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Debt (Tables)
 12 Months Ended
Dec. 31, 2012
Debt [Abstract]  
Summary of Debt

Information on our debt was as follows:

 

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

Secured borrowings - government guaranteed loans:

                                

Loans sold for a premium and excess spread - principal

     $             32,062         $             24,174         4.09%         4.15%    

Loans sold for a premium and excess spread - deferred premiums

     3,099         2,395         -             -        

Loans sold for excess spread

     5,847         5,977         1.58%         1.58%    
   

 

 

    

 

 

                  
      41,008         32,546                    
         

Junior subordinated notes

     27,070         27,070         3.61%         3.62%    

Debentures payable

     17,190         13,181         4.47%         4.99%    

Revolving credit facility (2)

     11,900         17,800         2.30%         2.47%    

Structured notes payable (3)

     -             5,264         NA         3.08%    
   

 

 

    

 

 

                  

Debt

     $ 97,168         $ 95,861                    
   

 

 

    

 

 

                  

 

(1)

The face amount of debt as of December 31, 2012 and 2011 was $97,168,000 and $95,870,000, respectively.

(2)

Proceeds on the revolving credit facility were $48,300,000, $41,800,000 and $34,650,000 during the years ended December 31, 2012, 2011 and 2010, respectively. Repayments on the revolving credit facility were $54,200,000, $37,800,000 and $43,850,000 during the years ended December 31, 2012, 2011 and 2010, respectively.

(3)

We repaid the structured notes on February 15, 2012.

Principal payments on, and estimated amortization on debt
                                 
    Secured Borrowings    

 

  

    Years Ending    

     December 31,

   Total     Principal (1)     Deferred
Premiums (2)		     All Other
Debt (3)		  
    (In thousands)  

            2013

     $ 6,122        $ 1,717        $ 215        $ 4,190   

            2014

     13,173        1,121        152        11,900   

            2015

     5,312        1,160        152        4,000   

            2016

     1,353        1,201        152        -    

            2017

     1,397        1,245        152        -    

      Thereafter    

     69,811        31,465        2,276        36,070   
   

 

 

    

 

 

    

 

 

    

 

 

  
      $         97,168        $           37,909        $           3,099        $           56,160   
   

 

 

    

 

 

    

 

 

    

 

 

  

 

  (1)

Principal payments are generally 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 cash premiums collected on loans sold for excess spread and a cash premium of 10% which are amortized as a reduction to interest expense over the life of the loan. Our estimate of their amortization will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs.

  (3)

Includes the revolving credit facility, junior subordinated notes and debentures payable.