Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
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 | |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 65,845 | $ 69,040 |
Restricted cash and time deposits | 1,345 | 2,651 |
Loans held-for-sale | 19,186 | 21,354 |
Loans receivable | 33,281 | 34,035 |
Trade receivables, net of allowance for bad debts of $370 in 2016 and $404 in 2015 | 14,593 | 13,732 |
Real estate held-for-investment | 32,838 | 31,290 |
Real estate held-for-sale | 46,165 | 46,338 |
Investments in unconsolidated real estate joint ventures | 42,922 | 42,962 |
Investment in Woodbridge Holdings, LLC | 78,070 | 75,545 |
Properties and equipment | 18,340 | 18,083 |
Inventories | 17,424 | 16,347 |
Goodwill | 7,601 | 7,601 |
Other intangible assets | 8,007 | 8,211 |
Other assets | 6,519 | 6,316 |
Total assets | 392,136 | 393,505 |
Liabilities: | ||
Accounts payable | 10,828 | 11,059 |
Notes paybale, net of debt issuance costs | 22,128 | 21,385 |
Principal and interest advances on residential loans | 10,172 | 10,356 |
Other liabilities | 11,726 | 14,726 |
Total liabilities | $ 54,854 | $ 57,526 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | $ 352,519 | $ 350,878 |
Accumulated deficit | (16,935) | (16,622) |
Accumulated other comprehensive income | 289 | 384 |
Total BBX Capital Corporation shareholders' equity | 336,037 | 334,804 |
Noncontrolling interest | 1,245 | 1,175 |
Total equity | 337,282 | 335,979 |
Total liabilities and equity | 392,136 | 393,505 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 162 | 162 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 2 | $ 2 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Trade receivables, allowance for bad debts | $ 370 | $ 404 |
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 | 16,199,145 |
Common stock, shares outstanding | 16,199,145 | 16,199,145 |
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 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Operations And Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues: | |||
Trade sales | $ 20,962 | $ 19,535 | |
Interest income | 1,067 | 818 | |
Net (losses) gains on the sales of assets | (45) | 2 | |
Income from real estate operations | 1,064 | 926 | |
Other | 624 | 428 | |
Total revenues | 23,672 | 21,709 | |
Costs and expenses: | |||
Cost of goods sold | 15,047 | 13,835 | |
Interest expense | 101 | 193 | |
Real estate operating expenses | 928 | 1,180 | |
Recoveries from loan losses, net | (1,748) | (3,821) | |
Asset recoveries, net | (37) | (1,063) | |
Selling, general and administrative expenses | 16,294 | 15,535 | |
Total costs and expenses | [1] | 30,585 | 25,859 |
Equity in earnings of Woodbridge Holdings, LLC | 6,735 | 5,803 | |
Equity in net losses of unconsolidated real estate joint ventures | (342) | (304) | |
Foreign exchange gain (loss) | 210 | (469) | |
(Loss) income before income taxes | $ (310) | 880 | |
Provision for income taxes | 3 | ||
Net (loss) income | $ (310) | 877 | |
Net (earnings) loss attributable to noncontrolling interest | (3) | 157 | |
Net (loss) income attributable to BBX Capital Corporation | $ (313) | $ 1,034 | |
Basic (loss) earnings per share | $ (0.02) | $ 0.06 | |
Diluted (loss) earnings per share | $ (0.02) | $ 0.06 | |
Basic weighted average number of common shares outstanding | 16,394,000 | 16,172,000 | |
Diluted weighted average number of common and common equivalent shares outstanding | 16,394 | 16,725 | |
Net (loss) income | $ (310) | $ 877 | |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments | (148) | 131 | |
Unrealized gains on securities available for sale | 25 | ||
Other comprehensive (loss) income, net of tax | (123) | 131 | |
Comprehensive (loss) income | (433) | 1,008 | |
Net (earnings) loss attributable to noncontrolling interest | (3) | 157 | |
Foreign currency translation adjustments attributable to noncontrolling interest | 28 | (25) | |
Total comprehensive (loss) income attributable to BBX Capital Corporation | $ (408) | $ 1,140 | |
[1] | Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Total Equity - USD ($) shares in Thousands, $ in Thousands | 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, 2014 | $ 162 | $ 347,937 | $ (38,396) | $ 85 | $ 309,788 | $ 1,492 | $ 311,280 | |
BALANCE, shares at Dec. 31, 2014 | 15,977 | |||||||
Net (loss) income | $ 1,034 | 1,034 | (157) | 877 | ||||
Other comprehensive income | $ 106 | 106 | $ 25 | 131 | ||||
Share based compensation expense | $ 1,231 | 1,231 | 1,231 | |||||
Share based compensation expense, shares | ||||||||
BALANCE at Mar. 31, 2015 | $ 162 | 349,168 | $ (37,362) | $ 191 | 312,159 | $ 1,360 | 313,519 | |
BALANCE, shares at Mar. 31, 2015 | 15,977 | |||||||
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 | |||||||
Net (loss) income | $ (313) | (313) | 3 | (310) | ||||
Noncontrolling interest contributions | 95 | 95 | ||||||
Other comprehensive income | $ (95) | (95) | $ (28) | (123) | ||||
Share based compensation expense | $ 1,641 | 1,641 | 1,641 | |||||
Share based compensation expense, shares | ||||||||
BALANCE at Mar. 31, 2016 | $ 164 | $ 352,519 | $ (16,935) | $ 289 | $ 336,037 | $ 1,245 | $ 337,282 | |
BALANCE, shares at Mar. 31, 2016 | 16,199 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidated Statements Of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (7,548) | $ (10,849) |
Investing activities: | ||
Proceeds from redemptions and maturities of tax certificates | 146 | 96 |
Decrease (increase) in restricted cash and time deposits | 1,306 | (2,645) |
Investments in securities | (371) | |
Net repayments of loans receivable | 4,065 | 6,658 |
Proceeds from the sale of loans receivable | 89 | |
Additions to real estate held-for-investment | (1,558) | (7,024) |
Additions to real estate held-for-sale | (169) | |
Proceeds from sales of real estate held-for-sale | 830 | 2,866 |
Purchases of properties and equipment | (811) | (496) |
Investment in unconsolidated real estate joint ventures | (301) | (68) |
Net cash provided by (used in) investing activities | 3,137 | (524) |
Financing activities: | ||
Repayment of BB&T preferred interest in FAR, LLC | (6,216) | |
Proceeds from notes payable | 1,206 | |
Repayment of notes payable | (85) | (1,278) |
Noncontrolling interest contributions | 95 | |
Net cash provided by (used in) financing activities | 1,216 | (7,494) |
Decrease in cash and cash equivalents | (3,195) | (18,867) |
Cash and cash equivalents at the beginning of period | 69,040 | 58,819 |
Cash and cash equivalents at the end of period | 65,845 | 39,952 |
Cash paid for: | ||
Interest on borrowings | 319 | 305 |
Income taxes payments, net | 3 | |
Supplementary disclosure of non-cash investing and financing activities: | ||
Loans receivable transferred to real estate held-for-sale or real estate held-for-investment | 826 | 2,156 |
Change in accumulated other comprehensive income | $ (123) | 131 |
Transfer of real estate-held-for-investment to real estate-held-for-sale | $ 1,027 |
Presentation Of Interim Financi
Presentation Of Interim Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Presentation Of Interim Financial Statements [Abstract] | |
Presentation Of Interim Financial Statements | 1. Presentation of Interim Financial Statements Basis of Financial Statement Presentation – BBX Capital Corporation together with its subsidiaries is referred to herein as “BBX Capital”, “we”, “us,” or “our” and is referred to herein without its subsidiaries as “BBX Capital Corporation”. BBX Capital is a Florida-based company involved in the acquisition, development, ownership and management of and investments in real estate and real estate development projects as well as operating businesses. Prior to the sale of BankAtlantic to BB&T Corporation (“BB&T”) on July 31, 2012, BBX Capital was a bank holding company and its principal asset was the ownership of BankAtlantic. The principal assets of BBX Capital currently consist of its 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”), investments in real estate joint ventures, legacy loans and real estate assets transferred to BBX Capital in connection with the sale of BankAtlantic and its acquired businesses . In April 2013, BBX Capital acquired a 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge’s principal asset is its ownership of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen 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 2 - Investment in Woodbridge Holdings, LLC). In October 2013, Renin Holdings, LLC (“Renin”), a joint venture owned 81% by BBX Capital and 19% by BFC, acquired substantially all of the assets and certain liabilities of Renin Corp. (“the Renin Transaction”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products. Renin is headquartered in Canada and has two manufacturing, assembly and distribution facilities in Canada and the United States. In December 2013, a wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings, LLC, acquired Hoffman’s Chocolates (“Hoffman’s”). Hoffman’s had total assets of $7.2 million as of March 31, 2016 and aggregate revenues of $5.2 million for the year ended December 31, 2015. Hoffman’s is a manufacturer of gourmet chocolates, with retail locations in South Florida. Subsequent to January 2014, BBX Sweet Holdings acquired manufacturers in the chocolate and candy industries serving wholesalers, boutique retailers, big box chains, department stores, national resort properties, corporate customers and private label brands. The companies acquired were Williams and Bennett, Helen Grace Chocolates (“Helen Grace”), Jer’s Chocolates (“Jer’s”), Anastasia Confections (“Anastasia”) and Kencraft Confections, LLC (“Kencraft”). The wholesale manufacturing companies acquired had aggregate total assets of $28.5 million as of March 31, 2016 and total aggregate revenues during the year ended December 31, 2015 of $22.5 million. 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% , respectively, at March 31, 2016. 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. All significant inter-company balances and transactions have been eliminated in consolidation. As used in each case in this document, the term “fair value” is an estimate of fair value as discussed herein. In management's opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of BBX Capital's condensed consolidated statement of financial condition at March 31, 2016, the condensed consolidated statements of operations and comprehensive (loss) income for the three months ended March 31, 2016 and 2015, and the condensed consolidated statements of total equity and statements of cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results of operations that may be expected for the subsequent interim periods during 2016 or for the year ended December 31, 2016. The condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the consolidated financial statements appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. 