Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 03, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | BBX CAPITAL CORP | |
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 | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 96,658 | $ 69,040 |
Restricted cash and time deposits | 1,345 | 2,651 |
Loans held-for-sale | 21,354 | |
Loans receivable, net | 34,218 | 34,035 |
Trade receivables, net of allowance for bad debts of $187 in 2016 and $404 in 2015 | 14,275 | 13,732 |
Real estate held-for-investment | 30,046 | 31,290 |
Real estate held-for-sale | 32,854 | 46,338 |
Investments in unconsolidated real estate joint ventures | 42,752 | 42,962 |
Investment in Woodbridge Holdings, LLC | 76,631 | 75,545 |
Properties and equipment | 24,865 | 18,083 |
Inventories | 15,454 | 16,347 |
Goodwill | 7,601 | 7,601 |
Other intangible assets | 7,443 | 8,211 |
Other assets | 6,323 | 6,316 |
Total assets | 390,465 | 393,505 |
Liabilities: | ||
Accounts payable | 8,983 | 11,059 |
Notes paybale, net of debt issuance costs | 21,947 | 21,385 |
Principal and interest advances on residential loans | 9,984 | 10,356 |
Other liabilities | 12,145 | 14,726 |
Total liabilities | 53,059 | 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 | 354,194 | 350,878 |
Accumulated deficit | (19,121) | (16,622) |
Accumulated other comprehensive income | 286 | 384 |
Total BBX Capital Corporation shareholders' equity | 335,523 | 334,804 |
Noncontrolling interest | 1,883 | 1,175 |
Total equity | 337,406 | 335,979 |
Total liabilities and equity | 390,465 | 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Trade receivables, allowance for bad debts | $ 187 | $ 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 ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |||||
Revenues: | ||||||||
Trade sales | $ 21,250 | $ 19,583 | $ 42,212 | $ 39,118 | ||||
Interest income | 913 | 2,090 | 1,980 | 2,908 | ||||
Net gains on the sales of assets | 337 | 15,439 | 292 | 15,441 | ||||
Income from real estate operations | 902 | 1,013 | 1,966 | 1,939 | ||||
Other | 637 | 490 | 1,261 | 918 | ||||
Total revenues | 24,039 | 38,615 | 47,711 | 60,324 | ||||
Costs and expenses: | ||||||||
Cost of goods sold | 18,959 | 14,195 | 34,006 | 28,030 | ||||
Interest expense | 27 | 31 | 128 | 188 | ||||
Real estate operating expenses | 911 | 865 | 1,839 | 2,045 | ||||
Recoveries from loan losses, net | (6,287) | (6,608) | (8,035) | (10,429) | ||||
Total Impairments | 1,759 | (810) | 1,722 | (1,873) | ||||
Selling, general and administrative expenses | 17,568 | 14,455 | 33,862 | 30,026 | ||||
Total costs and expenses | 32,937 | [1] | 22,128 | [2] | 63,522 | [3] | 47,987 | [4] |
Equity in earnings (losses) | 1,655 | (291) | 1,313 | (595) | ||||
Foreign exchange gain (loss) | 110 | 70 | 320 | (399) | ||||
(Loss) income before income taxes | (2,074) | 6,098 | (2,384) | 6,978 | ||||
Benefit for income taxes | (222) | (219) | ||||||
Net earnings (loss) | (2,074) | 6,320 | (2,384) | 7,197 | ||||
Net (earnings) attributable to noncontrolling interest | (112) | (2,182) | (115) | (2,025) | ||||
Net (loss) income attributable to BBX Capital Corporation | $ (2,186) | $ 4,138 | $ (2,499) | $ 5,172 | ||||
Basic (loss) earnings per share | $ (0.13) | $ 0.26 | $ (0.15) | $ 0.32 | ||||
Diluted (loss) earnings per share | $ (0.13) | $ 0.25 | $ (0.15) | $ 0.31 | ||||
Basic weighted average number of common shares outstanding | 16,394 | 16,172 | 16,394 | 16,172 | ||||
Diluted weighted average number of common and common equivalent shares outstanding | 16,394 | 16,885 | 16,394 | 16,810 | ||||
Net (loss) income | $ (2,074) | $ 6,320 | $ (2,384) | $ 7,197 | ||||
Other comprehensive (loss) income, net of tax: | ||||||||
Foreign currency translation adjustments | (42) | (32) | (190) | 99 | ||||
Unrealized gains on securities available for sale | 31 | 56 | ||||||
Other comprehensive (loss) income, net of tax | (11) | (32) | (134) | 99 | ||||
Comprehensive (loss) income | (2,085) | 6,288 | (2,518) | 7,296 | ||||
Net (earnings) attributable to noncontrolling interest | (112) | (2,182) | (115) | (2,025) | ||||
Foreign currency translation adjustments attributable to noncontrolling interest | 8 | 6 | 36 | (19) | ||||
Total comprehensive (loss) income attributable to BBX Capital Corporation | (2,189) | 4,112 | (2,597) | 5,252 | ||||
Woodbridge Holdings, LLC [Member] | ||||||||
Costs and expenses: | ||||||||
Equity in earnings (losses) | $ 5,059 | $ (10,168) | $ 11,794 | $ (4,365) | ||||
[1] | Includes a reconciling item of $211,000 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 June 30, 2016. | |||||||
[2] | Includes a reconciling item of $229,000 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 June 30, 2015 | |||||||
[3] | Includes a reconciling item of $332,000 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 s months ended June 30, 2016. | |||||||
[4] | Includes a reconciling item $362,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the six months ended June 30, 2015. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Total Equity - USD ($) 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 | 5,172 | 5,172 | 2,025 | 7,197 | ||||
Other comprehensive income (loss) | 80 | 80 | 19 | 99 | ||||
Noncontrolling interest contributions | (2,268) | (2,268) | ||||||
Share based compensation expense | 2,463 | 2,463 | 2,463 | |||||
Share based compensation expense, shares | ||||||||
BALANCE at Jun. 30, 2015 | 162 | 350,400 | (33,224) | 165 | 317,503 | 1,268 | 318,771 | |
BALANCE, shares at Jun. 30, 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 | (2,499) | (2,499) | 115 | (2,384) | ||||
Other comprehensive income (loss) | (98) | (98) | (36) | (134) | ||||
Noncontrolling interest contributions | 664 | 664 | ||||||
Transfer of interest in subsidiary | 35 | 35 | (35) | |||||
Share based compensation expense | 3,281 | 3,281 | 3,281 | |||||
Share based compensation expense, shares | ||||||||
BALANCE at Jun. 30, 2016 | $ 164 | $ 354,194 | $ (19,121) | $ 286 | $ 335,523 | $ 1,883 | $ 337,406 | |
BALANCE, shares at Jun. 30, 2016 | 16,199 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statements Of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (8,602) | $ (12,765) |
Investing activities: | ||
Proceeds from redemptions and maturities of tax certificates | 248 | 132 |
Decrease (increase) in restricted cash and time deposits | 1,306 | (2,647) |
Investments in securities | (571) | |
Net repayments of loans receivable | 26,360 | 17,884 |
Proceeds from the sale of loans receivable | 89 | |
Additions to real estate held-for-investment | (1,816) | (11,488) |
Additions to real estate held-for-sale | (225) | |
Purchases of real estate held-for-sale | (10,667) | |
Proceeds from sales of real estate held-for-sale | 11,042 | 34,758 |
Purchases of properties and equipment | (1,506) | (643) |
Investment in unconsolidated real estate joint ventures | (785) | (1,103) |
Return of Woodbridge Holdings, LLC investment | 6,165 | |
Return of unconsolidated real estate joint ventures investment | 994 | |
Acquisitions of businesses, net of cash acquired | (9) | |
Net cash provided by investing activities | 35,047 | 32,471 |
Financing activities: | ||
Repayment of BB&T preferred interest in FAR, LLC | (12,348) | |
Proceeds from notes payable | 678 | 93 |
Repayment of notes payable | (169) | (600) |
Payments for debt issuance costs | (15) | |
Noncontrolling interest contributions | 664 | |
Noncontrolling interest distributions | (2,268) | |
Net cash provided by (used in) financing activities | 1,173 | (15,138) |
Increase in cash and cash equivalents | 27,618 | 4,568 |
Cash and cash equivalents at the beginning of period | 69,040 | 58,819 |
Cash and cash equivalents at the end of period | 96,658 | 63,387 |
Cash paid for: | ||
Interest on borrowings | 251 | 526 |
Income taxes payments, net | 5 | |
Supplementary disclosure of non-cash investing and financing activities: | ||
Loans receivable transferred to real estate held-for-sale or real estate held-for-investment | 3,663 | 2,427 |
Change in accumulated other comprehensive income | (134) | 99 |
Transfer of real estate-held-for-investment to real estate-held-for-sale | 3,040 | 3,572 |
Transfer of real estate-held-for-sale to properties and equipment | 6,557 | |
Transfer from loans held-for-sale | $ 16,078 | 7,365 |
Fair value of net assets acquired in connection with business acquisitions | 1,404 | |
Issuance of notes payable to acquire businesses | $ 1,395 |
Presentation Of Interim Financi
Presentation Of Interim Financial Statements | 6 Months Ended |
Jun. 30, 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 Corporation 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 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”). In May 2015, BBX Sweet Holdings acquired a controlling interest in Droga Chocolates, LLC. BBX Sweet Holdings has a 75% equity interest in Droga and Droga products are manufactured at the Kencraft facility. 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 June 30, 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 June 30, 2016, the condensed consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2016 and 2015, and the condensed consolidated statements of total equity and statements of cash flows for the six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 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 and six months ended June 30, 2016, options to acquire 7,016 shares of Class A common stock and 1,429,152 of restricted stock units were anti-dilutive and excluded from diluted earnings per share . During the three and six months ended June 30, 2015, options to acquire 15,481 shares of Class A common stock were anti-dilutive and excluded from diluted earnings per share . 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 requ ires 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 June 30, 2016, approximately $30,000 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 $264,000 and $306,000 were included in other assets in BBX Capital’s Condensed Consolidated Statement of Financial Condition as of June 30, 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 the preparation of BBX Capital’s financial statements . (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 (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. The ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The ASU sets forth a “current expected credit loss” (CECL) model which requires BBX Capital to measure expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years 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 2016-09 –– 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. The adoption of this update is not expected to have a material impact on the Company’s 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. The adoption of this update is not expected to have a material impact on the Company’s 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), in April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing (Topic 606) and in May 2016 FASB issued ASU 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients . These updates clarify implementation guidance on the related topic. The accounting guidance updates will replace most existing revenue recognition guidance in GAAP. The standard is effective for annual and interim reporting periods beginning after December 15, 201 7 . 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 the impact on its consolidated financial statements. |
Investment in Woodbridge Holdin
Investment in Woodbridge Holdings, LLC | 6 Months Ended |
