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Debt
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Debt

Note 6. Debt:

Information on our debt was as follows:

 

                   Weighted Average
Coupon Rate at		  
     September 30,
2013		      December 31,
2012		      September 30,
2013		     December 31,
2012		  
     (Dollars in thousands, except footnotes)               

Secured borrowings - government guaranteed loans:

           

Loans sold for a premium and excess spread - principal

    $ 29,470       $ 32,062         4.09 %      4.09 % 

Loans sold for a premium and excess spread - deferred premiums

      2,822         3,099         NA        NA   

Loans sold for excess spread

      5,743         5,847         1.58 %      1.58 % 
  

 

 

     

 

 

       
     38,035         41,008        

Debentures payable (1)

      27,500         17,190         3.87 %      4.47 % 

Junior subordinated notes

      27,070         27,070         3.52 %      3.61 % 

Revolving credit facility (2)

      11,900         11,900         2.75 %      2.30 % 
  

 

 

     

 

 

       

Debt

    $ 104,505       $ 97,168        
  

 

 

     

 

 

       

 

(1) Our SBIC subsidiaries issued a total of $6,000,000 of debentures in March 2013 at an interest rate of 2.35% plus an annual fee of 0.515% and a total of $8,500,000 of debentures in August 2013 at an interest rate of 3.64% plus an annual fee of 0.76%. The debentures mature in 10 years and have semi-annual interest only payments until maturity. We repaid $4,190,000 of debentures which matured on September 1, 2013.
(2) Proceeds from the revolving credit facility were $47,800,000 and $34,400,000 during the nine months ended September 30, 2013 and 2012, respectively. Repayments on the revolving credit facility were $47,800,000 and $37,200,000 during the nine months ended September 30, 2013 and 2012, respectively. During August 2013, we extended the maturity date on the revolving credit facility to June 30, 2015.

Principal payments on, and estimated amortization of, our debt at September 30, 2013 was as follows:

 

Twelve Months Ending September 30,

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

2014

    $ 1,215       $ 1,069       $ 146       $ —     

2015

      17,152         1,106         146         15,900   

2016

      1,290         1,144         146         —     

2017

      1,332         1,186         146         —     

2018

      1,375         1,229         146         —     

Thereafter

      82,141         29,479         2,092         50,570   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 104,505       $ 35,213       $ 2,822       $ 66,470   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) Represents the revolving credit facility, junior subordinated notes and debentures payable.