of December 31, 201 5 and 201 4 were as follows (in thousands): December 31, 2015 2014 Raw materials $ 5,822 4,628 Paper goods and packaging materials 4,504 3,834 Finished goods 6,021 6,043 Total $ 16,347 14,505 Inventories consisted of $ 8. 4 million for Renin and $ 7.9 million for BBX Sweet Holdings as of December 31, 2015, respectively. Inventories consisted of $8.6 million for Renin and $5.9 million for BBX Sweet Holdings as of December 31, 2014, respectively. Shipping and handling fees billed to the customers were recorded as trade sales and shipping and handling fees paid by BBX Capital were recorded as selling, general, and administrative expenses. Included in BBX Capital ’s Consolidated Statement s of Operations as selling, general, and administrative expenses for the years ended December 31, 2015, 2014 and 2013 were $5.5 million, $5.5 mi llion and $1.0 million, respectively, of costs associated with shipping goods to customers. |
Loans Held-For-Sale
Loans Held-For-Sale | 12 Months Ended |
Dec. 31, 2015 | |
Loan Held-For-Sale [Abstract] | |
Loans Held For Sale | 9. Loans Held-for-Sale Loans-held-for-sale were as follows (in thousands): December 31, 2015 2014 Residential $ 21,354 27,331 Second-lien consumer - 2,351 Small business - 5,741 Total loans held-for-sale $ 21,354 35,423 Loans held-for-sale are reported at the lower of cost or fair value and measured on an aggregate basis. As of December 31, 2015 and 2014 the lower of cost or fair value adjustment on loans held-for-sale was $1.6 million and $6.4 million, respectively. BBX Capital transfers loans to held-for-sale when, based on the current economic environment and related market conditions, it does not have the intent to hold those loans for the foreseeable future. BBX Capital transfers loans previously held-for-sale to loans held-for-investment at the lower of cost or fair value on the transfer date. In September 2014, BBX Capital, based on market conditions at that time, decided to sell performing second-lien consumer loans. BBX Capital charged down these loans $2.7 million to fair value and transferred the loans to held-for-sale in the aggregate amount of $2.3 million. During the 2013 fourth quarter, management evaluated its residential loan portfolio in light of the general appreciation of residential real estate values during 2013 and decided to transfer first lien residential and consumer loans to loans held-for-sale as of December 31, 2013. BBX Capital charged down its first lien residential and consumer loan portfolio by $4.1 million and reduced its allowance for loan losses by $1.4 million upon the transfer of first lien residential and consumer loans to loans held-for-sale. In June 2015, BBX Capital transferred its small business, residential and second-lien consumer loans from loans held-for-sale to loans held-for-investment based on its decision to hold these loans for the foreseeable future as a result of the recent appreciation of real estate values and the improving economic environment. As a consequence, $2.4 million, $70,000 and $4.9 million of second-lien consumer, residential and small business loans, respectively, were transferred from loans held-for-sale to loans receivable measured at the lower of cost or fair value on the transfer date. Any difference between the carrying amount of the loan and its outstanding principal balance was recognized as a discount. Such loans are included in loans receivable, net of the discount on BBX Capital’s Consolidated S tatement s of F inancial C ondition as of December 31, 2015. In July 2014, BBX Capital received net proceeds from the sales of its first-lien consumer loan portfolio and certain residential loans of approximately $3.2 million and $6.3 million, respectively. Included in net gains on the sales of assets for the year ended December 31, 2014 was a $0.6 million gain from the sale of these loans. As of December 31, 2015, foreclosure proceedings were in-process on $14.1 million principal balance of residential loans held-for-sale. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable [Abstract] | |
Loans Receivable | 10. Loans Receivable The loan s receivable portfolio consisted of the following components (in thousands ): December 31, 2015 2014 Commercial non-real estate $ 11,250 1,326 Commercial real estate 16,294 24,189 Small business 4,054 - Consumer 2,368 2,306 Residential 69 - Total loans, net of discount 34,035 27,821 Allowance for loan losses - (977) Loans receivable -- net $ 34,035 26,844 The underlying collateral for BBX Capital ’s real estate loan portfolio was primarily located in Florida at December 31, 2015 and 201 4. As of December 31, 2015, foreclosure proceedings were in process on $0.5 million of consumer loans. The total discount on loans receivable was $3.3 million and $0 as of December 31, 2015 and 2014, respectively. BBX Capital segregates its loan portfolio into five segments. BBX Capital ’s loan segments are: residential loans, commercial real estate loans, commercial non-real estate loans, consumer loans, and small business loans. BBX Capital ’s loan segments are described below: Commercial non-real estate - represent s a $10.0 million unsecured loan made in connection with the sale of land to a developer and loans secured by general corporate assets of the borrowers’ business. Commercial real estate - represents loans for acquisition, development and construction of various types of properties including residential, office buildings, retail shopping centers, and other non-residential properties. Small business – consists of loans originated to businesses in principal amounts that do not generally exceed $ 2.0 million. The principal source of repayment for these loans is generally from the cash flow of a business. Consumer - consists of loans to individuals originated through BankAtlantic’s branch network. Consumer loans are generally home equity lines of credit secured by a second mortgage on the primary residence of the borrower . All collateral secured consumer loans are located in Florida. First - lien consumer loans were transferred to loans held-for-sale as of December 31, 2013 and sold during the year ended December 31, 2014 . Residential – represents loans secured by one to four dwelling units. C redit Quality Information BBX Capital monitors delinquency trends, current loan to value ratios, credit scores and general economic conditions in an effort to assess loan credit quality. BBX Capital assesses loan credit quality through accrual and non-accrual loan classifications. The recorded investment (unpaid principal balance less charge-offs and discounts ) of non-accrual loans receivable was (in thousands): December 31, Loan Class 2015 2014 Commercial non-real estate $ 1,250 1,326 Commercial real estate 9,639 14,464 Small business 4,054 - Consumer 2,368 1,990 Residential 69 - Total nonaccrual loans $ 17,380 17,780 An age analysis of the past due recorded investment in loans receivable as of December 31, 201 5 and December 31, 201 4 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2014 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 996 1,326 Commercial real estate - - 5,458 5,458 18,731 24,189 Consumer - 227 1,703 1,930 376 2,306 Residential - - - - - - Total $ - 227 7,491 7,718 20,103 27,821 (1) BBX Capital had no loans that were past due greater than 90 days and still accruing as of December 31, 2015 or 2014. The activity in the allowance for loan losses for the year s ended December 31, 2015, 201 4 and 2013 was as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Allowance for Loan Losses: Beginning balance $ 977 2,713 5,311 Charge-offs : (1,037) (7,189) (10,867) Recoveries : 13,517 12,608 52,134 Provision: (13,457) (7,155) (43,865) Ending balance $ - 977 2,713 Ending balance individually evaluated for impairment $ - - 954 Ending balance collectively evaluated for impairment - 977 1,759 Total $ - 977 2,713 Loans receivable: Ending balance individually evaluated for impairment $ 12,849 17,045 51,131 Ending balance collectively evaluated for impairment 21,186 10,776 23,808 Total $ 34,035 27,821 74,939 Proceeds from loan sales $ 68 9,497 3,490 Transfer to loans held-for-sale $ - 2,299 42,398 Transfer from loans held-for-sale $ 7,365 - 1,312 Impaired Loans - Loans are considered impaired when, based on current information and events, BBX Capital believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. For a loan that has been restructured, the actual terms of the loan agreement refer to the contractual terms specified by the original loan agreement, not the contractual terms specified by the restructured agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated for commercial and small business loans based on payment history, financial 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 are recognized on a cash basis as interest income . Impaired loans, or portions thereof, are charged off when deemed uncollectible. Individually i mpaired loans as of December 31, 201 5 and 201 4 were as follows (in thousands): As of December 31, 2015 As of December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - 735 1,664 735 Total with no allowance recorded 17,380 30,212 - 17,361 35,812 - Total $ 17,380 30,212 - 18,096 37,476 735 Average recorded investment and interest income recognized on individually impaired loans as of December 31, 201 5 and 201 4 were (in thousands): For the Years Ended December 31, 2015 2014 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 837 7 Total with no allowance recorded 22,186 1,299 23,161 1,111 Total $ 22,186 1,299 23,998 1,118 Individually impaired loans and the a verage recorded investment and interest income recognized on impaired loans as of December 31, 2013 (in thousands): For the Year Ended As of December 31, 2013 December 31, 2013 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ 3,921 6,700 1,874 4,055 121 Total with no allowance recorded 53,088 88,739 - 55,027 1,478 Total $ 57,009 95,439 1,874 59,082 1,599 I mpaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loans’ effective interest rate were equal to or greater than the carrying value of the loans, or were collectively measured for impairment. BBX Capital had no commitments to lend additional funds on impaired loans as of December 31, 2015 . |
Real Estate Held-for-Investment
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 11 . Real Estate Held-for-Investment and Real Estate Held-for-Sale Although BBX Capital has purchased certain property, substantially all of BBX Capital’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 December 31, 2015 2014 Real estate held-for-sale Land $ 25,994 33,505 Rental properties 17,162 1,748 Residential single-family 2,924 4,385 Other 258 2,095 Total real estate held-for-sale $ 46,338 41,733 The following table presents real estate held-for-investment grouped in the following classifications (in thousands): As of December 31, 2015 2014 Real estate held-for-investment Land $ 30,369 60,356 Rental properties - 15,234 Other 921 962 Total real estate held-for-investment $ 31,290 76,552 The amount of interest capitalized in land held-for-investment associated with real estate development improvements for the year ended December 31, 2015 was $706,000 . There was no capitalized interest in 2014. The following table presents the activity in real estate held-for-sale and held-for-investment for the years ended December 31, 2015 and 2014 (in thousands): For the Years Ended December 31, 2015 2014 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 41,733 76,552 33,971 107,336 Acquired through foreclosure 3,215 - 5,300 16,100 Transfers 41,751 (41,751) 28,018 (28,018) Purchases 10,667 - 2,313 1,977 Improvements 3,261 16,771 - 3,824 Accumulated depreciation - (468) - (462) Sales (51,040) - (26,973) (16,200) Property contributed to joint ventures - (19,448) - - Impairments, net (3,249) (366) (896) (8,005) End of period, net $ 46,338 31,290 41,733 76,552 The following table presents the real estate held-for-sale valuation allowance activity for the years ended December 31, 2015, 2014 and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Beginning of period $ 2,940 4,818 3,729 Transfer to held-for-investment (93) - - Impairments, net (1) 3,089 896 3,893 Sales (1,536) (2,774) (2,804) End of period $ 4,400 2,940 4,818 (1) Tax certificate impairments are not included. Net real estate income (losses) included in the BBX Capital’s Consolidated Statements of Operations were as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 3,887 5,516 4,161 Real estate operating expenses (4,773) (6,296) (5,807) Impairment of real estate (3,615) (8,901) (3,342) Net gains on the sales of real estate 31,114 4,677 4,155 Net real estate income (losses) $ 26,613 (5,004) (833) |
Properties And Equipment
Properties And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | 1 2 . Properties and Equipment Properties and equipment was comprised of (in thousands): December 31, 2015 2014 Land $ 2,270 2,270 Buildings and leasehold improvements 10,204 9,868 Office equipment and furniture 9,235 6,536 Transportation and equipment 91 44 21,800 18,718 Accumulated depreciation (3,717) (2,001) Property and equipment, net $ 18,083 16,717 Included in selling, general and administrative expenses on BBX Capital ’s Consolidated Statement s of Operations was $2.2 million, $2.0 million and $0.7 million of depreciation expense for the years ended December 31, 2015, 2014 and 20 1 3 , respectively. During the year ended December 31, 2013, the Company sold a public storage operating facility with a carrying value of $4.9 million for a $1.0 million gain. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes U.S. and foreign components of income (loss) before income taxes were as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 U.S. $ 25,871 4,378 48,643 Foreign (2,589) (3,175) (963) Income before income taxes $ 23,282 1,203 47,680 The (benefit) provision for income taxes consisted of (in thousands): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ - 6 - State 84 - 20 Total current 84 6 20 Deferred: Federal (282) (2,605) - State (47) (502) - Total deferred (329) (3,107) - (Benefit) provision for income $ (245) (3,101) 20 BBX Capital 's actual (benefit) provision for income taxes differs from the Federal expected income tax (benefit) provision as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Income tax (benefit) provision at federal statutory rate of 35% $ 8,149 35.00% 421 35.00% 16,688 35.00% (Decrease) increase resulting from: (Benefit) provision for state taxes net of federal benefit 673 2.89% (369) -30.67% 2,003 4.20% Taxes related to subsidiaries not consolidated for income taxes (3,699) -15.89% (6,963) -578.80% (6,054) -12.70% Sale of BankAtlantic - 0.00% - 0.00% 5,884 12.34% Nondeductible executive compensation 1,107 4.75% 1,883 156.52% 2,223 4.66% Change in valuation allowance (7,678) -32.98% 1,407 116.96% (22,584) -47.36% Penalties 1,243 5.34% 350 29.09% - 0.00% Other - net (40) -0.17% 170 14.13% 1,860 3.90% (Benefit) provision for income taxes $ (245) -1.05% (3,101) -257.77% 20 0.04% The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): For the Years Ended December 31, Deferred tax assets: 2015 2014 2013 Allowance for loans and impairments for financial statement purposes $ 1,960 2,658 2,955 Federal and State NOL and tax credit carryforward 60,708 64,132 63,781 Real estate held for development and sale capitalized costs for tax purposes in excess of amounts capitalized for financial statement purposes 14,729 18,849 15,536 Share based compensation 1,879 1,302 691 Other 1,000 - - Total gross deferred tax assets 80,276 86,941 82,963 Less valuation allowance (76,292) (83,970) (82,563) Total deferred tax assets 3,984 2,971 400 Deferred tax Liabilities: Intangible assets 1,866 1,912 - Properties and equipment 2,053 1,043 - Other 65 16 400 Total gross deferred tax liabilities 3,984 2,971 400 Net deferred tax (liability) asset - - - Less net deferred tax asset at beginning of period - - - Net deferred tax liabilities from acquisitions 329 3,107 - Benefit from deferred income taxes 329 3,107 - Activity in the deferred tax valuation allowance was (in thousands): For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 83,970 82,563 105,548 (Decrease) increase in deferred tax valuation allowance (7,678) 1,407 (22,584) Acquisitions - - (401) Balance, end of period $ 76,292 83,970 82,563 On April 30, 2015, BFC purchased 4,771,221 shares of BBX Capital’s Class A common stock through a tender offer increasing BFC’s ownership percent to 81% of the issued and outstanding shares of BBX Capital. As a consequence, BBX Capital as of May 1, 2015 will file federal and state income tax returns as part of BFC’s consolidated income tax returns. On May 8, 2015, BFC, BBX Capital Corporation , Woodbridge, Bluegreen and their respective subsidiaries entered into an “Agreement to Allocate Consolidated Income Tax Liability and Benefits” . The parties will calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized. As such income taxes will continue to be recognized by BBX Capital on a separate return basis and any taxable income or loss will be settled with BFC under the tax allocation agreement. The computation of taxable income or refunds, including the effects of AMT, is the same as if BBX Capital was filing its federal tax return with the IRS. As such, BBX Capital will only consider its operations as sources of taxable income in determining the need for a deferred tax valuation allowance for its deferred tax assets. BBX Capital evaluates its deferred tax assets to determine if valuation allowances are required. In its evaluation, management considers taxable loss carry-back availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more-likely-than-not standard. BBX Capital had taxable income during the year ended December 31, 201 5 from the sale of real estate acquired through foreclosure and significant recoveries on loans charged off in prior periods. BBX Capital’s operations including its acquired businesses do not generate taxable income on a regular basis. BBX Capital had a taxable loss during the year ended December 31, 2014. BBX Capital concluded that it was more-likely-than-not that it would not generate sufficient taxable income in subsequent periods in order to recognize the deferred tax assets as of December 31, 201 5 . Based on BBX Capital ’s evaluation, a deferred tax valuation allowance of $76.3 million, $ 84.0 million, and $82.6 million was maintained against its net deferred tax assets as of December 31, 201 5 , 201 4 and 201 3 , respectively. BBX Capital ’s deferred tax assets as of December 31, 201 5 for which it has not established a valuation allowance relate to amounts that can be realized through future reversals of existing taxable temporary differences. As a consequence, BBX Capital will continue to maintain a full deferred tax valuation allowance for its net deferred tax assets The majority of the benefits of BBX Capital ’s net deferred tax assets can be carried forward for 20 years and applied to offset future taxable income. BBX Capital ’s deferred tax asset valuation allowance would be reversed if and when it becomes more - likely - than - not that BBX Capital will generate sufficient taxable income in the future to utilize the tax benefits of the related deferred tax assets. In connection with BBX Sweet Holdings’ a cquisitions during 2015 and 2014, BBX Capital established net taxable temporary differences as a result of recording for financial reporting purposes identifiable intangible assets and properties and equipment in excess of amounts recognized for tax purposes. After considering the taxable temporary difference s established in connection with the a cquisitions, BBX Capital reduced its deferred tax asset valuation allowance and recognized a $329,000 and $3.1 million benefit for income taxes. Included in BBX Capital ’s deferred tax assets as of December 31, 201 5 was $ 110.5 million of federal income tax NOL carry-forwards which expire from 2029 to 2034 . BBX Capital ’s federal tax credit carry-forwards were $ 2.1 million at December 31, 201 5 and expire from 2025 to 2031 . BBX Capital filed separate state income tax returns for years ending prior to December 31, 2011. BBX Capital ’s state NOL carry-forwards were $ 533.5 million as of December 31, 201 5 and expire from 2023 through 2033 . Renin’s Canadian subsidiaries’ earnings are subject to taxation in Canada and the United Kingdom. Renin had taxable losses in these tax jurisdictions during the year s ended December 31, 2015 and 2014 and two months ended December 31, 2013. BBX Capital ’s foreign income tax NOL carryforwards were $3.8 million and expire from 2033 to 2035 . BBX Capital ’s income tax returns for all years subsequent to the 201 1 tax year are subject to examination. Various state jurisdiction tax years remain open to examination. There were no income tax filings under examination as of December 31, 201 5 . |
Notes Payable To Related Partie
Notes Payable To Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable | 1 5 . Notes Payable The following notes payable were outstanding as of December 31, 201 5 or 201 4 (in thousands): December 31, 2015 December 31, 2014 Debt Interest Debt Interest Balance Rate Balance Rate Wells Fargo Capital Finance $ 8,071 various 8,028 various Anastasia Note 5,330 5.00% 7,214 5.00% Iberia Line of Credit 4,997 3.18% - - Centennial Bank - Hoffman's 1,613 5.25% 1,645 5.25% Centennial Bank - Kencraft 995 2.35% - - Holdback notes 400 6.00% 1,016 various Other 15 0.90% 20 0.90% Total Notes Payable $ 21,421 17,923 The aggregate notes payable discount recorded in BBX Capital ’s Consolidated Statement s of Financial Condition as of December 31, 201 5 and 201 4 was $170,000 and $320,000 , respectively. Wells Fargo Capital Finance. On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18 million or, if l ower , the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000 . The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019 . The amount outstanding under the term loan and revolving advance facility were $1.1 million and $7.0 million as of December 31, 2015. The amounts outstanding under the term loan and revolving advance facility were $1.4 million and $6. 6 million as of December 31, 2014. Under the terms and conditions of the WF Credit Agreement, Renin was originally required to comply with certain financial covenants from June 30, 2014 to November 30, 2014, including limits on monthly capital expenditures and the achievement of monthly EBITDA (as defined in the WF Credit Agreement) in amounts equal to or greater than specific amounts set forth in the WF Credit Agreement. However, the WF Credit Agreement was amended in October 2014 replacing the EBITDA financial covenants requirements for each month ended during the period from September 2014 through November 2014 with a Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement). In addition, beginning on December 1, 2014, Renin is required to maintain as of the end of each month a certain specified Fixed Charge Coverage Ratio (as defined in the WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin was in compliance with the WF Credit Agreement financial covenants as of December 31, 2015. Anastasia Note. In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and $2.0 million of the promissory note plus accrued interest was repaid on October 1, 2015. The remaining balance of the promissory note is payable in three annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2016, $2.0 million plus accrued interest on October 1, 2017 and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by BBX Capital Corporation and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. Iberia Line of Credit. On August 7, 2015, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements with Iberiabank, which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. Amounts borrowed under this facility accrue interest at a floating rate of thirty day LIBOR plus 2.75% or 3.18% as of December 31, 2015. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on July 31, 2017 , with one twelve month renewal option at BBX Sweet Holdings’ request, subject to satisfaction of certain conditions. The loan documents include a number of covenants, including financial covenants relating to BBX Sweet Holdings’ debt service coverage ratio. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. BBX Sweet Holdings is using the proceeds of the facility for general corporate purposes. BBX Sweet Holdings was in compliance with the Iberiabank loan financial covenants as of December 31, 2015. Centennial Bank – Hoffman’s. In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $1.7 million from Centennial Bank in the form of a ten year promissory note for working capital. The note bears interest at a fixed rate of 5.25% per annum for the first five years and adjusts to the 5-year US Treasury SWAP Rate in effect on the change date plus 345 basis points for the remaining five year term of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and is due and payable in October 2024. BBX Sweet Holdings and BBX Capital are guarantors of the note and the note is collateralized by l and and buildings with a carrying value of $2.1 million as of December 31, 2015. Centennial Bank – Kencraft. In April 2015, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $995,000 from Centennial Bank in the form of a promissory note in order to partially fund the Kencraft asset acquisition. The promissory note bears interest at 2.35% per annum and the principal balance is payable on April 1, 2017 or sooner upon demand. Interest is payable monthly. The promissory note is secured by a $995,000 certificate of deposit and a blanket lien on the Kencraft assets acquired. The $995,000 time deposit account is included in restricted cash in BBX Capital’s Consolidated Statements of Financial Condition as of December 31, 2015. BBX Sweet Holdings was in compliance with the debt financial covenants o f the loan as of December 31, 2015. Holdback Notes. The Holdback Notes relate to purchase consideration payable in connection with the Hoffman’s, Williams and Bennett and Kencraft acquisitions. The Hoffman and William and Bennett Holdback Notes had an aggregate balance at origination of $1.1 million, bear interest at interest rates ranging from 1.65% to 1.93% and mature d from January 2015 through December 31, 2015. The Hoffman and William and Bennett Holdback Notes were recorded at an $82,000 premium to reflect the fair value of the Holdback Notes at the acquisition dates. The Hoffman and William and Bennett Holdback Notes were paid-in-full as of December 31, 2015. The Kencraft $400,000 Holdback Note bears interest at 6% per annum payable quarterly beginning on July 1, 2015 and matures on April 1, 2017 . The Holdback Notes serve as security for the sellers’ obligations under the respective purchase and sale agreements, including the sellers’ indemnity obligations and performance under each of the seller’s respective non-competition agreements and provide BBX Sweet Holdings with a set-off right. BBX Capital is the guarantor on the remaining BBX Sweet Holdings’ Holdback Note . The annual contractual principal repayments of notes payable as of December 31, 201 5 was as follows (in thousands): Year Ending Notes December 31, Payable 2016 $ 2,315 2017 8,692 2018 1,800 2019 7,171 2020 - Thereafter 1,613 Total $ 21,591 |