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 reflects the potential dilution that could occur if options to issue common shares were exercised or restricted stock units of BBX Capital were to vest. 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 units are included in the weighted average number of common shares outstanding based on the treasury stock method, if dilutive. During the three months ended March 31, 2016, options to acquire 7,016 shares of Class A common stock and 1,429,152 of restricted stock units were anti-dilutive. During the three months ended March 31, 2015 , options to acquire 15,481 shares of Class A common stock were anti-dilutive. Recently Adopted Accounting Pronouncements As of January 1, 2016, BBX Capital adopted Accounting Standards Update (“ASU”) Number 2015-03 –– Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs as amended by ASU 2015-15. ASU 2015-03 requires debt issuance costs related to recognized debt liabilities to be presented in the statement of financial condition as a direct deduction from the debt liability rather than an asset. However, ASU 2015-03 also permits presentation of debt issuance costs on line-of-credit arrangements as assets. Accordingly, as of March 31, 2016, approximately $33,000 of deferred debt issuance costs was presented as a direct deduction within Notes Payable on BBX Capital's Condensed Consolidated Statement of Financial Condition. Additionally, BBX Capital reclassified $36,000 of deferred debt issuance costs from Other Assets to Notes Payable as of December 31, 2015. Debt issuance costs for line-of-credit arrangements of $282,000 and $306,000 were included in other assets in BBX Capital’s Condensed Consolidated Statement of Financial Condition as of March 31, 2016 and December 31, 2015, respectively. As of January 1, 2016, BBX Capital adopted ASU 2015-02 – Amendments to the Consolidation Analysis (Topic 810): ASU 2015-02 update changed 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 adoption of this update on January 1, 2016 did not have a material impact on BBX Capital’s consolidated financial statements . New Accounting Pronouncements: The FASB has recently issued the following accounting pronouncements and guidance relevant to BBX Capital’s operations. (See BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2015 for accounting pronouncements issued prior to March 31, 2016 relevant to BBX Capital’s operations): Accounting Standards Update Number 2016-09 –– Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting. This update simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016 and interim periods within the reporting period. Early adoption is in any interim or annual period. BBX Capital is currently evaluating the requirements of this update and has not yet determined the impact it may have on its consolidated financial statements . Accounting Standards Update Number 2016-07 –– Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting. This update eliminates retroactive adjustments for an investment that qualifies for the use of the equity method as a result of an increase in the level of ownership interest associated with an existing investment. The amendment requires that the equity method investor add the cost of acquiring the additional interest to the current investment and adopt the equity method on the date that the investment becomes qualified for equity method accounting. The amendments in this update are effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined the impact it may have on its consolidated financial statements. 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. Further, in March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net), and in April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing (Topic 606) . These updates clarify implementation guidance on the related topic. The accounting guidance updates will replace most existing revenue recognition guidance in GAAP. The standard was to be effective for annual and interim reporting periods beginning after December 15, 2016. ASU 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 these updates and has not yet determined its impact on BBX Capital’ s condensed consolidated financial statements. |
Investment in Woodbridge Holdin
Investment in Woodbridge Holdings, LLC | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Woodbridge Holdings, LLC | 2 . 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 majority member of Woodbridge. Since BFC is the majority owner of Woodbridge, BBX Capital ’s investment in Woodbridge is accounted for under the equity method. 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. The following is activity related to BBX Capital’s investment in Woodbridge , which is accounted for under the equity method (in thousands): For the Three Months Ended March 31, 2016 2015 Investment in Woodbridge - beginning of period $ 75,545 73,026 Equity in earnings of Woodbridge 6,735 5,803 Dividends received from Woodbridge (4,210) - Investment in Woodbridge - end of period $ 78,070 78,829 The C ondensed Consolidated Statement s of Financial Condition as of the dates indicated of Woodbridge were as follows (in thousands): As of March 31, December 31, 2016 2015 Assets Cash and restricted cash $ 215,194 172,758 Notes receivable, net 410,401 415,598 Notes receivable from related parties 80,000 80,000 Inventory of real estate 219,983 220,211 Properties and equipment, net 71,654 71,937 Intangible assets, net 61,920 61,977 Other assets 66,453 61,794 Total assets $ 1,125,605 1,084,275 Liabilities and Equity Accounts payable, accrued liabilities and other $ 116,252 113,473 Deferred tax liabilities, net 120,048 110,202 Notes payable 524,304 503,521 Junior subordinated debentures 150,982 150,485 Total liabilities 911,586 877,681 Total Woodbridge members' equity 168,885 163,397 Noncontrolling interest 45,134 43,197 Total equity 214,019 206,594 Total liabilities and equity $ 1,125,605 1,084,275 The condensed Consolidated Statement s of Operations of Woodbridge were as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Total revenues $ 144,068 128,430 Total costs and expenses 117,811 105,489 Other income 166 1,066 Income before taxes 26,423 24,007 Provision for income taxes 9,845 8,606 Net income 16,578 15,401 Net income attributable to noncontrolling interest (1,937) (2,786) Net income attributable to Woodbridge 14,641 12,615 BBX Capital 46% equity in earnings of Woodbridge $ 6,735 5,803 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | 3 . Investments in Unconsolidated Real Estate Joint Ventures BBX Capital had the following investments in unconsolidated real estate joint ventures (in thousands): March 31, December 31, Investment in unconsolidated real estate joint ventures 2016 2015 Altis at Kendall Square, LLC $ 722 764 Altis at Lakeline - Austin Investors LLC 5,266 5,210 New Urban/BBX Development, LLC 1,015 864 Sunrise and Bayview Partners, LLC 1,561 1,577 Hialeah Communities, LLC 4,376 4,569 PGA Design Center Holdings, LLC 1,895 1,911 CCB Miramar, LLC 875 875 Centra Falls, LLC 717 727 The Addison on Millenia Investment, LLC 5,778 5,778 BBX/S Millenia Blvd Investments, LLC 4,905 4,905 Altis at Bonterra - Hialeah, LLC 15,812 15,782 Investments in unconsolidated real estate joint ventures $ 42,922 42,962 BBX Capital’s investments in unconsolidated real estate joint ventures are variable interest entities. The amount of interest capitalized in investments in unconsolidated real estate joint ventures associated with joint venture real estate development activities for the three months ended March 3 1 , 20 16 and 2015 was $121,000 and $96,000 , respectively. The condensed Statements of Operations for the three months ended March 3 1 , 201 6 and 201 5 for all the above listed equity method joint ventures in the aggregate was as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Total revenues $ 1,191 379 Total costs and expenses (1,856) (1,071) Net loss $ (665) (692) Equity in net losses of unconsolidated real estate joint ventures $ (342) (304) See Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 201 5 for information on investments in BBX Capital ’s other unconsolidated real estate joint ventures. |
Loans Held-For-Sale
Loans Held-For-Sale | 3 Months Ended |
Mar. 31, 2016 | |
Loan Held-For-Sale [Abstract] | |
Loans Held For Sale | 4 . Loans Held-for-Sale Loans held-for-sale were as follows (in thousands): March 31, December 31, 2016 2015 Residential $ 19,186 21,354 Loans held-for-sale are reported at the lower of cost or fair value measured on an aggregate basis . As of March 31, 2016 and December 31, 2015 the lower of cost or fair value adjustment on loans held-for-sale was $1.6 million. 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. As of March 31, 2016, foreclosure proceedings were in-process on $12.5 million of residential loans held for sale. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Loans Receivable [Abstract] | |
Loans Receivable | 5 . Loans Receivable BBX Capital ’s loans receivable portfolio consisted of the following components (in thousands ): March 31, December 31, 2016 2015 Commercial non-real estate $ 11,231 11,250 Commercial real estate 16,017 16,294 Small business 3,614 4,054 Consumer 2,264 2,368 Residential 155 69 Total loans, net of discount 33,281 34,035 Allowance for loan losses - - Loans receivable -- net $ 33,281 34,035 As of March 31, 2016, foreclosure proceedings were in-process on $0.3 million of consumer loans. The total discount on loans receivable was $3.2 million and $3.3 million as of March 3 1, 2016 and December 31, 2015, respectively. The recorded investment (unpaid principal balance less charge-offs and discounts) of non-accrual loans receivable was (in thousands): March 31, December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,231 1,250 Commercial real estate 9,543 9,639 Small business 3,614 4,054 Consumer 2,165 2,368 Residential 155 69 Total nonaccrual loans $ 16,708 17,380 An age analysis of the past due recorded investment in loans receivable as of March 3 1 , 201 6 and December 31, 201 5 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans March 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,902 11,231 Commercial real estate - - 3,986 3,986 12,031 16,017 Small business - 27 - 27 3,587 3,614 Consumer 108 - 622 730 1,534 2,264 Residential - 23 132 155 - 155 Total $ 108 50 5,069 5,227 28,054 33,281 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 (1) BBX Capital had no loans that were 90 days or more past due and still accruing interest as of March 31, 2016 and December 31, 2015. The activity in the allowance for loan losses for the three months ended March 3 1 , 201 6 and 201 5 was as follows (in thousands): For the Three Months Ended March 31, Allowance for Loan Losses: 2016 2015 Beginning balance $ - 977 Charge-offs : (30) (675) Recoveries : 1,778 3,900 Provision: (1,748) (3,821) Ending balance $ - 381 Ending balance individually evaluated for impairment $ - - Ending balance collectively evaluated for impairment - 381 Total $ - 381 Loans receivable: Ending balance individually evaluated for impairment $ 12,924 17,018 Ending balance collectively evaluated for impairment 20,357 9,945 Total $ 33,281 26,963 Proceeds from loan sales $ - 89 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 contractual 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 past 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. Impaired loans as of March 3 1 , 201 6 and December 31, 201 5 were as follows (in thousands): As of March 31, 2016 As of December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 16,708 29,450 - 17,380 30,212 - Total $ 16,708 29,450 - 17,380 30,212 - Average recorded investment and interest income recognized on impaired loans for the three months ended March 3 1 , 201 6 and 2015 were as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 273 1 Total with no allowance recorded 16,797 337 17,145 228 Total $ 16,797 337 17,418 229 Impaired loans without 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 loans that were collectively measured for impairment. BBX Capital had no commitments to lend additional funds on impaired loans as of March 3 1 , 201 6 . |
