XML 18 R17.htm IDEA: XBRL DOCUMENT  v2.3.0.11
NOTES PAYABLE AND OTHER BORROWINGS
6 Months Ended
Jun. 30, 2011
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 11 – NOTES PAYABLE AND OTHER BORROWINGS
 
Notes Payable. On March 24, 2011, the Company entered into a Credit Agreement with Investors of America, LP, as further described in Note 8 to the consolidated financial statements. The agreement provides for a $5.0 million secured revolving line of credit to be utilized for general working capital needs. This borrowing arrangement, which has a maturity date of December 31, 2012 and an interest rate of LIBOR plus 300 basis points, is intended to supplement, if necessary, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses for the foreseeable future. The parent company’s unrestricted cash was $2.9 million and $3.6 million at June 30, 2011 and December 31, 2010, respectively. There were no balances outstanding with respect to the Credit Agreement as of and for the six months ended June 30, 2011.
 
Other Borrowings. Other borrowings were comprised solely of daily securities sold under agreement to repurchase of $51.2 million and $31.8 million at June 30, 2011 and December 31, 2010, respectively.