BBX Capital Corporation

Financials

v3.5.0.2
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 280,637 $ 198,905
Restricted cash ($22,911 and $25,358 in 2016 and 2015, respectively in variable interest entities ("VIEs")) 58,030 59,365
Loans held-for-sale   21,354
Loans receivable, net 28,616 34,035
Notes receivable, net ($301,278 and $280,841 in 2016 and 2015, respectively in VIEs) 424,533 415,598
Inventory 228,445 220,929
Real estate held-for-sale, net 35,729 46,338
Real estate held-for-investment 21,720 31,290
Investments in unconsolidated real estate joint ventures 43,318 42,962
Properties and equipment, net 96,338 90,020
Goodwill 7,601 7,601
Intangible assets, net 69,629 70,188
Other assets 110,533 102,375
Total assets 1,405,129 1,340,960
Liabilities:    
Accounts payable 29,034 25,976
Deferred income 36,946 28,847
Escrow deposits 29,948 24,525
Other liabilities 99,276 81,623
Receivable-backed notes payable - recourse 67,079 89,888
Receivable-backed notes payable - non-recourse, net of unamortized debt issuance cost of $5,574 and $4,905 in 2016 and 2015, respectively in VIEs 341,291 314,024
Notes and mortgage notes payable and other borrowings, net of unamortized debt issuance costs of $1,827 and $2,011 in 2016 and 2015, respectively 95,422 120,994
Junior subordinated debentures, net of unamortized debt issuance costs of $1,753 and $1,822 in 2016 and 2015, respectively 151,976 150,485
Deferred income taxes 32,038 8,594
Shares subject to mandatory redemption 13,409 13,098
Total liabilities 896,419 858,054
Commitments and contingencies (See Note 10)
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 144,033 143,231
Accumulated earnings 254,752 232,134
Accumulated other comprehensive income 985 616
Total BFC Financial Corporation equity 400,623 376,826
Noncontrolling interests 108,087 106,080
Total equity 508,710 482,906
Total liabilities and equity 1,405,129 1,340,960
Class A Common Stock [Member]    
Equity:    
Common stock 727 732
Class B Common Stock [Member]    
Equity:    
Common stock $ 126 $ 113
v3.5.0.2
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Sales of VOIs $ 71,741 $ 78,072 $ 196,653 $ 190,986
Fee-based sales commission revenue 59,383 51,029 153,718 131,603
Other fee-based service revenue 26,810 24,785 78,421 73,486
Trade sales 22,078 21,537 64,290 60,655
Interest income 22,019 22,695 64,232 64,296
Other revenue 6,205 1,173 9,526 19,276
Total revenues 208,236 199,291 566,840 540,302
Costs and Expenses        
Cost of sales of VOIs 5,827 7,039 19,409 19,286
Cost of other fee-based services 17,057 14,797 48,644 46,346
Cost of trade sales 16,674 16,186 50,680 44,216
Interest expense 9,517 9,261 28,322 29,784
Recoveries from loan losses, net (10,944) (4,427) (18,979) (14,856)
(Recoveries) impairments of assets, net (30) 274 1,692 (1,599)
Litigation settlement       36,500
Selling, general and administrative expenses 133,584 132,088 387,843 343,733
Total costs and expenses 171,685 175,218 517,611 503,410
Equity in net earnings (losses) of unconsolidated real estate joint ventures 4,480 (158) 5,793 (753)
Foreign exchange gain (loss) 5 (236) 325 (635)
Other income, net 1,459 1,205 1,911 3,420
Income before income taxes 42,495 24,884 57,258 38,924
(Provision) benefit for income taxes (See Note 9) (19,118) (4,213) (23,857) 77,531
Net income 23,377 20,671 33,401 116,455
Less: Net income attributable to noncontrolling interests 5,602 4,313 9,900 13,916
Net income attributable to BFC $ 17,775 $ 16,358 $ 23,501 $ 102,539
Basic earnings per share $ 0.21 $ 0.19 $ 0.27 $ 1.18
Diluted earnings per share $ 0.21 $ 0.19 $ 0.27 $ 1.18
Basic weighted average number of common shares outstanding 85,864 87,023 86,215 87,083
Diluted weighted average number of common and common equivalent shares outstanding 86,573 87,174 86,632 87,228
