CONTACT: | DAVID J. BRYANT |
• | Adjusted Funds from Operations (“AFFO”) of $0.22 and $0.97 per share-diluted (see Schedule I). |
• | Book value allocable to common shareholders per share of $5.61 at December 31, 2012 as compared to $5.48 at December 31, 2011 (see Schedule II). |
• | Total revenues increased by $7.8 million, or 31.1% and $27.7 million, or 28.9% as compared to the three months and year ended December 31, 2011, respectively. |
• | GAAP net income allocable to common shares of $0.14 and $0.71 per share-diluted. |
• | Common stock cash dividend of $0.20 and $0.80 per share. |
• | AFFO for the three months and year ended December 31, 2012 was $22.3 million, or $0.22 per share-diluted, and $86.2 million, or $0.97 per share-diluted, respectively. A reconciliation of GAAP net income to AFFO is set forth in Schedule I of this release. |
• | GAAP net income allocable to common shares for the three months and year ended December 31, 2012 was $14.1 million, or $0.14 per share-diluted and $63.2 million, or $0.71 per share-diluted, respectively as compared to $0.4 million, or $0.01 per share-diluted and $37.7 million, or $0.53 per share-diluted for the three months and year ended December 31, 2011, respectively. |
• | CRE loan portfolio is comprised of approximately 85% senior whole loans as of December 31, 2012, as compared to 87% a year ago. |
• | RSO closed $157.7 million of new whole loans in the last twelve months with a weighted average yield of 6.7%, including origination fees. RSO also acquired $15.2 million of loans purchased with a weighted average yield of 20.0%. In addition, RSO funded $5.7 million of previous loan commitments on existing loans. |
Three Months Ended | Year Ended | Floating Weighted Average Spread (1) (2) | Weighted Average Fixed Rate (2) | |||||||||||
December 31, 2012 | December 31, 2012 | |||||||||||||
New whole loans production (3) | $ | 48.0 | $ | 163.4 | 3.43 | % | 6.15 | % | ||||||
Acquisition of loans | 15.2 | 15.2 | — | % | 20.00 | % | ||||||||
Loan production, gross | 63.2 | 178.6 | ||||||||||||
Payoffs (4) | (35.3 | ) | (92.0 | ) | ||||||||||
Principal paydowns | (4.4 | ) | (9.4 | ) | ||||||||||
Loans, net (5) | $ | 23.5 | $ | 77.2 |
(1) | Represents the weighted average rate above the one-month London Interbank Offered Rate (“LIBOR”) on loans whose interest rate is based on LIBOR as of December 31, 2012. Of these loans, $168.6 million have LIBOR floors with a weighted average floor of 2.08%. |
(2) | Reflects rates on RSO's portfolio balance as of December 31, 2012. |
(3) | Whole loan production includes funding of previous commitments of $1.5 million for the three months and $5.7 million for the year ended December 31, 2012. |
(4) | CRE loan payoffs and extensions resulted in $567,000 and $1.7 million in extension and exit fees during the three months and year ended December 31, 2012, respectively. |
(5) | The basis of net new loans does not include provisions for losses on legacy CRE loans of $384,000 for the three months and $5.1 million for the year ended December 31, 2012. |
• | During the year ended December 31, 2012, RSO acquired $51.3 million, par value, of CMBS. These 2012 CMBS purchases were financed by RSO's Wells Fargo repurchase facility and were AAA rated by at least one rating agency. In addition, RSO acquired $19.7 million, par value, of CMBS which were financed by 30-day repurchase contracts with a repurchase value of $13.2 million. Also, during the year ended December 31, 2012, RSO acquired $43.5 million, par value, of CMBS, which were not financed with debt. |