Related Party [Member] | |
Notes Payable | 1 4 . Notes Payable to Related Parties BBX Capital issued an $11.75 million promissory note in Woodbridge’s favor as part of BBX Capital ’s consideration for its investment in Woodbridge. The note ha d a term of five years maturing in April 2018 , accrue d interest at a rate of 5% per annum and require d BBX Capital to make payments of interest only on a quarterly basis during the term of the note, with all outstanding amounts being due and payable at the end of the five-year term. During September 2015, in connection with settlement of the Bluegreen shareholder litigation, the $11.75 million Woodbridge note payable was paid-in-full. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | 1 5 . Notes Payable The following notes payable were outstanding as of December 31, 201 5 or 201 4 (in thousands): December 31, 2015 December 31, 2014 Debt Interest Debt Interest Balance Rate Balance Rate Wells Fargo Capital Finance $ 8,071 various 8,028 various Anastasia Note 5,330 5.00% 7,214 5.00% Iberia Line of Credit 4,997 3.18% - - Centennial Bank - Hoffman's 1,613 5.25% 1,645 5.25% Centennial Bank - Kencraft 995 2.35% - - Holdback notes 400 6.00% 1,016 various Other 15 0.90% 20 0.90% Total Notes Payable $ 21,421 17,923 The aggregate notes payable discount recorded in BBX Capital ’s Consolidated Statement s of Financial Condition as of December 31, 201 5 and 201 4 was $170,000 and $320,000 , respectively. Wells Fargo Capital Finance. On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18 million or, if l ower , the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000 . The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019 . The amount outstanding under the term loan and revolving advance facility were $1.1 million and $7.0 million as of December 31, 2015. The amounts outstanding under the term loan and revolving advance facility were $1.4 million and $6. 6 million as of December 31, 2014. Under the terms and conditions of the WF Credit Agreement, Renin was originally required to comply with certain financial covenants from June 30, 2014 to November 30, 2014, including limits on monthly capital expenditures and the achievement of monthly EBITDA (as defined in the WF Credit Agreement) in amounts equal to or greater than specific amounts set forth in the WF Credit Agreement. However, the WF Credit Agreement was amended in October 2014 replacing the EBITDA financial covenants requirements for each month ended during the period from September 2014 through November 2014 with a Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement). In addition, beginning on December 1, 2014, Renin is required to maintain as of the end of each month a certain specified Fixed Charge Coverage Ratio (as defined in the WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin was in compliance with the WF Credit Agreement financial covenants as of December 31, 2015. Anastasia Note. In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and $2.0 million of the promissory note plus accrued interest was repaid on October 1, 2015. The remaining balance of the promissory note is payable in three annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2016, $2.0 million plus accrued interest on October 1, 2017 and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by BBX Capital Corporation and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. Iberia Line of Credit. On August 7, 2015, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements with Iberiabank, which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. Amounts borrowed under this facility accrue interest at a floating rate of thirty day LIBOR plus 2.75% or 3.18% as of December 31, 2015. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on July 31, 2017 , with one twelve month renewal option at BBX Sweet Holdings’ request, subject to satisfaction of certain conditions. The loan documents include a number of covenants, including financial covenants relating to BBX Sweet Holdings’ debt service coverage ratio. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. BBX Sweet Holdings is using the proceeds of the facility for general corporate purposes. BBX Sweet Holdings was in compliance with the Iberiabank loan financial covenants as of December 31, 2015. Centennial Bank – Hoffman’s. In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $1.7 million from Centennial Bank in the form of a ten year promissory note for working capital. The note bears interest at a fixed rate of 5.25% per annum for the first five years and adjusts to the 5-year US Treasury SWAP Rate in effect on the change date plus 345 basis points for the remaining five year term of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and is due and payable in October 2024. BBX Sweet Holdings and BBX Capital are guarantors of the note and the note is collateralized by l and and buildings with a carrying value of $2.1 million as of December 31, 2015. Centennial Bank – Kencraft. In April 2015, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $995,000 from Centennial Bank in the form of a promissory note in order to partially fund the Kencraft asset acquisition. The promissory note bears interest at 2.35% per annum and the principal balance is payable on April 1, 2017 or sooner upon demand. Interest is payable monthly. The promissory note is secured by a $995,000 certificate of deposit and a blanket lien on the Kencraft assets acquired. The $995,000 time deposit account is included in restricted cash in BBX Capital’s Consolidated Statements of Financial Condition as of December 31, 2015. BBX Sweet Holdings was in compliance with the debt financial covenants o f the loan as of December 31, 2015. Holdback Notes. The Holdback Notes relate to purchase consideration payable in connection with the Hoffman’s, Williams and Bennett and Kencraft acquisitions. The Hoffman and William and Bennett Holdback Notes had an aggregate balance at origination of $1.1 million, bear interest at interest rates ranging from 1.65% to 1.93% and mature d from January 2015 through December 31, 2015. The Hoffman and William and Bennett Holdback Notes were recorded at an $82,000 premium to reflect the fair value of the Holdback Notes at the acquisition dates. The Hoffman and William and Bennett Holdback Notes were paid-in-full as of December 31, 2015. The Kencraft $400,000 Holdback Note bears interest at 6% per annum payable quarterly beginning on July 1, 2015 and matures on April 1, 2017 . The Holdback Notes serve as security for the sellers’ obligations under the respective purchase and sale agreements, including the sellers’ indemnity obligations and performance under each of the seller’s respective non-competition agreements and provide BBX Sweet Holdings with a set-off right. BBX Capital is the guarantor on the remaining BBX Sweet Holdings’ Holdback Note . The annual contractual principal repayments of notes payable as of December 31, 201 5 was as follows (in thousands): Year Ending Notes December 31, Payable 2016 $ 2,315 2017 8,692 2018 1,800 2019 7,171 2020 - Thereafter 1,613 Total $ 21,591 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 16 . Employee Benefit Plans The table below outlines the terms of the Security Plus 401(k) Plan and the associated employer costs (dollars in thousands): For the Years Ended December 31, 2015 2014 2013 Employee salary contribution Limit (1) $ 18.0 17.5 17.5 Percentage of salary limitation % 75 75 75 Total match contribution (2) $ 322 150 - (1) For the years ended December 31, 2015, 2014 and 2013 employees over 50 were entitled to contribute $24,000 , $ 23,000 and $23,000 , respectively. (2) The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 7 . Commitments and Contingencies BBX Capital is a lessee under various operating leases for real estate and equipment. BBX Capital at the end of the initial lease terms generally has the right to renew its leases at market rental rates. The approximate minimum future rental payments under such leases, as of December 31, 2015, for the periods shown are (in thousands): Year Ending December 31, Amount 2016 $ 3,065 2017 3,041 2018 2,990 2019 2,849 2020 2,220 Thereafter 4,825 Total $ 18,990 BBX Capital incurred rent expense for the periods shown (in thousands): As of December 31, 2015 2014 2013 Rental expense for premises and equipment $ 3,493 3,207 1,039 BBX Capital had no commitments to extend credit as of December 31, 2015. BBX Capital Corporation guarantees certain obligations of its unconsolidated real estate joint ventures and guarantees payment to third parties in connection with land development as follows: · During the year ended December 31, 2014, the Sunrise and Bayview Partners, LLC joint venture owned 50% by Procacci Bayview, LLC and 50% by a wholly-owned subsidiary of BBX Capital refinanced its land acquisition loan with a financial institution. BBX Capital Corporation provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s loan which had an outstanding balance of $5.0 million as of December 31, 2015. · In July 2014, BBX Capital entered into a joint venture with CC Bonterra to develop approximately 394 homes in a portion of the master-planned development of Bonterra community in Hialeah Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. CAM remained liable as a co-borrower on the mortgage that was assumed by the joint venture. The mortgage was also guaranteed by BBX Capital Corporation. In March 2015, the joint venture refinanced the $8.3 million mortgage loan into a $31.0 million acquisition and development loan. BBX Capital is a guarantor for 26.3% of the joint venture’s $31.0 million acquisition and development loan. · In March 2015, BBX Capital placed $1.3 million in a money market account with a financial institution in order to obtain an irrevocable letter of credit for a wholly-owned subsidiary of CAM. The letter of credit was to guarantee payment to a third party upon the third party obtaining wetlands permits in connection with a potential development project. The $1.3 million money market account is included in “Restricted Cash” in BBX Capital ’s Consolidated Statement of Financial Condition at December 31, 2015. In January 2016 , BBX Capital paid the third party for the wetlands permits and the letter of credit was cancelled. BBX Capital Corporation and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its collections, lending and prior period tax certificate activities. Although BBX Capital believes it has meritorious defenses in all current legal actions, the outcome of litigation 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. The actual costs of resolving these legal claims may be substantially higher or lower than the amounts anticipated for these claims. There were no reserves accrued as of December 31, 2015. 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. BBX Capital believe s that liabilities arising from litigation discussed below will not have a material impact to BBX Capital’s consolidated financial statements. However, due to the significant uncertainties involved in these legal matters, BBX Capital may incur losses in excess of accrued amounts and an adverse outcome in these matters could be material to BBX Capital’s consolidated financial statements. The discussion below does not include litigation relating to companies which are not consolidated into BBX Capital’s financial statements, including Woodbridge and Bluegreen. BBX Capital has received notices from BB&T regarding a series of claims asserted against BB&T’s subsidiary, Branch Banking and Trust Company, as successor to BankAtlantic, by certain individuals who purport to have had accounts in their names with BankAtlantic prior to consummation of the sale of BankAtlantic to BB&T. These third party claims allege wrongful conduct by BankAtlantic in connection with certain alleged unauthorized transactions associated with their accounts. BB&T’s notices assert its belief that it may be entitled to indemnification under the BankAtlantic stock purchase agreement with respect to such claims as well as another third party claim relating to an action which was settled by BB&T. On July 31, 2014, BBX Capital and BB&T entered into a tolling agreement with respect to the time period within which BB&T may assert a claim for indemnity under the stock purchase agreement with respect to such claims. The following is a description of certain ongoing or recently concluded litigation matters: Securities and Exchange Commission Complaint On January 18, 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BBX Capital and Alan B. Levan, BBX Capital’s Chairman and Chief Executive Officer, alleging that they violated securities laws by not timely disclosing known adverse trends in BBX Capital’s commercial real estate loans, selectively disclosing problem loans and engaging in improper accounting treatment of certain specific loans which may have resulted in a material understatement of its net loss in BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2007. Further, the complaint allege d that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The Court denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. On December 15, 2014, after a six-week trial, the jury found in favor of BBX Capital and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BBX Capital’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) by failing to classify certain loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. The SEC sought a final judgment: (i) permanently barring Alan B. Levan from serving as an officer or director of any SEC reporting company; (ii) imposing civil penalties of $5.2 million against BBX Capital and $1.56 million against Alan B. Levan; and (iii) permanently restraining BBX Capital and Alan B. Levan from violating securities laws. On September 24, 2015, the court entered a final judgment denying the SEC’s request for a permanent bar from Mr. Levan serving as an officer or director of any public company, but instead ordered Mr. Levan barred from serving as an officer or director of any public company for a period of two years commencing on December 23, 2015. The court also imposed monetary penalties against BBX Capital in the amount of $4,550,000 and monetary penalties against Mr. Levan in the amount of $1,300,000 . BBX Capital and Mr. Levan are appealing the final judgment to the Eleventh Circuit Court of Appeals. As a result of the court's decision, on December 23, 2015 Mr. Levan resigned as Chairman and Chief Executive Officer of BBX Capital, as Chairman, Chief Executive Officer and President of BFC, and as a director of BBX Capital and BFC. On January 14, 2015, BBX Capital received notice from its insurance carrier that, based upon its interpretation of the jury verdict in this action, the carrier does not believe it is obligated to advance further payments towards fees and costs incurred in connection with this action and that it reserves its right to obtain reimbursement of the amounts it previously advanced with respect to this action. BBX Capital has received legal fee and cost reimbursements from the insurance carrier in connection with this action of approximately $5.8 million . 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. While BBX Capital believed the claims to be without merit, BBX Capital reached an agreement to settle the action, subject to court approval. The settlement has been preliminarily approved by the court and the final approval hearing is currently scheduled for the second quarter of 2016 . |
Common Stock and Restricted Sto
Common Stock and Restricted Stock and Common Stock Option Plans | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock and Restricted Stock and Common Stock Option Plans [Abstract] | |
Common Stock and Restricted Stock and Common Stock Option Plans | 18 . Common Stock and Restricted Stock and Common Stock Option Plans Class A Common Stock Share Repurchase Program In September 2014, BBX Capital’s Board of Directors approved a share repurchase program and authorized management, at its discretion, to repurchase up to $20 million of BBX Capital’s Class A Common Stock from time to time, subject to market conditions and other factors considered by management to be appropriate at the time of repurchase. There were no common shares repurchased during the years ended December 31, 2015 and 2014. BBX Capital Corporation Restricted Stock and Stock Option Plans: BBX Capital has two share-based compensation plans: the 2005 Restricted Stock and Option Plan and the BBX Capital Corporation 2014 Stock Incentive Plan. The maximum term of incentive stock options and non-qualifying stock options issuable under each of these plans is ten years. Vesting is established by the Compensation Committee of the Board of Directors (the “Compensation Committee”) in connection with each grant of options or restricted stock award . All directors’ stock options vest immediately . The 2005 Restricted Stock and Option Plan provides that up to 1,875,000 shares of Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the Plan , and at December 31, 2015 no shares remained available for grants of awards under the 2005 Plan . The 2014 Stock Incentive Plan provides that up to 1,000,000 shares of Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the Plan , and at December 3 1, 2015, 184,426 s hares remained available for grants of awards under the 2014 Stock Incentive Plan . In March 2015, BBX Capital’s Board of Directors approved an amendment to both the BBX Capital Corporation 2014 Stock Incentive Plan and the 2005 Restricted Stock and Option Plan. The amendment to each Plan authorizes the Compensation Committee to issue restricted stock awards in the form of restricted stock units rather than directly in restricted stock. Following the amendment, BBX Capital and its executive officers agreed to retire any shares of BBX Capital ’s outstanding restricted Class A common stock awards (“RSAs”) previously issued in the name of the Compensation Committee and subject to forfeiture until vested, in exchange for BBX Capital’s issuing to the executive officers restricted Class A common stock units (“RSUs”) . This exchange resulted in the retirement of 1,391,282 Class A common shares. Pursuant to the terms of the RSUs , BBX Capital promises to issue Class A common stock at the time the underlying units vest. The RSUs issued have the same terms , and cover the same number of underlying shares of Class A common stock, as the RSAs that were retired. The following is a summary of BBX Capital ’s non-vested restricted Class A common stock units activity: Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2012 1,195,406 $ 6.53 Vested (315,104) 6.52 Forfeited - - Granted 430,000 13.33 Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 In September 2015, BBX Capital’s Compensation Committee of the Board of Directors’ granted 419,492 Class A common stock units (“RSUs”) to its executive officers under the BBX Capital’s 2014 Stock Incentive Plan. These RSUs had a $6.5 million fair value on the grant date and vest ratably each year over the 4 year service period beginning in October 2016. The grant date fair value was calculated based on the closing price of BBX Capital ’s Class A common stock on the grant date. BBX Capital recognizes the compensation costs based on the straight-line method over the vesting period. On September 30, 2015, 381,622 shares of restricted Class A common stock units granted to executive officers in September 2012 and September 2014 vested. BBX Capital repurchased and retired 159,801 shares of the executive officers’ Class A common stock to satisfy the $2.5 million withholding tax obligations associated with the vesting of these shares in connection with these grants. In Octo ber 201 4 , the Board of Directors granted in the aggrega t e 396,082 shares of restricted Class A common stock awards (“RSAs”) under the 2014 Stock Incentive Plan to certain of its executive officers. The grant date fair value was calculated based on the closing price of BBX Capital ’s Class A common stock on the grant date. The RSAs vest pro-rata over a four year period beginning September 30, 2015 and had a fair value of $16.58 per share at the grant date. In Octo ber 201 3 , the Board of Directors granted in the aggrega t e 430,000 RSAs under the 2005 Restricted Stock and Option Plan to certain of its executive officers. The grant date fair value was calculated based on the closing price of BBX Capital ’s Class A common stock on the grant date. The RSAs vest four years from the grant date or October 8, 2017. The RSAs had a fair value of $13.33 per share at the grant date . As of December 3 1 , 201 5 , the total unrecognized compensation cost related to non-vested RSUs was approximately $ 14.5 million. The cost of these non-vested RS U s is expected to be recognized over a weighted-average period of approxima tely 17 months. The fair value of RSUs vested during the years ended December 31, 2015, 2014 and 2013 was $ 6.0 million, $5 .5 million and $4.3 million, respecti vely . BBX Capital recognizes stock based compensation costs based on the grant date fair value. The grant date fair value for stock options is calculated using the Black-Scholes option pricing model incorporating an estimated forfeiture rate and recognizes the compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of five years. T he following is a summary of BBX Capital’s Class A common stock option activity: Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 36,804 $ 233.00 3.1 Exercised - - Forfeited (7,559) 124.57 Expired (7,963) 185.82 Granted - - Outstanding at December 31, 2013 21,282 $ 289.17 2.5 Exercised - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 Exercised - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercisable at December 31, 2015 7,016 $ 108.24 1.6 $ - There were no options granted or exercised during each of the years in the three year period ended December 31, 2015. Included in BBX Capital ’s Consolidated Statements of Operations in compensation expense was $ 5.5 million, $ 3.7 million and $ 2.5 million of share-based compensation expense for the years ended December 31, 201 5 , 201 4 and 201 3 , respectively. There was no recognized tax benefit associated with the compensation expense for the years ended December 31, 201 5 , 201 4 and 201 3 as it was not more - likely - than - not that BBX Capital would realize the tax benefits associated with the share based compensation expense. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 19. Earnings per Share The following reconciles the numerators and denominators of the basic and diluted earnings per share computation for the years ended December 31, 201 5 , 201 4 and 20 13 (in thousands, except per share data). For The Years Ended December 31, 2015 2014 2013 Basic earnings per share Numerator: Net income $ 23,527 4,304 47,660 Less: net (earnings) loss attributable to noncontrolling interest (1,753) 391 179 Net income available to common shareholders $ 21,774 4,695 47,839 Denominator: Basic weighted average number of common shares outstanding 16,229 16,043 15,843 Basic earnings per share $ 1.34 0.29 3.02 For the Years Ended December 31, 2015 2014 2013 Diluted earnings per share Numerator: Net income $ 23,527 4,304 47,660 Less: net (earnings) loss attributable to noncontrolling interest (1,753) 391 179 Net income available to common shareholders $ 21,774 4,695 47,839 Denominator: Basic weighted average number of common shares outstanding 16,229 16,043 15,843 Stock-based compensation 576 635 435 Diluted weighted average shares outstanding 16,805 16,678 16,278 Diluted earnings per share $ 1.30 0.28 2.94 Options to acquire 7,016 , 15,481 and 21,282 shares of Class A common stock were anti-dilutive for the years ended December 31, 2015, 201 4 and 201 3 , respectively. There were no anti-dilutive RSUs for the year s ended December 31, 2015, 2014, or 2013 . |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 20. Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The accounting literature defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The valuation techniques are summarized below: The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount. These valuation techniques include present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. This technique is often referred to as current replacement cost. The input fair value hierarchy is summarized below: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that BBX Capital has the ability to access at each reporting date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: q uoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to-principal market); inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and Liabilities on a Recurring Basis There were no assets or liabilities measured at fair value on a recurring basis in BBX Capital’s consolidated financial statements as of December 31, 2015 and 2014. Assets on a Non-Recurring Basis The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 201 5 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 201 5 on assets that were held and measured at fair value as of December 31, 201 5 . Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis is as follows (dollars in thousands): As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 186 Collateral Value less Cost to Sell $0.2 - $0.4 million ( $0.3 million) Impaired real estate Fair Value of Discount Rates and Appraised held-for-sale 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ( $2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ( $0.2 million) Total $ 19,299 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 201 4 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Nine December 31, Assets Inputs Inputs Months Ended Description 2014 (Level 1) (Level 2) (Level 3) December 31, 2014 Loans measured for impairment using the fair value of the underlying collateral $ 2,648 - - 2,648 2,161 Impaired real estate held-for-sale and held-for-investment 20,701 - - 20,701 8,756 Total $ 23,349 - - 23,349 10,917 ( 1) Total impairments represent the amount of losses recognized during the year ended December 31, 201 4 on assets that were held and measured at fair value as of December 31, 201 4 . 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 December 31, 2014 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 2,648 Collateral Value less Cost to Sell $0.1 - $2.6 million ( $0.5 million) Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 20,701 Property Value less Cost to Sell $0.3 - $8.4 million ( $1.7 million) Total $ 23,349 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. Liabilities on a Non-Recurring Basis There were no material liabilities measured at fair value on a non-recurring basis in BBX Capital ’s consolidated financial statements as of December 31, 201 5 and December 31, 201 4. Loans Measured For Impairment Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of BBX Capital ’s loan s are collateral dependent. The fair value of BBX Capital’s loans may significantly increase or decrease based on changes in property values as BBX Capital’s loans are primarily secured by real estate. BBX Capital primarily uses third party appraisals to assist in measuring non-homogenous impaired loans and broker price opinions to assist in measuring homogenous impaired loans . These appraisals generally use the market or income approach valuation technique s and use market observable data to formulate an estimate of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and BBX Capital may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, BBX Capital use s its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. BBX Capital 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. 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 or income approach valuation technique s and use market observable data to formulate an estimate of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. The above inputs are considered Level 3 inputs as the appraiser uses professional judgement in the calculation of the fair value of the properties. Loans Held-for-Sale Loans held - for - sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held - for - sale portfolio. For non-performing loans held - for - sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale. Financial Disclosures about Fair Value of Financial Instruments The following table presents the fair value of BBX Capital’s consolidated financial statements as of December 31, 2015 and 2014 (in thousands): 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 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 69,040 69,040 69,040 - - Loans receivable including loans held-for-sale, net 55,389 63,668 - - 63,668 Restricted cash and time deposits at financial institutions 2,651 2,651 2,651 - - Financial liabilities: Notes payable 21,421 21,856 - - 21,856 Principal and interest advances on residential loans 10,356 9,630 - - 9,630 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 2014 2014 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 58,819 58,819 58,819 - - Loans receivable including loans held-for-sale, net 62,267 73,423 - - 73,423 Financial liabilities: Notes payable 17,923 18,196 - - 18,196 Note payable to Woodbridge 11,750 11,615 11,615 BB&T preferred interest in FAR 12,348 12,383 - - 12,383 Principal and interest advances on residential loans 11,171 10,125 - - 10,125 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. BBX Capital ’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, BBX Capital 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 accruing and non- accrual categories. The fair value of accruing loans is calculated by using an income approach with Level 3 inputs. The fair value of accruing 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- accrual 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 payable s, including to related parties, and principal and interest advances on residential loans 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 was considered an adjustable rate debt security. The fair value of this security was 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 the secondary institutional market place. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Parties [Abstract] | |
