LEASE COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2014

LEASE COMMITMENTS AND CONTINGENCIES

17. 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 quarters ended March 31, 2014 and 2013 were $0.4 million and $0.6 million, respectively. The Company’s aggregate future minimum lease payments total $1.9 million. The following table details the lease payments.

Year Ending December 31,	Lease Commitments
	(dollars in thousands)
2014 (remaining)	$	1,721
2015		159
2016		27
2017		-
2018		-
Later years		-
	$	1,907

The Company had no material unfunded loan commitments as of March 31, 2014 and December 31, 2013.

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. No accrual for contingencies was required as of March 31, 2014 and December 31, 2013.