• | RSO's bank loan portfolio, including asset-backed securities (“ABS”), corporate bonds and certain loans held for sale, at the end of the fourth quarter of 2012 was $1.3 billion, at amortized cost, with a weighted-average spread of one-month and three-month LIBOR plus 3.47% at December 31, 2012. RSO's bank loan portfolio is 100% match-funded through five collateralized loan obligation (“CLO”) issuances. |
• | During the three months and year ended December 31, 2012, RSO bought bank loans through its CLOs with a par value of $109.7 million and $479.5 million, respectively, at a net discount of $1.2 million and $7.1 million, respectively. These purchased loans have an aggregate weighted average unlevered annual yield of approximately 5.1% and 4.5%, respectively. |
• | RSO, through its subsidiary, Resource Capital Asset Management, earned $7.0 million of net fees during the year ended December 31, 2012. |
• | RSO issued 3.9 million shares of its common stock through a dividend reinvestment plan, at a net price of $5.81 per share for net proceeds of $22.6 million during the three months ended December 31, 2012. |
• | RSO also sold 127,000 shares of its 8.25% Series B cumulative Preferred Stock at a weighted average price of $24.85 with a liquidation preference of $25.00 per share for net proceeds of $3.1 million for the three months ended December 31, 2012 pursuant to an at-the-market program. |
Amortized cost | Dollar price | Net carrying amount | Dollar price | Net carrying amount less amortized cost | Dollar price | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Floating rate | ||||||||||||||||||||
RMBS | $ | 6,047 | 36.14 | % | $ | 5,564 | 33.25 | % | $ | (483 | ) | (2.89 | )% | |||||||
CMBS-private placement | 28,147 | 100.00 | % | 12,814 | 45.52 | % | (15,333 | ) | (54.48 | )% | ||||||||||
Structured notes | 9,413 | 26.67 | % | 19,279 | 54.62 | % | 9,866 | 27.95 | % | |||||||||||
Other ABS | — | — | % | 23 | 0.27 | % | 23 | 0.27 | % | |||||||||||
Mezzanine loans (1) | 15,845 | 99.95 | % | 15,644 | 98.68 | % | (201 | ) | (1.27 | )% | ||||||||||
Whole loans (1) | 533,938 | 99.64 | % | 527,018 | 98.35 | % | (6,920 | ) | (1.29 | )% | ||||||||||
Bank loans (2) | 1,178,420 | 97.09 | % | 1,168,715 | 97.08 | % | (9,705 | ) | (0.01 | )% | ||||||||||
Loans held for sale (3) | 48,894 | 92.42 | % | 48,894 | 92.38 | % | — | (0.04 | )% | |||||||||||
ABS Securities | 26,479 | 89.42 | % | 27,052 | 91.36 | % | 573 | 1.94 | % | |||||||||||
Corporate Bonds | 33,767 | 101.82 | % | 33,700 | 101.61 | % | (67 | ) | (0.21 | )% | ||||||||||
Total floating rate | 1,880,950 | 95.98 | % | 1,858,703 | 94.85 | % | (22,247 | ) | (1.13 | )% | ||||||||||
Fixed rate | ||||||||||||||||||||
CMBS-private placement | 154,681 | 68.14 | % | 158,001 | 69.61 | % | 3,320 | 1.47 | % | |||||||||||
B notes (1) | 16,327 | 99.30 | % | 16,121 | 98.05 | % | (206 | ) | (1.25 | )% | ||||||||||
Mezzanine loans (1) | 66,941 | 99.70 | % | 66,282 | 98.73 | % | (659 | ) | (0.97 | )% | ||||||||||
Loans receivable-related party | 8,324 | 100.00 | % | 8,324 | 100.00 | % | — | — | % | |||||||||||