Real Estate Held-for-Investment
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 6 . Real Estate Held-for-Investment and Real Estate Held-for-Sale 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 March 31, 2016 December 31, 2015 Real estate held-for-sale Land $ 25,531 25,994 Rental properties 17,146 17,162 Residential single-family 3,230 2,924 Other 258 258 Total real estate held-for-sale $ 46,165 46,338 The following table presents real estate held-for-investment grouped in the following classifications (in thousands): As of March 31, 2016 December 31, 2015 Real estate held-for-investment Land $ 31,927 30,369 Other 911 921 Total real estate held-for-investment $ 32,838 31,290 The amount of interest capitalized to land held-for-investment associated with real estate development improvements for the three months en ded March 31, 2015 was $186,000 . There was no interest capitalized to land held-for-investment for the three months ended March 31, 2016. The following table presents the activity in real estate held-for-sale and held-for-investment for the three months ended March 31, 2016 and 2015 (in thousands): For the Three Months Ended March 31, 2016 March 31, 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,338 31,290 41,733 76,552 Acquired through foreclosure 826 - 2,156 - Transfers - - (1,027) 1,027 Improvements 169 1,558 - 7,024 Accumulated depreciation - (10) - (81) Sales (876) - (2,952) - Impairments, net (292) - (147) (225) End of period, net $ 46,165 32,838 39,763 84,297 The following table presents the real estate held-for-sale valuation allowance activity for the three months ended March 31 , 201 6 and 201 5 (in thousands): For the Three Months Ended March 31, 2016 2015 Beginning of period $ 4,400 2,940 Transfer to held-for-investment - (93) Impairments, net (1) 292 147 Sales (122) (577) End of period $ 4,570 2,417 (1) Tax certificate impairments are not included. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Inventories | 7 . Inventories Inventories were as follows (in thousands): March 31, December 31, 2016 2015 Raw materials $ 5,383 5,822 Paper goods and packaging materials 4,935 4,504 Finished goods 7,106 6,021 Total $ 17,424 16,347 Inventories consisted of $9.1 million for Renin and $8.3 million for BBX Sweet Holdings as of March 3 1 , 201 6 , and $8.4 million for Renin and $7.9 million for BBX Sweet Holdings as of December 31, 201 5 . 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 three months ended March 3 1 , 201 6 and 2015 were $1.4 million and $ 1.4 million , respectively, of costs associated with shipping goods to customers. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Related Parties [Abstract] | |
Related Parties | 8 . 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 previously chairman of BFC and Bluegreen. Mr. Abdo currently serves as Vice Chairman of BFC and Acting Chairman of Bluegreen. Alan Levan is currently a non-executive employee of Bluegreen, 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 pursuant to which BBX Capital provides office facilities to BFC and is reimbursed by BFC based on cost. BFC also provides risk management services to BBX Capital and BFC is reimbursed by BBX Capital based on cost. During the three months ended March 31, 2015, BBX Capital ’s employees were provided health insurance under policies maintained by Bluegreen for which Bluegreen was reimbursed at cost. Beginning January 1, 2016, BBX Capital employees are provided health insurance through health insurance policies maintained by BBX Capital. The table below shows the effect of these related party agreements and arrangements on BBX Capital ’s Condensed C onsolidated S tatements of O perations for the three months ended March 3 1 , 201 6 and 201 5 (in thousands): For the Three Months Ended March 31, 2016 2015 Other revenues $ 101 99 Expenses: Employee compensation and benefits - (185) Other - back-office support (42) (30) Net effect of affiliate transactions before income taxes $ 59 (116) As disclosed in Note 2, 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 connection with BBX Capital ’s acquisition of its 46% equity interest in Woodbridge. During September 2015, in connection with the settlement of the Bluegreen shareholder litigation, the $11.75 million Woodbridge note payable was paid-in-full. During the three mont h periods end ed March 3 1 , 2016 and 201 5 , BBX Capital recogniz ed $0 and $147,000 , respectively, of interest expense in connection with the Woodbridge note payable. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 9 . Segment Reporting The information provided for s egment r eporting is based on internal reports utilized by management. Results of operations are reported through three reportable segments: BBX , Renin and Sweet Holdings. The BBX reportable segment activities consisted of 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. The Renin reportable segment consists of the activities of Renin. Total revenues for the Renin reportable segment include $5.0 million and $6.5 million of trade sales to two major customers and their affiliates for the three months ended March 31, 2016 and 2015, respectively. Renin’s revenues generated outside of the United States totaled $5.0 milli on and $7.6 million for the three months ended March 31, 2016 and 2015, respectively. Renin’s properties and equipment located outside the United States totaled $1.2 million and $ 1.4 million as of March 31, 2016 and December 31, 2015 , respectively . The Sweet Holdings reportable segment consists of the activities of acquired operating businesses in the candy and confection industry. The Sweet Holdings reportable segment consists of the activities of the acquired operating businesses of Hoffman’s, Williams & Bennett , Jer’s, Helen Grace , Anastasia and Kencraft for the three months ended March 3 1 , 201 6 and the activities of Hoffman’s, Williams & Bennett , Jer’s, Helen Grace and Anastasia for the three months ended March 31, 2015 . Kencraft was acquired on April 1, 2015. The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies. Intersegment transactions are eliminated in consolidation. Depreciation and amortization consist of: depreciation on properties and equipment and amortization of leasehold improvements, intangible assets and deferred financing costs. BBX Capital evaluates segment performance based on segment net income after tax. The table s below provide segment information for the three months ended March 3 1 , 201 6 and 201 5 (in thousands ): Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total March 31, 2016: Revenues $ 2,863 13,775 7,190 (156) 23,672 Recoveries from loan losses, net 1,748 - - - 1,748 Asset recoveries 37 - - - 37 Other costs and expenses (9,644) (13,896) (9,107) 277 (32,370) Total costs and expenses (7,859) (13,896) (9,107) 277 (1) (30,585) Equity in earnings of unconsolidated companies 6,393 - - - 6,393 Foreign exchange gain - 210 - - 210 Segment income (loss) before income taxes 1,397 89 (1,917) 121 (310) Provision for income tax - - - - - Net income (loss) $ 1,397 89 (1,917) 121 (310) Total assets $ 644,581 25,337 35,037 (312,819) 392,136 Equity method investments included in total assets $ 120,992 - - - 120,992 Expenditures for segment assets $ 352 32 427 - 811 Depreciation and amortization $ 214 153 490 - 857 (1) Includes a reconciling item of $121,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2016 . Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total March 31, 2015: Revenues $ 2,312 13,524 6,011 (138) 21,709 Recoveries from loan losses, net 3,821 - - - 3,821 Asset recoveries, net 1,063 - - - 1,063 Other costs and expenses (10,491) (13,882) (6,548) 178 (30,743) Total costs and expenses (5,607) (13,882) (6,548) 178 (1) (25,859) Equity in earnings of unconsolidated companies 5,499 - - - 5,499 Foreign exchange loss - (469) - - (469) Segment income (loss) before income taxes 2,204 (827) (537) 40 880 Provision for income tax 3 - - - 3 Net income (loss) $ 2,201 (827) (537) 40 877 Total assets $ 646,673 22,915 31,833 (315,922) 385,499 Equity method investments included in total assets $ 94,636 - - - 94,636 Expenditures for segment assets $ 188 - 308 - 496 Depreciation and amortization $ 215 149 419 - 783 (1) Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 1 0 . Fair Value Measurement There were no assets or liabilities measured at fair value on a recurring basis in BBX Capital’s financial statements as of March 31, 2016 and December 31, 2015. The following table presents major categories of assets measured at fair value on a non-recurring basis as of March 31 , 201 6 (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 Three March 31, Assets Inputs Inputs Months Ended Description 2016 (Level 1) (Level 2) (Level 3) March 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 57 - - 57 18 Impaired real estate held-for-sale 9,080 - - 9,080 293 Impaired loans held-for-sale 7,509 - - 7,509 93 Total $ 16,646 - - 16,646 404 (1) Total impairments represent the amount of losses recognized during the three months ended March 3 1 , 201 6 on assets that were held and measured at fair value as of March 3 1 , 201 6 . Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): As of March 31, 2016 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 $ 57 Collateral Value less Cost to Sell $0.6 million Impaired real estate Fair Value of held-for-sale 9,080 Property Asset Purchase Agreements $0.2 - $8.8 million ( $4.5 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 7,509 Collateral Value less Cost to Sell $0.1 - $1.1 million ( $0.5 million) Total $ 16,646 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate amounts by the number of loans or real estate properties . The following table presents major categories of assets measured at fair value on a non-recurring basis as of March 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 Three March 31, Assets Inputs Inputs Months Ended Description 2015 (Level 1) (Level 2) (Level 3) March 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 110 - - 110 117 Impaired real estate held-for-sale and held-for-investment 1,631 - - 1,631 372 Total $ 1,741 - - 1,741 489 (1) Total impairments represent the amount of losses recognized during the three months ended March 3 1 , 201 5 on assets that were held and measured at fair value as of March 31 , 201 5 . Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): As of March 31, 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 $ 110 Collateral Value less Cost to Sell $0.3 million Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 1,631 Property Value less Cost to Sell $0.2 - $1.0 million ( $0.6 million) Total $ 1,741 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. There were no material liabilities measured at fair value on a non-recurring basis in BBX Capital ’s financial statements. 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 . The appraisals generally use the market or income approach valuation technique and use market observable data to formulate an estimate of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and 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 L evel 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 discount rates and foreclosure time frames 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. The following table presents the fair value of the BBX Capital’s consolidated financial instruments as of March 31, 2016: Fair Value Measurements Using Carrying Quoted prices in Amount Fair Value Active Markets Significant Significant As of As of for Identical Other Observable Unobservable (in thousands) March 31, March 31, Assets Inputs Inputs Description 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 65,845 65,845 65,845 - - Loans receivable including loans held-for-sale, net 52,467 61,624 - - 61,624 Restricted cash and time deposits at financial institutions 1,345 1,345 1,345 - - Financial liabilities: Notes payable 22,128 22,390 - - 22,390 Principal and interest advances on residential loans 10,172 9,648 - - 9,648 The following table presents the fair value of BBX Capital’s financial instruments as of December 31, 2015: 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 21,385 21,514 - - 21,514 Principal and interest advances on residential loans 10,356 9,630 - - 9,630 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 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 delinquency categories. The fair value of loans is calculated by using an income approach with Level 3 inputs. The fair value of 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 collateral dependent loans is estimated using an income approach with Level 3 inputs utiliz ing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. The fair value of notes payables 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. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 1 . Commitments and Contingencies BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures 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 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 March 3 1 , 201 6 . In July 2014, BBX Capital entered into the Hialeah Communities joint venture with CC Bonterra to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah , Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. In March 2015, the joint venture refinanced the $8.3 million mortgage loan as part of a $31.0 million acquisition and development loan. BBX Capital is a guarantor of 26.3% of the joint venture’s $31.0 million acquisition and development loan. BBX Capital is a guarantor on the $5.3 million Anastasia note payable. The Anastasia note payable is also secured by the common stock of Anastasia. On August 7, 2015, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements, with I beriabank , which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. The outstanding balance of the Iberiabank notes payable was $5.0 million as of March 31, 2016. The f acility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. The outstanding balance of the Hoffman’s Centennial Bank notes payable was $1.6 million . BBX Sweet Holdings and BBX Capital are guarantors of th is note , which is secured by $2.1 million of properties and equipment. In connection with the Kencraft acquisition, BBX Sweet Holdings issued a $400,000 note payable to the seller. BBX Capital is the guarantor on this note payable. BBX Capital and its consolidated subsidiaries are parties to lawsuits as plaintiff or defendant involving its collections, lending and prior period tax certificate activities. Although the 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 accrued for these claims. There were no reserves accrued as of March 31, 2016. In certain matters , BBX Capital is unable to estimate the loss or reasonable range of loss until additional developments in the case provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters the claims are broad and the plaintiffs have not quantified or factually supported the claim. BBX Capital believe s that liabilities arising from litigation discussed below, in excess of the amounts currently accrued, if any, are not expected to have a material impact on the BBX Capital’s 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 the BBX Capital ’s consolidated financial statements. The discussion below does not include litigation relating to companies which are not consolidated into our financial statements, including Woodbridge and Bluegreen. 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 alleges that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The Court denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. On December 15, 2014, after a six-week trial, the jury found in favor of BBX Capital and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BBX Capital’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) in their decision to sell certain loans in the fourth quarter of 2007 and failing to classify the loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. 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 the 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 resign ed 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, the Company 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 its 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 d 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 believe d 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 fairness hearing was held on April 25, 2016, during which the Court reserved decision on final approval. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 2 . Subsequent Events In December 2015, BBX Capital closed on the sale of an approximately 36 -acre parcel of land to Lennar Corporation (“Lennar”) for total consideration of approximately $26 million. The parcel is located within BBX Capital ’s master-planned community of Bonterra in Hialeah, Florida and had a carrying value of approximately $16 million. Approximately $16 million of the consideration for the parcel was paid to BBX Capital in cash at closing, with the balance evidenced by a $10 million promissory note made by Lennar in favor of BBX Capital . Lennar repaid t he promissory note on April 13, 2016 . |
Presentation Of Interim Finan19
Presentation Of Interim Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Presentation Of Interim Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation – BBX Capital Corporation together with its subsidiaries is referred to herein as “BBX Capital”, “we”, “us,” or “our” and is referred to herein without its subsidiaries as “BBX Capital Corporation”. BBX Capital is a Florida-based company involved in the acquisition, development, ownership and management of and investments in real estate and real estate development projects as well as operating businesses. Prior to the sale of BankAtlantic to BB&T Corporation (“BB&T”) on July 31, 2012, BBX Capital was a bank holding company and its principal asset was the ownership of BankAtlantic. The principal assets of BBX Capital currently consist of its 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”), investments in real estate joint ventures, legacy loans and real estate assets transferred to BBX Capital in connection with the sale of BankAtlantic and its acquired businesses . In April 2013, BBX Capital acquired a 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge’s principal asset is its ownership of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen 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 2 - Investment in Woodbridge Holdings, LLC). In October 2013, Renin Holdings, LLC (“Renin”), a joint venture owned 81% by BBX Capital and 19% by BFC, acquired substantially all of the assets and certain liabilities of Renin Corp. (“the Renin Transaction”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products. Renin is headquartered in Canada and has two manufacturing, assembly and distribution facilities in Canada and the United States. In December 2013, a wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings, LLC, acquired Hoffman’s Chocolates (“Hoffman’s”). Hoffman’s had total assets of $7.2 million as of March 31, 2016 and aggregate revenues of $5.2 million for the year ended December 31, 2015. Hoffman’s is a manufacturer of gourmet chocolates, with retail locations in South Florida. Subsequent to January 2014, BBX Sweet Holdings acquired manufacturers in the chocolate and candy industries serving wholesalers, boutique retailers, big box chains, department stores, national resort properties, corporate customers and private label brands. The companies acquired were Williams and Bennett, Helen Grace Chocolates (“Helen Grace”), Jer’s Chocolates (“Jer’s”), Anastasia Confections (“Anastasia”) and Kencraft Confections, LLC (“Kencraft”). The wholesale manufacturing companies acquired had aggregate total assets of $28.5 million as of March 31, 2016 and total aggregate revenues during the year ended December 31, 2015 of $22.5 million. 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% , respectively, at March 31, 2016. 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. All significant inter-company balances and transactions have been eliminated in consolidation. As used in each case in this document, the term “fair value” is an estimate of fair value as discussed herein. In management's opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of BBX Capital's condensed consolidated statement of financial condition at March 31, 2016, the condensed consolidated statements of operations and comprehensive (loss) income for the three months ended March 31, 2016 and 2015, and the condensed consolidated statements of total equity and statements of cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of results of operations that may be expected for the subsequent interim periods during 2016 or for the year ended December 31, 2016. The condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the consolidated financial statements appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. 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 reflects the potential dilution that could occur if options to issue common shares were exercised or restricted stock units of BBX Capital were to vest. 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 units are included in the weighted average number of common shares outstanding based on the treasury stock method, if dilutive. During the three months ended March 31, 2016, options to acquire 7,016 shares of Class A common stock and 1,429,152 of restricted stock units were anti-dilutive. During the three months ended March 31, 2015 , options to acquire 15,481 shares of Class A common stock were anti-dilutive. |