Jun. 30, 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 For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Investment in Woodbridge - beginning of period $ 78,070 78,829 75,545 73,026 Equity in earnings (losses) of Woodbridge 5,059 (10,168) 11,794 (4,365) Dividends received from Woodbridge (6,498) (6,165) (10,708) (6,165) Investment in Woodbridge - end of period $ 76,631 62,496 76,631 62,496 The C ondensed Consolidated Statement s of Financial Condition as of the dates indicated of Woodbridge were as follows (in thousands): As of June 30, December 31, 2016 2015 Assets Cash and restricted cash $ 208,090 172,758 Notes receivable, net 417,820 415,598 Notes receivable from related parties 80,000 80,000 Inventory of real estate 215,788 220,211 Properties and equipment, net 71,805 71,937 Intangible assets, net 61,863 61,977 Other assets 67,422 61,794 Total assets $ 1,122,788 1,084,275 Liabilities and Equity Accounts payable, accrued liabilities and other $ 126,289 113,473 Deferred tax liabilities, net 126,308 110,202 Notes payable 504,902 503,521 Junior subordinated debentures 151,532 150,485 Total liabilities 909,031 877,681 Total Woodbridge members' equity 165,757 163,397 Noncontrolling interest 48,000 43,197 Total equity 213,757 206,594 Total liabilities and equity $ 1,122,788 1,084,275 The C ondensed Consolidated Statement s of Operations of Woodbridge were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 171,023 154,074 315,091 282,504 Total costs and expenses 150,883 164,556 268,694 270,045 Other income (17) 1,123 149 2,189 Income before taxes 20,123 (9,359) 46,546 14,648 Provision for income taxes 6,259 9,921 16,104 18,527 Net income (loss) 13,864 (19,280) 30,442 (3,879) Net income attributable to noncontrolling interest (2,866) (2,825) (4,803) (5,611) Net income (loss) attributable to Woodbridge 10,998 (22,105) 25,639 (9,490) BBX Capital 46% equity in earnings (losses) of Woodbridge $ 5,059 (10,168) 11,794 (4,365) |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 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): June 30, December 31, Investment in unconsolidated real estate joint ventures 2016 2015 Altis at Kendall Square, LLC $ 701 764 Altis at Lakeline - Austin Investors LLC 5,257 5,210 New Urban/BBX Development, LLC 775 864 Sunrise and Bayview Partners, LLC 1,570 1,577 Hialeah Communities, LLC 4,023 4,569 PGA Design Center Holdings, LLC 1,874 1,911 CCB Miramar, LLC 875 875 Centra Falls, LLC 700 727 The Addison on Millenia Investment, LLC 5,810 5,778 BBX/S Millenia Blvd Investments, LLC 4,933 4,905 Altis at Bonterra - Hialeah, LLC 15,902 15,782 Altis at Shingle Creek Manager, LLC 332 - Investments in unconsolidated real estate joint ventures $ 42,752 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 and six months ended June 3 0 , 20 16 w as $211,000 and $333,000 , respectively , and for the three and six months ended June 30, 2015 was $132,000 and $228,000 , respectively. The condensed Statements of Operations for the three and six months ended June 3 0 , 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 For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 5,063 658 6,254 1,037 Total costs and expenses (3,171) (1,317) (5,027) (2,388) Net earnings (loss) $ 1,892 (659) 1,227 (1,351) Equity in net earnings (losses) of unconsolidated real estate joint ventures $ 1,655 (291) 1,313 (595) 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 unconsolidated real estate joint ventures. |
Loans Held-For-Sale
Loans Held-For-Sale | 6 Months Ended |
Jun. 30, 2016 | |
Loan Held-For-Sale [Abstract] | |
Loans Held-For-Sale | 4 . Loans Held-for-Sale Loans held-for-sale were as follows (in thousands): June 30, December 31, 2016 2015 Residential $ - 21,354 Loans held-for-sale are reported at the lower of cost or fair value measured on an aggregate basis . As of December 31, 2015 the lower of cost or fair value adjustment on loans held-for-sale was $1.6 million. BBX Capital transfers loans from held-for-sale to loans receivable when, based on the current economic environment and related market conditions, it has the intent to hold those loa ns for the foreseeable future. Based on current market conditions and an evaluation of the residential loan portfolio, management decided to hold the residential loans for the foreseeable future. As of June 30, 2016, BBX Capita l transferred residential loans with aggregate unpaid principal balances, net of charge-offs, of $17.3 million from held-for-sale to loans receivable . The lower of cost or fair value of the residential loans on the transfer date was $16.1 million. Any difference between the lower of cost or fair value of the loan and the unpaid principal balance net of charge-offs was recognized as a discount. Such loans were included in loans receivable, net of a $1.2 million discount on BBX Capital’s Condensed Consolidated Statements of Financial Condition as of June 30, 2016. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Loans Receivable [Abstract] | |
Loans Receivable | 5 . Loans Receivable BBX Capital ’s loans receivable portfolio consisted of the following components (in thousands ): June 30, December 31, 2016 2015 Commercial non-real estate $ 1,211 11,250 Commercial real estate 11,292 16,294 Small business 3,360 4,054 Consumer 2,124 2,368 Residential 16,231 69 Loans receivable, net $ 34,218 34,035 As of June 30 , 2016, foreclosure proceedings were in-process on $11.3 million of residential loans, $0.3 million of consumer loans and $64,000 of small business loans . The total discount on loans receivable was $4.1 million and $3.3 million as of June 30 , 2016 and December 31, 2015, respectively. As of June 30, 2016, $16.1 million of residential loans, net of a $1.2 million discount were transferred from loans held-for-sale to loans receivable. The recorded investment (unpaid principal balance less charge-offs and discounts) of non-accrual loans receivable was (in thousands): June 30, December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,211 1,250 Commercial real estate 9,351 9,639 Small business 3,360 4,054 Consumer 2,025 2,368 Residential 14,722 69 Total nonaccrual loans $ 30,669 17,380 An age analysis of the past due recorded investment in loans receivable as of June 3 0 , 201 6 and December 31, 201 5 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans June 30, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 881 1,211 Commercial real estate - - 3,986 3,986 7,306 11,292 Small business - 64 27 91 3,269 3,360 Consumer 122 28 527 677 1,447 2,124 Residential 22 276 11,285 11,583 4,648 16,231 Total $ 144 368 16,155 16,667 17,551 34,218 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 June 30, 2016 and December 31, 2015. The activity in the allowance for loan losses for the three and six months ended June 3 0 , 201 6 and 201 5 was as follows (in thousands): For the Three Months For the Six Months Ended June 30, Ended June 30, Allowance for Loan Losses: 2016 2015 2016 2015 Beginning balance $ - 381 - 977 Charge-offs : (66) (221) (96) (896) Recoveries : 6,353 6,620 8,131 10,520 Provision : (6,287) (6,608) (8,035) (10,429) Ending balance $ - 172 - 172 Ending balance individually evaluated for impairment $ - - - - Ending balance collectively evaluated for impairment - 172 - 172 Total $ - 172 - 172 Loans receivable: Ending balance individually evaluated for impairment $ 26,986 15,862 26,986 15,862 Ending balance collectively evaluated for impairment 7,232 15,585 7,232 15,585 Total $ 34,218 31,447 34,218 31,447 Proceeds from loan sales $ - - - 89 Transfer from loans held-for-sale $ 16,078 7,365 16,078 7,365 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. 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. 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 June 30, 2016 and December 31, 2015 were as follows (in thousands): As of June 30, 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 30,846 53,528 - 17,380 30,212 - Total $ 30,846 53,528 - 17,380 30,212 - Average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2016 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 31,192 305 23,995 642 Total $ 31,192 305 23,995 642 Average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2015 June 30, 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ 68 2 68 3 Total with no allowance recorded 23,082 357 24,543 712 Total $ 23,150 359 24,611 715 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 was 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 June 3 0 , 201 6 . |
Real Estate Held-for-Investment
Real Estate Held-for-Investment and Real Estate Held-for-Sale | 6 Months Ended |
Jun. 30, 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 June 30, 2016 December 31, 2015 Real estate held-for-sale Land $ 25,678 25,994 Rental properties 1,748 17,162 Residential single-family 5,404 2,924 Other 24 258 Total real estate held-for-sale $ 32,854 46,338 The following table presents real estate held-for-investment grouped in the following classifications (in thousands): As of June 30, 2016 December 31, 2015 Real estate held-for-investment Land $ 29,146 30,369 Other 900 921 Total real estate held-for-investment $ 30,046 31,290 The amount of interest capitalized to land held-for-investment associated with real estate development improvements for the three and six months en ded June 30 , 2015 w as $245,000 and $43 1,000 , respectively . There was no interest capitalized to land held-for-investment for the three and six months ended June 30, 2016. The following table presents the activity in real estate held-for-sale and held-for-investment for the three and six months ended June 3 0 , 2016 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,165 32,838 46,338 31,290 Acquired through foreclosure 2,837 - 3,663 - Transfers 3,040 (3,040) 3,040 (3,040) Transfers to property and equipment (6,557) - (6,557) - Improvements 56 258 225 1,816 Accumulated depreciation - (10) - (20) Sales (10,231) - (11,107) - Impairments, net (2,456) - (2,748) - End of period, net $ 32,854 30,046 32,854 30,046 The following table presents the activity in real estate held-for-sale and held-for-investment for the three and six months ended June 3 0 , 201 5 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2015 June 30, 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 39,763 84,297 41,733 76,552 Acquired through foreclosure 271 - 2,427 - Transfers 4,599 (4,599) 3,572 (3,572) Purchases 10,667 - 10,667 - Improvements - 4,464 - 11,488 Accumulated depreciation - (164) - (245) Sales (16,453) - (19,405) - Impairments, net (221) (24) (368) (249) End of period, net $ 38,626 83,974 38,626 83,974 The following table presents the real estate held-for-sale valuation allowance activity for the three and six months ended June 30 , 201 6 and 2015 (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Beginning of period $ 4,570 2,417 4,400 2,940 Transfer to held-for-investment - - - (93) Impairments, net (1) 2,456 151 2,748 298 Sales (109) (36) (231) (613) End of period $ 6,917 2,532 6,917 2,532 (1) Tax certificate impairments are not included. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | 7 . Inventories Inventories were as follows (in thousands): June 30, December 31, 2016 2015 Raw materials $ 5,086 5,822 Paper goods and packaging materials 2,798 4,504 Finished goods 7,570 6,021 Total $ 15,454 16,347 Inventories consisted o f $9.7 million for Renin and $5.8 million for BBX Sweet Holdings as of June 30, 2016, respectively, and $8.4 million for Renin and $7.9 million for BBX Sweet Holdings as of December 31, 2015, respectively. Shipping and handling fees billed to the customers were recorded as trade sales and shipping and handling fees paid by BBX Capital were recorded as selling, general, and administrative expenses. Included in BBX Capital’s Condensed Consolidated Statements of Operations as selling, general, and administrative expenses for the three and six months ended June 30, 2016 were $1.2 million and $ 2.6 million , respectively, of costs associated with shipping goods to customers. Included in BBX Capital ’s Condensed Consolidated Statement s of Operations as selling, general, and administrative expenses for the three and six months ended June 3 0 , 201 5 were $1.1 million and $2.5 million , respectively, of costs associated with shipping goods to customers. Inventories are stated at the lower of cost or market value. Cost is determined by the first-in, first out method. In valuing inventory, BBX Capital makes assumptions regarding the reserves required for excess and obsolete inventory based on judgments and estimates formulated from available information. BBX Capital’s estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and reserved where appropriate. Reserves for lower of cost or market value for expiring, shrinkage and excess and obsolete inventory were $3.2 million and $1.1 million as of June 30, 2016 and December 31, 2015, respectively, and included in costs of goods sold was $3.0 million a nd $3.1 million of inventory losses for the three and six months ended June 30, 2016. Inventory losses were $43,000 and a recovery of $35,000 for the three and six months ended June 30, 2015. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 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 . Mr. Jarett Levan, son of Alan Levan, is currently serving as BBX Capital’s acting CEO and Chairman. 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 and six months ended June 30, 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 and six months ended June 3 0 , 201 6 and 201 5 (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Other revenues $ 96 96 197 195 Expenses: Employee compensation and benefits - (247) - (481) Other - back-office support (50) (53) (92) (83) Net effect of affiliate transactions before income taxes $ 46 (204) 105 (369) 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 each of the three mont h periods end ed June 30 , 2016 and 201 5 , BBX Capital recogniz ed $0 and $147,000 , respectively, of interest expense in connection with the Woodbridge note payable. During each of the six mont h periods end ed June 30 , 2016 and 201 5 , BBX Capital recogniz ed $0 and $294,000 , 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 . On July 27, 2016, BBX Capital entered into a merger agreement with BFC and a wholly-owned subsidiary of BFC which provides for BBX Capital to merge with and into the BFC subsidiary and become a wholly-owned subsidiary of BFC. See Note 12 for a description of the merger agreement. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 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, 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 $6. 2 million and $6.5 million of trade sales to two major customers and their affiliates for the three months ended June 30, 2016 and 2015, respectively. Renin’s revenues generated outside of the United States totaled $4.8 million and $5.3 million for the three months ended June 30, 2016 and 2015, respectively. Renin’s properties and equipment located outside the United States totaled $1.3 million and $ 1.4 million as of June 30, 2016 and December 31, 2015, respectively. Total revenues for the Renin reportable segment include $11.2 million and $12.9 million of trade sales to two major customers and their affiliates for the six months ended June 30, 2016 and 2015, respectively . Renin’s revenues generated outside of the United States totaled $9.8 milli on and $11.5 million for the six months ended June 30 , 2016 and 2015, respectively. The Sweet Holdings reportable segment consists of the activities of the acquired operating businesses of Hoffman’s, Williams & Bennett , Jer’s, Helen Grace , Anastasia , Droga and Kencraft for the three and six months ended June 3 0 , 201 6 and the three months ended June 30, 2015. Kencraft was acquired on April 1, 2015 and Droga was acquired in May 2015. The activities of Kencraft and Droga are included in Sweet Holdings operating results from the date of acquisition. In June 2016, the Jer’s sales office and distribution facilities were closed and relocated to Kencraft’s facilities in Utah. The relocation resulted in the termination of key employees including a sales representative and the President of Jer’s. Based on the changes in circumstances, management performed an impairment analysis on Jer’s long-lived assets consisting of trademarks, customer relationships and properties and equipment. As a result, BBX Capital recognized an impairment loss o f $423,000 i ncluded in selling, general and administrative expenses in BBX Capital’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016. 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. Certain intercompany management fees and interest income/expense for prior periods have been reclassified to conform to the 2016 presentation. 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 and six months ended June 3 0 , 201 6 and 201 5 (in thousands ): Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total June 30, 2016: Interest income $ 913 - - - 913 Other revenues 1,873 16,523 4,730 - 23,126 Total revenues 2,786 16,523 4,730 - 24,039 Interest expense (2) (78) (158) 211 (27) Recoveries from loan losses, net 6,287 - - - 6,287 Asset impairments (1,759) - - - (1,759) Other costs and expenses (9,776) (15,831) (11,831) (2) - (37,438) Total costs and expenses (5,250) (15,909) (11,989) 211 (1) (32,937) Equity in earnings of unconsolidated companies 6,714 - - - 6,714 Foreign exchange gain - 110 - - 110 Segment income (loss) before income taxes 4,250 724 (7,259) 211 (2,074) Provision for income tax - - - - - Net income (loss) $ 4,250 724 (7,259) 211 (2,074) Total assets $ 651,784 26,720 36,201 (324,240) 390,465 Equity method investments included in total assets $ 119,383 - - - 119,383 Expenditures for segment assets $ 137 241 317 - 695 Depreciation and amortization $ 219 180 449 - 848 (1) Includes a reconciling item of $211,000 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 June 30, 2016. (2) Included in Sweet Holdings “other costs and expenses” were $3.0 million of inventory writedowns as well as $0.4 million of intangible asset impairments and $0.4 million of contract termination costs associated with the closing and relocation of the Jer’s sales office and distribution facilities. Adjusting and Sweet Elimination Segment For the Six Months Ended: BBX Renin Holdings Entries Total June 30, 2016: Interest income $ 1,980 - - - 1,980 Other revenues 3,513 30,298 11,920 - 45,731 Total revenues 5,493 30,298 11,920 - 47,711 Interest expense (2) (142) (316) 332 (128) Recoveries from loan losses, net 8,035 - - - 8,035 Asset impairments (1,722) - - - (1,722) Other costs and expenses (19,420) (29,663) (20,624) (2) - (69,707) Total costs and expenses (13,109) (29,805) (20,940) 332 (1) (63,522) Equity in earnings of unconsolidated companies 13,107 - - - 13,107 Foreign exchange gain - 320 - - 320 Segment income (loss) before income taxes 5,491 813 (9,020) 332 (2,384) Provision for income tax - - - - - Net income (loss) $ 5,491 813 (9,020) 332 (2,384) Expenditures for segment assets $ 489 273 744 - 1,506 Depreciation and amortization $ 433 333 939 - 1,705 (1) Includes a reconciling item of $332,000 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 s months ended June 30, 2016. (2) Included in Sweet Holdings “other costs and expenses” were $3.0 million of inventory writedowns as well as $0.4 million of intangible asset impairments and $0.4 million of contract termination costs associated with the closing and relocation of the Jer’s sales office and distribution facilities Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total June 30, 2015: Interest income $ 2,090 - - - 2,090 Revenues 16,942 15,432 4,151 - 36,525 Total revenues 19,032 15,432 4,151 - 38,615 Interest expense (15) (76) (169) 229 (31) Recoveries from loan losses, net 6,609 - (1) - 6,608 Asset recoveries, net 810 - - - 810 Other costs and expenses (8,133) (15,259) (6,123) - (29,515) Total costs and expenses (729) (15,335) (6,293) 229 (1) (22,128) Equity in losses of unconsolidated companies (10,459) - - - (10,459) Foreign exchange gain - 70 - - 70 Segment income (loss) before income taxes 7,844 167 (2,142) 229 6,098 Provision (benefit) for income tax 2 - (224) - (222) Net income (loss) $ 7,842 167 (1,918) 229 6,320 Total assets $ 637,665 24,072 34,691 (307,803) 388,625 Equity method investments included in total assets $ 79,019 - 1 - 79,020 Expenditures for segment assets $ 16 34 282 - 332 Depreciation and amortization $ 302 151 412 - 865 (1) Includes a reconciling item of $229,000 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 June 30, 2015 . Adjusting and Sweet Elimination Segment For the Six Months Ended: BBX Renin Holdings Entries Total June 30, 2015: Interest income $ 2,908 - - - 2,908 Revenues 18,298 28,956 10,162 - 57,416 Total revenues 21,206 28,956 10,162 - 60,324 Interest expense (72) (149) (329) 362 (188) Recoveries from loan losses, net 10,430 - (1) - 10,429 Asset recoveries, net 1,873 - - - 1,873 Other costs and expenses (18,660) (29,068) (12,373) - (60,101) Total costs and expenses (6,429) (29,217) (12,703) 362 (1) (47,987) Equity in losses of unconsolidated companies (4,960) - - - (4,960) Foreign exchange gain - (399) - - (399) Segment income (loss) before income taxes 9,817 (660) (2,541) 362 6,978 Provision (benefit) for income tax 5 - (224) - (219) Net income (loss) $ 9,812 (660) (2,317) 362 7,197 Expenditures for segment assets $ 29 34 590 - 653 Depreciation and amortization $ 541 300 831 - 1,672 (1) Includes a reconciling item $362,000 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 six months ended June 30, 2015. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 10. 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 June 30, 2016 and December 31, 2015. The following table presents major categories of assets measured at fair value on a non-recurring basis as of June 30, 2016 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Six June 30, Assets Inputs Inputs Months Ended Description 2016 (Level 1) (Level 2) (Level 3) June 30, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,703 - - 5,703 93 Impaired real estate held-for-sale 4,432 - - 4,432 2,456 Total $ 10,135 - - 10,135 2,549 (1) Total impairments represent the amount of losses recognized during the six months ended June 30, 2016 on assets that were held and measured at fair value as of June 30, 2016. 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 June 30, 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 $ 5,703 Collateral Value less Cost to Sell $0.2 - $0.7 million ( $0.4 million) Impaired real estate Fair Value of held-for-sale 4,432 Property Asset Purchase Agreements $0.3 - $1.5 million ( $0.8 million) Total $ 10,135 (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 June 30, 2015 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Six June 30, Assets Inputs Inputs Months Ended Description 2015 (Level 1) (Level 2) (Level 3) June 30, 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 2,525 - - 2,525 522 Total $ 2,635 - - 2,635 639 (1) Total impairments represent the amount of losses recognized during the six months ended June 30, 2015 on assets that were held and measured at fair value as of June 30, 2015. 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 June 30, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment Discount Rates and using the fair value of the Fair Value of Appraised Value underlying collateral $ 110 Collateral less Cost to Sell $0.3 million ( $0.3 million) Impaired real estate held-for- Fair Value of Discount Rates and Appraised sale and held-for-investment 2,525 Property Value less Cost to Sell $0.2 - $1.0 million ( $0.5 million) Total $ 2,635 (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 as of June 30, 2016 or December 31, 2015 . Loans Measured For Impairment Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of BBX Capital’s loans are collateral dependent. The fair value of BBX Capital’s loans may significantly increase or decrease based on changes in property values. 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 uses its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. BBX Capital generally recognizes impairment losses based on third party broker price opinions when impaired homogenous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted 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 techniques 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. The following table presents the fair value of BBX Capital’s consolidated financial instruments as of June 30, 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) June 30, June 30, Assets Inputs Inputs Description 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 96,658 96,658 96,658 - - Loans receivable 34,218 44,067 - - 44,067 Restricted cash and time deposits at financial institutions 1,345 1,345 1,345 - - Financial liabilities: Notes payable 21,947 22,092 - - 22,092 Principal and interest advances on residential loans 9,984 9,482 - - 9,482 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 utilizing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. The fair value of notes payables 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 | 6 Months Ended |