Total fixed rate | 246,273 | 77.23 | % | 248,728 | 78.00 | % | 2,455 | 0.77 | % | |||||||||||
Other (non-interest bearing) | ||||||||||||||||||||
Investment in real estate | 75,386 | 100.00 | % | 75,386 | 100.00 | % | — | — | % | |||||||||||
Investment in unconsolidated entities | 45,413 | 100.00 | % | 45,413 | 100.00 | % | — | — | % | |||||||||||
Total other | 120,799 | 100.00 | % | 120,799 | 100.00 | % | — | — | % | |||||||||||
Grand total | $ | 2,248,022 | 93.70 | % | $ | 2,228,230 | 92.87 | % | $ | (19,792 | ) | (0.83 | )% |
(1) | Net carrying amount includes an allowance for loan losses of $8.0 million at December 31, 2012, allocated as follows: B notes ($206,000), mezzanine loans ($860,000) and whole loans ($6.9) million. |
(2) | Net carrying amount includes allowance for loan losses of $9.7 million as of December 31, 2012. |
(3) | Loans held for sale are carried at the lower of cost or fair market value. Amortized cost is equal to fair value. |
• | unrestricted cash and cash equivalents of $99.3 million, restricted cash of $500,000 in margin call accounts and $4.1 million in the form of real estate escrows, reserves and deposits; and |
• | capital available for reinvestment in its seven collateralized debt obligation ("CDO") and CLO entities of $30.0 million, of which $775,000 is designated to finance future funding commitments on CRE loans, loan principal repayments that will pay down outstanding CLO notes of $79.1 million and $11.2 million in interest collections. |
• | Schedule I - Reconciliation of GAAP Net Income to Funds from Operations (“FFO”) and AFFO. |
• | Schedule II - Book value allocable to common shareholders rollforward. |
• | Schedule III - Summary of CDO and CLO Performance Statistics. |
• | Supplemental Information regarding loan investment statistics, CRE loans and bank loans. |
• | fluctuations in interest rates and related hedging activities; |
• | the availability of debt and equity capital to acquire and finance investments; |
• | defaults or bankruptcies by borrowers on RSO's loans or on loans underlying its investments; |
• | adverse market trends which have affected and may continue to affect the value of real estate and other assets underlying RSO's investments; |
• | increases in financing or administrative costs; and |
• | general business and economic conditions that have impaired and may continue to impair the credit quality of borrowers and RSO's ability to originate loans. |
December 31, 2012 | December 31, 2011 | ||||||
(unaudited) | |||||||
ASSETS (1) | |||||||
Cash and cash equivalents | $ | 85,278 | $ | 43,116 | |||
Restricted cash | 94,112 | 142,806 | |||||
Investment securities, trading | 24,843 | 38,673 | |||||
Investment securities available-for-sale, pledged as collateral, at fair value | 195,200 | 136,188 | |||||
Investment securities available-for-sale, at fair value | 36,390 | 4,678 | |||||
Linked transactions, net at fair value | 6,835 | 2,275 | |||||
Loans held for sale | 48,894 | 3,154 | |||||
Property available-for-sale | — | 2,980 | |||||
Investment in real estate | 75,386 | 48,027 | |||||
Loans, pledged as collateral and net of allowances of $17.7 million and $27.5 million | 1,793,780 | 1,772,063 | |||||
Loans receivable–related party | 8,324 | 9,497 | |||||
Investments in unconsolidated entities | 45,413 | 47,899 | |||||
Interest receivable | 7,763 | 8,836 | |||||
