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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Sep. 30, 2013
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE

SEPTEMBER 30, 2013

(Dollars in thousands)

Description
  # of
Loans		   Interest
Rate		   Interest
Rate
Floor		   Final
Maturity
Date		   Periodic Payment Terms   Prior
Liens		   Face Amount
of Mortgage		   Carrying
Value of
Mortgage(a)		   Principal
Amount of
Loans
subject to
delinquent
principal or
interest		  

First Mortgage Loans

                                                    

Multi-family, Jacksonville, FL

     1     Prime + 8.75 %   12.00 % Jan. 2014   Interest monthly, principal at maturity     —   $ 2,450   $ 2,425     —  

Multi-family, Fort Myers, FL

     1     12 %   —   Jan. 2014   Interest monthly, principal at maturity           2,050     2,050     —  

Multi-family, Fort Myers, FL

     1     15 %   —   Jan. 2014   Interest monthly, principal at maturity           390     390     —  

Hotel, Memphis, TN

     1     Prime + 8.75 %   12.00 % Jan. 2014   Interest monthly, principal at maturity     —     1,680     1,677     —  

Land, New York, NY

     1     Prime + 7.75 %   12.50 % Jan. 2014   Interest monthly, principal at maturity     —     8,000     7,960     —  

Multi-family, New York, NY

     1     Prime + 7.75 %   12.00 % Feb. 2014   Interest monthly, principal at maturity     —     10,147     10,070     —  

Multi-family, Detroit, MI

     1     Prime + 8.75 %   12.00 % July 2014   Interest monthly, principal at maturity     —     1,735     1,709     —  

Single family, Bridgehampton, NY

     1     Prime + 8.75 %   12.00 % June 2014   Interest monthly, principal at maturity     —     961     942     —  

Retail, Roslyn, NY

     1     Prime + 8.75 %   12.00 % Sept. 2014   Interest monthly, principal at maturity     —     1,100     1,077     —  

Mezzanine Loan

                                                    

Retail, New York, NY

     1     12 %       Nov. 2013   Interest monthly, principal at maturity   $ 13,365     2,000     2,000     —  
                                           

Total

     10                       $ 13,365   $ 30,513   $ 30,300   $ —  
                                           


 

        Notes to the schedule:

  • (a)
    The following summary reconciles mortgage loans at their carrying values:

 
   Year Ended September 30,  
 
   2013   2012   2011  

Balance at beginning of year

   $ 36,584   $ 75,136   $ 54,336  

Additions:

                    

Advances under real estate loans

     70,288     101,800     131,255  

Amortization of deferred fee income

     1,820     2,249     1,777  

Recovery of previously provided allowances

     1,066     156     3,595  
               

 

     73,174     104,205     136,627  

Deductions:

                    

Collections of principal

     76,872     124,758     66,072  

Sale of loans

     —     15,657     46,251  

Collection of loan fees

     1,520     2,186     2,465  

Loan loss recoveries

     1,066     156     1,039  
               

 

     79,458     142,757     115,827  

Balance at end of year

  
$
30,300		  
$
36,584		  
$
75,136		  
               
  • •
    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.