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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013



Investment in BankAtlantic (1)	$	306,302
Reduction in other comprehensive loss		(18,124)
Carrying amount of BankAtlantic's net assets		288,178
Stay bonuses		1,300
Transaction costs		(5,000)
Cash consideration		6,433
Other		(269)
Gain on sale of BankAtlantic	$	290,642

(1) The investment in BankAtlantic represents BankAtlantic’s stockholder’s deficit as of July 31, 2012 after giving effect to the transfer of CAM and FAR to BBX Capital.

Cash Consideration Received Upon The Consummation Of The Transaction



Deposit premium	$	315,900
BankAtlantic net asset value:
BankAtlantic stockholder's equity
before distribution of FAR and CAM		280,058
Distribution of FAR		(384,140)
Distribution of CAM		(205,385)
BankAtlantic net asset value (1)		(309,467)
Cash consideration	$	6,433
Pre-acquisition stay bonuses reimbursed by BB&T	$	983

(1) BankAtlantic net asset value was calculated as of June 30, 2012 (which pursuant to the terms of the Agreement with BB&T was the date used for the calculations of the cash consideration payable upon consummation of the BB&T Transaction) after giving effect to the contribution to BankAtlantic of small business loans with a carrying value of $10.7 million in exchange for commercial loans with a carrying value of $7.5 million which were initially designated to be contributed to BankAtlantic and were instead retained by FAR.

Consolidated Net Cash Outflows Associated With The Sale


BankAtlantic assets sold:
Tax certificates	$	16,630
Loans receivable		1,792,026
Securities available for sale		29,781
Properties and equipment		129,025
Other assets		60,113
Total assets sold		2,027,575
BankAtlantic liabilities assumed:
Deposits		(3,458,914)
Subordinated debentures		(22,000)
Other liabilities		(28,920)
Total liabilities assumed		(3,509,834)
Gain on sale of BankAtlantic		290,642
Net cash outflows from sale of BankAtlantic	$	(1,191,617)

Schedule Of Discontinued Operations By Income Statement Account




		For the Years Ended December 31,
		2012	2011
Net interest income	$	37,384	84,595
Provision for loan losses		18,383	33,764
Net interest income after
provision for loan losses		19,001	50,831
Gain on sale of BankAtlantic		290,642	-
Total non-interest income		37,234	124,994
Total non-interest expense (1)		61,634	125,872
Income from discontinued operations
before provision for income taxes		285,243	49,953
Provision for income taxes		21,005	19,182
Income from discontinued operations	$	264,238	30,771

Schedule Of Assets Sold, Liabilities Transferred And Cash Outflows Associated With Branches And Facilities Sold

Assets Sold:		Amount
Cash and cash equivalents	$	5,850
Properties and equipment		28,626
Total assets sold		34,476
Liabilities Transferred:
Deposits		324,320
Other liabilities		183
Total liabilities transferred		324,503
Net liabilities transferred		(290,027)
Gain on sale of Tampa branches		40,615
Transaction costs		(1,993)
Net cash outflows from sale of branches	$	(251,405)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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