Deferred tax asset | 2,766 | 626 | |||||
Principal paydown receivable | 25,570 | — | |||||
Intangible assets | 13,192 | 19,813 | |||||
Prepaid expenses | 10,396 | 648 | |||||
Other assets | 4,109 | 3,445 | |||||
Total assets | $ | 2,478,251 | $ | 2,284,724 | |||
LIABILITIES (2) | |||||||
Borrowings | $ | 1,785,600 | $ | 1,794,083 | |||
Distribution payable | 21,655 | 19,979 | |||||
Accrued interest expense | 2,918 | 3,260 | |||||
Derivatives, at fair value | 14,687 | 13,210 | |||||
Accrued tax liability | 13,641 | 12,567 | |||||
Deferred tax liability | 8,376 | 5,624 | |||||
Accounts payable and other liabilities | 18,029 | 6,311 | |||||
Total liabilities | 1,864,906 | 1,855,034 | |||||
STOCKHOLDERS’ EQUITY | |||||||
Preferred stock, par value $0.001: 8.50% Series A 100,000,000 shares authorized, 676,373 shares issued and outstanding | 1 | — | |||||
Preferred stock, par value $0.001: 8.25% Series B 100,000,000 shares authorized, 1,126,898 shares issued and outstanding | 1 | — | |||||
Common stock, par value $0.001: 500,000,000 shares authorized; 105,118,093 and 79,877,516 shares issued and outstanding (including 3,308,343 and 1,428,931 unvested restricted shares) | 105 | 80 | |||||
Additional paid-in capital | 836,053 | 659,700 | |||||
Accumulated other comprehensive loss | (27,078 | ) | (46,327 | ) | |||
Distributions in excess of earnings | (195,737 | ) | (183,763 | ) | |||
Total stockholders’ equity | 613,345 | 429,690 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,478,251 | $ | 2,284,724 |
December 31, 2012 | December 31, 2011 | ||||||
(unaudited) | |||||||
(1) Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets (a) above: | |||||||
Restricted cash | $ | 90,108 | $ | 138,120 | |||
Investments securities available-for-sale, pledged as collateral, at fair value | 135,566 | 89,045 | |||||
Loans held for sale | 14,894 | 3,154 | |||||
Property available-for-sale | — | 2,980 | |||||
Loans, pledged as collateral and net of allowances of $15.2 million and $17.2 million | 1,678,719 | 1,730,950 | |||||
Interest receivable | 5,986 | 6,003 | |||||
Prepaid expenses | 328 | 212 | |||||
Principal paydown receivable | 25,570 | — | |||||
Other assets | 333 | 24 | |||||
Total assets of consolidated VIEs | $ | 1,951,504 | $ | 1,970,488 | |||
(2) Liabilities of consolidated VIEs included in the total liabilities above (b): | |||||||
Borrowings | $ | 1,614,882 | $ | 1,689,638 | |||
Accrued interest expense | 2,666 | 2,943 | |||||
Derivatives, at fair value | 14,078 | 12,000 | |||||
Accounts payable and other liabilities | 698 | 442 | |||||
Total liabilities of consolidated VIEs | $ | 1,632,324 | $ | 1,705,023 |
Three Months Ended | Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
REVENUES | |||||||||||||||
Interest income: | |||||||||||||||
Loans | $ | 38,273 | $ | 26,035 | $ | 109,030 | $ | 86,739 | |||||||
Securities | 3,776 | 3,507 | 14,296 | 12,424 | |||||||||||
Interest income − other | 1,800 | 3,877 | 10,004 | 10,711 | |||||||||||
Total interest income | 43,849 | 33,419 | 133,330 | 109,874 | |||||||||||
Interest expense | 17,332 | 11,071 | 42,792 | 32,186 | |||||||||||
Net interest income | 26,517 | 22,348 | 90,538 | 77,688 | |||||||||||
Rental income | 4,821 | 1,884 | 11,463 | 3,656 | |||||||||||
Dividend income | 18 | 518 | 69 | 3,045 | |||||||||||
