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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]  
MORTGAGE LOANS ON REAL ESTATE MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2012

(In thousands, except footnotes)

 

 

 

                 

Balance at December 31, 2009

             $  196,642    
           

 

 

  

Additions during period:

                

New mortgage loans (1)

           69,701            
   

 

 

          

Other - deferral for collection of commitment fees, net of costs

     324            
   

 

 

          

Other - accretion of loan fees and discounts

     317         70,343    
   

 

 

    

 

 

  
     

Deductions during period:

                

Collections of principal (2)

     (20,999)           
   

 

 

          

Foreclosures

     (4,040)           
   

 

 

          

Cost of mortgages sold, net

     (7,903)           
   

 

 

          

Other - consolidation of loan loss reserves

     (184)           
   

 

 

          

Other - bad debt expense, net of recoveries

     (641)        (33,767)   
   

 

 

    

 

 

  
     

Balance at December 31, 2010

             $ 233,218    
           

 

 

  

Additions during period:

                

New mortgage loans (3)

     39,524            
   

 

 

          

Other - deferral for collection of commitment fees, net of costs

     410            
   

 

 

          

Other - accretion of loan fees and discounts

     17         39,951    
   

 

 

    

 

 

  
     

Deductions during period:

                

Collections of principal

     (21,473)           
   

 

 

          

Foreclosures

     (409)           
   

 

 

          

Cost of mortgages sold, net

     (16,400)           
   

 

 

          

Other - bad debt expense, net of recoveries

     (460)        (38,742)   
   

 

 

    

 

 

  
     

Balance at December 31, 2011

             $ 234,427    
           

 

 

  

Additions during period:

                

New mortgage loans (4)

     55,387            
   

 

 

          

Other - deferral for collection of commitment fees, net of costs

     421            
   

 

 

          

Other - accretion of loan fees and discounts

     204         56,012    
   

 

 

    

 

 

  
     

Deductions during period:

                

Collections of principal

     (28,562)           
   

 

 

          

Foreclosures

     (1,481)           
   

 

 

          

Cost of mortgages sold, net

     (19,471)           
   

 

 

          

Other - bad debt expense, net of recoveries

     (1,934)        (51,448)   
   

 

 

    

 

 

  
     

Balance at December 31, 2012

             $       238,991    
           

 

 

  

Footnotes:

(1) Includes $22,912,000 and $5,024,000 from consolidation of the 2000 Joint Venture and the 1998 Partnership, respectively, due to a change in accounting rules effective January 1, 2010 and two loans totaling $3,325,000 which were originated in connection with sales of real estate owned which did not require cash expenditures.

(2) Includes $7,692,000 representing reclassifications reducing secured borrowings and loans receivable.

(3) Includes a loan of $1,172,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.

(4) Includes a loan of $1,225,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.

Conventional Loans [Member]
  
Mortgage Loans on Real Estate [Line Items]  
MORTGAGE LOANS ON REAL ESTATE MORTGAGE LOANS ON REAL ESTATE

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2012

(Dollars in thousands, except footnotes)

Conventional Loans - States 2% or greater (1):

 

                                                         

Geographic

Dispersion of

  

Number

of

     Size of Loans     Interest Rate  

Final

Maturity

  

Carrying

Amount of

        

Principal amount

of loan subject to

delinquent principal

  

Collateral

   Loans     From     To     Variable (2)   Fixed   Date   Mortgages (3)         or “interest”  
                   

Texas (4)

     24       $0       $3,000     3.11% to 7.25%   -   1/21/15--8/16/31     $         25,246             $ -      

Texas

     14       $0       $2,000     -   8.00% to 10.78%   11/15/13--11/18/30     7,441           -      

Virginia (5)

     7       $0       $6,000     3.36% to 7.50%   -   1/30/23--12/17/32     17,500           -      

Virginia (6)

     2       $0       $1,000     -   7.50% to 8.50%   6/1/17--8/21/27     1,764           -      

Arizona

     6       $0       $5,000     3.36% to 7.50%   -   2/10/23--9/14/31     11,353           -      

Arizona

     6       $0       $3,000     -   7.50% to 10.00%   7/16/13--3/28/32     6,317           -      

Ohio

     6       $0       $3,000     3.36% to 4.36%   -   10/27/25--4/21/28     11,278           -      

North Carolina

     4       $0       $2,000     3.86% to 4.86%   -   6/11/21--5/5/23     3,892           -      

North Carolina

     4       $0       $3,000     -   7.50% to 9.85%   12/20/16--5/22/32     5,218           -      

Alabama

     4       $0       $3,000     3.75% to 4.61%   -   11/21/20--10/01/26     6,825           -      

Alabama

     2       $0       $1,000     -   9.50%   6/15/18--10/27/18     1,034           -      

Florida

     3       $0       $3,000     3.49% to 4.11%   -   11/1/25--10/1/26     4,227           -      

Florida

     2       $0       $3,000     -   7.50% to 8.24%   1/1/24--2/5/33     3,510           -      

Michigan

     6       $0       $2,000     3.24% to 7.25%   -   2/10/26--8/23/30     7,235           -      

Oregon

     2       $0       $4,000     4.61% to 7.25%   -   9/8/25--5/13/30     5,204           -      

Oregon

     3       $0       $1,000     -   9.00% to 9.90%   2/2/18--6/13/21     1,775           -      

Pennsylvania

     2       $0       $4,000     4.36% to 7.00%   -   9/29/25--8/1/32     4,384           -      

Pennsylvania

     1       $0       $3,000     -   10.25%   6/22/20     2,270           -      

Indiana

     5       $0       $2,000     3.86% to 8.25%   -   12/4/22--2/26/32     5,950           -      