Jun. 30, 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 June 3 0 , 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. In March 2016, the loan was modified reducing the loan balance from $31.0 million to $26.5 million. BBX Capital is a guarant or of up to $7.5 million of t he joint venture’s $ 26.5 million acquisition and development loan. BBX Capital is a guarantor on a $5.5 million note payable of Anastasia owed to the seller. 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 of up to $5.0 million on a revolving basis. The outstanding balance of the Iberiabank facility was $5.0 million as of June 30, 2016 . I n February 2016, BBX Capital executed Addendum No. 1 to the Iberiabank Loan and Security Agreement . The addendum replaced the debt service coverage financial covenant with a working capital to debt ratio financial covenant . The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. BBX Sweet Holdings was in compliance with the debt financial covenants as of June 30, 2016. BBX Sweet Holdings and BBX Capital are guarantors of a $1.6 million note payable of Hoffman’s owed to Centennial Bank. This note 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 maturing on April 1, 2017 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 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 June 30, 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. 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. The court also imposed monetary penalties against BBX Capital in the amount of $4,550,000 and monetary penalties against Mr. Levan in the amount of $1,300,000 . BBX Capital and Mr. Levan appealed the final judgment to the Eleventh Circuit Court of Appeals and argument was heard by the Court on June 15, 2016. As of the date of this report, the Court has not ruled on the appeal. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 2 . Subsequent Event On July 27, 2016, BBX Capital entered into a definitive merger agreement (the “Merger Agreement”) with BFC and BBX Merger Subsidiary LLC, a newly formed wholly owned subsidiary of BFC (“Merger Sub”). The Merger Agreement provides for BBX Capital Corporation to merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company of the Merger and a wholly owned subsidiary of BFC. Under the terms of the Merger Agreement, which has been approved by a special committee comprised of BBX Capital Corporation’s independent directors as well as the full boards of directors of both BFC and BBX Capital Corporation, each share of BBX Capital’s Class A Common Stock outstanding immediately prior to the effective time of the Merger (other than shares of BBX Capital’s Class A Common Stock held by BFC and shares of BBX Capital’s Class A Common Stock as to which appraisal rights are exercised and perfected in accordance with Florida law) will be converted into the right to receive, at the election of the holder 5.4 shares of BFC’s Class A Common Stock or $20.00 in cash for each share of BBX Class A Common Stock held by them. BBX Capital’s shareholders will have the right to elect to receive all cash, all stock, or a combination of cash and stock in exchange for their shares. Each option to acquire shares of BBX Capital’s Class A Common Stock that is outstanding at the effective time of the Merger, whether or not then exercisable, will be converted into an option to acquire shares of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares which may be acquired upon exercise of the option will be multiplied by the exchange ratio of 5.4 shares of BFC’s Class A Common Stock for each share of BBX Capital’s Class A Common Stock subject to the option and the exercise price of the option will be divided by 5.4. In addition, each share of BBX Capital’s Class A Common Stock subject to a restricted stock award outstanding at the effective time of the Merger will be converted into a restricted share of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares subject to the award will be multiplied by the exchange ratio of 5.4 shares of BFC’s Class A Common Stock for each share of BBX Capital’s Class A Common Stock subject to the award. Consummation of the Merger is subject to certain closing conditions, including, without limitation, the approval of the Merger Agreement by both (i) holders of shares of BBX Capital’s Class A Common Stock and Class B Common Stock representing a majority of the votes entitled to be cast on the Merger Agreement, and (ii) holders of a majority of the shares of BBX Capital’s Class A Common Stock voted on the Merger Agreement other than shares held by BFC and its affiliates. Pursuant to the Merger Agreement, BFC has agreed to vote all of BBX Capital’s Class A Common Stock and Class B Common Stock owned by it in favor of the Merger Agreement. Accordingly, approval of the Merger Agreement with respect to the combine vote of the holders of BBX Capital’s Class A Common Stock and Class B Common Stock described under clause (i) above is assured. There is no assurance that the approval of the unaffiliated shareholders will be received. The Merger is also conditioned on holders of not more than 150,000 shares of BBX Capital’s Class A Common Stock exercising appraisal rights and the absence of any “Material Adverse Effect” (as defined in the Merger Agreement) with respect to either BFC or BBX Capital. The Merger is not subject to a financing condition. There is no assurance that the merger will be consummated in the anticipated time frame, on the proposed terms, or at all. |
Presentation Of Interim Finan19
Presentation Of Interim Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 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 Corporation 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 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”). In May 2015, BBX Sweet Holdings acquired a controlling interest in Droga Chocolates, LLC. BBX Sweet Holdings has a 75% equity interest in Droga and Droga products are manufactured at the Kencraft facility. 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 June 30, 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 June 30, 2016, the condensed consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2016 and 2015, and the condensed consolidated statements of total equity and statements of cash flows for the six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 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 and six months ended June 30, 2016, options to acquire 7,016 shares of Class A common stock and 1,429,152 of restricted stock units were anti-dilutive and excluded from diluted earnings per share . During the three and six months ended June 30, 2015, options to acquire 15,481 shares of Class A common stock were anti-dilutive and excluded from diluted earnings per share . |
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 requ ires 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 June 30, 2016, approximately $30,000 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 $264,000 and $306,000 were included in other assets in BBX Capital’s Condensed Consolidated Statement of Financial Condition as of June 30, 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 the preparation of BBX Capital’s financial statements . (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 (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. The ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The ASU sets forth a “current expected credit loss” (CECL) model which requires BBX Capital to measure expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years 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 2016-09 –– 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. The adoption of this update is not expected to have a material impact on the Company’s 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. The adoption of this update is not expected to have a material impact on the Company’s 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), in April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing (Topic 606) and in May 2016 FASB issued ASU 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients . These updates clarify implementation guidance on the related topic. The accounting guidance updates will replace most existing revenue recognition guidance in GAAP. The standard is effective for annual and interim reporting periods beginning after December 15, 201 7 . 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 the impact on its consolidated financial statements. |
Investment in Woodbridge Hold20
Investment in Woodbridge Holdings, LLC (Tables) - Woodbridge Holdings, LLC [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Investment In Venture And The Adjustment To Investment | For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Investment in Woodbridge - beginning of period $ 78,070 78,829 75,545 73,026 Equity in earnings (losses) of Woodbridge 5,059 (10,168) 11,794 (4,365) Dividends received from Woodbridge (6,498) (6,165) (10,708) (6,165) Investment in Woodbridge - end of period $ 76,631 62,496 76,631 62,496 |
Summary Of Statement Of Financial Condition | As of June 30, December 31, 2016 2015 Assets Cash and restricted cash $ 208,090 172,758 Notes receivable, net 417,820 415,598 Notes receivable from related parties 80,000 80,000 Inventory of real estate 215,788 220,211 Properties and equipment, net 71,805 71,937 Intangible assets, net 61,863 61,977 Other assets 67,422 61,794 Total assets $ 1,122,788 1,084,275 Liabilities and Equity Accounts payable, accrued liabilities and other $ 126,289 113,473 Deferred tax liabilities, net 126,308 110,202 Notes payable 504,902 503,521 Junior subordinated debentures 151,532 150,485 Total liabilities 909,031 877,681 Total Woodbridge members' equity 165,757 163,397 Noncontrolling interest 48,000 43,197 Total equity 213,757 206,594 Total liabilities and equity $ 1,122,788 1,084,275 |
Condensed Statement Of Operations | For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 171,023 154,074 315,091 282,504 Total costs and expenses 150,883 164,556 268,694 270,045 Other income (17) 1,123 149 2,189 Income before taxes 20,123 (9,359) 46,546 14,648 Provision for income taxes 6,259 9,921 16,104 18,527 Net income (loss) 13,864 (19,280) 30,442 (3,879) Net income attributable to noncontrolling interest (2,866) (2,825) (4,803) (5,611) Net income (loss) attributable to Woodbridge 10,998 (22,105) 25,639 (9,490) BBX Capital 46% equity in earnings (losses) of Woodbridge $ 5,059 (10,168) 11,794 (4,365) |