Equity in (losses) earnings of unconsolidated subsidiaries | (1,240 | ) | 819 | (2,709 | ) | 112 | |||||||||
Fee income | 1,540 | 1,930 | 7,068 | 7,789 | |||||||||||
Net realized gain (loss) on sales of investment securities available-for-sale and loans | 1,958 | (1,821 | ) | 4,106 | 2,643 | ||||||||||
Net realized and unrealized (loss) gain on investment securities, trading | (915 | ) | (560 | ) | 12,435 | 837 | |||||||||
Unrealized gain/(loss) and net interest income on linked transactions, net | 342 | 93 | 728 | 216 | |||||||||||
Total revenues | 33,041 | 25,211 | 123,698 | 95,986 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Management fees − related party | 5,000 | 2,400 | 18,512 | 11,022 | |||||||||||
Equity compensation − related party | 1,224 | 1,127 | 4,636 | 2,526 | |||||||||||
Professional services | 2,138 | 1,259 | 4,700 | 3,791 | |||||||||||
Insurance | 161 | 161 | 639 | 658 | |||||||||||
Rental operating expense | 3,590 | 1,348 | 8,046 | 2,743 | |||||||||||
General and administrative | 1,057 | 754 | 4,434 | 3,950 | |||||||||||
Depreciation and amortization | 1,911 | 1,754 | 5,885 | 4,619 | |||||||||||
Income tax expense | 7,624 | 7,767 | 14,602 | 12,036 | |||||||||||
Net impairment losses recognized in earnings | — | 2,249 | 180 | 6,898 | |||||||||||
Provision for loan losses | 9,017 | 5,979 | 16,818 | 13,896 | |||||||||||
Total operating expenses | 31,722 | 24,798 | 78,452 | 62,139 | |||||||||||
1,319 | 413 | 45,246 | 33,847 | ||||||||||||
OTHER REVENUE (EXPENSE) | |||||||||||||||
Gain on consolidation | 2,498 | — | 2,498 | — | |||||||||||
Gain on the extinguishment of debt | 11,235 | — | 16,699 | 3,875 | |||||||||||
Other expenses | — | — | — | (6 | ) | ||||||||||
Total other revenue | 13,733 | — | 19,197 | 3,869 | |||||||||||
NET INCOME | 15,052 | 413 | 64,443 | 37,716 | |||||||||||
Net income allocated to preferred shares | (911 | ) | — | (1,244 | ) | — | |||||||||
NET INCOME ALLOCABLE TO COMMON SHARES | $ | 14,141 | $ | 413 | $ | 63,199 | $ | 37,716 | |||||||
NET INCOME PER COMMON SHARE - BASIC | $ | 0.14 | $ | 0.01 | $ | 0.71 | $ | 0.54 | |||||||
NET INCOME PER COMMON SHARE - DILUTED | $ | 0.14 | $ | 0.01 | $ | 0.71 | $ | 0.53 | |||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 99,773,470 | 76,806,318 | 88,410,272 | 70,410,131 | |||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 100,958,978 | 77,325,974 | 89,284,488 | 70,809,088 |
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net income allocable to common shares - GAAP | $ | 14,141 | $ | 413 | $ | 63,199 | $ | 37,716 | ||||||||
Adjustments: | ||||||||||||||||
Real estate depreciation and amortization | 661 | 1,112 | 2,686 | 2,606 | ||||||||||||
Gains on sales of properties (1) | (224 | ) | — | (1,664 | ) | — | ||||||||||
Impairment charges on repossessed real estate assets | — | — | — | 1,449 | ||||||||||||
FFO | 14,578 | 1,525 | 64,221 | 41,771 | ||||||||||||
Adjustments: | ||||||||||||||||
Non-cash items: | ||||||||||||||||
Adjust for impact of imputed interest on VIE accounting | (3,049 | ) | — | (3,049 | ) | — | ||||||||||
Provision for loan losses | 7,900 | 2,249 | 12,408 | 6,898 | ||||||||||||
Amortization of deferred costs (non real estate) and intangible assets | 3,140 | 193 | 8,896 | 317 | ||||||||||||
Equity investment losses (gains) | 956 | (7 | ) | 3,256 | (17 | ) | ||||||||||
Share-based compensation | 1,224 | 1,127 | 4,636 | 2,526 | ||||||||||||