Related Parties | 2 1 . Related Parties BBX Capital , BFC and Bluegreen are entities under common control. The controlling shareholder of BBX Capital and Bluegreen is BFC. Shares of BFC’s capital stock representing a majority of the voting power are owned or controlled by Alan Levan, BBX Capital’s Chairman until December 23, 2015 and Jack Abdo, BBX Capital ’s Vice Chairman . Alan Levan was also the Chairman of BFC until December 23, 2015. Mr. Abdo currently serves as Vice-Chairman of both BFC and Bluegreen. Alan Levan is currently an employee of BBX Capital and BFC. BBX Capital , BFC and Bluegreen share certain office premises and employee services, pursuant to the agreements described below. Effective December 1, 2012, BBX Capital entered into an agreement with BFC under which BBX Capital provides office facilities and is reimbursed by BFC , based on an agreed upon amount . BFC also provides risk management services to BBX Capital and BFC is reimbursed by BBX Capital based on an agreed upon amount . BBX Capital ’s employees are provided health insurance under policies maintained by Bluegreen for which Bluegreen is reimbursed based on an agreed upon amount . The table below shows the effect of these related party agreements and arrangements on BBX Capital ’s consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 (in thousands): For the Years Ended 2015 2014 2013 Other revenues $ 419 448 431 Expenses: Employee benefits (1,150) (524) (225) Other - back-office support (180) (185) (200) Net effect of affiliate transactions before income taxes $ (911) (261) 6 O n October 30, 2013, Renin, a joint venture entity owned 81% by BBX Capital 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 in Renin. The Bluegreen loan was paid-in-full in June 2014 from the proceeds received from a financing with a financial institution and pro rata capital contributions to Renin from BBX Capital and BFC of $2.0 million and $0.5 million, respectively. Renin recognized $0.3 million and $0.1 million, respectively , of interest expense under the Bluegreen loan for the years ended December 31, 2014 and 2013. As disclosed in Note 5 , on April 2, 2013, BBX Capital 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. BBX Capital contributed $60 million in cash and issued to Woodbridge an $11.75 million note payable in connect ion with BBX Capital’s acquisition of its 46% equity interest in Woodbridge. During the year s ended December 31, 2015, 2014 and 2013, BBX Capital recognized $0.4 million, $0.6 million and $0.4 million , respectively, of interest expense in connection with the Woodbridge note pa yable . During September 2015, in connection with settlement of the Bluegreen shareholder litigation, the $11.75 million Woodbridge note payable was paid-in-full and BBX Capital made an additional investment in Woodbridge of $11.4 million. On May 8, 2015, BFC, BBX, Woodbridge, Bluegreen and their respective subsidiaries entered into an “Agreement to Allocate Consolidated Income Tax Liability and Benefits” pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. The parties will calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 2 2 . Segment Reporting The information provided for segment reporting is based on internal reports utilized by management. Net income (loss) is reported through three reportable segments: BBX, Renin and Sweet Holdings. In prior periods, FAR was reported as a separate business segment as its activities were restricted by FAR’s operating agreement to the monetization of FAR’s assets in order to repay BB&T’s preferred membership interest in FAR. As a result of the redemption of BB&T’s preferred interest in FAR during May 2015, FAR activities are no longer restricted to the monetization of FAR’s assets. As a consequence, management changed BBX Capital’s internal reporting, combining the operations of FAR into BBX and the FAR reportable segment was consolidated with the BBX reportable segment for the year ended December 31, 2015. The BBX reportable segment for the year ended December 31, 2015 includes the results of operations of CAM, FAR and BBX Partners, a wholly owned subsidiary of BBX Capital Corporation, and BBX Capital’s equity interest in Woodbridge. 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 activities of managing the commercial loan portfolios included renewing, modifying, collecting, increasing, extending, refinancing and making protective advances on these loans, as well as managing and liquidating real estate properties acquired through foreclosure. FAR was a separate reportable segment for the years ended December 31, 2014 and 2013 as the activities of FAR were restricted to the management and monetization of FAR’s assets with a view to the repayment of BB&T’s preferred membership interest and maximizing the cash flows of any remaining assets. The Renin reportable segment consists of the activities of Renin which commenced operations in October 2013 upon the asset acquisition of Renin Corp. Therefore, the Renin reportable segment includes the results of operations of Renin for the two months ended December 31, 2013 and years ended December 31, 2014 and 2015. During 2015, total revenues for the Renin reportable segment include $14.5 million of trade sales to one major customer and its affiliates. Renin’s revenues and properties and equipment located outside of the United States totaled $22.1 million and $1.2 million, respectively. The Sweet Holdings reportable segment consists of the activities of Hoffman’s, Williams and Bennett, Jer’s, Helen Grace and Anastasia for the year ended December 31, 2015, and the activities of Kencraft from the date of acquisition, April 1, 2015 through December 31, 2015. For 2014, this reportable segment consists of the activities of Hoffman’s and Williams & Bennett for the year ended December 31, 2014, and the activities of Jer’s, Helen Grace and Anastasia from their respective dates of acquisition, July 1, 2014, July 21, 2014 and October 1, 2014 through December 31, 2014. In 2013, the activities of Hoffman’s were included for the month of December 2013. 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. During the years ended December 31, 2015 and 2014, acquisition due diligence costs of $0.3 million and $0.6 million, respectively, incurred in connection with the Sweet Holdings reportable segment were included in the results of operatio ns of the BBX reportable segment in costs and expenses. During the year ended December 31, 2013, acquisition related costs of $1.0 million incurred in connection with the Renin Transaction were included in the Renin reportable segment and $0.1 million of acquisition related costs incurred in connection with the Hoffman’s acquisition were included in the Sweet Holdings reportable segment in costs and expenses. The Sweet Holding reportable segment benefit for income taxes for the years ended December 31, 2015 and 2014 resulted from the reduction in BBX Capital ’s deferred tax valuation allowance in connection with deferred tax liabilities recognized in connection with the Sweet Holdings a cquisitions . Depreciation and amortization consist of: depreciation on properties and equipment, amortization of leasehold improvements , intangible assets and discounts on notes payable. BBX Capital evaluates segment performance based on segment net income (loss) . The table s below contain segment information for segment net income (loss) for the year s ended December 31, 2015, 201 4 and 2013 (in thousands): Reconciling Items and Sweet Elimination Segment For the Year Ended: BBX Renin Holdings Entries Total December 31, 2015: Revenues $ 47,850 56,461 27,837 (665) 131,483 Recoveries from loan losses, net 13,457 - - - 13,457 Asset impairments (287) - - - (287) Other costs and expenses (41,095) (57,481) (36,604) 1,438 (133,742) Total costs and expenses (27,925) (57,481) (36,604) 1,438 (1) (120,572) Equity in earnings of unconsolidated companies 13,409 - - - 13,409 Foreign exchange loss - (1,038) - - (1,038) Segment income (loss) before income taxes 33,334 (2,058) (8,767) 773 23,282 Provision (benefit) for income tax 88 (4) (329) - (245) Net income (loss) $ 33,246 (2,054) (8,438) 773 23,527 Total assets $ 645,817 22,778 36,884 (311,938) 393,541 Equity method investments included in total assets $ 118,507 - - - 118,507 Expenditures for segment assets $ 1,429 92 2,113 - 3,634 Depreciation and amortization $ 1,058 643 1,763 - 3,464 (1) Includes a reconciling item of $773,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred by BBX reportable segment. Adjusting and Sweet Elimination For the Year Ended: BBX FAR Renin Holdings Entries Total December 31, 2014: Revenues $ 8,773 10,225 57,839 16,257 (449) 92,645 Recoveries from (provision for) loan losses 10,169 (3,014) - - - 7,155 Asset impairments (266) (6,749) - - - (7,015) Costs and expenses (31,515) (9,122) (59,168) (16,234) 449 (115,590) Total costs and expenses (21,612) (18,885) (59,168) (16,234) 449 (115,450) Equity earnings in unconsolidated companies 24,723 - - - - 24,723 Foreign currency loss - - (715) - - (715) Segment income (loss) before income taxes 11,884 (8,660) (2,044) 23 - 1,203 Provision for income tax - - 6 (3,107) - (3,101) Net income (loss) $ 11,884 (8,660) (2,050) 3,130 - 4,304 Total assets $ 550,993 97,024 24,061 31,645 (310,787) 392,936 Equity method investments included in total assets $ 89,091 - - - - 89,091 Expenditures for segment assets $ 277 792 93 263 - 1,425 Depreciation and amortization $ 176 772 602 832 - 2,382 Adjusting and Sweet Elimination Segment For the Year Ended: BBX FAR Renin Holdings Entries Total December 31, 2013: Revenues $ 22,062 16,539 9,300 966 (209) 48,658 Recoveries from loan losses 34,128 9,737 - - - 43,865 Asset impairments (219) (4,489) - - - (4,708) Costs and expenses (28,906) (13,654) (9,884) (1,004) 209 (53,239) Total costs and expenses 5,003 (8,406) (9,884) (1,004) 209 (14,082) Equity earnings in Woodbridge 13,461 - - - - 13,461 Foreign currency loss - - (357) - - (357) Segment income (loss) before income taxes 40,526 8,133 (941) (38) - 47,680 Provision for income tax - 20 - - - 20 Net income (loss) $ 40,526 8,113 (941) (38) - 47,660 Total assets $ 476,947 166,114 23,809 5,383 (241,106) 431,147 Equity method investments included in total assets 78,573 - - - - 7,873 Real estate operating expenses $ 33 232 - - - 265 Depreciation and amortization $ 462 476 - 117 - 1,055 |
Selected Quaterly Results
Selected Quaterly Results | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quaterly Results [Abstract] | |
Selected Quaterly Results | 2 3 . Selected Quarterly Results (Unaudited) The following tables summarize BBX Capital ’s quarterly results of operations for the years ended December 31, 2015 and 2014 (in thousands except per share data). First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 21,709 38,615 25,535 45,624 131,483 Recoveries from (provision for) loan losses 3,821 6,608 4,427 (1,399) 13,457 Asset recoveries (impairments), net 1,063 810 (274) (1,886) (287) Other costs and expenses (30,743) (29,546) (36,592) (36,861) (133,742) Total costs and expenses (25,859) (22,128) (32,439) (40,146) (120,572) Equity in earnings (losses) of Woodbridge Holdings, LLC 5,803 (10,168) 10,306 9,033 14,974 Equity in losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (loss) gain (469) 70 (236) (403) (1,038) Income before income taxes 880 6,098 3,008 13,296 23,282 Net income 877 6,320 3,039 13,291 23,527 Net income attributable to BBX Capital Corporation $ 1,034 4,138 3,116 13,486 21,774 Basic earnings per share $ 0.06 0.26 0.19 0.82 1.34 Basic weighted average number of common shares outstanding 16,172 16,172 16,175 16,394 16,229 Diluted earnings per share $ 0.06 0.25 0.18 0.79 1.30 Diluted weighted average number of common shares outstanding 16,725 16,885 16,852 17,001 16,805 The first quarter of 2015 performance was favorably impacted by recoveries from loan losses primarily from the charged off residential loan portfolio and secondarily from charged off commercial loans as well as impairment recoveries associated with foreclosures. Other costs and expenses were unfavorably impacted by higher professional fees and an increase in selling, general and administrative expenses. The increased professional fees resulted primarily from the SEC civil action and the BFC tender offer. The higher selling, general and administrative expenses reflected increased compensation and consulting fees at acquired companies. The second quarter of 2015 net income was favorably impacted by a $15.5 million gain on the sale of two properties located in West Palm Beach, Florida and recov eries from loan losses associated with commercial loans and the charged off loan portfolio. Woodbridge equity earnings were unfavorably impacted by a $36.5 million litigation settlement with Bluegreen’s former shareholders related to Woodbridge’s April 2013 acquisition of the publicly held shares of Bluegreen. The Woodbridge litigation settlement reduced BBX Capital’s equity in earnings of Woodbridge by $16.8 million. The third quarter of 2015 net income was favorably impacted by $10.3 million of Woodbridge equity earnings and $4.4 million of recover ies from loan losses partially offset by higher costs and expenses . The Woodbridge equity earnings resulted from higher net income at Bluegreen. The recoveries from loan losses reflects recoveries from commercial loan settlements and from the charged off loan portfolio. Other costs and expenses were unfavorably impacted by the recognition of an additional $3.6 million of civil penalties and higher legal costs associated with the SEC civil action. The fourth quarter of 2015 net income was favorably impacted by $15.9 million of gains on the sale of real estate and $9.0 million of Woodbridge equity earnings. The gains on the sale of real estate resulted primarily from a $12.3 gain on a land sale in the master-planned development of Bonterra Communities. The fourth quarter of 2015 cost and expense was unfavorably impacted by a substantial increase in BBX Sweet Holdings cost of goods sold associated with seasonal trade sales. First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total Revenues $ 20,816 22,650 21,906 27,273 92,645 Recoveries from (provision for) loan losses 1,248 2,046 (656) 4,517 7,155 Asset (impairments) recoveries, net (1,319) 94 (5,926) 136 (7,015) Other costs and expenses (25,363) (25,850) (24,399) (39,978) (115,590) Total costs and expenses (25,434) (23,710) (30,981) (35,325) (115,450) Equity in earnings of Woodbridge Holdings, LLC 6,222 8,108 7,635 3,317 25,282 Equity in losses of unconsolidated real estate joint ventures (6) (26) (205) (322) (559) Foreign exchange (loss) gain (307) 141 (319) (230) (715) Income (loss) before income taxes 1,291 7,163 (1,964) (5,287) 1,203 Net income (loss) 1,291 7,157 (1,964) (2,180) 4,304 Net income (loss) attributable to BBX Capital Corporation $ 1,358 7,291 (1,898) (2,056) 4,695 Basic (loss) earnings per share $ 0.08 0.46 (0.12) (0.13) 0.29 Basic weighted average number of common shares outstanding 15,986 16,006 16,007 16,172 16,043 Diluted (loss) earnings per share $ 0.08 0.43 (0.12) (0.13) 0.28 Diluted weighted average number of common shares outstanding 16,699 16,791 16,007 16,172 16,678 The first quarter of 2014 performance was favorably impacted by $6.2 million of Woodbridge equity earnings and $0.9 million of insurance reimbursements of expenses associated with the SEC civil action against BBX Capital and its Chairman discussed in Note 1 7 – Commitments and Contingencies. The second quarter of 2014 net income was favorably impacted by $2.0 million recover ies from loan losses, a gain on the sale of real estate for $2.5 million and $8.1 million of Woodbridge equity earnings. The recoveries for loan losses primarily resulted from payoffs of non-accrual loans. The third quarter of 2014 net loss was significantly impacted by $5.9 million of asset impairments primarily relating to two real estate properties partially offset by a $1.2 million bargain purchase gain arising from the Helen Grace acquisition. The fourth quarter of 2014 net income was favorably impacted by a $3.1 million benefit for income taxes from the reduction in BBX Capital ’s deferred tax valuation allowance in connection with deferred tax liabilities recognized in the 2014 a cquisitions. Included in the $3.1 million benefit for income taxes was $0.6 million and $0.8 million of benefits associated with the Williams and Bennett and Helen Grace acquisitions which should have been corrected during the first quarter and third quarter of 2014, respectively. The benefit for income taxes was partially offset by $4.3 million of legal fees and accruals associated primarily with the SEC civil trial which commenced in November 2014, lower equity earnings from Woodbridge and higher BBX Sweet Holdings cost of goods sold and compensation associated with seasonal revenues and the 2014 a cquisitions. The recoveries from loan losses and asset impairments resulted primarily from charged off loan recoveries and updated valuations. |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Real Estate Investments And Accumulated Depreciation | Schedule III – Real Estate Investments and Accumulated Depreciation BBX Capital Corporation As of December 31, 201 5 (Dollars in thousands) Capitalized Initial Costs Costs Depreciable Building and Subsequent to Total Accumulated Year of Foreclosure Lives Property Land Improvements Acquisition Other Cost (1) Depreciation Construction Month/Year (Years) RoboVault $ 1,590 6,310 - - 7,900 840 2009 4/2013 40 ( 1 ) The aggregate cost for federal income tax purposes is $6.4 million. The following table presents the changes in the Company’s real estate investments for the year ended December 31, 201 5 (in thousands) : Total Accumulated (in thousands) Costs Depreciation Balance at December 31, 2014 $ 22,440 630 Depreciation - 652 Transfer to held-for-sale (14,540) (442) Balance at December 31, 2015 $ 7,900 840 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans On Real Estate [Abstract] | |
Mortgage Loans On Real Estate | Schedule IV – Mortgage Loans on Real Estate BBX Capital Corporation As of December 31, 201 5 (Dollars in thousands) Principal Amount of Loans Subject Number Final Periodic Face Carrying to Delinquent of Interest Maturity Payment Prior Amount of Amount of Principal Loans Description Rate (1) Date (2) Terms Liens Loans Loans (3) or Interest 101 First-lien 1-4 Family (4) 5.71% 12/17/ 2033 Monthly $ - 34,432 21,354 27,450 45 Second lien -Consumer held-for-investment 3.21% 2/18/2017 Monthly 8,107 4,686 2,368 910 18 Small Business Real Estate 7.05% 7/14/2023 Monthly - 4,373 3,529 - 1 Commercial Real Estate held-for-investment 5.00% 5/31/2016 Monthly - 879 879 - Large Balance Commercial Real Estate Loans 1 Retail 7.00% 6/20/2018 Monthly - 2,074 2,074 - 1 Marina 2.08% 1/1/2018 Monthly - 4,500 2,206 - 1 Apartment building 5.00% 6/1/2017 Monthly - 8,048 3,448 - 1 Residential 5.75% 5/1/2016 Monthly 753 3,702 3,702 - 1 Land 4.00% 12/31/2016 Maturity - 3,985 3,985 - Total Mortgage Loans $ 8,860 66,679 43,545 28,360 (1) Represents weighted average interest rates for mortgage loans grouped by category where there is more than one loan in the category. (2) Represents weighted average maturity dates for mortgage loans grouped by category where there is more than one loan in a category . (3) The aggregate cost for federal income tax purposes was $48.5 million. (4) The Company does not own the servicing on these loans. The following table presents the changes in the Company’s mortgage loans for the year ended December 31, 201 5 (in thousands): Balance at December 31, 2014 $ 61,230 Advances on existing mortgages - Collections of principal (14,470) Foreclosures (3,215) Costs of mortgages sold - Balance at December 31, 2015 $ 43,545 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Uses of Estimates | Use of Estimates - In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, including the valuation of collateral dependent loans, the valuation of loans held-for-sale, the valuation of real estate held-for-sale and held-for-investment, the determination of lower of cost or market for inventories, the valuation of assets acquired and liabilities assumed in the acquisition of a business, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions and accounting for contingencies. |
Consolidation Policy | Consolidation Policy – The consolidated financial statements include the accounts of BBX Capital Corporation and its wholly-owned subsidiaries and majority-owned subsidiaries. All inter-company transactions and balances have been eliminated. Entities in which BBX Capital has a controlling financial interest are consolidated in BBX Capital’s consolidated financial statements. BBX Capital determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. BBX Capital consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. BBX Capital consolidates all VIE’s in which it is the primary beneficiary. |
Cash Equivalents | Cash Equivalents – Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with maturities of 90 days or less when originated. Cash maintained at financial institutions exceeds the $250,000 federally insured limit. |
Restricted Cash and Time Deposits | Restricted Cash and Time Deposits - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land development agreements, loan servicing contracts and notes payable security agreements. Restricted funds are controlled by third-parties. |
Loans | Loans – Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees, and related direct loan origination costs, premiums and discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when management originates loans for resale or when management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date . |
Allowance for Loan Losses | Allowance for Loan Losses – The allowance for loan losses reflects management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on management’s evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. Management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more were also evaluated individually for impairment and measured based on the lower of the estimated fair value of the collateral less cost to sell or the carrying amount of the loan. The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. Management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. |
Non-accrual and Past Due Loans | Non-accrual and Past Due Loans – Loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. Commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the loan-to-value ratio of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, BBX Capital may place a loan on non-accrual status even when payments of principal or interest are not currently in default. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. Commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. Consumer and residential real estate loans that are 120 days past due are charged down to the collateral’s fair value less estimated selling costs. |
Trade Receivables | Trade Receivables - Trade receivables are recorded at the invoiced amount and do not bear interest. BBX Capital maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. BBX Capital reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Real Estate Held-for-Investment and Real Estate Held-for-Sale | Real Estate Held-for-Investment and Real Estate Held-for-Sale – Real estate held-for-investment and real estate held-for-sale represents real estate that BBX Capital has taken possession or ownership through foreclosure of the underlying loan collateral. At the time of foreclosure the real estate is measured at its estimated fair value less cost to sell and any impairments or recoveries are reflected in the allowance for loan losses. Real estate held-for-sale is subsequently measured at the lower of cost or estimated fair value and valuation allowance adjustments are made to reflect any subsequent declines in fair values. Recoveries are recognized for any subsequent increases in fair value but not in excess of cumulative losses recognized. Real estate held-for-investment is depreciated over its useful life using the straight line method, if applicable . Expenditures for capital improvements are generally capitalized. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in BBX Capital’s Consolidated Statements of Operations. |
