|
Fair Value (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Fair Value |
|
| Schedule of assets measured at fair value on a recurring basis |
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|
|
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|
|
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|
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|
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|
|
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At December 31, 2012 |
|
|
(Dollars in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-backed securities |
|
$ |
— |
|
$ |
— |
|
$ |
1,670 |
|
$ |
1,670 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
$ |
— |
|
$ |
1,670 |
|
$ |
1,670 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2011 |
|
|
(Dollars in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable equity security |
|
$ |
1,000 |
|
$ |
— |
|
$ |
— |
|
$ |
1,000 |
|
|
Asset-backed security |
|
|
— |
|
|
— |
|
|
2,798 |
|
|
2,798 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,000 |
|
$ |
— |
|
$ |
2,798 |
|
$ |
3,798 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Schedule of changes to the Level 3 assets measured at fair value on a recurring basis |
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|
|
|
|
|
|
|
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|
Year Ended
December 31, |
|
|
(Dollars in thousands) |
|
2012 |
|
2011 |
|
|
Balance, beginning of period |
|
$ |
2,798 |
|
$ |
2,605 |
|
|
Total realized and unrealized gains for the period included in: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
100 |
|
|
354 |
|
|
Other comprehensive income |
|
|
(58 |
) |
|
(396 |
) |
|
Purchases |
|
|
— |
|
|
3,843 |
|
|
Sales |
|
|
— |
|
|
(1,980 |
) |
|
Issuances |
|
|
— |
|
|
— |
|
|
Settlements |
|
|
(1,170 |
) |
|
(1,789 |
) |
|
Foreign currency translation adjustments |
|
|
— |
|
|
161 |
|
|
Net transfers into Level 3 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
Balance, end of period |
|
$ |
1,670 |
|
$ |
2,798 |
|
| |
|
|
|
|
|
|
| Schedule of fair value hierarchy and the carrying value of assets measured at fair value on a non-recurring basis |
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|
|
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|
Carrying Value at December 31, 2012 |
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|
(Dollars in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
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|
Portfolio Assets—loans(1) |
|
$ |
— |
|
$ |
4,074 |
|
$ |
1,757 |
|
$ |
5,831 |
|
|
Loans receivable—SBA held for investment(1) |
|
|
— |
|
|
238 |
|
|
40 |
|
|
278 |
|
|
Real estate held for sale(2) |
|
|
— |
|
|
1,452 |
|
|
— |
|
|
1,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value at December 31, 2011 |
|
|
(Dollars in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Portfolio Assets—loans(1) |
|
$ |
— |
|
$ |
— |
|
$ |
1,923 |
|
$ |
1,923 |
|
|
Loans receivable—SBA held for investment(1) |
|
|
— |
|
|
— |
|
|
559 |
|
|
559 |
|
|
Real estate held for sale(2) |
|
|
— |
|
|
6,297 |
|
|
— |
|
|
6,297 |
|
|
Investments in unconsolidated subsidiaries |
|
|
— |
|
|
— |
|
|
4,567 |
|
|
4,567 |
|
|
Assets held for sale, net of related liabilities |
|
|
— |
|
|
2,011 |
|
|
— |
|
|
2,011 |
|
- (1)
- Represents the carrying value of impaired loans for which adjustments were based on the collateral value.
- (2)
- Represents the carrying value of foreclosed real estate properties that were impaired and measured at fair value subsequent to their initial classification as foreclosed assets.
|
| Schedule of decrease in value of certain assets measured at fair value on a non-recurring basis |
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
(Dollars in thousands) |
|
2012 |
|
2011 |
|
|
Portfolio Assets—loans(1) |
|
$ |
(1,419 |
) |
$ |
(921 |
) |
|
Loans receivable—SBA held for investment(1) |
|
|
(421 |
) |
|
(385 |
) |
|
Real estate held for sale(2) |
|
|
(409 |
) |
|
(2,067 |
) |
|
Investments in unconsolidated subsidiaries(3) |
|
|
— |
|
|
(7,435 |
) |
|
Assets held for sale, net of related liabilities(4) |
|
|
— |
|
|
(3,093 |
) |
| |
|
|
|
|
|
|
Total |
|
$ |
(2,249 |
) |
$ |
(13,901 |
) |
| |
|
|
|
|
|
- (1)
- Represents write-downs of loans based on the estimated fair value of the collateral for collateral-dependent loans.
- (2)
- Represents losses on foreclosed real estate properties that were measured at fair value subsequent to their initial classification as foreclosed assets.
- (3)
- Represents a loss in value on investments in unconsolidated subsidiaries that was deemed to be other-than-temporary (see Note 7).
- (4)
- Represents the net write-down of a disposal group upon its classification as held for sale (see Note 4).
|
| Schedule of carrying value and estimated fair value of financial instruments, including accrued interests (where applicable), that are not recorded at fair value in their entirety on a recurring basis |
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|
December 31, 2012 |
|
December 31, 2011 |
|
|
|
|
|
Estimated Fair Value |
|
|
|
|
|
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|
Carrying
Amount |
|
Carrying
Amount |
|
Estimated
Fair Value |
|
|
(Dollars in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Cash, cash equivalents and restricted cash |
|
$ |
41,095 |
|
$ |
41,095 |
|
$ |
— |
|
$ |
— |
|
$ |
41,095 |
|
$ |
36,031 |
|
$ |
36,031 |
|
|
Loan Portfolio Assets and loans receivable held for investment |
|
|
78,741 |
|
|
— |
|
|
— |
|
|
103,345 |
|
|
103,345 |
|
|
135,423 |
|
|
173,616 |
|
|
SBA loans held for sale |
|
|
1,087 |
|
|
— |
|
|
1,232 |
|
|
— |
|
|
1,232 |
|
|
7,614 |
|
|
8,353 |
|
|
Assets held for sale, net of related liabilities(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,569 |
|
|
6,634 |
|
|
Notes payable and other debt obligations |
|
|
76,945 |
|
|
— |
|
|
— |
|
|
76,945 |
|
|
76,945 |
|
|
189,936 |
|
|
189,936 |
|
- (1)
- Comprised of Portfolio Assets, an affiliated loan receivable and an affiliated note payable (see Note 4).
|