25. Selected Quarterly Results (Unaudited)

The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2013 and 2012 (in thousands except share and per share data).


		First	Second	Third	Fourth
2013		Quarter	Quarter	Quarter	Quarter	Total
Revenues	$	6,835	6,148	5,658	30,017	48,658
Costs and expenses		10,443	9,290	10,632	23,231	53,596
Equity earnings in Woodbridge Holdings, LLC		-	3,442	8,183	1,836	13,461
Recoveries from (provision for) loan losses		(759)	(172)	4,433	40,363	43,865
Asset (impairments) recoveries		(2,165)	(2,977)	73	361	(4,708)
Income (loss) before income taxes		(6,532)	(2,849)	7,715	49,346	47,680
Net income (loss)		(6,532)	(2,849)	7,695	49,052	47,660
Net income (loss) attributable to
BBX Capital Corporation	$	(6,532)	(2,849)	7,695	49,064	47,839

Basic (loss) earnings per share	$	(0.41)	(0.18)	0.49	3.07	3.02
Basic weighted average number of common
shares outstanding		15,785,870	15,805,009	15,806,386	15,973,133	15,843,127

Diluted (loss) earnings per share	$	(0.41)	(0.18)	0.47	2.94	2.94
Diluted weighted average number of common
shares outstanding		15,785,870	15,805,009	16,525,013	16,664,754	16,278,053

The first quarter of 2013 performance was unfavorably impacted by $2.2 million of asset impairments, $0.8 million provision for loan losses and $2.2 million of professional fees. The professional fees were primarily legal costs associated with the SEC civil action against BBX Capital and its Chairman, collection litigation fees and foreclosure costs. The asset impairments resulted primarily from increased lower of cost or fair value adjustments on loans held-for-sale and increased real estate valuation allowances. The provision for loan losses reflected higher consumer loan allowance for loan losses.

The second quarter of 2013 net loss was favorably impacted by earnings from the Company’s April 2013 investment in Woodbridge. The second quarter asset impairments resulted primarily from the real estate valuation allowances and lower of cost or fair value adjustments on loans held-for-sale.

The third quarter of 2013 net income was significantly impacted by $8.2 million of equity earnings from the Company’s investment in Woodbridge, and $4.5 million of loan loss and asset impairment recoveries compared to valuation allowances and provision for loan losses during prior quarters.

The fourth quarter of 2013 net income was significantly impacted by $42.2 million of loan and $13.6 million of interest income recoveries. The majority of the recoveries were from two borrowing relationships. Revenues were also favorably impacted by $10.2 million of sales associated with the Renin and Hoffman’s acquisitions, while costs and expenses increased as a result of $7.9 million of costs of goods sold relating to the sale revenue.



		First	Second	Third	Fourth
2012		Quarter	Quarter	Quarter	Quarter	Total
Revenues	$	9,718	8,741	5,851	8,975	33,285
Costs and expenses		21,650	16,904	14,849	14,766	68,169
Recoveries from (provision for) loan losses		765	627	(257)	(3,540)	(2,405)
Asset impairments		(2,005)	(824)	(1,649)	(5,453)	(9,931)
Loss before taxes from continuing operations		(13,172)	(8,360)	(10,904)	(14,784)	(47,220)
Net loss from continuing operations		(13,172)	(8,360)	1,608	(8,552)	(28,476)
Discontinued operations		(1,036)	(3,947)	275,454	(6,233)	264,238
Net (loss) income	$	(14,208)	(12,307)	277,062	(14,785)	235,762
Net (loss) income attributable to
BBX Capital Corporation	$	(14,208)	(12,307)	277,062	(14,785)	235,762
Basic and diluted (loss) per share from
continuing operations	$	(0.84)	(0.53)	0.10	(0.54)	(1.81)
Basic and diluted (loss) earnings per share
from discontinued operations		(0.07)	(0.25)	17.49	(0.39)	16.81
Basic and diluted (loss) earnings per share	$	(0.91)	(0.78)	17.59	(0.94)	15.00
Basic weighted average number
of common shares outstanding		15,659,257	15,700,108	15,748,113	15,702,660	15,720,217

The first quarter of 2012 net loss from continuing operations was unfavorably impacted by professional fees in connection with the TruPS related litigation in Delaware associated with the BB&T Transaction. The increase in professional fees were partially offset by lower selling, general and administrative expenses reflecting the reduction in personnel and the consolidation of back-office operations in anticipation of the BB&T Transaction.

The first quarter of 2012 loss from discontinued operations was favorably impacted by a significant decline in the provision for residential loan losses reflecting an improved loss experience compared to 2011.

The second quarter of 2012 net loss from continuing operations reflects recoveries for loan losses resulting primarily from lower charge-offs and the slowing in the amount of commercial loans migrating to a delinquency status.

The second quarter of 2012 loss from discontinued operations was unfavorably impacted by declines in net interest income and overdraft fees. The decline in net interest income resulted primarily from a significant reduction in earning assets and an increasing proportion of investments in low yielding cash balances. The decline in deposit fees reflected lower overdraft fees.

The third quarter of 2012 net loss from continuing operations was unfavorably impacted by $3.6 million of executive management bonuses and a decline in interest income reflecting the acquisition of commercial loans by BB&T upon the sale of BankAtlantic pursuant to the BB&T Transaction. Interest expense was favorably impacted by the assumption of the TruPS by BB&T partially offset by the interest expense recognized with respect to the priority return associated with BB&T’s preferred membership interest in FAR. Operating expenses were also unfavorably impacted by higher professional fees associated with the now resolved Delaware TruPS litigation and the civil action filed by the SEC against BBX Capital and its Chairman.

The third quarter of 2012 gain from discontinued operations reflects a $290.6 million gain associated with the consummation of the BB&T Transaction.

The fourth quarter of 2012 net loss from continuing operations was unfavorably impacted by net charge-offs of $6.0 million in the Company’s loan portfolio due to updated valuations on non-performing loans and $4.8 million of real estate impairment charges. The above loan and real estate owned impairments were partially offset by $5.6 million of gains on sales of real estate.

The fourth quarter of 2012 net loss from discontinued operations resulted primarily from the intraperiod tax allocation from discontinuing operations to continuing operations.