Investments in Unconsolidated Real Estate Joint Ventures and Investment in Woodbridge Holdings, LLC | Investments in Unconsolidated Real Estate Joint Ventures and Investment in Woodbridge Holdings, LLC – BBX Capital follows the equity method of accounting to record its interests in companies in which it has the ability to significantly influence the decisions of the entity 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. BBX Capital recognizes earnings or losses on certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. Interest expense is capitalized by the investor on investments, advances or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. BBX Capital evaluates its investments accounted for under the equity method of accounting for other-than-temporary declines in value on an on-going basis. The review for other-than-temporary declines takes into account the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the project or the investment and the intent and ability of BBX Capital to retain the investment for a period of time sufficient to allow for recovery. BBX Capital considers all available evidence to evaluate the fair value of BBX Capital’s equity method investments, including prior forecasts compared to actual performance, discounted forecasts of future distributions and economic trends in the real estate industry. If BBX Capital believes that the decline in the fair value of the equity investment is other-than-temporary, BBX Capital will record the investment at fair value and recognize impairment in BBX Capital’s consolidated statements of operations. |
Properties and Equipment | Properties and Equipment – Land is carried at cost. Office properties, leasehold improvements, equipment and computer software are carried at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and 3 - 10 years for equipment. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements, equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. |
Inventories | Inventories – Inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping costs. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of approximate cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an approximate average cost basis for the Sweet Holdings’ finished goods inventory. |
Goodwill and other Intangible Assets | Goodwill and other Intangible Assets – Other intangible assets consists of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives. Other intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. 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. |
Tax Certificates | Tax Certificates – Tax certificates included in other assets totaled $0.1 million and $0.2 million, net of allowance for tax certificate losses as of December 31, 2015 and 2014, respectively. Tax certificates represent a priority lien against real property for which assessed real estate taxes are delinquent. Tax certificates were acquired from municipalities generally through public auction. |
Income Taxes | Income Taxes – BBX Capital as of May 1, 2015 files federal and state income tax returns as part of BFC’s consolidated income tax returns. In prior years, BBX Capital filed consolidated federal and state income tax returns. Renin’s Canadian and United Kingdom subsidiaries’ earnings are subject to taxation in Canada and the United Kingdom and these subsidiaries file separate income tax returns in those countries. BBX Capital’s provision for income taxes for the year ended December 31, 2015 was calculated based on the separate return method. Under the separate return method it is assumed that BBX Capital files a separate consolidated income tax return with the taxing authorities reporting its taxable income or loss and paying the applicable tax to or receiving the appropriate refund from BFC. BBX Capital’s provision for income taxes is based on income before taxes reported for financial statement purposes after adjustments for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the Consolidated Statements of Financial Condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Additionally, taxable temporary differences that originate from a business combination could result in deferred tax valuation allowance reversals. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. BBX Capital may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. BBX Capital measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. BBX Capital recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Revenue Recognition | Revenue Recognition – Gains and losses from the sales of real estate and the transfer of real estate to joint ventures are recognized when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and BBX Capital does not have substantial continuing involvement with the property. Revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. Revenues from interest income are recognized on accruing loans when it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Revenues from real estate operations are generally rental income from properties under operating leases. Rental income is recognized as rents become due and rental payments received in advance are deferred until earned. |
Advertising Costs | Advertising Costs – A dvertising costs are expensed as incurred. |
Accounting for Loss Contingencies | Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Earnings Per Share | Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income attributable to BBX Capital by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if options to issue common shares or restricted common stock awards of BBX Capital were exercised or lapse. In calculating diluted earnings per share net income attributable to BBX Capital is divided by the weighted average number of common shares. Options and restricted stock awards are included in the weighted average number of common shares outstanding based on the treasury stock method, if dilutive. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans – Compensation expense for stock options and non-vested restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. BBX Capital recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally four years for non-vested restricted common stock awards and five years for stock options. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of non-vested restricted common stock awards is generally the market price of BBX Capital’s common stock on the grant date. |
New Accounting Pronouncements | New Accounting Pronouncements: The FASB has issued the following accounting pronouncements and guidance relevant to BBX Capital ’s operations: Accounting Standards Update Number 2016-02 – Leases (Topic 845). This update require s an entity to recognize a right-of-use asset and a lease liabilit y for virtually all of its leases . The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on BBX Capital ’s consolidated financial statements. Accounting Standards Update Number 2016 - 01 –– Financial Instruments – Overall (Topic 8 2 5) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings. There will no longer be an available-for-sale classification for equity securities with readily determinable fair values. The cost method is eliminated for equity investments without readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment. This update also simplifies the impairment assessment for equity investments and requires the use of the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. The amendments in this update are effective for fiscal years beginning after December 15, 201 7 , including interim periods within those fiscal years. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on BBX Capital 's consolidated financial statements. Accounting Standards Update Number 2015-16 –– Business Combinations (Topic 805) – Simplifying the Accounting Measurement-Period Adjustments. This update requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires that the acquirer disclose in the notes or on the face of the income statement the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. This update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-15 –– Interest – Imputation of Interest (Topic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This update amends ASU 2015-03 and permits presentation of debt issuance costs on line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This update was effective upon the issuance of the standard and may be applied prospectively. We do not expect t he adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-11 –– Inventory (Topic 330) – Simplifying the Measurement of Inventory. This update requires that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The update was intended to more clearly articulate the requirements for the measurement and disclosure of inventory and not to change current practices. The update is effective for annual and interim reporting periods beginning after December 15, 2016. The update should be applied prospectively with early application permitted at the beginning of an interim or annual reporting period. The adoption of this update is not expected to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-05 –– Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This update p rovides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The standard is effective for annual and interim reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-03 –– Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the Statement of Financial Condition as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual and interim reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements. Accounting Standards Update Number 2015-02 – Amendments to the Consolidation Analysis (Topic 810): This update changes the manner in which a reporting entity assesses one of the five characteristics that determines if an entity is a variable interest entity. In particular, when decision-making over the entity’s most significant activities has been outsourced, the update changes how a reporting entity assesses if the equity holders at risk lack decision making rights. The update also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. The standard is effective for annual reporting periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this update on January 1, 2016 to have a material impact on BBX Capital’s consolidated financial statements . Accounting Standards Update Number 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined its impact on the Company's consolidated financial statements. Accounting Standards Update Number 2014-09 – Revenue from Contracts with Customers – (Topic 606) . Accounting Standards Update Number 2014-09 – Revenue Recognition (Topic 606): Revenue from Contracts with Customers . This guidance is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. It also requires disclosures designed to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This accounting guidance update will replace most existing revenue recognition guidance in U.S. GAAP. The standard was effective for annual and interim reporting periods beginning after December 15, 2016. AU 2015-14 deferred the effective date of this update for all entities by one year. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. BBX Capital is currently evaluating the requirements of this update and has not yet determined its adoption date, adoption method or the impact it may have on BBX Capital's consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Anastasia Confections [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 483 Inventories 1,338 Properties and equipment 1,873 Identifiable intangible assets (1) 3,410 Deferred tax liabilities (1,589) Other liabilities (421) Fair value of identifiable net assets 5,094 Goodwill 6,337 Purchase consideration $ 11,431 (1) Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 98,022 4,540 Pro forma from 1/1/2013 -12/31/2013 $ 54,828 48,305 (1) Amounts represent income from continuing operations. |
Williams and Bennet, Jer's And Hellen Grace [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 49 Inventories 3,284 Properties and equipment 1,329 Identifiable intangible assets 2,738 Other assets 416 Notes payable (186) Deferred tax liabilities (1,742) Other liabilities (602) Fair value of identifiable net assets 5,286 Goodwill 1,264 Purchase consideration (5,313) Bargain purchase gain $ 1,237 (1) Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 97,148 3,289 Pro forma from 1/1/2013 -12/31/2013 $ 64,496 46,941 (1) Amounts represent income from continuing operations. |
Williams and Bennett, Jer’s, Helen Grace and Anastasia [Member] | |
Business Acquisition [Line Items] | |
Summary Of Net Cash Outflows Of Business Acquisitions | Total purchase consideration $ 16,744 Notes payable (7,750) Other liabilities (150) Net cash outflow from acquisitions $ 8,844 |
Renin Corp [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Cash $ 1,033 Trade receivables 7,523 Inventories 9,858 Properties and equipment 6,134 Identifiable intangible assets 2,686 Other assets 477 Note payable (2,493) Other liabilities (9,011) Fair value of identifiable net assets 16,207 Purchase consideration (15,206) Bargain purchase gain $ 1,001 Purchase consideration $ 15,206 Working capital adjustment receivable 1,694 Holdback Amounts (500) Discount on Holdback Amount 46 Cash acquired (1,033) Net cash outflows from acquisitions $ 15,413 |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2013 - 12/31/2013 $ 104,987 43,639 (1) Amounts represent income from continuing operations |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Other Intangible Assets Net Of Amortization | December 31, Class 2015 2014 Trademarks $ 5,965 5,715 Customer Relationships 2,691 2,631 Other 601 490 9,257 8,836 Accumulated amortization (1,046) (396) Total other intangible assets $ 8,211 8,440 |
Estimated Aggregate Amortization Expense | Years Ending December 31, Total 2016 $ 649 2017 621 2018 597 2019 583 2020 536 |
Investment in Woodbridge Hold35
Investment in Woodbridge Holdings, LLC (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Investment in venture and the adjustment to investment | December 31, Investment in unconsolidated real estate joint ventures 2015 2014 Altis at Kendall Square, LLC $ 764 1,264 Altis at Lakeline - Austin Investors LLC 5,210 5,000 New Urban/BBX Development, LLC 864 996 Sunrise and Bayview Partners, LLC 1,577 1,723 Hialeah Communities, LLC 4,569 5,091 PGA Design Center Holdings, LLC 1,911 1,991 CCB Miramar, LLC 875 - Centra Falls, LLC 727 - The Addison on Millenia Investment, LLC 5,778 - BBX/S Millenia Blvd Investments, LLC 4,905 - Altis at Bonterra - Hialeah, LLC 15,782 - Investments in unconsolidated real estate joint ventures $ 42,962 16,065 |
Woodbridge Holdings, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Investment in venture and the adjustment to investment | From April 2, 2013 For the Years Ended December 31, Through 2015 2014 December 31, 2013 Investment in Woodbridge $ 73,026 78,573 85,491 Additional investment in Woodbridge 11,385 - - Equity in earnings of Woodbridge 14,974 25,282 13,461 Woodbridge capital transactions - excess tax benefits - 957 - Dividends received from Woodbridge (23,840) (31,786) (20,379) Investment in Woodbridge $ 75,545 73,026 78,573 |
Summary Of Statement Of Financial Condition | December 31, 2015 2014 Assets Cash and restricted cash $ 172,758 240,427 Notes receivable, net 415,598 424,267 Notes receivable from related parties 80,000 11,750 Inventory of real estate 220,211 194,713 Properties and equipment, net 71,937 72,319 Intangible assets 61,977 63,913 Other assets 70,496 53,158 Total assets $ 1,092,977 1,060,547 Liabilities and Equity Accounts payable, accrued liabilities and other $ 113,473 114,263 Deferred tax liabilities, net 110,202 92,609 Notes payable 510,401 502,465 Junior subordinated debentures 152,307 150,038 Total liabilities 886,383 859,375 Total Woodbridge members' equity 163,397 157,920 Noncontrolling interest 43,197 43,252 Total equity 206,594 201,172 Total liabilities and equity $ 1,092,977 1,060,547 |
Condensed Statement Of Operations | From April 2, 2013 For the Years Ended December 31, Through December 31, 2015 2014 2013 Total revenues $ 614,765 580,328 399,708 Total costs and expenses 533,260 477,507 341,938 Other income (expense) 3,410 3,872 (123) Income before taxes 84,915 106,693 57,647 Provision for income taxes 40,658 40,321 18,409 Net income 44,257 66,372 39,238 Net income attributable to noncontrolling interest (11,705) (11,411) (9,974) Net income attributable to Woodbridge $ 32,552 54,961 29,264 BBX Capital 46% equity earnings in Woodbridge $ 14,974 25,282 13,461 |
Investments in Unconsolidated36
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, Investment in unconsolidated real estate joint ventures 2015 2014 Altis at Kendall Square, LLC $ 764 1,264 Altis at Lakeline - Austin Investors LLC 5,210 5,000 New Urban/BBX Development, LLC 864 996 Sunrise and Bayview Partners, LLC 1,577 1,723 Hialeah Communities, LLC 4,569 5,091 PGA Design Center Holdings, LLC 1,911 1,991 CCB Miramar, LLC 875 - Centra Falls, LLC 727 - The Addison on Millenia Investment, LLC 5,778 - BBX/S Millenia Blvd Investments, LLC 4,905 - Altis at Bonterra - Hialeah, LLC 15,782 - Investments in unconsolidated real estate joint ventures $ 42,962 16,065 |
Hialeah Communities, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, 2015 2014 Assets Cash $ 25,139 1,375 Real estate inventory 154,334 75,395 Properties and equipment 3,960 3,996 Other assets 8,872 4,423 Total assets $ 192,305 85,189 Liabilities and Equity Notes payable $ 68,275 34,951 Other liabilities 20,422 9,333 Total liabilities 88,697 44,284 Total equity 103,608 40,905 Total liabilities and equity $ 192,305 85,189 For the Years Ended December 31, 2015 2014 2013 Total revenues $ 4,147 635 - Total costs and expenses (8,594) (1,841) - Net loss $ (4,447) (1,206) - |
Consolidated Variable Interes37
Consolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Florida Asset Resolution Group (FAR), LLC [Member] | |
Variable Interest Entity [Line Items] | |
Carrying amount of the assets and liabilities | December 31, 2014 Cash and cash equivalents $ 4,976 Loans held-for-sale 35,423 Loans receivable, net 18,972 Real estate held-for-investment 19,129 Real estate held-for-sale 13,745 Properties and equipment, net 7,561 Other assets 638 Total assets $ 100,444 BB&T preferred interest in FAR, LLC $ 12,348 Principal and interest advances on residential loans 11,171 Other liabilities 1,315 Total liabilities $ 24,834 |
JRG/BBX Development, LLC (“North Flagler”) [Member] | |
Variable Interest Entity [Line Items] | |
Carrying amount of the assets and liabilities | December 31, 2014 Cash and cash equivalents $ 17 Real estate held-for-investment 816 Other assets 379 Total assets $ 1,212 Other liabilities $ 116 Noncontrolling interest $ 132 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | December 31, 2015 2014 Raw materials $ 5,822 4,628 Paper goods and packaging materials 4,504 3,834 Finished goods 6,021 6,043 Total $ 16,347 14,505 |
Loans Held-For-Sale (Tables)
Loans Held-For-Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loan Held-For-Sale [Abstract] | |
Loans Held-For-Sale | December 31, 2015 2014 Residential $ 21,354 27,331 Second-lien consumer - 2,351 Small business - 5,741 Total loans held-for-sale $ 21,354 35,423 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable [Abstract] | |
Components Of Loans Receivable Portfolio | December 31, 2015 2014 Commercial non-real estate $ 11,250 1,326 Commercial real estate 16,294 24,189 Small business 4,054 - Consumer 2,368 2,306 Residential 69 - Total loans, net of discount 34,035 27,821 Allowance for loan losses - (977) Loans receivable -- net $ 34,035 26,844 |
Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable | December 31, Loan Class 2015 2014 Commercial non-real estate $ 1,250 1,326 Commercial real estate 9,639 14,464 Small business 4,054 - Consumer 2,368 1,990 Residential 69 - Total nonaccrual loans $ 17,380 17,780 |
Age Analysis Of The Past Due Recorded Investment In Loans Receivable | Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2014 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 996 1,326 Commercial real estate - - 5,458 5,458 18,731 24,189 Consumer - 227 1,703 1,930 376 2,306 Residential - - - - - - Total $ - 227 7,491 7,718 20,103 27,821 (1) BBX Capital had no loans that were past due greater than 90 days and still accruing as of December 31, 2015 or 2014. |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2015 2014 2013 Allowance for Loan Losses: Beginning balance $ 977 2,713 5,311 Charge-offs : (1,037) (7,189) (10,867) Recoveries : 13,517 12,608 52,134 Provision: (13,457) (7,155) (43,865) Ending balance $ - 977 2,713 Ending balance individually evaluated for impairment $ - - 954 Ending balance collectively evaluated for impairment - 977 1,759 Total $ - 977 2,713 Loans receivable: Ending balance individually evaluated for impairment $ 12,849 17,045 51,131 Ending balance collectively evaluated for impairment 21,186 10,776 23,808 Total $ 34,035 27,821 74,939 Proceeds from loan sales $ 68 9,497 3,490 Transfer to loans held-for-sale $ - 2,299 42,398 Transfer from loans held-for-sale $ 7,365 - 1,312 |
Impaired Loans | As of December 31, 2015 As of December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - 735 1,664 735 Total with no allowance recorded 17,380 30,212 - 17,361 35,812 - Total $ 17,380 30,212 - 18,096 37,476 735 |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | For the Years Ended December 31, 2015 2014 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 837 7 Total with no allowance recorded 22,186 1,299 23,161 1,111 Total $ 22,186 1,299 23,998 1,118 Individually impaired loans and the a verage recorded investment and interest income recognized on impaired loans as of December 31, 2013 (in thousands): For the Year Ended As of December 31, 2013 December 31, 2013 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ 3,921 6,700 1,874 4,055 121 Total with no allowance recorded 53,088 88,739 - 55,027 1,478 Total $ 57,009 95,439 1,874 59,082 1,599 |
Real Estate Held-for-Investme41
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |
Real Estate Held-For-Sale | As of December 31, 2015 2014 Real estate held-for-sale Land $ 25,994 33,505 Rental properties 17,162 1,748 Residential single-family 2,924 4,385 Other 258 2,095 Total real estate held-for-sale $ 46,338 41,733 |
Real Estate Held-For-Investment | As of December 31, 2015 2014 Real estate held-for-investment Land $ 30,369 60,356 Rental properties - 15,234 Other 921 962 Total real estate held-for-investment $ 31,290 76,552 |
Real Estate Activity In Held-For-Sale And Held-For-Investment | For the Years Ended December 31, 2015 2014 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 41,733 76,552 33,971 107,336 Acquired through foreclosure 3,215 - 5,300 16,100 Transfers 41,751 (41,751) 28,018 (28,018) Purchases 10,667 - 2,313 1,977 Improvements 3,261 16,771 - 3,824 Accumulated depreciation - (468) - (462) Sales (51,040) - (26,973) (16,200) Property contributed to joint ventures - (19,448) - - Impairments, net (3,249) (366) (896) (8,005) End of period, net $ 46,338 31,290 41,733 76,552 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Years Ended December 31, 2015 2014 2013 Beginning of period $ 2,940 4,818 3,729 Transfer to held-for-investment (93) - - Impairments, net (1) 3,089 896 3,893 Sales (1,536) (2,774) (2,804) End of period $ 4,400 2,940 4,818 (1) Tax certificate impairments are not included. |
Real Estate Net Income (Losses) Included In Consolidated Statement Of Operations | For the Years Ended December 31, 2015 2014 2013 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 3,887 5,516 4,161 Real estate operating expenses (4,773) (6,296) (5,807) Impairment of real estate (3,615) (8,901) (3,342) Net gains on the sales of real estate 31,114 4,677 4,155 Net real estate income (losses) $ 26,613 (5,004) (833) |
Properties And Equipment (Table
Properties And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | December 31, 2015 2014 Land $ 2,270 2,270 Buildings and leasehold improvements 10,204 9,868 Office equipment and furniture 9,235 6,536 Transportation and equipment 91 44 21,800 18,718 Accumulated depreciation (3,717) (2,001) Property and equipment, net $ 18,083 16,717 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
U.S. And Foreign Components Of Income (Loss) Before Income Taxes | For the Years Ended December 31, 2015 2014 2013 U.S. $ 25,871 4,378 48,643 Foreign (2,589) (3,175) (963) Income before income taxes $ 23,282 1,203 47,680 |
Benefit For Income Taxes | For the Years Ended December 31, 2015 2014 2013 Current: Federal $ - 6 - State 84 - 20 Total current 84 6 20 Deferred: Federal (282) (2,605) - State (47) (502) - Total deferred (329) (3,107) - (Benefit) provision for income $ (245) (3,101) 20 |
Company's Actual Benefit For Income Taxes From Continuing Operations | For the Years Ended December 31, 2015 2014 2013 Income tax (benefit) provision at federal statutory rate of 35% $ 8,149 35.00% 421 35.00% 16,688 35.00% (Decrease) increase resulting from: (Benefit) provision for state taxes net of federal benefit 673 2.89% (369) -30.67% 2,003 4.20% Taxes related to subsidiaries not consolidated for income taxes (3,699) -15.89% (6,963) -578.80% (6,054) -12.70% Sale of BankAtlantic - 0.00% - 0.00% 5,884 12.34% Nondeductible executive compensation 1,107 4.75% 1,883 156.52% 2,223 4.66% Change in valuation allowance (7,678) -32.98% 1,407 116.96% (22,584) -47.36% Penalties 1,243 5.34% 350 29.09% - 0.00% Other - net (40) -0.17% 170 14.13% 1,860 3.90% (Benefit) provision for income taxes $ (245) -1.05% (3,101) -257.77% 20 0.04% |
Schedule Of Deferred Tax Assets And Liabilities | For the Years Ended December 31, Deferred tax assets: 2015 2014 2013 Allowance for loans and impairments for financial statement purposes $ 1,960 2,658 2,955 Federal and State NOL and tax credit carryforward 60,708 64,132 63,781 Real estate held for development and sale capitalized costs for tax purposes in excess of amounts capitalized for financial statement purposes 14,729 18,849 15,536 Share based compensation 1,879 1,302 691 Other 1,000 - - Total gross deferred tax assets 80,276 86,941 82,963 Less valuation allowance (76,292) (83,970) (82,563) Total deferred tax assets 3,984 2,971 400 Deferred tax Liabilities: Intangible assets 1,866 1,912 - Properties and equipment 2,053 1,043 - Other 65 16 400 Total gross deferred tax liabilities 3,984 2,971 400 Net deferred tax (liability) asset - - - Less net deferred tax asset at beginning of period - - - Net deferred tax liabilities from acquisitions 329 3,107 - Benefit from deferred income taxes 329 3,107 - |