Investments in Unconsolidated21
Investments in Unconsolidated Real Estate Joint Ventures (Tables) - Unconsolidated Real Estate Joint Ventures [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | June 30, December 31, Investment in unconsolidated real estate joint ventures 2016 2015 Altis at Kendall Square, LLC $ 701 764 Altis at Lakeline - Austin Investors LLC 5,257 5,210 New Urban/BBX Development, LLC 775 864 Sunrise and Bayview Partners, LLC 1,570 1,577 Hialeah Communities, LLC 4,023 4,569 PGA Design Center Holdings, LLC 1,874 1,911 CCB Miramar, LLC 875 875 Centra Falls, LLC 700 727 The Addison on Millenia Investment, LLC 5,810 5,778 BBX/S Millenia Blvd Investments, LLC 4,933 4,905 Altis at Bonterra - Hialeah, LLC 15,902 15,782 Altis at Shingle Creek Manager, LLC 332 - Investments in unconsolidated real estate joint ventures $ 42,752 42,962 |
Condensed Statements Of Operations For All Equity Method Joint Ventures | For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 5,063 658 6,254 1,037 Total costs and expenses (3,171) (1,317) (5,027) (2,388) Net earnings (loss) $ 1,892 (659) 1,227 (1,351) Equity in net earnings (losses) of unconsolidated real estate joint ventures $ 1,655 (291) 1,313 (595) |
Loans Held-For-Sale (Tables)
Loans Held-For-Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loan Held-For-Sale [Abstract] | |
Loans Held-For-Sale | June 30, December 31, 2016 2015 Residential $ - 21,354 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans Receivable [Abstract] | |
Components Of Loans Receivable Portfolio | June 30, December 31, 2016 2015 Commercial non-real estate $ 1,211 11,250 Commercial real estate 11,292 16,294 Small business 3,360 4,054 Consumer 2,124 2,368 Residential 16,231 69 Loans receivable, net $ 34,218 34,035 |
Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable | June 30, December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,211 1,250 Commercial real estate 9,351 9,639 Small business 3,360 4,054 Consumer 2,025 2,368 Residential 14,722 69 Total nonaccrual loans $ 30,669 17,380 |
Age Analysis Of The Past Due Recorded Investment In Loans Receivable | Total 31-59 Days 60-89 Days 90 Days Total Loans June 30, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 881 1,211 Commercial real estate - - 3,986 3,986 7,306 11,292 Small business - 64 27 91 3,269 3,360 Consumer 122 28 527 677 1,447 2,124 Residential 22 276 11,285 11,583 4,648 16,231 Total $ 144 368 16,155 16,667 17,551 34,218 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 June 30, 2016 and December 31, 2015. |
Activity In The Allowance For Loan Losses | For the Three Months For the Six Months Ended June 30, Ended June 30, Allowance for Loan Losses: 2016 2015 2016 2015 Beginning balance $ - 381 - 977 Charge-offs : (66) (221) (96) (896) Recoveries : 6,353 6,620 8,131 10,520 Provision : (6,287) (6,608) (8,035) (10,429) Ending balance $ - 172 - 172 Ending balance individually evaluated for impairment $ - - - - Ending balance collectively evaluated for impairment - 172 - 172 Total $ - 172 - 172 Loans receivable: Ending balance individually evaluated for impairment $ 26,986 15,862 26,986 15,862 Ending balance collectively evaluated for impairment 7,232 15,585 7,232 15,585 Total $ 34,218 31,447 34,218 31,447 Proceeds from loan sales $ - - - 89 Transfer from loans held-for-sale $ 16,078 7,365 16,078 7,365 |
Impaired Loans | As of June 30, 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 30,846 53,528 - 17,380 30,212 - Total $ 30,846 53,528 - 17,380 30,212 - |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | Average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2016 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 31,192 305 23,995 642 Total $ 31,192 305 23,995 642 Average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2015 June 30, 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ 68 2 68 3 Total with no allowance recorded 23,082 357 24,543 712 Total $ 23,150 359 24,611 715 |
Real Estate Held-for-Investme24
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |
Real Estate Held-For-Sale | As of June 30, 2016 December 31, 2015 Real estate held-for-sale Land $ 25,678 25,994 Rental properties 1,748 17,162 Residential single-family 5,404 2,924 Other 24 258 Total real estate held-for-sale $ 32,854 46,338 |
Real Estate Held-For-Investment | As of June 30, 2016 December 31, 2015 Real estate held-for-investment Land $ 29,146 30,369 Other 900 921 Total real estate held-for-investment $ 30,046 31,290 |
Real Estate Activity | The following table presents the activity in real estate held-for-sale and held-for-investment for the three and six months ended June 3 0 , 2016 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,165 32,838 46,338 31,290 Acquired through foreclosure 2,837 - 3,663 - Transfers 3,040 (3,040) 3,040 (3,040) Transfers to property and equipment (6,557) - (6,557) - Improvements 56 258 225 1,816 Accumulated depreciation - (10) - (20) Sales (10,231) - (11,107) - Impairments, net (2,456) - (2,748) - End of period, net $ 32,854 30,046 32,854 30,046 The following table presents the activity in real estate held-for-sale and held-for-investment for the three and six months ended June 3 0 , 201 5 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2015 June 30, 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 39,763 84,297 41,733 76,552 Acquired through foreclosure 271 - 2,427 - Transfers 4,599 (4,599) 3,572 (3,572) Purchases 10,667 - 10,667 - Improvements - 4,464 - 11,488 Accumulated depreciation - (164) - (245) Sales (16,453) - (19,405) - Impairments, net (221) (24) (368) (249) End of period, net $ 38,626 83,974 38,626 83,974 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Beginning of period $ 4,570 2,417 4,400 2,940 Transfer to held-for-investment - - - (93) Impairments, net (1) 2,456 151 2,748 298 Sales (109) (36) (231) (613) End of period $ 6,917 2,532 6,917 2,532 Tax certificate impairments are not included. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | June 30, December 31, 2016 2015 Raw materials $ 5,086 5,822 Paper goods and packaging materials 2,798 4,504 Finished goods 7,570 6,021 Total $ 15,454 16,347 |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Parties [Abstract] | |
Schedule Of Service Arrangements With Related Parties | For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Other revenues $ 96 96 197 195 Expenses: Employee compensation and benefits - (247) - (481) Other - back-office support (50) (53) (92) (83) Net effect of affiliate transactions before income taxes $ 46 (204) 105 (369) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Information | Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total June 30, 2016: Interest income $ 913 - - - 913 Other revenues 1,873 16,523 4,730 - 23,126 Total revenues 2,786 16,523 4,730 - 24,039 Interest expense (2) (78) (158) 211 (27) Recoveries from loan losses, net 6,287 - - - 6,287 Asset impairments (1,759) - - - (1,759) Other costs and expenses (9,776) (15,831) (11,831) (2) - (37,438) Total costs and expenses (5,250) (15,909) (11,989) 211 (1) (32,937) Equity in earnings of unconsolidated companies 6,714 - - - 6,714 Foreign exchange gain - 110 - - 110 Segment income (loss) before income taxes 4,250 724 (7,259) 211 (2,074) Provision for income tax - - - - - Net income (loss) $ 4,250 724 (7,259) 211 (2,074) Total assets $ 651,784 26,720 36,201 (324,240) 390,465 Equity method investments included in total assets $ 119,383 - - - 119,383 Expenditures for segment assets $ 137 241 317 - 695 Depreciation and amortization $ 219 180 449 - 848 (1) Includes a reconciling item of $211,000 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 June 30, 2016. (2) Included in Sweet Holdings “other costs and expenses” were $3.0 million of inventory writedowns as well as $0.4 million of intangible asset impairments and $0.4 million of contract termination costs associated with the closing and relocation of the Jer’s sales office and distribution facilities. Adjusting and Sweet Elimination Segment For the Six Months Ended: BBX Renin Holdings Entries Total June 30, 2016: Interest income $ 1,980 - - - 1,980 Other revenues 3,513 30,298 11,920 - 45,731 Total revenues 5,493 30,298 11,920 - 47,711 Interest expense (2) (142) (316) 332 (128) Recoveries from loan losses, net 8,035 - - - 8,035 Asset impairments (1,722) - - - (1,722) Other costs and expenses (19,420) (29,663) (20,624) (2) - (69,707) Total costs and expenses (13,109) (29,805) (20,940) 332 (1) (63,522) Equity in earnings of unconsolidated companies 13,107 - - - 13,107 Foreign exchange gain - 320 - - 320 Segment income (loss) before income taxes 5,491 813 (9,020) 332 (2,384) Provision for income tax - - - - - Net income (loss) $ 5,491 813 (9,020) 332 (2,384) Expenditures for segment assets $ 489 273 744 - 1,506 Depreciation and amortization $ 433 333 939 - 1,705 (1) Includes a reconciling item of $332,000 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 s months ended June 30, 2016. (2) Included in Sweet Holdings “other costs and expenses” were $3.0 million of inventory writedowns as well as $0.4 million of intangible asset impairments and $0.4 million of contract termination costs associated with the closing and relocation of the Jer’s sales office and distribution facilities Adjusting and Sweet Elimination Segment For the Three Months Ended: BBX Renin Holdings Entries Total June 30, 2015: Interest income $ 2,090 - - - 2,090 Revenues 16,942 15,432 4,151 - 36,525 Total revenues 19,032 15,432 4,151 - 38,615 Interest expense (15) (76) (169) 229 (31) Recoveries from loan losses, net 6,609 - (1) - 6,608 Asset recoveries, net 810 - - - 810 Other costs and expenses (8,133) (15,259) (6,123) - (29,515) Total costs and expenses (729) (15,335) (6,293) 229 (1) (22,128) Equity in losses of unconsolidated companies (10,459) - - - (10,459) Foreign exchange gain - 70 - - 70 Segment income (loss) before income taxes 7,844 167 (2,142) 229 6,098 Provision (benefit) for income tax 2 - (224) - (222) Net income (loss) $ 7,842 167 (1,918) 229 6,320 Total assets $ 637,665 24,072 34,691 (307,803) 388,625 Equity method investments included in total assets $ 79,019 - 1 - 79,020 Expenditures for segment assets $ 16 34 282 - 332 Depreciation and amortization $ 302 151 412 - 865 (1) Includes a reconciling item of $229,000 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 June 30, 2015 . Adjusting and Sweet Elimination Segment For the Six Months Ended: BBX Renin Holdings Entries Total June 30, 2015: Interest income $ 2,908 - - - 2,908 Revenues 18,298 28,956 10,162 - 57,416 Total revenues 21,206 28,956 10,162 - 60,324 Interest expense (72) (149) (329) 362 (188) Recoveries from loan losses, net 10,430 - (1) - 10,429 Asset recoveries, net 1,873 - - - 1,873 Other costs and expenses (18,660) (29,068) (12,373) - (60,101) Total costs and expenses (6,429) (29,217) (12,703) 362 (1) (47,987) Equity in losses of unconsolidated companies (4,960) - - - (4,960) Foreign exchange gain - (399) - - (399) Segment income (loss) before income taxes 9,817 (660) (2,541) 362 6,978 Provision (benefit) for income tax 5 - (224) - (219) Net income (loss) $ 9,812 (660) (2,317) 362 7,197 Expenditures for segment assets $ 29 34 590 - 653 Depreciation and amortization $ 541 300 831 - 1,672 Includes a reconciling item $362,000 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 six months ended June 30, 2015. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Six June 30, Assets Inputs Inputs Months Ended Description 2016 (Level 1) (Level 2) (Level 3) June 30, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,703 - - 5,703 93 Impaired real estate held-for-sale 4,432 - - 4,432 2,456 Total $ 10,135 - - 10,5 2,549 (1) Total impairments represent the amount of losses recognized during the six months ended June 30, 2016 on assets that were held and measured at fair value as of June 30, 2016. The following table presents major categories of assets measured at fair value on a non-recurring basis as of June 30, 2015 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Six June 30, Assets Inputs Inputs Months Ended Description 2015 (Level 1) (Level 2) (Level 3) June 30, 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 2,525 - - 2,525 522 Total $ 2,635 - - 2,635 639 (1) Total impairments represent the amount of losses recognized during the six months ended June 30, 2016 on assets that were held and measured at fair value as of June 30, 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 June 30, 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 $ 5,703 Collateral Value less Cost to Sell $0.2 - $0.7 million ($0.4 million) Impaired real estate Fair Value of held-for-sale 4,432 Property Asset Purchase Agreements $0.3 - $1.5 million ($0.8 million) Total $ 10,135 (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 June 30, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment Discount Rates and using the fair value of the Fair Value of Appraised Value underlying collateral $ 110 Collateral less Cost to Sell $0.3 million ($0.3 million) Impaired real estate held-for- Fair Value of Discount Rates and Appraised sale and held-for-investment 2,525 Property Value less Cost to Sell $0.2 - $1.0 million ($0.5 million) Total $ 2,635 (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 BBX Capital’s consolidated financial instruments as of June 30, 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) June 30, June 30, Assets Inputs Inputs Description 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 96,658 96,658 96,658 - - Loans receivable 34,218 44,067 - - 44,067 Restricted cash and time deposits at financial institutions 1,345 1,345 1,345 - - Financial liabilities: Notes payable 21,947 22,092 - - 22,092 Principal and interest advances on residential loans 9,984 9,482 - - 9,482 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 Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2013item | Jun. 30, 2016USD ($)shares | Jun. 30, 2015shares | Jun. 30, 2016USD ($)$ / sharesitempropertyshares | Jun. 30, 2015USD ($)shares | Dec. 31, 2015USD ($) | May 31, 2015 | Oct. 31, 2013 | |
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Puchase of common stock through tender offer | shares | 2 | |||||||
Impairment loss | $ | $ 423 | $ 423 | ||||||
Debt issuance costs for line-of-credit arrangements | $ | 264 | 264 | $ 306 | |||||
Interest on borrowings | $ | 251 | $ 526 | ||||||
Accounting Standards Update 2015-03 [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Reclassification of deferred debt issuance costs | $ | $ 30 | $ 30 | $ 36 | |||||
Woodbridge Holdings, LLC [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Number of owners | item | 190,000 | |||||||
Restricted Stock Units [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Anti-dilutive stock | shares | 1,429,152 | 1,429,152 | ||||||
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% | 53.00% | ||||||
Anti-dilutive stock | shares | 7,016 | 15,481 | 7,016 | 15,481 | ||||
Number of votes per share | item | 1 | |||||||
Percent of common equity | 99.00% | 99.00% | ||||||
Class B Common Stock [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Voting interest | 47.00% | 47.00% | ||||||
Number of votes per share | $ / shares | 1 | |||||||
Percent of common equity | 1.00% | 1.00% | ||||||
Class B Common Stock [Member] | BFC Financial Corporation [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Aggregate number of shares owned, threshold | shares | 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 | |||||||
Droga Chocolates, LLC [Member] | BBX Sweet Holdings LLC [Member] | ||||||||
Presentation Of Interim Financial Statements [Line Items] | ||||||||
Ownership percentage by noncontrolling owners | 75.00% |
Investment in Woodbridge Hold30
Investment in Woodbridge Holdings, LLC (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2016 | 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 | $ 76,631 | $ 75,545 | |||||
Cash payment for investment | $ 9 | ||||||
Woodbridge Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | $ 62,496 | $ 76,631 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Investment in Woodbridge, Beginning of Period | $ 75,545 | |||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 1,655 | $ (291) | 1,313 | $ (595) |
Investment in Woodbridge, End of Period | 76,631 | 76,631 | ||
Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Investment in Woodbridge, Beginning of Period | 78,070 | 78,829 | 75,545 | 73,026 |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 5,059 | (10,168) | 11,794 | (4,365) |
Dividends received from Woodbridge | (6,498) | (6,165) | (10,708) | (6,165) |
Investment in Woodbridge, End of Period | $ 76,631 | $ 62,496 | $ 76,631 | $ 62,496 |
Investment in Woodbridge Hold32
Investment in Woodbridge Holdings, LLC (Condensed Statement of Financial Condition and Condensed Statement of Operations) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Cash and restricted cash | $ 96,658 | $ 69,040 | $ 63,387 | $ 58,819 |
Properties and equipment, net | 24,865 | 18,083 | ||
Other assets | 6,323 | 6,316 | ||
Total assets | 390,465 | 393,505 | 388,625 | |
Notes payable | 21,947 | 21,385 | ||
Total liabilities | 53,059 | 57,526 | ||
Total Woodbridge members' equity | 335,523 | 334,804 | ||
Noncontrolling interest | 1,883 | 1,175 | ||
Total equity | 337,406 | 335,979 | $ 318,771 | $ 311,280 |
Total liabilities and equity | 390,465 | 393,505 | ||
Woodbridge Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and restricted cash | 208,090 | 172,758 | ||
Notes receivable, net | 417,820 | 415,598 | ||
Notes receivable from related parties | 80,000 | 80,000 | ||
Inventory of real estate | 215,788 | 220,211 | ||
Properties and equipment, net | 71,805 | 71,937 | ||
Intangible assets, net | 61,863 | 61,977 | ||
Other assets | 67,422 | 61,794 | ||
Total assets | 1,122,788 | 1,084,275 | ||
Accounts payable, accrued liabilities and other | 126,289 | 113,473 | ||
Deferred tax liabilities, net | 126,308 | 110,202 | ||
Notes payable | 504,902 | 503,521 | ||
Junior subordinated debentures | 151,532 | 150,485 | ||
Total liabilities | 909,031 | 877,681 | ||
Total Woodbridge members' equity | 165,757 | 163,397 | ||
Noncontrolling interest | 48,000 | 43,197 | ||
Total equity | 213,757 | 206,594 | ||
Total liabilities and equity | $ 1,122,788 | $ 1,084,275 |
Investment in Woodbridge Hold33
Investment in Woodbridge Holdings, LLC (Condensed Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 02, 2013 | |||||
Business Acquisition [Line Items] | |||||||||
Total revenues | $ 24,039 | $ 38,615 | $ 47,711 | $ 60,324 | |||||
Total costs and expenses | 32,937 | [1] | 22,128 | [2] | 63,522 | [3] | 47,987 | [4] | |
Income before taxes | (2,074) | 6,098 | (2,384) | 6,978 | |||||
Provision for income taxes | (222) | (219) | |||||||
Net income (loss) | (2,074) | 6,320 | (2,384) | 7,197 | |||||
BBX Capital 46% equity earnings (losses) of Woodbridge | 1,655 | (291) | 1,313 | (595) | |||||
Woodbridge Holdings, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total revenues | 171,023 | 154,074 | 315,091 | 282,504 | |||||
Total costs and expenses | 150,883 | 164,556 | 268,694 | 270,045 | |||||
Other income | (17) | 1,123 | 149 | 2,189 | |||||
Income before taxes | 20,123 | (9,359) | 46,546 | 14,648 | |||||
Provision for income taxes | 6,259 | 9,921 | 16,104 | 18,527 | |||||
Net income (loss) | 13,864 | (19,280) | 30,442 | (3,879) | |||||
Net income attributable to noncontrolling interest | (2,866) | (2,825) | (4,803) | (5,611) | |||||
Net income (loss) attributable to Woodbridge | 10,998 | (22,105) | 25,639 | (9,490) | |||||
BBX Capital 46% equity earnings (losses) of Woodbridge | $ 5,059 | $ (10,168) | $ 11,794 | $ (4,365) | |||||
Equity earning percentage | 46.00% | 46.00% | 46.00% | ||||||
[1] | Includes a reconciling item of $211,000 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 June 30, 2016. | ||||||||
[2] | Includes a reconciling item of $229,000 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 June 30, 2015 | ||||||||
[3] | Includes a reconciling item of $332,000 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 s months ended June 30, 2016. | ||||||||
[4] | Includes a reconciling item $362,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the six months ended June 30, 2015. |
Investments in Unconsolidated34
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Capitalized interest on real estate development and joint venture activities | $ 211 | $ 132 | $ 333 | $ 228 |
Investments in Unconsolidated35
Investments in Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | $ 42,752 | $ 42,962 |
Altis at Kendall Square, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 701 | 764 |
Altis at Lakeline - Austin Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 5,257 | 5,210 |
New Urban/BBX Development, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 775 | 864 |
Sunrise and Bayview Partners, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 1,570 | 1,577 |
Hialeah Communities, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 4,023 | 4,569 |
PGA Design Center Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 1,874 | 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 | 700 | 727 |
The Addison on Millenia Investment, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 5,810 | 5,778 |
BBX/S Millenia Blvd Investments, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 4,933 | 4,905 |
Altis at Bonterra - Hialeah, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | 15,902 | $ 15,782 |
Altis at Shingle Creek Manager, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated real estate joint ventures | $ 332 |
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 | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |||||
Total revenues | $ 24,039 | $ 38,615 | $ 47,711 | $ 60,324 | ||||
Total costs and expenses | (32,937) | [1] | (22,128) | [2] | (63,522) | [3] | (47,987) | [4] |
Net earnings (loss) | (2,074) | 6,320 | (2,384) | 7,197 | ||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 1,655 | (291) | 1,313 | (595) | ||||
Joint Ventures [Member] | ||||||||
Total revenues | 5,063 | 658 | 6,254 | 1,037 | ||||
Total costs and expenses | (3,171) | (1,317) | (5,027) | (2,388) | ||||
Net earnings (loss) | 1,892 | (659) | 1,227 | (1,351) | ||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 1,655 | $ (291) | $ 1,313 | $ (595) | ||||
[1] | Includes a reconciling item of $211,000 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 June 30, 2016. | |||||||
[2] | Includes a reconciling item of $229,000 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 June 30, 2015 | |||||||
[3] | Includes a reconciling item of $332,000 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 s months ended June 30, 2016. | |||||||
[4] | Includes a reconciling item $362,000 associated with capitalized interest on real estate development and joint venture activities in excess of interest expense incurred in the BBX reportable segment for the six months ended June 30, 2015. |
Loans Held-For-Sale (Narrative)
Loans Held-For-Sale (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Loans held-for-sale [Line Items] | ||||||
Loans held-for-sale | $ 1,600 | |||||
Loans held-for-sale transferred to loans receivable | $ 16,078 | $ 7,365 | $ 16,078 | $ 7,365 | ||
Residential [Member] | ||||||
Loans held-for-sale [Line Items] | ||||||
Loans held-for-sale transferred to loans receivable | $ 17,300 | |||||
Loan receivable discount | 1,200 | 1,200 | 1,200 | |||
Loans fair value | $ 16,100 | $ 16,100 | $ 16,100 |
Loans Held-For-Sale (Loans Held
