BBX Capital Corporation

Financials

v3.6.0.2
Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 299,861 $ 198,905
Restricted cash ($21,894 in 2016 and $25,358 in 2015 in variable interest entities ("VIEs")) 46,456 59,365
Loans held-for-sale   21,354
Loans receivable, net 25,521 34,035
Notes receivable, net ($287,111 and $280,841 in VIEs in 2016 and 2015, respectively) 430,480 415,598
Inventory 253,788 220,211
Real estate held-for-sale, net 33,345 46,338
Real estate held-for-investment 12,029 31,290
Investments in unconsolidated real estate joint ventures 43,374 42,962
Property and equipment, net 95,998 90,020
Goodwill 6,731 7,601
Intangible assets, net 68,455 70,188
Other assets 120,030 103,093
Total assets 1,436,068 1,340,960
Liabilities:    
Accounts payable 28,855 25,976
Deferred income 37,015 28,847
Escrow deposits 20,152 24,525
Other liabilities 95,611 81,623
Receivable-backed notes payable - recourse 87,631 89,888
Receivable-backed notes payable - non-recourse, net of unamortized debt issuance cost of $5,190 and $4,905 in 2016 and 2015, respectively (in VIEs) 327,358 314,024
Notes and mortgage notes payable and other borrowings, net of unamortized debt issuance costs of $2,892 and $2,011 in 2016 and 2015, respectively 133,790 120,994
Junior subordinated debentures, net of unamortized debt issuance costs of $1,730 and $1,822 in 2016 and 2015, respectively 152,367 150,485
Deferred income taxes 44,318 8,594
Shares subject to mandatory redemption 13,517 13,098
Total liabilities 940,614 858,054
Commitments and contingencies (See Note 14)
Preferred stock of $.01 par value; authorized 10,000,000 shares:    
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with a stated value of $1,000 per share
Equity:    
Additional paid-in capital 193,347 143,231
Accumulated earnings 259,110 232,134
Accumulated other comprehensive income 1,167 616
Total shareholder equity 454,604 376,826
Noncontrolling interests 40,850 106,080
Total equity 495,454 482,906
Total liabilities and equity 1,436,068 1,340,960
Class A Common Stock [Member]    
Equity:    
Common stock 848 732
Class B Common Stock [Member]    
Equity:    
Common stock $ 132 $ 113
v3.6.0.2
Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Sales of VOIs $ 266,142 $ 259,236 $ 262,334
Fee-based sales commission revenue 201,829 173,659 144,239
Other fee-based services revenue 103,448 97,539 92,089
Trade sales 95,996 84,284 74,083
Interest income 85,437 88,765 86,492
Net gains on sales of assets 6,076 31,092 5,527
Other revenue 5,067 5,632 7,422
Total revenues 763,995 740,207 672,186
Costs and Expenses      
Cost of sales of VOIs 27,346 22,884 30,766
Cost of other fee-based services 64,479 60,942 56,941
Cost of trade sales 74,341 62,707 54,682
Interest expense 36,037 40,408 47,402
Recoveries from loan losses, net (20,508) (13,457) (7,155)
Impairments of assets, net 4,656 287 7,015
Litigation settlement   36,500  
Selling, general and administrative expenses 516,757 466,700 421,649
Total costs and expenses 703,108 676,971 611,300
Equity in net earnings (losses) of unconsolidated real estate joint ventures 13,630 (1,565) (573)
Foreign exchange gain (loss) 219 (1,038) (715)
Other income, net 3,300 4,050 4,780
Income before income taxes 78,036 64,683 64,378
(Provision) benefit for income taxes (See Note 13) [1] (36,379) 76,596 (37,073)
Net income 41,657 141,279 27,305
Less: Net income attributable to noncontrolling interests 13,295 18,805 13,455
Net income attributable to shareholders $ 28,362 $ 122,474 $ 13,850
Basic earnings per share $ 0.33 $ 1.41 $ 0.16
Diluted earnings per share $ 0.32 $ 1.40 $ 0.16
Basic weighted average number of common shares outstanding 86,902 87,022 84,502
Diluted weighted average number of common and common equivalent shares outstanding 87,492 87,208 84,761
Other comprehensive income, net of tax:      
Unrealized (losses) gains on securities available for sale net of taxes of $131 provision for 2016, $(16) benefit for 2015 and $0 for 2014 $ (33) $ (10) $ 59
Foreign currency translation adjustments 584 353 89
Other comprehensive income, net 551 343 148
Comprehensive income, net of tax 42,208 141,622 27,453
Less: Comprehensive income attributable to noncontrolling interests 13,295 18,885 13,490
Total comprehensive income attributable to shareholders $ 28,913 $ 122,737 $ 13,963
Class A Common Stock [Member]      
Costs and Expenses      
Cash dividends declared per common share $ 0.015 $ 0.00 $ 0.00
Class B Common Stock [Member]      
Costs and Expenses      
Cash dividends declared per common share $ 0.015 $ 0.00 $ 0.00
[1] Expected tax is computed based upon income before noncontrolling interests.