Activity In Deferred Tax Asset Valuation Allowance | For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 83,970 82,563 105,548 (Decrease) increase in deferred tax valuation allowance (7,678) 1,407 (22,584) Acquisitions - - (401) Balance, end of period $ 76,292 83,970 82,563 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Notes Payable Outstanding | December 31, 2015 December 31, 2014 Debt Interest Debt Interest Balance Rate Balance Rate Wells Fargo Capital Finance $ 8,071 various 8,028 various Anastasia Note 5,330 5.00% 7,214 5.00% Iberia Line of Credit 4,997 3.18% - - Centennial Bank - Hoffman's 1,613 5.25% 1,645 5.25% Centennial Bank - Kencraft 995 2.35% - - Holdback notes 400 6.00% 1,016 various Other 15 0.90% 20 0.90% Total Notes Payable $ 21,421 17,923 |
Schedule Of Annual Maturities Of Notes Payable | Year Ending Notes December 31, Payable 2016 $ 2,315 2017 8,692 2018 1,800 2019 7,171 2020 - Thereafter 1,613 Total $ 21,591 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Summary Of Security Plus 401(k) Plan And The Associated Employer Costs | For the Years Ended December 31, 2015 2014 2013 Employee salary contribution Limit (1) $ 18.0 17.5 17.5 Percentage of salary limitation % 75 75 75 Total match contribution (2) $ 322 150 - (1) For the years ended December 31, 2015, 2014 and 2013 employees over 50 were entitled to contribute $24,000 , $ 23,000 and $23,000 , respectively. (2) The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Minimum Future Rental Payments Under Leases | Year Ending December 31, Amount 2016 $ 3,065 2017 3,041 2018 2,990 2019 2,849 2020 2,220 Thereafter 4,825 Total $ 18,990 |
Rental Expense For Premises And Equipment | As of December 31, 2015 2014 2013 Rental expense for premises and equipment $ 3,493 3,207 1,039 |
Common Stock and Restricted S47
Common Stock and Restricted Stock and Common Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock and Restricted Stock and Common Stock Option Plans [Abstract] | |
Schedule Of Nonvested Restricted Common Share | Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2012 1,195,406 $ 6.53 Vested (315,104) 6.52 Forfeited - - Granted 430,000 13.33 Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 |
Summary Of The Company's Class A Common Stock Option Activity | Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 36,804 $ 233.00 3.1 Exercised - - Forfeited (7,559) 124.57 Expired (7,963) 185.82 Granted - - Outstanding at December 31, 2013 21,282 $ 289.17 2.5 Exercised - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 Exercised - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercisable at December 31, 2015 7,016 $ 108.24 1.6 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary Of Basic And Diluted Earnings Per Share Computation | For The Years Ended December 31, 2015 2014 2013 Basic earnings per share Numerator: Net income $ 23,527 4,304 47,660 Less: net (earnings) loss attributable to noncontrolling interest (1,753) 391 179 Net income available to common shareholders $ 21,774 4,695 47,839 Denominator: Basic weighted average number of common shares outstanding 16,229 16,043 15,843 Basic earnings per share $ 1.34 0.29 3.02 For the Years Ended December 31, 2015 2014 2013 Diluted earnings per share Numerator: Net income $ 23,527 4,304 47,660 Less: net (earnings) loss attributable to noncontrolling interest (1,753) 391 179 Net income available to common shareholders $ 21,774 4,695 47,839 Denominator: Basic weighted average number of common shares outstanding 16,229 16,043 15,843 Stock-based compensation 576 635 435 Diluted weighted average shares outstanding 16,805 16,678 16,278 Diluted earnings per share $ 1.30 0.28 2.94 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2015 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2014 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Nine December 31, Assets Inputs Inputs Months Ended Description 2014 (Level 1) (Level 2) (Level 3) December 31, 2014 Loans measured for impairment using the fair value of the underlying collateral $ 2,648 - - 2,648 2,161 Impaired real estate held-for-sale and held-for-investment 20,701 - - 20,701 8,756 Total $ 23,349 - - 23,349 10,917 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. |
Schedule Of Quantitative Fair Value Measurements | Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis is as follows (dollars in thousands): As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 186 Collateral Value less Cost to Sell $0.2 - $0.4 million ($0.3 million) Impaired real estate Fair Value of Discount Rates and Appraised held-for-sale 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ($2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ($0.2 million) Total $ 19,299 (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. 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 December 31, 2014 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 2,648 Collateral Value less Cost to Sell $0.1 - $2.6 million ($0.5 million) Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 20,701 Property Value less Cost to Sell $0.3 - $8.4 million ($1.7 million) Total $ 23,349 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
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) December 31, December 31, Assets Inputs Inputs Description 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 69,040 69,040 69,040 - - Loans receivable including loans held-for-sale, net 55,389 63,668 - - 63,668 Restricted cash and time deposits at financial institutions 2,651 2,651 2,651 - - Financial liabilities: Notes payable 21,421 21,856 - - 21,856 Principal and interest advances on residential loans 10,356 9,630 - - 9,630 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 2014 2014 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 58,819 58,819 58,819 - - Loans receivable including loans held-for-sale, net 62,267 73,423 - - 73,423 Financial liabilities: Notes payable 17,923 18,196 - - 18,196 Note payable to Woodbridge 11,750 11,615 11,615 BB&T preferred interest in FAR 12,348 12,383 - - 12,383 Principal and interest advances on residential loans 11,171 10,125 - - 10,125 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Parties [Abstract] | |
Schedule Of Service Arrangements With Related Parties | For the Years Ended 2015 2014 2013 Other revenues $ 419 448 431 Expenses: Employee benefits (1,150) (524) (225) Other - back-office support (180) (185) (200) Net effect of affiliate transactions before income taxes $ (911) (261) 6 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Information | Reconciling Items and Sweet Elimination Segment For the Year Ended: BBX Renin Holdings Entries Total December 31, 2015: Revenues $ 47,850 56,461 27,837 (665) 131,483 Recoveries from loan losses, net 13,457 - - - 13,457 Asset impairments (287) - - - (287) Other costs and expenses (41,095) (57,481) (36,604) 1,438 (133,742) Total costs and expenses (27,925) (57,481) (36,604) 1,438 (1) (120,572) Equity in earnings of unconsolidated companies 13,409 - - - 13,409 Foreign exchange loss - (1,038) - - (1,038) Segment income (loss) before income taxes 33,334 (2,058) (8,767) 773 23,282 Provision (benefit) for income tax 88 (4) (329) - (245) Net income (loss) $ 33,246 (2,054) (8,438) 773 23,527 Total assets $ 645,817 22,778 36,884 (311,938) 393,541 Equity method investments included in total assets $ 118,507 - - - 118,507 Expenditures for segment assets $ 1,429 92 2,113 - 3,634 Depreciation and amortization $ 1,058 643 1,763 - 3,464 (1) Includes a reconciling item of $773,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred by BBX reportable segment. Adjusting and Sweet Elimination For the Year Ended: BBX FAR Renin Holdings Entries Total December 31, 2014: Revenues $ 8,773 10,225 57,839 16,257 (449) 92,645 Recoveries from (provision for) loan losses 10,169 (3,014) - - - 7,155 Asset impairments (266) (6,749) - - - (7,015) Costs and expenses (31,515) (9,122) (59,168) (16,234) 449 (115,590) Total costs and expenses (21,612) (18,885) (59,168) (16,234) 449 (115,450) Equity earnings in unconsolidated companies 24,723 - - - - 24,723 Foreign currency loss - - (715) - - (715) Segment income (loss) before income taxes 11,884 (8,660) (2,044) 23 - 1,203 Provision for income tax - - 6 (3,107) - (3,101) Net income (loss) $ 11,884 (8,660) (2,050) 3,130 - 4,304 Total assets $ 550,993 97,024 24,061 31,645 (310,787) 392,936 Equity method investments included in total assets $ 89,091 - - - - 89,091 Expenditures for segment assets $ 277 792 93 263 - 1,425 Depreciation and amortization $ 176 772 602 832 - 2,382 Adjusting and Sweet Elimination Segment For the Year Ended: BBX FAR Renin Holdings Entries Total December 31, 2013: Revenues $ 22,062 16,539 9,300 966 (209) 48,658 Recoveries from loan losses 34,128 9,737 - - - 43,865 Asset impairments (219) (4,489) - - - (4,708) Costs and expenses (28,906) (13,654) (9,884) (1,004) 209 (53,239) Total costs and expenses 5,003 (8,406) (9,884) (1,004) 209 (14,082) Equity earnings in Woodbridge 13,461 - - - - 13,461 Foreign currency loss - - (357) - - (357) Segment income (loss) before income taxes 40,526 8,133 (941) (38) - 47,680 Provision for income tax - 20 - - - 20 Net income (loss) $ 40,526 8,113 (941) (38) - 47,660 Total assets $ 476,947 166,114 23,809 5,383 (241,106) 431,147 Equity method investments included in total assets 78,573 - - - - 7,873 Real estate operating expenses $ 33 232 - - - 265 Depreciation and amortization $ 462 476 - 117 - 1,055 |
Selected Quarterly Results (Tab
Selected Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quaterly Results [Abstract] | |
Schedule of Quarterly Financial Information | First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 21,709 38,615 25,535 45,624 131,483 Recoveries from (provision for) loan losses 3,821 6,608 4,427 (1,399) 13,457 Asset recoveries (impairments) 1,063 810 (274) (1,886) (287) Other costs and expenses (30,743) (29,546) (36,592) (36,861) (133,742) Total costs and expenses (25,859) (22,128) (32,439) (40,146) (120,572) Equity in earnings (losses) of Woodbridge Holdings, LLC 5,803 (10,168) 10,306 9,033 14,974 Equity in losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (loss) gain (469) 70 (236) (403) (1,038) Income before income taxes 880 6,098 3,008 13,296 23,282 Net income 877 6,320 3,039 13,291 23,527 Net income attributable to BBX Capital Corporation $ 1,034 4,138 3,116 13,486 21,774 Basic earnings per share $ 0.06 0.26 0.19 0.82 1.34 Basic weighted average number of common shares outstanding 16,172 16,172 16,175 16,394 16,229 Diluted earnings per share $ 0.06 0.25 0.18 0.79 1.30 Diluted weighted average number of common shares outstanding 16,725 16,885 16,852 17,001 16,805 First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total Revenues $ 20,816 22,650 21,906 27,273 92,645 Costs and expenses 25,670 25,709 24,718 40,208 116,305 Equity earnings in Woodbridge Holdings, LLC 6,222 8,108 7,635 3,317 25,282 Equity losses in unconsolidated real estate joint ventures (6) (26) (205) (322) (559) Recoveries from (provision for) loan losses 1,248 2,046 (656) 4,517 7,155 Asset impairments (1,319) 94 (5,926) 136 (7,015) Income (loss) before income taxes 1,291 7,163 (1,964) (5,287) 1,203 Net income (loss) 1,291 7,157 (1,964) (2,180) 4,304 Net income (loss) attributable to BBX Capital Corporation $ 1,358 7,291 (1,898) (2,056) 4,695 Basic (loss) earnings per share $ 0.08 0.46 (0.12) (0.13) 0.29 Basic weighted average number of common shares outstanding 15,985,772 16,005,633 16,007,445 16,172,369 16,043,219 Diluted (loss) earnings per share $ 0.08 0.43 (0.12) (0.13) 0.28 Diluted weighted average number of common shares outstanding 16,698,628 16,790,560 16,007,445 16,172,369 16,677,856 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) item in Thousands, $ in Millions | Apr. 30, 2015shares | Sep. 30, 2015shares | Apr. 30, 2013item | Dec. 31, 2015USD ($)$ / sharesshares | Jul. 31, 2012USD ($) |
Organization [Line Items] | |||||
Number of classes of stock held | shares | 2 | ||||
Trust preferred securities | $ 285.4 | ||||
Class A Common Stock [Member] | |||||
Organization [Line Items] | |||||
Voting interest | 53.00% | ||||
Number of votes per share | $ / shares | 1 | ||||
Percent of common equity | 99.00% | ||||
Class B Common Stock [Member] | |||||
Organization [Line Items] | |||||
Voting interest | 47.00% | ||||
Number of votes per share | $ / shares | 1 | ||||
Percent of common equity | 1.00% | ||||
Florida Asset Resolution Group (FAR), LLC [Member] | |||||
Organization [Line Items] | |||||
Cash and interest bearing deposits in banks | $ 50 | ||||
Performing and non-performing loans, tax certificates and real estate owned, carrying value | 346 | ||||
Preferred membership interest | 5.00% | ||||
Trust preferred securities | $ 285 | ||||
BBX Capital Asset Management, LLC [Member] | |||||
Organization [Line Items] | |||||
Cash and interest bearing deposits in banks | 82 | ||||
Non-performing commercial loans, commercial real estate owned and previously written-off assets, carrying value | $ 125 | ||||
Ownership percentage by noncontrolling owners | 46.00% | ||||
BFC Financial Corporation [Member] | |||||
Organization [Line Items] | |||||
Vacation ownership company, number of owners | item | 190 | ||||
Voting interest | 90.00% | ||||
Ownership percentage by parent | 54.00% | ||||
BFC Financial Corporation [Member] | Class A Common Stock [Member] | |||||
Organization [Line Items] | |||||
Purchase of common stock on open market through tender offer, shares | shares | 4,771,221 | ||||
Number of shares purchased from executives through share exchange agreement | shares | 221,821 | ||||
Ownership percentage by parent | 81.00% | ||||
BFC Financial Corporation [Member] | Class B Common Stock [Member] | |||||
Organization [Line Items] | |||||
Percent of common stock owned | 100.00% | ||||
Aggregate number of shares owned, threshold | shares | 97,523 | ||||
Ownership percentage by parent | 81.00% | ||||
Percent of aggregate number of shares held | 50.00% | ||||
BB&T [Member] | |||||
Organization [Line Items] | |||||
Preferred membership interest | 95.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Organization [Line Items] | |||||
Basis spread on preferred interest return | 2.00% |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Polices [Line Items] | ||
Allowance for loan losses minimum threshold for evaluation | $ 0.5 | |
Tax certificates included in other assets | $ 0.1 | $ 0.2 |
Tax benefits recognized based on the largest benefit that has a greater than threshold, percent | 50.00% | |
Restricted Stock [Member] | ||
Summary Of Significant Accounting Polices [Line Items] | ||
Award vesting period | 4 years | |
Stock Options [Member] | ||
Summary Of Significant Accounting Polices [Line Items] | ||
Award vesting period | 5 years | |
Building [Member] | ||
Summary Of Significant Accounting Polices [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P40Y | |
Minimum [Member] | Equipment [Member] | ||
Summary Of Significant Accounting Polices [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Maximum [Member] | Equipment [Member] | ||
Summary Of Significant Accounting Polices [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P10Y |
Acquisitions (Narative) (Detail
Acquisitions (Narative) (Details) ft² in Thousands | Oct. 30, 2013USD ($)entityproperty | Apr. 30, 2015USD ($) | Oct. 31, 2014USD ($)ft² | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Apr. 30, 2013 |
Business Acquisition [Line Items] | |||||||||||||||||
Notes payable | $ 21,421,000 | $ 17,923,000 | $ 21,421,000 | $ 17,923,000 | |||||||||||||
Bargain gain from acquisition | $ 1,200,000 | ||||||||||||||||
Acquisition Costs, Period Cost | $ 1,100,000 | ||||||||||||||||
Revenues | 45,624,000 | $ 25,535,000 | $ 38,615,000 | $ 21,709,000 | 27,273,000 | 21,906,000 | $ 22,650,000 | $ 20,816,000 | 131,483,000 | 92,645,000 | 48,658,000 | ||||||
Net income (loss) | 13,486,000 | $ 3,116,000 | $ 4,138,000 | $ 1,034,000 | (2,056,000) | $ (1,898,000) | $ 7,291,000 | $ 1,358,000 | 21,774,000 | 4,695,000 | $ 47,839,000 | ||||||
Equity method investments | $ 75,545,000 | 73,026,000 | $ 75,545,000 | 73,026,000 | |||||||||||||
Transaction considerations | $ 12,800,000 | ||||||||||||||||
Raw material items number of days of usage on hand | 180 days | ||||||||||||||||
Finished goods number of days of sales | 180 days | ||||||||||||||||
Kencraft [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase consideration | $ 1,400,000 | ||||||||||||||||
Notes payable | 995,000 | ||||||||||||||||
Promissorry note | $ 400,000 | ||||||||||||||||
Bargain gain from acquisition | $ 254,000 | ||||||||||||||||
Acquisition Costs, Period Cost | 100,000 | ||||||||||||||||
BBX [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Amount funded | $ 4,200,000 | ||||||||||||||||
BBX Sweet Holdings LLC [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition Costs, Period Cost | $ 300,000 | 600,000 | |||||||||||||||
Holdback payment interest rate | 1.93% | ||||||||||||||||
Holdback payment | $ 500,000 | ||||||||||||||||
Holdback payment recorded premium | 46,000 | ||||||||||||||||
Anastasia Confections [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase consideration | $ 11,431,000 | ||||||||||||||||
Cash payment | 4,200,000 | ||||||||||||||||
Promissorry note | 7,500,000 | ||||||||||||||||
Promissory note discount | $ 300,000 | ||||||||||||||||
Acquisition Costs, Period Cost | 100,000 | ||||||||||||||||
Revenues | 2,100,000 | ||||||||||||||||
Net income (loss) | 268,000 | ||||||||||||||||
Area of Real Estate Property | ft² | 80 | ||||||||||||||||
Helen Grace [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Bargain gain from acquisition | 1,200,000 | ||||||||||||||||
Acquisition Costs, Period Cost | 400,000 | ||||||||||||||||
Williams and Bennet, Jer's And Hellen Grace [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase consideration | 5,313,000 | ||||||||||||||||
Notes payable | $ 186,000 | 186,000 | |||||||||||||||
Cash payment | $ 4,600,000 | ||||||||||||||||
Bargain gain from acquisition | 1,237,000 | ||||||||||||||||
Acquisition Costs, Period Cost | 400,000 | ||||||||||||||||
Revenues | 9,700,000 | ||||||||||||||||
Net income (loss) | $ 300,000 | ||||||||||||||||
Holdback amount | $ 700,000 | ||||||||||||||||
Renin Corp [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase consideration | $ 1,700,000 | ||||||||||||||||
Bargain gain from acquisition | 1,000,000 | ||||||||||||||||
Revenues | 9,300,000 | ||||||||||||||||
Net income (loss) | $ 900,000 | ||||||||||||||||
Ownership percentage by parent | 81.00% | ||||||||||||||||
Number Of Newly Formed Subsidiaries | entity | 2 | ||||||||||||||||
Equity method investments | $ 14,500,000 | ||||||||||||||||
Number Of Manufacturing Assembly And Distribution Facilities | property | 2 | ||||||||||||||||
Amount funded | $ 9,400,000 | ||||||||||||||||
BFC Financial Corporation [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership percentage by parent | 54.00% | ||||||||||||||||
Amount funded | $ 1,000,000 | ||||||||||||||||
BFC Financial Corporation [Member] | Renin Corp [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership percentage by noncontrolling owners | 19.00% |
Acquisitions (Fair Value of Ide
Acquisitions (Fair Value of Identifiable Assets Acquired and Liabilities Assumed - Anastasia) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Oct. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||||
Deferred tax liabilities | $ (3,984) | $ (2,971) | $ (400) | ||
Goodwill | $ 7,601 | $ 7,377 | |||
Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | $ 1,500 | ||||
Trademarks [Member] | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 1,900 | ||||
Anastasia Confections [Member] | |||||
Business Acquisition [Line Items] | |||||
Trade receivables | 483 | ||||
Inventories | 1,338 | ||||
Properties and equipment | 1,873 | ||||
Identifiable intangible assets | [1] | 3,410 | |||
Deferred tax liabilities | (1,589) | ||||
Other liabilities | (421) | ||||
Fair value of identifiable net assets | 5,094 | ||||
Goodwill | 6,337 | ||||
Purchase consideration | $ 11,431 | ||||
[1] | Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information - Anastasia) (Details) - Anastasia Confections [Member] - Pro Forma [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||
Revenue | $ 98,022 | $ 54,828 | |
Income | [1] | $ 4,540 | $ 48,305 |
[1] | Amounts represent income from continuing operations. |
Acquisitions (Fair Value of I58
Acquisitions (Fair Value of Identifiable Assets Acquired and Liabilities Assumed - Williams and Bennet Jers And Hellen Grace) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Oct. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||
Notes payable | $ (17,923) | $ (21,421) | ||||
Deferred tax liabilities | (2,971) | (3,984) | $ (400) | |||
Goodwill | 7,377 | $ 7,601 | ||||
Bargain purchase gain | $ 1,200 | |||||
Williams and Bennet, Jer's And Hellen Grace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Trade receivables | 49 | |||||
Inventories | 3,284 | |||||
Properties and equipment | 1,329 | |||||
Identifiable intangible assets | [1] | 2,738 | ||||
Other assets | 416 | |||||
Notes payable | (186) | |||||
Deferred tax liabilities | (1,742) | |||||
Other liabilities | (602) | |||||
Fair value of identifiable net assets | 5,286 | |||||
Goodwill | 1,264 | |||||
Purchase consideration | (5,313) | |||||
Bargain purchase gain | 1,237 | |||||
Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 1,900 | |||||
Trademarks [Member] | Williams and Bennet, Jer's And Hellen Grace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 1,200 | |||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 1,500 | |||||
Customer Relationships [Member] | Williams and Bennet, Jer's And Hellen Grace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 1,100 | |||||
[1] | Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships intangible assets, respectively. |
Acquisitions (Pro Forma Infor59
Acquisitions (Pro Forma Information - Williams and Bennett, Jer’s and Helen Grace) (Details) - Williams and Bennet, Jer's And Hellen Grace [Member] - Pro Forma [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||
Revenue | $ 97,148 | $ 64,496 | |
Income | [1] | $ 3,289 | $ 46,941 |
[1] | Amounts represent income from continuing operations. |
Acquisitions (Net Cash Outflows
Acquisitions (Net Cash Outflows For Williams and Bennett, Jer's, Helen Grace And Anastasia) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Notes payable | $ (17,923) | $ (21,421) |
Williams and Bennett, Jer’s, Helen Grace and Anastasia [Member] | ||
Business Acquisition [Line Items] | ||
Total purchase consideration | 16,744 | |
Notes payable | (7,750) | |
Other liabilities | (150) | |
Net cash outflows from acquisition | $ 8,844 |
Acquisitions (Fair Value of I61
Acquisitions (Fair Value of Identifiable Assets Acquired and Liabilities Assumed - Hoffmans And Renin) (Details) - USD ($) $ in Thousands | Oct. 30, 2013 | Sep. 30, 2014 |
Business Acquisition [Line Items] | ||
Bargain purchase gain | $ 1,200 | |
Hoffmans And Renin Corp [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 1,033 | |
Trade receivables | 7,523 | |
Inventories | 9,858 | |
Properties and equipment | 6,134 | |
Identifiable intangible assets | 2,686 | |
Other assets | 477 | |
Notes payable | (2,493) | |
Other liabilities | (9,011) | |
Fair value of identifiable net assets | 16,207 | |
Purchase consideration | (15,206) | |
Bargain purchase gain | 1,001 | |
Working capital adjustment receivable | 1,694 | |
Holdback Amounts | (500) | |
Discount on Holdback Amount | 46 | |
Cash acquired | (1,033) | |
Net cash outflows from acquisition | $ 15,413 |
Acquisitions (Pro Forma Infor62
Acquisitions (Pro Forma Information - Renin) (Details) - Renin Corp [Member] - Pro Forma [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2013USD ($) | ||
Business Acquisition [Line Items] | ||
Revenue | $ 104,987 | |
Income | $ 43,639 | [1] |
[1] | Amounts represent income from continuing operations. |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 7,601 | $ 7,377 | |
Period in computing discounted cash flow values, years | 5 years | ||
Selling, General and Administrative Expenses [Member] | |||
Goodwill [Line Items] | |||
Amortization expense of other intangible assets | $ 600 | $ 400 | |
Trademarks [Member] | |||
Goodwill [Line Items] | |||
Useful life period | 20 years | ||
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Useful life period | 12 years | ||
Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Useful life period | 4 years | ||
Lease Premium [Member] | |||
Goodwill [Line Items] | |||
Useful life period | 73 months | ||
Anastasia Confections [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 6,337 | ||
Increase in goodwill | $ 200 | ||
Anastasia Confections [Member] | Lease Discount [Member] | |||
Goodwill [Line Items] | |||
Lease discount intangible liability | $ 306 | ||
Useful life period | 5 years |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets (Other Intangible Assets Net Of Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 9,257 | $ 8,836 |
Accumulated amortization | (1,046) | (396) |
Total other intangible assets | 8,211 | 8,440 |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 5,965 | 5,715 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 2,691 | 2,631 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 601 | $ 490 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets (Estimated Aggregate Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2,016 | $ 649 |
2,017 | 621 |
2,018 | 597 |
2,019 | 583 |
2,020 | $ 536 |
Investment in Woodbridge Hold66
Investment in Woodbridge Holdings, LLC (Narrative) (Details) - USD ($) | Sep. 24, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Apr. 30, 2013 | Apr. 02, 2013 |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | $ 75,545,000 | $ 73,026,000 | |||||
Additional capital contributions to Woodbridge | 11,385,000 | $ 60,404,000 | |||||
Paid amount into settlement fund | $ 4,550,000 | ||||||
Increase in additional paid-in capital | 13,337,000 | ||||||
Woodbridge Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in company, promissory note | 11,750,000 | ||||||
BFC Financial Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Additional capital contributions to Woodbridge | $ 13,400,000 | ||||||
Bluegreen [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Amount rewarded to shareholders, per share, common stock | $ 10 | ||||||
BBX Capital [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Paid amount into settlement fund | $ 5,200,000 | ||||||
Woodbridge Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | 75,545,000 | 78,573,000 | $ 73,026,000 | $ 85,491,000 | |||
Additional capital contributions to Woodbridge | $ 11,385,000 | ||||||
Cash | $ 60,400,000 | ||||||
Equity method investments transaction costs | 400,000 | ||||||
Investment in company, promissory note | $ 11,750,000 | ||||||
Investment costs | $ 85,100,000 | ||||||
Woodbridge Holdings, LLC [Member] | BFC Financial Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment ownership percentage | 54.00% | ||||||
Woodbridge Holdings, LLC [Member] | Bluegreen [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Paid amount into settlement fund for benefit of former shareholders | $ 36,500,000 | ||||||
Woodbridge Holdings, LLC [Member] | BBX Capital [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | $ 71,750,000 | ||||||
Investment ownership percentage | 46.00% |
Investment in Woodbridge Hold67
Investment in Woodbridge Holdings, LLC (Activity Related To Investment Under Equity Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||||||