Recently Adopted Accounting Pronouncements And New Accounting Pronouncements | Recently Adopted Accounting Pronouncements As of January 1, 2016, BBX Capital adopted Accounting Standards Update (“ASU”) Number 2015-03 –– Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs as amended by ASU 2015-15. ASU 2015-03 requires debt issuance costs related to recognized debt liabilities to be presented in the statement of financial condition as a direct deduction from the debt liability rather than an asset. However, ASU 2015-03 also permits presentation of debt issuance costs on line-of-credit arrangements as assets. Accordingly, as of March 31, 2016, approximately $33,000 of deferred debt issuance costs was presented as a direct deduction within Notes Payable on BBX Capital's Condensed Consolidated Statement of Financial Condition. Additionally, BBX Capital reclassified $36,000 of deferred debt issuance costs from Other Assets to Notes Payable as of December 31, 2015. Debt issuance costs for line-of-credit arrangements of $282,000 and $306,000 were included in other assets in BBX Capital’s Condensed Consolidated Statement of Financial Condition as of March 31, 2016 and December 31, 2015, respectively. As of January 1, 2016, BBX Capital adopted ASU 2015-02 – Amendments to the Consolidation Analysis (Topic 810): ASU 2015-02 update changed 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 adoption of this update on January 1, 2016 did not have a material impact on BBX Capital’s consolidated financial statements . New Accounting Pronouncements: The FASB has recently issued the following accounting pronouncements and guidance relevant to BBX Capital’s operations. (See BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2015 for accounting pronouncements issued prior to March 31, 2016 relevant to BBX Capital’s operations): Accounting Standards Update Number 2016-09 –– Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting. This update simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016 and interim periods within the reporting period. Early adoption is in any interim or annual period. BBX Capital is currently evaluating the requirements of this update and has not yet determined the impact it may have on its consolidated financial statements . Accounting Standards Update Number 2016-07 –– Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting. This update eliminates retroactive adjustments for an investment that qualifies for the use of the equity method as a result of an increase in the level of ownership interest associated with an existing investment. The amendment requires that the equity method investor add the cost of acquiring the additional interest to the current investment and adopt the equity method on the date that the investment becomes qualified for equity method accounting. The amendments in this update are effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. BBX Capital is currently evaluating the requirements of this update and has not yet determined the impact it may have on its consolidated financial statements. |
Investment in Woodbridge Hold20
Investment in Woodbridge Holdings, LLC (Tables) - Woodbridge Holdings, LLC [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Investment In Venture And The Adjustment To Investment | For the Three Months Ended March 31, 2016 2015 Investment in Woodbridge - beginning of period $ 75,545 73,026 Equity in earnings of Woodbridge 6,735 5,803 Dividends received from Woodbridge (4,210) - Investment in Woodbridge - end of period $ 78,070 78,829 |
Summary Of Statement Of Financial Condition | As of March 31, December 31, 2016 2015 Assets Cash and restricted cash $ 215,194 172,758 Notes receivable, net 410,401 415,598 Notes receivable from related parties 80,000 80,000 Inventory of real estate 219,983 220,211 Properties and equipment, net 71,654 71,937 Intangible assets, net 61,920 61,977 Other assets 66,453 61,794 Total assets $ 1,125,605 1,084,275 Liabilities and Equity Accounts payable, accrued liabilities and other $ 116,252 113,473 Deferred tax liabilities, net 120,048 110,202 Notes payable 524,304 503,521 Junior subordinated debentures 150,982 150,485 Total liabilities 911,586 877,681 Total Woodbridge members' equity 168,885 163,397 Noncontrolling interest 45,134 43,197 Total equity 214,019 206,594 Total liabilities and equity $ 1,125,605 1,084,275 |
Condensed Statement Of Operations | For the Three Months Ended March 31, 2016 2015 Total revenues $ 144,068 128,430 Total costs and expenses 117,811 105,489 Other income 166 1,066 Income before taxes 26,423 24,007 Provision for income taxes 9,845 8,606 Net income 16,578 15,401 Net income attributable to noncontrolling interest (1,937) (2,786) Net income attributable to Woodbridge 14,641 12,615 BBX Capital 46% equity in earnings of Woodbridge $ 6,735 5,803 |
Investments in Unconsolidated21
Investments in Unconsolidated Real Estate Joint Ventures (Tables) - Unconsolidated Real Estate Joint Ventures [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | March 31, December 31, Investment in unconsolidated real estate joint ventures 2016 2015 Altis at Kendall Square, LLC $ 722 764 Altis at Lakeline - Austin Investors LLC 5,266 5,210 New Urban/BBX Development, LLC 1,015 864 Sunrise and Bayview Partners, LLC 1,561 1,577 Hialeah Communities, LLC 4,376 4,569 PGA Design Center Holdings, LLC 1,895 1,911 CCB Miramar, LLC 875 875 Centra Falls, LLC 717 727 The Addison on Millenia Investment, LLC 5,778 5,778 BBX/S Millenia Blvd Investments, LLC 4,905 4,905 Altis at Bonterra - Hialeah, LLC 15,812 15,782 Investments in unconsolidated real estate joint ventures $ 42,922 42,962 |
Condensed Statements Of Operations For All Equity Method Joint Ventures | For the Three Months Ended March 31, 2016 2015 Total revenues $ 1,191 379 Total costs and expenses (1,856) (1,071) Net loss $ (665) (692) Equity in net losses of unconsolidated real estate joint ventures $ (342) (304) |
Loans Held-For-Sale (Tables)
Loans Held-For-Sale (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loan Held-For-Sale [Abstract] | |
Loans Held-For-Sale | March 31, December 31, 2016 2015 Residential $ 19,186 21,354 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans Receivable [Abstract] | |
Components Of Loans Receivable Portfolio | March 31, December 31, 2016 2015 Commercial non-real estate $ 11,231 11,250 Commercial real estate 16,017 16,294 Small business 3,614 4,054 Consumer 2,264 2,368 Residential 155 69 Total loans, net of discount 33,281 34,035 Allowance for loan losses - - Loans receivable -- net $ 33,281 34,035 |
Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable | March 31, December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,231 1,250 Commercial real estate 9,543 9,639 Small business 3,614 4,054 Consumer 2,165 2,368 Residential 155 69 Total nonaccrual loans $ 16,708 17,380 |
Age Analysis Of The Past Due Recorded Investment In Loans Receivable | Total 31-59 Days 60-89 Days 90 Days Total Loans March 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,902 11,231 Commercial real estate - - 3,986 3,986 12,031 16,017 Small business - 27 - 27 3,587 3,614 Consumer 108 - 622 730 1,534 2,264 Residential - 23 132 155 - 155 Total $ 108 50 5,069 5,227 28,054 33,281 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 (1) BBX Capital had no loans that were 90 days or more past due and still accruing interest as of March 31, 2016 and December 31, 2015. |
Activity In The Allowance For Loan Losses | For the Three Months Ended March 31, Allowance for Loan Losses: 2016 2015 Beginning balance $ - 977 Charge-offs : (30) (675) Recoveries : 1,778 3,900 Provision: (1,748) (3,821) Ending balance $ - 381 Ending balance individually evaluated for impairment $ - - Ending balance collectively evaluated for impairment - 381 Total $ - 381 Loans receivable: Ending balance individually evaluated for impairment $ 12,924 17,018 Ending balance collectively evaluated for impairment 20,357 9,945 Total $ 33,281 26,963 Proceeds from loan sales $ - 89 |
Impaired Loans | As of March 31, 2016 As of December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 16,708 29,450 - 17,380 30,212 - Total $ 16,708 29,450 - 17,380 30,212 - |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | For the Three Months Ended March 31, 2016 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 273 1 Total with no allowance recorded 16,797 337 17,145 228 Total $ 16,797 337 17,418 229 |
Real Estate Held-for-Investme24
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |
Real Estate Held-For-Sale | As of March 31, 2016 December 31, 2015 Real estate held-for-sale Land $ 25,531 25,994 Rental properties 17,146 17,162 Residential single-family 3,230 2,924 Other 258 258 Total real estate held-for-sale $ 46,165 46,338 |
Real Estate Held-For-Investment | As of March 31, 2016 December 31, 2015 Real estate held-for-investment Land $ 31,927 30,369 Other 911 921 Total real estate held-for-investment $ 32,838 31,290 |
Real Estate Activity | For the Three Months Ended March 31, 2016 March 31, 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,338 31,290 41,733 76,552 Acquired through foreclosure 826 - 2,156 - Transfers - - (1,027) 1,027 Improvements 169 1,558 - 7,024 Accumulated depreciation - (10) - (81) Sales (876) - (2,952) - Impairments, net (292) - (147) (225) End of period, net $ 46,165 32,838 39,763 84,297 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Three Months Ended March 31, 2016 2015 Beginning of period $ 4,400 2,940 Transfer to held-for-investment - (93) Impairments, net (1) 292 147 Sales (122) (577) End of period $ 4,570 2,417 Tax certificate impairments are not included. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Inventories | March 31, December 31, 2016 2015 Raw materials $ 5,383 5,822 Paper goods and packaging materials 4,935 4,504 Finished goods 7,106 6,021 Total $ 17,424 16,347 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Parties [Abstract] | |
