Segment Reporting

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

8.   Segment Reporting

The information provided for segment reporting is based on internal reports utilized by management. Results of continuing operations are reported through two reportable segments: BBX and FAR. The BBX reportable segment includes the results of operations of CAM and the activities of BBX Partners for the three months ended March 31, 2013. BBX Partners isa  wholly owned subsidiaryof BBX Capital and its primary assets are non-performing commercial loans and real estate owned.  BBX’s activities subsequent to the consummation of the BB&T Transaction as of July 31, 2012 consisted of activities associated with BBX Partner’s and CAM’s portfolio of loans receivable, real estate properties, and a portfolio of previously charged off loans  as well as pursing equity and debt investment opportunities in real estate and middle market operating businesses.

BBX’s activities during the three months ended March 31, 2012 consisted of those related to BankAtlantic’s Commercial Lending reporting unit and BBX Partner’s assets.    The activities related to the commercial loan portfolios included renewing, modifying, collecting, increasing, extending, refinancing and making protective advances on these loans, as well as managing and liquidating real estate properties acquired through foreclosure. 

The FAR reportable segment consists of the activities associated with overseeing the management and monetization of its assets with a view towards the repayment of BB&T’s preferred interest and maximizing the cash flows of any remaining assets.

Prior to commencement of FAR’s operations on August 1, 2012, the Company had one segment reported as continuing operations. As such, segment reporting for the three months ended March 31, 2012 is not presented in the following table.

The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Intersegment transactions are eliminated in consolidation.

The Company evaluates segment performance based on segment net income from continuing operations after tax.  The table below is segment information for segment net income from continuing operations for the three months ended March  31, 2013 (in thousands): 

				Adjusting and
				Elimination	Segment
For the Three Months Ended:		BBX	FAR	Entries	Total
March 31, 2013:
Interest income	$	444	2,601	-	3,045
Net gains on sales of assets held for sale		1,760	302	-	2,062
Other revenues		543	2	(53)	492
BB&T's priority return in FAR distributions		-	(1,066)	53	(1,013)
Interest expense		(169)	-	-	(169)
Provision for loan losses		418	(1,177)	-	(759)
Asset impairments		(927)	(1,238)	-	(2,165)
Other expenses		(5,773)	(2,252)	-	(8,025)
Segments loss
before income taxes		(3,704)	(2,828)	-	(6,532)
Provision for income tax		-	-	-	-
Net loss	$	(3,704)	(2,828)	-	(6,532)
Total assets	$	409,975	258,772	(236,263)	432,484
Equity method investments
included in total assets	$	-	-	-	-
Expenditures for segment assets	$	27	-	-	27
Depreciation and amortization	$	55	-	-	55