Investment in Woodbridge, Beginning of Period | $ 73,026 | $ 73,026 | ||||||||||
Additional investment in Woodbridge | 11,385 | $ 60,404 | ||||||||||
Equity in earnings of Woodbridge | $ 9,033 | $ 10,306 | $ (10,168) | 5,803 | $ 3,317 | $ 7,635 | $ 8,108 | $ 6,222 | 14,974 | $ 25,282 | 13,461 | |
Dividends received from Woodbridge | 8,866 | 6,504 | 6,918 | |||||||||
Investment in Woodbridge, End of Period | 75,545 | 73,026 | 75,545 | 73,026 | ||||||||
Woodbridge Holdings, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Investment in Woodbridge, Beginning of Period | $ 73,026 | $ 78,573 | $ 85,491 | 73,026 | 78,573 | |||||||
Additional investment in Woodbridge | 11,385 | |||||||||||
Equity in earnings of Woodbridge | 13,461 | 14,974 | 25,282 | |||||||||
Woodbridge capital transactions - excess tax benefits | 957 | |||||||||||
Dividends received from Woodbridge | (20,379) | (23,840) | (31,786) | |||||||||
Investment in Woodbridge, End of Period | $ 75,545 | $ 73,026 | $ 78,573 | $ 75,545 | $ 73,026 | $ 78,573 |
Investment in Woodbridge Hold68
Investment in Woodbridge Holdings, LLC (Consolidated Statement of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||
Cash and restricted cash | $ 69,040 | $ 58,819 | ||
Properties and equipment, net | 18,083 | 16,717 | ||
Other assets ($0 and $1,017 in VIEs) | 6,352 | 4,019 | ||
Total assets | 393,541 | 392,936 | ||
Accounts payable, accrued liabilities and other | 11,059 | 9,603 | ||
Notes payable | 21,421 | 17,923 | ||
Total liabilities | 57,562 | 81,656 | ||
Total Woodbridge members' equity | 334,804 | 309,788 | ||
Noncontrolling interest | 1,175 | 1,492 | ||
Total equity | 335,979 | 311,280 | $ 303,566 | $ 240,324 |
Total liabilities and equity | 393,541 | 392,936 | ||
Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and restricted cash | 172,758 | 240,427 | ||
Notes receivable, net | 415,598 | 424,267 | ||
Notes receivable from related parties | 80,000 | 11,750 | ||
Inventory of real estate | 220,211 | 194,713 | ||
Properties and equipment, net | 71,937 | 72,319 | ||
Intangible assets | 61,977 | 63,913 | ||
Other assets ($0 and $1,017 in VIEs) | 70,496 | 53,158 | ||
Total assets | 1,092,977 | 1,060,547 | ||
Accounts payable, accrued liabilities and other | 113,473 | 114,263 | ||
Deferred tax liabilities, net | 110,202 | 92,609 | ||
Notes payable | 510,401 | 502,465 | ||
Junior subordinated debentures | 152,307 | 150,038 | ||
Total liabilities | 886,383 | 859,375 | ||
Total Woodbridge members' equity | 163,397 | 157,920 | ||
Noncontrolling interest | 43,197 | 43,252 | ||
Total equity | 206,594 | 201,172 | ||
Total liabilities and equity | $ 1,092,977 | $ 1,060,547 |
Investment in Woodbridge Hold69
Investment in Woodbridge Holdings, LLC (Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||||||
Total revenues | $ 45,624 | $ 25,535 | $ 38,615 | $ 21,709 | $ 27,273 | $ 21,906 | $ 22,650 | $ 20,816 | $ 131,483 | $ 92,645 | $ 48,658 | |
Total costs and expenses | 40,146 | 32,439 | 22,128 | 25,859 | 35,325 | 30,981 | 23,710 | 25,434 | 120,572 | 115,450 | 14,082 | |
Income before taxes | 13,296 | 3,008 | 6,098 | 880 | (5,287) | (1,964) | 7,163 | 1,291 | 23,282 | 1,203 | 47,680 | |
Provision for income taxes | (245) | (3,101) | 20 | |||||||||
Net income | 13,291 | 3,039 | 6,320 | 877 | (2,180) | (1,964) | 7,157 | 1,291 | 23,527 | 4,304 | 47,660 | |
BBX Capital 46% equity earnings in Woodbridge | $ 9,033 | $ 10,306 | $ (10,168) | $ 5,803 | $ 3,317 | $ 7,635 | $ 8,108 | $ 6,222 | 14,974 | 25,282 | $ 13,461 | |
Woodbridge Holdings, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total revenues | $ 399,708 | 614,765 | 580,328 | |||||||||
Total costs and expenses | 341,938 | 533,260 | 477,507 | |||||||||
Other income (expense) | (123) | 3,410 | 3,872 | |||||||||
Income before taxes | 57,647 | 84,915 | 106,693 | |||||||||
Provision for income taxes | 18,409 | 40,658 | 40,321 | |||||||||
Net income | 39,238 | 44,257 | 66,372 | |||||||||
Net income attributable to noncontrolling interest | 9,974 | 11,705 | 11,411 | |||||||||
Net income attributable to Woodbridge | 29,264 | 32,552 | 54,961 | |||||||||
BBX Capital 46% equity earnings in Woodbridge | $ 13,461 | $ 14,974 | $ 25,282 |
Investments in Unconsolidated70
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) ft² in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015USD ($)aproperty | Oct. 31, 2015USD ($) | Aug. 31, 2015USD ($)property | May. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Sep. 30, 2014USD ($) | Jul. 31, 2014USD ($)ft²property | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($) | Dec. 31, 2013USD ($)ft²aproperty | Mar. 31, 2013USD ($)property | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)ft²a | Jul. 31, 2014a | Jul. 31, 2014 | Jul. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | $ 42,962,000 | $ 16,065,000 | $ 42,962,000 | $ 16,065,000 | ||||||||||||||
Percent of proceeds from joint venture entitlement | 95.00% | |||||||||||||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 9.00% | |||||||||||||||||
Percent of initial contribution of capital to joint venture | 95.00% | 95.00% | ||||||||||||||||
Joint venture acquisition and development loan | $ 31,000,000 | |||||||||||||||||
Purchase of property | $ 3,634,000 | 1,404,000 | $ 265,000 | |||||||||||||||
Property contributed to the joint venture excluded certain residential development entitlements | $ 1,200,000 | |||||||||||||||||
Gain on sale of land | 31,114,000 | 4,677,000 | $ 4,155,000 | |||||||||||||||
Principal on mortgage | $ 43,545,000 | 61,230,000 | 43,545,000 | 61,230,000 | ||||||||||||||
Altis at Kendall Square, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 764,000 | 1,264,000 | $ 1,300,000 | 764,000 | 1,264,000 | |||||||||||||
Number of apartment units | property | 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% | |||||||||||||||||
Altis at Lakeline - Austin Investors LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 5,210,000 | $ 5,000,000 | 5,210,000 | $ 5,000,000 | ||||||||||||||
Number of apartment units | property | 354 | |||||||||||||||||
Percent of proceeds from joint venture entitlement | 26.30% | |||||||||||||||||
Internal rate of return, threshold | 18.00% | |||||||||||||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 18.80% | |||||||||||||||||
Equity interest in real estate joint venture | 34.00% | 34.00% | ||||||||||||||||
Preferred membership interest | 9.00% | |||||||||||||||||
Capitalized interest associated with real estate improvements | 210,000 | $ 0 | ||||||||||||||||
New Urban/BBX Development, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 864,000 | $ 996,000 | 864,000 | 996,000 | ||||||||||||||
Percent of proceeds from joint venture entitlement | 8.00% | |||||||||||||||||
Equity interest in real estate joint venture | 50.00% | 50.00% | ||||||||||||||||
Capitalized interest associated with real estate improvements | $ 44,000 | 0 | ||||||||||||||||
Area of real estate property | a | 2 | 2 | ||||||||||||||||
Number of single family homes | property | 30 | |||||||||||||||||
Individual contribution to joint venture | $ 692,000 | |||||||||||||||||
Sales price | 3,600,000 | |||||||||||||||||
Cash | 1,800,000 | |||||||||||||||||
Selling expense | 200,000 | |||||||||||||||||
Investment in company, promissory note | $ 1,600,000 | |||||||||||||||||
Sales of real estate | 188,000 | |||||||||||||||||
Recorded deferred gain | 1,100,000 | 1,100,000 | ||||||||||||||||
Carrying value of land | 1,100,000 | 1,100,000 | ||||||||||||||||
Membership interest in the form of development and property management fees | 50.00% | |||||||||||||||||
Sunrise and Bayview Partners, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 1,577,000 | 1,723,000 | $ 1,577,000 | 1,723,000 | ||||||||||||||
Equity interest in real estate joint venture | 50.00% | |||||||||||||||||
Area of real estate property | 84 | 3 | ||||||||||||||||
Investment in company, promissory note | $ 5,000,000 | |||||||||||||||||
Investment in joint venture | $ 8,000,000 | $ 1,800,000 | ||||||||||||||||
Percent guaranteed on the outstanding balance of the loan | 50.00% | |||||||||||||||||
Membership interest in the form of development and property management fees | 50.00% | |||||||||||||||||
Joint venture advances | $ 5,000,000 | |||||||||||||||||
Maximum exposure to loss from involvement with joint venture | 4,100,000 | 4,100,000 | ||||||||||||||||
Joint venture acquisition loan guarantee | 2,500,000 | 2,500,000 | ||||||||||||||||
Hialeah Communities, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 4,569,000 | 5,091,000 | 4,569,000 | 5,091,000 | ||||||||||||||
Percent of proceeds from joint venture entitlement | 9.00% | |||||||||||||||||
Capitalized interest associated with real estate improvements | 226,000 | 0 | ||||||||||||||||
Area of real estate property | a | 50 | |||||||||||||||||
Number of single family homes | property | 394 | |||||||||||||||||
Individual contribution to joint venture | $ 4,900,000 | |||||||||||||||||
Cash | 2,200,000 | |||||||||||||||||
Investment in company, promissory note | 8,300,000 | |||||||||||||||||
Recorded deferred gain | $ 1,600,000 | |||||||||||||||||
Investment in joint venture | $ 15,600,000 | |||||||||||||||||
Maximum exposure to loss from involvement with joint venture | 12,700,000 | 12,700,000 | ||||||||||||||||
Joint venture acquisition loan guarantee | 8,100,000 | 8,100,000 | ||||||||||||||||
Percent of initial contribution of capital to joint venture | 57.00% | |||||||||||||||||
Shares distributions, percent | 45.00% | |||||||||||||||||
Joint venture adjustment | 2,100,000 | 2,100,000 | ||||||||||||||||
Joint venture acquisition and development loan | $ 31,000,000 | |||||||||||||||||
Additional joint venture contributions | $ 1,800,000 | |||||||||||||||||
Hialeah Communities, LLC [Member] | BBX Capital [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture advances | 2,300,000 | |||||||||||||||||
Additional joint venture contributions | 2,300,000 | |||||||||||||||||
PGA Design Center Holdings, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 1,911,000 | $ 1,991,000 | $ 1,911,000 | $ 1,991,000 | ||||||||||||||
Preferred membership interest | 60.00% | |||||||||||||||||
Area of real estate property | ft² | 145 | 145 | ||||||||||||||||
Purchase of property | $ 6,100,000 | |||||||||||||||||
Number of buildings | property | 3 | |||||||||||||||||
Sale of commercial property to the joint venture | $ 2,900,000 | |||||||||||||||||
Percent of commercial property sold into joint venture | 40.00% | |||||||||||||||||
Bonterra – CC Devco Homes [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Managers percent of proceeds from joint venture entitlement | 55.00% | |||||||||||||||||
Membership interest in the form of development and property management fees | 43.00% | |||||||||||||||||
Shares distributions, percent | 55.00% | |||||||||||||||||
Additional joint venture contributions | 1,400,000 | |||||||||||||||||
Purchase of property | $ 900,000 | |||||||||||||||||
CCB Miramar. LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 875,000 | $ 875,000 | ||||||||||||||||
Equity interest in real estate joint venture | 35.00% | |||||||||||||||||
Investment in joint venture | $ 875,000 | |||||||||||||||||
Number of developers for acquisition of real estate | 2 | |||||||||||||||||
Centra Falls, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | 727,000 | 727,000 | ||||||||||||||||
Internal rate of return, threshold | 12.00% | |||||||||||||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 3.175% | |||||||||||||||||
Equity interest in real estate joint venture | 90.00% | |||||||||||||||||
Investment in joint venture | $ 750,000 | |||||||||||||||||
Percent of initial contribution of capital to joint venture | 7.143% | |||||||||||||||||
Number of townhomes | property | 89 | |||||||||||||||||
Number investors involved in joint venture | 9 | |||||||||||||||||
Centra Falls, LLC [Member] | Managing Owner [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity interest in real estate joint venture | 10.00% | |||||||||||||||||
The Addison on Millenia Investment, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | $ 5,778,000 | $ 5,778,000 | ||||||||||||||||
Number of apartment units | property | 292 | |||||||||||||||||
Percent of proceeds from joint venture entitlement | 10.00% | |||||||||||||||||
Equity interest in real estate joint venture | 48.00% | 48.00% | ||||||||||||||||
Area of real estate property | a | 11.80 | 11.80 | ||||||||||||||||
Cash | $ 300,000 | $ 300,000 | ||||||||||||||||
Recorded deferred gain | $ 400,000 | $ 400,000 | ||||||||||||||||
Managers percent of proceeds from joint venture entitlement | 37.50% | |||||||||||||||||
Investment in joint venture | $ 5,800,000 | |||||||||||||||||
Membership interest in the form of development and property management fees | 3.75% | |||||||||||||||||
Percent of initial contribution of capital to joint venture | 48.00% | 48.00% | ||||||||||||||||
Joint venture adjustment | $ 400,000 | $ 400,000 | ||||||||||||||||
Number of buildings | property | 9 | |||||||||||||||||
BBX/S Millenia Blvd Investments, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | $ 4,905,000 | $ 4,905,000 | ||||||||||||||||
Percent of proceeds from joint venture entitlement | 8.00% | |||||||||||||||||
Equity interest in real estate joint venture | 54.00% | 90.00% | 54.00% | |||||||||||||||
Sales price | $ 100,000 | |||||||||||||||||
Cash | $ 700,000 | |||||||||||||||||
Membership interest in the form of development and property management fees | 10.00% | |||||||||||||||||
Percent of initial contribution of capital to joint venture | 90.00% | |||||||||||||||||
Shares distributions, percent | 46.00% | |||||||||||||||||
Joint venture adjustment | $ 900,000 | |||||||||||||||||
Developer percent of joint venture residual profits | 45.00% | |||||||||||||||||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Joint venture, carrying amount | $ 15,782,000 | $ 15,782,000 | ||||||||||||||||
Number of apartment units | property | 314 | |||||||||||||||||
Equity interest in real estate joint venture | 85.00% | 85.00% | ||||||||||||||||
Area of real estate property | a | 14 | 14 | ||||||||||||||||
Cash | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||
Investment in joint venture | $ 9,400,000 | |||||||||||||||||
Percent of initial contribution of capital to joint venture | 5.00% | 5.00% | ||||||||||||||||
Shares distributions, percent | 15.00% | |||||||||||||||||
Joint venture adjustment | $ 4,100,000 | $ 4,100,000 | ||||||||||||||||
Developer percent of joint venture residual profits | 15.00% |
Investments in Unconsolidated71
Investments in Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 42,962 | $ 16,065 | |
Altis at Kendall Square, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 764 | 1,264 | $ 1,300 |
Altis at Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,210 | 5,000 | |
New Urban/BBX Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 864 | 996 | |
Sunrise and Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,577 | 1,723 | |
Hialeah Communities, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 4,569 | 5,091 | |
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,911 | $ 1,991 | |
CCB Miramar. LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 875 | ||
Centra Falls, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 727 | ||
The Addison on Millenia Investment, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,778 | ||
BBX/S Millenia Blvd Investments, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 4,905 | ||
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 15,782 |
Investments In Unconsolidated72
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition In Uncondolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||
Real estate inventory | $ 16,347 | $ 14,505 | ||
Properties and equipment | 18,083 | 16,717 | ||
Other assets | 6,352 | 4,019 | ||
Total assets | 393,541 | 392,936 | ||
Notes payable | 21,421 | 17,923 | ||
Other liabilities | 14,726 | 18,861 | ||
Total liabilities | 57,562 | 81,656 | ||
Total equity | 335,979 | 311,280 | $ 303,566 | $ 240,324 |
Total liabilities and equity | 393,541 | 392,936 | ||
Equity Method Joint Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash | 25,139 | 1,375 | ||
Real estate inventory | 154,334 | 75,395 | ||
Properties and equipment | 3,960 | 3,996 | ||
Other assets | 8,872 | 4,423 | ||
Total assets | 192,305 | 85,189 | ||
Notes payable | 68,275 | 34,951 | ||
Other liabilities | 20,422 | 9,333 | ||
Total liabilities | 88,697 | 44,284 | ||
Total equity | 103,608 | 40,905 | ||
Total liabilities and equity | $ 192,305 | $ 85,189 |
Investments in Unconsolidated73
Investments in Unconsolidated Real Estate Joint Ventures (Condensed Statement Of Operations In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | $ 45,624 | $ 25,535 | $ 38,615 | $ 21,709 | $ 27,273 | $ 21,906 | $ 22,650 | $ 20,816 | $ 131,483 | $ 92,645 | $ 48,658 |
Total costs and expenses | (40,146) | (32,439) | (22,128) | (25,859) | (35,325) | (30,981) | (23,710) | (25,434) | (120,572) | (115,450) | (14,082) |
Net income (loss) | $ 13,291 | $ 3,039 | $ 6,320 | $ 877 | $ (2,180) | $ (1,964) | $ 7,157 | $ 1,291 | 23,527 | 4,304 | $ 47,660 |
Equity Method Joint Ventures [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | 4,147 | 635 | |||||||||
Total costs and expenses | (8,594) | (1,841) | |||||||||
Net income (loss) | $ (4,447) | $ (1,206) |
Consolidated Variable Interes74
Consolidated Variable Interest Entities (Narrative) (Details) $ in Thousands | May. 06, 2015employee | May. 05, 2015employee | Dec. 31, 2015USD ($) | May. 31, 2015USD ($)a | Oct. 31, 2013USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Variable Interest Entity [Line Items] | ||||||||
Number of members on Board | employee | 4 | |||||||
Number of members elected by the Company | employee | 2 | |||||||
Number of members resigned | employee | 2 | |||||||
Gain on property sale | $ 31,092 | $ 5,527 | $ 6,728 | |||||
Percent of proceeds from joint venture entitlement | 95.00% | |||||||
Percent of losses absorbed | 80.00% | |||||||
BB&T [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of members elected by the Company | employee | 2 | |||||||
JRG/BBX Development, LLC (“North Flagler”) [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Investment in joint venture | $ 10,800 | $ 10,800 | ||||||
Area of real estate property | a | 4.5 | 4.5 | ||||||
Proceeds from property sale | $ 20,000 | |||||||
Gain on property sale | $ 7,800 | |||||||
Percent of proceeds from joint venture entitlement | 80.00% | |||||||
Percent of proceeds from joint venture after capital investment is recovered | 70.00% | |||||||
Percent of net cash flows received from monetization of assets | 70.00% | |||||||
JRG/BBX Development, LLC (“North Flagler”) [Member] | Non-Controlling Interest [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Proceeds from property sale | $ 2,300 | |||||||
Class A Units in FAR [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Preference amount | $ 285,000 | 285,000 | ||||||
Class A Units in FAR [Member] | Variable Interest Entity [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Principal amount of TruPS | $ 285,400 | $ 285,400 | ||||||
Preferred membership interest | 95.00% | |||||||
Basis points per annum | 200.00% | |||||||
Class A Units in FAR [Member] | Variable Interest Entity [Member] | Florida Asset Resolution Group (FAR), 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 (FAR), LLC [Member] | Class R Units [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Initial preferred membership interest | 100.00% |
Consolidated Variable Interes75
Consolidated Variable Interest Entities (Carrying Amount Of Assets And Liabilities Of FAR) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents ($0 and $4,993 in Variable Interest Entities ("VIEs")) | $ 69,040 | $ 58,819 | |
Loans held-for-sale | 21,354 | 35,423 | |
Loans receivable, net | 34,035 | 26,844 | |
Real estate held-for-investment | 31,290 | 76,552 | $ 107,336 |
Real estate held-for-sale | 46,338 | 41,733 | $ 33,971 |
Properties and equipment, net | 18,083 | 16,717 | |
Other assets | 6,352 | 4,019 | |
Total assets | 393,541 | 392,936 | |
BB&T preferred interest in FAR, LLC | 12,348 | ||
Principal and interest advances on residential loans | 10,356 | 11,171 | |
Other liabilities | 14,726 | 18,861 | |
Total liabilities | 57,562 | 81,656 | |
Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Loans held-for-sale | 0 | 35,423 | |
Loans receivable, net | 0 | 18,972 | |
Real estate held-for-investment | 0 | 19,945 | |
Properties and equipment, net | 0 | 7,561 | |
Other assets | 0 | 1,017 | |
BB&T preferred interest in FAR, LLC | 0 | 12,348 | |
Principal and interest advances on residential loans | 0 | 11,171 | |
Other liabilities | $ 0 | 1,431 | |
Class A Units in FAR [Member] | Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents ($0 and $4,993 in Variable Interest Entities ("VIEs")) | 4,976 | ||
Loans held-for-sale | 35,423 | ||
Loans receivable, net | 18,972 | ||
Real estate held-for-investment | 19,129 | ||
Real estate held-for-sale | 13,745 | ||
Properties and equipment, net | 7,561 | ||
Other assets | 638 | ||
Total assets | 100,444 | ||
BB&T preferred interest in FAR, LLC | 12,348 | ||
Principal and interest advances on residential loans | 11,171 | ||
Other liabilities | 1,315 | ||
Total liabilities | $ 24,834 |
Consolidated Variable Interes76
Consolidated Variable Interest Entities (Carrying Amount Of Assets And Liabilities Of North Flagler) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 69,040 | $ 58,819 | $ 43,138 | $ 62,377 |
Real estate held-for-investment | 31,290 | 76,552 | $ 107,336 | |
Other Assets | 6,352 | 4,019 | ||
Total assets | 393,541 | 392,936 | ||
Other liabilities | 14,726 | 18,861 | ||
Noncontrolling interest | $ 1,175 | 1,492 | ||
JRG/BBX Development, LLC (“North Flagler”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 17,000 | |||
Real estate held-for-investment | 816,000 | |||
Other Assets | 379,000 | |||
Total assets | 1,212,000 | |||
Other liabilities | 116,000 | |||
Noncontrolling interest | $ 132,000 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventories | $ 16,347 | $ 14,505 | |
Shipping goods to customers, cost | 5,500 | 5,500 | $ 1,000 |
Renin Corp [Member] | |||
Inventories | 8,400 | 8,600 | |
BBX Sweet Holdings LLC [Member] | |||
Inventories | $ 7,900 | $ 5,900 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 5,822 | $ 4,628 |
Paper goods and packaging materials | 4,504 | 3,834 |
Finished goods | 6,021 | 6,043 |
Total inventory | $ 16,347 | $ 14,505 |
Loans Held-For-Sale (Narrative)
Loans Held-For-Sale (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | |
Loans held-for-sale [Line Items] | |||||||
Loans fair value | $ 6,400,000 | $ 1,600,000 | |||||
Loans receivable transferred to loans held-for-sale | 2,299,000 | $ 42,398,000 | |||||
Gain on sale of assets | $ 600,000 | ||||||
Residential [Member] | |||||||
Loans held-for-sale [Line Items] | |||||||
Loans fair value | $ 70,000 | ||||||
Proceeds from sale of loans | $ 6,300,000 | ||||||
Charge down amount on loan | $ 4,100,000 | ||||||
Small business loans charged down | $ 1,400,000 | ||||||
Loans held for sale | $ 14,100,000 | ||||||
First Lien Consumer [Member] | |||||||
Loans held-for-sale [Line Items] | |||||||
Proceeds from sale of loans | $ 3,200,000 | ||||||
Second-Lien Consumer [Member] | |||||||
Loans held-for-sale [Line Items] | |||||||
Loans fair value | 2,400,000 | ||||||
Charge down amount on loan | $ 2,300,000 | ||||||
Loans receivable transferred to loans held-for-sale | $ 2,700,000 | ||||||
Small Business [Member] | |||||||
Loans held-for-sale [Line Items] | |||||||
Loans fair value | $ 4,900,000 |
Loans Held-For-Sale (Loans Held
Loans Held-For-Sale (Loans Held-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans held-for-sale [Line Items] | ||
Total loans held-for-sale | $ 21,354 | $ 35,423 |
Residential [Member] | ||
Loans held-for-sale [Line Items] | ||
Total loans held-for-sale | $ 21,354 | 27,331 |
Second-Lien Consumer [Member] | ||
Loans held-for-sale [Line Items] | ||
Total loans held-for-sale | 2,351 | |
Small Business [Member] | ||
Loans held-for-sale [Line Items] | ||
Total loans held-for-sale | $ 5,741 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | |
Loans Receivable [Line Items] | ||
Foreclosure proceedings in-process on consumer loans | $ 0.5 | |
Discount on loans receivable | $ 3.3 | $ 0 |
Number of reporting units | segment | 3 | |
Commitments to lend additional funds on impaired loans | $ 0 | |
Commerical Non-Real Estate [Member] | ||
Loans Receivable [Line Items] | ||
Unsecured loan | $ 10 | |
Loans [Member] | ||
Loans Receivable [Line Items] | ||
Number of reporting units | segment | 5 | |
Maximum [Member] | Small Business [Member] | ||
Loans Receivable [Line Items] | ||
Total loans receivable | $ 2 |
Loans Receivable (Components Of
Loans Receivable (Components Of Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | $ 34,035 | $ 27,821 | $ 74,939 |
Allowance for loan losses | 0 | (977) | |
Loans receivable -- net | 34,035 | 26,844 | |
Commerical Non-Real Estate [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 11,250 | 1,326 | |
Commercial Real Estate [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 16,294 | 24,189 | |
Small Business [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 4,054 | ||
Consumer [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 2,368 | $ 2,306 | |
Residential [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | $ 69 |
Loans Receivable (Recorded Inve
Loans Receivable (Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 17,380 | $ 17,780 |
Commerical Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 1,250 | 1,326 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 9,639 | 14,464 |
Small Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 4,054 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 2,368 | $ 1,990 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 69 |
Loans Receivable (Age Analysis
Loans Receivable (Age Analysis Of The Past Due Recorded Investment In Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
31-59 Days Past Due | $ 316 | ||
60-89 Days Past Due | 367 | $ 227 | |
90 Days or More | [1] | 4,919 | 7,491 |
Total Past Due | 5,602 | 7,718 | |
Current | 28,433 | 20,103 | |
Total Loans Receivable | 34,035 | 27,821 | |
Loans 90 days or more still accruing | 0 | 0 | |
Commerical Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days or More | [1] | 329 | 330 |
Total Past Due | 329 | 330 | |
Current | 10,921 | 996 | |
Total Loans Receivable | 11,250 | 1,326 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days or More | [1] | 3,986 | 5,458 |
Total Past Due | 3,986 | 5,458 | |
Current | 12,308 | 18,731 | |
Total Loans Receivable | 16,294 | 24,189 | |
Small Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
60-89 Days Past Due | 205 | ||
Total Past Due | 205 | ||
Current | 3,849 | ||
Total Loans Receivable | 4,054 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
31-59 Days Past Due | 316 | ||
60-89 Days Past Due | 138 | 227 | |
90 Days or More | [1] | 562 | 1,703 |
Total Past Due | 1,016 | 1,930 | |
Current | 1,352 | 376 | |
Total Loans Receivable | 2,368 | $ 2,306 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
60-89 Days Past Due | 24 | ||