Loans Held-For-Sale (Loans Held-For-Sale) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Loans held-for-sale [Line Items] | |
Loans held-for-sale | $ 21,354 |
Residential [Member] | |
Loans held-for-sale [Line Items] | |
Loans held-for-sale | $ 21,354 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Discount on loans receivable | $ 4,100 | $ 4,100 | $ 4,100 | $ 3,300 | ||
Loans held-for-sale transferred to loans receivable | 16,078 | $ 7,365 | 16,078 | $ 7,365 | ||
Commitments to lend additional funds on impaired loans | 0 | 0 | 0 | |||
Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosure proceedings in-process | 11,300 | 11,300 | 11,300 | |||
Loans held-for-sale transferred to loans receivable | 17,300 | |||||
Loan receivable discount | 1,200 | 1,200 | 1,200 | |||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosure proceedings in-process | 300 | 300 | 300 | |||
Small Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosure proceedings in-process | $ 64 | $ 64 | $ 64 |
Loans Receivable (Components Of
Loans Receivable (Components Of Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | $ 34,218 | $ 34,035 |
Commerical Non-Real Estate [Member] | ||
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | 1,211 | 11,250 |
Commercial Real Estate [Member] | ||
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | 11,292 | 16,294 |
Small Business [Member] | ||
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | 3,360 | 4,054 |
Consumer [Member] | ||
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | 2,124 | 2,368 |
Residential [Member] | ||
Composition Of Loans By Category [Line Items] | ||
Loans receivable, net | $ 16,231 | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 30,669 | $ 17,380 |
Commerical Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 1,211 | 1,250 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 9,351 | 9,639 |
Small Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 3,360 | 4,054 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | 2,025 | 2,368 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total non-accrual loans | $ 14,722 | $ 69 |
Loans Receivable (Age Analysis
Loans Receivable (Age Analysis Of The Past Due Recorded Investment In Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 16,667 | $ 5,602 | ||
Current | 17,551 | 28,433 | ||
Total Loans Receivable | 34,218 | 34,035 | $ 31,447 | |
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 | 144 | 316 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 368 | 367 | ||
90 Days or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 16,155 | 4,919 | |
Commerical Non-Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 330 | 329 | ||
Current | 881 | 10,921 | ||
Total Loans Receivable | 1,211 | 11,250 | ||
Commerical Non-Real Estate [Member] | 90 Days or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 330 | 329 | |
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,986 | 3,986 | ||
Current | 7,306 | 12,308 | ||
Total Loans Receivable | 11,292 | 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 | 91 | 205 | ||
Current | 3,269 | 3,849 | ||
Total Loans Receivable | 3,360 | 4,054 | ||
Small Business [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 64 | 205 | ||
Small Business [Member] | 90 Days or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 27 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 677 | 1,016 | ||
Current | 1,447 | 1,352 | ||
Total Loans Receivable | 2,124 | 2,368 | ||
Consumer [Member] | 31-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 122 | 316 | ||
Consumer [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 28 | 138 | ||
Consumer [Member] | 90 Days or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 527 | 562 | |
Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 11,583 | 66 | ||
Current | 4,648 | 3 | ||
Total Loans Receivable | 16,231 | 69 | ||
Residential [Member] | 31-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 22 | |||
Residential [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 276 | 24 | ||
Residential [Member] | 90 Days or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | $ 11,285 | $ 42 | |
[1] | BBX Capital had no loans that were 90 days or more past due and still accruing interest as of June 30, 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 | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Loans Receivable [Abstract] | |||||||
Allowance for Loan Losses, Beginning balance | $ 381 | $ 977 | |||||
Allowance for Loan Losses, Charge-offs: | (66) | (221) | (96) | (896) | |||
Allowance for Loan Losses, Recoveries: | 6,353 | 6,620 | 8,131 | 10,520 | |||
Allowance for Loan Losses, Provision: | (6,287) | (6,608) | (8,035) | (10,429) | |||
Allowance for Loan Losses, Ending balance | 172 | 172 | |||||
Allowance for Loan Losses, Ending balance individually evaluated for impairment | |||||||
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 172 | ||||||
Allowance for Loan Losses, Total | 381 | 977 | 172 | ||||
Loans receivable, Ending balance individually evaluated for impairment | 26,986 | 15,862 | |||||
Loans receivable, Ending balance collectively evaluated for impairment | 7,232 | 15,585 | |||||
Total Loans Receivable | $ 34,218 | $ 34,035 | $ 31,447 | ||||
Proceeds from loan sales | 89 | ||||||
Transfer from loans held-for-sale | $ 16,078 | $ 7,365 | $ 16,078 | $ 7,365 |
Loans Receivable (Impaired Loan
Loans Receivable (Impaired Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Loans Receivable [Abstract] | ||
Total with no allowance recorded, Recorded Investment | $ 30,846 | $ 17,380 |
Total with no allowance recorded, Unpaid Principal Balance | 53,528 | 30,212 |
Recorded Investment | 30,846 | 17,380 |
Unpaid Principal Balance | $ 53,528 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loans Receivable [Abstract] | ||||
With an allowance recorded, Average Recorded Investment | $ 68 | $ 68 | ||
With no related allowance recorded, Average Recorded Investment | $ 31,192 | 23,082 | $ 23,995 | 24,543 |
With an allowance recorded, Interest Income Recognized | 2 | 3 | ||
With no related allowance recorded, Interest Income Recognized | 305 | 357 | 642 | 712 |
Average Recorded Investment | 31,192 | 23,150 | 23,995 | 24,611 |
Interest Income Recognized | $ 305 | $ 359 | $ 642 | $ 715 |
Real Estate Held-for-Investme46
Real Estate Held-for-Investment and Real Estate Held-for-Sale (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Improvements [Member] | ||||
Capitalized interest associated with real estate improvements | $ 0 | $ 245 | $ 0 | $ 431 |
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 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real estate held for sale | $ 32,854 | $ 46,165 | $ 46,338 | $ 38,626 | $ 39,763 | $ 41,733 |
Land [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real estate held for sale | 25,678 | 25,994 | ||||
Rental Properties [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real estate held for sale | 1,748 | 17,162 | ||||
Residential Single-Family [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real estate held for sale | 5,404 | 2,924 | ||||
Other [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real estate held for sale | $ 24 | $ 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 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||||
Real estate held-for-investment | $ 30,046 | $ 32,838 | $ 31,290 | $ 83,974 | $ 84,297 | $ 76,552 |
Land [Member] | ||||||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||||
Real estate held-for-investment | 29,146 | 30,369 | ||||
Other [Member] | ||||||
Schedule of Long Lived Assets Held-For-Investment [Line Items] | ||||||
Real estate held-for-investment | $ 900 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | ||||
Real Estate Held-for-Sale, Beginning of period, net | $ 46,165 | $ 39,763 | $ 46,338 | $ 41,733 |
Real Estate Held-for-Sale, Acquired through foreclosure | 2,837 | 271 | 3,663 | 2,427 |
Real Estate Held-For-Sale, Transfers | 3,040 | 4,599 | 3,040 | 3,572 |
Real Estate Held-For-Sale, Transfers to property and equipment | (6,557) | (6,557) | ||
Real Estate Held-for-Sale, Purchases | 10,667 | 10,667 | ||
Real Estate Held-for-Sale, Improvements | 56 | 225 | ||
Real Estate Held-for-Sale, Accumulated depreciation | ||||
Real Estate Held-for-Sale, Sales | (10,231) | (16,453) | (11,107) | (19,405) |
Real Estate Held-for-Sale, Impairments, net | (2,456) | (221) | (2,748) | (368) |
Real Estate Held-for-Sale, End of period, net | 32,854 | 38,626 | 32,854 | 38,626 |
Real Estate Held-for-Investment, Beginning of period, net | 32,838 | 84,297 | 31,290 | 76,552 |
Real Estate Held-for-Investment, Acquired through foreclosure | ||||
Real Estate Held-for-Investment, Transfers | (3,040) | (4,599) | (3,040) | (3,572) |
Real Estate Held-For-Investment, Transfers to property and equipment | ||||
Real Estate Held-for-Investment, Purchases | ||||
Real Estate Held-for-Investment, Improvements | 258 | 4,464 | 1,816 | 11,488 |
Real Estate Held-for-Investment, Accumulated depreciation | (10) | (164) | (20) | (245) |
Real Estate Held-for-Investment, Sales | ||||
Real Estate Held-for-Investment, Impairments, Net | (24) | (249) | ||
Real Estate Held-for-Investment, End of period, net | $ 30,046 | $ 83,974 | $ 30,046 | $ 83,974 |
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract] | |||||
Beginning of period | $ 4,570 | $ 2,417 | $ 4,400 | $ 2,940 | |
Transfer to held-for-investment | (93) | ||||
Impairments, net | [1] | 2,456 | 151 | 2,748 | 298 |
Sales | (109) | (36) | (231) | (613) | |
End of period | $ 6,917 | $ 2,532 | $ 6,917 | $ 2,532 | |
[1] | Tax certificate impairments are not included. |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Inventories | $ 15,454 | $ 15,454 | $ 16,347 | ||
Shipping goods to customers, cost | 1,200 | $ 1,100 | 2,600 | $ 2,500 | |
Inventory reserves | 3,200 | 3,200 | 1,100 | ||
Recovery (loss) on inventory | (3,000) | $ (43) | (3,100) | $ 35 | |
BBX Sweet Holdings LLC [Member] | |||||
Inventories | 5,800 | 5,800 | 7,900 | ||
Renin Corp [Member] | |||||
Inventories | $ 9,700 | $ 9,700 | $ 8,400 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 5,086 | $ 5,822 |
Paper goods and packaging materials | 2,798 | 4,504 |
Finished goods | 7,570 | 6,021 |
Total | $ 15,454 | $ 16,347 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Thousands | Apr. 02, 2013 | Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||||
Equity method investments | $ 76,631 | $ 76,631 | $ 75,545 | |||||||
Repayment of note payble | 169 | $ 600 | ||||||||
BFC Financial Corp [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 | 0 | 294 | ||||||
Equity method investments | $ 71,750 | $ 76,631 | $ 62,496 | $ 76,631 | $ 62,496 | $ 78,070 | $ 75,545 | $ 78,829 | $ 73,026 | |
Equity interest in real estate joint venture | 46.00% | 46.00% | 46.00% | |||||||
Capital contributions | $ 60,000 | |||||||||
Assets acquired by assumption of notes payable | $ 11,750 | |||||||||
Repayment of note payble | $ 11,750 |
Related Parties (Schedule Of Se
Related Parties (Schedule Of Service Arrangements With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Parties [Abstract] | ||||
Other revenues | $ 96 | $ 96 | $ 197 | $ 195 |
Employee compensation and benefits | (247) | (481) | ||
Other - back-office support | (50) | (53) | (92) | (83) |
Net effect of affiliate transactions before income taxes | $ 46 | $ (204) | $ 105 | $ (369) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)customer | Jun. 30, 2015USD ($)customer | Jun. 30, 2016USD ($)segmentcustomer | Jun. 30, 2015USD ($)customer | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Revenues | $ 24,039 | $ 38,615 | $ 47,711 | $ 60,324 | |
Properties and equipment | 24,865 | 24,865 | $ 18,083 | ||
Renin Corp [Member] | Non-US [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,800 | $ 5,300 | 9,800 | $ 11,500 | |