Schedule Of Service Arrangements With Related Parties | For the Three Months Ended March 31, 2016 2015 Other revenues $ 101 99 Expenses: Employee compensation and benefits - (185) Other - back-office support (42) (30) Net effect of affiliate transactions before income taxes $ 59 (116) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Information | Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total March 31, 2016: Revenues $ 2,863 13,775 7,190 (156) 23,672 Recoveries from loan losses, net 1,748 - - - 1,748 Asset recoveries 37 - - - 37 Other costs and expenses (9,644) (13,896) (9,107) 277 (32,370) Total costs and expenses (7,859) (13,896) (9,107) 277 (1) (30,585) Equity in earnings of unconsolidated companies 6,393 - - - 6,393 Foreign exchange gain - 210 - - 210 Segment income (loss) before income taxes 1,397 89 (1,917) 121 (310) Provision for income tax - - - - - Net income (loss) $ 1,397 89 (1,917) 121 (310) Total assets $ 644,581 25,337 35,037 (312,819) 392,136 Equity method investments included in total assets $ 120,992 - - - 120,992 Expenditures for segment assets $ 352 32 427 - 811 Depreciation and amortization $ 214 153 490 - 857 (1) Includes a reconciling item of $121,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2016 . Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total March 31, 2015: Revenues $ 2,312 13,524 6,011 (138) 21,709 Recoveries from loan losses, net 3,821 - - - 3,821 Asset recoveries, net 1,063 - - - 1,063 Other costs and expenses (10,491) (13,882) (6,548) 178 (30,743) Total costs and expenses (5,607) (13,882) (6,548) 178 (1) (25,859) Equity in earnings of unconsolidated companies 5,499 - - - 5,499 Foreign exchange loss - (469) - - (469) Segment income (loss) before income taxes 2,204 (827) (537) 40 880 Provision for income tax 3 - - - 3 Net income (loss) $ 2,201 (827) (537) 40 877 Total assets $ 646,673 22,915 31,833 (315,922) 385,499 Equity method investments included in total assets $ 94,636 - - - 94,636 Expenditures for segment assets $ 188 - 308 - 496 Depreciation and amortization $ 215 149 419 - 783 Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (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 Three March 31, Assets Inputs Inputs Months Ended Description 2016 (Level 1) (Level 2) (Level 3) March 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 57 - - 57 18 Impaired real estate held-for-sale 9,080 - - 9,080 293 Impaired loans held-for-sale 7,509 - - 7,509 93 Total $ 16,646 - - 16,646 404 (1) Total impairments represent the amount of losses recognized during the three months ended March 31, 2016 on assets that were held and measured at fair value as of March 31, 2016. The following table presents major categories of assets measured at fair value on a non-recurring basis as of March 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 Three March 31, Assets Inputs Inputs Months Ended Description 2015 (Level 1) (Level 2) (Level 3) March 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 110 - - 110 117 Impaired real estate held-for-sale and held-for-investment 1,631 - - 1,631 372 Total $ 1,741 - - 1,741 489 (1) Total impairments represent the amount of losses recognized during the three months ended March 31, 2015 on assets that were held and measured at fair value as of March 31, 2015. |
Schedule Of Quantitative Fair Value Measurements | Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): As of March 31, 2016 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 $ 57 Collateral Value less Cost to Sell $0.6 million Impaired real estate Fair Value of held-for-sale 9,080 Property Asset Purchase Agreements $0.2 - $8.8 million ($4.5 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 7,509 Collateral Value less Cost to Sell $0.1 - $1.1 million ($0.5 million) Total $ 16,646 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate amounts by the number of loans or real estate properties. Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): As of March 31, 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 $ 110 Collateral Value less Cost to Sell $0.3 million Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 1,631 Property Value less Cost to Sell $0.2 - $1.0 million ($0.6 million) Total $ 1,741 (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 | The following table presents the fair value of the BBX Capital’s consolidated financial instruments as of March 31, 2016: Fair Value Measurements Using Carrying Quoted prices in Amount Fair Value Active Markets Significant Significant As of As of for Identical Other Observable Unobservable (in thousands) March 31, March 31, Assets Inputs Inputs Description 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 65,845 65,845 65,845 - - Loans receivable including loans held-for-sale, net 52,467 61,624 - - 61,624 Restricted cash and time deposits at financial institutions 1,345 1,345 1,345 - - Financial liabilities: Notes payable 22,128 22,390 - - 22,390 Principal and interest advances on residential loans 10,172 9,648 - - 9,648 The following table presents the fair value of BBX Capital’s financial instruments as of December 31, 2015: 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 21,385 21,514 - - 21,514 Principal and interest advances on residential loans 10,356 9,630 - - 9,630 |
Presentation Of Interim Finan29
Presentation Of Interim Financial Statements (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2013item | Mar. 31, 2016USD ($)$ / sharesitempropertyshares | Mar. 31, 2015shares | Dec. 31, 2015USD ($) | Oct. 31, 2013 | |
Presentation Of Interim Financial Statements [Line Items] | |||||
Puchase of common stock through tender offer | 2 | ||||
Woodbridge Holdings, LLC [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Number of owners | item | 190,000 | ||||
Restricted Stock [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Anti-dilutive stock | 1,429,152 | ||||
Restricted Class A Common Stock Awards [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Anti-dilutive stock | 15,481 | ||||
BFC Financial Corporation [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Ownership percentage by parent | 54.00% | ||||
BBX Capital Asset Management, LLC [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Ownership percentage by noncontrolling owners | 46.00% | ||||
Class A Common Stock [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Voting interest | 53.00% | ||||
Anti-dilutive stock | 7,016 | ||||
Number of votes per share | item | 1 | ||||
Percent of common equity | 99.00% | ||||
Class B Common Stock [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Voting interest | 47.00% | ||||
Number of votes per share | $ / shares | 1 | ||||
Percent of common equity | 1.00% | ||||
Class B Common Stock [Member] | BFC Financial Corporation [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Aggregate number of shares owned, threshold | 97,523 | ||||
Percent of aggregate number of shares held | 50.00% | ||||
Renin Corp [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Ownership percentage by noncontrolling owners | 81.00% | ||||
Ownership percentage by parent | 19.00% | ||||
Manufacturing, assembly, and distribution facilities | property | 2 | ||||
Hoffmans [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Assets acquired | $ | $ 7.2 | ||||
Aggregate revenues | $ | $ 5.2 | ||||
Wholesale Manufacturing Companies [Member] | |||||
Presentation Of Interim Financial Statements [Line Items] | |||||
Assets acquired | $ | $ 28.5 | ||||
Aggregate revenues | $ | $ 22.5 |
Investment in Woodbridge Hold30
Investment in Woodbridge Holdings, LLC (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 02, 2013 |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 78,070 | $ 75,545 | |||
Woodbridge Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 78,070 | $ 75,545 | $ 78,829 | $ 73,026 | $ 71,750 |
Investment ownership percentage | 46.00% | 46.00% | |||
Ownership in company after increase | 46.00% | 46.00% | |||
BFC Financial Corporation [Member] | Woodbridge Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment ownership percentage | 54.00% | ||||
Ownership in company after increase | 54.00% |
Investment in Woodbridge Hold31
Investment in Woodbridge Holdings, LLC (Investment In Venture And The Adjustment To Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||
Investment in Woodbridge, Beginning of Period | $ 75,545 | |
Equity in earnings of Woodbridge | 6,735 | $ 5,803 |
Investment in Woodbridge, End of Period | 78,070 | |
Woodbridge Holdings, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Investment in Woodbridge, Beginning of Period | 75,545 | 73,026 |
Equity in earnings of Woodbridge | 6,735 | $ 5,803 |
Dividends received from Woodbridge | (4,210) | |
Investment in Woodbridge, End of Period | $ 78,070 | $ 78,829 |
Investment in Woodbridge Hold32
Investment in Woodbridge Holdings, LLC (Condensed Statement of Financial Condition and Condensed Statement of Operations) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Cash and restricted cash | $ 65,845 | $ 69,040 | ||
Properties and equipment, net | 18,340 | 18,083 | ||
Total assets | 392,136 | 393,505 | $ 385,499 | |
Notes payable | 22,128 | 21,385 | ||
Total liabilities | 54,854 | 57,526 | ||
Total Woodbridge members' equity | 336,037 | 334,804 | ||
Noncontrolling interest | 1,245 | 1,175 | ||
Total equity | 337,282 | 335,979 | $ 313,519 | $ 311,280 |
Total liabilities and equity | 392,136 | 393,505 | ||
Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and restricted cash | 215,194 | 172,758 | ||
Notes receivable, net | 410,401 | 415,598 | ||
Notes receivable from related parties | 80,000 | 80,000 | ||
Inventory of real estate | 219,983 | 220,211 | ||
Properties and equipment, net | 71,654 | 71,937 | ||
Intangible assets, net | 61,920 | 61,977 | ||
Other assets | 66,453 | 61,794 | ||
Total assets | 1,125,605 | 1,084,275 | ||
Accounts payable, accrued liabilities and other | 116,252 | 113,473 | ||
Deferred tax liabilities, net | 120,048 | 110,202 | ||
Notes payable | 524,304 | 503,521 | ||
Junior subordinated debentures | 150,982 | 150,485 | ||
Total liabilities | 911,586 | 877,681 | ||
Total Woodbridge members' equity | 168,885 | 163,397 | ||
Noncontrolling interest | 45,134 | 43,197 | ||
Total equity | 214,019 | 206,594 | ||
Total liabilities and equity | $ 1,125,605 | $ 1,084,275 |
Investment in Woodbridge Hold33
Investment in Woodbridge Holdings, LLC (Condensed Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Apr. 02, 2013 | ||
Business Acquisition [Line Items] | ||||
Total revenues | $ 23,672 | $ 21,709 | ||
Total costs and expenses | [1] | 30,585 | 25,859 | |
Income before taxes | $ (310) | 880 | ||
Provision for income taxes | 3 | |||
Net income | $ (310) | 877 | ||
BBX Capital 46% equity earnings in Woodbridge | 6,735 | 5,803 | ||
Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Total revenues | 144,068 | 128,430 | ||
Total costs and expenses | 117,811 | 105,489 | ||
Other income | 166 | 1,066 | ||
Income before taxes | 26,423 | 24,007 | ||
Provision for income taxes | 9,845 | 8,606 | ||
Net income | 16,578 | 15,401 | ||
Net income attributable to noncontrolling interest | (1,937) | (2,786) | ||