90 Days or More | [1] | 42 | |
Total Past Due | 66 | ||
Current | 3 | ||
Total Loans Receivable | $ 69 | ||
[1] | BBX Capital had no loans that were past due greater than 90 days and still accruing as of December 31, 2015 or 2014. |
Loans Receivable (Activity In T
Loans Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable [Abstract] | |||||
Allowance for Loan Losses, Beginning balance | $ 977 | $ 2,713 | $ 5,311 | ||
Allowance for Loan Losses, Charge-offs: | (1,037) | (7,189) | (10,867) | ||
Allowance for Loan Losses, Recoveries: | 13,517 | 12,608 | 52,134 | ||
Allowance for Loan Losses, Provision: | (13,457) | (7,155) | (43,865) | ||
Allowance for Loan Losses, Ending balance | 977 | 2,713 | |||
Allowance for Loan Losses, Ending balance individually evaluated for impairment | $ 954 | ||||
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | $ 977 | 1,759 | |||
Allowance for Loan Losses, Total | 977 | 2,713 | 5,311 | 977 | 2,713 |
Loans receivable, Ending balance individually evaluated for impairment | 12,849 | 17,045 | 51,131 | ||
Loans receivable, Ending balance collectively evaluated for impairment | 21,186 | 10,776 | 23,808 | ||
Loans receivable, Total | 34,035 | $ 27,821 | $ 74,939 | ||
Proceeds from loan sales | 68 | 9,497 | 3,490 | ||
Transfer to loans held for sale | $ 2,299 | 42,398 | |||
Transferred from loans held-for-sale | $ 7,365 | $ 1,312 |
Loans Receivable (Impaired Loan
Loans Receivable (Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans Receivable [Abstract] | |||
With a related allowance recorded, Recorded Investment | $ 735 | $ 3,921 | |
With a related allowance recorded, Unpaid Principal Balance | 1,664 | 6,700 | |
With no related allowance recorded, Recorded Investment | $ 17,380 | 17,361 | 53,088 |
With no related allowance, Unpaid Principal Balance | 30,212 | 35,812 | 88,739 |
Recorded Investment | 17,380 | 18,096 | 57,009 |
Unpaid Principal Balance | $ 30,212 | 37,476 | 95,439 |
Related Allowance | $ 735 | $ 1,874 |
Loans Receivable (Average Recor
Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable [Abstract] | |||
With an allowance recorded, Average Recorded Investment | $ 837 | $ 4,055 | |
With no related allowance recorded, Average Recorded Investment | $ 22,186 | 23,161 | 55,027 |
With an allowance recorded, Interest Income Recognized | 7 | 121 | |
With no related allowance recorded, Interest Income Recognized | 1,299 | 1,111 | 1,478 |
Average Recorded Investment | 22,186 | 23,998 | 59,082 |
Interest Income Recognized | $ 1,299 | $ 1,118 | $ 1,599 |
Loans Receivable (Impaired Lo88
Loans Receivable (Impaired Loans And Average Recorded Investment And Interest Income Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable [Abstract] | |||
With a related allowance recorded, Recorded Investment | $ 735 | $ 3,921 | |
With a related allowance recorded, Unpaid Principal Balance | 1,664 | 6,700 | |
With an allowance recorded, Average Recorded Investment | 837 | 4,055 | |
With an allowance recorded, Interest Income Recognized | 7 | 121 | |
With no related allowance recorded, Recorded Investment | $ 17,380 | 17,361 | 53,088 |
With no related allowance, Unpaid Principal Balance | 30,212 | 35,812 | 88,739 |
With no related allowance recorded, Average Recorded Investment | 22,186 | 23,161 | 55,027 |
With no related allowance recorded, Interest Income Recognized | 1,299 | 1,111 | 1,478 |
Recorded Investment | 17,380 | 18,096 | 57,009 |
Unpaid Principal Balance | 30,212 | 37,476 | 95,439 |
Related Allowance | 735 | 1,874 | |
Average Recorded Investment | 22,186 | 23,998 | 59,082 |
Interest Income Recognized | $ 1,299 | $ 1,118 | $ 1,599 |
Real Estate Held-for-Investme89
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Improvements [Member] | ||
Capitalized interest associated with real estate improvements | $ 706,000 | $ 0 |
Real Estate Held-for-Investme90
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Sale )(Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Long Lived Assets Held-for-sale [Line Items] | |||
Real estate held-for-sale | $ 46,338 | $ 41,733 | $ 33,971 |
Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Real estate held-for-sale | 25,994 | 33,505 | |
Rental Properties [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Real estate held-for-sale | 17,162 | 1,748 | |
Residential Single-Family [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Real estate held-for-sale | 2,924 | 4,385 | |
Other [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Real estate held-for-sale | $ 258 | $ 2,095 |
Real Estate Held-for-Investme91
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | |||
Real estate held-for-investment | $ 31,290 | $ 76,552 | $ 107,336 |
Land [Member] | |||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | |||
Real estate held-for-investment | 30,369 | 60,356 | |
Rental Properties [Member] | |||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | |||
Real estate held-for-investment | 15,234 | ||
Other [Member] | |||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | |||
Real estate held-for-investment | $ 921 | $ 962 |
Real Estate Held-for-Investme92
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Activity in Real Estate Held-For-Sale and Held-For-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ||
Real Estate Held-for-Sale, Beginning of period, net | $ 41,733 | $ 33,971 |
Real Estate Held-for-Sale, Acquired through foreclosure | 3,215 | 5,300 |
Real Estate Held-For-Sale, Transfers | 41,751 | 28,018 |
Real Estate Held-for-Sale, Purchases | 10,667 | $ 2,313 |
Real Estate Held-for-Sale, Improvements | $ 3,261 | |
Real Estate Held-for-Sale, Accumulated depreciation | ||
Real Estate Held-for-Sale, Sales | $ (51,040) | $ (26,973) |
Real Estate Held-for-Sale, Property contributed to joint ventures | ||
Real Estate Held-for-Sale, Impairments, net | $ (3,249) | $ (896) |
Real Estate Held-for-Sale, End of period, net | 46,338 | 41,733 |
Real Estate Held-for-Investment, Beginning of period, net | $ 76,552 | 107,336 |
Real Estate Held-for-Investment, Acquired through foreclosure | 16,100 | |
Real Estate Held-for-Investment, Transfers | $ (41,751) | (28,018) |
Real Estate Held-for-Investment, Purchases | 1,977 | |
Real Estate Held-for-Investment, Improvements | $ 16,771 | 3,824 |
Real Estate Held-for-Investment, Accumulated depreciation | $ (468) | (462) |
Real Estate Held-for-Investment, Sales | $ (16,200) | |
Real Estate Held-for-Investment, Property contributed to joint ventures | $ (19,448) | |
Real Estate Held-for-Investment, Impairments, Net | (366) | $ (8,005) |
Real Estate Held-for-Investment, End of period, net | $ 31,290 | $ 76,552 |
Real Estate Held-for-Investme93
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real estate held-for-sale valuation allowance activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ||||
Beginning of period | $ 2,940 | $ 4,818 | $ 3,729 | |
Transfer to held-for-investment | (93) | |||
Impairments, net | [1] | 3,089 | 896 | 3,893 |
Sales | (1,536) | (2,774) | (2,804) | |
End of period | $ 4,400 | $ 2,940 | $ 4,818 | |
[1] | Tax certificate impairments are not included. |
Real Estate Held-for-Investme94
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Net Real Estate Income (Losses) In Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |||
Income from real estate operations | $ 3,887 | $ 5,516 | $ 4,161 |
Real estate operating expenses | (4,773) | (6,296) | (5,807) |
Impairment of real estate | (3,615) | (8,901) | (3,342) |
Net gains on the sales of real estate | 31,114 | 4,677 | 4,155 |
Net real estate income (losses) | $ 26,613 | $ (5,004) | $ (833) |
Properties And Equipment (Prope
Properties And Equipment (Properties And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Properties And Equipment [Abstract] | |||
Land | $ 2,270 | $ 2,270 | |
Buildings and leasehold improvements | 10,204 | 9,868 | |
Office equipment and furniture | 9,235 | 6,536 | |
Transportation and equipment | 91 | 44 | |
Total | 21,800 | 18,718 | |
Accumulated depreciation | (3,717) | (2,001) | |
Property and equipment, net | 18,083 | 16,717 | |
Depreciation expense | $ 700 | $ 2,200 | $ 2,000 |
Public storage operating facility carrying value | 4,900 | ||
Public storage operating facility gain | $ 1,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | Apr. 30, 2015shares | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Apr. 30, 2013 | Dec. 31, 2012USD ($) |
Income Tax Expense Benefit [Line Items] | ||||||
Deferred tax valuation allowance | $ 76,292 | $ 83,970 | $ 82,563 | $ 105,548 | ||
Net deferred tax liabilities from acquisitions | $ 329 | $ 3,107 | ||||
Net deferred tax assets carry forward period | 20 years | |||||
Number of income tax filings under examination | item | 0 | |||||
BFC Financial Corporation [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Ownership percentage by parent | 54.00% | |||||
2029 to 2034 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal income tax NOL carry-forwards | $ 110,500 | |||||
2025 to 2031 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal tax credit carry-forwards, subject to expire | 2,100 | |||||
2023 to 2033 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
State income tax NOL carry-forwards, subject to expire | 533,500 | |||||
2033 to 2035 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Foreign income tax NOL carry-forwards | $ 3,800 | |||||
Minimum [Member] | 2029 to 2034 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal income tax NOL carry-forwards, expiration year | 2,029 | |||||
Minimum [Member] | 2025 to 2031 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal tax credit carry-forwards, expiration year | 2,025 | |||||
Minimum [Member] | 2023 to 2033 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
State income tax NOL carry-forwards, expiration year | 2,023 | |||||
Minimum [Member] | 2033 to 2035 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Foreign income tax NOL carry-forwards, expiration year | 2,033 | |||||
Maximum [Member] | 2029 to 2034 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal income tax NOL carry-forwards, expiration year | 2,034 | |||||
Maximum [Member] | 2025 to 2031 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Federal tax credit carry-forwards, expiration year | 2,031 | |||||
Maximum [Member] | 2023 to 2033 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
State income tax NOL carry-forwards, expiration year | 2,033 | |||||
Maximum [Member] | 2033 to 2035 [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Foreign income tax NOL carry-forwards, expiration year | 2,035 | |||||
Class A Common Stock [Member] | BFC Financial Corporation [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Purchase of common stock on open market through tender offer | shares | 4,771,221 | |||||
Ownership percentage by parent | 81.00% | |||||
Class B Common Stock [Member] | BFC Financial Corporation [Member] | ||||||
Income Tax Expense Benefit [Line Items] | ||||||
Ownership percentage by parent | 81.00% |
Income Taxes (U.S. And Foreign
Income Taxes (U.S. And Foreign Components Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||||||||||
Income before income taxes | $ 13,296 | $ 3,008 | $ 6,098 | $ 880 | $ (5,287) | $ (1,964) | $ 7,163 | $ 1,291 | $ 23,282 | $ 1,203 | $ 47,680 |
U.S. [Member] | |||||||||||
Income Tax [Line Items] | |||||||||||
Income before income taxes | 25,871 | 4,378 | 48,643 | ||||||||
Foreign [Member] | |||||||||||
Income Tax [Line Items] | |||||||||||
Income before income taxes | $ (2,589) | $ (3,175) | $ (963) |
Income Taxes (Benefit For Incom
Income Taxes (Benefit For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Current Income Tax, Federal | $ 6 | ||
Current Income Tax, State | $ 84 | $ 20 | |
Current Income Tax, Total | 84 | 6 | 20 |
Deferred Income Tax, Federal | (282) | (2,605) | |
Deferred Income Tax, State | (47) | (502) | |
Deferred Income Tax, Total | (329) | (3,107) | |
Total (benefit) provision for income taxes | $ (245) | $ (3,101) | $ 20 |
Income Taxes (Company's Actual
Income Taxes (Company's Actual Benefit For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Income tax (benefit) provision at federal statutory rate of 35% | $ 8,149 | $ 421 | $ 16,688 |
Income tax (benefit) provision at federal statutory rate of 35%, rate | 35.00% | 35.00% | 35.00% |
(Benefit) provision for state taxes net of federal benefit | $ 673 | $ (369) | $ 2,003 |
(Benefit) provision for state taxes net of federal benefit, rate | 2.89% | (30.67%) | 4.20% |
Taxes related to subsidiaries not consolidated for income taxes | $ (3,699) | $ (6,963) | $ (6,054) |
Taxes related to subsidiaries not consolidated for income taxes, percent | (15.89%) | (578.80%) | (12.70%) |
Sale of BankAtlantic | $ 5,884 | ||
Sale of BankAtlantic, percent | 0.00% | 0.00% | 12.34% |
Nondeductible executive compensation | $ 1,107 | $ 1,883 | $ 2,223 |
Nondeductible executive compensation, percent | 4.75% | 156.52% | 4.66% |
Change in valuation allowance | $ (7,678) | $ 1,407 | $ (22,584) |
Change in valuation allowance, rate | (32.98%) | 116.96% | (47.36%) |
Penalties | $ 1,243 | $ 350 | |
Penalties, percent | 5.34% | 29.09% | 0.00% |
Other - net | $ (40) | $ 170 | $ 1,860 |
Other - net, rate | (0.17%) | 14.13% | 3.90% |
Total (benefit) provision for income taxes | $ (245) | $ (3,101) | $ 20 |
Total (benefit) provision for income taxes, percent | (1.05%) | (257.77%) | 0.04% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ||||
Allowance for loans and impairments for financial statement purposes | $ 1,960 | $ 2,658 | $ 2,955 | |
Federal and State NOL and tax credit carryforward | 60,708 | 64,132 | 63,781 | |
Real estate held for development and sale capitalized costs for tax purposes in excess of amounts capitalized for financial statement purposes | 14,729 | 18,849 | 15,536 | |
Share based compensation | 1,879 | 1,302 | 691 | |
Other | 1,000 | |||
Total gross deferred tax assets | 80,276 | 86,941 | 82,963 | |
Less valuation allowance | (76,292) | (83,970) | (82,563) | $ (105,548) |
Total deferred tax assets | 3,984 | 2,971 | 400 | |
Intangible assets | 1,866 | 1,912 | ||
Properties and equipment | 2,053 | 1,043 | ||
Other | 65 | 16 | 400 | |
Total gross deferred tax liabilities | $ 3,984 | $ 2,971 | $ 400 | |
Net deferred tax (liability) asset | ||||
Net deferred tax liabilities from acquisitions | $ 329 | $ 3,107 | ||
Benefit from deferred income taxes | $ 329 | $ 3,107 |
Income Taxes (Activity In The D
Income Taxes (Activity In The Deferred Tax Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance, beginning of period | $ 83,970 | $ 82,563 | $ 105,548 |
(Decrease) increase in deferred tax valuation allowance | (7,678) | 1,407 | (22,584) |
Acquisitions | (401) | ||
Balance, end of period | $ 76,292 | $ 83,970 | $ 82,563 |
Notes Payable To Related Par102
Notes Payable To Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Notes Payable, Related Parties | $ 11,750 | ||
Note payable paid-in-full | $ 46 | $ 360 | |
Woodbridge Holdings, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Notes Payable, Related Parties | $ 11,750 | ||
Payment term | 5 years | ||
Debt instrument, maturity date | 2018-04 | ||
Fixed interest rate | 5.00% | ||
Note payable paid-in-full | $ 11,750 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | Aug. 07, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Notes payable recorded discount | $ 170,000 | $ 320,000 | ||||
2,016 | 2,315,000 | |||||
2,017 | 8,692,000 | |||||
2,018 | 1,800,000 | |||||
2,019 | 7,171,000 | |||||
Notes payable | 21,421,000 | 17,923,000 | ||||
Anastasia Confections [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Origination of notes receivable from related parties | $ 7,500,000 | |||||
Line of credit interest rate | 5.00% | |||||
2,016 | 2,000,000 | |||||
2,017 | 2,000,000 | |||||
2,018 | 2,000,000 | |||||
2,019 | 1,500,000 | |||||
Promissory note recorded discount | 300,000 | |||||
Hoffman's And Williams And Bennett [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Origination of notes receivable from related parties | $ 1,100,000 | |||||
Notes payable maturity date | Apr. 1, 2017 | |||||
Recorded premium | $ 82,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on preferred interest return | 2.00% | |||||
Wells Fargo Capital Finance [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 8,071,000 | 8,028,000 | ||||
Wells Fargo Capital Finance [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable maturity date | Jun. 11, 2019 | |||||
Wells Fargo Capital Finance [Member] | Renin Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Origination of notes receivable from related parties | $ 1,500,000 | $ 1,100,000 | 1,400,000 | |||
Revolving line of credit, maximum | $ 18,000,000 | |||||
Commitment fee percentage | 0.25% | |||||
Quarterly principal repayments | $ 75,000 | |||||
Wells Fargo Capital Finance [Member] | Renin Corp [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount outstanding | 7,000,000 | 6,600,000 | ||||
Centennial Bank - Hoffman's [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | 1,613,000 | $ 1,645,000 | ||||
Centennial Bank - Hoffman's [Member] | BBX Sweet Holdings LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Origination of notes receivable from related parties | $ 1,700,000 | |||||
Notes payable | 2,100,000 | |||||
Promissory note fixed interest rate | 5.25% | |||||
Debt instrument term | 5 years | |||||
Basis points per annum | 345.00% | |||||
Promissory note amotization schedule | 25 years | |||||
Centennial Bank - Kencraft [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 995,000 | |||||
Notes payable maturity date | Apr. 1, 2017 | |||||
Basis points per annum | 2.35% | |||||
Centennial Bank - Kencraft [Member] | BBX Sweet Holdings LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Origination of notes receivable from related parties | $ 995,000 | |||||
Holdback Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 400,000 | $ 1,016,000 | ||||
Holdback Notes [Member] | Hoffman's And Williams And Bennett [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on preferred interest return | 6.00% | |||||
Notes payable | $ 400,000 | |||||
IBERIABANK [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit, maximum | $ 5,000,000 | |||||
IBERIABANK [Member] | BBX Sweet Holdings LLC [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable maturity date | Jul. 31, 2017 | |||||
IBERIABANK [Member] | London Interbank Offered Rate (LIBOR) [Member] | BBX Sweet Holdings LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on preferred interest return | 2.75% | 3.18% | ||||
Minimum [Member] | Hoffman's And Williams And Bennett [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note fixed interest rate | 1.65% | |||||
Minimum [Member] | Wells Fargo Capital Finance [Member] | Renin Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit interest rate | 0.50% | |||||
Maximum [Member] | Hoffman's And Williams And Bennett [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note fixed interest rate | 1.93% | |||||
Maximum [Member] | Wells Fargo Capital Finance [Member] | Renin Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit interest rate | 3.25% |
Notes Payable (Notes Payable Ou
Notes Payable (Notes Payable Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt Balance | $ 21,421 | $ 17,923 |
Wells Fargo Capital Finance [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 8,071 | 8,028 |
Anastasia Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 5,330 | $ 7,214 |
Interest Rate | 5.00% | 5.00% |
Iberia Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 4,997 | |
Interest Rate | 3.18% | |
Centennial Bank - Hoffman's [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 1,613 | $ 1,645 |
Interest Rate | 5.25% | 5.25% |
Centennial Bank - Kencraft [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 995 | |
Interest Rate | 2.35% | |
Holdback Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 400 | $ 1,016 |
Interest Rate | 6.00% | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 15 | $ 20 |
Interest Rate | 0.90% | 0.90% |
Notes Payable (Schedule Of Annu
Notes Payable (Schedule Of Annual Maturities Of Notes Payable) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Notes Payable [Abstract] | |
2,016 | $ 2,315 |
2,017 | 8,692 |
2,018 | 1,800 |
2,019 | 7,171 |
Thereafter | 1,613 |
Total | $ 21,591 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Security Plus 401(k) Plan And The Associated Employer Costs) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Employee Benefit Plans [Abstract] | ||||
Employee salary contribution limit | [1] | $ 18,000 | $ 17,500 | $ 17,500 |
Percentage of salary limitation | 75.00% | 75.00% | 75.00% | |
Total match contribution | [2] | $ 322,000 | $ 150,000 | |
Employee age at which maximum contribution can be made | item | 50 | |||
Employees maxium contribution at age 50 | $ 24,000 | $ 23,000 | $ 23,000 | |
[1] | For the years ended December 31, 2015, 2014 and 2013 employees over 50 were entitled to contribute $24,000, $23,000 and $23,000, respectively. The employer match vests immediately. | |||
[2] | The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Commitments And Contingencie107
Commitments And Contingencies (Narrative) (Details) | Sep. 24, 2015USD ($) | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)aproperty | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Line Items] | ||||
Commitments to extend credit | $ 0 | |||
Joint venture loan outstanding balance | 5,000,000 | |||
Refinance of mortgage loan into acquisition and development loan | $ 31,000,000 | |||
Accrued possible loss | 0 | |||
Litigation, settlement amount | $ 4,550,000 | |||
Hialeah Communities, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of single family homes | property | 394 | |||
Land transferred | a | 50 | |||
Investment in joint venture | $ 15,600,000 | |||
Mortgage loan assumed by joint venture | $ 8,300,000 | |||
Refinance of mortgage loan into acquisition and development loan | $ 31,000,000 | |||
Alan B. Levan [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Litigation, settlement amount | $ 1,300,000 | $ 1,560,000 | ||
Procacci Bayview, LLC [Member] | Sunrise and Bayview Partners, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Ownership percentage by parent | 50.00% | |||
BBX Capital [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Ownership percentage by parent | 26.30% | |||
Amount placed in money market to obtain letter of credit | $ 1,300,000 | |||
Litigation, settlement amount | $ 5,200,000 | |||
BBX Capital [Member] | Alan B. Levan [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Legal fee and cost reimbursements from insurance carrier | $ 5,800,000 | |||
BBX Capital [Member] | Sunrise and Bayview Partners, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Ownership percentage by parent | 50.00% | |||
Percent guaranteed on outstanding balance | 50.00% |
Commitments And Contingencie108
Commitments And Contingencies (Minimum Future Rental Payments Under Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 3,065 |
2,017 | 3,041 |
2,018 | 2,990 |
2,019 | 2,849 |
2,020 | 2,220 |
Thereafter | 4,825 |
Total | $ 18,990 |
Commitments And Contingencie109
Commitments And Contingencies (Rental Expense For Premises And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $ 3,493 | $ 3,207 | $ 1,039 |
Common Stock and Restricted 110
Common Stock and Restricted Stock and Common Stock Option Plans (Narrative) (Details) | Sep. 30, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | Mar. 31, 2015shares | Oct. 31, 2014$ / sharesshares | Oct. 31, 2013$ / sharesshares | Dec. 31, 2015USD ($)item$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares repurchased during period | 0 | 0 | ||||||
Number of share based compensation plans | item | 2 | |||||||
Maximum term of incentive stock options and non-qualifying stock options issued | 10 years | |||||||
Weighted Average Grant date Fair Value, Granted | $ / shares | $ 15.60 | $ 16.58 | $ 13.33 | |||||
Total unrecognized compensation costs related to non-vested restricted stock | $ | $ 14,500,000 | |||||||
Weighted average period for recognition related to non-vested restricted stock | 17 months | |||||||
Fair value of awards vested during the period | $ | $ 6,000,000 | $ 5,500,000 | $ 4,300,000 | |||||
Compensation expense | $ | 5,500,000 | 3,700,000 | 2,500,000 | |||||
Recognized tax benefit associated with the compensation expense | $ | $ 0 | $ 0 | $ 0 | |||||
2005 Restricted Stock And Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for grant | 0 | |||||||
2014 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for grant | 184,426 | |||||||
Restricted Class A Common Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for grant | 419,492 | 419,492 | ||||||
Award vesting period | 4 years | |||||||
Shares retired | 1,391,282 | |||||||
Fair value of awards vested during the period | $ | $ 6,500,000 | |||||||
Restricted Class A Common Stock Awards [Member] | 2005 Restricted Stock And Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares issued | 1,875,000 | |||||||
Shares available for grant | 430,000 | |||||||
Weighted Average Grant date Fair Value, Granted | $ / shares | $ 13.33 | |||||||
Award vesting period | 4 years | |||||||
Restricted Class A Common Stock Awards [Member] | 2014 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for grant | 396,082 | |||||||
Weighted Average Grant date Fair Value, Granted | $ / shares | $ 16.58 | |||||||
Award vesting period | 4 years | |||||||
Class A Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share repurchase program authorized amount | $ | $ 20,000,000 | |||||||
Common stock, shares issued | 16,199,145 | 15,977,322 | ||||||
Shares available for grant | 381,622 | 381,622 | ||||||
Shares retired | 159,801 | |||||||
Withholding tax obligation associated with vesting shares | $ | $ 2,500,000 | |||||||
Awards granted | ||||||||
Options exercised | ||||||||
Maximum [Member] | Class A Common Stock [Member] | 2014 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares available for issuance | 1,000,000 |
Common Stock and Restricted 111
Common Stock and Restricted Stock and Common Stock Option Plans (Schedule Of Nonvested Restricted Common Shares) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock and Restricted Stock and Common Stock Option Plans [Abstract] | |||
Class A Non-vested Restricted Stock, Outstanding begining balance | 1,391,282 | 1,310,302 | 1,195,406 |
Class A Non-vested Restricted Stock, Vested | (381,622) | (315,102) | (315,104) |
Class A Non-vested Restricted Stock, Forfeited | |||
Class A Non-vested Restricted Stock, Granted | 419,492 | 396,082 | 430,000 |
Class A Non-vested Restricted Stock, Outstanding ending balance | 1,429,152 | 1,391,282 | 1,310,302 |
Weighted Average Grant date Fair Value, Outstanding begining balance | $ 11.50 | $ 8.76 | $ 6.53 |
Weighted Average Grant date Fair Value, Vested | $ 9.13 | $ 6.52 | $ 6.52 |
Weighted Average Grant date Fair Value, Forfeited | |||
Weighted Average Grant date Fair Value, Granted | $ 15.60 | $ 16.58 | $ 13.33 |
Weighted Average Grant date Fair Value, Outstanding ending balance | $ 13.33 | $ 11.50 | $ 8.76 |
Common Stock and Restricted 112
Common Stock and Restricted Stock and Common Stock Option Plans (Summary Of The Company's Class A Common Stock Option Activity) (Details) - Class A Common Stock [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Options, Beginning Balance | 15,481 | 21,282 | 36,804 | |
