XML 166 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
NOTES PAYABLE AND OTHER BORROWINGS
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
NOTES PAYABLE AND OTHER BORROWINGS
NOTES PAYABLE AND OTHER BORROWINGS
Notes Payable. On March 20, 2013, the Company entered into a Revolving Credit Note and a Stock Pledge Agreement (the Credit Agreement) with Investors of America Limited Partnership (Investors of America, LP), as further described in Note 16 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 March 31, 2014 and an interest rate of LIBOR plus 300 basis points, is intended to supplement, on a contingent basis, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses should the parent company's existing cash resources become insufficient in the future. There have been no balances outstanding under the Credit Agreement since its inception.
Other Borrowings. Other borrowings were comprised solely of daily securities sold under agreement to repurchase of $35.2 million and $26.0 million at June 30, 2013 and December 31, 2012, respectively.