Parent Company Financial Information

12 Months Ended

Dec. 31, 2013

Parent Company Financial Information [Abstract]

Parent Company Financial Information

24.  Parent Company Financial Information

Condensed statements of financial condition at December 31, 2013 and 2012 and condensed statements of operations for each of the years in the three year period ended December 31, 2013 are shown below (in thousands):

		As of December 31,
ASSETS		2013	2012
Cash and interest bearing deposits in banks	$	30,763	41,251
Investment and advances to subsidiaries		208,764	204,686
Investment in unconsolidated companies		78,573	-
Properties and equipment		909	1,096
Other assets		1,845	1,198
Total assets	$	320,854	248,231
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable to related parties	$	11,750	-
Other liabilities		6,722	7,907
Total liabilities		18,472	7,907
Stockholders' equity		302,382	240,324
Total liabilities and stockholders'  equity	$	320,854	248,231

		For the Years Ended December 31,
CONDENSED STATEMENTS OF OPERATIONS		2013	2012	2011
Revenues:
Interest income	$	37	26	46
Net loss on sales of assets		-	-	(1,500)
Gain on the sale of BankAtlantic		-	290,642	-
Other		487	380	911
Total revenues		524	291,048	(543)
Costs and expenses
Interest expense - Woodbridge Holdings, LLC		441	-	-
Interest expense junior subordinated debentures		-	9,695	15,572
Selling, general and administrative expenses		22,011	24,011	5,943
Total costs and expenses		22,452	33,706	21,515
Equity earnings in Woodbridge Holdings, LLC		13,461	-	-
(Loss) income before undistributed earnings
of subsidiaries		(8,467)	257,342	(22,058)
Equity in loss from BankAtlantic		-	(13,217)	(1,741)
Equity in income (loss) from other subsidiaries		56,306	(8,363)	(5,278)
Net income (loss)	$	47,839	235,762	(29,077)

CONDENSED STATEMENTS OF CASH FLOW

		For the Years Ended December 31,
(In thousands)		2013	2012		2011
Operating activities:
Net income (loss)	$	47,839	235,762		(29,077)
Adjustment to reconcile net income to net cash
used in operating activities:
Equity in (net income) loss of subsidiaries		(56,306)	21,300		7,274
Net gain on sale of BankAtlantic		-	(290,642)		-
Share-based compensation expense		2,516	1,103		281
Impairments of investment securities		-	-		1,500
Deferred interest on junior subordinated debentures		-	9,961		14,729
Amortization and accretion, net		220	9		793
Gains on securities activities		-	(22)		-
(Decrease) increase in other liabilities		(1,185)	4,607		1,237
Changes in due from  BankAtlantic		-	(174)		(296)
(Decrease) increase  in other assets		(647)	(1,947)		19
Net cash inflows from the sale of BankAtlantic		-	6,433		-
Net cash used in operating activities		(7,563)	(13,610)		(3,540)
Investing activities:
Net distributions from (Investments in)
consolidated subsidiaries		52,241	103,619		(17,162)
Investment in Woodbridge Holdings, LLC		(60,404)	-		-
Return of Woodbridge Holdings, LLC investment		6,918	-		-
Purchases of properties and equipment		(33)	-		-
Repayment of junior subordinated debentures		-	(51,314)		-
Proceeds from sales of  securities		-	32		-
Net cash (used in) provided by  investing activities		(1,278)	52,337		(17,162)
Financing activities:
Retirement of Class A Common Stock in connection with share based compensation withholding tax		(1,647)	-		-
Issuance of common stock		-	-		11,000
Net cash  (used in) provided by financing activities		(1,647)	-		11,000
(Decrease) increase  in cash and cash equivalents		(10,488)	38,727		(9,702)
Cash and cash equivalents at beginning of period		41,251	2,524	-	12,226
Cash and cash equivalents at end of period	$	30,763	41,251		2,524

		For the Years Ended December 31
(In thousands)		2013	2012	2011
Cash paid for:
Interest	$	293	51,314	-
Supplementary disclosure of non-cash investing
and financing activities:
Change in accumulated other comprehensive income		13	20,385	(14,297)
Notes payable issued in connection with the investment
in Woodbridge Holdings, LLC		11,750	-	-
Increase in additional paid-in-capital associated
with the investment in Woodbridge Holdings, LLC		13,337	-	-