Properties and equipment | $ 1,300 | $ 1,300 | $ 1,400 | ||
Renin Corp [Member] | Trade Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of major customers | customer | 2 | 2 | 2 | 2 | |
Renin Corp [Member] | Trade Sales [Member] | Major Customer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,200 | $ 6,500 | $ 11,200 | $ 12,900 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||
Interest income | $ 913 | $ 2,090 | $ 1,980 | $ 2,908 | |||||
Other revenues | 23,126 | 36,525 | 45,731 | 57,416 | |||||
Total revenues | 24,039 | 38,615 | 47,711 | 60,324 | |||||
Interest expense | (27) | (31) | (128) | (188) | |||||
Recoveries from loan losses, net | 6,287 | 6,608 | 8,035 | 10,429 | |||||
Asset (impairments) recoveries, net | (1,759) | 810 | (1,722) | 1,873 | |||||
Other costs and expenses | (37,438) | (29,515) | (69,707) | (60,101) | |||||
Total costs and expenses | (32,937) | [1] | (22,128) | [2] | (63,522) | [3] | (47,987) | [4] | |
Equity in earnings (losses) of unconsolidated companies | 6,714 | (10,459) | 13,107 | (4,960) | |||||
Foreign exchange gain (loss) | 110 | 70 | 320 | (399) | |||||
(Loss) income before income taxes | (2,074) | 6,098 | (2,384) | 6,978 | |||||
Provision for income taxes | (222) | (219) | |||||||
Net income (loss) | (2,074) | 6,320 | (2,384) | 7,197 | |||||
Total assets | 390,465 | 388,625 | 390,465 | 388,625 | $ 393,505 | ||||
Equity method investments included in total assets | 119,383 | 79,020 | |||||||
Expenditures for segment assets | 695 | 332 | 1,506 | 653 | |||||
Depreciation and amortization | 848 | 865 | 1,705 | 1,672 | |||||
Capitalized interest in excess of interest expense incurred | 211 | 229 | 332 | 362 | |||||
Adjusting And Elimination Entries [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest expense | 211 | 229 | 332 | 362 | |||||
Total costs and expenses | 211 | 229 | 332 | 362 | |||||
(Loss) income before income taxes | 211 | 229 | 332 | 362 | |||||
Net income (loss) | 211 | 229 | 332 | 362 | |||||
Total assets | (324,240) | (307,803) | (324,240) | (307,803) | |||||
BBX [Member] | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest income | 913 | 2,090 | 1,980 | 2,908 | |||||
Other revenues | 1,873 | 16,942 | 3,513 | 18,298 | |||||
Total revenues | 2,786 | 19,032 | 5,493 | 21,206 | |||||
Interest expense | (2) | (15) | (2) | (72) | |||||
Recoveries from loan losses, net | 6,287 | 6,609 | 8,035 | 10,430 | |||||
Asset (impairments) recoveries, net | (1,759) | 810 | (1,722) | 1,873 | |||||
Other costs and expenses | (9,776) | (8,133) | (19,420) | (18,660) | |||||
Total costs and expenses | (5,250) | (729) | (13,109) | (6,429) | |||||
Equity in earnings (losses) of unconsolidated companies | 6,714 | (10,459) | 13,107 | (4,960) | |||||
(Loss) income before income taxes | 4,250 | 7,844 | 5,491 | 9,817 | |||||
Provision for income taxes | 2 | 5 | |||||||
Net income (loss) | 4,250 | 7,842 | 5,491 | 9,812 | |||||
Total assets | 651,784 | 637,665 | 651,784 | 637,665 | |||||
Equity method investments included in total assets | 119,383 | 79,019 | |||||||
Expenditures for segment assets | 137 | 16 | 489 | 29 | |||||
Depreciation and amortization | 219 | 302 | 433 | 541 | |||||
Renin Corp [Member] | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Other revenues | 16,523 | 15,432 | 30,298 | 28,956 | |||||
Total revenues | 16,523 | 15,432 | 30,298 | 28,956 | |||||
Interest expense | (78) | (76) | (142) | (149) | |||||
Other costs and expenses | (15,831) | (15,259) | (29,663) | (29,068) | |||||
Total costs and expenses | (15,909) | (15,335) | (29,805) | (29,217) | |||||
Foreign exchange gain (loss) | 110 | 70 | 320 | (399) | |||||
(Loss) income before income taxes | 724 | 167 | 813 | (660) | |||||
Net income (loss) | 724 | 167 | 813 | (660) | |||||
Total assets | 26,720 | 24,072 | 26,720 | 24,072 | |||||
Expenditures for segment assets | 241 | 34 | 273 | 34 | |||||
Depreciation and amortization | 180 | 151 | 333 | 300 | |||||
BBX Sweet Holdings LLC [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Inventory writedowns | 3,000 | 3,000 | |||||||
Intangible asset impairments | 400 | 400 | |||||||
Contract termination costs | 400 | 400 | |||||||
BBX Sweet Holdings LLC [Member] | Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Other revenues | 4,730 | 4,151 | 11,920 | 10,162 | |||||
Total revenues | 4,730 | 4,151 | 11,920 | 10,162 | |||||
Interest expense | (158) | (169) | (316) | (329) | |||||
Recoveries from loan losses, net | (1) | (1) | |||||||
Other costs and expenses | (11,831) | [5] | (6,123) | (20,624) | [5] | (12,373) | |||
Total costs and expenses | (11,989) | (6,293) | (20,940) | (12,703) | |||||
(Loss) income before income taxes | (7,259) | (2,142) | (9,020) | (2,541) | |||||
Provision for income taxes | (224) | (224) | |||||||
Net income (loss) | (7,259) | (1,918) | (9,020) | (2,317) | |||||
Total assets | 36,201 | 34,691 | 36,201 | 34,691 | |||||
Equity method investments included in total assets | 1 | ||||||||
Expenditures for segment assets | 317 | 282 | 744 | 590 | |||||
Depreciation and amortization | $ 449 | $ 412 | $ 939 | $ 831 | |||||
[1] | Includes a reconciling item of $211,000 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 June 30, 2016. | ||||||||
[2] | Includes a reconciling item of $229,000 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 June 30, 2015 | ||||||||
[3] | Includes a reconciling item of $332,000 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 s months ended June 30, 2016. | ||||||||
[4] | Includes a reconciling item $362,000 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 six months ended June 30, 2015. | ||||||||
[5] | Included in Sweet Holdings "other costs and expenses" were $3.0 million of inventory writedowns as well as $0.4 million of intangible asset impairments and $0.4 million of contract termination costs associated with the closing and relocation of the Jer's sales office and distribution facilities. |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 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 |
Period when impairment homogenous loans are recognized as delinquent | 120 days |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets nonrecurring, by asset type | $ 10,135 | $ 2,635 | $ 10,135 | $ 2,635 | ||
Total Impairments | 1,759 | (810) | 1,722 | (1,873) | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets nonrecurring, by asset type | 10,135 | 2,635 | 10,135 | 2,635 | ||
Non-recurring Basis [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Impairments | 2,549 | [1] | 639 | [2] | ||
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 | 5,703 | 110 | 5,703 | 110 | ||
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 | 5,703 | 110 | 5,703 | 110 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Non-recurring Basis [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Impairments | 93 | [1] | 117 | [2] | ||
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 | 4,432 | 2,525 | 4,432 | 2,525 | ||
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 | $ 4,432 | $ 2,525 | 4,432 | 2,525 | ||
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | Non-recurring Basis [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Impairments | $ 2,456 | [1] | $ 522 | [2] | ||
[1] | Total impairments represent the amount of losses recognized during the six months ended June 30, 2016 on assets that were held and measured at fair value as of June 30, 2016. | |||||
[2] | Total impairments represent the amount of losses recognized during the six months ended June 30, 2015 on assets that were held and measured at fair value as of June 30, 2015. |
Fair Value Measurement (Sched59
Fair Value Measurement (Schedule Of Quantitative Fair Value Measurements) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 10,135 | $ 2,635 | |
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 | 5,703 | 110 | |
Impaired Real Estate Held-For-Sale And Held-For-Investment [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 4,432 | 2,525 | |
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] | 200 | |
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] | 300 | 200 |
Maximum [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | [1] | 700 | 300 |
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] | 1,500 | 1,000 |
Weighted Average [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | [1],[2] | 400 | 300 |
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 | [1],[2] | $ 800 | $ 500 |
[1] | Range and average appraised values were reduced by costs to sell. | ||
[2] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
Fair Value Measurement (Sched60
Fair Value Measurement (Schedule Of Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash | $ 96,658 | $ 69,040 | $ 63,387 | $ 58,819 |
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 | ||
Principal and interest advances on residential loans | 9,984 | 10,356 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash | 96,658 | 69,040 | ||
Loans receivable | 34,218 | 55,389 | ||
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 | ||
Notes payable | 21,947 | 21,385 | ||
Principal and interest advances on residential loans | 9,984 | 10,356 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash | 96,658 | 69,040 | ||
Loans receivable | 44,067 | 63,668 | ||
Restricted cash and time deposits at financial institutions | 1,345 | 2,651 | ||
Notes payable | 22,092 | 21,514 | ||
Principal and interest advances on residential loans | 9,482 | 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 restricted cash | 96,658 | 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 restricted cash | ||||
Loans receivable | ||||
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 | 44,067 | 63,668 | ||
Notes payable | 22,092 | 21,514 | ||
Principal and interest advances on residential loans | $ 9,482 | $ 9,630 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Dec. 24, 2015USD ($) | Jan. 14, 2015USD ($) | Dec. 21, 2012 | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)aproperty | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Aug. 07, 2015USD ($) | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | ||||||||||
Investment in joint venture | $ 785,000 | $ 1,103,000 | ||||||||
Accrued possible loss | 0 | |||||||||
Litigation, settlement amount | $ 4,550,000 | |||||||||
Interest rate associated with class action complaint | 0.00% | |||||||||
Anastasia Confections [Member] | Loan And Notes Payable Guarantee [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Guaranteed amount | 5,500,000 | |||||||||
Centennial Bank - Hoffman's [Member] | Loan And Notes Payable Guarantee [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Guaranteed amount | 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 | $ 26,500,000 | $ 31,000,000 | ||||||||
Hialeah Communities, LLC [Member] | Loan And Notes Payable Guarantee [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Guaranteed amount | $ 7,500,000 | |||||||||
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] | ||||||||||
Litigation, settlement amount | $ 5,200,000 | |||||||||
BBX Capital [Member] | Alan B. Levan [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Legal Fees | $ 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] | Loan And Notes Payable Guarantee [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Guaranteed amount | $ 400,000 | |||||||||
Notes payable maturity date | Apr. 1, 2017 | |||||||||
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] - BFC Financial Corporation [Member] - Class A Common Stock [Member] | Jul. 27, 2016USD ($)shares |
Subsequent Event [Line Items] | |
After merger, right to receive, cash | $ | $ 20 |
After merger, right to receive, shares | 5.4 |
Exchange ratio | 5.4 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Amount of shares required for exercising appraisal rights | 150,000 |