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Debt (Tables)
 9 Months Ended
Sep. 30, 2012
Debt [Abstract]  
Summary of Debt

Information on our debt was as follows:

 

                                 
                Weighted Average  
    Carrying Value (1)     Coupon Rate at  
    September 30,     December 31,     September 30,     December 31,  
    2012     2011     2012     2011  
    (Dollars in thousands, except footnotes)              

Secured borrowings - government guaranteed loans:

                                

Loans sold for a premium and excess spread

   $ 35,406     $ 26,569       3.73 %      3.77 % 

Loans sold for excess spread

     5,881       5,977       1.58 %      1.58 % 
   

 

 

    

 

 

                  
      41,287       32,546                  
         

Junior subordinated notes

     27,070       27,070       3.71 %      3.62 % 

Revolving credit facility

     15,000       17,800       2.41 %      2.47 % 

Debentures payable (2)

     17,187       13,181       4.47 %      4.99 % 

Structured notes payable (3)

     —         5,264       N/A       3.08 % 
   

 

 

    

 

 

                  

Debt

   $ 100,544     $ 95,861                  
   

 

 

    

 

 

                  

 

(1) The face amount of debt as of September 30, 2012 and December 31, 2011 was $100,547,000 and $95,870,000, respectively.
(2) Our two SBIC subsidiaries each issued $2 million of debentures in August 2012 with an interest rate of 2.245% plus an annual fee of 0.515%. The debentures mature in 10 years and have semi-annual interest only payments until maturity.
(3) We repaid the structured notes on February 15, 2012.
Principal payments on debt

Principal payments on our debt at September 30, 2012 are as follows:

 

                         

Twelve

Months Ending

September 30,

   Total     Secured
borrowings (1)		     All other
debt (2)		  
    (In thousands)  

2013

   $ 5,278     $ 1,088     $ 4,190  

2014

     16,126       1,126       15,000  

2015

     5,165       1,165       4,000  

2016

     1,207       1,207       —    

2017

     1,251       1,251       —    

Thereafter

     71,520       35,450       36,070  
   

 

 

    

 

 

    

 

 

  
    $ 100,547     $ 41,287     $ 59,260  
   

 

 

    

 

 

    

 

 

  

 

(1) Principal payments are dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
(2) Represents the revolving credit facility, junior subordinated notes and debentures payable.