Net income attributable to Woodbridge | 14,641 | 12,615 | ||
BBX Capital 46% equity earnings in Woodbridge | $ 6,735 | $ 5,803 | ||
Equity earning percentage | 46.00% | 46.00% | ||
[1] | Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 |
Investments in Unconsolidated34
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Capitalized interest on real estate development and joint venture activities | $ 121,000 | $ 96,000 |
Investments in Unconsolidated35
Investments in Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | $ 42,922 | $ 42,962 |
Altis at Kendall Square, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 722 | 764 |
Altis at Lakeline - Austin Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 5,266 | 5,210 |
New Urban/BBX Development, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 1,015 | 864 |
Sunrise and Bayview Partners, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 1,561 | 1,577 |
Hialeah Communities, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 4,376 | 4,569 |
PGA Design Center Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 1,895 | 1,911 |
CCB Miramar. LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 875 | 875 |
BBX Centra, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 717 | 727 |
The Addison on Millenia Investment, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 5,778 | 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 | 4,905 |
Altis at Bonterra - Hialeah, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | $ 15,812 | $ 15,782 |
Investments in Unconsolidated36
Investments in Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For All Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 23,672 | $ 21,709 | |
Total costs and expenses | [1] | (30,585) | (25,859) |
Net (loss) income | (310) | 877 | |
Equity in net losses of unconsolidated real estate joint ventures | (342) | (304) | |
Equity Method Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 1,191 | 379 | |
Total costs and expenses | (1,856) | (1,071) | |
Net (loss) income | (665) | (692) | |
Equity in net losses of unconsolidated real estate joint ventures | $ (342) | $ (304) | |
[1] | Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 |
Loans Held-For-Sale (Narrative)
Loans Held-For-Sale (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loans held-for-sale [Line Items] | |
Gain on lower of cost or fair value adjustment on loans held-for-sale | $ 1.6 |
Residential [Member] | |
Loans held-for-sale [Line Items] | |
Loans held for sale | $ 12.5 |
Loans Held-For-Sale (Loans Held
Loans Held-For-Sale (Loans Held-For-Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans held-for-sale [Line Items] | ||
Loans held-for-sale | $ 19,186 | $ 21,354 |
Residential [Member] | ||
Loans held-for-sale [Line Items] | ||
Loans held-for-sale | $ 19,186 | $ 21,354 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Loans Receivable [Abstract] | ||
Foreclosure proceedings in-process on consumer loans | $ 300,000 | |
Discount on loans receivable | 3,200,000 | $ 3,300,000 |
Commitments to lend additional funds on impaired loans | $ 0 |
Loans Receivable (Components Of
Loans Receivable (Components Of Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | $ 33,281 | $ 34,035 | $ 26,963 |
Loans receivable -- net | 33,281 | 34,035 | |
Commerical Non-Real Estate [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 11,231 | 11,250 | |
Commercial Real Estate [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 16,017 | 16,294 | |
Small Business [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 3,614 | 4,054 | |
Consumer [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | 2,264 | 2,368 | |
Residential Real Estate [Member] | |||
Composition Of Loans By Category [Line Items] | |||
Total loans, net of discount | $ 155 | $ 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 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 16,708 | $ 17,380 |
Commerical Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 1,231 | 1,250 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 9,543 | 9,639 |
Small Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 3,614 | 4,054 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 2,165 | 2,368 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 155 | $ 69 |
Loans Receivable (Age Analysis
Loans Receivable (Age Analysis Of The Past Due Recorded Investment In Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 5,227 | $ 5,602 | |
Current | 28,054 | 28,433 | |
Total Loans Receivable | 33,281 | 34,035 | |
Loans 90 days or more past due and still accruing interest | 0 | 0 | |
31-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 108 | 316 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 50 | 367 | |
90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [1] | 5,069 | 4,919 |
Commerical Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 329 | 329 | |
Current | 10,902 | 10,921 | |
Total Loans Receivable | 11,231 | 11,250 | |
Commerical Non-Real Estate [Member] | 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [1] | 329 | 329 |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,986 | 3,986 | |
Current | 12,031 | 12,308 | |
Total Loans Receivable | 16,017 | 16,294 | |
Commercial Real Estate [Member] | 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [1] | 3,986 | 3,986 |
Small Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 27 | 205 | |
Current | 3,587 | 3,849 | |
Total Loans Receivable | 3,614 | 4,054 | |
Small Business [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 27 | 205 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 730 | 1,016 | |
Current | 1,534 | 1,352 | |
Total Loans Receivable | 2,264 | 2,368 | |
Consumer [Member] | 31-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 108 | 316 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 138 | ||
Consumer [Member] | 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [1] | 622 | 562 |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 155 | 66 | |
Current | 3 | ||
Total Loans Receivable | 155 | 69 | |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 23 | 24 | |
Residential Real Estate [Member] | 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [1] | $ 132 | $ 42 |
[1] | BBX Capital had no loans that were 90 days or more past due and still accruing interest as of March 31, 2016 and December 31, 2015. |
Loans Receivable (Activity In T
Loans Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Loans Receivable [Abstract] | ||||
Allowance for Loan Losses, Beginning balance | $ 977 | |||
Allowance for Loan Losses, Charge-offs: | $ (30) | (675) | ||
Allowance for Loan Losses, Recoveries: | 1,778 | 3,900 | ||
Allowance for Loan Losses, Provision: | (1,748) | (3,821) | ||
Allowance for Loan Losses, Ending balance | 381 | |||
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | $ 381 | |||
Allowance for Loan Losses, Total | 977 | 381 | ||
Loans receivable, Ending balance individually evaluated for impairment | 12,924 | 17,018 | ||
Loans receivable, Ending balance collectively evaluated for impairment | 20,357 | 9,945 | ||
Loans receivable, Total | $ 33,281 | $ 34,035 | $ 26,963 | |
Proceeds from loan sales | $ 89 |
Loans Receivable (Impaired Loan
Loans Receivable (Impaired Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans Receivable [Abstract] | ||
With no related allowance recorded, Recorded Investment | $ 16,708 | $ 17,380 |
With no related allowance, Unpaid Principal Balance | 29,450 | 30,212 |
Recorded Investment | 16,708 | 17,380 |
Unpaid Principal Balance | $ 29,450 | $ 30,212 |
Loans Receivable (Average Recor
Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loans Receivable [Abstract] | ||
With an allowance recorded, Average Recorded Investment | $ 273 | |
With no related allowance recorded, Average Recorded Investment | $ 16,797 | 17,145 |
With an allowance recorded, Interest Income Recognized | 1 | |
With no related allowance recorded, Interest Income Recognized | 337 | 228 |
Average Recorded Investment | 16,797 | 17,418 |
Interest Income Recognized | $ 337 | $ 229 |
Real Estate Held-for-Investme46
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Improvements [Member] | ||
Capitalized interest associated with real estate improvements | $ 0 | $ 186,000 |
Real Estate Held-for-Investme47
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Sale )(Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||||
Real estate held for sale | $ 46,165 | $ 46,338 | $ 39,763 | $ 41,733 |
Land [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Real estate held for sale | 25,531 | 25,994 | ||
Rental Properties [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Real estate held for sale | 17,146 | 17,162 | ||
Residential Single-Family [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Real estate held for sale | 3,230 | 2,924 | ||
Other [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Real estate held for sale | $ 258 | $ 258 |
Real Estate Held-for-Investme48
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real Estate Held-For-Investment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||
Real estate held-for-investment | $ 32,838 | $ 31,290 | $ 84,297 | $ 76,552 |
Land [Member] | ||||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||
Real estate held-for-investment | 31,927 | 30,369 | ||
Other [Member] | ||||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||
Real estate held-for-investment | $ 911 | $ 921 |
Real Estate Held-for-Investme49
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ||
Real Estate Held-for-Sale, Beginning of period, net | $ 46,338 | $ 41,733 |
Real Estate Held-for-Sale, Acquired through foreclosure | $ 826 | 2,156 |
Real Estate Held-For-Sale, Transfers | $ (1,027) | |
Real Estate Held-for-Sale, Improvements | $ 169 | |
Real Estate Held-for-Sale, Accumulated depreciation | ||
Real Estate Held-for-Sale, Sales | $ (876) | $ (2,952) |
Real Estate Held-for-Sale, Impairments, net | (292) | (147) |
Real Estate Held-for-Sale, End of period, net | 46,165 | 39,763 |
Real Estate Held-for-Investment, Beginning of period, net | $ 31,290 | $ 76,552 |
Real Estate Held-for-Investment, Acquired through foreclosure | ||
Real Estate Held-for-Investment, Transfers | $ 1,027 | |
Real Estate Held-for-Investment, Improvements | $ 1,558 | 7,024 |
Real Estate Held-for-Investment, Accumulated depreciation | $ (10) | $ (81) |
Real Estate Held-for-Investment, Sales | ||
Real Estate Held-for-Investment, Impairments, Net | $ (225) | |
Real Estate Held-for-Investment, End of period, net | $ 32,838 | $ 84,297 |
Real Estate Held-for-Investme50
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Real estate held-for-sale valuation allowance activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |||
Beginning of period | $ 4,400 | $ 2,940 | |
Transfer to held-for-investment | (93) | ||
Impairments, net | [1] | $ 292 | 147 |
Sales | (122) | (577) | |
End of period | $ 4,570 | $ 2,417 | |
[1] | Tax certificate impairments are not included. |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Inventories | $ 17,424 | $ 16,347 | |