Other comprehensive income, net of tax:        
Unrealized (losses) gains on securities available for sale $ (9) $ (22) $ 57 $ (47)
Foreign currency translation adjustments 568 121 378 220
Other comprehensive income, net 559 99 435 173
Comprehensive income, net of tax 23,936 20,770 33,836 116,628
Less: Comprehensive income attributable to noncontrolling interests 5,686 4,331 9,966 13,972
Total comprehensive income attributable to BFC $ 18,250 $ 16,439 $ 23,870 $ 102,656
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.005 $ 0.00 $ 0.01 $ 0.00
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.005 $ 0.00 $ 0.01 $ 0.00
v3.5.0.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Net cash provided by (used in) operating activities $ 61,108 $ (2,995)
Investing activities:    
Decrease (increase) in restricted cash 1,306 (2,649)
Investments in unconsolidated real estate joint ventures (2,353) (2,690)
Repayment of loans receivable, net 42,025 27,035
Proceeds from sales of real estate held-for-sale 20,788 35,770
Additions in real estate held-for-investment (2,042) (15,692)
Improvements to real estate held-for-investment (277)  
Additions of real estate held-for-sale   (10,667)
Purchases of property and equipment (8,928) (8,619)
Proceeds from the sale of property and equipment   565
Increase in other intangible assets (540)  
Acquisition of BBX Capital Class A shares   (95,424)
Distributions from unconsolidated real estate joint ventures 4,388  
(Increase) decrease from other investing activities (224) 262
Net cash provided by (used in) investing activities 54,143 (72,109)
Financing activities:    
Repayment of BB&T preferred interest in Florida Asset Resolution Group, LLC ("FAR")   (12,348)
Repayments of notes, mortgage notes payable and other borrowings (225,657) (201,913)
Proceeds from notes, mortgage notes payable and other borrowings 205,950 198,194
Payments for debt issuance costs (2,462) (2,829)
Payments of interest on shares subject to mandatory redemption (563) (563)
Proceeds from the exercise of BFC stock options 10 10
Dividends paid on common stock (418)  
Retirement of BFC's Class A Common Stock (3,029) (1,893)
Distributions to noncontrolling interest (7,350) (6,188)
Net cash used in financing activities (33,519) (27,530)
Increase (decrease) in cash and cash equivalents 81,732 (102,634)
Cash and cash equivalents at beginning of period 198,905 279,437
Cash and cash equivalents at end of period 280,637 176,803
Supplemental cash flow information:    
Interest paid on borrowings 24,786 25,884
Income taxes paid 987 19,191
Income tax refunded   (317)
Supplementary disclosure of non-cash investing and financing activities:    
Loans transferred to real estate held-for-sale or real estate held-for-investment 4,612 2,987
Loans held-for-sale transferred to loans receivable 16,078 7,365
Real estate held-for-investment transferred to real estate held-for-sale 11,582 38,707
Real estate held-for-sale transferred to property and equipment 6,557  
Issuance of note payable to acquire business   (1,389)
Repayment of note payable with restricted time deposit 995  
Fair value of net assets acquired in connection with business acquisitions   1,683
Increase in BFC accumulated other comprehensive income, net of taxes 435 173
Net increase in BFC shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes 1,386 570
Repurchase and retirement of shares of BFC's Class A common Stock 3,388 2,560
Accumulated Other Comprehensive Income [Member]    
Supplementary disclosure of non-cash investing and financing activities:    
Increase in BFC accumulated other comprehensive income, net of taxes 369 117
Additional Paid-In Capital [Member]    
Supplementary disclosure of non-cash investing and financing activities:    
Increase in the investment in BBX Capital from the issuance of BFC's common stock $ 898 $ 822