Impairment losses on real property held for sale | — | 1,771 | 180 | 5,870 | ||||||||||||
Straight-line rental adjustments | 1 | — | 15 | — | ||||||||||||
Gain on the extinguishment of debt | (11,235 | ) | — | (13,070 | ) | (3,875 | ) | |||||||||
Incentive Management Fee adjustment related to extinguishment of debt | 2,614 | — | 2,614 | — | ||||||||||||
REIT tax planning adjustments | 6,810 | 11,008 | 6,810 | 11,751 | ||||||||||||
Cash items: | ||||||||||||||||
Gains on sales of joint venture real estate interests (1) | 224 | — | 1,664 | — | ||||||||||||
Gain on the extinguishment of debt | 7 | — | 670 | — | ||||||||||||
Capital expenditures | (826 | ) | (864 | ) | (3,081 | ) | (1,296 | ) | ||||||||
AFFO | $ | 22,344 | $ | 17,002 | $ | 86,170 | $ | 63,945 | ||||||||
Weighted average common shares – diluted | 100,959 | 77,326 | 89,284 | 70,809 | ||||||||||||
AFFO per common share – diluted | $ | 0.22 | $ | 0.22 | $ | 0.97 | $ | 0.90 |
(1) | Amount represents gains on sales of joint venture real estate interests from a joint venture that were recorded by us. |
Amount | Per Share | |||||||
Book value at December 31, 2011, allocable to common shareholders (1) | $ | 429,690 | $ | 5.48 | ||||
Net income allocable to common shareholders | 63,199 | 0.62 | ||||||
Change in other comprehensive income: | ||||||||
Available for sale securities | 20,498 | 0.20 | ||||||
Derivatives | (1,249 | ) | (0.01 | ) | ||||
Common dividends | (75,095 | ) | (0.73 | ) | ||||
Proceeds/Accretion from additional shares issued during the year (2) | 133,850 | 0.05 | ||||||
Total net increases | 141,203 | 0.13 | ||||||
Book value at December 31, 2012, allocable to common shareholders (1)(3) | $ | 570,893 | $ | 5.61 |
(1) | Per share calculations exclude unvested restricted stock, as disclosed on the consolidated balance sheet, of 1.4 million and 3.3 million shares as of December 31, 2011 and December 31, 2012, respectively. The book value calculations above at December 31, 2011 are revised from previous disclosures to reflect the adjustment for the exclusion of the unvested restricted stock. |
(2) | Includes issuance of common shares from a common stock offering of 9.8 million shares and from our dividend reinvestment plan of 13.1 million shares and 460,000 combined incentive management fee shares issued to the Manager and vesting of shares of restricted stock. |
(3) | Book value is calculated as total stockholder's equity of $613.3 million less preferred stock equity of $42.4 million. |
Cash Distributions | Annualized Interest Coverage Cushion | Overcollateralization Cushion | ||||||||||||||||||||
Year Ended | As of | As of | As of Initial | |||||||||||||||||||
December 31, | December 31, | December 31, | Measurement | |||||||||||||||||||
Name | CDO Type | 2012 (1) | 2011 (1) | 2012 (2) (3) | 2012 (4) | Date | ||||||||||||||||
(actual) | (actual) | |||||||||||||||||||||
Apidos CDO I (5) | CLO | $ | 7,971 | $ | 9,305 | $ | 5,521 | $ | 13,386 | $ | 17,136 | |||||||||||
Apidos CDO III (6) | CLO | $ | 8,742 | $ | 8,351 | $ | 3,997 | $ | 9,900 | $ | 11,269 | |||||||||||
Apidos Cinco CDO | CLO | $ | 11,109 | $ | 9,941 | $ | 6,420 | $ | 19,294 | $ | 17,774 | |||||||||||
Apidos CLO VIII (7) | CLO | $ | 5,186 | $ | — | $ | 4,681 | $ | 14,610 | $ | 13,657 | |||||||||||
Whitney CLO I (8) | CLO | $ | 567 | $ | — | $ | 22 | $ | 15,171 | $ | — | |||||||||||