Shipping goods to customers, cost | 1,400 | $ 1,400 | |
BBX Sweet Holdings LLC [Member] | |||
Inventories | 8,300 | 7,900 | |
Renin Corp [Member] | |||
Inventories | $ 9,100 | $ 8,400 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 5,383 | $ 5,822 |
Paper goods and packaging materials | 4,935 | 4,504 |
Finished goods | 7,106 | 6,021 |
Total inventory | $ 17,424 | $ 16,347 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) | Apr. 02, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||||
Equity method investments | $ 78,070,000 | $ 75,545,000 | ||||
BFC Financial Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity interest in real estate joint venture | 54.00% | |||||
Woodbridge Holdings, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | 0 | $ 147,000 | ||||
Equity method investments | $ 71,750,000 | $ 78,070,000 | $ 78,829,000 | $ 75,545,000 | $ 73,026,000 | |
Equity interest in real estate joint venture | 46.00% | 46.00% | ||||
Capital contributions | $ 60,000,000 | |||||
Investment in company, promissory note | $ 11,750,000 | |||||
Repayment of note payble | $ 11,750,000 |
Related Parties (Schedule Of Se
Related Parties (Schedule Of Service Arrangements With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Parties [Abstract] | ||
Other revenues | $ 101 | $ 99 |
Employee compensation and benefits | (185) | |
Other - back-office support | (42) | (30) |
Net effect of affiliate transactions before income taxes | $ 59 | $ (116) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)segmentcustomer | Mar. 31, 2015USD ($)customer | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Revenues | $ 23,672 | $ 21,709 | |
Properties and equipment | 18,340 | $ 18,083 | |
Renin Corp [Member] | Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,000 | $ 7,600 | |
Properties and equipment | $ 1,200 | $ 1,400 | |
Renin Corp [Member] | Trade Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of major customers | customer | 2 | 2 | |
Renin Corp [Member] | Trade Sales [Member] | Major Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,000 | $ 6,500 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Information) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 23,672,000 | $ 21,709,000 | ||
Recoveries from loan losses, net | 1,748,000 | 3,821,000 | ||
Asset recoveries, net | 37,000 | 1,063,000 | ||
Other costs and expenses | (32,370,000) | (30,743,000) | ||
Total costs and expenses | [1] | (30,585,000) | (25,859,000) | |
Equity in earnings of unconsolidated companies | 6,393,000 | 5,499,000 | ||
Foreign exchange gain (loss) | 210,000 | (469,000) | ||
(Loss) income before income taxes | $ (310,000) | 880,000 | ||
Provision for income tax | 3,000 | |||
Net income (loss) | $ (310,000) | 877,000 | ||
Total assets | 392,136,000 | 385,499,000 | $ 393,505,000 | |
Equity method investments included in total assets | 120,992,000 | 94,636,000 | ||
Expenditures for segment assets | 811,000 | 496,000 | ||
Depreciation and amortization | 857,000 | 783,000 | ||
Capitalized interest in excess of interest expense incurred | 40,000 | |||
Adjusting And Elimination Entries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (156,000) | (138,000) | ||
Other costs and expenses | 277,000 | 178,000 | ||
Total costs and expenses | 277,000 | 178,000 | ||
(Loss) income before income taxes | 121,000 | 40,000 | ||
Net income (loss) | 121,000 | 40,000 | ||
Total assets | (312,819,000) | (315,922,000) | ||
BBX [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,863,000 | 2,312,000 | ||
Recoveries from loan losses, net | 1,748,000 | 3,821,000 | ||
Asset recoveries, net | 37,000 | 1,063,000 | ||
Other costs and expenses | (9,644,000) | (10,491,000) | ||
Total costs and expenses | (7,859,000) | (5,607,000) | ||
Equity in earnings of unconsolidated companies | 6,393,000 | 5,499,000 | ||
(Loss) income before income taxes | 1,397,000 | 2,204,000 | ||
Provision for income tax | 3,000 | |||
Net income (loss) | 1,397,000 | 2,201,000 | ||
Total assets | 644,581,000 | 646,673,000 | ||
Equity method investments included in total assets | 120,992,000 | 94,636,000 | ||
Expenditures for segment assets | 352,000 | 188,000 | ||
Depreciation and amortization | 214,000 | 215,000 | ||
Renin Corp [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13,775,000 | 13,524,000 | ||
Other costs and expenses | (13,896,000) | (13,882,000) | ||
Total costs and expenses | (13,896,000) | (13,882,000) | ||
Foreign exchange gain (loss) | 210,000 | (469,000) | ||
(Loss) income before income taxes | 89,000 | (827,000) | ||
Net income (loss) | 89,000 | (827,000) | ||
Total assets | 25,337,000 | 22,915,000 | ||
Expenditures for segment assets | 32,000 | |||
Depreciation and amortization | 153,000 | 149,000 | ||
BBX Sweet Holdings LLC [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,190,000 | 6,011,000 | ||
Other costs and expenses | (9,107,000) | (6,548,000) | ||
Total costs and expenses | (9,107,000) | (6,548,000) | ||
(Loss) income before income taxes | (1,917,000) | (537,000) | ||
Net income (loss) | (1,917,000) | (537,000) | ||
Total assets | 35,037,000 | 31,833,000 | ||
Expenditures for segment assets | 427,000 | 308,000 | ||
Depreciation and amortization | $ 490,000 | $ 419,000 | ||
[1] | Includes a reconciling item of $40,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the three months ended March 31, 2015 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets nonrecurring, by asset type | $ 16,646 | $ 1,741 | |||
Total Impairments | 404 | [1] | 489 | [2] | |
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets nonrecurring, by asset type | 16,646 | 1,741 | |||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets nonrecurring, by asset type | 57 | 110 | |||
Total Impairments | 18 | [1] | 117 | [2] | |
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets nonrecurring, by asset type | 57 | 110 | |||
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 | 9,080 | 1,631 | |||
Total Impairments | 293 | [1] | 372 | [2] | |
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 | 9,080 | $ 1,631 | |||
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 | 7,509 | ||||
Total Impairments | [1] | 93 | |||
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 | $ 7,509 | ||||
[1] | Total impairments represent the amount of losses recognized during the three months ended March 31, 2016 on assets that were held and measured at fair value as of March 31, 2016. | ||||
[2] | Total impairments represent the amount of losses recognized during the three months ended March 31, 2015 on assets that were held and measured at fair value as of March 31, 2015. |
Fair Value Measurement (Sched59
Fair Value Measurement (Schedule Of Quantitative Fair Value Measurements) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | $ 16,646 | $ 1,741 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 57 | 110 | ||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 9,080 | 1,631 | ||
Impaired Loans Held For Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 7,509 | |||
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] | 600 | 300 | |
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 | [1],[2] | 200 | 200 | |
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] | Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | 8,800 | 1,000 | |
Maximum [Member] | Impaired Loans Held For Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | 1,100 | ||
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 | 4,500 | [1],[2] | $ 600 | |
Weighted Average [Member] | Impaired Loans Held For Sale [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | [1],[2] | $ 500 | ||
[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 (Sched60
Fair Value Measurement (Schedule Of Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 65,845 | $ 69,040 |
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 |
Principal and interest advances on residential loans | 10,172 | 10,356 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 65,845 | 69,040 |
Loans receivable including loans held-for-sale, net | 52,467 | 55,389 |
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 |
Notes payable | 22,128 | 21,385 |
Principal and interest advances on residential loans | 10,172 | 10,356 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 65,845 | 69,040 |
Loans receivable including loans held-for-sale, net | 61,624 | 63,668 |
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 |
Notes payable | 22,390 | 21,514 |
Principal and interest advances on residential loans | 9,648 | 9,630 |
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 | 65,845 | 69,040 |
Restricted cash and time deposits at financial institutions | $ 1,345 | 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 | $ 61,624 | 63,668 |
Notes payable | 22,390 | 21,514 |
Principal and interest advances on residential loans | $ 9,648 | $ 9,630 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Sep. 24, 2015USD ($) | Dec. 21, 2012 | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)aproperty | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Aug. 07, 2015USD ($) | Jan. 14, 2015USD ($) | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | |||||||||
Investment in joint venture | $ 301,000 | $ 68,000 | |||||||
Accrued possible loss | 0 | ||||||||
Litigation, settlement amount | $ 4,550,000 | ||||||||
Interest rate associated with class action complaint | 0.00% | ||||||||
Anastasia Confections [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Notes payable, related parties | 5,300,000 | ||||||||
Centennial Bank - Hoffman's [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Notes payable, related parties | 1,600,000 | ||||||||
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 | |||||||
Sunrise and Bayview Partners, LLC [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Percent guaranteed on outstanding balance | 50.00% | ||||||||
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% | 26.30% | |||||||
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% | ||||||||
Joint venture loan outstanding balance | 5,000,000 | ||||||||
BBX Sweet Holdings LLC [Member] | Centennial Bank - Hoffman's [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Securitization of notes payable, properties and equipment | 2,100,000 | ||||||||
BBX Sweet Holdings LLC [Member] | Kencraft [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Notes payable, related parties | 400,000 | ||||||||
Revolving Credit Facility [Member] | IBERIABANK [Member] | BBX Sweet Holdings LLC [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Revolving line of credit, maximum | $ 5,000,000 | ||||||||
Outstanding balance | $ 5,000,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - Lennar Corporation [Member] $ in Millions | Apr. 13, 2016USD ($)a |
Subsequent Event [Line Items] | |
Area of parcel of land acquired | a | 36 |
Purchase consideration | $ 26 |
Carrying value of parcel of land | 16 |
Cash received | 16 |
Promissory note | $ 10 |