LEASE COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2013

LEASE COMMITMENTS AND CONTINGENCIES

16.           LEASE COMMITMENTS AND CONTINGENCIES

Commitments

The Company has a non-cancelable lease for office space which commenced in May 2002 and expires in December 2014. FIDAC has a lease for office space which commenced in October 2010 and expires in February 2016. The lease expense for the years ended December 31, 2013, 2012, and 2011 were $2.3 million, $2.5 million and $1.9 million, respectively. The Company’s aggregate future minimum lease payments total $2.5 million. The following table details the lease payments.

Year Ending December 31,	Lease Commitments
		(dollars in thousands)
2014	$	2,295
2015		159
2016		26
2017		-
Later years		-
	$	2,480

The Company had no material unfunded loan commitments as of December 31, 2013 and 2012.

Contingencies

From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements and therefore no accrual was required as of December 31, 2013 and 2012.