California

     4       $0       $2,000     4.11% to 4.75%   -   3/21/22--12/13/26     4,384           -      

California

     2       $0       $1,000     -   8.90% to 9.00%   7/10/18--12/28/24     977           -      

Georgia

     3       $0       $2,000     3.86% to 4.61%   -   12/26/17--12/14/27     2,236           -      

Georgia

     3       $0       $2,000     -   8.75% to 10.25%   3/24/19--12/1/29     2,459           -      

Iowa

     3       $0       $3,000     4.36% to 6.95%   -   9/30/19--5/30/26     3,928           -      

Mississippi

     1       $0       $3,000     7.25%   -   12/1/32     2,423           -      

Mississippi

     2       $0       $1,000     -   8.00% to 9.50%   6/12/18--12/26/22     1,103           -      

Other (7)

     15       $0       $2,000     2.86% to 7.00%   -   6/27/16--11/24/27     16,355           3,203      

Other

     12       $0       $2,000     -   7.75% to 12.00%   8/20/14--12/22/30     7,848           -      
                   
   

 

 

                                

 

 

        

 

 

  
      148                                  

  $        174,136

    

(8)

    

  $            3,203    

  
   

 

 

                                

 

 

        

 

 

  

Footnotes:

(1)

There are three loans which are secured by second liens on properties which are subordinated to our first liens on the respective properties.

(2)

Certain loans at variable interest rates have interest rate floors which may be in effect.

(3)

Excludes general reserves of $1,468,000.

(4)

Includes two loans with a face value of $3,162,000 and valuation reserves of $403,000.

(5)

Includes a loan with a face value of $3,122,000 and a valuation reserve of $144,000.

(6)

Include a loan with a face value of $1,045,000 and a valuation reserve of $21,000.

(7)

Includes two loans with a face value of $3,203,000 and a valuation reserve of $814,000.

(8)

For Federal income tax purposes, the cost basis of our mortgage loans on real estate was approximately $176,457,000 (unaudited).

SBA 7(a) loans [Member]
  
Mortgage Loans on Real Estate [Line Items]  
MORTGAGE LOANS ON REAL ESTATE MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2012

(Dollars in thousands, except footnotes)

 

 

SBA 7(a) Loans - States 2% or greater (1):

 

                                                     

Geographic

Dispersion of

  

Number

of

              

Final

Maturity

  

Carrying

Amount of

        

Principal amount

of loans subject to

delinquent principal

  
    Size of Loans            

Collateral

   Loans     From     To     Interest Rate (2)   Date   Mortgages (3)         or “interest”  
                 

Texas (4)

     35       $0       $500     4.13% to 6.00%   4/26/14--10/18/37     $ 3,462               $ -    

Michigan

     18       $0       $500     5.25% to 6.00%   2/16/13--6/27/37     2,464             -    

North Carolina

     7       $0       $500     5.75% to 6.00%   9/8/32--10/25/37     2,117             -    

Ohio

     14       $0       $500     4.25% to 6.00%   5/11/13--11/4/37     1,719             -    

Indiana

     9       $0       $500     4.75% to 6.00%   11/19/19--8/30/37     1,493             -    

Virginia

     6       $0       $500     6.00%   12/13/27--10/15/37     1,375             -    

Wisconsin (5)

     7       $0       $500     5.00% to 6.00%   4/23/20--11/14/37     1,248             -    

Illinois

     5       $0       $500     5.75% to 6.00%   3/26/19--9/18/37     1,196             -    

Kentucky

     5       $0       $500     6.00%   4/9/35--12/28/37     1,154             -    

Alabama

     4       $0       $500     5.00% to 6.00%   7/27/25--8/25/36     1,035             -    

Mississippi

     3       $0       $500     5.75% to 6.00%   5/18/35--11/4/36     1,019             -    

Florida

     8       $0       $500     5.75% to 6.00%   6/12/16--12/29/36     1,007             -    

Georgia

     6       $0       $500     5.13% to 6.00%   5/23/20--6/25/35     855             -    

Iowa

     3       $0       $500     5.75% to 6.00%   12/22/35--10/17/37     769             -    

Connecticut

     2       $0       $1,000     5.13% to 5.63%   12/5/14--11/30/36     703             -    

Arizona

     5       $0       $500     5.75% to 6.00%   10/28/19--4/28/36     650             -    

Oklahoma

     6       $0       $500     4.75% to 6.00%   9/9/24--11/10/35     621             -    

Missouri

     5       $0       $500     5.25% to 6.00%   4/16/18--9/12/37     613             -    

Kansas

     3       $0       $500     6.00%   10/29/32--5/4/36     580             -    

Other

     33       $0       $500     5.00% to 6.00%   1/31/15--9/13/37     2,295             -    

Government guaranteed portions (6)

                                     2,449             -    

SBA 7(a) loans, subject to secured borrowings (7)

                                     37,909             -    
                 
   

 

 

                            

 

 

        

 

 

  
      184                               $         66,733       (8)     $             -    
   

 

 

                            

 

 

        

 

 

  

Footnotes:

(1)

Includes approximately $547,000 of loans not secured by real estate. Also includes $324,000 of loans with subordinate lien positions.

(2)

Interest rates are variable at spreads over the prime rate unless otherwise noted.

(3)

Excludes general reserves of $410,000.

(4)

Includes a loan with a face value of $100,000, a valuation reserve of $23,000 and a fixed interest rate of 6.00%.

(5)

Includes a loan with a face value of $846,000 and a valuation reserve of $130,000.

(6)

Represents the government guaranteed portions of our SBA 7(a) loans detailed above. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.

(7)

Represents the guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings.

(8)

For Federal income tax purposes, the cost basis of our loans was approximately $27,526,000 (unaudited).