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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

 

 -

 

 -

 

 

 -

 

 -

 

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 

 

 

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

 

 -

 

 -

 

 

 -

 

 -

 

Net income (loss)

$

10,053 

 

(380)

 

(1,057)

 

(168)

 

 -

 

8,448 

Expenditures for segment assets

$

255 

 

 

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