| Summary of Debt |
Information on our debt was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
|
|
Weighted Average
Coupon Rate at
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
(Dollars in thousands, except footnotes) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings - government guaranteed loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans sold for a premium and excess spread - principal
|
|
$ |
31,695 |
|
|
$ |
32,062 |
|
|
|
4.03% |
|
|
|
4.09% |
|
|
Loans sold for a premium and excess spread - deferred premiums
|
|
|
3,024 |
|
|
|
3,099 |
|
|
|
- |
|
|
|
- |
|
|
Loans sold for excess spread
|
|
|
5,708 |
|
|
|
5,847 |
|
|
|
1.58% |
|
|
|
1.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,427 |
|
|
|
41,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated notes
|
|
|
27,070 |
|
|
|
27,070 |
|
|
|
3.50% |
|
|
|
3.61% |
|
|
Debentures payable
|
|
|
27,500 |
|
|
|
17,190 |
|
|
|
3.87% |
|
|
|
4.47% |
|
|
Revolving credit facility (1)
|
|
|
14,400 |
|
|
|
11,900 |
|
|
|
2.75% |
|
|
|
2.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
$ |
109,397 |
|
|
$ |
97,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Proceeds on the revolving credit facility were
$70,200,000, $48,300,000 and $41,800,000 during the years ended
December 31, 2013, 2012 and 2011, respectively. Repayments on
the revolving credit facility were $67,700,000, $54,200,000 and
$37,800,000 during the years ended December 31, 2013, 2012 and
2011, respectively.
|
|
| Principal Payments on, and Estimated Amortization on Debt |
Principal payments on, and estimated amortization
of, our debt at December 31, 2013 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Secured Borrowings |
|
|
|
|
|
Years Ending
December 31,
|
|
Total |
|
|
Principal (1) |
|
|
Deferred
Premiums (2) |
|
|
All Other
Debt (3) |
|
| |
|
(In
thousands) |
|
|
2014
|
|
$ |
1,295 |
|
|
$ |
1,139 |
|
|
$ |
156 |
|
|
$ |
- |
|
|
2015
|
|
|
19,735 |
|
|
|
1,179 |
|
|
|
156 |
|
|
|
18,400 |
|
|
2016
|
|
|
1,375 |
|
|
|
1,219 |
|
|
|
156 |
|
|
|
- |
|
|
2017
|
|
|
1,419 |
|
|
|
1,263 |
|
|
|
156 |
|
|
|
- |
|
|
2018
|
|
|
1,464 |
|
|
|
1,308 |
|
|
|
156 |
|
|
|
- |
|
|
Thereafter
|
|
|
84,109 |
|
|
|
31,295 |
|
|
|
2,244 |
|
|
|
50,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
109,397 |
|
|
$ |
37,403 |
|
|
$ |
3,024 |
|
|
$ |
68,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Represents maturity dates of this other debt; however, the
$27.5 million of debentures were repaid early (without penalty)
using cash on hand and our revolving credit facility.
|
|