Segment Reporting

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

10.   Segment Reporting

The information provided for Segment Reporting is based on internal reports utilized by management. Results of continuing operations are reported through three reportable segments: BBX, FAR and Renin. The BBX reportable segment includes the results of operations of CAM and BBX Partners for the three and six months ended June 30, 2014 and 2013.  BBX’s activities consisted of the activities associated with managing its commercial loan portfolio, real estate properties, and portfolio of charged off loans as well as its investment in Woodbridge and investments in real estate joint ventures. 

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

The Renin reportable segment consists of the activities of Renin. Renin was acquired in October 2013; therefore, the Renin reportable segment includes the results of operations of Renin for the three and six months ended June 30, 2014.

The other column represents the activities of Hoffman’s and Williams & Bennett. The amounts are provided in order to reconcile the reportable segments to the financial statements.

The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies.  Intersegment transactions are eliminated in consolidation.

Depreciation and amortization consist of: depreciation on properties and equipment, amortization of leasehold improvements, and deferred rent.

The Company evaluates segment performance based on segment net income after tax. The table below provides segment information for the three and six months ended June 30, 2014 and 2013 (in thousands): 

						Adjusting and
						Elimination	Segment
For the Three Months Ended:		BBX	FAR	Renin	Other	Entries	Total
June 30, 2014:
Revenues	$	4,143	3,038	14,745	1,062	(55)	22,933
Costs and expenses		(6,385)	(2,871)	(15,444)	(1,347)	55	(25,992)
Recoveries from (provision for) loan losses		2,332	(286)	-	-	-	2,046
Asset impairments		-	94	-	-		94
Equity earnings in unconsolidated companies		8,082	-	-	-	-	8,082
Segment income (loss) before income taxes		8,172	(25)	(699)	(285)	-	7,163
Provision for income tax		-	-	6	-	-	6
Net income (loss)	$	8,172	(25)	(705)	(285)	-	7,157
Total assets	$	545,108	121,951	23,315	8,560	(299,639)	399,295
Equity method investments
included in total assets	$	85,494	-	-	-	-	85,494
Expenditures for segment assets	$	247	1	59	21	-	328
Depreciation and amortization	$	86	154	67	135	-	442
						Adjusting and
						Elimination	Segment
For the Six Months Ended:		BBX	FAR	Renin	Other	Entries	Total
June 30, 2014:
Revenues	$	5,159	6,348	28,883	3,791	(120)	44,061
Costs and expenses		(12,659)	(5,542)	(29,934)	(3,959)	120	(51,974)
Recoveries from (provision for) loan losses		3,336	(42)	-	-	-	3,294
Asset impairments		(81)	(1,144)	-	-	-	(1,225)
Equity earnings in unconsolidated companies		14,298	-	-	-	-	14,298
Segment income (loss) before income taxes		10,053	(380)	(1,051)	(168)	-	8,454
Provision for income tax		-	-	6	-	-	6
Net income (loss)	$	10,053	(380)	(1,057)	(168)	-	8,448
Expenditures for segment assets	$	255	1	65	21	-	342
Depreciation and amortization	$	160	302	281	233	-	976

				Adjusting and
				Elimination	Segment
For the Three Months Ended:		BBX	FAR	Entries	Total
June 30, 2013:
Revenues	$	3,342	2,854	(48)	6,148
Costs and expenses		(6,389)	(2,949)	48	(9,290)
Recoveries from (provision for) loan losses		1,031	(1,203)	-	(172)
Asset impairments		10	(2,987)	-	(2,977)
Equity earnings in Woodbridge		3,442	-	-	3,442
Segment income (loss) before income taxes		1,436	(4,285)	-	(2,849)
Provision for income tax		-	-	-	-
Net income (loss)	$	1,436	(4,285)	-	(2,849)
Total assets	$	434,729	243,554	(236,252)	442,031
Equity method investments
included in other assets	$	80,140	-	-	80,140
Expenditures for segment assets	$	-	-	-	-
Depreciation and amortization	$	53	108	-	161
				Adjusting and
				Elimination	Segment
For the Six Months Ended:		BBX	FAR	Entries	Total
June 30, 2013:
Revenues	$	7,065	6,019	(101)	12,983
Costs and expenses		(13,307)	(6,527)	101	(19,733)
Recoveries from (provision for) loan losses		1,449	(2,380)	-	(931)
Asset impairments		(917)	(4,225)	-	(5,142)
Equity earnings in Woodbridge		3,442	-	-	3,442
Segment income (loss) before income taxes		(2,268)	(7,113)	-	(9,381)
Provision for income tax	$	-	-	-	-
Net income (loss)	$	(2,268)	(7,113)	-	(9,381)
Expenditures for segment assets	$	21	-	-	21
Depreciation and amortization	$	108	108	-	216