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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarter Ended June 30, 2020

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number

001-09071

BBX Capital Corporation

(Exact name of registrant as specified in its charter)

Florida

59-2022148

(State or other jurisdiction of incorporation or organization)

(I.R.S Employer Identification No.)

401 East Las Olas Boulevard, Suite 800

Fort Lauderdale, Florida

33301

(Address of principal executive office)

(Zip Code)

(954) 940-4900

(Registrant's telephone number, including area code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $.01 par value

(including associated Preferred Share Purchase Rights)

BBX

New York Stock Exchange

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES [X]  NO [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES [X]  NO [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Accelerated filer[X]

Non-accelerated filer [ ]

Smaller reporting company [ ]

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES [ ]  NO [ X ]

The number of shares outstanding of each of the registrant’s classes of common stock as of August 4, 2020 is as follows:

Class A Common Stock of $.01 par value, 15,624,091 shares outstanding.
Class B Common Stock of $.01 par value, 3,693,596 shares outstanding.


BBX Capital Corporation

TABLE OF CONTENTS

Part I.

Item 1.

Financial Statements

Condensed Consolidated Statements of Financial Condition as of June 30, 2020 and December 31, 2019 - Unaudited

1

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019 - Unaudited

2

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019 - Unaudited

3

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 - Unaudited

5

Notes to Condensed Consolidated Financial Statements - Unaudited

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

75

Item 4.

Controls and Procedures

76

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

77

Item 6.

Exhibits

78

Signatures

79


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BBX Capital Corporation

Condensed Consolidated Statements of Financial Condition - Unaudited

(In thousands, except share data)

June 30,

December 31,

2020

2019

ASSETS

Cash and cash equivalents

$

348,045

356,604

Restricted cash ($16,372 in 2020 and $22,534 in 2019 in variable interest entities ("VIEs"))

25,459

50,266

Notes receivable

551,861

589,198

Less: Allowance for loan loss

(147,629)

(140,630)

Notes receivable, net ($288,358 in 2020 and $292,590 in 2019 in VIEs)

404,232

448,568

Trade inventory

20,501

22,843

Vacation ownership interest ("VOI") inventory

350,270

346,937

Real estate ($11,354 in 2020 and $11,297 in 2019 held for sale)

63,897

65,818

Investments in and advances to unconsolidated real estate joint ventures

63,775

57,330

Property and equipment, net

125,260

129,686

Goodwill

14,864

37,248

Intangible assets, net

67,865

68,186

Operating lease assets

101,135

109,351

Other assets

86,034

98,134

Total assets

$

1,671,337

1,790,971

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

23,837

25,957

Deferred income

13,813

18,074

Escrow deposits

6,180

22,711

Other liabilities

92,729

120,362

Receivable-backed notes payable - recourse

74,599

88,569

Receivable-backed notes payable - non-recourse (in VIEs)

325,206

334,246

Notes payable and other borrowings

223,428

188,731

Junior subordinated debentures

137,703

137,254

Operating lease liabilities

119,004

123,430

Deferred income taxes

85,473

87,558

Total liabilities

1,101,972

1,146,892

Commitments and contingencies (See Note 12)

 

 

Redeemable noncontrolling interest

1,759

4,009

Equity:

Preferred stock of $0.01 par value; authorized 10,000,000 shares

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares;

issued and outstanding 15,132,748 in 2020 and 15,106,067 in 2019

151

151

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares;

issued and outstanding 3,164,889 in 2020 and 3,191,571 in 2019

32

32

Additional paid-in capital

158,015

153,507

Accumulated earnings

329,194

394,551

Accumulated other comprehensive income

1,203

1,554

Total shareholders' equity

488,595

549,795

Noncontrolling interests

79,011

90,275

Total equity

567,606

640,070

Total liabilities and equity

$

1,671,337

1,790,971

See Notes to Condensed Consolidated Financial Statements - Unaudited

 


1


 

BBX Capital Corporation

Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited

(In thousands, except per share data)

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2020

2019

2020

2019

Revenues:

Sales of VOIs

$

9,054

68,302

54,182

120,033

Fee-based sales commissions

1,135

55,343

42,500

100,555

Other fee-based services

26,413

30,703

55,727

60,271

Cost reimbursements

11,850

14,007

30,970

31,051

Trade sales

23,043

45,061

63,920

91,045

Sales of real estate inventory

2,839

424

9,278

4,660

Interest income

19,499

21,518

40,815

42,933

Net gains (losses) on sales of real estate assets

13

9,664

(34)

10,996

Other revenue

473

671

1,047

1,501

Total revenues

94,319

245,693

298,405

463,045

Costs and Expenses:

Cost of VOIs sold

1,038

10,572

5,137

14,420

Cost of other fee-based services

18,535

19,049

40,246

41,042

Cost reimbursements

11,850

14,007

30,970

31,051

Cost of trade sales

22,385

30,828

52,157

63,118

Cost of real estate inventory sold

1,474

6,106

2,643

Interest expense

9,502

11,661

19,335

22,809

Recoveries from loan losses, net

(1,525)

(1,424)

(5,037)

(2,385)

Impairment losses

3,305

2,138

31,588

2,756

Selling, general and administrative expenses

59,327

178,843

187,180

301,711

Total costs and expenses

125,891

265,674

367,682

477,165

Equity in net earnings of unconsolidated real estate joint ventures

145

8,759

696

8,742

Other income

409

2,289

640

2,802

Foreign exchange (loss) gain

(6)

(29)

272

(24)

Loss before income taxes

(31,024)

(8,962)

(67,669)

(2,600)

(Provision) benefit for income taxes

(5,627)

1,338

203

(386)

Net loss

(36,651)

(7,624)

(67,466)

(2,986)

Less: Net (loss) income attributable to noncontrolling interests

(851)

4,024

(3,356)

7,163

Net loss attributable to shareholders

$

(35,800)

(11,648)

(64,110)

(10,149)

Basic loss per share

$

(1.96)

(0.62)

(3.50)

(0.54)

Diluted loss per share

$

(1.96)

(0.62)

(3.50)

(0.54)

Basic weighted average number of common shares outstanding

18,298

18,641

18,298

18,643

Diluted weighted average number of common and common equivalent shares outstanding

18,298

18,641

18,298

18,643

Cash dividends declared per Class A common share

$

0.0625

0.1250

Cash dividends declared per Class B common share

$