RREF 2006-1 (9) | CRE CDO | $ | 15,032 | $ | 11,637 | $ | 10,167 | $ | 45,837 | $ | 24,941 | |||||||||||
RREF 2007-1 (10) | CRE CDO | $ | 13,226 | $ | 10,743 | $ | 11,621 | $ | 32,641 | $ | 26,032 |
(1) | Distributions on retained equity interests in CDOs (comprised of note investments and preference share ownership). |
(2) | Interest coverage includes annualized amounts based on the most recent trustee statements. |
(3) | Interest coverage cushion represents the amount by which annualized interest income expected exceeds the annualized amount payable on all classes of CDO notes senior to RSO's preference shares. |
(4) | Overcollateralization cushion represents the amount by which the collateral held by the CDO issuer exceeds the maximum amount required. |
(5) | Apidos CDO I reinvestment period expired in July 2011. |
(6) | Apidos CDO III reinvestment period expired in June 2012. |
(7) | Distributions from Apidos CLO VIII, which closed in October 2011, include $757,000 in subordinated management fees; RSO's contribution of $15.0 million represents 43% of the subordinated debt. |
(8) | Whitney CLO I was acquired in October 2012, when RSO purchased 66% of the outstanding preference shares. |
(9) | RREF CDO 2006-1 reinvestment period expired in September 2011. |
(10) | RREF CDO 2007-1 reinvestment period expired in June 2012. |
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
(unaudited) | ||||||||
Allowance for loan losses: | ||||||||
Specific allowance: | ||||||||
Commercial real estate loans | $ | 2,142 | $ | 17,065 | ||||
Bank loans | 3,236 | 1,593 | ||||||
Total specific allowance | 5,378 | 18,658 | ||||||
General allowance: | ||||||||
Commercial real estate loans | 5,844 | 7,156 | ||||||
Bank loans | 6,468 | 1,704 | ||||||
Total general allowance | 12,312 | 8,860 | ||||||
Total allowance for loans | $ | 17,690 | $ | 27,518 | ||||
Allowance as a percentage of total loans | 0.9 | % | 1.5 | % | ||||
Loans held for sale: | ||||||||
Commercial real estate loans held for sale | $ | 34,000 | $ | — | ||||
Bank loans held for sale | 14,894 | 3,154 | ||||||
Total loans held for sale (1) | $ | 48,894 | $ | 3,154 |
(1) | Loans held for sale are presented at the lower of cost or fair value. |
Security type: | ||
Whole loans | 85.1 | % |
Mezzanine loans | 12.4 | % |
B Notes | 2.5 | % |
Total | 100.0 | % |
Collateral type: | ||
Multifamily | 35.6 | % |
Hotel | 19.5 | % |
Retail | 17.2 | % |
Office | 15.6 | % |
Flex | 4.9 | % |
Industrial | 2.1 | % |
Self-storage | 0.9 | % |
Other | 4.2 | % |
Total | 100.0 | % |
Collateral location: | ||
Southern California | 33.8 | % |
Northern California | 13.9 | % |
Texas | 11.1 | % |
Arizona | 7.9 | % |
Washington | 4.5 | % |
Florida | 3.3 | % |
Other | 25.5 | % |
Total | 100.0 | % |
Industry type: | ||
Healthcare, education and childcare | 13.2 | % |
Diversified/conglomerate service | 8.7 | % |
Broadcasting and entertainment | 7.5 | % |
Automobile | 6.8 | % |
Chemicals, plastics and rubber | 5.8 | % |
Retail Stores | 5.7 | % |
Electronics | 4.9 | % |
Hotels, motels, inns and gaming | 4.7 | % |
Telecommunications | 3.8 | % |
Personal, food and miscellaneous services | 3.4 | % |
Personal transportation | 3.1 | % |
Leisure, amusement, motion pictures, entertainment | 3.1 | % |
Printing and publishing | 2.8 | % |
Other | 26.5 | % |
Total | 100.0 | % |