SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE |
SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE
SEPTEMBER 30, 2013
(Dollars in thousands)
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Description |
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# of
Loans |
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Interest
Rate |
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Interest
Rate
Floor |
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Final
Maturity
Date |
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Periodic Payment Terms |
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Prior
Liens |
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Face Amount
of Mortgage |
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Carrying
Value of
Mortgage(a) |
|
Principal
Amount of
Loans
subject to
delinquent
principal or
interest |
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First Mortgage Loans |
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Multi-family, Jacksonville, FL |
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1 |
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Prime + 8.75 |
% |
|
12.00 |
% |
Jan. 2014 |
|
Interest monthly, principal at maturity |
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— |
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$ |
2,450 |
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$ |
2,425 |
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— |
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Multi-family, Fort Myers, FL |
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1 |
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12 |
% |
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— |
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Jan. 2014 |
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Interest monthly, principal at maturity |
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2,050 |
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2,050 |
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— |
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Multi-family, Fort Myers, FL |
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1 |
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15 |
% |
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— |
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Jan. 2014 |
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Interest monthly, principal at maturity |
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390 |
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390 |
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— |
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Hotel, Memphis, TN |
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1 |
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Prime + 8.75 |
% |
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12.00 |
% |
Jan. 2014 |
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Interest monthly, principal at maturity |
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— |
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1,680 |
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1,677 |
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— |
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Land, New York, NY |
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1 |
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Prime + 7.75 |
% |
|
12.50 |
% |
Jan. 2014 |
|
Interest monthly, principal at maturity |
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— |
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8,000 |
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|
7,960 |
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— |
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Multi-family, New York, NY |
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1 |
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Prime + 7.75 |
% |
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12.00 |
% |
Feb. 2014 |
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Interest monthly, principal at maturity |
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— |
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10,147 |
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10,070 |
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— |
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Multi-family, Detroit, MI |
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1 |
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Prime + 8.75 |
% |
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12.00 |
% |
July 2014 |
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Interest monthly, principal at maturity |
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|
— |
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1,735 |
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1,709 |
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— |
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Single family, Bridgehampton, NY |
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1 |
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Prime + 8.75 |
% |
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12.00 |
% |
June 2014 |
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Interest monthly, principal at maturity |
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— |
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961 |
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942 |
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— |
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Retail, Roslyn, NY |
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1 |
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Prime + 8.75 |
% |
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12.00 |
% |
Sept. 2014 |
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Interest monthly, principal at maturity |
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— |
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1,100 |
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1,077 |
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— |
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Mezzanine Loan |
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Retail, New York, NY |
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1 |
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12 |
% |
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Nov. 2013 |
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Interest monthly, principal at maturity |
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$ |
13,365 |
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|
2,000 |
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|
2,000 |
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— |
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Total |
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10 |
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$ |
13,365 |
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$ |
30,513 |
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$ |
30,300 |
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$ |
— |
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Notes to the schedule:
-
- (a)
- The following summary reconciles mortgage loans at their carrying values:
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Year Ended September 30, |
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2013 |
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2012 |
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2011 |
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Balance at beginning of year |
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$ |
36,584 |
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$ |
75,136 |
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$ |
54,336 |
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Additions: |
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Advances under real estate loans |
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70,288 |
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101,800 |
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131,255 |
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Amortization of deferred fee income |
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1,820 |
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2,249 |
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1,777 |
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Recovery of previously provided allowances |
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1,066 |
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156 |
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3,595 |
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73,174 |
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104,205 |
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136,627 |
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Deductions: |
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Collections of principal |
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76,872 |
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124,758 |
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66,072 |
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Sale of loans |
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— |
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15,657 |
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46,251 |
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Collection of loan fees |
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1,520 |
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2,186 |
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2,465 |
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Loan loss recoveries |
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1,066 |
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|
156 |
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1,039 |
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79,458 |
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142,757 |
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115,827 |
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Balance at end of year |
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$ |
30,300 |
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$ |
36,584 |
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$ |
75,136 |
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-
- •
- Carrying value of mortgage loans is net of deferred fee income in the amount of $213, $512, and $618 in 2013, 2012 and 2011, respectively.
- •
- The aggregate cost of investments in mortgage loans is the same for financial reporting purposes and Federal income tax purposes.
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