v3.6.0.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net income $ 41,657 $ 141,279 $ 27,305
Adjustment to reconcile net income to net cash provided by operating activities:      
Recoveries from loan losses and asset impairments, net (14,430) (13,233) (1,470)
Provision for notes receivable allowances 44,337 42,063 40,164
Depreciation, amortization and accretion, net 8,089 10,511 9,399
Share-based compensation expense 6,350 5,562 2,524
Share-based compensation expense of subsidiaries 6,099 5,472 3,703
Net gains on sales of real estate, loans held-for-sale, and properties and equipment (5,139) (31,211) (4,714)
Gain on bargain purchase   (254) (1,237)
Equity in (earnings) losses of unconsolidated real estate joint ventures (13,630) 1,565 573
Return on investment in unconsolidated real estate joint ventures 13,267    
Increase (decrease) in deferred income tax 35,704 (84,329) 12,707
Interest accretion on shares subject to mandatory redemption 1,169 1,134 1,102
Decrease (increase) in restricted cash 10,608 (2,094) 10,665
Increase in notes receivable (59,030) (34,538) (9,820)
(Increase) decrease in inventory (7,794) (15,685) 19,048
Decrease (increase) in other assets 2,135 (13,514) (3,217)
Increase (decrease) in other liabilities 22,379 (16,473) 2,405
Net cash provided by (used in) operating activities 91,771 (3,745) 109,137
Investing activities:      
Return of unconsolidated real estate joint venture investment 3,321 510 273
Investments in unconsolidated real estate joint ventures (3,370) (9,687) (10,074)
Repayment of loans receivable, net 46,454 30,170 42,298
Proceeds from the sale of loans receivable   68 9,497
Proceeds from sales of real estate held-for-sale 23,606 72,154 33,240
Proceeds from contribution of real estate to unconsolidated real estate joint ventures   701 4,086
Additions to real estate held-for-investment (7,615) (20,032) (4,242)
Additions to real estate held-for-sale (561) (10,667)  
Purchases of property and equipment (12,939) (12,810) (19,453)
Proceeds from the sale of property and equipment 2,321 372 164
Cash paid for acquisitions, net of cash received   (10) (8,844)
Purchase of BCC noncontrolling interest (16,894) (95,424)  
Increase (decrease) in cash from other investing activities 282 (3,458) 627
Net cash provided by (used in) investing activities 34,605 (48,113) 47,572
Financing activities:      
Repayment of BB&T preferred interest in Florida Asset Resolution Group, LLC ("FAR")   (12,348) (56,169)
Repayments of notes, mortgage notes payable and other borrowings (281,177) (253,615) (164,074)
Proceeds from notes, mortgage notes payable and other borrowings 285,682 262,900 137,274
Payments for debt issuance costs (4,608) (3,830) (1,822)
Payments of interest on shares subject to mandatory redemption (750) (750) (750)
Proceeds from the exercise of stock options 10 10 586
Dividends paid on common stock (856)    
Excess tax benefits from share-based compensation     2,080
Retirement of Common Stock (7,320) (4,453) (4,089)
Retirement of subsidiary's common stock (4,151) (2,529) (2,021)
Distributions to noncontrolling interest (12,250) (14,059) (5,923)
Net cash used in financing activities (25,420) (28,674) (94,908)
Increase (decrease) in cash and cash equivalents 100,956 (80,532) 61,801
Cash and cash equivalents at beginning of period 198,905 279,437 217,636
Cash and cash equivalents at end of period 299,861 198,905 279,437
Supplemental cash flow information:      
Interest paid on borrowings (32,139) (35,111) (41,665)
Income taxes paid (2,203) (26,092) (26,169)
Income tax refunded 2,695 309 86
Supplementary disclosure of non-cash investing and financing activities:      
Loans receivable transferred to real estate held-for-sale or real estate held-for-investment 4,807 3,215 21,400
Loans held-for-sale transferred to loans receivable 16,078 7,365  
Loans receivable transferred to loans held-for-sale     2,299
Loan receivable increase from sale of real estate held-for-sale   10,000  
Real estate held-for-investment transferred to inventory 15,254    
Real estate held-for-investment transferred to investments in unconsolidated real estate joint ventures   19,448 1,920
Real estate held-for-investment transferred to real estate held-for-sale 11,582 41,751 28,018
Real estate held-for-sale transferred to property and equipment 6,557    
Increase in real estate held-for-sale from the assumption of other liabilities     2,879
Repayment of note payable with restricted time deposit 995    
Issuance of common stock to acquire BCC noncontrolling interest 48,487    
Increase in other assets upon issuance of Community Development District Bonds 20,743    
Issuance of common stock to acquire BCC noncontrolling interest (1,116) (822)  
Net increase in shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes 1,608 1,904 500
Increase in accumulated other comprehensive income, net of taxes 551 343 148
Accumulated Other Comprehensive Income [Member]      
Supplementary disclosure of non-cash investing and financing activities:      
Increase in accumulated other comprehensive income, net of taxes 551 263 $ 113
Additional Paid-In Capital [Member]      
Supplementary disclosure of non-cash investing and financing activities:      
Issuance of common stock to acquire BCC noncontrolling interest $ 1,101 $ 811