Outstanding Options, Exercised | ||||
Outstanding Options, Forfeited | (3,307) | (7,559) | ||
Outstanding Options, Expired | (5,158) | (5,801) | (7,963) | |
Outstanding Options, Granted | ||||
Outstanding Options, Ending Balance | 7,016 | 15,481 | 21,282 | 36,804 |
Outstanding Options, Exercisable | 7,016 | |||
Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 227.03 | $ 289.17 | $ 233 | |
Weighted Average Exercise Price, Exercised | ||||
Weighted Average Exercise Price, Forfeited | $ 92.09 | $ 124.57 | ||
Weighted Average Exercise Price, Expired | $ 475.12 | $ 455 | $ 185.82 | |
Weighted Average Exercise Price, Granted | ||||
Outstanding Options, Weighted Average Exercise Price, Ending Balance | $ 108.24 | $ 227.03 | $ 289.17 | $ 233 |
Weighted Average Exercise Price, Exercisable | $ 108.24 | |||
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 7 months 6 days | 2 years 3 months 18 days | 2 years 6 months | 3 years 1 month 6 days |
Outstanding Options, Weighted Average Remaining Contractual Term, Exercisable | 1 year 7 months 6 days | |||
Outstanding Options, Aggregate Intrinsic Value | ||||
Outstanding Options, Aggregate Intrinsic Value, Exercisable |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Class A Common Stock Awards [Member] | Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock | 0 | 0 | 0 |
Class A Common Stock [Member] | Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock | 7,016 | 15,481 | 21,282 |
Earnings Per Share (Summary Of
Earnings Per Share (Summary Of Basic and Diluted Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic earnings per share | |||||||||||
Net income | $ 13,291 | $ 3,039 | $ 6,320 | $ 877 | $ (2,180) | $ (1,964) | $ 7,157 | $ 1,291 | $ 23,527 | $ 4,304 | $ 47,660 |
Less: net (earnings) loss attributable to noncontrolling interest | (1,753) | 391 | 179 | ||||||||
Net income (loss) attributable to BBX Capital Corporation | $ 13,486 | $ 3,116 | $ 4,138 | $ 1,034 | $ (2,056) | $ (1,898) | $ 7,291 | $ 1,358 | $ 21,774 | $ 4,695 | $ 47,839 |
Basic weighted average number of common shares outstanding | 16,394,000 | 16,175,000 | 16,172,000 | 16,172,000 | 16,172 | 16,007 | 16,006 | 15,986 | 16,229,000 | 16,043,000 | 15,843,000 |
Basic earnings per share | $ 0.82 | $ 0.19 | $ 0.26 | $ 0.06 | $ (0.13) | $ (0.12) | $ 0.46 | $ 0.08 | $ 1.34 | $ 0.29 | $ 3.02 |
Diluted earnings per share | |||||||||||
Net income | $ 13,291 | $ 3,039 | $ 6,320 | $ 877 | $ (2,180) | $ (1,964) | $ 7,157 | $ 1,291 | $ 23,527 | $ 4,304 | $ 47,660 |
Less: net (earnings) loss attributable to noncontrolling interest | (1,753) | 391 | 179 | ||||||||
Net income (loss) attributable to BBX Capital Corporation | $ 13,486 | $ 3,116 | $ 4,138 | $ 1,034 | $ (2,056) | $ (1,898) | $ 7,291 | $ 1,358 | $ 21,774 | $ 4,695 | $ 47,839 |
Basic weighted average number of common shares outstanding | 16,394,000 | 16,175,000 | 16,172,000 | 16,172,000 | 16,172 | 16,007 | 16,006 | 15,986 | 16,229,000 | 16,043,000 | 15,843,000 |
Stock-based compensation | 576,000 | 635,000 | 435,000 | ||||||||
Diluted weighted average shares outstanding | 17,001,000 | 16,852,000 | 16,885,000 | 16,725,000 | 16,172 | 16,007 | 16,791 | 16,699 | 16,805,000 | 16,678,000 | 16,278,000 |
Diluted earnings per share | $ 0.79 | $ 0.18 | $ 0.25 | $ 0.06 | $ (0.13) | $ (0.12) | $ 0.43 | $ 0.08 | $ 1.30 | $ 0.28 | $ 2.94 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
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 ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets nonrecurring, by asset type | $ 19,299 | $ 23,349 | |||
Total Impairments | $ 3,860 | [1] | 10,917 | [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 | $ 19,299 | 23,349 | |||
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 | 186 | 2,648 | |||
Total Impairments | $ 120 | [1] | 2,161 | [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 | $ 186 | 2,648 | |||
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 | 13,257 | 20,701 | |||
Total Impairments | $ 3,000 | [1] | 8,756 | [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 | $ 13,257 | $ 20,701 | |||
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 | 5,856 | ||||
Total Impairments | [1] | $ 740 | |||
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 | $ 5,856 | ||||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. | ||||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. |
Fair Value Measurement (Sche117
Fair Value Measurement (Schedule Of Quantitative Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | $ 19,299 | $ 23,349 | ||
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 | $ 186 | 2,648 | ||
Valuation Technique | Collateral | |||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | $ 13,257 | 20,701 | ||
Valuation Technique | Property | |||
Impaired Loans Held-For-Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | $ 5,856 | |||
Valuation Technique | 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 | [1],[2] | $ 200 | 100 | |
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 | 300 | [1],[2] | 300 | |
Minimum [Member] | Impaired Loans Held-For-Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | 100 | ||
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 | [1],[2] | 400 | 2,600 | |
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 | 11,000 | [1],[2] | 8,400 | |
Maximum [Member] | Impaired Loans Held-For-Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | 500 | ||
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 | [1],[2] | 300 | 500 | |
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 | 2,000 | [1],[2] | $ 1,700 | |
Weighted Average [Member] | Impaired Loans Held-For-Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | $ 200 | ||
[1] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||
[2] | Range and average appraised values were reduced by costs to sell. |
Fair Value Measurement (Sche118
Fair Value Measurement (Schedule Of Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 69,040 | $ 58,819 |
Restricted cash and time deposits at financial institutions | 2,651 | |
BB&T preferred interest in FAR | 12,348 | |
Principal and interest advances on residential loans | 10,356 | 11,171 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 69,040 | 58,819 |
Loans receivable including loans held-for-sale, net | 55,389 | 62,267 |
Restricted cash and time deposits at financial institutions | 2,651 | |
Notes payable | 21,421 | 17,923 |
Note payable to Woodbridge | 11,750 | |
BB&T preferred interest in FAR | 12,348 | |
Principal and interest advances on residential loans | 10,356 | 11,171 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 69,040 | 58,819 |
Loans receivable including loans held-for-sale, net | 63,668 | 73,423 |
Restricted cash and time deposits at financial institutions | 2,651 | |
Notes payable | 21,856 | 18,196 |
Note payable to Woodbridge | 11,615 | |
BB&T preferred interest in FAR | 12,383 | |
Principal and interest advances on residential loans | 9,630 | 10,125 |
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 cash equivalents | 69,040 | 58,819 |
Restricted cash and time deposits at financial institutions | $ 2,651 | |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | ||
Loans receivable including loans held-for-sale, net | ||
Restricted cash and time deposits at financial institutions | ||
Notes payable | ||
Principal and interest advances on residential loans | ||
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 | $ 63,668 | 73,423 |
Notes payable | 21,856 | 18,196 |
Note payable to Woodbridge | 11,615 | |
BB&T preferred interest in FAR | 12,383 | |
Principal and interest advances on residential loans | $ 9,630 | $ 10,125 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Oct. 30, 2013 | Apr. 30, 2013 | Apr. 02, 2013 | |
Related Party Transaction [Line Items] | |||||||
Interest Expense | $ 258 | $ 1,580 | $ 1,933 | ||||
Equity method investments | 75,545 | 73,026 | |||||
Repayment of note payble | 11,750 | ||||||
Bluegreen [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount funded | $ 9,400 | ||||||
Woodbridge Holdings, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest Expense | 400 | 600 | 400 | ||||
Capital contributions | 11,400 | 60,000 | |||||
Investment in company, promissory note | 11,750 | ||||||
Repayment of note payble | 11,750 | ||||||
Renin Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage by parent | 81.00% | ||||||
Ownership percentage by noncontrolling owners | 19.00% | ||||||
Renin Corp [Member] | Bluegreen [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest Expense | 300 | 100 | |||||
BBX Capital [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage by parent | 26.30% | ||||||
BFC Financial Corporation [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage by parent | 54.00% | ||||||
Amount funded | $ 1,000 | ||||||
Woodbridge Holdings, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity method investments | $ 75,545 | 73,026 | $ 78,573 | $ 85,491 | |||
Investment in company, promissory note | $ 11,750 | ||||||
Woodbridge Holdings, LLC [Member] | BBX Capital [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity method investments | $ 71,750 | ||||||
Equity interest in real estate joint venture | 46.00% | ||||||
Woodbridge Holdings, LLC [Member] | BFC Financial Corporation [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity interest in real estate joint venture | 54.00% | ||||||
Renin Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Capital contributions | 2,000 | ||||||
Renin Corp [Member] | BFC Financial Corporation [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Capital contributions | $ 500 |
Related Parties (Schedule Of Se
Related Parties (Schedule Of Service Arrangements With Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Parties [Abstract] | |||
Other revenues | $ 419 | $ 448 | $ 431 |
Employee benefits | (1,150) | (524) | (225) |
Other - back-office support | (180) | (185) | (200) |
Net effect of affiliate transactions before income taxes | $ (911) | $ (261) | $ 6 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segmentcustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Revenues | $ 45,624 | $ 25,535 | $ 38,615 | $ 21,709 | $ 27,273 | $ 21,906 | $ 22,650 | $ 20,816 | $ 131,483 | $ 92,645 | $ 48,658 |
Properties and equipment | 18,083 | $ 16,717 | 18,083 | 16,717 | |||||||
Acquisition related costs | 1,100 | ||||||||||
BBX Sweet Holdings LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisition related costs | 300 | 600 | |||||||||
Renin Corp [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 56,461 | 57,839 | 9,300 | ||||||||
Acquisition related costs | 1,000 | ||||||||||
Renin Corp [Member] | Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 22,100 | ||||||||||
Properties and equipment | $ 1,200 | $ 1,200 | |||||||||
Renin Corp [Member] | Trade Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of major customers | customer | 1 | ||||||||||
Revenues | $ 14,500 | ||||||||||
BBX Sweet Holdings LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 27,837 | $ 16,257 | 966 | ||||||||
Acquisition related costs | $ 100 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 45,624 | $ 25,535 | $ 38,615 | $ 21,709 | $ 27,273 | $ 21,906 | $ 22,650 | $ 20,816 | $ 131,483 | $ 92,645 | $ 48,658 | |
Costs and expenses | (40,146) | (32,439) | (22,128) | (25,859) | (35,325) | (30,981) | (23,710) | (25,434) | (120,572) | (115,450) | (14,082) | |
Recoveries from (provision for) loan losses | (1,399) | 4,427 | 6,608 | 3,821 | 4,517 | (656) | 2,046 | 1,248 | 13,457 | 7,155 | 43,865 | |
Asset impairments | (1,886) | (274) | 810 | 1,063 | 136 | (5,926) | 94 | (1,319) | (287) | (7,015) | (4,708) | |
Other costs and expenses | (36,861) | (36,592) | (29,546) | (30,743) | (39,978) | (24,399) | (25,850) | (25,363) | (133,742) | (115,590) | ||
Total costs and expenses | (40,146) | (32,439) | (22,128) | (25,859) | (35,325) | (30,981) | (23,710) | (25,434) | (120,572) | (115,450) | (14,082) | |
Foreign exchange loss | (403) | (236) | 70 | (469) | (230) | (319) | 141 | (307) | (1,038) | (715) | (357) | |
Income (loss) before income taxes | 13,296 | 3,008 | 6,098 | 880 | (5,287) | (1,964) | 7,163 | 1,291 | 23,282 | 1,203 | 47,680 | |
Provision (benefit) for income tax | (245) | (3,101) | 20 | |||||||||
Net income (loss) | 13,291 | $ 3,039 | $ 6,320 | $ 877 | (2,180) | $ (1,964) | $ 7,157 | $ 1,291 | 23,527 | 4,304 | 47,660 | |
Total assets | 393,541 | 392,936 | 393,541 | 392,936 | ||||||||
Real estate operating expenses | 4,773 | 6,296 | 5,807 | |||||||||
Reconciling Item And Elimination Entries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (665) | (449) | (209) | |||||||||
Costs and expenses | 1,438 | [1] | 449 | 209 | ||||||||
Other costs and expenses | 1,438 | 449 | 209 | |||||||||
Total costs and expenses | 1,438 | [1] | 449 | 209 | ||||||||
Income (loss) before income taxes | 773 | |||||||||||
Net income (loss) | 773 | |||||||||||
Total assets | (311,938) | (310,787) | (311,938) | (310,787) | (241,106) | |||||||
Capitalized interest on real estate development and joint venture activities | 773 | |||||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 131,483 | 92,645 | 48,658 | |||||||||
Costs and expenses | (120,572) | (115,450) | (14,082) | |||||||||
Recoveries from (provision for) loan losses | 13,457 | 7,155 | 43,865 | |||||||||
Asset impairments | (287) | (7,015) | (4,708) | |||||||||
Other costs and expenses | (133,742) | (115,590) | (53,239) | |||||||||
Total costs and expenses | (120,572) | (115,450) | (14,082) | |||||||||
Equity earnings in unconsolidated companies | 13,409 | 24,723 | 13,461 | |||||||||
Foreign exchange loss | (1,038) | (715) | (357) | |||||||||
Income (loss) before income taxes | 23,282 | 1,203 | 47,680 | |||||||||
Provision (benefit) for income tax | (245) | (3,101) | 20 | |||||||||
Net income (loss) | 23,527 | 4,304 | 47,660 | |||||||||
Total assets | 393,541 | 392,936 | 393,541 | 392,936 | 431,147 | |||||||
Equity method investments included in total assets | 118,507 | 89,091 | 7,873 | |||||||||
Expenditures for segment assets | 3,634 | 1,425 | ||||||||||
Real estate operating expenses | 265 | |||||||||||
Depreciation and amortization | 3,464 | 2,382 | 1,055 | |||||||||
BBX [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 47,850 | 8,773 | 22,062 | |||||||||
Costs and expenses | (27,925) | (21,612) | 5,003 | |||||||||
Recoveries from (provision for) loan losses | 13,457 | 10,169 | 34,128 | |||||||||
Asset impairments | (287) | (266) | (219) | |||||||||
Other costs and expenses | (41,095) | (31,515) | (28,906) | |||||||||
Total costs and expenses | (27,925) | (21,612) | 5,003 | |||||||||
Equity earnings in unconsolidated companies | 13,409 | 24,723 | 13,461 | |||||||||
Income (loss) before income taxes | 33,334 | 11,884 | 40,526 | |||||||||
Provision (benefit) for income tax | 88 | |||||||||||
Net income (loss) | 33,246 | 11,884 | 40,526 | |||||||||
Total assets | 645,817 | 550,993 | 645,817 | 550,993 | 476,947 | |||||||
Equity method investments included in total assets | 118,507 | 89,091 | 78,573 | |||||||||
Expenditures for segment assets | 1,429 | 277 | ||||||||||
Real estate operating expenses | 33 | |||||||||||
Depreciation and amortization | 1,058 | 176 | 462 | |||||||||
Florida Asset Resolution Group (FAR), LLC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 10,225 | 16,539 | ||||||||||
Costs and expenses | (18,885) | (8,406) | ||||||||||
Recoveries from (provision for) loan losses | (3,014) | 9,737 | ||||||||||
Asset impairments | (6,749) | (4,489) | ||||||||||
Other costs and expenses | (9,122) | (13,654) | ||||||||||
Total costs and expenses | (18,885) | (8,406) | ||||||||||
Income (loss) before income taxes | (8,660) | 8,133 | ||||||||||
Provision (benefit) for income tax | 20 | |||||||||||
Net income (loss) | (8,660) | 8,113 | ||||||||||
Total assets | 97,024 | 97,024 | 166,114 | |||||||||
Expenditures for segment assets | 792 | |||||||||||
Real estate operating expenses | 232 | |||||||||||
Depreciation and amortization | 772 | 476 | ||||||||||
Renin Corp [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 56,461 | 57,839 | 9,300 | |||||||||
Costs and expenses | (57,481) | (59,168) | (9,884) | |||||||||
Other costs and expenses | (57,481) | (59,168) | (9,884) | |||||||||
Total costs and expenses | (57,481) | (59,168) | (9,884) | |||||||||
Foreign exchange loss | (1,038) | (715) | (357) | |||||||||
Income (loss) before income taxes | (2,058) | (2,044) | (941) | |||||||||
Provision (benefit) for income tax | (4) | 6 | ||||||||||
Net income (loss) | (2,054) | (2,050) | (941) | |||||||||
Total assets | 22,778 | 24,061 | 22,778 | 24,061 | 23,809 | |||||||
Expenditures for segment assets | 92 | 93 | ||||||||||
Depreciation and amortization | 643 | 602 | ||||||||||
BBX Sweet Holdings LLC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 27,837 | 16,257 | 966 | |||||||||
Costs and expenses | (36,604) | (16,234) | (1,004) | |||||||||
Other costs and expenses | (36,604) | (16,234) | (1,004) | |||||||||
Total costs and expenses | (36,604) | (16,234) | (1,004) | |||||||||
Income (loss) before income taxes | (8,767) | 23 | (38) | |||||||||
Provision (benefit) for income tax | (329) | (3,107) | ||||||||||
Net income (loss) | (8,438) | 3,130 | (38) | |||||||||
Total assets | $ 36,884 | $ 31,645 | 36,884 | 31,645 | 5,383 | |||||||
Expenditures for segment assets | 2,113 | 263 | ||||||||||
Depreciation and amortization | $ 1,763 | $ 832 | $ 117 | |||||||||
[1] | Includes a reconciling item of $773,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred by BBX reportable segment. |
Selected Quarterly Results (Nar
Selected Quarterly Results (Narrative) (Details) | Sep. 24, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)property | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($)property | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Selected Quarterly Financial Information [Line Items] | ||||||||||||
Asset recoveries (impairments), net | $ (1,886,000) | $ (274,000) | $ 810,000 | $ 1,063,000 | $ 136,000 | $ (5,926,000) | $ 94,000 | $ (1,319,000) | $ (287,000) | $ (7,015,000) | $ (4,708,000) | |
Insurance reimbursements of expenses | 900,000 | |||||||||||
Provision for loan losses | 1,399,000 | (4,427,000) | (6,608,000) | (3,821,000) | (4,517,000) | $ 656,000 | (2,046,000) | (1,248,000) | (13,457,000) | (7,155,000) | (43,865,000) | |
Gains on sales of real estate held for sale | 15,900,000 | $ 15,500,000 | 2,500,000 | |||||||||
Number of properties | property | 2 | 2 | ||||||||||
Litigation, settlement amount | $ 4,550,000 | |||||||||||
Bargain gain from acquisition | $ 1,200,000 | |||||||||||
Less: Provision for income taxes | (245,000) | (3,101,000) | 20,000 | |||||||||
Legal fees and expenses | 3,600,000 | 4,300,000 | ||||||||||
Equity in earnings of Woodbridge Holdings, LLC | 9,033,000 | $ 10,306,000 | $ (10,168,000) | $ 5,803,000 | 3,317,000 | $ 7,635,000 | $ 8,108,000 | $ 6,222,000 | 14,974,000 | 25,282,000 | 13,461,000 | |
Interest income | $ 10,056,000 | 5,164,000 | $ 24,158,000 | |||||||||
Woodbridge And Bluegreen Litigation [Member] | ||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||
Litigation, settlement amount | 36,500,000 | |||||||||||
Reduction of equity earnings resulting from litigation | $ 16,800,000 | |||||||||||
Bonterra Communities [Member] | ||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||
Gains on sales of real estate held for sale | $ 12,300,000 | |||||||||||
Williams And Bennett [Member] | ||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||
Less: Provision for income taxes | 600,000 | |||||||||||
Helen Grace [Member] | ||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||
Bargain gain from acquisition | $ 1,200,000 | |||||||||||
Less: Provision for income taxes | $ 800,000 |
Selected Quarterly Results (Sch
Selected Quarterly Results (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quaterly Results [Abstract] | |||||||||||
Revenues | $ 45,624 | $ 25,535 | $ 38,615 | $ 21,709 | $ 27,273 | $ 21,906 | $ 22,650 | $ 20,816 | $ 131,483 | $ 92,645 | $ 48,658 |
Recoveries from (provision for) loan losses | (1,399) | 4,427 | 6,608 | 3,821 | 4,517 | (656) | 2,046 | 1,248 | 13,457 | 7,155 | 43,865 |
Asset recoveries (impairments), net | (1,886) | (274) | 810 | 1,063 | 136 | (5,926) | 94 | (1,319) | (287) | (7,015) | (4,708) |
Other costs and expenses | (36,861) | (36,592) | (29,546) | (30,743) | (39,978) | (24,399) | (25,850) | (25,363) | (133,742) | (115,590) | |
Total costs and expenses | (40,146) | (32,439) | (22,128) | (25,859) | (35,325) | (30,981) | (23,710) | (25,434) | (120,572) | (115,450) | (14,082) |
Equity in earnings of Woodbridge Holdings, LLC | 9,033 | 10,306 | (10,168) | 5,803 | 3,317 | 7,635 | 8,108 | 6,222 | 14,974 | 25,282 | 13,461 |
Equity in losses of unconsolidated real estate joint ventures | (812) | (158) | (291) | (304) | (322) | (205) | (26) | (6) | (1,565) | (559) | |
Foreign exchange (loss) gain | (403) | (236) | 70 | (469) | (230) | (319) | 141 | (307) | (1,038) | (715) | (357) |
Income (loss) before income taxes | 13,296 | 3,008 | 6,098 | 880 | (5,287) | (1,964) | 7,163 | 1,291 | 23,282 | 1,203 | 47,680 |
Net income (loss) | 13,291 | 3,039 | 6,320 | 877 | (2,180) | (1,964) | 7,157 | 1,291 | 23,527 | 4,304 | 47,660 |
Net income (loss) attributable to BBX Capital Corporation | $ 13,486 | $ 3,116 | $ 4,138 | $ 1,034 | $ (2,056) | $ (1,898) | $ 7,291 | $ 1,358 | $ 21,774 | $ 4,695 | $ 47,839 |
Basic earnings (loss) per share | $ 0.82 | $ 0.19 | $ 0.26 | $ 0.06 | $ (0.13) | $ (0.12) | $ 0.46 | $ 0.08 | $ 1.34 | $ 0.29 | $ 3.02 |
Basic weighted average number of common shares outstanding | 16,394,000 | 16,175,000 | 16,172,000 | 16,172,000 | 16,172 | 16,007 | 16,006 | 15,986 | 16,229,000 | 16,043,000 | 15,843,000 |
Diluted earnings (loss) per share | $ 0.79 | $ 0.18 | $ 0.25 | $ 0.06 | $ (0.13) | $ (0.12) | $ 0.43 | $ 0.08 | $ 1.30 | $ 0.28 | $ 2.94 |
Diluted weighted average number of common shares outstanding | 17,001,000 | 16,852,000 | 16,885,000 | 16,725,000 | 16,172 | 16,007 | 16,791 | 16,699 | 16,805,000 | 16,678,000 | 16,278,000 |
Real Estate Investments And 125
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Total Cost | $ 7,900 | $ 22,440 | |
Accumulated Depreciation | 840 | $ 630 | |
Impairment of real estate | 14,540 | ||
Aggregate cost for federal income tax purposes | 6,400 | ||
Robo Vault [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | 1,590 | ||
Initial Cost, Buildings and Improvements | $ 6,310 | ||
Capitalized Costs Subsequent to Acquisition | |||
Other | |||
Total Cost | [1] | $ 7,900 | |
Accumulated Depreciation | $ 840 | ||
Year of Construction | 2,009 | ||
Foreclosure | 2013-04 | ||
Depreciable Lives (Years) | 40 years | ||
[1] | The aggregate cost for federal income tax purposes is $6.4 million. |
Real Estate Investments And 126
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Total Costs, Balance at December 31, 2014 | $ 22,440 |
Transfer to held-for-sale | (14,540) |
Total Costs, Balance at December 31, 2015 | 7,900 |
Accumulated Depreciation, Balance at December 31, 2014 | 630 |
Accumulated Depreciation, Depreciation | 652 |
Accumulated Depreciation, Transfer to held-for-sale | (442) |
Accumulated Depreciation, Balance at December 31, 2015 | $ 840 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Mortgage Loans On Real Estate, By Loan) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Prior Liens | $ 8,860 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 66,679 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 43,545 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 28,360 | |
Aggregate cost for federal income tax purposes | $ 48,500 | |
First-lien 1-4 Family [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 101 | [2] |
Mortgage Loans on Real Estate, Interest Rate | 5.71% | [2],[3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 17, 2033 | [2],[4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | [2] |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 34,432 | [2] |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 21,354 | [1],[2] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 27,450 | [2] |
Second lien -Consumer Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 45 | |
Mortgage Loans on Real Estate, Interest Rate | 3.21% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Feb. 18, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 8,107 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,686 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,368 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 910 | |
Small Business Real Estate [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 18 | |
Mortgage Loans on Real Estate, Interest Rate | 7.05% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 14, 2023 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 4,373 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 3,529 | [1] |
Commercial Real Estate Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | May 31, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 879 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 879 | [1] |
Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 7.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jun. 20, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 2,074 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,074 | [1] |
Marina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 2.08% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jan. 1, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 4,500 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,206 | [1] |
Apartment Building [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jun. 1, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 8,048 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 3,448 | [1] |
Residential [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.75% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | May 1, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 753 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,702 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 3,702 | [1] |
Land [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 4.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 31, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Maturity | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 3,985 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 3,985 | [1] |
[1] | The aggregate cost for federal income tax purposes was $48.5 million. | |
[2] | The Company does not own the servicing on these loans. | |
[3] | Represents weighted average interest rates for mortgage loans grouped by category where there is more than one loan in the category. | |
[4] | Represents weighted average maturity dates for mortgage loans grouped by category where there is more than one loan in a category. |
Mortgage Loans On Real Estat128
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans On Real Estate [Abstract] | |
Balance at December 31, 2014 | $ 61,230 |
Advances on existing mortgages | |
Collections of principal | $ (14,470) |
Foreclosures | $ (3,215) |
Costs of mortgages sold | |
Balance at December 31, 2015 | $ 43,545 |